Vienna Insurance Group AG Overview
Vienna Insurance Group is the largest insurance group in Central and Eastern Europe (CEE) measured by premium volume, operating a deliberately decentralised, multi-brand federation of more than 50 local insurers across 30 countries from a Vienna holding. Roughly two-thirds of its business is property & casualty and health; the balance is life, increasingly skewed toward biometric (risk) and unit/index-linked products rather than guaranteed savings. VIG combines locally embedded brands (Wiener Städtische, Kooperativa, Compensa and others) with group-level reinsurance (VIG Re), capital management and an exclusive bancassurance alliance with Erste Group. FY2025 marked a step-change: GWP of EUR 16.3 bn, profit before tax above EUR 1 bn for the first time (EUR 1.16 bn), a 90.1% net combined ratio and a 296% Solvency II ratio. The May 2026 closing of NÜRNBERGER — its largest-ever acquisition — adds a German biometric/life franchise. The equity is controlled by a mutual association (72.5%), shaping a conservative, dividend-progressive capital policy.
What VIG does. VIG underwrites non-life (motor third-party liability, casco, other property, liability, accident, corporate/large risks), health, and life insurance (with and without profit participation, unit- and index-linked) and operates pension funds in several CEE markets. Group functions include internal and external reinsurance (VIG Re, Wiener Re), the VIG Fund (investment vehicle), IT service companies and intermediate holdings (Source: VIG segment definitions, FY2025 reporting; aggregator description of Group Functions).
Company's own description (paraphrased from FY2025 Annual Report/press materials). VIG describes itself as the leading insurance group in the entire CEE region, with long tradition and strong local brands focused on customer needs, and positions diversification across markets, lines of business and distribution channels as the source of its resilience.
Business model.
Multi-brand, multi-channel, local-first: Local companies retain brands, management and product design; the holding sets "Values & Principles", capital allocation, risk standards and group programmes (evolve28 framework).
Distribution: Tied agents and own sales forces, brokers (dominant in corporate lines), bancassurance (exclusive with Erste Group across its CEE banking footprint, plus other banks), direct/digital channels, and partner channels (leasing/auto dealers for motor).
Revenue model: Insurance risk premiums (recognised under PAA for most short-tail business — ISR under PAA was EUR 10,334.9 M of total ISR EUR 13,196.0 M in FY2025, i.e. ~78%), release of contractual service margin (CSM) on long-duration life/health business (VFA/GMM), and investment income on a EUR 47–49 bn portfolio. There is no product/subscription/licensing mix in the industrial sense; the economic analogue is ~78% short-tail risk premium (PAA) vs ~22% long-duration contracts.
Value-chain position: Primary insurer (risk carrier) with captive group reinsurance; cedes peak/cat risk externally (conservative reinsurance strategy credited by management for limiting the EUR 617 M gross Storm Boris loss in 2024).
Customer types and end-markets. Retail households (motor, home, life, health), SMEs, municipalities and public bodies (e.g., Komunálna-type municipal insurers), large corporates (via international corporate business at holding level and local companies), and bank customers through bancassurance. End-markets: Austria (mature, ~highly penetrated), Czech Republic, Poland, the broader EU-CEE and Western Balkans, Baltics, Ukraine, Moldova, and "special markets" Germany, Georgia, Liechtenstein, Türkiye.
Independent characterisation. VIG is effectively a listed CEE insurance "conglomerate of champions": its competitive edge is breadth (top-3 positions in most of its markets), cost-efficient local operations and a fortress balance sheet, rather than technological or product differentiation. Earnings are increasingly driven by CEE convergence (premium growth well above GDP) and by a disciplined P&C cycle, while life earnings have become more capital-light post-IFRS 17. Nürnberger introduces a meaningfully different risk profile (German life/biometric, restructuring case) and marks VIG's first large Western European bet.
Strategy
evolve28 (Group strategy 2026–2028, published Nov/Dec 2025)
VIG frames evolve28 not as a top-down corporate strategy but as a framework within which local companies align their own strategies. Four elements:
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Values & Principles — define the group's positioning, the role of the holding and how collaboration works.
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Country Portfolio & Company Strategies — positioning of the ~50 local companies, developed with the board member responsible for each country.
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CO³ — initiative to strengthen communication and cooperation across markets.
