However, the Hungarian Ministry of Interior informed VIG on 6 April that it would be denied approval for the acquisition of the Hungarian Aegon companies to a foreign investor.
Elisabeth Stadler, CEO of VIG, said: “Our ties to Hungary have grown historically and have always been characterised by mutual appreciation. For a quarter of a century, we have been successfully investing in the Hungarian economy. Therefore, we were surprised by the announcement of the Hungarian authorities.
“By assuming and insuring risks of daily life and through long-term investments, we are making a valuable contribution to the national economy, thus contributing to social security and securing jobs.”
She added: “In all our markets, we are known as a long-term and reliable partner. We know our markets very well due to our long-term strategy. This is especially true for Hungary; we see this country as our home market. We feel a special bond with our neighbour not only because of our common past.
“We also do not see ourselves as a foreign investor, but, based on our local multi-brand strategy and our principle of local entrepreneurship and local management, as a supporter and co-developer of the Hungarian insurance market.”