Earnings per share
Earnings per share is a key figure that compares the result for the period (less non-controlling interests) to the average number of shares outstanding. The number of shares compared to the previous year remained unchanged.
In 2025 earnings per share were EUR 6.46 (2024 adjusted: EUR 4.83). The increase compared to the previous year is 33.7%. This development reflects the positive business development.
Operating Return on Equity (Operating RoE)
Operating return on equity measures the profitability of the insurance group. This ratio is calculated by dividing the business operating result by the average shareholders’ equity less unrealised gains and losses.
As of 31 December 2025, Vienna Insurance Group achieved an operating return on equity of 18.7% (31 December 2024 adjusted: 16.2%).
Operating Return on Equity |
31/12/2025 |
31/12/2024 adjusted |
31/12/2023 adjusted |
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|---|---|---|---|---|---|
in EUR million |
|
|
|
||
Shareholdersʾ equity |
7,331.4 |
6,558.9 |
6,099.3 |
||
Unrealised gains and losses recognised in equity* |
-255.9 |
-195.7 |
-159.3 |
||
Adjusted shareholders’ equity |
7,075.4 |
6,363.2 |
5,940.0 |
||
Average adjusted shareholders’ equity |
6,719.3 |
6,151.6 |
|
||
Business operating result |
1,257.7 |
998.2 |
|
||
Operating RoE in % |
18.7 |
16.2 |
|
||
|
|||||
Net combined ratio
The calculation of the net combined ratio is the insurance service expenses for issued business less insurance service expenses from reinsurance contracts held divided by the insurance service revenue from issued business less insurance service revenue from reinsurance contracts held in property and casualty insurance.
The net combined ratio in 2025 was 90.1% (2024: 93.4%). The significant improvement in the combined ratio compared to the previous year is mainly stemming from the reportable segments Austria, Czech Republic, Poland and Special Markets, and is supported by much lower weather-related claims and natural catastrophes.
Net combined ratio |
2025 |
2024 |
|---|---|---|
in EUR million |
|
|
Insurance service revenue net |
9,288.8 |
8,494.8 |
Attributable costs net |
-2,819.8 |
-2,601.4 |
Insurance service expenses excl. attributable costs net |
-5,545.0 |
-5,330.2 |
Insurance service expenses net |
-8,364.8 |
-7,931.6 |
Net claims ratio in % |
59.7 |
62.7 |
Net cost ratio in % |
30.4 |
30.6 |
Net combined ratio in % |
90.1 |
93.4 |