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SOLVENCY AND FINANCIAL CONDITIONREPORT 2016REPORT OF VIENNA INSURANCE GROUP AGWIENER VERSICHERUNG GRUPPE
(17.05 – J20176540)
3
SUMMARY ____________________________________________________________________________________ 5
DECLARATION BY THE MANAGING BOARD ______________________________________________________________ 6 A BUSINESS ACTIVITIES AND PERFORMANCE ___________________________________________________________ 7
A.1 Business _____________________________________________________________________________________ 8
A.2 Underwriting performance ________________________________________________________________________ 10
A.3 Investment performance _________________________________________________________________________ 11
A.4 Performance of other activities ____________________________________________________________________ 11
A.5 Any other information ___________________________________________________________________________ 11
B SYSTEM OF GOVERNANCE ______________________________________________________________________ 13 B.1 General information on the system of governance _______________________________________________________ 14
B.2 Fit and proper requirements ______________________________________________________________________ 29
B.3 Risk management system, including the own risk and solvency assessment ___________________________________ 30
B.4 Internal Control System _________________________________________________________________________ 37
B.5 Internal audit function ___________________________________________________________________________ 40
B.6 Actuarial function ______________________________________________________________________________ 41
B.7 Outsourcing __________________________________________________________________________________ 41
B.8 Any other information ___________________________________________________________________________ 42
C RISK PROFILE ________________________________________________________________________________ 43 C.1 Underwriting Risk _____________________________________________________________________________ 44
C.2 Market Risk _________________________________________________________________________________ 48
C.3 Credit Risk ___________________________________________________________________________________ 50
C.4 Liquidity Risk _________________________________________________________________________________ 51
C.5 Operational Risk ______________________________________________________________________________ 52
C.6 Other material Risks ____________________________________________________________________________ 54
C.7 Any other Information ___________________________________________________________________________ 56
D VALUATION FOR SOLVENCY PURPOSES _____________________________________________________________ 65 D.1 Assets ______________________________________________________________________________________ 65
D.2 Technical provisions ____________________________________________________________________________ 67
D.3 Other liabilities _______________________________________________________________________________ 70
D.4 Alternative methods for valuation __________________________________________________________________ 72
D.5 Any other information ___________________________________________________________________________ 72
E CAPITAL MANAGEMENT ________________________________________________________________________ 73 E.1 Own funds ___________________________________________________________________________________ 73
E.2 Solvency capital Requirement and Minimum Capital Requirement ___________________________________________ 79
E.3 Use of the duration-based equity risk sub-module in the calculating of Solvency Capital Requirement _________________ 80
E.4 Differences between the standard formula and any internal model used ______________________________________ 81
E.5 Non-compliance with the Minimum Capital Requirement and non-compliance with the Solvency Capital Requirement _____ 83
E.6 Any other information ___________________________________________________________________________ 83
LIST OF ABBREVIATIONS _________________________________________________________________________ 87
ANNEX ______________________________________________________________________________________ 90
Contents
Solvency and financial condition report 2016 5
The reporting structure follows the requirements of implementing regulation (EU) 2015/35 and is divided into Sections A to
E with specified sub-sections. The solvency and financial position of VIG Holding as a separate company is reported in the
respective sections in accordance with the legal requirements. The holding company holds the participations in the opera-
tive insurance companies of the Group. For reasons of transparency and materiality in accordance with Article 291 of the
Delegated Regulation, it is therefore useful to address the economic group solvency and financial position separately. The
economic group solvency is assessed under the aspect of a look through of participations and is therefore similar to the
look-through approach, as required under IFRS for full consolidation. This publication has been prepared on a voluntary
basis pursuant to Article 298 of the Delegated Regulation. In this report, VIG Holding represents the individual Company
and VIG Group represents the Group. The statements made in this report are based on market parameters in key areas,
assumptions and estimates. This is particularly the case in areas with high measurement scope and / or complexity.
Section A discusses business activities and performance. VIG Holding is primarily responsible for managerial tasks within
the VIG Group. Corporate business and reinsurance transactions are also performed.
Section B describes the governance system. The term "governance" essentially includes all management processes and
the effective and efficient monitoring of a company or Group. The key elements of the governance system are the Managing
Board, the Supervisory Board, the governance and key functions, the risk management system and the internal control
system (ICS).
This section also deals with the remuneration policy and remuneration practices in addition to the requirements and evalu-
ation process for the professional qualifications and personal reliability of key functions etc.
VIG Holding's risk profile is described in Section C. The risk profile of VIG Holding is sub-categorised into underwriting risk,
market risk, credit risk, liquidity risk, operational risk and other risks and described in Sections C.1 to C.6. The economically
appropriate risk profile of the VIG Group is discussed under C.7 Other information.
Section D describes the valuation of VIG's assets and liabilities for solvency purposes (economic balance sheet). The meth-
ods are mainly defined by Delegated Regulation (EU) 2015/35 of the European Union and by the Austrian Insurance Super-
vision Act (ISA). The valuation is based on the market value principle, and measurement differences compared to prevailing
accounting standards are discussed.
The economic equity capital, minimum capital requirement and solvency capital requirement are shown in Section E, taking
into account the partial internal model approved by the regulatory authorities. At the reporting date 31 December 2016,
VIG Holding had a solvency ratio of 389.9% as a separate company. An economic solvency ratio of 194.5% was determined
for the VIG Group.
In accordance with Article 2 of implementing regulation (EU) 2015/2452 of the Commission of 2 December 2015, numbers
in this report which reflect an amount of money are specified in thousand euros (TEUR).
Summary
6 Vienna Insurance Group Holding
We confirm to the best of our knowledge that the Solvency and Financial Condition Report of VIENNA INSURANCE GROUP
AG Wiener Versicherung Gruppe, which has been prepared in accordance with the provisions of the Austrian Insurance
Supervision Act and the corresponding directly applicable rules at European level, gives a true picture of the solvency and
financial situation of the Company and that it describes the business development, governance system, risk profile and
assets, liabilities, and equity capital of the solvency balance.
Vienna, 19 April 2017
The Managing Board:
Elisabeth Stadler
General Manager,
Chairwoman of the Managing Board
Franz Fuchs
Member of the Managing Board
Roland Gröll
Member of the Managing Board
Judit Havasi
Member of the Managing Board
Peter Höfinger
Member of the Managing Board
Martin Simhandl
CFO, Member of the Managing Board
DECLARATION BY THE MANAGING BOARD
Solvency and financial condition report 2016 7
This report contains all information required by law regarding the solvency and financial situation of
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
Stock corporation with its registered office in 1010 Vienna, Schottenring 30, registered with the
Vienna Commercial Court under FN 75687f
Tel.: +43 (0) 50 390-22000
www.vig.com
Important information regarding the solvency and financial situation of VIG Holding is communicated to the public to ensure
transparency.
The competent supervisory authority for the Company and the Group to which the Company belongs is the
Austrian Financial Market Authority (FMA)
Otto-Wagner-Platz 5, 1090 Vienna
Tel.: +43 (1) 249 59-0
www.fma.gv.at
The audit of the accuracy of this report and the information contained therein was performed by
KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
Porzellangasse 51, 1090 Vienna
Tel.: +43 (0) 1 31332-0
www.kpmg.at
Supplementary notes
In accordance with a letter from the FMA (FMA VU000.110/0003-VPQ/2016) of 17 October 2016, this report contains no
comparison with the information provided in the previous reporting period.
For the sake of readability, the masculine form has been used in this text. Our goal was to make the annual report as quick
and easy to read as possible. It should be understood that the text always refers to women and men equally without
discrimination.
A. Business and Performance
8 Vienna Insurance Group Holding
A.1 BUSINESS
VIG Holding, based in Vienna, is involved in 50 insurance operations in 25 countries employing over 24,000 people. Group-
wide guidelines exist in order to standardise the handling of significant risks throughout the Group, and also provide a tool
for risk monitoring. The requirements set in the investments and reinsurance areas are particularly strict. Local management
is responsible for implementing these guidelines in the individual Group companies.
The following graphic shows a simplified Group structure of the insurance operations.
As early as in 1990, the former Wiener Städtische Versicherung AG created the foundations for a successful expansion into
Central and Eastern Europe (CEE). The reorganisation of the Group holding company VIENNA INSURANCE GROUP AG
Wiener Versicherung Gruppe, based in Vienna, in 2010 was the result of the expansion actively pursued by VIG over the
past two decades. VIG Holding had approximately 230 employees at the end of 2016, who primarily work in the areas of
insurance reinsurance, corporate business and control areas, within the scope of which they take over the management of
risk in the form of, for example, enterprise risk management and asset risk management. They are in contact with the Group
companies so that both the interests of the individual companies and those of the Group are safeguarded. The Group
companies are monitored by the respective Supervisory Boards, in which members of the Managing Board of VIG Holding
are always represented.
Solvency and financial condition report 2016 9
In addition to framework guidelines in all key areas, the central risk management of VIG Holding provides the central mod-
elling tools for the individual companies. Strict requirements are defined, particularly in the field of asset management and
reinsurance, which also apply to VIG Holding as a separate company. The Group also puts great importance on taking own
responsibility of each Group company.
A list of all subsidiaries, affiliated companies and branches of VIG Holding, including their name, legal form and participation
quota, can be found in the Appendix to this report.
VIG Holding's area of operations also includes cross-border companies and international reinsurance transactions.
In the area of reinsurance, VIG Holding controls and supports the Group companies with all reinsurance operations. Pooling
different risks ensures an important balancing of risks at the Group level that in turn ensures optimal external reinsurance
protection for VIG as a whole. The primary goal is to create a safety net. This is intended to provide continuous protection
for all of the companies in the Group against the negative effects of large losses and negative changes in entire insurance
portfolios.
Large customer business beyond the borders of Austria is also bundled and coordinated by VIG Holding. Customised and
professional insurance solutions for international customers are essential, particularly for corporate customer business. To
this end, VIG Holding has set up its own insurance platform, Vienna International Underwriters (VIU), which is specifically
designed for business clients. Its extensive network offers competent and individual cross-border support in this area, which
is provided by experts in Austria and the CEE region.
SIGNIFICANT BUSINESS EVENTS
VIG Holding decided on 5 December 2016 to terminate the two supplementary capital bonds issued on 12 January 2005
with effect until 12 January 2017 and repay them prematurely at their repayment amount of 100% of its nominal amount
plus all interest accrued up to the redemption date.
Ownership structure
The principal shareholder of VIG Holding is Wiener Städtische Wechselseitiger Versicherungsverein, Vermögensverwaltung,
Vienna Insurance Group (a mutual insurance company headquartered at 1010 Vienna, Schottenring 30), which holds
around 70% of the shares (directly and indirectly). The remaining 30% are in free float.
In its capacity as the principle shareholder, Wiener Städtische Versicherungsverein primarily supports VIG in cultural and
social matters. Great emphasis is placed on cross-border cultural exchanges, while the activities of socially active organi-
sations are also supported within the framework of cooperation and initiatives - mainly in Central and Eastern European
countries where the Group operates.
10 Vienna Insurance Group Holding
A.2 UNDERWRITING PERFORMANCE
Underwriting performance in significant lines of business
Overall, VIG Holding generated a gross premium volume of TEUR 967,400 in financial year 2016. The written premium
volume after reinsurance amounts to TEUR 931,035 and TEUR 918,894 following adjustment for unearned premiums.
The predominant share of the premium volume is attributable to the indirect business. Net income from indirect business
amounted to TEUR 25,852. The net earned premiums in indirect business, which amounted to TEUR 875,453, were con-
temporaneously included in the income statement.
The underwriting result in accordance with the local GAAP amounts to TEUR 19,381.
The Combined Ratio is the ratio used in property and casualty insurance to describe the ratio of administrative expenses
and insurance payments to net earned premiums. In 2016, VIG Holding had a ratio of 98.1% (net of reinsurance assets),
which is less than 100%.
The following table shows the values of the lines of business for non-life insurance after reinsurance (excluding investment
income).
Income compensation
insurance
Motor liability insurance
Other motor insurance
Marine, aviation and
transport insurance
Fire and other property lines
General liability
insurance
Total
in TEUR
Premiums written 269,367 601,312 4,872 1,013 53,086 1,385 931,035
Net earned premiums 267,383 590,643 4,738 1,014 53,814 1,301 918,894
Expenses for claims and insurance benefits -138,426 -443,493 -4,522 -1,001 -38,296 -1,123 -626,860
Changes to other underwriting provisions* 0 0 0 -114 -5,989 -164 -6,267
Other costs -137,104 -192,706 -1,027 -844 -12,824 -328 -344,833
* Exclusive cost items
The following table represents the premiums and expenses for claims and insurance benefits of the five most important countries.
Austria Czech Republic Slovakia Poland Romania
in TEUR
Premiums written 326,190 218,443 70,715 93,894 111,176
Net earned premiums 333,652 215,491 70,394 86,278 110,833
Expenses for insurance claims* 228,829 124,773 48,289 75,862 85,978
* Exclusive cost items
A detailed review of the underwriting performance is presented in the attachment QRT S 05.01.02.
Solvency and financial condition report 2016 11
A.3 INVESTMENT PERFORMANCE
Income and expenses for investment business
The investments of VIG Holding are managed by taking care of the Company´s overall risk situation in fixed income invest-
ments, real estate, participations, loans and shares. When determining volumes and limiting open transactions, the risk
content of intended categories have to be taken into consideration.
In 2016, VIG Holding recorded the income and expenses shown in the following table within the scope of the profit and
loss account.
Dividends Interest Rent Net profit and loss Unrealised gains and losses
in TEUR
Investments 303,702 17,839 14,088 45 45,619
Real estate 0 0 14,088 0 33,180
Shares 296,813 0 0 0 402
Government bonds 0 572 0 1 459
Corporate bonds 0 13,843 0 45 2,525
Loans and mortgages 0 3,277 0 0 -283
Undertakings for collective investment 6,888 0 0 0 9,052
Derivatives 0 0 0 0 283
Cash and cash equivalents 0 146 0 0 0
Extraordinary depreciation amounted to TEUR 140,798 in the financial year.
The income from deposits from indirect business was transferred to the technical account.
There are no securitization exposures within the portfolio of VIG Holding.
As the local GAAP sheet does not know any gains or losses directly recognised in the shareholders' equity, no information
can be provided.
A.4 PERFORMANCE OF OTHER ACTIVITIES
There were no significant other income or expenses in the 2016 financial year.
The following remarks are provided for the non-balance sheet contingencies: There are letters of comfort and undertaking
of liability in the total amount of TEUR 44,103 in connection with borrowing against affiliated companies.
VIG Holding has no significant lease agreements.
A.5 ANY OTHER INFORMATION
VIG Holding primarily focuses on managerial tasks for the Group, which is active in 25 countries. With more than 24,000
employees, the Group is a market leader in its markets in Austria and CEE.
The focus of activities on insurance operations as a clear core business, customer loyalty and proximity to customers in
Austria and Central and Eastern Europe are decisive factors for the success of VIG. Our local employees know the needs
of their customers the best, which is why VIG places its trust in these employees and local management. In order to create
12 Vienna Insurance Group Holding
stability and trust, the Group uses a multi-brand strategy that retains established brands and unites them under the Vienna
Insurance Group umbrella. This also allows a wide variety of distribution channels to be used. The Company’s strategic
orientation is rounded off by a conservative investment and reinsurance policy.
VIG operates with more than one company and brand in most of its markets. The market presence of each company in a
country is also aimed at different target groups. Their product portfolios differ accordingly. Use of this multi-brand strategy
does not mean, however, that potential synergies are not exploited. Structural efficiency and the cost-effective use of re-
sources are examined regularly. Back offices that perform administrative tasks for more than one company are being used
successfully in many countries. Specific country responsibilities also exist at the Managing Board level to ensure uniform
management of each country. Mergers of Group companies are considered if the additional synergies that can be achieved
outweigh the benefits of multiple market presences.
This fundamental approach is also reflected in its continuous sustainable growth and excellent credit rating. The international
rating agency Standard & Poor’s has confirmed VIG’s development with an A+ rating with stable outlook for many years.
VIG continues to have the best rating of all companies in the ATX leading index of the Vienna Stock Exchange.
In total, the Group generated a premium volume (premiums written for direct and indirect business before insurance) of
TEUR 4,878,615 in non-life insurance and TEUR 4,172,353 in health and life insurance in 2016, totalling TEUR 9,050,968.
Of this amount, TEUR 4,502,089 was attributable to non-life insurance and TEUR 4,108,069 to health and life insurance
within the scope of the Solvency II consolidated group, totalling TEUR 8,610,158.
Expenses for claims and insurance benefits, including changes in other underwriting provisions (also before insurance)
amounted to TEUR 3,033,957 in non-life insurance and TEUR 4,051,119 in health and life insurance in 2016, totalling TEUR
7,085,076. Of this amount, TEUR 2,618,700 was attributable to non-life insurance and TEUR 3,958,945 to health and life
insurance within the scope of the Solvency II consolidated group, totalling TEUR 6,577,645.
The Group had a combined ratio (after reinsurance, not including investment income) of 97.3% in 2016. Vienna Insurance
Group was able to continue to keep the combined ratio below the 100% mark as a result of its solid technical result.
Group profit before taxes rose to TEUR 406,734 in 2016. This more than achieved the target of at least doubling the profit
of the previous year, in spite of the negative effects of the low interest rate environment. The financial result includes a one-
time positive effect due to the agreement reached between the Carinthian Compensation Payment Fund and HETA creditors,
which included the VIG Group. Accepting the settlement before the 7 October 2016 deadline meant that the bonds that
had been previously written down could be written up in value by around TEUR 40,000.
Solvency and financial condition report 2016 13
Governance refers to all management processes, in addition to the effective and efficient monitoring of the Company. The
governance system considers not only the internal organisation, structure and mechanisms within the Company, but also
its legal and factual integration into the external (market) environment.
VIG Holding has set up an efficient governance system geared to the Company's needs and requirements, enabling the
sound and cautious management of its insurance operations. In addition to the establishment of governance and other key
functions, all relevant processes are set up to recognise, measure, monitor, manage and report risks, taking their interde-
pendencies into account.
The Company's internal processes ensure that the analyses of the key functions and all results of the risk management
processes are adequately taken into account during the course of business activities.
VIG Holding has a governance system with the following characteristics:
– Functional management of the Company by the Managing Board
– Transparent monitoring by the Supervisory Board
– Orientation of management decisions towards long-term value creation
– Targeted collaboration between company management and monitoring
– Appropriate handling and management of risks through risk management and in the individual organisational units at
the operational level
– Transparency in corporate communications and efficient reporting
– Safeguards for the interests of policyholders, shareholders and employees
The following section describes
– General information about the governance system
– Requirements for professional qualification and personal reliability
– Risk management system, including the Company's risk and solvency assessment
– Internal control system
– Function of the internal audit
– Actuarial function
– Outsourcing
During the reporting period, there were no significant changes to the governance system of VIG Holding.
B System of Governance
14 Vienna Insurance Group Holding
B.1 GENERAL INFORMATION ON THE SYSTEM OF GOVERNANCE
VIG Holding's governance system covers all segments and decision-making bodies involved in risk management processes.
It includes the following elements:
– Suitability requirements for management (fit and proper)
– Risk management system
– Internal control system
– Governance and other key functions
– Provisions on outsourcing
The elements listed above, the main tasks and responsibilities of the Supervisory and Managing Boards, which are also part
of the governance system, the remuneration policies and practices and decisions and reporting channels are explained below.
B.1.1 MANAGEMENT AND SUPERVISORY BODIES
B.1.1.1 Supervisory Board
The Supervisory Board and its committees, Chair and Deputy Chair continuously monitor and periodically comprehensively
examine the management activities of the Company.
Extensive presentations and discussions during meetings of the Supervisory Board and its committees were used for this
purpose, as were detailed and, in some cases, in-depth discussions with the members of the Managing Board, who pro-
vided detailed explanations and supporting documentation relating to the management and financial position of the Com-
pany and the Group.
Supervisory Board
Management Board
System of governance
Risk-management
system
Internal control
system
Risk-management function Compliance function
Internal audit functionActuarial function
Outsourcing
Fit and proper
Solvency and financial condition report 2016 15
Strategy, business development (overall and in individual regions), risk management, the internal control system, internal
audit activities and the IT strategy of the Company were also discussed in the Supervisory Board meetings and discussions
with the Managing Board.
The Supervisory Board of VIG Holding consists of 10 people and was comprised as follows in 2016:
Name* Function Date first appointed End of current term of office
Günter Geyer Chair 2014 2019
Karl Skyba 1st Deputy Chair 1992 2019
Maria Kubitschek 2nd Deputy Chairwoman 2014 2019
Bernhard Backovsky Member 2002 2019
Martina Dobringer Member 2011 2019
Rudolf Ertl Member 2014 2019
Heinz Öhler Member 2002 2019
Reinhard Ortner † Member 2007 –
Georg Riedl Member 2014 2019
Gertrude Tumpel-Gugerell Member 2012 2019 * Due to the unexpected death of Mag. Reinhard Ortner in January 2017 and due to the withdrawal of Karl Skyba as a member of the Supervisory Board with effect of discharge at the General Meeting, the
previous number of Supervisory Board members has fallen from 10 to 8. To get the number of Supervisory Board members back to 10, the issue of elections to the Supervisory Board will be discussed at the
General Meeting of VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe on 12 May 2017.
Supervisory Board
Günter Geyer Karl Skyba Maria Kubitschek
Supervisory Board Chair 1st Deputy Chair 2nd Deputy Chairwoman
Bernhard Martina Dobringer
Rudolf Ertl
Backovsky
Heinz Öhler
Reinhard Ortner †
Georg Riedl
Gertrude Tumpel-Gugerell
16 Vienna Insurance Group Holding
COMMISSIONS AND COMMITTEES OF THE SUPERVISORY BOARD
The Supervisory Board has formed four committees from among its members in order to meet its obligations under the
statutory provisions and in accordance with the articles of incorporation of VIG Holding:
– Committee for Urgent Matters (Working Committee)
– Audit committee (Accounts Committee),
– Committee for Managing Board Matters (Personnel Committee) and
– Strategy Committee.
Committee for Urgent Matters (Working Committee)
The Committee for Urgent Matters (Working Committee) decides on matters that require an approval of the Supervisory
Board, but cannot be deferred to the next ordinary Supervisory Board meeting because of particular urgency.
Members substitute
Günter Geyer (Chair) 1st substitute: Gertrude Tumpel-Gugerell
2nd substitute: Reinhard Ortner †
Karl Skyba (Deputy Chair) 1st substitute: Georg Riedl
2nd substitute: Reinhard Ortner †
Rudolf Ertl 1st substitute: Martina Dobringer
2nd substitute: Reinhard Ortner †
Audit Committee (Accounts Committee) The Audit Committee (Accounts Committee) is responsible for the duties assigned by Section 92(4a) no. 4 and Section 123(9) of the Austrian Insurance Supervision Act (VAG). All the members of the Audit Committee are experienced financial experts with knowledge and practical experience in finance, accounting and reporting that satisfy the requirements of the Company and of the Group. The Audit Committee (Accounts Committee) is comprised as follows:
Members substitute
Gertrude Tumpel-Gugerell (Chair) 1st substitute: Karl Skyba
2nd substitute: Heinz Öhler
Georg Riedl (Deputy Chair) 1st substitute: Karl Skyba
2nd substitute: Heinz Öhler
Reinhard Ortner † 1st substitute: Maria Kubitschek
2nd substitute: Heinz Öhler
Günter Geyer 1st substitute: Maria Kubitschek
2nd substitute: Heinz Öhler
Rudolf Ertl 1st substitute: Karl Skyba
2nd substitute: Heinz Öhler
Martina Dobringer 1st substitute: Maria Kubitschek
2nd substitute: Heinz Öhler
Solvency and financial condition report 2016 17
Committee for Managing Board Matters (Personnel Committee)
The Committee for Managing Board Matters (Personnel Committee) deals with personnel matters of Managing Board mem-
bers. The Committee for Managing Board Matters therefore decides on terms of employment contracts with members of
the Managing Board and their compensation, and examines remuneration policies at regular intervals.
The Personnel Committee is comprised as follows:
Members
Günter Geyer (Chair)
Karl Skyba (Deputy Chair)
Substitute: Rudolf Ertl
Strategy Committee
The Strategy Committee cooperates with the Managing Board and, when appropriate, with experts that it consults, to
prepare fundamental decisions that must then be decided on by the Supervisory Board as a whole.
The Strategy Committee is comprised as follows:
Members substitute
Günter Geyer (Chair) 1st substitute: Gertrude Tumpel-Gugerell
2nd substitute: Reinhard Ortner †
Karl Skyba (Deputy Chair) 1st substitute: Georg Riedl
2nd substitute: Reinhard Ortner †
Rudolf Ertl 1st substitute: Martina Dobringer
2nd substitute: Reinhard Ortner †
Due to the fundamental importance of strategic issues, these were generally dealt with not in the Committee, but by the
entire Supervisory Board.
B.1.1.2 Managing Board
The Managing Board manages the business of the Company under the leadership of its Chairperson and within the con-
straints of the law, articles of association, rules of procedure for the Managing Board and rules of procedure for the Super-
visory Board. The Managing Board meets when needed (generally each week or every two weeks) to discuss current
business developments, and makes necessary decisions and resolutions during the course of these meetings. The mem-
bers of the Managing Board continuously exchange information with each other and the heads of various departments.
The Managing Board of VIG Holding has been comprised as follows since 1 January 2016:
Substitute members
Divis Lehel
Managing Board
Stadler (CEO) Fuchs Gröll Havasi Höfinger Simhandl (CFO)
18 Vienna Insurance Group Holding
Elisabeth Stadler
General Manager, born in 1961, Actuarial degree
Elisabeth Stadler studied actuarial theory at the Vienna Technical University and began her career in Austrian insurance industry as a Board member and chairwoman. In May 2014, she was awarded the professional title of professor by Federal Minister Gabriele Heinisch-Hosek for her services in the insurance industry. From September 2014 until March 2016, she served as General Manager of Donau Versicherung and has been in charge of VIG since 2016. Areas of responsibility: Management of the VIG Group, strategic issues, European issues, corporate communications and marketing, sponsoring, human resources, Group development and strategy Country responsibilities: Austria, Czech Republic Positions held on the Supervisory Boards of other Austrian and foreign companies outside of the Group: Österreichische Post AG, Bank Austria Real Invest Immobilien Kapitalanlage GmbH (until 6 March 2017), Die Österreichische Hagelversi-cherung, Casinos Austria AG Elisabeth Stadler also has an active role on the Supervisory Boards of material* Vienna Insurance Group companies: Wiener Städtische, Donau Versicherung, s Versicherung, Kooperativa (Czech Republic), ČPP, PČS, InterRisk Franz Fuchs
Board member, born in 1953
Franz Fuchs began his career in the insurance industry as an actuary. He held leading management positions in other international companies as a specialist in the life insurance area and pension funds before joining Vienna Insurance Group. Franz Fuchs was Chair of the Managing Board of Compensa Non-life and Compensa Life from 2003 to the beginning of 2014. He has been Chair of the Managing Board of VIG Polska since 2003. He was first appointed to the Vienna Insurance Group Managing Board on 1 October 2009. Areas of responsibility: Performance management personal and motor insurance, asset risk management Country responsibilities: Baltic states, Moldova, Poland, Ukraine
Positions held on the Supervisory Boards of other Austrian and foreign companies outside of the Group: C-QUADRAT Investment AG Franz Fuchs also has an active role the Supervisory Boards of material* Vienna Insurance Group companies: Kooperativa (Czech Republic), ČPP, PČS, InterRisk, Omniasig.
Solvency and financial condition report 2016 19
Roland Gröll Board member, born in 1965, studied Business Administration Roland Gröll studied at the Vienna University of Economics and Business and joined Wiener Städtische in 1994 in the Finance and Accounting department. He became Deputy Head of the Finance and Accounting department in 2003, and was head of this department from 2008 until the end of 2015. Roland Gröll was also a member of the Managing Board of Donau Versicherung for two years. He has been a member of the Vienna Insurance Group Managing Board since January 2016. Areas of responsibility: Group IT/SAP, international processes and methods Country responsibilities: Bosnia-Herzegovina, Croatia, Macedonia, Romania Roland Gröll also has an active role the Supervisory Board of a material* Vienna Insurance Group company: Omniasig.
Judit Havasi
Member of the Managing Board, born in 1975, Law graduate
Judit Havasi has worked for the Group since 2000. She began as an internal audit employee in UNION Biztosító, and became the head of this company in 2003. Before her appointment to the Managing Board of Wiener Städtische in 2009, Judit Havasi was a substitute member of the Managing Board of Wiener Städtische and a member of the Managing Board of UNION Biztosító in Hungary. Judit Havasi was Deputy General Manager of Wiener Städtische from July 2013 to the end of 2015. She was also a substitute member of the Vienna Insurance Group Managing Board starting in 2011. She has been a member of the Vienna Insurance Group Managing Board since January 2016. Areas of responsibility: Solvency II, planning and controlling, law Country responsibilities: Slovakia Positions held on the Supervisory Boards of other Austrian and foreign companies outside of the Group: Erste&Stei-ermärkische Bank d.d., Die Zweite Wiener Vereins-Sparcasse Judit Havasi also has an active role the Supervisory Boards of material* Vienna Insurance Group companies: Wiener Städ-tische, Donau Versicherung, Kooperativa (Slovakia). Peter Höfinger Member of the Managing Board, born in 1971, Law graduate Peter Höfinger has been a member of the Vienna Insurance Group Managing Board since 1 January 2009. Prior to that, he was director of the Managing Board of Donau. He joined this Company in 2003. Previously, he held management positions outside the Group in Hungary, the Czech Republic and Poland. Areas of responsibility: International corporate and large customer business, Vienna International Underwriters (VIU), rein-surance, Group development and strategy Country responsibilities: Albania (incl. Kosovo), Bulgaria, Montenegro, Serbia, Hungary, Belarus
20 Vienna Insurance Group Holding
Martin Simhandl
Member of the Managing Board, born in 1961, Law graduate
Martin Simhandl began his career with the Group in 1985 in the legal department of Wiener Städtische. In 1995, he became head of the subsidiaries department, and in 2003, he took over coordination of the Group’s investment activities. In 2002 and 2003, Martin Simhandl was also a member of the Managing Boards of InterRisk Non-life and InterRisk Life in Germany, with responsibility for the areas of property insurance, reinsurance and planning/controlling. On 1 November 2004, Martin Simhandl was appointed to the Managing Board of the Company. Areas of responsibility: asset management, subsidiaries department, finance and accounting, treasury/capital markets Country responsibilities: Germany, Georgia, Liechtenstein, Turkey Positions held on the Supervisory Boards of other Austrian and foreign companies outside of the Group: CEESEG Aktieng-esellschaft, Erste Asset Management, Wiener Hafen Management GmbH, Wiener Börse AG. The following two substitute members were also appointed to the Managing Board, and will become members of the
Managing Board if a member of the Managing Board becomes permanently incapable of performing his or her duties:
– Martin Diviš,
– Gábor Lehel
* All companies that contribute at least 2% of written premiums and at least 2% of profit before taxes are considered to be “material”.
The entire Managing Board is responsible for enterprise risk management, general secretariat, (Group) actuarial department,
Group compliance, internal audit and investor relations.
VIG Holding clearly defines its tasks and responsibilities. A well-defined work flow organisation ensures that all employees
of VIG Holding are aware of the responsibilities and reporting paths (primarily always at the higher level). The schedule of
responsibilities and the organisational chart are available to all employees on the intranet.
Commissions and Committees
The Managing Board has formed commissions and committees for the effective management of the Group, which support
it to ensure that it can meet its obligations under the statutory provisions and VIG Holding's articles of incorporation to the
greatest extent possible:
– Risk Committee,
– Reinsurance Security Committee,
– Tactical Investment Committee
– Strategic Investment Committee (Asset Management)
– Asset-Liability Management (ALM) Committee
– Compliance Committee
These are briefly presented in the following sub-sections.
Solvency and financial condition report 2016 21
RISK COMMITTEE
The Risk Committee was established by the Managing Board of VIG Holding to discuss the current risk management
agendas on a regular basis within the organisation and ensure communication about the risk situation between the mem-
bers of the Committee and the Managing Board.
The members of the Committee are appointed by the Managing Board. The Committee is currently composed as follows:
– Holder of the Risk Management Function
– Holder of the Compliance Function
– Holder of the Actuarial Function
– Head of Asset Risk Management
– Head of Reinsurance
– Group IT Security Officer
– optional: Head of Human Resources
Depending on the current risk situation, additional experts may be invited to the meetings as required and may be requested
by the Managing Board or individual members of the Committee. The Risk Committee meetings are held at least once every
quarter and are organised and recorded by the Enterprise Risk Management (ERM) department. The results of the meetings
are presented by the members of the Committee at the next following Managing Board/board meeting.
REINSURANCE SECURITY COMMITTEE
The Reinsurance Security Committee deals with the creditworthiness of reinsurance companies and helps to ensure that a
sufficient degree of diversification is available among the selected re-insurers and that the default risk within the reinsurance
business remains within acceptable limits for the VIG Group.
The Reinsurance Security Committee creates and adapts a quarterly list ("Security List") of re-insurers acceptable to VIG.
The VIG Managing Board sends this list to the members of the Managing Board of the various Group companies responsible
for reinsurance. The security list determines the maximum number of reinsurance assignments which can be issued to re-
insurers (please note: Assignments to re-insurers on the security list are subject to the limits set out in the "Cessions Limi-
tation Table" included in the list).
In the following two cases, the administrator must obtain approval from the Reinsurance Security Committee prior to the
start of the policy period:
– If business (whether facultative or mandatory) is to be given to re-insurers who are not on the VIG security list, an
individual review of the re-insurer and, where appropriate, clearance from the Reinsurance Security Committee is re-
quired.
– If the volume of the planned reinsurance cession to a re-insurer on the security list exceeds the limits stated in the
"Cessions Limitations Table", an individual decision on clearance must be made by the Reinsurance Security Committee.
The Reinsurance Security Committee consists of selected, professionally qualified reinsurance employees and specialist
departments at a number of VIG companies.
22 Vienna Insurance Group Holding
TACTICAL INVESTMENT COMMITTEE
The Tactical Investment Committee (TAA) deals with the risk and earnings situation of the investments. The TAA deals with
issues relating to short-term liquidity requirements and provides advice and makes decisions in this context. The TAA is
firmly anchored in the Company's decision-making and information process.
The members of the TAA are:
– the CFOs,
– the Asset Manager,
– the Asset Risk Manager and
– the Head of Accounting
of the Austrian VIG companies and VIG Holding.
The committee, which usually meets on a weekly basis, can react promptly to the respective risk situation.
STRATEGIC INVESTMENT COMMITTEE (ASSET MANAGEMENT)
The Strategic Investment Committee (Asset Management) deals with the investment portfolios of the Group's five largest
countries (Austria, Czech Republic, Slovakia, Poland and Romania) on a quarterly basis. This meeting is intended to allow
a regular exchange of information on all asset management issues between the key companies. For this purpose, the
portfolio structures are analysed on the basis of different aspects and the major changes or planned measures are dis-
cussed. A report comparing the current status of the financial results to the plan or forecast is also prepared. When estab-
lishing the financial planning figures, the underlying assumptions and results are discussed and the relevant information is
exchanged.
The permanent members are:
– the Group CFO
– the Group-wide Board for Asset Risk Management
– at least one representative Managing Board per country (AT, CZ, SK, PL, RO)
– the Group CIO
– the Head of Asset Risk Management
– local Asset Managers (if required)
If necessary or if requested by individual members, additional experts may be invited to the meetings to discuss current
topics or for other reasons.
ASSET-LIABILITY MANAGEMENT (ALM) COMMITTEE
The Asset Liability Management (ALM) Committee, which meets at least once every quarter, deals with current agendas of
asset liability management with the aim of exchanging information about the risk situation of the Group's five largest coun-
tries (Austria, Czech Republic, Slovakia, Poland and Romania). Topics dealt with by the ALM Committee include the cash
flow situation and the maturity structure of investments versus liabilities of the balance sheet, with a focus on the life and
health business.
