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
QUARTERLY REPORTOn the basis of the consolidated financial statements prepared according to the International Financial Reporting Standards adopted by the EU
2025 Q3
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.
SUMMARY
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. Significant results of the first three quarters of 2025:
Our consolidated technical result increased by 81%, our after-tax profit by 10% compared to the same period in 2024, former reaching HUF 2,904 million and our after-tax profit reaching HUF 3,367 million.
Our consolidated premium income increased by 14% year-on-year, exceeding HUF 45.9 billion
o Life Insurance premiums by 11%,
o while EMABIT premiums by 22%
in one year.
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%.
Summary 5
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
Increase
Our consolidated profit after tax
increased by 10% year-on
-year to HUF 3 367 million
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
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
5 000
4 500
4 000
3 500
3 000
million HUF
2 500
2 000
1 500
1 000
500
0
-500
-1 000
-1 500
-2 000
3 367
3 800
3 069
2 874
2 142
1 952
2 048
1 279
1 225
- 177
Q1
Q2
Q3
562
Q4
-1 790
472
739
805
921
1 021
1 390
1 337
1 576
3 300
2 800
milion HUF
2 300
1 800
1 300
800
300
-200
2023 PTD 2024 PTD 2025 PTD 2023 YTD 2024 YTD 2025 YTD
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
1 301
+ 298 m
+ 10 %
54
3 367
3 069
-819
-238
5 000
4 500
Million HUF
4 000
3 500
3 000
2 500
PAT 2024Q1 -Q3 Ins. Techn. Earnings Other result Fund Manager's Earnings Taxes PAT 2025Q1-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 HUF 1.3 billion increase in the technical result, HUF 300 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
+1 301 m
+81%
500 10 2 904
-16
787
51
11
454
166
-326 -15
1 603
-321
3 200
2 700
million HUF
2 200
1 700
ITE 24Q1-03
Group products
Individual products
Single premium UL prod.
Regular premium UL prod.
Trad. regular prem. saving
Risk life insurance Prod
Credit cover. ins. & acc.
Motor insurance
Corporate property ins.
Suretyship insurance prod.
Retail property ins. prod.
ITE 2501-03
1 200
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 quater by quarter.
Quarterly premium income 2021 Q1-2025 Q3
+14 %
17 071
14 509
13 647
12 119
10 855
10 587
11 174
10 178
9 533
7 506
6 858
7 412 7 396
5 969
4 979
4 907
16 989
15 637
13 275
20 000
18 000
16 000
million HUF
14 000
12 000
10 000
8 000
6 000
4 000
2 000
21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3
Our annual premium growth rate was 14% in this quarter.
Quarterly premium income in 2025, 2024 and 2023
24 000
57 347
45 901
40 275
42 794
32 625
31 620
26 628
21 442
15 637
16 989
10 855
11 174
10 587
10 178
12 119
13 275
13 647
14 509
17 071
60 000
22 000
50 000
20 000 40 000
million HUF
18 000
16 000
14 000
12 000
30 000
million HUF
20 000
10 000
10 000
0
Q1 Q2 Q3 Q4
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
+5 625 M
+14%
1 030
434 45 901
1 724
93
-112
1 318
90
-57
677
46
382
40 275
47 500
46 500
million HUF
45 500
44 500
43 500
42 500
41 500
40 500
Premium 2024 Q1-Q3
Group products
Individual products
Single premium UL prod.
Regular premium UL prod.
Trad. regular prem. saving
Risk life insurance Prod
Credit cover. ins. & acc.
Motor insurance
Corporate asset insurance
Suretyship insurance prod.
Retail property ins. prod.
Premium 2025 Q1-Q3
39 500
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.
MAIN EVENTS AND RESULTS OF THE REPORTING PERIOD (REFERENCE PERIOD, Q3) IN THE TIMELINE OF CAPITAL DISCLOSURES AND PREVIOUS EVENTSN
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.
