Vienna Insurance Group Ag · VIE:VIG
Vienna Insurance — Vienna Insurance Grp Ord — FY2025 Earnings Presentation
42 slides from Vienna Insurance's earnings presentation, Mar 12, 2026
Slide 1: 2025 preliminary results presentation
2025 preliminary results presentation Hartwig Löger, CEO Peter Höfinger, Deputy CEO Liane Hirner, CFRO Vienna, 12 March 2026
Slide 2: Key investment proposition
Key investment proposition 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 leverage the structural ca
Slide 3: Agenda
Agenda Highlights Financials Outlook Segments Appendix Please note that rounding differences may occur Gross written premiums are not part of IFRS 17/9 reporting 3
Slide 4: Executive summary
Executive summary VIG with ongoing dynamic growth performance 2025 was an exceptional year for Vienna Insurance Group Strong top-line and earnings growth overall Group profit before taxes exceeds the billion mark for the first time Successful public purchase offer for NÜRNBERGER Beteiligungs-AG and
Slide 5: 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 6: Portfolio diversification
Portfolio diversification Gross written premiums Insurance service revenue Result before taxes Special Special Special Markets Markets Markets 10% 9% 11% Austria Austria 30% 30% Extended Austria 37% CEE 20% GWP Extended ISR PBT Extended 31% 31% 12M 2025 CEE 12M 2025 12M 2025 CEE 9% 16% 18% Poland 12
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: Agenda
Agenda Highlights Financials Outlook Segments Appendix Please note that rounding differences may occur Gross written premiums are not part of IFRS 17/9 reporting 8
Slide 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: Total capital investment result
Total capital investment result 12M 2025 (€ mn) 12M 2025 12M 2024 +/- % Total capital investment result up by Total capital investment result 489.4 435.6 12.3 € 53.7mn primarily attributable to higher Investment result 2,398.0 1,884.0 27.3 interest income and volume from the Interest revenue using t
Slide 17: Investment split at YE 2025
Investment split at YE 2025 Conservative and stable investment strategy 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 18: Bond portfolio
Bond portfolio Bond portfolio overview at YE 2025 Bond portfolio rating distribution Government bond portfolio split by country1 Austria Government bonds Covered bonds 79.4% 10.6% Other² 30.5% 33.9% 32.4% Czech Republic 13.4% 11.9% 14.5% 18.6% 9.2% 1.7% 0.3% 0.0% AAA AA A BBB Other AAA AA A BBB Othe
Slide 19: 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) 19 Finan
Slide 20: Agenda
Agenda Highlights Financials Outlook Segments Appendix Please note that rounding differences may occur Gross written premiums are not part of IFRS 17/9 reporting 20
Slide 21: CEE is an attractive growth region
CEE is an attractive growth region GDP growth forecasts in the region still outperform growth in Western Europe GDP growth forecast (real change in % against previous year) Solid growth despite challenging environments Mid-term outlook for the CEE region remains more 3.7 3.5 favourable compared to W
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: 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 24: Agenda
Agenda Highlights Financials Outlook Segments Appendix Please note that rounding differences may occur Gross written premiums are not part of IFRS 17/9 reporting 24
Slide 25: Austria
Austria Insurance service revenue € mn 12M 2025 12M 2024 +/- % +5.8% GWP of € 4,742.0mn Insurance service result 507.9 390.6 30.0 3,747.7 Insurance service revenue grew by 61.8 Insurance service revenue - issued business 3,747.7 3,543.2 5.8 3,543.2 € 204.5mn driven by non-life and health 55.1 407.7
Slide 26: Czech Republic
Czech Republic Insurance service revenue € mn 12M 2025 12M 2024 +/- % +9.6% GWP of € 2,559.8mn Insurance service result 344.5 234.9 46.7 2,278.7 Insurance service revenue - issued business 2,278.7 2,078.2 9.6 Strong insurance service revenue 2,078.2 Insurance service expenses - issued business -1,87
Slide 27: Poland
Poland Insurance service revenue € mn 12M 2025 12M 2024 +/- % +7.2% GWP of € 1,832.4mn Insurance service result 127.5 61.1 >100 1,471.8 Insurance service revenue - issued business 1,471.8 1,373.3 7.2 Insurance service revenue increase by 1,373.3 105.3 Insurance service expenses - issued business -1,
Slide 28: Extended CEE
Extended CEE Insurance service revenue € mn 12M 2025 12M 2024 +/- % +8.6% GWP of € 4,873.2mn Insurance service result 354.5 265.7 33.4 3,908.0 Insurance service revenue - issued business 3,908.0 3,599.5 8.6 Revenue up by € 308.5mn supported 3,599.5 257.9 Insurance service expenses - issued business
Slide 29: Special Markets
Special Markets Insurance service revenue € mn 12M 2025 12M 2024 +/- % +26.6% GWP of € 1,587.3mn Insurance service result 26.5 58.3 -54.5 1,170.1 Insurance service revenue - issued business 1,170.1 924.2 26.6 Robust increase of the revenue of 130.9 Insurance service expenses - issued business -1,028
Slide 30: Group Functions
Group Functions Insurance service revenue € mn 12M 2025 12M 2024 +/- % -0.8% GWP of € 2,821.0mn Insurance service result 157.5 175.9 -10.5 1,780.9 1,766.5 Insurance service revenue - issued business 1,766.5 1,780.9 -0.8 Insurance service revenue decline by 37.8 35.4 0.1 0.1 Insurance service expense
Slide 31: Agenda
Agenda Highlights Financials Outlook Segments Appendix Please note that rounding differences may occur Gross written premiums are not part of IFRS 17/9 reporting 31
Slide 32: 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 33: Group balance sheet
Group balance sheet € mn 31/12/2025 31/12/2024 +/- % Cash and cash equivalents 1,368.4 1,748.1 -21.7 Financial assets 42,490.2 39,637.2 7.2 Receivables 616.1 560.0 10.0 Assets and disposal groups classified as held for sale 28.1 0.0 - Current tax assets 258.1 240.3 7.4 Investments in associates and
Slide 34: Equity development
Equity development Change in consolidated Shareholders’ Equity (€ mn) +11.8% 59 8 32 -220 7,331 35 858 6,559 Equity as of Result for Hyperinflation Currency reserves Unrealised gains Dividend payment Other Equity as of 01/01/20251 the period effects and losses 31/12/2025 1 Adjusted 34 Appendix
Slide 35: VIG Group own funds development
VIG Group own funds development 31/12/2025(€ mn) +15.3% 11,995 581 -48 -76 1,137 10,401 Own funds Operating earnings1 Market impact² Capital management Taxes / Other4 Own funds as of 01/01/2025 actions³ as of 31/12/2025 1 IFRS Income Statement excl. FX-income/expenses and impairment of goodwill and
Slide 36: 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 37: 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 38: 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) 38 Appendix
Slide 39: Appendix: We are in Central and Eastern Europe
39 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 40: 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 41: 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 42: Vienna Insurance Group
VIG* VIENNA INSURANCE GROUP Vienna Insurance Group
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