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CIG Pannonia Life Insurance Plc.
Quarterly Report • Nov 28, 2025
2011_rns_2025-11-28_72bf9fbc-ce60-4f7b-874e-c9cfe37b8dbd.pdf
Quarterly Report
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2025
CIG PANNONIA LIFE INSURANCE PLC.
QUARTERLY REPORT
On the basis of the consolidated financial statements prepared according to the International Financial Reporting Standards adopted by the EU
Q3 2025
27 November 2025, Budapest
CONTENTS
| PREAMBLE, SUMMARY | 4 |
|---|---|
| FINANCIAL STATEMENTS | 12 |
| CHANGES OF ACCOUNTING POLICY | 19 |
| OPERATING SEGMENTS | 20 |
| NUMBER OF EMPLOYEES, OWNERSHIP STRUCTURE | 24 |
| INFORMATION PUBLISHED IN THE PERIOD | 25 |
| DISCLAIMER | 26 |
PREAMBLE
The Issuer would like to draw the attention of Shareholders and other capital market actors to the fact that this report, similarly to the practice followed in the past two years, was prepared in accordance with IFRS 17 as expected by regulation, which remains unique in the domestic market.
In our quarterly reports, the analyses and explanations continue to focus on shedding light on the reasons behind the changes driving our growth, thereby supporting our shareholders' need for our operations and results to be transparent to them.
1. SUMMARY
1.1. Economic summary
CIG Pannónia Life Insurance Public Limited Company (registered office: 1097 Budapest Könyves Kálmán krt. 11, building "B"; company registration number: 01 10 045857; court of registration: Registry Court of the Metropolitan Court (hereinafter: Issuer or Company) publishes on this day its report for the third quarter of the year (hereinafter: Report) for 2025, which includes its consolidated, unaudited data in accordance with the International Financial Reporting Standards adopted by the EU (hereinafter: EU IFRS). The Report has been prepared in accordance with the provisions of IAS 34.
- 1.1.1. 1.1.1. Significant results of the first three quarters of 2025: • Our consolidated technical result increased by 81%, our aftertax profit by 10% compared to the same period in 2024, former reaching HUF 2,904 million and our after-tax profit reaching
- Our consolidated premium income increased by 14% yearon-year, exceeding HUF 45.9 billion o Life Insurance premiums by 11%, o while EMABIT premiums by 22%
in one year.
HUF 3,367 million.
- • All our channels contributed to the growth in sales. The banking channel increased its premium income from sold policies by 19% year-on-year, the independent and the alternative channels by 10 and 11%, respectively.
- • Premium growth was driven by unit-linked life insurance (HUF 1,700 million growth), credit coverage insurances (HUF 1,724 million growth) and corporate property insurances (HUF 1,030 million growth).
- • Our insurer's capital position is stable, our consolidated capital adequacy ratio is 205%.
Drivers of the growth are the GWP increase of
- UL insurance by the banking channel and independent broker chanel of
HUF 1 700 million
- Credit cover insurance by
- HUF 1 724 million
- Group accident and health products by
HUF 1 030 million
Our consolidated profit after tax increased by 10% year-on -year to HUF 3 367 million
Increase in sales network
- +19% bank network +10% alternative
- network +11% independent broker channel
Our GWP increased by 14% in a year
+11% Life insurer's premium +22% EMABIT's premium
Our consolidated insurance technical result increased by 81% YoY: HUF 2 904 million
205% Consolidated Capital Adequacy
1.1.2. Interpretation of the results for the first three quarters of 2025
Our consolidated result after taxation for the first three quarters of 2025 was a profit of HUF 3,367 million. Taking into account the quarterly data for the past three years, our profit after taxation shows growth. Our first three-quarter result fits well into this growth trend, with a year-on-year increase of 10%.
Quarterly profit after tax for the years 2025, 2024 and 2023
PTD: perid-to-date, YTD: year-to-date
The main components of the annual change in profit after tax are shown in the figure below.
Change of consolidated profit after tax 2025 Q1-Q3 vs 2024 Q1-Q3
PAT: Profit after tax
The main driver of the increase in profit after tax was the growth in the insurance technical result, which improved by 81%, i.e. HUF 1,301 million over the last year. There are two main reasons behind this positive change: (i) the expansion of our insurance portfolio, and (ii) the improved profitability of our insurance portfolios.
We would like to highlight, that of the HUF1.3 billion increase in the technical result, HUF300 million stems from unrealized exchange rate gains on foreign currency-based claims reserves set aside for expired Italian surety products, caused by the strengthening of the forint against the euro. Considering the Insurer's prudent operating principles, we actively manage the risks arising from exchange rate changes, which is why we recognised such a large loss on related hedging transactions in other (yield) results, making this risk financially neutral for the Insurer. The growth in technical result, excluding the exchange rate gains, was 61% on an annual basis.
Our other results show four main effects: (i) the aforementioned hedging transactions with a value of HUF -300 million; (ii) negative changes in yields, especially short-term yields, reduced
our investment results by HUF 400 million; (iii) the three-quarter cumulative profit impact of the investments reclassified due to the 2025 regulation of the extra profit tax caused a loss of HUF 50 million, which in our expectations will turn positive by the end of the year; (iv) the increase in investment stock and changes in other costs and expenses reduced our profit by a total of HUF 69 million
We would like to note that when evaluating the results, it is important to consider the global economic and financial developments – such as the strengthening of the Forint and changes in the yield environment –, as both exchange rate fluctuations and yields have significantly influenced items of our income statement
Due to the characteristics of IFRS 17, this volatility may significantly affect performance of the upcoming quarter as well. Volatility directly affects the range of contracts with profit sharing – typically unit-linked insurance contracts – but the volatility of the yield environment may indirectly affect essentially all items in the income statement.
The HUF 1,301 million increase in our technical result by portfolio groups was as follows:
Change of Insurance Technical Eranings by portfolio groups, 2025 Q1-Q3 vs 2024 Q1-Q3
Group life, accident and health products
(annual profit improvement: HUF 787 million):
The claims ratios of the group service financing health insurances, the group life, accident and health insurance portfolios and the MVM accident insurance portfolios improved compared to the same period of the previous year, which improved our results.
