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"value": "1558107000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-1": { "value": "
General information
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe (VIG Holding) is an Aktiengesellschaft (public limited company) and the leading insurance group in the entire region of Central and Eastern Europe (CEE), with registered office in Schottenring 30, 1010 Vienna (Austria). The Wiener St\u00e4dtische Versicherungsverein, also with its registered office in Vienna, is the majority shareholder of VIG Holding. It is also the parent company and therefore involves VIG Holding including its subsidiaries in its consolidated financial statements. The insurance companies and pension funds of VIG Insurance Group offer services to around 33\u00a0million customers in 30\u00a0countries.
Principles of significant accounting policies
Legislation
The present consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union, and the applicable commercial law provisions of \u00a7\u00a0245a\u00a0(1) of the Austrian Commercial Code (Unternehmensgesetzbuch \u2013 UGB).
Rounding and currency shown
Amounts were commercially rounded and, where not indicated otherwise, are shown in thousands of euros (EUR\u00a0\u2019000). Calculations, however, are done using exact amounts, which may lead to rounding differences.
Going concern
The present consolidated financial statements were prepared on a going concern basis in accordance with IAS\u00a01.25 and IAS\u00a01.26. The Managing Board made this assessment primarily based on the solid capital resources, positive business development, risk-averse capital investment and the conservative reinsurance strategy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "Aktiengesellschaft (public limited company)", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "leading insurance group in the entire region of Central and Eastern Europe (CEE)", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "Schottenring 30, 1010 Vienna", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "Austria", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "value": "Wiener St\u00e4dtische Versicherungsverein", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "Wiener St\u00e4dtische Versicherungsverein", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-9": { "value": "Vienna", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-10": { "value": "The insurance companies and pension funds of VIG Insurance Group offer services to around 33\u00a0million customers in 30\u00a0countries.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-11": { "value": "
Principles of significant accounting policies
Legislation
The present consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union, and the applicable commercial law provisions of \u00a7\u00a0245a\u00a0(1) of the Austrian Commercial Code (Unternehmensgesetzbuch \u2013 UGB).
Rounding and currency shown
Amounts were commercially rounded and, where not indicated otherwise, are shown in thousands of euros (EUR\u00a0\u2019000). Calculations, however, are done using exact amounts, which may lead to rounding differences.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-12": { "value": "The present consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-13": { "value": "
Going concern
The present consolidated financial statements were prepared on a going concern basis in accordance with IAS\u00a01.25 and IAS\u00a01.26. The Managing Board made this assessment primarily based on the solid capital resources, positive business development, risk-averse capital investment and the conservative reinsurance strategy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-14": { "value": "
Estimates and discretionary decisions
Consolidated financial statements prepared in accordance with IFRS require that the Managing Board make discretionary assessments and specify assumptions regarding future developments (estimates). These estimates and discretionary decisions could have a material effect on the recognition and value of assets and liabilities, the disclosure of other obligations and the reporting of income and expenses.
The book values of the items at the end of the reporting period are shown in the consolidated balance sheet on page\u00a0124 and in the respective Notes. Sensitivity analyses of assets and liabilities are also presented in the Notes related to the items.
Details regarding the areas with a higher degree of judgement as well as greater complexity, or areas where assumptions and estimates are of critical importance, can be found in Note\u00a023. Material estimates and discretionary decisions beginning on page\u00a0218.
23. Material accounting estimates and siginificant judgements
23.1. (Re-)Insurance contracts
The assumptions and accounting estimates are based on all parameters available when the consolidated financial statements were prepared. Future developments, such as market developments, which are outside of the influence of VIG Insurance Group are only taken into account in the assumptions once they occur.
The information is broken down according to measurement models in accordance with IFRS\u00a017. The measurement models are the general measurement model (GMM), the variable fee approach (VFA) and the premium allocation approach (PAA). This closely follows the structure of the IFRS\u00a017 portfolios, which is as follows:
\u2022 Unit-linked and participating life insurance contracts as well as Austrian health insurance by type of life insurance are measured by the VFA method,
\u2022 Property and casualty insurance contracts are primarily measured with PAA and
\u2022 Long-term property and casualty insurance contracts in primary insurance and reinsurance that do not meet the criteria for PAA measurement and life insurance contracts that do not meet the criteria for the use of VFA are measured using the GMM model.
The methods used to measure insurance contracts in the life and health business
The present value of future cash flows is determined in different ways depending on the decision of the local companies. The Group uses two methods: stochastic modelling and deterministic projection. In contrast to deterministic projection techniques, stochastic modelling applies techniques to generate a large number of possible economic scenarios for market variables such as interest rates and equity returns. This allows future cash flows to be forecast more effectively.
Assumptions used to estimate future cash flows
Mortality, morbidity and longevity rates
Assumptions are based on standard industry and national tables, according to the type of contract written and the insured person\u2019s place of residence. They reflect recent historical experience and are adjusted when appropriate to reflect the local companies\u2019 experiences. An appropriate, but not excessive, allowance is made for expected future improvements. The assumptions differ, for example, depending on the insurance class and type of contract.
Higher mortality and morbidity rates result in an increase in the expected claim payments, which will reduce the future CSM.
Expenses
Assumptions regarding administrative expenses reflect the projected costs of managing in-force policies and the associated overhead expenses. The current expenses are taken as an appropriate expense base for future expenses, adjusted for expected expense inflation, if appropriate.
An increase in expected expenses reduces the expected gains in the future.
The cash flows within the contract boundary include an allocation of fixed and variable overheads directly attributable to fulfilling insurance contracts. The allocation to groups of insurance contracts is carried out using systematic and rational methods, which are applied uniformly to all costs with similar characteristics.
Lapse and surrender rates
Lapses relate to the termination of policies due to non-payment of premiums whereas surrenders relate to the voluntary termination of policies by policyholders. Respective assumptions are based on statistical analyses of experiences and vary according to product type, insurance duration and sales trends.
An increase in cancellation rates would tend to reduce the future CSM.
Sensitivities can be found under Note 1.8. Insurance and market risks \u2013 sensitivity analysis starting on page\u00a0167.
The methods used to measure insurance contracts in the non-life insurance business
The accounting estimates for non-life business are covered in Note Liability for Incurred Claims (LIC) starting on page\u00a0222.
Discount rates
All insurance contract liabilities (except for the liability for remaining coverage measured under PAA) are calculated by discounting expected future cash flows at risk-free interest rates raised by an illiquidity adjustment.
Risk-free interest rates are determined using the bottom-up approach on the basis of swap rates in the currency of the insurance contract liabilities. If swap rates are not sufficiently liquid and transparent, government bond interest rates are used instead.
The illiquidity adjustment to the relevant risk-free interest rates is based on the risk-corrected spread between the interest rate that could be earned from a reference portfolio and the risk-free basic interest rates. The illiquidity adjustment or the reference portfolio is calculated per country, taking into account all relevant VIG investments.
Interest rates applied for discounting of future cash flows are presented in Note 1.2. Assumptions used starting on page\u00a0140.
Risk Adjustment for nonfinancial risks
The risk adjustment for nonfinancial risks represents the compensation that would be required for bearing the uncertainty about the amount and timing of the cash flows of groups of insurance contracts. The risks covered by the risk adjustment for nonfinancial risks are underwriting risk and other risks such as lapse risk and expense risk. The risk adjustment therefore reflects an amount that an insurance company would pay to remove the uncertainty about whether future cash flows will exceed the best estimate.
The risk adjustment was carried out using the cost of capital method (CoC method). This involves estimating the probability distribution of the fulfilment cash flows and determining the additional capital required at each future date in the cash flow forecasts in order to comply with the economic capital requirements.
A cost of capital rate is applied to the additional capital requirement in future reporting periods. The cost of capital reflects the return required by a company to compensate for exposure to the nonfinancial risk. The calculated risk adjustment at future terms is discounted to the reporting date at the discount rate, to be held as a part of the total liabilities.

Amortisation of the Contractual Service Margin (CSM)
The CSM is a component of the asset or liability for the group of insurance contracts that represents the unearned gains a company is expected to recognise as it provides services in the future. In each period, an amount of the CSM for a group of insurance contracts is recognised as insurance service revenue, which therefore reflects the insurance contract services provided during that period. The CSM is determined by:
\u2022 identifying the coverage units in the group;
\u2022 allocating the CSM at the end of the period to each coverage unit provided or expected to be provided in the future;
\u2022 recognising in profit and loss the share allocated to coverage units provided in the period.
The CSM is allocated to provided and expected coverage in the future before amounts are recognised in profit or loss.
In order to determine the number of coverage units in a group of insurance contracts, the number of benefits provided to the policyholder which combines insurance coverage services and investment services has to be measured. When weighting different services, the consolidated group generally considers the split of the present value of premium in risk and savings parts to weight the release components. However, in some cases there might also be the need to weight different insurance coverages when determining the number of coverage units. The present value of premiums of each insurance coverage is used for this. Alternative approaches and simplifications may be used, provided that the result adequately reflects the services provided.
The quantity of benefits and coverage units for the main product lines is as follows:
For portfolios for the non-life and health insurance and non-life reinsurance, the insurance services provided are approximated with the projected earned premium. The majority of these services are the insurance coverage. The coverage unit is therefore the projected earned premium.
For groups of life annuities contracts, the quantity of benefits for both insurance coverage and investment services is the mathematical reserve. This means that the coverage unit also corresponds to the mathematical reserve. For term life insurance without surrender value and riders, which only provide insurance coverage, the quantity of benefits is the contractually agreed sum insured over the period of the contract. Therefore, the coverage unit for these products is the contractually agreed sum insured. For unit- and index-linked contracts, the quantity of investment services is determined by the fund value, which is used as the coverage unit.
For endowment without riders and term insurance with surrender value, a measure for insurance coverage is the sum at risk and a measure for investment service is the mathematical reserve. The sum insured acts as a coverage unit, as it represents both the insurance component (sum at risk) and the investment component (mathematical reserve or fund value). In this case no further weighting is necessary.
The coverage units in a group of insurance contracts are determined on the basis of the quantity of benefits provided by the contracts. In the case of reinsurance held, this is the insurer\u2019s cover from the reinsurance contracts held and not the cover from the underlying insurance contracts with the policyholders.

The total coverage units of each group of (re\u2011)insurance contracts is reassessed at the end of each reporting period. This adjusts for the reduction of remaining coverage for claims paid, expected lapses and contract cancellations in the period.
Liability for Remaining Coverage (LRC)
Numerous discretionary figures are included in the calculation of the liability for remaining coverage. These discretionary figures include, among other things, the discount rates, the cash flows assumed for the calculation, insurance acquisition costs and the fulfilment cash flows for onerous contracts.
Insurance acquisition costs
Insurance acquisition costs are allocated to related groups of insurance contracts recognised in the consolidated balance sheet (including those groups that will include insurance contracts expected to arise from renewals). An asset for insurance acquisition costs is recognised for insurance acquisition costs incurred before the related group of insurance contracts has been recognised.
Groups of onerous insurance contracts
For groups of onerous contracts, the liability for remaining coverage is determined by the fulfilment cash flows. Any loss-recovery component is determined with reference to the loss component recognised on underlying contracts and the recovery expected on such claims from reinsurance contracts held.
Time value of money
For all product lines, the book value of the liability for remaining coverage is discounted to reflect the time value of money and the effect of financial risk. Excluded are those measured under PAA and that are not onerous. For the interest rates applied, discount rates that reflect the characteristics of the cash flows of the group of insurance contracts at initial recognition are used.
The applied discount rates can be seen in Note 1.2. Assumptions used starting on page\u00a0140.
Discretionary cash flows for indirect profit participating contracts
To determine how to identify changes in discretionary cash flows for insurance contracts with discretionary features which do not meet the definition of direct profit participation, local entities specify the basis on which they expect to determine their commitment under the contract. However, the effects of market variables (e.g. investment returns) on the cash flows should still flow through P&L or be optionally recognised in OCI and should not lead to an adjustment of the CSM.
Assets for insurance acquisition costs
VIG applies judgements in determining the inputs used in the methodology to systematically and rationally allocate insurance acquisition costs to groups of insurance contracts to determine:
\u2022 whether insurance contracts are expected to arise as a result of renewals of existing insurance contracts, and
\u2022 if applicable, with respect to the amount to be allocated to groups, including future renewals,
\u2022 as well as with respect to the volume of expected renewals from new contracts issued in the period.

At the end of each reporting period, the assumptions made are adjusted to allocate insurance acquisition costs to the contract groups. Where necessary, the amounts of assets are revised for insurance acquisition costs accordingly.
Liability for Incurred Claims (LIC)
For the non-life business, the LIC is a major component of the insurance contracts\u2019 recognition.
Here, the ultimate cost of outstanding claims is estimated by using a range of standard actuarial claims projection techniques. The main assumption underlying these techniques is the use of past claims developments as experience in order to project future claims development and hence ultimate claims costs. These methods extrapolate the development of paid and incurred losses, average costs per claim (including claims handling costs), and claim numbers based on the observed development of earlier years and expected loss ratios. Historical claims development is primarily analysed by claims years but can also be broken down further by geographical area, significant business lines and claim types. Major losses are usually addressed separately, either through provisions based on estimates by the loss adjuster or through a separate projection that reflects future developments.
Additional qualitative judgements are made to assess whether previous trends will continue to apply in the future. All uncertainties involved are taken into account in order to obtain an estimate of the ultimate claims cost that reflects the probability-weighted expected value outcome of all possible results.
Such trends could be, for example, one-off occurrences, changes in external or market factors such as public attitudes to claiming, economic conditions, levels of claims inflation, judicial decisions and legislation, as well as internal factors such as portfolio mix, policy features and claims handling procedures.
The enforceability and collectability of salvage recoveries and subrogation reimbursements are considered as an allowance in the measurement of ultimate claims costs.
Other key circumstances affecting the reliability of assumptions include variations in interest rates, delays in settlement and changes in foreign exchange rates.
23.2. Impairment losses on financial assets
The measurement of impairment losses acc. to IFRS\u00a09 across relevant financial assets requires discretionary decisions, in particular for the estimation of the amount and timing of future cash flows when determining impairment losses and the assessment of a significant increase in credit risk. These estimates are driven by the outcome of modelled ECL scenarios and the relevant inputs used as described in chapter Impairment of financial assets starting on page\u00a0246.
23.3. Financial instruments recognised at fair value (Level 3)
The fair value of financial instruments not traded on an active market is determined by applying appropriate valuation techniques. The assumptions used here are based on market data available on the reporting date, if available. VIG Insurance Group uses present value methods whilst taking into consideration suitable interest rate models to determine the fair value of numerous financial assets which are not actively traded on markets. Note 16. Calculation of fair value starting on page\u00a0198

and Note 24.9 Calculation of fair value starting on page 252 contain further information about the valuation process. The impairment of financial assets is explained in 23.2. Impairment losses on financial assets.
23.4. Impairment of goodwill
In accordance with the method explained in chapter 24.5. Goodwill starting on page\u00a0250, at least once a year it is determined whether an impairment of goodwill exists. Estimates in this area concern above all the calculations for the underlying planned results of the respective CGUs and specific parameters, especially growth and discount rates. Any sensitivities associated with these parameters are presented in Note 3. Goodwill starting on page\u00a0180.
