Vienna Insurance Group (VIG) and the Hungarian state holding company Corvinus have reached a cooperation agreement in Hungary, under which Corvinus will take a 45% stake in the Hungarian VIG companies.

Corvinus will purchase the stake for a consideration of €350m. 

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The Hungarian VIG companies will be held via the Hungarian VIG holding company along with two Dutch holding companies – AEGON Hungary Holding B.V. and Aegon Hungary Holding II B.V.

Corvinus will have a 45% non-controlling interest in each of these holding firms. 

In a statement, Aegon said: “98.64% of the shares of UNION Vienna Insurance Group Biztosito Zrt. will be contributed to the Hungarian VIG holding company. The two Dutch Aegon holding companies hold 100% of the shares in the Hungarian Aegon companies (insurance, asset management, pension fund and service companies).”

VIG will continue to have a 55% majority stake in these three holding firms.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Going forward, these holding firms will be combined, with the Hungarian VIG holding company becoming the central steering unit.

The deal will be finalized upon the completion of the Aegon transaction, and regulatory and competition nod.

Aegon said that it has taken note of the VIG announcement.

In November last year, VIG agreed to buy Aegon’s Central and Eastern European operations.

Valued at €830m, the transaction includes Aegon’s insurance, pension and asset management businesses in Hungary, Poland, Romania and Turkey.

Last year, Budapest Metropolitan Court turned down VIG’s appeal against Hungarian veto on the Aegon deal.