The segment Special Markets includes the countries of Germany, Georgia, Liechtenstein and Türkiye.
Germany
VIG insurance companies InterRisk Non-Life and InterRisk Life operate in Germany. The InterRisk companies distribute exclusively through around 10,000 independent sales partners. InterRisk Non-Life specialises in accident and liability insurance and selected property insurance products. InterRisk Life focuses on retirement provision and occupational disability solutions, as well as protection for surviving dependents. The VIG companies continue to be successful in the German market as profitable niche players.
In November 2025, VIG secured 98.81% of the shares in Nürnberger Beteiligungs-AG. The closing is expected to take place in the second half of 2026.
The Group internal reinsurance company VIG Re has also been represented by a branch in Germany since 2017. It is assigned to the segment Group Functions.
Georgia
VIG Insurance Group is represented in Georgia by the companies GPIH and IRAO. With a market share of 24.0% the companies are the second-largest group on the Georgian insurance market in the 1st to 3rd quarter 2025. In the non-life sector, they also rank second. In life insurance, they are in third place.
Liechtenstein
VIG is represented in Liechtenstein by the Group company Vienna-Life. Following a revision of its product range in 2024, Vienna-Life is positioning itself as an ambitious provider of asset- and succession-oriented life insurance solutions in Germany with the unit-linked life insurance product “Private Wealth Police”. With a focus on long-term asset planning, asset protection and legal stability, Vienna-Life takes advantage of the benefits of Liechtenstein as a location to offer tailored solutions for retail customers.
Türkiye
In Türkiye, VIG Insurance Group operates with the non-life insurer Ray Sigorta and the life insurance company Viennalife. With a market share of 5.5% the VIG insurance companies reached fifth place on the Turkish market. They rank eighth in non-life insurance and third in life insurance.
Financial performance indicators in the reportable segment Special Markets
Insurance service revenue
Insurance service revenue in the segment Special Markets rose from EUR 924.2 million in 2024 to EUR 1,170.1 million in 2025. This corresponds to an increase of 26.6%. This development is mainly due to the dynamic business development in Türkiye, in particular due to a higher premium volume, especially in motor insurance and life insurance.
Insurance service revenue by line of business
Result before taxes
In 2025 the segment Special Markets increased its result before taxes by 43.3% to EUR 126.9 million (2024: EUR 88.6 million). This significant increase is primarily due to the strong business development in Türkiye.
The result before taxes, adjusted for adjustments of EUR 7.6 million (2024: EUR 0.0 million), resulted in a business operating result of EUR 134.5 million in the segment Special Markets in 2025 (2024: EUR 88.6 million). The entire adjustment is due to an impairment of software in Germany.
Net combined ratio
The net combined ratio in 2025 was 93.6% (2024: 98.7%). This improvement in the net combined ratio is mainly due to the positive development of the motor lines of business in Türkiye.