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2017 Consolidated Financial Statements IFRS www.cigpannonia.hu ANNUAL REPORT 2017 CIG Pannonia Life Insurance Plc. CONTENT 03 Letter to Shareholders from Dr. József Bayer 04 Letter from the CEO 06 About CIG Pannónia 10 Information for shareholders 14 Main financial data 16 Social responsibility 19 Corporate governance 29 Market position 31 Financial results 34 Business policy goals for 2018 37 Life products 40 Award-winning asset funds 41 Non-life products 42 Consolidated financial statements and consolidated business report for the year 2017, prepared according to the international financial reporting standards accepted by the European Union Dear Esteemed Shareholders! In 2017 CIG Pannónia insurance company reached one of its most important milestone of the develop- ment since the Company went public.2017 could be described as the year of the turn. Without aiming to give an exhaustive list, it is worth to recall some important milestones. There were comprehensive restructurings in the sales distribution channels, and the Company could strengthen its previously reached market position. MKB Insurance companies - that we acquired from the Bavarian owner – had been merged into CIG Pannónia, and we concluded a strategic cooperation agreement with MKB Bank. In parallel, MKB-Pannónia Fund Manager – one of the largest service provider of Hungary has been established. We also concluded a strategic alliance with China Re, one of the largest reinsurer of the world for servicing Chinese investors in Hungary. With the transformation of interest bearing shares the commitment of the main shareholders toward the Insurer increased further, and thanks to the patience of our shareholders and to the adequate perfor- mance of the Company we decided on the dividend policy. At the end of 2017 the Company laid down the foundations of a strategic partnership with KONZUM Investment and Asset Management Plc, that established the conditions of a further growth. The result of a consistent, tenacious and committed efforts of the new management that took office in 2014 is represented in the successes of 2017. I would like to thank the management and all the employees of the Insurer for the high-quality achievement, and shareholders for the patience whereby they remained faithful to the Company in the last years. The committed main shareholder structure established by this point in time and the management with proven experience is the collateral for the further successful work of the upcoming years. Dr. József Bayer Chairman of the Supervisory Board Page 3 ANNUAL REPORT 2017 Letter from the CEO CIG Pannónia has gone through dynamic and eventful years. We have chosen a new path in 2014, we have organized our operation according to a new strategy. We have reorganized our sales channels, we have established our tied agent network in addition to our independent brokers, and we have started to sell via the bank channel by the means of cooperation agreements. In accordance with the market reality, we have only focused on competitive and also adequately profitable products. Thirdly, in addition to cus- tomer aspects, we have put a strong emphasis on satisfying the demands of our shareholders, including a long-term profitable operation. Today, it is safe to say that our past decisions on restructuring were appropriate. CIG Pannónia is a sta- ble, strong and unavoidable actor of the Hungarian insurance market. The achievements of our common work have already been recognized by others. We have been acclaimed as the “Insurance Company of the Year“ by MoneyMoon in 2017, and we have been awarded with the title “Stock Market Investment Story of the Year” by Budapest Stock Exchange based on the performance of our shares. EMABIT has entered into its sixth foreign market in Spain, and it has established a cooperation agreement with China Re, one of the largest reinsurance companies of the world. By using our available fresh capital, on the one hand, we intend to discover and realize further opportu- nities of acquisition, based on the positive experience of sales and integration of last year. On the other hand, we intend to use it to expand our sales capacity, in order to be able to increase our portfolio of contracts and the number of our customers. During the next years, we would like to keep our company as a company which is able to continuously develop the standards of its services, to provide innovative and competitive market ideas again and again, and to increase the amount of the dividends to be paid to its owners. In addition, we make all of the necessary efforts to demonstrate our value-adding work by the continuous strengthening of our share price. CIG Pannónia is now on the move, and we would like to keep this impetus in 2018. Dr. Gabriella Kádár CEO Page 4 ANNUAL REPORT 2017 STABILITY AND SECURITY Page 5 ANNUAL REPORT 2017 ABOUT CIG PANNÓNIA CIG Central-European Insurance Ltd. was establishedby well known and acknowledged professionals as a private company limited by shares on 26 October 2007. The sales activity of the Insurer was launched on 26 May 2008. On 1 January 2010, the Company changed its name to CIG