Vienna Insurance Group Ag · VIE:VIG
Vienna Insurance — Vienna Insurance Grp Ord — FY2024 Earnings Presentation
42 slides from Vienna Insurance's earnings presentation, Mar 12, 2025
Slide 1: 2024 Preliminary Results Presentation
2024 PRELIMINARY RESULTS PRESENTATION Hartwig Löger, CEO Peter Höfinger, Deputy CEO Liane Hirner, CFRO Vienna, 12 March 2025
Slide 2: Highlights, Financials, Outlook, Segments, Appendix
HIGHLIGHTS FINANCIALS FINANCIALS OUTLOOK OUTLOOK SEGMENTS SEGMENTS APPENDIX APPENDIX Please note that rounding differences may occur Gross written premiums are not part of IFRS 17/9 reporting 2 VIG VIENNA INSURANCE GROUP
Slide 3: Strong full year performance of VIG in FY2024
STRONG FULL YEAR PERFORMANCE OF VIG IN FY2024 Double-digit top and bottom-line growth Gross written premiums Insurance service revenue Profit before taxes € 15,226.3mn € 12,138.5mn € 881.8mn ▪ Premiums up by 10.5% ▪ Revenue up by 11.1% ▪ PBT increased by 14.1% ▪ 12M 2023: € 13,784.0mn ▪ 12M 2023: €
Slide 4: Portfolio diversification by segments
PORTFOLIO DIVERSIFICATION BY SEGMENTS GWP and PBT before consolidation; 12M 2024 Gross written premiums Result before taxes Group Group Special Functions Functions Markets 3% 15% Austria 10% 26% Special Austria Markets 9% Extended 38% CEE 18% 14% Czech 7% 26% Republic Poland Extended 10% CEE 24% Pol
Slide 5: Dividend proposal of € 1.55 per share up by 10.7%
DIVIDEND PROPOSAL OF € 1.55 PER SHARE UP BY 10.7% Attractive dividend yield of 5.1% Dividend per share Dividend policy of VIG € 1.55 ▪ Minimum dividend set at the previous year’s level based on capital strength of € 1.40 the Group and to reflect the resilience of € 1.30 the business model € 1.25 ▪ T
Slide 6: Financials section
HIGHLIGHTS HIGHLIGHTS FINANCIALS OUTLOOK OUTLOOK SEGMENTS SEGMENTS APPENDIX APPENDIX Please note that rounding differences may occur Gross written premiums are not part of IFRS 17/9 reporting 6 VIG VIENNA INSURANCE GROUP
Slide 7: Group income statement
GROUP INCOME STATEMENT 12M 2024 (€ mn) 12M 2024 12M 2023 +/- % Insurance service result 1,186.4 1,208.1 -1.8 ▪ Insurance service revenue up by € 1,216.7mn with Insurance service revenue - issued business 12,138.5 10,921.8 11.1 all segments contributing to the growth, mainly Insurance service revenue
Slide 8: Insurance service revenue of € 12.1 billion up by 11.1%
INSURANCE SERVICE REVENUE OF € 12.1 BILLION EURO UP BY 11.1% Insurance service revenue by segments; 12M 2024 (€ mn) 3,307.4 Austria +7.1% ▪ AT: Insurance service revenue up by € 235.8mn driven by non- 3,543.2 life business (PAA) ▪ CZ: Slight revenue growth based on positive developments in 2,040.1 C
Slide 9: Insurance service revenue growth in all lines of business except life with profit participation
INSURANCE SERVICE REVENUE GROWTH IN ALL LINES OF BUSINESS EXCEPT FOR LIFE WITH PROFIT PARTICIPATION Insurance service revenue by lines of business, incl. Group Functions; 12M 2024 (€ mn) MTPL Casco Other property Insurance service revenue +11.1% 12,138.5 12M 2023 2,092.1 1,766.4 5,630.4 761.3 10,921
Slide 10: Result before taxes grew by 14.1% to € 881.8 million
RESULT BEFORE TAXES GREW BY 14.1% TO € 881.8 MILLION Result before taxes by segments; 12M 2024 (€ mn) ▪ AT: Result before taxes down by € 49.8mn due to the decreased 385.9 capital investment result and an increased combined ratio Austria -12.9% 336.1 ▪ CZ: Result before taxes decline by € 6.9mn; mai