23.5. Value of deferred tax assets
Income taxes must be taken into account for each tax jurisdiction in which VIG operates. The expected current income tax for each taxable entity must be calculated and the temporary differences due to differences between the tax and IFRS treatment of certain balance sheet items must be assessed. If temporary differences exist, as a rule, they lead to the recognition of deferred tax assets and liabilities in the balance sheet based on the tax rate for each country. The amount of the expected current and deferred tax liability or asset reflects the best estimate taking into account tax uncertainties and, consequently, the application of IFRIC 23.
The Managing Board must make assessments and, taking into account tax uncertainties, judgements when calculating current and deferred taxes. Deferred tax assets are only recognised to the extent that it is probable they can be utilised. The utilisation of deferred tax assets depends on the likelihood of achieving sufficient taxable income of a particular tax type for a particular tax jurisdiction, while taking into account any statutory restrictions, for example concerning maximum loss carry forward periods.
The following factors are considered when assessing whether it is probable to utilise deferred tax assets in the future:
\u2022 past results of operation,
\u2022 operating plans,
\u2022 loss carryforward periods,
\u2022 tax planning strategies and
\u2022 existing deferred tax liabilities.
A tax group consisting of Austrian parts of foreign companies as well as Hungary exists. Reference is made in this regard to page\u00a0259.
If actual events diverge from the estimates or the estimates must be adjusted in future periods, this could have an adverse effect on net assets, financial position and results of operations. If the assessment of the recoverability of deferred tax assets changes, the book value must be impaired and the change recognised in the income statement or other comprehensive income, depending on the treatment used when the deferred tax asset was originally recognised, or impaired deferred tax assets must be recognised through profit or loss or other comprehensive income. Further information can be found in chapter Accounting policies under 24.13. Taxes starting on page\u00a0259 and in Note 11. Taxes on page\u00a0191.

23.6. Method of consolidation
Whether a subsidiary is included in the Group\u2019s scope of consolidation is determined by thresholds. The specification of these thresholds is subject to judgements by the Managing Board.
Companies that are not considered to be material to the Group are not included in the scope of consolidation, even if the criteria of IAS 28 \u2013 Investments in Associates and Joint Ventures and/or IFRS\u00a010 \u2013 Consolidated Financial Statements are fundamentally met. The assessment of whether a company is material to the Group is based on qualitative and quantitative criteria. It is at the Managing Board\u2019s judgement to determine a percentage that can be used to calculate a threshold value for each key figure (e.g. shareholders\u2019 equity) for quantitative assessment.
Qualitative criteria take into account whether the business activity of a company has a significant impact on intragroup transactions. Companies with the following business areas are always included in the scope of consolidation on the basis of this qualitative assumption by the Managing Board:
\u2022 real estate holding companies, but only from the date on which the company was operational,
\u2022 holding companies with shares in the operational insurance business or in real estate holding companies, as well as
\u2022 corporate IT service companies, provided they are active across the Group.
Provided that a company has been classed as material, the processes laid down in IAS 28 \u2013 Investments in Associates and Joint Ventures and IFRS\u00a010 \u2013 Consolidated Financial Statements are used to determine the form in which this company is consolidated in the consolidated financial statements.
Subsidiaries that were of material importance at the time of first consolidation continue to be included in the scope of consolidation in subsequent periods. Circumstances could arise, however, that lead to the Managing Board using its judgement to perform a reassessment of the entire scope of consolidation. As a result, companies that were consolidated in the past but are not considered to be material based on the quantitative criteria at the time of the reassessment could be removed from the scope of consolidation. Companies that, due to their business activities, mainly generate intragroup revenues but do not generate any significant profits or losses are only included in the scope of consolidation if they operate across countries or are relevant for sustainability reporting.
23.7. Materiality of Notes and the associated accounting policies
According to IAS\u00a01.31, only material information should be disclosed in financial statements, even when a standard prescribes certain requirements or minimum requirements. The goal of the IASB in this paragraph in combination with an officially published Practice Statement on this subject was to create a clear and comprehensible basis for financial reporting utilising the most material information. The decision as to whether any given disclosure constitutes material or immaterial information is open to judgement. The Managing Board of VIG Holding has introduced a threshold value for assessing the materiality of disclosures and the related accounting policies. If the amount involved is less than the threshold value, the information is only published in the Annual Report if it has been deemed to be material for primary users of the financial statements on the basis of qualitative criteria during the release process.

23.8. Judgment of material accounting aspects according to IAS 8
The complexity of IFRS\u00a017 in particular can lead to accounting issues that are subsequently identified. Such cases are subject to a defined reporting process and are analysed in detail in order to determine the effects of a correction in accordance with IAS 8 for primary users of the financial statements.
There is significant scope for judgment, especially when determining the limits calculated for this. Nevertheless, the aim of a clear and understandable presentation without significantly affecting the reporting contributes to the assessment of materiality. If, in accordance with the defined thresholds, an accounting discrepancy does not lead to a significant influence on the primary users of the financial statements according to VIG's assessment, this will be presented in the current period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-15": { "value": "Accounting policiesThe significant accounting policies used are presented in Note\u00a024. Accounting policies starting on page\u00a0225. Unless otherwise stated under \u201cInitial application of standards\u201d, the policies described were applied consistently during the reporting periods presented in these financial statements.Balance sheet itemsMeasurement principleInsurance contracts issuedPremium Allocation Approach (PAA),Variable Fee Approach (VFA),General Measurement Model (GMM)Reinsurance contracts heldPremium Allocation Approach (PAA),General Measurement Model (GMM)Financial instrumentsMeasured at ACMeasured at FVtOCI (with and without recycling)Measured at FVtPLGoodwillAmortised cost less accumulated impairment lossesIntangible assetsAmortised cost and production costInvestments in associatesNet present value of the investment's equity or the lower recoverable amountInvestment propertyAmortised cost and production costOwner-occupied property and equipmentAmortised cost and production costReceivables and LiabilitiesAt amortised costTaxes\u00a0Income taxesIn the amount in which a receivable from/liability to the tax authorities is expected, based on the tax rates applicable on the reporting date or in the near futureDeferred taxesUndiscounted income taxes recoverable in future periods based on tax rates at the settlement dateProvisions\u00a0Provisions for pensions and similar obligationsActuarial valuation using the projected unit credit methodProvisions for other employee benefitsActuarial valuation using the projected unit credit methodMiscellaneous provisionsPresent value of the future settlement amountLeaseAt amortised costOther assets and liabilitiesAt amortised costInitial application of standardsUnless otherwise stated, the standards that are to be applied for the first time and are relevant to the Group have no or no material impact on the present consolidated financial statements.Standards applicable that are used for the first time in the Group Annual Report\u00a0Amendments to IFRS 16Lease liabilities for sale and leaseback transactionsAmendments to IAS 1Classification of liabilities as current or non-currentAmendments to IAS 7Disclosures: Supplier Finance Arrangements23.8. Judgment of material accounting aspects according to IAS 8The complexity of IFRS\u00a017 in particular can lead to accounting issues that are subsequently identified. Such cases are subject to a defined reporting process and are analysed in detail in order to determine the effects of a correction in accordance with IAS 8 for primary users of the financial statements.There is significant scope for judgment, especially when determining the limits calculated for this. Nevertheless, the aim of a clear and understandable presentation without significantly affecting the reporting contributes to the assessment of materiality. If, in accordance with the defined thresholds, an accounting discrepancy does not lead to a significant influence on the primary users of the financial statements according to VIG's assessment, this will be presented in the current period.24. Accounting policies24.1. Currency translationTransactions in foreign currencies Individual financial statements of each subsidiary are prepared in the currency in which cash is generated in the primary economic environment (functional currency). In the Group, the functional currency is essentially the local currency. Transactions which have been concluded in a currency that is not the functional currency will be recorded using the mean exchange rate on the day of the respective transaction. Monetary assets and liabilities in foreign currency existing on the balance sheet date are translated to euros using the mean exchange rate on the reporting date. Any resulting exchange differences are recognised in profit or loss. Conversion of individual financial statements denominated in foreign currencies Assets, liabilities and income and expenses are presented in euros, the reporting currency of VIG Holding. All assets and liabilities reported in the individual financial statements are translated to euros using the mean exchange rate on the reporting date. The income statement items are converted using the average mean exchange rate at the end of the period. In the consolidated cash flow statement, the mean exchange rate on the reporting date is used for changes in balance sheet items, and the average mean exchange rate at the end of the period is used for changes in income statement items. Currency translation differences, including those resulting from using the equity method of accounting, are recognised directly in equity.In accordance with the hyperinflation accounting rules, the mean exchange rate on the balance sheet date was applied for all items of the financial statements of the Turkish insurance companies.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-16": { "value": "
Initial application of standards
Unless otherwise stated, the standards that are to be applied for the first time and are relevant to the Group have no or no material impact on the present consolidated financial statements.
Standards applicable that are used for the first time in the Group Annual Report
\u00a0
Amendments to IFRS 16
Lease liabilities for sale and leaseback transactions
Amendments to IAS 1
Classification of liabilities as current or non-current
Amendments to IAS 7
Disclosures: Supplier Finance Arrangements
Error in presentation or disclosure
Accounting policy for IFRS\u00a017 insurance contracts
In particular, following the introduction of new accounting standards, the Group is conducting more detailed analyses of the figures recorded in the balance sheet in order to improve data quality and reporting accuracy. In the course of these quality-enhancing audits, data inconsistencies were found at Viennalife (T\u00fcrkiye) in insurance contracts valued using the VFA. These deviations can be traced to the first-time consolidation of Viennalife (T\u00fcrkiye) and are due to incorrect data being supplied for the fair values of underlying assets. Control over the company was acquired well after the final accounting standards (IFRS\u00a09 and IFRS\u00a017) were published and after the implementation project had been started. Due to this discrepancy in time, Viennalife (T\u00fcrkiye) was unable to complete the comprehensive preparation process within the Group, meaning that it was not possible to identify the data inconsistencies and subject them to comprehensive analysis until the 2024 financial year was under way. Furthermore, Viennalife (T\u00fcrkiye) undertakes a large part of its profitable life insurance business in a currency other than its functional currency (e.g. US\u00a0dollars). The ongoing refinement of the accounting policies for such foreign currency contracts was also taken into account in the amounts to be corrected.
The degree of error was determined on the basis of approximate calculations in the subledger\u2019s test system in order to validate the differences on the reporting date. It has not been possible to reliably determine the correction amounts for individual periods in the past back to the introduction of IFRS\u00a09 and IFRS\u00a017, i.e. because of the allocation of the underlying assets in the VFA and the resulting development of the fair values.
The opening balance sheet of the current reporting period has been adjusted for the amounts attributable to the cumulative corrections of previous periods because, for the reasons stated above, it is not possible to reliably allocate the correction from previous years to the correct period. In the relevant IFRS\u00a017 reconciliation tables and the statement of change in equity, the sum of these differences is shown in the IAS\u00a08 error correction line between 31\u00a0December\u00a02023 and the opening balance on 1\u00a0January\u00a02024 in order to disclose the corrections of previous periods for each balance sheet item.
Consolidated balance sheet \u2013 Liabilities and consolidated shareholders' equity
01/01/2024
in EUR \u2018000
\u00a0
Insurance contracts liabilities issued
-6,623
Liability for Remaining Coverage (LRC)
-6,623
Deferred tax liabilities
1,985
Consolidated shareholders' equity
4,638
Retained earnings
24,268
Unrealised gains and losses acc. to IFRS\u00a017 (non-recyclable)
-19,630
Consolidated balance sheet
In the consolidated balance sheet as of 31\u00a0December\u00a02023, the items Retained earnings and Other reserves were shown incorrectly on page\u00a060 of the German Group Annual Report 2023 due to a technical error. In the consolidated statement of change in equity on page\u00a061, the items were reported with the correct amounts. Both the equity attributable to shareholders and other stakeholders of the parent company and the equity attributable to non-controlling interests were shown correctly in the consolidated balance sheet.
Liabilities and consolidated shareholders' equity
31/12/2023
as published
31/12/2023 adjusted
in EUR \u2018000
\u00a0
\u00a0
Attributable to shareholders and other stakeholders of the parent company
5,892,277
5,892,277
Capital stock and capital reserves
2,541,890
2,541,890
Retained earnings
3,564,382
3,490,112
Other reserves
-213,995
-139,725
Non-controlling interests
137,453
137,453
Consolidated shareholders' equity
6,029,730
6,029,730
Data for underlying assets
On the basis of the quality improvement analyses mentioned above, it was furthermore established that the published consolidated figures of the underlying assets for 2023 also included those financial instruments that serve to cover insurance contracts valued using the GMM. In accordance with IFRS\u00a017, however, only data relating to the VFA business needed to be published.
The previous year\u2019s figures shown in Note\u00a01.5. Underlying assets of direct profit participating contracts starting on page\u00a0162 and in the reconciliation table on page\u00a0164 for assets valued using the FVA for the first time with no effect on income have been adjusted for these corrections. The figures published in the consolidated income statement and the consolidated balance sheet in the Annual Report 2023 are not affected.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-17": { "value": "
The war in Ukraine
On 24\u00a0February\u00a02022, the armed forces of the Russian Federation invaded Ukraine, starting a war between these two countries. For the Group\u2019s subsidiaries in Ukraine, the principal direct risks are the wellbeing of employees and the maintenance of operational business activities (e.g. office infrastructure, energy, communications, IT security). As part of sustainable risk management, a number of risks that could materialise for the Group are addressed and mitigated to the extent possible.
Business operations in Ukraine
VIG is represented in the Ukrainian market by three insurance companies that held around EUR\u00a0137.0\u00a0million in assets as of 31\u00a0December\u00a02024. The impairments recognised as of 31\u00a0December\u00a02023 for expected credit losses on government bonds and bank deposits remain, and were adjusted only slightly to EUR\u00a053.3\u00a0million. This step creates the best possible starting position for the reconstruction after the end of the war for VIG Insurance Group. The Ukraine CGU does not hold any intangible assets that are subject to an impairment test in accordance with IAS\u00a036.
The situation for VIG insurance companies operating in Ukraine, which are mainly active in the western regions of the country, is largely unchanged compared to the previous year and business operations are directly affected only marginally. The companies have now adapted to the altered conditions caused by the war and can react very quickly to any changes. The activities of the Ukrainian insurance companies have not demonstrated any significant impact that can be attributed to the sanctions against Russia. As of the editorial deadline, the Ukrainian insurance companies have been able to maintain operations despite the ongoing challenging conditions. Due to the current difficult situation in Ukraine, VIG is regularly examining whether the Ukrainian companies continue to satisfy the requirements as a going concern.
Russian bonds
At the balance sheet date, VIG Insurance Group held Russian corporate bonds with a book value of EUR\u00a00.7\u00a0million and a nominal value of EUR\u00a05.1\u00a0million (2023 financial year: book value of EUR\u00a019.2\u00a0million and nominal value of EUR\u00a062.1\u00a0million) on its books, for which no active market is basically available. Nevertheless, bonds with a nominal value of EUR\u00a045.0\u00a0million (previous year: EUR\u00a0100.9\u00a0million) were sold during the course of 2024 and a further EUR\u00a012.0\u00a0million was repaid. The profit from the sale and repayment recorded in the consolidated income statement amounts to EUR\u00a08.4\u00a0million in the current financial year (previous year: EUR\u00a021.2\u00a0million).
Expected Credit Loss (ECL) of financial assets
KTM and Signa corporate bonds in the reportable segment Austria
In the course of the 2024 financial year, an ECL of EUR\u00a09.9\u00a0million (nominal value: EUR\u00a049.4\u00a0million) was taken into account due to Signa\u2019s insolvency. KTM also filed for insolvency; an ECL of EUR\u00a028.8\u00a0million (nominal value: EUR\u00a035.0\u00a0million) was consequently recorded because of this and due to the uncertain solvency of KTM\u2019s parent company, Pierer Mobility AG, from VIG\u2019s perspective.
