General information

Vienna Insurance Group includes around 50 insurance companies that are in the property/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 report, which are broken down by lines of business.

The Montenegro and Belarus markets were not included in the VIG consolidated financial statements in 2013 due to immateriality. More information on the scope of consolidation and consolidation methods is provided on page 125 (see Notes) of the notes to the consolidated financial statements. The notes to the consolidated financial statements provide detailed information on changes in the scope of consolidated companies starting on page 126 (see Notes).

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 was in the case in Croatia in 2013 when the Group companies Kvarner and Helios were merged to create Wiener Osiguranje.

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.

Adjustments in financial year 2012

BCR Life has provided private customer and group life insurance products in the Romanian market since 2005. The company joined the VIG Group at the beginning of 2009 during acquisition of the s Versicherung Group. BCR Life increased its premium income each year until 2012 and has achieved an important market position, especially in group life insurance. All annual financial statements prepared in accordance with national law and IFRS reports have received unqualified auditor's reports and auditor reviews since that time.

As a result of investigations into the employment benefit product in the area of group life insurance and in view of the change of auditor, VIG decided to work together with the auditor to have the accounting policies for the life insurance portfolio, and internal organisation, administration and IT security reviewed. The final report was submitted to VIG at the beginning of 2014 and contained serious findings in the area of term life insurance and changes needed in the accounting of premium receivables for private customer insurance products. As a result, VIG decided to extensively restructure the company and replace its management. VIG also found it necessary to adjust the 2012 financial statements in accordance with the requirements of IAS 8.41.

Since the effects of all of the adjustments almost exclusively affected financial years 2012 and 2013, or any effects on more distant periods could not be reliably established or calculated, VIG did not make any adjustments to the balance sheet for 1 January 2012.

These adjustments are exclusively concerned with financial year 2012.

Financial performance indicators

The key financial performance indicators that form the basis for assessing VIG's business development are presented below.

Key figures from the consolidated income statement

XLS Download




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