Group Annual Report 2023

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Highlights 2023

VIG created added value again in 2023 – for all its stakeholders. The financial year was marked by various highlights.

Key events and developments in 2023

Personnel Changes & Organisation

With new executive personnel and new departments at VIG Holding, VIG is prepared for the challenges of the future.


Change in management at VIG

Since 1 July 2023, Hartwig Löger has been General Manager and Chairman of the Managing Board of Vienna Insurance Group. Peter Höfinger became Deputy General Manager and Deputy Chairman of the Managing Board. Elisabeth Stadler and Peter Thirring left the VIG Managing Board at the end of June 2023.

New CO3 department

Vienna Insurance Group is strengthening exchange between its Group companies with the newly created department CO³ – communication, collaboration & cooperation. The focus is on boosting cross-border know-how sharing as well as on intensifying cooperation between VIG companies located in the same country, thereby enhancing the local multi-brand strategy. Karin Kafesie is heading the new department. She is a business economist with over 20 years of experience in the insurance industry and contributes extensive management experience and international project expertise to her new role.

New Opportunity Management department

The Opportunity Management department was created at VIG Holding in 2023 under the lead of Klaus Mühleder. The department focuses on identifying and incubating new opportunities for success and business potential, as well as further developing selected business areas with significant future potential. The Opportunity Management department’s three main focus areas are identifying trends and developments as a source of potential for success ("opportunities"), supporting VIG’s strategic partnership in the banking sector with a focus on bancassurance, in particular with Erste Group, and establishing and developing VIG’s sustainability programme. The latter is also supported by the Group Sustainability Office, which is integrated into Opportunity Management.

Acquisition & Mergers

VIG is further consolidating its leading position in the CEE region through acquisitions and mergers. It aims to hold a top-three position in each CEE market (with the exception of Slovenia) by 2025.


Successful closing of Aegon companies

Following successful acquisition of the Aegon business in Hungary and Türkiye in 2022, the closing of the Polish and Romanian Aegon companies was also completed on 31 May 2023. With this, VIG expanded not only its life insurance portfolio but also its activity in the pension fund business. The acquired pension fund in Romania was renamed to Carpathia Pensii, in Poland to Vienna PTE. The Aegon insurance company that was acquired in Hungary in March 2022 is now called Alfa Vienna Insurance Group Zrt. The life insurance company acquired in Türkiye operates under the Viennalife brand.

Increase in share of Hungarian business

With the acquisition of the Hungarian companies of the Aegon-Group, VIG became the market leader in Hungary in March 2022. The Hungarian state took a 45% stake in the holding company that was subsequently formed as a controlling unit of the Hungarian business. On 30 November 2023, VIG increased its share of the Hungarian business from 55 to 90%. The state holding Corvinus continues to hold 10% and thus empasizes its commitment for a joint expansion of the insurance industry in Hungary.

VIG joins forces in Poland

Vienna Insurance Group is concentrating its market presence in Poland from currently six to three insurance companies in the future. The merger of the non-life insurance companies Compensa and Wiener will create a key player in the non-life insurance market. InterRisk will continue to operate independently. The three life insurance companies Compensa Life, Vienna Life and Aegon Life will be merged to form a larger, strong market player in the life insurance business. The mergers are subject to the necessary regulatory approvals.

VIG plans merger in North Macedonia

In order to better combine the strength of both companies on the one hand and to achieve the economies of scale on the other, it is planned to merge the non-life insurance companies Winner Non-Life and Makedonija Osiguruvanje in North Macedonia. The merger is subject to regulatory and corporate law approvals.

Expanding the business model

As part of the VIG 25 strategic programme, VIG is expanding its business model. In this way, it is creating additional added value with assistance services and in the pension fund business, for example.


Global Assistance established in Croatia

VIG Group’s goal is to offer assistance services via its own companies rather than third-party companies. In addition to expanding the range of services offered by existing companies, the focus is also on expanding VIG's own assistance services in additional countries. In 2023, VIG added another country and established Global Assistance in Croatia. VIG is now represented by its own assistance companies in eight CEE countries, serving 13 VIG countries. In total, VIG's service companies handle around 700,000 assistance cases per year.

