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CIG Pannonia non-life-insurance unit to launch in April

Pannonia First Hungary General Insurance Company, the non-life-insurance unit of Hungary's CIG Pannonia Life Insurance, will begin providing services for major and individual clients as well as joint-interest groups when it takes over road-haulage vehicle-liability insurance contracts from the TIR Insurance Association in April, Pannonia First Hungary General Insurance Company CEO Ottó Csurgó said on Thursday.

Financial-market regulator PSZAF approved the company's takeover of TIR vehicle-liability insurance contracts on March 16.

Csurgó said that Pannonia First Hungary General Insurance Company would launch a broader range of operations in October, when it will begin offering comprehensive vehicle-insurance as well as services to companies and local councils. Csurgó said that the new unit expects to generate profit beginning in 2014, projecting HUF 5bn in revenue stemming from insurance premiums that year.

CIG Pannonia Life Insurance shares trade in the B-category at the Budapest Stock Exchange.