CIG Pannónia Életbiztosító : 2026. I. Quarterly Report (IFRS)

About this update from Cig Pannonia Life Insurance Plc

CIG PANNONIA LIFE INSURANCE PLC. REPORT QUARTERLY On the basis of the consolidated financial statements prepared according to the International Financial Reporting Standards adopted by the EU Q1 2026 27 May 2026, Budapest TABLE OF CONTENTS PREAMBLE 3 Summary 3 Financial statements 10 Restatement 16 Changes in the accounting policy 19 Operating segments 20 Number of employees, ownership structure 26 Information published in the period 27 Disclaimer 28 ‌PREAMBLE‌‌ The Issuer would like to draw the attention of Shareholders and other capital market actors to material changes affecting the quarterly report: In our 2025 Q4 report-under Section 3 "Restatement"-we informed our shareholders that we had modified our accounting policy regarding certain reinsurance settlements, which also affected the results for the first, second, and third quarters of the 2025 fiscal year. This modification did not affect our 2025 Q4 financial statements, as we have already reported them in accordance with the amended rules. This change also affects our results' year-over-year comparisons, thus the figures for 2025 Q1 in this flash report reflect the restated results. Based on the announcement 1 published by our Company on 17 September 2025 regarding the acquisition of a group insurance contracts portfolio, starting in 2026, we manage an insurance portfolio with characteristics differing significantly from those of previous portfolios, which motivated the creation of a new portfolio group. In the "Assistance" portfolio group, we present the performance of our insurance services available for unexpected life situations, regardless of the intermediary or the actual content of the policy. 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 first quarter of 2026 (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 quarter of 2026: Our consolidated technical result increased by HUF 707 million and reached HUF 994 million. Our profit after tax reached HUF 1,307 million, compared to HUF 468 in the last year. The improvement in insurance technical results had the greatest impact on growth. We achieved a significant improvement in our results despite a 12% decline in our consolidated premium income. In the first quarter of 2026 our total premium income was HUF 15 billion compared to last year's HUF 17 billion. We observed varying changes among the companies over the course of the year Life Insurance premiums decreased by 31%, while EMABIT premiums increased by 50%. Two portfolio groups played a key role in the HUF 2.7 billion decline of our premium income: a HUF 4.2 billion decrease in UL insurance (of which single-premium policies decreased by 3.5 billion forint) and a HUF 1.3 billion increase in corporate property insurance. The different channels contributed to varying degrees to the 12% decrease in premium income: the banking channel decreased their annual premium income from sold policies by 38%, the independent channel increased them by 5%, and the affinity (alternative) channel increased them by 55%. Our insurer's capital position is stable, our consolidated capital adequacy ratio is 225%. https://bse.hu/site/newkib/en/2025.09./Extraordinary_information_on_the_transfer_and_acquisition_of_insurance_portfolios_formed_by_group_ insurance_contracts_129319797 Drivers of the change in the GWP corporate property and liability products increased by HUF 1 289 million UL insurance by the banking channel and independent broker chanel decresed by HUF -4 176 million Our consolidated insurance technical result increased by HUF 707 million YoY amounting to HUF 994 million Our consolidated profit after tax is HUF 1 307 million 12% Our GWP decreased by in a year -31% Life insurer's premium +50% EMABIT's premium Konszolidált tőkemegfelelési mutatónk 225% Change in the performance of sales network +55% affinity (alternative) network +5% independent broker chanel -38% bank network - mainly because singe UL products sales decrease Interpretation of the results for 2026 Q1 Our consolidated after-tax profit in the first quarter of 2026 is HUF 1,307 million. Together with the data from the past two years, we present the progress in the figure below. 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. Quarterly profit after tax for the years 2026, 2025 and 2024 5000 4000 3000 millio HUF 2000 1000 0 0 0 0 Quarterly profit after tax for the years 2026, 2025 and 2024 3 367 1 576 1 672 1 021 1 228 634 1 307 2 140 3 069 2 048 3 958 590 -2 435 4000 3500 3000 2500 millio HUF 2000 1500 1000 500 472 468 0 -1000 -2000 -3000 Q1 Q2 Q3 Q4 2026 YTD 2024 PTD 2025 PTD 2026 PTD 2024 YTD 2025 YTD PTD: period-to-date, YTD: year-to-date -500 -1000 -1500 -2000 The improvement in insurance technical results had the greatest impact on the change in net income this quarter: Change of profit after tax, 2026 Q1 vs 2025 Q1 Change of profit after tax, 2026 Q1 vs 2025 Q1 + 839 m + 179 % 269 9 1 307 468 - 146 707 2000 1800 1600 1400 millio HUF 1200 1000 800 600 400 200 0 PAT 2025Q1 Ins. tech. Earnings Other Earnings Fund Manager's Earnings Taxes PAT 2026Q1 PAT: Profit after tax For an easier interpretation of our results shown in the figure above, we divided our