The segment Extended CEE includes the countries of Albania incl. Kosovo, Baltic states, Bosnia-Herzegovina, Bulgaria, Croatia, Hungary, Moldova, North Macedonia, Romania, Serbia, Slovakia and Ukraine.
Albania incl. Kosovo
VIG Insurance Group operates in the Albanian insurance market with the two non-life insurers Sigma and Intersig, as well as the life insurer Vienna Life, which was founded at the end of December 2024. The three companies ranked third in the market with a market share of 20.3% in the first nine months of 2025. Via a branch Sigma is also represented in Kosovo where it ranked sixth with a market share of 8.7% in the 1st to 3rd quarter of 2025.
Vienna Life is not included in the scope of consolidation in 2025.
Baltic states
VIG insurance companies are represented in all three Baltic states. Life insurance company Compensa Life has its head-quarters in Estonia and is also represented in Latvia and Lithuania via branch offices. Non-life insurance company BTA Baltic operates in Latvia and is active in Estonia and Lithuania with branches. The non-life insurance company Compensa Non-Life operates in Lithuania. It maintains branches in Latvia and Estonia. VIG insurance companies are the market leader in the Baltic states with a market share of 26.7% in the 1st to 3rd quarter 2025. They are ranked first in both non-life and life insurance.
Bosnia-Herzegovina
VIG Insurance Group is represented by Wiener Osiguranje with headquarters in Banja Luka and by Vienna osiguranje with head-quarters in Sarajevo. The VIG insurance companies were in third place overall based on a market share of 8.7% according to the data of the 1st to 3rd quarter 2025.
Bulgaria
On the Bulgarian insurance market VIG is represented by Bulstrad Life and Bulstrad Non-Life. Together they held a market share of 14.0% in the 1st to 3rd quarter 2025. Thus, VIG insurance companies were in first place in Bulgaria. In the non-life in-surance sector they ranked third in the market and in life insurance they are in first place. In addition, the PAC Doverie pension fund is part of VIG Insurance Group, and has a 24.6% market share in Bulgaria based on assets under management.
Croatia
In Croatia the VIG insurance company Wiener Osiguranje is active. A market share of 8.1% in the 1st to 3rd quarter 2025 puts it in fourth place on the Croatian insurance market. It is in fifth place in the non-life insurance sector and ranks first in the life insurance sector.
Moldova
The VIG insurance company Donaris operates in Moldova. With a market share of 13.0% in the 1st to 3rd quarter 2025 it is in third place on the market. In the non-life insurance sector, it is also in third place.
In August 2025, VIG acquired 80% of the shares in the non-life insurance company Moldasig. Moldasig ranked fifth in the overall market in the 3rd quarter of 2025 with a market share of 12.7%. The approval of the transaction by the competition authority is expected in the first half of 2026, which is why the company has not yet been included in the scope of consolidation in the 2025 financial year. Once the transaction has been successfully completed, VIG will become the market leader in Moldova.
North Macedonia
VIG is represented by one non-life and one life insurance company in North Macedonia, Makedonija Osiguruvanje and Winner Life, respectively. The two VIG insurance companies together held a market share of 16.0% in the 1st to 3rd quarter 2025. This makes the VIG companies number two among the leading insurance groups in North Macedonia. VIG is also in second place in the non-life sector and ranks third in the life sector.
Romania
There are three VIG insurance companies operating in the Romanian insurance market, the non-life insurer Omniasig, the composite insurer Asirom and the life insurer BCR Life. In addition, VIG is represented on the Romanian market with the pension fund Carpathia Pensii. VIG is the market leader in the Romanian insurance market, with a market share of 23.3% in the 1st to 3rd quarter 2025. In non-life insurance and life insurance, it ranks second.
Serbia
In Serbia, VIG Insurance Group is active with the Wiener Städtische Osiguranje. With a market share of 10.3% it occupied fourth place in the 1st to 3rd quarter 2025. In the non-life insurance sector it is also in fourth place, in the life insurance sector it ranks third. Reinsurance company Wiener Re, which is a 100% reinsurance subsidiary of VIG Re and is headquartered in Belgrade, is part of the Group Functions segment.
Slovakia
Two VIG insurance companies, Kooperativa and Komunálna, are represented in the Slovakian insurance market. With a market share of 27.4% in the 1st to 3rd quarter 2025 they are in first place as the largest insurance group in Slovakia. In non-life insurance, they are in second place. In life insurance, they are ranked first. In addition, the pension company Kooperativa Pension Fund is part of VIG Insurance Group.
Ukraine
The VIG non-life insurers Kniazha and USG as well as the life insurer Kniazha Life are active in Ukraine. With a share of 11.2% in the 1st to 3rd quarter 2025 the VIG insurance companies are in second place in the overall market. In the non-life sector, Vienna Insurance Group also ranks second in Ukraine.
Hungary
In Hungary, Vienna Insurance Group operates with Union Biztosító and Alfa Biztosító. According to the data published by the Hungarian Association MABISZ from the 1st to 3rd quarter 2025, the VIG insurance companies are in first place in the market with a market share of 17.8%. They are in first place both in non-life and life insurance. In addition, the pension fund Alfa VIG Pension Fund is part of VIG Insurance Group. VIG Asset Management, which is based in Budapest, is assigned to the Group Functions segment.
Financial performance indicators in the reportable segment Extended CEE
Insurance service revenue
The insurance service revenue in 2025 amounted to EUR 3,908.0 million and was thus 8.6% above the previous year’s figure (2024: EUR 3,599.5 million). The increase is mainly due to the good development in Romania, Slovakia, the Baltic states, Bulgaria and Ukraine. In particular, motor insurance, other property and casualty insurance and health insurance achieved good growth.
Insurance service revenue by line of business
Result before taxes
The result before taxes in the segment Extended CEE in 2025 was EUR 236.4 million (2024: EUR 159.7 million). This corresponds to an increase of 48.0%. The significant increase compared to the previous year is primarily due to the increase in business volume in conjunction with an improvement in the insurance service result and lower impairments in Hungary.
The result before taxes, adjusted for adjustments of EUR 82.0 million (2024: EUR 116.3 million), resulted in a business operating result of EUR 318.4 million in the segment Extended CEE in 2025 (2024: EUR 276.0 million). The adjustments taken into account mainly resulted from Hungary and related to the impairment of goodwill (EUR 72.6 million), customer bases (EUR 6.4 million) and software (EUR 3.3 million). In the previous year, these adjustments were mainly due to the impairment of goodwill.
Net combined ratio
In 2025, the net combined ratio in the Extended CEE segment was 91.3% (2024: 93.9%). The improvement is primarily due to a better cost ratio.