Political risk in T\u00fcrkiye
The current uncertain political situation in T\u00fcrkiye led to a significant increase in the credit risk. This prompted a change from Stage\u00a01 to Stage\u00a02, which necessitated the additional recording of an ECL of EUR\u00a028.8\u00a0million (nominal value: EUR\u00a0769.2\u00a0million).
Risks related to the geopolitical situation and the current macroeconomic environment
Despite the ongoing war of aggression against Ukraine, the macroeconomic situation in Europe improved in the reporting year. After a prolonged period of stagnation, the EU economy returned to moderate growth while inflation continued to fall. Cautiously dynamic development in Eastern Europe contrasts with a very sluggish Germany, which is likely to face major structural change, particularly in the automotive industry. Given this tense situation, Austria was unable to escape Germany\u2019s negative performance.
The coming year is characterised by a very high degree of uncertainty around geopolitical developments as a direct result of the US presidency. At this stage it is difficult to predict how the emerging rise in protectionism will affect economic indicators (inflation, trade balances, etc.). Overall, higher volatility is expected on the main capital markets, which makes this development one of the most significant risks for VIG.
Other geopolitical tensions, such as the war in Israel and Gaza, could also have an impact on the financial markets. These risks are also being addressed within the scope of sustained risk management. At the balance sheet date, VIG held Israeli government and corporate bonds with a book value of approx. EUR 53.6 million (EUR 78.5 million) and a nominal value of approx. EUR 57.0 million (EUR 86.1 million) on its books.
23. Material accounting estimates and siginificant judgements
23.1. (Re-)Insurance contracts
The assumptions and accounting estimates are based on all parameters available when the consolidated financial statements were prepared. Future developments, such as market developments, which are outside of the influence of VIG Insurance Group are only taken into account in the assumptions once they occur.
The information is broken down according to measurement models in accordance with IFRS\u00a017. The measurement models are the general measurement model (GMM), the variable fee approach (VFA) and the premium allocation approach (PAA). This closely follows the structure of the IFRS\u00a017 portfolios, which is as follows:
\u2022 Unit-linked and participating life insurance contracts as well as Austrian health insurance by type of life insurance are measured by the VFA method,
\u2022 Property and casualty insurance contracts are primarily measured with PAA and
\u2022 Long-term property and casualty insurance contracts in primary insurance and reinsurance that do not meet the criteria for PAA measurement and life insurance contracts that do not meet the criteria for the use of VFA are measured using the GMM model.
The methods used to measure insurance contracts in the life and health business
The present value of future cash flows is determined in different ways depending on the decision of the local companies. The Group uses two methods: stochastic modelling and deterministic projection. In contrast to deterministic projection techniques, stochastic modelling applies techniques to generate a large number of possible economic scenarios for market variables such as interest rates and equity returns. This allows future cash flows to be forecast more effectively.
Assumptions used to estimate future cash flows
Mortality, morbidity and longevity rates
Assumptions are based on standard industry and national tables, according to the type of contract written and the insured person\u2019s place of residence. They reflect recent historical experience and are adjusted when appropriate to reflect the local companies\u2019 experiences. An appropriate, but not excessive, allowance is made for expected future improvements. The assumptions differ, for example, depending on the insurance class and type of contract.
Higher mortality and morbidity rates result in an increase in the expected claim payments, which will reduce the future CSM.
Expenses
Assumptions regarding administrative expenses reflect the projected costs of managing in-force policies and the associated overhead expenses. The current expenses are taken as an appropriate expense base for future expenses, adjusted for expected expense inflation, if appropriate.
An increase in expected expenses reduces the expected gains in the future.
The cash flows within the contract boundary include an allocation of fixed and variable overheads directly attributable to fulfilling insurance contracts. The allocation to groups of insurance contracts is carried out using systematic and rational methods, which are applied uniformly to all costs with similar characteristics.
Lapse and surrender rates
Lapses relate to the termination of policies due to non-payment of premiums whereas surrenders relate to the voluntary termination of policies by policyholders. Respective assumptions are based on statistical analyses of experiences and vary according to product type, insurance duration and sales trends.
An increase in cancellation rates would tend to reduce the future CSM.
Sensitivities can be found under Note 1.8. Insurance and market risks \u2013 sensitivity analysis starting on page\u00a0167.
The methods used to measure insurance contracts in the non-life insurance business
The accounting estimates for non-life business are covered in Note Liability for Incurred Claims (LIC) starting on page\u00a0222.
Discount rates
All insurance contract liabilities (except for the liability for remaining coverage measured under PAA) are calculated by discounting expected future cash flows at risk-free interest rates raised by an illiquidity adjustment.
Risk-free interest rates are determined using the bottom-up approach on the basis of swap rates in the currency of the insurance contract liabilities. If swap rates are not sufficiently liquid and transparent, government bond interest rates are used instead.
The illiquidity adjustment to the relevant risk-free interest rates is based on the risk-corrected spread between the interest rate that could be earned from a reference portfolio and the risk-free basic interest rates. The illiquidity adjustment or the reference portfolio is calculated per country, taking into account all relevant VIG investments.
Interest rates applied for discounting of future cash flows are presented in Note 1.2. Assumptions used starting on page\u00a0140.
Risk Adjustment for nonfinancial risks
The risk adjustment for nonfinancial risks represents the compensation that would be required for bearing the uncertainty about the amount and timing of the cash flows of groups of insurance contracts. The risks covered by the risk adjustment for nonfinancial risks are underwriting risk and other risks such as lapse risk and expense risk. The risk adjustment therefore reflects an amount that an insurance company would pay to remove the uncertainty about whether future cash flows will exceed the best estimate.
The risk adjustment was carried out using the cost of capital method (CoC method). This involves estimating the probability distribution of the fulfilment cash flows and determining the additional capital required at each future date in the cash flow forecasts in order to comply with the economic capital requirements.
A cost of capital rate is applied to the additional capital requirement in future reporting periods. The cost of capital reflects the return required by a company to compensate for exposure to the nonfinancial risk. The calculated risk adjustment at future terms is discounted to the reporting date at the discount rate, to be held as a part of the total liabilities.

Amortisation of the Contractual Service Margin (CSM)
The CSM is a component of the asset or liability for the group of insurance contracts that represents the unearned gains a company is expected to recognise as it provides services in the future. In each period, an amount of the CSM for a group of insurance contracts is recognised as insurance service revenue, which therefore reflects the insurance contract services provided during that period. The CSM is determined by:
\u2022 identifying the coverage units in the group;
\u2022 allocating the CSM at the end of the period to each coverage unit provided or expected to be provided in the future;
\u2022 recognising in profit and loss the share allocated to coverage units provided in the period.
The CSM is allocated to provided and expected coverage in the future before amounts are recognised in profit or loss.
In order to determine the number of coverage units in a group of insurance contracts, the number of benefits provided to the policyholder which combines insurance coverage services and investment services has to be measured. When weighting different services, the consolidated group generally considers the split of the present value of premium in risk and savings parts to weight the release components. However, in some cases there might also be the need to weight different insurance coverages when determining the number of coverage units. The present value of premiums of each insurance coverage is used for this. Alternative approaches and simplifications may be used, provided that the result adequately reflects the services provided.
The quantity of benefits and coverage units for the main product lines is as follows:
For portfolios for the non-life and health insurance and non-life reinsurance, the insurance services provided are approximated with the projected earned premium. The majority of these services are the insurance coverage. The coverage unit is therefore the projected earned premium.
For groups of life annuities contracts, the quantity of benefits for both insurance coverage and investment services is the mathematical reserve. This means that the coverage unit also corresponds to the mathematical reserve. For term life insurance without surrender value and riders, which only provide insurance coverage, the quantity of benefits is the contractually agreed sum insured over the period of the contract. Therefore, the coverage unit for these products is the contractually agreed sum insured. For unit- and index-linked contracts, the quantity of investment services is determined by the fund value, which is used as the coverage unit.
For endowment without riders and term insurance with surrender value, a measure for insurance coverage is the sum at risk and a measure for investment service is the mathematical reserve. The sum insured acts as a coverage unit, as it represents both the insurance component (sum at risk) and the investment component (mathematical reserve or fund value). In this case no further weighting is necessary.
The coverage units in a group of insurance contracts are determined on the basis of the quantity of benefits provided by the contracts. In the case of reinsurance held, this is the insurer\u2019s cover from the reinsurance contracts held and not the cover from the underlying insurance contracts with the policyholders.

The total coverage units of each group of (re\u2011)insurance contracts is reassessed at the end of each reporting period. This adjusts for the reduction of remaining coverage for claims paid, expected lapses and contract cancellations in the period.
Liability for Remaining Coverage (LRC)
Numerous discretionary figures are included in the calculation of the liability for remaining coverage. These discretionary figures include, among other things, the discount rates, the cash flows assumed for the calculation, insurance acquisition costs and the fulfilment cash flows for onerous contracts.
Insurance acquisition costs
Insurance acquisition costs are allocated to related groups of insurance contracts recognised in the consolidated balance sheet (including those groups that will include insurance contracts expected to arise from renewals). An asset for insurance acquisition costs is recognised for insurance acquisition costs incurred before the related group of insurance contracts has been recognised.
Groups of onerous insurance contracts
For groups of onerous contracts, the liability for remaining coverage is determined by the fulfilment cash flows. Any loss-recovery component is determined with reference to the loss component recognised on underlying contracts and the recovery expected on such claims from reinsurance contracts held.
Time value of money
For all product lines, the book value of the liability for remaining coverage is discounted to reflect the time value of money and the effect of financial risk. Excluded are those measured under PAA and that are not onerous. For the interest rates applied, discount rates that reflect the characteristics of the cash flows of the group of insurance contracts at initial recognition are used.
The applied discount rates can be seen in Note 1.2. Assumptions used starting on page\u00a0140.
Discretionary cash flows for indirect profit participating contracts
To determine how to identify changes in discretionary cash flows for insurance contracts with discretionary features which do not meet the definition of direct profit participation, local entities specify the basis on which they expect to determine their commitment under the contract. However, the effects of market variables (e.g. investment returns) on the cash flows should still flow through P&L or be optionally recognised in OCI and should not lead to an adjustment of the CSM.
Assets for insurance acquisition costs
VIG applies judgements in determining the inputs used in the methodology to systematically and rationally allocate insurance acquisition costs to groups of insurance contracts to determine:
\u2022 whether insurance contracts are expected to arise as a result of renewals of existing insurance contracts, and
\u2022 if applicable, with respect to the amount to be allocated to groups, including future renewals,
\u2022 as well as with respect to the volume of expected renewals from new contracts issued in the period.

At the end of each reporting period, the assumptions made are adjusted to allocate insurance acquisition costs to the contract groups. Where necessary, the amounts of assets are revised for insurance acquisition costs accordingly.
Liability for Incurred Claims (LIC)
For the non-life business, the LIC is a major component of the insurance contracts\u2019 recognition.
Here, the ultimate cost of outstanding claims is estimated by using a range of standard actuarial claims projection techniques. The main assumption underlying these techniques is the use of past claims developments as experience in order to project future claims development and hence ultimate claims costs. These methods extrapolate the development of paid and incurred losses, average costs per claim (including claims handling costs), and claim numbers based on the observed development of earlier years and expected loss ratios. Historical claims development is primarily analysed by claims years but can also be broken down further by geographical area, significant business lines and claim types. Major losses are usually addressed separately, either through provisions based on estimates by the loss adjuster or through a separate projection that reflects future developments.
Additional qualitative judgements are made to assess whether previous trends will continue to apply in the future. All uncertainties involved are taken into account in order to obtain an estimate of the ultimate claims cost that reflects the probability-weighted expected value outcome of all possible results.
Such trends could be, for example, one-off occurrences, changes in external or market factors such as public attitudes to claiming, economic conditions, levels of claims inflation, judicial decisions and legislation, as well as internal factors such as portfolio mix, policy features and claims handling procedures.
The enforceability and collectability of salvage recoveries and subrogation reimbursements are considered as an allowance in the measurement of ultimate claims costs.
Other key circumstances affecting the reliability of assumptions include variations in interest rates, delays in settlement and changes in foreign exchange rates.
23.2. Impairment losses on financial assets
The measurement of impairment losses acc. to IFRS\u00a09 across relevant financial assets requires discretionary decisions, in particular for the estimation of the amount and timing of future cash flows when determining impairment losses and the assessment of a significant increase in credit risk. These estimates are driven by the outcome of modelled ECL scenarios and the relevant inputs used as described in chapter Impairment of financial assets starting on page\u00a0246.
23.3. Financial instruments recognised at fair value (Level 3)
The fair value of financial instruments not traded on an active market is determined by applying appropriate valuation techniques. The assumptions used here are based on market data available on the reporting date, if available. VIG Insurance Group uses present value methods whilst taking into consideration suitable interest rate models to determine the fair value of numerous financial assets which are not actively traded on markets. Note 16. Calculation of fair value starting on page\u00a0198

and Note 24.9 Calculation of fair value starting on page 252 contain further information about the valuation process. The impairment of financial assets is explained in 23.2. Impairment losses on financial assets.
23.4. Impairment of goodwill
In accordance with the method explained in chapter 24.5. Goodwill starting on page\u00a0250, at least once a year it is determined whether an impairment of goodwill exists. Estimates in this area concern above all the calculations for the underlying planned results of the respective CGUs and specific parameters, especially growth and discount rates. Any sensitivities associated with these parameters are presented in Note 3. Goodwill starting on page\u00a0180.
23.5. Value of deferred tax assets
Income taxes must be taken into account for each tax jurisdiction in which VIG operates. The expected current income tax for each taxable entity must be calculated and the temporary differences due to differences between the tax and IFRS treatment of certain balance sheet items must be assessed. If temporary differences exist, as a rule, they lead to the recognition of deferred tax assets and liabilities in the balance sheet based on the tax rate for each country. The amount of the expected current and deferred tax liability or asset reflects the best estimate taking into account tax uncertainties and, consequently, the application of IFRIC 23.
The Managing Board must make assessments and, taking into account tax uncertainties, judgements when calculating current and deferred taxes. Deferred tax assets are only recognised to the extent that it is probable they can be utilised. The utilisation of deferred tax assets depends on the likelihood of achieving sufficient taxable income of a particular tax type for a particular tax jurisdiction, while taking into account any statutory restrictions, for example concerning maximum loss carry forward periods.
The following factors are considered when assessing whether it is probable to utilise deferred tax assets in the future:
\u2022 past results of operation,
\u2022 operating plans,
\u2022 loss carryforward periods,
\u2022 tax planning strategies and
\u2022 existing deferred tax liabilities.
A tax group consisting of Austrian parts of foreign companies as well as Hungary exists. Reference is made in this regard to page\u00a0259.
If actual events diverge from the estimates or the estimates must be adjusted in future periods, this could have an adverse effect on net assets, financial position and results of operations. If the assessment of the recoverability of deferred tax assets changes, the book value must be impaired and the change recognised in the income statement or other comprehensive income, depending on the treatment used when the deferred tax asset was originally recognised, or impaired deferred tax assets must be recognised through profit or loss or other comprehensive income. Further information can be found in chapter Accounting policies under 24.13. Taxes starting on page\u00a0259 and in Note 11. Taxes on page\u00a0191.