The participants of the Strategic Investment Committee are joined by representatives of the Life Insurance. Depending on
current topics, additional experts may be invited to the meetings as required and may be requested by the Managing Board
or individual members of the Committee.
Solvency and financial condition report 2016 23
COMPLIANCE COMMITTEE
As an institutionalised working platform for compliance-relevant topics, the compliance committee of VIG Holding is
set up to provide regular information on current topics relevant to compliance and discuss them in a cross-disciplinary
manner. The members of the committee include individuals with governance functions in VIG Holding, the heads of
selected business units (legal, human resources, asset management, asset risk management, accounting, reinsurance,
corporate and large customer business), the AML officer, the data protection officer and the IT security officer.
During Compliance Committee meetings, the committee members report on compliance issues from their individual busi-
ness units and inform each other about current compliance issues. The meeting minutes are sent to the Managing Board.
B.1.2 GOVERNANCE AND OTHER KEY FUNCTIONS
The entire Managing Board is responsible for monitoring the risk situation within the Company. In doing so, it is supported
by the key functions.
The key functions are the four governance functions provided for in the VAG and the other key functions defined by the
Company. In VIG Holding, key functions guide areas that have a significant influence (directly or indirectly) on the stra-
tegic management and the risk profile of the Company. All key functions directly and regularly report to the Managing
Board. The internal auditing function also regularly reports to the Chair of the Supervisory Board and Audit Committee.
GOVERNANCE FUNCTIONS
The following individuals were entrusted to exercise governance functions within VIG Holding in 2016 by resolution of the
Managing Board:
Governance function Name Division
Compliance function Natalia Cadek Compliance
Internal auditing function Herbert Allram Internal Audit
Risk management function Ronald Laszlo Enterprise Risk Management
Actuarial function Werner Matula Group Actuary
COMPLIANCE FUNCTION
During the fulfilment of its tasks, the compliance function is organisationally assigned to the entire Managing Board and
reports directly to it. Organisationally, the compliance function is separate from the other governance or key functions of
VIG Holding, is independent when exercising its activities and is not entrusted with any operational duties of VIG Holding in
the sense of the core business.
The compliance function exercises its tasks for VIG at an individual Company and Group level. The duties of the compliance
function are stipulated in an internal policy and include, among others, the tasks assigned to the compliance function
according to VAG, in particular:
– Advice and assistance of the Managing Board on compliance with the rules applicable to the Company's operations
as a (re)insurance company – Assessment of the potential impact of changes in the legal environment
– Identification and assessment of compliance risks
– Development of compliance standards and promotion of awareness regarding compliance at VIG, in particular through
training
– Performance of compliance audits and investigation and management of compliance incidents
24 Vienna Insurance Group Holding
An appropriate substitute regulation has been established for the compliance function. When performing its tasks the Group
compliance function is assisted by employees from the Group Compliance department.
INTERNAL AUDIT FUNCTION
During the fulfilment of their tasks, the Internal Audit function is organisationally assigned to the entire Managing Board and
reports directly to it. Organisationally, the Internal Audit function is separate from the other governance or key functions of
VIG Holding, is independent when exercising its activities and is not entrusted with any operational duties of VIG Holding in
the sense of the core business.
The functionary exercises their role for VIG at an individual Company and Group level.
The tasks of the governance function are specified in the function description. These include the auditing requirements according
to the VAG, namely the examination of the legal, regulatory and advisory nature of the (re)insurance company's business, as well
as the adequacy and effectiveness of the internal control system and other elements of the governance system.
This in particular includes:
– Audit planning on the basis of risk-oriented aspects and ensuring comprehensive auditing activities;
– Audit work, including auditing management, particularly with regard to the focus of the test content, scope of the audit
and subsequent coordination of the audit reports;
– Reporting on the areas of the audit and significant audit findings to the members of the Audit Committee and Supervi-
sory Board;
– Ensuring that the implementation of proposed mitigation measures is monitored.
An appropriate substitute regulation has been established for the internal auditing function. The functionary is also assisted
by employees from the Group Internal Auditing department when performing their tasks.
RISK MANAGEMENT FUNCTION
During the fulfilment of their tasks, the risk management function is organisationally assigned to the entire Managing Board
and reports directly to it. Structurally and organisationally, the risk management function acts independently when perform-
ing its activities and has no risk-taking tasks within VIG Holding.
The functions of the governance function are stipulated in the function description and include, among other things, the
requirements placed on the risk management function according to VAG, in particular:
– Regular identification and analysis of risks (risk inventory)
– Determination of the risk profile, implementation of the Own Risk and Solvency Assessment (ORSA)
– Quarterly and annual determination of solvency capital requirements
– Development and maintenance of the partial internal model
– Monitoring the risk bearing ability
– Annual review of the effectiveness of the internal control system (ICS)
– Quarterly and annual reports (QRTs, narrative reporting)
– Preparation and updating of relevant rules and guidelines
– Further development and maintenance of the central computing and reporting platform
An appropriate substitute regulation has been established for the risk management function. The resources necessary for
the above-mentioned tasks are grouped departmentally.
Solvency and financial condition report 2016 25
ACTUARIAL FUNCTION
When fulfilling its tasks, the actuarial function is organisationally assigned to the entire Managing Board and reports directly to it.
The functionary exercises their role for VIG at an individual Company and Group level.
The tasks of the governance function are stipulated in the function description and include, among other things, the re-
quirements placed on the actuarial function according to VAG, in particular:
– Coordination of the calculation of technical provisions;
– Coordination of the consolidation and plausibility checks of the individual companies' technical provisions in accordance
with Solvency II;
– Ensuring the appropriateness of the methods and basic models used and the assumptions made in the calculation of
the technical provisions;
– Assessment of the sufficiency and quality of the data used in the calculation of the technical provisions;
– Comparison of best estimates with experience values (back testing);
– Reporting to the Managing Board on the reliability and appropriateness of the calculation of technical provisions;
– Monitoring the calculation of technical provision;
– Providing an opinion regarding underwriting and the adequacy of reinsurance;
– Contributing to the effective implementation of the risk management system, in particular with a view to creating risk
models based on the calculation of the solvency and minimum capital requirements and the Company's risk and sol-
vency assessment.
An appropriate substitute regulation has been established for the actuarial function of VIG Holding. The functionary is also
assisted by employees from the Group Actuarial department when performing his tasks.
OTHER KEY FUNCTIONS
In addition to the Managing Board and the governance functions, "other key functions" in VIG Holding were defined as
follows in 2016:
An "other key function" has a significant direct or indirect influence on the risk profile of VIG Holding.
A significant direct influence on the risk profile exists if the area directly and operationally assumes risk positions through its
activities and therefore has an influence on central balance sheet items in such a way that the resulting change may jeop-
ardise the solvency of the Company.
A significant indirect influence on the risk profile exists if the area provides data or information that directly serves as the
basis for important strategic decisions that could potentially influence the risk profile in such a way that the solvency of the
Company may be jeopardised.
The following other key functions were identified in VIG Holding in 2016 based on Managing Board resolution: Division Name
Accounting Hartwig Fuhs
VIG Affiliated Companies Department Sonja Raus
26 Vienna Insurance Group Holding
B.1.2.1 Information and reporting channels
Interactive communication is of major importance in VIG Holding. This ensures that all affected individuals have the infor-
mation at their disposal necessary to adequately fulfil the tasks and responsibilities assigned to them. This applies to all
management levels right down to each individual employee. The information and reporting paths are based on a direct line.
In particular, all key functions have set up a direct reporting path to the Managing Board. Important decisions are prepared
in relevant committees or by the departments before being discussed in the regular board meetings and recorded accord-
ingly.
B.1.3. SIGNIFICANT CHANGES TO THE GOVERNANCE SYSTEM
During the reporting period there were no significant changes to the governance system.
B.1.4 REMUNERATION POLICY AND REMUNERATION PRACTICES
B.1.4.1 Remuneration standards for employees
The attractiveness of the VIG Group as an employer is boosted by the fact that the remuneration systems are appropriate
and transparent. The following principles apply to VIG Holding and the VIG Group.
The remuneration policy reflects the risk awareness of VIG Holding. In particular:
– payment structures and elements which could promote risk behaviour which could endanger the Company and/or its
stakeholders (policyholders, employees, owners) are avoided;
– the remuneration of key function holders is arranged with the aim of ensuring that these positions are continuously filled,
in particular the control positions, with appropriately qualified staff;
The remuneration policy supports the focus on sustainable management at all levels of the companies in the VIG Group
and contributes to the Company's current strategy. It aims to promote coherent action and avoid conflicts of interest. It also
supports the compliance requirements with regard to all provisions applicable to the companies of the Group.
VIG Holding observes all relevant statutory requirements when determining and applying the remuneration policy.
The remuneration takes working hours and the required qualifications, responsibilities and duties of the respective position
into account. Care must be taken to ensure that the salary is not below the minimum wage applicable under national law
or existing collective bargaining agreements.
If a variable remuneration component is agreed, the objectives that determine the variable remuneration component must
be transparent and should be updated once a year.
B.1.4.2 Remuneration for key functions and risk takers
The variable portion of the remuneration for key function holders, including members of the Managing Board and risk takers,
is limited and emphasises the need for sustainability. Its full achievement depends on the consideration of the sustainable
development of the Company beyond a single financial year.
Solvency is a central risk indicator which is constantly monitored as part of the risk-bearing capacity. The solvency ratio
must be taken into account when granting variable remuneration components. The allocation of variable remuneration
depends, among other criteria, on the solvency ratio and its management.
Solvency and financial condition report 2016 27
SUPPLEMENTARY PENSIONS AND EARLY RETIREMENT SCHEMES
Depending on the date when an employee joined the Company, individual companies of VIG provide Company pension
payments for key function holders which are based on individual contractual commitments.
B.1.4.3 Compensation plan for members of the Managing Board
Compensation for the Managing Board of VIG Holding takes into account the importance of the Group and the responsibility
that goes with it, the economic situation of the Company, and the market environment.
The variable portion of the compensation emphasises the need for sustainability and achieving it fully depends substantially
on considering the sustainable performance of the Company that extends beyond a single financial year.
The performance-related compensation is limited. The maximum performance-related compensation that members of the Man-
aging Board can receive by overachieving the traditional targets in financial year 2016 is between 60% and 65% of its fixed
salary.
Significant parts of the performance-related compensation are only paid after a delay. The delay for financial year 2016 extends
into the year 2020. The deferred portions are awarded based on sustainable performance of the Group, non-financial factors
are included in the evaluation of target achievement. For example, the performance-related compensation for 2016 is awarded
based on promotion of those aspects of corporate governance that express social responsibility in practice.
In addition extra bonus compensation can be earned for achievement of special targets.
In total, the members of the Managing Board can earn variable compensation equal to a maximum of 81% to 93% of their
fixed compensation in this way.
The Managing Board is not entitled to the performance-related component of compensation if performance fails to meet
certain thresholds.
Even if the targets are fully met in a financial year, because of the focus on sustainability, the full variable compensation is
only awarded if the Company also achieves positive performance in the three following years.
In 2016, the key performance criteria for variable compensation are the combined ratio, premium growth and profit before
taxes, and the key performance criteria for extra bonus compensation are country-specific targets.
Managing Board compensation does not include stock options or similar instruments.
No loans or guarantees were granted to the members of the Managing Board during the reporting period. As of 31 Decem-
ber 2016, there were also no loans or liabilities.
PENSION FUNDS
The standard contract for a member of the Managing Board of the Company includes a pension fund equal to a maximum of
40% of the measurement base if the member remains on the Managing Board until the age of 65 (the measurement base is
equal to the standard fixed salary). A pension is normally received only if a Managing Board member’s position is not extended
and the member is not at fault for the lack of extension, or the Managing Board member retires due to illness or age.
28 Vienna Insurance Group Holding
SEVERANCE PAY
In cases where the provisions of the Austrian Employee and Self-Employment Provisions Act (Mitarbeiter- und Selbstständi-
gen-Vorsorgegesetz) are not applicable by law, the Company’s Managing Board contracts provide for a severance payment
entitlement structured in accordance with the provisions of the Austrian Employee Act (Angestelltengesetz), as before
amended in 2003, in combination with applicable sector-specific provisions. This allows Managing Board members to receive
a severance payment equal to two to twelve months’ compensation, depending on the period of service, with a supplement
of 50% if the member retires or leaves after a long-term illness. A Managing Board member who leaves of his or her own
volition before retirement is possible, or has to leave due to a fault of his or her own, is not entitled to a severance payment.
Members of the Managing Board are provided a company car for both business and personal use.
B.1.4.4 Compensation plan for the members of the Supervisory Board
In accordance with the resolutions adopted by the 21st regular general meeting on 4 May 2012, the members of the
Supervisory Board elected by the general meeting are entitled to receive compensation in the form of a payment remitted
monthly in advance. Members of the Supervisory Board who withdraw from their positions before the end of a month still
receive full compensation for the month in question. In addition to this compensation, Supervisory Board members are
entitled to receive an attendance allowance for participating in Supervisory Board meetings and Supervisory Board com-
mittee meetings (remitted after participation in the meeting).
There are no variable salary components or pension commitments for members of the Supervisory Board.
Supervisory Board compensation does not include stock options or similar instruments.
No loans or guarantees were granted to the members of the Supervisory Board during the reporting period. As of 31
December 2016, there were also no loans or liabilities.
B.1.5 ADEQUACY OF THE GOVERNANCE SYSTEM
The governance system of VIG Holding is well-defined and appropriate with regard to the nature, size and complexity of the
Company.
The roles and responsibilities of the Managing Board at VIG Holding are recorded in the business plan. Direct reporting lines
from the divisional managers to the respective responsible members of the Managing Board ensure that relevant information
is adequately incorporated into the Company's management.
Clearly defined lines of communication between individual companies and the Group and the inclusion of at least one member
of VIG Holding's Managing Board in the subsidiaries' Supervisory Boards continue to contribute to the appropriate manage-
ment of the Group.
As part of the governance system, all legally required governance functions are established at VIG Holding and conflicts of
interest are excluded. A direct subordination of the governance functions to the entire Managing Board guarantees the
appropriate position of the governance functions within the Company.
The internal control system of VIG Holding is based on ICS guidelines which are valid throughout the Group and ensures
that there is always an appropriate control environment for development and process organisation.
Solvency and financial condition report 2016 29
B.2 FIT AND PROPER REQUIREMENTS
When employees are appointed to key functions, particular attention is paid to the fulfilment of the professional and personal
requirements by the candidate.
The professional qualification requirements are defined in the respective function description for each function. In all cases,
the following criteria are considered during recruitment:
1. Education (including studies)
2. Professional experience
3. Other knowledge (e.g. relevant legal knowledge or relevant technical knowledge etc.)
Documentation relevant to the information in the CV is to be provided (certificates, diplomas etc.).
Various measures are used to assess the personal reliability of a person who will perform a key function in the Company:
– At least one objective element (test procedure, standardised conversation, more than one interview partner) is used
during the recruitment process.
– While completing a questionnaire, the candidate must provide information about their financial situation, any involve-
ment in relevant (criminal) proceedings etc. and must also agree to notify the Company of any future changes which
occur during the employment relationship.
A Fit & Proper Framework Directive at the Group level, which provides a uniform framework, has been adopted by the
Managing Board.
It is the responsibility of key functionaries to keep up to date with all essential aspects of their function and, where appro-
priate, to provide relevant information within the Company. This includes both technical, legal and regulatory aspects as
well as, if necessary, internal Company guidelines.
The necessary technical resources, funds and budgets are made available to the key functionaries by the Company.
The individual companies also determine the requirements for the professional qualification of key personnel with regard to
the individuals who effectively manage the Company as well as with regard to the governance functions in the respective
local legislative processes.
Local legal requirements also exist in many areas in terms of personal reliability.
SUPERVISORY BOARD
Since 1 January 2016, the new Austrian Insurance Supervision Act (Versicherungsaufsichtsgesetz) has been applicable.
The new version of the VAG was required as a new supervisory regime due to the European-wide entry into force of Solvency
II. Solvency II uses a three-pillar approach to calculate the risk-based capital requirements (Pillar 1), requirements for the
governance and risk management system (Pillar 2) and disclosure requirements (Pillar 3). For the Supervisory Boards of
insurance companies, this means that they must familiarise themselves with the Solvency II rules within the scope of their
specific duties. The Gesellschaft für Versicherungsfachwissen (Society for Underwriting Expertise) in Vienna offers a
series of seminars with 5 modules ("Practical Governance. Solvency II - Knowledge for Supervisory Boards of Insurance
Companies"), which was specially designed for Supervisory Boards. The aim of this series of seminars is to ensure that the
members of the Supervisory Board acquire sufficient knowledge or deepen their knowledge of the provisions of the
30 Vienna Insurance Group Holding
VAG (Section 123 (1) in conjunction with Section 120 (1)) in order to perform their tasks as well as possible. These events
are tailor-made for Supervisory Board activities and provide a good overview of (legally) relevant knowledge about current
topics in the insurance industry, in particular all essential aspects of Solvency II.
In addition, the members of the Supervisory Board were provided with the "Handbook Insurance Supervision VAG 2016"
from a series by the Austrian Financial Market Authority (FMA). In this hands-on guide, experts from the FMA provide a
good overview of the new supervisory approach. It addresses issues and challenges which are of particular interest in daily
supervisory practice and discusses them from the perspective of what the authority expects from supervisors in terms of
their practical work.
B.3 RISK MANAGEMENT SYSTEM, INCLUDING THE OWN RISK AND SOLVENCY ASSESSMENT
The professional handling of risks is one of the core competencies of the Vienna Insurance Group. VIG Holding uses a
comprehensive risk management system to fully identify, assess, manage and monitor risks to which the company is ex-
posed. One of the central elements of the risk management system is the company's Own Risk and Solvency Assessment.
B.3.1 RISK MANAGEMENT SYSTEM
B.3.1.1 Strategy and objectives
The risk strategy of VIG Holding is based on the following group-wide principles:
UNACCEPTABLE RISKS
– Risks from the insurance business are not accepted if they cannot be adequately assessed. In particular, this includes
risks from third party liability insurance for genetic engineering and nuclear energy.
– As for investments, risks are not accepted if adequate expertise is not available to assess the risks, e.g. weather deriv-
atives and agricultural commodity futures, essentially risks where the potential loss is unlimited.
RISKS ACCEPTED WITH CONSTRAINS
– Operational risks are to be avoided as much as possible, but must be accepted to some extent as they cannot be
completely ruled out or when the costs involved in avoiding the risk exceed the expected loss.
– Investments should be performed in compliance with the principal of commercial prudence.
RISK-MITIGATING MEASURES
– Maintenance and promotion of strong risk awareness in terms of functioning risk governance.
– Reinsurance is a key instrument to hedge against large losses (tail risk), particularly in the area of property and casualty
insurance.
– Limitation of the market risk under the consideration of underwriting obligations.
Solvency and financial condition report 2016 31
B.3.1.2 ORGANISATION OF THE RISK MANAGEMENT SYSTEM
The organisation of risk management is well-integrated into VIG's organisational structure. All departments responsible for
tasks within the risk management system are directly subordinated to the Managing Board (direct responsibility if applicable).
Before the responsibilities and the roles of each department are further discussed, the following chart briefly outlines the
organizational structure of the VIG risk management.
32 Vienna Insurance Group Holding
MANAGING BOARD
The overall responsibility for risk management is borne by the Managing Board. This holistic approach also applies to central
departments in the reporting line, which are in charge of governance functions (risk management, actuarial, internal audit
and compliance) according to Solvency II regulations. The contact person for risk management matters is Judit Havasi.
Furthermore, following risk management tasks are in the responsibility of the Managing Board:
– Development and promotion of risk management
– Definition and communication of the risk strategy including risk tolerance and risk appetite
– Approval of central risk management guidelines
– Consideration of the risk situation in strategic decisions
RISK COMMITTEE
The objective of the Risk Committee is to exchange information and assess risk-related subjects. The Managing Board is
informed about relevant topics discussed in the Risk Committee meetings. Further information about the Risk Committee
can be found in Section B.1.1.2. Risk-related subjects from the Security and Compliance Committee are handled by the
Risk Committee.
ENTERPRISE RISK MANAGEMENT
The Enterprise Risk Management department is subordinated to the Managing Board. The head of the department is
responsible for the risk management function (see Section B.1.2.1). The department head reports to the Managing Board
via the contact person being Judit Havasi.
ASSET RISK MANAGEMENT
The Asset Risk Management department is assigned to the executive board of Franz Fuchs. The primary role of the de-
partment is to analyse, assess and monitor the risks associated with investments, in particular with regard to the solvency
and financial results of the Group. For these purposes, group-wide standards and methods for risk assessment are specified
and a centralised asset inventory system is implemented by the department, while risk budgets are also defined and mon-
itored for the investments of the individual companies. The department is also responsible for the development and mainte-
nance of an internal rating approach for banks.
ASSET MANAGEMENT
The Asset Management department reports directly to the Chief Financial Officer, Martin Simhandl, and steers the invest-
ments. At the level of VIG Holding, the Asset Management department primarily manages the investment portfolio. Following
the group guidelines, the department sets standards and limits and subsequently monitors the strategic asset allocation in
each individual company. The department promotes collaboration across the Group and focuses on providing specialised
investments expertise in order to achieve optimisation of investment processes within the Group.
INTERNATIONAL ACTUARIAL SERVICES
The actuarial department reports directly to entire Managing Board via the contact person Franz Fuchs. In line with Solvency
II regulations, the head of the department is responsible for the actuarial function. The department is therefore especially
responsible for the tasks associated with the actuarial function. Furthermore, the group actuarial department also calculates
the Group Embedded Value and prepares economic analyses and company evaluations. The department supports actuarial
collaboration and professional networking.
Solvency and financial condition report 2016 33
REINSURANCE
The reinsurance department reports directly to the responsible member of the Managing Board Peter Höfinger. Under the
consideration of specified guidelines, the department coordinates and supports all individual companies of the Group and
their reinsurance departments dealing with reinsurance operations in the area of non-life business (property, casualty, and
third party liability insurance). Moreover, the department manages all group-wide reinsurance programmes in the non-life
lines of business. The primary objective is to create a safety net to provide sustainable protection for all companies in the
Group against the adverse effects of catastrophes, events leading to large losses or adverse changes to the insurance
portfolio. The VIG Holding, as a stand-alone company, falls under the group-wide reinsurance protection.
CONTROLLING
Controlling is an important part of the holistic approach to risk management and is assigned to Managing Board member
Judit Havasi. The area coordinates business planning over a three-year horizon. A standardised reporting system comprises
performance indicators and variance analyses for planning, forecasting and assessing the current performance of the VIG
Holding and other companies’ within the Group. Among the regular reports, monthly premium reports, quarterly reports for
each company (aggregated on country and group level) as well as cost reports are prepared.
GROUP IT
The Group IT department reports directly to the responsible member of the Managing Board, Roland Gröll. The department
is responsible for IT-related risk management agendas. Clear guidelines for the IT security and IT governance are defined by
the department for each company of the Group. The compliance with these guidelines is monitored by an IT-Security-Officer.
Identification Risk inventory
Monitoring ICS evaluation Limit monitoring
Control Planning Risk strategy Risk budgeting Asset allocation Reinsurance programme
Evaluation SCR calculation VaR models S&P calculation CAT evaluation Embedded Value
ORSA
34 Vienna Insurance Group Holding
INTERNAL AUDIT
The internal audit department reports to the Managing Board via the Chairwoman Elisabeth Stadler. The department regu-
larly reviews the risk management and the Internal Control System. Additionally, the department performs audits in individual
areas in case of extraordinary events at the request of the Managing Board.
B.3.1.3 Risk management
The graph shown above represents the meta-process of risk management. In what follows, the most important milestones
from the graph are briefly described.
B.3.1.3.1 RISK IDENTIFICATION
Risk identification comprises a standardized process (Risk Inventory), ad-hoc- analyses and comprehensive reporting pro-
cesses in the case of newly identified risks or exceptional events.
RISK INVENTORY
The risks are identified and analysed with the support of the first and second management level as well as with the individual
companies.
The quantitative evaluation of risks is primarily based on the results from applying partial internal models and the standard
formula calculation. An adequacy assessment of risks is also carried out in order to evaluate the appropriateness of
standard formula usage. The results of the Risk Inventory process are summarized in a report and they also form an es-
sential basis of the ORSA process.
B.3.1.3.2 RISK ASSESSMENT
Risk assessment uses results from the calculation of the overall solvency requirement, the Group Embedded Values, find-
ings from the S&P capital model and VaR calculations from the investment area (see Section C).
B.3.1.3.3 RISK MANAGEMENT
The key risk management processes are:
Risk strategy
The risk strategy is reviewed annually by the Managing Board and adjusted if necessary. The Managing Board is supported
during the process by the Enterprise Risk Management department.
Planning
In the ORSA, planning data is taken into account and used as a projection basis for the expected future solvency.
Risk capacity
Risk management activities are conducted under the consideration of the risk-bearing capacity. In practice, this means
adherence to risk budgets, the accomplishment of key indicators and a general risk-based approach in terms of a sustain-
able value-oriented approach in daily business operations.
Reinsurance programme
The reinsurance department coordinates the group-wide reinsurance programme and steers the annual renewal process
for natural catastrophe protection.
The Enterprise Risk Management department supports the reinsurance department when validating the external natural
catastrophe models and assessing the effectiveness of reinsurance coverage by using the internal non-life model.
Solvency and financial condition report 2016 35
B.3.1.3.4 RISK MONITORING
The ongoing risk monitoring consists of several measurements. One example is the quarterly report from the Risk Commit-
tee meeting which is directly given to the Managing Board. The report is generally the basis for further analyses and cor-
rective control measures.
B.3.2 GOVERNANCE OF THE PARTIAL INTERNAL MODEL
VIG Holding uses a partial internal model (PIM) for the calculation of the solvency capital requirement for non-life underwriting
and property risks. The PIM was developed under the central coordination of VIG Holding together with selected companies
in the Group and was approved by the FMA at the end of 2015.
The entire Managing Board of VIG Holding is responsible for the establishment and functioning of the processes described
below. The operational responsibilities are allocated as follows:
Area Non-Life Property
Parametrisation/calculation Risk management function Risk management function
Validation Risk management function* Asset Risk Management
Data input/quality Risk management function Risk management function
Technical provisions Actuarial function –
Model use Reinsurance, controlling, in collaboration with Risk management function
Affiliated companies department, in collaboration with Risk management function
Model changes Risk management function Risk management function
Documentation Risk management function Risk management function * While maintaining the independence required for parametrisation/calculation
The model results are of major importance to the management of the Company. This is reflected in various areas of VIG Holding. For example, the model is regularly used as part of the planning process, for the renewal process of the reinsur-ance program, for the purchase and sale of real estate objects and risk/return analyses and is therefore a fixed compo-nent of the risk committee reporting. Due to the significance of the model for corporate control, the partial internal model is subject to particularly high govern-ance requirements, which are reflected in specific and independent validation methods. In addition to the model assump-tions and basic methodology, the following procedures can serve as examples of main parts of the model validation:
– Assessment of the accuracy, completeness and appropriateness of the data used
– Sensitivity tests
– Stress and scenario analyses
– Stability test
The results of the validation tests are approved by the responsible Managing Board member and dealt with by the entire
Managing Board. The model processes described above are subject to clearly defined rules, which are well-documented in
a manner understandable to third-party experts. Validation is performed in compliance with the necessary independence.
Model changes must be performed in accordance with strict specifications. This ensures that the partial internal model is an
inherent part of the risk management system and follows a well-defined control process within the VIG governance system.
With regard to the internal model governance, there have been no significant changes in the reporting period.
36 Vienna Insurance Group Holding
B.3.3 OWN RISK AND SOLVENCY ASSESSMENT (ORSA)
The following objectives for the ORSA stem from the regulatory framework and additional corporate requirements:
• Assessment of overall solvency requirement, including:
– Description of the company´s risk profile
– Forward-looking assessment of own risks
– Calculation of capital requirement
– Conducting stress and scenario analyses to which the company is vulnerable to
• Description, review and, if necessary, adjustment of the company's strategic direction
• Description, review and, if necessary, adjustment of the risk management processes and procedures
• Safeguarding ongoing compliance with regulatory requirements
• Review of the appropriateness of assumptions used to calculate the solvency capital requirements
The ORSA ensures that the Managing Board is continuously informed about the risks which the Company is exposed to in
the short and long term. As a result, necessary measures can be taken to effectively monitor these risks and control them
in a targeted way. As shown in Section B.3.1, the ORSA is interconnected with many other processes within the company
and is performed on an annual basis across the Group following the ORSA guidelines and a supplementary ORSA manual
which is adapted each year. Ad hoc reviews of the company's own risk and solvency assessment are also carried out if this
becomes necessary due to a significant change in the risk profile.
The following table provides a brief overview of the key roles and responsibilities in the ORSA: Function Responsibilities
Managing Board
Overall responsibility for the ORSA process
Definition of guidelines for the implementation of the ORSA process
Determination of strategic orientation of the company
Implementation of adequate risk management processes and procedures
Ensuring completeness and reliability of results
Preparation of the ORSA report
Risk management function
Coordination and implementation of the ORSA process
(Further) development of Group guidelines, methodology and templates
Provision of necessary documents for the ORSA process
Support of the Managing Board during the preparation of the ORSA report at Group level
Risk Committee
Support of the Managing Board during the preparation of guidelines for the ORSA
Quality assurance of the ORSA process
Consideration of the ORSA findings in committee meetings
Head of Department Supporting the risk management function
Implementation of the defined business, risk and capital strategy
Individual companies
Implementation of the defined business, risk and capital strategy
Creation of local ORSA reports
Reporting to the risk management function of the Group
On the basis of the company's own business and capital planning, the overall solvency requirement is projected together
with the solvency capital requirements and the available own funds over the entire planning period. The extent to which
Solvency and financial condition report 2016 37
possible deviations from the planned business development would affect the company is then determined on the basis of
appropriate stress or scenario analyses. This is to ensure that the company has access to sufficient funds in the short and
long run to cover its own liabilities, even in the event of adverse business developments and that regulatory solvency capital
requirements are met.
The knowledge gained from the projection and stress tests form the basis for the definition of strategic measures. In coop-
eration with the Managing Board, the preliminary results are discussed and the company's business planning is adjusted if
necessary. The Managing Board then sets the strategic direction of the company based on the final results. It includes the
business strategy, which defines the main principles to achieve the corporate objectives, a comprehensive risk strategy,
which determines the appropriate risk management measures for major risks and the capital strategy, which ensures suffi-
cient own funds in terms of the risk-bearing capacity.
The results and findings of the annual ORSA process are summarised in the ORSA report. After the report is approved by the
Managing Board, it is sent to the Austrian Financial Market Authority (FMA) within a period of two weeks. In addition, the
Supervisory Board and all relevant employees are informed about the results of the report to the extent necessary to safeguard
their functions.
B.4 INTERNAL CONTROL SYSTEM
The Internal Control System (ICS) is an important risk control element and is firmly anchored in VIG Holding. It is based on
an appropriate process organisation with clearly defined areas of decision-making and responsibility. On the basis of this
determination of responsibility, tasks and general requirements and policies are established for the respective areas of
responsibility, which form the framework of the ICS. These include, among other things, the following measures to ensure
proper operations: Four-eyes principle, technical audits, comparisons, records and interviews with experts; in addition to
the establishment of a compliance function which monitors compliance with legal requirements.
B.4.1 DESCRIPTION OF THE INTERNAL CONTROL SYSTEM
Established standards and principles defined across the entire Group form the basis of the ICS. This ensures that the ICS
provides comprehensive assurance as to the effectiveness and efficiency of the operations, adequacy of implemented
controls, accuracy of information and compliance with internal and external requirements. The standards are as follows:
The Internal Control System is well integrated into the organisational structure and processes. The roles and responsibilities
in the ICS are clearly defined. They range from responsibilities in regular daily operations to responsibilities in the internal
ICS review processes.
Standard Content
Standard 1 Each company must establish and promote a control culture that recognises and demonstrates the importance of controls for corporate action at all levels of the company.
Standard 2 Each company must establish and maintain an organizational and operational structure adapted to the size and complexity of the business.
Standard 3 All roles and responsibilities in the processes must be clearly defined. In addition, adequate controls need to be established to avoid conflicts of interest.
Standard 4 Each company must fully identify and assess the risks arising from its activities and processes which may adversely affect its business objectives and must apply appropriate controls.
Standard 5 Controls must be established at all levels of the company to an appropriate extent.
Standard 6 Effective communication channels and information systems must be established in all companies to ensure that each employee is aware of the guidelines and procedures applicable to his or her area of responsibility and that employees receive the information required for their work.
38 Vienna Insurance Group Holding
Responsibilities in the ICS within VIG Holding:
Roles Responsibilities
Managing Board Overall responsibility for the implementation and effectiveness of the ICS
Risk management function Responsibility for the coordination and implementation of the ICS process, including reporting to the Managing Board, in addition to responsibility for the continuous development of the methodology, templates and Group requirements
Compliance function Assistance in the identification of compliance-related risks and ensuring the implementation of related appropriate control measures within the Group
Internal Audit Downstream independent review of the Internal Control System in accordance with the audit schedule or as requested by the Managing/Supervisory Board
Head of Department Responsibility for the identification of risks and implementation of adequate controls in the respective areas of responsibility
All employees Risk-conscious work, identification and communication of potential control weaknesses to the supervisor, carry out controls, ensuring adequate documentation of the control activities
The documentation produced within the scope of the ICS process includes a standard summary of all material risks and
controls. The actual control documentation is based on the company-wide ICS guidelines and is in the responsibility of
each organisational unit and consists of: Organisational and flow charts, policies and guidelines, records, work instructions
and inspection reports. Essentially, each employee is responsible for ensuring that an adequate control environment is
established in his or her field with the aim of minimising operational risks. Both internal and external reviews of the ICS are
performed to ensure that the Company has an adequate Internal Control System.
Within the scope of the group-wide ICS process the effectiveness of the ICS is assessed once a year by the operating units,
i.e. the control owner. The assessment covers all company departments and involves discussions between each company´s
risk management function and the respective heads of department.
Individual company Risk management
function of the Group
• Process planning • Organisation of the kick-off event
• Audit of documented risks • Identification of new risks • Assessment of risks
Optimisation measures End
Ind
ivid
ual c
om
pany
• Creation of controls • Assessment of controls • Restructuring measures
• Reporting to the Managing Board • Release of the results
Gro
up
Methodological
Methodological
Start
• Analysis of reports • Feedback to Group companies • Consolidation of results • Reporting to the Managing Board
Optimisation measures
Solvency and financial condition report 2016 39
To ensure an orderly process, clear guidelines are defined and a local ICS manager is also available in each company as a
contact person who individually conducts the local ICS process and reports the results to the local Managing Board and
the Group. Upon receipt of the reports, the risk management function consolidates the results of the individual companies
and submits the group-wide report to the Group Managing Board.
B 4.2. COMPLIANCE FUNCTION
The compliance function of VIG Holding is organisationally subordinate to the entire Managing Board and reports directly
to it. The contact person for the compliance function in the Managing Board is Elisabeth Stadler.
The compliance function operates at both the individual company level (VIG Holding) and at the group level, is decentralised
and separate from other key functions of VIG Holding. The compliance officer is independent when exercising her activities
and is not entrusted with any operational duties of VIG Holding in the sense of the core business. In addition to her work
as a compliance function in accordance with Solvency II, the owner of the compliance function performs the duties of VIG
Holding's issuer compliance officer. The compliance officer appointed by the company's Managing Board (Natalia Cadek),
who has taken over the management of the "Group Compliance" department, carries out the duties of the compliance
function for VIG Holding.
