On the basis of the consolidated financial statements prepared according to the International Financial Reporting Standards adopted by the EU
Q4 2025
27 February 2026, Budapest
CONTENTS
PREAMBLE, SUMMARY 3
FINANCIAL STATEMENTS 12
RESTATEMENT 19
CHANGES IN THE ACCOUNTING POLICY 23
OPERATING SEGMENTS 24
NUMBER OF EMPLOYEES, OWNERSHIP STRUCTURE 30
INFORMATION PUBLISHED IN THE PERIOD 31
DISCLAIMER 32
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.
To be transparent in this matter we point out that we have refined our accounting practices related to certain reinsurance settlements, including the settlement of cash flows arising from these between periods, compared to the methodology used in previous years. Concordantly, we are republishing our financial statements for 2024, as detailed in section 3. Restatement. In this report, the columns for the comparative period already contain the restated data.
-
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 fourth quarter of 2025 (hereinafter: Report), 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.
Significant results of the first four quarters of 2025:
Our consolidated technical result increased by HUF 4,709 million. Excluding last year's exceptional item, the HUF 4,519 million increase in reserves for Italian guarantee cases, annual growth was HUF 190 million, or 8%, in 2025.
Our reported profit after tax is HUF 3,958 million. After filtering out the impact of the Italian guarantee cases, the HUF 1,195 million decrease in profit is primarily attributable to the changing yield environment.
Our consolidated premium income increased by 4% year-on-year, exceeding HUF 59.8 billion;
Life Insurance premiums decreased by 1%,
while EMABIT premiums increased by 18% in one year.
The different channels contributed to varying degrees to the 4% increase in premium income: the banking channel increased its annual premium income from sold policies by 3%, the independent channel by 4%, and the alternative channel by 12%.
Our premium income increased in the areas of credit protection insurance (HUF 2.4 billion), corporate property insurance (HUF 614 million), and retail property insurance (HUF 545 million). At the same time, there's a decline in premium income in the case of unit-linked (UL) insurance (HUF 1.6 billion).
Our insurer's capital position is stable, our consolidated capital adequacy ratio is 221%.
3
Drivers of the change in the GWP
Credit coverage insurance increased by
HUF 2 356 millionUL insurance by the banking channel and independent broker chanel decresed by
-corporate property and liability products increased by
HUF 614 millionOur consolidated profit after tax is
HUF 3 958 millionOur modified insurance technical result increased
8%by YoY:
HUF 4 709 million 4%Our GWP increased by in a year
-1% Life insurer's premium
+18% EMABIT's premium
Consolidated Capital Adequacy
221%Increase in sales network
+3% bank network
+4% independent broker chanel
+12% alternative network
Interpretation of the results for 2025
Our consolidated after-tax profit in 2025 is HUF 3,958 million. Our quarterly results, though by different degrees, were positive in every period. The differences between the performance indicators for each period are partly due to external factors, such as changes in investment fund returns, and partly due to internal factors, such as changes in concluded contractual obligations or insurance assumptions in each period. Due to the methodology of the so-called year-to-date (cumulative) approach, quarterly results are not determined independently, but are calculated as the difference between the cumulative results from the beginning of the year and the cumulative results of the previous quarter, which also contributes to the volatility of quarterly results..
5000
4000
3000
million HUF
2000
1000
0
Quarterly profit after tax for the years 2025, 2024 and 2023
4000
3 958
3 367
3 069
2 048
2 874
2 140
1 952
804
634
472
-2 435
-177
472 804
-177
739 1 576 1 335
562
1 390 1 021 1 228
921
590
3500
3000
2500
million HUF
2000
1500
1000
500
0
-1000 -500
-2000
-1000
-1500
-3000
Q1 Q2 Q3 Q4
2023 PTD 2024 PTD 2025 PTD 2023 YTD 2024 YTD 2025 YTD
PTD: period-to-date, YTD: year-to-date
-2000
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-Q4 vs 2024 Q1-Q4
+3 324 m
+525%
4 709
-243
-197
3 958
-945
634
7000
6000
5000
million HUF
4000
3000
2000
1000
0
PAT 2024 Q1-Q4 Ins. Tecn. Earnings Found Manager's Earnings Taxes Other Earnings PAT 2025 Q1-Q4
PAT: Profit after tax
Q4 2025 PÉNZÜGYI KIMUTATÁSOK
The nearly HUF 4 billion in after-tax profit and the significant change are primarily due to the increase in technical earnings, which improved by HUF 4,709 million over the course of the year. When explaining last year's results, we discussed in detail the negative impact of the Italian guarantee cases on the results. There is no similar extraordinary item for 2025. Excluding this effect (HUF 4,519 million), our technical result improved by HUF 190 million, or 8%, during the reporting period.
Our other results show four main effects: (i) hedging transactions offsetting the foreign exchange risks of the reserves with a value of HUF - 300 million; (ii) negative changes in yields, especially short-term yields, reduced our investment results by HUF 550 million;
(iii) the positive impact of excess returns from outperforming benchmark returns and other items improved our results by HUF 250 million (including the annual return on investments reclassified at the beginning of the year due to the extra profit tax regulation);
(iv) other costs and expenses decreased our profit by a total of HUF 345 million.
Overall, it can be said that both our technical and other results may continue to be affected by changes in the domestic and international financial and investment markets. The volatility of exchange rates and yields is also reflected in our income statement for 2025.
The HUF 4,709 million increase in our technical result was as follows by portfolio groups:
Change of Ins. Technical Earnings by portfolio groups, 2025 Q1-Q4 vs 2024 Q1-Q4
+4 709 m
4 089 13 2 651
461
73
784
-202
219
-2 058
245
179
-1 090
-62
4000
3000
2000
million HUF
1000
0
-1000
-2000
ITE 2024 Q1-Q4
Group products
Individual products
Single premium UL
products
Regular premium UL
products
Trad. regular prem.
savings
Risk life insurance prod.
Credit coverage insurance
Motor insurance
Corporate property ins.
Suretyship insurance
Retail property insurance
ITE 2025 Q1-Q4
-3000
prod.
prod.
ITE: Insurance Technical Earnings
Group life, accident and health products (annual profit improvement: HUF 461 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. The improvement in the claims ratio is partly due to the review of group service financing health insurance premiums at the end of the previous year and partly to the release of claims reserves related to the portfolio group.
Individual life, accident and health insurance products (annual profit improvement: HUF 73 million):
The Insurer's profitable individual accident insurance portfolio (which includes the Company's 'Bajtárs' products) grew and so has the Insurer's result.