net income into four distinct business segments: (i) insurance technical result, the change in which we also analyse by portfolio group, thereby ensuring the transparency of our performance; (ii) other results, which category includes income and expenses other than those related to investment income and insurance technical results; (iii) the current annual result attributable to our Company from MBH Fund Management Ltd.; (iv) tax items. The table below summarizes the breakdown of the results of the four segments mentioned above along the key line items of the Statement of Comprehensive Income detailed in Part 2 of our report, including the year-over-year changes. We interpret the results according to the four mentioned segments; however, we would like to emphasize that these are aggregated values from multiple lines of the income statement. We believe that an aggregated interpretation of the results-linked to the total of the individual lines in the table below-can provide a more complete picture of the Company's performance, since, in accordance with applicable accounting rules, the impact of events, that are economically and logically related, on the results must be disclosed across multiple line items, which in some cases makes understanding difficult. Insurance services result 998 998 - 225 225 - 773 773 - Investment result - 1 000 - 1 591 394 1 527 1 215 124 - 2 527 - 2 806 269 Financial result 1 587 1 587 - - 1 152 - 1 152 - 2 739 2 739 - Other items total - 101 - - 101 - 101 - - 101 - - - Profit/loss before taxation 1 484 499 985 Tax income / (expenses) - 133 - - - 32 - - - 101 - - Deferred tax income / (expenses) - 44 - - 1 - - - 45 - - Total profit/loss after taxation 1 307 468 839 of which: Insurance technical result - 994 - - 287 - - 707 - Other results - - 293 - - 24 - - 269 Fund Manager's result 197 - - 188 - - 9 - - Taxes - 177 - - - 31 - - - 146 - - Total profit/loss after taxation 1307 468 839 technical ther resu (C)-(F) result (B)-(E) Change in Insurance Change in technical Other result Change in Profit/ loss after taxation (A)-(D) (F) restated (E) result restated taxation restated (D) Insurance 2025 Q1 O lt oss afte Profit/ l r 2026 Q1 Other result (C) 2025 Q1 2025 Q1 2026 Q1 Insurance technical result (B) 2026 Q1 Profit/ loss after taxation (A) The HUF 707 million increase in our insurance technical profit by portfolio group developed as follows: Change of Insurance Technical Eranings by Portfolio-groups 2026 Q1 vs 2025 Q1 + 707 m + 246 % 694 83 32 994 - 17 287 85 8 - 35 76 89 - 209 - 68 - 30 1400 1200 1000 millio HUF 800 600 400 200 ITE 25Q1 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. Assistance ITE 26Q1 0 ITR: Insurance Technical Result Group life, accident and health products (annual profit improvement: HUF 85 million): The increase in profit was primarily due to a one-time impact on the result stemming from the accounting treatment of the acquisition of portfolios-specifically the portion belonging to this portfolio group-taken over from several insurance companies at the beginning of the year, which arose from the recognition of the fair value of the portfolios in our books. Individual accident and health insurance products (annual profit decline: HUF 35 million): The Insurer's profitable individual accident insurance portfolio includes the Company's Bajtárs and Egészségvízum products, the decline in result can be attributed to two main factors: (i) the increase of the claims ratio caused a decline in profit compared to last year; (ii) in addition, a release of claims reserves took place in the first quarter of 2025, which was not possible this year, so the resulting one-time effect causes a decline in profit in the year-over-year comparison. Single premium UL products (annual profit improvement: HUF 8 million): Despite declining premiums, the slight improvement in the portfolio group's results was driven by a higher service margin (CSM) release and an improvement in the claims ratio. Regular premium UL products (annual profit decline: HUF 209 million): The decline in result can be attributed to two factors: (i) in the first quarter of 2026 we did not achieve the returns projected for the products at the beginning of the year, resulting in a decrease in the Insurer's result. The decline in returns is due to the depreciation of the assets underlying the investment funds as a result of global economic expectations and changes; (ii) at the end of 2025, changes in financial assumptions caused a decrease in the service margin (CSM), which reduced the value attributable to the first quarter of 2026 and, consequently, the result. Traditional regular premium savings products (annual profit improvement: HUF 76 million): Due to changes in the yield environment, we released the so-called loss component-the total of expected losses for future periods-recognized in previous periods for certain contract groups, which led to an improving result this quarter. Risk life insurance products (annual profit improvement: HUF 89 million): Actual premium payments exceeded the projected premium payments for this quarter in the portfolio, which positive experience adjustment increases the CSM and, consequently, the profit for the quarter. Credit coverage insurance and account protection products (annual profit decline: HUF 68 million): The decline in earnings is due to an increase in the claims ratio of the portfolio family compared to last year. Vehicle insurance products (annual profit decline: HUF 30 million): The decline in profit for this portfolio family was also caused by a slight increase in claims ratios. Corporate property insurance products (annual profit improvement: HUF 694 million): The significant increase in result for this product group is due to two factors: (i) the insurance portfolio is growing steadily; (ii) in the current period, we recognized proportionally more revenue compared to the same period a year ago, the loss ratio increased as a result of a major claim event in the previous quarter, so we utilized a larger portion of the portfolio group's profit in the first quarter. Suretyship insurance products (annual profit decline: HUF 17 million): No event similar to the recognition of unrealized foreign exchange gains reported last year occurred in 2026, as exchange rates-despite significant fluctuations during the period-changed only slightly when viewed over the entire period. Retail property insurance products (annual profit improvement: HUF 83 million): There are essentially two factors behind the improvement in results: (i) the portfolio is growing steadily, thereby its cost-bearing capacity improves; (ii) since the beginning of the year, the proportion of expenses arising from reinsurance contracts covering certain risks within the portfolio group has decreased, which has improved the results. Assistance products (annual profit improvement: HUF 32 million): The products newly added to the portfolio have a positive profit contribution, thus their result is positive as well. There are three main reasons for the HUF 269 million increase in the profit of other results: (i) In the first quarter of 2025, a hedging transaction related to the HUF 100 million unrealized foreign exchange gain reported in the insurance technical result for suretyship products resulted in a loss of the same amount within other results, which did not recur in 2026 due to smaller fluctuations in exchange rates between the beginning and end of the period; (ii) higher benchmark yields resulted in an additional profit of HUF 50 million compared to 2025 (iii) in the first quarter of last year, the reallocation of investments due to the extra-profit tax resulted in a loss of HUF 70 million-which turned into a profit by the end of last year-, however, no similar event occurred in 2026. The HUF 146 million decline in result stemming from higher tax rates is a consequence of the higher result. Premium income From 2022, our fee income grew dynamically until the end of 2024, however, our premium growth rate has slowed in 2025. The main reason for the 12% decline in premiums this quarter is the absence of last year's beginning's single-premium UL insurance contracts, which was caused last year by the largely unique financial market conditions prevailing at that time; however, those conditions did not recur this year. Quarterly Premium Income 2022 Q1 - 2026 Q1 - 11,7 % 17,071 16,988 15,916 14,509 14,999 13,647 13,448 13,441 12,119 10,612 10,855 11,324 10,203 8,850 7,957 7,516 7,015 20000 18000 16000 million HUF 14000 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 2026 Q1 We have highlighted the growth in our premium income over the past two years in a separate chart. This chart, along with the following analysis of premium income at the portfolio group level, shows that the decline is primarily attributable to a decrease in premiums from UL policies, specifically single-premium UL policies. This HUF 4.2 billion decrease was partially offset by a HUF 1.3 billion increase in corporate property insurance premiums and a HUF 440 million increase in credit coverage insurance premiums. Our strategic goal is to offset the impact of changes in the life insurance market by introducing products and services in the non-life insurance market that meet both profitability and prudential requirements. This is also reflected in the 50% annual growth rate of premiums at the Group's EMABIT company. Quarterly Premium Income in 2026, 2025, and 2024 70000 70000 59 794 46 353 57 347 32 904 40 275 26 628 16 988 12 119 14 999 14 509 15 916 13 647 13 448 17 071 13 441 60000 50000 60000 50000 million HUF 40000 40000 30000 20000 10000 30000 20000 10000 0 0 Q1 Q2 Q3 Q4 YTD - 2026 PTD - 2024 PTD - 2025 PTD - 2026 YTD - 2024 YTD - 2025 PTD: period-to-date, YTD: year-to-date Change in Premium Income by Portfolio Group, 2026 Q1 vs 2025 Q1 - 1 989 m - 11,7 % 16 988 32 -52 1 289 202 160 14 999 -7 -3 489 52 440 132 -686 -62 20000 19000 18000 17000 million HUF 16000 15000 14000 13000 12000 Premium income 2025 Q1 Group products Individual produc ts Single premium UL prod. Regular premium UL pr. Trad. regular prem. sav. Risk life insuranc e prod. Credit coverage ins. Motor insurance Corporate proper ty ins. Suretyship ins. pr od. Retail property ins. prod. Assistance Premium income 2026 Q1 11000 ‌MAIN EVENTS AND RESULTS OF THE REPORTING PERIOD (REFERENCE PERIOD, Q1) IN THE TIMELINE OF CAPITAL DISCLOSURES AND PREVIOUS EVENTS‌ Company and group level events in the period covered by the Report, closure of the fourth quarter of the financial