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.
https://www.bse.hu/newkibdata/129178188/CIG_2025_calendar.pdf
https://www.bse.hu/site/newkib/en/2025.08. /CIG_Pannonia_Life_Insurance_Plc._-_Quarterly_Report_Q2_2025_129310055
https://www.bse.hu/site/newkib/en/2025.09. /NOTICE_OF_INVITATION_TO_THE_EXTRAORDINARY_GENERAL_MEETING_-_06._10._2025_129313190
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_ meeting129313299
https://www.bse.hu/site/newkib/en/2025.10. /Resolutions_of_the_General_Meeting_on_items_on_the_Agenda_of_the_Extraordinary_Gerenral_Meeting129330848
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").
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
On 26 September 2025 our company disclosed that our
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
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.
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.
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
https://bse.hu/site/newkib/en/2025.09. /Extraordinary_information_conclusion_of_a_strategic_cooperation_framework_agreement_129324082
Italian cases: a collective name for the risks and their management that EMABIT has and is facing in its Italian claims cases, covering primarily the management of these cases and the strategy for the management of pending litigation, the status and review of existing claims reserves and regress reserves.
https://bse.hu/site/newkib/en/2025.02. /on_the_management_of_the_exposure_of_CIG_Pannonia_Life_Insurance_Plc.consolidated_subsidiary_to_Italian_affairs_129205558
FINANCIAL STATEMENTS
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
Financial statements
30 September
2025
2024.
december 31. (B)
2024.
szeptember 30. (C)
Change (A)-(C)
Profit/loss after taxation attributable to the Company's shareholders
3 367
1 279
3 069
Weighted average number of shares
93 954 254
93 954 254
93 954 254
EPS (basic)
35.8
13.6
32.7
3.2
Profit/loss after taxation attributable to the Company's shareholders
3 367
1 279
3 069
Weighted average number of shares
94 428 260
94 428 260
94 428 260
EPS (diluted)
35.7
13.5
32.5
3.2
Consolidated Statement of Comprehensive Income- cumulated data continuation
Number of average shares used to calculate earnings per share:
13
data in million HUF
Date
Issued ordinary shares (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.
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
Financial statements
Consolidated Statement of Financial Position
15
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
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
Consolidated Changes in Equity Q1-Q3 2025
Consolidated Changes in Equity Q1-Q3 2024
data in million HUF
data in million HUF
Share capital
Capital Reserve
Share-ba-sed
Other reserves
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
Financial statements
Consolidated Statement of Cash Flows
17
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 insurance 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
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
19
Financial statements
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).
OPERATING SEGMENTS
Segment information Q1-Q3 2025
data in HUF millions
ASSETS
CIG Life Insurance segment
CIG Non-Life insurance segment
Other
Adjusting items of financial statement deduction (consolidation)
Total
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
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 insurance segment
Other
Adjusting items of financial statement 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
Segment information 2024 Q1-Q3
data in HUF millions
ASSETS
CIG Life Insurance segment
CIG Non-Life insurance segment
Other
Adjusting items of financial statement 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
16 353
- 2 815
220
6 177
19 935
Total shareholder's equity
23 222
7 329
449
-7 113
23 887
data in HUF millions
Consolidated statement of comprehensive income
CIG Life Insurance segment
CIG Non-Life insurance segment
Other
Adjusting items of financial statement 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
NUMBER OF EMPLOYEES, OWNERSHIP STRUCTURE
The number of employees at the members of the Group was 219 on 30 September 2025.
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
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 treasury shares
"A" series
94 428 260
94 428 260
1
94 428 260
-
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.
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%
25
INFORMATION PUBLISHED IN THE PERIOD
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 (https://www.cigpannonia.hu) and the Budapest Stock Exchange Ltd. (https://www.bet.hu), as well as on the website of the Hungarian National Bank (https://www.kozzetetelek.hu).
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
investor.relations@cig.eu; + 36 70 372 5138