Single premium UL products (annual profit decline: HUF 202 million):
The portfolio group's return fell short of the level forecast for 2025 at the end of 2024. Hence, on lower-than-expected managed assets, lower fund-proportionate management fees can be applied, resulting in a decrease in the contract service margin (CSM) and consequently the yearly results. Furthermore, at the end of the previous year, the Insurer released claims reserves, which had a one-time positive impact on the result in 2024, this effect did not occur in 2025.
Regular premium UL products (annual profit decline: HUF 1,090 million):
The decline in profit is due to four reasons: (i) There was no need for a similar claims expenditure release this year than in 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 2025, which led to a decline in the contractual service margin (CSM) and thus to a decline in the result. (iii) Changes in the technical (cost) assumptions reviewed at the end of the period negatively affected the portfolio group's results. (iv) Portfolio management and renewal commissions exceeded the amount forecast for the reporting period at the end of the year, which also reduced the portfolio group's results.
The combined effect of all these factors is that the result has decreased compared to last year.
Traditional regular premium savings products (annual profit decline: HUF 62 million):
The Insurer released claims reserves related to the portfolio group in the previous year, while in 2025 the value of claims reserves did not change significantly, thus last year's improvement in results was not repeated this year.
Risk life insurance products (annual profit improvement: HUF 179 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 increase: HUF 245 million):
The main reasons of the improvement in results: (i) our portfolio is continuously growing, which reduces the unit costs of the portfolio group, thereby increasing profits; (ii) expenses related to reinsurance coverage also decreased, which likewise improved the result of the contract group.
Motor insurance products (annual profit improvement: HUF 219 million):
The reason behind the improvement in profit is basically due to the decrease in claims costs and expenses - i.e. the claims ratio. The other reason is the decrease in reinsurance unit expenses, which also improved our results.
Corporate property insurance products (annual profit improvement: HUF 784 million):
The product group keeps being characterised 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. The Insurer valuates portfolios belonging to direct products and related reinsurance contracts independently of each other. Revenue recognition is based on the ratio of services incurred and services expected at the end of the period, which does not necessarily develop in parallel on the direct and reinsurance sides, and this also affects the result recognised for the given period for the product group.
Suretyship insurance products (annual profit improvement: HUF 4,089 million):
The improvement in the result of the portfolio group's technical result is the result of three effects: (i) in 2024, the negative impact of Italian guarantee cases amounted to HUF 4,519 million, which did not occur this year; (ii) also the aforementioned exchange rate effect of HUF 300 million increased the result of this contract group; (iii) however, the handling of legal matters relating to Italian suretyship products and the related increase in claims reserves had a negative impact on our results.
Retail property insurance products (annual profit increase: HUF 13 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.
Premium income
From 2022, our fee income grew dynamically until the end of 2024. Our premium growth rate has slowed in 2025. This is partly due to the price competition's impact in the insurance market and the Company's prudent operation, as a result of which the Company does not wish to keep certain risky contracts with though premiums in its portfolio, and partly due to the changed market situation. The impact of alternative investment and savings forms on our sales opportunities is particularly evident in the life insurance market. Our total premium income has still increased, but we cannot be satisfied with this and our goal is to reverse last year's trend.
Quarterly premium income 2022 Q1- 2025 Q4
4.3%
20000
17 071 17 124
15 781
14 509
13 647
13 448 13 441
12 119
11 324
10 612
10 855
10 203
8 850
7 957
7 516
7 015
18000
16000
14000
million HUF
12000
10000
8000
6000
4000
2000
2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Quarterly premium income in 2025, 2024 and 2023
70000
60000
50000
million HUF
40000
30000
20000
59 794
70000
46 353
57 347
32 904
40 275
42 995
17 124
26 628
31 670
21 467 17 071
14 509
15 781
12 119
13 647 13 448
13 441
10 612
10 855
10 203
11 324
60000
50000
40000
30000
20000
10000 10000
0 0
Q1 Q2 Q3 Q4 PTD - 2023 PTD - 2024 PTD - 2025 YTD - 2023 YTD - 2024 YTD - 2025
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) credit coverage insurances; (ii) corporate property insurances; (iii) retail property insurances. Overall, fewer premiums were received from UL insurance policies, due to a decrease in premiums for single-premium UL insurances.
Change in premium income by portfolio group, 2025 Q1-Q4 vs 2024 Q1-Q4
+2 447 m
+4%
614
545 59 794
2 356
269
-147
57 347
387
-9
1 323
141
-104
-2 928
62 000
61 000
60 000
million HUF
59 000
58 000
57 000
56 000
55 000
Premium income 2024 Q1-Q4
Group products
Individual products
Single premium UL prod.
Regular premium UL pr.
Trad. regular prem. sav.
Risk life insurance prod.
Credit coverage ins.
Motor insurance
Corporate property ins.
Suretyship ins. prod.
Retail property ins. prod.
Premium income 2025 Q1-Q4
54 000
MAIN EVENTS AND RESULTS OF THE REPORTING PERIOD (REFERENCE PERIOD, Q4) IN THE TIMELINE OF CAPITAL DISCLOSURES AND PREVIOUS EVENTS
Company and group level events in the period covered by the Report, closure of the third 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 third quarter report for the current year on 28 November 20252.
Presentation of changes in the Company's management
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. 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. The decision of the supreme body was approved by the Hungarian National Bank in its resolution No. H-EN-II-130/2025 dated 28 November 2025, thereby authorising the employment of Dr. Dávid Kozma as a senior executive and member of the Board of Directors6.
Basically parallel with this announcement, our company has also complied with the provisions of Section 55(1) of Act CXX of 2001 on the Capital Markets and Section 15(1) of Decree 24/2008. (VIII. 15.) of the Minister of Finance, by immediately notifying shareholders that Dr. Péter Bogdánffy, member and chairman of the Company's Board of Directors and member of CIG Pannónia First Hungarian General Insurer cPlc., will - in accordance with his letter dated 28 November 2025 - resign from his positions on the Board of Directors of the aforementioned companies due 30 November 2025.
The Boards of Directors of the Companies acknowledged the above decision with regret, but understood the reasons beyond the control of the Companies, and thanked Dr. Péter Bogdánffy for his outstanding contribution to the Companies' recent achievements, both in their board resolution and in the extraordinary announcement7, with particular regard to his personal contribution to the various phases of the conclusion of the so-called Italian cases, which was also reflected in our recent results8.