year 2025 Following the Board of Directors meeting held on 21 January 2026, our Company immediately announced that it had elected Dr. István Fedák, who had previously been approved by the Hungarian National Bank as a member of the Board of Directors 2 , as its new Chairman. The Board's decision regarding the position of Chairman was based on a change in the Company's management 3 . Development in the handling of the so-called Italian cases CIG Pannónia Life Insurance Plc. - following up on its previous announcement 5 - issued a statement on 16 February 2026 regarding another significant step in its efforts to fully resolve the so-called Italian cases related to the operations of its subsidiary, CIG Pannónia First Hungarian General Insurer cPlc. (EMABIT), and collectively, at the consolidated level, to the operations of the CIG Pannónia Group (the Group). This step concerned a damages claim representing nearly 70% of the total value of the outstanding claims under litigation, in which our Company secured an out-of-court final settlement agreement leading to a payment obligation amounting to less than 65% of the principal claim, terminating the lawsuit and precluding the plaintiff's further claims. Prior to reaching the settlement, EMABIT evaluated the evidence gathered in the relevant case and in other related proceedings, as well as the interim findings of relevant proceedings, and, in light of this information, sought the opinion of an external Italian legal expert regarding the likely outcome of the litigation 6 . In connection with the agreement, our Company emphasized that EMABIT and the CIG Pannónia Group are committed to fully resolving the legal disputes arising from commitments made by the previous management, while giving the utmost consideration to the interests of the owners. In this process, management views the reached agreement and the settlement of the underlying claim as a milestone toward the final and comprehensive resolution of all litigation claims, which was achieved in line with the provisions formed for the claims. On 7 May 2026, CIG Pannónia Life Insurance Plc. announced in an extraordinary information that it had fulfilled its obligations under the agreement 7 . Reference to the Company's other disclosures Our company made a decision at the group level and immediately announced on 24 February 2026, its joint sponsorship 8 of Veszprém Handball Team Zrt. (Sponsored) for a fixed term ending on 31 December 2026, in the total amount of HUF 100,000,000 (one hundred million) + VAT. The sponsorship was undertaken with the overall aim of increasing brand awareness for CIG Pannónia Insurers, supporting brand building and the introduction of the new brand, enhancing national and international visibility. On 17 March 2026 we announced that in the EU open tender issued by the Ministry of National Economy for "Child and Youth Accident Insurance 2026" Groupama Biztosító Zrt. and the Company had submitted a joint bid that was selected as the winning bid based on the evaluation criteria. The total annual premium for the contract is HUF 125,040,084 per year. CIG Pannónia Life Insurer Plc. By its decision No. H-EN-II-78/2022, dated 3 May 2022, the Hungarian National Bank authorized Dr. István Fedák, as a senior executive, to serve as a member of the Board of Directors ( https://bse.hu/site/newkib/en/2022.05./EXTRAORDINARY_INFORMATION_on_the_approval_of_the_appointment_of_a_board_ member_128722271) https://bse.hu/site/newkib/en/2025.11./Extraordinary_Information_on_the_resignation_of_a_senior_person129358702 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/2025.10./Information_on_the_exposure_arising_from_Italian_matters_of_CIG_Pannonia_Life_Insurance_Plc_consolidated_ subsidiary_129337238 https://bse.hu/site/newkib/en/2026.02./Information_on_the_exposure_arising_from_Italian_matters_of_CIG_Pannonia_Life_Insurance_Plc_consolidated_ subsidiary_2 129398710 https://bse.hu/site/newkib/en/2026.05./Managing_exposures_arising_from_Italian_matters_129458165 https://bse.hu/site/newkib/en/2026.02./Information_regarding_the_sponsorship_agreement_concluded_between_CIG_Pannonia_Group_and_Veszprem_ Handball_Team_Zrt._129403921 FINANCIAL STATEMENTS Consolidated Statement of Comprehensive Income - cumulated data data in million HUF 2026 Q1 2025 Q1- Q4 (A) (B) 2025 Q1 (C) restated Change (A)-(C) Insurance Revenue 9 492 33 119 7 428 2 064 Insurance service expenses - 7 731 - 27 194 - 6 064 - 1 667 Reinsurance expense - allocation of premium - 1 567 - 4 867 - 1 707 140 Amount of recoverables from reinsurance 804 1 425 568 236 Insurance service result 998 2 483 225 773 Interest income calculated using the effective interest method 458 1 705 429 29 Investment income 244 4 005 953 - 709 Impairment and impairment reversal of financial assets - 6 16 7 - 13 Investment expenses - 1 893 - 2 016 - 50 - 1 843 Yield on investment accounted for using equity method (profit) 197 817 188 9 Investment income - 1 000 4 527 1 527 - 2 527 Insurance financial result 1 498 - 2 191 - 1 150 2 648 Reinsurance financial result 27 73 16 11 Change in the fair value of liabilities relating to investment contracts 62 - 133 - 18 80 Financial result 1 587 - 2 251 - 1 152 2 739 Premium and commission income from investment contracts 12 93 29 - 17 Other operating costs - 134 - 644 - 87 - 47 Other (non-financial) income 46 294 13 33 Other (non-financial) expenses - 25 - 366 - 56 31 Profit/Loss before taxation 1 484 4 136 499 985 Tax income/expenses - 133 - 259 - 32 - 101 Deferred tax income/expenses - 44 81 1 - 45 Profit/Loss after taxation 1 307 3 958 468 839 OCI from change in fair value of other financial assets at fair value - 429 200 - 318 - 111 OCI from insurance contracts 32 - 86 254 - 222 OCI from reinsurance contracts - 19 41 22 - 41 Comprehensive income, would be reclassified to profit or loss in the future - 416 155 - 42 - 374 Comprehensive income, wouldn't be reclassified to profit or loss in the future - 501 274 274 - 775 Other comprehensive income - 917 429 232 - 1 149 Total comprehensive income 390 4 387 700 - 310 2026 Q1 (A) 2025 Q1-Q4 (B) 2025Q1 (C) restated Change (A)-(C) Consolidated Statement of Comprehensive Income - cumulated data (cont.) data in million HUF Profit/loss after taxation attributable to the Company's shareholders 1 307 3 958 468 Weighted average number of shares 93 954 254 93 954 254 93 954 254 EPS (basic) 13.9 42.1 5.0 8.9 Profit/loss after taxation attributable to the Company's shareholders 1 307 3 958 468 Weighted average number of shares 94 428 260 94 428 260 94 428 260 EPS (diluted) 13.8 41.9 5.0 8.9 Date Issued ordinary shares (no.) Treasury shares (no.) Days Weighted average number of shares Number of average shares used to calculate earnings per share 31.12.2025 94 428 260 474 006 90 93 954 254 31.03.2026 94 428 260 474 006 90 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. 167 602 25 917 SHAREHOLDERS' EQUITY LIABILITIES Total Assets 193 519 192 936 188 394 5 125 Total Shareholder's Equity 25 917 25 550 21 820 4 097 1 028 4 097 166 574 21 820 167 386 25 550 Total Liabilities Net Assets Change (A)-(C) tated 2025 res (C) 31 March 31 December 2025 (B) 31 March 2026 (A) ASSETS Consolidated Statement of Financial Position data in million HUF Intangible Assets 2 321 2 138 1 240 1 081 Property, plant and equipment 109 104 101 8 Right-of use assets 588 547 586 2 Deferred tax asset 615 580 546 69 Investment in associates 1 229 1 031 1 470 - 241 Insurance contract assets 1 910 980 1 059 851 Reinsurance contract assets 4 192 4 359 3 004 1 188 Investments for policyholders of unit-linked life insurance policies 132 182 135 308 131 447 735 Financial asset - Investment contracts 4 973 5 391 5 790 - 817 Financial asset - derivatives 39 335 166 - 127 Other financial assets at fair value 41 973 36 832 40 270 1 703 Other assets and prepayments 182 75 91 91 Other receivables 752 626 819 - 67 Cash and cash equivalents 2 454 4 630 1 805 649 Insurance contract liabilities 155 903 156 780 154 528 1 375 Reinsurance contract liabilities 883 227 392 491 Financial liabilities -Investment contracts 4 973 5 391 5 790 - 817 Financial liabilities-derivatives 43 5 - 43 Lease liabilities 607 563 606 1 Provisions 636 655 465 171 Other liabilities 4 535 3 743 4 757 - 222 Liabilities to shareholders 22 22 36 - 14 Share capital 3 116 3 116 3 116 - Capital reserve 1 153 1 153 1 153 - Treasury shares - 32 - 32 - 32 - Share-based payments 20 43 - 20 Other reserves - 972 - 55 - 252 - 720 Retained earnings 22 632 21 325 17 835 4 797 equity reholders ' Total sha Retained earnings Treasury Other shares reserves aymen based p t Share- Capital reserve Share capital Consolidated Changes in Equity Q1 2026 data in million HUF Balance on 31 December 2025 (restated) 3 116 1 153 43 -32 -55 21 325 25 550 Total Comprehensive income Other comprehensive income - - - - - 917 - - 917 Profit in reporting year - - - - - 1 307 1 307 Transactions with equity owners, recognized directly in equity Share-based payments - - -23 - - - -23 Balance on 31 March 2026 3 116 1 153 20 - 32 - 972 22 632 25 917 equity reholders ' Total sha Retained earnings Treasury Other shares reserves aymen based p t Share- Capital reserve Share capital Consolidated Changes in Equity Q1 2025 restated data in million HUF Balance on 31 December 2024 (restated) 3 116 1 153 - -32 - 484 17 367 21 120 Total comprehensive income Other comprehensive income (restated) - - - - 232 - 232 Profit in reporting year (restated) - - - - - 468 468 Balance on 31 March 2026 (restated) 3 116 1 153 - - 32 - 252 17 835 21 820 Consolidated Statement of Cash Flows data in million HUF 2026 Q1 2025 Q1-Q4 2025 Q1 restated Profit/loss after taxation 1 307 3 958 468 Modifying items Depreciation and amortisation 184 531 129 Unplanned depreciation, assets written off - 1 - 2 - Booked/reversed impairment, debt cancelled 6 - 16 - 7 Result of assets sales - 93 - 184 - 114 Share-based payment - 23 43 - Exchange rate changes - 73 830 443 Share of the profit or loss of associates accounted for using the equity method - 197 - 854 - 188 Deferred tax 46 - 78 - 1 Income taxes 133 259 32 Income on interest - 458 - 1 705 - 429 Result of derivatives - 29 - 905 - 285 Provisions - 18 316 126 Dividend received - - 103 - Termination of leasing assets 2 - 26 - 17 Interest cost 8 30 7 Change of active capital items: Increase / decrease of investments for policyholders of unit-linked life insurance policies (-/+) 3 126 - 7 628 -3 767 Increase / decrease of financial assets - investment contracts (-/+) 418 551 152 Increase / decrease