Highlights from Poland

Poland has a population of more than 38 million, making it VIG’s second-largest core market in terms of population, following the Ukraine. VIG entered the market in 1998 and has successively expanded its presence since then. VIG is now represented by six companies and four different brands. The Group companies include Compensa Life and Non-life, InterRisk, Polisa and Benefia Life and Non-life. Compensa Non-life also operates branch offices in Latvia and Lithuania. VIG’s total market share of 8.2% makes it the third largest insurance group in Poland.

Strengthening market presence

Poland’s importance for VIG’s country portfolio was shown by the latest expansion in 2013 with the agreement to acquire Skandia Poland (subject to official approvals).

Skandia Poland has operated in the Polish market for 14 years. It holds a particularly strong position in the area of unit-linked life insurance, which is primarily distributed through bank partners and insurance intermediaries. This complements and strengthens existing VIG activities in Poland.

Poland is one of the largest economies in the European Union and strong domestic demand helped it do well even during the economic crisis. At an average of around EUR 390 per capita in insurance premiums each year, the market shows considerable growth potential when compared to the corresponding value of around EUR 1,920 in Austria.