23.6. Method of consolidation
Whether a subsidiary is included in the Group\u2019s scope of consolidation is determined by thresholds. The specification of these thresholds is subject to judgements by the Managing Board.
Companies that are not considered to be material to the Group are not included in the scope of consolidation, even if the criteria of IAS 28 \u2013 Investments in Associates and Joint Ventures and/or IFRS\u00a010 \u2013 Consolidated Financial Statements are fundamentally met. The assessment of whether a company is material to the Group is based on qualitative and quantitative criteria. It is at the Managing Board\u2019s judgement to determine a percentage that can be used to calculate a threshold value for each key figure (e.g. shareholders\u2019 equity) for quantitative assessment.
Qualitative criteria take into account whether the business activity of a company has a significant impact on intragroup transactions. Companies with the following business areas are always included in the scope of consolidation on the basis of this qualitative assumption by the Managing Board:
\u2022 real estate holding companies, but only from the date on which the company was operational,
\u2022 holding companies with shares in the operational insurance business or in real estate holding companies, as well as
\u2022 corporate IT service companies, provided they are active across the Group.
Provided that a company has been classed as material, the processes laid down in IAS 28 \u2013 Investments in Associates and Joint Ventures and IFRS\u00a010 \u2013 Consolidated Financial Statements are used to determine the form in which this company is consolidated in the consolidated financial statements.
Subsidiaries that were of material importance at the time of first consolidation continue to be included in the scope of consolidation in subsequent periods. Circumstances could arise, however, that lead to the Managing Board using its judgement to perform a reassessment of the entire scope of consolidation. As a result, companies that were consolidated in the past but are not considered to be material based on the quantitative criteria at the time of the reassessment could be removed from the scope of consolidation. Companies that, due to their business activities, mainly generate intragroup revenues but do not generate any significant profits or losses are only included in the scope of consolidation if they operate across countries or are relevant for sustainability reporting.
23.7. Materiality of Notes and the associated accounting policies
According to IAS\u00a01.31, only material information should be disclosed in financial statements, even when a standard prescribes certain requirements or minimum requirements. The goal of the IASB in this paragraph in combination with an officially published Practice Statement on this subject was to create a clear and comprehensible basis for financial reporting utilising the most material information. The decision as to whether any given disclosure constitutes material or immaterial information is open to judgement. The Managing Board of VIG Holding has introduced a threshold value for assessing the materiality of disclosures and the related accounting policies. If the amount involved is less than the threshold value, the information is only published in the Annual Report if it has been deemed to be material for primary users of the financial statements on the basis of qualitative criteria during the release process.

23.8. Judgment of material accounting aspects according to IAS 8
The complexity of IFRS\u00a017 in particular can lead to accounting issues that are subsequently identified. Such cases are subject to a defined reporting process and are analysed in detail in order to determine the effects of a correction in accordance with IAS 8 for primary users of the financial statements.
There is significant scope for judgment, especially when determining the limits calculated for this. Nevertheless, the aim of a clear and understandable presentation without significantly affecting the reporting contributes to the assessment of materiality. If, in accordance with the defined thresholds, an accounting discrepancy does not lead to a significant influence on the primary users of the financial statements according to VIG's assessment, this will be presented in the current period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-18": { "value": "
Segment reporting
Operating segments
The operating segments were determined based on internal reporting to the chief operating decision maker. The individual countries in which the Group operates via insurance business and pension scheme/fund business were identified as operating segments. The VIG Holding Managing Board, as chief operating decision maker, regularly assesses its performance based on these segments and decides on the allocation of resources to them. The focus on countries reflects the respective country responsibilities of the members of the VIG Holding Managing Board.
Estonia, Latvia and Lithuania are reported to the Managing Board as the operating segment Baltic states and Albania and Kosovo as the operating segment Albania incl. Kosovo.
Reportable segments
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-19": { "value": "The following segments have been defined as reportable segments in accordance with IFRS\u00a08.12 to IFRS\u00a08.14:
\u2022 Austria (including the branch offices of Wiener St\u00e4dtische in Slovenia and Italy (2024 closed in accordance with regulatory law)),
\u2022 Czech Republic,
\u2022 Poland,
\u2022 Extended CEE,
\u2022 Special Markets and
\u2022 Group Functions (including the branch offices of VIG Holding in Sweden, Norway and Denmark as well as those of VIG\u00a0Re in Germany and France).
Extended CEE
The reportable segment Extended CEE includes the operating segments of Albania incl. Kosovo, Baltic states, Bosnia-Herzegovina, Bulgaria, Croatia, Hungary, Moldova, North Macedonia, Romania, Serbia, Slovakia and Ukraine. The reportable segment is aggregated in accordance with the aggregation criteria according to IFRS\u00a08.14.
Special Markets
The reportable segment Special Markets corresponds to the all other segments category in accordance with IFRS\u00a08.16 and includes the countries of Georgia, Germany, Liechtenstein and T\u00fcrkiye.
Group Functions
The Managing Board steers the insurance business separately from the coordination functions in the individual countries. As a result, the individual operating segments include only those companies which are related to the insurance and pension scheme/fund business. Therefore, companies that do not distribute or assist in the distribution of insurance products (with the exception of the pension scheme/fund business), do not perform loss assessments or claims settlements, or are a service company working for the Group are presented in the reportable segment Group Functions rather than in the country in which they have their registered head office.
More specifically, this means that the reportable segment Group Functions includes, among others, VIG Holding, VIG Re, Wiener Re, VIG Fund, corporate IT service providers, an asset management company and intermediate holding companies.
Basis of revenues
The scope of business operations includes the insurance business with retail and corporate customers. The product range includes, among others, motor third party liability and motor own damage insurance, accident insurance, liability insurance, fire and natural hazards insurance as well as travel insurance.
Also a variety of life and health insurance products are offered to individuals or groups. These include, for example, supplementary health insurance, nursing care insurance as well as endowment insurance, term life insurance and investment-oriented products. The products are sold in all markets via sales employees, banks, brokers or agents, among other channels.
VIG Holding primarily focuses on steering tasks for the Group. Beyond that, VIG Holding acts as a reinsurer within VIG Insurance Group as well as in the international corporate business. The Group\u2019s own reinsurance, VIG Re, is a successful provider of reinsurance products both for the Group\u2019s own insurance companies as well as for external partners.
Information on major customers
VIG Insurance Group does not depend to a great extent on individual customers, as per the definition of IFRS\u00a08.34. The 10 largest customer groups account for 1.8% of the Group\u2019s written premiums. Companies who, according to VIG Insurance Group\u2019s knowledge, are under common control are combined into customer groups.
General disclosures
Transfer prices between reportable segments are determined in the same manner as transactions with third parties, based on market prices. In the income statement intragroup cross-reportable-segment transactions are eliminated in the consolidation column. Exempted are dividends and intercompany results which are eliminated in the respective reportable segment. Balances arising from the elimination of cross-reportable-segment assets and liabilities are reported in VIG Holding and therefore within the reportable segment Group Functions.
Valuation basis for performance
The financial performance of the reportable segments is assessed using different control parameters. The operating IFRS business result is used as a standardised basis. Accordingly, for reasons of comparability, the income statement by reportable segments is reconciled with the consolidated income statement and only the main items are presented. The same applies in equal measure to the balance sheet by reportable segments and consolidated balance sheet.
Consolidated income statement by reportable segment
\u00a0
Austria
Czech Republic
Poland
Extended CEE
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Insurance service result
390,636
419,575
234,837
246,148
61,029
49,330
265,661
215,909
Insurance service revenue \u2011 issued business
3,543,242
3,307,356
2,078,225
2,040,071
1,373,271
1,224,497
3,599,456
3,148,077
Insurance service expenses \u2011 issued business
-3,045,815
-2,654,265
-1,895,244
-1,615,623
-1,348,049
-1,096,197
-3,070,456
-2,730,702
Insurance service result \u2011 reinsurance held
-106,791
-233,516
51,856
-178,300
35,807
-78,970
-263,339
-201,466
Total capital investment result
115,116
144,478
42,494
46,706
36,832
28,443
139,258
71,530
Investment result
820,847
1,010,854
143,621
183,108
125,001
130,074
404,884
293,611
Income and expenses from investment property
40,501
26,252
-8
-1,040
457
339
2,204
226
Insurance finance result
-772,439
-908,340
-101,119
-135,362
-88,626
-101,970
-267,907
-222,307
Result from associated consolidated companies
26,207
15,712
0
0
0
0
77
0
Finance result
-29,475
-47,424
-3,124
-2,920
-2,047
-1,012
-8,249
-8,270
Other income and expenses
-140,199
-130,752
-63,069
-71,958
-30,674
-44,003
-120,659
-96,418
Business operating result
336,078
385,877
211,138
217,976
65,140
32,758
276,011
182,751
Impairments of goodwill
0
0
0
0
0
-159
-116,327
-75,480
Impairments of intangible assets
0
-1
0
0
-84
-3,231
0
-6,264
Reversal of impairments from intangible assets
0
0
0
0
0
0
8
0
Result before taxes
336,078
385,876
211,138
217,976
65,056
29,368
159,692
101,007
Taxes
-51,870
-79,355
-46,810
-24,311
-17,418
-13,381
-60,670
-48,462
Result for the period
284,208
306,521
164,328
193,665
47,638
15,987
99,022
52,545
\u00a0
Special Markets
Group Functions
Consolidation
Total
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Insurance service result
58,368
65,705
175,820
198,873
0
12,559
1,186,351
1,208,099
Insurance service revenue \u2011 issued business
924,201
617,638
1,780,879
1,652,249
-1,160,797
-1,068,063
12,138,477
10,921,825
Insurance service expenses \u2011 issued business
-700,854
-560,300
-1,863,911
-1,327,773
1,267,499
719,561
-10,656,830
-9,265,299
Insurance service result \u2011 reinsurance held
-164,979
8,367
258,852
-125,603
-106,702
361,061
-295,296
-448,427
Total capital investment result
87,134
42,833
42,425
12,435
-27,610
-62,170
435,649
284,255
Investment result
337,574
274,198
79,673
50,780
-27,554
-49,557
1,884,046
1,893,068
Income and expenses from investment property
235
543
17,290
5,579
-56
-55
60,623
31,844
Insurance finance result
-250,675
-231,908
-55,255
-44,678
0
-12,558
-1,536,021
-1,657,123
Result from associated consolidated companies
0
0
717
754
0
0
27,001
16,466
Finance result
-2,122
-577
-62,152
-86,233
28,342
47,944
-78,827
-98,492
Other income and expenses
-54,813
-33,945
-134,818
-142,463
-732
1,667
-544,964
-517,872
Business operating result
88,567
74,016
21,275
-17,388
0
0
998,209
875,990
Impairments of goodwill
0
0
0
0
0
0
-116,327
-75,639
Impairments of intangible assets
0
-9,778
0
-8,388
0
0
-84
-27,662
Reversal of impairments from intangible assets
0
0
0
0
0
0
8
0
Result before taxes
88,567
64,238
21,275
-25,776
0
0
881,806
772,689
Taxes
-23,007
-26,603
-15,165
-4,331
0
0
-214,940
-196,443
Result for the period
65,560
37,635
6,110
-30,107
0
0
666,866
576,246
Further information by reportable segment can be found in Note 9. Details on the consolidated income statement on page\u00a0188 onward.
Consolidated balance sheet by Reportable segments
Assets
Austria
Czech Republic
Poland
Extended CEE
\u00a0
31/12/2024
31/12/2023
31/12/2024
31/12/2023
31/12/2024
31/12/2023
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
526,704
443,840
87,503
22,870
59,279
23,271
212,909
222,730
Financial assets
21,492,120
21,799,897
3,140,497
3,472,630
2,719,746
2,257,297
7,096,468
6,427,772
Receivables
278,996
250,590
52,302
61,220
19,702
14,713
130,400
95,852
Current tax assets
8,418
9,448
4,987
32,420
7,538
4,321
4,214
10,686
Investments in associates
189,913
178,073
0
0
152
150
6,577
0
Insurance contracts assets issued
1,129
-1,607
217,867
178,842
7,194
6,369
71,763
51,420
Reinsurance contracts assets held
389,677
413,522
146,042
167,070
97,032
89,127
159,848
169,046
Investment property
2,127,905
2,058,031
35,082
35,864
23,486
20,842
210,663
191,011
Owner-occupied property and equipment
210,369
194,660
163,770
178,014
17,407
19,814
174,226
171,861
Other assets
51,690
56,593
21,566
21,529
5,911
3,674
32,618
29,426
Goodwill
301,716
301,716
448,108
456,516
153,735
151,450
325,793
451,156
Intangible assets
271,013
273,171
72,976
55,587
106,978
32,810
192,883
181,019
Deferred tax asset
195,920
219,364
165,907
174,166
614
0
46,610
46,963
Right-of-use assets
93,967
80,720
61,719
57,669
5,678
7,624
37,557
37,867
Total
26,139,537
26,278,018
4,618,326
4,914,397
3,224,452
2,631,462
8,702,529
8,086,809
Assets
Special Markets
Group Functions
Total
\u00a0
31/12/2024
31/12/2023
31/12/2024
31/12/2023
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
176,533
174,812
685,196
670,584
1,748,124
1,558,107
Financial assets
2,846,346
2,420,502
2,342,002
1,612,141
39,637,179
37,990,239
Receivables
34,391
26,464
44,177
46,833
559,968
495,672
Current tax assets
22,330
13,126
192,795
165,717
240,282
235,718
Investments in associates
0
0
8,119
7,399
204,761
185,622
Insurance contracts assets issued
21,101
9,243
-19,180
-14,776
299,874
229,491
Reinsurance contracts assets held
155,145
141,159
1,195,014
828,374
2,142,758
1,808,298
Investment property
10,696
10,902
570,433
535,440
2,978,265
2,852,090
Owner-occupied property and equipment
16,146
12,913
47,144
41,897
629,062
619,159
Other assets
19,515
9,355
23,578
20,998
154,878
141,575
Goodwill
0
0
10,527
10,527
1,239,879
1,371,365
Intangible assets
15,487
11,726
37,533
36,048
696,870
590,361
Deferred tax asset
7,785
381
35,227
42,413
452,063
483,287
Right-of-use assets
8,890
6,583
4,674
2,353
212,485
192,816
Total
3,334,365
2,837,166
5,177,239
4,005,948
51,196,448
48,753,800
Liabilities and consolidated shareholders' equity
Austria
Czech Republic
Poland
Extended CEE
\u00a0
31/12/2024
31/12/2023
31/12/2024
31/12/2023
31/12/2024
31/12/2023
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities and other payables
333,609
339,693
346,469
321,904
86,717
92,420
191,299
195,104
Current tax liabilities
95,959
105,856
3,279
428
413
0
11,674
6,151
Financial liabilities
467,184
526,805
64,166
81,637
65,290
8,660
39,517
39,669
Other liabilities
39,635
35,931
6,539
5,131
6,908
1,673
25,317
21,595
Insurance contracts liabilities issued
23,368,637
23,370,578
2,927,744
2,851,071
2,551,364
2,004,101
6,643,062
5,993,171
Reinsurance contracts liabilities held
15,107
15,359
120
-13,647
671
1,091
-3,636
-1,811
Provisions
381,233
384,499
38,867
35,977
26,934
22,582
173,816
118,158
Deferred tax liabilities
237,210
232,433
44,038
32,887
51,328
39,658
54,209
47,476
Subtotal
24,938,574
25,011,154
3,431,222
3,315,388
2,789,625
2,170,185
7,135,258
6,419,513
Liabilities and consolidated shareholders' equity
Special Markets
Group Functions
Total
\u00a0
31/12/2024
31/12/2023
31/12/2024
31/12/2023
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities and other payables
101,094
63,003
97,630
100,551
1,156,818
1,112,675
Current tax liabilities
31,398
14,342
43,378
30,239
186,101
157,016
Financial liabilities
9,460
6,862
1,728,523
1,732,688
2,374,140
2,396,321
Other liabilities
2,501
1,192
17,809
13,435
98,709
78,957
Insurance contracts liabilities issued
2,853,753
2,464,887
1,253,503
1,120,284
39,598,063
37,804,092
Reinsurance contracts liabilities held
24,996
18,349
5,224
4,840
42,482
24,181
Provisions
16,772
15,795
155,479
171,609
793,101
748,620
Deferred tax liabilities
27,137
32,781
19,789
16,973
433,711
402,208
Subtotal
3,067,111
2,617,211
3,321,335
3,190,619
44,683,125
42,724,070
Consolidated shareholders' equity
\u00a0
\u00a0
\u00a0
\u00a0
6,513,323
6,029,730
Total
\u00a0
\u00a0
\u00a0
\u00a0
51,196,448
48,753,800
The segment assets and liabilities cannot be netted to determine the segment shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-20": { "value": "
Basis of revenues
The scope of business operations includes the insurance business with retail and corporate customers. The product range includes, among others, motor third party liability and motor own damage insurance, accident insurance, liability insurance, fire and natural hazards insurance as well as travel insurance.
