Vienna Insurance Group Annual Report 2015
An interview with the Managing Board
thanks to the CEE region.
The Managing Board on business development in 2015, the strategy and why it continues to be convinced of the potential offered by the CEE region.
New Managing Board, proven strategy
A balance between continuity and change
Continuity and change are fundamentally in conflict. However, if a company has achieved success based on a strategy that has proven itself over the long run, there is no need to follow a new direction when a change in personnel occurs.
The VIG strategy
Guidelines for a successful future
The VIG strategy is based on continuity and stability, and clearly sets the Group apart from its competitors.
VIG at a glance
Profit before taxes EUR 172.1 million
Results reduced due to the historically low level of interest rates, a write-down of IT systems and further impairments of assets in Romania and Poland.
VIG in CEE
Growth prospects of the CEE region
Further growth to come
Vienna Insurance Group has insured Central and Eastern Europe for 25 years. The region offers above-average growth and huge market potential, and therefore plays an integral role in the success of the Group.
Bread and butter from Austria, sweet fruit from CEE
What is the best thing about our hard work? When the local companies bloom and prosper. Selected measures and achievements in 2015.
VIG’s history of success
A long history of success
VIG’s roots reach back to the year 1824. The oldest of the three companies that merged to form today’s Wiener Städtische was founded in Austria that year.
Austria and Central and Eastern Europe – this is our home
From Belarus to Bulgaria and from the Czech Republic to Georgia – Austria and Central and Eastern Europe are deeply rooted in our DNA.
Top position in an emerging market
The CEE region makes it possible. VIG is drawing on a huge reservoir of business and growth potential that will continue to exist for many years.
Low interest rate environment
An interview with the CEO of Erste Group
Good intentions, but not good
We are living in a period of almost zero interest rates that creates happy borrowers and angry savers. As shown in our interview with Andreas Treichl, however, it also poses risks for business activity and substantial risks for the economic system.
“We have to properly assess developments taking place in the capital markets and in economies in order to avoid risks.” Gerald Weber,
Head of VIG Asset Management
VIG’s investment strategy
Investment with a safety harness
The unstable situation on the financial markets increases VIG’s resolve to continue its security-oriented investment strategy.
Life insurance with a guaranteed interest rate
A guarantee forms the basis of all sensible retirement provision
Low interest rates make it difficult for life insurance. Austrian company s Versicherung is nevertheless maintaining a guaranteed interest rate.
Karel van Hulle on the introduction of Solvency II
“It should be proportional and expedient.”
The launch of Solvency II provides a comprehensive reform of the previous regulations. It will ensure that the industry becomes more risk-conscious and more robust.
VIG risk management
Risk is ok – but it needs to be managed
Identifying the risks of a business model, assessing them appropriately and making provisions for their occurrence – these are the requirements of a comprehensive risk management system.
One of Vienna Insurance Group’s core competence is dealing professionally with risk. The VIG risk management system is firmly anchored in the management culture of the Company and is based on a clearly defined, conservative risk policy, extensive risk expertise, a highly developed set of risk management tools, and risk-based Managing Board decisions. Read more about the VIG risk management system in the Group report.
VIG update on Solvency II
“Green light for Solvency II”
VIG implements the European directive with its own partial modelling.
Common compliance culture
Group Compliance Officer, Natalia Čadek on the special function of codes of conduct in an international group of companies.
VIG in the capital market
Opportunities and risks of VIG shares
2015 was a difficult year for Vienna Insurance Group shareholders, even though the Group continues to have a solid and profitable foundation.
“Is there a CEE bonus?” Friedrich Mostböck
Head of Group Research, Erste Group
CSR / Employer of choice
Responsibility both in & outside the Company
Our involvement does not end at the office door. We also actively tackle issues and provide help outside our daily business lives. In addition to helping with the professional development of its employees, VIG also uses social initiatives to contribute to their personal development.
Silver at Best Recruiters
For the second time, VIG Holding has been rewarded with the silver label by Career’s Best Recruiters.
Wrapping of the Ringturm
The Company headquarters, the Ringturm building, once again became an art tower in celebration of its 60th anniversary.
Digitisation strategy Wiener Städtische
Wiener Städtische digital offensive
Wiener Städtische is making changes. Our digitisation strategy is being systematically implemented, starting with a redesign of the website and a completely new range of apps, right through to the topic of online insurance. We were clearly focused on a single goal – achieving digital fitness and helping to shape the course of technical change.
Innovative products and services
Cutting-edge products and services
Change is a key characteristic of our times. Insurance products and services also have to reflect new behaviours, rising living standards and changes in habits. This cross-section of examples shows how quick and innovative VIG is in expanding its product portfolio.
Trends in the digital age
We will need security and stability
How do young people today see life in the future? This is precisely what VIG wanted to learn from students from Austria and the CEE region when it surveyed them about their expectations of future trends in the digital age.
“The industry is developing virtual channels that ensure a sense of security.” Tomasz Borowski,
General Secretary Compensa, Poland