The compliance officer of VIG Holding works in close coordination with the compliance contact persons at VIG Holding
(usually the heads or deputy heads of the respective department of VIG Holding) and the compliance officers of the local
insurance companies and coordinates communication with them. Both the compliance contact persons and compliance
officers of the local insurance companies support the VIG compliance officer by reporting on compliance-related issues and
provide assistance if necessary. The compliance contact persons are primarily responsible for the compliance topics and
the implementation of compliance tasks in their own department within VIG Holding, as is also the case for the compliance
officers of local insurance companies where they perform the compliance function.
B 4.2.1. COMPLIANCE POLICY
A VIG compliance policy has been established which defines the working and reporting procedures, tasks and powers of
the compliance function.
The VIG Group compliance policy is reviewed annually and revised if necessary.
B 4.2.2. COMPLIANCE PLAN
The compliance plan for the 2016 financial year was approved by the Managing Board. The main plan activities for VIG
Holding in the 2016 financial year involve the execution of the compliance risk assessment, compliance audits and training
in addition to the revision of existing policies and the preparation of further required compliance documentation.
B 4.2.3. COMPLIANCE REPORTING
A regular report has to be submitted to the entire Managing Board once a year (annual Compliance Report). In this report,
the compliance officer reports on significant compliance issues, in particular the Holding and group-wide results of the
compliance risk assessment and related compliance measures, in addition to any compliance plan activities which have
taken place.
40 Vienna Insurance Group Holding
B.5 INTERNAL AUDIT FUNCTION
Internal audit at VIG carries out the direct function of internal auditing for VIG Holding and the Group audit for all VIG
companies. In addition, it currently also performs the internal audits for the Wiener Städtische Wechselseitige Versicher-
ungsverein - Asset Management - Vienna Insurance Group (Austria), Wiener Städtische (Austria), Donau (Austria), InterRisk
(Germany), Vienna Life (Liechtenstein) and VIG Re (Czech Republic). Its activities as a Group audit department are also
based on Section 119 VAG and on the minimum standards adopted by the Austrian Financial Market Authority for internal
audits of insurance companies, provided this does not contradict the respective national law.
Group auditing provides audit standards and considers, among other things, the activities of the local audit departments,
compliance with Company-wide internal policies and certain areas in VIG companies in cooperation with the local internal
audit departments. Draft reports by the Group audit are sent to the respective audited company for approval. Once the
draft has been sent to the Managing Board in German and in English, the Company has three weeks to submit an opinion.
If this deadline passes without feedback, a further period of two weeks may be granted. If no opinion is issued within this
period, it is assumed that the Company has approved the content of the draft report, including any proposed measures.
Both the local internal audit and the Group audit departments are fully entitled to inspect and access all (written or electronic)
data and verbal information without limitation. The responsibility of each Company to establish and ensure the functioning
of the internal audit is not affected by audits performed by the Group audit department.
The local internal audit is allocated to the respective Managing Board or Supervisory Board according to the respective
statutory regulations. In the following matters, however, the Group audit department is to be involved in all cases in coordi-
nation with the local Managing Board or Supervisory Board:
– Order and dismissal of the head of a local audit
– Serious fraud
– Audit issues that go beyond the powers of local individual Company revisions, for example those relating to issues that
affect more than one VIG company in one country
– In the case of a revision issue for which no specific know-how is available in the local audit
The annual audit planning of each local audit is oriented to the risk-oriented aspects - in addition to the respective legally man-
datory audits. A multi-year plan is also created, which covers a period of three to a maximum of five years and covers all main
business groups. (Whether a division is essential depends on risk-related factors. The following divisions are in any case seen
as being essential: Damage, contract, investment, reinsurance, accounting and IT. If the internal control system is not audited in
connection with these issues, it can be seen in its entirety as an essential division and is be reviewed annually.) This multi-year
plan also flows into the annual audit plan. The local internal audit also audits significant abnormalities which are initially unex-
plainable during the year - independently of the planning - if such abnormalities arise during the analysis of the Company's data.
The available resources, relevant national legislation and any recommendations of the financial statement auditor or the
Group audit department are taken into consideration during the audit planning. The proposal for the annual audit plan
prepared by the local audit is coordinated with the Group audit department in advance in a timely manner. Any changes are
announced without delay during the year.
Solvency and financial condition report 2016 41
B.6 ACTUARIAL FUNCTION
The actuarial function performs the main tasks and responsibilities described in Section B.1.2. It implements these in cooperation
and communication with other areas and functions. An internal data request as well as a data and calculation process has been
established to calculate the technical provisions of VIG Holding. The data sources for the indirect business of VIG Holding include
subsidiaries which supply reinsurance to VIG Holding, the reinsurance department of VIG and VIG accounting.
With regard to the direct business of VIG Holding, the data is supplied by the Wiener Städtische damage & statistics department.
Additionally a wide exchange of expertise and relevant information for the assessment of underwriting provisions takes place. In
this regard, the actuarial function actively communicates with the relevant departments of the subsidiaries (actuarial departments,
claims departments, reinsurance and accounting).
With regard to the calculation of the SCR and the MCR, the actuarial function communicates with the risk management
function, as the technical provisions are input data for the risk calculation in the partial internal model and the standard formula.
The underwriting is consistent with the Group's strategy and does not result in additional material risk in VIG Holding. The
reinsurance is consistent with the Group's strategy and does not result in additional material risk in VIG Holding. In particular,
a high proportion of direct business is re-insured. The observed loss history supports the assumption that the underwriting
and reinsurance policies are complied with and that the reinsurance is set at an appropriate level.
In order to document their tasks and to directly pass on information to the Managing Board and Supervisory Board, the
actuarial function submits an annual report for the entire Managing Board. The report contains a summary of the results of
the above-mentioned activities. It is therefore provides an overview of the overall situation of the Group and any measures
and recommendations of the actuarial function.
B.7 OUTSOURCING
A Group outsourcing Policy has been drawn up which sets Group-wide minimum standards relating to the outsourcing of
business activities and functions.
VIG Holding's system of governance ensures that the following requirements are met when outsourcing activities of functions:
– Transfer of regulatory responsibilities only within the legally permissible scope
– If legally required, notification of outsourcing contracts to the FMA or request of approval for outsourcing contracts from
the FMA
– Adherence to the risk management guidelines and processes which are suitable and appropriate on the basis of the
nature, scale and complexity of the outsourcing contracts
– Availability of appropriate organisational control structures and intervention opportunities to control activities related to
outsourcing
– Evaluation of risk and materiality of all existing and planned future outsourcing activities and guidelines for outsourcing
contracts by the person responsible for outsourcing.
– Regular analysis of all activities related to outsourcing, as well as the review of all relevant reports on outsourced func-
tions or activities
42 Vienna Insurance Group Holding
Critical or important functions
For VIG Holding, it was decided to outsource IT services to professional IT service providers.
Currently, there are FMA-approved outsourcing contracts with IBM Österreich (Internationale Büromaschinen Ges. m.b.H.),
BIAC (Business Insurance Application Consulting GmbH) and T-Systems Austria GesmbH, each based in Austria. VIG
Holding has not outsourced any further critical or important functions or activities.
B.8 ANY OTHER INFORMATION
No other information on the Group's governance system is to be reported in the year under review.
Solvency and financial condition report 2016 43
The risk management system, including the company's own risk and solvency assessment as described in Section B.3, aims
to determine, among other things, the risk profile of VIG. VIG makes use of both quantitative and qualitative methods. The
quantitative evaluation only applies to those areas using the standard formula and in which a previous adequacy test has
confirmed the validity of the standard formula. In other areas, VIG relies on an internal model, as this reflects the actual risk
situation, in contrast to the standard formula. The non-Life business and real estate investment is therefore modelled internally.
The risk profile of VIG as an individual company results from its function as a holding company. As the parent company, the
holding company holds the participations in the operative insurance companies of the Group and is therefore mainly ex-
posed to a strategic investment risk. This risk is part of the equity risk (market risk) but is much less risky due to its long-
term strategic nature.
In Sections C.1 to C.6, the risk profile of the Holding as a single entity is described as specified in the VAG main risk
categories and the risk exposure, concentration, mitigation and sensitivity are also discussed where relevant.
Although this consideration is appropriate for the holding company as an individual company sui generis, this falls short in
terms of the Group's perspective. The economic solvency of the Group is therefore dealt with in Section C.7 for reasons of
materiality and transparency. The structure of this section largely follows the same structure as C.1 to C.6 for VIG as an
individual company.
From the perspective of the individual company and the Group, the risk profile of VIG is divided into the following 10 main
risk categories. The classification of these categories in the specified SFCR risk structure in accordance with Article 295 of
Delegated Regulation 2015/35 is shown in the following table:
SFCR structure Risk profile
C.1 Underwriting risk Life underwriting risk Non-life underwriting risk Health underwriting risk
C.2 Market risk Market risk
C.3 Credit risk Counterparty default risk
C.4 Operational risk Operational risk
C.5 Liquidity risk Liquidity risk
C.6 Other significant risks Strategic risk Reputational risk Intangible asset risk
IMPLEMENTATION OF THE PRINCIPLE OF COMMERCIAL PRUDENCE (PRUDENT PERSON PRINCIPLE)
Solvency II in general and the prudent person principle in particular require greater individual responsibility from the company
when making cautious investments. VIG has always followed a conservative course in its assessments. The numerous
requirements which are now applicable are a confirmation of the policy chosen by the company.
The assessment of investment risks in a constantly changing regulatory environment requires a correspondingly high level
of expertise within the companies of the Group and VIG Holding as a central control unit. Trained personnel and the nec-
essary professional infrastructure are essential to meet these requirements. VIG is expressly committed to meeting these
requirements and has contributed to their fulfilment by, for example, implementing unified software to manage and assess
risks associated with the material amounts of investments.
The key principles of commercial prudence are defined in the financial guidelines, which apply to all insurance companies
of the Group.
C Risk profile
44 Vienna Insurance Group Holding
The asset management of investments of the individual Group companies is embedded in a multistage process. The primary
objective of managing investments is to comply sustainably with its insurance obligations. When investing, the requirements
of liabilities are taken into account on company level.
SPECIAL PURPOSE VEHICLES AND OFF-BALANCE SHEET POSITIONS
VIG Holding does not use any special purpose vehicles. Therefore there is no risk exposure resulting from risk transfers to
special purpose vehicles. In addition, there are no significant risk exposures resulting from off-balance sheet positions.
UNDERTAKING- SPECIFIC PARAMETERS
During the calculation, no company-specific parameters were used in accordance with Article 104(7) of Directive
2009/138/EC. No undertaking-specific parameters in accordance with Article 110 of the Directive were used.
The total solvency capital requirement for VIG Holding amounts to TEUR 1,718,348. In case of a holistic view on the portfolio
of the participations, similar to the look-through approach for fund management companies, an economic group capital
requirement of TEUR 3,411,086 is calculated for the VIG Group.
C.1 UNDERWRITING RISK
The underwriting risks are divided into life insurance, non-life insurance and health insurance (incl. accident insurance).
C.1.1 LIFE UNDERWRITING RISK
The life underwriting risk includes risks that directly stem from distribution characteristics, such as lapse risk as well as risks
arising from changes to life expectancy or disability rates. Life underwriting risks are taken into account during product
design, although major unforeseen changes in the statistical characteristics can result in losses.
RISK MANAGEMENT
VIG Holding conducts proportional reinsurance business in the area of NSLT health insurance. Some of this business in-
cludes life rider contracts. These life rider contracts are allocated to the life segment due to their affiliation with the underlying
life insurance contract.
The life underwriting risk of VIG Holding amounts to just under TEUR 26,580 on the due date 31 December 2016.
Life underwriting risk 31.12.2016
in TEUR
Lapse risk 19,582
Life expense risk 622
Disability and morbidity risk 16,771
Longevity risk 1,505
Life catastrophe risk 19
Mortality risk 21
Revision risk 406
Life underwriting risk 26,580
RISK CONCENTRATION
VIG Holding is not exposed to any concentration risk in life business, as this is of minor significance.
Solvency and financial condition report 2016 45
RISK MITIGATION
Risk mitigation takes place within the network of subsidiaries. No additional specific risk mitigation is necessary at the level
of VIG Holding.
RISK SENSITIVITY
Due to the minor importance of the life underwriting risk for the risk profile of VIG Holding, no separate stress tests or
sensitivity analyses were required.
C.1.2 NON-LIFE UNDERWRITING RISK
The non-life underwriting risk is the risk that the insured losses and costs exceed revenues in the non-life business. It
essentially consists of the following components:
– Risk of extreme loss events, particularly natural catastrophes
– Risk from unprofitable contracts due to inadequate premium pricing
– Risk from already incurred but insufficiently reserved claims
– Expense risk
– Lapse risk (decrease of the profit contribution caused by a significant discontinuance of insurance policies)
RISK MANAGEMENT
Quantitative risk assessment is performed using an internal model, as the requirements and assumptions of the standard
formula do not adequately reflect the risk profile of VIG Holding in the area of non-life business.
The non-life underwriting risk of VIG Holding amounts to just under TEUR 176,253 on the due date 31 December 2016.
Non-Life underwriting risk 31.12.2016
in TEUR
Non-Life underwriting risk 176,253
RISK CONCENTRATION
The takeover of proportional reinsurance for motor liability business from subsidiary companies results in a correspondingly
high volume in this business segment for VIG Holding. However, this does not lead to a concentration risk, as the insurance
portfolio across Central and Eastern Europe is very well geographically diversified. Moreover, the conducted direct business
(particularly in the field of fire and other property and casualty) as well as the proportional reinsurance business in the field
of NSLT health insurance additionally results in a good diversification between lines of business.
RISK MITIGATION
In addition to the aforementioned risk diversification, comprehensive underwriting guidelines (criteria for the acceptance of
risks) effectively contribute to contribute to risk mitigation in direct business.
Furthermore, the non-life underwriting risk is reduced by reinsurance treaties, particularly covering the risk of large losses.
For the selection of reinsurance companies, the Group´s subsidiaries use the security list defined by the Reinsurance Se-
curity Committee (cf. chapter B.1.1.2) of the VIG Group for guidance. Reinsurers not included in the list may only be con-
tracted business with after an individual permission of the Reinsurance Security Committee.
46 Vienna Insurance Group Holding
Risk mitigating effect of reinsurance for the VIG Holding's most material non-life lines of business can be seen in the table
below.
Non-Life underwriting risk SCR before reinsurance
SCR after reinsurance
Risk mitigation
in TEUR
Motor liability insurance (indirect business) 121,034 113,588 7,446
Fire and other property insurance (direct business) 70,475 45,936 24,539
Sensitivity analysis for parameters in non-life
The following stress analyses were performed to assess sensitivity to changes in the market environment:
• an increase of 5% in the claims frequency of normal claims* for all portfolio segments;
• an increase of 5% in the average claims of normal claims for all portfolio segments;
• increased dependence in the number of claims between all portfolio segments (+25% per correlation coefficient)
• increased dependence in the claims reserves between all portfolio segments (+25% per correlation coefficient) * Without large losses, catastrophe and annuity losses
Solvency and financial condition report 2016 47
Depiction of the sensitivities in the area of non-life on the solvency situation of VIG Holding
From the displayed sensitivities, the increased dependence of the loss reserves has the most material impact. In this case,
the solvency ratio of VIG Holding decreases from 389.9% to 388.1%. Due to the strong capitalisation and low capital
requirement for non-life underwriting risk in comparison to the market risk, none of the calculated sensitivities indicate any
potential danger to the solvency of VIG Holding.
C.1.3 HEALTH UNDERWRITING RISK
The health underwriting risk is divided into SLT and NSLT health, depending on the form of contract. VIG Holding is not
exposed to SLT health underwriting risk. The NSLT health underwriting risk is calculated with the usage of PIM, as the
assumptions established in the standard formula do not adequately reflect the risk profile of VIG Holding. The catastrophe
risk in health insurance is calculated in accordance with the standard formula because of immateriality.
RISK MANAGEMENT
The health underwriting risk amounted to TEUR 37,176 as of the due date 31 December 2016.
Health underwriting risk 31.12.2016
in TEUR
NSLT health underwriting risk 36,950
Health catastrophe risk 866
Health underwriting risk 37,176
48 Vienna Insurance Group Holding
RISK CONCENTRATION
The health underwriting risk is predominantly concentrated in the Austrian companies, which is reflected by the takeover of
proportional reinsurance from these companies by VIG Holding. The level of this risk is of minor significance.
RISK MITIGATION
The above-mentioned risk management measures in underwriting policy are used to mitigate the risk together with diversi-
fication and risk transfer. As mentioned above, the health underwriting risk is overall of secondary importance.
RISK SENSITIVITY
Due to the low significance of the NSLT health underwriting risk for the risk profile of VIG Holding, no additional stress tests
and sensitivity analyses were carried out.
C.2 MARKET RISK
RISK EXPOSURE
The market risk arises directly or indirectly from fluctuations in the level or volatility of market prices for assets, liabilities and
financial instruments. The level of market risk is determined by changes in financial parameters, such as share prices and
exchange rates, interest rates and real estate prices.
Based on the partial internal model, the market risk is TEUR 1,681,803. The following table shows the composition of the
market risk using the partial internal model.
Market risk 2016
in TEUR
Equity risk 1,374,708
Currency risk 562,162
Spread risk 49,496
Property risk 43,003
Interest rate risk 39,411
Market risk concentrations 20,200
Market risk 1,681,803
The main risks are the equity risk and the currency risk, as would be expected for a holding company with participations
outside of the euro zone. The other risk types are only of secondary importance.
EQUITY RISK
The equity risk stems from the level or volatility of the market prices of equities. The level of the equity risk is dependent on
all assets and liabilities whose value is subject to fluctuations in market prices of equities.
The equity risk for VIG Holding amounts to TEUR 1,374,708 and represents by far the highest individual risk among the
market risks. This reflects the importance of participations in insurance companies in the portfolio of VIG Holding. In the
calculation of the equity risk, a distinction is made in the equity portfolio between type 1 equities (those listed on regulated
markets within the EEA or OECD) and type 2 equities (all other equities). The portfolio of participations in insurance com-
panies consists exclusively of strategic participations which should be assessed in one of the equity risk sub-modules
(strategic equity risk) in combination with the classification into type 1 or type 2 equities.
Solvency and financial condition report 2016 49
CURRENCY RISK
The currency risk is stems from all assets and liabilities whose value depends on changes in exchange rates.
The currency risk in VIG Holding is TEUR 562,162, making it the second largest market risk. This is due to the fact that
substantial participations in insurance companies are held outside of the euro zone.
SPREAD RISK
The spread risk results from all assets, liabilities and financial instruments whose value depends on changes in the level or
volatility of credit spreads over the risk-free interest rate term structure. This also takes into account the default risk of the
financial instruments. The main factors determining the level of the spread risk are the duration and the rating of the respec-
tive investment. Liabilities in the local currency of a central government or a central bank of an EU member state as well as
liabilities of supranational institutions (ECB, EIB, EFSF, etc.) are considered to be risk-free exposures.
The spread risk of VIG amounts to TEUR 49,496, making it only a relatively small part of the market risk.
PROPERTY RISK
Property risk stems from all assets, liabilities and financial instruments whose value depends on the market prices of real
estate or their volatility. In particular, this includes land, buildings, land rights as well as investments in real estate for own use.
In the view of VIG Holding, the assumptions of the standard formula on the volatility of real estate prices are not appropriate
for determining the property risk since the geographic specifics of the real estate portfolio, in particular the Austrian real
estate market, are not considered in the standard formula. For this reason, VIG Holding relies on a partial internal model to
calculate the property risk. In addition, a risk map is created as part of an annual risk management process which analyses
the degree of coverage of the partial internal model for real estate. On the basis of the risk map, all the major risks that
affect the market value of real estate are covered by the partial internal model. Based on the risk map all major risks that
are not taken into account in the model are immaterial or are allocated to other risk categories in which they are already
identified and are subject to effective control measures.
According to the partial internal model, the property risk is TEUR 43,003.
INTEREST RATE RISK
The interest rate risk results from all assets and liabilities whose value depends on changes in the interest rate curve or the
volatility of interest rates.
VIG Holding is exposed to an interest rate risk of TEUR 39,411.
RISK CONCENTRATION
The market risk concentrations sub-module comprises those risks that are either caused by a low level of diversification
within the investments or by a high exposure to the default risk of an individual securities issuer or a group of related issuers.
Concentration risk includes investments that are taken into account in equity, spread and property risks. Investments that
are included in counterparty default risk are not taken into account in the concentration risk.
The market risk concentrations amount to TEUR 20,200.
50 Vienna Insurance Group Holding
RISK MITIGATION
As the parent company of an international insurance group, VIG Holding is naturally exposed to equity and currency risk.
The equity risk essentially results from the participations in the subsidiaries. Because of their strategic nature, short-term
fluctuations in market prices are consciously accepted.
Derivative financial instruments are used only to hedge dividend payments from the largest participations outside of the
euro zone. When using these instruments, attention is paid to the selection of contractual partners. For a more detailed
description of the risk mitigating measures, it is therefore necessary to take a consolidated view of VIG Holding, as described
in section C.7.
RISK SENSITIVITY
Since this mainly involves market risk from strategic participations, no sensitivities have been determined.
C.3 CREDIT RISK
Counterparty default risk is the risk of a loss or a disadvantageous change in the value of assets and financial instruments
resulting from an unexpected default of a counterparty or debtor. A credit risk exists in both the investments, such as bonds,
loans and deposits, as well as in other underwriting and non-underwriting receivables and cash deposits with banks.
VIG follows the standard formula's risk classification. For this reason, the following discussion of the credit risk deals exclu-
sively with positions which are treated within the standard formula in counterparty default risk. For the credit risk from
investments, reference is made to the market risk, and in particular to the spread risk, which takes into account the credit
risk of these positions.
RISK EXPOSURE
Counterparty default risk is the risk of a loss or a disadvantageous change in the value of assets resulting from an unex-
pected default of a counterparty or debtor within the next twelve months. In what follows, a distinction will be made between
type 1 and type 2 exposures.
Counterparty default risk on type 1 exposures is the risk typically stemming from undiversified exposures to rated counter-
parties. Obligations concerned are, but are not limited to, instruments for mitigating risk (e.g. reinsurance contracts), cash
deposits and fixed-term deposits at financial institutions and other financial obligations.
Counterparty default risk on type 2 exposures is the risk normally arising from diversified exposures with unrated counter-
parties. The risk therefore includes all obligations that are considered in counterparty default risk and are covered neither
by the spread risk nor by the counterparty default risk on type 1 exposures. Examples of this include receivables from
insurance intermediaries and policyholder debtors as well as mortgage loans.
VIG Holding's counterparty default risk is TEUR 36,054.
In order to determine the risk mitigating effect of reinsurance contracts in the counterparty default risk, the simplifications in
accordance with Article 107 and 111 of the Delegated Regulation (EU) 2015/35 were applied.
Solvency and financial condition report 2016 51
Counterparty default risk 31.12.2016
in TEUR
Counterparty default risk on type 1 exposures 33,815
Counterparty default risk on type 2 exposures 2,918
Counterparty default risk 36,054
RISK CONCENTRATION
The counterparty default risk plays a secondary role for VIG Holding in terms of its amount.
RISK MITIGATION
VIG Holding has appropriate procedures and controls in place to mitigate the risk arising from receivables from counterpar-
ties. In addition to the monitoring of the rating developments of banks and reinsurers and the preparation of internal bank
ratings, this includes measures such as a well-coordinated reinsurance program, cooperation with renowned brokers in the
large customer business, a large number of sales partners, and accounting and underwriting guidelines applicable through-
out the Group. VIG also uses a number of measures to limit counterparty risk with respect to policyholders. These include
reminders, cooperation with collection companies and contract termination in the case of late payments. In addition, insur-
ance protection is generally not applied or is reduced in the case of unpaid premiums payments.
RISK SENSITIVITY
Due to the minor significance of the counterparty default risk for the risk profile of VIG Holding, no separate stress tests or
sensitivity analyses were carried out.
C.4 LIQUIDITY RISK
The liquidity risk is the risk arising from the lack of marketability of investments in order to meet current short-term or long-
term obligations.
RISK EXPOSURE
The liquidity risk of the company is also considered low in light of the measures described. In addition, the treasury/capital
market department, in cooperation with the finance and accounting department, prepares an annual liquidity plan.
RISK CONCENTRATION
There is no significant risk concentration with respect to the liquidity risk.
RISK MITIGATION
Liquidity requirements are regularly analysed as part of the asset and liability management (ALM). Together with explicit
investment requirements (limit systems) and a conservative investment policy, this contributes to the appropriate manage-
ment of liquidity risk. The treasury/capital market department is responsible for the ongoing monitoring of cash flows and
quarterly reporting on the development of liquidity. This solid liquidity management ensures the VIG Holding's liquidity. In
view of this, the liquidity risk of the company is considerably low.
52 Vienna Insurance Group Holding
RISK SENSITIVITY
Due to the existing ongoing monitoring of the liquidity requirement and the associated classification of the liquidity risk as
low, no separate stress tests or sensitivity analyses were carried out.
EXPECTED PROFIT FACTORED INTO FUTURE PREMIUMS
The total amount of expected profit factored into future premiums ("expected profit in future premiums" - EPIFP) calcu-
lated in accordance with Article 260 (2) Delegated Regulation (EU) 2015/35 of the Commission was TEUR 31,969 as of
31 December 2016.
C.5 OPERATIONAL RISK
Operational risk is the risk of loss resulting from the inadequacy or failure of internal processes, employees or systems, or
external events. Operational risk also includes legal and compliance risks.
RISK EXPOSURE
The operational risk is assessed in VIG Holding both quantitatively according to the standard formula and qualitatively on
the basis of a loss/frequency analysis. According to the standard formula, the operational risk is TEUR 28,695.
Operational risk 31.12.2016
in TEUR
Operational risk 28,695
Operational risk according to the standard formula is mainly dependent on the amount of earned premiums and best
estimates. However, this assessment does not provide a precise explanation of the causes and associated effects of oper-
ational risk. For this reason, operational risk is divided into further sub-categories and additionally assessed qualitatively.
The operational risk is assessed at the level of VIG Holding in accordance with the Group guidelines in order to obtain a
more detailed profile of operational risk. The 12 qualitatively-assessed operational sub-risk categories are:
Business interruption risk
Business disruption risk is the risk of loss due to serious business disruptions that cannot be eliminated in the day-to-day
business process.
Knowledge concentration risk
The know-how concentration risk is the risk that important tasks are performed by a person who has exclusive knowledge
or special abilities.
Personnel shortage
Insufficient human resources can have a negative impact on business processes, which can lead to a higher failure rate, a
decrease in performance or financial damages.
Model and data quality risk
The model and data quality risk is the risk of loss due to badly designed or improperly used models whose results are used
for business decisions.
Solvency and financial condition report 2016 53
IT software and security risk
The IT software and security risk results from the use of outdated or deficient software, as well as the insufficient mainte-
nance and support of company-owned software and IT security systems.
Human error
Human errors are unintended errors or wrong decisions of employees in the course of their professional activities.
Process and organisation risk
Process and organisation risk is the risk of loss due to deficient or failed internal processes.
Insurance-related legal and compliance risk
The insurance-related legal and compliance risk is the risk of loss resulting from regulatory penalties or legal disputes relating
to national or supranational insurance laws and regulations.
Other legal and compliance risks
Other legal and compliance risks describe the risk of losses resulting from regulatory penalties or legal disputes that are not
related to national or supranational insurance laws and regulations.
IT development risk
The IT development risk is the risk of loss due to weaknesses, mistakes or errors in the conception and implementation of
IT solutions.
Hardware and infrastructure risk
The hardware and infrastructure risk results from the use of outdated or deficient methods and facilities as well as the
insufficient maintenance and repair of company-owned hardware and infrastructure.
Project risk
Project risk is the risk that larger company projects cannot deliver the desired results in a timely manner, lack quality or the
budget is exceeded.
Operational risks are assessed on the basis of estimates of the amount of damage and frequency. For this purpose, the residual
risk, i.e. the risk that remains after consideration of the risk-mitigating effects of controls, is assessed. The expected loss is
assessed on a scale from insignificant to severe, depending on the existing capital, whereas a loss is considered severe if it
exceeds 1% of the capital of VIG Holding. The frequency is based on a scale from rare to frequent. Losses occurring at most
once in ten years are considered rare and losses occurring more than a hundred times a year are considered frequent.
The operational risks of VIG Holding are all in the low to mid-range. The operational risk profile corresponds to the market
average.
RISK CONCENTRATION
There are no significant risk concentrations in VIG Holding with regards to operational risks.
54 Vienna Insurance Group Holding
RISK MITIGATION
In order to monitor operational risks, VIG Holding has an adequate internal control system (ICS) which contributes to the
reduction of existing risks. A standardised process is used to regularly monitor the effectiveness of the controls implemented
for the individual operational risks identified arising from the business processes. Remedial measures are implemented if
new operational risks and control weaknesses are identified (see section B.4). Emergency plans are in place for material
operational risks that cannot be mitigated by internal controls, in particular risks relating to business disruptions. These are
regularly checked and tested for their relevance.
RISK SENSITIVITY
Due to the minor significance of operational risk for the quantitative risk profile of VIG Holding and the generally qualitative
nature of the operational risks, no separate stress tests or sensitivity analyses were carried out.
C.6 OTHER MATERIAL RISKS
C.6.1 STRATEGIC RISK
Strategic risk is the risk of an adverse business development as a result of incorrect business decisions, poor communica-
tion and implementation of company goals or the lack of the company's adaptability to the economic environment, as well
as contradictory business objectives.
RISK EXPOSURE
The current low interest rate term structure is one of the biggest challenges for insurance companies and groups of insur-
ance companies. Particularly in life insurance business, the low interest rate environment makes it increasingly difficult to
obtain sufficient profits from investments to be able to meet the promised guarantees as stated in the contracts. Although
VIG subsidiaries currently have an adequate portfolio of high-quality securities with high interest rates, which ensures the
necessary income, risk-free reinvestment is currently close to the level of the average guaranteed interest rate on the liabilitiy
side. A further decline in the interest rate environment therefore makes reinvestment an increasing challenge for life insurance
companies with a high proportion of traditional business.
The potential is used in countries of Central and Eastern Europe (CEE). While the economic catch-up process has lost
significant momentum during the financial crisis, VIG Holding is still convinced of the long-term potential of these markets.
The balanced position in mature and growth-oriented markets will continue to ensure the long-term success of the VIG
Group in the coming years. In Eastern Europe, the political and regulatory environment for insurance has not yet reached a
level of stability that meets Western standards. Despite a generally good strategic direction, companies in these countries
may experience adverse business developments due to political tensions or changes in the law. In this context, develop-
ments in Turkey and their economic impact are also currently being closely monitored.
As part of its expansion strategy, the holding company is concentrating on the acquisition of small and medium-sized
insurance companies in CEE that have good sales structures. The holding company's market position in these markets
was further expanded with the acquisition of the companies Nova, Axa Life, Axa Life Serbia, Axa Non-Life Serbia and BTA
Baltic. All newly acquired companies meet the country-specific regulatory requirements. The acquisition of the companies
has no significant impact on the risk situation of VIG Holding.
Overall, the strategic risk of VIG Holding is classified as medium considering the reduced growth dynamics in CEE and the
persistently low interest rate environment.
Solvency and financial condition report 2016 55
RISK CONCENTRATION
There are no significant risk concentrations within the VIG Group with regard to strategic risk.
RISK MITIGATION
The clear communication of the company's objectives ensures that the business decisions taken are implemented across
the Group. The positioning of Managing Board members and 2nd level managers of VIG Holding into the Supervisory Boards
of of the subsidiaries ensures that the Group's objectives are implemented locally. The pursuit of the multi-branding strategy,
combined with the high degree of autonomy of the local companies, ensures that strategic risk is strongly diversified.
RISK SENSITIVITY
No specific stress tests or sensitivity analyses were carried out due to the existing comprehensive measures for mitigating
risk. With regards to the mediocre importance of the risk, in particular due to the ongoing low-interest rate environment,
reference is made to the sensitivities for interest rate risk described in C.7.
C.6.2 REPUTATION RISK
Reputation risk is the risk of adverse changes in business due to damage to company’s reputation. Reputation damage can
shake customer confidence and the confidence of investors and the company’s own personnel and lead to financial losses.
The causes include, among other things, inadequate advice when products are sold, inadequate customer service, inade-
quate disclosures to investors, negative media coverage, or reputation damage that spreads from one company to another.
RISK EXPOSURE
The tasks of VIG Holding primarily focus on the strategic management of the Group. As a result of the pursued multi-brand
strategy and the discreet public image associated therewith, the reputation risk for VIG Holding as an individual company
is classified as low.
As a result of the multi-brand strategy within the VIG Group, reputation losses and associated economic losses are usually
limited to a single location. The risk that reputation losses of individual companies spread to other companies is therefore
classified as low. VIG Holding's reputation risk as a whole is also considered to be low in view of the risk mitigating measures
outlined below.
RISK CONCENTRATION
There are no significant risk concentrations within VIG Holding with regard to reputation risk.
RISK MITIGATION
The integrity and personal reliability of employees is taken into account when employees are hired. In particular, special trainings
are in place for employees in sales or for employees who act as representatives of the company. Moreover, the Code of
Conduct provides clear rules, which must be followed by every employee. In addition to these staff-related measures, the
company's risk mitigating measures also include investing in advertisement in order to attract new customers and to ensure
the long-term loyalty of existing customers to the company, a professional complaint management system to deal with cus-
tomer matters, and a strong social and cultural commitment (e.g. social activity day, events, sponsorship of art and culture).
In addition, the Investor Relations and Public Relations departments of VIG Holding are responsible for the clear external
communication in order to provide information for investors and to comment on media coverage of the company.
56 Vienna Insurance Group Holding
RISK SENSITIVITY
Due to the minor significance of reputation risk for the risk profile of VIG as a whole, no separate stress tests or sensitivity
analyses were carried out.
C.7 ANY OTHER INFORMATION
As mentioned in section C, this section deals with the risk profile of the VIG Group, which is based on the calculation of VIG
Holding's consolidated participations.
C.7.1 UNDERWRITING RISK
C.7.1.1 Life underwriting risk
RISK EXPOSURE
The life underwriting risk gross of adjustments for technical provisions ("gross") is TEUR 1,635,360. The following table
shows the composition of the life underwriting risk.
Life underwriting risk ("gross") 31.12.2016
in TEUR
Lapse risk 1,196,795
Life expense risk 402,559
Disability and morbidity risk 310,279
Longevity risk 199,318
Mortality risk 165,136
Life catastrophe risk 95,184
Revision risk 957
Life underwriting risk 1,635,360
Overall, the capital requirements for risks related to life underwriting calculated according to the standard formula adequately
reflect the risk situation. However, the lapse risk, given the comprehensive control measures and taking into account historic
lapse rates, is assessed as conservative but acceptable, as well as the mortality risk in light of current demographic trends.
LAPSE RISK
Life lapse risk is the risk of loss, or of adverse change in the value of insurance and reinsurance liabilities, resulting from
changes in the expected exercise rates of policyholder options. The relevant options are all legal or contractual policy holder
rights to fully or partly terminate, surrender, decrease, restrict or suspend insurance cover or permit the insurance policy to
lapse. An increase in the lapse rate is not necessarily associated with a balance sheet loss. However, the resulting reduction
in income and investment profits can reduce the future expected results and thus the economic value of the company.
The lapse risk is TEUR 1,196,795. Given the comprehensive management measures and taking into account historical lapse
rates, the shock defined in the standard formula is regarded as conservative in the individual companies and in the Group.
Solvency and financial condition report 2016 57
LIFE EXPENSE RISK Life expense risk is the risk of loss, or of adverse change in the value of insurance and reinsurance liabilities, resulting from
changes in the level, trend, or volatility of the expenses incurred in servicing insurance or reinsurance contracts. The expense
risk is TEUR 402,559. The concentration of the expense risk on the Austrian companies can be explained mainly by the
high proportion of Austrian companies in the total premium volume in life business.