Slovakian VIG company Kooperativa enters pension fund business

By taking over the Slovakian pension fund company at the beginning of 2023, VIG insurance company Kooperativa is expanding its range of services to include occupational pension provision in Slovakia. This will enable customers of Kooperativa and to benefit from a wider range of products and services in the future. was previously part of the Group and has many years of experience in the investment of savings on the financial and capital markets. The company has a market share of around 5% and manages the pension funds of approximately 125,000 customers, with a total volume of more than EUR 500 million.

Customer proximity

VIG wants to offer its customers more benefits with new communication channels and innovative services.


New centre of competence for customer experience

In 2023, VIG established a centre of competence for customer experience in Warsaw, which supports the entire Group in creating additional benefits for customers and is part of the VIG 25 strategic programme. Specifically, the centre of competence will define uniform parameters and tools for all companies to measure and improve satisfaction. It will also come up with solutions for improving customer retention. A first step was to develop a joint framework to define the focus areas and methods for measuring satisfaction as well as determining the key points of contact with customers, analysing the latest tools for obtaining feedback, and gathering examples of best practices how to increase customer loyalty.

Digital bancassurance

VIG Group cooperates with Erste Group in eleven CEE countries. In 2023, this collaboration generated a solid premium volume of around EUR 1.35 billion. In addition to traditional bancassurance, such as in-branch services, Erste Group offers VIG products via its “George” digital platform in six countries – Austria, Czech Republic, Slovakia, Romania, Hungary and Croatia. In total, around 350,000 contracts were concluded online via George in 2023, marking a 112% increase on the previous year. Alongside traditional credit insurance a wide range of property and casualty insurance is offered, especially travel insurance.

Capital market

The capital market has been impressed with VIG's reliability for almost three decades. To date, shareholders have received dividends every year without fail.


New dividend policy

Vienna Insurance Group has continuously shared the companies success with its shareholders since first listing on the Vienna stock exchange in 1994. With regard to dividend continuity and predictability, VIG strives for a future dividend per share that at least corresponds to the previous year and, depending on the operational result development continuously increases.

Repurchase of subordinated bonds

In April 2023, Vienna Insurance Group made an offer to repurchase the subordinated bonds issued in 2015 (ISIN: AT0000A1D5E1) and, as a result, bought back bonds with a total nominal value of EUR 158.59 million. Detailed information is available at:

Top rating – still A+ with stable outlook

The international rating agency Standard & Poor’s (S&P) reaffirmed its A+ rating with stable outlook for Vienna Insurance Group at the end of July 2023. This means that VIG continues to be one of the companies with the best rating in the ATX of the Vienna Stock Exchange. Standard & Poor's attests to Vienna Insurance Group's solid earnings development and robust capitalisation, even after the completion of the acquisition of the Eastern European business of the Dutch Aegon Group.

New website – IR area modernised

The new VIG website has been online since June 2023, which means the IR area also has a new modernised design and changes in content. In addition to well-known investment tools, such as the interactive comparison of key figures and Total Shareholder Return Tool, dynamic graphics are also used in the Fact Sheet and earnings reporting. The integrated Social Media Wall also shows the latest posts to the VIG IR LinkedIn channel. The archive contains selected reports and results presentations for the last ten years. A separate page is dedicated to current results reporting. Further information and documents for the events can also be accessed directly using the calendar entries. All details at:

VIG share performance in 2023

VIG shares rose significantly in the first few months of 2023, despite the turmoil surrounding Credit Suisse, reaching its high for the year of EUR 27.35 on 8 May. The interest rate hikes by the ECB Governing Council and the technical price correction on the occasion of the dividend payment subsequently put pressure on the share price. The main boost to the share price came from the price increases on 17 August (the day after the ad hoc announcement on the 2023 outlook), and on the last trading day. The VIG share closed the year at EUR 26.50, up 18.6% on the previous year. It thus significantly outperformed both the national stock market index, the ATX (+9.9%), and the industry benchmark STOXX®Europe 600 Insurance (+8.8%).


VIG is consistently continuing its innovation and digitalisation efforts in order to become even more efficiently and develop new services for its customers. VIG Holding supports the local companies via the internal Innovation Hub, which also coordinats collaboration.


