The Group Functions reportable segment includes VIG Holding (including the branches in Northern Europe), VIG Re (including the branches in Germany and France), Wiener Re, the VIG Fund, corporate IT service providers and intermediate holding companies. VIG Holding primarily focuses on managerial tasks for the Group. It also operates as the reinsurer for the Group and in the international corporate business.
The reinsurance company VIG Re was formed in Prague in 2008 and is a successful reinsurance provider for both VIG insurance companies and external partners. It has established itself as an important company in the CEE region and follows a conservative underwriting and investment strategy. Standard & Poor’s reaffirmed VIG Re’s A+ rating with stable outlook at the end of 2021.
Financial performance indicators in the Group Functions reportable segment
Premiums written in the Group Functions segment rose 13.2% in 2021 to EUR 1,965.0 million (2020: EUR 1,736.5 million). In addition to an increase in premiums from the entry into new business areas (Western Europe) in active reinsurance generated by the insurance company VIG Re, an increase in corporate and large customer business and assumed internal Group reinsurance was also recorded in VIG Holding.
Result before taxes
A loss of EUR 210.8 million was recorded in the Group Functions segment in 2021 (2020: loss of EUR 107.6 million).
In addition to the strengthening of the technical reserves, this development is attributable to various provisions for strategic projects and digitalisation initiatives, among other things.