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Cig Pannonia Life Insurance Plc Annual Report 20 18 WorldReginfo - 0bd58f27-58dc-4e0c-9274-6c640d5e5588 Key indicators in 2018 WorldReginfo - 0bd58f27-58dc-4e0c-9274-6c640d5e5588 2 Összefoglalás Contents Greetings from the Chair of the Board of Directors 4 CEO Foreword 5 History 6 Group structure 7 Information for shareholders 7 Our presence in the region 8 Shareholder structure 9 Calendar of corporate events 10 Corporate social responsibility 11 Corporate governance 13 EMABIT—an introduction 18 Market environment 19 Business policy objectives for year 2019 21 Our products 22 Performance of our unit-linked funds 26 Highlights, events 28 Consolidated business report 32 Consolidated financial statements and consolidated business report for the year ended 31 December 2018, prepared in accordance with the international financial reporting standards adopted by the European Union Budapest, 1 April 2019 WorldReginfo - 0bd58f27-58dc-4e0c-9274-6c640d5e5588 3 Greetings from the Chair of the Board of Directors The insurance market is full of challenges. It is influenced by the general economic environment—GDP growth, the prof- itability of companies, the financial growth of households— changes in the legislative and regulatory environment—for example the sudden transformation of tax benefits facilitat- ing self-care—as well as the behaviour of the competition. In recent years, CIG Pannónia has successfully managed changes in the external environment, as a stable and profit- able player in the Hungarian insurance segment. 2018 saw vigorous growth in the Hungarian economy, with a parallel increase in real incomes. However, a new, previ- ously unseen challenge has appeared in the economy re- cently, namely the shortage of qualified professionals. This affects the insurance sector as well, and a fierce competi- tion has developed among insurers in order to acquire and retain good professionals. CIG Pannónia has made signifi- cant initiatives to be competitive in this area as well. Dr. Mária Király At the end of November, an Employee Stock Ownership Plan was launched in order to achieve the goals formulated in the remuneration guidelines adopted by the General Meeting. We continued our Talent programme, which started in 2017, in the course of which external trainers are involved in coaching our most talented employees. Besides looking after our senior managers, we organise regular training courses for our section heads as well. It may be regarded as exemplary that the ratio of female managers at CIG Pannónia far exceeds the market average in the different levels of management. It is our goal and task to motivate and retain our colleagues, and to develop a receptive and positive job environment all the time. CIG Pannónia is a workplace that appreciates talent, offers steady ca- reer opportunities for its good performers, and continuously develops a cooperative and supportive working atmosphere. This is why the best professionals can make headway with us, and their work has also contributed to our successful performance in the recent years, and laid the foundations of CIG Pannónia’s stable market future. WorldReginfo - 0bd58f27-58dc-4e0c-9274-6c640d5e5588 4 CEO Foreword 2018 was a year of consolidation and stabilisation at CIG Pannónia. In the wake of previous acquisitions, two sig- nificant tasks had to be accomplished, namely the inte- gration of the customer portfolio and cleaning the prod- uct portfolio. We are pleased to say that both tasks have been successfully completed. The contractual portfolios of thousands of new customers have been taken over and integrated into CIG Pannónia’s own systems so that the customers hardly sensed any of all this. This has been a sig- nificant challenge for our IT system and customer service team but, thanks to the excellent work of our colleagues, we were able to conclude the migration in 2018. Besides, we reviewed and analysed the received portfolios. The interests of shareholders are regarded as a key aspect in our business strategy, and we focus only on products that guarantee sufficient profitability. It is through this fil- ter that the performance of our different product portfolios was assessed, in this way further strengthening our finan- Dr. Gabriella Kádár cial stability. It follows from the above that both our insurers achieved an outstanding technical result, and we closed the year with a profit of more than HUF 2 billion, exceeding our expectations. The strength of our companies is perhaps demonstrated even more if one compares the after-tax profit of 2018 with the data of the previous year—if one-off effects are disregarded; profit after taxation increased by HUF 1.7 billion from 2017, and this increase was achieved not as a result of soaring prices, char- acteristic of certain non-life product