VIG finalizes purchase of AXA companies in Serbia – Group increasing its insurance market share to around 12%

(Zoran Blagojevic) Vienna Insurance Group (VIG) reported on December 1 that it had finalized the process of purchasing AXA life and non-life insurance in Serbia.

VIG signed an agreement on the purchase of AXA insurance stock in June 2016, following the final approval of the agreement by the regulatory authorities. The transaction was completed on November 30, 2016.

– Based on positive economic projections, for VIG, Serbia is a true market for growth and investments – said Peter Hofinger, board member of Vienna Insurance Group in charge of the Serbia market.

Zoran Blagojevic, president of the Executive Board of Wiener Stadtische insurance (member of VIG), said that VIG had already exceeded its medium-term goal regarding the increased share in the Serbian insurance market. As he explained, together with AXA life and non-life insurance, it now stands at 11.97%.

Two AXA companies made more than EUR 12 million in insurance premium in the fiscal year 2015. Their offer includes accident insurance, motor vehicle insurance, property and personal insurance. VIG has already had great success in the Serbian market through Wiener Stadtische Insurance, and now they expect their ventures and operations to become even more successful.

(Ivana Djermanovic) As Zoran Blagojevic added, regardless of the fact that the ownership structure in AXA is changing, everything will essentially remain the same and clients shouldn't worry, as these are two very serious companies, whose focus on clients will remain at an extremely high level.

Blagojevic added that the transaction in Serbia had been carried out in as short amount of time as possible, which is a great sign. VIG is the leading group specializing in insurance in Austria as well as Central and East Europe. The group consists of 50 companies in 25 countries with a long tradition, strong brands and good client relations. VIG has 190 years of experience in the area of insurance, as well as around 23,000 employees.

President of the Executive Board of AXA Non-Life Insurance, Ivana Djermanovic, pointed out that the company's goal in the coming period would be to justify the new owner's trust and continue its quick growth.

She sent a message to AXA insurance clients that they had become the clients of the most successful group in CEE – Vienna Insurance Group.

Vienna Insurance Group AG Wien

Wiener Städtische osiguranje a.d.o. Beograd

Axa životno osiguranje Beograd

Axa Neživotno Osiguranje ad Beograd

VIG

Viena Insurance Group

Wiener Stadtische osiguranje

AXA insurance

AXA Life Insurance Belgrade

AXA Non Life Insurance Belgrade

Peter Hofinger

Zoran Blagojevic

Ivana Djermanovic

accident insurance

motor vehicle insurance

property and personal insurance