Vienna Insurance Group (VIG) has reported strong preliminary results for 2025, passing the €1 billion profit threshold for the first time and outlining new growth targets to 2028.
In 2025, the group generated gross written premiums of €16.3 billion, up 7.1% year-on-year, with growth across all segments and lines of business. Profit before tax rose 31.7% year-on-year to €1.16 billion. Insurance service revenue climbed 8.7% to €13.2 billion, reflecting broad-based growth, particularly in health and life. Insurance service expenses rose 7.5% to €11.45 billion, driven mainly by higher business volume.
The net combined ratio improved to 90.1% in 2025, from 93.4% in 2024, with both the cost and claims ratios moving in VIG's favour. The group cited the absence of major weather-related losses versus the prior year and highlighted the Czech Republic, Special Markets, Poland and Austria as reporting the largest improvements.
Premium growth remained broad-based. All segments and major product lines contributed, with particularly strong momentum in Poland (up 10.7%), Extended CEE (up 9.2%), the Czech Republic (up 8.2%) and Austria (up 4.6%). Within Extended CEE, Croatia, Romania, Hungary, the Baltic states and Slovakia posted solid growth. In Special Markets, Türkiye was a key driver.
By line of business, health insurance recorded the fastest premium growth at 11.4%, followed by life insurance at 8.9% and motor third-party liability at 7.6%. Insurance service revenue rose across all segments, led by health (up 15.5%), life (up 12.5%) and motor third-party liability (up 10.4%). Profit before tax was strongly supported by Poland, Extended CEE, the Czech Republic and Austria.
Closer to VIG in scale is Poland’s PZU Group, which generated revenue of about $16.3 billion and profit of roughly $1.34 billion in 2025, with a strong domestic franchise and growing regional presence. VIG’s €16.3 billion of gross written premiums and €1.16 billion profit before tax place it broadly in the same revenue bracket, but with a broader CEE footprint rather than a single-market concentration.
Where VIG stands out is capital strength rather than size. Its preliminary 2025 solvency ratio of 296% is well above the 150% to 200% range that many European insurers aim to hold over Solvency II requirements, and above its own medium-term target band. That compares with solvency ratios for large diversified groups that more typically cluster around the mid‑ to high‑100s, depending on business mix and capital-management policies.
Commenting on the result, Hartwig Löger, CEO and chair of the managing board of Vienna Insurance Group, said the company achieved "outstanding" results in 2025, driven by strong growth and high levels of profitability.
"Based on this result and our strong capital position, the VIG Managing Board is proposing a dividend of EUR 1.73 per share. The planned NÜRNBERGER acquisition will drive further profit growth for VIG and enhance our strong diversification," Löger said.
The management board will propose a 12% increase in the dividend for the 2025 financial year, from €1.55 to €1.73 per share, in line with its policy of gradual, continuous increases.
VIG has also set out "evolve28," its new three-year group strategy.
On an organic basis, the company is targeting by 2028 gross written premiums of at least €20.0 billion, profit before tax of at least €1.5 billion, a maximum net combined ratio of 91%, an operating return on equity of at least 17%, and a solvency ratio between 150% and 200%.
The strategy centres on the positioning of 50 local companies, developed with the board members responsible for each country, and is supported by five group-wide programmes focused on themes such as artificial intelligence.
Looking ahead, chief finance and risk officer Liane Hirner said the company aims to achieve profit before taxes for the financial year 2026 within a range of between EUR1.25 and EUR1.30 billion without taking into account the planned NÜRNBERGER acquisition.
The company said its final audited results for 2025 are due to be published in the annual report on April 28, 2026.