2028 financial targets (organic, excluding Nürnberger)
| Target | 2028 ambition |
|---|---|
| Gross written premiums | ≥ EUR 20.0 bn |
| Profit before taxes | ≥ EUR 1.5 bn |
| Net combined ratio | ≤ 91% |
| Operating return on equity | ≥ 17% |
| Solvency ratio | 150%–200% |
Guidance
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FY2026: PBT EUR 1.25–1.30 bn excluding Nürnberger (set Mar 2026; reconfirmed May and Aug 2026).
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Dividend policy: DPS at least equal to prior year; continuous increase depending on operating result.
Initiatives in the last 24 months
| Initiative | Date | Detail |
|---|---|---|
| Nürnberger acquisition | Oct 2025–May 2026 | Diversification into German biometric/life; VIG committed to fund IT/core system modernisation |
| Moldova consolidation | 2,025 | Moldasig acquisition → market leadership with Donaris |
| Greenfield expansion | 2,025 | Vienna Life Albania; Montenegro property insurer |
| Board expansion | Apr 2026 (eff. Jul 2026) | Eight-member board reflecting growth/Nürnberger |
| Erste Group alliance | Ongoing | VIG cites Erste's expansion (notably in Poland) as strengthening its growth potential |
| Sustainability | Ongoing | Net zero by 2050; ESG integration in investment and underwriting |
| Cost programmes | — | No group-wide cost programme with quantified targets disclosed; Nürnberger's own programme targets ~600 job reductions |
Products & Services
Pricing for retail insurance is risk-rated and not publicly disclosed at group level. Brand list reflects VIG's published company portfolio as known to the analyst; individual company names should be verified against group.vig "Companies" page given ongoing mergers/renamings.
Lines of business (group-wide)
| Line | Description | Target customer | Notes (FY2025/H1 2026) |
|---|---|---|---|
| Motor third-party liability (MTPL) | Compulsory motor liability | Retail, fleets | In Türkiye, VIG deliberately curtailed MTPL growth in favour of profitability (H1 2026) |
| Casco | Own-damage motor | Retail, leasing/fleet | Distributed via dealers, leasing, agents |
| Other property & casualty | Household, homeowners, commercial property, liability, engineering, transport, agriculture | Retail, SME, corporate, municipalities | Largest P&C sub-line; cat-exposed (floods) |
| Health | Private medical, supplementary hospital, travel | Retail, employers | ISR +8.8% in H1 2026 |
| Life with profit participation | Traditional savings/endowment | Retail | Slowest-growing life line (FY2024 commentary) |
| Life without profit participation | Risk/term life, credit life, disability, biometric covers | Retail, bank customers | Fastest-growing line: GWP +18.4%, ISR +18.2% (H1 2026) |
| Unit- and index-linked life | Investment-linked savings | Retail, bancassurance | ISR +10.7% (H1 2026) |
| Pension funds | Mandatory/voluntary pension management in selected CEE markets | Employees, retail | Part of ">50 companies and pension funds" |
| Corporate / international programmes | Large corporate risks, international programmes | Multinationals | Run partly from VIG Holding |
| Reinsurance | Intra-group and selected external reinsurance | Group companies, third parties | VIG Re (Prague), Wiener Re (Belgrade) |
Brands by segment (representative)
| Segment | Principal brands / companies | Focus |
|---|---|---|
| Austria | Wiener Städtische Versicherung (composite, market leader in life), DONAU Versicherung (composite), s Versicherung (Erste/Sparkassen bancassurance) | Full-line |
| Czech Republic | Kooperativa pojišťovna (composite, market leader), Česká podnikatelská pojišťovna (ČPP), pension company | Full-line, bancassurance with Česká spořitelna |
| Poland | Compensa (non-life and life), InterRisk (non-life, SME/public), former Aegon Poland life/pension units | Non-life and life |
| Extended CEE | Hungary: Union Biztosító, Alfa (ex-Aegon, with Corvinus minority); Romania: Omniasig, Asirom, BCR Life, ex-Aegon Romania; Slovakia: Kooperativa SK, Komunálna poisťovňa; Baltics: Compensa Vienna Insurance Group, BTA (Latvia); Bulgaria: Bulstrad (non-life & life); Croatia/Bosnia: Wiener osiguranje; Serbia: Wiener Städtische osiguranje; North Macedonia: Makedonija, Winner; Albania/Kosovo: Sigma, Intersig, Vienna Life (new 2025); Moldova: Donaris, Moldasig (acquired 2025); Ukraine: Kniazha, UIG and others | Mixed, multi-brand |
| Special Markets | Germany: InterRisk Versicherungs-AG, NÜRNBERGER (from May 2026; ~50 subsidiaries, life/health/P&C, biometric/occupational disability specialist); Georgia: GPI Holding, IRAO; Liechtenstein: Vienna-Life; Türkiye: Ray Sigorta, ex-Aegon Türkiye life | Mixed |
| Group Functions | VIG Holding, VIG Re, Wiener Re, VIG Fund, IT service companies | Reinsurance, investment, services |
Flagship / new offerings (last 24 months)
Nürnberger biometric portfolio: (occupational disability, term life, accident) — VIG intends to position Nürnberger as the group's centre of biometric expertise and roll out know-how into CEE; Nürnberger's own stated aim is transformation into a "prevention insurer".
