Vienna Insurance Group in Poland: Acquisition of the Polisa Life Insurance Company
The Vienna Insurance Group AG Wiener Versicherung Gruppe signed a contract in Warsaw for the acquisition of at least 75 percent plus one share in the life insurance company Towarzystwo Ubezpieczeń na Życie "POLISA-ŻYCIE" S.A. (in brief Polisa). The acquisition is subject to the necessary regulatory approvals.
“The purchase of Polisa opens up an interesting opportunity for the Vienna Insurance Group to intensify its life insurance business in Poland”, explains Günter Geyer, CEO of the Vienna Insurance Group, with regard to the strategic aspects of the acquisition. “Poland is seeing positive development in spite of economically challenging times. In particular in the life insurance market there are good opportunities for growth.”
The life insurance company Polisa, based in Warsaw, was founded in 1995. The focus of its product portfolio is group insurance and it thus rounds off the portfolio of the Vienna Insurance Group. Polisa, with more than 120 employees, generated a premium volume of about EUR 21 million in 2010. The diversified distribution channels of the company comprise a network of brokers throughout the country, 16 regional offices and 30 representative offices.
With about 38 million inhabitants, Poland is one of the largest markets in Central and Eastern Europe and a core market for the Vienna Insurance Group. In relation to the total market, the Vienna Insurance Group achieved an excellent fourth place in the market ranking in Poland in the first half year of 2011. The purchase of Polisa has no significant influence on this market share.