Individual life, accident and health insurance products
(annual profit improvement: HUF 51 million):
The Insurers profitable individual accident insurance portfolio (which includes the Company's 'Bajtárs' products) grew, and so has the Insurer's result. The result of the portfolio group was further boosted by the claims reserve release on the Health Visa Smart Health Insurance product in the current period.
Single premium UL products
(annual profit improvement: HUF 11 million): The increase in profit is the result of two opposing effects: (i) The size of the portfolio group and its premium income increased compared to the same period in 2024, which increased the portfolio group's contractual service margin (CSM) periodic release and its result as well. (ii) The claims expenditure exceeded the amount of losses expected for the period, which reduced the profitability of the portfolio group. The combined effect of these factors is that the result has improved compared to last year.
Regular premium UL products
(annual profit decline: HUF 326 million): The decline in profit is due to three reasons: (i) There was no need for a similar claims expenditure release this year than in the first quarter of 2024, which leads to a deterioration in a year-on-year comparison. (ii) The return on investments behind insurance policies fell short of the planned level in the first three quarters of 2025, which led to a decline in the contractual service margin (CSM) and thus to a decline in the result. (iii) At the end of 2024, we reviewed and updated our cost and customer behaviour assumptions, which negatively impacted the expected future service results (contractual service margin, CSM) of the portfolio group and by its release, this year's results as well.
Traditional regular premium savings products
(annual profit decline: HUF 15 million): The decline in profit is primarily the result of the movements in claims provisions last year and this year. In 2024 claims provision was released, while in 2025 the value of claims provisions did not change significantly, as a result of which the improvement in results as seen last year did not occur again this year.
Risk life insurance products
(annual profit improvement: HUF 166 million): The portfolio group's result increased compared to the same period of the previous year primarily due to improving claims ratios of group life, accident and health insurance. In addition, the portfolio group's traditional regular premium risk insurance policy portfolio grew, which also contributed to the growth of the portfolio group's results.
Credit coverage insurance and account protection products
(annual profit decline: HUF 321 million): In addition to the portfolio's steady and encouraging growth, the portfolio group's performance is positive overall. The negative change in the result is due to multiple effects: (i) a significant loss component was recognized in the last quarter of 2023, which was then released in the first quarter of 2024, improving last year's results, but such an effect did not occur in 2025; (ii) for certain types of contracts, the release of the reinsurance service margin (CSM) increased, thereby increasing reinsurance expenses, which caused a decrease in earnings.
Vehicle insurance products
(annual profit improvement: HUF 454 million): The reason behind the improvement in profit is basically due to the decrease in claims costs and expenses – i.e. the claims ratio –, which is the result of the continuous improvement due to the portfolio clean-up activities started in the previous year. As a result of the improvement in the combined ratio, the Insurer did not form a loss component in 2025.
Corporate property insurance products
(annual profit improvement: HUF 500 million): The product group keeps being characterized by a low claims ratio and an increasing portfolio. Besides, the improvement in the result is supported by the reinsurance agreements covering own risks and the reduction of their costs, and the favourable changes to these contractual terms and conditions.
Suretyship insurance products
(annual profit decline: HUF 16 million): The portfolio group's technical result decrease is the consequence of two partially offsetting effects: (i) in 2025 we recognised an unrealised exchange rate gain on foreign currency-based loss reserves on Italian suretyship products that have already expired – however, in 2024 we recognised an unrealised exchange rate loss on the claims reserve of the Italian suretyship products, the effect of which is the aforementioned HUF 300 million increase in result against the comparative period; (ii) besides, the handling of the legal cases related to the Italian suretyship products increased the related claims settlement expenses. The slight improvement in the result of Hungarian suretyship products – mainly due to the impact of portfolio growth – contributed to the improvement in the portfolio group's results.
Retail property insurance products
(annual profit increase: HUF 10 million): The slight change in profit is the result of several effects: (i) The increase in the stock of products that have been running for 2-3 years – i.e. home and travel insurances – principally improves our result, but (ii) new product launches – e.g. asset insurance – still generate a loss in the first periods due to start-up and other overhead costs.
The profitability of our residential home product will be affected in the coming periods by the price cap we voluntarily imposed in 2025.
Premium income
Our premium income has grown dynamically since 2021, reaching HUF 45.9 billion in the first three quarters of 2025, at the same time it's premium revenues decreased quarter by quarter.
Our annual premium growth rate was 14% in this quarter.
Quarterly premium income in 2025, 2024 and 2023
PTD: period-to-date, YTD: year-to-date
Our portfolio group statement clearly illustrates that a significant part of our growth stems from three portfolio groups: (i) UL insurances: (ii) credit coverage insurances: (iii) corporate property insurances.
Change of Premium by portfolio-group, 2025 Q1-Q3 vs 2024 Q1-Q3
If we analyse our premiums in 2025, broken down by the sales channel where the policies were signed, we see that the banking channel increased the premiums from its acquired customers by 19%, the independent channel by 10% and the alternative channel by 11% in one year.
1.2. MAIN EVENTS AND RESULTS OF THE REPORTING PERIOD (REFERENCE PERIOD, Q3) IN THE TIMELINE OF CAPITAL DISCLOSURES AND PREVIOUS EVENTSN
1.2.1. Company and group level events in the period covered by the Report, closure of the second quarter of the financial year 2025
Our Company – in accordance with the provisions set out in the Corporate Calendar of Events for the year 2025¹ – published its second quarter report for the current year on 29 August 2025². In the report, among the most significant results of the first and second quarters of the 2025 financial year, it highlighted that – with a stable capital position – the CIG Pannónia Group's consolidated technical result increased by 50% and its after-tax profit by 5% compared to the same period of the previous year, reaching HUF 1,548 million and HUF 2,141 million, respectively.
1.2.2. The Company's extraordinary general meeting held in October this year
The Board of Directors of CIG Pannónia Life Insurance Plc. convened an Extraordinary General Meeting on 3 September 2025 for 6 October 2025, starting at 9:00 a.m. (General Meeting), the agenda of which was published in accordance with Chapter VIII, Section 8 of the Company's Articles of Association in the notice of the General Meeting3. The only item on the agenda of the duly convened General Meeting was the election of Dr. Dávid Kozma as a new member of the Board of Directors and the determination of his remuneration, the detailed justification for which was published in full by our company at the same time as the announcement of the General Meeting on all official publication sites4. At the duly convened and successfully held General Meeting, 58.78% of shareholders (55,504,162 shares) participated, and with the support of 100% of the shareholders present, the proposal concerning the number and composition of the Board of Directors was accepted, and, subject to the approval of the Hungarian National Bank, Dr. Dávid Kozma, our company's Deputy Chief Executive Officer for Business Support and Legal Affairs, was elected5.
