On November 21, 2023, Vienna Insurance Group (VIG) signed a purchase agreement to acquire 35% of the Hungarian holding company VIG Magyarország Befektetesi Zrt., which are currently held by the Hungarian state holding company Corvinus. After completion of the transaction, VIG's share in the holding company will increase from 55 to 90%.

Subject to approval by the Hungarian National Bank, closing is expected at the end of November 2023.

The Vienna Insurance Group acquired the Hungarian companies of the Dutch Aegon Group in March 2022. The holding company VIG Magyarország Befektetesi Zrt was established to control the Hungarian VIG companies. founded, in which the Hungarian state has a 45% stake.

“In Hungary, as in all our countries, we pursue a long-term market strategy. With the buyback we are emphasizing our sustainable commitment to the Hungarian market and are pleased to be continuing our strategic partnership with the Hungarian government,” Hartwig LÖGER, CEO, Vienna Insurance Group.

Corvinus International Investments Zrt., an investment management company of the Hungarian state, continues to hold a 10% stake in the Hungarian holding company. It was agreed not to disclose the purchase price.

VIG has been represented in Hungary since 1996, 27 years ago, and is the market leader with a market share of over 19%. The two operational insurance companies Alfa and UNION generated a premium volume of EUR 403 million in the first half of 2023.