Vienna Insurance Group AG

VIG reported 9M25 insurance service revenue of EUR 9.7 billion, up 8.6%, gross written premiums of EUR 12.5 billion, up 8.6%, and profit before taxes of EUR 872.8 million, up 31%. The P&C net combined ratio improved to 92.1% from 94.3% a year ago, and weather-related claims were EUR 160 million versus about EUR 338 million last year. Solvency stood at 286% versus 278% at half year, own funds were about EUR 11.7 billion, and solvency excluding transitional measures was 267%. Management raised 2025 group profit before taxes guidance to EUR 1.1 billion to EUR 1.15 billion, and said next week’s Evolve '28 targets will include growth, profits, combined ratio, operative ROE, and solvency ratio.

Hartwig Loger framed the quarter as evidence that the current strategy is working and said Evolve '28 is meant as an evolution, not a revolution. He emphasized VIG’s decentralized model across 50 companies in 30 countries, the focus on profitable growth, and the expectation that Nurnberger will fit the group strategically and culturally. He also said the new strategic program will stress customer growth, distribution, products, operations, and people, with group programs around sustainability, capital management, banking cooperation, AI, and health.

Liane Hirner highlighted that the strong 9M25 performance was broad-based, with P&C and Life & Health both growing by more than 8%. She pointed to the lower weather-related claims burden, the improved 92.1% P&C combined ratio, and capital strength with a 286% solvency ratio, 267% excluding transitional measures, and around EUR 11.7 billion in own funds. On investment income, she said the first nine months showed a positive development with no impairments or one-offs, higher interest rates in CEE including Turkiye, and increasing income from the larger business volume, and she expects that positive trend to continue.

Analysts focused on what a ‘normalized’ combined ratio should look like, and Peter Höfinger said VIG views 92% to 94% as the expected range going forward because reinsurance limits volatility from large events. Questions also centered on the timing and metrics of Evolve '28; management said targets will be published next week after Supervisory Board approval and will include growth, profit, combined ratio, operative ROE, and solvency. On Nurnberger, management said the non-life turnaround is guided to last until 2027, IFRS 17 numbers will only come after closing in the second half of 2026, and VIG expects to help mainly with turnaround know-how, IT transformation, and capital flexibility.