Vienna Insurance Group keeps leaning into its growth strategy, and the numbers from the first nine months of 2025 show how aggressive that push has become.
VIG logged gains across every major metric, raised its full year outlook, and secured nearly complete ownership of Nürnberger after the close of the tender period.
VIG now controls 98.38% of Nürnberger’s shares, based on preliminary results as of Nov. 24. The tender offer followed a business combination agreement announced in October, with major institutional shareholders committing early.
Key figures for Q1-Q3 2025 at a glance:
- Gross written premiums increased to EUR 12.5 bn (+8.6%)
- Insurance service revenue grew to EUR 9.7 bn (+8.6%)
- Profit before taxes increased to EUR 872.8 mn (+31%)
- Net combined ratio improved by 2.2 percentage points to 92.1%
- Excellent solvency ratio of 286%
The acceptance window closed Nov. 21, and the deal now moves toward regulatory approval. VIG expects the transaction to close in the second half of 2026.
CEO Hartwig Löger called 2025 a remarkable year on several fronts. He said the expected year end performance allowed VIG to lift its financial forecast, and the planned Nürnberger acquisition represents the Group’s largest transaction to date.
It also deepens VIG’s reach in Germany and supports long term, profitable growth across CEE. He said Nürnberger’s brand strength and culture align cleanly with VIG’s strategic ambitions.
We are expecting an exceptional year-end result, which has enabled us to improve our outlook for the financial year.
Hartwig Löger, VIG CEO
VIG now expects full year 2025 profit before taxes between EUR 1.10bn and EUR 1.15bn.
Gross written premiums climbed 8.6% to EUR 12.46bn, with growth across all business lines. Health posted the strongest gain at +12.1%, followed by motor third party liability at +11.9% and life insurance without profit participation at +11.8%.
Special Markets, led by Türkiye, delivered +18.4%. Poland rose +13.5%. In the Extended CEE segment, Ukraine stood out with premiums up 36.7%.
Insurance service revenue hit EUR 9.72bn, also up 8.6%. Türkiye again led the Special Markets segment with +31.6%.
Extended CEE posted +8.6% across the Baltics, Slovakia, Romania, Bulgaria, Hungary, Ukraine, and Serbia. Poland (+6.9%) and the Czech Republic (+7.3%) gained on strong property, life, and health activity. Austria rose +5.8%, driven by property and health.
Profit before taxes jumped 31% to EUR 872.8mn. Higher underwriting performance, increased business volume, and improvements in multiple segments fed into that result.
The Group’s net combined ratio improved sharply to 92.1%, down from 94.3% a year earlier. Weather related claims fell to around EUR 160mn, compared with roughly EUR 338mn in 2024, giving the underwriting side a big lift.
VIG’s solvency ratio reached 285.7% at the end of Q3, including transitional measures. Even after the Nürnberger transaction closes in 2026, the Group expects solvency to remain above 150–200% without transitional adjustments.
VIG operates more than 50 insurance companies and pension funds across 30 countries with about 30,000 employees serving 33mn customers. Its shares trade in Vienna, Prague, and Budapest, and the Group carries an A+ rating with a positive outlook from S&P.