15 years on the Budapest Stock Exchange
As CIG Pannónia Life Insurance Public Limited Company and the CIG Pannónia Group, which it represents on the capital market, entered the Budapest Stock Exchange as an issuer 15 years ago and has thus been part of the Hungarian capital market for 15 years, on this festive occasion, following the ringing of the BSE anniversary bell, on 7 November 2025, between 11 a.m. and 1 p.m., it held an investor event and institutional professional day. CEO Dr. István Fedák reported on the results of the five years following the ownership and management changes that took place in the early 2020s, and the current status of the market position consistently built in line with the Growth Strategy created by the Company, which by today means that the CIG Pannónia Group has become one of the most stable medium-sized players in the Hungarian insurance sector and is able to ensure further development through continuous innovation9.
Our company published the presentation given at the Investor Event, which is based on our previously published information and results, on all official publication sites as At the same time it informed the public that following the CEO's presentation at the event, an institutional investor meeting was held, at which Attila Vágó, investment manager at MBH Alapkezelő Zrt., specifically addressed analysts and explained from an analyst point of view the general logic towards insurer data within the reporting standards required by IFRS 17, mandatory for the Issuer.
1 https://www.bse.hu/newkibdata/129178188/CIG_2025_calendar.pdf
2 https://www.bse.hu/site/newkib/en/2025.11./CIG_Pannonia_Life_Insurance_Plc._-_Quarterly_Report_Q3_2025_129358280
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
1293132995 https://www.bse.hu/site/newkib/en/2025.10./Resolutions_of_the_General_Meeting_on_items_on_the_ Agenda_of_the_Extraordinary_Gerenral_ Meeting
1293308486 https://www.bse.hu/site/newkib/en/2025.11./Information_on_the_authorization_of_persons_in_senior_positions_129358688
7 https://www.bse.hu/site/newkib/en/2025.11./Extraordinary_Information_on_the_resignation_of_a_senior_person
1293587028 https://www.bse.hu/site/newkib/en/2025.10./Information_on_the_exposure_arising_from_Italian_matters_of_CIG_Pannonia_Life_Insurance_Plc_consolidated_ subsidiary_129337238
9 https://www.bet.hu/site/newkib/en/2025.11./Inf._on_the_holding_of_an_investor_professional_day_organized_on_the_occasion_of_the_15th_anniversary_of_ the_CIG_Pannonia_Group_s_presence_on_the_SE_129346895
Events planned by our Company for 2026
On 31 December 2025, our Company published the dates of all events that were determined in advance by the Board of Directors of CIG Pannónia Life Insurer Plc., setting the planned dates both for the quarterly, and the annual, 2025 financial year closing and thus the planned dates for the disclosures related to the closing10.
Disclosures made by the Company after the reporting period
As a result of the personnel changes described in section 1.2.2, our company elected Dr. István Fedák as the new chairman of the Board of Directors at the Life Insurer11.
As a result of EMABIT's management's strategic review of Italian cases reaching the highest value limit - announced in February 2025, which included an examination of the adequacy of reserves and the necessary corrections - and the preventive measures taken as a result, EMABIT is facing a lawsuit in a case involving damages amounting to nearly 70% of the value of claims still pending in the period following our announcement on October 17, 2025. The claim is based on the CIG Pannónia Group's litigation modeling and involves a payment obligation of less than 65% of the capital claim, ensuring a final settlement. with a payment obligation of less than 65% of the principal claim and ensuring final settlement, but resulting in the termination of the lawsuit and excluding further claims by the plaintiff. EMABIT will fulfill its payment obligation under the settlement within 90 days of receiving the signed settlement proposal (February 13, 2026).
In our announcement on this matter, we emphasized that this significant litigation was settled by agreement in accordance with the reserves reviewed and adjusted in 2024, in an amount not exceeding the reserves established therein, using EMABIT's own resources. This also means that the subordinated loan capital of the owner has still not been drawn down. Based on a legal and financial analysis of the processes, the Board of Directors of EMABIT will review the issue of keeping the subordinated loan capital of the owner available in the first half of this year and will decide on its maintenance or termination.
CIG Pannónia Life Insurer Plc.
10 https://www.bse.hu/site/newkib/en/2025.12./Corporate_Action_Timetable_of_CIG_Pannonia_Life_Insurance_Plc_for_2026_129375939
11 https://www.bse.hu/site/newkib/en/2026.01./Information_Approval_of_the_Appointment_of_a_Board_Member_129384457
-
FINANCIAL STATEMENTS
2025 Q1-Q4 (A)
2024 Q1- Q4
(B) restated
Change (A)-(B)
Consolidated Statement of Comprehensive Income - cumulated data
(Data in million HUF)
Insurance Revenue
33 119
27 509
5 610
Insurance service expenses
-27 194
-26 204
-990
Reinsurance expense - allocation of premium
-4 867
-4 520
-347
Amount of recoverables from reinsurance
1 425
1 248
177
Insurance service result
2 483
-1 967
4 450
Interest income calculated using the effective interest method
1 705
1 869
-164
Investment income
4 005
25 410
-21 405
Impairment and impairment reversal of financial assets
16
-4
20
Investment expenses
-2 016
-853
-1 163
Yield on investment accounted for using equity method (profit)
817
1 060
-243
Investment income
4 527
27 482
-22 955
Insurance financial result
-2 191
-23 645
21 454
Reinsurance financial result
72
116
-44
Change in the fair value of liabilities relating to investment contracts
-133
-1 049
916
Financial result
-2 252
-24 578
22 326
Premium and commission income from investment contracts
93
282
-189
Other operating costs
-643
-301
-342
Other (non-financial) income
338
120
218
Other (non-financial) expenses
-410
-423
13
Profit/Loss before taxation
4 136
615
3 521
Tax income/expenses
-259
-36
-223
Deferred tax income/expenses
81
55
26
Profit/Loss after taxation
3 958
634
3 324
OCI from change in fair value of other financial assets at fair value
200
-826
1 026
OCI from insurance contracts
-86
394
-480
OCI from reinsurance contracts
41
102
-61
Comprehensive income, would be reclassified to profit or loss in the future
155
-330
485
Comprehensive income, wouldn't be reclassified to profit or loss in the future
274
766
-492
Other comprehensive income
429
436
-7
Total comprehensive income
4 387
1 070
3 317
Consolidated Statement of Comprehensive Income - cumulated data (cont.)
