Business development of the Group in 2015

General information

Vienna Insurance Group includes around 50 insurance companies in the property and casualty and life insurance business and, in some countries, in the health insurance business as well. These three insurance lines of business are discussed in the Group report, which is broken down by lines of business.

The Montenegro and Belarus markets were not included in the VIG consolidated financial statements in 2015 due to immateriality. More information on the scope of consolidation and consolidation methods is provided on page 96 (see Notes) of the notes to the consolidated financial statements. The notes to the consolidated financial statements provide detailed information on changes in the scope of consolidation starting on page 97 (see Notes).

VIG operates with more than one company and brand in most of its markets. The market presence of each company in a country is also aimed at different target groups, and their product portfolios differ accordingly. Use of this multi-brand strategy does not mean, however, that potential synergies are not exploited. Structural efficiency and the cost-effective use of resources are examined regularly. Back offices that perform administrative tasks for more than one company are already being used successfully in many countries. Specific country responsibilities also exist at the Managing Board level to ensure uniform management of each country. Mergers of Group companies are considered if the additional synergies that can be achieved outweigh the benefits of multiple market presences. This took place in Poland in 2015 with the merger of the two property and casualty insurance companies Compensa and Benefia to form Compensa.

To improve readability, company names have been shortened throughout the entire report. A list of full company names is provided in the List of abbreviations.

In order to avoid duplicate information, reference will be made below to appropriate information in the notes. 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 below are intended to explain these data in more detail.

Financial performance indicators

The key financial performance indicators that form the basis for assessing VIG’s business development are presented below.

Key figures from the consolidated income statement

in EUR million



Change in %

Premiums written – gross



‑1.4 %

Net earned premiums – retained




Expenses for claims and insurance benefits




Acquisition and administrative expenses




Financial result excl. at equity consolidated companies




Result from shares in at equity consolidated companies




Other income and expenses




Profit before taxes



‑66.8 %