Vienna Insurance Group (VIG) is a listed international insurance group based in Vienna. With premium volume of over EUR 8 billion and approximately 24,000 employees, VIG is one of the largest players on the insurance market in Central and Eastern Europe. It offers its customers high-quality products and services in the life and non-life segments. Shares of the Vienna Insurance Group are listed on the Vienna and Prague stock exchanges.
VIG’s focused and systematic strategy for expanding into the CEE region enabled it to leap from being a national insurance company to an international group with approximately 50 insurers in 24 countries. Standing for financial stability, VIG is able to offer customers, shareholders, partners and employees a high level of security. This is underscored by the “A+” rating, with a stable outlook, given to it by well-known rating agency Standard & Poor’s.
Growth region: CEE
In 1990, VIG was the first Western insurance company to move into Central and Eastern Europe – a region that today already accounts for around 50% of total group premiums. In this region VIG is represented in Albania, Belarus, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Turkey and Ukraine. There is also a branch office in Slovenia. VIG is thus very well placed to take part in the CEE region’s rising standard of living and hence in its rising need for insurance.
In addition, VIG is also active in Germany, Liechtenstein and Italy.
Core market: Austria
Austria, where the expansion began, is a key market for the Group. VIG companies Wiener Städtische Versicherung, Donau Versicherung and Sparkassen Versicherung, which provide the Group with outstanding positioning, are the market leaders in Austria.
Redesigned corporate structure
In 2010, as part of a reorganisation, Wiener Städtische’s operating business in Austria was separated out from the international holding company activities, permitting VIG to focus on the task of managing the Group. This created transparent structures and processes within the Group and allowed for management to become more efficient.
All of the Group’s companies have strong regional roots and in addition can build upon VIG’s international background. The restructuring gives them a common umbrella and, hence, a strong identity that unites them above and beyond their respective markets.
Comprehensive product offerings
VIG has more than 185 years of experience in the insurance business on which to build. Committed customer advisors, innovative product offerings, excellent service and optimum customer access, assured through multiple distribution channels, were and are the cornerstones of the company’s successful development. Furthermore, in line with its multi-brand strategy in every country, VIG relies on the power of proven brand names that are rich in tradition.
In Austria, the Group’s companies have for many years been offering innovative insurance solutions tailored to customer needs in both the life and the non-life area. In Central and Eastern Europe, the rising standard of living has led to an increased need for insurance. While motor vehicle insurance and household/homeowners’ policies were initially most strongly in demand, today retirement provisions and savings and investment products in the form of life insurance policies are enjoying rising popularity.
VIG Re was founded to be the Group’s own reinsurance company. Its location in the Czech Republic underscores the significance of the CEE region as a growth market.
Erste Group – a strong partner
In 2008, a reciprocal sales and distribution agreement was signed with the Erste Group in Austria as well as in Central and Eastern Europe. Following a multi-channel distribution approach, VIG insurance products are distributed by Erste Group, while in return VIG companies also offer banking products. VIG and Erste Group alike are professional and reliable experts for banking and for insurance products.
Employees ensure success
VIG offers top-quality advice and excellent service for its comprehensive range of products. For that reason, it is precisely the Group’s employees who are of the greatest significance to the company’s success: The regional approach VIG follows means that they are always close to customers as well as to the needs of the market.
Additional information regarding the Vienna Insurance Group can be found on the Internet at www.vig.com or in VIG’s consolidated annual report.