Vienna Insurance Group will consolidate its presence in Poland to 3 insurance companies

Vienna Insurance Group (VIG) will consolidate its presence on the Polish market from currently six to three insurance companies, the company announced. The new structure of VIG in Poland will be the basis for building a leading position in the field of life and property insurance. The aim of the changes is to make wider use of the potential of the Polish market, which is one of the key markets for the Group, it was emphasized.

“The Vienna Group ranks 4th on the Polish insurance market with a share of 9.3%. Following the recent acquisition of the Polish business, Aegon Vienna Insurance Group is present in Poland with six insurance companies: three life insurance companies (Compensa TU na Życie S.A. VIG, Vienna Life TU na Życie S.A. VIG, Aegon TU na Życie S.A.) and three non-life brands ( Compensa TU S.A. VIG, InterRisk TU S.A. VIG, Wiener TU S.A. VIG). Future consolidation assumes the presence of three companies on the Polish market, which will strengthen their competitive position among other insurance companies,” we read in the release.

The merger of the Compensa and Wiener property companies will result in further successful development of the property business in Poland, it was indicated. Two complementary offers, both in the retail and corporate areas, will ensure the company’s position as a key player on the property and casualty insurance market. The strengthened company will offer even broader insurance protection to retail clients in the area of health and property insurance. Thanks to the merger, the company will also strengthen its position in the area of insurance for companies from the SME, public and large enterprise sectors. Increasing the scale of operations will allow VIG to compete more effectively and strengthen its position in Poland under the Compensa brand. InterRisk, developing its strengths, will continue to operate independently on the market, it was also announced.

Three life insurance companies, Vienna Life, Compensa and Aegon, will be merged, creating one of the leading players on the life insurance market. The future company will use the strengths of all three brands, i.e. an established position on the individual and group insurance market, a wide range of protection and savings insurance and a rich portfolio of bancassurance products. An important advantage of the combined company will be market leading competences in the management of investment and savings products and pension solutions, it was emphasized.

“In the merger process, we will use the companies’ strengths and build highly competitive insurance companies. Thanks to this, we will make even better use of the growth potential on the Polish market, which is very important for the VIG Group,” said Hartwig Löger, president of Vienna Insurance Group, quoted in the release.

The main goal of the merger is to effectively use the potential and best practices of the merged companies and build a strong market position, enabling effective competition on the Polish market. VIG’s primary goal is to create companies that will become the preferred partner for leading distributors, including multi-agents, financial intermediaries, banks and digital platforms.

“Poland is the third largest market for VIG and is also particularly important to us. This is reflected not only in Poland’s potential, but also in VIG’s investments in innovation and the dynamic development of our Polish companies in recent years. We join forces and use our sales networks, product portfolio and structural synergies to increase customer orientation and ensure high competitiveness of the companies,” concluded Harald Riener, member of the management board of Vienna Insurance Group, responsible for the Polish market.

VIG companies in Poland achieved in the first half of 2023 EUR 766 million of gross written premium and pre-tax profit of EUR 33.5 million (according to IFRS 17/9).

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