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VIG premiums revenue in Hungary reaches HUF 63-65 bln

Austriaʼs Vienna Insurance Group (VIG) had annual revenue of HUF 63-65 bln from premiums in Hungary, the management of the groupʼs local businesses told journalists on Friday, but the management did not disclose other figures for last year, according to reports.

VIG, which has almost 7% market share in Hungary and employs 1,200 staff in the country, currently has three units in Hungary: Union, Vienna Life and Erste Insurance. Gábor Lehel, who heads Union, said that VIG would consider acquiring another business in Hungary, for the right price, but it has no firm targets at present, according to MTI.

Lehel said the unitʼs premiums on mandatory vehicle insurance policies as well as the number of its contracts rose last year, raising revenue, according to MTI. Erste Insurance chief Zsolt Raveczky said Erste Bankʼs recent acquisition of the retail and credit card clients of Citibank in Hungary was expected to boost life insurance sales from 2017, MTI reported.