DISABILITY AND MORBIDITY RISK Life disability-morbidity risk is the risk of loss, or of adverse changes in the value of insurance and reinsurance liabilities,
resulting from changes in the level, trend or volatility of disability and morbidity rates. The disability and morbidity risk is
TEUR 310,279. This risk is mainly found in supplementary policies to life insurance policies.
LONGEVITY RISK Life longevity risk is the risk of loss, or of adverse change in the value of insurance and reinsurance liabilities, resulting from
a decrease in the mortality rates.
The longevity risk is TEUR 199,318.
MORTALITY RISK Life mortality risk is the risk of loss, or of adverse change in the value of insurance and reinsurance liabilities, resulting from
an increase in the mortality rates.
The mortality risk is TEUR 165,136.
LIFE CATASTROPHE RISK Life catastrophe risk is the risk of loss, or of adverse change in the value of insurance and reinsurance liabilities, resulting
from a sudden increase in mortality related to extreme or irregular events. Thereby, mortality increases only for the following
year, after which mortality falls back to the expected level.
The catastrophe risk is TEUR 95,184.
* In life catastrophe risk, the simplification permitted by the Delegated Regulation (EU) 2015/35 was used in some companies.
REVISION RISK
Life revision risk is the risk of loss, or of adverse change in the value of insurance and reinsurance liabilities, resulting from
fluctuations in the level, trend, or volatility of revision rates applied to annuities, due to changes in the legal environment or
in the state of health of the person insured. The revision risk has no significant impact on the risk profile.
58 Vienna Insurance Group Holding
RISK CONCENTRATION
The concentration risk in life is considered to be low due to the broadly diversified product portfolio in all life and composite
companies and a diverse customer base in CEE.
RISK MITIGATION
In order to mitigate the lapse risk, the VIG Group has an effective complaint management system, qualified advisers and
customer loyalty programs to increase customer satisfaction and prevent terminations. The lapse behaviour of policyholders
is constantly monitored in order to allow targeted measures to be taken in the event of unfavourable developments.
Costs are regularly analysed and taken into account in product design. In Austria, insurance contracts are additionally
hedged against inflation via index adjustments.
Many customers also opt for a term life insurance policy when purchasing a pension insurance policy. This reduces the
longevity risk that results from pension insurance.
In order to reduce the mortality risk, the mortality risk is monitored on an ongoing basis and security margins are included in
the premium. For large sum insured, medical check-ups of the insured persons are carried out and the insurance coverage
is reinsured. In addition, demographic trends indicate that mortality rates will in general decrease in the medium to long run.
In addition, there are also various reinsurance contracts in life insurance which generally contribute to risk mitigation.
RISK SENSITIVITY
Standardised sensitivities are calculated and published as part of the Group Embedded Value calculation.
The sensitivities of the embedded value include both changes in the market environment and changes in the essential
assumptions for life insurance. For this reason, the decline in costs and lapse by 10% are analysed in the embedded value.
Similarly, a change in mortality rates is analysed separately by contract type, assuming a 5% change.
Of the sensitivities mentioned above, the change in costs has the greatest impact, where the decrease by 10% in costs
leads to a 3.2% increase in the MCEV, while the impact in the Austria/Germany region is somewhat greater than in CEE.
C.7.1.2 Non-Life underwriting risk
RISK EXPOSURE
Non-life underwriting risk amounts to TEUR 585,604 whereby 35% of this amount can be allocated to the Austrian, 28%
to the Czech and 15% to the Slovakian companies.
Non-life underwriting risk 31.12.2016
in TEUR
Non-life underwriting risk 585,604
Solvency and financial condition report 2016 59
RISK CONCENTRATION
Motor third party liability insurance (MTPL) has a high volume in the CEE markets compared to the other lines of business.
This risk concentration was consciously accepted in order to permit entry into the market. The strong market position and
the disproportionately high growth prospects in CEE will boost growth in the other lines of business and thus reduce the
concentration in MTPL.
RISK MITIGATION
The non-life underwriting risk is significantly reduced by the reinsurance. In general the risk is transferred to the reinsurers
companies, carefully selected out of the security list defined by the Reinsurance Security Committee (see section B.1.1.2).
Reinsurers not included in the list may only be contracted business with after an individual permission of the Reinsurance
Security Committee.
The influence of the reinsurance on the SCR can be seen in the table below for the most material business lines in non-life.
Non-life underwriting risk SCR before reinsurance SCR after reinsurance Risk mitigation effect
in TEUR
Motor liability insurance 265,226 234,999 30,227
Other motor vehicle insurance 165,053 101,677 63,376
Fire and other property insurance 1,065,585 243,660 821,925
General liability insurance 159,917 80,531 79,386
RISK SENSITIVITY
The following stress analyses were performed to assess the sensitivity to changes in the market environment: *
– an increase in the frequency of claims in normal losses* for all portfolio segments by 5%;
– an increase in the average claim in normal losses for all portfolio segments by 5%;
– increased dependence in the number of losses between all portfolio segments (+25% per correlation coefficient)
– increased dependence of the loss reserves between all portfolio segments (+25% per correlation coefficient) * Excluding large losses, catastrophe and annuity losses
60 Vienna Insurance Group Holding
DEPICTION OF THE SENSITIVITIES IN NON-LIFE on THE SOLVENCY OF THE GROUP
Out of the sensitivities in the area of non-life underwriting business, increased dependence of the loss reserves has the
most material impact. In this case, the solvency ratio falls from 194.5% to 191.4%. Due to the high degree of risk diversifi-
cation, none of the calculated sensitivities transfers into potentially material risk for the solvency of the Group.
C.7.1.3 Health underwriting risk
RISK EXPOSURE
The health underwriting risk is TEUR 325,491. 75% of the NLST health underwriting risk and the majority of the SLT
health underwriting risk is attributable to the Austrian companies. Catastrophe risk is adequately reinsured and is of minor
importance due to the low materiality. Health underwriting risk (“Gross“) 31.12.2016
in TEUR
NSLT health underwriting risk 153,893
SLT health underwriting risk 215,883
Health catastrophe risk 12,334
Health underwriting risk 325,491
RISK CONCENTRATION
As mentioned above, the health underwriting risk is mainly concentrated in the Austrian companies.
RISK MITIGATION
To mitigate the SLT health underwriting risk, extensive underwriting guidelines (criteria for accepting risks) have been imple-
mented.
The NSLT health underwriting risk is mitigated by means of reinsurance. When selecting reinsurers, subsidiaries are required
to make use of a security list defined by the Reinsurance Security Committee of the VIG Group (see section B.1.1.2).
Reinsurers not included in the list may only be contracted business with after an individual permission of the Reinsurance
Security Committee.
3,2% 3,1% 3,0%
2,2%
1,7% 1,6% 1,6%
1,2%
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
3,0%
3,5%
claim frequency normalclaims +5%
average claim normalclaims +5%
correlation number ofclaims +25%
correlation claim reserve+25%
absolute change of solvency ratio relative change of the solvency capital requirement
Solvency and financial condition report 2016 61
RISK SENSITIVITY
Due to the minor significance of the health underwriting risk for the underwriting risk of the VIG Group, no separate stress
tests or sensitivity analyses were carried out.
C.7.2 MARKET RISK
RISK EXPOSURE
Based on the partial internal model, the market risk for the VIG Group is TEUR 3,457,661. The following table shows the
composition of the market risk.
Market risk (“Gross“) 31.12.2016
in TEUR
Spread risk 1,592,302
Interest rate risk 967,444
Equity risk 819,311
Market risk concentrations 800,769
Currency risk 757,474
Property risk 233,586
Market risk 3,457,661
In contrast to the unconsolidated view of VIG Holding as an individual company, the consolidated Group perspective gives
a more realistic picture of the market risk. As expected, the spread risk amounting to TEUR 1,592,302 comprises the largest
share of the market risk and is ultimately the highest individual risk in the Group. The high level of spread risk reflects the
fact that health and life insurance companies within the Group invest primarily in fixed-income securities. This conservatively
structured investment policy consequently leads to a risk profile in which the spread risk predominates. The interest rate,
equity and currency risks are in the expected range. The value of property risk is composed mainly of the results of the
partial internal model of companies Wiener Städtische, Donau and VIG Holding (individual company). The remaining part of
the property risk was determined by standard formula and is overall not material.
In the following table the composition of the property risk in accordance with partial internal model is shown before diversification.
Property risk (“Gross“) Risk
Requirement Percentage Share
in TEUR
Risk from directly held real estate and holding companies 115,739 49%
Risk of companies without internal model based on the standard formula 104,310 45%
Risk from real estate funds 11,757 5%
Risk from non-profit housing societies 1,781 1%
Property risk 233,586
The partial internal model value for the property risk is around 67% lower compared to the standard formula result (approx-
imately TEUR 233,586 instead of around TEUR 709,124).
62 Vienna Insurance Group Holding
RISK CONCENTRATION
The market risk concentrations before profit sharing adjustments and diversification amounts to TEUR 800,769. The ma-
jor part of this risk arises from the strategic partnership with the Erste Group Bank AG.
RISK MITIGATION
Essential measures for market risk mitigation are the diversification of assets and the existing limits set for investments at
the level for market risk mitigation. The diversification of the portfolio reduces the risk of an adverse market development of
an individual asset or an asset class. The limit structure prescribed for asset management by the Managing Board defines
the maximum investment volumes per asset class. Furthermore, at this point, reference should be made to the "prudent
person principle" mentioned in section C. The desired diversification for the entire VIG Group is also achieved by the fact
that the operating insurance companies work with different products in many different markets and it is ensured that the
individual insurance companies themselves are already appropriately diversified.
RISK SENSITIVITY
It is necessary to react quickly to major changes in the market environment in order to ensure continuous compliance with
regulatory solvency capital requirements. This makes it necessary to understand the impact of individual internal and external
factors on the solvency of the VIG Group. For this reason, these impacts were examined as part of the most recent ORSA
from 2016:
– a 50-basis-point increase and a 50-basis-point decrease in the EIOPA yield curve in December 2015;*
– a reduction in the ultimate forward rate (UFR) to 3.7%;
– an increase in the last liquid point (LLP) for the EUR and CZK interest rate curves to 30 years,
– the effects excluding volatility adjustment*;
– a downgrade of the creditworthiness (rating) of counterparties,
– a loss in value of the equity portfolio of 20%. * Value corresponds to the invoice as at 31 December 2016
Solvency and financial condition report 2016 63
The following chart illustrates the results of the interest rate sensitivities as of 31 December 2015.
Depiction of the interest rate sensitivities to the solvency of the Group
The following chart shows the results of further market sensitivities as of 31 December 2015.
Depiction of further market sensitivities to the solvency of the Group
* Value corresponds to the calculation as of 31 December 2016
64 Vienna Insurance Group Holding
C.7.3 OTHER GROUP RISKS
The credit risk (counterparty default risk) at the Group level is TEUR 279,549 while the operational risk amounts to TEUR
300,516.* The further categorisation of the operational risk as well as the group-wide liquidity risk are similarly applicable to
the Group as it is for the VIG Holding. The total amount of expected profit factored into future premiums ("expected profit
in future premiums" - EPIFP) calculated in accordance with Article 260 (2) Delegated Regulation (EU) 2015/35 of the Com-
mission was TEUR 2,946,500 as of 31 December 2016.
Regarding the reputation and the strategic risk it is not reasonable to make a distinction between the VIG Holding and the
VIG Group. Therefore, the description of these two qualitative risks for the holding company can be also applied on the
group level.
* In order to determine the risk mitigating effect of reinsurance contracts in the counterparty default risk, the simplifications in accordance with Article 107 and 111 of the Delegated Regulation (EU) 2015/35 were
applied.
Solvency and financial condition report 2016 65
This chapter deals with the measurement of assets and liabilities for the purpose of assessing solvency under the new
insurance supervision regime Solvency II. In addition to the balance sheet in accordance with the Austrian Commercial
Code (UGB) and Insurance Supervision Act (ISA), a solvency balance therefore also has to be prepared; this requires the
consistent valuation of the market value of all assets and liabilities. The consistent valuation of the market value is used to
determine the amount of capital in the solvency balance sheet available to the company to cover its risk capital.
Under D.5 Other disclosures, please refer to the consolidated view of the accompanying Group templates.
D.1 ASSETS
The investments are an integral part of the asset side of the balance sheet and represent the investments made by the
insurance company. In accordance with Solvency II, these investments are generally recognised at the standard market
value or fair value that can be received in an arm's length transaction.
The following table shows the assets of VIG Holding based on market values and compares them to the values according
to local GAAP (in TEUR):
Intangible assets are not recognised in the solvency balance sheet.
Assets Solvency II UGB Difference
Intangible assets 0 25,757 -25,757
Deferred tax assets 45,704 3,380 42,324
Real estate, tangible assets and inventories for own requirements 71,952 23,372 48,580
Investments 7,167,077 4,620,440 2,546,637
Real estate (except for own use) 392,260 93,102 299,158Holdings in affiliated companies, including ownership interests 6,251,543 4,049,016 2,202,527Shares 26,452 23,379 3,073Bonds 270,224 236,422 33,801Undertakings for collective investment 226,186 218,521 7,665Derivatives 413 0 413
Loans and mortgages 131,267 127,787 3,480
Recoverable amounts from reinsurance contracts 66,246 74,872 -8,626
Deposit receivables 1,026,733 1,026,733 0
Receivables from insurance companies and intermediaries 34,205 19,244 14,961
Other receivables, short-term bank deposits and other assets 407,733 431,493 -23,760
TOTAL 8,950,916 6,353,077 2,597,839
Real estate, tangible assets and inventories for own requirements were recognised in the Solvency II balance sheet at fair value,
which also serves as the basis for the PIM real estate. The fair value was determined by accredited experts at regular intervals.
According to local GAAP, real estate and land (for own and third-party use) were valued at cost, and buildings at cost less
depreciation and any write-downs.
In accordance with Article 10 of the Delegated Regulation (EU) 2015/35, the following valuation hierarchy was applied to
investments in calculating the Solvency II valuation:
D VALUATION FOR SOLVENCY PURPOSES
66 Vienna Insurance Group Holding
First, the current market price or stock exchange price, if available, is used. If there is no active market, the fair value is
determined by comparison with a financial instrument as comparable as possible for which a market price in an active
market exists. For this purpose, the following options are available:
Mark-to-market: The comparable financial instrument is listed in an active market (market price).
Mark-to-model: The securities can be reliably and consistently valued using recognised valuation models. As a rule, several present value methods are used. That is, future cash flows are discounted to the valuation day with an appropriate yield curve. Spreads on the risk-free interest rate depend on the type of security and its rating. The input parameters for models used for valuing securities are generally observable on the market and are available via the applicable data providers.
If no benchmark value can be used, carrying out the valuation on the basis of amortised cost and alternative valuation
methods remain an option.
Where they did not involve insurance or reinsurance companies, the holdings in affiliated companies, including ownership
interests were valued using the valuation hierarchy under Solvency II.
VIG Holding's investments in insurance and reinsurance companies were valued using the adjusted equity method applying
of the valuation hierarchy under Article 13 of the Delegated Regulation (EU) 2015/35. Since the shares of insurance or
reinsurance companies are not listed in an active market, they were recognised using the share of their Solvency II capital
(excluding subordinated liabilities).
Bonds and equities, were valued at fair value, which was determined on the basis of market prices. For securities that are
classified under IFRS as "held to maturity", a revaluation to fair value was made. Securities which were classified in the IFRS
categories "available for sale" or "trading investments" and those in which the "fair value option" was used in accordance
with IFRS, were recognised in the economic balance sheet at the corresponding IFRS value.
Under the UGB, the valuation of shares and other non-fixed-income securities and holdings in affiliated companies was
made using the strict lower-of-cost-or-market principle (strenges Niederstwertprinzip). Bonds, other fixed-income securities
and participations were valued using the less strict lower-of-cost-or-market principle (gemildertes Niederstwertprinzip).
Undertakings for collective investment (investment funds) were recognised their fair value in the solvency balance sheet.
The fair value was determined largely based on current market prices. For unlisted fund investments generally accepted
valuation models were used for determining fair value. These may be general present value models that are applied in
accordance with the regulatory requirements of the fund or, in the case of real estate funds, valuations made by qualified
and recognised real estate appraisers.
For loans and mortgages, the fair value was recognised in the Solvency II balance sheet. In this case, the fair value was
determined based on marked-to-model prices. According to the local GAAP loans and mortgages were valued with the
nominal amount of outstanding receivables.
The valuation of the recoverable amounts from reinsurance contracts, i.e. the share of the reinsurer in the underwriting
provision, was made using the best-estimate calculation.
Deposits result from assumed reinsurance business.
Solvency and financial condition report 2016 67
Receivables from insurance companies and intermediaries relate to receivables from policy holders, insurance intermediar-
ies and insurance companies. Other receivables mainly include receivables from interest and rents, receivables from the tax
authorities and tax benefits. Most of the receivables have short maturities. Initial recognition is at cost and subsequent
valuation is at amortised cost.
In accordance with UGB, specific valuation allowances were formed for doubtful receivables and deducted from their nom-
inal values.
The obligations due to long-term leases relate to leases for IT equipment (copiers, printers, telephone system, etc.), car
leases and office buildings.
The other receivables, short-term bank deposits and other investments mainly consist of cash in banks and other overnight
money/time deposits. Due to their short-term nature, their present value was not calculated and the approached used the
IFRS book value in the Solvency II balance sheet and not a fair value.
For derivative financial instruments, relevant valuation models (similar to a Black-Scholes model) were used that take into
account the particular design of the derivative. Where these derivatives related to specific hedges of risks associated with
individual securities, under the UBG valuation units were formed from securities and derivatives.
Deferred tax assets on temporary differences between earnings under corporate law and taxable earnings were capitalised.
The chosen tax rate was generally 22.5%.
Deferred tax assets on the asset side of the Solvency II balance sheet result from temporary differences of individual balance
sheet items between solvency and tax accounting in accordance with Austrian tax law. A deferred tax rate of 22.5% is
applied. Most deferred tax assets have their origin in investments and in the non-underwriting provisions.
No other asset classes than those on the Solvency II balance sheet are used. There were no changes made in the approach
and valuation principles or estimates in the reporting period.
D.2 TECHNICAL PROVISIONS
D.2.1 VALUE OF THE TECHNICAL PROVISIONS
The following table shows the technical provisions under Solvency II of VIG Holding as at 31 December 2016, split into lines
of business and into best estimate, risk margin and reinsurance recoverables.
68 Vienna Insurance Group Holding
VIG Holding´s technical provisions as at 31 December 2016:
Best estimate Risk margin Technical provisions
Reinsurance Recoverables*
Technical provisions after
reinsurance
in TEUR
Life insurance (excl. health insurance by type of life insurance and index-linked and unit-linked insurance) 53,186 1,985 55,172 0 55,172
Index-linked and unit-linked insurance 36,654 1,368 38,022 0 38,022
Health insurance by type of life insurance 0 0 0 0 0
Non-life insurance 763,134 26,159 789,292 62,410 726,882
Health insurance by type of non-life insurance 174,281 6,363 180,644 3,836 176,808
Total amount of life and non-life insurance 1,027,255 35,875 1,063,130 66,246 996,885*after adjustment of the counterparty credit risk
D.2.2 VALUATION OF THE TECHNICAL PROVISIONS
Details on the basis of the valuation of technical provisions, the assumptions and the methods used are provided below. In
addition, other relevant information is presented in respect of the valuation and the basic data flows.
BASES
Solvency II is based on an economic balance sheet, and liabilities are therefore also valued based on their market value.
Since there is no liquid market for insurance liabilities, the economic valuation of liabilities is defined as the sum of a best
estimate reserve and a risk margin.
This ensures that a market-consistent valuation is achieved. Simplifications are carried out in relation to the nature, scope
and complexity of the risk.
The best estimate corresponds to the probability-weighted average of the discounted future cash flows. This is the present
value of the random values of future obligations.
The risk margin helps ensure that the value of the technical provisions is equivalent to the amount that insurance and
reinsurance companies would demand to assume and fulfil the insurance and reinsurance obligations.
The reinsurance recoverables correspond to the best estimate of the reinsurers liabilities reduced by an adjustment for the
expected default risk of the reinsurers.
All calculations were performed as of 31 December 2016 taking into account the loss reserves and the portfolio at that
date, but without including future new business.
METHODOLOGY FOR CALCULATING THE BEST ESTIMATE RESERVE IN LIFE INSURANCE
The best estimate is an estimate of the economic value of the underwriting liabilities. The expected present value of insur-
ance liabilities is determined on the basis of current and credible information and realistic assumptions. For discounting
purposes the official risk free rate published by EIOPA is applied.
All incoming and outgoing cash flows of the insurance liabilities are taken into account in the calculation of the best estimate.
These include all payments to policy holders and beneficiaries, all expenses incurred for acquisitions, management, invest-
ment management and claims settlement and all premium payments and all cash flows resulting from the premiums.
Solvency and financial condition report 2016 69
METHODOLOGY FOR CALCULATING THE BEST ESTIMATE RESERVE IN NON-LIFE INSURANCE
The best estimate in non-life insurance consists of two parts, the claims reserve and the premium reserve.
For assumed reinsurance business, the best estimates are calculated separately for all VIG companies separated by line of
business and individual loss years.
To determine the best estimate loss reserve, the standard chain ladder, Munich chain ladder, Cape Cod and the additive
method, amongst others, are applied to both payment and claims data before the decision is made for the most plausible
methodology. This approach guarantees that different settlement patterns and all data are taken into account. The best
estimate of the premium reserve is determined by a combined ratio method.
METHODOLOGY FOR CALCULATING THE RISK MARGIN
The calculation of the risk margin is based on the assumption that the entire portfolio of insurance and reinsurance obliga-
tions is transferred to another insurance or reinsurance company, called the reference undertaking. Therefore, the risk mar-
gin corresponds to the capital costs necessary to provide eligible own funds in the amount of the SCR.
Solvency II provides the capital cost approach for calculating the risk margin. In this case, the solvency capital requirement
is multiplied in any future time with a cost of capital of 6% and then discounted and aggregated. For discounting the risk-
free basic interest rate is used.
METHOD OF CALCULATING THE REINSURANCE RECOVERABLES
Under Solvency II, the best estimate reserve is calculated before reinsurance recoverables are deducted. This is a separate
valuation, which is reported on the asset side of the Solvency II balance sheet.
When calculating the reinsurance recoverables, the default risk of the counterparties is taken into account. This is intended
to take into account of the expected loss resulting from the default of the counterparty. The calculation is performed sepa-
rately for each counterparty and for each line of business. The calculation is based on an assessment of the probability of
default of the counterparty and the ability of the counterparty to recover from this.
In non-life insurance, the default risk of the counterparties is additionally determined separately for the premium and claims
best estimate.
METHODOLOGY FOR CALCULATING THE EXPECTED PROFIT INCLUDED IN FUTURE PREMIUMS (EPIFP)
The expected profit included in future premiums results from the fact that premiums for existing insurance and reinsurance
contracts expected in the future are included in the calculation of technical provisions. In non-life insurance similar methods
to those used to calculate the best estimate of the premium reserve are applied.
SIMPLIFICATIONS
In a few cases, the UGB balance sheet reserve is used as the best estimate for individual lines of business and companies.
The reasons were usually that either the history was too short for a reasonable estimate, or the business was too specific
or immaterial. In accordance with the materiality, annuities were not always considered separately.
In the calculation of the risk margin, future SCRs were calculated proportionately to the development of the best estimate.
The reinsurance recoverables in the direct business are adjusted proportionally to the booked reserves. The default risk is
also taken into account. Due to the limited data available and because of the low reinsurance business ceded, the reinsur-
ance recoverables in the indirect business are not revalued.
70 Vienna Insurance Group Holding
UNCERTAINTY IN CALCULATING THE BEST ESTIMATE
VIG Holding's models use historical data and information on the current market situation in order to adequately model the
future development of the portfolio. The uncertainties are quantified to the greatest degree possible and taken into account
by an appropriate parameterisation of the models.
As a corresponding data and revaluation history exists in most companies, the degree of uncertainty in the best estimate
calculation is at a satisfactory level.
In addition, the application of the Solvency II regulation ensures an adequate capital base in the event of unexpected adverse
economic developments.
ADJUSTMENTS AND APPLICATION OF TRANSITIONAL MEASURES
VIG Holding does not use volatility adjustments under Article 77d of Directive 2009/138/EC; nor is a matching adjustment
in accordance with Article 77b of Directive 2009/138/EC applied. Furthermore, neither the temporary risk-free yield curve
in accordance with Article 308c of Directive 2009/138/EC nor the temporary withdrawal in accordance with Article 308 of
Directive 2009/138/EC is applied.
D.2.3 REVALUATION OF TECHNICAL PROVISIONS
The underwriting provisions under the UGB are valuated under the principle of prudence, while the Solvency II valuation is
based on a market consistent view.
Revaluation and adjustment of underwriting provisions Solvency II UGB Solvency II revaluation
in TEUR
Technical provisions Technical provisions 1,063,130 1,159,210 -96,080Other technical provisions 809 -809
D.3 OTHER LIABILITIES
Other liabilities are further provisions and liabilities of the company. This applies in particular to provisions for severance
payments and pensions, subordinated liabilities and deferred tax liabilities. Here, too, a Solvency II valuation consistent with
market value is applied for the economic balance sheet.
The following table shows the valuation of other liabilities of VIG Holding as at 31 December 2016, based on market values
and compares them to the values under the UGB (in TEUR):
Material items in other liabilities Solvency II UGB Difference
in TEUR
Contingent liabilities 882 0 882Provisions other than underwriting provisions 59,873 59,738 136Pension payment liabilities 49,198 31,980 17,218Deferred tax liabilities 117,599 0 117,599Derivatives 3,668 0 3,668Liabilities to financial institutions 6,507 6,507 0Liabilities to insurance companies and agents 46,243 35,804 10,440Liabilities to reinsurers 3,692 14,132 -10,440Liabilities (retail, not insurance) 481,769 481,769 0Subordinated liabilities 1,378,473 1,354,652 23,821Other liabilities not reported elsewhere 1,048 5,251 -4,204
Solvency and financial condition report 2016 71
Other provisions includes the provision for anniversary bonuses, the provision for unused vacation, a provision for customer
service and marketing and others. These include: IT provisions, personnel provisions, provisions for consulting fees, provi-
sion for the publication of balance sheets and other provisions. These are valued in application of the International Financial
Reporting Standards (IAS 37), which is a reasonable approximation of the Solvency II valuation principles.
The calculation of pension payment liabilities (provisions for severance and provisions for pensions) are valued out in ac-
cordance with recognised actuarial rules using the mortality table Actuarial Association of Austria (AVÖ) 2008-P Pagler &
Pagler as calculation basis for the pension insurance and taking into account the principles currently in effect (e.g. IAS 19).
Expected salary increases of 1.8% and a discount rate of 1.25% are applied to the calculation of provisions for severance
payments and pensions.
The percentage of assets with respect to the defined-benefit plan assets is 58.8% for severance and 6.3% for pensions.
The provisions for severance payments and pensions are calculated in the Solvency II balance sheet in accordance with
the latest provisions of IAS 19, while the projected unit credit method with 7-year average interest rate is used in the UGB
balance sheet. A portion of the direct benefits are administered as an occupational group insurance plan following conclu-
sion of an insurance contract in accordance with the provisions of Sections 93-98 VAG. In terms of outsourced severance
obligations, the difference between provisions for severance payments formed in accordance with the requirements of
corporate law and the balances at insurance companies is recognised in the balance sheet.
Deferred tax liabilities are recognised in accordance with IAS 12 for the entire solvency balance sheet and thus contain the
taxes payable in the future that arise from revaluations from the current date. A deferred tax rate of 22.5% is applied.
Subordinated liabilities and financial liabilities other than liabilities to banks consist of supplementary capital bonds issued
in the form of securities. An interest rate swap with a term through 12 January 2017 with a nominal value of TEUR 120,000
was concluded for the supplementary capital bond (AT0000342704) with variable interest after the first year issued on 12
January 2005. Subordinated liabilities are recognised in the UGB balance sheet at their book value and in the solvency
balance sheet at their market value.
Liabilities to insurance companies and intermediaries are made up of liabilities to policy holders, insurance intermediaries
and other insurance companies.
In addition to liabilities to affiliated companies and investments, the amounts included in the item liabilities (retail, not insur-
ance) include tax liabilities and social security liabilities.
Other liabilities not reported elsewhere consist of deferred income and are recognised at their IFRS value for reasons of
materiality.
In some cases, the valuations use estimates which VIG is aware include uncertainties that consciously are taken into ac-
count in the valuation.
No other classes than those on the Solvency II balance sheet are used. There were no changes made in the approach and
valuation principles or estimates in the reporting period. VIG has no material leasing liabilities.
72 Vienna Insurance Group Holding
D.4 ALTERNATIVE METHODS FOR VALUATION
In the solvency balance sheet, an alternative valuation method is used for the following assets and liabilities: own-use and
third-party use real estate, time deposits as well as operating and office equipment.
Please refer to section D.1 with regard to the valuation methods applied to real estate in the solvency balance sheet. The
value of all real estate in the solvency balance sheet is determined on the basis of expert opinion. This valuation is repeated
at regular intervals. The location of the property and its occupancy rate if it is a rented property, amongst other factors, are
used as assumptions for this valuation. This valuation method was chosen as the methods of the UGB balance sheet, i.e.
valuation using amortised cost, are not adequate for a solvency balance sheet.
Time deposit accounts are recognised in the solvency balance sheet at their nominal values.
For reasons of materiality and practicality, operating and office equipment is recognised using the amortised cost, i.e. the
cost of acquisition, reduced by straight-line amortisation resulting from the customary useful life. The solvency balance
sheet thus takes the same approach as both the UGB and IFRS financial statements.
No further alternative valuation methods for assets or liabilities are used.
D.5 ANY OTHER INFORMATION
As mentioned above, please see the Group template attached in the Annex for the VIG Group view.
Solvency and financial condition report 2016 73
In addition to the capital management process and guidelines for the distribution of capital components, VIG Holding's capital
management includes mainly the classification of economic capital. This is derived from the valuation of the balance sheet for
solvency purposes, and represents the amount available to the company to cover the Solvency Capital Requirement (SCR).
The Group's perspective is treated under E.6 Other information.
E.1 OWN FUNDS
This chapter depicts the composition and management of VIG Holding's capital. To this end, the capital management
process is first described and the possibility of the distribution of capital components is discussed. Furthermore, the indi-
vidual capital components are depicted in amount per quality class (Tier) and their eligibility for the Solvency Capital Re-
quirement and the Minimum Capital Requirement.
Capital management serves to ensure compliance with legal and internal standards for quality and quantity to meet the
solvency capital and minimum capital requirement. VIG Holding's solid capital base ensures the continued existence of the
insurance operations in the future.
The capital management process of VIG Holding consists of three steps:
E.1.1 CAPITAL MANAGEMENT PROCESS
Capital management is an essential part of the risk management process and serves to maintain the best possible capital
structure in order to ensure the financial flexibility and autonomy of VIG Holding. It is based on the following guiding principles:
Ensuring the continuous existence and sufficient capital base of VIG Holding
The ability to fulfil obligations to policy holders and other beneficiaries at any time
Continuous dividend payment to shareholders
Active regulation of amount and quality of capital base, taking into account the internal economic view, from the per-spective of UGB, IFRS and Solvency II
Maintaining an adequate capital structure in order to optimise capital costs
Considering the minimum solvency rate decided by the Managing Board and documented in the business and risk strategy
E Capital Management
74 Vienna Insurance Group Holding
The capital management process of VIG Holding consists of three steps.
APPROPRIATENESS OF THE CAPITAL MANAGEMENT
The first step involves the monitoring of the current capital situation. This step is part of the process for calculating economic
capital and the solvency capital requirement and is thus performed on a quarterly basis. The presentation of the economic
balance sheet and the calculation of economic capital is done by the finance and accounting department, while the solvency
capital requirement is determined by enterprise risk management and the risk management function.
In any case, the review is updated when the current capital position of VIG Holding has changed, such as when supple-
mentary capital bonds are cancelled or issued.
In addition, the adequacy of the quality and quantity of the current capital, as described in section E.1.1, is checked.
In this context, all the recognition limits of Article 82 of the Delegated Regulation (EU) 2015/35 are checked for compliance.
Furthermore, compliance with internal risk tolerance, a minimum solvency ratio of 125%, is checked.
If it is determined that the capital base is insufficient, the measures called for in Sections 278-290 VAG are implemented,
depending on the scope of the situation.
CAPITAL MANAGEMENT PLANNING
While the current equity situation is considered in the previous step of the process, this step involves monitoring the future
capital situation. This step is part of the planning and ORSA process and is thus performed annually in its regular form, and
ad hoc as necessary.
Adequacy of capital management
•Sub process of the calculation of own funds and solvency capital requirement
•Check whether regulatory requirements for the own resource coverage are currently met
•Check whether internal requirements for resource coverage are currently met
Planning of capital management
•Subprocess of the planning and ORSA process
•Check whether regulatory requirements regarding the capital adequacy are also met in the future
•Check whether internal requirements for own resources are met in the future
•Capital requirements based on business and risk‐strategic decisions
Capital management measures
•Definition and setting of measures, such as the issuance of own funds
Solvency and financial condition report 2016 75
The analysis of the future capital base refers to the capital situation on the last day of the year during the planning period
(3 years).
The future capital is reviewed for adequacy in terms of quality and quantity. Similarly, compliance with the risk tolerance is
tested over the planning period.
The monitoring of the capital situation in accordance with Solvency II in the ORSA process is performed by the risk man-
agement function.
The results of this review are documented in the ORSA report. The above measures are taken if it is determined that the
capital base is insufficient.
CAPITAL MANAGEMENT MEASURES
The results from the previous steps as well as the business, investment and risk strategy serve as the basis for capital
management measures. In addition, the capital cover must also meet the risk tolerance defined internally in addition to the
regulatory principles. It may therefore be necessary to take capital measures even though the company is adequately
covered from a regulatory perspective.
The capital management measures generally have the goal of maintaining a reasonable balance between capital and risk.
In this context, an analysis is conducted as to how measures affect the volume of business, what impact they have on
profitability, risk strategy and capital requirements given the orientation of the business or the risk profile. This analysis takes
place in close cooperation with the members of the Risk Committee.
Possible measures are clearly and understandably documented in the medium-term capital management plan. Furthermore,
the expected impact on the capital and risk situation are described. The responsibilities with respect to the implementation,
release and monitoring of further measures are defined.
The medium-term capital management plan is prepared annually by accounting and the Treasury/Capital Markets depart-
ment as part of the planning and ORSA process and updated if necessary. The observation period covered by the medium-
term capital management includes the planning process, but an extended observation period is applied in the case of
supplementary capital. This is to ensure that all terminated volumes are considered of supplementary capital bonds are
taken into account in assessing the capital. This is particularly true with respect to the transitional provisions applied to
supplementary capital.
After a review by the responsible bodies, in line with the medium-term capital management plan, VIG Holding may carry
out the following types of capital issues, amongst others: a capital increase, an issue of supplementary capital bonds and
a shareholder contribution.
E.1.2 DISTRIBUTIONS FROM CAPITAL COMPONENTS
In VIG Holding dividends on the share capital are paid as dividends from capital components.
In this process, all existing shares have the same dividend rights and claims. The amount of the dividend is determined by
the amount of net retained profit from the previous financial year. Net retained profit is determined in accordance with the
accounting principles of the UGB, taking into account the provisions of the VAG. The net retained profit is thus made up of
the result from normal business operations, less taxes, changes in reserves and retained earnings.
76 Vienna Insurance Group Holding
The amount of the dividend payment in a financial year is set out in the Managing Board's proposal for the dividend payment.
This proposal is presented to the Supervisory Board which must approve it. The General Meeting is bound to the approved
proposal in its resolution on the appropriation of net retained profit.
