VIG’s Czech Group companies win multiple awards
Vienna Insurance Group's (VIG) companies Kooperativa and Česká podnikatelská pojišťovna (ČPP) led the way in the Association of Czech Insurance Brokers’ Insurer of the Year survey, taking the top two spots in all four of the main categories. ČPP took first place in the personal insurance, industrial and company insurance, and car insurance categories, ahead of Kooperativa. The positions were reversed in the life insurance category. In the latter category, Pojišťovna České spořitelny – VIG bancassurer specialising in life insurance – came fourth.
Kooperativa also came out on top in the company insurance, non-life insurance and innovation of the year categories in the "Zlatá koruna" survey, in which 365 finance experts singled out the leading financial products. The company ranked third in the life insurance category and the CSR award. ČPP finished runner-up in the company insurance ranking, while Pojišťovna České spořitelny came second in the life insurance category.
“We’re delighted that the successful work of our Czech Group companies is earning plaudits among industry professionals,” explained Elisabeth Stadler, VIG’s CEO and responsible for the Czech Republic. “These awards are down to the commitment of our people in the Czech Republic, who give their all day in, day out. Over the years, the Czech Republic and especially the capital Prague have become something of a second home for VIG. This makes our positive performance all the more pleasing,” Stadler added.
Undisputed market leaderThe Vienna Insurance Group entered what was then still Czechoslovakia in 1990. Today it has three group companies in the Czech Republic: Kooperativa, Česká podnikatelská pojišťovna and Pojišťovna České spořitelny. Together, the three companies reported premium income of EUR 1.6 billion in 2017, up by around 5 percent on the previous year. VIG is the clear number one on the Czech market, with a share of 32.3 percent.
Under its Agenda 2020 management programme, VIG plans to merge bancassurance company Pojišťovna České spořitelny with Kooperativa, in order to capitalise on the benefits of bank-based sales, not only in life insurance but across all segments.
Continued positive performance
Thanks to its structure, VIG has strong roots in the Czech market – the Group is listed on both the Vienna and Prague stock exchanges. The Group’s reinsurance company VIG Re and VIG’s first assistance company, Global Assistance, are both headquartered in the Czech capital. The city will also be the site of a digital hub to be established under the partnership agreement with Erste Group.
VIG’s growth in the country has continued into this year. In the first three months of 2018, the Group recorded premium income of EUR 465.3 million in the Czech Republic – a year-on-year increase of 8.8 percent.