2026. I. Quarterly Report (IFRS)

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

1. Summary 3

2. Financial statements 10

3. Restatement 16

4. Changes in the accounting policy 19

5. Operating segments 20

6. Number of employees, ownership structure 26

7. Information published in the period 27

8. 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:

1. 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.

2. Based on the announcement1 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.

1. SUMMARY

   1. Economic summary

      ‌CIG Pannónia Life Insurance Public Limited Company (registered office: 1097 Budapest Könyves Kálmán krt. 11, building "B"; company registration number: 01 10 045857; court of registration: Registry Court of the Metropolitan Court (hereinafter: Issuer or Company) publishes on this day its report for the 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.

      1. 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%.

           
           
           

           1. 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

              
              
              

      2. 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.

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 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.

Assistance

Premium income 2026 Q1

11000

1. 1. ‌MAIN EVENTS AND RESULTS OF THE REPORTING PERIOD (REFERENCE PERIOD, Q1) IN THE TIMELINE OF CAPITAL DISCLOSURES AND PREVIOUS EVENTS‌

      1. 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 Directors2, as its new Chairman. The Board's decision regarding the position of Chairman was based on a change in the Company's management3.

      2. Development in the handling of the so-called Italian cases

         CIG Pannónia Life Insurance Plc. - following up on its previous announcement5 - 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 litigation6. 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 agreement7.

      3. 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 sponsorship8 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.

         1. 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)

         2. https://bse.hu/site/newkib/en/2025.11./Extraordinary_Information_on_the_resignation_of_a_senior_person129358702

         3. 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.

         4. 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

         5. 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
            
            

         6. https://bse.hu/site/newkib/en/2026.05./Managing_exposures_arising_from_Italian_matters_129458165

            
            
            

         7. https://bse.hu/site/newkib/en/2026.02./Information_regarding_the_sponsorship_agreement_concluded_between_CIG_Pannonia_Group_and_Veszprem_ Handball_Team_Zrt._129403921

2. 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 March 2026 (restated)

3 116

1 153

-

- 32

- 252

17 835

21 820

Consolidated Statement of Cash Flows data in million HUF

1. 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

2. 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).

3. 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 -

   -

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

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

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

1. 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

2. 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

3. 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 investor.relations@cig.eu; + 36 70 372 5138

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