(Data in million HUF)
2025
Q1-Q4 (A)
2024
Q1-Q4 (B)
restated
Change (A)-(C)
Profit/loss after taxation attributable to the Company's shareholders
3 958
634
Weighted average number of shares
93 954 254
93 954 254
EPS (basic) 42.1 6.7 35.4
Profit/loss after taxation attributable to the Company's shareholders
3 958
634
Weighted average number of shares
94 428 260
94 428 260
EPS (diluted)
41.9
6.7
35.2
Number of average shares
used to calculate earnings per share
Date
Issued ordinary sha- Treasury shares res (no.) (no.)
Days
Weighted average number of shares
31.12.2024
94 428 260 474 006
365
93 954 254
31.12.2025
94 428 260
474 006
365
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.
2025 Q4 2025 Q3 2025 Q2
(A) (B) (C)
2025 Q1 (D)
2024 Q4 (E)
restated
12
Change (A)-(E)
Consolidated Statement of Comprehensive Income - individual quarterly data
(Data in million HUF)
Insurance Revenue
8 490
9 155
8 046
7 428
8 142
348
Insurance service expenses
-7 829
- 6 868
- 6 452
- 6 045
- 9 882
2 053
Reinsurance expense - allocation of premium
153
- 1 860
- 1 474
- 1 686
- 441
594
Amount of recoverables from reinsurance
-980
803
754
848
- 1 348
368
Insurance service result
-166
1 230
874
545
- 3 529
3 363
Interest income calculated using the effective interest method
429
396
451
429
474
- 45
Investment income
1 464
5 193
- 3 605
953
9 022
- 7 558
Impairment and impairment reversal of financial assets
1
6
2
7
- 4
5
Investment expenses
-1 020
-917
- 29
- 50
- 482
- 538
Yield on investment accounted for using equity method (profit)
288
149
192
188
585
- 297
Investment income
1 162
4 827
- 2 989
1 527
9 595
- 8 433
Insurance financial result
-474
- 4 072
3 492
- 1 137
- 8 158
7 684
Reinsurance financial result
-44
15
57
44
- 5
- 39
Change in the fair value of liabilities relating to investment contracts
-5
-198
88
- 18
- 400
395
Financial result
-523
- 4 255
3 637
- 1 111
- 8 563
8 040
Premium and commission income from investment contracts
14
30
20
29
111
- 97
Other operating costs
-135
-344
- 77
- 87
- 84
- 51
Other (non-financial) income
217
97
11
13
66
151
Other (non-financial) expenses
-226
-80
- 49
- 55
- 238
12
Profit/Loss before taxation
343
1 505
1 427
861
-2 642
2 985
Tax income/expenses
37
-138
- 101
- 57
135
- 98
Deferred tax income/expenses
211
-141
10
1
72
139
Profit/Loss after taxation
591
1 226
1 336
805
-2 435
3 026
OCI from change in fair value of other financial assets at fair value
88
197
233
- 318
- 589
677
OCI from insurance contracts
-82
-189
- 38
223
442
- 524
OCI from reinsurance contracts
56
-51
52
- 16
24
32
Comprehensive income, would be reclassified to profit or loss in the future
62
-43
247
- 111
- 123
185
Comprehensive income, wouldn't be reclassified to profit or loss in the future
-81
-218
299
274
- 96
15
Other comprehensive income
-19
-261
546
163
- 219
200
Total comprehensive income
572
965
1 882
968
- 2 654
3 226
12 The retrospective amendment presented under point 3. Restatement is included in the fourth quarter column for the entirety of 2024
ASSETS
31 December
2025 (A)
31 December 31 December
2024
res (B)
tated
2023 restated (C)
Change (A)-(B)
Total Liabilities
Net Assets
167 386
25 550
161 802
21 120
121 073
23 150
5 584
4 430
Total Shareholder's Equity
25 550
21 120
23 150
4 430
SHAREHOLDERS' EQUITY
Total Assets 192 936 182 922 144 223 10 014
Insurance contract liabilities | 156 780 | 149 816 | 110 375 | 6 964 |
Reinsurance contract liabilities | 227 | 386 | 305 | - 159 |
Financial liabilities -Investment contracts | 5 391 | 5 942 | 4 763 | - 551 |
Financial liabilities-derivatives | 5 | 224 | - | - 219 |
Lease liabilities | 563 | 470 | 314 | 93 |
Provisions | 655 | 339 | 262 | 316 |
Other liabilities | 3 743 | 4 588 | 5 021 | - 845 |
Liabilities to shareholders | 22 | 37 | 33 | - 15 |
Consolidated Statement of Financial Position
(Data in million HUF)
Intangible Assets | 2 138 | 991 | 934 | 1 147 |
Property, plant and equipment | 104 | 96 | 117 | 8 |
Right-of use assets | 547 | 444 | 271 | 103 |
Deferred tax asset | 580 | 544 | 474 | 36 |
Investment in associates | 1 031 | 1 282 | 777 | - 251 |
Insurance contract assets | 980 | 1 145 | 1 190 | - 165 |
Reinsurance contract assets | 4 359 | 3 136 | 2 415 | 1 223 |
Investments for policyholders of unit-linked life insurance policies | 135 308 | 127 680 | 94 424 | 7 628 |
Financial asset - Investment contracts | 5 391 | 5 942 | 4 763 | - 551 |
Financial asset - derivatives | 335 | - | 130 | 335 |
Other financial assets at fair value | 36 832 | 38 395 | 35 979 | -1 563 |
Other assets and prepayments | 75 | 81 | 80 | - 6 |
Other receivables | 626 | 589 | 177 | 37 |
Cash and cash equivalents | 4 630 | 2 597 | 2 492 | 2 033 |
LIABILITIES
Share capital | 3 116 | 3 116 | 3 116 | - |
Capital reserve | 1 153 | 1 153 | 1 153 | - |
Treasury shares | - 32 | - 32 | - 32 | - |
Share-based payments | 43 | - | - | 43 |
Other reserves | - 55 | -484 | - 920 | 429 |
Retained earnings | 21 325 | 17 367 | 19 833 | 3 958 |
Consolidated Changes in Equity Q1-Q4 2025
(Data in million HUF)
Share capital Capital Share-based | Treasury shares | Other reserves | Retained sharTotal s' earnings eholder equity | ||||
Balance on 31 December 2024 (restated) | 3 116 | 1 153 | - | -32 | - 484 | 17 367 | 21 120 |
Total Comprehensive income | |||||||
Other comprehensive income | - | - | - | - | 429 | - | 429 |
Profit in reporting year | - | - | - | - | - | 3 958 | 3 958 |
Transactions with equity owners, recognised directly in equity | |||||||
Share-based payments | - | - | 43 | - | - | - | 43 |
Balance on 31 3 116 1 153 43 | -32 | -55 | 21 325 25 550 | ||||
Consolidated Changes in Equity Q1-Q4 2024 restated | (Data in million HUF) | ||||||
Share capital Capital | Treasury shares | Other reserves | Retained sharTotal s' earnings eholder equity | ||||
Balance on 31 December 2023 (restated) | 3 116 | 1 153 | -32 | - 920 | 19 833 | 23 150 | |
