Vienna Insurance Group’s gross premiums reached €8,569.5mn during H1 2025, which represents an 8.7% increase compared with the same period last year.
CEO Hartwig Löger pointed to the first half of 2025 as another stretch of strong delivery. Premium growth, higher profit, and a solid capital base demonstrate that Vienna Insurance Group sits in a strong position across Central and Eastern Europe. He argued that the level of capitalisation means the Group can act quickly when growth opportunities surface.
In H1 2025, we once again succeeded in achieving strong results. The positive development in the first six months, with growth in premiums and profit, underscores that we are ideally positioned in Central and Eastern Europe. Our excellent capitalisation allows us to take advantage of attractive growth opportunities in our markets.
Hartwig Löger CEO of Vienna Insurance Group
Every line of business posted expansion. Life insurance without profit participation grew by 32.7%, while unit- and index-linked life insurance advanced 26.4%. Health insurance added 15.0% growth and motor third-party liability recorded 12.5%.
- Gross written premiums increased to €8.6 bn (+8.7%)
- Insurance service revenue grew to €6.4 bn (+8.1%)
- Profit before taxes rose to €531.4 mn (+10.5%)
- Net combined ratio improved to 91.9% (-1.4 percentage points)
- Excellent solvency ratio of 278%
Segment details underline how wide the growth stretched. Special Markets jumped 19%, mainly on the back of Türkiye with 23.8%. Poland delivered 15.2%. Extended CEE gained 10.1% with Romania up 14.4% and the Baltic States at 10.7%. The Czech Republic recorded 6.7% growth and Austria contributed 5.2%.
Insurance service revenue amounted to €6,396.9mn, an 8.1% increase. Property and casualty insurance underpinned the higher numbers, especially in Extended CEE, where Slovakia, Bulgaria, Romania, the Baltic States, Croatia, and Serbia carried weight. Special Markets, led again by Türkiye, also added strong contributions.
Profit before taxes climbed to €531.4mn, up 10.5% year-on-year. The improvement stemmed partly from lower overall claims.
Poland registered a 51.3% profit increase, while the Czech Republic contributed an 18.4% gain. The annualised operating return on equity moved from 16.4% at year-end 2024 to 18.9% by mid-2025.
The net combined ratio came down to 91.9% compared with 93.3% in the prior year’s first half. Lower costs from weather events and natural catastrophes explained much of the improvement. Czech Republic posted 90.3%, dropping 4.3 percentage points, while Poland came in at 90.6%, also falling 4.2 points.
The contractual service margin, which covers mainly long-term life and health insurance, totalled €6,013.2mn as of 30 June 2025. That marks an 8.9% increase from the year before.
The solvency ratio remained high at 278% including transitional measures, again underscoring the Group’s very strong capitalisation at the end of the half-year.
The total investment portfolio increased 2.3% from €44.6bn at the close of 2024 to €45.6bn at 30 June 2025. The rise was due both to higher bond investments and stronger valuations in investment funds.
Based on the results achieved in the first six months, Vienna Insurance Group’s management expects profit before taxes for the full year to land at the upper end of the €950mn to €1bn range.
