trending Market Intelligence /marketintelligence/en/news-insights/trending/F8bNnxd25EwPQMjRHoMseA2 content esgSubNav
In This List

Vienna Insurance Group to merge 2 Czech units

Blog

Insurance Underwriting Transformed How Insurers Can Harness Probability of Default Models for Smarter Credit Decisions

Blog

The Worlds Largest Life Insurers, 2023

Blog

The World's Largest P&C Insurers, 2023

Blog

Essential IR Insights Newsletter Fall - 2023


Vienna Insurance Group to merge 2 Czech units

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.