Our principles
Our company mission statement and strategy define the principles that guide VIG Insurance Group in its business activities.
Our vision
We want to be the first choice for our customers. Our stakeholders see us as a stable and reliable partner. This enables us to consolidate our position as the leading insurance group in Austria, Central and Eastern Europe.
Our mission
We stand for stability and competence in the field of risk protection. We use our experience, know-how and diversity to move closer to our customers. We see it as our responsibility to protect the values that matter to our customers.
Our values
Diversity
Customer proximity
Responsibility
Our promise
We enable customers to live a safer and better life:
Protecting what matters.
Primary strategic objective
Expanding market leadership and taking advantage of growth potential in Central and Eastern Europe (CEE)
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 CEE
The Group focuses on CEE, with the aim of exploiting growth opportunities in this region. 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
In order to best satisfy the particular preferences of its customers for receiving advice, 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 36,646.3 million in total investments (incl. cash and cash equivalents and excl. investments for unit-linked and index-linked life insurance). Security and sustainability are 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 was the strategic work programme for the period from 2017 to 2020. It focused on three areas:
1. Business model optimisation
2. Ensuring future viability
3. Organisation and cooperation
Non-financial objectives
Corporate social responsibility
In addition to its economic objectives, VIG Insurance Group also pursues social and environmental objectives to protect what will matter. Detailed information on VIG Insurance Group’s sustainability strategy is provided on pages 12 to 15 of the Sustainability Report (download as PDF file).
Employer of choice
VIG Insurance Group can only protect what matters if it has the right employees. 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 38.