28 November 2017, Budapest Memorandum of Understanding For

Total Page：16

File Type：pdf, Size：1020Kb

28 November 2017, Budapest Memorandum of Understanding for Business Cooperation between China Re and the subsidiary of CIG Pannónia Life Insurance Plc. CIG Pannónia Life Insurance Plc. (registered seat: H-1033 Budapest, Flórián tér 1.; company registry number: Cg.01-10-045857; hereinafter: the “Company”) hereby notifies its shareholders and other capital market participants that CIG Pannonia First Hungarian General Insurance cPlc. (hereinafter referred to as „EMABIT”), the 100% non-life insurance subsidiary of the Company signed a Memorandum of Understanding for Business Cooperation with China Reinsurance (Group) Corporation (hereinafter: „China Re”) today. The Memorandum of Understanding was ceremonially signed by Yuan Linjiang, Chairman of China Re, Dr. Gabriella Kádár, Chairman of the Board of Directors of CIG Pannónia EMABIT, and Zoltán Busa, CEO of CIG Pannónia EMABIT. The two companies demonstrated their willingness to cooperate in the presence of senior representatives of the National Bank of Hungary - Dr. Ferenc Szebelédi, Head of Insurance Supervision Department and Dr. Csaba Kandrács, Executive Director of Financial Institutions Supervision - and Huang Hong, Vice Chairman of the Chinese Insurance Regulatory Commission. In the framework of the cooperation the parties jointly work together on the development of serving the insurance and reinsurance needs of companies and investments of Chinese interest in Hungary. CIG Pannónia Life Insurance Plc. 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. .

Copy Link

Recommended publications

Annual Report and Financial Statements
Annual Report and Financial Statements for the year ended 31 December 2018 Dimensional Funds ICVC Authorised by the Financial Conduct Authority No marketing notification has been submitted in Germany for the following Funds of Dimensional Funds ICVC: Global Short-Dated Bond Fund International Core Equity Fund International Value Fund United Kingdom Core Equity Fund United Kingdom Small Companies Fund United Kingdom Value Fund Accordingly, these Funds must not be publicly marketed in Germany. Table of Contents Dimensional Funds ICVC General Information* 2 Investment Objectives and Policies* 3 Authorised Corporate Directors’ Investment Report* 6 Incorporation and Share Capital* 10 The Funds 10 Fund Cross-Holdings 10 Authorised Status* 10 Regulatory Disclosure* 10 Potential Implications of Brexit* 10 Responsibilities of the Authorised Corporate Director 11 Responsibilities of the Depositary 11 Report of the Depositary to the Shareholders 11 Directors' Statement 11 Independent Auditors’ Report to the Shareholders of Dimensional Funds ICVC 12 The Annual Report and Financial Statements for each of the below sub-funds (the “Funds”); Emerging Markets Core Equity Fund Global Short-Dated Bond Fund International Core Equity Fund International Value Fund United Kingdom Core Equity Fund United Kingdom Small Companies Fund United Kingdom Value Fund are set out in the following order: Fund Information 14 Portfolio Statement* 31 Statement of Total Return 149 Statement of Change in Net Assets Attributable to Shareholders 149 Balance Sheet 150 Notes to the Financial Statements 151 Distribution Tables 168 Remuneration Disclosures (unaudited)* 177 Supplemental Information (unaudited) 178 * These collectively comprise the Authorised Corporate Directors’ (“ACD”) Report. Dimensional Fund Advisors Ltd. Annual Report and Financial Statements, 31 December 2018 1 Dimensional Funds ICVC General Information Authorised Corporate Director (the “ACD”): Dimensional Fund Advisors Ltd.
