Special Markets

The Special Markets segment includes the countries of Germany, Georgia, Liechtenstein and Turkey.


The VIG insurance companies InterRisk Non-Life and InterRisk Life operate in Germany. The InterRisk companies distribute exclusively through around 10,000 independent sales partners. InterRisk Non-Life specialises in accident and liability insurance and selected property insurance products. InterRisk Life focuses on retirement provision and occupational disability solutions, as well as protection for surviving dependants. The VIG companies continue to operate successfully in the German market as profitable niche providers.

The Group internal reinsurance company VIG Re has also been represented by a branch in Germany since 2017. It is assigned to the Group Functions segment.


VIG Insurance Group is represented by two companies in Georgia, GPIH and IRAO. With a market share of 24.4%, the companies became the leading insurance group in Georgia in the 1st to 3rd quarters of 2021.


The VIG insurance company Vienna-Life operates in Liechtenstein. Vienna-Life primarily offers unit- and index-linked life insurance and holds eleventh place in the market in Liechtenstein.


The VIG non-life insurance company Ray Sigorta operates in Turkey. Its market share of 2.1% puts it in 14th place in the Turkish insurance market. In November 2020, VIG Insurance Group signed a share purchase agreement with the Dutch company Aegon N.V. to acquire its companies in Hungary, Poland, Romania and Turkey. The acquisition allows VIG Insurance Group to enter the life insurance business in Turkey. The transaction is subject to the approvals required under supervisory law. Approval under competition law has already been provided.

Financial performance indicators in the Special Markets reportable segment

Premiums by line of business

Special markets – Premiums by line of business (ring chart)

Values for 2020 in parenthesis

Premium development

Premiums written by the VIG insurance companies in the Special Markets segment remained at the previous year’s level at EUR 531.7 million in 2021 (2020: EUR 531.6 million). Premiums written rose 12.6% after adjusting for exchange rate effects, mainly due to currency changes in Turkey. Net earned premiums were EUR 325.9 million in 2021 (2020: EUR 343.9 million), a decrease of 5.2% compared to the previous year.

Result before taxes

The result before taxes in the Special Markets segment rose 46.5% in 2021 to EUR 37.9 million (2020: EUR 25.8 million). This increase was primarily due to absence of the goodwill impairment of EUR 12.5 million performed in Georgia in the previous year.

Combined ratio

The combined ratio was 94.4% in 2021, mainly due to rising claims frequencies in Turkey (2020: 88.1%).