Streamlining its market presence in Poland: Merger of InterRisk and PZM completed
With the now completed merger of two Group companies InterRisk and PZM the Vienna Insurance Group AG Wiener Versicherungs Gruppe concentrated its market presence in the important core market Poland. In the future the two non-life insurers will occur under the brand InterRisk and distribute their products nationwide. The distribution power of the two companies will be combined and amplified by the presence of the common brand across the country.
"With the merger of two Group companies the Vienna Insurance Group creates a strong non-life insurer in Poland. The concentration of market presence results in sales and back office synergies that we will use for the intensification of customer service. We are in the highly competitive Polish non-life market among the top 5 insurers. We will continue to expand our business in Poland through perfect customer service combined with modern insurance products," explains Peter Hagen, General Manager of Vienna Insurance Group.
In the first quarter of 2012 InterRisk and PZM achieved premiums totalling just over EUR 80 million. Furthermore, the Vienna Insurance Group acts on the Polish insurance market through Compensa Life and Non-life, Benefia Life and Non-life and Polisa Life.
Vienna Insurance Group in Poland
With around 38.5 million inhabitants, Poland is one of the largest markets in Central and Eastern Europe and one of the most important core markets of the Vienna Insurance Group. Since 1998 the Group has operated on the Polish insurance market - currently a total of six companies. The Polish Vienna Insurance Group companies achieved premiums written of EUR 319.6 million in the first quarter of 2012. The non-life premiums written amounted to EUR 160.2 million. In the fast-growing life insurance segment the Group companies generated premiums written of EUR 159.3 million. Compared to the same period of the previous year, the profit (before taxes) increased by more than two-thirds to a total of EUR 16.3 million.