VIG continues to expand its market leadership in its largest CEE market
Vienna, Austria, 11-2-2014 — /EuropaWire/ — Vienna Insurance Group continued on its successful path in the Czech Republic also in 2013. Strengthening its number one position by increasing its market share to excellent 33.1 percent, the Group further widened the gap to its competitors.
Last year, the Group companies Kooperativa, Česká podnikatelská pojišťovna (ČPP) and Pojišťovna České spořitelny (PČS) grew their premiums to almost 50 billion Czech koruna . This represents an outstanding plus of 3.3 percent, while the market grew by one percent. Contributing about 20 percent to the total Group premiums last year, the core market Czech Republic is the largest CEE market of Vienna Insurance Group.
The development of the life insurance business has been particularly favourable: the premiums of the Group companies rose by remarkable 7.5 percent, while the overall market faced a downturn. The success was especially due to the excellent cooperation with the Czech Erste Group subsidiary Česká spořitelna.
“We are highly pleased about the strong performance of VIG in the Czech Republic. The Group continued to expand its market leadership and increased premiums significantly above the market average. VIG manages to be successful in this important CEE market even against the background of an economically challenging environment,” emphasised Peter Hagen, CEO of Vienna Insurance Group.