Vienna Insurance Group agreed with Aegon on 29 November 2020 to acquire Aegon’s insurance business in Hungary, Poland, Romania and Turkey.
The purchase price amounts to EUR 830 million. The transaction is subject to the necessary regulatory and competition approvals.
Closing of the transaction is expected to take place in the second half of 2021.
VIG will take over Aegon’s non-life and life insurance companies as well as pension funds, asset management and service companies in these countries.
With the acquisition of these companies, VIG is further expanding its leading market position in Central and Eastern Europe and moves up to the first rank in Hungary’s insurance market.
In addition, VIG is extending its scope of activity in the pension fund business in this region and will also be active in the life business in Turkey for the first time.
The premium volume of the insurance companies in the four countries amounted to the equivalent of approx. EUR 600 million in 2019, with a net profit of approx. EUR 50 million.