1 https://www.bse.hu/newkibdata/129178188/CIG_2025_calendar.pdf
2 https://www.bse.hu/site/newkib/en/2025.08./CIG_Pannonia_Life_Insurance_Plc_-_Quarterly_Report_Q2_2025_129310055
$3 \ https://www.bse.hu/site/newkib/en/2025.09./NOTICE_OF_INVITATION_TO_THE_EXTRAORDINARY_GENERAL_MEETING_-_06_10_2025_129313190$
4 https://www.bse.hu/site/newkib/en/2025.09./Proposal_and_draft_resolution_related_to_the_agenda_item_on_the_agenda_of_the_extraordinary_general_meeting_129313299
1.2.3. Other disclosures made by the Company during the reporting period
On 17 September 2025, our Company announced that, as part of its previously published Growth Strategy6 containing development directions and objectives, it had concluded portfolio transfer agreements on group insurance contract portfolios with certain insurance companies in accordance with Section 118 of Act LXXXVIII of 2014 on Insurance Activities (Bit.) and market standards in order to strengthen its alternative (affinity) sales channel. Based on the above, the acquisition of the aforementioned portfolios is subject to the decision/ approval of the Hungarian Competition Authority in accordance with competition law, as well as the approval of the Hungarian National Bank (and, in the case of the transferor listed under number 5 below, the French insurance supervisory authority, the "Autorité de Contrôle Prudentiel et de Résolution").
On 26 September 2025 our company disclosed that our
group and the Funds, including MBH Gondoskodás Health and Mutual Aid Fund (registered office: 1134 Budapest, Váci út 23-27.; registration number: 01-04-0000198; tax number: 18232761-1-41) (MBH EP) and the MBH Gondoskodás Pension Fund (registered office: 1134 Budapest, Váci út 23-27.; registration number: 01-04-0000109; tax number: 18079409-2-41) (MBH NYP) have entered into a long-term, fixed-term (10-year) strategic cooperation framework agreement in order to make full use of the synergies in the cooperation between funds and insurers. Through cooperation under the framework agreement, which also aligns with the Growth Strategy announced in July 2021, CIG Pannónia Group will be able to potentially reach more than 67,000 additional customers on top of its current customer base of nearly 200,000 through joint synergies and potential linked product developments, new product and service packages, while the Funds gained the opportunity to offer personalized insurance products.
| Name of transferor | Name of recipient CIG Pannónia Insurer |
type of group insurance within the contract portfolio |
|
|---|---|---|---|
| 1 | BNP Paribas Cardif Insurance cPlc. | CIG Pannónia Life Insurance Plc. and CIG Pannónia First Hungarian General Insurance cPlc. |
Group account protection insurance contract |
| 2 | UNION Vienna Insurance Group Insurance cPlc. |
CIG Pannónia Life Insurance Plc. | Group health insurance contract |
| 3 | ALFA Vienna Insurance Group Insurance cPlc. |
CIG Pannónia Life Insurance Plc. | Group accident insurance contract |
| 4 | ALFA Vienna Insurance Group Insurance cPlc. |
CIG Pannónia First Hungarian General Insurance cPlc. |
Group assistance insurance contract |
| 5 | Europ Assistance S.A. Irish Branch | CIG Pannónia First Hungarian General Insurance cPlc. |
Group assistance insurance contract |
1.2.4. Disclosures made by the Company after the reporting period
On 17 October 2025 CIG Pannónia Life Insurance Plc., following the achievement of a significant partial result in the handling of the so-called Italian cases7 , immediately announced that the Board of its subsidiary, EMABIT, had concluded an out-of-court settlement resulting from the review announced in February of this year8, which included an examination of the adequacy of reserves and the necessary corrections and preventive measures arising therefrom, on the basis of which the announcement stated
- in the case that represents more than 50% of the currently pending litigated claims against EMABIT, a settlement has been successfully reached out-of-court, fully resolving the individual case in all respects,
- the individual case could be closed at 70% of the principal claim outstanding against EMABIT, and
- the out-of-court settlement of the individual case, ensuring final settlement, was achieved in accordance with the reserves reviewed and adjusted in 2024, in an amount not
exceeding the reserves established therein, using EMABIT's own resources, i.e. no call was made on the subordinated loan capital from the owner in connection with this.
1.2.5. Other events
The first Grantis Qualitas Award ceremony was held on 3 November 2025, the purpose of which is to evaluate the performance of insurance companies' asset funds based on an objective, professional methodology. CIG Pannónia Life Insurance Plc. funds triumphed in five categories, earning the highest number of awards at this prestigious event.
