Highlights 2025

Peter Thirring chairs the VIG Supervisory Board

Peter Thirring took over as Chairman of the VIG Supervisory Board on 1 July 2025. He succeeds Rudolf Ertl, who will continue to serve on the Supervisory Board as Deputy Chairman. Peter Thirring joined the VIG Managing Board in 2018, taking over responsibility for areas including underwriting, compliance and the VIG Re reinsurance business. He has also held supervisory board positions in several Eastern European countries. Since 2023, Peter Thirring has been Deputy CEO of Wiener Städtische Versicherungsverein.

Christoph Rath becomes a full member of the Managing Board

Christoph Rath, who has been a deputy member of the VIG Managing Board since 1 September 2024, was appointed a full member of the Managing Board effective 1 January 2026. In addition to his responsibility for RiskConsult, Christoph Rath is also responsible for the countries Albania, Bosnia-Herzegovina, Kosovo, Croatia, Montenegro, North Macedonia and Serbia on the VIG Managing Board.

VIG secured 98.81% of Nürnberger Versicherung

The planned acquisition of German company Nürnberger Versicherung marked a significant strategic step for Vienna Insurance Group in the 2025 financial year. In October 2025, VIG, after signing a business combination agreement with Nürnberger Beteiligungs-AG, published a voluntary public purchase offer for up to 100% of the share capital in Nürnberger. The shareholders were offered EUR 120.00 per Nürnberger share in cash. At the end of November 2025, VIG had secured 11,383,371 shares, representing 98.81% of the share capital and voting rights in Nürnberger. The completion of the offer is subject to standard market offer conditions, including regulatory approvals. The closing is expected to take place in the second half of 2026. The financing from internal resources underlines the financial strength and capital efficiency of the Group. At the same time, the Group’s solvency ratio remains above the planned target range even after completion of the transaction.

With its high insurance penetration and enormous market size, Germany offers an attractive and stable environment in the long term. Nürnberger is a long-established and broadly diversified insurance group with around 2.6 million customers, a high level of brand recognition and a strong distribution network. Leading in biometric products and with strong expertise in the field of biometric risks, Nürnberger not only complements VIG strategically, but also substantially expands the life insurance segment. The acquisition significantly diversifies the Group: Austria and Germany would account for around 47% of the business volume in the future, while the share of the Group’s life insurance business would rise to around one third.

VIG acquires MOLDASIG S.A.

In August 2025, VIG prevailed in the public auction for the acquisition of 80% of the shares in MOLDASIG S.A. (Moldasig). By the end of 2025, these shares had increased to 95.2% through further acquisitions. With the closing of the acquisition, VIG will move up to number one in Moldova with a market share of around 30%. The approval of the competition authority is still pending.

New company planned in Montenegro

VIG plans to establish a non-life insurance company in Montenegro. Alongside VIG, Wiener Städtische Osiguranje in Serbia and the Montenegrin VIG life insurance company Wiener Städtische zivotno osiguranje are also involved in the project, which aims to drive growth in the non-life segment in Montenegro and make the best use of synergies within the Group: The newly founded company will build on the non-life expertise of the Serbian company while also benefiting from the well-established life insurance company in Montenegro, which it will cooperate with closely.

Vienna Insurance Group strengthens its position in Ukrain

Subject to regulatory approvals, the International Finance Corporation (IFC) will acquire a stake of around 20% in each of the two VIG insurance companies USG and Kniazha through a capital increase. With the support and extensive know-how of IFC as an important partner, VIG plans to promote the growth of the Ukrainian insurance market and to further expand its strong position in Ukraine. IFC will support the local companies in the development of new products, sales and digitalisation.

Vienna Insurance Group invests in Poland’s largest financial broker

VIG is continuing to drive its growth in the Polish market. Through its indirect participation in Phinance—one of the largest financial brokers in Poland—VIG Group will gain access to its extensive network of customers and consultants in Poland. Phinance specialises not only in insurance sales, but also in financial consulting and the sale of investment and credit products. The acquisition of 48.82% of the company was approved by the Polish Office for Competition and Consumer Protection (UOKiK) and finalised on 13 March 2025. In addition to life insurer Vienna Life, VIG is active in the Polish market with Compensa Non-Life, InterRisk, digital insurance broker Beesafe and the pension fund Vienna PTE.

