Central Functions
The Central Functions segment includes VIG Holding (including the branches in Northern Europe), VIG Re (including the branches in Germany and France), Wiener Re, the VIG Fund, non-profit societies, corporate IT service providers and intermediate holding companies. VIG Holding primarily focuses on managerial tasks for the insurance group. It also operates as the reinsurer for the insurance group and in the international corporate business.
The reinsurance company VIG Re was formed in Prague in 2008 and is a successful reinsurance provider for both VIG insurance companies and external partners. It 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 the autumn of 2019.
Financial performance indicators in the Central Functions segment
Premiums written in the Central Functions segment rose 2.5% in 2019 to EUR 1,623.5 million. This was mainly the result of an increase in premiums generated by insurance company VIG Re entering new business areas for active reinsurance (Western Europe) and an increase in corporate business in VIG Holding.
A result before taxes of EUR 36.5 million was recorded in the Central Functions segment in 2019 (2018: EUR 70.2 million). The decrease was primarily due to the change in consolidation method used for the non-profit societies starting 31 July 2019.