Merger of Vienna Insurance Group units cleared

Telco

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The National Bank of Hungary (MNB) has cleared the merger of the three Hungarian units of the Vienna Insurance Group (VIG), a resolution posted on the website of the financial market watchdog shows, state news agency MTI reported.

VIG units Erste Biztosító and Vienna Life Biztosító merged into Union Biztosító, which announced the merger last spring.

The three units had a combined market share of 7.6% at the end of 2016, MTI noted. Their revenue from premiums came to HUF 69.8 bln, including HUF 26.1 bln from general insurance policies and HUF 43.6 bln from life policies.

VIG has said it aims to boost its market share in Hungary to at least 10% in the mid-term.

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