Vienna Insurance Group Ag · VIE:VIG
Vienna Insurance — Morgan Stanley European Financials Conference 2026
41 slides from Vienna Insurance's conference presentation, March 2026
Slide 1: Vienna Insurance Group
Vienna Insurance Group Preliminary full-year 2025 results Group strategy 2026-2028
Slide 2: Agenda
Agenda VIG introduction & strategy Preliminary 12M 2025 results NÜRNBERGER Appendix Please note that rounding differences may occur Gross written premiums are not part of IFRS 17/9 reporting 2
Slide 3: Resilient and growth-oriented top insurer
Resilient and growth-oriented top insurer Investment proposition overview Market leader in CEE with growth prospects Decentralised business model Strong, diversified sales and the ongoing expansion The decentralised management approach and of the product range enable sustainable, the multi-brand str
Slide 4: Number 1 insurance group in CEE
Number 1 insurance group in CEE Broadly diversified and solidly capitalised Top 3 FI VIG is represented More than 50 local SE 30 in 30 markets 50 insurance companies and NO EE > Top 3 pension funds LV Special DK LT Markets BY Over 33mn Excellent S&P rating 33 customers served by ~30,000 A+ of A+ wit
Slide 5: Diversified portfolio & multi-channel distribution
Diversified portfolio & multi-channel distribution Gross written premiums split Multi-channel distribution 10% Various distribution channels 35% Special Markets Strongly customer-oriented distribution 10% Life2 Motor1 Austria Employed sales forces Brokers & agents 46% 25% 26% & tied agents 30% 9% Ba
Slide 6: Long-term growth potential in CEE
Long-term growth potential in CEE Annual insurance spending as indicator for growth potential Insurance density 2024 (premiums per capita, in €) Insurance density in 2024 in 1,284 Austria: € 2,322 764 551 547 543 500 499 469 436 375 267 230 210 212 161 143 106 89 70 36 Czech Republic Türkiye Hungary
Slide 7: Dividend proposal of € 1.73 per share
Dividend proposal of € 1.73 per share Continuous dividend payout since 1994 Dividend proposal in line with dividend policy Dividend policy € 1.731 In terms of dividend continuity and € 1.55 predictability, VIG aims to pay a dividend € 1.40 per share that is at least equal to that of € 1.30 the previ
Slide 8: VIG Group strategy 2026-2028
VIG Group strategy 2026-2028 Group Programmes Company Strategies Country Portfolio & CO3 Cooperation Collaboration Communication Values & Principles Plurality Entrepreneurship Responsibility Excellence Passion 8 Strategy
Slide 9: Management principles
Management principles VIG Group strategy 2026-2028 VIG operates as a ‘Group’ and creates significant economic added value through entrepreneurship and Communication provides for transparency and multi-brand strategy drives efficient and effective exchange within the Group VIG shows a strong and sust
Slide 10: Five distinctive group programmes
Five distinctive group programmes Designed to support objectives and strategic implications Group programmes reflect relevant trends and challenges Sustainability Capital Banking Artificial Health Management Cooperation Intelligence VIG as a reliable Capital efficiency Realising business AI and data
Slide 11: Country portfolio & company strategies
Country portfolio & company strategies Employees – foster people and culture Expand the customer base Participation in Great Place to Work, Service excellence by personalization of developing career opportunities and YEES CUS TO offers and services with AI supported strengthening internal mobility O
Slide 12: Financial targets 2028
financial targets 2028 VIG quantitative targets (not yet including NÜRNBERGER) Growth Profitability Capital strength Gross written Profit before Combined Operating Solvency premiums taxes ratio ROE ratio ≥ € 20 billion ≥ € 1.5 billion ≤ 91% ≥ 17% 150 – 200% in 2028 in 2028 in 2028 in 2028 range ther
Slide 13: Agenda
Agenda VIG introduction & strategy Preliminary 12M 2025 results NÜRNBERGER Appendix Please note that rounding differences may occur Gross written premiums are not part of IFRS 17/9 reporting 13
Slide 14: Key figures for the full-year 2025
Key figures for the full-year 2025 Solid top- and very strong bottom-line growth Gross written premiums Insurance service revenue Profit before taxes € 16,313.7mn € 13,196.0mn € 1,161.3mn GWP up by 7.1% Revenue up by 8.7% PBT up by 31.7% 12M 2024: € 15,226.3mn 12M 2024: € 12,138.5mn 12M 2024: € 881.
