The plan is to offer investment services and investment funds in Poland.
C Quadrat Investment AG holds 60% of the joint venture company, while 40% are held by the five Polish VIG Group companies COMPENSA Non-life and Life, InterRisk, VIENNA Life and WIENER.
"The highly positive economic development in recent years, the great potential offered by one of the largest Member States of the EU with a population of 38 million and the dynamic growth in demand for investment products are some of the reasons for the joint venture in Poland", VIG representatives mentioned in a press release.
VIG considers the introduction of Employee Capital Plans under the reform of the Polish pension system in 2019 to be an additional positive indicator of a promising long-term savings and investment market in Poland.
A license for the jointly established company has already been applied to the Polish Financial Supervisory Authority. Subject to their approval, the start of operations is planned for the first quarter of 2021.
VIG has been represented in Poland since 1998 and its market share of 8% makes it the fourth largest insurance group in the country. The five Polish VIG insurance companies generated a premium volume of more than EUR 1.1 billion and a profit of more than EUR 69 million in 2019. This makes Poland the third largest VIG market, both in terms of premiums and profits, after Austria and the Czech Republic.