AUSTRIA: WUSTENROT, VJV TO MERGE
Article Abstract:
In 2001, the Austrian Vienna-based insurance company Volksfursorge-Jupiter Versicherung (VJV) is to merge with Salzburg-based Wustenrot, which holds a 47.7% stake in VJV. The same stake is held by by Wiener Stadtische. OGB is to give up its stake of just under 5%. Wustenrot will hold 69.5% of the stock of the new insurance company created in the merger, while Wiener Stadtische will hold 30.5%, up from 15% at present. Between them VJV and Wustenrot have about 1mn clients and a premium income of more than Sch 7bn. With a market share of more than 5%, the new company will be the 6th-biggest insurance company in Austria. Until now Wustenrot has concentrated on life insurance and building society business, although its field sales staff have been distributing also VJV's non-life policies. In 1999 Wustenrot saw a 8.4% increase in premium income to Sch 4.413bn. Wustenrot will retain the brand name of VJV, which will become a mere non-life insurer. Life assurance operations will be concentrated in Salzburg.
Publisher: Unabhaengige Tageszeitungs fuer Oesterreich
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2000
Acquisitions & mergers, Property & Liability Insurance, Direct Property and Casualty Insurance Carriers, Surety insurance, Property and casualty insurance
AUSTRIA: UNIQA HOPEFUL ABOUT EAST, DIRECT SALES
Article Abstract:
The Austrian Uniqa group that was created in the merger of the insurance companies Austria, Bundeslander, Collegialitat and Raiffeisen-Versicherung, is to take a decision within the next year about entering the Polish and Slovenian markets. Beside Switzerland, Italy and Spain, the company is already active in Croatia, the Czech Republic, Hungary and Slovakia. In the medium term Uniqa aims to generate a premium income of Sch 10bn in eastern central Europe. Currently the region contributes 5% to the group's annual premium income of just over Sch 30bn and 15% to profits. On the other hand, Austria's biggest insurance company group is to boost direct sales, which in the first phase means marketing by telephone and adverts. Internet will follow in the longer term. Collegialitat Versicherung is already testing these types of selling. Premium income so far amounts to about Sch 50mn. According to director general Herbert Schimetschek, direct sales are suitable for medical and life insurance.
Publisher: Unabhaengige Tageszeitungs fuer Oesterreich
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 1999
Strategy & planning, Slovenia, Uniqa Versicherungen AG
AUSTRIA: UNIQA PREPARING FOR ACQUISITIONS
Article Abstract:
Uniqa, the Austrian insurance group has secured the option to increase capital by EUR 50mn. The money from a potential capital increase is to be spent on expansion especially on foreign markets. In Poland, Uniqa is to take over the big insurance company Polonia. In 2002 at the earliest, Uniqa is to set up an insurance company of its own in Hungary. In Austria, Uniqa is withdrawing from minority shareholdings. It is seeking to take over its partner's stake in MLP, which is a 50:50 joint venture with German MLP. The Austrian MLP organisation specialises in selling unit-linked life insurance policies. In year 2000 Uniqa group saw an increase in premium income from Sch 31.5bn to Sch 34.5bn. Profit for the year rose from Sch 308.8mn to Sch 334.8mn, while profit on ordinary activities according to IAS fell from Sch 627.6mn to Sch 577.1mn.
Publisher: Unabhaengige Tageszeitungs fuer Oesterreich
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2001
Asset sales & divestitures, Financial management, Hungary, Insurance Agencies and Brokerages, Insurance agents, brokers, & service, Insurance Agents & Brokers, Insurance industry
Subjects list: Austria, Insurance, Life insurance, Poland
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