Serbia: Merger of Wiener Stadtische Osiguranje and the AXA companies successfully concluded

The merger between the Vienna Insurance Group (VIG) company Wiener Stadtische Osiguranje and the two AXA companies that were acquired in the previous year was concluded in August 2017.

"The merger was aimed at improving VIG's market presence in Serbia. VIG's market share increased again in the first quarter of 2017 to 13.2%, moving VIG into third place in the Serbian insurance market", the Austrian insurer said in a press release.

VIG announced its acquisition of the two AXA companies in July 2016, and the acquisitions were already closed by the beginning of December in the same year.

"We managed to merge the two former AXA companies with our existing Group company in just eight months. Handling this so quickly helps our efforts to efficiently take advantage of synergies and strengthen the existing product portfolios under one brand. The merger combined the distribution power of the companies, and the use of a common nationwide brand strengthened our market presence", stated Peter Hofinger, Member of the Vienna Insurance Group Managing Board responsible for Serbia.

Wiener Stadtische Osiguranje generated more than EUR 41 million in premiums in the 1st half of 2017. This corresponds to a double-digit increase of around +25% compared to the previous year. 

Based on positive economic forecasts, Serbia is a clear growth and investment market for VIG. The Group made it a goal to achieve a market share of at least 10% in this market over the medium term. "Our current market share of slightly more than 13% means we have achieved this goal ahead of time and can now concentrate on making further improvements in customer service, in the area of assistance for example", said Peter Hofinger. 

VIG has operated in the Serbian market since 2003. Wiener Stadtische Osiguranje is one of the leading insurance companies in the country, in both the life and non-life areas. In addition, the reinsurance company Wiener RE was formed in 2008.

Related articles

Serbian Government expects EUR 100 million from the future DUNAV sale, in case it will decide the company's privatization

The Serbian Government has set the approximate privatization price for DUNAV Osiguranje to EUR 110 million, an article published by the Croatian insurance portal osiguranje.hr reads. Yet, the privatization decision is still pending, as the Government is currently analyzing the results of company's diagnostic review, to determine DUNAV's financial and competitive position before effectively launching the privatization process.

2017-01-12

ON THE MOVE

Zurich: leadership transition in EMEA business

Currently group CEO of AXA UK and Ireland, Amanda BLANC will also join the executive committee at ZURICH, with the handover scheduled to complete in the fourth quarter of 2018. BLANC is to succeed Gary SHAUGHNESSY as CEO of ZURICH Insurance's EMEA business.

12.04.2018

TOP EVENT

Why should you participate at FIAR 2018?

With an exclusive list of professional speakers, 7 conferences and workshops analyzing current trends and issues on the re/insurance markets, as well as hundreds of bilateral meetings and networking opportunities, FIAR 2018 represents a key event on the business agenda.

25.04.2018

What re/insurance professionals are already on FIAR 2018's list of speakers?

Specialists from ICMIF - International Cooperative Mutual Insurance Federation and PensionsEurope, representatives of national insurance associations from Austria and Turkey, as well as professionals representing SWISS Re, GEN Re and AUDATEX are just a few of the speakers who have already confirmed their presence at FIAR 2018 - The International Insurance-Reinsurance Forum.

19.04.2018

photodune-3834701-laughing-girl-xs

LIVE: Moscow, Russia: The XXII International Reinsurance Conference

The XXII International Reinsurance Conference has started today in Moscow, organized by Delovoy Format, with the support of the Russian Insurers Association. XPRIMM, the traditional Media Partner of the conference, has launched on the occasion the latest edition of its Insurance Profile Russia, providing for 2017 insurance statistical data.

11.04.2018

photodune-3834701-laughing-girl-xs

The 4th edition of the European Consumer Protection Conference: Main conclusions

The European Consumer Protection Conference, taking place on Thursday, 22 March, in Prague, brought into debate the consumer environment in the current European regulatory and economic landscape, the upcoming legislative changes that will benefit consumers and users of insurance and private pension products, as well as digitalization and the impact of technological advances in the field of financial services.

22.03.2018

See all