Aegon buys Ergo Hestia

APA - Austria Presse Agentur
10-11-2006, 11:53

Warsaw (Puls Biznesu) – One of the biggest players on the Polish insurance market joins the fight for pension premiums by acquiring PTE Ergo Hestia pension fund.

Warsaw (Puls Biznesu) – One of the biggest players on the Polish insurance market joins the fight for pension premiums by acquiring PTE Ergo Hestia pension fund.

Dutch Aegon buys 100 percent of PTE Ergo Hestia pension fund. The transaction is subject to the approval of Polish authorities controlling the financial market and the competition authorities UOKiK. The parties do not want to reveal the price.

“The pension fund suits the essence of our operations: life insurance and pension products”, Michal Biedzki, the head of Aegon in Poland said.

The clients of the group will get access to the packages of non-life insurance.

Thanks to the acquisition, Aegon will substantially increase its scale in Poland. The number of its clients will grow from 60,000 to 430,000. The assets under management will grow from PLN 3.5m to PLN 6m (EUR 1.6m). However, Ergo Hestia with its 373,000 clients has only 3 percent market share and poor investment results (three year return on investment amounts to 42.924 percent). In effect, only this year, 16,000 clients has left the fund.

(PLN 1 = EUR 0.261)

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Podpis: APA - Austria Presse Agentur

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