Also a variety of life and health insurance products are offered to individuals or groups. These include, for example, supplementary health insurance, nursing care insurance as well as endowment insurance, term life insurance and investment-oriented products. The products are sold in all markets via sales employees, banks, brokers or agents, among other channels.
VIG Holding primarily focuses on steering tasks for the Group. Beyond that, VIG Holding acts as a reinsurer within VIG Insurance Group as well as in the international corporate business. The Group\u2019s own reinsurance, VIG Re, is a successful provider of reinsurance products both for the Group\u2019s own insurance companies as well as for external partners.
Insurance service revenue
The insurance service revenue depicts the provision of services arising from a group of insurance contracts at an amount that reflects the consideration to which it is expected to be entitled in exchange for those services.
For contracts not measured under PAA, insurance service revenue from a group of insurance contracts is therefore the relevant portion for the period of the total consideration for the contracts. Which means, the amount of premiums paid to the consolidated insurance companies adjusted for financing effect (the time value of money) and excluding any investment components. The total consideration for a group of contracts covers amounts related to the provision of services and is comprised of:
\u2022 insurance service expenses, excluding any amounts relating to the risk adjustment for non-financial risks and any amounts allocated to the loss component of the liability for remaining coverage;
\u2022 other amounts like income tax that are specifically chargeable to the policyholder;
\u2022 the risk adjustment for non-financial risks, excluding any amounts allocated to the loss component of the liability for remaining coverage;
\u2022 the CSM release and
\u2022 amounts related to insurance acquisition costs.
For material judgements applied to the amortisation of CSM, please refer to chapter Amortisation of the Contractual Service Margin (CSM) starting on page\u00a0220.
Under PAA, the insurance service revenue for the period is the amount of expected premium receipts excluding any investment component which is allocated to the period. The expected premium receipts are allocated to each period of insurance contract services mainly on a basis of a linear release pattern on local entity level. However, if the expected pattern of release of risk during the coverage period differs significantly from the passage of time, then the allocation is made on the basis of the expected timing of incurred insurance service expenses.
If facts and circumstances change, the two methods mentioned above will be alternated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-21": { "value": "
Consolidated income statement by reportable segment
\u00a0
Austria
Czech Republic
Poland
Extended CEE
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Insurance service result
390,636
419,575
234,837
246,148
61,029
49,330
265,661
215,909
Insurance service revenue \u2011 issued business
3,543,242
3,307,356
2,078,225
2,040,071
1,373,271
1,224,497
3,599,456
3,148,077
Insurance service expenses \u2011 issued business
-3,045,815
-2,654,265
-1,895,244
-1,615,623
-1,348,049
-1,096,197
-3,070,456
-2,730,702
Insurance service result \u2011 reinsurance held
-106,791
-233,516
51,856
-178,300
35,807
-78,970
-263,339
-201,466
Total capital investment result
115,116
144,478
42,494
46,706
36,832
28,443
139,258
71,530
Investment result
820,847
1,010,854
143,621
183,108
125,001
130,074
404,884
293,611
Income and expenses from investment property
40,501
26,252
-8
-1,040
457
339
2,204
226
Insurance finance result
-772,439
-908,340
-101,119
-135,362
-88,626
-101,970
-267,907
-222,307
Result from associated consolidated companies
26,207
15,712
0
0
0
0
77
0
Finance result
-29,475
-47,424
-3,124
-2,920
-2,047
-1,012
-8,249
-8,270
Other income and expenses
-140,199
-130,752
-63,069
-71,958
-30,674
-44,003
-120,659
-96,418
Business operating result
336,078
385,877
211,138
217,976
65,140
32,758
276,011
182,751
Impairments of goodwill
0
0
0
0
0
-159
-116,327
-75,480
Impairments of intangible assets
0
-1
0
0
-84
-3,231
0
-6,264
Reversal of impairments from intangible assets
0
0
0
0
0
0
8
0
Result before taxes
336,078
385,876
211,138
217,976
65,056
29,368
159,692
101,007
Taxes
-51,870
-79,355
-46,810
-24,311
-17,418
-13,381
-60,670
-48,462
Result for the period
284,208
306,521
164,328
193,665
47,638
15,987
99,022
52,545
\u00a0
Special Markets
Group Functions
Consolidation
Total
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Insurance service result
58,368
65,705
175,820
198,873
0
12,559
1,186,351
1,208,099
Insurance service revenue \u2011 issued business
924,201
617,638
1,780,879
1,652,249
-1,160,797
-1,068,063
12,138,477
10,921,825
Insurance service expenses \u2011 issued business
-700,854
-560,300
-1,863,911
-1,327,773
1,267,499
719,561
-10,656,830
-9,265,299
Insurance service result \u2011 reinsurance held
-164,979
8,367
258,852
-125,603
-106,702
361,061
-295,296
-448,427
Total capital investment result
87,134
42,833
42,425
12,435
-27,610
-62,170
435,649
284,255
Investment result
337,574
274,198
79,673
50,780
-27,554
-49,557
1,884,046
1,893,068
Income and expenses from investment property
235
543
17,290
5,579
-56
-55
60,623
31,844
Insurance finance result
-250,675
-231,908
-55,255
-44,678
0
-12,558
-1,536,021
-1,657,123
Result from associated consolidated companies
0
0
717
754
0
0
27,001
16,466
Finance result
-2,122
-577
-62,152
-86,233
28,342
47,944
-78,827
-98,492
Other income and expenses
-54,813
-33,945
-134,818
-142,463
-732
1,667
-544,964
-517,872
Business operating result
88,567
74,016
21,275
-17,388
0
0
998,209
875,990
Impairments of goodwill
0
0
0
0
0
0
-116,327
-75,639
Impairments of intangible assets
0
-9,778
0
-8,388
0
0
-84
-27,662
Reversal of impairments from intangible assets
0
0
0
0
0
0
8
0
Result before taxes
88,567
64,238
21,275
-25,776
0
0
881,806
772,689
Taxes
-23,007
-26,603
-15,165
-4,331
0
0
-214,940
-196,443
Result for the period
65,560
37,635
6,110
-30,107
0
0
666,866
576,246
Further information by reportable segment can be found in Note 9. Details on the consolidated income statement on page\u00a0188 onward.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-22": { "value": "
Consolidated income statement by reportable segment
\u00a0
Austria
Czech Republic
Poland
Extended CEE
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Insurance service result
390,636
419,575
234,837
246,148
61,029
49,330
265,661
215,909
Insurance service revenue \u2011 issued business
3,543,242
3,307,356
2,078,225
2,040,071
1,373,271
1,224,497
3,599,456
3,148,077
Insurance service expenses \u2011 issued business
-3,045,815
-2,654,265
-1,895,244
-1,615,623
-1,348,049
-1,096,197
-3,070,456
-2,730,702
Insurance service result \u2011 reinsurance held
-106,791
-233,516
51,856
-178,300
35,807
-78,970
-263,339
-201,466
Total capital investment result
115,116
144,478
42,494
46,706
36,832
28,443
139,258
71,530
Investment result
820,847
1,010,854
143,621
183,108
125,001
130,074
404,884
293,611
Income and expenses from investment property
40,501
26,252
-8
-1,040
457
339
2,204
226
Insurance finance result
-772,439
-908,340
-101,119
-135,362
-88,626
-101,970
-267,907
-222,307
Result from associated consolidated companies
26,207
15,712
0
0
0
0
77
0
Finance result
-29,475
-47,424
-3,124
-2,920
-2,047
-1,012
-8,249
-8,270
Other income and expenses
-140,199
-130,752
-63,069
-71,958
-30,674
-44,003
-120,659
-96,418
Business operating result
336,078
385,877
211,138
217,976
65,140
32,758
276,011
182,751
Impairments of goodwill
0
0
0
0
0
-159
-116,327
-75,480
Impairments of intangible assets
0
-1
0
0
-84
-3,231
0
-6,264
Reversal of impairments from intangible assets
0
0
0
0
0
0
8
0
Result before taxes
336,078
385,876
211,138
217,976
65,056
29,368
159,692
101,007
Taxes
-51,870
-79,355
-46,810
-24,311
-17,418
-13,381
-60,670
-48,462
Result for the period
284,208
306,521
164,328
193,665
47,638
15,987
99,022
52,545
\u00a0
Special Markets
Group Functions
Consolidation
Total
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Insurance service result
58,368
65,705
175,820
198,873
0
12,559
1,186,351
1,208,099
Insurance service revenue \u2011 issued business
924,201
617,638
1,780,879
1,652,249
-1,160,797
-1,068,063
12,138,477
10,921,825
Insurance service expenses \u2011 issued business
-700,854
-560,300
-1,863,911
-1,327,773
1,267,499
719,561
-10,656,830
-9,265,299
Insurance service result \u2011 reinsurance held
-164,979
8,367
258,852
-125,603
-106,702
361,061
-295,296
-448,427
Total capital investment result
87,134
42,833
42,425
12,435
-27,610
-62,170
435,649
284,255
Investment result
337,574
274,198
79,673
50,780
-27,554
-49,557
1,884,046
1,893,068
Income and expenses from investment property
235
543
17,290
5,579
-56
-55
60,623
31,844
Insurance finance result
-250,675
-231,908
-55,255
-44,678
0
-12,558
-1,536,021
-1,657,123
Result from associated consolidated companies
0
0
717
754
0
0
27,001
16,466
Finance result
-2,122
-577
-62,152
-86,233
28,342
47,944
-78,827
-98,492
Other income and expenses
-54,813
-33,945
-134,818
-142,463
-732
1,667
-544,964
-517,872
Business operating result
88,567
74,016
21,275
-17,388
0
0
998,209
875,990
Impairments of goodwill
0
0
0
0
0
0
-116,327
-75,639
Impairments of intangible assets
0
-9,778
0
-8,388
0
0
-84
-27,662
Reversal of impairments from intangible assets
0
0
0
0
0
0
8
0
Result before taxes
88,567
64,238
21,275
-25,776
0
0
881,806
772,689
Taxes
-23,007
-26,603
-15,165
-4,331
0
0
-214,940
-196,443
Result for the period
65,560
37,635
6,110
-30,107
0
0
666,866
576,246
Further information by reportable segment can be found in Note 9. Details on the consolidated income statement on page\u00a0188 onward.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-23": { "value": "
1. Insurance contracts
The accounting policies used are presented in Note\u00a024.3. (Re-)Insurance contracts starting on page\u00a0227 and the qualitative description of the risks is presented in the chapter Risk strategy and risk management starting on page\u00a0261.
Items on the assets side were shown without a sign and items on the liabilities side with a negative sign.
The portfolio status is valued prior to any consolidation steps and is decisive for whether a portfolio of insurance contracts is recognised as an asset or as a liability. After excluding intercompany transactions, a valuation is not carried out again. The same applies to determining the loss component and the accompanying allocation of \u201conerous\u201d or \u201cnon-onerous\u201d.
Consolidation effects recognised in profit or loss are included in the item \u201cInsurance service expenses from reinsurance contracts held\u201d insofar as they arise from the elimination of intragroup reinsurance contracts. Essentially, intragroup reinsurance contracts are valued using the PAA, which is why such consolidation effects are allocated to this valuation model in the following tables.
For better readability, the short versions of IFRS\u00a017 descriptions are used.
Short description
Long description
AIC
Assets for Incurred Claims
ARC
Assets for Remaining Coverage
CSM
Contractual Service Margin
FCF
Fulfilment Cash Flows
FRA
Full Retrospective Approach
FVA
Fair Value Approach
GMM
General Measurement Model
LC
Loss component
LIC
Liability for Incurred Claims
LoReCo
Loss Recovery Component
LRC
Liability for Remaining Coverage
PAA
Premium Allocation Approach
PVFCF
Present Value of Future Cash Flows
RA
Risk Adjustment
VFA
Variable Fee Approach
Both the tables for development by balance sheet item and for development by valuation component have been adjusted compared to those published in the Annual Report 2023. The technical classification of consolidation was also further developed in the financial year, meaning that the changes recognised directly in equity that originate from underwriting cannot be reconciled with the statement of comprehensive income.
