CIG Pannónia Életbiztosító : 2022 Annual Business Report

I N S U R A N C E

CIG PANNONIA LIFE INSURANCE PLC .

SEPARATE FINANCIAL STATEMENTS AND BUSINESS REPORT FOR THE YEAR 2022, PREPARED ACCORDING TO THE INTERNATIONAL FINANCIAL REPORTING STANDARDS ACCEPTED BY THE EUROPEAN UNION

2 8 M A R C H 202 3

IBNI ZS TU OR SA ÍNT CÓE

CONTENTS

1. FINANCIAL STATEMENTS
2. 1. Statement of Comprehensive Income
   2. Statement of Financial Position
   3. Statement of Changes in Shareholders' Equity
   4. Statement of Cash Flows
   5. Notes to Financial Statements

II. BUSINESS REPORT

2

I N S U R A N C E

SEPARATE

FINANCIAL

STATEMENTS

FOR THE YEAR

2022, PREPARED ACCORDING TO THE INTERNATIONAL FINANCIAL REPORTING

I. STANDARDS ACCEPTED BY THE EUROPEAN UNION

3

I N S U R A N C E

STATEMENT OF

COMPREHENSIVE INCOME

			DATA IN THUF
	NOTES	2022	2021 (RESTATED)
Gross written premium		26 833 916	22 212 463
Changes in unearned premiums reserve		-54 408	-70 210
Earned premiums, gross		26 779 508	22 142 253
Ceded reinsurance premiums		-843 646	-276 241
Earned premiums, net	8	25 935 862	21 866 012
Premium and commission income from investment contracts	9	105 045	147 397
Commission and profit sharing due from reinsurers	10	313 302	2 381
Investment other income	11	234 246	11 576 963
Interest income based on effective rate		770 141	430 005
Yield on investment of associates	11	834 500	448 109
Other operating income	12	876 341	937 423
Other income		3 133 575	13 542 278
Total income		29 069 437	35 408 290
Claim payments and benefits, claim settlement costs	13	-14 718 137	-14 947 760
Recoveries, reinsurer's share	13	124 314	64 082
Net changes in value of the life technical reserves and unit-linked	14	-2 104 825	-12 009 427
life insurance reserves
Investment expenses	11	-3 608 752	-1 059 904
Impairment and impairment reversal of financial assets	11	-7 072	-6 258
Change in the fair value of liabilities relating to investment contracts	39	178 470	-436 816
Investment expenses, changes in reserves and benefits, net		-20 136 002	-28 396 133
Fees, commissions and other acquisition costs	15	-4 883 217	-3 763 253
Other operating costs	16	-1 712 780	-1 707 839
Other expenses	17	-757 369	-307 792
Operating costs		-7 353 366	-5 778 884
Profit/Loss before taxation		1 580 069	1 233 273
Tax income/expenses	18	-240 028	-184 215
Deferred tax income/expenses	18	117 016	87 797
Profit/Loss after taxation		1 457 057	1 136 855
Comprehensive income, wouldn't be reclassified to profit or loss	19	-602 294	-574 917
in the future
Comprehensive income, would be reclassified to profit or loss in	19	-3 129 280	-1 616 687
the future
Other comprehensive income		-3 731 574	-2 191 604
Total comprehensive income		-2 274 517	-1 054 749
EARNINGS PER SHARE (CONSOLIDATED)
Basic earnings per share (HUF)	20	12,9	17,8
Diluted earnings per share (HUF)	20	12,8	17,7

I N S U R A N C E

STATEMENT

OF FINANCIAL POSITION

			DATA IN THUF
			2021. DECEMBER 31.
ASSETS	NOTES	DECEMBER 31, 2022	(RESTATED)
Intangible Assets	21	730 572	615 125
Property, plant and equipment	22	132 659	159 822
Right of use assets	23	276 578	385 461
Deferred tax asset	18	590 836	473 820
Deferred acquisition costs	24	1 434 785	1 251 601
Reinsurer's share of technical reserves	36	457 684	178 930
Subsidiaries	25	4 200 772	4 068 923
Associates	25	51 753	51 753
Available-for-sale financial assets	26	-	21 507 125
Other financial assets at fair value	26	16 413 265	-
Investments for policyholders of unit-linked life insurance	27	86 205 307	85 664 010
policies
Financial assets - investment contracts	28	5 167 307	5 237 951
Financial assets - derivatives		34 467	937
Receivables from insurance policy holders	29	2 707 547	1 832 689
Receivables from insurance intermediaries	30	123 576	32 481
Receivables from reinsurance	31	363 675	15 663
Other assets and prepayments	32	64 380	43 796
Other receivables	33	100 254	69 827
Intercompany receivables	34	111 972	70 617
Cash and cash equivalents	35	2 588 805	741 831
Total Assets		121 756 194	122 402 362

Statement of Financial Position	5