2012 Strategic Performance Test: Vienna Insurance Group secures top spot for third time
The Vienna Insurance Group (VIG) has taken first place in the three-year rating of the “Banking and Insurance” category of Contrast Management Consulting’s Strategic Performance Test for the third year in succession. The study, which was carried out for the 14th time, evaluates criteria such as return on equity, annual growth and shareholder return. The authors highlighted the fact that a clear strategy is vital to achieving financial success in a challenging operating environment.
“A strong focus on the insurance business and the Austrian and CEE markets is the hallmark of the Group’s strategy. And our excellent development during the crisis shows that we are moving in the right direction,” explained Vienna Insurance Group CEO Peter Hagen. “We posted an increase in profit of almost 7 percent in the first half of this year, so we are well on the way to hitting our target of boosting long-term profitability and keeping volatility to an absolute minimum. Profit grew by over 13 percent in Central and Eastern Europe,” he added.
The number one insurance specialistExperience, tradition and continuity have been the defining features of the Vienna Insurance Group for almost 190 years. Thanks to its expansion into Central and Eastern Europe over the past two decades, the Group has been transformed from a purely Austrian insurance company to the leader in the CEE insurance market. The region now accounts for just over half of the Group’s premium income.
Long-term strategy the key to success
The Vienna Insurance Group’s clearly defined strategy has been an outstanding success. The Group focuses exclusively on its core insurance business. VIG has around 50 companies spread across 24 countries in Central and Eastern Europe, and attaches great significance to employing local managers. The company’s multi-brand strategy, combined with a multi-channel distribution policy, has proven to be an effective tool for raising its market share in the region.