1.1. Overview
Composition
31/12/2024
\u00a0
PAA
GMM
VFA
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Insurance contracts assets issued
5,536
288,903
1,585
299,874
Assets for Remaining Coverage (ARC)
17,018
395,528
1,692
414,238
Estimates of the PVFCF
\u00a0
934,469
9,766
\u00a0
Risk Adjustment
\u00a0
-254,153
-2,579
\u00a0
Contractual Service Margin
\u00a0
-284,788
-5,495
\u00a0
Assets for Incurred Claims
-11,482
-106,625
-107
-118,214
Insurance acquisition costs recognised as assets
\u00a0
\u00a0
\u00a0
3,850
Reinsurance contracts assets held
1,302,514
840,244
\u00a0
2,142,758
Assets for Remaining Coverage (ARC)
102,365
-135,107
\u00a0
-32,742
Estimates of the PVFCF
\u00a0
-206,665
\u00a0
\u00a0
Risk Adjustment
\u00a0
5,476
\u00a0
\u00a0
Contractual Service Margin
\u00a0
66,082
\u00a0
\u00a0
Assets for Incurred Claims
1,200,149
975,351
\u00a0
2,175,500
Insurance contracts liabilities issued
-8,859,155
-3,247,996
-27,424,599
-39,598,063
Liability for Remaining Coverage (LRC)
-2,155,654
-2,522,340
-26,600,897
-31,278,891
Estimates of the PVFCF
\u00a0
-1,705,668
-20,957,067
\u00a0
Risk Adjustment
\u00a0
-162,208
-984,540
\u00a0
Contractual Service Margin
\u00a0
-654,464
-4,659,290
\u00a0
Liability for Incurred Claims
-6,703,501
-725,656
-823,702
-8,252,859
As a liability recognised insurance cash flow
\u00a0
\u00a0
\u00a0
-66,313
Reinsurance contracts liabilities held
-18,688
-23,794
\u00a0
-42,482
Liability for Remaining Coverage (LRC)
-34,520
-20,700
\u00a0
-55,220
Estimates of the PVFCF
\u00a0
-35,960
\u00a0
\u00a0
Risk Adjustment
\u00a0
472
\u00a0
\u00a0
Contractual Service Margin
\u00a0
14,788
\u00a0
\u00a0
Liability for Incurred Claims
15,832
-3,094
\u00a0
12,738
Composition
31/12/2023
\u00a0
PAA
GMM
VFA
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Insurance contracts assets issued
-5,597
229,916
1,384
229,491
Assets for Remaining Coverage (ARC)
17,945
314,238
1,404
333,587
Estimates of the PVFCF
\u00a0
824,480
6,599
\u00a0
Risk Adjustment
\u00a0
-240,463
-1,542
\u00a0
Contractual Service Margin
\u00a0
-269,779
-3,653
\u00a0
Assets for Incurred Claims
-23,542
-84,322
-20
-107,884
Insurance acquisition costs recognised as assets
\u00a0
\u00a0
\u00a0
3,788
Reinsurance contracts assets held
1,257,432
550,866
\u00a0
1,808,298
Assets for Remaining Coverage (ARC)
67,558
-102,806
\u00a0
-35,248
Estimates of the PVFCF
\u00a0
-169,030
\u00a0
\u00a0
Risk Adjustment
\u00a0
5,889
\u00a0
\u00a0
Contractual Service Margin
\u00a0
60,335
\u00a0
\u00a0
Assets for Incurred Claims
1,189,874
653,672
\u00a0
1,843,546
Insurance contracts liabilities issued
-7,841,483
-3,014,823
-26,896,421
-37,804,092
Liability for Remaining Coverage (LRC)
-1,845,696
-2,368,596
-26,072,494
-30,286,786
Estimates of the PVFCF
\u00a0
-1,725,833
-19,974,708
\u00a0
Risk Adjustment
\u00a0
-148,464
-981,722
\u00a0
Contractual Service Margin
\u00a0
-494,299
-5,116,064
\u00a0
Liability for Incurred Claims
-5,995,787
-646,227
-823,927
-7,465,941
As a liability recognised insurance cash flow
\u00a0
\u00a0
\u00a0
-51,365
Reinsurance contracts liabilities held
8,924
-33,105
\u00a0
-24,181
Liability for Remaining Coverage (LRC)
-3,630
-31,587
\u00a0
-35,217
Estimates of the PVFCF
\u00a0
-59,851
\u00a0
\u00a0
Risk Adjustment
\u00a0
2,053
\u00a0
\u00a0
Contractual Service Margin
\u00a0
26,211
\u00a0
\u00a0
Liability for Incurred Claims
12,554
-1,518
\u00a0
11,036
1.2. Assumptions used
Cost of capital and confidence level
The cost of capital rate used for risk adjustment in the financial year 2024 amounts to 6.00% (2023: 6.00%).
If there are local legal requirements that require a different cost of capital rate, this may differ from the above for individual companies. In the current financial year it was the case for the Ukrainian insurance companies. In the previous year there were no requirements that would have required a deviation.
The risk adjustment for life, health and non-life insurance contracts corresponds to a confidence level of average 79.93% (previous year: average 79.51%).
The confidence level is calculated using an ultimate view and is net of reinsurance.
Discount rate
Spot rates1
31/12/2024
31/12/2023
\u00a0
1 year
3 years
5 years
10 years
20 years
30 years
1 year
3 years
5 years
10 years
20 years
30 years
in %
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
ALL
2.24
2.09
2.14
2.27
2.26
2.38
3.36
2.44
2.32
2.39
2.41
2.52
BAM
2.19
2.04
2.09
2.22
2.21
2.34
3.31
2.39
2.27
2.34
2.36
2.48
BGN
2.19
2.04
2.09
2.22
2.21
2.34
3.31
2.39
2.27
2.34
2.36
2.48
CHF
0.05
0.06
0.17
0.38
0.89
1.24
1.17
1.10
1.05
1.16
1.49
1.71
CZK
3.67
3.53
3.56
3.73
3.82
3.73
5.18
3.68
3.41
3.38
3.44
3.45
EUR
2.24
2.09
2.14
2.27
2.26
2.38
3.36
2.44
2.32
2.39
2.41
2.52
EUR (Croatia)2
2.55
2.30
2.41
2.73
2.91
3.01
3.36
2.63
2.61
2.83
3.07
3.17
GBP
4.46
4.15
4.04
4.07
4.30
4.23
4.74
3.67
3.35
3.28
3.43
3.35
GEL
2.24
2.09
2.14
2.27
2.43
2.61
14.85
13.14
12.33
12.07
11.47
10.03
HUF
5.68
6.15
6.36
6.52
6.99
6.51
6.30
5.93
5.71
5.78
6.00
5.70
MDL
2.24
2.09
2.14
2.27
2.26
2.38
3.36
2.44
2.32
2.39
2.41
2.52
MKD
2.24
2.09
2.14
2.27
2.26
2.38
3.36
2.44
2.32
2.39
2.41
2.52
PLN
4.97
5.22
5.49
5.78
5.34
4.84
4.95
4.83
4.84
5.10
4.94
4.59
RON
6.67
7.07
7.27
7.25
6.39
5.60
6.03
5.99
6.05
6.14
5.67
5.12
RSD
3.76
3.66
4.00
5.13
5.34
4.90
5.09
5.22
5.45
6.84
7.00
6.20
TRY
41.71
34.94
30.07
23.70
17.88
14.33
39.34
31.17
24.78
21.36
19.14
15.84
UAH
15.36
15.87
14.95
11.01
7.72
6.80
17.16
19.14
17.47
11.18
7.28
6.46
USD
4.18
4.06
4.02
4.07
4.10
3.84
4.76
3.72
3.50
3.45
3.46
3.23
1Without illiquidity adjustment
2Under certain conditions, the Croatian Insurance Bureau permits the use of a specially calculated interest rate generated on the basis of the EUR bonds of the Croatian National Bank. That is why two different EUR interest rates are presented in the table above.
Illiquidity adjustment
31/12/2024
31/12/2023
in basis points
\u00a0
\u00a0
Albania
43
41
Bosnia-Herzegovina
56
56
Bulgaria
56
59
Germany
48
56
Estonia
43
41
Georgia
43
40
Kosovo
43
41
Croatia
21
28
Latvia
43
41
Liechtenstein
27
39
Lithuania
43
41
North Macedonia
43
41
Moldova
43
41
Austria
39
40
Poland
61
69
Romania
32
35
Serbia
200
200
Slovakia
52
40
Czech Republic
29
32
T\u00fcrkiye
44
54
Ukraine
159
229
Hungary
62
52
1.3. Insurance contracts issued
Development by balance sheet item
Development \u2013 insurance contracts issued
2024
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
Excl. LC
\u00a0
LC
Contracts not measured under PAA
Contracts measured at PAA
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year
342,579
-8,993
-84,342
-23,172
-370
225,702
Liabilities as of 31/12 of the previous year
-30,227,056
-59,730
-1,470,154
-5,727,808
-267,979
-37,752,727
Net book value as of 31/12 of the previous year
-29,884,477
-68,723
-1,554,496
-5,750,980
-268,349
-37,527,025
IAS 8 error correction
6,623
0
0
0
0
6,623
Net book value as of 01/01
-29,877,854
-68,723
-1,554,496
-5,750,980
-268,349
-37,520,402
Insurance service revenue
12,138,477
\u00a0
\u00a0
\u00a0
\u00a0
12,138,477
insurance service expenses
-3,069,761
-36,341
-1,380,420
-6,165,306
-5,002
-10,656,830
Investment components
2,997,877
\u00a0
-2,991,705
-6,172
0
0
Insurance finance result*
-1,266,361
-1,841
-118,095
-227,085
-8,996
-1,622,378
Unrealised gains and losses acc. to IFRS 17
-113,603
0
-7,311
-33,085
-84
-154,083
Total changes in the statement of comprehensive income
10,686,629
-38,182
-4,497,531
-6,431,648
-14,082
-294,814
Exchange rate differences
166,235
1,413
8,092
37,386
1,877
215,003
Changes in scope of consolidation
-468,608
0
-8,060
0
0
-476,668
Total fulfilment cash flows
-11,281,359
0
4,395,905
5,720,990
0
-1,164,464
Other movements (transfers, modifications, etc.)
22,834
-7,038
0
-10,058
-119
5,619
Net book value as of 31/12
-30,752,123
-112,530
-1,656,090
-6,434,310
-280,673
-39,235,726
Assets as of 31/12
427,667
-13,429
-106,732
-11,386
-96
296,024
Liabilities as of 31/12
-31,179,790
-99,101
-1,549,358
-6,422,924
-280,577
-39,531,750
*Includes exchange rate differences of EUR \u2013116,198,000
Development \u2013 insurance contracts issued
2023
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
Excl. LC
\u00a0
LC
Contracts not measured under PAA
Contracts measured at PAA
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
208,090
-7,707
-67,660
-2,383
-50
130,290
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-29,288,729
-73,174
-1,356,712
-5,345,181
-246,619
-36,310,415
Net book value as of 31/12 of the previous year = value as of 01/01
-29,080,639
-80,881
-1,424,372
-5,347,564
-246,669
-36,180,125
Insurance service revenue
10,921,826
\u00a0
\u00a0
\u00a0
\u00a0
10,921,826
insurance service expenses
-2,686,302
13,517
-1,408,876
-5,184,335
696
-9,265,300
Investment components
2,960,205
\u00a0
-2,950,099
-10,106
\u00a0
0
Insurance finance result*
-992,748
-1,652
-497,648
-191,574
-15,129
-1,698,751
Unrealised gains and losses acc. to IFRS 17
-928,606
0
-9,622
-129,383
0
-1,067,611
Total changes in the statement of comprehensive income
9,274,375
11,865
-4,866,245
-5,515,398
-14,433
-1,109,836
Exchange rate differences
173,163
293
20,518
21,046
-7,247
207,773
Total fulfilment cash flows
-10,251,377
0
4,715,602
5,090,936
0
-444,839
Net book value as of 31/12
-29,884,478
-68,723
-1,554,497
-5,750,980
-268,349
-37,527,027
Assets as of 31/12
342,579
-8,993
-84,342
-23,172
-370
225,702
Liabilities as of 31/12
-30,227,056
-59,730
-1,470,154
-5,727,808
-267,979
-37,752,727
*Includes exchange rate differences of EUR -74,524,000
Development \u2013 insurance contracts issued
2024
Premium Allocation Approach
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LC
LC
PVFCF
RA
\u00a0
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
17,945
0
-23,172
-370
-5,597
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-1,836,695
-9,001
-5,727,808
-267,979
-7,841,483
Net book value as of 31/12 of the previous year = value as of 01/01
-1,818,750
-9,001
-5,750,980
-268,349
-7,847,080
Insurance service revenue
9,578,096
\u00a0
\u00a0
\u00a0
9,578,096
insurance service expenses
-2,594,653
-33,885
-6,165,306
-5,002
-8,798,846
Incurred claims and other insurance service expenses
-651,816
\u00a0
-5,659,760
\u00a0
-6,311,576
Losses of onerous contracts and reversals of those losses
\u00a0
-33,885
\u00a0
\u00a0
-33,885
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-505,546
-5,002
-510,548
Amortisation of insurance acquisition costs
-1,942,837
\u00a0
\u00a0
\u00a0
-1,942,837
Investment components
6,172
0
-6,172
0
0
Insurance finance result*
411
0
-227,085
-8,996
-235,670
Unrealised gains and losses acc. to IFRS 17
0
0
-33,085
-84
-33,169
Total changes in the statement of comprehensive income
6,990,026
-33,885
-6,431,648
-14,082
510,411
Exchange rate differences
15,955
-79
37,386
1,877
55,139
Total fulfilment cash flows
-7,298,706
0
5,720,990
0
-1,577,716
Received premiums
-9,836,208
\u00a0
33,557
\u00a0
-9,802,651
Claims and other insurance service expenses paid
\u00a0
\u00a0
5,687,433
\u00a0
5,687,433
Insurance acquisition costs
2,537,502
\u00a0
\u00a0
\u00a0
2,537,502
Other movements (transfers, modifications, etc.)
15,804
0
-10,058
-119
5,627
Net book value as of 31/12
-2,095,671
-42,965
-6,434,310
-280,673
-8,853,619
Assets as of 31/12
17,018
0
-11,386
-96
5,536
Liabilities as of 31/12
-2,112,689
-42,965
-6,422,924
-280,577
-8,859,155
*Includes exchange rate differences of EUR -1,138,000
Development \u2013 insurance contracts issued
2023
Premium Allocation Approach
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LC
LC
PVFCF
RA
\u00a0
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
8,502
0
-2,383
-50
6,069
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-1,683,360
-5,254
-5,345,181
-246,619
-7,280,414
Net book value as of 31/12 previous of the year = value as of 01/01
-1,674,858
-5,254
-5,347,564
-246,669
-7,274,345
Insurance service revenue
8,531,488
\u00a0
\u00a0
\u00a0
8,531,488
insurance service expenses
-2,350,065
-3,644
-5,184,335
696
-7,537,348
Incurred claims and other insurance service expenses
-603,987
\u00a0
-5,053,578
\u00a0
-5,657,565
Losses of onerous contracts and reversals of those losses
\u00a0
-3,644
\u00a0
\u00a0
-3,644
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-130,757
696
-130,061
Amortisation of insurance acquisition costs
-1,746,078
\u00a0
\u00a0
\u00a0
-1,746,078
Investment components
10,106
\u00a0
-10,106
\u00a0
0
Insurance finance result*
213
\u00a0
-191,574
-15,129
-206,490
Unrealised gains and losses acc. to IFRS 17
0
\u00a0
-129,383
\u00a0
-129,383
Total changes in the statement of comprehensive income
6,191,742
-3,644
-5,515,398
-14,433
658,267
Exchange rate differences
126,470
-103
21,046
-7,247
140,166
Total fulfilment cash flows
-6,462,103
0
5,090,936
0
-1,371,167
Received premiums
-8,872,233
\u00a0
\u00a0
\u00a0
-8,872,233
Claims and other insurance service expenses paid
\u00a0
\u00a0
5,090,936
\u00a0
5,090,936
Insurance acquisition costs
2,410,130
\u00a0
\u00a0
\u00a0
2,410,130
Other movements (transfers, modifications, etc.)