Vienna Life Albania: (life start-up, 2025) and a planned Montenegro property insurer (decision 2025).
- Launch dates, specifications and pricing of individual retail products are not disclosed at group level.
Financial Narrative
FY2021 is IFRS 4 and not comparable with IFRS 17 figures; FY2022 is restated IFRS 17/9. Sources: VIG preliminary results releases/presentations FY2023 (11–12 Mar 2024), FY2024 (12 Mar 2025), FY2025 (12 Mar 2026); FY2025 Annual Report (28 Apr 2026).
Income statement
Notes: FY2023 insurance service expenses reported as "EUR 9.3 bn" (rounded). FY2024 EPS not captured in this research (net profit EUR 645 M ÷ 128 M shares ≈ EUR 5.0 before hybrid adjustments — derived). Diluted EPS equals basic (no dilutive instruments disclosed). Gross profit and EBITDA: N/M for insurers. Operating income analogue = insurance service result.
Margins and growth (derived from 6.1)
ISR CAGR FY2022–FY2025: 10.7% (derived). PBT CAGR FY2022–FY2025: 25.6% (derived). FY2022 net combined ratio derived from the reported 0.2 pp improvement in FY2023.
Interim trajectory 2025–2026
Q1 2025 GWP derived from reported Q1 2026 growth (+4.4%); Q1 2025 NCR derived (+0.5 pp). H1 2025 PBT was burdened by EUR 72.8 M of adjustments (incl. a goodwill impairment in Extended CEE). H1 2026 excludes Nürnberger except for solvency; the solvency decline from 296% to 272% is mainly attributable to the Nürnberger inclusion (Sources: VIG Q1 2026 release 28 May 2026; H1 2026 release and Half-Year Financial Report 26 Aug 2026; 9M 2025 release Nov 2025).
Balance sheet
H1 2026: investment portfolio EUR 49.1 bn (+4.1% vs YE2025); CSM EUR 6,323.1 M (+1.4% vs YE2025); total equity ~EUR 7.6 bn. Working capital and current ratio: N/M (insurers do not present a classified current/non-current balance sheet).
Cash flow and capital return
An aggregator cites trailing free cash flow of ~USD 1.86–1.87 bn (methodology unclear).
Commentary
Revenue. ISR grew ~11% p.a. 2022–2025, driven by price adequacy measures (inflation pass-through in P&C), volume growth in CEE and hyperinflationary nominal growth in Türkiye. Growth decelerated to 7.1% in H1 2026 as inflation normalised and Türkiye MTPL was deliberately shrunk.
Profitability inflection. FY2025 was the inflection year: PBT +31.7% to EUR 1,161 M on a 3.3 pp better combined ratio (benign weather: ~EUR 160 M weather claims in 9M 2025 vs ~EUR 338 M a year earlier) and lower reinsurance cost. H1 2026 sustained +20.7% PBT growth, now led by investment result.
Capital. Solvency remained far above the 150–200% target corridor even after the EUR ~1.38 bn Nürnberger cash acquisition, illustrating the excess-capital starting point. Payout ratio has fallen to ~27%, giving room for continued dividend progression.
Quality flags. FY2023 profit included Russian bond sale effects; H1 2025 had a goodwill impairment; Türkiye figures are subject to IAS 29 hyperinflation accounting.
