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CIG Pannonia market share up 6.4%

CIG Pannonia Life Insurance's market share, based on revenue from premiums, rose to 6.4% in 2011 from 5.8% in the previous year, CEO Csaba Gaál said on Wednesday.

The company's revenue from policies with multiple premiums climbed 34.2% to HUF 20.6 billion. Revenue from policies with one-time premiums fell 28.8% to HUF 7.4 billion.

CIG Pannonia said in its consolidated IFRS report for 2011 published two weeks earlier that revenue from premiums rose 11% to HUF 27.2 billion.

CIG Pannonia'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.

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.