Vienna Insurance Group AG will merge two of its Czech units — Pojištovna Ceské sporitelny as and Kooperativa Pojistovna a.s. Vienna Ins — effective Jan. 1, 2019, in a move to strengthen its bancassurance business.
The group said Pojištovna Ceské sporitelny's clients will particularly benefit from extended nonlife insurance product offers. VIG's Czech units, including Ceská podnikatelská pojištovna as, have a market share of 32.3% and a combined ratio of 96.8%, reporting a combined premium income of approximately €1.2 billion and a total profit before taxes of about €114 million in the first nine months.
In late October, VIG also announced that its Slovak units, Poistovna Slovenskej sporitelne as and Kooperativa Poistovna AS will be merged by April 1, 2018.
The restructuring remains subject to approval by local authorities and relevant boards.