Vienna Insurance Group has struck a deal with Skandia Retail Europe Holding, member of Old Mutual Group, to purchase complete stake in Poland’s life insurance company Skandia Zycie TU (Skandia Poland).

Skandia Poland has been operating for 14 years and sells its products – primarily unit-linked life insurance policies, through financial intermediaries like banks, insurance brokers and insurance platforms.

The proposed sale of Skandia Poland is part of Old Mutual’s aim to simplify its operations in Europe and focus on certain core growth markets.

The financial terms of the transaction have not been disclosed. The acquisition is subject to regulatory and competition authorities approvals.

Vienna Insurance Group CEO Peter Hagen said this purchase marks a very satisfying and important step in the company’s development in its core market Poland which has high growth potential.

"The addition of the Skandia Poland product range will significantly expand our portfolio of unit-linked life insurance policies.

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"The company also has an extensive sales network that will provide VIG with an excellent opportunity to attract new customer groups, as well as enhance our long-term position as one of the country’s leading insurers," Hagen added.

In the first half of 2013, Skandia Poland recorded premiums written of nearly €45m. The company employs 150 people.