Based on the current legal situation, the General Meeting may exclude the net retained profit from the distribution in whole or
in part. The VAG stipulates that the General Meeting may not approve the distribution if it would result in a shortfall of the
solvency capital requirement (Section 170, para 2 VAG). If, as defined in Section 278 VAG, the cover of the solvency capital
requirement is no longer permanently guaranteed, the suspension of the dividend payment is defined as a measure in the
recovery plan to be submitted to the FMA. Until the company is again adequately capitalised and permanent cover of the SCR
can be guaranteed again, no dividend payment can be made. The observation period is defined here as the planning period.
CLASSIFICATION OF CAPITAL
The capital of VIG Holding is described below and its classification is explained in detail: VIG Holding has the following
capital:
– Share capital
– Revaluation reserves, including capital reserves, retained earnings and other reserves (equalisation reserve)
– Issue premiums attributable to share capital
– Subordinated liabilities in the form of supplementary capital bonds.
The capital is divided into basic capital and additional capital and classified in three quality classes (Tiers) based on its
features. The classification is based primarily on the following six criteria:
1. Permanent availability
2. Subordination of the total amount
3. Sufficient maturity
4. No repayment incentives
5. No compulsory ongoing costs
6. No charges
The following categorisation results from these criteria:
– Tier 1: only basic capital, which largely meets all six criteria.
– Tier 2: basic capital if it is not permanently available and additional capital if it meets all six criteria.
– Tier 3: all remaining basic capital and additional capital.
Solvency and financial condition report 2016 77
Own funds by Tier:
Total Tier 1 unrestricted
Tier 1 restricted Tier 2 Tier 3
in TEUR
Share capital 132,887 132,887 0 0 0
Issue premiums attributable to share capital 1,994,216 1,994,216 0 0 0
Reconciliation reserve 3,509,329 3,509,329 0 0 0
Subordinated liabilities 1,117,617 0 204,155 913,462 0
TOTAL Own funds 6,754,050 5,636,433 204,155 913,462 0
At the reporting date of 31 December 2016, the own funds of VIG Holding were TEUR 6,754,050. The equity in accordance
with the UGB (including subordinated liabilities) on the same date was TEUR 4,860,102.
The most significant difference between the equity in accordance with the UGB and the own funds under Solvency II results
from the revaluation of UGB book values to Solvency II fair values. The revaluation affects both the asset and the liability
side of the balance sheet.
The individual capital components are described in more detail below. About 80% of the own funds of VIG Holding is
classified as Tier 1.
BASIC OWN FUNDS
VIG Holding's own funds consist of share capital, issue premiums, capital reserves, revaluation reserve incl. retained earn-
ings and subordinated liabilities. The supplementary capital and hybrid bonds are listed under subordinated liabilities.
1. Share capital
VIG Holding holds only paid-up share capital. The paid-up share capital is classified as Tier 1 capital, since it satisfies the
necessary characteristics for Tier 1 capital. VIG Holding has no other basic capital categories such as callable shares or
treasury shares
2. Share premium
The issue premium of VIG Holding is classified as Tier 1 capital, since it satisfies the necessary characteristics for Tier 1
capital.
3. Reconciliation reserve
The reconciliation reserve is composed of the following:
Reconciliation reserve (in TEUR)
Excess of assets over liabilities 5,738,833
Foreseeable dividends, distributions and fees -102,400
Other basic own funds items -2,127,104
Total 3,509,329
4. Subordinated liabilities
The supplementary capital of VIG Holding falls under subordinated liabilities.
78 Vienna Insurance Group Holding
On 5 December 2016, VIG Holding announced that the two supplementary capital bonds issued on 12 January 2005 with
a remaining total volume of around TEUR 256,000 would be terminated and repaid ahead of schedule on the first call date
on 12 January 2017. The two bonds relate to (i) TEUR 120,000 restricted Tier 1 "variable-interest supplementary capital
bond 2005 of WIENER STÄDTISCHE Allgemeine Versicherung Aktiengesellschaft," ISIN: AT0000342704 and (ii) approxi-
mately TEUR 136,000 Tier 2 "supplementary capital bond 2005 to 2022 of WIENER STÄDTISCHE Allgemeine Versicherung
Aktiengesellschaft" ISIN: AT0000342696. Since a deduction from Solvency II capital already occurs on the date of an-
nouncement, these two bonds were removed as own fund components in the 4th quarter of 2016.
VIG Holding has no capital components with Tier 1 quality that are of the type "paid-up subordinated member accounts of
mutual insurance companies", "paid-up preferred shares and associated issue premium accounts" or "paid-up subordi-
nated liabilities" and there are therefore no disclosures to make regarding the capital settlement mechanisms of these capital
components.
ANCILLARY CAPITAL
VIG Holding does not hold additional capital.
E.1.2.1 ELIGIBILITY OF CAPITAL
In compliance with the current solvency capital requirement and the minimum capital requirement (MCR), the eligibility of
the capital components of VIG Holding is reviewed for the coverage of solvency and minimum capital requirements. In this
process, the quantity and quality of capital currently eligible for SCR and MCR is reviewed.
QUANTITY OF CAPITAL
Due to the basic requirement in Section 174 VAG, the assessment of the quantity of the capital is performed after covering
the SCR with capital, and in accordance with Section 193, para 1 VAG after covering the MCR with capital. This means
that the following limits must be met:
Solvency ratio ≥ 100%
MCR ratio ≥ 100%
The Managing Board has defined a risk tolerance with a minimum solvency ratio of 125%. An additional review is therefore
conducted:
Solvency ratio ≥ 125%
QUALITY OF THE OWN FUNDS
The own fund components of all quality levels (Tier 1, 2 and 3) are eligible to cover the SCR, but under Article 82 Delegated
Regulation 2015/35, para 1, they are subject to quantitative limits:
Tier 1 capital ≥ 50% SCR
Tier 3 capital < 15% SCR
Tier 2 + Tier 3 capital ≤ 50% SCR
Only capital components with quality levels Tier 1 and Tier 2 are eligible to cover the MCR. In accordance with Article 82,
para 2 Delegated Regulation 2015/35, this eligible capital is subject to the following quantitative limits:
Tier 1 capital ≥ 80% MCR
Tier 2 capital ≤ 20% MCR
Solvency and financial condition report 2016 79
In accordance with Article 82, para 3 Delegated Regulation 2015/35, capital components with the quality level Tier 1 have
to satisfy the quantitative limits separately. Overall, paid-up preferred shares, including issue premium, with the quality level
Tier 1 and paid-up subordinated liabilities with the quality level Tier 1 (due to transitional rules and without) may not comprise
more than 20% of the entire Tier 1 capital.
In the case of VIG Holding this means:
Tier 1 supplementary capital (due to transitional rules) ≤ 20% Tier 1 capital;
In this context, compliance with the eligibility limits Article 98 of the master directive is also taken into account.
VIG Holding's capital components for SCR and MCR cover described above are used only in the amounts of TEUR
6,699,763 and 5,926,506 respectively, as the quantitative limits in accordance with Article 82 Delegated Regulation 2015/35
para 1 lit. c and para 2 lit. are exceeded.
E.2 SOLVENCY CAPITAL REQUIREMENT AND MINIMUM CAPITAL REQUIREMENT
The Solvency II directive requires insurance companies to calculate the solvency capital requirement (SCR) and minimum
capital requirement (MCR) regularly. These determine the amount of own funds that the company requires in order to ensure
continuous compliance with all obligations.
The solvency capital requirement of the insurance company corresponds to a required level of capital that will put the
insurance company in a position to absorb any unforeseen losses. The SCR is calculated using risk-based models and
represents the capital that would be needed to cover a loss occurring only once in 200 years.
The minimum capital requirement represents a lower minimum level of own funds which an insurance company must main-
tain under all circumstances.
Both key figures (SCR and MCR) are determined either on the basis of a Europa- wide standard formula or - if approved by
the supervisory authority - using a (partial) internal model. VIG Holding has developed a partial internal model for the risk
areas property and casualty and real estate. Subsequently, it obtained the corresponding approval before Solvency II be-
came effective. The solvency capital calculations are therefore calculated and reported using this proprietary risk model.
E.2.1 SOLVENCY CAPITAL REQUIREMENT
Based on the determined solvency capital requirement and the own funds, VIG Holding has the following solvency ratio as
of 31 December 2016:
Solvency capital requirement and its coverage for VIG Holding (based on PIM) 31.12.2016
in TEUR
Solvency II own funds to cover the SCR 6,699,763
Solvency capital requirement (SCR) 1,718,348
Solvency ratio 389.9%
80 Vienna Insurance Group Holding
The table below shows the composition of the SCR determined separately for the respective modules on the basis of the
partial internal model, taking account of statutory transitional measures.
Solvency capital requirement by risk modules for VIG Holding (based on PIM) 31.12.2016
in TEUR
Basic solvency capital requirement 1,761,548
Market risk 1,681,803
Life underwriting risk 26,580
Non-life underwriting risk 176,253
Counterparty default risk 36,054
Health underwriting risk 37,176
Intangible asset risk 0
Diversification -196,317
Operational risk 28,695
Loss-absorbing capacity of technical provisions 0
Loss-absorbing capacity of deferred taxes -71,896
Solvency capital requirement 1,718,348
No company-specific parameters in accordance with Article 104(7) of Directive 2009/138/EC were used in the calculation.
For the determination of the risk-mitigating effect of reinsurance contracts, which is relevant for the calculation of the coun-
terparty default risk, the simplification in accordance with Article 107 and 111 of the Delegated Regulation (EU) 2015/35
were applied.
E.2.2 MINIMUM CAPITAL REQUIREMENT
The MCR is determined using a factor-based approach, in particular on the basis of the technical provisions, the premiums booked and the solvency capital requirement (SCR). The technical provisions, the risk capital and the premiums are divided into lines of business, multiplied by factors specified by the regulator and aggregated. The MCR's lower limit is 25% of the SCR and its upper limit is 45% of the SCR. For the VIG Holding currently the lower limit is applied such that the MCR corresponds to a quarter of the SCR.
The coverage ratio of MCR is derived as the ratio of eligible own funds to cover the MCR in comparison to the MCR. As of
31 December 2016, the following coverage ratio of MCR was determined:
Minimum capital requirement and its coverage for VIG Holding (based on PIM) 31.12.2016
in TEUR
Solvency II own funds to cover MCR 5,926,506
Minimum capital requirement (MCR) 429,587
MCR coverage ratio 1,379.6%
The difference between the capital that can be used to cover the SCR and the capital available to cover the MCR results
from a regulatory limit for the eligibility of Tier 2 capital. The MCR can be covered with only 20% of Tier 2 capital. Any
amount above is not deemed eligible to cover the MCR.
E.3 USE OF THE DURATION-BASED EQUITY RISK SUB-MODULE IN THE CALCULATION OF THE SOLVENCY CAPITAL REQUIREMENT
VIG Holding does not apply the duration-based equity risk sub-module in accordance with Article 304 of the Delegated
Regulation (EU) 2015/35 in calculating the solvency capital requirement.
Solvency and financial condition report 2016 81
E.4 DIFFERENCES BETWEEN THE STANDARD FORMULA AND THE USED INTERNAL MODELS
The following chart shows the risk modules prescribed by Solvency II ("SCR tree"). The risk categories calculated with partial
internal models are highlighted in green color:
The aggregation and diversification effects follow the specifications of the standard formula. The application, structure and
methodology of the partial internal models are described in the following sections.
E.4.1 MODELLING NON-LIFE
The model covers all material insurance risks in non-life and accident insurance and is used in VIG Holding amongst others
for the following purposes:
– to support key business decisions using scenario calculations for key performance indicators (premium growth, loss
ratios, loss/expense ratio, underwriting result etc.) and their expected volatility (risk); and decision-making (e.g., the
purchase of reinsurance)
– for the calculation of the solvency capital requirement
– to estimate the impact of planning on the solvency capital requirement
The resulting SCR corresponds to the Value-at-Risk of the change of the economic capital with a confidence level of 99.5%
over a one-year period.
The model allows a one-year modelling of the underwriting result in the area of non-life and accident insurance using a
Monte Carlo simulation. In this simulation, a multitude of possible scenarios is generated based on random numbers. A
possible realisation of profit and loss items is estimated (premiums, losses, etc.) for each scenario on gross and net of
reinsurance level. These scenarios are based on a simulated portfolio development (parametrization of ongoing business,
SCR intangible assets
SCR operational riskBasic SCRSCR adjustments
Spread
Premium & reserve Longevity Equity
NSLT health
Lapse Longevity Catastrophe Lapse
Concentration Revision Revision
Disability‐morbidity Disability‐morbidity
Interest rate Expense Lapse
Currency Catastrophe Expense
Lapse Mortality
Property Mortality Premium & reserveSLT health
Catastrophe
SCR market SCR life SCR non‐life SCR counterparty SCR health
SCR
82 Vienna Insurance Group Holding
new business, cancelations). The model takes into account the three main categories of risk: premium, reserve and catas-
trophe risk. Overall, the generated scenarios allow for identification of risk drivers and analyses of possible extreme events.
Diversification effects in the model between the sub-modules stem directly from the utilized Monte Carlo method as well as
the implemented correlation structures that take into account all material dependencies which occur in reality and are
treated through the usage of copulas. Underlying factors taken into account for the modelled lines of business include the
dependencies on portfolio development, claim numbers and reserve levels.
In comparison to the standard formula, the model allows for a more granular segmentation of individual lines of business,
making premium and reserve risk modelling more differentiated, which in fact is tailored to the in-house portfolio character-
istics. Therefore, the model is also used for steering of the company including business planning and reinsurance purposes.
The adequacy of the data and methods are reviewed annually as part of the comprehensive validation. If necessary, the
modelling can be adapted quickly to changes in the risk profile. Details of the validation process and the governance sys-
tem with respect to the partial internal model can be found in section B.3.2.
E.4.2 MODELLING REAL ESTATE
The partial internal model for real estate consists of three sub-models for the risk categories of directly held properties and
holding companies, non-profit housing societies and real estate funds. The modelling is based on a unified approach. The
partial internal model covers all property risks in the portfolio of the companies using the model and is used for the following
purposes, amongst others:
– as an integral component of the risk management process for real estate
– for the calculation of the solvency capital requirement
– to analyse the impact of possible purchases or sales of properties on the risk profile
The solvency capital requirement determined using the partial internal model for real estate is the sum of the solvency capital
requirements of sub-models. It corresponds to the Value-at-Risk of the total value of the real estate portfolio at a confidence
level of 99.5% over the period of one year. The SCR result of the PIM real estate replaces the property risk result calculated
with the standard formula.
Further aggregation is performed according to the specifications of the standard formula. Diversification effects therefore
arise between the individual assets within the sub-models as well as between the real estate risk and other market risks
within the aggregation method specified in the standard formula.
The partial internal model for real estate is based on a simulation of the development of parameters relevant for the value
of the real estate portfolio. Based on the valuation methods typically used in the different markets (market value method,
net asset value, discounted cash flow), the sub-models differ in the choice of the simulated parameters.
Compared to the standard formula, which is based on an index of the real estate market of the United Kingdom, the internal
model takes into account, amongst other things, the geographical specifics of our in-house real estate portfolio. Residential real
estate (including social building societies) were not considered in the calibration of the standard formula, but make up a significant
portion of the Group's portfolio. The companies in which the partial internal model is used can rely on their own databases and
specific knowledge of valuations in their markets due to their many years of experience in the valuation of real estate.
Solvency and financial condition report 2016 83
The adequacy of the data and methods used in the partial internal model are reviewed annually as part of the validation.
Details of the validation process and the governance system for the partial internal model are provided in section B.3.2.
E.5 NON-COMPLIANCE WITH THE MINIMUM CAPITAL REQUIREMENT AND NON-COMPLIANCE WITH THE SOLVENCY CAPITAL REQUIREMENT
VIG Holding complies with the minimum capital requirement and the solvency capital requirement.
E.6 ANY OTHER INFORMATION
For the reasons shown in C.7 (risk-conscious control of the VIG Group and transparent information), a complete picture of
the solvency and capital resources of the VIG Group, which is controlled by VIG Holding, is provided below.
E.6.1 OWN FUNDS OF THE VIG GROUP
The following table depicts the equity under IFRS and in accordance with the economic balance sheet the resulting own
funds under Solvency II.
Comparison between IFRS equity and supplementary
capital and Solvency II own funds
Positions Solvency II IFRS
in TEUR
Assets 45,570,849 50,013,568
Liabilities not including capital 39,693,205 44,495,929
Equity (excl. hybrid capital) 5,877,643 5,517,639
Supplementary capital 1,245,985 1,458,628
Subordinated liabilities under IFRS 1,046,228 1,265,009
Hybrid capital 199,757 193,619
Other effects -488,076
Solvency II own funds 6,635,553
GROUP OF CONSOLIDATED COMPANIES
A market-consistent consolidated Solvency II balance sheet is created to determine the Group own funds. The Sovency II
economic balance sheet is based on the consolidated financial statement of the Group, which is prepared in accordance
with International Financial Reporting Standards (IFRS), as adopted in the European Union. The IFRS consolidated financial
statement is prepared using historical cost accounting, with the exception of financial instruments available for sale and
certain financial assets and liabilities (including derivatives) which are measured at fair value. Where available, the valuation
of the assets and liabilities in the Solvency II balance sheet is based on market data. If this information is not available, the
valuation is done by using alternative valuation models. As a further step, the impact of existing other shareholders (minority
interests) is taken into account when examining the availability of own funds at Group level. Minority interests are included
up to the amount of the contribution of the respective entity to the Group SCR.
84 Vienna Insurance Group Holding
QUALITY OF OWN FUNDS
Subsequently, the Group own funds are presented in terms of their quality according to the Tier classification under Solvency II:
Quality of the Group own funds based on PIM 31.12.2016
in TEUR
Tier 1 5,722,091
Tier 1 – unrestricted 5,389,568Tier 1 – restricted 332,523
Tier 2 913,462
Tier 3 0
Eligible own funds 6,635,553
RECONCILIATION OF IFRS EQUITY AND SOLVENCY II OWN FUNDS
The consolidated Solvency II own funds of the VIG Group are determined in the form of a reconciliation based on the
consolidated IFRS financial statement. In a further step, the IFRS equity is adapted to take into account the valuation
differences between IFRS values and fair values of the Group under Solvency II. As already mentioned the minority interests
in accordance with the IFRS consolidated financial statements are replaced by the maximum amount of eligible minority
interests in accordance with Solvency II regulations. The minority interests are included up to the amount of the contribution
of the respective entity to the Group SCR.
The significant valuation differences between IFRS equity and Solvency II own funds are:
Reconciliation of IFRS equity and Solvency II own funds 2016
in TEUR
IFRS equity (including minority interests) 5,711,257
Subordinated liabilities/hidden reserves hybrid capital 1,303,948
Terminated subordinated liabilities -251,582
Foreseeable dividends -114,281
Subtotal 6,649,342
Revaluations assets/liabilities
Intangible assets -2,054,500
Self-used property 207,204
Investments 936,613
Loans 65,198
Receivables/liabilities -138,602
Technical provisions/share of reinsurers 2,098,051
Deferred taxes -645,028
Other -38,886
Other assets/liabilities -70,044
Total revaluations assets/liabilities 360,006
Credit and financial institutions -67,492
Non-transferable minority interests -158,260
Non-transferable deferred taxes -7,161
Scope of Solvency II (Art. 229 of Directive 2009/138/EC) -207,914
Capital before taking account of sectoral own funds 6,568,521
Sectoral own funds 67,032
Total Solvency II own funds 6,635,553
Solvency and financial condition report 2016 85
ELIGIBLE OWN FUNDS
There are no limits with regard to the eligibility of own funds to cover the Group SCR.
Eligible own funds for covering SCR 2016
in TEUR
Tier 1 5,722,091
Tier 2 913,462
Total 6,635,553
The eligible Group own funds to cover the MCR are TEUR 5,996,965. In the review of limitations, Tier 2 equity of TEUR
571,555 was deducted:
Eligible own funds for covering MCR 2016
in TEUR Tier 1 5,655,058
Tier 2 341,907
Total 5,996,965
E.6.2 SOLVENCY CAPITAL REQUIREMENT AND MINIMUM CAPITAL REQUIREMENT OF THE VIG GROUP
The solvency capital requirement of the VIG Group is presented below, including the division into individual risk categories.
The assessment of the risks is carried out according to the partial internal model.
Risk profile of the VIG Group in accordance with the Solvency II rules according to PIM 31.12.2016
in TEUR
Basic solvency capital requirement 4,554,828
Market risk 3,457,661
Life underwriting risk 1,635,360
Non-life underwriting risk 585,604
Counterparty default risk 279,549
Health underwriting risk 325,491
Risk for intangible assets 0
Diversification -1,728,837
Operational risk 300,516
Risk-reducing effects of underwriting provisions -1,039,922
Risk-reducing effects of deferred taxes -462,786
Capital requirement from other financial sectors 58,450
Economic solvency capital requirement 3,411,086
In the consolidated view, too, the market risk remains the most significant risk in the VIG Group at 53%, gross before
diversification. The property risk included in this figure is determined at Wiener Städtische, Donau and VIG Holding in ac-
cordance with the partial internal model. The underwriting risks followed with a total of 39%, with 25% attributable to the
life underwriting risk, 9% to the Non-Life underwriting risk and 5% to the health underwriting risk. The non-life underwriting
risk (incl. NSTL health) is determined according to partial internal model in the countries AT, CZ, SK, PL and RO. Both
operational risk and counterparty default risk (credit risk of non-financial instruments) play only a minor role in the VIG Group,
at 5% and 4%, respectively.
86 Vienna Insurance Group Holding
The original, diversified risk fell by TEUR 1,502,708, or 31%, due to risk-reducing effects of deferred taxes and the damp-
ening effect of profit participation in life insurance.
Based on the solvency capital requirement and the capital shown in E.6.1, the solvency of the VIG Group is obtained by
comparing the two positions. The solvency ratio determined on the basis of the partial internal model (PIM) is shown in the
following table.
Capital, Solvency capital requirement and coverage of VIG Group based on PIM 31.12.2016
in TEUR
Solvency II capital to cover SCR 6,635,553
Solvency capital requirement (SCR) 3,411,086
Solvency ratio 194.5%
The MCR determined at Group level based on the minimum capital requirements of individual companies. The minimum
solvency ratio is formed by the ratio of the capital eligible to cover the MCR to the MCR. As at the 31 December 2016
reporting date, the following MCR cover ratio of MCR had been determined for the VIG Group:
Minimum capital requirement and cover of the VIG Group based on PIM 31.12.2016
in TEUR
Solvency II capital to cover MCR 5,996,965
Minimum capital requirement (MCR) 1,709,535
Cover ratio of MCR 350.8%
Solvency and financial condition report 2016 87
Abbreviation Meaning
Para. Paragraph
AktG Austrian Stock Corporation Act
ALM Asset liability management
ariSE Name of the partial internal model (Non-Life insurance)
Art. Article
ATX Austrian Traded Index
AVÖ Actuarial Association of Austria
bzw. Beziehungsweise
CEE region Central and Eastern Europe
CEO Chief Executive Officer
CFO Chief Financial Officer
CIO Chief Investment Officer
ČPP Česká podnikatelská pojišťovna
CZK Czech koruna
i.e. that is
DI Diplom-Ingenieur
Dkfm Diplomkaufmann
Dr Doctor
EFIFP Expected profit in future premiums
EFSF European Financial Stability Facility
EIB European Investment Bank
EIOPA European Insurance and Occupational Pensions Authority
ERM Enterprise risk management
etc. etcetera
EU European Union
EUR Euro
EEA European Economic Area
exkl. Exklusive
ECB European Central Bank
FMA Austrian Financial Market Supervisory Authority
IAS International Accounting Standards
IFRS International Financial Reporting Standards
ICS Internal control system
IL Index-linked
IT Information technology
Kfz Motor vehicle
Comm Council Commercial Council
LLP Last liquid point
Mag. Magister
MBA Master of Business Administration
MCR Minimum Capital Requirement
m. Millions
OECD Organisation for Economic Cooperation and Development
ORSA Own Risk and Solvency Assessment
PIM Partial Internal Model
QRT Quantitative Reporting Template
s Versicherung Sparkassen Versicherung AG Vienna Insurance Group
S&P Standard & Poor's
SCR Solvency Capital Requirement
List of abbreviations
88 Vienna Insurance Group Holding
Abbreviation Meaning
SFCR Solvency and Financial Condition Report
TIC Tactical Investment Committee
TEUR Thousand euros
u.a. Among others
UFR Ultimate Forward Rate
UGB Austrian Commercial Code (Unternehmensgesetzbuch)
VAG Austrian Insurance Supervision Act (Versicherungsaufsichtsgesetz)
VaR Value-at-Risk
vgl. see
VIG VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
VIU Vienna International Underwriters GmbH
e.g. for example
Solvency and financial condition report 2016 89
NOTICE
This report includes forward-looking statements based on current assumptions and estimates that were made by the man-
agement of Vienna Insurance Group AG to the best of its knowledge. Disclosures using the words “expected”, “target” or
similar formulations are an indication of such forward-looking statements. Forecasts related to the future development of
the Company are estimates made on the basis of information available as of the date this report went to press. Actual
results may differ from the forecasts if the assumptions underlying the forecast prove to be wrong or if unexpectedly high
risks occur.
Calculation differences may arise when rounded amounts and percentages are summed automatically.
The report was prepared with great care to ensure that all information was complete and accurate. The possibility of round-
ing, type-setting or printing errors, however, cannot be ruled out completely.
Our goal is to make the report as easy to read and as clear as possible. For this reason, we have not used phrasing such
as “he/she”, “his/her”, etc. It should be understood that the text always refers to women and men equally without discrim-
ination.
In case of doubt, the German version is authoritative.
