Preliminary figures in detail

Premiums written: EUR 16,313.7 million | +7.1% 
As in previous years, the strong premium growth was attributable to all segments and lines of business. The Poland (+10.7%), Extended CEE (+9.2%), Czech Republic (+8.2%) and Austria (+4.6%) segments performed particularly well. Within the Extended CEE segment, Croatia (+12.9%), Romania (+9.3%), Hungary (+8.4%), the Baltic states (+7.8%) and Slovakia (+7.4%) delivered particularly solid premium growth. In the Special Markets segment, the growth was driven primarily by Türkiye (+5.8%). In terms of the lines of business, the highest growth was reported in health insurance (+11.4%), followed by life insurance (+8.9%) and motor third-party liability insurance (+7.6%). 

Insurance service revenue: EUR 13,196.0 million | +8.7%
The increase in insurance service revenue was attributable to all segments. Health insurance noted the strongest growth at 15.5%, followed by life insurance at 12.5%, motor third-party liability insurance at 10.4%, motor own damage at 7.3%, and other property insurance at 4.6%. In particular, the Extended CEE and Special Markets segments contributed to this increase.

Profit before taxes: EUR 1,161.3 million | +31.7%
The exceptional growth is strongly driven by the segments Poland (+62.5%), Extended CEE (+48.1%), Czech Republic (+35.3%) and Austria (+29.3%). Net profit after taxes and non-controlling interests rose by 33.3% to EUR 834.9 million. 

Insurance service expenses: EUR 11,451.3 million | +7.5%
The increase is due primarily to the significantly increased business volume.  

Net combined ratio: 90.1% | -3.3 percentage points
Both the cost ratio and the claims ratio improved in 2025, leading to a notably lower combined ratio of 90.1% (2024: 93.4%). This was also supported by the absence of significant weather-related claims compared to 2024. The strongest improvements were reported in the segments Czech Republic (-10.1 percentage points), Special Markets (-5.1 percentage points), Poland (-3.8 percentage points) and Austria (-2.2 percentage points).

Earnings per share: EUR 6.46 | +33.7% 

Operating return on equity: 18.7% | +2.5 percentage points 

Investments held at VIG’s own risk: EUR 38.0 billion I +4.3%

Solvency: 296%
The Group’s preliminary solvency ratio as of 31 December 2025 was 296%. The Group thus remains very well capitalised.

Dividend proposal of EUR 1.73 per share | +12%
In line with its dividend policy, which aims to continuously increase dividends, VIG’s management will propose a dividend increase of 12% from last year’s figure of EUR 1.55 per share to EUR 1.73 per share for the 2025 financial year.

Strong growth momentum from planned NÜRNBERGER acquisition
In October 2025, VIG published a purchase offer for up to 100% of the share capital in NÜRNBERGER Beteiligungs-AG (Nürnberger). The planned acquisition represents the largest transaction in VIG’s history and is set to contribute to the further diversification of the Group and underpins its long-term profitable growth strategy in the CEE region. VIG has already secured 99.2% of NÜRNBERGER’s share capital and voting rights. The settlement of the offer is subject to standard market offer conditions, including regulatory approvals – the deal is expected to close at the beginning of H2 2026.

evolve²⁸: New Group strategy with ambitious targets 
In 2025, the new Group strategy “evolve²⁸” was developed for the following three years. The strategy sets out VIG’s growth trajectory and defines five ambitious quantitative targets as guidelines:

The targets for 2028 at a glance (without taking into account the planned acquisition of NÜRNBERGER Beteiligungs-AG):
+ Gross written premiums 2028: at least EUR 20.0 billion 
+ Profit before taxes 2028: at least EUR 1.5 billion 
+ Net combined ratio 2028: maximum 91%
+ Operating return on equity 2028: at least 17% 
+ Solvency ratio 2028: 150% to 200%

In line with the Group principle of local entrepreneurship, evolve²⁸ focuses on the strategic positioning of the 50 local companies that were defined in collaboration with the VIG Managing Board members responsible for the respective countries. The local company strategies are supplemented by five group-wide programmes that focus on forward-looking trends such as AI. Exchange between the companies is promoted by the Holding department CO³ (Communication, Collaboration and Cooperation). Clearly defined values and principles sharpen the positioning of VIG and guide interactions within the Group. With evolve²⁸, VIG is thus building on proven success factors, the dynamic development of its business model and the consistent pursuit of its successful growth trajectory.

Positive outlook for 2026
In October, rating agency Standard & Poor’s confirmed VIG’s financial strength and issuer credit rating with an excellent rating of “A+” and raised the Group’s outlook from “stable” to “positive”. This improvement was the result of diversification and growth, the associated broader income base and VIG’s considerable resilience. Standard & Poor’s views these underlying conditions as a basis for continuous and sustainable expansion in the CEE region. In addition, the strategic partnership with Erste Group and its expansion are also strengthening VIG’s growth potential. VIG’s management anticipates a positive 2026 financial year as well. 

Preliminary results
The information in this press release for the 2025 financial year is based on preliminary data. The final information for the 2025 financial year will be published in the Annual Report on 28 April 2026.