Our awarded funds:
- CIG Pannónia Warren Buffett Pro equity asset fund
- CIG Pannónia Euro-based Warren Buffett Pro equity asset fund
- CIG Pannónia Euro-based India Pro equity asset fund
- CIG Pannónia Gangesz India Pro asset fund
2. FINANCIAL STATEMENTS
1. Consolidated Statement of Comprehensive Income – cumulated data
data in million HUF
| 2025 Q1-Q3 (A) |
2024 Q1-Q4 (B) |
2024 Q1-Q3 (C) |
Change (A)-(C) |
|
|---|---|---|---|---|
| Insurance Revenue | 24 629 | 27 294 | 19 367 | 5 262 |
| Insurance service expenses | - 19 365 | -26 196 | - 16 322 | - 3 043 |
| Reinsurance expense – allocation of premium | - 5 020 | - 5 732 | - 4 079 | -941 |
| Amount of recoverables from reinsurance | 2 405 | 3 178 | 2 596 | -191 |
| Insurance service result | 2 649 | - 1 456 | 1 562 | 1 087 |
| Interest income calculated using the effective interest method | 1 276 | 1 869 | 1 395 | -119 |
| Investment income | 2 541 | 25 410 | 16 388 | - 13 847 |
| Impairment and impairment reversal of financial assets | 15 | -4 | - | 15 |
| Investment expenses | -996 | - 853 | -371 | -625 |
| Yield on investment accounted for using equity method (profit) | 529 | 1 060 | 475 | 54 |
| Investment income | 3 365 | 27 482 | 17 887 | - 14 522 |
| Insurance financial result | - 1 717 | -23 645 | - 15 487 | 13 770 |
| Reinsurance financial result | 116 | 172 | 121 | -5 |
| Change in the fair value of liabilities relating to investment contracts | -128 | - 1 049 | -649 | 521 |
| Financial result | -1 729 | - 24 522 | - 16 015 | 14 286 |
| Premium and commission income from investment contracts | 79 | 282 | 171 | -92 |
| Other operating costs | -508 | - 301 | -217 | -291 |
| Other (non-financial) income | 121 | 120 | 54 | 67 |
| Other (non-financial) expenses | -184 | - 423 | -185 | 1 |
| Profit/Loss before taxation | 3 793 | 1 182 | 3 257 | 536 |
| Tax income/expenses | -296 | - 37 | -171 | -125 |
| Deferred tax income/expenses | -130 | 134 | -17 | -113 |
| Profit/Loss after taxation | 3 367 | 1 279 | 3 069 | 298 |
| OCI from change in fair value of other financial assets at fair value | 112 | - 826 | -237 | 349 |
| OCI from insurance contracts | -4 | 394 | -48 | 44 |
| OCI from reinsurance contracts | -15 | 115 | 78 | -93 |
| Comprehensive income, would be reclassified to profit or loss in the future |
93 | - 317 | - 207 | 300 |
| Comprehensive income, wouldn't be reclassified to profit or loss in the future |
355 | 766 | 862 | - 507 |
| Other comprehensive income | 448 | 449 | 655 | - 207 |
| Total comprehensive income | 3 815 | 1 728 | 3 724 | 91 |
Consolidated Statement of Comprehensive Income- cumulated data continuation
data in million HUF
| 30 September 2025 |
2024. december 31. (B) |
2024. szeptember30. (C) |
Change (A)-(C) |
|
|---|---|---|---|---|
| 3 367 | 1 279 | 3 069 | ||
| 93 954 254 | 93 954 254 | 93 954 254 | ||
| 35.8 | 13.6 | 32.7 | 3.2 | |
| 3 367 | 1 279 | 3 069 | ||
| 94 428 260 | 94 428 260 | 94 428 260 | ||
| 35.7 | 13.5 | 32.5 | 3.2 | |
| 3 367 93 954 254 35.8 3 367 94 428 260 |
30 September december 31. (B) 3 367 1 279 93 954 254 93 954 254 35.8 13.6 3 367 1 279 94 428 260 94 428 260 | 30 September 2025 december 31. (B) szeptember 30. (C) 3 367 1 279 3 069 93 954 254 93 954 254 93 954 254 35.8 13.6 32.7 3 367 1 279 3 069 94 428 260 94 428 260 94 428 260 |
2. Number of average shares used to calculate earnings per share:
| Date | Issued ordinary sha- res (no.) |
Treasury shares (no.) |
Days | Weighted average number of shares |
|---|---|---|---|---|
| 31.12.2024 | 94 428 260 | 474 006 | 273 | 93 954 254 |
| 30.09.2025 | 94 428 260 | 474 006 | 273 | 93 954 254 |
The treasury shares transferred to the Company's Employee Shareholder Program (hereinafter: MRP) do not legally qualify as treasury shares, however, the MRP is included in the consolidation, therefore the transferred shares reduce the number of ordinary shares outstanding when calculating earnings per share.
3. Consolidated Statement of Comprehensive Income – individual quarterly data
Data in million HUF
| 2025 Q3 | 2025 Q2 (B) |
2025 Q1 (C) |
2024 Q4 (D) |
Change (A)-(D) |
|
|---|---|---|---|---|---|
| Insurance Revenue | 9 155 | 8 046 | 7 428 | 7 370 | 1 785 |
| Insurance service expenses | -6 868 | -6 452 | -6 045 | - 5 862 | - 1 006 |
| Reinsurance expense – allocation of premium | -1 860 | -1 474 | -1 686 | - 1 616 | -244 |
| Amount of recoverables from reinsurance | 803 | 754 | 848 | 704 | 99 |
| Insurance service result | 1 230 | 874 | 545 | 596 | 634 |
| Interest income calculated using the effective interest method | 396 | 451 | 429 | 404 | -8 |
| Investment income | 5 193 | -3 605 | 953 | 3 795 | 1 398 |
| Impairment and impairment reversal of financial assets | 6 | 2 | 7 | -2 | 8 |
| Investment expenses | - 917 | - 29 | - 50 | 340 | - 1 257 |
| Yield on investment accounted for using equity method (profit) | 149 | 192 | 188 | 142 | 7 |
| Investment income | 4 827 | - 2 989 | 1 527 | 4 679 | 148 |
| Insurance financial result | -4 072 | 3 492 | -1 137 | - 4 030 | -42 |
| Reinsurance financial result | 15 | 57 | 44 | 39 | -24 |
| Change in the fair value of liabilities relating to investment contracts | - 198 | 88 | - 18 | -167 | -31 |
| Financial result | -4 255 | 3 637 | - 1 111 | -4 158 | - 97 |
| Premium and commission income from investment contracts | 30 | 20 | 29 | 80 | -50 |
| Other operating costs | - 344 | - 77 | - 87 | -61 | -283 |
| Other (non-financial) income | 97 | 11 | 13 | 28 | 69 |
| Other (non-financial) expenses | - 80 | - 49 | - 55 | -92 | 12 |
| Profit/Loss before taxation | 1 505 | 1 427 | 861 | 1 072 | 433 |
| Tax income/expenses | - 138 | -101 | - 57 | -80 | -58 |
| Deferred tax income/expenses | - 141 | 10 | 1 | 29 | -170 |
