Insurer Osiguruvanje Makedonija said on Wednesday it signed a contract with local peer Winner Life, both part of Vienna Insurance Group (VIG), for the transfer of its life insurance portfolio.

The agreement will come into force after permission was granted by Macedonia's Insurance Supervision Agency, Osiguruvanje Makedonija said in a bourse filing.

Osiguruvanje Makedonija, formerly known as QBE Makedonija, is part of Austria's VIG since March 2013, while Life Winner started operations in February 2011.

VIG also operates a non-life insurance unit in Macedonia, Winner said.  Read the full story VIG's MACEDONIAN life-insurance units in portfolio transfer deal