+121.4% Share price increase in 2025

VIG shares had an exceptionally successful year on the stock exchange in 2025 and performed significantly better than national indices and the sector benchmark over all quarters. Already at the beginning of the year, a dynamic upward movement had begun, and this led to several new highs over the course of the year. The high point was a brilliant fourth quarter in which the shares reached a new all-time high of EUR 67.20 in 2025. With an annual increase of 121.4%, the share price more than doubled in 2025 and thus achieved the best performance since opening to the broad capital market community – a milestone in VIG’s stock exchange history.

A+ rating with positive outlook

The rating agency Standard & Poor’s (S&P) has raised Vienna Insurance Group’s outlook from stable to positive. According to S&P, VIG has made significant progress in further diversifying its operations through its strong performance in CEE, broadening its earnings base and enhancing its resilience. The planned acquisition of Nürnberger offers further diversification potential. According to S&P, this positions the Group for sustainable expansion in the CEE region.

Successful bond issue

With perfect timing, VIG took advantage of a stable issue window to issue a Tier 2 sustainability bond with a volume of EUR 300 million in 2025. The order book was oversubscribed with more than EUR 1 billion. Thanks to the high level of demand, VIG was able to achieve the lowest T2 spread in the company’s history at 195 bps. This is the second sustainability bond issued by VIG and the first in Tier 2 format. In the interests of active capital management, two outstanding Tier 2 bonds were offered for repurchase at the same time.

20 years of VIG in the Prime Market & ATX

2025 marked two capital market milestones for VIG: In the summer, VIG shares celebrated 20 years in the prime market of the Vienna Stock Exchange – the segment that represents the highest standards in transparency and governance. The next anniversary followed on 19 September: VIG has been listed continuously in the ATX for two decades. Both anniversaries underline the long-term stability, reliability and capital market orientation of the insurance group.

Platinum at the Austrian Digital Communication Awards

In the second edition of the Austrian Digital Communication Awards, VIG once again secured first place. With a Digital Communication Score of 76.8%, VIG achieved platinum status, improving its ranking by more than one percentage point compared to the previous year. The average score for all ATX prime companies was 46%, while the average for MDAX and SDAX companies was 43%. VIG achieved top marks in all three assessment categories: IR website, 2024 digital annual report, and social media. The judges were convinced by the transparent IR website and the quick retrieval of relevant content. The digital group annual report scored particularly highly thanks to the integrated CEO video. Furthermore, they highlighted the company’s active presence on social media, particularly via its own IR LinkedIn channel.

VIG Xelerate: Innovation competition

The 11th round of the Group-wide innovation competition VIG Xelerate, with a strong focus on AI-driven solutions, was the most ambitious in the company’s history to date: 30 projects from 24 VIG companies across 14 countries were submitted. The Group-wide innovation competition has been held regularly since 2018. It recognises innovation projects initiated by VIG companies and provides financial support for their implementation. To date, a total of EUR 12.4 million has been invested in innovation. Each VIG company can submit projects, which are evaluated in collaboration with experts from the start-up accelerator and open innovation platform operator Plug and Play and presented in person during Pitch Days. In 2025, two Pitch Days took place. VIG Xelerate is thus a sustained innovation success story within the Group.

Since December 2023, VIG Xelerate has been managed via the VIG Innovation Platform, which serves as a central hub for numerous innovation activities within the Group. Since its launch, more than 3,500 colleagues (as of December 2025) have already registered as users. The platform makes an important contribution to promoting Group-wide innovation exchange and networking among our colleagues.

