For 2011, the Vienna Insurance Group expects an increase in profit before taxes of about 10%, with an increase in premium volume in the lower percentage range. In addition, the VIG has set itself the goal of lowering the combined ratio to approximately 97%. This presupposes that there is no significant deterioration in economic and legal framework conditions and no dramatic development in claims owing to natural disasters. With this outlook on results, the Vienna Insurance Group confirms its claim to continuing on its course for growth.
For the coming year, the Vienna Insurance Group has undertaken to consolidate and/or expand the Group’s market position in the individual countries. To this end, the Vienna Insurance Group will continue to work on a permanent strengthening of distribution – based on the proven multi-brand strategy and the extensive distribution networks in each market.
Alternative sales approaches and established bank distribution complement the traditional distribution channels. Through its cooperation with Erste Group, the Vienna Insurance Group has already acquired, as of 2008, another distribution partner of great importance, in particular for the life insurance class. Through its bank distribution, the s insurance companies in particular were able to fully exploit their potential in the life insurance area in 2010 and post high premium gains. Particularly when purchasing savings and investment products, customers prefer to deal with the bank advisors they know. It can be expected that banks as distribution channels will gain in popularity. Against this background, the Vienna Insurance Group will continue and intensify its successful cooperation with Erste Group in 2011.
Another goal of the Vienna Insurance Group is the expansion of international corporate customer business and the development of a selective and profit-oriented underwriting approach. In addition, the cross-border integration of underwriting and claims management know-how will be further advanced with the support of Vienna International Underwriters.
Even after the conclusion of the efficiency programme, the Vienna Insurance Group continuously reviews its cost structure for possible optimisations. In the back-office area in particular, there is still room for savings in some countries. To exploit the latter is a stated goal for 2011.
