Vienna Insurance coverage Group (VIG) has agreed to accumulate a further 35% stake in its Hungarian enterprise from Corvinus.

The deal will improve the Austrian insurer’s stake in VIG Magyarország Befektetesi Zrt to 90% from 55%.

Corvinus will proceed to carry the remaining 10% stake within the enterprise by way of its funding administration firm, Corvinus Worldwide Investments Zrt.

The businesses didn’t reveal the monetary phrases of the deal.

Topic to approval by the Hungarian Nationwide Financial institution, the deal is slated to shut by the tip of November 2023.

Commenting on the deal, VIG CEO Hartwig Löger stated: “In Hungary, as in all our international locations, we’re pursuing a long-term market technique. With the buyback, we’re emphasising our long-term dedication to the Hungarian market and are trying ahead to persevering with the strategic partnership with the Hungarian Authorities.”

Final 12 months, VIG acquired Dutch insurance coverage firm AEGON group’s Hungarian firms for €620m ($675.88m).

VIG acquired Aegon Hungary Holding and Aegon Hungary Holding II, which maintain a 100% stake in Aegon’s Hungarian arm.

At the moment, VIG CEO Elisabeth Stadler stated: “With the closing in Hungary, we’ll obtain our goal of being among the many high three available in the market by the tip of 2025 already in 2022 and take over the market management in Hungary.”

VIG, which has been working in Hungary since 1996, has a market share of greater than 19%.

Within the first half of 2023, VIG’s two working insurance coverage firms, Alfa and UNION, reported a premium quantity of €403m.

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