VIG Xelerate: Pitch Day 1 winning projects

The projects below were among those that impressed during the first VIG Xelerate Pitch Day in 2025:

• 1^st place – “24/7 AI-powered health insurance service” from BTA Baltic in the Baltic states: An AI-supported, multimodal agent enables round-the-clock customer support in health insurance. It responds to coverage enquiries, assists with claims submission and, where required, connects customers with suitable partners across all common channels.
• 2^nd place – “Inspectify“ from Omniasig in Romania: Drive. Scan. Done. Inspectify is focusing on implementing automated inspection tunnels for motor claims and risk assessments. The solution enables round-the-clock fast, precise and scalable assessments. This creates a new level of quality in claims handling and strengthens trust, transparency and efficiency for insurers and customers.
• 3^rd place – “AI in Corporate Business” from Compensa and Beesafe in Poland: The initiative leverages Generative AI (GenAI) to automate the processing of broker requests for proposals, improving efficiency in underwriting. Integration into the cloud infrastructure enables seamless incorporation into existing systems. Automated analysis and quote generation significantly reduce manual effort and response times.

VIG Xelerate: Pitch Day 2 winning projects

The projects below were among those that impressed during the first VIG Xelerate Pitch Day in 2025:

• 1^st place – “Insurance Digital Wallet” from Asirom in Romania: Digital Wallet modernises access to insurance through a digital wallet system that makes policies fully available on smartphones. Customers benefit from easy access to their policies, as well as services such as claims reporting and payments – even offline.
• 2^nd place – “AI integration in vehicle underwriting and claim processes” from Wiener osiguranje in Croatia: Artificial Intelligence is used to automate and enhance processes in motor underwriting and claims handling. In underwriting, AI supports fraud detection and accelerates the assessment of policies and quotes, thereby reducing the risk of insuring vehicles with pre-existing damage. In claims handling, it improves accuracy, reduces costs and enables faster decision-making.
• 3^rd place – “Expert Hub” from Global Assistance in Hungary: The Global Assistance Expert Hub is a web-based platform that fully digitalises collaboration with service partners and enhances the efficiency of their workflows. Via a central interface, partners can manage cases, document services, submit invoices and access standardised pricing.

VIG Innovation Days

In 2025, the fourth VIG Innovation Day took place in Vienna, bringing together more than 80 participants from over 20 countries and demonstrating the strength of the Group-wide innovation community. The event featured formats such as reverse pitches by VIG companies and start-up pitches, as well as sessions on forward-looking topics including AI, data and new business areas. A wide range of networking opportunities complemented the programme, further strengthening exchange and collaboration. An additional Innovation Day, hosted by Omniasig in Bucharest and attended by almost 90 participants, provided further impetus for growth, knowledge transfer and the development of an innovative culture within VIG.

VIG Executive Innovation Training

In 2025, the successful series of VIG Executive Training programmes – powered by Plug and Play – continued. In compact two- to three-day workshops, board members and management teams of local VIG companies further strengthened their innovation capabilities, refined their structured approach to innovation and assessed their level of innovation readiness. The formats combined focused knowledge building, the exchange of best practices and application-oriented learning.

Award for the most innovative insurance company in Austria

Vienna Insurance Group received the award for Austria’s most innovative insurance company 2025 by the financial magazine “Börsianer”, underlining its strong innovative strength. Particular recognition was given to the large number and variety of projects being implemented by the Group in parallel. In addition, the Boston Consulting Group (BCG) ranks VIG in its “Quiet Resilience” study as one of 360 European companies with particularly high innovation vitality; only two Austrian companies are included in this group. BCG attributes VIG’s innovative strength primarily to clear growth ambitions, the strategic use of acquisitions and a comparatively advanced use of AI.

VIG platform partners: Expansion of the platform business

Through VIG platform partners, VIG has established a new business segment in the field of platform insurance and has been strategically developing it in 2025. The company connects digital platform partners, insurers and technological implementation across the entire value chain. During the reporting year, its market presence was further expanded through additional partnerships both within and outside the Group. Specific use cases include, amongst others, coverage for visitors of the Sziget Festival, insurance solutions for vehicle transfers via the Onlogist marketplace, liability coverage for marketplace sellers on Amazon, brokerage concepts in the fitness and health sector, and the development of digital sales strategies as well as the digitalisation of application and underwriting processes for insurance companies. In 2025, the focus was also on new solutions in areas such as device protection, telecommunications, e-commerce, travel and ticketing.

Over 1 million assistance cases per year

Since VIG decided in 2014 to offer assistance services in its markets through its own companies, 12 companies have been established, serving a total of 18 VIG countries. In 2025, an assistance company was established in Austria. In addition, a cooperation model was implemented with the Bulgarian assistance company, through which Kosovo and Albania are now also served. VIG now covers its assistance requirements almost exclusively through its own companies.

