Vienna Insurance Group (VIG) is set to acquire an 80% stake in Moldovan insurer Moldasig S.A. after securing the bid in a public auction. The transaction will position VIG as the leading player in the Republic of Moldova with an estimated 30% market share.
Moldasig currently writes approximately €24 million ($28 million) in annual premiums, employs around 540 people, and holds roughly 14% of the non-life insurance market. The acquisition is expected to double VIG’s premium volume in Moldova and reinforce its presence across Central and Eastern Europe. Completion of the deal is anticipated in the coming days, subject to clearance from the competition authority, following a multi-stage bidding process overseen by the Moldovan state, according to BestWire.
VIG has operated in Moldova since 2014 through Donaris, which today serves more than 120,000 customers. The addition of Moldasig significantly strengthens VIG’s footprint in Southeastern Europe, a region where the group has been steadily expanding in recent years.
Insurance penetration in Moldova remains among the lowest in Europe, with premiums accounting for less than 2% of GDP—far below the EU average of 6% to 7%. The local market is dominated by motor insurance and other non-life products, while life insurance remains underdeveloped. For international insurers such as VIG, this creates strong long-term growth potential as financial literacy improves and regulations move closer to EU standards.
VIG’s expansion strategy has long targeted emerging Central and Eastern European markets, where insurance density is still relatively low but growth prospects are high. By comparison, Western European markets face slower growth and greater competition. Although Moldova’s market size is modest, the acquisition secures VIG’s early leadership in a country expected to see increasing insurance demand as incomes rise and EU integration advances.
The deal comes as VIG continues to demonstrate financial resilience despite significant catastrophe losses. In 2024, the group absorbed a €617 million impact from storm Boris floods across Central and Eastern Europe but still reported a post-tax profit of €645.3 million, up from €559 million the previous year. Gross written premiums rose to €15.23 billion from €13.78 billion, though the combined ratio edged up to 93.4 from 92.6.
For 2025, VIG projects profit before taxes between €950 million and €1 billion. The expanded footprint in Central and Eastern Europe, including its strengthened position in Moldova, is expected to play a role in achieving these results.