assets resultant of reinsurance (-/+) 148 - 1 182 154 Increase / decrease of other assets and active accrued and deferred items (-/+) - 393 - 321 - 149 Increase / decrease of liabilities resultant of reinsurance (-/+) 656 - 159 6 Increase / decrease of insurance contract liabilities (+/-) - 846 6 877 4 966 Increase / decrease of investment contracts (+/-) - 418 - 551 - 152 Increase / decrease of insurance contracts assets (+/-) - 930 165 86 Increase / decrease of other liabilities (+/-) 798 - 796 173 Increase / decrease capital owner liability (+/-) - - 15 - Paid income taxes 26 31 - 124 Cash flows from operating activities 3 377 - 934 1 509 ‌Consolidated Statement of Cash Flows continuation‌ data in million HUF Cash flow from investing activities 2026 Q1 2025 Q1-Q4 2025 Q1 restated Purchase of debt instruments (-) - 30 583 - 184 864 - 47 801 Sales of debt instruments (+) 24 840 186 334 45 811 Purchase of tangible and intangible assets (-) - 326 - 1 501 - 335 Sales of tangible and intangible assets (+) 2 - 1 - Result of derivatives 364 351 - 106 Interest received 162 1 417 127 Dividend received - 1 207 - Cash flow from investing activities - 5 542 2 944 -2 304 Cash flow from financing activities Interest paid - 8 - 30 - 7 Lease instalments payment - 35 - 111 - 23 Lease interest payment - 11 - 39 - 8 Cash flow from financing activities - 54 - 181 - 38 Impacts of exchange rate changes and interests 42 204 40 Net increase / decrease of cash and cash equivalents (+/-) - 2 176 2 033 - 793 - - Cash and cash equivalents at the beginning of the period 4 630 2 597 2 597 Cash and cash equivalents at the end of the period 2 454 4 630 1 805 RESTATEMENT During the 2025 year-end closing process, the Insurer has reviewed the accounting treatment of profit sharing related to its reinsurance contracts held in accordance with IFRS 17 and IFRS TRG AP3 guidance. The annual figures for 2025 were prepared in accordance with the revised methodology. 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 realized 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 recognized 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 realized 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 recognized 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 the first quarter of 2025, and the consolidated statement of financial position as of 31 March 2026, according to the originally published and the restated methods. Consolidated statement of comprehensive income 2025 Q1 restated 2025 Q1 original Change data in million HUF Insurance revenue 7 428 7 428 - Insurance service expenses - 6 064 - 6 045 19 Reinsurance expense - allocation of premium - 1 707 - 1 686 21 Amount recoverables from reinsurance 568 848 280 Insurance service result 225 545 320 Interest income calculated using the effective interest method 429 429 - Investment income 953 953 - Impairment and reversed impairment of financial assets 7 7 - Investment expenses -50 -50 - Yield on investment accounted for using equity method (profit) 188 188 - Investment income 1 527 1 527 - Insurance financial result - 1 150 - 1 137 13 Reinsurance financial result 16 44 28 Change in the fair value of liabilities relating to investment contracts -18 -18 - Financial results - 1 152 - 1 111 41 Premium and commission income from investment contracts 29 29 - Other operating costs -87 -87 - Other (non-financial) income 13 13 - Other (non-financial) expenses -56 -55 1 Profit/loss before taxation 499 861 362 Tax income / (expenses) -32 -57 -25 Deferred tax income / (expenses) 1 1 - Total profit/loss after taxation 468 805 337 OCI from change in fair value of other financial assets at fair value -318 -318 - OCI from insurance contracts 254 223 -31 OCI from reinsurance contracts 22 -16 -38 Comprehensive income, would be reclassified to profit or loss in the future -42 -111 -69 Comprehensive income, wouldn't be reclassified to profit or loss in the future 274 274 - Other comprehensive income 232 163 -69 Total comprehensive income 700 968 268 ASSETS 31 March 2025 restated 31 March 2025 original Change Total Liabilities NET ASSETS 166 574 21 820 166 601 22 858 27 1 038 Total Shareholder's Equity 21 820 22 858 1 038 LIABILITIES Total assets 188 394 189 459 1 065 SHAREHOLDERS' EQUITY ‌Consolidated statement of financial position data in million HUF ‌ Intangible assets 1 240 1 240 - Property, plant and equipment 101 101 - Right-of use assets 586 586 - Deferred tax asset 546 488 -58 Subsidiaries - - - Investment in associates 1 470 1 470 - Insurance contract assets 1 059 1 059 - Reinsurance contract assets 3 004 4 185 1 181 Investments for policyholders of unit-linked life insurance policies 131 447 131 447 - Financial asset - Investment contracts 5 790 5 790 - Financial asset - Derivatives 166 166 - Other financial assets at fair value 40 270 40 270 - Other assets and prepayments 91 91 - Other receivables 819 761 -58 Cash and cash equivalents 1 805 1 805 - Insurance contract liabilities 154 528 154 528 - Reinsurance contract liabilities 392 394 2 Financial liabilities - Investment contracts 5 790 5 790 - Financial liabilities - Derivatives - - - Lease liabilities 606 606 - Provisions 465 465 - Other liabilities 4 757 4 782 25 Liabilities to shareholders 36 36 - Share capital 3 116 3 116 - Capital