Pannonia Life Insurance Ltd. From autumn 2010 the Insurer began operating as a public company limited by shares. The shares of the Company has been listed on the Budapest Stock Exchange, the first trading day was 8 November 2010. With the insurer’s negotiable instrument it’s legal to trade BSE stocks in the series of „Premium” shares since 12 April 2012, the stocks are listed in the BUX basket. CIG Pannónia First Hungarian General Insurance Company Ltd. (EMABIT) - started its operation in 2011. It is the 100% non-life subsidiary of CIG Pannónia Life Insurance Plc. It focuses on domestic SMEs, institutions of the state and local authorities, companies, professional chambers, and associations. After a dynamic market seeking EMABIT successfully managed to build a special liability insurance portfolio for carriers in Poland, a year after it has launched a freight insurance product in Lithuania, from 2014 it has been selling suretyship product in Italy. It is also represented in Slovakia and Romania with products for unique, specific situations, and in 2017 entered the Spanish market with a suretyship insurance. Pannónia Investment Services Ltd. was established in 2011 by CIG Pannónia Life Insurance Plc and Pannónia Pension Fund in the framework of a strategic cooperation. In 2013 it transformed to fund manager and changed its name to Pannónia CIG Fund Manager Ltd. In 2017 with the intention of the economies of scale and efficiency the ownership it’s owner scale was increased with MKB Bank cPlc., MKB Pension Fund, MKB-Pannónia Health and Mutual Fund and the Gránit Bank Ltd. With the increase of the ownerscale, the name of the Fund Manager changed to MKB-Pannónia Fund Manager Ltd. Its current ownership structure: Pannónia Fund Service Provider Ltd. (16%), CIG Pannónia Life Insurance Plc (16%), MKB Bank cPlc (49%), MKB Pension Fund (15%), MKB-Pannónia Health and Mutual Fund (2%) and the Gránit Bank Ltd (2%). In accordance with the contract concluded on 7 October 2016 CIG Pannónia Life Insurance Plc., ac- quired 98.97% ownership interest in MKB Life Insurance cPlc while its subsidiary, the CIG Pannónia First Hungarian General Insurance Company Ltd. acquired 98,98%ownership interest in MKB General Insur- ance cPlc from Versicherungskammer Bayern (VKB). After receiving all the necessary authorisations. The Company Registry Court of Budapest – Capital Regional Court registered the merger by acquisition of Pannónia Life Insurance cPlc. into the Company and the merger by acquisition of Pannónia General Insurance cPlc. into CIG Pannónia First Hungarian General Insurance Company Ltd on 30 June 2017. Page 6 ANNUAL REPORT 2017 STRUCTURE OF THE GROUP CIG Pannónia Life Insurance Plc. 100% 16% 98,97% 100% CIG Pannónia First Hungar- MKB-Pannónia Pannónia Life Insurance Pannónia PI-ETA ian General Insurance Ltd. Fund Manager Ltd. cPlc. Tribute Service Ltd. Started active operation in 2011 Former Pannónia CIG Fund Former MKB Life Insurance cPlc. Established in 2008. It provides in property-, and liability insur- Manager Ltd. services relating to the “Alkony“ CIG Pannónia acquired MKB In- ance business, serving mainly the Manages the investments of the funeral insurance policies. surance companies with 1. Janu- SME sector. Group, the partnership and third ary 2017. party mandates. 2013: Asset Management license 98,98% Pannónia General Insurance cPlc. Former: MKB General Insurance cPlc. CIG Pannónia acquired MKB In- surance companies with 1. Janu- * Pannónia Life Insurance cPlc. merged by acquisition into CIG Pannónia Life Insurance cPlc at 30. June 2017, and Pannónia General Insurance cPlc merged by acquisition into CIG First Hungarian ary 2017. General Insurance Ltd. BASIC INFORMATIONS OF THE COMPANY Seat: 1033 Budapest, Flórián square 1 Mailing address: 1300 Budapest, Pf. 177. Phone: +36 1 5100 200 Fax number: +36 1 247 2021 E-mail address: [email protected] Website: www.cigpannonia.hu Company registry number: 01 10 045857 Tax number: 14153730-4-44 Auditor: Ernst&Young Könyvvizsgáló Kft. Page 7 ANNUAL REPORT 2017 REGIONAL PRESENCE HUNGARY POLAND From May 2008 From April 2012 Life and none-life segment None-life segment Home country of the operation Cross-border service SPAIN SLOVAKIA From Sept 2017 From Sept 2010 Non-life segment Life segment Cross-border service Only portfolio maintenance ROMANIA ITALY From May 2009 From Sept 2014 Life segment Non-life segment Only portfolio maintenance Cross-border service BALTIC STATES From April 2013 Non-life segment Cross-border service Page 8 ANNUAL REPORT 2017 TRANSPARENT OPERATION Page 9 ANNUAL REPORT 2017 INFORMATION FOR SHAREHOLDERS Ticker: CIGPANNONIA ISIN: HU0000097738 Date of listing: 8 November 2010. Date of listing in premium category: 12 April 2012. Currency of trading: HUF Face value: 40 HUF Number of securities listed: 71,295,573 pieces (31 December 2017) Free float: 66% Number of treasury shares: 1,437,339 pieces (31 December 2017) Registered capital: 2,851,822,920 HUF (31 December 2017) The „B” and „C” types of interest bearing shares were automatically converted into ordinary shares on 11 September 2017 according to General Meeting resolutions No.
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