\u00a0
\u00a0
\u00a0
\u00a0
0
Net book value as of 31/12
-1,818,749
-9,001
-5,750,980
-268,349
-7,847,079
Assets as of 31/12
17,945
0
-23,172
-370
-5,597
Liabilities as of 31/12
-1,836,695
-9,001
-5,727,808
-267,979
-7,841,483
*Includes exchange rate differences of EUR -2,709,000
Development \u2013 insurance contracts issued
2024
General Measurement Model
LRC / ARC
LIC / AIC\u00a0
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 previous of the year = assets as of 01/01
323,230
-8,993
-84,322
229,915
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,341,749
-26,847
-646,227
-3,014,823
Net book value as of 31/12 of the previous year = value as of 01/01
-2,018,519
-35,840
-730,549
-2,784,908
Insurance service revenue
1,179,919
\u00a0
\u00a0
1,179,919
insurance service expenses
-268,839
-6,358
-650,485
-925,682
Incurred claims and other insurance service expenses
-117,780
\u00a0
-558,356
-676,136
Losses of onerous contracts and reversals of those losses
\u00a0
-6,358
\u00a0
-6,358
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-92,129
-92,129
Amortisation of insurance acquisition costs
-151,059
\u00a0
\u00a0
-151,059
Investment components
455,465
\u00a0
-455,465
0
Insurance finance result*
-105,175
-1,740
-15,043
-121,958
Unrealised gains and losses acc. to IFRS 17
-27,178
0
-7,311
-34,489
Total changes in the statement of comprehensive income
1,234,192
-8,098
-1,128,304
97,790
Exchange rate differences
24,244
714
1,832
26,790
Changes in scope of consolidation
-74,947
0
-2,092
-77,039
Total fulfilment cash flows
-1,248,547
0
1,026,832
-221,715
Received premiums
-1,858,155
\u00a0
\u00a0
-1,858,155
Claims and other insurance service expenses paid
\u00a0
\u00a0
1,026,832
1,026,832
Insurance acquisition costs
609,608
\u00a0
\u00a0
609,608
Other movements (transfers, modifications, etc.)
-11
0
0
-11
Net book value as of 31/12
-2,083,588
-43,224
-832,281
-2,959,093
Assets as of 31/12
408,957
-13,429
-106,625
288,903
Liabilities as of 31/12
-2,492,545
-29,795
-725,656
-3,247,996
*Includes exchange rate differences of EUR -56,610,000
Under the item Changes in scope of consolidation, EUR 76,041,000 came from the first-time consolidation of Aegon Life and EUR\u00a0998,000 came from the transfer of the Aegon portfolio in Romania.
Development \u2013 insurance contracts issued
2023
General Measurement Model
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
197,061
-7,707
-67,658
121,696
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,142,191
-44,971
-551,412
-2,738,574
Net book value as of 31/12 of the previous year = value as of 01/01
-1,945,130
-52,678
-619,070
-2,616,878
Insurance service revenue
1,006,668
\u00a0
\u00a0
1,006,668
insurance service expenses
-157,893
18,970
-678,099
-817,022
Incurred claims and other insurance service expenses
-46,659
\u00a0
-504,389
-551,048
Losses of onerous contracts and reversals of those losses
\u00a0
18,970
\u00a0
18,970
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-173,710
-173,710
Amortisation of insurance acquisition costs
-111,234
\u00a0
\u00a0
-111,234
Investment components
471,285
\u00a0
-471,285
0
Insurance finance result*
-126,196
-1,801
-139
-128,136
Unrealised gains and losses acc. to IFRS 17
-141,989
\u00a0
-9,622
-151,611
Total changes in the statement of comprehensive income
1,051,875
17,169
-1,159,145
-90,101
Exchange rate differences
76,176
-330
-486
75,360
Total fulfilment cash flows
-1,201,442
0
1,048,151
-153,291
Received premiums
-1,669,613
\u00a0
\u00a0
-1,669,613
Claims and other insurance service expenses paid
\u00a0
\u00a0
1,048,151
1,048,151
Insurance acquisition costs
468,171
\u00a0
\u00a0
468,171
Net book value as of 31/12
-2,018,521
-35,839
-730,550
-2,784,910
Assets as of 31/12
323,230
-8,993
-84,322
229,915
Liabilities as of 31/12
-2,341,749
-26,847
-646,227
-3,014,823
*Includes exchange rate differences of EUR -95,859,000
Development \u2013 insurance contracts issued
2024
Variable Fee Approach
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year
1,404
0
-20
1,384
Liabilities as of 31/12 of the previous year
-26,048,612
-23,882
-823,927
-26,896,421
Net book value as of 31/12 of the previous year
-26,047,208
-23,882
-823,947
-26,895,037
IAS 8 error correction
6,623
0
0
6,623
Net book value as of 01/01
-26,040,585
-23,882
-823,947
-26,888,414
Insurance service revenue
1,380,462
\u00a0
\u00a0
1,380,462
insurance service expenses
-206,269
3,902
-729,935
-932,302
Incurred claims and other insurance service expenses
-154,590
0
-728,640
-883,230
Losses of onerous contracts and reversals of those losses
\u00a0
3,902
\u00a0
3,902
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-1,295
-1,295
Amortisation of insurance acquisition costs
-51,679
\u00a0
\u00a0
-51,679
Investment components
2,536,240
0
-2,536,240
0
Insurance finance result*
-1,161,597
-101
-103,052
-1,264,750
Unrealised gains and losses acc. to IFRS 17
-86,425
0
0
-86,425
Total changes in the statement of comprehensive income
2,462,411
3,801
-3,369,227
-903,015
Exchange rate differences
126,036
778
6,260
133,074
Changes in scope of consolidation
-393,661
0
-5,968
-399,629
Total fulfilment cash flows
-2,734,106
0
3,369,073
634,967
Received premiums
-3,246,735
\u00a0
\u00a0
-3,246,735
Claims and other insurance service expenses paid
\u00a0
\u00a0
3,369,073
3,369,073
Insurance acquisition costs
512,629
\u00a0
\u00a0
512,629
Other movements (transfers, modifications, etc.)
7,041
-7,038
0
3
Net book value as of 31/12
-26,572,864
-26,341
-823,809
-27,423,014
Assets as of 31/12
1,692
0
-107
1,585
Liabilities as of 31/12
-26,574,556
-26,341
-823,702
-27,424,599
*Includes exchange rate differences of EUR -58,450,000
Under the item Changes in scope of consolidation, EUR\u00a0275,202,000 came from the first-time consolidation of Aegon Life and EUR\u00a0124,427,000 came from the transfer of the Aegon portfolio in Romania.
Development \u2013 insurance contracts issued
2023
Variable Fee Approach
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
2,527
0
-2
2,525
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-25,463,178
-22,949
-805,300
-26,291,427
Net book value as of 31/12 of the previous year = value as of 01/01
-25,460,651
-22,949
-805,302
-26,288,902
Insurance service revenue
1,383,670
0
0
1,383,670
insurance service expenses
-178,344
-1,809
-730,777
-910,930
Incurred claims and other insurance service expenses
-131,041
0
-740,131
-871,172
Losses of onerous contracts and reversals of those losses
0
-1,809
0
-1,809
Changes fulfilment cash flows\u00a0relating to LIC
0
0
9,354
9,354
Amortisation of insurance acquisition costs
-47,303
0
0
-47,303
Investment components
2,478,814
0
-2,478,814
0
Insurance finance result*
-866,765
149
-497,509
-1,364,125
Unrealised gains and losses acc. to IFRS 17
-786,617
0
0
-786,617
Total changes in the statement of comprehensive income
2,030,758
-1,660
-3,707,100
-1,678,002
Exchange rate differences
-29,483
726
21,004
-7,753
Total fulfilment cash flows
-2,587,832
0
3,667,451
1,079,619
Received premiums
-3,086,382
\u00a0
\u00a0
-3,086,382
Claims and other insurance service expenses paid
\u00a0
\u00a0
3,667,451
3,667,451
Insurance acquisition costs
498,550
\u00a0
\u00a0
498,550
Net book value as of 31/12
-26,047,208
-23,883
-823,947
-26,895,038
Assets as of 31/12
1,404
0
-20
1,384
Liabilities as of 31/12
-26,048,612
-23,882
-823,927
-26,896,421
*Includes exchange rate differences of EUR 24,044,000
Development by evaluation component: Insurance contracts that are not valued using the PAA
Developments of LRC / ARC and LIC / AIC by measurement components
2024
All measurement models that are not measured under PAA
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year
752,221
-247,491
-273,432
231,298
Liabilities as of 31/12 of the previous year
-23,116,620
-1,184,262
-5,610,363
-29,911,245
Net book value as of 31/12 of the previous year
-22,364,399
-1,431,753
-5,883,795
-29,679,947
IAS 8 error correction
0
0
6,623
6,623
Net book value as of 01/01
-22,364,399
-1,431,753
-5,877,172
-29,673,324
Changes that relate to current services
5,354
149,871
589,951
745,176
Changes that relate to future services
369,364
-166,812
-228,896
-26,344
Changes that relate to past services
-33,170
16,732
0
-16,438
Insurance finance result
-1,274,665
-35,491
-76,552
-1,386,708
Unrealised gains and losses acc. to IFRS 17
-114,102
-6,812
0
-120,914
Total changes in the statement of comprehensive income
-1,047,219
-42,512
284,503
-805,228
Exchange rate differences
91,433
16,077
52,359
159,869
Changes in scope of consolidation
-402,124
-8,119
-66,425
-476,668
Total fulfilment cash flows
413,252
\u00a0
\u00a0
413,252
Other movements (transfers, modifications, etc.)
-2,588
-118
2,698
-8
Net book value as of 31/12
-23,311,645
-1,466,425
-5,604,037
-30,382,107
Assets as of 31/12
844,835
-264,064
-290,283
290,488
Liabilities as of 31/12
-24,156,480
-1,202,361
-5,313,754
-30,672,595
Developments of LRC / ARC and LIC / AIC by measurement components
2023
All measurement models that are not measured under PAA
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
580,315
-182,553
-273,541
124,221
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-22,213,298
-1,154,159
-5,662,544
-29,030,001
Net book value as of 31/12 of the previous year = value as of 01/01
-21,632,983
-1,336,712
-5,936,085
-28,905,780
Changes that relate to current services
-548,502
149,736
612,586
213,820
Changes that relate to future services
540,297
-131,919
-550,336
-141,958
Changes that relate to past services
577,968
12,557
0
590,525
Insurance finance result
-1,360,733
-72,494
-59,033
-1,492,260
Unrealised gains and losses acc. to IFRS 17
-907,185
-31,043
0
-938,228
Total changes in the statement of comprehensive income
-1,698,155
-73,163
3,217
-1,768,101
Exchange rate differences
40,411
-21,878
49,073
67,606
Total fulfilment cash flows
926,328
\u00a0
\u00a0
926,328
Net book value as of 31/12
-22,364,399
-1,431,753
-5,883,795
-29,679,947
Assets as of 31/12
752,221
-247,491
-273,432
231,298
Liabilities as of 31/12
-23,116,620
-1,184,262
-5,610,363
-29,911,245
Developments of LRC / ARC and LIC / AIC by measurement components
2024
General Measurement Model
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
745,643
-245,949
-269,779
229,915
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,360,506
-160,018
-494,299
-3,014,823
Net book value as of 31/12 of the previous year = value as of 01/01
-1,614,863
-405,967
-764,078
-2,784,908
Changes that relate to current services
11,378
64,062
230,373
305,813
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
230,373
230,373
Amount of RA for the risk expired recognised in profit or loss
\u00a0
69,190
\u00a0
69,190
Experience adjustments
11,378
-5,128
\u00a0
6,250
Changes that relate to future services
382,962
-76,844
-324,939
-18,821
Contracts initially recognised in the period
440,439
-109,568
-348,310
-17,439
Changes in estimates that adjust the CSM
-55,464
32,093
23,371
0
Changes in estimates that do not adjust the CSM
-2,013
631
\u00a0
-1,382
Changes that relate to past services
-37,666
4,911
0
-32,755
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
-37,666
4,911
0
-32,755
Insurance finance result
-38,063
-16,779
-67,116
-121,958
Unrealised gains and losses acc. to IFRS 17
-27,677
-6,812
0
-34,489
Total changes in the statement of comprehensive income
290,934
-31,462
-161,682
97,790
Exchange rate differences
5,823
5,164
15,803
26,790
Changes in scope of consolidation
-42,150
-5,594
-29,295
-77,039
Total fulfilment cash flows
-221,715
\u00a0
\u00a0
-221,715
Received premiums
-1,858,155
\u00a0
\u00a0
-1,858,155
Claims and other insurance service expenses paid as well as investment components
1,026,832
\u00a0
\u00a0
1,026,832
Insurance acquisition costs
609,608
\u00a0
\u00a0
609,608
Other movements (transfers, modifications, etc.)
-11
0
0
-11
Net book value as of 31/12
-1,581,982
-437,859
-939,252
-2,959,093
Assets as of 31/12
835,176
-261,485
-284,788
288,903
Liabilities as of 31/12
-2,417,158
-176,374
-654,464
-3,247,996
Under the item Changes in scope of consolidation, EUR 76,041,000 came from the first-time consolidation of Aegon Life and EUR\u00a0998,000 came from the transfer of the Aegon portfolio in Romania.
Developments of LRC / ARC and LIC / AIC by measurement components
2023
General Measurement Model
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
576,413
-181,860
-272,856
121,697
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,071,808
-172,563
-494,203
-2,738,574
Net book value as of 31/12 of the previous year = value as of 01/01
-1,495,395
-354,423
-767,059
-2,616,877
Changes that relate to current services
-254,149
57,960
204,484
8,295
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
204,484
204,484
Amount of RA for the risk expired recognised in profit or loss
\u00a0
65,370
\u00a0
65,370
Experience adjustments
-254,149
-7,410
\u00a0
-261,559
Changes that relate to future services
280,695
-76,197
-185,974
18,524
Contracts initially recognised in the period
318,262
-95,045
-233,453
-10,236
Changes in estimates that adjust the CSM
-65,615
17,374
47,479
-762
Changes in estimates that do not adjust the CSM
28,048
1,474
\u00a0
29,522
Changes that relate to past services
161,885
942
0
162,827
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
161,885
942
0
162,827
Insurance finance result
-58,618
-9,210
-60,308
-128,136
Unrealised gains and losses acc. to IFRS 17
-120,568
-31,043
0
-151,611
Total changes in the statement of comprehensive income
9,245
-57,548
-41,798
-90,101
Exchange rate differences
24,578
6,004
44,779
75,361
Reclassification to BS items in accordance with IFRS 5
0
0
0
0
Total fulfilment cash flows
-153,291
\u00a0
\u00a0
-153,291
Received premiums
-1,669,613
\u00a0
\u00a0
-1,669,613
Claims and other insurance service expenses paid as well as investment components
1,048,151
\u00a0
\u00a0
1,048,151
Insurance acquisition costs
468,171
\u00a0
\u00a0
468,171
Net book value as of 31/12
-1,614,863
-405,967
-764,078
-2,784,908
Assets as of 31/12
745,643
-245,949
-269,779
229,915
Liabilities as of 31/12
-2,360,506
-160,018
-494,299
-3,014,823
Developments of LRC / ARC and LIC / AIC by measurement components
2024
Variable Fee Approach
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year
6,578
-1,542
-3,653
1,383
Liabilities as of 31/12 of the previous year
-20,756,114
-1,024,244
-5,116,064
-26,896,422
Net book value as of 31/12 of the previous year
-20,749,536
-1,025,786
-5,119,717
-26,895,039
IAS 8 error correction
0
0
6,623
6,623
Net book value as of 01/01
-20,749,536
-1,025,786
-5,113,094
-26,888,416
Changes that relate to current services
-6,024
85,809
359,578
439,363
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
359,578
359,578
Amount of RA for the risk expired recognised in profit or loss
\u00a0
92,828
\u00a0
92,828
Experience adjustments
-6,024
-7,019
\u00a0
-13,043
Changes that relate to future services
-13,598
-89,968
96,043
-7,523
Contracts initially recognised in the period
255,739
-61,288
-196,911
-2,460
Changes in estimates that adjust the CSM
-292,954
0
292,954
0
Changes in estimates that do not adjust the CSM
23,617
-28,680
\u00a0
-5,063
Changes that relate to past services
4,496
11,821
0
16,317
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
4,496
11,821
0
16,317
Insurance finance result
-1,236,602
-18,712
-9,436
-1,264,750
Unrealised gains and losses acc. to IFRS\u00a017
-86,425
0
0
-86,425
Total changes in the statement of comprehensive income
-1,338,153
-11,050
446,185
-903,018
Exchange rate differences
85,610
10,913
36,556
133,079
Changes in scope of consolidation
-359,974
-2,525
-37,130
-399,629
Total fulfilment cash flows
634,967
\u00a0
\u00a0
634,967
Received premiums
-3,246,735
\u00a0
\u00a0
-3,246,735
Claims and other insurance service expenses paid as well as investment components
3,369,073
\u00a0
\u00a0
3,369,073
Insurance acquisition costs
512,629
\u00a0
\u00a0
512,629
Other movements (transfers, modifications, etc.)
