The Vienna Insurance Group (VIG) has finally wrapped up the merger of its Serbian unit Wiener Städtische Osiguranje with the two AXA companies.
VIG acquired two AXA companies in July 2016, and the acquisitions were already closed by the beginning of December in the same year.
Peter Höfinger, Member of the Vienna Insurance Group managing board responsible for Serbia said: “We managed to merge the two former AXA companies with our existing Group company in just eight months.
“Handling this so quickly helps our efforts to efficiently take advantage of synergies and strengthen the existing product portfolios under one brand.
“The merger combined the distribution power of the companies, and the use of a common nationwide brand strengthened our market presence.
“Our current market share of slightly more than 13% means we have achieved this goal ahead of time and can now concentrate on making further improvements in customer service, in the area of assistance for example.”
WSO generated more than €41m in premiums in the first half of 2017, which represents a double-digit increase of about +25% compared to the previous year.