In addition to geographical expansion, the focus is on the ongoing expansion of the range of services offered, as well as the direct provision of services to customers via B2C. The range now includes over 150 services, covering a broad spectrum from traditional and insurance-related assistance services in the areas of motor, health and household to lifestyle services, through which customers can be supported and assisted in their everyday lives. Around 800 employees across VIG’s service companies now handle approximately 1 million assistance cases per year.

Ecosystem mobility: Partnership with KIA for connected mobility

In 2025, Vienna Insurance Group established a strategic partnership with KIA, marking a significant step forward in the connected car sector. Together, a pilot project was launched with KIA Connect and the Czech VIG insurance company Kooperativa to assess the use of vehicle data for innovative insurance models. The aim is to develop tailored offers for selected customer groups via digital touchpoints and the KIA Connect app, and to exploit new sales opportunities. At the same time, the partnership strengthens VIG’s innovative capacity and enables data-driven insights in underwriting.

Ecosystem mobility: Cashback scheme for responsible driving

Through a telematics app, VIG offers its motor insurance customers digital services and provides targeted incentives for safe and sustainable driving. The app includes features such as an automatic logbook, analyses of individual driving styles and specific tips for improvement. Depending on their driving score, customers receive part of their insurance premium back as cashback. The app is complemented by an integrated SOS emergency button, which connects directly to VIG’s assistance service in an emergency. Following its launch for customers of the Czech Kooperativa and Compensa in Poland, Kooperativa in Slovakia, Compensa in Lithuania and Union in Hungary followed in the course of 2025. In addition, the app was expanded to include a rewards feature, giving customers the opportunity to collect points and redeem them in a rewards store for various items or vouchers.

Competence Center for Customer Experience

In 2025, the CX Competence Center further strengthened its role as a Group-wide enabler of customer-centricity. The CX community grew to 22 active VIG companies, supported by a shared knowledge base of over 50 CX use cases, with several successfully reused across markets. Targeted collaboration formats, including best-practice exchanges, an annual conference, panel discussions, and hands-on workshops supported capability building and enabled faster sharing of proven CX solutions. Altogether, 139 participants from 30 Group companies across 15 countries contributed to strengthening consistent, value-driven customer experience delivery across the Group.

Digital bancassurance

VIG Group collaborates with the banks of Erste Group in 11 countries. In 2025, the premium volume increased by 11% to around EUR 1.55 billion. In addition to traditional bancassurance, such as in-branch services, Erste Group uses its “George” digital platform to offer VIG products in six countries – Austria, Czech Republic, Slovakia, Romania, Hungary and Croatia. A total of around 600,000 contracts were concluded via George in 2025. In addition to traditional credit insurance and travel insurance, household and homeowner insurance, as well as accident insurance, have also been particularly successful. Following the successful roll-out of the ‘George’ platform in Serbia, the first insurance products will also be offered there via “George” in 2026.

Improved CDP rating

Vienna Insurance Group improved its CDP rating to “B” in 2025 (formerly Carbon Disclosure Project), thereby continuing its positive trend. The rating confirms the progress made in the collection, management and disclosure of climate-related data, as well as in the integration of climate risks into the corporate strategy. At the same time, the result underlines the effectiveness of the measures implemented as part of VIG’s sustainability programme.

Increased investment in green bonds

VIG aims to increase the share of investments in green bonds. By investing in green bonds, VIG makes an active contribution to financing the ecological transformation and specifically supports projects in the areas of climate protection, renewable energy and sustainable infrastructure. Investment volume has been steadily increased over recent years and amounted to around EUR 1.8 billion at the end of 2025. This corresponds to an increase of around 25% compared to the previous year.

Joining the climate initiative PCAF

In October 2025, VIG became a member of PCAF (Partnership for Carbon Accounting Financials), a global initiative in which more than 600 financial institutions have joined forces to develop harmonised standards for measuring and disclosing greenhouse gas emissions from financial activities. By joining PCAF, VIG takes a further step towards promoting transparency and accountability in its sustainability efforts.