Systematic use of synergies

Shared back offices for multiple Group companies and company mergers when this makes sense: VIG shows close cost awareness.

Creating cost benefits is essential for sustainable profitability. To this end, VIG is combining back offices to create shared services that can be accessed by more than one Group company. Group companies are also being merged if the potential synergies clearly outweigh the benefits of a diversified market presence. In 2017, for example, VIG merged Wiener Städtische Osiguranje in Serbia with the two AXA companies that had been acquired the year before. In the Baltic states, InterRisk (formerly Baltikums) was merged with BTA Baltic. VIG is also merging local Group companies in Austria, the Czech Republic, Slovakia, Hungary and Croatia with Group life insurance companies that specialise in bank distribution (subject to approval by the local authorities). Addditionally in Poland, Polisa Life and Compensa Life will be merged in 2018.