Extended CEE
The reportable segment Extended CEE includes the countries of Albania incl. Kosovo, Baltic states, Bosnia-Herzegovina, Bulgaria, Croatia, Hungary, Moldova, North Macedonia, Romania, Serbia, Slovakia and Ukraine.
Albania incl. Kosovo
VIG Insurance Group operates in the Albanian insurance market with the non-life insurers Sigma and Intersig. It ranked second in the market with a market share of 20.4% in the first nine months of 2024. Via a branch Sigma is also represented in Kosovo where it ranked sixth with a market share of 9.3% in the 1st to 3rd quarter of 2024.
Vienna Life was founded in Albania in 2024 with a focus on life and health insurance. The company’s licence was issued by the Albanian Financial Supervisory Authority on 24 December 2024. Vienna Life was not included in the scope of consolidation for 2024.
Baltic states
VIG insurance companies are represented in all three Baltic states. Compensa Life has its headquarters in Estonia and is also represented in Latvia and Lithuania via branch offices. BTA Baltic operates in Latvia and is active in Estonia and Lithuania with branches. The non-life company Compensa Non-Life operates in Lithuania. It maintains branches in Latvia and Estonia.
VIG insurance companies are the market leader in the Baltic states with a market share of 26.0% in the 1st to 3rd quarter 2024. They are ranked first in both non-life and life insurance.
Bosnia-Herzegovina
VIG Insurance Group is represented in the Serbian Republic of Srpska of Bosnia-Herzegovina by Wiener Osiguranje with headquarters in Banja Luka and by Vienna Osiguranje with headquarters in Sarajevo. The VIG insurance companies were in fourth place overall based on a market share of 8.7% according to the data of the 1st to 3rd quarter 2024.
Bulgaria
On the Bulgarian insurance market VIG is represented by Bulstrad Life and Bulstrad Non-Life. Together they held a market share of 14.0% in the 1st to 3rd quarter 2024. Thus, VIG insurance companies were in first place in Bulgaria. In the non-life insurance sector they ranked third in the market and in life insurance they are in second place.
In addition, the PAC Doverie pension fund is part of VIG Insurance Group, and has a 24.5% market share in Bulgaria.
Croatia
In Croatia the VIG insurance company Wiener Osiguranje is active. A market share of 7.7% in the 1st to 3rd quarter 2024 puts it in fourth place on the Croatian insurance market. It is in fifth place in the non-life insurance sector and ranks second in the life insurance sector.
Moldova
The VIG insurance company Donaris operates in Moldova. With a market share of 12.5% in the 1st to 3rd quarter 2024 it is in fifth place on the market. In the non-life insurance sector, it is in fourth place.
North Macedonia
On 1 July 2024, the North Macedonian non-life insurers Winner Non-Life and Makedonija Osiguruvanje merged. VIG is thus represented by one non-life and one life insurance company in North Macedonia, Makedonija Osiguruvanje and Winner Life, respectively. The two VIG insurance companies together held a market share of 18.4% in the 1st to 3rd quarter 2024. This makes the VIG companies the leading insurance group in North Macedonia. VIG is the leading company in the non-life sector and ranks third in the life sector.
Romania
There are three VIG insurance companies operating in the Romanian insurance market, the non-life insurer Omniasig, the composite insurer Asirom and the life insurer BCR Life. In addition, VIG is represented on the Romanian market with the pension fund Carpathia Pensii. The portfolio of the Romanian branch of Aegon Life in Poland acquired in 2023 was transferred to Asirom in 2024. VIG is the market leader in Romania, with a market share of 25.7% in the 1st to 3rd quarter 2024. It is the market leader in non-life insurance and ranks second in life insurance.
Serbia
In Serbia, VIG Insurance Group is active with the Wiener Städtische Osiguranje. With a market share of 10.9% it occupied fourth place in the 1st to 3rd quarter 2024. In the non-life insurance sector it is also in fourth place, in the life insurance sector it ranks second.
Slovakia
Two VIG insurance companies, Kooperativa and Komunálna, are represented in the Slovakian insurance market. In addition, the pension company Kooperativa, d.s.s. (formerly 365.life.) is part of VIG Insurance Group. With a market share of 28.4% in the 1st to 3rd quarter 2024 they are in first place as the largest insurance group in Slovakia. They are ranked first in both non-life and life insurance.
Ukraine
The VIG non-life insurers Kniazha and USG as well as the life insurer Kniazha Life are active in Ukraine. With a share of 10.5% in the 1st to 3rd quarter 2024 the VIG insurance companies are in second place in the overall market. In the non-life sector, Vienna Insurance Group ranks second in Ukraine.
Hungary
In Hungary, Vienna Insurance Group operates with Union Biztosító and Alfa Biztosító. According to the data published by the Hungarian Association MABISZ from the 1st to 3rd quarter 2024, the VIG insurance companies are in first place in the market with a market share of 18.8%. They are in first place both in non-life and life insurance.
Financial performance indicators in the reportable segment Extended CEE
Insurance service revenue
The insurance service revenue in 2024 amounted to EUR 3,599.5 million and was thus 14.3% above the previous year’s figure (2023: EUR 3,148.1 million). The increase resulted primarily from the good development in the Baltic states, Bulgaria, Romania, Slovakia and Hungary. In particular, motor insurance and other property and casualty insurance achieved solid growth.
Insurance service revenue by line of business
Result before taxes
The result before taxes in the segment Extended CEE in 2024 was EUR 159.7 million (2023: EUR 101.0 million). The significant increase compared to the previous year is primarily due to the improvement in the combined ratio in Romania and Slovakia.
In 2024, the result before tax, adjusted for adjustments of EUR 116.3 million (2023: EUR 81.7 million), which are primarily due to the impairment of goodwill in Hungary, resulted in a business operating result of EUR 276.0 million in the segment Extended CEE (2023: EUR 182.8 million).
Net combined ratio
In 2024, the net combined ratio in the segment Extended CEE improved to 93.9% as a result of a better claims ratio and cost ratio (2023: 95.2%).