Vienna Insurance Group (VIG) has agreed to acquire Demir Sağlık ve Hayat Sigorta A.Ş., a Turkish health insurance specialist, expanding its presence in Türkiye’s health insurance market and diversifying its local insurance portfolio.
The acquisition will strengthen VIG’s position in private and supplementary health insurance, corporate healthcare coverage and travel insurance. It also provides the Austrian insurance group with an entry into health tourism.
Demir has operated in Türkiye for more than 30 years and maintains agreements with over 1,800 healthcare facilities nationwide. The transaction remains subject to regulatory and other required approvals. Financial terms were not disclosed.
- Vienna Insurance Group is acquiring Demir, a Turkish insurer specializing in private, supplementary and corporate health insurance.
- Demir provides access to more than 1,800 contracted healthcare facilities and has established positions in travel insurance and coverage for foreign nationals.
- The transaction expands VIG’s healthcare operations in Türkiye, where six in ten respondents in its Risk Literacy Study express concern about access to necessary medical treatment.
VIG generated approximately €1.2 bn in premiums in Türkiye during 2025 through Ray Sigorta and Viennalife, its existing non-life and life insurance businesses.
VIG expands its Turkish health insurance portfolio through Demir
Demir’s business focuses on health insurance products for individuals, families, companies and their employees. Its portfolio includes private health insurance, supplementary policies and group healthcare plans. The company also provides travel insurance and medical coverage for foreign nationals.
Türkiye is a dynamic market for VIG, showing high growth potential, particularly in the health insurance segment. The area of healthcare is of great strategic importance to our Group and, thanks to the acquisition of Demir, is now also prominently positioned in the Turkish market. We are delighted to be providing a strong impetus for further profitable growth.
Gerhard Lahner, Second Deputy CEO and VIG Managing Board member responsible for Türkiye
The acquisition will add specialist healthcare underwriting and distribution capabilities to VIG’s existing Turkish insurance operations.
Demir’s network of more than 1,800 contracted healthcare providers gives VIG an established platform for serving individual and corporate health insurance customers.
The transaction also introduces VIG to the health tourism segment, extending its product portfolio beyond its existing insurance activities in Türkiye.
Gerhard Lahner, VIG’s Second Deputy CEO and Managing Board member responsible for Türkiye, identified healthcare as a strategic priority for the group.
“Türkiye is a dynamic market for VIG, showing high growth potential, particularly in the health insurance segment,” Lahner said. He added that Demir’s acquisition would support further profitable growth in the Turkish market.
Healthcare access remains a concern for Turkish consumers
VIG’s acquisition follows research indicating significant concerns about access to healthcare services in Türkiye.
The group’s latest Risk Literacy Study examined how consumers assess everyday risks across 12 European countries, including health-related risks and barriers to medical treatment.
In Türkiye, six out of ten respondents considered their personal risk of not receiving a necessary medical examination or treatment to be high.
Almost half of Turkish respondents underestimated how often people cannot obtain necessary healthcare because of costs, waiting times or distance.
The findings indicate a gap between concerns about personal healthcare access and awareness of the practical barriers that prevent people from receiving treatment.
Demir’s established provider network and insurance products give VIG additional capabilities in a market where access to medical services is an important consumer concern.
Vienna Insurance Group strengthens its presence in Türkiye
VIG has operated in Türkiye since 2007 through Ray Sigorta, which provides non-life insurance, and Viennalife, which specializes in life insurance. These businesses generated approximately €1.2 bn in combined premium volume in 2025.
The acquisition of Demir introduces a specialist health insurer alongside those existing operations, broadening the group’s portfolio in a market it considers strategically important.
The transaction combines Demir’s health insurance expertise with VIG’s existing Turkish operations and its wider insurance presence across Central and Eastern Europe.
Peter Lovas, Chairman of Demir and founder of selling shareholder EMF Capital Partners, said the combination would create additional development opportunities for the company.
“Combining Demir’s health insurance expertise with VIG’s presence in Türkiye and Central and Eastern Europe opens up new development prospects for the company,” Lovas said.
Demir CEO Viktor Hodara also welcomed the transaction, citing opportunities for growth in both domestic and international markets. Completion remains conditional on obtaining the necessary official and regulatory approvals.
