Vienna Insurance Grp Ord (VNRGF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon to our half-year presentation, and thank you for joining us. We are happy to present you today strong half-year results. We have achieved across written premiums of 8.569 million Euro premiums, which is a growth of 8.7%. Insurance service revenues of 6,396,000,000. which is an increase of 8.1%, and profit per tax of 531 million, which is 10.5% growth. Our net combined ratio of 91.9% and earnings per share up 10% to 5.92 euros, which results in an operating return on equity of 18.9%. On the next slide, I'm happy to guide you through our main events which we had in the first half year. Besides having the strong performance, we also had a goodwill impairment in Hungary in the amount of 72.8 million. We had an improvement of our combined ratio, which was also supported on one hand side by a lower frequency and lower impact of weather-related claims and also a better cost ratio. Weather-related claims in the first six months were 73 million Euro in comparison to last year of 113 million. We have announced on the 8th of August that we entered an exclusive due diligence with Nuremberger in Germany and we also have won an official tender Monday this week for MoldoSig in Moldova. All this gives us confidence that we will keep our guidance and we are convinced that we will come out to the upper end of our target range of €950 billion to €1 billion for the year end. With this, I'm handing over for the details to Liane. Please, Liane. Thank you, Peter. Now let's start on slide six. It's the group income statement. Apart from the already mentioned increased insurance service revenue, I would want to highlight the improved total capital investment results, up by 32.5%, profiting from higher interest rates. With regard to the goodwill impairment taken in Hungary, whi...