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CIG Insurance doubles both premium revenue and losses in 2010

CIG Pannónia Life Insurance had revenue from premiums of HUF 25.8 billion in 2010, up 114% from HUF 12.08 billion in 2009, though net losses rose at a similar rate, to HUF 4.8 billion from HUF 2.28 billion in 2009, CIG Pannónia said on Thursday.

The unconsolidated unaudited Hungarian Accounting Standards (HAS) preliminary report said one-off costs stemming from the listing of the company's shares at the Budapest Stock Exchange and the conversion into a company limited by shares contributed to the losses.

Operating costs totaled HUF 17.15 billion and one-off expenses totaled HUF 1.7 billion last year.

The company paid HUF 418 million in bank tax in 2010. (MTI-Econews)