Vienna Insurance Group Ag · VIE:VIG
Vienna Insurance — Vienna Insurance Grp Ord — H1 2025 Earnings Presentation
35 slides from Vienna Insurance's earnings presentation, Aug 27, 2025
Slide 1: 6M 2025 Results Presentation
6M 2025 RESULTS PRESENTATION Peter Höfinger, Deputy CEO Liane Hirner, CFRO Vienna, 27 August 2025
Slide 2: Highlights & Outlook, Financials, Segments, Appendix
HIGHLIGHTS & OUTLOOK FINANCIALS FINANCIALS 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: VIG with strong half-year performance
VIG WITH STRONG HALF-YEAR PERFORMANCE Double-digit profit before taxes growth despite goodwill impairment Gross written premiums Insurance service revenue Profit before taxes € 8,569.5mn € 6,396.9mn € 531.4mn ▪ Premiums up by 8.7% ▪ Revenue increased by 8.1% ▪ PBT up by 10.5% ▪ 6M 2024: € 7,886.8mn
Slide 4: Executive summary & outlook confirmation
EXECUTIVE SUMMARY & OUTLOOK CONFIRMATION VIG with strong growth and significantly higher profitability in half-year 2025 Based on a sound performance, profit before taxes expected on the upper end of the target range of € 950mn to € 1bn for 2025 ▪ Strong business performance with insurance service r
Slide 5: Highlights & Outlook, Financials, Segments, Appendix
HIGHLIGHTS OUTLOOK HIGHLIGHTS & OUTLOOK FINANCIALS SEGMENTS SEGMENTS APPENDIX APPENDIX Please note that rounding differences may occur Gross written premiums are not part of IFRS 17/9 reporting 5 VIG VIENNA INSURANCE GROUP
Slide 6: Group income statement
GROUP INCOME STATEMENT 6M 2025 (€ mn) 6M 2025 6M 2024 +/- % Insurance service result 696.1 585.0 19.0 ▪ Insurance service revenue up by € 478.0mn Insurance service revenue - issued business 6,396.9 5,919.0 8.1 primarily attributable to growth of the P&C Insurance service revenue (PAA) 5,030.1 4,628.
Slide 7: Insurance service revenue of € 6.4 billion up by 8.1%
INSURANCE SERVICE REVENUE OF € 6.4 BILLION UP BY 8.1% Insurance service revenue by segments; 6M 2025 (€ mn) 1,749.6 ▪ AT: Insurance service revenue grew by € 81.9mn mainly Austria +4.7% 1,831.5 driven by the non-life business (PAA) ▪ CZ: Revenue increase by € 68.6mn based predominantly on 1,029.6 po
Slide 8: Insurance service revenue growth in P&C, Health and total Life
INSURANCE SERVICE REVENUE GROWTH IN P&C, HEALTH AND TOTAL LIFE Insurance service revenue by lines of business, incl. Group Functions; 6M 2025 (€ mn) MTPL Casco Other property Insurance service revenue +8.1% 6,396.9 6M 2024 1,115.7 962.3 3,086.7 5,919.0 411.0 372.1 456.4 +11.2% +9.0% +3.9% 60.8 457.2
Slide 9: Result before taxes of € 531.4 million up by 10.5%
RESULT BEFORE TAXES OF € 531.4 MILLION UP BY 10.5% Result before taxes by segments; 6M 2025 (€ mn) 199.1 ▪ AT: Result before taxes up by € 5.5mn mainly attributable to Austria +2.8% 204.6 the growing insurance service result ▪ CZ: Result before taxes increased by € 17.9mn supported by 97.2 combined
Slide 10: P&C net combined ratio improved to the level of 91.9%
P&C NET COMBINED RATIO IMPROVED TO THE LEVEL OF 91.9% Discounting impact on claims ratio in 6M 2025 of 4.4% (6M 2024: 3.1%) ▪ Net insurance service expenses of € 4,170.8mn (6M24: € 3,794.6mn) / Net insurance service revenue of € 4,536.7mn (6M24: € 4,067.8mn) ▪ Improved CoR due to significantly lower
Slide 11: L/H contractual service margin & L/H new business