Total comprehensive income (restated) | |||||||
Other comprehensive income (restated) | - | - | - | 436 | - | 436 | |
Profit in reporting year (restated) | - | - | - | - | 634 | 634 | |
Transactions with equity holders, recognised directly in equity | |||||||
Dividend payment | - | - | - | - | -3 100 | -3 100 | |
Balance on 31 December 2024 3 116 1 153 | -32 | - 484 | 17 367 21 120 | ||||
reserve payment
December 2025
Reserve
(restated)
Consolidated Statement of Cash Flows
(Data in million HUF)
2025 Q1-Q4 | 2024 Q1- Q4 restated | |
Profit/loss after taxation | 3 958 | 634 |
Modifying items | ||
Depreciation and amortisation | 531 | 485 |
Unplanned depreciation, assets written off | - 2 | - |
Booked/reversed impairment, debt cancelled | - 16 | 4 |
Result of assets sales | - 184 | - 386 |
Share-based payment | 43 | - |
Exchange rate changes | 830 | - 797 |
Share of the profit or loss of associates accounted for using the equity method | - 854 | -1 097 |
Deferred tax | - 78 | - 55 |
Income taxes | 259 | 44 |
Income on interest | - 1 705 | -1 869 |
Result of derivatives | - 905 | 473 |
Provisions | 316 | 77 |
Dividend received | - 103 | - 72 |
Termination of leasing assets | - 26 | - 27 |
Interest cost | 30 | 4 |
Change of active capital items: | ||
Increase / decrease of investments for policyholders of unit-linked life insurance policies (-/+) | - 7 628 | - 33 255 |
Increase / decrease of financial assets - investment contracts (-/+) | 551 | -1 179 |
Increase / decrease assets resultant of reinsurance (-/+) | - 1 182 | - 618 |
Increase / decrease of other assets and active accrued and deferred items (-/+) | - 321 | 517 |
Increase / decrease of liabilities resultant of reinsurance (-/+) | - 159 | 80 |
Increase / decrease of insurance contract liabilities (+/-) | 6 877 | 39 835 |
Increase / decrease of investment contracts (+/-) | - 551 | 1 179 |
Increase / decrease of insurance contracts assets (+/-) | 165 | 45 |
Increase / decrease of other liabilities (+/-) | - 796 | - 388 |
Increase / decrease capital owner liability (+/-) | - 15 | 3 |
Paid income taxes | 31 | - 972 |
Cash flows from operating activities | - 934 | 2 663 |
Consolidated Statement of Cash Flows continuation (Data in million HUF)
Cash flow from investing activities | 2025 Q1-Q4 | 2024 Q1- Q4 restated |
Purchase of debt instruments (-) | - 184 864 | - 128 860 |
Sales of debt instruments (+) | 186 334 | 127 732 |
Purchase of tangible and intangible assets (-) | - 1 501 | - 358 |
Sales of tangible and intangible assets (+) | - 1 | - |
Result of derivatives | 351 | - 119 |
Interest received | 1 417 | 1 454 |
Dividend received | 1 207 | 664 |
Cash flow from investing activities | 2 944 | 514 |
Cash flow from financing activities | ||
Interest paid | - 30 | - 4 |
Lease instalments payment | - 111 | - 151 |
Lease interest payment | - 39 | - 15 |
Capital reduction | - | - |
Dividend payment | - | -3 100 |
Cash flow from financing activities | - 181 | -3 270 |
Impacts of exchange rate changes and interests | 204 | 199 |
Net increase / decrease of cash and cash equivalents (+/-) | 2 033 | 105 |
Cash and cash equivalents at the beginning of the period | 2 597 | 2 492 |
Cash and cash equivalents at the end of the period | 4 630 | 2 597 |
-
RESTATEMENT
The Insurer has reviewed the accounting treatment of profit sharing related to its reinsurance contracts held in accordance with IFRS 17 and IFRS TRG AP313 guidance. In the previous practice, profit sharing was reported in the cash flows as an item reducing premium, while in the actual data it was reported as a reinsurance claims recovery, which resulted in methodological inconsistency.
The Insurer determined that a defined part of the profit sharing based on the claims ratio qualifies as reinsurance claims recovery, and that the reinsurance contracts in question contain an investment component, as this part of the reinsurance premium is recovered in all circumstances (through claims recovery or profit sharing).
According to the modified methodology, in cash flows, the investment component of profit sharing is taken into account as an item that reduces both the forecasted reinsurance premiums and the expected reinsurance claim recoverables (including profit sharing), and therefore cannot have an impact on results. The investment component is the part of the profit sharing that is realised even if the claims assumption is 0%, and its amount is determined based on the rules for calculating profit sharing, taking into account the factors affecting the premium.
During the reporting period, in the actual data the investment component is determined at the same time as the reinsurance expenses are accounted for, ensuring that the reinsurance premium, the profit sharing, and the investment component are consistent over time. The Insurer presents the reserves formed for profit sharing, which are related to previous reporting periods and are recognised as expenses but are financially not yet settled with the reinsurance partner, in the actual data as reinsurance claims recoverables, as part of the liabilities / receivables related to the incurred claims.
In the Insurer's opinion, the modified methodology reflects the principles of IFRS 17 better, with particular regard to the separate presentation of investment components and the consistent treatment of claims recovarables. The modification in the methodology does not change the total amount of reinsurance cash flows, but it does have a reclassification and timing effect within the IFRS 17 balance sheet's and income statement's lines and between the different periods.
The reclassification effect occurs also in the case of portfolio groups valuated using the PAA and GMM methods, i.e. the income statement lines for Reinsurance expense - allocation of premium and Recoverables from reinsurers both decreased as a result of the recalculation.
