In its report, the rating agency points to the Group's continued stable operating performance, which benefits from good organic growth, continued strict underwriting discipline and the conservative reinsurance policy, which also limited losses from natural catastrophes in summer 2021. The excellent capital adequacy of VIG Group still represents a relative ratings strength. 

Business risk profile: strong
According to S&P, the leading positions in the VIG markets Austria, the Czech Republic and Slovakia enable a consistently stable and robust performance. This strong positioning is underpinned by geographic diversification, a client-service focus and a broad distribution network, with the Group also benefiting from its long-standing cooperation with Erste Group, according to the rating agency. "We do not see it as a matter of course to have our very good rating confirmed in a persistently difficult exceptional situation caused by a global pandemic. It is proof that our strategic principles of relying on a very high level of diversification, offering all distribution channels and pursuing a very conservative reinsurance policy are decisive for our strong resilience in difficult market phases", explains CEO Elisabeth Stadler. 

Financial risk profile: very strong
According to S&P, VIG Group's financial risk profile is underpinned by its strong balance sheet with robust capital buffers. S&P continues to certify that Vienna Insurance Group has capital adequacy above the AAA level. The capital quality even improved slightly in the past year. The rating agency expects VIG Group to maintain its capital and earnings assessment at least at a very strong level over the next two years, even amid prolonged market volatility and organic or inorganic growth opportunities.