Structure and organisation
As part of its multi-brand strategy, VIG Insurance Group relies on regionally established brands and operates with more than one company and brand in most of its markets. The companies address different target groups through their individual market presence. Their product portfolios differ accordingly. This multi-brand strategy does not mean, however, that potential synergies remain unexploited. Structural efficiency and the cost-effective use of resources are examined regularly and developed further. Back offices that perform administrative tasks for more than one company are already being used successfully in many countries. In addition, as part of the new Group strategy evolve28 with CO3 (Collaboration, Cooperation, Communication), collaboration and the exchange of knowledge within the Group is being strengthened further. The aim is to systematically leverage synergies, create transparency and increase competitiveness in the long term through increased cooperation between the companies in a country. Mergers of insurance companies are considered if the synergies that can be achieved outweigh the benefits of a diversified market presence. To ensure uniform management, clearly defined country responsibilities also exist at Managing Board level. Furthermore, in addition to the CEO (Chief Executive Officer) and the CFRO (Chief Financial and Risk Officer), there is also a COO (Chief Operations Officer) and a CIO (Chief Innovation Officer) on the Managing Board.
To improve readability, company names have been shortened throughout the entire report. The list of abbreviations under “Service information” contains a list of the full company names. In order to avoid duplicate information, reference will be made to appropriate information in the notes to the consolidated financial statements. Changes in significant balance sheet and income statement items are presented in both the segment reporting and the notes to the financial statements. Additional disclosures in the management report are intended to explain these data in more detail.
Segmentation and scope of consolidation
The over 50 VIG insurance companies and pension funds operate in the following reportable segments: Austria, Czech Republic, Poland, Extended CEE, Special Markets and Group Functions. These six segments are explained in the segment reporting section of the Group management report. The segment Extended CEE includes the countries of Albania incl. Kosovo, the Baltic states, Bosnia-Herzegovina, Bulgaria, Croatia, Hungary, Moldova, North Macedonia, Romania, Serbia, Slovakia and Ukraine. The segment Special Markets consists of the four countries Germany, Georgia, Liechtenstein and Türkiye. Further information on the scope of consolidation and the method of consolidation can be found in Note “22. Affiliated companies and participations” and Note “25.2. Business combinations”. Details on the changes in scope of consolidation can be found in Note “21. Business combinations”.
Retroactive adjustments
The accounting policy used for the determination and accounting of deferred taxes was changed, which required an adjustment of the previous year’s figures. For more information, please refer to the “Principles of significant accounting policies” section of the notes to the consolidated financial statements under “Change in accounting policies”.