L/H CONTRACTUAL SERVICE MARGIN & L/H NEW BUSINESS 6M 2025 L/H CSM roll-forward (€ mn) L/H New Business +8.9% -3 13 -283 530 6,002 € 228mn € 2,568mn New Business PV NB 5 premiums 5,512 228 8.9% CSM Net New CSM interest Changes in Other FX Effect CSM release CSM Net New Business 01/01/2025 Business ac
Slide 12: Total capital investment result
TOTAL CAPITAL INVESTMENT RESULT 6M 2025 (€ mn) 6M 2025 6M 2024 +/- % Total capital investment result 295.6 223.1 32.5 ▪ Total capital investment result up by € 72.4mn Investment result 991.1 1,154.1 -14.1 strongly supported by higher interest revenue Interest revenue using the effective interest met
Slide 13: 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% 1.5% 31/12/2024 12.3% 25.3% 34.3% 21.1% 7.0% 9.2% 0.7% 1.9% 30/06/2025 13.3% 26.0% 34.1% 20.2% 6.4% 9.6% €37.3bn AAA AA A BBB Other 30/06/
Slide 14: Solvency ratio
SOLVENCY RATIO Solvency position of VIG Group including and excluding transitional measures as of half-year 2025 Solvency ratio Solvency ratio including transitional measures excluding transitional measures 278% 259% 11,240 10,485 4,049 4,055 30/06/2025 30/06/2025 Solvency II own funds (€ mn) SCR (€
Slide 15: VIG Group own funds development
VIG GROUP OWN FUNDS DEVELOPMENT 30/06/2025 (€ mn) +8.1% 11,240 339 -55 -42 597 10,401 Own funds Operating Market impact2 Capital management Taxes/Other4 Own funds as of 31/12/2024 earnings1 actions3 as of 30/06/2025 1 IFRS Income Statement excl. FX-income/expenses and impairment of goodwill and inta
Slide 16: Highlights & Outlook, Financials, Segments, Appendix
HIGHLIGHTS OUTLOOK HIGHLIGHTS & OUTLOOK FINANCIALS FINANCIALS SEGMENTS APPENDIX APPENDIX Please note that rounding differences may occur Gross written premiums are not part of IFRS 17/9 reporting 16 VIG VIENNA INSURANCE GROUP
Slide 17: Austria
AUSTRIA Strong non-life development supported by combined ratio improvement Insurance Service P&L (€ mn) Comments Revenue (€ mn) 6M 2025 6M 2024 +/- % +4.7% Insurance service result 231.0 210.5 9.7 ▪ Insurance service revenue grew by € 81.9mn 1,831.5 1,749.6 13.1 Insurance service revenue - issued b
Slide 18: Czech Republic
CZECH REPUBLIC Solid performance in the first half-year of 2025 Insurance Service P&L (€ mn) Comments Revenue (€ mn) 6M 2025 6M 2024 +/- % +6.7% Insurance service result 159.9 109.1 46.6 ▪ Insurance service revenue increase by 1,098.2 Insurance service revenue - issued business 1,098.2 1,029.6 6.7 €
Slide 19: Poland
POLAND Sound performance of both, P&C as well as Life/Health business Insurance Service P&L (€ mn) Comments Revenue (€ mn) 6M 2025 6M 2024 +/- % +8.9% Insurance service result 79.0 42.4 86.3 ▪ Solid insurance service revenue growth of 726.6 Insurance service revenue - issued business 726.6 667.3 8.9
Slide 20: Extended CEE
EXTENDED CEE Strong top and bottom-line growth of almost all markets of the Extended CEE segment Insurance Service P&L (€ mn) Comments Revenue (€ mn) 6M 2025 6M 2024 +/- % +8.6% Insurance service result 149.0 96.6 54.2 ▪ Extended CEE: Albania (incl. Kosovo), Baltic 1,880.3 Insurance service revenue
Slide 21: Special Markets
SPECIAL MARKETS Developments in the Special Markets segment mainly driven by Türkiye Insurance Service P&L (€ mn) Comments Revenue (€ mn) 6M 2025 6M 2024 +/- % +29.7% Insurance service result 15.8 44.0 -64.1 ▪ Special markets include Germany, Georgia, 561.2 Insurance service revenue - issued busines
