French insurance group fined by National Bank of Hungary
The National Bank of Hungary (NBH) on Friday said it fined insurer Groupama Biztosító little over HUF 51m for compliance violations.
The central bank and financial market regulator found regulatory shortcomings related to Groupama Biztosító’s non-life insurance claims settlements, insurance portfolio management, IT security, outsourcing and customer information and complaint management.
The NBH levied a HUF 49.5m supervisory and a HUF 1.6m consumer protection fine and ordered the insurer to correct the shortcomings.
Opus Global profit above HUF 30bn in Q1-Q3
After-tax profit of listed holding company Opus Global edged down 0.7pc year-on-year to HUF 30.4bn in the first three quarters of the year, an earnings report posted on the website of the Budapest Stock Exchange shows. Sales revenue was down at HUF 421bn from HUF 480bn while total operating income slipped 12.1pc to HUF 449bn. Operating costs fell 12.9pc to HUF 417bn, lifting operating profit by a fraction to HUF 31.9bn.
Financial profit of HUF 3.4bn, down by 15.2pc from the base period, also boosted the bottom line. EBITDA increased 4.1pc to HUF 68.4bn. Opus CEO Lélfai Koppány said in a separate statement that the first nine months of the year clearly show that serious efforts are needed to offset the difficult economic situation, but this has been successfully achieved by rationalizing costs. It is important to see that the strategy built on a diversified portfolio is working well at the group level. Opus Global has businesses in energy, tourism, industrial production and the farm and food sector.
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