Group business development

General information

The around 50 VIG insurance companies operate in the following reporting segments: Austria, Czech Republic, Slovakia, Poland, Romania, Baltic states, Hungary, Bulgaria, Turkey/Georgia, Remaining CEE, Other Markets and Central Functions. These twelve segments are explained in the segment reporting section.

The Remaining CEE segment includes the countries of Albania incl. Kosovo (a branch of an Albanian company is located in Kosovo), Bosnia-Herzegovina, Croatia, Moldova, North Macedonia, Serbia and Ukraine.

The Montenegro and Belarus markets were not included in the scope of consolidation in 2020 due to immateriality. More information on the scope of consolidation and consolidation methods is provided on page 96 of the notes to the consolidated financial statements. The notes to the consolidated financial statements provide detailed information on changes in the scope of consolidation starting on page 97.

VIG Insurance Group operates with more than one company and brand in most of its markets. The market presence of each company in a country is also aimed at different target groups. Their product portfolios differ accordingly. Use of this multi-brand strategy does not mean, however, that potential synergies remain unexploited. Structural efficiency and the cost-effective use of resources are examined regularly. Back offices that perform administrative tasks for more than one company are already being used successfully in many countries. Specific country responsibilities also exist at Managing Board level to ensure uniform management of each country. Mergers of insurance companies are considered if the additional synergies that can be achieved outweigh the benefits of a diversified market presence.

To improve readability, company names have been shortened throughout the entire report. A list of full company names is provided starting in the List of abbreviations. In order to avoid duplicate information, reference will be made below to appropriate information in the notes. Changes in significant balance sheet and income statement items are presented in both the segment reporting and the notes to the financial statements. Additional disclosures in the management report below are intended to explain these data in more detail.

Financial performance indicators

The key financial performance indicators that form the basis for assessing the business development are presented below.

Key figures from the consolidated income statement

in EUR millions



∆ in %

∆ absolute

Premiums written – gross





Net earned premiums – retention





Expenses for claims and insurance benefits – retention





Acquisition and administrative expenses





Financial result excl. result from shares in at equity consolidated companies





Result from shares in at equity consolidated companies





Other income and expenses





Result before taxes