Slide 15: Gross written premiums up by 7.1% to € 16.3bn
Gross written premiums up by 7.1% to € 16.3bn Gross written premiums by segments; 12M 2025 (€ mn) +9.2% +4.6% 4,873.2 4,742.0 4,533.2 4,464.4 3,751.2 3,644.5 +8.2% 2,709.1 2,559.8 2,470.1 2,366.2 +10.7% 1,935.8 +5.8% 1,832.4 1,601.7 1,655.3 1,587.3 1,500.3 1,391.8 1,294.4 1,259.8 1,186.4 915.8 817.2
Slide 16: Insurance service revenue up by 8.7% to € 13.2bn
Insurance service revenue up by 8.7% to € 13.2bn Insurance service revenue by segments; 12M 2025 (€ mn) 3,543.2 Austria: Insurance service revenue grew by € 204.5mn Austria +5.8% driven by non-life and health insurance 3,747.7 Czech Republic: Strong revenue growth of € 200.5mn 2,078.2 based on posit
Slide 17: Solid growth across all lines of business
Solid growth across all lines of business Insurance service revenue by lines of business, incl. Group Functions; 12M 2025 (€ mn) MTPL Casco Other property Insurance service revenue +8.7% 12M 2024 2,321.8 1,988.2 6,303.3 13,196.0 12,138.5 938.5 +10.4% +7.3% +4.6% 761.3 928.0 120.7 882.6 12M 2025 2,56
Slide 18: Result before taxes of € 1.16bn up by 31.7%
Result before taxes of € 1.16bn up by 31.7% Result before taxes by segments; 12M 2025 (€ mn) 336.1 Austria: Result up by € 98.4mn mainly attributable to Austria +29.3% the improved combined ratio 434.5 Czech Republic: Strong growth of € 74.5mn primarily due to 211.1 the improved combined ratio Czech
Slide 19: P&C net combined ratio of 90.1%
P&C net combined ratio of 90.1% Discounting impact on claims ratio in 12M 2025 of 4.2% (12M 2024: 3.4%) Net insurance service expenses of € 8,364.8mn (12M24: € 7,931.6mn) / Net insurance service revenue of € 9,288.8mn (12M24: € 8,494.8mn) Significant improvement of COR supported by low number of wea
Slide 20: L/H contractual service margin & new business
L/H contractual service margin & new business 12M 2025 Life/Health CSM roll-forward (€ mn) +12.9% CSM New Business -152 49 € 528mn 840 -568 6,223 14 PV NB premiums 528 5,512 € 5,360mn CSM net New Business CSM interest Changes in Other changes FX effect CSM release CSM net 01/01/2025 accretion Variab
Slide 21: Solvency II ratio
Solvency II ratio VIG Group’s Solvency position including and excluding transitional measures Solvency II ratio Solvency II ratio including transitional measures excluding transitional measures 296% 276% 11,995 11,237 4,058 4,066 31/12/2025 31/12/2025 Solvency II own funds (€ mn) SCR (€ mn) 21 Preli
Slide 22: Outlook 2026
Outlook 2026 VIG provides guidance despite further increased global insecurity Guidance for 2026 The Group is highly stable based on its broad diversification and strong capitalisation VIG is best positioned and remains well prepared to manage the ongoing volatile geopolitical and macroeconomic cond
Slide 23: Agenda
Agenda VIG introduction & strategy Preliminary 12M 2025 results NÜRNBERGER Appendix Please note that rounding differences may occur Gross written premiums are not part of IFRS 17/9 reporting 23
Slide 24: NÜRNBERGER, a unique opportunity with compelling strategic fit
NÜRNBERGER, a unique opportunity with compelling strategic fit Long-term profitable growth potential with short-term restructuring efforts Germany is one of the largest European insurance markets with € 238bn total premium in 20241, and as a special market for VIG, offers an attractive environment g
Slide 25: Broader diversification – combined strengths
Broader diversification – combined strengths VIG to broaden its diversification and to strengthen the position in Germany Pro-forma combined GWP of VIG incl. NÜRNBERGER1 GWP of € 3.7bn at YE 20242 Special Markets Health unit-linked life insurance 7% Austria 9% Life Life 33% Germany 25% 31% 22% Non L
Slide 26: Agenda
Agenda VIG introduction & strategy Preliminary 12M 2025 results NÜRNBERGER Appendix Please note that rounding differences may occur Gross written premiums are not part of IFRS 17/9 reporting 26
Slide 27: Experienced Managing Board
Experienced Managing Board 170 years of joint experience in insurance industry & specific country responsibilities Hartwig Peter Liane Löger Höfinger Hirner CEO Deputy CEO CFRO Country responsibility: Country responsibility: Country responsibility: Austria, Czech Republic, Liechtenstein Bulgaria, Mo
Slide 28: S&P raised the outlook for VIG to positive
