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Vienna Insurance Group to merge units from April 1

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Vienna Insurance Group (VIG) will merge its three Hungarian units from April 1, Hungarian group member Union Biztosító said on Wednesday.  VIG units Erste Biztosító and Vienna Life Biztosító will be merged into Union Biztosító.   

Union Biztosító announced the merger last spring and it was cleared by the National Bank of Hungary (MNB) in January, state news wire MTI recalled.

The three unitsʼ combined revenues from premiums reached HUF 76 billion last year, including HUF 45.3 bln from life policies and HUF 31.1 bln from general insurance policies.  

VIG aims to take a 10% market share in Hungary in the mid-term.  At present, it is the sixth biggest market player, but the fifth biggest in the life insurance segment, Union Biztosító said.

The market share of VIGʼs units was about 8% last year, based on insurance industry data compiled by the central bank.

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