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View Subscription PlansFinancial Detail
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross written premiums (EUR Mn, rounded to reported EUR Bn; FY2022 derived) | — | 12,600 | 13,800 | 15,200 | 16,300 |
Insurance service revenue – issued business (EUR Mn) | — | 9,737.6 | 10,921.8 | 12,138.5 | 13,196.0 |
Of which ISR under PAA (EUR Mn) | — | 7,516.8 | 8,531.5 | 9,578.1 | 10,334.9 |
Insurance service expenses – issued (EUR Mn) | — | — | 9,300 | 10,656.8 | 11,451.3 |
Insurance service result – reinsurance held (EUR Mn) | — | -73.0 | -448.4 | -295.3 | -226.3 |
Insurance service result (EUR Mn) | — | 1,138.8 | 1,208.1 | 1,186.4 | 1,518.4 |
Result before taxes (EUR Mn) | — | 585.7 | 772.7 | 881.8 | 1,161.3 |
Taxes (EUR Mn) | — | -121.7 | -196.4 | -234.3 | -303.0 |
Net profit after taxes and non-controlling interests (EUR Mn) | — | — | 559.0 | 645.0 | 834.9 |
EPS basic (EUR) | — | — | 4.31 | — | 6.46 |
Dividend per share (EUR) | 1.25 | 1.30 | 1.40 | 1.55 | 1.73 |
Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
PBT margin on ISR (%) | 6.0 | 7.1 | 7.3 | 8.8 |
Net margin on ISR (%) | — | 5.1 | 5.3 | 6.3 |
Insurance service result margin on ISR (%) | 11.7 | 11.1 | 9.8 | 11.5 |
Effective tax rate (%) | 20.8 | 25.4 | 26.6 | 26.1 |
ISR growth (%) | — | 12.2 | 11.1 | 8.7 |
PBT growth (%) | — | 31.9 | 14.1 | 31.7 |
Net combined ratio P&C (%) | 92.8 | 92.6 | 93.4 | 90.1 |
Operating return on equity (%) | — | — | 16.2 | 18.7 |
Solvency II ratio (%) | — | 269 | 261 | 296 |
Key Financials and Margin Analysis (%)
| Metric | Q1 2025 | Q1 2026 | H1 2025 | H1 2026 | 9M 2025 |
|---|---|---|---|---|---|
GWP (EUR Mn) | 4,652 | 4,857 | 8,569.5 | 9,031.6 | 12,460 |
ISR (EUR Mn) | 3,139 | 3,425 | 6,396.9 | 6,849.9 | — |
Result before taxes (EUR Mn) | 261.1 | 310.3 | 531.4 | 641.5 | 872.8 |
Net combined ratio (%) | 92.3 | 91.8 | 91.9 | 91.4 | 92.1 |
Solvency ratio (%) | — | 290 | — | 272 | — |
Margin Analysis
| Metric | FY2025 |
|---|---|
Total investment portfolio (EUR Bn) | 47.2 |
Contractual service margin (EUR Mn, FY2025 derived) | 6,236 |
Dividends & Capital Returns and Returns & Leverage Ratios (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Dividend declared total (EUR Mn, derived DPS × 128 M) | 179.2 | 198.4 | 221.4 |
Payout ratio on net profit (%, derived) | 32.1 | 30.8 | 26.5 |
Financial Analysis
| Ratio | Value | Basis |
|---|---|---|
Operating ROE | 18.7% (FY2025); 17.8% annualised (H1 2026) | VIG definition: operating result ÷ average equity excl. unrealised gains/losses |
Asset turnover, cash conversion cycle | N/M | — |
Solvency II | 296% (YE2025); 272% (30 Jun 2026, incl. Nürnberger) | Including transitional measures |
Geographic Revenue
| Region | FY2023 | FY2025 | H1 2026 |
|---|---|---|---|
Austria | — | 4.6 | 3.6 |
Czech Republic | — | 8.2 | 8.1 |
Poland | — | 10.7 | 8.3 |
Extended CEE | — | 9.2 | 6.4 |
Baltic states | 12.2 | 7.8 | — |
Romania | 17.8 | 9.3 | — |
Hungary | 24.1 | 8.4 | — |
Croatia | — | 12.9 | — |
Slovakia | — | 7.4 | — |
Türkiye | — | 5.8 | — |
Special Markets | 11.3 | — | — |
Valuation Snapshot
| Metric | Value | Source / note |
|---|---|---|
Share price | EUR 66.80–70.40 | Simply Wall St snapshots (dates around/after 26 Aug 2026) |
Market cap | EUR 8.6–9.0 bn | Same |
Trailing P/E | ~10.5–11.0× | Aggregator; FY2025 EPS 6.46 at EUR 70 → 10.8× (derived) |
P/B | ~1.2× | Derived: ~EUR 9.0 bn ÷ ~EUR 7.6 bn equity |
Dividend yield | ~2.5% | Derived: EUR 1.73 ÷ EUR 70 |
EV/EBITDA, EV/Sales | N/M for insurers | — |
All-time/recent high | EUR 67.20 cited in Q2 2026 corporate presentation (with +121.4% share-price gain over an unspecified period) | — |
Per-Share Data and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividend per share (EUR) | 1.25 | 1.30 | 1.40 | 1.55 | 1.73 |
DPS growth (%) | — | 4.0 | 7.7 | 10.7 | 11.6 |
Dividend yield at announcement (%) | — | — | 5.3 | 5.1 | — |
Credit Ratings
| Agency | Rating | Outlook | Date |
|---|---|---|---|
S&P | A+ (FSR & ICR, VIG and VIG Re) | Positive | 23 Oct 2025 (VIG release); aggregator coverage dated Dec 2025 — discrepancy noted |
Moody's | Not rated / not disclosed | — | — |
Fitch | Not rated / not disclosed | — | — |
Analyst Conclusions
Management guidance: FY2026 PBT EUR 1.25–1.30 bn excluding Nürnberger (H1 2026 run-rate EUR 641.5 M supports the range); Nürnberger's standalone 2026 target ~EUR 80 M group result; 2028 organic targets GWP ≥ EUR 20 bn, PBT ≥ EUR 1.5 bn, NCR ≤ 91%, operating ROE ≥ 17%, solvency 150–200%.
