Outsourcing disclosures

Below the outsourcing disclosures pursuant to Section 156 (1) Z1 in connection with Section 109 of the Austrian Insurance Supervision Act (VAG) are explained in detail:

Holding

VIG Holding decided to have IT services provided by Group-internal and external service providers. twinformatics GmbH provides IT services for the Austrian VIG insurance companies (including VIG Holding) and, if necessary, arranges sub-outsourcing in compliance with legal and regulatory requirements and in coordination with the VIG insurance companies in Austria.

Since 1 January 2023, IT services in VIG Group (including VIG Holding) have also been provided by VIG IT – Digital Solutions GmbH (hereinafter “VIG IT-DS”). VIG IT-DS was founded by VIG Holding to further strengthen the focus on providing IT services throughout the Group and to have these provided by a company specialised in this area. An outsourcing agreement approved by the Austrian Financial Market Authority FMA was also concluded with VIG IT-DS, in which the final responsibility of VIG IT-DS (with twinformatics as a major sub-service provider) for all VIG solutions (SAP NewGL, IFRS 9/17, Readsoft and some smaller supporting applications) is agreed.

Beyond this, VIG Holding has not outsourced any critical or important functions or operating activities.

Group

Throughout the VIG Insurance Group, critical or important functions or operating activities were outsourced in the following areas in particular:

• IT (in particular operation and maintenance of operating modules, data centre operation, application development services, data storage, support services, Cyber Defense Center)
• Claims handling

The four governance functions were individually outsourced by the operating insurance companies of VIG Insurance Group, in particular the internal audit and actuarial functions and related activities.

While critical or important functions or activities from the IT area and claims handling were outsourced primarily to Group-external service providers, governance functions were outsourced in VIG Insurance Group both to Group-internal and Group-external service providers.

The notification and approval of the outsourcing of critical or important functions or activities to or by the local supervisory authorities was undertaken by the relevant companies as needed in compliance with the respective nationally applicable legal provisions.