Vienna Insurance Group (VIG) has completed the acquisition of AXA’s Serbian companies.

The acquisition increase VIG's market share in Serbia to around 12%.

The deal has been closed about five months after VIG had agreed to acquire AXA’s non-life insurance unit AXA Nezivotno Osiguranje and life insurance company AXA Zivotno Osiguranje, both located in Serbia.

The two Serbian units of AXA earned a little over €12m premiums in the last financial year.

Vienna Insurance Group managing board member Peter Höfinger, who is responsible for the Serbian market, said: “Based on the positive economic forecasts, Serbia is a clear growth and investment market for VIG. We aimed at increasing our market share to at least 10 percent over the medium term and are very satisfied, having already achieved this goal.”

Both the former AXA companies put together have different products in the motor, household, casualty and life insurance sectors.

VIG had said that these products are complementary to the products offered by its Serbian subsidiary Wiener Städtische Osiguranje.

Last month, the Austrian insurer reported that its premiums rose to approximately €7.0bn in the first three quarters of the year. In the same period, its reported profit had increased to €301.3m while the combined ratio stable was reported at 97.9%.

Earlier in the year, VIG closed acquisition of a majority stake in non-life insurer BTA Baltic Insurance based in Latvia for an undisclosed price.

Prior to that, it acquired AXA life insurance subsidiary in Romania for a price that has not been revealed.

Image: VIG headquarters in Vienna, Austria. Photo: courtesy of Robert Newald and Vienna Insurance Group.