EANS-Adhoc: Vienna Insurance Group extends presence in Poland - Acquisition of
life insurer Skandia Poland
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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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Mergers - Acquisitions - Takeovers/Acquisition
12.11.2013
Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG) has concluded an
agreement with Skandia Retail Europe Holding GmbH, member of Old Mutual Group,
to acquire 100 percent of shares in Polish life insurance company Skandia Zycie
TU S.A. (Skandia Poland). It is agreed not to disclose the purchase price. The
acquisition is subject to approval by the relevant regulatory and competition
authorities.
In the first half of 2013 Skandia Poland recorded premiums written of around
EUR 45 million, making it the number 14 on the Polish life insurance
market. Its premium income totalled about EUR 91 million in 2012. Skandia
Poland has been operating on the Polish market for 14 years and sells its
products - primarily unit-linked life insurance policies - particularly through
financial intermediaries such as banks, insurance brokers and insurance
platforms. The company currently employs 150 people.
VIG in Poland
The Vienna Insurance Group is represented in Poland by three non-life insurance
companies, Benefia, Compensa and Interrisk, and three life insurers, Benefia
Life, Compensa Life und Polisa Life. These companies posted a combined
premium volume of some EUR 610 million in the first six months of 2013, putting
them in third place on the Polish market. VIG has had a presence in the country
since 1998 and has become one of Poland's leading insurers over the past few
years thanks to strong organic growth and a number of strategic acquisitions.
Further inquiry note:
VIENNA INSURANCE GROUP AG
Wiener Versicherung Gruppe
1010 Wien, Schottenring 30
Alexander Jedlicka
Head of Public Relations, Spokesperson
Tel.: +43 (0)50 390-21029
Fax: +43 (0)50 390 99-21029
E-Mail: alexander.jedlicka@vig.com
Nina Higatzberger
Head of Investor Relations
Tel.: +43 (0)50 390-21920
Fax: +43 (0)50 390 99-21920
E-Mail: nina.higatzberger@vig.com
end of announcement euro adhoc
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issuer: Vienna Insurance Group
Schottenring 30
A-1010 Wien
phone: +43(0)50 390-21919
FAX: +43(0)50 390 99-23303
mail: investor.relations@vig.com
WWW: www.vig.com
sector: Insurance
ISIN: AT0000908504
indexes: WBI, ATX Prime, ATX
stockmarkets: official market: Wien, stock market: Prague Stock Exchange
language: English