14-12-2017

Vienna Insurance Group to merge two of its Czech Group companies Pojišťovna České spořitelny will be integrated into Kooperativa in 2019 (ENGLISH)

Subject to approval by the local authorities and the relevant boards, Vienna Insurance Group (VIG) plans to merge its Czech subsidiary Pojišťovna České spořitelny (PČS) with its Group company Kooperativa pojišťovna with effect from 1 January 2019.

The decision to merge the two Group companies in its second-largest market represents the next step in VIG’s strategy of bundling competences with a view to strengthening the bancassurance business. “Thanks to the excellent, long-standing strategic partnership of our Group companies Kooperativa and Pojišťovna České spořitelny with Erste Group subsidiary Česká spořitelna, we play a significant role in the Czech bancassurance market. We aim to enhance our position by further expanding the non-life business,” explained Vienna Insurance Group CEO Elisabeth Stadler.

Česká spořitelna customers will benefit from an extended product offer, notably in non-life insurance. This is also in line with the aim of enhancing customer service in this segment, and streamlining administrative processes.

VIG – the clear number one

Vienna Insurance Group marked its successful entry into the CEE region with the establishment of Kooperativa in the former Czechoslovakia in 1990. “Kooperativa has developed into one of the Group’s flagship companies in every respect. Recently, Kooperativa was again named one of the country’s leading businesses, and the number one finance-sector enterprise, taking second place in the high-profile Czech Top 100 ranking,” commented Elisabeth Stadler, underlining the Czech Group company’s prominent standing.

In addition to Kooperativa and Pojišťovna České spořitelny, VIG is represented in the Czech Republic by Česká podnikatelská pojišťovna (ČPP). VIG is currently the clear market leader, with a market share of 32.3 percent. In the first three quarters of 2017, the three Czech subsidiaries reported combined premium income of around EUR 1.2 billion and total profit (before taxes) of about EUR 114 million. The combined ratio was an excellent 96.8 percent.

Vienna Insurance Group (VIG) is the leading insurance specialist in Austria as well as in Central and Eastern Europe. About 50 companies in 25 countries form a Group with a long-standing tradition, strong brands and close customer relations. VIG has close to 200 years of experience in the insurance business. With about 25,000 employees, Vienna Insurance Group is the clear market leader in its Austrian and CEE markets. It is therefore excellently positioned to take advantage of the long-term growth opportunities in a region with 180 million people. The listed Vienna Insurance Group is the best-rated company of ATX, the leading index of Vienna Stock Exchange; its share is also listed on the Prague Stock Exchange.

Disclaimer
This press release contains forward-looking statements that concern future developments in Vienna Insurance Group. These statements are based on current assumptions and forecasts by the management of Vienna Insurance Group. Changes in general economic developments, future market conditions, capital markets and other circumstances could result in actual events or results differing significantly from these forward-looking statements. Vienna Insurance Group assumes no obligation to update these forward-looking statements or modify them based on future events or developments.

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