The Vienna Insurance Group works continuously on optimising its business activities and increasing profitability. Many initiatives and measures have already been implemented as part of the ongoing integration of Group companies.
In view of the altered economic environment, the management of the Vienna Insurance Group decided in 2009 to take even stronger measures, as well as to examine its cost-efficiency as compared to the international competition. The results showed potential optimisation savings of around EUR 100 million by the end of 2010. The management of the Vienna Insurance Group worked along with external consultants in 2009 to develop a Group-wide, future-oriented action programme focusing on materials costs and extensive process improvements, both in individual companies and at the Group level as well.
Many measures have already been successfully introduced since the action programme was announced in March 2009, and by the end of 2009 cost savings of EUR 60 million had been achieved. The efforts to optimise and realise synergies in the Group companies in Austria and the CEE region will continue in 2010, in order to ensure that the target savings are achieved by the end of the specified period and that the Group is properly prepared for future challenges.