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CIG Pannónia Q1 losses, revenue surge by half

Hungarian insurer CIG Pannónia booked a first-quarter loss of HUF 1.07 billion, up from HUF 714 million in the same period a year earlier, the company said in its unaudited consolidated Hungarian accounting standards report published Wednesday.

Premium revenue rose 53% to HUF 8.16 billion. Payouts on claims surged 84% to HUF 1.83 billion.

Gross operating costs were up 74% at HUF 6.41 billion.

CIG Pannónia had total assets of HUF 39.95 billion on March 31, 2011, more than double from twelve months earlier. Net assets were up 225% at HUF 8.67 billion.