Hungarian Government and VIG intensify cooperation

18 December 2023 — Andrei VICTOR
A cooperation agreement on strategic issues was signed between the Hungarian government and Vienna Insurance Group (VIG) in Budapest on 14 December 2023. The cooperation is intended to support the successful joint development and expansion of the insurance sector in Hungary, as the Austrian insurer informed in a statement.

In March 2022, Vienna Insurance Group became the market leader in Hungary by acquiring the Hungarian companies of the Aegon Group. The Hungarian state acquired a 45% interest in the holding company that was subsequently formed to manage VIG's Hungarian business. It thus formed the basis for joint cooperation and recognised the importance of the concept of pensions and insurance for the Hungarian population. On 30 November 2023, VIG increased its share in the Hungarian business from 55 to 90%. Hungary continues to hold a 10% stake through the state holding company Corvinus.

As part of the reduction in the government's stake in VIG's Hungarian business and the very good collaboration to date, a cooperation agreement was concluded between the Hungarian government and VIG with a clear commitment to further cooperation and the continued high importance of the insurance sector for Hungary. The agreement was signed in Budapest on 14 December 2023 by the Minister for Economic Development Márton Nagy and VIG, represented by CEO Hartwig Loger and Managing Board member Gábor Lehel.

“We are pleased that the Hungarian government values the competence and expertise of our Group with this future-oriented partnership, which we underline with our now 27-year uninterrupted presence in Hungary and our clearly pursued long-term strategy in our markets. In accordance with the agreement, we will gladly fulfil the wish to make important contributions as market leader to the further promotion of the insurance concept and the positive development of the Hungarian economy”, said Hartwig Loger, CEO VIG.