HUNGARY: VIG to merge ERSTE, UNION and VIENNA Life into one company

Austrian insurer VIENNA Insurance Group (VIG) announced it will merge its three Hungarian subsidiaries - ERSTE Biztosito, UNION Biztosito and VIENNA Life Biztosito - into one company.

According to a press release, the new insurer will operate under the "UNION brand" as of the beginning of next year, as Budapest Business Journal (BBJ) informed.

"The three units together serve almost one million clients. In the new operation size we will be joining up our resources and optimizing our sales structure to enable us to respond to client demands more efficiently," said Gabor LEHEL, president and CEO of UNION Biztosito. He added that the merger will not affect the contracts of current clients, and that the company aims to offer more perks to current clients after the merger, BBJ informed.

The mentioned source pointed out that VIG expects to strengthen its commitment to the Hungarian market, "as Hungary has been named as one of the four markets where the group is aiming to reach at least a 10% market share".

According to the most recent statistics published by MABISZ - the Hungarian Insurance Association, at the end of 2016 the three VIG units had a aggregate market share of 7.6%, (GWP of HUF 69.8 billion / EUR 225 million).

Per units, UNION was the largest VIG subsidiary - GWP of EUR 117 million (3.94% market share, ranked 9th of 30 insurers), followed by ERSTE - GWP of EUR 59 million (1.98% market share, ranked 13th) and VIENNA Life - GWP of EUR 49 million (1,66%, ranked 14th).

Related articles

VIENNA Insurance Group completes mergers in Hungary and Slovakia

VIENNA Insurance Group announced Hungary's central bank approved the merger of the three VIG Group companies. Thus, starting 1 April 2018, VIG will be represented in Hungary solely by the insurance company UNION Biztosito, while in Slovakia, bancassurer Poistovna Slovenskej sporitelne (PSLSP) will merge with Kooperativa Poistovna.

2018-04-04

HUNGARY: CIG Pannonia to merge MKB insurers into its units

Hungarian insurer CIG Pannonia announced it will merge into its units (CIG Pannonia Life Insurance and CIG Pannonia First Hungarian General Insurance) the two MKB insurers recently acquired: MKB Life Insurance and MKB General Insurance.

2017-04-20
photodune-3834701-laughing-girl-xs

STATISTICS: Hungarian market leaders in 2016

The thirty active members of MABISZ (the Hungarian insurance association) posted aggregate FY2016 GWP of HUF 920.6 billion (~ EUR 2.9 billion), up by 5.1% y-o-y, according to the association's website.

2017-04-13

ON THE MOVE

Zurich: leadership transition in EMEA business

Currently group CEO of AXA UK and Ireland, Amanda BLANC will also join the executive committee at ZURICH, with the handover scheduled to complete in the fourth quarter of 2018. BLANC is to succeed Gary SHAUGHNESSY as CEO of ZURICH Insurance's EMEA business.

12.04.2018

TOP EVENT

What re/insurance professionals are already on FIAR 2018's list of speakers?

Specialists from ICMIF - International Cooperative Mutual Insurance Federation and PensionsEurope, representatives of national insurance associations from Austria and Turkey, as well as professionals representing SWISS Re, GEN Re and AUDATEX are just a few of the speakers who have already confirmed their presence at FIAR 2018 - The International Insurance-Reinsurance Forum.

19.04.2018

photodune-3834701-laughing-girl-xs

LIVE: Moscow, Russia: The XXII International Reinsurance Conference

The XXII International Reinsurance Conference has started today in Moscow, organized by Delovoy Format, with the support of the Russian Insurers Association. XPRIMM, the traditional Media Partner of the conference, has launched on the occasion the latest edition of its Insurance Profile Russia, providing for 2017 insurance statistical data.

11.04.2018

photodune-3834701-laughing-girl-xs

The 4th edition of the European Consumer Protection Conference: Main conclusions

The European Consumer Protection Conference, taking place on Thursday, 22 March, in Prague, brought into debate the consumer environment in the current European regulatory and economic landscape, the upcoming legislative changes that will benefit consumers and users of insurance and private pension products, as well as digitalization and the impact of technological advances in the field of financial services.

22.03.2018

See all