The three Hungarian units of Vienna Insurance Group (VIG) will merge from the start of next year, Union Biztosító said.
The three units-Erste Biztosító, Union Biztosító and Vienna Life Biztosító-will operate under the name Union after the merger. The three units had a combined market share of 7.6% at the end of last year. Their revenue from premiums came to 69.8 billion forints, including 26.1 billion from general insurance policies and 43.6 billion from life policies. VIG aims to boost its market share in Hungary to at least 10% in the mid-term.