Vienna Insurance Group (VIG) Q4 2024 earnings summary

Executive summary

• Achieved double-digit growth in gross written premiums to EUR 15.2 billion (+10.5%) and profit before taxes to EUR 881.8 million (+14.1%) for FY2024.

• Earnings per share rose to EUR 4.98 (+15.6%); net profit after taxes and non-controlling interests reached EUR 645.3 million (+15.4%).

• Dividend proposal increased 10.7% to EUR 1.55 per share, yielding 5.1%.

• Celebrated 200 years of group history and 30 years of stock exchange listing, highlighting long-term sustainability.

Financial highlights

• Insurance service revenue rose 11.1% to EUR 12.1 billion, with all segments contributing, mainly driven by P&C business.

• Net combined ratio increased to 93.4% (+0.8pp), impacted by weather-related claims, notably storm Boris.

• Operating return on equity improved to 16.4% (up 1.3 points); solvency ratio at 261% including transitional measures.

• Total investments reached EUR 36.5 billion, up 3.4% year-over-year; new investment yield at 5.3%.

• Total capital investment result up 53.3% to EUR 435.6 million, mainly due to higher bond interest revenue.

Outlook and guidance

• Profit before tax guidance for 2025 set at EUR 950 million to EUR 1 billion, with management expecting continued growth.

• CEE region expected to outpace euro area GDP growth in 2025, supporting business momentum.

• Dividend policy remains unchanged, with a minimum floor based on the previous year's dividend.