The FINANCIAL -- Premiums at VIG’s Polish Group companies Compensa, InterRisk, Benefia and Polisa totalled some PLN 4.8 billion (EUR 1.2 billion) in 2013, meaning that the Group is one of the country’s top 3 insurers, according to Vienna Insurance Group.
The Group companies recorded non-life premiums of about PLN 2.4 billion. Performance in the non-motor segment was particularly pleasing, with year-on-year growth of about 13 percent. The Group’s premiums in the life insurance segment were also about PLN 2.4 billion, according to Vienna Insurance Group.
In 2013 Vienna Insurance Group finalised an agreement to acquire Polish life insurance company Skandia Zycie TU S.A. (Skandia Poland). Skandia Poland has been operating in the country for 14 years and specialises in unit-linked products. The acquisition represents another milestone in VIG’s drive to develop its core market Poland, and also expands the Group’s portfolio of unit-linked life insurance.
Poland has a population of around 38.5 million people who each spend an average of some EUR 400 on insurance. In comparison, the figure for Austria is about EUR 2,000. This contrast emphasises the huge potential for growth in this VIG core market. The Vienna Insurance Group has had a presence in the country since 1998 and has become one of Poland’s leading insurers over the past few years thanks to strong organic growth and a number of strategic acquisitions, according to Vienna Insurance Group.