ERGO buys VITAL Forsikring's Baltic life insurance operations
German insurer ERGO, a unit of MUNICH Re, announced recently it has bought the life insurance operations of Norwegian insurer VITAL Forsikring in Latvia and Lithuania.
ERGO bought the assets through ERGO Lietuva Gyvybes Draudimas and ERGO Latvia Dziviba. No financial terms were revealed. According to BNS Agency, "VITAL decided to sell its business in Latvia and Lithuania after a change in the company's strategy and it will focus on the local Norwegian market".
ERGO also said it has inked a five-year partnership agreement with Latvian bank DnB Nord to come into effect in the next few months, under which the bank will sell ERGO life insurance products in Latvia and Lithuania.
VITAL Forsikring, a subsidiary of Norway's largest financial services group DnB Nord, is the leader on the local insurance & pension market, with a 35% market share.
ERGO is part of MUNICH Re, one of the world's leading reinsurers and risk carriers. With premiums income amounting to EUR 17,7 billion, ERGO is one of the major insurance groups, represented in more than 30 countries, and it concentrates on Europe and Asia.
