Vienna Insurance Group and Hungary reach an agreement on the outlines of a cooperation and the further procedure regarding the Hungarian insurance companies AEGON and UNION

22/12/2021 19:03
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe (VIG) and the Hungarian government have reached an agreement on the principles of a cooperation and the further course of action, which provides for a participation of 45% by the Hungarian state in the Hungarian AEGON companies and UNION Vienna Insurance Group Biztosító Zrt.

The structure of the cooperation, which entails the controlling stake of and the operational management by VIG, is subject to further negotiations. The Hungarian government has nominated Corvinus Nemzetközi Befektetési Zrt., a 100% state-owned Hungarian holding company, as negotiating partner. VIG welcomes the future cooperation with Hungary. The signing of a Memorandum of Understanding is scheduled for Thursday, 23 December 2021.

As a next step, VIG and Hungary will negotiate the participation and governance structure, will obtain the necessary board resolutions, and will apply for the approvals that are necessary for the implementation of the transaction.

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