Bull case
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Compounding CEE earnings: PBT has grown ~26% p.a. 2022–2025 and +20.7% in H1 2026, with all segments profitable and Poland/Extended CEE inflecting.
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Excess capital optionality: Even post-Nürnberger, solvency of 272% sits well above the 200% ceiling, enabling dividend growth (payout only ~27%) and further M&A.
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Nürnberger upside: Acquired after heavy losses with restructuring under way; a return to normalised profitability plus biometric know-how export to CEE could lift group earnings beyond the EUR 1.5 bn 2028 organic target.
Bear case
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Cat normalisation: FY2025 benefited from benign weather (~EUR 160 M vs ~EUR 338 M weather claims in 9M); a Boris-like event would reverse a large part of the combined-ratio gains.
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Integration and diversification drift: Nürnberger brings German life exposure, legacy IT and ~600 job cuts — a stark departure from VIG's CEE growth thesis, and solvency already fell 24 pp.
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Structural valuation cap: 72.5% mutual ownership, ~27.5% free float and a conservative payout limit index weight and rerating potential; macro/geopolitical shocks (Ukraine, Middle East inflation) hit CEE assets disproportionately.
Catalysts / monitorables (next 12 months)
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Q1–Q3 2026 results (Nov 2026): first consolidated Nürnberger contribution, PPA/goodwill, solvency trajectory.
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FY2026 preliminary results (Mar 2027): delivery vs EUR 1.25–1.30 bn guidance; FY2026 DPS (policy implies ≥ EUR 1.73).
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Possible S&P upgrade to AA- given Positive outlook.
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Winter/spring 2026–27 cat season in Central Europe.
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Updated 2028 targets incorporating Nürnberger.
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Erste Group's Polish expansion and any bancassurance extension.
Analyst verdict. Vienna Insurance Group enters late 2026 at the strongest point in its two-century history. The FY2025 results — PBT above EUR 1 bn for the first time, a 90.1% net combined ratio, 18.7% operating ROE and 296% solvency — were not a weather-driven fluke alone: profit growth was broad-based across Austria, the Czech Republic, Poland and Extended CEE, and H1 2026 extended the trend with a 20.7% PBT increase while weather was no longer the main tailwind; investment income and pricing did the work. The group's federated, multi-brand model, once criticised as unwieldy, has proven resilient, and its CEE footprint offers structurally higher growth than any Western European peer can access organically.
The Nürnberger acquisition is the pivotal judgement call. At EUR 1.38 bn it is affordable — VIG still sits well above its own solvency target corridor — but it imports a turnaround story in a low-growth market and diverts management bandwidth precisely when evolve28 targets demand focus. The bet makes sense only if Nürnberger reaches sustainable profitability and its biometric expertise genuinely enhances CEE product margins; early markers (EUR 80 M 2026 target, board control by Löger and Lahner) are encouraging but unproven.
Valuation looks undemanding at roughly 11× trailing earnings and ~1.2× book for a business compounding earnings in the high teens to mid-twenties with an A+ (positive) balance sheet, although the low payout and controlled shareholder structure explain part of the discount. On balance, VIG screens as a high-quality, capital-rich compounder whose main risks are exogenous (nat-cat, geopolitics) and executional (Nürnberger).