Slide 11: P&C net combined ratio on a sound level of 93.4%
P&C NET COMBINED RATIO ON A SOUND LEVEL OF 93.4% SLIGHT DETERIORATION DUE TO WEATHER-RELATED CLAIMS AND NATCAT Discounting impact on claims ratio in 12M 2024 of 3.4% (12M 2023: 3.3%) ▪ Net insurance service expenses of € 7,931.6mn (12M23: € 7,018.0mn) / Net insurance service revenue of € 8,494.8mn (
Slide 12: L/H contractual service margin & L/H new business
L/H CONTRACTUAL SERVICE MARGIN & L/H NEW BUSINESS 12M 2024 L/H CSM roll-forward (€ mn) L/H New Business -4.7% 30 -286 480 -26 -21 € 480mn € 4,783mn 5,782 65 New Business PV NB -513 premiums 5,512 10.0% CSM Net Change in New CSM Changes Other FX Effect CSM CSM Net New Business 01/01/20241 the Busines
Slide 13: Total capital investment result
TOTAL CAPITAL INVESTMENT RESULT 12M 2024 (€ mn) 12M 2024 12M 2023 +/- % Total capital investment result 435.7 284.3 53.3 ▪ Increased interest revenue from bond portfolio Investment result 1,884.1 1,893.1 -0.5 (+€ 101.9mn) supported by market interest rate Interest revenue using the effective interes
Slide 14: Investment split
INVESTMENT SPLIT Investments held at VIG’s own risk (excl. investments for unit- and index linked life insurance) Investment split Bond portfolio by rating1 3.2% 1.3% 31/12/2023 12.2% 26.3% 32.5% 22.1% 7.0% 9.5% 0.6% 1.8% 31/12/2024 12.3% 25.3% 34.3% 21.1% 7.0% 9.8% €36.5bn AAA AA A BBB Other YE 202
Slide 15: Bond portfolio
BOND PORTFOLIO Bond portfolio overview as of YE 2024 Bond portfolio rating distribution Government bond portfolio split by country1 Government bonds Covered bonds Austria 71.0% 9.2% 34.1% 30.9% Czech Republic 25.9% Other2 14.0% 14.2% 35.8% 11.6% 9.3% 1.6% 1.4% 0.1% AAA AA A BBB Other AAA AA A BBB Ot
Slide 16: Solvency ratio
SOLVENCY RATIO Solvency position of VIG Group including and excluding transitional measures as of YE 2024 Solvency ratio Solvency ratio including transitional measures excluding transitional measures 261% 238% 10,401 9,535 3,989 3,999 31/12/2024 31/12/2024 Solvency II own funds (€ mn) SCR (€ mn) 16
Slide 17: Outlook section
HIGHLIGHTS HIGHLIGHTS FINANCIALS FINANCIALS OUTLOOK SEGMENTS SEGMENTS APPENDIX APPENDIX Please note that rounding differences may occur Gross written premiums are not part of IFRS 17/9 reporting 17 VIG VIENNA INSURANCE GROUP
Slide 18: Solid GDP growth expectations for CEE
SOLID GDP GROWTH EXPECTATIONS FOR CEE CEE GDP growth forecasts continue to outpace euro area in 2025 Real GDP forecast ▪ Driven by private consumption, growth in most economies of Central, East and change over previous year 2025 2026 Southeast Europe (CESEE) will pick up in 2025, especially in the E
Slide 19: Outlook 2025
OUTLOOK 2025 Positive outlook for 2025 despite volatile environment ▪ Based on the proven management principles, VIG has managed the impact of the challenging geopolitical and macroeconomic conditions very well and is well prepared for the volatile environment ▪ VIG’s diversification across markets
Slide 20: Segments section
HIGHLIGHTS HIGHLIGHTS FINANCIALS FINANCIALS OUTLOOK OUTLOOK SEGMENTS APPENDIX APPENDIX Please note that rounding differences may occur Gross written premiums are not part of IFRS 17/9 reporting 20 VIG VIENNA INSURANCE GROUP
