Vienna Insurance $990 Million Deal Cements Eastern Pole Position

Vienna Insurance Group AG bolstered its position as the biggest insurer in central and eastern Europe by agreeing to buy Aegon NV’s business in the region and in Turkey for 830 million euros ($990 million), outbidding rivals NN Group NV and KBC Group NV.

The deal makes VIG the largest insurer in Hungary, a country where the Vienna-based group has long fallen short of its goal to be a top three player in the countries where it’s active. The purchase also strengthens its Polish unit and gives it first-time access to Turkey. That came at a price equivalent to 2.6 times book value, significantly more than people following the transaction had expected.

https://www.bloomberg.com/news/articles/2020-11-29/aegon-agrees-to-sell-cee-business-to-v ig-for-almost-1-billion