Group Annual Report 2022

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Strategic principles

The mission statement, strategic objectives and clear management principles determine the long-term direction of VIG.

Mission statement

Our vision

We want to be the first choice for our customers. Our stakeholders see us as a stable and reliable partner. This enables us to consolidate our position as the leading insurance group in Central and Eastern Europe.

Our mission

We stand for stability and competence in the field of risk protection. We use our experience, know-how and diversity to move closer to our customers. We see it as our responsibility to protect the values that matter to our customers.

Our values

Proximity to our customers

Our promise

We enable customers to live a safer and better life: Protecting what matters.

Strategic objectives

  • Expanding the leading market position in the CEE region
  • Creating sustainable value
  • Sustainability objectives with respect to society, customers and employees

On the basis of this long-term strategic orientation VIG formulates medium-term objectives. For example, the Group aims to be at least one of the top three insurance groups in each CEE market by 2025 (with the exception of Slovenia). It intends to increase premium volume by taking advantage of long-term opportunities in health insurance and risk provisions in the CEE region, among other things. One of the ways in which sustainable value is created is through efficiency in the operating business, such as by making more targeted use of synergies between companies. The medium-term ESG objectives are diverse. The VIG Group wants to increase the consideration of social and environmental factors in investments, support local communities, make offices largely climate-neutral by 2030, promote employee training and education, establish programmes to promote awareness of future precaution and risk protection (risk resilience) in three quarters of the CEE markets and develop more products offering social and environmental added value.

Management principles

Local entrepreneurship

VIG’s decentralised organisational structure gives local management and employees the flexibility needed in the business operations. In the end, they know best about the needs of the local population and the specifics of their markets. This allows products and sales to be adjusted optimally to local circumstances. VIG Holding is responsible for steering the Group.

Multi-brand policy

VIG relies on regionally established brands, as this allows it to address different target groups directly and personally with its over 50 insurance companies and pension funds in 30 markets. This also strengthens its regional identity and creates greater customer and employee loyalty to the company. In addition to the local brand names, “Vienna Insurance Group” conveys the internationality and strength of the Group.

Multi-channel distribution

In order to best satisfy the particular preferences of its customers for receiving advice, VIG insurance companies use their own field staff, brokers and agents, multi-level marketing, direct and digital sales. Bancassurance is also very important. The cooperation agreement with Erste Group, which is also firmly established in the CEE region, has existed since 2008.

Conservative investment and reinsurance policies

The consolidated VIG companies are responsible for EUR 34,399.3 million in investments (including cash and cash equivalents and excluding investments for unit-linked and index-linked life insurance). Security and sustainability are at the focus of the investment strategy, which is why investments are predominantly made in bonds. Diligence also guides the reinsurance policy. To obtain the optimal risk balance, risks are bundled at the Group level and partially placed on the international reinsurance market.