IR News/Inside Information (AD-HOC)
Vienna Insurance Group expands business in Poland
Group company InterRisk acquires stake in insurance association TUW “TUW”
The Vienna Insurance Group (VIG) has obtained an interest in mutual insurance association Towarzystwo Ubezpieczeń Wzajemnych “TUW” through InterRisk. The Group company has purchased the entire stake of France’s MACIF-Group in TUW “TUW”, paving the way for a strategic partnership. As a result, VIG’s share of the Polish non-life market will increase to around seven percent.
Poland is one of the countries in which VIG is aiming to achieve a market share of at least ten percent in the medium term. VIG’s Group companies in the country reported premium income of EUR 670 million in the first three quarters of 2018 – the third-highest total in the Group after Austria and the Czech Republic. “We are seeing an upward trend in the insurance business in this large EU member state, where the economy is growing strongly. This is also reflected in the positive development in premiums. Our acquisition of a stake in TUW “TUW” marks the start of a strategic partnership aimed at capitalising on our strengths for the good of the society’s members. At the same time, we are taking another step towards the targeted strengthening of our position on the non-life market,” commented Franz Fuchs, a member of VIG’s Managing Board and responsible for Poland.
VIG Group company InterRisk expects to generate an additional premium volume of roughly EUR 70 million as a result of its reinsurance business with TUW “TUW”. InterRisk’s premium income amounted to EUR 184 million in the first three quarters of 2018. The company has been operating on the Polish market since 1993 and joined the Vienna Insurance Group in 2006, currently serving around two million customers.
TUW “TUW” was set up as a non-profit mutual insurance society in 1992. It is highly regarded on the Polish market as a reliable insurance partner to local authority, agricultural and church institutions. Society members have access to the full range of property and casualty insurance products. TUW “TUW” is headquartered in Warsaw and has around 100 branch offices throughout the country.