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Vienna Insurance Group in Bulgaria: Sale of its holding in the pension fund Doverie

Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG) concluded the negotiations on the sale of its indirect holding of more than 92 percent in the Bulgarian pension fund Doverie to United Capital PLC. The sale of the holding is subject to the approval of the competent authorities according to Bulgarian law.

Doverie is the leading Bulgarian pension fund company. As of 31 December 2012, Doverie had more than 1.25 million contributors and the assets under management amounted to almost 1.8 billion Bulgarian Lev (about EUR 920 million).

“Doverie is a sound and economically successful company. Pension funds are not part of the core business of Vienna Insurance Group. By selling Doverie, we want to focus even more on our insurance activities in property and life insurance on the Bulgarian market. We are convinced that Doverie will continue to fulfil its role as leading pension fund in Bulgaria for the benefit of its members”, stated Peter Hagen, General Manager and CEO of Vienna Insurance Group.

Bulgaria is one of the ten core markets of Vienna Insurance Group. In Bulgaria the Group is market leader and operates through its companies Bulstrad Non-life and Bulstrad Life.