Market leader Vienna Insurance Group increases its stake in Hungarian business from 55% to 90%
On 21 November 2023, Vienna Insurance Group (VIG) has signed a purchase agreement to acquire 35% of the Hungarian holding company VIG Magyarország Befektetesi Zrt., which is currently held by the Hungarian state holding company Corvinus. After the transaction is completed, VIG’s stake in the Holding will increase from 55 to 90%, Corvinus will keep a stake of 10%. Subject to approval by the Hungarian National Bank, the closing is expected to take place at the end of November 2023.
In March 2022, Vienna Insurance Group has acquired the Hungarian companies of Dutch Aegon group. The holding company VIG Magyarország Befektetesi Zrt. was established to manage the Hungarian VIG companies, in which the Hungarian state holds a 45% stake.
In Hungary, as in all our countries, we are pursuing a long-term market strategy. With the buyback, we are emphasising our long-term commitment to the Hungarian market and are looking forward to continuing the strategic partnership with the Hungarian government.
Corvinus International Investments Zrt., an investment management company of the Hungarian state, continues to hold a 10% stake in the Hungarian holding company. The parties have agreed not to disclose the purchase price.
VIG has been operating in Hungary since 1996, for 27 years, and is the market leader with a market share of more than 19%. The two operating insurance companies Alfa and UNION generated a premium volume of EUR 403 million in the first half of 2023.