ADDRESS:
VIENNA INSURANCE GROUP AG
Wiener Versicherung Gruppe
Schottenring 30
1010 Vienna
Tel: +43 (0) 50 390 22000
www.vig.com
GENERAL INFORMATION:
Editor and media owner:
VIENNA INSURANCE GROUP AG
Wiener Versicherung Gruppe
Schottenring 30, 1010 Vienna
Company register: 75687 f
Commercial Register of Vienna
Data Processing Register code (DVR No.): 0016705
90 Vienna Insurance Group Holding
Affiliated companies and participations of VIG Holding
Public disclosure VIG Holding - Quantitative Reporting Templates (QRT) for the solvency and financial condition report of individual undertakings
S.02.01.02 Balance sheet – 1/20
S.05.01.02 Premiums, claims and expenses by line of business – 3/20
S.05.02.01 Premiums, claims and expenses by country – 6/20
S.12.01.02 Life and Health SLT Technical Provisions – 8/20
S.17.01.02 Non-life Technical Provisions – 10/20
S.19.01.21 Non-life Insurance Claims Information – 14/20
S.23.01.01 Own funds – 16/20
S.25.02.21 Solvency Capital Requirement - for undertakings using the standard formula and partial internal model – 18/20
S.28.01.01 Minimum Capital Requirement - Only life or only non-life insurance or reinsurance activity – 19/20
Public disclosure VIG Group - Voluntarily excerpt of the Quantitative Reporting Templates (QRT) for the solvency and financial condition report of groups
S.02.01.02 Balance sheet – 1/31
S.05.01.02 Premiums, claims and expenses by line of business – 3/31
S.22.01.22 Impact of long term guarantees and transitional measures – 6/31
S.23.01.22 Own funds – 7/31
S.25.02.22 Solvency Capital Requirement - for undertakings using the standard formula and partial internal model – 10/31
S.32.01.22 Undertakings in the scope of the group – 12/31
Annex
Solvency and financial condition report 2016 91
AFFILIATED COMPANIES AND PARTICIPATIONS OF VIG
The following significant participations existed in VIG Holding on 31 December 2016 (§ 238 UGB):
Significant participations Direct share in %
I. Direct interests in affiliated companies
"Baltikums Vienna Insurance Group" AAS, Riga 100
"POLISA-ZYCIE" Towarzystwo Ubezpieczen Spolka Akcyjna Vienna Insurance Group, Warsaw 99
ASIGURAREA ROMANEASCA - ASIROM VIENNA INSURANCE GROUP S.A., Bucharest 86
ATBIH N.V., Amsterdam 69
AXA Nezivotno Osiguranje akcionarsko drustvo za osiguranje Beograd, Belgrade 100
AXA Zivotno Osiguranje akcionarsko drustvo za osiguranje Beograd, Belgrade 100
BCR Asigurari de Viata Vienna Insurance Group S.A., Bucharest 94
BTA Baltic Insurance Company AAS, Riga 90
Business Insurance Application Consulting GmbH, Vienna 100
Compania de Asigurari "DONARIS VIENNA INSURANCE GROUP" Societate pe Actiuni, Chisinau 100
COMPENSA Holding GmbH, Wiesbaden 100
Compensa Life Vienna Insurance Group SE, Tallinn 100
Compensa Towarzystwo Ubezpieczen Na Zycie Spolka Akcyjna Vienna Insurance Group, Warsaw (Compensa life) 79
Compensa Towarzystwo Ubezpieczen Spolka Akcyjna Vienna Insurance Group, Warschaw (Compensa non-life) 71
Compensa Vienna Insurance Group, akcine draudimo bendrove, Vilnius 100
DONAU Versicherung AG Vienna Insurance Group, Vienna (Donau) 4
ELVP Beteiligungen GmbH, Vienna 100
ERSTE Vienna Insurance Group Biztositó Zrt., Budapest 90
Erste osiguranje Vienna Insurance Group d.d., Zagreb 90
Foreign limited liability company "InterInvestUchastie", Minsk 100
GLOBAL ASSISTANCE SERVICES s.r.o., Prague 100
GLOBAL ASSISTANCE SLOVAKIA s.r.o., Bratislava 40
GLOBAL ASSISTANCE, a.s., Prague 60
INSURANCE JOINT-STOCK COMPANY "BULSTRAD VIENNA INSURANCE GROUP", Sofia 14
INTERSIG VIENNA INSURANCE GROUP Sh.A., Tirana 90
Stock Company for Insurance and Reinsurance MAKEDONIJA Skopje Vienna Insurance Group, Skopje 94
InterRisk Towarzystwo Ubezpieczen Spolka Akcyjna Vienna Insurance Group, Warsaw (InterRisk) 100
InterRisk Versicherungs-AG Vienna Insurance Group, Wiesbaden (InterRisk non-life) 100
Joint Stock Insurance Company WINNER LIFE - Vienna Insurance Group Skopje, Skopje 100
KOMUNÁLNA poistovna, a.s. Vienna Insurance Group, Bratislava 19
KOOPERATIVA poist'ovna, a.s. Vienna Insurance Group, Bratislava (Kooperativa Slovakia) 94
KUPALA Belarusian-Austrian Closed Joint Stock Insurance Company, Minsk 52
Kooperativa, pojist'ovna, a.s. Vienna Insurance Group, Prague (Kooperativa Czech Republic) 96
LVP Holding GmbH, Vienna 100
OMNIASIG VIENNA INSURANCE GROUP S.A., Bucharest (Omniasig) 100
Private Joint-Stock Company "Insurance company" Ukrainian insurance group", Kiev 9
PRIVATE JOINT-STOCK COMPANY "UKRAINIAN INSURANCE COMPANY "KNIAZHA VIENNA INSURANCE GROUP", Kiev 90
Private Joint-Stock Company "INSURANCE COMPANY "KNIAZHA LIFE VIENNA INSURANCE GROUP", Kiev 98
Poist'ovna Slovenskej sporitel'ne, a.s. Vienna Insurance Group, Bratislava 90
Poist'ovna Ceské sporitelny, a.s. Vienna Insurance Group, Pardubice 90
RISK Consult Sicherheits- und Risiko- Managementberatung Gesellschaft m.b.H., Wien 41
92 Vienna Insurance Group Holding
Significant participations Direct share in %
I. Direct interests in affiliated companies
Ray Sigorta Anonim Sirketi, Istanbul 13
SIGMA INTERALBANIAN VIENNA INSURANCE GROUP Sh.A., Tirana 89
TBI BULGARIA EAD, Sofia 100
UNION Vienna Insurance Group Biztositó Zrt., Budapest (UNION Biztosító) 100
VIG Asset Management investicni spolecnost, a.s., Prague 100
VIG Properties Bulgaria AD, Sofia 100
VIG RE zajist'ovna, a.s., Prague (VIG Re) 70
VIG Real Estate GmbH, Vienna 90
VIG Services Ukraine, LLC, Kiev 21
Vienna Insurance Group Polska Spolka z ograniczona odpowiedzialnoscia, Warsaw 70
Vienna International Underwriters GmbH, Vienna 100
Vienna Life Towarzystwo Ubezpieczeń na Życie S.A. Vienna Insurance Group, Warsaw 100
Vienna Life Vienna Insurance Group Biztositó Zártkörüen Müködö Részvénytársaság, Budapest 100
Vienna-Life Lebensversicherung AG Vienna Insurance Group, Bendern (Vienna Life) 100
WIENER RE akcionarsko društvo za reosiguranje, Beograd, Belgrade 1
WIENER STÄDTISCHE VERSICHERUNG AG Vienna Insurance Group, Vienna (Wiener Städtische) 100
Joint Stock Insurance Company WINNER-Vienna Insurance Group, Skopje 100
Wiener Osiguranje Vienna Insurance Group ad, Banja Luka 100
WIENER STÄDTISCHE OSIGURANJE akcionarsko drustvo za osiguranje, Beograd, Belgrade 100
Akcionarsko drustvo za zivotno osiguranje Wiener Städtische Podgorica, Vienna Insurance Group, Podgorica 100
Wiener osiguranje Vienna Insurance Group dionicko drustvo za osiguranje, Zagreb 99
Annex I
S.02.01.02
Balance sheet
Solvency II value
Assets C0010
Intangible assets R0030 0
Deferred tax assets R0040 45 704
Pension benefit surplus R0050
Property, plant & equipment held for own use R0060 71 952
Investments (other than assets held for index-linked and unit-linked contracts) R0070 7 167 077
Property (other than for own use) R0080 392 260
Holdings in related undertakings, including participations R0090 6 251 543
Equities R0100 26 452
Equities - listed R0110
Equities - unlisted R0120 26 452
Bonds R0130 270 224
Government Bonds R0140 21 561
Corporate Bonds R0150 248 663
Structured notes R0160
Collateralised securities R0170
Collective Investments Undertakings R0180 226 186
Derivatives R0190 413
Deposits other than cash equivalents R0200
Other investments R0210
Assets held for index-linked and unit-linked contracts R0220
Loans and mortgages R0230 131 267
Loans on policies R0240
Loans and mortgages to individuals R0250 13
Other loans and mortgages R0260 131 254
Reinsurance recoverables from: R0270 66 246
Non-life and health similar to non-life R0280 66 246
Non-life excluding health R0290 62 410
Health similar to non-life R0300 3 836
Life and health similar to life, excluding health and index-linked and unit-linked R0310
Health similar to life R0320
Life excluding health and index-linked and unit-linked R0330
Life index-linked and unit-linked R0340
Deposits to cedants R0350 1 026 733
Insurance and intermediaries receivables R0360 34 205
Reinsurance receivables R0370 7 338
Receivables (trade, not insurance) R0380 169 220
Own shares (held directly) R0390
Amounts due in respect of own fund items or initial fund called up but not yet paid in R0400
Cash and cash equivalents R0410 227 774
Any other assets, not elsewhere shown R0420 3 401
Total assets R0500 8 950 916
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 1 / 20
Annex I
S.02.01.02
Balance sheet
Solvency II value
Liabilities C0010
Technical provisions – non-life R0510 969 936
Technical provisions – non-life (excluding health) R0520 789 292
TP calculated as a whole R0530
Best Estimate R0540 763 134
Risk margin R0550 26 159
Technical provisions - health (similar to non-life) R0560 180 644
TP calculated as a whole R0570
Best Estimate R0580 174 281
Risk margin R0590 6 363
Technical provisions - life (excluding index-linked and unit-linked) R0600 55 172
Technical provisions - health (similar to life) R0610
TP calculated as a whole R0620
Best Estimate R0630
Risk margin R0640
Technical provisions – life (excluding health and index-linked and unit-linked) R0650 55 172
TP calculated as a whole R0660
Best Estimate R0670 53 186
Risk margin R0680 1 985
Technical provisions – index-linked and unit-linked R0690 38 022
TP calculated as a whole R0700
Best Estimate R0710 36 654
Risk margin R0720 1 368
Contingent liabilities R0740 882
Provisions other than technical provisions R0750 59 873
Pension benefit obligations R0760 49 198
Deposits from reinsurers R0770
Deferred tax liabilities R0780 117 599
Derivatives R0790 3 668
Debts owed to credit institutions R0800 6 507
Financial liabilities other than debts owed to credit institutions R0810
Insurance & intermediaries payables R0820 46 243
Reinsurance payables R0830 3 692
Payables (trade, not insurance) R0840 481 769
Subordinated liabilities R0850 1 378 473
Subordinated liabilities not in BOF R0860 260 855
Subordinated liabilities in BOF R0870 1 117 617
Any other liabilities, not elsewhere shown R0880 1 048
Total liabilities R0900 3 212 082
Excess of assets over liabilities R1000 5 738 833
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 2 / 20
Annex I
S.05.01.02
Premiums, claims and expenses by line of business
Medical expense
insurance
Income
protection
insurance
Workers'
compensation
insurance
Motor vehicle
liability
insurance
Other motor
insurance
Marine, aviation
and transport
insurance
Fire and other
damage to
property
insurance
General liability
insurance
Credit and
suretyship
insurance
C0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0090
Premiums written
Gross - Direct Business R0110 0 0 0 1 282 75 605 2 228
Gross - Proportional reinsurance accepted R0120 270 471 606 943 4 872 310 5 689 0
Gross - Non-proportional reinsurance accepted R0130
Reinsurers' share R0140 1 104 5 631 0 579 28 208 844
Net R0200 269 367 601 312 4 872 1 013 53 086 1 385
Premiums earned
Gross - Direct Business R0210 0 0 0 1 476 77 460 2 122
Gross - Proportional reinsurance accepted R0220 268 487 596 274 4 738 310 5 644 0
Gross - Non-proportional reinsurance accepted R0230
Reinsurers' share R0240 1 104 5 631 0 771 29 290 821
Net R0300 267 383 590 643 4 738 1 014 53 814 1 301
Claims incurred
Gross - Direct Business R0310 0 0 0 1 065 64 067 1 137
Gross - Proportional reinsurance accepted R0320 140 203 444 540 4 522 68 1 920 0
Gross - Non-proportional reinsurance accepted R0330
Reinsurers' share R0340 1 778 1 047 0 132 27 690 13
Net R0400 138 426 443 493 4 522 1 001 38 296 1 123
Changes in other technical provisions
Gross - Direct Business R0410 0 0 0 114 5 989 164
Gross - Proportional reinsurance accepted R0420
Gross - Non- proportional reinsurance accepted R0430
Reinsurers'share R0440
Net R0500 0 0 0 114 5 989 164
Expenses incurred R0550 137 104 192 706 1 027 844 12 824 328
Other expenses R1200
Total expenses R1300
Line of Business for: non-life insurance and reinsurance obligations (direct business and accepted proportional reinsurance)
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 3 / 20
Annex I
S.05.01.02
Premiums, claims and expenses by line of business
Legal expenses
insuranceAssistance
Miscellaneous
financial lossHealth Casualty
Marine,
aviation, Property
C0100 C0110 C0120 C0130 C0140 C0150 C0160 C0200
Premiums written
Gross - Direct Business R0110 79 116
Gross - Proportional reinsurance accepted R0120 888 284
Gross - Non-proportional reinsurance accepted R0130
Reinsurers' share R0140 36 365
Net R0200 931 035
Premiums earned
Gross - Direct Business R0210 81 058
Gross - Proportional reinsurance accepted R0220 875 453
Gross - Non-proportional reinsurance accepted R0230
Reinsurers' share R0240 37 617
Net R0300 918 894
Claims incurred
Gross - Direct Business R0310 66 268
Gross - Proportional reinsurance accepted R0320 591 254
Gross - Non-proportional reinsurance accepted R0330
Reinsurers' share R0340 30 662
Net R0400 626 860
Changes in other technical provisions
Gross - Direct Business R0410 6 267
Gross - Proportional reinsurance accepted R0420
Gross - Non- proportional reinsurance accepted R0430
Reinsurers'share R0440
Net R0500 6 267
Expenses incurred R0550 344 833
Other expenses R1200 219
Total expenses R1300 345 052
Line of Business for: non-life insurance and
reinsurance obligations (direct business and
accepted proportional reinsurance)
Line of business for:
accepted non-proportional reinsuranceTotal
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 4 / 20
Annex I
S.05.01.02
Premiums, claims and expenses by line of business
Health insurance
Insurance with
profit
participation
Index-linked and
unit-linked
insurance
Other life
insurance
Annuities
stemming from
non-life
insurance
contracts and
relating to health
insurance
obligations
Annuities
stemming from
non-life
insurance
contracts and
relating to
insurance
obligations other
than health
insurance
obligations
Health
reinsuranceLife reinsurance
C0210 C0220 C0230 C0240 C0250 C0260 C0270 C0280 C0300
Premiums written
Gross R1410
Reinsurers' share R1420
Net R1500
Premiums earned
Gross R1510
Reinsurers' share R1520
Net R1600
Claims incurred
Gross R1610
Reinsurers' share R1620
Net R1700
Changes in other technical provisions
Gross R1710
Reinsurers' share R1720
Net R1800
Expenses incurred R1900
Other expenses R2500
Total expenses R2600
Line of Business for: life insurance obligations Life reinsurance obligations
Total
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 5 / 20
Annex I
S.05.02.01
Premiums, claims and expenses by country
Home Country
Total Top 5
and home
country
C0010 C0020 C0030 C0040 C0050 C0060 C0070
R0010 CZ DE PL RO SK
C0080 C0090 C0100 C0110 C0120 C0130 C0140
Premiums written
Gross - Direct Business R0110 65 837 338 2 018 1 736 894 184 71 008
Gross - Proportional reinsurance accepted R0120 266 880 233 544 30 734 92 158 110 282 70 531 804 128
Gross - Non-proportional reinsurance accepted R0130
Reinsurers' share R0140 6 527 15 439 9 229 31 194
Net R0200 326 190 218 443 23 524 93 894 111 176 70 715 843 941
Premiums earned
Gross - Direct Business R0210 67 908 338 1 811 1 725 876 208 72 865
Gross - Proportional reinsurance accepted R0220 267 662 230 934 30 556 84 553 109 958 70 187 793 849
Gross - Non-proportional reinsurance accepted R0230
Reinsurers' share R0240 1 918 15 781 9 412 27 111
Net R0300 333 652 215 491 22 954 86 278 110 833 70 394 839 603
Claims incurred
Gross - Direct Business R0310 41 570 541 9 471 -1 51 581
Gross - Proportional reinsurance accepted R0320 188 952 135 211 14 107 66 391 85 979 48 289 538 928
Gross - Non-proportional reinsurance accepted R0330
Reinsurers' share R0340 1 693 10 437 6 968 19 098
Net R0400 228 829 124 773 7 679 75 862 85 978 48 289 571 411
Changes in other technical provisions
Gross - Direct Business R0410 6 267 6 267
Gross - Proportional reinsurance accepted R0420
Gross - Non- proportional reinsurance accepted R0430
Reinsurers'share R0440
Net R0500 6 267 6 267
Expenses incurred R0550
Other expenses R1200
Total expenses R1300
Top 5 countries (by amount of gross premiums written) - non-life obligations
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 6 / 20
Annex I
S.05.02.01
Premiums, claims and expenses by country
Home Country
Total Top 5
and home
country
C0150 C0160 C0170 C0180 C0190 C0200 C0210
R1400
C0220 C0230 C0240 C0250 C0260 C0270 C0280
Premiums written
Gross R1410
Reinsurers' share R1420
Net R1500
Premiums earned
Gross R1510
Reinsurers' share R1520
Net R1600
Claims incurred
Gross R1610
Reinsurers' share R1620
Net R1700
Changes in other technical provisions
Gross R1710
Reinsurers' share R1720
Net R1800
Expenses incurred R1900
Other expenses R2500
Total expenses R2600
Top 5 countries (by amount of gross premiums written) - life obligations
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 7 / 20
Annex I
S.12.01.02
Life and Health SLT Technical Provisions
Contracts
without
options and
guarantees
Contracts with
options or
guarantees
Contracts
without
options and
guarantees
Contracts with
options or
guarantees
C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0090 C0100 C0150
Technical provisions calculated as a whole R0010Total Recoverables from reinsurance/SPV and
Finite Re after the adjustment for expected losses
due to counterparty default associated to TP as a
whole
R0020
Technical provisions calculated as a sum of BE
and RM
Best Estimate
Gross Best Estimate R0030 89 840 89 840
Total Recoverables from reinsurance/SPV and
Finite Re after the adjustment for expected losses
due to counterparty default
R0080
0 0
Best estimate minus recoverables from
reinsurance/SPV and Finite Re - totalR0090
89 840 89 840
Risk Margin R0100 3 354 3 354
Amount of the transitional on Technical
ProvisionsTechnical Provisions calculated as a whole R0110
Best estimate R0120
Risk margin R0130
Technical provisions - total R0200 93 194 93 194
Total (Life
other than
health
insurance,
incl. Unit-
Linked)
Insurance with
profit
participation
Index-linked and unit-linked insurance Other life insuranceAnnuities
stemming from
non-life
insurance
contracts and
relating to
insurance
obligation
other than
health
insurance
obligations
Accepted
reinsurance
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 8 / 20
Annex I
S.12.01.02
Life and Health SLT Technical Provisions
Contracts
without
options and
guarantees
Contracts with
options or
guarantees
C0160 C0170 C0180 C0190 C0200 C0210
Technical provisions calculated as a whole R0010Total Recoverables from reinsurance/SPV and
Finite Re after the adjustment for expected losses
due to counterparty default associated to TP as a
whole
R0020
Technical provisions calculated as a sum of BE
and RM
Best Estimate
Gross Best Estimate R0030
Total Recoverables from reinsurance/SPV and
Finite Re after the adjustment for expected losses
due to counterparty default
R0080
Best estimate minus recoverables from
reinsurance/SPV and Finite Re - totalR0090
Risk Margin R0100
Amount of the transitional on Technical
ProvisionsTechnical Provisions calculated as a whole R0110
Best estimate R0120
Risk margin R0130
Technical provisions - total R0200
Health insurance (direct business) Annuities
stemming from
non-life
insurance
contracts and
relating to
health
insurance
obligations
Health
reinsurance
(reinsurance
accepted)
Total (Health
similar to life
insurance)
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 9 / 20
Annex I
S.17.01.02
Non-life Technical Provisions
Medical
expense
insurance
Income
protection
insurance
Workers'
compensation
insurance
Motor vehicle
liability
insurance
Other motor
insurance
Marine,
aviation and
transport
insurance
Fire and other
damage to
property
insurance
General
liability
insurance
Credit and
suretyship
insurance
C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0090 C0100
Technical provisions calculated as a whole R0010
Total Recoverables from reinsurance/SPV and Finite Re after
the adjustment for expected losses due to counterparty default
associated to TP as a whole
R0050
Technical provisions calculated as a sum of BE and RM
Best estimate
Premium provisions
Gross R0060 -7 708 46 103 0 109 5 746 157
Total recoverable from reinsurance/SPV and Finite Re after
the adjustment for expected losses due to counterparty defaultR0140
0 0 0 29 1 527 42
Net Best Estimate of Premium Provisions R0150 -7 708 46 103 0 80 4 219 116
Claims provisions
Gross R0160 181 989 624 630 370 1 720 82 350 1 948
Total recoverable from reinsurance/SPV and Finite Re after
the adjustment for expected losses due to counterparty defaultR0240
3 836 31 440 0 587 28 120 665
Net Best Estimate of Claims Provisions R0250 178 153 593 190 370 1 132 54 230 1 283
Total Best estimate - gross R0260 174 281 670 734 370 1 829 88 096 2 106
Total Best estimate - net R0270 170 445 639 294 370 1 213 58 449 1 399
Risk margin R0280 6 363 23 865 14 45 2 182 52
Amount of the transitional on Technical Provisions
Technical Provisions calculated as a whole R0290
Best estimate R0300
Risk margin R0310
Direct business and accepted proportional reinsurance
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 10 / 20
Annex I
S.17.01.02
Non-life Technical Provisions
Medical
expense
insurance
Income
protection
insurance
Workers'
compensation
insurance
Motor vehicle
liability
insurance
Other motor
insurance
Marine,
aviation and
transport
insurance
Fire and other
damage to
property
insurance
General
liability
insurance
Credit and
suretyship
insurance
C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0090 C0100
Technical provisions - total
Technical provisions - total R0320 180 644 694 599 383 1 874 90 278 2 158
Recoverable from reinsurance contract/SPV and Finite Re
after the adjustment for expected losses due to counterparty
default - total
R0330
3 836 31 440 0 616 29 646 707
Technical provisions minus recoverables from
reinsurance/SPV and Finite Re - totalR0340
176 808 663 159 383 1 258 60 632 1 451
Direct business and accepted proportional reinsurance
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 11 / 20
Annex I
S.17.01.02
Non-life Technical Provisions
Legal expenses
insuranceAssistance
Miscellaneous
financial loss
Non-
proportional
health
reinsurance
Non-
proportional
casualty
reinsurance
Non-
proportional
marine,
aviation and
transport
reinsurance
Non-
proportional
property
reinsurance
C0110 C0120 C0130 C0140 C0150 C0160 C0170 C0180
Technical provisions calculated as a whole R0010
Total Recoverables from reinsurance/SPV and Finite Re after
the adjustment for expected losses due to counterparty default
associated to TP as a whole
R0050
Technical provisions calculated as a sum of BE and RM
Best estimate
Premium provisions
Gross R0060 44 408
Total recoverable from reinsurance/SPV and Finite Re after
the adjustment for expected losses due to counterparty defaultR0140
1 598
Net Best Estimate of Premium Provisions R0150 42 810
Claims provisions
Gross R0160 893 007
Total recoverable from reinsurance/SPV and Finite Re after
the adjustment for expected losses due to counterparty defaultR0240
64 648
Net Best Estimate of Claims Provisions R0250 828 359
Total Best estimate - gross R0260 937 415
Total Best estimate - net R0270 871 169
Risk margin R0280 32 521
Amount of the transitional on Technical Provisions
Technical Provisions calculated as a whole R0290
Best estimate R0300
Risk margin R0310
Direct business and accepted proportional
reinsuranceAccepted non-proportional reinsurance
Total Non-Life
obligation
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 12 / 20
Annex I
S.17.01.02
Non-life Technical Provisions
Legal expenses
insuranceAssistance
Miscellaneous
financial loss
Non-
proportional
health
reinsurance
Non-
proportional
casualty
reinsurance
Non-
proportional
marine,
aviation and
transport
reinsurance
Non-
proportional
property
reinsurance
C0110 C0120 C0130 C0140 C0150 C0160 C0170 C0180
Technical provisions - total
Technical provisions - total R0320 969 936
Recoverable from reinsurance contract/SPV and Finite Re
after the adjustment for expected losses due to counterparty
default - total
R0330
66 246
Technical provisions minus recoverables from
reinsurance/SPV and Finite Re - totalR0340
903 691
Direct business and accepted proportional
reinsuranceAccepted non-proportional reinsurance
Total Non-Life
obligation
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 13 / 20
Annex I
S.19.01.21
Non-life Insurance Claims Information
Total Non-Life Business
Z0010Accident
year
Gross Claims Paid (non-cumulative)
(absolute amount)
Year 0 1 2 3 4 5 6 7 8 9 10 & +
C0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0090 C0100 C0110 C0170 C0180
Prior R0100 R0100
N-9 R0160 R0160
N-8 R0170 R0170
N-7 R0180 R0180
N-6 R0190 157 038 115 154 29 916 19 464 11 630 7 121 6 188 R0190 6 188 346 511
N-5 R0200 192 053 179 377 60 229 29 057 15 286 9 923 R0200 9 923 485 925
N-4 R0210 206 632 200 022 70 881 32 855 20 849 R0210 20 849 531 239
N-3 R0220 215 787 189 509 62 551 34 746 R0220 34 746 502 593
N-2 R0230 218 870 184 220 69 726 R0230 69 726 472 816
N-1 R0240 209 066 211 913 R0240 211 913 420 979
N R0250 227 369 R0250 227 369 227 369
R0260 580 714 2 987 432
Accident year /
Underwriting year
Development year In Current
year
Sum of years
(cumulative)
Total
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 14 / 20
Annex I
S.19.01.21
Non-life Insurance Claims Information
Gross undiscounted Best Estimate Claims Provisions
(absolute amount)
Year 0 1 2 3 4 5 6 7 8 9 10 & +
C0200 C0210 C0220 C0230 C0240 C0250 C0260 C0270 C0280 C0290 C0300 C0360
Prior R0100 R0100
N-9 R0160 R0160
N-8 R0170 R0170
N-7 R0180 R0180
N-6 R0190 0 0 0 0 0 0 28 579 R0190 25 746
N-5 R0200 0 0 0 0 0 44 325 R0200 41 327
N-4 R0210 0 0 0 0 62 226 R0210 59 241
N-3 R0220 0 0 0 91 335 R0220 87 931
N-2 R0230 0 0 144 260 R0230 139 398
N-1 R0240 0 214 358 R0240 208 915
N R0250 336 421 R0250 330 448
R0260 893 007
Development yearYear end
(discounted
data)
Total
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 15 / 20
Annex I
S.23.01.01
Own funds
TotalTier 1 -
unrestricted
Tier 1 -
restricted Tier 2 Tier 3
C0010 C0020 C0030 C0040 C0050
Basic own funds before deduction for participations in other financial sector as foreseen in article
68 of Delegated Regulation (EU) 2015/35Ordinary share capital (gross of own shares) R0010 132 887 132 887 0
Share premium account related to ordinary share capital R0030 1 994 216 1 994 216 0
Iinitial funds, members' contributions or the equivalent basic own - fund item for mutual and mutual-type
undertakings R0040
Subordinated mutual member accounts R0050
Surplus funds R0070
Preference shares R0090
Share premium account related to preference shares R0110
Reconciliation reserve R0130 3 509 329 3 509 329
Subordinated liabilities R0140 1 117 617 204 155 913 462
An amount equal to the value of net deferred tax assets R0160
Other own fund items approved by the supervisory authority as basic own funds not specified above R0180
Own funds from the financial statements that should not be represented by the reconciliation reserve and do
not meet the criteria to be classified as Solvency II own funds
Own funds from the financial statements that should not be represented by the reconciliation reserve and do not
meet the criteria to be classified as Solvency II own fundsR0220
Deductions
Deductions for participations in financial and credit institutions R0230
Total basic own funds after deductions R0290 6 754 050 5 636 433 204 155 913 462 0
Ancillary own funds
Unpaid and uncalled ordinary share capital callable on demand R0300
Unpaid and uncalled initial funds, members' contributions or the equivalent basic own fund item for mutual and
mutual - type undertakings, callable on demandR0310
Unpaid and uncalled preference shares callable on demand R0320
A legally binding commitment to subscribe and pay for subordinated liabilities on demand R0330
Letters of credit and guarantees under Article 96(2) of the Directive 2009/138/EC R0340
Letters of credit and guarantees other than under Article 96(2) of the Directive 2009/138/EC R0350
Supplementary members calls under first subparagraph of Article 96(3) of the Directive 2009/138/EC R0360
Supplementary members calls - other than under first subparagraph of Article 96(3) of the Directive 2009/138/EC R0370
Other ancillary own funds R0390
Total ancillary own funds R0400
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 16 / 20
Annex I
S.23.01.01
Own funds
TotalTier 1 -
unrestricted
Tier 1 -
restricted Tier 2 Tier 3
C0010 C0020 C0030 C0040 C0050
Available and eligible own funds
Total available own funds to meet the SCR R0500 6 754 050 5 636 433 204 155 913 462 0
Total available own funds to meet the MCR R0510 6 754 050 5 636 433 204 155 913 462
Total eligible own funds to meet the SCR R0540 6 699 763 5 636 433 204 155 859 174 0
Total eligible own funds to meet the MCR R0550 5 926 506 5 636 433 204 155 85 917
SCR R0580 1 718 348
MCR R0600 429 587
Ratio of Eligible own funds to SCR R0620 389,90%
Ratio of Eligible own funds to MCR R0640 1379,58%
C0060
Reconciliation reserve
Excess of assets over liabilities R0700 5 738 833
Own shares (held directly and indirectly) R0710
Foreseeable dividends, distributions and charges R0720 102 400
Other basic own fund items R0730 2 127 104
Adjustment for restricted own fund items in respect of matching adjustment portfolios and ring fenced funds R0740
Reconciliation reserve R0760 3 509 329
Expected profits
Expected profits included in future premiums (EPIFP) - Life business R0770 4 685
Expected profits included in future premiums (EPIFP) - Non- life business R0780 27 284
Total Expected profits included in future premiums (EPIFP) R0790 31 969
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 17 / 20
Annex I
S.25.02.21
Solvency Capital Requirement - for undertakings using the standard formula and partial internal model
Unique number of component Components description
Calculation of the
Solvency Capital
Requirement
Amount modelled USP Simplifications
C0010 C0020 C0030 C0070 C0080 C0090
1 Market risk 1 681 803 43 003
2 Counterparty default risk 36 054 0
3 Life underwriting risk 26 580 0
4 Health underwriting risk 37 176 36 950
5 Non-life underwriting risk 176 253 176 253
6 Intangible asset risk 0 0
7 Operational risk 28 695 0
8LAC Technical Provisions
(negative amount)0 0
9LAC Deferred Taxes
(negative amount)-71 896 0
Calculation of Solvency Capital Requirement C0100
Total undiversified components R0110 1 914 665
Diversification R0060 -196 317
Capital requirement for business operated in accordance with Art. 4 of Directive 2003/41/EC R0160 0
Solvency capital requirement excluding capital add-on R0200 1 718 348
Capital add-ons already set R0210 0
Solvency capital requirement R0220 1 718 348
Other information on SCR
Amount/estimate of the overall loss-absorbing capacity of technical provisions R0300 0
Amount/estimate of the overall loss-absorbing capacity ot deferred taxes R0310 -71 896
Capital requirement for duration-based equity risk sub-module R0400 0
Total amount of Notional Solvency Capital Requirements for remaining part R0410 0
Total amount of Notional Solvency Capital Requirements for ring fenced funds (other than
those related to business operated in accordance with Art. 4 of Directive 2003/41/EC
(transitional))
R0420 0
Total amount of Notional Solvency Capital Requirement for matching adjustment portfolios R0430 0
Diversification effects due to RFF nSCR aggregation for article 304 R0440 0
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 18 / 20
Annex I
S.28.01.01
Minimum Capital Requirement - Only life or only non-life insurance or reinsurance activity
Linear formula component for non-life insurance and reinsurance obligations
C0010
MCRNL Result R0010 166 549
Net (of
reinsurance/SPV)
best estimate and
TP calculated as
a whole
Net (of
reinsurance)
written premiums
in the last 12
months
C0020 C0030
R0020
R0030 170 445 269 367
R0040
R0050 639 294 601 312
R0060 370 4 872
R0070 1 213 1 013
R0080 58 449 53 086
R0090 1 399 1 385
R0100
R0110
R0120
R0130
R0140
R0150
R0160
R0170
Medical expense insurance and proportional reinsurance
Income protection insurance and proportional reinsurance
Workers' compensation insurance and proportional reinsurance
Motor vehicle liability insurance and proportional reinsurance
Other motor insurance and proportional reinsurance
Marine, aviation and transport insurance and proportional reinsurance
Fire and other damage to property insurance and proportional reinsurance
General liability insurance and proportional reinsurance
Credit and suretyship insurance and proportional reinsurance
Legal expenses insurance and proportional reinsurance
Non-proportional property reinsurance
Assistance and proportional reinsurance
Miscellaneous financial loss insurance and proportional reinsurance
Non-proportional health reinsurance
Non-proportional casualty reinsurance
Non-proportional marine, aviation and transport reinsurance
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 19 / 20
Annex I
S.28.01.01
Minimum Capital Requirement - Only life or only non-life insurance or reinsurance activity
Linear formula component for life insurance and reinsurance obligations
C0040
MCRL Result R0200 1 373
Net (of
reinsurance/SPV)
best estimate and
TP calculated as
a whole
Net (of
reinsurance/SPV)
total capital at
risk
C0050 C0060
R0210
R0220
R0230 36 654
R0240 53 186
R0250 0
Overall MCR calculation
C0070
Linear MCR R0300 167 922
SCR R0310 1 718 348
MCR cap R0320 773 257
MCR floor R0330 429 587
Combined MCR R0340 429 587
Absolute floor of the MCR R0350 3 700
C0070
Minimum Capital Requirement R0400 429 587
Obligations with profit participation - guaranteed benefits
Obligations with profit participation - future discretionary benefits
Index-linked and unit-linked insurance obligations
Other life (re)insurance and health (re)insurance obligations
Total capital at risk for all life (re)insurance obligations
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Holding 20 / 20
Annex I
S.02.01.02
Balance sheet
Solvency II value
Assets C0010
Intangible assets R0030
Deferred tax assets R0040 35 376
Pension benefit surplus R0050 0
Property, plant & equipment held for own use R0060 730 764
Investments (other than assets held for index-linked and unit-linked contracts) R0070 31 997 086
Property (other than for own use) R0080 2 474 880
Holdings in related undertakings, including participations R0090 615 009
Equities R0100 602 625
Equities - listed R0110 424 630
Equities - unlisted R0120 177 995
Bonds R0130 25 921 754
Government Bonds R0140 13 001 616
Corporate Bonds R0150 12 784 366
Structured notes R0160 135 772
Collateralised securities R0170 0
Collective Investments Undertakings R0180 1 906 077
Derivatives R0190 52 176
Deposits other than cash equivalents R0200 418 991
Other investments R0210 5 575
Assets held for index-linked and unit-linked contracts R0220 8 549 580
Loans and mortgages R0230 919 210
Loans on policies R0240 31 578
Loans and mortgages to individuals R0250 1 320
Other loans and mortgages R0260 886 311
Reinsurance recoverables from: R0270 612 798
Non-life and health similar to non-life R0280 646 006
Non-life excluding health R0290 595 534
Health similar to non-life R0300 50 472
Life and health similar to life, excluding health and index-linked and unit-linked R0310 -27 561
Health similar to life R0320 -29 682
Life excluding health and index-linked and unit-linked R0330 2 121
Life index-linked and unit-linked R0340 -5 647
Deposits to cedants R0350 96 960
Insurance and intermediaries receivables R0360 438 750
Reinsurance receivables R0370 130 662
Receivables (trade, not insurance) R0380 458 430
Own shares (held directly) R0390 0
Amounts due in respect of own fund items or initial fund called up but not yet paid in R0400 0
Cash and cash equivalents R0410 1 525 497
Any other assets, not elsewhere shown R0420 75 736
Total assets R0500 45 570 849
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 1 / 31
Annex I
S.02.01.02
Balance sheet
Solvency II value
Liabilities C0010
Technical provisions – non-life R0510 4 422 823
Technical provisions – non-life (excluding health) R0520 4 150 872
TP calculated as a whole R0530 0
Best Estimate R0540 3 859 427
Risk margin R0550 291 445
Technical provisions - health (similar to non-life) R0560 271 951
TP calculated as a whole R0570 0
Best Estimate R0580 236 722
Risk margin R0590 35 229
Technical provisions - life (excluding index-linked and unit-linked) R0600 23 468 571
Technical provisions - health (similar to life) R0610 586 877
TP calculated as a whole R0620
Best Estimate R0630 238 395
Risk margin R0640 348 482
Technical provisions – life (excluding health and index-linked and unit-linked) R0650 22 881 694
TP calculated as a whole R0660
Best Estimate R0670 22 052 124
Risk margin R0680 829 570
Technical provisions – index-linked and unit-linked R0690 6 988 096
TP calculated as a whole R0700
Best Estimate R0710 6 800 830
Risk margin R0720 187 266
Contingent liabilities R0740 0
Provisions other than technical provisions R0750 276 029
Pension benefit obligations R0760 484 626
Deposits from reinsurers R0770 55 147
Deferred tax liabilities R0780 867 323
Derivatives R0790 11 159
Debts owed to credit institutions R0800 239 435
Financial liabilities other than debts owed to credit institutions R0810 379 259
Insurance & intermediaries payables R0820 598 717
Reinsurance payables R0830 112 063
Payables (trade, not insurance) R0840 237 499
Subordinated liabilities R0850 1 497 567
Subordinated liabilities not in BOF R0860 251 582
Subordinated liabilities in BOF R0870 1 245 985
Any other liabilities, not elsewhere shown R0880 54 893
Total liabilities R0900 39 693 205
Excess of assets over liabilities R1000 5 877 643
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 2 / 31
Annex I
S.05.01.02
Premiums, claims and expenses by line of business
Medical expense
insurance
Income
protection
insurance
Workers'
compensation
insurance
Motor vehicle
liability
insurance
Other motor
insurance
Marine, aviation
and transport
insurance
Fire and other
damage to
property
insurance
General liability
insurance
Credit and
suretyship
insurance
C0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0090
Premiums written
Gross - Direct Business R0110 44 060 350 788 1 178 212 894 457 76 669 1 240 130 390 867 29 778
Gross - Proportional reinsurance accepted R0120 24 708 13 029 6 514 10 636 45 600
Gross - Non-proportional reinsurance accepted R0130
Reinsurers' share R0140 19 471 4 116 32 082 42 884 37 358 425 150 60 810 7 653
Net R0200 49 297 346 673 1 159 159 858 087 49 946 860 581 330 057 22 125
Premiums earned
Gross - Direct Business R0210 42 340 348 986 1 159 303 873 702 77 198 1 233 462 386 606 23 569
Gross - Proportional reinsurance accepted R0220 24 639 10 636
Gross - Non-proportional reinsurance accepted R0230
Reinsurers' share R0240 18 197 1 706 -2 933 25 767 38 076 311 243 59 423 4 160
Net R0300 48 782 347 281 1 162 236 847 935 49 758 922 219 327 183 19 410
Claims incurred
Gross - Direct Business R0310 19 729 183 703 841 523 616 082 30 866 623 566 208 036 10 351
Gross - Proportional reinsurance accepted R0320 4 896 15 988
Gross - Non-proportional reinsurance accepted R0330
Reinsurers' share R0340 4 812 33 568 60 507 12 491 13 875 72 681 11 826 4 472
Net R0400 19 813 150 135 781 017 603 591 32 979 550 885 196 210 5 879
Changes in other technical provisions
Gross - Direct Business R0410 -81 -644 -2 162 -1 642 -141 -2 276 -717 -55
Gross - Proportional reinsurance accepted R0420
Gross - Non- proportional reinsurance accepted R0430
Reinsurers'share R0440 -6 -45 -150 -114 -10 -158 -50 -4
Net R0500 -75 -599 -2 012 -1 528 -131 -2 118 -668 -51
Expenses incurred R0550 11 207 102 916 0 307 064 289 270 23 224 396 972 128 077 6 760
Other expenses R1200
Total expenses R1300
Line of Business for: non-life insurance and reinsurance obligations (direct business and accepted proportional reinsurance)
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 3 / 31
Annex I
S.05.01.02
Premiums, claims and expenses by line of business
Legal expenses
insuranceAssistance
Miscellaneous
financial lossHealth Casualty
Marine, aviation,
transportProperty
C0100 C0110 C0120 C0130 C0140 C0150 C0160 C0200
Premiums written
Gross - Direct Business R0110 54 717 55 061 86 863 4 401 602
Gross - Proportional reinsurance accepted R0120 100 487
Gross - Non-proportional reinsurance accepted R0130
Reinsurers' share R0140 463 622 43 947 674 555
Net R0200 54 254 54 439 42 916 3 827 534
Premiums earned
Gross - Direct Business R0210 54 719 55 675 90 832 4 346 392
Gross - Proportional reinsurance accepted R0220 65 931 101 207
Gross - Non-proportional reinsurance accepted R0230
Reinsurers' share R0240 478 589 200 682 657 387
Net R0300 54 241 55 086 -43 919 3 790 212
Claims incurred
Gross - Direct Business R0310 23 380 34 677 34 866 2 626 779
Gross - Proportional reinsurance accepted R0320 63 645 84 529
Gross - Non-proportional reinsurance accepted R0330
Reinsurers' share R0340 307 2 516 70 310 287 366
Net R0400 23 073 32 160 28 201 2 423 942
Changes in other technical provisions
Gross - Direct Business R0410 -100 -101 -159 -8 079
Gross - Proportional reinsurance accepted R0420
Gross - Non- proportional reinsurance accepted R0430
Reinsurers'share R0440 -7 -7 -11 -561
Net R0500 -93 -94 -148 -7 518
Expenses incurred R0550 17 661 17 312 19 597 1 320 060
Other expenses R1200 38 446
Total expenses R1300 1 358 506
Line of Business for: non-life insurance and
reinsurance obligations (direct business and
accepted proportional reinsurance)
Line of business for:
accepted non-proportional reinsuranceTotal
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 4 / 31
Annex I
S.05.01.02
Premiums, claims and expenses by line of business
Health insurance
Insurance with
profit
participation
Index-linked and
unit-linked
insurance
Other life
insurance
Annuities
stemming from
non-life
insurance
contracts and
relating to health
insurance
obligations
Annuities
stemming from
non-life
insurance
contracts and
relating to
insurance
obligations other
than health
insurance
obligations
Health
reinsuranceLife reinsurance
C0210 C0220 C0230 C0240 C0250 C0260 C0270 C0280 C0300
Premiums written
Gross R1410 394 888 1 616 671 1 656 913 426 478 13 118 4 108 069
Reinsurers' share R1420 805 43 817 44 622
Net R1500 394 083 1 572 855 1 656 913 426 478 13 118 4 063 447
Premiums earned
Gross R1510 394 920 1 618 075 1 658 317 427 882 13 118 4 112 312
Reinsurers' share R1520 805 42 939 43 745
Net R1600 394 115 1 575 136 1 658 317 427 882 13 118 4 068 568
Claims incurred
Gross R1610 237 482 1 960 895 1 153 386 144 161 10 116 3 506 039
Reinsurers' share R1620 785 14 203 300 15 288
Net R1700 236 697 1 946 692 1 153 386 144 161 9 816 3 490 751
Changes in other technical provisions
Gross R1710 70 694 268 863 42 002 70 926 419 452 906
Reinsurers' share R1720 -81 -1 297 -6 -2 -1 386
Net R1800 70 776 270 161 42 008 70 928 419 454 292
Expenses incurred R1900 61 838 305 259 312 858 80 527 2 477 762 959
Other expenses R2500 24 533
Total expenses R2600 787 492
Line of Business for: life insurance obligations Life reinsurance obligations
Total
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 5 / 31
Annex I
S.22.01.22
Impact of long term guarantees and transitional measures
Amount with
Long Term
Guarantee
measures and
transitionals
Impact of
transitional on
technical
provisions
Impact of
transitional on
interest rate
Impact of
volatility
adjustment set
to zero
Impact of
matching
adjustment set
to zero
C0010 C0030 C0050 C0070 C0090
Technical provisions R0010 34 266 692 0 0 182 456 0
Basic own funds R0020 6 568 520 0 0 -135 832 0
Eligible own funds to meet Solvency
Capital RequirementR0050 6 635 553 0 0 -135 832 0
Solvency Capital Requirement R0090 3 411 086 0 0 99 279 0
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 6 / 31
Annex I
S.23.01.22
Own funds
TotalTier 1 -
unrestricted
Tier 1 -
restricted Tier 2 Tier 3
C0010 C0020 C0030 C0040 C0050
Basic own funds before deduction for participations in other financial sector
Ordinary share capital (gross of own shares) R0010 132 887 132 887
Non-available called but not paid in ordinary share capital at group level R0020
Share premium account related to ordinary share capital R0030 2 109 003 2 109 003
Initial funds, members' contributions or the equivalent basic own — fund item for mutual and mutual-type
undertakingsR0040
Subordinated mutual member accounts R0050
Non-available subordinated mutual member accounts at group level R0060
Surplus funds R0070 217 530 217 530
Non-available surplus funds at group level R0080
Preference shares R0090
Non-available preference shares at group level R0100
Share premium account related to preference shares R0110
Non-available share premium account related to preference shares at group level R0120
Reconciliation reserve R0130 3 086 576 3 086 576
Subordinated liabilities R0140 1 245 985 332 523 913 462
Non-available subordinated liabilities at group level R0150
An amount equal to the value of net deferred tax assets R0160
The amount equal to the value of net deferred tax assets not available at the group level R0170
Other items approved by supervisory authority as basic own funds not specified above R0180
Non available own funds related to other own funds items approved by supervisory authority R0190
Minority interests (if not reported as part of a specific own fund item) R0200 210 205 210 205
Non-available minority interests at group level R0210 158 260 158 260
Own funds from the financial statements that should not be represented by the reconciliation reserve and
do not meet the criteria to be classified as Solvency II own fundsOwn funds from the financial statements that should not be represented by the reconciliation reserve and do not
meet the criteria to be classified as Solvency II own fundsR0220
Deductions
Deductions for participations in other financial undertakings, including non-regulated undertakings carrying out
financial activitiesR0230 67 492 67 492
whereof deducted according to art 228 of the Directive 2009/138/EC R0240
Deductions for participations where there is non-availability of information (Article 229) R0250 207 914 207 914
Deduction for participations included by using D&A when a combination of methods is used R0260
Total of non-available own fund items R0270 158 260 158 260
Total deductions R0280 433 666 433 666
Total basic own funds after deductions R0290 6 568 520 5 322 535 332 523 913 462
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 7 / 31
Annex I
S.23.01.22
Own funds
TotalTier 1 -
unrestricted
Tier 1 -
restricted Tier 2 Tier 3
C0010 C0020 C0030 C0040 C0050
Ancillary own funds
Unpaid and uncalled ordinary share capital callable on demand R0300
Unpaid and uncalled initial funds, members' contributions or the equivalent basic own fund item for mutual and
mutual — type undertakings, callable on demandR0310
Unpaid and uncalled preference shares callable on demand R0320
Letters of credit and guarantees other than under Article 96(2) of the Directive 2009/138/EC R0350
Letters of credit and guarantees under Article 96(2) of the Directive 2009/138/EC R0340
Supplementary members calls under first subparagraph of Article 96(3) of the Directive 2009/138/EC R0360
Supplementary members calls — other than under first subparagraph of Article 96(3) of the Directive
2009/138/ECR0370
Non available ancillary own funds at group level R0380
Other ancillary own funds R0390
Total ancillary own funds R0400
Own funds of other financial sectors
Reconciliation reserve R0410 67 032 67 032
Institutions for occupational retirement provision R0420
Non regulated entities carrying out financial activities R0430
Total own funds of other financial sectors R0440 67 032 67 032
Own funds when using the D&A, exclusively or in combination of method 1
Own funds aggregated when using the D&A and combination of method R0450
Own funds aggregated when using the D&A and combination of method net of IGT R0460
Total available own funds to meet the consolidated group SCR (excluding own funds from other financial sector
and from the undertakings included via D&A )R0520 6 568 520 5 322 535 332 523 913 462
Total available own funds to meet the minimum consolidated group SCR R0530 6 568 520 5 322 535 332 523 913 462
Total eligible own funds to meet the consolidated group SCR (excluding own funds from other financial sector
and from the undertakings included via D&A )R0560 6 568 520 5 322 535 332 523 913 462 0
Total eligible own funds to meet the minimum consolidated group SCR R0570 5 996 965 5 322 535 332 523 341 907
Minimum consolidated Group SCR R0610 1 709 535
Ratio of Eligible own funds to Minimum Consolidated Group SCR R0650 350,80%
Total eligible own funds to meet the group SCR (including own funds from other financial sector and from
the undertakings included via D&A )R0660 6 635 553 5 389 568 332 523 913 462
Group SCR R0680 3 411 086Ratio of Eligible own funds to group SCR including other financial sectors and the undertakings included
via D&AR0690 194,53%
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 8 / 31
Annex I
S.23.01.22
Own funds
C0060
Reconciliation reserve
Excess of assets over liabilities R0700 5 877 643
Own shares (held directly and indirectly) R0710
Foreseeable dividends, distributions and charges R0720 114 281
Other basic own fund items R0730 2 669 626
Adjustment for restricted own fund items in respect of matching adjustment portfolios and ring fenced funds R0740
Other non available own funds R0750 7 161
Reconciliation reserve before deduction for participations in other financial sector R0760 3 086 576
Expected profits
Expected profits included in future premiums (EPIFP) - Life business R0770 2 356 890
Expected profits included in future premiums (EPIFP) - Non- life business R0780 589 610
Total Expected profits included in future premiums (EPIFP) R0790 2 946 500
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 9 / 31
Annex I
S.25.02.22
Solvency Capital Requirement — for groups using the standard formula and partial internal model
Unique number of component Components description
Calculation of the
Solvency Capital
Requirement
Amount modelled USP Simplifications
C0010 C0020 C0030 C0070 C0080 C0090
1 Market risk 3 457 661 233 586
2 Counterparty default risk 279 549 0
3 Life underwriting risk 1 635 360 0
4 Health underwriting risk 325 491 153 893
5 Non-life underwriting risk 585 604 585 604
6 Intangible asset risk 0 0
7 Operational risk 300 516 0
8LAC Technical Provisions
(negative amount)-1 039 922 0
9LAC Deferred Taxes
(negative amount)-462 786 0
Calculation of Solvency Capital Requirement C0100
Total undiversified components R0110 5 081 473
Diversification R0060 -1 728 837
Capital requirement for business operated in accordance with Art. 4 of Directive 2003/41/EC R0160 0
Solvency capital requirement excluding capital add-on R0200 3 352 636
Capital add-ons already set R0210 0
Solvency capital requirement for undertakings under consolidated method R0220 3 352 636
Other information on SCR
Amount/estimate of the overall loss-absorbing capacity of technical provisions R0300 -1 039 922
Amount/estimate of the overall loss-absorbing capacity ot deferred taxes R0310 -462 786
Capital requirement for duration-based equity risk sub-module R0400 0
Total amount of Notional Solvency Capital Requirements for remaining part R0410 0
Total amount of Notional Solvency Capital Requirements for ring fenced funds (other than
those related to business operated in accordance with Art. 4 of Directive 2003/41/EC
(transitional))
R0420 0
Total amount of Notional Solvency Capital Requirement for matching adjustment portfolios R0430 0
Diversification effects due to RFF nSCR aggregation for article 304 R0440 0
Minimum consolidated group solvency capital requirement R0470 1 709 535
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 10 / 31
Annex I
S.25.02.22
Solvency Capital Requirement — for groups using the standard formula and partial internal model
C0100
Information on other entities
Capital requirement for other financial sectors (Non-insurance capital requirements) R0500 58 450
Capital requirement for other financial sectors (Non-insurance capital requirements) — Credit
institutions, investment firms and financial institutions, alternative investment funds
managers, UCITS management companies
R0510 0
Capital requirement for other financial sectors (Non-insurance capital requirements) —
Institutions for occupational retirement provisionsR0520 58 450
Capital requirement for other financial sectors (Non-insurance capital requirements) —
Capital requirement for non-regulated entities carrying out financial activitiesR0530 0
Capital requirement for non-controlled participation requirements R0540 0
Capital requirement for residual undertakings R0550 0
C0100
Overall SCR
SCR for undertakings included via D and A R0560 0
Solvency capital requirement R0570 3 411 086
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 11 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision if
art. 214 is
applied
Method used
and under
method 1,
treatment of
the
undertaking
C0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0180 C0190 C0200 C0210 C0220 C0230 C0240 C0250 C0260
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00001 SC AIS Servis, s.r.o.
