Georgia’s largest investor in insurance, Vienna Insurance Group, celebrates 200th Anniversary
Two centuries of development have been marked by strong responsibility, stable growth, and long-term investments in the countries where the Group operates — including Georgia.
Founded in 1824 in Austria, during the era of the Habsburg Monarchy, the leading insurance group in Central and Eastern Europe now unites around 50 companies in nearly 30 European countries, with a workforce of approximately 30,000 employees.
Discover more in this exclusive interview with Günter Geyer, Austria’s most successful insurance manager and Chair of the Supervisory Board of Vienna Insurance Group, and learn about the principles behind a group that has played a major role in the development of Georgia’s insurance market.
You joined the then Wechselseitige (a mutual insurance provider) in 1974 and have significantly shaped the company in various leadership roles over the years. Which topics and principles were important back then, which are important today, and which will continue to be so in the future?
When I started here 50 years ago, ‘Wechselseitige’ had just opened Vienna’s first-ever company kindergarten, a significant contribution to promoting gender equality at the time. This topic has always been very important to us, and the company has received various awards for its activities in this area. Today, half of the ‘Wiener Städtische’ board team are women, and in Serbia, three out of four board members are female. We are all about diversity, variety, and equality — and this is reflected throughout the entire Group.
Why was social and cultural engagement important, and why is it still important today?
Insurance companies have a duty of care that goes beyond business. That’s why we also support social initiatives, for example, through our Social Active Day, where our employees become personally involved in a range of voluntary activities. Solidarity and social engagement are highly valued at Wiener Städtische Versicherungsverein, VIG Holding, and throughout the Group — from board members to apprentices. These days, everyone’s talking about ESG (Environmental, Social, and Governance), but for us, the social aspect has always been important. The insurance business is an extremely sustainable industry by nature. And because we also focus on the E in ESG, we prioritise investment in sustainable infrastructure, for example.
We also support artists and promote culture. In fact, we have been doing this since the 1930s, and it’s something that we continue to focus on closely to this day, including in CEE countries. Our cultural activities in the Czech Republic deserve particular mention in this respect.
In the past, the Group has pursued a multi-brand strategy that involves entrusting responsibility to local managers. And VIG continues to do that today. What’s the motivation for this approach?
If a company that we acquire already has a good name and a strong brand, both should be kept; they won’t simply be renamed. Often, these companies enjoy strong brand recognition in their markets, and we obviously want to maintain that — also out of respect for the customers. Local management generally has a better insight into what is important for customers in a particular market. The headquarters in Vienna is farther away and can never be dialled in as closely as the people on the ground. That’s why we believe so strongly in local responsibility. Our local managers target the needs of their specific customer base because they’re the ones who understand the market environment best. They certainly don’t take ‘orders’ from Vienna. And this approach adds value for the entire Group.
The premiums collected in a given country are reinvested there. Why do you do that?
We follow the principle that premiums earned by a company should be reinvested in that particular country over time — in housing, government bonds, or equity investments. We also see this as a sign of respect and recognition towards policyholders. Through this, we help to stimulate growth, secure jobs, play a positive role in economic development, and invigorate the local capital market. And this approach also prevents a form of ‘economic colonisation’.
The Vienna Insurance Group sees itself as a group and repeatedly emphasises that it is not a corporation. Why is that so important to you?
We are committed to communicating on an equal footing throughout the Group. We think in terms of partnerships and aren’t interested in issuing edicts or adopting a top-down style, which is not always how things are at giant corporations. But from experience, we have consistently seen that we achieve significantly better results with a Group approach. Niche policies in particular can be implemented very successfully within this framework.
Which topics are important or set to become more so in future, aside from providing coverage against risks?
For us, customers come first, and we take care of their concerns and needs. We use modern service facilities and customer support and assistance systems, which we are expanding continuously. However, comprehensive customer orientation also means commitment in other areas, such as affordable housing.
