EANS-News: Vienna Insurance Group Vienna Insurance Group continues expansion
in the Baltics; VIG acquires BTA Baltic - Top insurance player in the Baltics
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Mergers - Acquisitions - Takeovers
Vienna Insurance Group has taken another step towards expanding its presence in
Central and Eastern Europe. After acquiring Latvian non-life insurer Baltikums
AAS this summer, VIG will secure a majority stake in another Latvian insurance
company.
The Group will purchase the majority of shares in BTA Baltic Insurance Company
AAS (BTA Baltic), which is headquartered in Latvia and has branch offices in
Lithuania and Estonia. The purchase agreement has been signed and is subject to
regulatory approval. The current shareholders will continue working for BTA
Baltics.
"With this transaction we have achieved an important goal of VIG's strategic
development in the Baltics. We rank among the top players in life as well as in
non-life in the Baltic States, for economic reasons a particularly interesting
region within the EU. Moreover this acquisition opens up very good opportunities
for cross selling of life and non-life products",said Franz Fuchs, responsible
among others for the Baltic markets in the VIG Managing Board.
In 2014 BTA Balticrecorded gross premiums of around EUR 117 million (2013: EUR
112 million), with Lithuania accounting for 46.1 percent of the total, Latvia
for 40.5 percent and Estonia for 13.4 percent. Some 40 percent of premiums were
attributable to motor liability insurance and over 20 percent to casco
insurance. Property generated 10 percent and health insurance around 9 percent
of premiums respectively. Profit before tax in 2014 amounted to EUR 10.6 Million
(2013: EUR 6.6 million) and BTA Baltic's combined ratio was at impressive 94
percent last year.
The company has a market share of about 20 percent in Latvia, where it is the
second-largest insurer on the non-life market. It is also the second-largest
non-life insurer in Lithuania, with a market share of around 14 percent. BTA
Baltic is Estonia's seventh-biggest insurance company, with a market share of
about 6 percent. Through the acquisition of BTA Baltic VIG will become one of
the top 3 insurers in the non-life market of the Baltic States.
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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company: 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