Dear shareholders, business partners and employees!
For several reasons, 2025 was a very special year for Vienna Insurance Group. VIG achieved an outstanding Group result, and the planned acquisition of Nürnberger Beteiligungs-AG is set to support the Group’s profitable growth strategy in CEE. In addition, with the new “evolve28” Group strategy, we have put in place the framework for action for the next three years – a development that will bring VIG further growth, even higher profit and continuously increasing dividends.
Hartwig Löger
CEO Vienna Insurance Group
Group result passes the one-billion mark for the first time
With a profit before taxes of EUR 1,161.3 million, VIG achieved a historic result – a significant increase driven by all major business areas. The increase in earnings was driven primarily by the markets Austria, Czech Republic, Poland, Türkiye, Slovakia and Romania. The positive development was also facilitated by significantly lower weather-related claims in 2025.
All-time high for VIG shares
Last year, VIG shares also hit a record level, despite the at times opposing trends on the capital market: While uncertainties about tariffs and impending trade wars, fears of an AI bubble, and worries about inflation weighed on the equity markets, investment announcements and optimism in view of fiscal and monetary stimuli had a positive effect on stock market events in 2025. For VIG, the 2025 stock exchange year was the most successful since it opened up to the broad capital market in 2005: VIG shares gained in all four quarters, with a closing price of EUR 59.30 on 12 December 2025 that exceeded the previous record level of 2008. And the end of the year could not have been more impressive either: On 30 December, and thus the last trading day of the year, VIG shares reached their 2025 all-time high of EUR 67.20. Looking at the year as a whole, the price more than doubled, with an overall increase of 121.4%. This development was also driven by the increased outlook for 2025, the publication of the new strategic programme and the planned Nürnberger acquisition.
Strong growth stimulus thanks to planned Nürnberger acquisition
In October, VIG published a purchase offer for up to 100% of the share capital of Nürnberger. This is a big step and at the same time a dynamic growth driver for the Group, because the planned acquisition is not only the largest transaction in the history of VIG, but is also intended to support VIG’s long-term profitable growth strategy in CEE. We are therefore very pleased that we have succeeded in securing the majority of shares – as of March 2026, the share capital and voting rights in Nürnberger already stood at 99.2%. The completion of the offer is still subject to standard market offer conditions, including regulatory approvals. We expect the closing to take place at the beginning of the second half of the year. In addition to its strong growth stimulus, the planned acquisition contributes significantly to the Group’s further diversification: It is also intended to position Nürnberger within VIG Group as a leading provider of biometrics products and thus bring in in-depth expertise in a promising business segment. And Nürnberger’s strategic “fit” with our Group goes beyond its product portfolio, as with its strong, well-established brand and entrepreneurial culture, Nürnberger also perfectly reflects VIG’s values and strategic ambitions.
Our Group result has passed the one-billion mark for the first time.
Improved VIG rating
There was also success with regard to our rating: At the end of October, the rating agency Standard & Poor’s not only confirmed VIG’s financial strength and issuer credit rating with an excellent rating of A+, but also raised the outlook of our Group from “stable” to “positive”. This improvement is the result of our diversification and growth, the associated broader earnings base, and our strong resilience – conditions that, according to Standard & Poor’s, position our Group for continuous and sustainable expansion in the CEE region. We are pleased that our strategic development is being assessed so positively and plan to further advance our growth strategy in CEE with diversification via the German market.
evolve28 – a new Group strategy with ambitious targets
In 2025, we also laid important groundwork for our focus over the coming years: Following the successful implementation of the “VIG 25” strategic programme, we presented our new Group strategy for the next three years after extensive preparation. Under the name “evolve28”, we have established the strategic framework for the future positioning of VIG and defined five quantitative targets as guidelines. It is a very ambitious plan, which gives a clear picture of the growth course over the next three years. With this strategy, we are pushing ahead with the expansion of our market leadership in the core market CEE, planning a significant increase in premiums and profit and maintaining our principle of local entrepreneurship. The strategies of the around 50 companies also form the heart of evolve28. In addition to the local Group strategies, five Group-wide programmes have been defined which are focused on current trends and future developments in the coming years. CO3, a strategic element that has now proven its worth, intensifies cooperation within the Group, generates synergies and creates transparency. We have also reformulated our values and principles and deliberately opted for the strategy name “evolve28”, because it represents a strategic approach in which you are constantly evolving rather than changing everything at once. We are thus building on proven success factors and adapting our business model flexibly and resiliently.
On a consistent growth course
In addition to our expansion plans in Germany, we have also strengthened our presence in the CEE countries. Following the acquisition of Moldasig, for example, we will be positioned as a clear market leader in Moldova: an investment that expresses our belief in the Republic of Moldova’s potential and aims to stimulate the local economy by developing the insurance market. Recently, the EU also demonstrated support for Moldova’s growth and reform agenda with a high level of investment. We are also demonstrating a strong commitment in Ukraine. As we work in even closer partnership with IFC, a member of the World Bank Group, we are preparing to take an active role in the country’s reconstruction. Ukraine is and will remain part of our core market CEE. We admire the extraordinary resilience and unwavering commitment of our Ukrainian colleagues.
The different aspects of the success of our Group undeniably make 2025 a very special year. We would like to take this opportunity to thank our around 30,000 employees for their outstanding commitment, and look forward to continuing our successful growth trajectory over the years to come!
Hartwig Löger
CEO of Vienna Insurance Group