The timing effect is much more pronounced in the case of reinsurance portfolios valuated using the GMM valuation method, as with this method, the expense incurring due to premiums transferred to reinsurers occurs during the lifetime of the contracts, i.e. over the long term, and thus the investment component's reducing effect is likewise realised at a slower pace. At the same time, the Insurer shall account for reductions in reinsurance claim recoveries due to the investment component immediately in the year in which they occur. Consequently, the total capital effect of HUF 770 million recognised for 2024 and earlier years is mainly a timing issue and will appear in the results in the financial years following 2024, in parallel with the expiry of the portfolios.
The tables below show a comparison of the consolidated statement of comprehensive income for 2024, and the consolidated statements of financial position as of 31 December 2024 and 2023 respectively, according to the originally published and the restated methods.
13 AP3: Commissions and reinstatement premiums in reinsurance contracts issued [reposted on 12 September 2018]
Consolidated statement of comprehensive income
2024 Q1- Q4
restated
2024 Q1- Q4
original
Change
(Data in million HUF)
Insurance revenue
27 509
27 294
-215
Insurance service expenses
- 26 204
- 26 196
8
Reinsurance expense - allocation of premium
- 4 520
- 5 732
- 1 212
Amount recoverables from reinsurance
1 248
3 178
1 930
Insurance service result
- 1 967
- 1 456
511
Interest income calculated using the effective interest method
1 869
1 869
-
Investment income
25 410
25 410
-
Impairment and reversed impairment of financial assets
- 4
- 4
-
Investment expenses
-853
-853
-
Yield on investment accounted for using equity method (profit)
1 060
1 060
-
Investment income
27 482
27 482
-
Insurance financial result
- 23 645
- 23 645
-
Reinsurance financial result
115
172
57
Change in the fair value of liabilities relating to investment contracts
- 1 049
- 1 049
-
Financial results
- 24 579
- 24 522
57
Premium and commission income from investment contracts
282
282
-
Other operating costs
-301
-301
-
Other (non-financial) income
120
120
-
Other (non-financial) expenses
-423
-423
-
Profit/loss before taxation
614
1 182
568
Tax income / (expenses)
-36
-37
- 1
Deferred tax income / (expenses)
55
134
79
Total profit/loss after taxation
633
1 279
646
OCI from change in fair value of other financial assets at fair value
-826
-826
-
OCI from insurance contracts
394
394
-
OCI from reinsurance contracts
102
115
13
Comprehensive income, would be reclassified to profit or loss in the future
-330
-317
13
Comprehensive income, wouldn't be reclassified to profit or loss in the future
766
766
-
Other comprehensive income
436
449
13
Total comprehensive income
1 069
1 728
659
ASSETS
31 December
2024
restated
31 December
2024 original
Change
Total Shareholder's Equity
21 120
21 890
770
LIABILITIES
Total assets 182 922 183 672 750
Consolidated Statement of Financial Position (Data in million HUF)
Intangible assets | 991 | 991 | - |
Property, plant and equipment | 96 | 96 | - |
Right-of use assets | 444 | 444 | - |
Deferred tax asset | 544 | 486 | -58 |
Subsidiaries | - | - | - |
Investment in associates | 1 282 | 1 282 | - |
Insurance contract assets | 1 145 | 1 145 | - |
Reinsurance contract assets | 3 136 | 3 985 | 849 |
Investments for policyholders of unit-linked life insurance policies | 127 680 | 127 680 | - |
Financial asset - Investment contracts | 5 942 | 5 942 | - |
Financial asset - Derivatives | - | - | - |
Other financial assets at fair value | 38 395 | 38 395 | - |
Other assets and prepayments | 81 | 81 | - |
Other receivables | 589 | 548 | -41 |
Cash and cash equivalents | 2 597 | 2 597 | - |
Insurance contract liabilities | 149 816 | 149 816 | - |
Reinsurance contract liabilities | 386 | 366 | -20 |
Financial liabilities - Investment contracts | 5 942 | 5 942 | - |
Financial liabilities - Derivatives | 224 | 224 | - |
Lease liabilities | 470 | 470 | - |
Provisions | 339 | 339 | - |
Other liabilities | 4 588 | 4 588 | - |
Liabilities to shareholders | 37 | 37 | - |
Total Liabilities 161 802 161 782 -20 NET ASSETS 21 120 21 890 770 | |||
SHAREHOLDERS' EQUITY | |||
Share capital | 3 116 | 3 116 | - |
Capital reserve | 1 153 | 1 153 | - |
Treasury shares | -32 | -32 | - |
Share-based payment | - | - | - |
Other reserves | -484 | -491 | -7 |
Retained earnings | 17 367 | 18 144 | 777 |
ASSETS
31 December 31 December
2023 restated 2023 original
Change
LIABILITIES
Total assets 144 223 144 253 30
Share capital | 3 116 | 3 116 | - |
Capital reserve | 1 153 | 1 153 | - |
Treasury shares | -32 | -32 | - |
Share-based payment | - | - | - |
Other reserves | -920 | -940 | -20 |
Retained earnings | 19 833 | 19 967 | 134 |
(Data in million HUF)
Intangible assets | 934 | 934 | - |
Property, plant and equipment | 117 | 117 | - |
Right-of use assets | 271 | 271 | - |
Deferred tax asset | 474 | 337 | -137 |
Subsidiaries | - | - | - |
Investment in associates | 777 | 777 | - |
Insurance contract assets | 1 190 | 1 242 | 52 |
Reinsurance contract assets | 2 415 | 2 558 | 143 |
Investments for policyholders of unit-linked life insurance policies | 94 424 | 94 424 | - |
Financial asset - Investment contracts | 4 763 | 4 763 | - |
Financial asset - Derivatives | 130 | 130 | - |
Other financial assets at fair value | 35 979 | 35 979 | - |
Other assets and prepayments | 80 | 80 | - |
Other receivables | 177 | 149 | -28 |
Cash and cash equivalents | 2 492 | 2 492 | - |
Insurance contract liabilities | 110 375 | 110 220 | -155 |
