POLAND: VIG acquires POLISA Life

29 November 2011 — Vlad BOLDIJAR
POLAND: VIG acquires POLISA Life
vig2The VIENNA INSURANCE Group signed a contract in Warsaw for the acquisition of at least 75% plus one share in the life insurance company POLISA Zycie. The acquisition is subject to the necessary regulatory approvals, announced today the insurance group.

"The purchase of POLISA opens up an interesting opportunity for the VIENNA INSURANCE Group to intensify its life insurance business in Poland", explains Gunter GEYER, CEO of the VIENNA INSURANCE Group

"Poland is seeing positive development in spite of economically challenging times. In particular in the life insurance market there is good opportunities for growth", added Gunter GEYER

According to XPRIMM INSURANCE Report, in the first six months of 2011, the gross written premiums of life insurance companies in Poland increased by 15%, reaching EUR 4.19 billion, compared with total underwritings in the correspondent period of 2010. POLISA Zycie was the 23th company in the insurance market, from a total of 31 companies, with a market share of 0.35%.

This year, VIG was very active on Polish insurance market. In September, the insurance group announced that will concentrate its resources in the Polish non-life insurance market by merging the companies InterRisk and PZM. According to the press release, it is expected that the merger - which is still awaiting formal legal and regulatory approval - will be completed during the first half of 2012.

At the same time, last week, VIG said it would make a bid for Polish insurer WARTA, owned by the Belgian banking and insurance group KBC, by the end of the year. "We plan to place our final offer (to purchase WARTA) by the end of the year", Franz FUCHS, VIG's country manager for Poland, said, quoted by REUTERS. "We expect the final decision to take place in early spring at the earliest."

During the first six months of 2011, the Polish companies of the VIENNA INSURANCE Group recorded total premiums of EUR 498.1 million, an increase of 43.7 percent compared to the same period in the previous year. In the non-life insurance business, the VIENNA Insurance Group achieved volumes of EUR 323.3 million, representing an increase of 19.4% in comparison to the previous year. In the life insurance segment, the Polish group companies recorded premiums of EUR 174.8 million, thereby achieving strong growth of 131%.

In present, VIG operates via a total of six companies and four brand names on the Polish insurance market. Vienna Insurance Group companies include COMPENSA Life and Non-life, BENEFIA Life and Non-life, InterRisk and PZM.

More news and statistics about Polish insurance market.

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