[Show full text]
Annual Report and Financial Statements
Annual Report and Financial Statements for the year ended 31 December 2019 Dimensional Funds ICVC Authorised by the Financial Conduct Authority No marketing notification has been submitted in Germany for the following Funds of Dimensional Funds ICVC: Global Short-Dated Bond Fund International Core Equity Fund International Value Fund United Kingdom Core Equity Fund United Kingdom Small Companies Fund United Kingdom Value Fund Accordingly, these Funds must not be publicly marketed in Germany. Table of Contents Dimensional Funds ICVC General Information* 2 Investment Objectives and Policies* 3 Authorised Corporate Director’s Investment Report* 5 Incorporation and Share Capital* 9 The Funds* 9 Fund Cross-Holdings* 9 Fund and Shareholder Liability* 9 Regulatory Disclosure* 9 Potential Implications of Brexit* 9 Responsibilities of the Authorised Corporate Director 10 Responsibilities of the Depositary 10 Report of the Depositary to the Shareholders 10 Directors' Statement 10 Independent Auditors’ Report to the Shareholders of Dimensional Funds ICVC 11 The Annual Report and Financial Statements for each of the below sub-funds (the “Funds”); Emerging Markets Core Equity Fund Global Short-Dated Bond Fund International Core Equity Fund International Value Fund United Kingdom Core Equity Fund United Kingdom Small Companies Fund United Kingdom Value Fund are set out in the following order: Fund Information* 13 Portfolio Statement* 30 Statement of Total Return 139 Statement of Change in Net Assets Attributable to Shareholders 139 Balance Sheet 140 Notes to the Financial Statements 141 Distribution Tables 160 Remuneration Disclosures (unaudited)* 169 Supplemental Information (unaudited)* 170 * These collectively comprise the Authorised Corporate Director’s (“ACD”) Report. Dimensional Fund Advisors Ltd.
[Show full text]
Cig Pannonia Life Insurance Plc
CIG PANNÓNIA LIFE INSURANCE PLC. ANNUAL FINANCIAL STATEMENTS AND BUSINESS REPORT ON THE YEAR 2012 Table of contents 1. Independent Auditors' Report 2. Annual Financial Statements 2.1. Balance Sheet 2.2. Income statement 2.3. Notes to the annual financial statements 3. Business report 2. ABCD KPMG Hungária Kft. Tel.: +36 (1) 887 71 00 Váci út 99. Fax: +36 (1) 887 71 01 H-1139 Budapest E-mail: [email protected] Hungary Internet: kpmg.hu This is an English translation of the Independent Auditors’ Report on the 2012 statutory Annual Report of CIG Pannónia Életbiztosító Nyrt. issued in Hungarian. If there are any differences, the Hungarian language original prevails. This report should be read in conjunction with the complete statutory Annual Report it refers to. Independent Auditors’ Report To the shareholders of CIG Pannónia Életbiztosító Nyrt. Report on the Annual Report We have audited the accompanying 2012 annual report of CIG Pannónia Életbiztosító Nyrt. (hereinafter referred to as “the Company”), which comprise the balance sheet as at 31 December 2012, which shows total assets of THUF 49,407,680 and retained loss for the year of THUF 2,167,605, and the income statement for the year then ended, and supplementary notes, comprising a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Annual Report Management is responsible for the preparation and fair presentation of this annual report in accordance with the provisions of the Act on Accounting, and for such internal control as management determines is necessary to enable the preparation of annual report are free from material misstatement, whether due to fraud or error.
[Show full text]
In Upstream, MOL Expects Daily Production Around 130-135 Kboepd
CEE Equity Research | Insurance | Hungary 22 May 2019 Pannonia Rating: Accumulate (unch.) Price target (12-m): HUF 496 (unch.) Current share price: HUF 410 HUF million 2016 2017 2018 2019F GWP 18 941 26 933 25 832 26 425 After-tax profits 724 2 598 2 052 2 069 Own equity 3 972 9 015 17 392 15 679 EPS [HUF] 11.7 41.4 24.2 22.1 DPS [HUF] 0.0 10.0 32.0 28.9 BVPS [HUF] 103.6 143.7 185.6 167.3 P/GWP (x) 2.0 1.5 1.5 1.5 P/E (x) 34.8 9.8 16.8 22.3 P/BV (x) 3.9 2.8 2.2 2.4 DVY (%) 0.0 2.5 7.9 7.1 ROE (%) 12.1 33.5 14.7 12.5 Performance 12M YTD 3M 1M Absolute -8.9% -0.1% -3.5% -4.7% BUX relative -15.3% -1.2% -0.7% 3.1% Share price as of 5/22/2019 HUF 410 Bloomberg CIGP.BU Number of shares [million]* 93.7 Reuters PANNONIA HB Market capitalization [HUF bn/EUR mn] 38.72/ 118.6 Free float** 50% Enterprise value [HUF bn/EUR bn] 38.72 / 118.6 52 week range 245/544 Daily turnover 12M [EUR mn] 0.07 EURHUF 326.6 Q1 results reflect stable underlying earnings performance Equity Analyst Attila Vágó . Pannonia reported an IFRS consolidated after-tax profit of HUF 508 mn +361 489 2265 in Q1/19 compared to HUF 615 mn in the same period of a year earlier [email protected] mainly due to the revaluation difference of the employee share based payment program (caused by price fluctuations of CIGPANNONIA shares), the the first quarter loss after launching CIG Pannonia Financial Alkotas Point Intermediary Plc.