Slide 21: Austria
AUSTRIA Sound non-life development despite increased combined ratio Insurance Service P&L (€ mn) Comments Revenue (€ mn) 12M 2024 12M 2023 +/- % +7.1% Insurance service result 390.6 419.6 -6.9 ▪ Insurance service revenue up by € 235.8mn 3,543.2 Insurance service revenue - issued business 3,543.2 3,3
Slide 22: Czech Republic
CZECH REPUBLIC Strong result developments in L/H could not outweigh weak P&C business Insurance Service P&L (€ mn) Comments Revenue (€ mn) 12M 2024 12M 2023 +/- % +1.9% Insurance service result 234.9 246.1 -4.6 ▪ Slight insurance service revenue growth of 2,078.2 2,040.1 Insurance service revenue -
Slide 23: Poland
POLAND Overall positive top and bottom-line developments Insurance Service P&L (€ mn) Comments Revenue (€ mn) 12M 2024 12M 2023 +/- % +12.1% Insurance service result 61.0 49.3 23.7 ▪ Double-digit insurance service revenue growth 1,373.3 Insurance service revenue - issued business 1,373.3 1,224.5 12.
Slide 24: Extended CEE
EXTENDED CEE Dynamic developments in many of the Extended CEE markets show strength of the region Insurance Service P&L (€ mn) Comments Revenue (€ mn) 12M 2024 12M 2023 +/- % +14.3% Insurance service result 265.6 215.9 23.0 ▪ Extended CEE: Albania (incl. Kosovo), Baltic 3,599.5 Insurance service rev
Slide 25: Special Markets
SPECIAL MARKETS Strong revenue and profit development driven by Türkiye Insurance Service P&L (€ mn) Comments Revenue (€ mn) 12M 2024 12M 2023 +/- % +49.6% Insurance service result 58.4 65.7 -11.1 ▪ Special markets include Germany, Georgia, 924.2 Insurance service revenue - issued business 924.2 617
Slide 26: Group Functions
GROUP FUNCTIONS Positive profit contribution Insurance Service P&L (€ mn) Comments Revenue (€ mn) 12M 2024 12M 2023 +/- % +7.8% Insurance service result 175.8 198.9 -11.6 ▪ The Group Functions include VIG Holding 1,780.9 Insurance service revenue - issued business 1,780.9 1,652.2 7.8 (incl. the bran
Slide 27: Appendix section
HIGHLIGHTS HIGHLIGHTS FINANCIALS FINANCIALS OUTLOOK OUTLOOK SEGMENTS SEGMENTS APPENDIX Please note that rounding differences may occur Gross written premiums are not part of IFRS 17/9 reporting 27 VIG VIENNA INSURANCE GROUP
Slide 28: Gross written premiums of € 15.2 billion up by 10.5%
GROSS WRITTEN PREMIUMS OF € 15.2 BILLION UP BY 10.5% Gross written premiums by segments; 12M 2024 (€ mn) +6.1% +10.5% 4,533.2 4,464.4 4,271.9 4,041.8 3,578.6 3,330.1 +2.1% 2,574.8 2,316.7 2,366.2 2,243.4 +8.6% 1,797.9 +59.4% 1,655.3 1,510.0 1,524.6 1,500.3 1,213.0 1,226.5 1,142.0 941.4 1,001.7 795.2
Slide 29: Segment overview
SEGMENT OVERVIEW Insurance service revenue, result before taxes, combined ratio Insurance service revenue (€ mn) Result before taxes (€ mn) P&C net combined ratio (%) 12M 2024 12M 2023 +/- % 12M 2024 12M 2023 +/- % 12M 2024 12M 2023 +/- pp Austria 3,543.2 3,307.4 7.1 336.1 385.9 -12.9 92.5 91.6 0.9
Slide 30: Group balance sheet
GROUP BALANCE SHEET € mn 31/12/2024 31/12/2023 +/- % Cash and cash equivalents 1,748.1 1,558.1 12.2 Financial assets 39,637.2 37,990.2 4.3 Receivables 560.0 495.7 13.0 Current tax assets 240.3 235.7 1.9 Investments in associates and joint ventures 204.8 185.6 10.3 Insurance contracts assets issued 2
