Central Functions
The Central Functions include VIG Holding, VIG Re, VIG Fund, the non-profit housing societies, corporate IT service providers and intermediate holding companies.
VIG Holding primarily focuses on managerial tasks for the Group. It also operates as an international reinsurer and in the international corporate business.
The Group’s own reinsurance company, VIG Re, was formed in Prague in 2008 and is a successful reinsurance provider for both Vienna Insurance Group companies and external partners. VIG has established itself as an important company in the CEE region and follows a conservative underwriting and investment strategy. Standard & Poor’s confirmed VIG Re’s A+ rating with a stable outlook in July 2015.
Business development in the Central Functions in 2015
The companies in the Central Functions recorded premiums written of EUR 1,248.91 million in 2015. This represented a decrease in premium volume of 3.2% in comparison with the previous year, which resulted from a lower volume of reinsurance within the Group. The loss of EUR 347.24 million reported in the Central Functions (2014: EUR -2.24 million) is mainly a result of the impairment of IT systems in the amount of EUR 195.00 million (2014: EUR 50.00 million) and also of impairments of goodwill and insurance portfolios.