Vienna Insurance Group (VIG) Q3 2025 earnings summary

Executive summary

• Insurance service revenue rose 8.6% to EUR 9.7 billion, and profit before taxes increased 31% to EUR 872.8 million, driven by strong technical results and improved combined ratio.

• Full-year 2025 profit before taxes guidance was raised to EUR 1.1–1.15 billion, reflecting robust business performance.

• Combined ratio improved to 92.1%, mainly due to lower weather-related claims and operational efficiency.

• Secured a 98.38% controlling stake in Nürnberger, marking the largest transaction in group history and supporting strategic expansion in Germany.

• S&P affirmed A+ rating and upgraded outlook to positive, citing diversification and financial strength.

Financial highlights

• Gross written premiums increased 8.6% to EUR 12.5 billion, with all business lines and segments contributing.

• Solvency ratio reached 286% (own funds EUR 11,663 million; SCR EUR 4,083 million), reflecting strong capitalization.

• Cost ratio improved to 29.9% and claims ratio to 62.2%.

• Share price rose 54.4% year-to-date, closing at EUR 46.85 in November 2025, with a market cap of EUR 6.0 billion.

• Weather-related claims dropped to EUR 160 million from EUR 338 million year-over-year due to absence of severe NatCat events.

Outlook and guidance

• Management raised full-year 2025 profit before taxes guidance to EUR 1.1–1.15 billion.

• New strategic program Evolve 28 for 2026–2028 targets long-term profitable growth, diversification, and operational excellence.

• Financial targets for Evolve 28 to be approved in December 2025, with updates to follow after Nürnberger integration.

• Future targets will include growth, profit, combined ratio, return on equity, and solvency ratio.