EANS-Adhoc: Vienna Insurance Group extends presence in Poland - Acquisition of life insurer Skandia Poland
-------------------------------------------------------------------------------- ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Mergers - Acquisitions - Takeovers/Acquisition 12.11.2013 Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG) has concluded an agreement with Skandia Retail Europe Holding GmbH, member of Old Mutual Group, to acquire 100 percent of shares in Polish life insurance company Skandia Zycie TU S.A. (Skandia Poland). It is agreed not to disclose the purchase price. The acquisition is subject to approval by the relevant regulatory and competition authorities. In the first half of 2013 Skandia Poland recorded premiums written of around EUR 45 million, making it the number 14 on the Polish life insurance market. Its premium income totalled about EUR 91 million in 2012. Skandia Poland has been operating on the Polish market for 14 years and sells its products - primarily unit-linked life insurance policies - particularly through financial intermediaries such as banks, insurance brokers and insurance platforms. The company currently employs 150 people. VIG in Poland The Vienna Insurance Group is represented in Poland by three non-life insurance companies, Benefia, Compensa and Interrisk, and three life insurers, Benefia Life, Compensa Life und Polisa Life. These companies posted a combined premium volume of some EUR 610 million in the first six months of 2013, putting them in third place on the Polish market. VIG has had a presence in the country since 1998 and has become one of Poland's leading insurers over the past few years thanks to strong organic growth and a number of strategic acquisitions. Further inquiry note: VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe 1010 Wien, Schottenring 30 Alexander Jedlicka Head of Public Relations, Spokesperson Tel.: +43 (0)50 390-21029 Fax: +43 (0)50 390 99-21029 E-Mail: alexander.jedlicka@vig.com Nina Higatzberger Head of Investor Relations Tel.: +43 (0)50 390-21920 Fax: +43 (0)50 390 99-21920 E-Mail: nina.higatzberger@vig.com end of announcement euro adhoc -------------------------------------------------------------------------------- issuer: Vienna Insurance Group Schottenring 30 A-1010 Wien phone: +43(0)50 390-21919 FAX: +43(0)50 390 99-23303 mail: investor.relations@vig.com WWW: www.vig.com sector: Insurance ISIN: AT0000908504 indexes: WBI, ATX Prime, ATX stockmarkets: official market: Wien, stock market: Prague Stock Exchange language: English
Original content of: Vienna Insurance Group, transmitted by news aktuell