Insurance service revenue – issued business
Additional details on the insurance service revenue issued business, hereinafter referred as “Insurance service revenue”, are included in Note “1.3. Insurance contracts issued”.
The insurance service revenue increased by 8.7% in 2025 to EUR 13,196.0 million (2024: EUR 12,138.5 million). With the exception of the segment Group Functions, all reportable segments recorded growth. Property and casualty insurance (accounted for using the Premium Allocation Approach) in the Extended CEE and Special Markets segments contributed particularly strongly to the increase compared to the previous year.
Insurance service expenses – issued business
Further details on the insurance service expenses – issued business, hereinafter referred as “Insurance service expenses”, are included in Note “1.3. Insurance contracts issued”.
In 2025 the insurance service expenses amounted to EUR 11,451.3 million (2024: EUR 10,656.8 million), which is an increase of 7.5% year-on-year. This is mainly due to the significant increase in business volume. The increase in insurance services in the commercial business was offset by lower weather-related claims.
Insurance service result – reinsurance held
Further details on the insurance service result – reinsurance held can be found in Note “1.4. Reinsurance contracts held”.
The insurance service result – reinsurance held resulted in 2025 in a loss of EUR 226.3 million (2024: loss of EUR 295.3 million). The improved reinsurance result is primarily due to major losses that had significant reinsurance coverage, despite a significant decline in claims arising from natural catastrophes.
Insurance contracts liabilities issued
Further details on the insurance contracts liabilities issued are included in Note “1.3. Insurance contracts issued”.
The insurance contracts liabilities issued amounted to EUR 41,496.9 million as of the balance sheet date 31 December 2025 (31 December 2024: EUR 39,598.1 million). This corresponds to an increase of 4.8% year-on-year. This development is mainly due to the increased business volume of product lines accounted in PAA – in particular in property and casualty insurance – as well as to the positive market development of the underlying assets in the Variable Fee Approach – especially in the long-term life and health insurance lines of business.
Contractual service margin (CSM)
The contractual service margin (CSM) includes the unrealised profits originally priced into the insurance contract, which is reported as a separate component of the technical provisions. As of 31 December 2025 the CSM amounted to EUR 6,235.9 million (31 December 2024: EUR 5,523.2 million) and mainly stems from long-term life and health insurance. This corresponds to an increase of 12.9% year-on-year. The development is mainly the result of changes in the Variable Fee Approach due to market-related effects.