WE ARE - Wiener Städtische

14 ANNUAL REPORT 2010 | Wiener StädtiSche
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Erich Leiss
ance company. We are also one of
the largest investors and employers
in the country. We are well positioned
throughout Austria, near to our customers
and responsive to their needs.
Our expansion into the CEE region
was, however, also managed from
Austria. And now, thanks to the reorganisation
of VIG, we can once again
place our full attention on our home
market of Austria.
What does being a part of VIG mean
for you, and your customers?
Höfinger: Being part of an international
group of companies brings us
stability, financial strength and a network
covering the entire CEE region,
which is of particular interest to our
large customers, who often operate
out of Austria in the entire region.
VIG also performs important management
functions that determine
our strategic direction and provide
synergies. This brings considerable
cost benefits, for example in the IT
area or back office. In addition, all
of the companies in VIG benefit from
exchanging know-how and best practices.
It is important to us that the
other companies in the Group meet
the same high goals and standards
as the Group as a whole.
And where specifically do you score
points compared to your competitors?
Leiss: Our goal is to recognise trends
before others do, and to immediately
turn this knowledge into products
that address those needs. We therefore
see ourselves as forward-looking
trendsetters in the Austrian insurance
industry. Wiener Städtische’s
track record of consistent success
throughout its history shows that we
can achieve this goal. One example:
we were the first in the market to
expand catastrophic protection in
homeowner insurance.
Havasi: We were also first mover with
retirement pensions in the 1960s,
and in the area of nursing care provisions,
where we were the first in
Austria to offer an insurance solution.
Aside from product innovation, however,
one of the crucial differences,
particularly in a business based on
trust, is the high level of professional
service and support we provide. Because
of our nation-wide network,
we truly are near to our customers
everywhere in Austria. Another factor
that perhaps none of us would
have suspected, and that also underscores
longterm performance, is
that we have been the trusted insurance
company of many monasteries
and other parts of the Austrian clergy
since the Company was established.
How does it look in terms of profitability?
The last few years have also been
difficult for insurance companies.
How did the Company do in 2010?
Lasshofer: Very well. Premium volume
increased by more than 4%, exceeding
our target for the year, and
the result from ordinary activities is
also considerably higher than the
year before.
Single-premium life insurance policies
made a particularly large contribution
to premium volume, the cost
reduction programme begun in 2009
was brought to a successful conclusion,
and the reorganisation measures
needed when the Company was
split off from VIG were also completed
quickly. This increased efficiency
considerably.