Austria-based Vienna Insurance Group (VIG) has acquired a 48.82% stake in Polish financial broker Phinance.
Phinance is known for insurance sales, financial consulting, and the distribution of investment and credit products.
The transaction has received the green light from the Polish Office for Competition and Consumer Protection (UOKiK).
This move grants VIG access to Phinance’s customer and consultant network, helping it strengthen its foothold in Poland.
VIG managing board member and Vienna Life Supervisory Board chairman Harald Riener said: “This transaction will strengthen our diversified sales strategy and offer great opportunities for both companies: Vienna Life will gain access to a well-established consulting and sales model while contributing its extensive knowledge of insurance products and the Group’s strength as the number one in the CEE [Central and Eastern Europe] region. It is a great opportunity to advance the development of the Vienna Life brand in the Polish market.”
This follows the October 2024 merger of VIG’s three Polish life insurance companies to create Vienna Life, focused on life and health insurance.
Vienna Life secured a corporate licence from the Albanian Financial Supervisory Authority in December 2024.
It will offer a range of risk products including credit protection and term insurance.
Additionally, the newly formed insurer will promote saving products such as traditional life insurance and pension solutions.
The group also operates through Compensa Non-Life, InterRisk, digital insurer Beesafe and the pension fund Vienna PTE.
