VIG enters Romanian private pension market by taking over Aegon in regional deal
Austrian group Vienna Insurance Group (VIG), active on the Romanian insurance market through Omanisig, Asirom, and BCR Asigurari de Viata, has signed an agreement to buy Dutch insurer Aegon's subsidiaries in Hungary, Poland, Romania, and Turkey.
The deal covers the insurance companies, private pension fund management companies, financial asset management companies, and service companies, with a volume of revenues (premiums) amounting to some EUR 600 million in 2019 and a volume of managed pension funds of some EUR 5 billion.
"In Poland, Romania, and Hungary, we can significantly expand our potential in the field of private pension funds," says Elisabeth Stadler, CEO of Vienna Insurance Group.
Aegon offers mainly health and life insurance in Romania. But it is a significant player in the private pension market. In the Pillar II segment, it manages the fourth largest pension fund in the market by assets - Vital.
Aegon set up the pension fund management company in collaboration with Banca Transilvania, and then took full control of the firm. It subsequently strengthened its position by taking over the fund managed by Eureko.
Aegon currently manages 10% of the total assets of Pillar II of private pensions. At the same time, it operates a voluntary pension fund - Pillar III.
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