| Profit/Loss after taxation | 1 226 | 1 336 | 805 | 1 021 | 205 |
| OCI from change in fair value of other financial assets at fair value | 197 | 233 | -318 | 670 | -473 |
| OCI from insurance contracts | - 189 | - 38 | 223 | -361 | 172 |
| OCI from reinsurance contracts | - 51 | 52 | - 16 | -56 | 5 |
| Comprehensive income, would be reclassified to profit or loss in the future |
-43 | 247 | - 111 | 253 | - 296 |
| Comprehensive income, wouldn't be reclassified to profit or loss in the future |
- 218 | 299 | 274 | 510 | - 728 |
| Other comprehensive income | - 261 | 546 | 163 | 763 | -1 024 |
| Total comprehensive income | 965 | 1 882 | 968 | 1 784 | - 819 |
Consolidated Statement of Financial Position
Data in million HUF
| ASSETS | 30 September 2025 (A) |
31 December 2024(B) |
30 September 2024 (C) |
Change (A)-(C) |
|---|---|---|---|---|
| Intangible Assets | 1 771 | 991 | 919 | 852 |
| Property, plant and equipment | 95 | 96 | 107 | -12 |
| Right-of use assets | 564 | 444 | 185 | 379 |
| Deferred tax asset | 311 | 486 | 168 | 143 |
| Investment in associates | 743 | 1 282 | 697 | 46 |
| Insurance contract assets | 1 160 | 1 145 | 1 249 | -89 |
| Reinsurance contract assets | 4 834 | 3 985 | 3 625 | 1 209 |
| Investments for policyholders of unit-linked life insurance policies |
134 324 | 127 680 | 116 183 | 18 141 |
| Financial asset - Investment contracts | 5 726 | 5 942 | 5 596 | 130 |
| Financial asset - derivatives | 343 | - | 28 | 315 |
| Other financial assets at fair value | 36 085 | 38 395 | 39 797 | -3 712 |
| Other assets and prepayments | 93 | 81 | 65 | 28 |
| Other receivables | 5 923 | 548 | 377 | 5 546 |
| Cash and cash equivalents | 3 626 | 2 597 | 2 052 | 1574 |
| Total Assets | 195 598 | 183 672 | 171 048 | 11 926 |
| LIABILITIES | ||||
|---|---|---|---|---|
| Insurance contract liabilities | 158 802 | 149 816 | 135 391 | 23 411 |
| Reinsurance contract liabilities | 237 | 366 | 295 | -58 |
| Financial liabilities -Investment contracts | 5 726 | 5 942 | 5 595 | 131 |
| Financial liabilities-derivatives | 0 | 224 | 19 | -19 |
| Lease liabilities | 581 | 470 | 222 | 359 |
| Provisions | 604 | 339 | 179 | 425 |
| Other liabilities | 3 906 | 4 588 | 5 423 | -1 517 |
| Liabilities to shareholders | 37 | 37 | 37 | - |
| Total Liabilities | 169 893 | 161 782 | 147 161 | 8 111 |
| Net Assets | 25 705 | 21 890 | 23 887 | 3 815 |
| SHAREHOLDERS' EQUITY | ||||
|---|---|---|---|---|
| Share capital | 3 116 | 3 116 | 3 116 | - |
| Capital reserve | 1 153 | 1 153 | 1 153 | - |
| Treasury shares | -32 | -32 | -32 | - |
| Other reserves | -43 | -491 | -285 | 242 |
| Retained earnings | 21 511 | 18 144 | 19 935 | 1 576 |
| Total Shareholder's Equity | 25 705 | 21 890 | 23 887 | 3 815 |
4. Consolidated Changes in Equity Q1-Q3 2025
data in million HUF
| Share capital |
Capital Reserve |
Share based |
Other reserves |
Retained earnings |
Total sharehol ders' equity |
|
|---|---|---|---|---|---|---|
| Balance on 31 December 2024 | 3 116 | 1 153 | -32 | - 491 | 18 144 | 21 890 |
| Total Comprehensive income | ||||||
| Other comprehensive income | - | - | - | 448 | - | 448 |
| Profit in reporting year | - | - | - | - | 3 367 | 3 367 |
| Balance on 30 September 2025 | 3 116 | 1 153 | - 32 | -43 | 21 511 | 25 705 |
5. Consolidated Changes in Equity Q1-Q3 2024
data in million HUF
| Share ca pital |
Capital Reserve |
Share-ba sed |
Other reser ves |
Retained earnings |
Total sha reholders' equity |
|
|---|---|---|---|---|---|---|
| Balance on 31 December 2023 | 3 116 | 1 153 | -32 | -940 | 19 967 | 23 264 |
| Total Comprehensive income | ||||||
| Other comprehensive income | - | - | - | 655 | - | 655 |
| Profit in reporting year | - | - | - | - | 3 069 | 3 069 |
| Transactions with equity holders, recognised directly in equity | ||||||
| Dividend payment | - | - | - | - | -3 101 | - 3 101 |
| Balance on 30 September 2024 | 3 116 | 1 153 | -32 | -285 | 19 935 | 23 887 |
6. Consolidated Statement of Cash Flows data in million HUF
| 2025 Q1-Q3 | 2024 Q1-Q4 | 2024 Q1-Q3 | |
|---|---|---|---|
| Profit/loss after taxation | 3 367 | 1 279 | 3 069 |
| Modifying items | |||
| Depreciation and amortization | 394 | 485 | 359 |
| Unplanned depreciation, assets written off | -1 | - | 0 |
| Booked/reversed impairment, debt cancelled | -15 | 4 | 0 |
| Result of assets sales | -278 | -386 | -265 |
| Exchange rate changes | 849 | -797 | -319 |
| Share of the profit or loss of associates accounted for using the equity method | -565 | - 1097 | -512 |
| Deferred tax | 130 | -134 | 17 |
| Income taxes | 295 | 44 | 178 |
| Income on interest | - 1 276 | - 1 869 | - 1 395 |
| Result of derivatives | -734 | 473 | 30 |
| Provisions | 265 | 77 | -83 |
| Dividend received | -103 | -72 | -88 |
| Termination of leasing assets | -26 | -27 | -6 |
| Interest cost | 22 | 4 | 2 |
| Change of active capital items: | |||
| Increase / decrease of investments for policyholders of unit-linked life insuran ce policies (-/+) |
- 6 644 | - 33 255 | - 21 759 |
| Increase / decrease of financial assets – investment contracts (-/+) | 216 | - 1179 | -832 |
| Increase / decrease assets resultant of reinsurance (-/+) | -864 | - 1 312 | -989 |
| Increase / decrease of other assets and active accrued and deferred items (-/+) | - 5 525 | 527 | 420 |
| Increase / decrease of liabilities resultant of reinsurance (-/+) | -129 | -10 | -81 |
| Increase / decrease of insurance contract liabilities (+/-) | 8 983 | 39 990 | 25 123 |
| Increase / decrease of investment contracts (+/-) | -216 | 1 179 | 832 |
| Increase / decrease of insurance contracts assets (+/-) | -15 | 97 | -7 |
| Increase / decrease of other liabilities (+/-) | -700 | -389 | 410 |