S&P raised the outlook for VIG to positive S&P raised the outlook from A+ with a stable outlook to A+ with a positive outlook S&P affirmed VIG's financial strength and issuer credit ratings with excellent A+ VIG’s diversification and growth were decisive factors in raising the outlook S&P: “VIG has
Slide 29: Group-wide sustainability programme
Group-wide sustainability programme Sustainability in VIG means creating economic value today without doing so at the expense of tomorrow SOCIAL FOCUS ENVIRONMENTAL FOCUS Objectives Objectives Reduction of emissions to net zero by 2050 A Man sset ciety age Risk literacy So m e Investment in green bo
Slide 30: Transition plan for climate protection
Transition plan for climate protection Net zero by 2050 – steps on the path to decarbonisation 2030: base year 2030: ~30% emission reduction 2050: net zero STARTING POINT INTERIM TARGET TARGET The greenhouse gas emissions VIG has defined as its first milestone a ~30% reduction The aim of the Paris A
Slide 31: Group income statement
Group income statement 12M 2025 (€ mn) 12M 2025 12M 2024 +/- % Insurance service revenue grew by € 1,057.5mn driven Insurance service result 1,518.4 1,186.4 28.0 by P&C business development, especially in the Insurance service revenue - issued business 13,196.0 12,138.5 8.7 Extended CEE and Special
Slide 32: Conservative investment strategy
Conservative investment strategy Spreading risk through diversification Investment split Bond portfolio by rating1 31/12/2024 12.3% 25.3% 34.3% 21.1% 7.0% 3.4% 8.3% 1.4% 0.7% 31/12/2025 13.9% 23.1% 37.5% 19.0% 6.5% 2.0% 9.6% € 38.0bn AAA AA A BBB Other 31/12/2025 Bond portfolio by issuer 74.6% 31/12
Slide 33: Segment overview
Segment overview Gross written premiums Insurance service revenue Result before taxes P&C net combined ratio in € mn in € mn in € mn in % 12M 2025 12M 2024 +/- % 12M 2025 12M 2024 +/- % 12M 2025 12M 2024 +/- % 12M 2025 12M 2024 +/- %p Austria 4,742.0 4,533.2 4.6 3,747.7 3,543.2 5.8 434.5 336.1 29.3
Slide 34: Additional figures
Additional figures Operating Return on Equity € mn 31/12/2025 31/12/2024² 31/12/2023² Shareholders’s equity 7,331.4 6,558.9 6,099.3 Unrealised gains and losses recognised in equity1 -255.9 -195.7 -159.3 Adjusted shareholders’ equity 7,075.4 6,363.2 5,940.0 Average adjusted shareholders’ equity 6,719
Slide 35: Key investment proposition
Key investment proposition How investors benefit from VIG’s unique market position and business approach Market leader in CEE with growth prospects Decentralised business model Attractive risk/reward profile in a growth region Agile, future-oriented operations in a dynamic environment Investments to
Slide 36: VIG share (I)
VIG share (I) Number of common shares: 128,000,000 | ISIN: AT0000908504 General information Analyst recommendations (as of Mar 2026) Listings Ticker Major indices BUY Vienna Stock Exchanges: VIG ATX 3 Prague Bloomberg: VIG AV / VIG CP / VIG XH ATX Prime Budapest Reuters: VIGR.VI / VIGR.PR / VIGR.H P
Slide 37: VIG share (II)
VIG share (II) Shareholder structure Free float split by region1 North America 30% Austria 29% ~72% Wiener Städtische ~28% Continental Europe 29% Versicherungsverein Free float (Mutual) UK & Ireland 8% Other 4% 1 Split of identified shares (Source: S&P Global, May 2025) 37 Appendix
Slide 38: We are in Central and Eastern Europe
38 BULSTRAD SIGMA. SIGMA Fasten oT COMPENSA Als RNR Poland Fen temeeroone ST Sarwar or COMPENSA ite Seesam Samant oe Inter Risk 36 VIENVA UFE VIG’ WIENER RATT OSIGURANJE COMPENSA ita VIG NRT VIENNA-LIFE GPILA OMNIASIC Vienna PTE WIENER STADTISCHE @lonav Kooperativa (477 nao? —— Asirom siconra — VIG
Slide 39: Contact details
Contact details Investor Relations Financial calendar 20261 Nina Higatzberger-Schwarz Date Event Sylvia Hollerer Phone: +43 50 390-21920 Phone: +43 50 390-21919 12 Mar 2026 Preliminary results for the financial year 2025 nina.higatzberger@vig.com sylvia.hollerer@vig.com 28 Apr 2026 Results and Group
Slide 40: Disclaimer
Disclaimer Important notice These materials are for information purposes only. These materials do not constitute or form part, or all, of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in any jurisdiction in which such solicita
Slide 41: Vienna Insurance Group
VIG* VIENNA INSURANCE GROUP Vienna Insurance Group
Vienna Insurance Group — Morgan Stanley European Financials Conference 2026 on 6ix