reserve 1 153 1 153 - Treasury shares -32 -32 - Share-based payment - - - Other reserves -252 -328 -76 Retained earnings 17 835 18 949 1 114 ‌Q1 2026 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 (c ) Total onsolidation Total Assets 181 452 19 681 427 -8 041 193 519 Segment information 2026 Q1 data in million HUF Intangible assets 1 309 1 012 - - 2 321 Property, plant and equipment 102 5 2 - 109 Right-of-use assets 362 226 - - 588 Deferred tax assets 419 196 - - 615 Subsidiaries 8 429 - - -8 429 - Associated companies 52 - - 1 177 1 229 Insurance contract assets 1 424 486 - - 1 910 Reinsurance contract assets 532 3 660 - - 4 192 Investments for policyholders of unit-linked life insurance policies 132 182 - - - 132 182 Financial assets - Investments contracts 4 973 - - - 4 973 Financial asset - Derivatives - 39 - - 39 Other financial assets at fair value 28 867 13 106 - - 41 973 Other assets and prepayments 121 61 - - 182 Other receivables 556 193 - 3 752 Treasury share - - 138 - 138 - Receivables from associates 156 219 279 - 654 - Cash and cash equivalents 1 968 478 8 - 2 454 ASSETS CIG Life Insurance segment CIG Non-Life insurance segment Other Adjusting items of financial statement deduction (c ) Total onsolidation LIABILITIES Total Liabilities NET ASSETS 156 714 24 738 11 257 8 424 6 421 - 375 -7 666 167 602 25 917 Shareholder's equity CIG Life Insurance segment CIG Non-Life insurance segment Other Adjusting items of financial statement deduction (consolidation) Total Total shareholder's equity 24 738 8 424 421 -7 666 25 917 Segment information 2026 Q1 data in million HUF Insurance contract liabilities 148 214 7 689 - - 155 903 Reinsurance contract liabilities 493 390 - - 883 Financial liabilities - Investment contracts 4 973 - - - 4 973 Financial liabilities - Derivatives 43 - - - 43 Loans and financial reinsurance - - - - - Lease liabilities 374 233 - - 607 Provisions 443 193 - - 636 Other liabilities 1 933 2 596 6 - 4 535 Intercompany payables 219 156 - - 375 - Liabilities to shareholders 22 - - - 22 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 10 10 - - 20 Other reserves - 824 - 148 - - - 972 Retained earnings 18 449 -4 633 189 8 627 22 632 Insurance revenue 4 104 5 388 - - 9 492 Insurance service expenses -3 584 -4 147 - - -7 731 Reinsurance expense- allocation of premium - 178 -1 389 - - -1 567 Amount recoverables from reinsurance 162 642 - - 804 Insurance service result 504 494 - - 998 Interest income calculated using the effective interest method 329 129 - - 458 Investment income 679 41 - - 476 244 Impairment and reversed impairment of financial assets - 7 1 - - - 6 Investment expenses -1 909 9 - 128 135 -1 893 Yield on investment accounted for using equity method (profit) - - - 197 197 Investment income - 908 180 - 128 - 144 -1 000 Insurance financial result 1 537 - 39 - - 1 498 Reinsurance financial result 3 24 - - 27 Change in the fair value of liabilities relating to investment contracts 62 - - - 62 Financial results 1 602 - 15 - - 1 587 Premium and commission income from investment contracts 12 - - - 12 Other operating costs - 85 - 44 - 7 2 - 134 Other (non-financial) income 205 7 2 - 168 46 Other (non-financial) expenses - 186 - 5 - 166 - 25 Profit/loss before taxation 1 144 617 - 133 - 144 1 484 Tax income / (expenses) - 68 - 65 - - - 133 Deferred tax income / (expenses) - 56 12 - - - 44 Total profit/loss after taxation 1 020 564 - 133 - 144 1 307 OCI from change in fair value of other financial assets at fair value - 319 - 110 - - - 429 OCI from insurance contracts 21 11 - - 32 OCI from reinsurance contracts - 35 16 - - - 19 Comprehensive income, would be reclassified to profit or loss in the future - 333 - 83 - - - 416 Comprehensive income, wouldn't be reclassified to profit or loss in the future - 501 - - - - 501 Other comprehensive income - 834 - 83 - - - 917 Total comprehensive income 186 481 - 133 - 144 390 Consolidated statement of comprehensive income CIG Life Insurance segment CIG Non-Life insurance segment Other Adjusting items of financial statement deduction (consolidation) Total Segment information 2025 Q1 restated data in million HUF Intangible assets 786 454 - - 1 240 Property, plant and equipment 93 8 - - 101 Right-of-use assets 361 225 - - 586 Deferred tax assets 546 - - - 546 Subsidiaries 5 901 - - - 5 901 - Associated companies 52 - - 1 418 1 470 Insurance contract assets 1 045 14 - - 1 059 Reinsurance contract assets 636 2 368 - - 3 004 Investments for policyholders of unit-linked life insurance policies 131 447 - - - 131 447 Financial assets - Investments contracts 5 790 - - - 5 790 Financial assets - Derivatives 109 57 - - 166 Other financial assets at fair value 24 056 16 214 - - 40 270 Other assets and prepayments 56 35 - - 91 Other receivables 698 117 1 3 819 Treasury share - - 170 -170 - Receivables from associates 171 173 311 -655 - Cash and cash equivalents 1 614 165 26 - 1 805 154 528 LIABILITIES - 144 905 Total Assets 173 361 19 830 508 - 5 305 188 394 Insurance contract liabilities 9 623 - - -343 - 169 174 Intercompany payables 4 757 - 3 3 519 1 235 Other liabilities 465 - - 36 429 Provisions 606 - - 233 373 Lease liabilities 5 790 - - - 5 790 Financial Liabilities - Investment contracts 392 - - 353 39 Reinsurance contract liabilities 