[Show full text]
Annual Report
„RICH BLACK” CMYK: 70, 50 30, 100 rgb: 0, 0, 0 #000000 „CIG zöld” CMYK: 26, 0, 100, 26 rgb: 154, 170, 33 #9AAA21 BIZTOSÍTÓ Montserrat Black B Montserrat Medium 2020 ANNUAL REPORT CIG PANNÓNIA / ARCULATI KÉZIKÖNYV / Logó / CIG PANNÓNIA BIZTOSÍTÓ 6 „RICH BLACK” CMYK: 70, 50 30, 100 rgb: 0, 0, 0 #000000 „CIG zöld” CMYK: 26, 0, 100, 26 rgb: 154, 170, 33 #9AAA21 INSURANCE Montserrat Black B Montserrat Medium CIG PANNÓNIA / ARCULATI KÉZIKÖNYV / Logó / CIG PANNÓNIA BIZTOSÍTÓ 14 KEY INDICATORS IN 2020 0,660 19,319 billion HUF billion HUF Result after Insurance premium taxation income 335% 13,894 consolidated capital adequacy billion HUF under Solvency II Shareholder’s equity: Key Indicators in 2020 2 „RICH BLACK” CMYK: 70, 50 30, 100 rgb: 0, 0, 0 #000000 „CIG zöld” CMYK: 26, 0, 100, 26 rgb: 154, 170, 33 #9AAA21 INSURANCE Montserrat Black CONTENTS B Montserrat Medium CIG PANNÓNIA / ARCULATI KÉZIKÖNYV / Logó / CIG PANNÓNIA BIZTOSÍTÓ 14 Foreword by the Cchief Executives 4 History 6 Information for Shareholders 8 Corporate Governance 14 Life Insurance Products 17 Our Business Goals for the Financial Year 2021 23 I. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Consolidated Statement of Comprehensive Income 28 Consolidated statement of financial position 30 Consolidated Changes in Equity 32 Consolidated Statement of Cash Flows 34 Notes to the consolidated financial statements 36 II. CONSOLIDATED BUSINESS REPORT 187 3 „RICH BLACK” CMYK: 70, 50 30, 100 rgb: 0, 0, 0 #000000 „CIG zöld” CMYK: 26, 0, 100, 26 rgb: 154, 170, 33 #9AAA21 INSURANCE Montserrat Black B Montserrat Medium CIG PANNÓNIA / ARCULATI KÉZIKÖNYV / Logó / CIG PANNÓNIA BIZTOSÍTÓ 14 dr.
[Show full text]
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.
[Show full text]
CIG Pannonia Recommendation: Neutral (Unch.) Target Price (E-O-Y): HUF 340 (Unch.) Share Price: HUF 333
CEE Equity Research | Insurance | Hungary 18 May 2021 CIG Pannonia Recommendation: Neutral (unch.) Target price (e-o-y): HUF 340 (unch.) Share price: HUF 333 Share price as of 23/02/2021 HUF 333 Bloomberg PANNONIA HB Number of diluted shares [million] 94.4 Reuters CIGP.BU Market capitalization [HUF bn/EUR mn] 31,445/89.7 Free float 49% Daily turnover 12M [HUF million] 0.08 52 week range HUF 137 – 388 Back to growth under new leadership . CIG Pannonia Life Insurance (Pannonia) reported in Q1/21 HUF 383mn after-tax profit Equity Analyst compared to HUF 243mn in the same period a year earlier. The increase of after-tax Attila Vágó profit was mainly attributable to higher GWP (+19% YoY), lower net claims and stricter control over OpEx (+5% YoY), with acquisition costs declining by 3% YoY. +361 489 2265 . Comprehensive income came to HUF -67mn versus HUF -1.19bn in the same period [email protected] a year ago. Other comprehensive income included a HUF 450mn decrease in the fair value of available-for-sale financial assets, of which HUF 205mn is the unrealized loss on OPUS shares held by Pannonia and the remaining HUF 245mn was the unrealized loss on government securities. Alkotas Point . Life insurance business w/o subsidiaries generated after-tax profit of HUF 444mn 55-61 Alkotás utca, (+22% YoY), while individual non-life insurance operation (EMABIT) had a loss of HUF H-1123 Budapest 50mn versus HUF 73mn loss YoY. It should be noted that, at the end of 2020 Pannonia took steps at the operational level to restart EMABIT, with providing the www.con.hu required Group-level warranty elements followed by the recovery plan stabilize EMABIT’s capital position.
