The Vienna Insurance Group was able to successfully complete the acquisition of Interalbanian at the start of December 2010. With this step, VIG significantly expanded its market position in Albania. Until then, it had been represented in the Albanian insurance market exclusively by Sigma. With a market share of 23.7%, VIG holds an excellent second place in the market, clearly distinguishing itself from the remaining competitors. In motor vehicle insurance, it became the market leader, with a market share of 26.6%.
In Bulgaria, the Vienna Insurance Group achieved a market share of 17.6%, thus making it again the clear market leader. Despite the difficult economic circumstances in Bulgaria, it was able to secure its leadership position in both non-life as well as in motor vehicle insurance.
The Vienna Insurance Group operates in Estonia with Compensa Life and ranks among the top 5, with a market share of 7.4%.
The Georgian companies of the Vienna Insurance Group, GPIH and IRAO, together hold a market share of 25.5%, giving them an outstanding first place in the market.
In Croatia, the merger of Cosmopolitan Life and Helios was successfully completed in 2010. The Vienna Insurance Group achieved fourth place on the market, with an 8.6% market share. In life insurance, VIG increased its market share from 17.8% to 18.2% and continues to be the clear number 1 on the Croatian life insurance market.
In Latvia too, the Vienna Insurance Group is active with Compensa Life. With a market share of 8.1%, it ranges among the top 5 on the life insurance market.
In 2010, the VIG established a branch office of the Polish Compensa Non-life in Lithuania. Both in life and in non-life insurance, VIG has already positioned itself among the top 10.
The Vienna Insurance Group increased its market share in Macedonia to 5.8% and grew well above the market level. Also, as of 2010 year end, a license for a life insurance company had been issued by the local authorities. Thus, VIG consistently expanded its involvement and presence in Central and Eastern Europe.
At the end of 2010, the Vienna Insurance Group officially completed the establishment of a life insurer in Montenegro. The business of Wiener Städtische Podgorica will be launched in 2011. VIG thereby gains access to a 24th country as its market.
In Serbia, the Vienna Insurance Group continues to be among the top 5 of the overall market in 2010, with a market share of 7.7%. For life insurance, the Serbian company covers almost one quarter of the market, holding a market share of 23.0%, and is in an outstanding second place.
In 2010 the Vienna Insurance Group agreed to the acquisition of another approximately 10% of Ray Sigorta. After completing the transaction in early 2011, the Vienna Insurance Group now holds a total of some 94.3% of the shares. With a market share of 1.8%, Ray Sigorta is in the twelfth place on the overall market and operates only in the area of non-life insurance.
Since mid-2010, the Vienna Insurance Group has had Ukraine as a core market. With the full takeover of TBIH, the ownership interest in UIG, acquired in 2007, rose to 100%. VIG is among the top 5 and one of the leading players in the Ukrainian market.
The Vienna Insurance Group’s market share of 4.4% in Hungary puts it in seventh place in the market. For life insurance, Erste Vienna Insurance Group Biztosító, in particular, recorded strong growth, with a market share of 2.8%.
The Vienna Insurance Group was represented in the non-life area with two insurance companies (Kupala and Victoria) until the end of 2010 and was among the top 10 in this segment. As part of a merger, Victoria’s portfolio was transferred in full to Kupala.
Market positions and shares: Status as of 9M 2010 (Albania, Croatia, Lithuania, Turkey and Hungary: Status as of 2010)