Vienna Insurance Group is the leading insurance specialist in Central and Eastern Europe. Around 50 Group companies offer insurance products and services in 25 countries.
Results are managed Group-wide, with operating segments divided into lines of business (property and casualty, life insurance and health insurance) and regions. The regions are Austria, the Czech Republic, Poland, Slovakia, Romania, Remaining Markets and Central Functions. The operating segments are aggregated in two dimensions – lines of business and regions – for segment reporting.
Since many of the insurance companies in Vienna Insurance Group are composite insurers, and have already consolidated transactions between reporting segments in their separate financial statements, Vienna Insurance Group does not present a consolidation column in the consolidated balance sheet or consolidated income statement for segment reporting.
Like transactions with third parties, transfer prices between reportable segments are determined using market prices. Transactions between reportable segments are eliminated during consolidation. Financial information is recorded for reportable segments; country-specific information concerning more than one segment is not collected.