CIG Pannónia 2017 premium revenues lifted by MKB acquisition

Telco

Listed insurance company CIG Pannóniaʼs revenue from premiums rose 48% to HUF 26.0 billion in 2017, lifted by its acquisition of MKB Insurance, an earnings report released early Tuesday shows, as reported by state news wire MTI.   

CIG Pannónia closed the purchase of MKB Insurance units from Versicherungskammer Bayern on January 1, 2017. 

Total income in 2017 rose 50% to HUF 31.8 bln, the earnings report shows. 

Payouts on claims increased by 88% to HUF 17.2 bln.  

After-tax profit rose to HUF 2.6 bln, from HUF 0.7 bln in the base period.  Earnings per share came to HUF 41.

In December, Holding company Konzum announced its aim to acquire a 24.85% share in CIG Pannónia by raising capital through a private placement.

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