Slide 22: Group Functions
GROUP FUNCTIONS Lower weather-related claims led to the result improvement Insurance Service P&L (€ mn) Comments Revenue (€ mn) 6M 2025 6M 2024 +/- % -4.8% Insurance service result 61.4 75.6 -18.8 ▪ The Group Functions include VIG Holding 895.6 Insurance service revenue - issued business 853.1 895.6
Slide 23: Highlights & Outlook, Financials, Segments, Appendix
HIGHLIGHTS OUTLOOK HIGHLIGHTS & OUTLOOK FINANCIALS FINANCIALS SEGMENTS SEGMENTS APPENDIX Please note that rounding differences may occur Gross written premiums are not part of IFRS 17/9 reporting 23 VIG VIENNA INSURANCE GROUP
Slide 24: Gross written premiums of € 8.6 billion up by 8.7%
GROSS WRITTEN PREMIUMS OF € 8.6 BILLION UP BY 8.7% Gross written premiums by segments; 6M 2025 (€ mn) +5.2% +10.1% 4,533.2 4,464.4 3,578.6 3,330.1 2,709.1 +6.7% 2,574.8 2,470.1 2,366.2 2,243.4 +15.2% 1,797.9 +19.0% 1,601.7 1,655.3 1,500.3 1,213.0 1,294.4 1,226.5 1,259.8 915.8 1,001.7 795.2 817.2 658
Slide 25: Broad diversification supports resilience of VIG
BROAD DIVERSIFICATION SUPPORTS RESILIENCE OF VIG GWP, Insurance service revenue and PBT before consolidation; 6M 2025 Gross written premiums Insurance service revenue Profit before taxes Group Special Group Group Functions Markets Functions Functions Austria 12.3% Austria 7.2% 17.9% Special 2.4% 27.
Slide 26: 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 (%) 6M 2025 6M 2024 +/- % 6M 2025 6M 2024 +/- % 6M 2025 6M 2024 +/- pp Austria 1,831.5 1,749.6 4.7 204.6 199.1 2.8 90.4 92.1 -1.7 Czech R
Slide 27: Group balance sheet
GROUP BALANCE SHEET € mn 30/06/2025 31/12/2024 +/- % Cash and cash equivalents 1,659.0 1,748.1 -5.1 Financial assets 40,737.5 39,637.2 2.8 Receivables 573.8 560.0 2.5 Current tax assets 238.0 240.3 -0.9 Investments in associates and joint ventures 206.3 204.8 0.8 Insurance contracts assets issued 33
Slide 28: Equity development
EQUITY DEVELOPMENT Change in consolidated shareholders’ equity (€ mn) +3.7% 70 1 -6 -220 6,756 1 397 6,513 Equity as of Result for Hyperinflation Currency reserve Unrealised gains Dividend payment Other Equity as of 01/01/2025 the period effects and losses 30/06/2025 28 APPENDIX VIG VIENNA INSURANCE
Slide 29: Operating return on equity
OPERATING RETURN ON EQUITY Annualised operating return on equity at half-year 2025 at the level of 18.9% 30/06/2025 31/12/2024 31/12/2023 Shareholders’ equity 6,755.9 6,513.3 6,029.7 Unrealised gains and losses recognised in equity1 -267.2 -195.7 -159.3 Adjusted shareholders’ equity 6,488.7 6,317.6
Slide 30: VIG share (I)
VIG SHARE (I) Number of common shares: 128,000,000 / ISIN: AT0000908504 General information Analyst recommendations (as of Aug 2025) Listings Ticker Rating Major Indices SELL BUY Vienna ▪ Stock Exchanges: VIG Standard & Poor’s: ATX 1 3 Prague ▪ Bloomberg: VIG AV / VIG CP / VIG XH A+, stable outlook
Slide 31: 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) 31 APPENDIX VIG VIENNA INSURA
Slide 32: Appendix
32 APPENDIX VIG VIENNA INSURANCE GROUP
Slide 33: 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 34: 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 35: VIG Vienna Insurance Group
VIG* VIENNA INSURANCE GROUP Protecting what matters.
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