Type Aktiengesellschaft Industry Financial services Founded 1824 | Traded as WBAG: VIG
PSE: VIG Headquarters Vienna, Austria | |
 | ||
Key people Elisabeth Stadler (CEO), Günter Geyer (Chairman of the supervisory board) Products Life and non-life insurance Profit € 98.22 millions (2015) Stock price VIG (VIE) € 22.68 +0.11 (+0.49%)31 Mar, 5:36 PM GMT+2 - Disclaimer Subsidiaries Czech Business Insurance Parent organization Wiener Stadtische Wechselseitiger Versicherungsverein - Vermögensverwaltung - Vienna Insurance Group Profiles | ||
Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG) with its registered office in Vienna, Austria, is one of the largest international insurance groups in Central and Eastern Europe with approximately 23,000 employees.
Contents
History
History of Vienna Insurance Group dates back to 1824, with the founding of the k.u.k. priv. wechselseitige Brandschaden Versicherung.
In the end of the 1980s, the company started expanding in central and eastern Europe, founding Kooperativa in Czechoslovakia.
In 1994, the company was transformed into a corporation, and 11% of the stock was introduced on the Vienna Stock Exchange, in the form of preferred shares. Those were changed into common shares in 2005, as the company increased its capital by about €900 million to finance acquisitions.
In 2006, the brand Vienna Insurance Group was introduced as a global brand. In central and eastern Europe, subsidiaries use it next to their original name.
In 2008, a new capital increase permitted the acquisition of the insurance business of Erste Group, which turned VIG to the market leader in central and eastern Europe. Simultaneously, a long-term sales agreement was signed with Erste Group.
During the 2010 shareholder meeting, it was decided to create a 100% subsidiary for the insurance business in Austria, Wiener Städtische Versicherung AG Vienna Insurance Group.
In March 2014, it was revealed that PZU and Vienna Insurance Group were in the race to acquire rival Lietuvos Draudimas for around $147 million.
Management
Since January 1 2016, Elisabeth Stadler is the new General Manager of Vienna Insurance Group.
The supervisory board consists of ten members, with Günter Geyer being chairman.
Structure
With its internationalisation strategy in the CEE economic region, Vienna Insurance Group made the transition from a national insurance company to an international insurance group with more than 50 insurance companies in 25 countries. In total, about 50% of all group premiums already come from the Central and Eastern European markets.
Vienna Insurance Group is active in Austria, Albania, Bulgaria, Germany, Estonia, Georgia, Croatia, Latvia, Liechtenstein, Lithuania, Macedonia, Montenegro, Poland, Romania, Serbia, Slovakia, Czech Republic, Turkey, Hungary, Ukraine, Belarus and Bosnia and Herzegovina through interests it holds in insurance companies. The Group also has branch offices in Italy and Slovenia.
Listing
Since 1992 the company is listed on the Vienna Stock Exchange, and since 2005 it has been a member of the Austrian Traded Index. The major shareholder is Wiener Städtische Wechselseitiger Versicherungsverein – Vermögensverwaltung – Vienna Insurance Group, with a stake of about 70%.