What are Mission Vision & Core Values of Vienna Insurance Group Company?

The VIG mission centers on risk protection, financial stability, and customer-centricity. It's about more than just selling insurance; it's about providing peace of mind and safeguarding what matters most to their customers. This commitment is particularly relevant in the volatile economic climate of Central and Eastern Europe.

VIG's primary focus is on individuals and businesses in Central and Eastern Europe (CEE). This region represents a significant market, with a growing demand for insurance products. VIG aims to be the leading insurance group in this area, reflecting their strategic goals.

VIG offers a comprehensive range of insurance products, including life, health, and property/casualty insurance. These products are designed to meet the diverse needs of their customers, offering protection against various risks. The product portfolio is regularly updated to reflect changing market demands.

VIG distinguishes itself through stability, competence, experience, know-how, and diversity. These elements are leveraged to build strong customer relationships and provide tailored solutions. Their decentralized structure allows for localized decision-making, adapting to the specific needs of each market.

The VIG mission is fundamentally customer-centric. They prioritize understanding and meeting the local requirements of their customers. This approach is reflected in their claims handling and product development, ensuring they provide relevant and effective solutions. For instance, VIG’s claims payout ratio in 2024 was approximately 75%, demonstrating their commitment to customer support.

VIG's mission is evident in real-world scenarios. Their effective management of claims from Storm Boris in 2024, minimizing the impact on results through regional diversification and a conservative reinsurance strategy, highlights their commitment to protecting customer values. Furthermore, VIG's consistent profitability, with a net profit of over €500 million in the last financial year, demonstrates the success of their mission-driven approach.

The VIG vision is clearly future-focused, aiming to be the leading insurance group in Central and Eastern Europe. It also emphasizes being the preferred choice for customers and a reliable partner for stakeholders.

The vision's core is consolidating its leading position across the CEE region. This strategic focus highlights the company's commitment to growth and dominance in a key market.

The aspiration to be the "first choice" underscores a customer-centric approach. This suggests a focus on customer satisfaction, trust, and building strong relationships.

Based on VIG's current trajectory, the vision is both realistic and aspirational. The company's strong presence and financial performance support its leadership ambitions.

The "VIG 25" strategic program, running until the end of 2025, aligns with the vision. The goal of being among the top three in each CEE market (excluding Slovenia) demonstrates a clear path to achieving the vision.

VIG's strong financial results in 2024, including double-digit premium and profit growth, and a robust solvency ratio, provide a solid foundation for realizing its vision. For example, in the first half of 2024, VIG reported a premium volume of EUR 7.4 billion, a 10.6% increase. The Group profit before taxes reached EUR 327.8 million. The solvency ratio was at a strong 261%.

A key strategic decision guided by VIG's mission and vision is the expansion of its leading market position in CEE. This involves both organic growth and strategic acquisitions, directly supporting the vision of consolidating leadership in the region. VIG's focus on CEE is a long-term commitment to its core market.

Recent actions demonstrate VIG's commitment to expansion. The founding of 'Vienna Life' in the Albanian insurance market in 2024 and the merger of its North Macedonian companies in the same year are concrete examples of this expansion strategy. These moves reflect VIG's proactive approach to growth.

VIG's investment in digital transformation and new customer engagement methods aligns with its mission of moving closer to customers and its vision of being the first choice for them. This includes initiatives to improve customer experience and retention. VIG is investing in technology to enhance customer interactions.

Specific initiatives such as digital bancassurance collaborations and the establishment of a customer experience center demonstrate VIG's commitment to customer-centric strategies. These initiatives aim to provide better services and build stronger customer relationships. Customer satisfaction is a key performance indicator for VIG.

VIG's focus on sustainability, integrated into its business model and strategy, reflects its responsibility value and contributes to its long-term stability and reputation. Sustainability is not just a trend; it’s a core value for VIG. This approach enhances its brand image.

Setting targets for reducing greenhouse gas emissions and increasing green investments are strategic decisions driven by VIG's commitment to sustainability. These actions demonstrate VIG's dedication to environmental responsibility. VIG is actively contributing to a greener future.

Leadership plays a crucial role in reinforcing the VIG mission, vision, and core values. CEO Hartwig Löger frequently emphasizes the importance of the Group's diversification and local entrepreneurship, which are rooted in their core values and contribute to their market leadership. This top-down approach ensures that the values are consistently communicated and upheld throughout the organization.

The decentralized structure of Vienna Insurance Group empowers local management to make decisions that cater to the specific needs of their markets. This structure embodies the principle of customer proximity, allowing VIG to offer tailored solutions and build stronger relationships with its clients. This structure is a core part of how VIG's marketing strategy works.

Communication of the VIG mission, vision, and core values to stakeholders is done through various channels, including annual reports and dedicated sections on their website. The inclusion of a consolidated non-financial report in their 2024 annual report, prepared in accordance with the EU Corporate Sustainability Reporting Directive (CSRD), demonstrates transparency and commitment to their responsibility value. This commitment to transparency fosters trust and accountability among stakeholders.

Concrete examples of alignment between stated values and actual practices include the establishment of the customer experience center to systematically measure and improve customer satisfaction, reflecting their customer proximity value. Their investments in green bonds and their climate change mitigation plan with specific CO2 reduction targets exemplify their commitment to responsibility and sustainability. The internal innovation competition, VIG Xelerate, encourages digitalization and innovation, supporting their efforts to enhance efficiency and customer experience.