Partnerships with added value

The venture capital fund VENPACE has already invested in eight startups that are relevant to the insurance industry. This enables VIG to deepen its knowledge of innovative business models. VIG is one of four partners working with the Cologne-based investment company. The collaboration with Plug and Play gives VIG access to a network of 20,000 prescreened startups. The cooperation also provides support to the individual companies in expanding their own innovative capabilities through measures that are tailored to the specific company – for example, numerous innovation workshops were held in 2023.

VIG Innovation Day

In 2023, the Innovation Hub organised the first VIG Innovation Day with Plug and Play. The event in Vienna marked the starting point for the VIG Innovation Community which provides opportunities for Groupwide knowledge sharing and joint innovation projects. More than 40 employees from 27 VIG companies networked at the event and discussed global innovation trends in a workshop. Selected InsurTech start-ups also presented their solutions for digital customer retention, efficient processes and digital automation.

Cashback system for resposible driving

VIG is using a new telematics app to offer motor vehicle insurance customers valuable services and promote responsible driving. Users of the app benefit from features such as an automatic driver’s logbook, information about their driving behaviour and tips for improvement. Customers receive a percentage of the insurance premium they paid as cashback according to their driving score. The app’s SOS emergency button offers another helpful benefit: At the push of a button, customers can be connected to VIG’s assistance company, which will provide immediate, needs-based help. The app is currently available to Kooperativa customers in the Czech Republic and Wiener TU customers in Poland, with further companies expected to follow in 2024. Read more

Services for improving health

VIG is developing additional health-related programmes for its customers. To his end, the Group is systematically building up its expertise in this area. For example, VIG has invested in two healthcare start-ups; firstly, in from the Netherlands, which provides consultations with highly specialist doctors from all over the world; and, secondly, in the Austrian start-up TeleDoc, which is one of Europe’s leading telemedicine providers. VIG insurance companies in a number of countries are collaborating with these start-ups, including in North Macedonia from 2023.

VIG Xelerate: Innovation competition

The internal innovation competition VIG Xelerate has been held regularly by the Innovation Hub since 2018. It recognises companies’ innovation projects and provides financial support for implementing promising projects. Some 41 projects have been co-financed so far, with total funding of EUR 10.5 million. All VIG companies can submit innovation projects, which are evaluated in collaboration with experts from the Plug and Play startup network. The top projects are presented in person on a pitch day. The strategic focus of VIG Xelerate shifted in 2023 as it evolved from a digitalisation competition into an innovation competition. A new VIG Xelerate platform was developed in 2023 as well.

VIG Xelerate: Winning projects

The following three projects convinced at the VIG Xelerate Pitch Day 2023:

Compensa (Poland) with the “Discovery Evaluation” project:
With the help of artificial intelligence, Compensa can automate 80% of the claims settlement process – from analysing documents to making decisions, such as about claims for damages. Customers receive feedback after just a few minutes, which significantly increases their satisfaction. This enables claims processors at Compensa to focus fully on exceptional claims.

Compensa and Compensa Life (Lithuania) with “SAX”:
A digital platform consisting of an e-shop and a self-service portal makes it easier for customers to take out life insurance and non-life insurance policies. They can also manage claims via a partially automated process. What’s more, the platform offers upselling and cross-selling options, as well as tools for analysing customer behaviour.

Global Assistance (Czech Republic) with “Digital Clinic”:
Companies can purchase assistance products for their employees via an e-shop platform. These are then made available to staff in the form of voluntary social benefits, for example. The first phase of “Digital Clinic” involves offering a wide range of telemedicine services.


Sustainability is an integral part of the business model ensures the long-term success of the Group.


VIG 25 Sustainability Programme

The new VIG sustainability programme defines six spheres of impact. Asset management, underwriting and office operation have a focus on ecology, while employees, customers and society primarily address social aspects.

Link to the Sustainability Programme in the online report.