[Show full text]
DFA INVESTMENT DIMENSIONS GROUP INC Form NPORT-P Filed
SECURITIES AND EXCHANGE COMMISSION FORM NPORT-P Filing Date: 2020-09-29 | Period of Report: 2020-07-31 SEC Accession No. 0001752724-20-200730 (HTML Version on secdatabase.com) FILER DFA INVESTMENT DIMENSIONS GROUP INC Mailing Address Business Address 6300 BEE CAVE ROAD 6300 BEE CAVE ROAD CIK:355437| IRS No.: 363129984 | State of Incorp.:MD | Fiscal Year End: 1031 BUILDING ONE BUILDING ONE Type: NPORT-P | Act: 40 | File No.: 811-03258 | Film No.: 201208198 AUSTIN TX 78746 AUSTIN TX 78746 (512) 306-7400 Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document DFA INVESTMENT DIMENSIONS GROUP INC. FORM N-Q REPORT July 31, 2020 (UNAUDITED) Table of Contents DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES Emerging Markets Portfolio Emerging Markets Small Cap Portfolio Emerging Markets Value Portfolio Emerging Markets Core Equity Portfolio U.S. Large Cap Equity Portfolio DFA Commodity Strategy Portfolio DFA One-Year Fixed Income Portfolio DFA Two-Year Global Fixed Income Portfolio DFA Selectively Hedged Global Fixed Income Portfolio DFA Short-Term Government Portfolio DFA Five-Year Global Fixed Income Portfolio DFA World ex U.S. Government Fixed Income Portfolio DFA Intermediate Government Fixed Income Portfolio DFA Short-Term Extended Quality Portfolio DFA Intermediate-Term Extended Quality Portfolio DFA Targeted Credit Portfolio DFA Investment Grade Portfolio DFA Inflation-Protected Securities Portfolio DFA Short-Term Municipal Bond Portfolio DFA Intermediate-Term Municipal Bond Portfolio
[Show full text]
Preliminary Program As of April 18, 2011 Day 1, May 17
Radisson BLU Palais, Vienna May 17-18, 2011 Preliminary Program as of April 18, 2011 Subject to changes and confirmation II Central European L&H Leadership Forum “After the Storm: From Reactive Response to Proactive Solutions” Day 1, May 17 09.00 – 09.30 Registration / Welcome Coffee 09.30 – 11.00 Session 1 Strategies for Success Chair: Werner Moertel, Independent Advisor (Germany) • AXA Strategy to grow in CEE: the product mix challenge Laurent Goudemant, CEE Chief Life and Savings Officer, AXA (Belgium) • Bancassurance Cooperation in CEE: As Seen by Major Bank Speaker to be confirmed • Solvency II and the Swiss Experience: Implications for Life-Insurers Herbert Luethy, Member of the Board of Axa Winterthur, Senior Advisor of Deloitte, Ex-Head of the Swiss Insurance Regulation (Switzerland) 11.00 – 11.20 Coffee Break 11.20 – 12.40 Session 1 (continue) Strategies for Success Chair: Werner Moertel, Independent Advisor (Germany) • Life Reinsurance and Capital Management: Proven Concepts in a New Reality Florian Boecker, Head of Life Central and Eastern Europe, Partner Re (Switzerland) • Expansion into South-Eastern Europe: Challenges and Advantages Gerald Mueller, Managing Director, UNIQA International (Austria) • Growth Strategies for New Companies in the Saturated CEE Market Csaba Gaal, CEO, CIG Pannonia Life Insurance Company (Hungary) 12.40 – 14.00 Lunch 14.00 – 15.40 Session 2 Regional Markets Chair: Bogomil Marn, Independent Advisor (Switzerland) • Polish Life after Big Success Story of the 2000s Artur Olech, President, Generali Group
[Show full text]
Hungarian Insurance Companies' Yearbook 2013
Yearbook 2013 Table of content Presidential Address 4 Address by the General Secretary 5 The hungarian economy and its performance in 2012 6 Legal environment of insurance 8 The insurance market 9 Life insurance 11 Non-life insurance 16 The car insurance market 21 MABISZ Vehicle Claim Settlement Office 24 Reserves, Investments, Results 28 MABISZ member insurers 30 2 3 2 The Association of Hungarian Insurance Companies continued its work to All former years were closed as years, “full of challenges” and the same words were Presidential provide responsible and complex information and education to society also in used to conclude the period behind. Although life presented as serious challenges to the Address by 2012. The supply of all available information to regulators and decision-makers, Hungarian insurance sector in 2012 as earlier, on this occasion I would still not like to Address continuous availability for professional consultation and dialogue to promote the refer to the difficulties. I would prefer focusing on the positive developments and the the General best solutions