UKRAINE: VIG signed a purchase agreement to increase its ownership in GLOBUS to 100%

9 December 2015 — Vlad BOLDIJAR
GLOBUS Vienna Insurance Group (VIG) - one of the four Ukrainian subsidiaries of the Austrian insurer announced on its website that the Group has signed an agreement to buy the remaining 20% shares in GLOBUS VIG, increasing thus its ownership to 100%. Financial details were not disclosed. At the same time, VIG appointed Dmytro MARUZHENKO as new CEO, replacing Volodymyr HANCHAK.

In 3Q2015, the Kyiv-based insurer GLOBUS VIG reported GWP of UAH 129.6 million (about EUR 5.3 million) up by 50% y-o-y. At the same time, the value of paid claims totaled UAH 34.4 million, while the net profit was UAH 3.7 million.

GLOBUS was founded in 1994 and is one of the leading financial institutions of Ukraine. The insurer became a part of Austrian Vienna Insurance Group in 2006.

Vienna Insurance Group operates through four insurance companies in the Ukraine, the three non-life insurers UIG, KNIAZHA and GLOBUS and the life insurance company JUPITER.

In the first three quarters of 2015, the aggregate GWP volume of the four mentioned insurers increased by about 32% y-o-y (in Ukrainian currency), while the profit before taxes increased significantly by 52.5% to EUR 4.5 million.

3718 views