Key figures for investments under the EU Taxonomy Regulation*

The EU Taxonomy Regulation is a classification system that specifies criteria for determining whether an economic activity qualifies as environmentally sustainable. The criteria are linked to six EU environmental objectives: Climate change mitigation; Climate change adaptation; Sustainable use and protection of water and marine resources; Transition to a circular economy; Pollution prevention and control; Protection and restoration of biodiversity and ecosystems. The Taxonomy Regulation differentiates between taxonomy-eligible and taxonomy-aligned economic activities. Taxonomy-eligible economic activities are described in the technical screening criteria and are in principle suitable for making a positive contribution to one or more of the six environmental objectives. Moreover, if the economic activity fulfils the defined technical screening criteria and does not significantly harm any of the other objectives, the economic activity is considered to be taxonomy-aligned. In addition, the criteria for minimum safeguards must be met. For insurance companies, special key figures have been defined which relate to the taxonomy-aligned proportion of investments and non-life insurance premiums.

These key figures are disclosed using the new simplified reporting templates introduced by Commission Delegated Regulation (EU) 2026/73 of 4 July 2025.

Mandatory reporting for investments

For VIG’s assets, the Taxonomy Regulation requires that exposures from investment activities have to be analysed and disclosed with respect to their taxonomy eligibility and their taxonomy alignment. On this basis, the key figures are set out in accordance with Annex X to the Taxonomy Regulation. These key figures are to be provided as a percentage relative to total assets. VIG defines total assets as the sum of real estate holdings and financial instruments. Exposure to governments, central banks and supranational issuers was deducted from the recognised assets and/or the coverage ratio. The disclosures are made based on the Group solvency balance sheet and the key figures are based on the fair values as of the reporting date of 31 December 2025. Only assets that represent investments in economic activities are included in the taxonomy key figures. These investments essentially consist of all direct investments, including investments in collective investment undertakings, participations, loans, mortgages, real estate and tangible assets. If the EU Taxonomy Regulation does not make it clear which weighting should be used for the calculation of a key figure, then the key figure based on turnover will be applicable. This also applies to information on investments of unit- and index-linked life insurance where taxonomy alignment is indicated for both the numerator and the denominator. If information is directly available for determining the taxonomy eligibility and/or alignment of an exposure, it is reported under the required taxonomy key figures. For investments in companies, data from an external data provider was used to determine taxonomy eligibility and/or alignment. Real estate holdings and other direct investments in non-financial assets were assessed using a separate measurement method to determine taxonomy eligibility and/or alignment. Real estate under construction is also taken into account to the extent that it is reflected in the IFRS consolidated balance sheet either under the balance sheet item “Investment property” or under “Owner-occupied property and equipment”. Their alignment has been determined based on the construction plans. If there is no data available for determining the taxonomy alignment of real estate or tangible assets, these are classified as non-taxonomy-aligned. Exposures to governments, central banks and supranational issuers are not included in the taxonomy-eligible economic activities. In VIG’s view, this only applies to national governments, not to federal states, regions, municipalities, cities or communities. Derivative financial instruments are also not included when assessing taxonomy eligibility. Additionally, exposures to companies that are not required to publish non-financial information under Directive (EU) 2022/2464 (CSRD) are also not included in the taxonomy key figures. These companies were identified using an external data provider. As a precaution, non-consolidated funds for which no fund content data is available are included under the exposures to companies that are not required to report non-financial information under the CSRD. Thus, only exposures to companies that are required to report non-financial information under the CSRD are reported as non-taxonomy-eligible. As of the reporting date 31 December 2025, the EU Taxonomy alignment includes both financial and non-financial issuers for the first two objectives. For all other objectives, only taxonomy alignment for non-financial issuers is publicly available and considered in the reported key figures.

The following table presents the investment key figures in accordance with the Taxonomy Regulation. In the reporting year, the proportion of investments related to the financing of taxonomy-aligned economic activities was 8.0% based on turnover (previous year: 3.6%) and 10.1% based on CapEx (previous year: 4.7%).

The proportion of the insurance or reinsurance undertaking’s investments that are directed at funding or are associated with taxonomy-aligned economic activities in relation to total investments

Higher-level information on the KPIs

*Taxonomy: Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)