Vienna Insurance Group

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Vienna Insurance Group AG Wiener Versicherung Gruppe
Type Aktiengesellschaft
Traded as WBAGVIG
PSE: VIG
Industry Financial services
Founded 1824
Headquarters Vienna, Austria
Key people Peter Hagen (CEO), Wolfgang Ruttenstorfer (Chairman of the supervisory board)
Products Life and non-life insurance
Profit €406.8 million (2011)[1]
Total assets €39.77 billion (2011)[1]
Total equity €5.050 billion (2011)[1]
Employees 24,902 (2011)[1]
Website www.vig.com

Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG) with its registered office in Vienna, Austria, is one of the largest international insurance groups in Central and Eastern Europe with approximately 25,000 employees and a premium volume of around EUR 8.6 billion.

History[edit]

History of Vienna Insurance Group dates back to 1824, with the founding of the k.u.k. priv. wechselseitige Brandschaden Versicherung.

In the end of the 1980s, the company started expanding in central and eastern Europe, founding Kooperativa in Czechoslovakia.

In 1994, the company was transformed into a corporation, and 11% of the stock was introduced on the Vienna Stock Exchange, in the form of preferred shares. Those were changed into common shares in 2005, as the company increased its capital by about €900 million to finance acquisitions.

In 2006, the brand Vienna Insurance Group was introduced as a global brand. In central and eastern Europe, subsidiaries often use it next to their original name.

In 2008, a new capital increase permitted the acquisition of the insurance business of Erste Group, which turned VIG to the market leader in central and eastern Europe. Simultaneously, a long-term sales agreement was signed with Erste Group.

During the 2010 shareholder meeting, it was decided to create a 100% subsidiary for the insurance business in Austria, Wiener Städtische Versicherung AG Vienna Insurance Group.[2]

In March 2014, it was revealed that PZU and Vienna Insurance Group were in the race to acquire rival Lietuvos Draudimas for around $147 million.[3]

Management[edit]

From 2001 until May 2012, Günter Geyer acted as the CEO of the Vienna Insurance Group. Since June 1st, Peter Hagen is the new General Manager.

  • General Manager (CEO) Peter Hagen
  • Member of the Managing Board Martin Simhandl (CFO)
  • Member of the Managing Board Franz Fuchs
  • Member of the Managing Board Peter Höfinger

The supervisory board consists of ten members, with Wolfgang Ruttendorfer being chairman.

Structure[edit]

With its internationalisation strategy in the CEE economic region, Vienna Insurance Group made the transition from a national insurance company to an international insurance group with more than 50 insurance companies in 25 countries. In total, about 50% of all group premiums already come from the Central and Eastern European markets.

Vienna Insurance Group is active in Austria, Albania, Bulgaria, Germany, Estonia, Georgia, Croatia, Latvia, Liechtenstein, Lithuania, Macedonia, Montenegro, Poland, Romania, Serbia, Slovakia, Czech Republic, Turkey, Hungary, Ukraine, Belarus and Bosnia and Herzegovina through interests it holds in insurance companies. The Group also has branch offices in Italy and Slovenia.

Market Group Company Market Entry
Austria Wiener Städtische; Donau Versicherung; Sparkassen Versicherung 1824
Germany InterRisk Versicherung 1990
Liechtenstein Vienna Life 1999
Italy Wiener Städtische (branch), Donau Versicherung (branch) 1999
Slovenia Wiener Städtische zavarovalnica (branch) 2004
Poland Compensa; BENEFIA; InterRisk; PZM; Polisa 1998
Czech Republic Kooperativa; ČPP; PČS; VIG Re 1990
Slovakia Kooperativa; Komunalna; PSS 1990
Croatia Wiener osiguranje; Erste osiguranje 1999
Serbia Wiener Städtische Osiguranje 2002
Montenegro Wiener Städtische Podgorica 2010
Macedonia Winner; Winner Life; Makedonija Osiguruvanje 2007
Albania Sigma; Intersig; Interalbanian 2007
Kosovo Sigma 2007
Hungary Union Biztosító; Erste Biztosító 1996
Bulgaria Bulstrad; Bulstrad Life 2002
Romania Omniasig; Asirom; BCR Life 2001
Ukraine Jupiter; Kniazha; Globus; UIG 2004
Belarus Kupala 2002
Turkey Ray Sigorta 2007
Georgia IRAO; GPIH 2006
Estonia, Latvia, Lithuania Compensa Life 2008
Bosnia and Herzegovina Jahorina 2011
Moldova Donaris 2014

Listing[edit]

Since 1992 the company is listed on the Vienna Stock Exchange, and since 2005 it has been a member of the Austrian Traded Index. The major shareholder is Wiener Städtische Wechselseitige Versicherungsanstalt-Vermögensverwaltung, with a stake of about 70%.

References[edit]

  1. ^ a b c d "Annual Report 2011" (PDF). Vienna Insurance Group. Retrieved 29 October 2012. 
  2. ^ http://derstandard.at/1277336881974/VIG-HV-segnet-Konzernumbau-und-Dividende-ab
  3. ^ "PZU, Vienna Insurance in the race for Lithuania's top insurer". Reuters. 27 March 2014. Retrieved 28 March 2014. 

External links[edit]

Coordinates: 48°13′02″N 16°22′13″E / 48.21722°N 16.37028°E / 48.21722; 16.37028