Vienna Insurance Group (VIG) Q3 2025 earnings summary

Executive summary

• Insurance service revenue rose 8.6% to €9.7 billion, and profit before taxes increased 31% to €872.8 million year-over-year.

• Full-year 2025 profit before taxes guidance was raised to €1.10–1.15 billion, reflecting strong operational momentum and robust business performance.

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

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

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

Financial highlights

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

• Net combined ratio improved to 92.1%, supported by lower weather-related claims and operational efficiency.

• Solvency ratio at 286% (or 285.7%), up from 278% at half-year; excluding transitionals, 267%.

• Weather-related claims dropped to €160 million from €338 million year-over-year.

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

Outlook and guidance

• Management raised FY 2025 profit before taxes guidance to €1.10–1.15 billion.

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

• Supervisory board to approve detailed Evolve 28 targets, including growth, profit, combined ratio, ROE, and solvency ratio metrics.

• Solvency ratio expected to remain above 150–200% after Nürnberger acquisition closes in H2 2026.

• Positive investment income outlook, with continued growth expected due to higher interest rates and business volume.