Ancillary services
undertaking as defined
in Article 1 (53)
SPOLEČNOST S RUČENÍM
OMEZENÝMNM # 98,39 100,00 100,00 # D 0,98 10 # 60
GERMANY5299002V11Z638MWAS89DE00001 SC Amadi GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 100,00 100,00 # D 10 # 60
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00002 SC
Andel Investment
Praha s.r.o.
Ancillary services
undertaking as defined
in Article 1 (53)
SPOLEČNOST S RUČENÍM
OMEZENÝMNM # 99,90 100,00 100,00 # D 1,00 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00002 SC Anif-Residenz GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00003 SCAnif-Residenz GmbH
& Co KG
Ancillary services
undertaking as defined
in Article 1 (53)
KOMMANDITGESELLSCHAFT NM # 99,90 100,00 100,00 # D 1,00 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00004 SC
AQUILA
Hausmanagement
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00005 SC
AREALIS
Liegenschaftsmanage
ment GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 49,95 50,00 # S 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00006 SC
Arithmetica
Versicherungs- und
Finanzmathematische
Beratungs-
Gesellschaft m.b.H.
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 98,53 100,00 100,00 # D 0,99 10 # 10
ROMANIA 529900GDYJ3BVB71LV69 LEI
ASIGURAREA
ROMANEASCA -
ASIROM VIENNA
INSURANCE
GROUP S.A.
Composite insurer SOCIETĂŢI PE ACŢIUNI NM
AUTORITATEA
DE
SUPRAVEGHERE
FINANCIARĂ
99,60 99,65 99,60 # D 1,00 10 # 10
ROMANIA 549300JCRU23I1THU176RO00001 SC
S. C. SOCIETATEA
TRAINING IN
ASIGURARI S.R.L.
Ancillary services
undertaking as defined
in Article 1 (53)
SOCIETATE CU RASPUNDERE
LIMITATANM # 98,43 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00007 SCWien 3420 Aspern
Development AG
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 24,44 73,40 # S 10 # 90
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00003 SC
Sanatorium Astoria,
a.s.
Ancillary services
undertaking as defined
in Article 1 (53)
AKCIOVÁ SPOLEČNOST NM # 98,39 100,00 100,00 # D 0,98 10 # 60
Criteria of influenceInclusion in the scope
of group supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 12 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision
if art.
214 is
applied
Method used
and under
method 1,
treatment of
the
undertaking
POLAND5299002V11Z638MWAS89PL00001 SC
Benefia
Ubezpieczenia Spolka
z ograniczona
odpowiedzialnoscia
Ancillary services
undertaking as defined
in Article 1 (53)
SPÓŁKA Z OGRANICZONĄ
ODPOWIEDZIALNOŚCIĄNM # 99,94 100,00 # D 10 # 60
ROMANIA5299002V11Z638MWAS89RO00001 SC Autosig SRL
Ancillary services
undertaking as defined
in Article 1 (53)
SOCIETATE CU RASPUNDERE
LIMITATANM # 99,50 100,00 # D 10 # 60
SERBIA5299002V11Z638MWAS89RS00004 SC
AXA Zivotno
Osiguranje
akcionarsko drustvo
za osiguranje Beograd
Life insurer AKCIONARSKO DRUSTVO NM
ANORS
(INSURANCE
AGENCY OF
REPUBLIKA
SRPSKA)
100,00 100,00 # D 10 # 60
SERBIA5299002V11Z638MWAS89RS00005 SC
AXA Nezivotno
Osiguranje
akcionarsko drustvo
za osiguranje Beograd
Non-life insurer AKCIONARSKO DRUSTVO NM
ANORS
(INSURANCE
AGENCY OF
REPUBLIKA
SRPSKA)
100,00 100,00 # D 10 # 60
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00004 SC
B&A Insurance
Consulting s.r.o.
Ancillary services
undertaking as defined
in Article 1 (53)
SPOLEČNOST ZASTUPUJÍ
DVA JEDNATELÉ SPOLEČNĚNM # 49,00 49,00 # S 10 # 90
LATVIA 213800W6HJSDZVV2WQ60 LEI
"Baltikums Vienna
Insurance Group"
AAS
Non-life insurer AKCIJU SABIEDRIBA NM
FKTK
(FINANCIAL AND
CAPITAL
MARKET
COMMISSION)
100,00 100,00 100,00 # D 1,00 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00008 SCBusinesspark Brunn
Entwicklungs GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 100,00 # D 1,00 10 # 10
ROMANIA 529900W3WGW631HK2G98 LEI
BCR Asigurari de
Viata Vienna
Insurance Group S.A.
Life insurer SOCIETĂŢI PE ACŢIUNI NM
AUTORITATEA
DE
SUPRAVEGHERE
FINANCIARĂ
93,98 93,98 93,98 # D 0,94 10 # 10
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00005 SC Benefita, a.s.
Ancillary services
undertaking as defined
in Article 1 (53)
AKCIOVÁ SPOLEČNOST NM # 98,39 100,00 100,00 # D 0,98 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00009 SC
WIENER
STÄDTISCHE
Beteiligungs GmbH
Insurance holding
company as defined in
Art. 212§ [f] of Dir
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 100,00 # D 1,00 10 # 10
HUNGARY 549300TOYUBF02YGV429 LEI
UNION Vienna
Insurance Group
Biztositó Zrt.
Composite insurerZÁRTKÖRÜEN MÜKÖDÖ
RÉSZVÉNYTÁRSASÁGNM
MAGYAR
NEMZETI BANK
(HUNGARIAN
NATIONAL
BANK)
100,00 100,00 100,00 # D 1,00 10 # 10
POLAND5299002V11Z638MWAS89PL00002 SCBlizzard Real Sp. z
o.o.
Ancillary services
undertaking as defined
in Article 1 (53)
SPÓŁKA Z OGRANICZONĄ
ODPOWIEDZIALNOŚCIĄNM # 99,90 100,00 100,00 # D 1,00 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00010 SC
BML
Versicherungsmakler
GmbH
Insurance holding
company as defined in
Art. 212§ [f] of Dir
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 100,00 # D 1,00 10 # 10
Criteria of influence
Inclusion in the
scope of group
supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 13 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision if
art. 214 is
applied
Method
used and
under
method 1,
treatment of
the
undertaking
C0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0180 C0190 C0200 C0210 C0220 C0230 C0240 C0250 C0260
AUSTRIA5299002V11Z638MWAS89AT00011 SCBrunn N68 Sanierungs
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 49,95 50,00 # S 10 # 90
LATVIA 3157002Q3I11LG1R1C12 LEIBTA Baltic Insurance
Company AASNon-life insurer AKCIJU SABIEDRIBA NM
FKTK
(FINANCIAL
AND CAPITAL
MARKET
COMMISSION)
90,00 90,00 90,00 # D 0,90 10 # 10
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00006 SC S - budovy, a.s.
Ancillary services
undertaking as defined
in Article 1 (53)
AKCIOVÁ SPOLEČNOST NM # 98,39 100,00 100,00 # D 0,98 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00012 SCBeteiligungs- und
Immobilien GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 24,98 25,00 25,00 # S 0,25 10 # 90
BULGARIA5299002V11Z638MWAS89BG00002 SCBulgarski Imoti Asistans
EOOD
Ancillary services
undertaking as defined
in Article 1 (53)
ЕДНОЛИЧНО ДРУЖЕСТВО С
ОГРАНИЧЕНА
ИТГОВОРНОСТ
NM # 99,97 100,00 100,00 # D 1,00 10 # 10
BULGARIA5299002V11Z638MWAS89BG00003 SCBulstrad Trudova
Meditzina EOOD
Ancillary services
undertaking as defined
in Article 1 (53)
ЕДНОЛИЧНО ДРУЖЕСТВО С
ОГРАНИЧЕНА
ИТГОВОРНОСТ
NM # 99,38 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00013 SC
Beteiligungs- und
Wohnungsanlagen
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 24,98 25,00 25,00 # S 0,25 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00014 SC
Camelot Informatik und
Consulting Gesellschaft
m.b.H.
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 90,18 99,48 # D 10 # 60
SLOVAKIA5299002V11Z638MWAS89SK00001 SCCAPITOL, akciová
spolocnost'
Ancillary services
undertaking as defined
in Article 1 (53)
AKCIOVÁ SPOLOČNOSŤ NM # 100,00 100,00 100,00 # D 1,00 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00015 SC
CARPLUS
Versicherungsvermittlu
ngsagentur GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 # D 10 # 60
ROMANIA5299002V11Z638MWAS89RO00002 SC
CAPITOL BROKER
DE PENSII PRIVATE
S.R.L.
OtherSOCIETATE CU RASPUNDERE
LIMITATANM # 98,15 100,00 # D 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00016 SC
CCA EDV für
Versicherungswirtschaft
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 24,28 100,00 # S 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00017 SCCENTER Hotelbetriebs
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 79,96 80,00 90,00 # D 0,79 10 # 10
Criteria of influenceInclusion in the scope
of group supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 14 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision if
art. 214 is
applied
Method
used and
under
method 1,
treatment of
the
undertaking
C0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0180 C0190 C0200 C0210 C0220 C0230 C0240 C0250 C0260
ROMANIA5299002V11Z638MWAS89RO00003 SC
CAPITOL
INTERMEDIAR DE
PRODUSE BANCARE
S.R.L.
OtherSOCIETATE CU
RASPUNDERE LIMITATANM # 98,15 100,00 # D 10 # 90
ROMANIA5299002V11Z638MWAS89RO00004 SC
CAPITOL
INTERMEDIAR DE
PRODUSE DE
LEASING S.R.L.
OtherSOCIETATE CU
RASPUNDERE LIMITATANM # 98,15 100,00 # D 10 # 90
GERMANY5299002V11Z638MWAS89DE00002 SCCOMPENSA Holding
GmbH
Insurance holding
company as defined in
Art. 212§ [f] of Dir
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 100,00 100,00 100,00 # D 1,00 10 # 10
POLAND 259400JP02FIWJVBWH48 LEI
Compensa Towarzystwo
Ubezpieczen Na Zycie
Spolka Akcyjna Vienna
Insurance Group
Life insurer SPÓŁKA AKCYJNA NM
KNF (POLISH
FINANCIAL
SUPERVISION
AUTHORITY)
100,00 100,00 100,00 # D 1,00 10 # 10
LITHUANIA 529900Q2VEPP9IT0QD91 LEI
Compensa Vienna
Insurance Group, akcine
draudimo bendrove
Non-life insurer AKCINE BENDROVE NMBANK OF
LITHUANIA100,00 100,00 100,00 # D 1,00 10 # 10
POLAND 259400LUPWM9VS8E5M86 LEI
Compensa Towarzystwo
Ubezpieczen Spolka
Akcyjna Vienna
Insurance Group
Non-life insurer SPÓŁKA AKCYJNA NM
KNF (POLISH
FINANCIAL
SUPERVISION
AUTHORITY)
99,94 99,94 99,94 # D 1,00 10 # 10
LATVIA5299002V11Z638MWAS89LV00001 SC"Compensa Services"
SIA
Ancillary services
undertaking as defined
in Article 1 (53)
SABIEDRIBA AR
IEROBEZOTU ATBILDIBUNM # 100,00 100,00 # D 10 # 60
BULGARIA5299002V11Z638MWAS89BG00004 SCGlobal Services
Bulgaria JSC
Ancillary services
undertaking as defined
in Article 1 (53)
АКЦИОНЕРНО ДРУЖЕСТВО NM # 99,69 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00018 SCCentral Point Insurance
IT-Solutions GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 100,00 100,00 100,00 # D 1,00 10 # 10
CZECH
REPUBLIC31570010000000066831 LEI
Ceská podnikatelská
pojist'ovna, a.s., Vienna
Insurance Group
Composite insurer AKCIOVÁ SPOLEČNOST NM
ČESKÁ
NÁRODNÍ
BANKA (CZECH
NATIONAL
BANK)
98,39 100,00 100,00 # D 0,98 10 # 10
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00007 SC CPP Servis, s.r.o.
Ancillary services
undertaking as defined
in Article 1 (53)
SPOLEČNOST S RUČENÍM
OMEZENÝMNM # 98,39 100,00 100,00 # D 0,98 10 # 60
Criteria of influenceInclusion in the scope
of group supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 15 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision if
art. 214 is
applied
Method
used and
under
method 1,
treatment of
the
undertaking
C0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0180 C0190 C0200 C0210 C0220 C0230 C0240 C0250 C0260
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00008 SC
CROWN-WSF spol.
s.r.o.
Ancillary services
undertaking as defined
in Article 1 (53)
SPOLEČNOST S RUČENÍM
OMEZENÝMNM # 29,97 30,00 30,00 # S 0,30 10 # 90
POLAND5299002V11Z638MWAS89PL00003 SC
CAPITOL Spolka z
Ograniczona
odpowiedzialnoscia
Ancillary services
undertaking as defined
in Article 1 (53)
SPÓŁKA Z OGRANICZONĄ
ODPOWIEDZIALNOŚCIĄNM # 99,98 100,00 # D 10 # 60
GEORGIA5299002V11Z638MWAS89GE00001 SCJoint Stock Company
"Curatio"
Ancillary services
undertaking as defined
in Article 1 (53)
JOINT STOCK COMPANY NM # 90,00 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00019 SC
Donau Brokerline
Versicherungs-Service
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 94,40 100,00 100,00 # D 0,94 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00020 SCDBLV Immobesitz
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 94,40 100,00 100,00 # D 0,94 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00021 SCDBLV Immobesitz
GmbH & Co KG
Ancillary services
undertaking as defined
in Article 1 (53)
KOMMANDITGESELLSCHAFT NM # 94,40 100,00 100,00 # D 0,94 10 # 10
GERMANY5299002V11Z638MWAS89DE00003 SCDBR-Liegenschaften
Verwaltungs GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 100,00 # D 1,00 10 # 10
GERMANY5299002V11Z638MWAS89DE00004 SCDBR-Liegenschaften
GmbH & Co KG
Ancillary services
undertaking as defined
in Article 1 (53)
KOMMANDITGESELLSCHAFT NM # 99,90 100,00 100,00 # D 1,00 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00022 SC
Deutschmeisterplatz 2
Objektverwaltung
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 100,00 # D 1,00 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00023 SCDIRECT-LINE
Direktvertriebs-GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 # D 10 # 60
UKRAINE5299002V11Z638MWAS89UA00001 SC"Medical Clinic "DIYA"
LLC
Ancillary services
undertaking as defined
in Article 1 (53)
LIMITED LIABILITY
COMPANYNM # 100,00 100,00 # D 10 # 60
MOLDOVA,
REPUBLIC
OF
5299002V11Z638MWAS89MD00001 SC
Compania de Asigurari
"DONARIS VIENNA
INSURANCE GROUP"
Societate pe Actiuni
Non-life insurer ACŢIONARII SOCIETĂŢII NM
CCNPFRM
(COMMISSION
FOR FINANCIAL
MARKETS)
99,99 99,99 99,99 # D 1,00 10 # 60
AUSTRIA 529900LCKFUFRG0MTQ38 LEI
DONAU Versicherung
AG Vienna Insurance
Group
Composite insurer AKTIENGESELLSCHAFT NM
ÖSTERREICHIS
CHE
FINANZMARKT
AUFSICHT
94,40 99,24 99,24 # D 0,94 10 # 10
Criteria of influenceInclusion in the scope
of group supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 16 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision if
art. 214 is
applied
Method
used and
under
method 1,
treatment of
the
undertaking
C0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0180 C0190 C0200 C0210 C0220 C0230 C0240 C0250 C0260
BULGARIA5299002V11Z638MWAS89BG00005 SCPension Insurance
Company Doverie AD
Institutions for
occupational
retirement provision
АКЦИОНЕРНО ДРУЖЕСТВО NM
КФН
(FINANCIAL
SUPERIVSION
COMMISSION)
92,58 92,58 92,58 # D 0,93 10 # 99
AUSTRIA5299002V11Z638MWAS89AT00024 SC DVIB GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 94,40 100,00 100,00 # D 0,94 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00025 SC
DVS Donau-
Versicherung
Vermittlungs- und Service-
Gesellschaft m.b.H.
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 94,40 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00026 SC
Erste Bank und
Sparkassen Leasing
GmbH
OtherGESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 48,95 49,00 # S 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00027 SC
EBS
Wohnungsgesellschaft
mbH Linz
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 24,97 71,43 # S 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00028 SCEBV-Leasing
Gesellschaft m.b.H.Other
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 73,92 100,00 # D 10 # 90
CROATIA5299002V11Z638MWAS89HR00001 SC
ERSTE drustvo s
ogranicenom
odgovornoscu za
upravljanje obveznim i
dobrovljnim mirovinskim
fondovima
Institutions for
occupational
retirement provision
DRUŠTVO S OGRANIČENOM
ODGOVORNOŠĆUNM
HANFA
(FINANCIAL
SERVICES
SUPERVISORY
AGENCY)
25,30 25,30 25,30 # S 0,25 10 # 99
AUSTRIA5299002V11Z638MWAS89AT00121 SC
"Eisenhof"
Gemeinnützige
Wohnungsgesellschaft
OtherGESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 20,13 50,00 # S 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00116 SCEGW Datenverarbeitungs-
Gesellschaft m.b.H.Other
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 71,92 100,00 # D 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00117 SC
EGW
Liegenschaftsverwertungs
GmbH
OtherGESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 71,92 100,00 # D 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00029 SCEGW Wohnbau
gemeinnützige Other
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 71,92 100,00 # D 10 # 90
UNITED
KINGDOM5299002V11Z638MWAS89GB00001 SC
European Insurance &
Reinsurance Brokers Ltd.
Ancillary services
undertaking as defined
in Article 1 (53)
LIMITED COMPANY NM # 84,47 85,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00030 SCELVP Beteiligungen
GmbHOther
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 100,00 100,00 100,00 # D 1,00 10 # 10
Criteria of influenceInclusion in the scope
of group supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 17 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision if
art. 214 is
applied
Method
used and
under
method 1,
treatment of
the
undertaking
C0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0180 C0190 C0200 C0210 C0220 C0230 C0240 C0250 C0260
SLOVAKIA5299002V11Z638MWAS89SK00006 SCEUROPEUM Business
Center s.r.o
Ancillary services
undertaking as defined
in Article 1 (53)
SPOLOČNOSŤ S RUČENÍM
OBMEDZENÝMNM # 99,38 100,00 # D 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00031 SC
EXPERTA
Schadenregulierungs-
Gesellschaft mbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 95,78 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00032 SC
WIENER STÄDTISCHE
Finanzierungsdienstleistungs
GmbH
Insurance holding
company as defined in
Art. 212§ [f] of Dir
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 100,00 # D 1,00 10 # 10
POLAND5299002V11Z638MWAS89PL00005 SC
Compensa Dystrybucja
Spolka z ograniczona
odpowiedzialnoscia
Ancillary services
undertaking as defined
in Article 1 (53)
SPÓŁKA Z OGRANICZONĄ
ODPOWIEDZIALNOŚCIĄNM # 99,99 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00033 SC Finanzpartner GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 49,95 50,00 # S 10 # 90
LITHUANIA5299002V11Z638MWAS89LT00001 SCUAB "Compensa Life
Distribution"
Ancillary services
undertaking as defined
in Article 1 (53)
UŽDAROJI AKCINĖ
BENDROVĖNM # 100,00 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00034 SC
Senioren Residenz
Fultererpark Errichtungs-
und Verwaltungs GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 100,00 # D 1,00 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00035 SC GELUP GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 33,30 33,33 # S 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00036 SC
Alpenländische Heimstätte,
gemeinnützige
Wohnungsbau- und
Siedlungsgesellschaft m.b.H.
OtherGESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 76,03 94,84 94,84 # D 0,76 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00037 SCGemeinnützige Mürz-Ybbs
Siedlungsanlagen-GmbHOther
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 43,32 99,92 99,92 # S 0,37 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00038 SCGemeinnützige Industrie-
WohnungsaktiengesellschaftOther AKTIENGESELLSCHAFT NM # 43,35 55,00 80,00 # S 0,37 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00039 SC
Erste gemeinnützige
Wohnungsgesellschaft
Heimstätte Gesellschaft
m.b.H.
OtherGESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 71,92 99,77 99,77 # D 0,72 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00040 SC
Neuland gemeinnützige
Wohnbau-Gesellschaft
m.b.H.
OtherGESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 23,37 61,00 61,00 # S 0,23 10 # 90
Criteria of influenceInclusion in the scope
of group supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 18 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision if
art. 214 is
applied
Method
used and
under
method 1,
treatment of
the
undertaking
C0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0180 C0190 C0200 C0210 C0220 C0230 C0240 C0250 C0260
AUSTRIA5299002V11Z638MWAS89AT00041 SC
NEUE HEIMAT
Oberösterreich
Gemeinnützige Wohnungs-
und SiedlungsgesmbH
OtherGESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 83,42 99,82 99,82 # D 0,83 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00042 SC
SCHWARZATAL
Gemeinnützige Wohnungs-
und Siedlungsanlagen
OtherGESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 43,43 100,00 100,00 # S 0,37 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00043 SC
SOZIALBAU
gemeinnützige
Wohnungsaktiengesellschaft
Other AKTIENGESELLSCHAFT NM # 40,26 54,17 54,17 # S 0,40 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00044 SC
Urbanbau Gemeinnützige
Bau-, Wohnungs- und
Stadterneuerungsgesellschaf
t m.b.H.
OtherGESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 20,72 51,46 51,46 # S 0,21 10 # 90
GEORGIA5299002V11Z638MWAS89GE00002 SC GEO HOSPITALS LLC
Ancillary services
undertaking as defined
in Article 1 (53)
LIMITED LIABILITY
COMPANYNM # 93,50 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00045 SCGewista-Werbegesellschaft
m.b.H.Other
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 19,78 33,00 33,00 # S 0,20 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00046 SC GGVier Projekt-GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 54,95 55,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00047 SC
Glamas
Beteiligungsverwaltungs
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 23,31 23,33 # S 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00048 SC
Glamas
Beteiligungsverwaltungs
GmbH & Co "Beta" KG
Ancillary services
undertaking as defined
in Article 1 (53)
KOMMANDITGESELLSCHAFT NM # 23,31 23,33 # S 10 # 90
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00009 SC
GLOBAL ASSISTANCE
SERVICES s.r.o.
Ancillary services
undertaking as defined
in Article 1 (53)
SPOLEČNOST S RUČENÍM
OMEZENÝMNM # 100,00 100,00 # D 10 # 60
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00010 SC
GLOBAL ASSISTANCE,
a.s.
Ancillary services
undertaking as defined
in Article 1 (53)
AKTIENGESELLSCHAFT NM # 99,35 100,00 100,00 # D 0,99 10 # 60
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00011 SC Global Expert, s.r.o.
Ancillary services
undertaking as defined
in Article 1 (53)
SPOLEČNOST S RUČENÍM
OMEZENÝMNM # 98,39 100,00 100,00 # D 0,98 10 # 60
SLOVAKIA5299002V11Z638MWAS89SK00002 SCGLOBAL ASSISTANCE
SLOVAKIA s.r.o.
Ancillary services
undertaking as defined
in Article 1 (53)
SPOLOČNOSŤ S RUČENÍM
OBMEDZENÝMNM # 100,00 100,00 # D 10 # 60
UKRAINE5299002V11Z638MWAS89UA00002 SC CAL ICAL "Globus" Non-life insurer
СТРАХОВЕ ТОВАРИСТВО З
ДОДАТКОВОЮ
ВІДПОВІДАЛЬНІСТЮ
NM
НБУ
(NATIONAL
BANK OF
UKRAINE)
100,00 100,00 100,00 # D 1,00 10 # 60
Criteria of influenceInclusion in the scope
of group supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 19 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision if
art. 214 is
applied
Method
used and
under
method 1,
treatment of
the
undertaking
C0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0180 C0190 C0200 C0210 C0220 C0230 C0240 C0250 C0260
AUSTRIA5299002V11Z638MWAS89AT00049 SCGesundheitspark Wien-
Oberlaa Gesellschaft m.b.H.
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 100,00 # D 1,00 10 # 10
GEORGIA5299002V11Z638MWAS89GE00003 SC
Joint Stock Company
Insurance Company GPI
Holding
Composite insurer JOINT STOCK COMPANY NM
NATIONAL
BANK OF
GEORGIA
90,00 90,00 90,00 # D 0,90 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00050 SC"Grüner Baum" Errichtungs-
und Verwaltungsges.m.b.H.
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 100,00 # D 1,00 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00051 SC
Palais Hansen
Immobilienentwicklung
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 56,49 56,55 56,55 # D 0,56 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00124 SC
Hausservice
Objektbewirtschaftungs
GmbH
OtherGESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 20,72 100,00 # S 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00052 SCHenderson Global Investors
Immobilien Austria GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 34,97 35,00 # S 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00053 SC
HORIZONT Personal-,
Team- und
Organisationsentwicklung
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 98,58 100,00 # D 10 # 60
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00012 SC HOTELY SRNI, a.s.
Ancillary services
undertaking as defined
in Article 1 (53)
AKCIOVÁ SPOLEČNOST NM # 98,39 100,00 100,00 # D 0,98 10 # 60
HUNGARY5299002V11Z638MWAS89HU00005 SCHUN BM Korlátolt
Felelősségű Társaság
Ancillary services
undertaking as defined
in Article 1 (53)
KORLÁTOLT FELELÖSSÉGÜ
TÁRSASÁGNM # 99,38 100,00 # D 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00118 SCIM31 Floridsdorf am Spitz
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 100,00 # D 1,00 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00125 SC Immodat GmbH OtherGESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 20,72 100,00 # S 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00126 SC
IMOVE
Immobilienverwertung- und
-verwaltungs GmbH
OtherGESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 20,72 100,00 # S 10 # 90
GERMANY5299002V11Z638MWAS89DE00005 SC InterRisk Informatik GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 100,00 100,00 # D 10 # 60
GERMANY 391200H117VYXEFJBC60 LEI
InterRisk
Lebensversicherungs-AG
Vienna Insurance Group
Life insurer AKTIENGESELLSCHAFT NM BaFin 100,00 100,00 100,00 # D 1,00 10 # 10
Criteria of influenceInclusion in the scope
of group supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 20 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision if
art. 214 is
applied
Method
used and
under
method 1,
treatment of
the
undertakingC0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0180 C0190 C0200 C0210 C0220 C0230 C0240 C0250 C0260
POLAND 259400PLLK80RTTNTX09 LEI
InterRisk Towarzystwo
Ubezpieczen Spolka
Akcyjna Vienna
Insurance Group
Non-life insurer SPÓŁKA AKCYJNA NM
KNF (POLISH
FINANCIAL
SUPERVISION
AUTHORITY)
99,98 99,98 99,98 # D 1,00 10 # 10
GERMANY 391200OHYAVZHRP0BA02 LEI
InterRisk Versicherungs-
AG Vienna Insurance
Group
Non-life insurer AKTIENGESELLSCHAFT NM BaFin 100,00 100,00 100,00 # D 1,00 10 # 10
ALBANIA5299002V11Z638MWAS89AL00001 SC
INTERSIG VIENNA
INSURANCE GROUP
Sh.A.
Non-life insurer SHOQËRIA AKSIONARE NM
AMF (ALBANIAN
FINANCIAL
SUPERVISORY
AUTHORITY)
89,98 89,98 89,98 # D 0,90 10 # 60
BELARUS5299002V11Z638MWAS89BY00001 SC
Foreign limited liability
company
"InterInvestUchastie"
Insurance holding
company as defined in
Art. 212§ [f] of Dir
LIMITED LIABILITY
COMPANYNM # 100,00 100,00 # D 10 # 60
GEORGIA5299002V11Z638MWAS89GE00004 SC
Joint Stock Company
International Insurance
Company IRAO
Composite insurer JOINT STOCK COMPANY NMNATIONAL BANK
OF GEORGIA100,00 100,00 100,00 # D 1,00 10 # 60
POLAND5299002V11Z638MWAS89PL00006 SC
Spoldzielnia Vienna
Insurance Group IT
Polska
Ancillary services
undertaking as defined
in Article 1 (53)
SPÓŁDZIELNIA NM # 99,95 100,00 # D 10 # 60
BOSNIA
AND
HERZEGOVI
NA
5299002V11Z638MWAS89BA00001 SC
Wiener Osiguranje
Vienna Insurance Group
ad
Composite insurer AKCIONASKO DRUSTVO NM
AO (INSURANCE
AGENCY OF
BOSNIA AND
HERZEGOVINA )
100,00 100,00 100,00 # D 1,00 10 # 60
BOSNIA
AND
HERZEGOVI
NA
5299002V11Z638MWAS89BA00002 SC Jahorina auto d.o.o.