| Increase / decrease capital owner liability (+/-) | - | 3 | 3 |
| Paid income taxes | -156 | -972 | -810 |
| Cash flows from operating activities | -2 724 | 2 662 | 3 295 |
7. Consolidated Statement of Cash Flows continuation data in million HUF
| Cash flow from investing activities | 2025 Q1-Q3 | 2024 Q1-Q4 | 2024 Q1-Q3 |
|---|---|---|---|
| Purchase of debt instruments (-) | - 119 560 | -128 860 | - 67 470 |
| Sales of debt instruments (+) | 121 985 | 127 732 | 65 352 |
| Purchase of tangible and intangible assets (-) | - 1032 | -358 | -212 |
| Sales of tangible and intangible assets (+) | -2 | - | 0 |
| Result of derivatives | 167 | -119 | 91 |
| Interest received | 999 | 1 455 | 901 |
| Dividend received | 1 207 | 664 | 680 |
| Cash flow from investing activities | 3 765 | 514 | - 660 |
| Cash flow from financing activities | 2025 Q1-Q3 | 2024 Q1-Q4 | 2024 Q1-Q3 |
|---|---|---|---|
| Interest paid | -22 | 4 | -2 |
| Lease instalments payment | -80 | -151 | -121 |
| Lease interest payment | -29 | -15 | -7 |
| Dividend payment | - | -3 100 | -3 100 |
| Cash flow from financing activities | -131 | -3 270 | -3 230 |
| Impacts of exchange rate changes and interests | 120 | 199 | 154 |
| Net increase / decrease of cash and cash equivalents (+/-) | 1 029 | 105 | -440 |
| Cash and cash equivalents at the beginning of the period | 2 597 | 2 492 | 2 492 |
| Cash and cash equivalents at the end of the period | 3 626 | 2 597 | 2 052 |
3. CHANGES OF ACCOUNTING POLICY
For financial years beginning on or after 2025, the following amended mandatory standards have become effective and are not expected to have a material impact on the financial statements:
- Amendments to IAS 21 on the effects of changes in foreign exchange rates: Lack of exchangeability of foreign currency (01.01.2025)
- Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments Disclosures: amendments to the classification and measurement of financial instruments (01.01.2026)
- Annual improvement of IFRS 1, IFRS10, IAS7 (01.01.2026)
For financial years beginning on or after 2027, the following standards will become mandatory, whose impact on the financial statements is still under review by the Company:
- IFRS 18 Presentation and disclosure in financial statements (01.01.2027)
- IFRS 19 Subsidiaries without public accountability: disclosures (01.01.2027).
4. OPERATING SEGMENTS
| Adjusting items of CIG Life Insurance CIG Non-Life in financial state ASSETS Other Total segment surance segment ment deduction (consolidation) Intangible Assets 962 809 - - 1 771 Property, plant and equipment 88 7 - - 95 Right-of-use assets 339 225 - - 564 Deferred tax assets 311 - - - 311 Subsidiaries 7 714 - - - 7 714 - Associated companies 52 - - 691 743 Insurance contract assets 1 066 94 - - 1 160 Reinsurance contract assets 883 3 951 - - 4 834 Investments for policyholders of unit-linked life insurance policies 134 324 - - - 134 324 Financial assets – investments contracts 5 726 - - - 5 726 Financial asset - Derivatives 78 265 - - 343 Other financial assets at fair value 25 805 10 280 - - 36 085 Other assets and prepayments 68 25 - - 93 Other receivables 734 5 186 - 3 5 923 Treasury share - - 173 -173 - Receivables from associates 51 135 367 -553 - Cash and cash equivalents 3 341 273 12 - 3 626 Total Assets 181 542 21 250 552 - 7 746 195 598 LIABILITIES Insurance contract liabilities 148 679 10 123 - - 158 802 Reinsurance contract liabilities 66 171 - - 237 Financial liabilities – Investement contracts 5 726 - - - 5 726 Lease liabilities 349 232 - - 581 Provisions 343 261 - - 604 Other liabilities 1 202 2 703 1 - 3 906 Intercompany payables 135 50 - -185 - Liabilities to shareholders 37 - - - 37 Total Liabilities 156 537 13 540 1 - 185 169 893 NET ASSETS 25 005 7 710 551 - 7 561 25 705 Shareholder's Equity Registered capital 3 116 1 120 232 - 1 352 3 116 Capital reserve 4 019 12 075 - - 14 941 1 153 Treasury shares -32 - - - -32 Other reserve 70 -113 - - -43 Retained earnings 17 832 - 5 372 319 8 732 21 511 |
8. Segment information Q1-Q3 2025 | data in HUF millions | ||||
|---|---|---|---|---|---|---|
| Total shareholder's equity | 25 005 | 7 710 | 551 | - 7 561 | 25 705 |
data in HUF millions
| Consolidated statement of comprehensive income | CIG Life Insurance segment |
CIG Non-Life in surance segment |
Other | Adjusting items of financial state ment deduction (consolidation) |
Total |
|---|---|---|---|---|---|
| Insurance revenue | 12 166 | 12 463 | - | - | 24 629 |
| Insurance service expenses | - 9536 | - 9829 | - | - | - 19 365 |
| Reinsurance expense- allocation of premium | -957 | - 4 063 | - | - | - 5 020 |
| Amount recoverables from reinsurance | 390 | 2 015 | - | - | 2 405 |
| Insurance service result | 2 063 | 586 | - | - | 2 649 |
| Interest income calculated using the effective interest method | 903 | 373 | - | - | 1 276 |
| Investment income | 3 510 | 12 | 112 | - 1 093 | 2 541 |
| Impairment and reversed impairment of Financial assets | 11 | 4 | - | - | 15 |
| Investment expenses | - 1 017 | 22 | -79 | 78 | -996 |
| Yield on investment accounted for using equity method (profit) | 1 068 | - | - | -539 | 529 |
| Investment income | 4 475 | 411 | 33 | - 1 554 | 3 365 |
| Insurance financial result | - 1 909 | 192 | - | - | - 1 717 |
| Reinsurance financial result | 8 | 108 | - | - | 116 |
| Change in the fair value of liabilities relating to investment contracts | -128 | - | - | - | -128 |
| Financial results | - 2 029 | 300 | - | - | - 1 729 |
| Premium and commission income from investment contracts | 79 | - | - | - | 79 |
| Other operating costs | -319 | -184 | -8 | 3 | -508 |
| Other (non-financial) income | 330 | 13 | 9 | -231 | 121 |
| Other (non-financial) expenses | -373 | -39 | - | 228 | -184 |
