Vienna Insurance Group grows in Hungary clearly above market


•    Total premiums of about EUR 167.5 million (HUF 49.7 billion)* 

•    Increase of some 18 percent in premium income

•    Successful partnership between Erste Biztosító and Erste Bank Hungary


VIG’s Hungarian Group companies Union Biztosító and Erste Biztosító reported total premiums of about HUF 49.7 billion in 2013 – a gain of about 18 percent, compared to overall market growth of only 5.5 percent. The two companies had a combined market share of about 6 percent last year.
Performance was particularly strong in the non-life segment, where the companies generated premiums of about HUF 25.4 billion. This remarkable 43 percent increase was by far the highest year-on-year growth rate posted by any of the top ten insurance companies on the Hungarian market. The life segment contributed premiums of about HUF 24.3bn. The partnership between Erste Biztosító and Erste Bank Hungary has proven successful in the life insurance business.

Acquisition strengthens life insurance portfolio
In late 2013 the Vienna Insurance Group concluded an agreement to acquire insurance company AXA Biztosító Zrt.**, which focuses predominantly on life insurance and is a specialist provider of unit-linked products. The acquisition enhances VIG’s presence in the Group’s core market Hungary.

* Non-consolidated, unaudited figures based on preliminary information.
** subject to approval by the relevant regulatory and competition authorities

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