Vienna Insurance Group delivered a standout 2025, with premium growth, stronger profitability, and a proposed dividend increase of 12%. The company plans to raise the dividend from EUR 1.55 to EUR 1.73 per share. Profit before taxes moved above the EUR 1 bn mark for the first time, reaching EUR 1,161.3 mn.
Gross written premiums rose to EUR 16.3 bn, up 7.1% from the prior year. Insurance service revenue climbed to EUR 13.2 bn, an increase of 8.7%.
Profit before taxes advanced 31.7%, while the solvency ratio reached 296%. The net combined ratio improved to 90.1%, down 3.3 percentage points.
Chief executive Hartwig Löger said the group delivered an outstanding result in 2025, driven by strong growth and high profitability across all countries. He said the proposed dividend reflects both the result and the group’s strong capital position. He also said the planned Nürnberger acquisition should add further profit growth and deepen diversification across the business.
VIG achieved an outstanding Group result in 2025, once again driven by strong growth and high levels of profitability in all countries. Based on this result and our strong capital position, the VIG Managing Board is proposing a dividend of EUR 1.73 per share.
Hartwig Löger, CEO and Chairman of the VIG Managing Board
Premium growth came from every segment and line of business. Poland posted growth of 10.7%, while Extended CEE rose 9.2%. The Czech Republic increased 8.2%, and Austria added 4.6%.
Within Extended CEE, Croatia led with 12.9% growth, followed by Romania at 9.3%, Hungary at 8.4%, the Baltic states at 7.8%, and Slovakia at 7.4%. In Special Markets, Türkiye contributed most of the segment growth with an increase of 5.8%.
By product line, health insurance showed the fastest premium growth at 11.4%. Life insurance followed at 8.9%. Motor third-party liability business rose 7.6%.
The growth spread across the book, which matters more than one hot segment.
Insurance service revenue also expanded across all segments.
- Health insurance recorded the strongest increase at 15.5%.
- Life insurance rose 12.5%.
- Motor third-party liability increased 10.4%, motor own damage grew 7.3%, and other property insurance added 4.6%.
Extended CEE and Special Markets made the biggest contribution to revenue growth.
Profit growth came through even faster than premium growth. Poland posted a 62.5% jump in profit before taxes. Extended CEE rose 48.1%. The Czech Republic increased 35.3%, and Austria added 29.3%.
Net profit after taxes and non-controlling interests climbed 33.3% to EUR 834.9 mn.
Insurance service expenses rose 7.5% to EUR 11,451.3 mn. The increase mainly reflected higher business volume. Even with that increase, underwriting performance improved materially.
The net combined ratio dropped to 90.1% from 93.4% in 2024. Both the cost ratio and the claims ratio improved during the year. Lower weather-related claims also supported the result.
The strongest combined ratio improvements came from the Czech Republic, down 10.1 percentage points, Special Markets, down 5.1 points, Poland, down 3.8 points, and Austria, down 2.2 points.
Earnings per share rose 33.7% to EUR 6.46. Operating return on equity increased 2.5 percentage points to 18.7%. Investments held at the group’s own risk reached EUR 38 bn, up 4.3%. The solvency ratio of 296% leaves the group heavily capitalized, plain and simple.
Management plans to propose the EUR 1.73 dividend in line with its policy of steadily increasing payouts. The move would mark a 12% increase from last year’s level. That kind of lift tends to send a pretty direct signal about confidence.
The planned acquisition of Nürnberger remains a major part of the growth story. In October 2025, VIG launched an offer for up to 100% of Nürnberger Beteiligungs-AG. The transaction would be the largest in the group’s history.
VIG has already secured 99.2% of Nürnberger’s share capital and voting rights. The deal still needs customary conditions and regulatory approvals, with closing expected at the start of the second half of 2026.
Management says the acquisition will deepen diversification and support long-term profitable growth in the CEE region. That is a big move, not a side project.
VIG also introduced a new group strategy, evolve28, covering the next three years. The plan sets five numerical targets for 2028, excluding the planned Nürnberger acquisition. Gross written premiums should reach at least EUR 20 bn.
Profit before taxes should reach at least EUR 1.5 bn. The net combined ratio should stay at or below 91%. Operating return on equity should reach at least 17%. The solvency ratio should land between 150% and 200%.
The strategy builds around the positioning of 50 local companies across the group. VIG says those local strategies were defined with the managing board members responsible for each country.
The plan also includes five group-wide programs focused on future-facing areas such as AI. Internal exchange will be supported by the holding department CO³, covering communication, collaboration, and cooperation. The company says evolve28 builds on proven strengths and keeps the growth path moving.
The outlook for 2026 remains positive. In October, Standard & Poor’s affirmed VIG’s financial strength and issuer credit rating at A+ and raised the outlook to positive from stable.
The agency cited diversification, growth, a broader earnings base, and resilience. VIG also pointed to its strategic partnership with Erste Group and the expanded scope of that relationship as another growth driver.
CFRO Liane Hirner said the group remains prepared for a volatile geopolitical and macroeconomic backdrop. She said management expects profit before taxes for 2026 to come in between EUR 1.25 bn and EUR 1.3 bn, excluding the planned Nürnberger acquisition.