lines, as we are not present in these retail vehicle insurance segments in the first place. Besides stability and consolidation, we took significant steps in the interest of growth as well. We started a very promising cooperation with NKM National Utilities Ltd. in the area of a new kind of distribution via call centres. We have strengthened and are continuously building our group life, accident and health insurance portfolio, too. In accordance with the decision of the Board of Direc- tors, at the year-end we founded our new subsidiary CIG Pannonia Financial Intermediary Ltd (CIG Pannónia Pénzügyi Közvetítő Zrt.), which started its insurance and financial intermediary activity as a tied agent. With 140 registered agents already, it is with great expectations that the sales team was launched, tasked with increasing the volume of new acquisitions. CIG Pannónia First Hungar- ian General Insurance Company Ltd. (“EMABIT”) also saw massive growth. Our traditional Hungar- ian and cross-border portfolios also performed with high profitability in 2018. During the year, we reviewed the participation of EMABIT in the retail casco line, eventually concluding that the best solution is if our property insurance company continues to operate in the corporate market only. After last year’s consolidation and stabilization, our goal for the 2019 business year is to retain our mo- mentum and stabilise our profit at over HUF 2 billion, in line with the expectations of our shareholders. WorldReginfo - 0bd58f27-58dc-4e0c-9274-6c640d5e5588 5 History The Insurer was founded at the end of 2007 by well- The Insurer realizes certain life-insurance services known and acknowledged Hungarian public figures through the activities of Pannonia PI-ETA Tribute Ser- and insurance experts under the name of CIG Central vice Ltd., which is another 100% owned subsidiary of European Insurance Company Ltd.; the company start- CIG Pannónia Life Insurance Plc. This company basical- ed operations in 2008. ly provides funeral-related services to customers who, Since the autumn of 2010, when it was first listed on in their life insurance contracts, applied for the services the stock exchange, the Insurer has operated as CIG necessary for their final rest. Pannónia Life Insurance Plc. In November 2018, the Company founded, with 95% equity participation, CIG Pannónia Financial Interme- The intention of the founders was to create an insur- diary Ltd; this company deals with the sale of life in- ance company—run by Hungarian management, fo- surance products and other financial products as an cusing on the Hungarian market and supported and intermediary. privately financed by recognised and credible Hungar- Also at the end of 2018, the CIG Pannónia Employee ian personalities—which was to become, within a short Stock Ownership Plan Organisation was founded as a time, a dominant player in the domestic market. The legal entity serving to implement the Company’s re- prevalence of the principle of mutuality was an impor- muneration guidelines. tant element of this, i.e. we wanted our shareholders to become clients, and vice versa. This was the rationale In 2011, CIG Pannónia Life Insurance Plc. and its stra- behind the public offering of CIGPANNONIA shares in tegic partner Pannónia Pension Fund jointly founded 2010 and their listing on the Budapest Stock Exchange. Pannónia Investment Services Ltd. as a company that Of the Company’s shareholders, 97 percent are Hun- provides portfolio management services, primarily garian private individuals or Hungarian enterprises. for institutional customers (mainly insurance compa- nies and investment funds). In 2013 the company was Starting operations in 2011, CIG Pannónia First Hungar- transformed into an investment fund manager, si- ian General Insurance Company Ltd. is a non-life sub- multaneously adopting the name Pannónia CIG Fund sidiary 100% owned by CIG Pannónia Life Insurance Manager Ltd. In July 2017, the range of the Fund Man- Plc. It focuses on Hungarian small and medium-sized ager’s shareholders widened; through this, the assets enterprises, state- and municipality-owned institutions, managed by it increased and its profitability improved companies, trade chambers, associations and societies. significantly. The Company’s shareholding in the Fund Besides, it is present in the export of insurance, as well Manager—which adopted the name of MKB-Pannónia with its cross-border services. Fund Manager Ltd.—decreased to 16%. WorldReginfo - 0bd58f27-58dc-4e0c-9274-6c640d5e5588 6 Group structure CIG Pannónia Life Insurance Plc. CIG Pannónia CIG Pannonia First Hungarian Pannónia Financial General PI-ETA Ltd. Intermediary Insurance Ltd. Company Ltd. MKB-Pannónia CIG Pannónia Life Insurance Fund Manager Employee Stock Ownership Ltd. Plan Organisation
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