Vienna Insurance Group includes around 50 insurance companies that are in the property and casualty and life insurance business and, in some countries, in the health insurance business as well. These three insurance classes are discussed in the Group reports, which are broken down by lines of business.

The presentation used for segment reporting by region was changed in the 2012 annual financial statements. For the first time, Group companies with management and coordination functions that cross regional boundaries were combined in their own "Central Functions" segment. This segment includes the following companies: BIAC, Central Point, ELVP, LVP, Neue Heimat Holding, Progress, TBIH, VIG Fund, VIG Holding, VIG RE and the non-profit housing societies.

In addition, consolidation stages performed when preparing the annual and quarterly financial statements are now presented in a separate consolidation column in the segment report by region. This has no effect on the Group result.

The modified presentation of geographic regions creates more transparency. The country segments for Austria, the Czech Republic, Slovakia, Poland, Romania and Remaining Markets now show the performance of the operating companies in these countries, because the effects of measures that affect the Group as a whole or cross segment boundaries, such as reinsurance activities, are now shown in the consolidation column. For better comparability, Vienna Insurance Group has modified its regional segment reports retroactively for financial years 2011 and 2010.

The Montenegro and Belarus markets were not included in the VIG consolidated financial statements in 2012 due to immateriality. The notes to the consolidated financial statements provide detailed information on changes in the scope of consolidated companies starting on page 113 (see PDF).

Vienna Insurance Group operates with multiple companies and brands in most of its markets. The market presence of each company in a country may also be aimed at different target groups, and their product portfolios will differ accordingly. Group companies can, however, be merged when the advantages of a diversified market presence are clearly outweighed by significant potential synergies. This happened in Poland, Romania and Bulgaria in 2012, and a merger is currently being prepared in Croatia. Please see the segment report by region for more information.

To improve readability, company names have been shortened throughout the entire report. A list of full company names is provided in the List of abbreviations.

In order to avoid duplicate information, reference will be made below to appropriate information in the notes. Changes in significant balance sheet and income statement items are presented in both the segment report and the notes to the financial statements. Additional disclosures in the management report below are intended to explain these data in more detail.

Key figures from the consolidated income statement

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YoY %

in EUR million




Premiums written – gross




Net earned premiums




Expenses for claims and insurance benefits




Acquisition and administrative expenses




Financial result excl. at equity consolidated companies




Result from shares in at equity consolidated companies




Other income and expenses




Profit before taxes