Vienna Insurance Group (VIG) Q2 2025 earnings summary

Executive summary

• Gross written premiums rose 8.7% to €8,569.5 million, and insurance service revenues increased 8.1% to €6,396.9 million year-over-year.

• Profit before tax grew 10.5% to €531.4 million, with net profit after taxes and non-controlling interests at €386.7 million, up 10%.

• Net combined ratio improved to 91.9%, driven by lower weather-related claims and improved cost ratio.

• Goodwill impairment of €72.8 million in Hungary due to prolonged premium tax and regulatory uncertainty.

• Exclusive due diligence for NÜRNBERGER acquisition and successful bid for 80% of Moldasig S.A. in Moldova.

Financial highlights

• Total capital investment result up 32.5% to €295.6 million, supported by higher interest rates.

• Investments held at own risk increased to €37.5 billion; total capital investment portfolio at €45.6 billion.

• Earnings per share annualised at €5.92, up 10% year-over-year; operating return on equity at 18.9%.

• Solvency ratio (including transitionals) rose to 278% as of 30 June 2025; own funds up to €11.24 billion.

• Market cap at €5.59 billion, share price up 44% in H1 2025, outperforming indices.

Outlook and guidance

• Result before taxes expected at the upper end of €950 million–€1 billion for FY 2025.

• Conservative approach maintained due to macroeconomic and geopolitical uncertainties.

• Dividend policy maintains at least last year’s dividend, with potential for increase if profits rise.

• New strategic programme for 2026–2028 in development, with details to be presented at the 3Q update.