Vienna Insurance Group AG

For the first 9 months, insurance service revenue increased 8.6% to EUR 9.7 billion, gross written premiums increased 8.6% to EUR 12.5 billion, and profit before taxes rose 31% to EUR 872.8 million despite a goodwill impairment in Hungary taken at half year. P&C net combined ratio improved to 92.1% from 94.3% a year ago, while net weather-related claims were EUR 160 million versus about EUR 338 million last year. Solvency ratio was 286% versus 278% at half year, and own funds were about EUR 11.7 billion, up almost 4% or more than EUR 400 million. Management raised full-year 2025 profit before taxes guidance to EUR 1.1 billion-EUR 1.15 billion. On business lines, management said health grew 12%, P&C about 5.6%, motor TPL around 11%, motor own damage more than 6%, and life business more than 8%.

Hartwig Loger framed the quarter as proof that the current strategic program is working and said Evolve '28 is intended as a 'dynamic evolution' rather than a revolution. He emphasized a decentralized model with local entrepreneurship, 50 company strategies, and five group-wide programs, with a focus on profitable growth and long-term value creation. On Nurnberger, he stressed that the acquisition supports VIG's growth ambitions and will not affect the dividend proposal from 2025 earnings.

Liane Hirner highlighted the hard numbers: insurance service revenue of EUR 9.7 billion, gross written premiums of EUR 12.5 billion, pretax profit of EUR 872.8 million, combined ratio of 92.1%, solvency ratio of 286%, and own funds of about EUR 11.7 billion. She said the improvement was driven by a strong technical result in P&C, fewer severe nat cat events, and only EUR 160 million of weather-related claims versus EUR 338 million last year. On the outlook, she reiterated the raised full-year pretax profit target of EUR 1.1 billion-EUR 1.15 billion and said investment income had a positive development with no impairments or one-offs, plus higher interest and financial income, so she expects continued positive development in coming quarters.

Analysts focused on a normalized combined ratio, the timing and KPI structure of Evolve '28, future investment income, and how long the Nurnberger turnaround and IFRS reporting will take. Management said a normalized combined ratio is likely around 92%-94%, and confirmed the new strategy's financial KPIs will include growth, profit, combined ratio, operative ROE, and solvency ratio, with disclosure expected next week after board approval. On Nurnberger, management said the non-life turnaround is guided to run until 2027, IFRS 17 numbers will only come after closing in the second half of 2026, and VIG expects Nurnberger to keep paying dividends while funding the IT transformation over several years rather than through a large upfront investment.