Primary sources referenced: VIG press releases and presentations — FY2023 preliminary results (12 Mar 2024), H1 2023 (Aug 2023), FY2024 preliminary results (12 Mar 2025), Q1 2025 (27 May 2025), H1 2025 (27 Aug 2025), Q1–Q3 2025 (Nov 2025), evolve28 release (Dec 2025), FY2025 preliminary results and presentation (12 Mar 2026), FY2025 Annual Report confirmation (28 Apr 2026), Managing Board changes (14–15 Apr 2026), Nürnberger closing (18 May 2026), Q1 2026 (28 May 2026), H1 2026 press release and Half-Year Financial Report (26 Aug 2026), S&P outlook release (23 Oct 2025), corporate presentations May/July 2026, investor presentation (29 Sep 2026); VIG IR share page; Budapest Stock Exchange company profile; Freshfields deal release (Oct 2025); Nürnberger press releases (May 2026); UNIQA Group Report 2025; secondary: Reinsurance News, XPRIMM, Insurance Business, Beinsure, Simply Wall St, getquin, Quartr.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Role | Tenure on VIG board | Background (disclosed) |
|---|---|---|---|
Hartwig Löger | CEO, Chairman of the Managing Board | Since Jan 2021; Deputy CEO Sep 2021; CEO since 1 Jul 2023 | Former Austrian Federal Minister of Finance (2017–2019) and briefly acting Federal Chancellor (2019); previously CEO of UNIQA Austria (analyst knowledge); Chairman of Nürnberger Supervisory Board since 8 Jul 2026 |
Peter Höfinger | First Deputy CEO | Board since 2009; Deputy CEO since Jul 2023 | With the group since 2003 |
Gerhard Lahner | Second Deputy CEO (from Jul 2026); COO | Since Jan 2020 | Deputy Chairman of Nürnberger Supervisory Board |
Liane Hirner | Chief Finance and Risk Officer (CFRO) | Since 2018 (analyst knowledge) | Former audit partner (analyst knowledge) |
Gábor Lehel | Member (Chief Innovation Officer per 2023 allocation) | Since Jan 2020 | — |
Christoph Rath | Member | — | — |
Judit Havasi | Member (new, Jul 2026) | Previously deputy member of VIG board (2010s); CEO of DONAU 2020–Jun 2026 | Began at UNION Biztosító (Hungary), board 2005; Wiener Städtische board 2009; VIG Holding board 2016; led group M&A from 2009 |
Sonja Raus | Member (new, Jul 2026) | — | Wiener Städtische Managing Board from 2024 (life insurance) |
Major Shareholders
| Holder | Stake |
|---|---|
Wiener Städtische Wechselseitiger Versicherungsverein – Vermögensverwaltung – Vienna Insurance Group | 72.47% (92,761,600 shares) |
Free float | ~27.5% (~35.2 M shares) |
Competitive Landscape
Key Competitors
| Competitor | Home | Overlap with VIG |
|---|---|---|
UNIQA Insurance Group | Austria | Austria, Czech Republic, Poland, Slovakia, Hungary, SEE |
Generali (incl. Generali CEE Holding / Generali Česká) | Italy | Czech Republic, Poland, Hungary, Slovakia, Croatia, Serbia, Bulgaria, Romania, Austria |
Allianz | Germany | Austria, Czech Republic, Poland, Hungary, Slovakia, Romania, Bulgaria, Croatia, Germany |
PZU | Poland | Poland, Baltics, Ukraine |
ERGO (Munich Re) | Germany | Poland, Baltics, Austria, Germany |
Talanx (Warta, HDI) | Germany | Poland, Türkiye, Germany |
NN Group | Netherlands | Poland, Czech Republic, Slovakia, Hungary, Romania, Bulgaria (life/pensions) |
Groupama | France | Hungary, Romania, Bulgaria |
GRAWE (Grazer Wechselseitige) | Austria | Austria, SEE |
KBC (DZI, ČSOB Pojišťovna) | Belgium | Czech Republic, Slovakia, Hungary, Bulgaria |
German life/biometric peers to Nürnberger | Germany | Alte Leipziger, Debeka, R+V, Allianz Leben, etc. |
Peer Comparison FY2025
| Metric | VIG | UNIQA |
|---|---|---|
GWP (EUR Bn) | 16.3 | 8.4 |
ISR / insurance revenue (EUR Bn) | 13.2 | 7.1 |
PBT (EUR Mn) | 1,161 | 516 |
PBT growth (%) | 31.7 | 16.9 |
Net combined ratio (%) | 90.1 | 91.7 |
Solvency II (%) | 296 | 275 |
