SERBIA: WIENER Staedtische osiguranje a.d.o. Beograd has acquired the endowment insurance portfolio of MetLife

30 January 2014 — Vlad BOLDIJAR
branko_krstonosicThe NBS Administration for Supervision of Financial Institutions has approved the transfer of a part of the life insurance portfolio from MetLife to WIENER Staedtische osiguranje. "Our current business operations, results and position on the market guarantee high quality services, adequate profit and prompt benefit payments to clients of MetLife who hereby have become customers of WIENER Staedtische osiguranje," commented Branko KRSTONOSIC, General Manager of WIENER Staedtische osiguranje on this occasion.

The portfolio portion comprises rights and obligations arising from long-term endowment (mixed life insurance), pure endowment insurance contracts, supplemental insurance contracts, as well as reserves and liabilities relating to valid and terminated endowment and pure endowment insurance policies.

"Our Serbian endowment portfolio is an excellent fit to the existing business of WIENER Staedtische osiguranje. Business continuity and unparalleled customer service remain our number one priority and our goal is to make the transfer of our endowment portfolio seamless for our customers," stated Spiros MOSHOYIANNIS, General Manager of MetLife, Serbia.

According to NBS, the approval of the portfolio transfer implies no change in the operating licenses of the two companies. The approval was granted on 17 January 2014 and the portfolio transfer will be effective as of 31 December 2013.

Within 15 days of receiving the above approval, MetLife is required to inform in writing or through the media all policyholders affected by the transfer of the business name and seat of the transferee. At the same time, MetLife is required to inform in writing of the date by which they must decide whether they will accept the portfolio transfer or cancel their insurance contracts, and of their rights in the event of contract cancellation.

About WIENER Staedtische osiguranje a.d.o. Beograd (WSO)

WIENER Staedtische osiguranje a.d.o. Beograd was founded as a green-field investment of the Austrian company Vienna Insurance Group WIENER Staedtische Versicherung AG in 2003. In only a decade it reached the fourth position in the overall insurance market in Serbia, and the second in life insurance. Since the end of its first year of existence to date premiums have grown as much as 40 times and the number of employees increased from 80 to almost 1,500. The company has more than 115,000 policy owners.

WSO is part of Vienna Insurance Group (VIG) that is the leading insurance specialist in Austria as well as in Central and Eastern Europe: VIG exists in 24 countries with 23,000 employees, with strong brands and close customer relations. VIG looks back on almost 190 years of experience in the insurance business.

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