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Cig Pannonia Life Insurance Plc CIG PANNONIA LIFE INSURANCE PLC. QUARTELY REPORT PREPARED ACCORDING TO THE INTERNATIONAL ACCOUNTING STANDARDS, BASED ON CONSOLIDATED FINANCIAL STATEMENTS II. QUARTER 2011. 25 August 2011. 1. Summary CIG Pannonia Life Insurance Plc, (hereinafter: Issuer) publishes today its Quarterly Report regarding II. Quarter 2011. The Issuer publishes consolidated and non-audited data in the Quarterly Report, which is required by law in accordance with the international financial accounting standards (IFRS). The Issuer simultaneously publishes its Quarterly Report and Quarterly Prospectus meant to be voluntarily provided to Association of Hungarian Insurance Companies (MABISZ), which includes non-audited and non-consolidated data and have been prepared in accordance with the Hungarian accounting act. - The Issuer achieved HUF 12,350 billion gross written premium in the first half of 2011 in comparison to the gross written premium worth HUF 8,098 billion in the similar period of 2010. The great increase in new sales of unit-linked life insurances and the incoming renewal premium from existing life insurance portfolios resulted in a 53% increase in gross written premium. The financial status of the Issuer is stable; its share capital on June 30th 2011 was HUF 6,687 billion which ensures the financing of its operation. - The Issuer held its annual general meeting on April 19th 2011, and it made resolutions regarding the approval of the Annual Report of 2010 and the new appointments of the former auditor KPMG Hungary Ltd. for year 2011 and new Supervisory Board members. The supervisory approval regarding the new Supervisory Board members as decided on the annual general meeting was given in the case of László Asztalos in June and in the case of Attila Solymár after the subject period but before the publication of this report. - The Issuer appointed Sándor Csepeli as the new CEO of its Romanian branch as of May 14th 2011 who will contribute to the branch’s’ success with his experience in the field of developing, training and managing life insurance sales channels and years of experience will add a valuable contribution to the successful operation of the branch. - The agreement on a strategic cooperation between the Issuer and the Pension Fund of Electricity Companies came into effect. The parties started to work together in order to exploit possible synergies in the cooperation effectively. The Pension Fund was renamed Pannonia Pension Fund, and by the time of the publication of this report the Court of Registration has registered the investment service and the fund service companies founded as part of the cooperation. - The Issuer resigned from the Association of Hungarian Insurance Companies (MABISZ) as of June 1st. - The Issuer and its subsidiary, performing non-life activity CIG Pannonia First General Life Insurance cPlc. made a strategic trilateral agreement with Granit Bank cPlc. The Parties’ objective is to synchronize their activities and to provide joint services to their retail and business clients. Within the framework of the cooperation they intend to enter the market with premium financial services, insurance packages connected to credit cards and mortgage, property and liability insurance product packages aimed at small and mid cap companies. The Board interprets the results achieved in the fisrt half of 2011 as a success, which provides a secure base for achiving the annual goal. The Issuer continued negotiations with domestic and foreign investors, to seek out possible areas of cooperation. Budapest, August 25th 2011. CIG Pannonia Life Insurance Plc. CIG Pannonia Life Insurance Plc., 2011 II. Quarterly report 2. Financial statements The main lines of the Issuers’ consolidated statement of comprehensive income: HUF million 2011.06.30 2010.12.31 2010.06.30 Change % Data in HUF million (A) (B) (C) (A)/(C) Insurance premiums 12 350 24 536 8 098 153% Ceded reinsurance premium -12 -8 -3 429% Fee and commission income from 215 255 177 122% investment contracts Investment income (expenses) -1 883 1 225 678 -278% Other operating income 226 251 82 275% Claim payments and benefits, and claim -2 749 -3 309 -1 561 176% settlement costs Net changes in technical reserves and -2 259 -11 753 -3 258 69% unit-linked life insurance reserves Changes in fair value of liabilities related 68 -110 -61 -113% to investment contracts Fees, commissions and other acquisition -5 182 -11 477 -4 027 129% costs Administrative costs -2 354 -6 012 -1 192 198% Loss after tax -1 578 -6 400 -1 066 148% Other comprehensive income -31 45 28 -108% Total comprehensive income -1 609 -6 356 -1 038 155% CIG Pannonia Life Insurance Plc., 2011 II. Quarterly report The main lines of the Issuers’ consolidated statement financial position: HUF million 2011.06.30 2010.12.31 2010.06.30 Change % Data in HUF million (A) (B) (C) (A)/(C) Intangible assets 622 633 478 130% Property, plant and equipment 334 260 163 205% Deferred acquisition costs 4 398 3 980 2 595 169% Reinsurers' share of technical reserves 37 12 0 - Realizable financial assets 3 826 4 153 202 1898% Investments for policyholders of unit-linked 20 918 18 795 10 940 191% life insurance policies Financial assets- investment contracts 750 929 703 107% Receivables from direct insurance contracts 2 113 1 543 900 235% and other receivables Other assets and prepayments 331 122 235 141% 2 087 8 162 4 145 50% Cash and cash equivalents Total assets 35 416 38 589 20 360 174% Technical reserves 1 245 1 073 422 295% Technical reserves for policyholders of unit- 20 918 18 795 10 939 191% linked insurance policies Investment contracts 750 929 703 107% Loans and financial reinsurance 4 598 4 038 4 047 114% 817 3 181 931 88% Liabilities from direct insurance operations Other liabilities and provisions 501 2 422 1 67345% Total liabilities 28 829 30 438 17 043 169% NET ASSETS 6 587 8 151 3 317 199% Share capital 2 531 2 531 1 935 131% Capital reserve 15 937 15 937 6 309 253% Preferential share purchase 0 0 88 0% Other reserves 28 14 -2 -1491% Profit reserve -11 911 -10 333 -3 947 302% Equity attributable to owners 6 541 8 150 3 317 197% Non-controlling interests 1 1 0 - Total shareholders' equity 6 587 8 151 3 317 199% CIG Pannonia Life Insurance Plc., 2011 II. Quarterly report 3. Presentation of the Issuers’ financial position – consolidated, non-audited data of the 2nd Quarter of 2011 prepared under IFRS as adopted by EU The Issuer and its subsidiaries which jointly constitute the Group, deal with the sales of unit-linked, risk, endowment and insurance riders, and non-life insurance. Primaliry life insurance activity remains significant among the operations of the Group, although at the same time efforts continuing to launch the activity of CIG Pannonia First Hungarian General Insurance Plc. subsidiary during the second quarter. The Issuer plans to launch the sales of its property and liability insurance products during the year, and plans the boost in sales during the fourth quarter of 2011. The Issuer and the Pension Fund of Electricity Companies signed a Letter of Intent regarding a long term strategic cooperation. The agreement came into effect during the second quarter and the Pension Fund took the name Pannonia Pension Fund, member of the CIG Partenrship. The parties started the joint work, to exploit possible synergies in the cooperation effectively. As a result of this, a stratergy setting body was set up, and by the time of the publication of this report also the investment service and the fund service companies, founded as part of the cooperation, will have been registered by the Court of Registration. With the cooperation, the Issuer became a new player on the national private and voluntary pension fund market. The goal of the foundation of the investment service provider is to manage the investments of the assets of the private and voluntary pension fund, the life and non-life insurance reserves, the Issuers’ share capital, resources generated within the Group and possibly those from outside mandates. The Issuers’ dominant activity remains the activity of CIG Pannonia Life Insurance Plc. as the parent Company; the rest of the Groups’ activity cannot be viewed as significant for the present. During the reported period, the gross written premium of the Group was HUF 12,350 billion which is 153% of the gross written premium of last years’ similar period. Out of this unit-linked life insurances account for HUF 12,181billion, traditional insurances account for HUF 96 million and non-life insurances account for HUF 73 million. The gross written premium from the policies sold during the first half of 2011 was HUF 4,555 billion, which is a 33% increase in comparison with the similar time period of the previous year. The increase in premiums, in the case of renewal of policies sold in previous years was 157%, the gross written premium of the first half of the year was HUF 3,515 billion in contrast to the gross written premium worth HUF 1,369 billion in the first quarter of 2010. The top-up premiums reached HUF 4,208 billion, which is a 25% increase from the HUF 3,372 billion of last years’ similar period. The 34% share of top-up premiums within the life insurance gross written premium is appropriate to the market average. Those unit-linked life insurance policies which do not qualify as insurance policies according to IFRS, the Issuer classifies them as investment contracts. In connection to the investment contracts, the Issuer had a gross written premium worth HUF 215 million in the subject period. Annualized premium of polices sold during the first half of 2011 was HUF 4,777 billion, which exceeds the performance of the previous years’ similar period by 28%.
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