Reinsurance contract liabilities | 305 | 376 | 71 |
Financial liabilities - Investment contracts | 4 763 | 4 763 | - |
Financial liabilities - Derivatives | - | - | - |
Lease liabilities | 314 | 314 | - |
Provisions | 262 | 262 | - |
Other liabilities | 5 021 | 5 021 | - |
Liabilities to shareholders | 33 | 33 | - |
Total Liabilities | 121 073 | 120 989 | -84 |
NET ASSETS | 23 150 | 23 264 | 114 |
SHAREHOLDERS' EQUITY |
Total Shareholder's Equity 23 150 23 264 114
Q4 2025 CHANGES IN THE ACCOUNTING POLICY
-
CHANGES IN THE 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
ASSETS
CIG Life Insurance segment
CIG Non-Life insurance segment
Other
Adjusting items of financial
statement deduction (consolidation)
Total
Total Assets 182 136 18 314 556 -8 070 192 936
Segment information Q1-Q4 2025 (Data in million HUF)
Intangible assets | 1 223 | 915 | - | - | 2 138 |
Property, plant and equipment | 98 | 6 | - | - | 104 |
Right-of-use assets | 321 | 226 | - | - | 547 |
Deferred tax assets | 393 | 187 | - | - | 580 |
Subsidiaries | 7 960 | - | - | -7 960 | - |
Associated companies | 51 | - | - | 980 | 1 031 |
Insurance contract assets | 976 | 4 | - | - | 980 |
Reinsurance contract assets | 635 | 3 724 | - | - | 4 359 |
Investments for policyholders of unit-linked life insurance policies | 135 308 | - | - | - | 135 308 |
Financial assets - Investments contracts | 5 391 | - | - | - | 5 391 |
Financial asset - Derivatives | 53 | 282 | - | - | 335 |
Other financial assets at fair value | 24 716 | 12 116 | - | - | 36 832 |
Other assets and prepayments | 57 | 18 | - | - | 75 |
Other receivables | 480 | 143 | - | 3 | 626 |
Treasury share | - | - | 175 | - 175 | - |
Receivables from associates | 53 | 495 | 370 | - 918 | - |
Cash and cash equivalents | 4 421 | 198 | 11 | - | 4 630 |
LIABILITIES
CIG Life Insurance segment
CIG Non-Life insurance segment
Other
Adjusting items of financial
statement deduction (consolidation)
Total
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 |
Share-based payments | 21 | 22 | - | - | 43 |
Other reserves | 9 | - 64 | - | - | - 55 |
Retained earnings | 17 429 | -5 197 | 322 | 8 771 | 21 325 |
(Data in million HUF)
Insurance contract liabilities | 149 727 | 7 053 | - | - | 156 780 |
Reinsurance contract liabilities | 74 | 153 | - | - | 227 |
Financial liabilities - Investment contracts | 5 391 | - | - | - | 5 391 |
Financial liabilities - Derivatives | 5 | - | - | - | 5 |
Loans and financial reinsurance | - | - | - | - | - |
Lease liabilities | 330 | 233 | - | - | 563 |
Provisions | 462 | 193 | - | - | 655 |
Other liabilities | 1 067 | 2 674 | 2 | - | 3 743 |
Intercompany payables | 496 | 52 | - | - 548 | - |
Liabilities to shareholders | 22 | - | - | - | 22 |
Total Liabilities | 157 574 | 10 358 | 2 | - 548 | 167 386 |
NET ASSETS | 24 562 | 7 956 | 554 | -7 522 | 25 550 |
Shareholder's equity |
Total shareholder's equity 24 562 7 956 554 -7 522 25 550
Consolidated statement of comprehensive income
CIG Life Insurance segment
CIG Non-Life insurance segment
Other
Adjusting items of financial statement deduction (consolidation)
Total
(Data in million HUF)
Insurance revenue | 15 793 | 17 326 | - | - | 33 119 |
Insurance service expenses | - 13 613 | - 13 581 | - | - | - 27 194 |
Reinsurance expense- allocation of premium | - 794 | -4 073 | - | - | -4 867 |
Amount recoverables from reinsurance | - 27 | 1 452 | - | - | 1 425 |
Insurance service result | 1 359 | 1 124 | - | - | 2 483 |
Interest income calculated using the effective interest method | 1 220 | 485 | - | - | 1 705 |
Investment income | 5 028 | 875 | - | -1 898 | 4 005 |
Impairment and reversed impairment of financial assets | 12 | 4 | - | - | 16 |
Investment expenses | -1 271 | - 745 | 37 | - 37 | -2 016 |
Yield on investment accounted for using equity method (profit) | 1 068 | - | - | - 251 | 817 |
Investment income | 6 057 | 619 | 37 | -2 186 | 4 527 |
Insurance financial result | -2 351 | 160 | - | - | -2 191 |
Reinsurance financial result | - 1 | 73 | - | - | 72 |
Change in the fair value of liabilities relating to investment contracts | - 133 | - | - | - | - 133 |
Financial results | -2 485 | 233 | - | - | -2 252 |
Premium and commission income from investment contracts | 93 | - | - | - | 93 |
Other operating costs | - 396 | - 242 | - 9 | 4 | - 643 |
Other (non-financial) income | 475 | 86 | 9 | - 232 | 338 |
Other (non-financial) expenses | - 563 | - 75 | - | 228 | - 410 |
Profit/loss before taxation | 4 540 | 1 745 | 37 | -2 186 | 4 136 |
Tax income / (expenses) | - 176 | - 83 | - | - | - 259 |
Deferred tax income / (expenses) | - 109 | 190 | - | - | 81 |
Total profit/loss after taxation | 4 255 | 1 852 | 37 | -2 186 | 3 958 |
OCI from change in fair value of other financial assets at fair value | 154 | 46 | - | - | 200 |
OCI from insurance contracts | - 41 | - 45 | - | - | - 86 |
OCI from reinsurance contracts | 33 | 8 | - | - | 41 |
Comprehensive income, would be reclassified to profit or loss in the future | 146 | 9 | - | - | 155 |
Comprehensive income, wouldn't be reclassified to profit or loss in the future | 274 | - | - | - | 274 |
Other comprehensive income | 420 | 9 | - | - | 429 |
Total comprehensive income | 4 675 | 1 861 | 37 | -2 186 | 4 387 |
ASSETS
CIG Life Insurance
segment
CIG Non-Life
insurance segment
Other
Adjusting items
of financial statement deduction (consolidation)
Total
Total Assets 168 574 19 508 528 - 5 688 182 922
Segment information 2024 Q1-Q4 (Data in million HUF)
Intangible assets | 673 | 318 | - | - | 991 |
Property, plant and equipment | 87 | 9 | - | - | 96 |
Right-of-use assets | 264 | 180 | - | - | 444 |
Deferred tax assets | 544 | - | - | - | 544 |
