CIG Pannónia Életbiztosító : 2022 Annual Business Report
April 20, 2023 at 08:15 am EDT
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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
FINANCIAL STATEMENTS
Statement of Comprehensive Income
Statement of Financial Position
Statement of Changes in Shareholders' Equity
Statement of Cash Flows
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
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CIG Pannónia Életbiztosító Nyrt. published this content on 18 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2023 12:14:17 UTC.
CIG Pannonia Eletbiztosito Nyrt (Cig Pannonia Life Insurance Plc) is a Hungarian-based company active in the insurance sector. The Company offers insurances for pensioners, including funeral and inheritance policy, entrepreneurs, families and recent graduates. The Companyâs portfolio comprises Unit-linked Life Insurance, Endowment Life Insurance, Term Life Insurance, Alkony Life Insurance and Retirement Life Insurance as well as Accidental Benefit Rider and Premium Assistance Rider. As of December 31, 2011, the Company operated four wholly owned subsidiaries, including CIG Pannonia EMABIT Ltd, Pannonia Biztositaskozvetito LLC and Pannonia PI-ETA LLC, all based in Hungary, as well as TISIA Expert Srl, based in Romania.