Group Annual Report 2023

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Group Functions

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, VIG Fund, corporate IT service providers, one asset management company and intermediate holding companies. VIG Holding primarily focuses on managerial tasks for the Group. It also operates as the reinsurer for the Group as well as in the international corporate business.

The reinsurance company VIG Re, founded in 2008 in Prague, is a successful provider of reinsurance both for VIG insurance companies and also for 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 again confirmed the “A+” rating of VIG Re with a stable outlook at the end of 2023.

Financial performance indicators in the reportable segment Group Functions

Insurance service revenue

The insurance service revenue was EUR 1,652.2 million in 2023 and thus over the previous year’s figures by 18.0% (2022: EUR 1,399.7 million). In addition to the clear growth in Group internal business, there was in particular an increase from the development of new business in the active reinsurance via VIG Re and an increase in the corporate and large customer business in VIG Holding.

Result before taxes

A loss of EUR 25.8 million (2022 adjusted: loss of EUR 87.2 million) was recorded in the segment Group Functions in 2023. The better result is primarily due to the clear improvement of the net combined ratio and the higher total capital investment result.