"Following Hungary, Slovakia and Croatia, we have now successfully merged our largest bank insurance company with our largest local composite insurance company in Austria according to plan. Bank insurance distribution has traditionally been very important for life insurance in Austria, and we now plan to make greater use of it for the other lines of business. That is why our pilot project to expand the products and services offered to customers of our distribution partner Erste Group was intentionally started in Austria already a year ago," explained Elisabeth STADLER, CEO of VIENNA Insurance Group.
The merger was approved by the Austrian Financial Market Authority (FMA). "This is a historical step in our company's history. In addition to its own field staff and distribution partners, WIENER STADTISCHE can now also make use of bank distribution, which provides us with three strong distribution channels," stated Robert LASSHOFER, General Manager of WIENER STADTISCHE.
WIENER STADTISCHE is now the largest life insurance company in Austria, with a premium volume of almost EUR 1.4 billion and a market share of more than 23 percent. Total premium volumes in all lines of business exceed EUR 3 billion, strengthening the company's second place in market ranking, and its assets under management have increased to around EUR 22 billion.
VIG is represented in Austria by two operating insurance companies, WIENER STAEDTISCHE and DONAU Versicherung. The brand s Versicherung was retained as a sales brand. VIG is Austria's leading insurer, with a market share of 23%.