Slide 31: Equity development
EQUITY DEVELOPMENT Change in consolidated Shareholders’ Equity (€ mn) +7.9% 37 -55 30 -198 6,513 -2 667 6,034 Equity Result for Hyperinflation Currency reserve Unrealised gains Dividend payment Other Equity as of 01/01/20241 the period effects and losses as of 31/12/2024 1 IAS 8 error correction of
Slide 32: Operating return on equity
OPERATING RETURN ON EQUITY Operating return on equity at YE 2024 of 16.4% 31/12/2024 31/12/2023 31/12/20222 Shareholders’ equity 6,513.3 6,029.7 5,713.9 Unrealised gains and losses recognised in equity1 -195.7 -159.3 52.3 Adjusted shareholders’ equity 6,317.6 5,870.4 5,766.2 Average adjusted shareho
Slide 33: Details on solvency
DETAILS ON SOLVENCY As of YE 2024 Details of major risks of VIG Group 31.12.2024 (SCRs in Mio EUR) Own Fund decomposition (in Mio EUR) VIG Holding VIG Group Market risk 2 799 Tier 1 9 654,1 9 135,4 Counterparty default risk 375 of which restricted Tier 1 269,6 289,0 Life underwriting risk 1 981 Tier
Slide 34: Partnership with Erste Group
PARTNERSHIP WITH ERSTE GROUP Continuous double-digit new business growth of 11% Non-life ▪ Total gross written premium in 2024 increased by 6% to € 1.43bn 22.6% ▪ Positive trend in premium development across all lines of business – in contrast to previous years, life single premium growing as well T
Slide 35: VIG sustainability programme
VIG SUSTAINABILITY PROGRAMME Sustainability in VIG means creating economic value today without doing so at the expense of tomorrow Social focus Environmental focus Objectives Objectives ▪ Promote risk literacy As iety Mana set ▪ Reduce emissions of investment ▪ Grow corporate volunteering c ge So m
Slide 36: Transition plan for climate protection
TRANSITION PLAN FOR CLIMATE PROTECTION Net zero by 2050 – steps on the path to decarbonisation 2023: base year 2030: 30% emission reduction 2050: net zero STARTING POINT INTERIM TARGET TARGET The greenhouse gas emissions VIG has defined as its first The aim of the Paris Agreement is from the base ye
Slide 37: VIG share (I)
VIG SHARE (I) Number of common shares: 128,000,000 / ISIN: AT0000908504 General information Analyst recommendations (as of Mar 2025) Listings Ticker Rating Major Indices SELL BUY Vienna ▪ Stock Exchanges: VIG Standard & Poor’s: ATX 1 5 Prague ▪ Bloomberg: VIG AV / VIG CP / VIG XH A+, stable outlook
Slide 38: VIG share (II)
VIG SHARE (II) Shareholder structure Free float split by region1 North America 32% Austria 29% ~72% Wiener Städtische ~28% Continental Europe 28% Versicherungsverein Free float (Mutual) UK & Ireland 7% Other 4% 1 Split of identified shares, May 2024 (Source: S&P Global) 38 APPENDIX VIG VIENNA INSURA
Slide 39: Appendix
39 APPENDIX VIG VIENNA INSURANCE GROUP
Slide 40: Contact details / financial calendar
CONTACT DETAILS / FINANCIAL CALENDAR Investor Relations / investor.relations@vig.com / www.group.vig Nina Higatzberger-Schwarz Sylvia Hollerer Financial calendar 2025* Tel. +43 50 390-21920 Tel. +43 50 390-21919 Date Event nina.higatzberger@vig.com sylvia.hollerer@vig.com 12 Mar. 2025 Preliminary re
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: VIG Vienna Insurance Group
VIG* VIENNA INSURANCE GROUP Protecting what matters.
Vienna Insurance Grp Ord — FY2024 Earnings Presentation on 6ix