General information

Structure and organisation

VIG Insurance Group operates with more than one company and brand in most of its markets. The market presence of each company in a country is aimed at different target groups. Their product portfolios differ accordingly. The use of this multi-brand strategy does not mean, however, that potential synergies remain unexploited. Structural efficiency and the cost-effective use of resources are examined regularly. Back offices that perform administrative tasks for more than one company are already being used successfully in many countries. Mergers of insurance companies are considered if the additional synergies that can be achieved outweigh the benefits of a diversified market presence. To ensure uniform management, clearly defined country responsibilities also exist at Managing Board level. As part of the VIG 25 strategic programme, the country responsibilities of the members of the VIG Holding Managing Board were reassigned and, in addition to the CEO (Chief Executive Officer) and CFRO (Chief Financial and Risk Officer), a CTO (Chief Technical Officer), a COO (Chief Operations Officer) and a CIO (Chief Innovation Officer) were also established at the Managing Board level.

To improve readability, company names have been shortened throughout the entire report. A list of full company names is provided in the list of abbreviations. In order to avoid duplicate information, reference will be made to appropriate information the notes to the consolidated financial statements. Changes in significant balance sheet and income statement items are presented in both the segment reporting and the notes to the financial statements. Additional disclosures in the management report are intended to explain these data in more detail.

Segmentation and scope of consolidation

The over 50 VIG insurance companies and pension funds operate in the following reportable segments: Austria, Czech Republic, Poland, Extended CEE, Special Markets and Group Functions. These six segments are explained in the segment reporting section of the Group management report from page 48.

The segment Extended CEE includes the countries of Albania incl. Kosovo, the Baltic states, Bosnia-Herzegovina, Bulgaria, Croatia, Hungary, Moldova, North Macedonia, Romania, Serbia, Slovakia and Ukraine. The segment Special Markets consists of the four countries Germany, Georgia, Liechtenstein and Türkiye. Further information on the scope of consolidation and the method of consolidation can be found in Note 21. Affiliated companies and participations on page 246 and Note 24.2. Business combinations on page 262. Details on the changes in scope of consolidation can be found in Note 20. Business combinations starting on page 245.

Changes in the preparation of the Group management report

First-time application of CSRD and ESRS

The consolidated non-financial report (sustainability statement) was prepared for the first time on the basis of the Corporate Sustainability Reporting Directive (CSRD, EU Directive 2022/2464). All sustainability matters, which also reflect the material sustainability topics of the CSRD, are covered in accordance with the Austrian Sustainability and Diversity Improvement Act (NaDiVeG) and Section 267a of the Austrian Commercial Code (UGB). Companies that make use of the group exemption on the basis of the consolidated sustainability reporting are listed in the sustainability statement in BP-1 “General basis for preparation of consolidated non-financial report”. Detailed information can be found in the chapter “Consolidated non-financial report” starting on page 57 of the Group management report.