Deloitte assisted the Austrian insurer Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG) in the acquisition of the Dutch group Aegon’s non-life and life insurance, pension and asset management businesses in Hungary, Poland, Romania and Turkey. With a purchase price of EUR 830 million, this is one of Central Europe’s largest deals in the financial industry in 2020.
The transaction is subject to regulatory and antitrust approvals and is expected to close in the second half of 2021. Following this acquisition, VIG will strengthen its leading position in the Central and Eastern Europe region and will become the largest insurance provider in Hungary. In Romania, VIG is already present through Omniasig, Asirom and BCR Life, while Aegon has been active in life insurance and private pensions since 2007.
The Deloitte team involved in the project was made of professionals from CE and The Netherlands who provided financial, tax and actuarial due diligence, as well as valuation and deal structuring support services. The entire project was coordinated by Tomasz Ochrymowicz, Financial Advisory Partner, and Marcin Piskorski, Consulting Partner, from Deloitte Poland, and by Zsolt Vajda, Financial Advisory Director, from Deloitte Hungary.
“It’s an honour for us to be part of such an important transaction that will redefine the insurance market in four countries. Thanks to its cross-regional cooperation and multidisciplinary approach, Deloitte managed to deliver high class services even within the tight deadlines required by this project. Our experts in Bucharest worked closely with the Deloitte teams in Poland and Hungary, as well as with the Vienna Insurance Group AG Wiener Versicherung Gruppe team in Romania,” stated Radu Dumitrescu, Financial Advisory Partner-in-charge, Deloitte Romania.
The Deloitte team in Bucharest provided financial due diligence for the Romanian entities that will enter VIG’s portfolio and was made of Radu Dumitrescu, Financial Advisory Partner-in-charge, Ionut Vasilescu, Manager, and Angelika Lech, Senior Associate.