Subsidiaries | 6 077 | - | - | - 6 077 | - |
Associated companies | 51 | - | - | 1 231 | 1 282 |
Insurance contract assets | 1 120 | 25 | - | - | 1 145 |
Reinsurance contract assets | 699 | 2 437 | - | - | 3 136 |
Investments for policyholders of unit-linked life insurance policies | 127 680 | - | - | - | 127 680 |
Financial assets - Investments contracts | 5 942 | - | - | - | 5 942 |
Financial assets - Derivatives | - | - | - | - | - |
Other financial assets at fair value | 22 371 | 16 024 | - | - | 38 395 |
Other assets and prepayments | 55 | 26 | - | - | 81 |
Other receivables | 487 | 98 | 1 | 3 | 589 |
Treasury share | - | - | 176 | -176 | - |
Receivables from associates | 155 | 189 | 325 | -669 | - |
Cash and cash equivalents | 2 369 | 202 | 26 | - | 2 597 |
LIABILITIES
CIG Life Insurance
segment
CIG Non-Life
insurance segment
Other
Adjusting items
of financial statement deduction (consolidation)
Total
Total shareholder's equity 19 866 6 073 525 - 5 344 21 120
(Data in million HUF)
Insurance contract liabilities | 140 418 | 9 398 | - | - | 149 816 |
Reinsurance contract liabilities | 53 | 333 | - | - | 386 |
Financial Liabilities - Investment contracts | 5 942 | - | - | - | 5 942 |
Financial Liabilities - Derivatives | 224 | - | - | - | 224 |
Loans and financial reinsurance | - | - | - | - | - |
Lease liabilities | 279 | 191 | - | - | 470 |
Provisions | 303 | 36 | - | - | 339 |
Other liabilities | 1 263 | 3 322 | 3 | - | 4 588 |
Intercompany payables | 189 | 155 | - | -344 | - |
Liabilities to shareholders | 37 | - | - | - | 37 |
TOTAL LIABILITES | 148 708 | 13 435 | 3 | -344 | 161 802 |
NET ASSETS | 19 866 | 6 073 | 525 | - 5 344 | 21 120 |
Shareholder's Equity | |||||
Registered capital | 3 116 | 1 120 | 229 | - 1 349 | 3 116 |
Capital reserve | 4 019 | 12 075 | - | - 14 941 | 1 153 |
Treasury shares | -32 | - | - | - | -32 |
Share-based payments | - | - | - | - | - |
Other reserve | - 411 | - 73 | - | - | -484 |
Retained earnings | 13 174 | - 7 049 | 296 | 10 946 | 17 367 |
Consolidated statement of comprehensive income
CIG Life Insurance segment
CIG Non-Life insurance segment
Other
Adjusting items of financial statement deduction (consolidation)
Total
(Data in million HUF)
Insurance revenue | 14 896 | 12 613 | - | - | 27 509 |
Insurance service expenses | -12 378 | - 13 826 | - | - | -26 204 |
Reinsurance expense- allocation of premium | - 719 | - 3 801 | - | - | -4 520 |
Amount recoverables from reinsurance | 385 | 863 | - | - | 1 248 |
Insurance service result | 2 184 | - 4 151 | - | - | -1 967 |
Interest income calculated using the effective interest method | 1 275 | 594 | - | - | 1 869 |
Investment income | 24 894 | 533 | 300 | -317 | 25 410 |
Impairment and reversed impairment of financial assets | - | - 4 | - | - | -4 |
Investment expenses | -4 135 | - 141 | -368 | 3 791 | -853 |
Yield on investment accounted for using equity method (profit) | 555 | - | 15 | 490 | 1 060 |
Investment income | 22 589 | 982 | -53 | 3 964 | 27 482 |
Insurance financial result | -23 459 | - 186 | - | - | -23 645 |
Reinsurance financial result | 31 | 85 | - | - | 116 |
Change in the fair value of liabilities relating to investment contracts | -1 049 | - | - | - | -1 049 |
Financial results | -24 477 | - 101 | - | - | -24 578 |
Premium and commission income from investment contracts | 282 | - | - | - | 282 |
Other operating costs | - 219 | - 77 | -18 | 13 | -301 |
Other (non-financial) income | 427 | 76 | 18 | -401 | 120 |
Other (non-financial) expenses | - 768 | - 44 | - | 389 | -423 |
Profit/loss before taxation | 18 | - 3 315 | -53 | 3 965 | 615 |
Tax income / (expenses) | -36 | - | - | - | -36 |
Deferred tax income / (expenses) | 55 | - | - | - | 55 |
Total profit/loss after taxation | 37 | - 3 315 | -53 | 3 965 | 634 |
OCI from change in fair value of other financial assets at fair value | - 712 | - 114 | - | - | -826 |
OCI from insurance contracts | 473 | - 79 | - | - | 394 |
OCI from reinsurance contracts | 17 | 85 | - | - | 102 |
Comprehensive income, would be reclassified to profit or loss in the future | - 222 | - 108 | - | - | -330 |
Comprehensive income, wouldn't be reclassified to profit or loss in the future | 766 | - | - | - | 766 |
Other comprehensive income | 544 | - 108 | - | - | 436 |
Total comprehensive income | 581 | - 3 423 | -53 | 3 965 | 1 070 |
QUARTERLY REPORT
Q4 2025 NUMBER OF EMPLOYEES, OWNERSHIP STRUCTURE
- NUMBER OF EMPLOYEES, OWNERSHIP STRUCTURE
The number of employees at the members of the Group was 212 on 31 December 2025.
Composition of the Issuer's share capital (31 December 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 |
Series of shares
Number of shares Number of voting
issued
shares
Voting rights per share
Total voting rights
Number
of treasury shares
Number of voting rights connected to the shares (31 December 2025)
Series "A" | 94 428 260 | 94 428 260 | 1 | 94 428 260 | - |
Owners Number of shares Ownership stake Voting rights
The Issuer's ownership structure (31 December 2025)
Domestic private individual | 26 689 769 | 28.26% | 28.26% |
Domestic institution | 66 211 784 | 70.12% | 70.12% |
Foreign private individual | 100 736 | 0.11% | 0.11% |
Foreign institution | 42 152 | 0.04% | 0.04% |
Nominee, domestic private individual | 1 158 518 | 1.23% | 1.23% |
Nominee, foreign private individual | 169 947 | 0.18% | 0.18% |
Nominee, foreign institution | 43 789 | 0.05% | 0.05% |
Unidentified item | 11 565 | 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.
Name Registered seat The Issuer's share
The Issuer's investments on 31 December 2025
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% |