The latest insurance industry and company news and analysis from FriedlNews
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Austrian Insurance Industry Headlines

Uniqa Insurance Net Profit Sinks 42.2 Pct Y/Y to EUR 90.3 Mln in H1

Listed insurance group Uniqa enjoyed a good H1 in operating terms, but pretax profit sunk by 44.3 percent y/y to EUR 106.2 million, the company said in a report. Pretax result was burdened by the low interest rates and the launched investments.

August 25, 2016

Vienna Insurance Finalizes Purchase of BTA Baltic

The listed Vienna Insurance Group (VIG) has finalized the purchase of a majority stake in BTA Baltic Insurance Company AAS (BTA Baltic) with headquarters in Latvia and branches in Lithuania and Estonia.

August 25, 2016

VIG Insurance H1 Profit Falls, Annual Guidance Confirmed

Listed insurance group Vienna Insurance Group (VIG) in the whole first half recorded deterioration of its earnings. Pretax profit dropped by 17.5 percent y/y to EUR 201 million. Already at the beginning of August VIG signaled its profit was expected to fall to EUR 200 million as low interest rates continued to press on the financial result.

August 23, 2016

RZB Sold 17.6 Percent Stake of Uniqa

Raiffeisen Zentralbank (RZB) is selling a larger part of its stake in insurance company Uniqa. The bank will part with 17.64 percent of the insurer’s shares, thus reducing its stake to 8.64 percent.

July 26, 2016

Ergo Insurer Buys Tiny Insurance Group in Romania

Ergo Austria International and Ergo Versicherung bought a small Romanian accident and damage insurer Credit Europe Asigurari, Ergo said. The price was not disclosed.

July 20, 2016

Vienna Insurance Group Buys AXA Subsidiaries in Serbia

Vienna Insurance Group (VIG) is acquiring AXA’s life and non-life companies in Serbia. The purchase will increase VIG’s market share in Serbia to around 11.5 percent.

July 7, 2016

Generali Insurer Loses Court Case Over Changes for 70+ Customers

Insurance firm Generali lost a court case over unfavourable changes introduced to insurance policies of customers over 70 years old, the Vienna supreme regional court OGL said. The ruling is not binding.

July 5, 2016

VIG: Elisabeth Stadler to Replace Peter Hagen as CEO

Due to differences in opinion regarding the future strategic orientation and steering of the Group, Peter Hagen will be leaving his position as Chairman of the Managing Board of the Vienna Insurance Group on 31 December 2015. Elisabeth Stadler will become his successor.

December 2, 2015

VIG Completes Acquisition of Latvian Non-Life Insurer Baltikums AAS

Vienna Insurance Group (VIG) has finalized the 100-percent acquisition of Riga-based Baltikums AAS. As a result of the acquisition, Vienna Insurance Group is now one of the top five insurers on the Latvian market.

October 27, 2015

VIG's Compensa Acquires Lithuania’s Largest Life Insurance Sales Company

Vienna Insurance Group company Compensa Life SE has strengthened strengthened its sales structure in Lithuania with the acquisition of life insurance sales specialist Finsaltas. Finsaltas holds Latvia's biggest life insurance distribution network and recorded some EUR 7.1 million (USD 8.0 million) in life insurance premiums in 2014. for an undisclosed amount, VIG said Friday.

June 12, 2015