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CIG Pannonia Life Insurance to cut costs in order to become profitable by 2014

CIG Pannonia Life Insurance sustained after-tax losses of HUF 1.58 billion in the first half of 2011, the company's consolidated H1 IFRS report published on Thursday morning showed.

Gaál said that the cost-cutting measures include integration of CIG Pannonia Life Insurance's corporate and non-corporate sales channels as well as a postponement of the company's planned expansion into Serbia and Bulgaria.