VIG continues dynamic growth with outstanding Q1–Q3 performance and acquisition of controlling stake in NÜRNBERGER
Improved outlook for full year 2025
Vienna Insurance Group (VIG) consistently pursues its growth strategy: With increases across all key figures, VIG has recorded an outstanding performance for the first three quarters of 2025, resulting in a raised outlook for the full year 2025. With the planned acquisition of NÜRNBERGER Beteiligungs-AG (Nürnberger), the Group is setting another strong growth impulse: at the closing of the acceptance period for tendering of Nürnberger shares, VIG has already secured 98.38% of the company’s shares (preliminary result).
Key figures for Q1–Q3 at a glance:
- Gross written premiums increased to EUR 12.5 billion (+8.6%)
- Insurance service revenue grew to EUR 9.7 billion (+8.6%)
- Profit before taxes increased to EUR 872.8 million (+31%)
- Net combined ratio improved by 2.2 percentage points to 92.1%
- Excellent solvency ratio of 286%
Nürnberger — 98.38% share secured:
After signing a Business Combination Agreement with Nürnberger, VIG published a voluntary public purchase offer in October 2025 for up to 100% of the share capital of Nürnberger. Prior to this, large institutional Nürnberger shareholders had already committed to tender shares totalling around 64.4% of Nürnberger’s share capital. The acceptance period for tendering of shares lasted four weeks and ended on 21 November 2025. Subject to the pending final notification, VIG has secured 11,333,375 shares as of 24 November 2025, representing 98.38% of Nürnberger’s share capital and voting rights. Settlement of the offer is subject to customary offer conditions, including regulatory approvals. The closing is expected in the second half of 2026.
2025 has been a remarkable year for VIG in several respects. Firstly, we are expecting an exceptional year-end result, which has enabled us to improve our outlook for the financial year. Secondly, the planned acquisition of Nürnberger is the largest transaction in the history of our Group. The aim of diversifying through the special market Germany is to support VIG’s long-term profitable growth strategy in CEE while positioning Nürnberger also as a leading provider of biometric solutions within the Group.
With its strong and well-established brand and its entrepreneurial culture, Nürnberger also clearly embodies VIG’s values and strategic ambitions.
Improved outlook:
Based on the Q1–Q3 result, VIG Management has increased the expected range for the Group’s result before taxes 2025 to EUR 1.10–1.15 billion.
Key figures in detail:
Significant increase in gross written premiums
Gross written premiums increased by 8.6% to EUR 12,463.3 million year on year. The increase in premiums is attributable to all lines of business and segments. The highest premium increases were achieved in health insurance (+12.1%), motor third-party liability (+11.9%) and life insurance without profit participation (+11.8%). Within the segments, Special Markets (especially Türkiye) and Poland also posted double-digit growth at +18.4% and +13.5% respectively. In the Extended CEE segment (+9.4%), Ukraine performed particularly well, with premiums up by 36.7%.
Strong growth in insurance service revenue
Insurance service revenue increased by 8.6% to EUR 9,720.3 million, with all lines of business and segments demonstrating clear growth here too. Growth in the segment Special Markets (+31.6%) was driven largely by the dynamic development in Türkiye. The Extended CEE segment (+8.6%) reported very robust growth in the Baltic States, Slovakia, Romania, Bulgaria, Hungary, Ukraine and Serbia. In Poland (+6.9%) and the Czech Republic (+7.3%), growth was attributable to positive developments in property, life and health insurance. Austria’s +5.8% growth was mainly due to property and health insurance.
Double-digit increase in profit before taxes
Profit before taxes increased by 31% year on year to EUR 872.8 million, mainly resulting from the segments Special Markets, Poland, Czech Republic and Austria. The significant improvement in the combined ratio and the increased business volume were the main factors contributing to profit growth.
Net combined ratio clearly improved
The net combined ratio at the end of Q3 2025 stood at 92.1%, placing it significantly below the previous year’s result of 94.3% by 2.2 percentage points. Significantly lower weather-related claims (around EUR 160 million) compared to the previous year (around EUR 338 million) was the main factor driving this positive performance.
Solvency ratio remains high
At the end of Q3 2025, the Group’s solvency ratio was at an excellent 285.7% (including transitional measures), reflecting the Group’s economic resilience. After the closing of NÜRNBERGER in the second half of 2026, the solvency ratio will still remain above the range of 150 to 200% (without transitional measures).
