Vienna Insurance Group - Vienna Insurance Group strengthens its position in Serbia
Merger of Wiener Städtische Osiguranje and the AXA companies successfully concluded
The merger between the Vienna Insurance Group (VIG) company Wiener Städtische Osiguranje (WSO) and the two AXA companies that were acquired in the previous year was concluded in August 2017. The merger was aimed at improving VIG’s market presence in Serbia. VIG’s market share increased again in the first quarter of 2017 to 13.2 percent, moving VIG into third place in the Serbian insurance market.
VIG announced its acquisition of the two AXA companies in July 2016, and the acquisitions were already closed by the beginning of December in the same year. “We managed to merge the two former AXA companies with our existing Group company in just eight months. Handling this so quickly helps our efforts to efficiently take advantage of synergies and strengthen the existing product portfolios under one brand. The merger combined the distribution power of the companies, and the use of a common nationwide brand strengthened our market presence”, stated Peter Höfinger, Member of the Vienna Insurance Group Managing Board responsible for Serbia.
WSO generated more than EUR 41 million in premiums in the 1st half of 2017. This corresponds to a double-digit increase of around +25 percent compared to the previous year.
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