Vienna Insurance Group (VIG) Q1 2025 earnings summary

Executive summary

• Achieved solid Q1 2025 results with insurance service revenue up 8.1% to EUR 3.14 billion and profit before tax up 7.5% to EUR 261.1 million, driven by strong growth in Poland, Romania, and Bulgaria.

• Gross written premiums rose 8.3% year-over-year to EUR 4.65 billion.

• Successfully issued a EUR 300 million Tier 2 sustainability bond, three times oversubscribed, and repurchased EUR 126 million of subordinated notes.

• Expanded in Albania with a new life insurance company and acquired a stake in Poland's largest financial broker, Phinance.

• Actively bidding for a leading Moldovan non-life insurer to further develop the Moldovan market.

Financial highlights

• Insurance service revenue: EUR 3,139.2 million (+8.1% vs. Q1 2024); profit before taxes: EUR 261.1 million (+7.5% vs. Q1 2024); gross written premiums: EUR 4.65 billion (+8.3% vs. Q1 2024).

• Net P&C combined ratio improved to 92.3% from 92.7% year-over-year.

• Solvency ratio rose to 271% (own funds: EUR 10.8 billion; SCR: EUR 3,974 million).

• Dividend of EUR 1.55 per share approved, to be paid out on May 28th.

• Cost ratio: 31.4% (Q1 2024: 29.8%); claims ratio: 60.9% (Q1 2024: 62.9%).

Outlook and guidance

• Management confirms ambition for 2025 profit before taxes between EUR 950 million and EUR 1 billion, maintaining guidance due to early stage in the year.

• No increase in uncertainties; guidance unchanged as Q1 is typically strong.

• Forward-looking statements are subject to changes in economic and market conditions.