As a result of its expansion into the markets of the CEE region, the Vienna Insurance Group has grown to include around 50 companies. Successful growth requires continuous adjustments to the Group’s organisational structure, including, for example, key management areas such as IT coordination, reinsurance management, investment management, finance and accounting, planning and controlling, international human resources development, international actuarial operations, risk management, internal Group audit, investor relations and public relations. International business also continues to be strengthened at the Group level to ensure that customers and distribution partners receive the best possible support and assistance regardless of national boundaries.
To address these challenges even better, the Group feels that the next logical step is to establish a listed Group holding company under the name Vienna Insurance Group AG Wiener Versicherung Gruppe*, in which the shareholders would continue to hold their shares. The Wiener Städtische insurance company, the largest single company in the Group and the leading insurance company in Austria, will continue its insurance business operations in Austria.
The first steps toward creating a new Group organisational structure have already been successfully implemented. Two committees were formed within the Managing Board in May 2009 to ensure a clear allocation of areas of responsibility on the Managing Board as well as unambiguous organisational structures for management of the Group and for management of Wiener Städtische’s insurance business in Austria. One committee deals primarily with Group matters and the other with the management of the Wiener Städtische insurance company in Austria.
The new organisational structure, with Vienna Insurance Group AG Wiener Versicherung Gruppe* as a listed holding company, is expected to be approved by the General Meeting at the end of June, with retroactive effect to the beginning of the year.
* New company name subject to approval by the appropriate executive bodies of the Company and registration of the amendment to the articles of association by the competent authorities.
Standard & Poor’s rating
In January 2010, the international rating agency Standard & Poor’s confirmed that it would retain its “A+” rating with stable outlook for the holding company even after the company division was performed.
