Our guiding values: The VIG group strategy
In addition to the values of customer proximity and responsibility, VIG Insurance Group’s strategy is based on diversity as a key success factor. It also guides the creativity and expertise of the insurance companies in a common direction. This ensures that the wealth of different cultures and perspectives is optimally used – and contributes to sustainable profitability and continuous earnings growth.
Primary strategic objectives
- Consolidation of market leadership in Austria
- Taking advantage of the growth potential, particularly in the CEE region
Key strategic elements
Core business insurance
VIG insurance companies concentrate on their core business, namely providing insurance solutions and other services that best address the security and future provision needs of people.
Focus on Austria and the CEE region
The Group focuses on Austria and the CEE region, with the aim of exploiting growth opportunities, particularly in Central and Eastern Europe. The economic and insurance-related differences between the markets also ensure broad risk diversification.
Management principles
Local entrepreneurship
VIG Insurance Group’s decentralised organisational structure gives local management and employees the flexibility needed for their business operations. In the end, they know best about the needs of the local population and the specifics of their markets. This allows products and distribution to be adjusted optimally to meet local circumstances. VIG Holding is responsible for steering the insurance group.
Multi-brand policy
VIG Insurance Group relies on regionally established brands, as this allows it to address different target groups directly and personally with its 50 insurance companies in 30 markets. This also strengthens its regional identity and creates greater customer and employee loyalty to the company. In addition to the local brand names, “Vienna Insurance Group” conveys the internationality and strength of the Group.
Multi-channel distribution
VIG insurance companies use their own employed sales force, brokers and agents, multi-level marketing, direct and digital sales. Bancassurance is also very important. The cooperation agreement with Erste Group, which is also firmly established in the CEE region, has existed since 2008.
Conservative investment and reinsurance policies
The consolidated VIG companies are responsible for EUR 35,899.1 million in total investments (incl. cash and cash equivalents and excl. investments for unit-linked and index-linked life insurance).Security and sustainability are at the focus of the investment strategy. Most of the investments are therefore in bonds. Diligence also guides the reinsurance policy. To obtain the optimal risk balance, risks are bundled at the Group level and partially placed on the international reinsurance market.
Strategic measures
Agenda 2020 is the strategic work programme for the period from 2017 to 2020. It focuses on three areas:
1. Business model optimisation
2. Ensuring future viability
3. Organisation and cooperation
Non-financial objectives
Corporate social responsibility
Diversity and community go hand in hand. In addition to economic objectives, VIG Insurance Group therefore also has social and environmental objectives. Detailed information on VIG companies’ sustainability strategy is provided on pages 8 and 9 of the Sustainability Report (download as PDF file).
Employer of choice
VIG Insurance Group also relies on diversity as an employer. The appreciation of different experiences and expectations creates a work environment that allows every employee to follow their ideal development path. Further information on VIG Insurance Group’s position as an attractive employer with an international background is provided in the Sustainability Report (download as PDF file) starting on page 30.