CIG Pannonia Life Insurance raised capital by about EUR 4.63 million

The board of CIG Pannonia Life Insurance decided on 28 November to raise capital at its general insurance unit by HUF 1.5 billion (~EUR 4.63 million) and modify the unit's dividend policy, Hungarian news agency MTI reports.
The capital raise will take place by issuing 30 CIG Pannonia First Hungarian General Insurance (EMABIT) shares at a nominal value of HUF 50 million per share. The company board also decided that EMABIT would pay full after-tax profits as dividend, as long as its solvency capital requirement remains over the 160% threshold.
CIG Pannonia ended Q3 with a HUF1.561 billion after tax profit figure and premiums revenues of over HUF 17 billion. The profit per share for the three quarters was of HUF 19.
For life insurance contracts sold this year, the performance of CIG Pannonia's own sales network constitutes 29 per cent, while the share of the independent broker channel was 39 per cent, the banking channel's 22 per cent, and that of other business development was 10 per cent of new sales. Channel diversification continued in the life segment. After the development of the banking sales channel, call center sales have been launched in cooperation with a significant sales partner.
Portfolio clearance continued in the non-life segment, as well as the run-off of the retail Casco portfolio. This explains the HUF263 million decrease in the net portfolio development during the first three quarters. In the first nine months of the year, the non-life segment reached a HUF 567 million profit after tax, which is an excellent result, similarly to that of previous quarters.
In 2018 the corporation's equity increased from the 2017 year-end HUF9.015 billion to HUF16.803 billion, i.e. by 86%. The Solvency II capital adequacy of CIG Pannonia's life insurance segment is 349%, while it is 176% in the non-life insurance segment, so it complies with the minimum 150% capital adequacy level expected by the Supervisor.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

Hungary: less than 20% of Hungarians have an accident insurance policy

Only 10-20% have an accident insurance, while in many countries of the Western Europe accident insurance coverage among their population is of more than 80%, The Budapest Business Journal reports. The low penetration leaves about 8 million Hungarians uninsured for the accident risk.


VIENNA Insurance Group completes mergers in Hungary and Slovakia

VIENNA Insurance Group announced Hungary's central bank approved the merger of the three VIG Group companies. Thus, starting 1 April 2018, VIG will be represented in Hungary solely by the insurance company UNION Biztosito, while in Slovakia, bancassurer Poistovna Slovenskej sporitelne (PSLSP) will merge with Kooperativa Poistovna.



MetLife named its EMEA head as CEO of Japan unit

MetLife announced that Eric CLURFAIN, currently Executive Vice President and Head of EMEA, has been named Chairman, President and CEO of MetLife Japan - the company's second largest market globally and its largest retail life insurance business, effective Feb. 1, 2019, following approvals.


American International Group appoints new CFO

American International Group announced that it has appointed Mark LYONS to the role of Executive Vice President & Chief Financial Officer (CFO). He succeeds Sid SANKARAN, who will remain at AIG in an advisory capacity through the year-end reporting process for fiscal year 2018.


Wolfgang STOCKMEYER appointed as VIG's BTA Baltic new Board Chairman

Wolfgang STOCKMEYER (49) has been appointed, on 30 November 2018, Chairman of the VIG's subsidiary BTA Baltic Management Board, as part of a series of changes in the composition of its Management Board operated by the main player of Austrian Group in the Baltic region.



Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.


IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.


See all