Responsible investing

As part of the VIG 25 sustainability programme VIG is pursuing the objective of reducing greenhouse gas emissions to net zero by 2050 in the areas of investing, underwriting and office operation. Specifically, in 2023 VIG adopted, among other things, the new declaration, “Responsible Investment”, which included new or strengthened sustainability criteria in investing. Exclusion criteria define which companies will not be invested in. In addition, VIG pursues an engagement approach. This defines the active exchange with companies in order to encourage them to improve their ESG rating. The approach is implemented in cooperation with the external partner ISS ESG. From 2024 onwards, a yearly Engagement Report will be created and published.

The declaration “Responsible Investment” is available for download at the following link:

New Group Sustainability Office and sustainability committee

The Group Sustainability Office, which was set up in 2023 in the Opportunity Management department of VIG Holding, actively coordinates Group-wide sustainability tasks. In addition, a Sustainabilty Committee has been in place since the reporting year; it consists of the Chief Finance and Risk Officer (CFRO), the Chief Operating Officer (COO) as well as the heads of several VIG Holding departments – primarily from the six spheres of impacts of the new sustainability programme – and chaired by the Group Sustainability Officer. The committee has an advisory function and serves as a link between the operational level and the Managing Board which has overall responsibility.

Study regarding the risk competence in CEE

A Gallup study in the CEE commissioned by VIG in 2023 shows that seven out of ten respondents were not able to deal with risks competently. In the context of the study, 9,000 people over 18 years of age were surveyed in Austria, Bulgaria, Croatia, Poland, Romania, Serbia, Slovakia, Czech Republic and Hungary. A focal point of the sustainability programme of VIG is therefore the promotion of risk competence in its markets. Better risk and financial literacy shall help the population to protect themselves adequately.

You can find more on the study at

Corporate Governance

The goal of all corporate governance measures is to ensure responsible corporate management aimed at long-term growth while simultaneously maintaining effective corporate control.


New Whistleblower Portal

In line with the Austrian Whistleblower Protection Act (Hinweisgeber:innenschutzgesetz), which implemented the EU’s Whistleblower Directive in Austria, VIG Holding has set up a VIG Whistleblower Portal ( as an internal channel to allow people to report – at any time and anonymously – perceived violations of the statutory provisions set out in the Whistleblower Protection Act. Perceived violations in other legal areas can be reported to a dedicated email address ( and to the department Compliance (including AML) by post.


Around 29,000 people from 30 countries work together in VIG. Diversity and solidarity are two of the Group's fundamental values.


Help for earthquake victims

When Türkiye and Syria were hit by earthquakes in February 2023, 60,000 people lost their lives. After this catastrophe became known, the Managing Board of VIG Holding decided to donate EUR 1 million in emergency aid to the Red Cross for the victims of the earthquake in Türkiye. In addition to this amount, a further EUR 500,000 was provided to each of the aid funds set up by the two VIG companies in Türkiye, with the aim of supporting the affected employees and their families.

Support for reconstruction in Ukraine

To help with reconstruction initiatives in Ukraine, the VIG Family Fund has been made available to employees in our Ukrainian companies. Additionally, in June 2023, VIG entered into a partnership with Lloyd’s in London and AON, whereby the three companies undertake to provide foreign (re) insurance capacities to strengthen Ukraine’s economic resilience and thereby support work on rebuilding the country.

Key figures for 2023

The key figures for 2023 demonstrate VIG’s strong performance. A new accounting system has been in place since the reporting year.


EUR 13.8 billion gross written premiums (+9.8%)
EUR 10.9 billion insurance service revenue (+12.2%)
Result before taxes: EUR 772.7 million (+31.9%)
92.6% Net combined ratio
EUR 4.31 Earnings per share

Top result in a challenging environment

EUR 1.40 dividend per share

An increase of the dividend to EUR 1.40 per share will be proposed at the Annual General Meeting based on the new dividend policy.

Solvency ratio of 269%

VIG continues to be very well capitalised.

EUR 1,199 million in green bonds

In addition to ecological criteria, VIG considers social criteria in their investment strategy.

New financial reporting

As of 1 January 2023, VIG Insurance Group for the first time applied the IFRS 9 and IFRS 17 accounting standards. The first-time application leads to significant changes and therefore has a material influence on this Group Annual Report including adjusted comparative information for the previous year.