Vienna Insurance Group (VIG) is set to acquire an 80% stake in Moldovan insurer Moldasig S.A. after winning a public auction, positioning itself as the leading player in the Republic of Moldova with an estimated 30% market share. Moldasig, which writes about €24 million ($28 million) in annual premiums and employs roughly 540 people, currently holds about 14% of the nonlife market. With the acquisition, VIG will double its premium volume in Moldova and further consolidate its position in Central and Eastern Europe.
“This acquisition demonstrates our strong commitment to the Republic of Moldova,” said Peter Höfinger, deputy CEO of VIG. “Our strategic objective is to contribute to the better service of the Moldovan economy and its citizens by further strengthening the insurance sector.”
The deal is expected to close in the coming days, pending clearance from the competition authority. It follows a multi-stage bidding process run by the Moldovan state, according to a report from BestWire.
VIG first entered the Moldovan market in 2014 through Donaris, which today serves more than 120,000 customers. The addition of Moldasig strengthens its footprint in Southeastern Europe, where it has steadily expanded in recent years.
Regional market context
Insurance penetration in Moldova remains among the lowest in Europe, with premiums accounting for less than 2% of GDP, compared with around 6% to 7% in the EU average. Non-life products dominate the local market, led by motor insurnace, while life insurance remains underdeveloped. For international insurers like VIG, this creates a room for long-term growth as financial literacy improves and regulatory frameworks align more closely with EU standards.
VIG’s expansion strategy has consistently targeted emerging Central and Eastern European markets, where insurance density is low but growth potential is significant. By contrast, more mature markets in Western Europe are seeing slower growth and intense competition. Moldova’s small size limits the immediate financial impact, but the move secures early positioning in a market expected to deepen as incomes rise and EU integration progresses.
The deal comes as VIG maintains financial momentum despite catastrophe losses. In 2024, it absorbed a €617 million hit from storm Boris floods in Central and Eastern Europe but still posted after-tax profit of €645.3 million, up from €559 million the prior year. Gross written premiums rose to €15.23 billion from €13.78 billion, although the combined ratio slipped to 93.4 from 92.6.
For 2025, the group forecasts profit before taxes between €950 million and €1 billion, with its broader CEE footprint, including new scale in Moldova, expected to play a role in delivering those results.