and decisions on issues concerning the insurance market, formed achievements. another important part of our activities. Despite the difficulties, the Association of Hungarian Insurance Companies had Secretary numerous positive results also in 2012. What is even more important is that in these The liberalisation of advertising the MTPL premium was a welcomed change difficult times, when people struggle not only with economic difficulties but also with in the regulatory environment. There are still a lot of tasks though, concerning natural disasters (storms, earthquake and floods), the concept of insurance and it be- taxes and regulations relating to insurance products if we intend to see laws ing an indispensable aspect in the thinking of the population and in the “individual risk entering into force that serve the long-term interests of society, the industry and management” are becoming ordinary aspects of life.
[Show full text]
Emerging Markets Core Equity Portfolio-Institutional Class As of July 31, 2021 (Updated Monthly) Source: State Street Holdings Are Subject to Change
Emerging Markets Core Equity Portfolio-Institutional Class As of July 31, 2021 (Updated Monthly) Source: State Street Holdings are subject to change. The information below represents the portfolio's holdings (excluding cash and cash equivalents) as of the date indicated, and may not be representative of the current or future investments of the portfolio. The information below should not be relied upon by the reader as research or investment advice regarding any security. This listing of portfolio holdings is for informational purposes only and should not be deemed a recommendation to buy the securities. The holdings information below does not constitute an offer to sell or a solicitation of an offer to buy any security. The holdings information has not been audited. By viewing this listing of portfolio holdings, you are agreeing to not redistribute the information and to not misuse this information to the detriment of portfolio shareholders. Misuse of this information includes, but is not limited to, (i) purchasing or selling any securities listed in the portfolio holdings solely in reliance upon this information; (ii) trading against any of the portfolios or (iii) knowingly engaging in any trading practices that are damaging to Dimensional or one of the portfolios. Investors should consider the portfolio's investment objectives, risks, and charges and expenses, which are contained in the Prospectus. Investors should read it carefully before investing. Your use of this website signifies that you agree to follow and be bound by the terms
[Show full text]
CEE Insurance M&A Outlook the Stage Is Set for an Active Deal
CEE Insurance M&A Outlook The stage is set for an active deal-making environment January 2019 Brochure / report title goes here | Section title goes here Contents Foreword 03 Number of M&A deals in the CEE Region 04 CEE macroeconomic overview 05 Insurance trends in CEE 06 Poland 18 The Czech Republic 24 Slovakia 30 Hungary 36 Romania 42 Slovenia 48 Croatia 54 Bulgaria 60 Serbia 66 Baltic region (Estonia, Latvia, Lithuania) 72 Contacts 90 02 CEE Insurance M&A Outlook | Foreword Foreword Leveraging on the success of our NPL Besides insuretech solutions, another long- and require further centralization on a study which provides an overview on awaited trend is picking up momentums regional level. This higher than average nonperforming loan markets in 12 market consolidation, which is driven by market growth potential, together with the countries across Central and Eastern non-core exits and acquisitive growth strategic repositioning of large insurance Europe as well as the very positive strategies to reposition business and groups provide motivating factors to feedbacks we received from the recently optimize economies of scale. consider trading on both the sell and buy launched CEE M&A banking study, we, side. Fortunately, a number of potential as a leading financial advisor not only Most of the insurance markets in the region players have significant war chests to being in the forefront of banking but also are still fragmented with a relatively high deploy for executing deals. in insurance transactions, decided to number of universal insurance companies launch a new study on insurance M&A with low market share.
[Show full text]