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CIG Pannónia to raise capital at non-life-insurance unit

CIG Pannónia Life Insurance will raise capital by HUF 5 million at its non-life-insurance unit CIG Pannónia First Hungarian General Insurance through the private issue of new shares.

CIG Pannónia Life Insurance said that the raise in capital was necessary as a result of the unit's greater-than-expected growth.

The company also said its planned new service unit will be set up with registered capital of HUF 10 million instead of HUF 5.1 million.