Group Annual Report 2023

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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

Customer proximity

Our promise

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

Strategic objectives

  • Expanding the leading market position in CEE
  • Creating sustainable value
  • Sustainability objectives in six spheres of impact

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, among other things, is through efficiency in the operating business, such as by making more targeted use of synergies between companies. The Group-wide sustainability programme pursues the ­objective to further strengthen ­sustainability as an integral part and foundation of the business model and also to ensure the future success of the Group (see sustainability programme).

Management principles

Local entrepreneurship

VIG’s decentralised organisational structure gives local management and employees the flexibility needed for their 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 strategy

VIG relies on regionally established brands. With over 50 insurance companies and pension funds in 30 markets it can address various target groups directly and personally. 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 meet the individual preferences of its customers for receiving advice, VIG insurance companies use their own field stuff, brokers and agents, multi-level marketing, direct and digital sales. Bancassurance is also very important. The bank cooperation agreement with Erste Group, which is also firmly established in the CEE region, has existed since 2008.

Conservative investment and reinsurance policies

The capital investments held at VIG’s own risk amount to EUR 35,288.7 million. 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.