Vienna Insurance Group (VIG) Q4 2025 earnings summary

Executive summary

• Achieved record profit before taxes, surpassing €1.16 billion for the first time, with strong top-line and earnings growth driven by core markets in Central and Eastern Europe.

• Completed successful public purchase offer for NÜRNBERGER, securing 99.2% of share capital; closing expected in H2 2026.

• Launched new Group strategy 'evolve28' with quantitative targets for 2028.

• S&P affirmed A+ rating and upgraded outlook to positive.

• Share price rose 121.4% to €67.20 at year-end 2025, marking an all-time high.

Financial highlights

• Gross written premium rose 7.1% year-over-year to €16.3 billion; insurance service revenue up 8.7% to €13.2 billion.

• Profit before taxes increased by 31.7% to €1.16 billion; net combined ratio improved by 3.3 percentage points to 90.1%.

• Solvency ratio reached 296% at year-end 2025; operating ROE climbed to 18.7%, a 2.5 percentage point increase.

• Dividend proposal of €1.73 per share, up 12% from €1.55, with EPS at €6.46.

• Investments held at own risk increased 4.3% to €38 billion.

Outlook and guidance

• 2026 profit before taxes targeted at €1.25–1.3 billion, excluding NÜRNBERGER; 2028 targets: >€20 billion gross written premiums, ≥€1.5 billion profit before taxes, combined ratio ≤91%, operating ROE ≥17%, solvency ratio 150–200%.

• Growth expected to be supported by favorable macroeconomic trends in CEE, with GDP growth forecasts outpacing EU and Western Europe averages.