Austria-based Vienna Insurance Group has received life insurance license for Wiener Stadtische zivotno osiguranje Podgorica from the Montenegrin authorities.
The license will allow the group to commence selling insurance products through brokers and with its partner Erste Group.
The license will expand its geographical network to include a total of 24 countries in central and eastern Europe.
Vienna Insurance Group is also active, through subsidiaries and insurance holdings, in Albania, Bulgaria, Germany, Estonia, Georgia, Croatia, Latvia, Liechtenstein, Lithuania, Macedonia, Poland, Romania, Russia, Serbia, Slovakia, the Czech Republic, Turkey, Hungary, Ukraine and Belarus. It also has branches in Italy and Slovenia.