Ancillary services
undertaking as defined
in Article 1 (53)
DRUŠTVO S OGRANIČENOM
ODGOVORNOŠĆUNM # 100,00 100,00 # D 10 # 60
UKRAINE5299002V11Z638MWAS89UA00003 SC
Private Joint-Stock
Company
"INSURANCE
COMPANY "KNIAZHA
LIFE VIENNA
INSURANCE GROUP"
Life insurerPRIVATE JOINT STOCK
COMPANYNM
НБУ (NATIONAL
BANK OF
UKRAINE)
97,80 97,80 97,80 # D 0,98 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00054 SC Kaiserstraße 113 GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 94,40 100,00 100,00 # D 0,94 10 # 10
HUNGARY5299002V11Z638MWAS89HU00001 SC
KÁLVIN TOWER
Immobilienentwicklungs-
und
Investitionsgesellschaft
m.b.H.
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 100,00 # D 1,00 10 # 10
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00013 SC
Kapitol pojist'ovací a
financní poradenství,
a.s.
Ancillary services
undertaking as defined
in Article 1 (53)
AKCIOVÁ SPOLEČNOST NM # 98,87 100,00 100,00 # D 0,99 10 # 10
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00014 SC KIP, a.s.
Ancillary services
undertaking as defined
in Article 1 (53)
AKCIOVÁ SPOLEČNOST NM # 98,39 100,00 100,00 # D 0,98 10 # 60
Criteria of influenceInclusion in the scope
of group supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 21 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the
under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision if
art. 214 is
applied
Method
used and
under
method 1,
treatment of
the
undertakingC0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0180 C0190 C0200 C0210 C0220 C0230 C0240 C0250 C0260
UKRAINE5299002V11Z638MWAS89UA00004 SC
PRIVATE JOINT-
STOCK COMPANY
"UKRAINIAN
INSURANCE
COMPANY
"KNIAZHA VIENNA
INSURANCE GROUP"
Non-life insurerPRIVATE JOINT STOCK
COMPANYNM
НБУ
(NATIONAL
BANK OF
UKRAINE)
100,00 99,99 100,00 # D 1,00 10 # 60
SLOVAKIA 097900BFDR0000022084 LEI
KOMUNÁLNA
poistovna, a.s. Vienna
Insurance Group
Composite insurer AKCIOVÁ SPOLOČNOSŤ NM
NBS
(NATIONAL
BANK OF
SLOVAKIA )
100,00 100,00 100,00 # D 1,00 10 # 10
SLOVAKIA 097900BFEK0000024220 LEI
KOOPERATIVA
poist'ovna, a.s. Vienna
Insurance Group
Composite insurer AKCIOVÁ SPOLOČNOSŤ NM
NBS
(NATIONAL
BANK OF
SLOVAKIA )
100,00 100,00 100,00 # D 1,00 10 # 10
CZECH
REPUBLIC31570010000000008243 LEI
Kooperativa,
pojist'ovna, a.s. Vienna
Insurance Group
Composite insurer AKCIOVÁ SPOLEČNOST NM
ČESKÁ
NÁRODNÍ
BANKA
(CZECH
NATIONAL
BANK)
98,39 98,39 96,77 # D 0,98 10 # 10
BELARUS5299002V11Z638MWAS89BY00002 SC
KUPALA Belarusian-
Austrian Closed Joint
Stock Insurance
Company
Non-life insurer JOINT STOCK COMPANY NM
НБРБ
(NATIONAL
BANK OF THE
REPUBLIC OF
BELARUS)
98,26 98,26 # D 10 # 60
CROATIA 54930041AKTSEYG3RV93 LEI
Wiener osiguranje
Vienna Insurance Group
dioničko društvo za
osiguranje
Composite insurer DIONIČKO DRUŠTVO NM
HANFA
(FINANCIAL
SERVICES
SUPERVISORY
AGENCY)
99,47 99,47 99,47 # D 0,99 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00055 SC
KWC Campus
Errichtungsgesellschaft
m.b.H.
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 49,95 50,00 # S 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00058 SCLiSciV Muthgasse
GmbH & Co KG
Ancillary services
undertaking as defined
in Article 1 (53)
KOMMANDITGESELLSCHAFT NM # 23,31 23,33 # S 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00059 SC LVP Holding GmbH
Mixed-activity
insurance holding
company as defined in
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 100,00 100,00 100,00 # D 1,00 10 # 10
MACEDONIA,
THE FORMER
YUGOSLAV
REPUBLIC OF
5299002V11Z638MWAS89MK00001 SC
Stock Company for
Insurance and
Reinsurance
MAKEDONIJA Skopje
Vienna Insurance Group
Non-life insurer АКЦИОНЕРСКО ДРУШТВО NM
АСО
(INSURANCE
SUPERVISION
AGENCY)
94,26 94,25 94,26 # D 0,94 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00060 SC
MAP
Bürodienstleistung
Gesellschaft m.b.H.
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 100,00 # D 1,00 10 # 10
Criteria of influence
Inclusion in the
scope of group
supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 22 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the
under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision if
art. 214 is
applied
Method used
and under
method 1,
treatment of
the
undertaking
C0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0180 C0190 C0200 C0210 C0220 C0230 C0240 C0250 C0260
AUSTRIA5299002V11Z638MWAS89AT00061 SCMC EINS Investment
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 49,95 50,00 # S 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00062 SC
Business Insurance
Application Consulting
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 100,00 100,00 100,00 # D 1,00 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00063 SC
MH 54
Immobilienanlage
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 100,00 # D 1,00 10 # 10
HUNGARY5299002V11Z638MWAS89HU00002 SC
Money & More
Pénzügyi Tanácsadó
Zártkörüen Müködö
Részvénytársaság
Ancillary services
undertaking as defined
in Article 1 (53)
ZÁRTKÖRÜEN MÜKÖDÖ
RÉSZVÉNYTÁRSASÁGNM # 100,00 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00064 SCWWG Beteiligungen
GmbHOther
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 87,07 87,07 87,07 # D 0,87 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00119 SC
"Neue Heimat"
Stadterneuerungsgesells
chaft m.b.H.
OtherGESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 79,51 100,00 # D 10 # 90
BULGARIA 175145092 SCInsurance Company
Nova Ins EADNon-life insurer АКЦИОНЕРНО ДРУЖЕСТВО NM
КФН
(FINANCIAL
SUPERIVSION
COMMISSION)
99,38 100,00 100,00 # D 0,99 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00123 SC
Nußdorfer Straße 90-92
Projektentwicklung
GmbH & Co KG
Ancillary services
undertaking as defined
in Article 1 (53)
KOMMANDITGESELLSCHAFT NM # 94,93 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00065 SC
Österreichisches
Verkehrsbüro
Aktiengesellschaft
Other AKTIENGESELLSCHAFT NM # 36,48 36,58 36,58 # S 0,36 10 # 90
ROMANIA 529900AB9YD8CLGBE756 LEI
OMNIASIG VIENNA
INSURANCE GROUP
S.A.
Non-life insurer SOCIETĂŢI PE ACŢIUNI NM
AUTORITATEA
DE
SUPRAVEGHERE
FINANCIARĂ
99,50 99,50 99,50 # D 1,00 10 # 10
MONTENEG
RO5299002V11Z638MWAS89ME00001 SC
Akcionarsko drustvo za
zivotno osiguranje
Wiener Städtische
Podgorica, Vienna
Insurance Group
Life insurer AKCIONARSKO DRUSTVO NM
KHV
(MONTENEGRO
SECURITIES
COMMISSION)
100,00 100,00 # D 10 # 60
POLAND5299002V11Z638MWAS89PL00007 SC Passat Real Sp. z o.o.
Ancillary services
undertaking as defined
in Article 1 (53)
SPÓŁKA Z OGRANICZONĄ
ODPOWIEDZIALNOŚCIĄNM # 99,90 100,00 100,00 # D 1,00 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00066 SC
PFG
Liegenschaftsbewirtscha
ftungs GmbH & Co KG
Ancillary services
undertaking as defined
in Article 1 (53)
KOMMANDITGESELLSCHAFT NM # 82,32 92,88 100,00 # D 0,81 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00067 SC
PFG
Liegenschaftsbewirtscha
ftungs GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 74,45 83,57 # D 10 # 60
Criteria of influenceInclusion in the scope
of group supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 23 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the
under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision if
art. 214 is
applied
Method
used and
under
method 1,
treatment of
the
undertaking
AUSTRIA5299002V11Z638MWAS89AT00068 SC PFG Holding GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 87,57 89,23 89,23 # D 0,88 10 # 10
POLAND 2594004KW40OXAXMAI93 LEI
"POLISA-ZYCIE"
Towarzystwo
Ubezpieczen Spolka
Akcyjna Vienna Insurance
Life insurer SPÓŁKA AKCYJNA NM
KNF (POLISH
FINANCIAL
SUPERVISION
AUTHORITY)
99,43 99,43 99,43 # D 0,99 10 # 10
GEORGIA5299002V11Z638MWAS89GE00005 SC People's Pharmacy LLC
Ancillary services
undertaking as defined
in Article 1 (53)
LIMITED LIABILITY
COMPANYNM # 45,00 50,00 # S 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00069 SCPROGRESS
Beteiligungsges.m.b.H.
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 59,94 60,00 60,00 # D 0,60 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00070 SC Projektbau GesmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 88,29 100,00 100,00 # D 0,88 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00071 SCProjektbau Holding
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 88,29 90,00 90,00 # D 0,88 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00072 SCRenaissance Hotel
Realbesitz GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 37,76 40,00 # S 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00073 SC
Rathstraße 8
Liegenschaftsverwertungs
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 100,00 # D 1,00 10 # 10
TURKEY5299002V11Z638MWAS89TR00001 SCRay Sigorta Anonim
SirketiNon-life insurer ANONIM ŞIRKET NM
CAPITAL
MARKETS BOARD
OF TURKEY
94,96 94,96 94,96 # D 0,95 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00074 SC
RISK CONSULT
Sicherheits- und Risiko-
Managementberatung
Gesellschaft m.b.H.
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 50,44 51,00 # D 10 # 60
BULGARIA5299002V11Z638MWAS89BG00012 SCRisk Consult Bulgaria
EOOD
Ancillary services
undertaking as defined
in Article 1 (53)
ЕДНОЛИЧНО ДРУЖЕСТВО
С ОГРАНИЧЕНА
ИТГОВОРНОСТ
NM # 50,44 100,00 # D 10 # 60
POLAND5299002V11Z638MWAS89PL00010 SCRisk Consult Polska
Sp.z.o.o.
Ancillary services
undertaking as defined
in Article 1 (53)
SPÓŁKA Z OGRANICZONĄ
ODPOWIEDZIALNOŚCIĄNM # 67,78 100,00 # D 10 # 60
ROMANIA5299002V11Z638MWAS89RO00007 SC
S.C. Risk Consult &
Engineering Romania
S.R.L.
Ancillary services
undertaking as defined
in Article 1 (53)
SOCIETATE CU
RASPUNDERE LIMITATANM # 50,44 100,00 # D 10 # 60
SLOVAKIA5299002V11Z638MWAS89SK00005 SC Risk Experts s.r.o.
Ancillary services
undertaking as defined
in Article 1 (53)
SPOLOČNOSŤ S RUČENÍM
OBMEDZENÝMNM # 50,44 100,00 # D 10 # 60
TURKEY5299002V11Z638MWAS89TY00001 SC
Risk Expert Risk ve Hasar
Danismanlik Hizmetleri
Limited Sirketi
Ancillary services
undertaking as defined
in Article 1 (53)
LIMITED ŞIRKETI NM # 63,80 100,00 # D 10 # 60
Criteria of influenceInclusion in the scope
of group supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 24 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the
under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision if
art. 214 is
applied
Method
used and
under
method 1,
treatment of
the
undertaking
C0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0180 C0190 C0200 C0210 C0220 C0230 C0240 C0250 C0260
AUSTRIA5299002V11Z638MWAS89AT00120 SCRisk Logics
Risikoberatung GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 50,44 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00075 SC
Schulring 21 Bürohaus
Errichtungs- und
Vermietungs GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 98,07 100,00 100,00 # D 0,98 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00076 SC
Schulring 21 Bürohaus
Errichtungs- und
Vermietungs GmbH &
Co KG
Ancillary services
undertaking as defined
in Article 1 (53)
KOMMANDITGESELLSCHAFT NM # 98,07 100,00 100,00 # D 0,98 10 # 10
HUNGARY 5493001JOVTO3ECGJR72 LEIERSTE Vienna Insurance
Group Biztositó Zrt.Life insurer
ZÁRTKÖRÜEN MÜKÖDÖ
RÉSZVÉNYTÁRSASÁGNM
MAGYAR
NEMZETI BANK
(HUNGARIAN
NATIONAL
BANK)
95,00 95,00 95,00 # D 0,95 10 # 10
HUNGARY5299002V11Z638MWAS89HU00003 SCErste Biztositasi Alkusz
Kft
Ancillary services
undertaking as defined
in Article 1 (53)
KORLÁTOLT FELELÖSSÉGÜ
TÁRSASÁGNM # 95,00 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00122 SC
SB
Liegenschaftsverwertung
s GmbH
OtherGESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 40,26 100,00 # S 10 # 90
ROMANIA5299002V11Z638MWAS89RO00005 SC S.C. CLUB A.RO S.R.L. OtherSOCIETATE CU RASPUNDERE
LIMITATANM # 99,60 100,00 # D 10 # 90
CZECH
REPUBLIC31570010000000068189 LEI
Pojist'ovna Ceské
sporitelny, a.s. Vienna
Insurance Group
Composite insurer AKCIOVÁ SPOLEČNOST NM
ČESKÁ NÁRODNÍ
BANKA (CZECH
NATIONAL
BANK)
94,92 95,00 95,00 # D 0,95 10 # 10
SLOVAKIA5299002V11Z638MWAS89SK00003 SC
SECURIA
majetkovosprávna a
podielová s.r.o.
Insurance holding
company as defined in
Art. 212§ [f] of Dir
SPOLOČNOSŤ S RUČENÍM
OBMEDZENÝMNM # 100,00 100,00 100,00 # D 1,00 10 # 10
ESTONIA 549300B2IA6I1Y8Q4C17 LEICompensa Life Vienna
Insurance Group SELife insurer SOCIETAS EUROPAEA NM
FI (FINANCIAL
SUPERVISION
AUTHORITY)
100,00 100,00 100,00 # D 1,00 10 # 10
SERBIA5299002V11Z638MWAS89RS00001 SC
WIENER STÄDTISCHE
OSIGURANJE
akcionarsko drustvo za
osiguranje, Beograd
Composite insurer AKCIONARSKO DRUŠTVO NM
ANORS
(INSURANCE
AGENCY OF
REPUBLIKA
SRPSKA)
100,00 100,00 100,00 # D 1,00 10 # 60
SERBIA5299002V11Z638MWAS89RS00002 SC
WIENER RE
akcionarsko društvo za
reosiguranje, Beograd
Reinsurance
undertakingAKCIONARSKO DRUŠTVO NM
ANORS
(INSURANCE
AGENCY OF
REPUBLIKA
SRPSKA)
99,28 100,00 100,00 # D 0,99 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00079 SC
Senioren Residenzen
gemeinnützige
Betriebsgesellschaft mbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 # D 10 # 60
Criteria of influenceInclusion in the scope
of group supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 25 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the
under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision if
art. 214 is
applied
Method
used and
under
method 1,
treatment of
the
undertaking
SERBIA5299002V11Z638MWAS89RS00003 SCVIG REAL ESTATE
DOO
Ancillary services
undertaking as defined
in Article 1 (53)
DRUŠTVO S
OGRANIČENOM
ODGOVORNOŠĆU
NM # 99,90 100,00 100,00 # D 1,00 10 # 10
ALBANIA5299002V11Z638MWAS89AL00002 SC
SIGMA
INTERALBANIAN
VIENNA INSURANCE
GROUP Sh.A.
Non-life insurer SHOQËRIA AKSIONARE NM
AMF (ALBANIAN
FINANCIAL
SUPERVISORY
AUTHORITY)
89,05 89,05 89,05 # D 0,89 10 # 60
MACEDONIA,
THE FORMER
YUGOSLAV
REPUBLIC OF
5299002V11Z638MWAS89MK00002 SC
Joint Stock Insurance
Company WINNER-
Vienna Insurance Group
Non-life insurer АКЦИОНЕРСКО ДРУШТВО NM
АСО
(INSURANCE
SUPERVISION
AGENCY)
100,00 100,00 100,00 # D 1,00 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00080 SC S IMMO AG
Ancillary services
undertaking as defined
in Article 1 (53)
AKTIENGESELLSCHAFT NM # 9,81 10,25 10,33 # S 0,10 10 # 90
POLAND 259400B863WMC70UMI60 LEI
Vienna Life
Towarzystwo
Ubezpieczeń na Życie
S.A. Vienna Insurance
Group
Life insurer SPÓŁKA AKCYJNA NM
KNF (POLISH
FINANCIAL
SUPERVISION
AUTHORITY)
100,00 100,00 100,00 # D 1,00 10 # 10
SLOVAKIA5299002V11Z638MWAS89SK00007 SC SK BM s.r.o.
Ancillary services
undertaking as defined
in Article 1 (53)
SPOLOČNOSŤ S RUČENÍM
OBMEDZENÝMNM # 99,38 100,00 # D 10 # 10
SLOVAKIA5299002V11Z638MWAS89SK00004 SC Slovexperta, s.r.o.
Ancillary services
undertaking as defined
in Article 1 (53)
SPOLOČNOSŤ S RUČENÍM
OBMEDZENÝMNM # 100,00 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00081 SC
Soleta
Beteiligungsverwaltungs
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 23,31 23,33 # S 10 # 90
CROATIA5299002V11Z638MWAS89HR00002 SC
S.O.S.- EXPERT d.o.o.
za poslovanje
nekretninama
Ancillary services
undertaking as defined
in Article 1 (53)
DRUŠTVO S
OGRANIČENOM
ODGOVORNOŠĆU
NM # 100,00 100,00 # D 10 # 60
CROATIA 529900R2YFGL5I8EML46 LEIErste osiguranje Vienna
Insurance Group d.d.Life insurer DIONIČKO DRUŠTVO NM
HANFA
(FINANCIAL
SERVICES
SUPERVISORY
AGENCY)
94,97 95,00 95,00 # D 0,95 10 # 10
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00015 SC
S-správa nemovitosti,
a.s.
Ancillary services
undertaking as defined
in Article 1 (53)
AKCIOVÁ SPOLEČNOST NM # 98,39 100,00 100,00 # D 0,98 10 # 60
SLOVAKIA 097900BFEY0000025086 LEI
Poist'ovna Slovenskej
sporitel'ne, a.s. Vienna
Insurance Group
Life insurer AKCIOVÁ SPOLOČNOSŤ NM
NBS (NATIONAL
BANK OF
SLOVAKIA )
95,00 95,00 95,00 # D 0,95 10 # 10
BULGARIA 549300RLAVC923B23203 LEI
"BULSTRAD LIFE
VIENNA INSURANCE
GROUP" EAD
Life insurerАКЦИОНЕРНО
ДРУЖЕСТВОNM
КФН (FINANCIAL
SUPERIVSION
COMMISSION)
99,38 100,00 100,00 # D 0,99 10 # 10
Criteria of influenceInclusion in the scope
of group supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 26 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision if
art. 214 is
applied
Method
used and
under
method 1,
treatment of
the
undertaking
C0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0180 C0190 C0200 C0210 C0220 C0230 C0240 C0250 C0260
BULGARIA 549300X77HR0ZWZGRM25 LEI
INSURANCE JOINT-
STOCK COMPANY
"BULSTRAD VIENNA
INSURANCE GROUP"
Non-life insurer АКЦИОНЕРНО ДРУЖЕСТВО NM
КФН
(FINANCIAL
SUPERIVSION
COMMISSION)
99,38 99,38 99,38 # D 0,99 10 # 10
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00016 SC SURPMO, a.s.
Ancillary services
undertaking as defined
in Article 1 (53)
AKCIOVÁ SPOLEČNOST NM # 98,39 100,00 100,00 # D 0,98 10 # 60
AUSTRIA 549300L9JZAII25UWB36 LEI
Sparkassen
Versicherung AG
Vienna Insurance
Group
Composite insurer AKTIENGESELLSCHAFT NM
ÖSTERREICHISC
HE
FINANZMARKT
AUFSICHT
94,93 95,00 95,00 # D 0,95 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00082 SC
Sparkassen-
Versicherungsservice
Gesellschaft m.b.H.
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 94,93 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00083 SC SVZ GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 94,93 100,00 100,00 # D 0,95 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00084 SC SVZI GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 94,93 100,00 100,00 # D 0,95 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00085 SCSVZ Immoholding
GmbH & Co KG
Ancillary services
undertaking as defined
in Article 1 (53)
KOMMANDITGESELLSCHAFT NM # 94,93 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00086 SCSVZ Immoholding
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 94,93 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00087 SC T 125 GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 94,40 100,00 100,00 # D 0,94 10 # 10
BULGARIA5299002V11Z638MWAS89BG00006 SCDV Asset Management
EAD
Ancillary services
undertaking as defined
in Article 1 (53)
АКЦИОНЕРНО ДРУЖЕСТВО NM
КФН
(FINANCIAL
SUPERIVSION
COMMISSION)
100,00 100,00 # D 10 # 60
BULGARIA5299002V11Z638MWAS89BG00007 SC TBI BULGARIA EAD
Mixed-activity
insurance holding
company as defined in
Art.
АКЦИОНЕРНО ДРУЖЕСТВО NM # 100,00 100,00 100,00 # D 1,00 10 # 10
BULGARIA5299002V11Z638MWAS89BG00008 SCDV CONSULTING
EOOD
Ancillary services
undertaking as defined
in Article 1 (53)
ЕДНОЛИЧНО ДРУЖЕСТВО С
ОГРАНИЧЕНА
ИТГОВОРНОСТ
NM # 100,00 100,00 # D 10 # 60
NETHERLA
NDS5299002V11Z638MWAS89NL00002 SC ATBIH N.V.
Mixed-activity
insurance holding
company as defined in
Art.
NAAMLOZE VENOOTSCHAP NM # 100,00 100,00 100,00 # D 1,00 10 # 10
Criteria of influenceInclusion in the scope
of group supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 27 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision if
art. 214 is
applied
Method
used and
under
method 1,
treatment of
the
undertaking
C0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0180 C0190 C0200 C0210 C0220 C0230 C0240 C0250 C0260
BULGARIA5299002V11Z638MWAS89BG00009 SC TBI Info EOOD
Ancillary services
undertaking as defined
in Article 1 (53)
ЕДНОЛИЧНО ДРУЖЕСТВО С
ОГРАНИЧЕНА
ИТГОВОРНОСТ
NM # 99,88 100,00 # D 10 # 60
BULGARIA5299002V11Z638MWAS89BG00010 SC DV Invest EAD
Ancillary services
undertaking as defined
in Article 1 (53)
АКЦИОНЕРНО ДРУЖЕСТВО NM
КФН
(FINANCIAL
SUPERIVSION
COMMISSION)
100,00 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00090 SCTOGETHER Internet
Services GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 24,28 24,99 # S 10 # 90
LITHUANIA5299002V11Z638MWAS89LT00002 SCUAB "Compensa
Services"
Ancillary services
undertaking as defined
in Article 1 (53)
UŽDAROJI AKCINĖ
BENDROVĖNM # 100,00 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00091 SCUntere Donaulände 40
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 97,70 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00092 SCUntere Donaulände 40
GmbH & Co KG
Ancillary services
undertaking as defined
in Article 1 (53)
KOMMANDITGESELLSCHAFT NM # 97,70 100,00 100,00 # D 0,98 10 # 10
UKRAINE5299002V11Z638MWAS89UA00005 SC
Private Joint-Stock
Company "Insurance
company" Ukrainian
insurance group"
Non-life insurerPRIVATE JOINT STOCK
COMPANYNM
НБУ (NATIONAL
BANK OF
UKRAINE)
100,00 100,00 100,00 # D 1,00 10 # 60
UKRAINE5299002V11Z638MWAS89UA00009 SC
Limited Liability
Company "UIG
Consulting"
Insurance holding
company as defined in
Art. 212§ [f] of Dir
LIMITED LIABILITY
COMPANYNM
НБУ (NATIONAL
BANK OF
UKRAINE)
100,00 100,00 100,00 # D 1,00 10 # 60
UKRAINE5299002V11Z638MWAS89UA00006 SC
"Assistance Company
"Ukrainian Assistance
Service" LLC
Ancillary services
undertaking as defined
in Article 1 (53)
LIMITED LIABILITY
COMPANYNM # 100,00 100,00 # D 10 # 60
HUNGARY5299002V11Z638MWAS89HU00004 SCUNION-Informatikai
Szolgáltató Kft.
Ancillary services
undertaking as defined
in Article 1 (53)
KORLÁTOLT FELELÖSSÉGÜ
TÁRSASÁGNM # 100,00 100,00 # D 10 # 60
UKRAINE5299002V11Z638MWAS89UA00007 SC
Privat Joint-Stock
Company "OWN
SERVICE"
Ancillary services
undertaking as defined
in Article 1 (53)
PRIVAT JOINT STOCK
COMPANYNM # 100,00 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00093 SCVBV - Betriebliche
Altersvorsorge AG
Institutions for
occupational
retirement provision
AKTIENGESELLSCHAFT NM
ÖSTERREICHISC
HE
FINANZMARKT
AUFSICHT
23,22 23,56 23,56 # S 0,23 10 # 99
AUSTRIA5299002V11Z638MWAS89AT00094 SC
Senioren Residenz
Veldidenapark
Errichtungs- und
Verwaltungs GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 66,63 66,70 66,70 # D 0,67 10 # 10
Criteria of influenceInclusion in the scope
of group supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 28 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision if
art. 214 is
applied
Method
used and
under
method 1,
treatment of
the
undertaking
C0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0180 C0190 C0200 C0210 C0220 C0230 C0240 C0250 C0260
AUSTRIA5299002V11Z638MWAS89AT00095 SC
Versicherungsbüro Dr.
Ignaz Fiala Gesellschaft
m.b.H.
OtherGESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 33,30 33,33 # S 10 # 90
ESTONIA5299002V11Z638MWAS89EE00001 SCVienibas Gatve
Investments OÜ
Ancillary services
undertaking as defined
in Article 1 (53)
OSAÜHING NM # 100,00 100,00 100,00 # D 1,00 10 # 10
LATVIA5299002V11Z638MWAS89LV00002 SCVienibas Gatve
Properties SIA
Ancillary services
undertaking as defined
in Article 1 (53)
SABIEDRIBA AR
IEROBEZOTU ATBILDIBUNM # 100,00 100,00 100,00 # D 1,00 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00096 SCWSV Immoholding
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 100,00 # D 1,00 10 # 10
HUNGARY 529900I1FX233E3L0A76 LEI
Vienna Life Vienna
Insurance Group
Biztositó Zártkörüen
Müködö
Részvénytársaság
Life insurerZÁRTKÖRÜEN MÜKÖDÖ
RÉSZVÉNYTÁRSASÁGNM
MAGYAR
NEMZETI BANK
(HUNGARIAN
NATIONAL
BANK
100,00 100,00 100,00 # D 1,00 10 # 10
LIECHTENS
TEIN391200DU8YTAM37XFE39 LEI
Vienna-Life
Lebensversicherung AG
Vienna Insurance
Group
Life insurer AKTIENGESELLSCHAFT NM
FINANZMARKT
AUFSICHT
LIECHTENSTEIN
100,00 100,00 100,00 # D 1,00 10 # 10
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00017 SC
VIG Asset Management
investicni spolecnost,
a.s.
Ancillary services
undertaking as defined
in Article 1 (53)
AKCIOVÁ SPOLEČNOST NM # 100,00 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00097 SCVIG AM Services
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 100,00 100,00 # D 10 # 60
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00018 SC VIG FUND, a.s.
Ancillary services
undertaking as defined
in Article 1 (53)
AKCIOVÁ SPOLEČNOST NM # 99,38 100,00 100,00 # D 0,99 10 # 10
ROMANIA5299002V11Z638MWAS89RO00006 SCVIG Management
Service SRL
Ancillary services
undertaking as defined
in Article 1 (53)
SOCIETATE CU
RASPUNDERE LIMITATANM # 98,43 100,00 # D 10 # 60
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00019 SC
V.I.G. ND, uzavrený
investicni fond a.s.
Ancillary services
undertaking as defined
in Article 1 (53)
AKCIOVÁ SPOLEČNOST NM # 98,39 100,00 100,00 # D 0,98 10 # 10
POLAND5299002V11Z638MWAS89PL00008 SC
Vienna Insurance
Group Polska Spolka z
ograniczona
odpowiedzialnoscia
Ancillary services
undertaking as defined
in Article 1 (53)
SPÓŁKA Z OGRANICZONĄ
ODPOWIEDZIALNOŚCIĄNM # 99,99 100,00 # D 10 # 60
BULGARIA5299002V11Z638MWAS89CZ00020 SCVIG Properties Bulgaria
AD
Ancillary services
undertaking as defined
in Article 1 (53)
АКЦИОНЕРНО ДРУЖЕСТВО NM # 99,97 99,97 99,97 # D 1,00 10 # 10
Criteria of influenceInclusion in the scope
of group supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 29 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision if
art. 214 is
applied
Method
used and
under
method 1,
treatment of
the
undertaking
C0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0180 C0190 C0200 C0210 C0220 C0230 C0240 C0250 C0260
CZECH
REPUBLIC31570010000000066734 LEI VIG RE zajist'ovna, a.s.
Reinsurance
undertakingAKCIOVÁ SPOLEČNOST NM
ČESKÁ
NÁRODNÍ
BANKA (CZECH
NATIONAL
BANK)
99,28 100,00 100,00 # D 0,99 10 # 10
BULGARIA5299002V11Z638MWAS89BG00011 SCVIG Services Bulgaria
EOOD
Ancillary services
undertaking as defined
in Article 1 (53)
ЕДНОЛИЧНО ДРУЖЕСТВО
С ОГРАНИЧЕНА
ИТГОВОРНОСТ
NM # 99,38 100,00 # D 10 # 60
ALBANIA5299002V11Z638MWAS89AL00003 SCVIG Services Shqiperi
Sh.p.K.
Ancillary services
undertaking as defined
in Article 1 (53)
SH.P.K NM # 89,36 100,00 # D 10 # 60
UKRAINE5299002V11Z638MWAS89UA00008 SCVIG Services Ukraine,
LLCOther
LIMITED LIABILITY
COMPANYNM # 100,00 100,00 100,00 # D 1,00 10 # 60
POLAND5299002V11Z638MWAS89PL00009 SC
Spoldzielnia Uslugowa
VIG EKSPERT W
WARSZAWIE
Ancillary services
undertaking as defined
in Article 1 (53)
SPOLDZIELNIA USLUGOWA NM # 99,96 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00098 SCVienna International
Underwriters GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 100,00 100,00 # D 10 # 60
CZECH
REPUBLIC5299002V11Z638MWAS89CZ00021 SC
VLTAVA
majetkovosprávní a
podílová spol.s.r.o.
Insurance holding
company as defined in
Art. 212§ [f] of Dir
SPOLEČNOST S RUČENÍM
OMEZENÝMNM # 100,00 100,00 100,00 # D 1,00 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00099 SC
VÖB Direkt
Versicherungsagentur
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 49,95 50,00 # S 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00100 SCVIG-CZ Real Estate
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,66 100,00 100,00 # D 1,00 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00101 SC VIG Real Estate GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,66 100,00 100,00 # D 1,00 10 # 10
AUSTRIA 549300JCRU23I1THU176AT00102 SCWAG Immobilien
Einsiedlergasse GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 24,98 100,00 # S 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00104 SC
WAG
Wohnungsanlagen
Gesellschaft m.b.H.
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 24,98 100,00 # S 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00105 SC WGPV Holding GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 100,00 # D 1,00 10 # 10
Criteria of influenceInclusion in the scope
of group supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 30 / 31
Annex I
S.32.01.22
Undertakings in the scope of the group
Group
solvency
calculation
CountryIdentification code of the
undertaking
Type of
code of
the ID of
the under-
taking
Legal name of the
undertakingType of undertaking Legal form
Category
(mutual/
non
mutual)
Supervisory
Authority
%
capital
share
% used
for the
establish-
ment of
consol-
idated
accounts
% voting
rights
Other
criteria
Level of
influence
Propor-
tional
share used
for group
solvency
calculation
YES/NO
Date of
decision if
art. 214 is
applied
Method
used and
under
method 1,
treatment of
the
undertaking
C0010 C0020 C0030 C0040 C0050 C0060 C0070 C0080 C0180 C0190 C0200 C0210 C0220 C0230 C0240 C0250 C0260
AUSTRIA5299002V11Z638MWAS89AT00106 SC WILA GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 100,00 # D 1,00 10 # 10
MACEDONIA,
THE FORMER
YUGOSLAV
REPUBLIC OF
5299002V11Z638MWAS89MK00003 SC
Joint Stock Insurance
Company WINNER
LIFE - Vienna Insurance
Group Skopje
Life insurer АКЦИОНЕРСКО ДРУШТВО NM
АСО
(INSURANCE
SUPERVISION
AGENCY)
100,00 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00127 SC WINO GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00109 SC
WNH
Liegenschaftsbesitz
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 87,07 100,00 100,00 # D 0,87 10 # 10
AUSTRIA 5299005U4E4AM2MQXF64 LEI
WOFIN
Wohnungsfinanzierungs
GmbH
OtherGESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 20,72 100,00 100,00 # S 0,21 10 # 90
AUSTRIA5299002V11Z638MWAS89AT00110 SC
WIENER VEREIN
BESTATTUNGS- UND
VERSICHERUNGSSER
VICE-GESELLSCHAFT
M.B.H.
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 100,00 # D 1,00 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00111 SC
WSBV
Beteiligungsverwaltung
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00112 SC
WSBV
Beteiligungsverwaltung
GmbH & Co KG
Ancillary services
undertaking as defined
in Article 1 (53)
KOMMANDITGESELLSCHAFT NM # 99,90 100,00 100,00 # D 1,00 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00113 SCWiener Städtische
Donau Leasing GmbHOther
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 # D 10 # 90
AUSTRIA 549300JCRU23I1THU176 LEI
VIENNA INSURANCE
GROUP AG Wiener
Versicherung Gruppe
Non-life insurer AKTIENGESELLSCHAFT NM
ÖSTERREICHISC
HE
FINANZMARKT
AUFSICHT
# D 10 # 10
AUSTRIA 549300W4AU642WNKBH79 LEI
WIENER STÄDTISCHE
VERSICHERUNG AG
Vienna Insurance Group
Composite insurer AKTIENGESELLSCHAFT NM
ÖSTERREICHISC
HE
FINANZMARKT
AUFSICHT
99,90 99,90 99,90 # D 1,00 10 # 10
AUSTRIA5299002V11Z638MWAS89AT00114 SCWSV Beta Immoholding
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 # D 10 # 60
AUSTRIA5299002V11Z638MWAS89AT00115 SC
WSV
Vermögensverwaltung
GmbH
Ancillary services
undertaking as defined
in Article 1 (53)
GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNGNM # 99,90 100,00 # D 10 # 60
Criteria of influenceInclusion in the scope
of group supervision
2016 SFCR 'Vienna Insurance Group AG Wiener Versicherung Gruppe' - VIG Group (voluntarily) 31 / 31