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CIG Pannónia losses narrow as premiums revenue climbs, costs controlled

Hungarian insurer CIG Pannónia's losses narrowed to HUF 4.2 billion in 2011 from HUF 6.4 billion in 2010 as revenue from premiums climbed and the company kept costs down, CIG Pannonia's consolidated IFRS report for the period shows. Revenue from premiums rose 11% to HUF 27.2 billion. Payouts on claims were up 67% at HUF 5.5 billion, but fees commission and other operating costs were flat at HUF 11.5 billion and administrative costs were down 28% at HUF 4.4 billion. CIG Pannonia had total assets of HUF 41.9 billion on December 31, 2011, 8% more than twelve months earlier. Net assets were down 49% at HUF 4.2 billion.