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Vienna (Dow Jones) Vienna Insurance Group AG (VIG) is expanding its position in Central and Eastern Europe with an acquisition. According to the company, an agreement has been reached with Aegon NV to acquire its insurance business in Hungary, Poland, Romania and Turkey. In these countries, VIG is acquiring life and non-life insurance companies, as well as Aegon’s pension funds, asset management and services companies, which complement VIG’s existing portfolio. The purchase price is 830 million euros. The transaction is subject to the necessary regulatory and competition approvals. The transaction is expected to close in the second half of 2021.
With the acquisition, VIG is expanding its area of activity in this region into the pension fund business and is also active in the life business in Turkey for the first time. The volume of premiums of the insurance companies of the four countries was the equivalent of around 600 million euros in 2019, with a net result of around 50 million euros. From today’s perspective, VIG assumes that the closing regulatory solvency ratio will be within the reported comfort zone of 170 to 230 percent.
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DJG / thl
END) Dow Jones Newswires
November 29, 2020 04:46 Y ( 09:46 GMT)
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