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    CIGPANNONIA   HU0000180112

CIG PANNÓNIA ÉLETBIZTOSÍTÓ NYRT

(CIGPANNONIA)
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CIG Pannónia Életbiztosító : EXTRAORDINARY INFORMATION about the subsidiary involved in the consolidation

09/01/2021 | 03:32am EDT

CIG Pannonia Life Insurance Plc. (headquarters: H-1097 Budapest, Könyves Kálmán körút 11.B, company registration nr.: 01 10 045857, hereinafter referred as Company) hereby informs the Esteemed Investors that on the basis of the previously announced transparent relaunch of the activities of CIG Pannonia First Hungarian General Insurance Plc. (EMABIT) with the need for economic growth and incorporating its necessary elements, and also on the basis of the growth strategy of the Company (Growth Strategy), containing development directions and goals, narrowed down to organic growth aims, EMABIT started its operation on September 1, 2021.

At the beginning, focusing on the needs of the domestic market, EMABIT sells non-life insurance products to corporate customers, which ensure rapid market entry, in such way starting to build a composite product portfolio and creating the stable foundations for economic growth. Thus, in the first period, it offers liability insurance, property insurance and casco fleet insurance products, but following the steps set out in the Growth Strategy, it is planned that next year offers for the retail segment will also be part of the portfolio.

EMABIT prioritises the need for a stable reinsurance background in connection with the start-up and the transparent expansion of the emerging operating model, thus cooperates with internationally weighted, professional and suitably qualified reinsurers in the reinsurance panel. The cooperating partner of EMABIT's claims settlement area through outsourcing will be DEKRA Expert Ltd. (registered office: 1134 Budapest, Róbert Károly krt. 70-74., company registration nr.: 01-09-566677) which has a national network and decades of experience.

Disclaimer: All information contained within this article is for information purposes only, and shall not be considered an official translation of the official communication referred to herein. This document does not include the integral wording of the official communication referred to herein, the original Hungarian language version of it remains to be the solely legally binding material in the subject matter. For further information, please do not hesitate to contact us.

Disclaimer

CIG Pannonia Life Insurance plc published this content on 01 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 September 2021 07:31:04 UTC.


© Publicnow 2021
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Financials
Sales 2021 - - -
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 2,87%
Capitalization 32 743 M 106 M 106 M
Capi. / Sales 2021 -
Capi. / Sales 2022 -
Nbr of Employees 129
Free-Float 77,1%
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 1
Last Close Price 348,50 HUF
Average target price 355,00 HUF
Spread / Average Target 1,87%
Managers and Directors
István Fedák Co-Chief Executive Officer
Zoltán Polányi Co-Chief Executive Officer
Alexandra Tóth Chief Financial & Accounting Officer
János Tima Chairman-Supervisory Board
Katalin Halász Chief Medical Officer