| Profit/loss before taxation | 4 226 | 1 087 | 34 | - 1 554 | 3 793 |
| Tax income / (expenses) | -207 | -89 | - | - | -296 |
| Deferred tax income / (expenses) | -130 | - | - | - | -130 |
| Total profit/loss after taxation | 3 889 | 998 | 34 | - 1 554 | 3 367 |
| OCI from change in fair value of other financial assets at fair value | 94 | 18 | - | - | 112 |
| OCI from insurance contracts | 19 | -23 | - | - | -4 |
| OCI from reinsurance contracts | 13 | -28 | - | - | -15 |
| Comprehensive income, would be reclassified to profit or loss in the future | 126 | - 33 | - | - | 93 |
| Comprehensive income, wouldn't be reclassified to profit or loss in the future | 355 | - | - | - | 355 |
| Other comprehensive income | 481 | - 33 | - | - | 448 |
| Total comprehensive income | 4 370 | 965 | 34 | - 1 554 | 3 815 |
9. Segment information 2024 Q1-Q3 data in HUF millions
| ASSETS | CIG Life Insurance segment |
CIG Non-Life in surance segment |
Other | Adjusting items of financial state ment deduction (consolidation) |
Total |
|---|---|---|---|---|---|
| Intangible Assets | 653 | 266 | - | - | 919 |
| Property, plant and equipment | 97 | 10 | - | - | 107 |
| Right-of-use assets | 102 | 83 | - | - | 185 |
| Deferred tax assets | 168 | - | - | - | 168 |
| Subsidiaries | 7 333 | - | - | -7 333 | - |
| Associated companies | 52 | - | - | 645 | 697 |
| Insurance contract assets | 1 181 | 68 | - | - | 1 249 |
| Reinsurance contract assets | 897 | 2 728 | - | - | 3 625 |
| Investments for policyholders of unit-linked life insurance policies | 116 183 | - | - | - | 116 183 |
| Financial assets – Investments contracts | 5 596 | - | - | - | 5 596 |
| Financial assets - Derivatives | 28 | - | - | - | 28 |
| Other financial assets at fair value | 26 278 | 13 519 | - | - | 39 797 |
| Other assets and prepayments | 47 | 18 | - | - | 65 |
| Other receivables | 365 | 8 | 1 | 3 | 377 |
| Treasury share | - | - | 152 | - 152 | - |
| Receivables from associates | 134 | 272 | 276 | - 682 | - |
| Cash and cash equivalents | 1 162 | 867 | 23 | - | 2 052 |
| Total Assets | 160 276 | 17 839 | 452 | -7 519 | 171 048 |
| LIABILITIES | |||||
| Insurance contract liabilities | 129 497 | 5 894 | - | - | 135 391 |
| Reinsurance contract liabilities | 98 | 197 | - | - | 295 |
| Financial Liabilities – Investment contracts | 5 595 | - | - | - | 5 595 |
| Financial Liabilities – Derivatives | 11 | 8 | - | - | 19 |
| Lease liabilities | 123 | 99 | - | - | 222 |
| Provisions | 116 | 63 | - | - | 179 |
| Other liabilities | 1 305 | 4 115 | 3 | - | 5 423 |
| Intercompany payables | 272 | 134 | - | - 406 | - |
| Liabilities to shareholders | 37 | - | - | - | 37 |
| TOTAL LIABILITES | 137 054 | 10 510 | 3 | - 406 | 147 161 |
| NET ASSETS | 23 222 | 7 329 | 449 | -7 113 | 23 887 |
| Shareholder's Equity | |||||
| Registered capital | 3 116 | 1 090 | 229 | -1 319 | 3 116 |
| Capital reserve | 4 019 | 9 105 | - | -11 971 | 1 153 |
| Treasury shares | -32 | - | - | - | - 32 |
| Other reserve | -234 | -51 | - | - | - 285 |
| Retained earnings Total shareholder's equity |
16 353 23 222 |
- 2 815 7 329 |
220 449 |
6 177 -7 113 |
19 935 23 887 |
data in HUF millions
| Consolidated statement of comprehensive income | CIG Life Insurance segment |
CIG Non-Life in surance segment |
Other | Adjusting items of financial state ment deduction (consolidation) |
Total |
|---|---|---|---|---|---|
| Insurance revenue | 10 733 | 8 849 | - | - 215 | 19 367 |
| Insurance service expenses | - 9 188 | - 7 142 | - | 8 | -16 322 |
| Reinsurance expense- allocation of premium | -880 | - 3 297 | - | 98 | -4 079 |
| Amount recoverables from reinsurance | 799 | 1 797 | - | - | 2 596 |
| Insurance service result | 1 464 | 207 | - | - 109 | 1 562 |
| Interest income calculated using the effective interest method | 951 | 444 | - | - | 1 395 |
| Investment income | 16 629 | 411 | 243 | - 895 | 16 388 |
| Impairment and reversed impairment of Financial assets | 1 | -1 | - | - | - |
| Investment expenses | -268 | -103 | - 384 | 384 | - 371 |
| Yield on investment accounted for using equity method (profit) | 554 | - | 16 | - 95 | 475 |
| Investment income | 17 867 | 751 | -125 | - 606 | 17 887 |
| Insurance financial result | - 15 357 | -130 | - | - | -15 487 |
| Reinsurance financial result | 26 | 95 | - | - | 121 |
| Change in the fair value of liabilities relating to investment contracts | -649 | - | - | - | - 649 |
| Financial results | - 15 980 | - 35 | - | - | -16 015 |
| Premium and commission income from investment contracts | 171 | - | - | - | 171 |
| Other operating costs | -155 | -59 | - 13 | 10 | - 217 |
| Other (non-financial) income | 291 | 22 | 9 | - 268 | 54 |
| Other (non-financial) expenses | -417 | -26 | - | 258 | - 185 |
| Profit/loss before taxation | 3 241 | 860 | -129 | - 715 | 3 257 |
| Tax income / (expenses) | -121 | -57 | - | 7 | - 171 |
| Deferred tax income / (expenses) | -17 | - | - | - | - 17 |
| Total profit/loss after taxation | 3 103 | 803 | -129 | - 708 | 3 069 |
| OCI from change in fair value of other financial assets at fair value | -186 | -51 | - | - | - 237 |
| OCI from insurance contracts | 21 | -69 | - | - | - 48 |
| OCI from reinsurance contracts | 24 | 54 | - | - | 78 |
| Comprehensive income, would be reclassified to profit or loss in the future | -141 | - 66 | - | - | -207 |
| Comprehensive income, wouldn't be reclassified to profit or loss in the future | 862 | - | - | - | 862 |
| Other comprehensive income | 721 | - 66 | - | - | 655 |
| Total comprehensive income | 3 824 | 737 | -129 | - 708 | 3 724 |
5. NUMBER OF EMPLOYEES, OWNERSHIP STRUCTURE
The number of employees at the members of the Group was 219 on 30 September 2025.
