CIG Pannonia Life Insurance Plc. is a Hungarian multinational financial services company headquartered in Budapest. Its core business and focus is life and non-life insurance. At present, CIG Pannonia is engaged in the life insurance business in Hungary, Romania and Slovakia.
|Traded as||BPSE: CIG|
|Industry||Insurance, Financial Services|
|Dr. Mária Király (Chairman)|
Dr. Gabriella Kádár (CEO)
|Products||Life and Non-life Insurance, Commercial & Consumer, Life & Retirement Insurance|
|Revenue||US$ 123.1 million (2012)|
The Company was founded on 26 October 2007 by well-known and acknowledged public figures and insurance experts from Hungary; its original name was CIG Central European Insurance Company. Former Minister of Finance and chairman of the central bank Zsigmond Járai was appointed to chair the Supervisory Board, which represents the owners. Béla Horváth, former top executive of various Hungarian insurance companies, was appointed as the Chairman of the Board of Directors. The position of the CEO has been filled by dr. Ottó Csurgó since 18 April 2012, who is also the CEO of CIG Pannónia First Hungarian General Insurance Plc. The Company is heir in spirit to the First Hungarian General Insurance Company (Első Magyar Általános Biztosító Társaság) founded in 1857 by Henrik Lévay. In those days, as well as nowadays, Hungary lacked an insurance company run by Hungarian management, focusing on the Hungarian market and supported and privately financed by recognized and credible Hungarian personalities. Back then, just like today, it was necessary to have a professional leader with an intimate knowledge of the local economy and the opportunities of the insurance market, who had the organisational expertise necessary to build an entire new insurance company, who had significant past achievements and could convince major supporters to back the cause of founding a new insurance company.
The first step of the Company’s regional expansion was the launch of the sale of its products in Romania in May 2009. Later, in September 2010, the Company began its sales activities in Slovakia as well. On 1 September 2010, the Company became a public limited company and is now called CIG Pannónia Life Insurance Plc. (CIG Pannónia Életbiztosító Nyrt.). The subscription procedure in October 2010 was highly successful and drew massive public interest. Later, after the initial public offering, the Company requested to be listed on the Budapest Stock Exchange and from 2011 listed on BSE's prime market.
- "Annual Report 2012" (PDF). CIG. Retrieved 30 May 2013.