VIENNA INSURANCE GROUP ADAPTS SEGMENT REPORTING BY REGIONS
• More transparent presentation of regional developments • New segment “Central functions” • Introduction of a separate consolidation column
On 3 April 2013 Vienna Insurance Group (VIG) will publish the result and embedded value for the financial year 2012. As a service for analysts, institutional investors and journalists, the Group informs in advance on modifications of its format for segment reporting by regions.
The new format will be applied for the first time in the annual financial statements for 2012: Group companies performing supra-regional management and coordination tasks for the entire Group are accounted for in a separate segment “Central functions”; it includes for example the following:
- VIG Holding, including affiliated non-insurance companies - the re-insurance company VIG RE headquartered in Prague - the central IT development and services companies Central Point and BIAC Moreover, all consolidation steps taken in the course of the annual and quarterly financial statements will in the future be summarised in a separate consolidation column in the segment report by regions.
The total Group result remains, however, unchanged.
The revised presentation format for geographical regions enhances transparency. The country segments Austria, Czech Republic, Slovakia, Poland, Romania and Remaining Markets now reflect the development of the operating companies in the respective country as the effects of Group-wide and cross-segmental measures – e.g. of reinsurance activities – are now reported in a separate consolidation column.
The adapted segment report by regions is therefore based on the logic which VIG also applies to the internal steering of its Group companies (e.g. planning and measuring the extent to which objectives have been achieved).
To facilitate comparability, Vienna Insurance Group changes segment reporting by regions retroactively for the financial year 2011 and the first three quarters of 2012. Below find the revised tables of regional segment reporting for the entire financial year 2011 as well as for the period from the 1st to 3rd quarter of 2012. Detailed tables with the adjusted figures are ready for download.www.vig.com/news