36 - 36 Liabilities to shareholders - - TOTAL LIABILITES 152 981 13 933 3 -343 166 574 NET ASSETS 20 380 5 897 505 - 4 962 21 820 ASSETS CIG Life Insurance segment CIG Non-Life insurance segment Other Adjusting items of financial statement deduction (consolidation) Total 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 - 150 - 102 - - -252 Retained earnings 13 427 - 7 196 276 11 328 17 835 Shareholder's Equity CIG Life Insurance segment CIG Non-Life insurance segment Other Adjusting items of financial statement deduction (consolidation) Total Total shareholder's equity 20 380 5 897 505 - 4 962 21 820 ‌Insurance revenue‌ 3 945 3 483 - - 7 428 Insurance service expenses -3 157 - 2 907 - - -6 064 Reinsurance expense- allocation of premium - 169 - 1 538 - - -1 707 Amount recoverables from reinsurance -69 637 - - 568 Insurance service result 550 - 325 - - 225 Interest income calculated using the effective interest method 278 151 - - 429 Investment income 1 016 - 63 - - 953 Impairment and reversed impairment of financial assets 6 1 - - 7 Investment expenses - 255 28 -18 195 -50 Yield on investment accounted for using equity method (profit) - - - 188 188 Investment income 1 045 117 -18 383 1 527 Insurance financial result -1 221 71 - - -1 150 Reinsurance financial result - 16 - - 16 Change in the fair value of liabilities relating to investment contracts -18 - - - -18 Financial results -1 239 87 - - -1 152 Premium and commission income from investment contracts 29 - - - 29 Other operating costs -66 - 20 -3 2 -87 Other (non-financial) income 88 1 1 -77 13 Other (non-financial) expenses - 126 - 6 - 76 -56 Profit/loss before taxation 281 - 146 -20 384 499 Tax income / (expenses) -32 - - - -32 Deferred tax income / (expenses) 1 - - - 1 Total profit/loss after taxation 250 - 146 -20 384 468 OCI from change in fair value of other financial assets at fair value - 276 - 42 - - -318 OCI from insurance contracts 258 - 4 - - 254 OCI from reinsurance contracts 5 17 - - 22 Comprehensive income, would be reclassified to profit or loss in the future -13 - 29 - - -42 Comprehensive income, wouldn't be reclassified to profit or loss in the future 274 - - - 274 Other comprehensive income 261 - 29 - - 232 Total comprehensive income 511 - 175 -20 384 700 Consolidated statement of comprehensive income CIG Life Insurance segment CIG Non-Life insurance segment Other Adjusting items of financial statement deduction (consolidation) Total ‌Q1 2026 NUMBER OF EMPLOYEES, OWNERSHIP STRUCTURE‌ NUMBER OF EMPLOYEES, OWNERSHIP STRUCTURE The number of employees at the members of the Group was 207 on 31 March 2026.. Series of shares Nominal value Issued number Total nominal (HUF/each) of shares value (HUF) Amount of share capital - - 3 116 132 580 Composition of the Issuer's share capital (31 March 2026) Series "A" 33 94 428 260 3 116 132 580 of this: treasury share - - - Series of shares Number of s ued hares iss Number of voting shares Voting rights per share Total voting rights Number of t reasury shares Number of voting rights connected to the shares (31 March 2026) 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 March 2026) Domestic private individual 27 508 836 29,13% 29,13% Domestic institution 66 536 771 70,46% 70,46% Foreign private individual 98 090 0,10% 0,10% Foreign institution 43 160 0,05% 0,05% Nominee, domestic private individual - 0,00% 0,00% Nominee, foreign private individual 190 044 0,20% 0,20% Nominee, foreign institution 43 954 0,05% 0,05% Unidentified item 7 405 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 March 2026 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% ‌Q1 2026 INFORMATION PUBLISHED IN THE PERIOD‌ INFORMATION PUBLISHED IN THE PERIOD Date Content, short description 26 January 2026 EXTRAORDINARY INFORMATION - APPROVAL OF THE APPOINTMENT OF A BOARD MEMBER 2 February 2026 NUMBER OF VOTING RIGHTS AND THE AMOUNT OF REGISTERED CAPITAL AT CIG PANNONIA LIFE INSURANCE PLC. - 31/01/2026 16 February 2026 EXTRAORDINARY INFORMATION - CIG PANNÓNIA LIFE INSURANCE PLC CONSOLIDATED GROUP SUBSIDIARY'S EXPOSURE ARISING FROM ITALIANMATTERS (2) 24 February 2026 OTHER INFORMATION - REGARDING THE SPONSORSHIP AGREEMENT CONCLUDED BETWEEN CIG PANNÓNIA GROUP AND VESZPRÉM HANDBALL TEAM ZRT. 20 March 2026 INVITATION TO THE GENERAL MEETING - 20TH APRIL 2026 20 April 2026 CIG PANNONIA LIFE INSURANCE PLC. RESOLUTIONS OF THE GENERAL MEETING ON ITEMS ON THE AGENDA OF THE ANNUAL GENERAL MEETING | 2026 4 May 2026 NUMBER OF VOTING RIGHTS AND THE AMOUNT OF REGISTERED CAPITAL AT CIG PANNONIA LIFE INSURANCE PLC. - 30/04/2026 These announcements can be found on the websites of the ( www.cigpannonia.hu ) and the Budapest Stock Exchange Ltd. ( www.bet. hu ), as well as on the website of the Hungarian National Bank ( www.kozzetetelek.hu ). Q1 2026 DISCLAIMER DISCLAIMER The Issuer declares that the report for the first quarter of 2026 was not reviewed by an auditor, the report for the first quarter of 2026 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. Budapest, 27 May 2026 dr. István Fedák Alexandra Tóth Chief Executive Officer financial director and head of accounting Investor relations Dr. Gábor Dakó, Investor relations officer [email protected] ; + 36 70 372 5138 29

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