VIG Completes Process of Buying AXA in Serbia

Vienna Insurance Group increases its market share to around 12 per cent

VIG Completes Process of Buying AXA in Serbia

The Vienna Insurance Group (VIG) signed a share purchase agreement with companies AXA Non-life insurance a.d.o. Belgrade and AXA Life Insurance a.d.o. Belgrade in July 2016, aimed at taking them over.

Once the regulatory authorities provided final approval for the share purchase agreement, the transaction was completed on 30th November 2016.

“On the basis of positive economic predictions, Serbia represents the right market for VIG’s growth and investment. Our goal was to increase our market share to at least 10 per cent according to the mid-term plan and we are very satisfied that we have already achieved that goal,” said Peter Höfinger, member of the Management Board of Vienna Insurance Group responsible for the Serbian market.

These two AXA companies realised over 12 million euros in insurance premiums in the 2015 fiscal year. The range of products offered includes accident insurance, motor insurance and insurance of property and persons. Via existing company Wiener Städtische Osiguranje, VIG has already been present and very successful on the Serbian market.