10. Composition of the Issuer's share capital (30 September 2025)
| Series of shares | Nominal value (HUF/ each) |
Issued number of shares | Total nominal value (HUF) |
|---|---|---|---|
| Series "A" | 33 | 94 428 260 | 3 116 132 580 |
| of this treasury share | - | - | - |
| Amount of share capital | 3 116 132 580 |
11. Number of voting rights connected to the shares (30 September 2025)
| Series of shares | Number of shares issued |
Number of voting shares | Voting rights per share |
Total voting rights | Number of treasu- ry shares |
|---|---|---|---|---|---|
| "A" series | 94 428 260 | 94 428 260 | 1 | 94 428 260 | - |
12. The Issuer's ownership structure (30 September 2025)
| Owners | Number of shares | Ownership stake | Voting rights |
|---|---|---|---|
| Domestic private individual | 26 970 074 | 28.56% | 28.56% |
| Domestic institution | 65 901 834 | 69.79% | 69.79% |
| Foreign private individual | 114 512 | 0.12% | 0.12% |
| Foreign institution | 42 152 | 0.04% | 0.04% |
| Nominee, domestic private individual | 1 158 518 | 1.23% | 1.23% |
| Nominee, foreign private individual | 191 110 | 0.20% | 0.20% |
| Nominee, foreign institution | 42 765 | 0.05% | 0.05% |
| Unidentified item | 7 295 | 0.01% | 0.01% |
| Total | 94 428 260 | 100% | 100% |
The Issuer engaged KELER Ltd. with keeping the shareholders' register. If, during the ownership verification, an account manager with clients holding CIGPANNONIA shares does not provide data regarding the shareholders, the owners of the unidentified shares are recorded as "unidentified item" in the shareholders' register.
13. The Issuer's investments on 30 September 2025
| Name | Registered seat | The Issuer's share |
|---|---|---|
| CIG Pannonia First Hungarian General Insurance Company cPlc. |
1097 Budapest, Könyves Kálmán krt. 11. | 100.0% |
| Pannonia PI-ETA Funeral Service Limited Liability Company |
1097 Budapest, Könyves Kálmán krt. 11. | 100,0% |
| MBH Investment Fund Manager cPlc.* | 1068 Budapest, Benczúr utca 11. | 7.67% |
| OPUS GLOBAL Plc. | 1062 Budapest, Andrássy út 59. | 1% |
6. INFORMATION PUBLISHED IN THE PERIOD
| Date | Title, short content |
|---|---|
| 4 August 2025 | Number of voting rights and the amount of registered capital at CIG Pannonia Life Insurance Plc 31/07/2025 |
| 7 August 2025 | Extraordinary information |
| 1 September 2025 | Number of voting rights and the amount of registered capital at CIG Pannonia Life Insurance Plc 31/08/2025 |
| 3 September 2025 | NOTICE OF INVITATION TO THE EXTRAORDINARY GENERAL MEETING - 06/10/2025 |
| 16 September 2025 | Changes in the distribution of asset funds in October 2025 |
| 18 September 2025 | EXTRAORDINARY INFORMATION on the transfer and acquisition of insurance portfolios formed by group insurance contracts |
| 29 September 2025 | EXTRAORDINARY INFORMATION Conclusion of a strategic cooperation framework agreement |
| 30 SEPTEMBER 2025 | Number of voting rights and the amount of registered capital at CIG Pannonia Life Insurance Plc 30/09/2025 |
| 6 OCTOBER 2025 | RESOLUTIONS OF THE GENERAL MEETING ON ITEMS ON THE AGENDA OF THE EXTRAORDINARY GENERAL MEETING 6th October 2025. |
| 9 OCTOBER 2025 | INFORMATION on the Holding of an Investor Professional Event organized on the occasion of the 15th anniversary ofthe CIG Pannónia Group's presence on the stock exchange |
| 19 OCTOBER 2025 | EXTRAORDINARY INFORMATION - CIG Pannónia Life Insurance Plc consolidated group subsidiary's exposure arising from Italian matters |
| 31 OCTOBER 2025 | Number of voting rights and the amount of registered capital at CIG Pannonia Life Insurance Plc 31/10/2025 |
| 7 NOVEMBER 2025 | EXTRAORDINARY INFORMATION On the holding of an investor professional day organized on the occasion of the 15th anniversary of theCIG Pannónia Group's presence on the stock exchange |
These announcements can be found on the websites of the (www.cigpannonia.hu) and the Budapest Stock Exchange Ltd. (www.bet.hu), as well as on the website of the Hungarian National Bank (www.kozzetetelek.hu).
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7. DISCLAIMER
The Issuer declares that the report for the third quarter of 2025 was not reviewed by an auditor, the report for the third quarter of 2025 presents a true and fair view of the assets, liabilities and financial position, as well as the profit and loss of the Issuer and the enterprises consolidated in the financial statements. The consolidated management report provides a reliable presentation of the position, development and performance of the Issuer and the companies consolidated in its accounts.
| 27 November 2025, Budapest | ||
|---|---|---|
| Dr István Fedák | Alexandra Tóth | |
| Chief Executive Officer | financial director and head of accounting |
Investor relations Dr. Gábor Dakó, Investor relations officer [email protected]; + 36 70 372 5138