-2,577
-118
2,698
3
Net book value as of 31/12
-21,729,663
-1,028,566
-4,664,785
-27,423,014
Assets as of 31/12
9,659
-2,579
-5,495
1,585
Liabilities as of 31/12
-21,739,322
-1,025,987
-4,659,290
-27,424,599
Under the item Changes in scope of consolidation, EUR\u00a0275,202,000 came from the first-time consolidation of Aegon Life and EUR\u00a0124,427,000 came from the transfer of the Aegon portfolio in Romania.
Developments of LRC / ARC and LIC / AIC by measurement components
2023
Variable Fee Approach
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
3,902
-693
-685
2,524
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-20,141,490
-981,596
-5,168,341
-26,291,427
Net book value as of 31/12 of the previous year = value as of 01/01
-20,137,588
-982,289
-5,169,026
-26,288,903
Changes that relate to current services
-294,353
91,776
408,102
205,525
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
408,102
408,102
Amount of RA for the risk expired recognised in profit or loss
\u00a0
95,720
\u00a0
95,720
Experience adjustments
-294,353
-3,944
\u00a0
-298,297
Changes that relate to future services
259,602
-55,722
-364,362
-160,482
Contracts initially recognised in the period
237,171
-58,620
-180,602
-2,051
Changes in estimates that adjust the CSM
8,618
0
-183,760
-175,142
Changes in estimates that do not adjust the CSM
13,813
2,898
\u00a0
16,711
Changes that relate to past services
416,083
11,615
0
427,698
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
416,083
11,615
\u00a0
427,698
Insurance finance result
-1,302,115
-63,284
1,275
-1,364,124
Unrealised gains and losses acc. to IFRS 17
-786,617
0
0
-786,617
Total changes in the statement of comprehensive income
-1,707,400
-15,615
45,015
-1,678,000
Exchange rate differences
15,833
-27,882
4,294
-7,755
Total fulfilment cash flows
1,079,619
\u00a0
\u00a0
1,079,619
Received premiums
-3,086,382
\u00a0
\u00a0
-3,086,382
Claims and other insurance service expenses paid as well as investment components
3,667,451
\u00a0
\u00a0
3,667,451
Insurance acquisition costs
498,550
\u00a0
\u00a0
498,550
Net book value as of 31/12
-20,749,536
-1,025,786
-5,119,717
-26,895,039
Assets as of 31/12
6,578
-1,542
-3,653
1,383
Liabilities as of 31/12
-20,756,114
-1,024,244
-5,116,064
-26,896,422
Additional disclosures
Insurance service revenue
31/12/2024
31/12/2023 adjusted
\u00a0
GMM
VFA
Total
GMM
VFA
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Amounts relating to the changes in the LRC incl. ARC
841,409
1,079,656
1,921,065
740,275
1,092,646
1,832,921
Expected insurance service expenses
511,602
712,118
1,223,720
424,311
683,780
1,108,091
Change in the risk adjustment for nonfinancial risk
72,751
92,828
165,579
65,370
95,720
161,090
Amount of CSM recognised in profit or loss
230,373
359,578
589,951
204,484
408,102
612,586
Other amounts
26,683
-84,868
-58,185
46,110
-94,956
-48,846
Amounts relating to recovery of insurance acquisition costs
338,510
300,806
639,316
266,393
291,024
557,417
Allocation of the portion of premiums that relate to the recovery of insurance acquisition costs
338,510
300,806
639,316
266,393
291,024
557,417
Total
1,179,919
1,380,462
2,560,381
1,006,668
1,383,670
2,390,338
Contracts initially recognised in the period
31/12/2024
31/12/2023
General Measurement Model
Non-onerous
Onerous
Total
Non-onerous
Onerous
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Own-written
0
-17,439
-17,439
-7,002
-3,234
-10,236
Estimates of present value of future cash outflows
-1,992,739
-182,749
-2,175,488
-1,501,615
-220,586
-1,722,201
Estimates of insurance acquisition costs
-383,882
-11,581
-395,463
-332,238
-24,679
-356,917
Estimates of present value of other future cash outflows
-1,608,857
-171,168
-1,780,025
-1,169,377
-195,907
-1,365,284
Estimates of present value of future cash inflows
2,442,137
173,790
2,615,927
1,817,483
222,980
2,040,463
Risk Adjustment for nonfinancial risks
-101,088
-8,480
-109,568
-89,417
-5,628
-95,045
Contractual Service Margin
-348,310
\u00a0
-348,310
-233,453
\u00a0
-233,453
Acquired
-77,039
0
-77,039
0
0
0
Estimates of present value of future cash outflows
-147,341
0
-147,341
0
0
0
Estimates of present value of other future cash outflows
-147,341
0
-147,341
0
0
0
Estimates of present value of future cash inflows
105,191
0
105,191
0
0
0
Risk Adjustment for nonfinancial risks
-5,594
0
-5,594
0
0
0
Contractual Service Margin
-29,295
\u00a0
-29,295
0
\u00a0
0
Contracts initially recognised in the period
31/12/2024
31/12/2023
Variable Fee Approach
Non-onerous
Onerous
Total
Non-onerous
Onerous
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Own-written
0
-2,460
-2,460
-2,537
486
-2,051
Estimates of present value of future cash outflows
-2,202,944
-32,022
-2,234,966
-1,955,842
-71,315
-2,027,157
Estimates of insurance acquisition costs
-273,559
-4,186
-277,745
-269,127
-10,180
-279,307
Estimates of present value of other future cash outflows
-1,929,385
-27,836
-1,957,221
-1,686,715
-61,135
-1,747,850
Estimates of present value of future cash inflows
2,459,045
31,660
2,490,705
2,189,650
74,678
2,264,328
Risk Adjustment for nonfinancial risks
-59,190
-2,098
-61,288
-55,743
-2,877
-58,620
Contractual Service Margin
-196,911
\u00a0
-196,911
-180,602
\u00a0
-180,602
Acquired
-399,629
0
-399,629
0
0
0
Estimates of present value of future cash outflows
-477,174
0
-477,174
0
0
0
Estimates of present value of other future cash outflows
-477,174
0
-477,174
0
0
0
Estimates of present value of future cash inflows
117,200
0
117,200
0
0
0
Risk Adjustment for nonfinancial risks
-2,525
0
-2,525
0
0
0
Contractual Service Margin
-37,130
\u00a0
-37,130
0
\u00a0
0
CSM expected to be recognised in profit or loss
31/12/2024
Insurance contracts issued
1st year
2nd year
3rd year
4th year
5th year and later
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
GMM
-164,336
-124,548
-103,363
-86,462
-460,543
-939,252
Assets for Remaining Coverage (ARC)
-41,859
-34,956
-29,439
-24,913
-153,621
-284,788
Liability for Remaining Coverage (LRC)
-122,477
-89,592
-73,924
-61,549
-306,922
-654,464
VFA
-352,007
-323,174
-298,503
-276,171
-3,414,930
-4,664,785
Assets for Remaining Coverage (ARC)
-230
-274
-309
-335
-4,347
-5,495
Liability for Remaining Coverage (LRC)
-351,777
-322,900
-298,194
-275,836
-3,410,583
-4,659,290
Total
-516,343
-447,722
-401,866
-362,633
-3,875,473
-5,604,037
CSM expected to be recognised in profit or loss
31/12/2023
Insurance contracts issued
1st year
2nd year
3rd year
4th year
5th year and later
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
GMM
-144,551
-99,742
-80,610
-66,264
-372,911
-764,078
Assets for Remaining Coverage (ARC)
-39,250
-32,224
-27,666
-23,238
-147,401
-269,779
Liability for Remaining Coverage (LRC)
-105,301
-67,518
-52,944
-43,026
-225,510
-494,299
VFA
-386,096
-348,868
-319,752
-296,568
-3,768,433
-5,119,717
Assets for Remaining Coverage (ARC)
-62
-98
-133
-163
-3,197
-3,653
Liability for Remaining Coverage (LRC)
-386,034
-348,770
-319,619
-296,405
-3,765,236
-5,116,064
Total
-530,647
-448,610
-400,362
-362,832
-4,141,344
-5,883,795
1.5. Underlying assets of direct profit participating contracts
Composition \u2013 Fair value
31/12/2024
31/12/2023 adjusted
in EUR \u2018000
\u00a0
\u00a0
Items shown as assets
25,817,600
25,289,448
Cash and cash equivalents
412,695
359,105
Loans
449,543
540,618
Bonds
15,527,901
15,761,012
Term deposits
98,014
103,057
Funds
7,997,314
7,211,757
Derivatives
892
1,375
Shares
363,979
411,041
Shares in participating companies
12,054
12,472
Shares in affiliated non-consolidated companies
1,281
1,253
Receivables
8,096
5,432
Investment property
749,259
692,428
Owner-occupied property
196,572
189,898
Items shown as liabilities
597
547
Liabilities for derivatives
597
547
Amounts recognised in profit or loss
2024
2023 adjusted
in EUR \u2018000
\u00a0
\u00a0
Underlying Assets
1,220,472
1,375,602
Interest revenues using the effective interest rate method
432,969
491,841
Realised gains and losses from financial assets measured at AC
0
-32
Impairment losses incl. reversal gains on financial instruments
-5,292
-3,475
Other result from financial instruments
782,770
870,390
Financial result from owner occupied properties and investment properties
10,025
16,878
Non Underlying Assets
744,560
552,388
Interest revenues using the effective interest rate method
564,728
403,960
Realised gains and losses from financial assets measured at AC
-5,076
112
Impairment losses incl. reversal gains on financial instruments
-12,814
-53,009
Other result from financial instruments
126,761
183,281
Financial result from owner occupied properties and investment properties
43,960
1,578
Result from associated consolidated companies
27,001
16,466
Insurance finance result \u2011 issued business
-1,622,378
-1,698,751
Interest accreted to insurance contracts using current financial assumptions
-1,032,049
-904,897
Interest accreted to insurance contracts using locked-in rate at inital recognition
-35,008
-22,095
Changes in interest rates and other financial assumptions
-439,123
-697,235
Exchange rate differences
-116,198
-74,524
Insurance finance result \u2011 reinsurance held
86,357
41,628
Interest accreted to insurance contracts using current financial assumptions
62,709
38,317
Interest accreted to insurance contracts using locked-in rate at inital recognition
3,598
1,705
Changes in interest rates and other financial assumptions
20,556
6,517
Exchange rate differences
-506
-4,911
Total
429,011
270,867
Amounts recognised directly in equity
2024
2023 adjusted
in EUR \u2018000
\u00a0
\u00a0
Underlying Assets
129,638
835,438
Non Underlying Assets
46,338
455,553
IFRS 17 \u2013 Insurance contracts issued
-154,083
-1,067,611
IFRS 17 \u2013 Reinsurance contracts held
500
34,915
Total
22,393
258,295
Statement of comprehensive income
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Recognised in profit or loss
1,615,362
1,478,966
Insurance service result
1,186,351
1,208,099
Investment result incl. result from associated consolidated companies and properties
1,965,032
1,927,990
Insurance finance result
-1,536,021
-1,657,123
Recognised directly in equity
22,393
258,295
Unrealised gains and losses acc. to IFRS 9
175,976
1,290,991
Unrealised gains and losses acc. to IFRS 17
-153,583
-1,032,696
Total
1,637,755
1,737,261
1.6. Portfolio performance from IFRS\u00a017 transition date (1\u00a0January\u00a02022)
Development \u2013 insurance contracts issued
2024
2023
All measurement models
FVA
FRA and new contracts
Total
FVA
FRA and new contracts
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contractual Service Margin as of 31/12 of the previous year
-4,940,495
-943,297
-5,883,792
-5,204,472
-731,610
-5,936,082
IAS 8 error correction
0
6,623
6,623
0
0
0
Contractual Service Margin as of 01/01
-4,940,495
-936,674
-5,877,169
-5,204,472
-731,610
-5,936,082
Changes that relate to current services
360,632
229,319
589,951
437,277
175,310
612,587
Amount of CSM recognised in profit or loss
360,632
229,319
589,951
437,277
175,310
612,587
Changes that relate to future services
324,158
-553,054
-228,896
-148,807
-401,530
-550,337
Contracts initially recognised in the period
\u00a0
-545,221
-545,221
\u00a0
-414,055
-414,055
Changes in estimates that adjust the CSM
324,158
-7,833
316,325
-148,807
12,525
-136,282
Insurance finance result*
-7,863
-68,689
-76,552
9,038
-68,070
-59,032
Total changes in the statement of comprehensive income
676,927
-392,424
284,503
297,508
-294,290
3,218
Exchange rate differences
19,333
33,023
52,356
-33,531
82,603
49,072
Changes in scope of consolidation
0
-66,425
-66,425
0
0
0
Other movements (transfers, modifications, etc.)
-1,561
4,259
2,698
0
0
0
Contractual Service Margin as of 31/12
-4,245,796
-1,358,241
-5,604,037
-4,940,495
-943,297
-5,883,792
*Includes exchange rate differences of EUR -41,544,000
Development
2024
2023
General Measurement Model
FVA
FRA and new contracts
Total
FVA
FRA and new contracts
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contractual Service Margin as of 01/01
-321,678
-442,399
-764,077
-386,863
-380,194
-767,057
Changes that relate to current services
61,563
168,810
230,373
70,129
134,355
204,484
Amount of CSM recognised in profit or loss
61,563
168,810
230,373
70,129
134,355
204,484
Changes that relate to future services
-31,115
-293,824
-324,939
-411
-185,564
-185,975
Contracts initially recognised in the period
\u00a0
-348,310
-348,310
\u00a0
-233,453
-233,453
Changes in estimates that adjust the CSM
-31,115
54,486
23,371
-411
47,889
47,478
Insurance finance result*
-3,953
-63,163
-67,116
14,834
-75,142
-60,308
Total changes in the statement of comprehensive income
26,495
-188,177
-161,682
84,552
-126,351
-41,799
Exchange rate differences
1,120
14,682
15,802
-19,367
64,146
44,779
Changes in scope of consolidation
0
-29,295
-29,295
0
0
0
Other movements (transfers, modifications, etc.)
-1,603
1,603
0
0
0
0
Contractual Service Margin as of 31/12
-295,666
-643,586
-939,252
-321,678
-442,399
-764,077
*Includes exchange rate differences of EUR -32,108,000
Development
2024
2023
Variable Fee Approach
FVA
FRA and new contracts
Total
FVA
FRA and new contracts
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contractual Service Margin as of 31/12 of the previous year
-4,618,817
-500,898
-5,119,715
-4,817,609
-351,416
-5,169,025
IAS 8 error correction
0
6,623
6,623
0
0
0
Contractual Service Margin as of 01/01
-4,618,817
-494,275
-5,113,092
-4,817,609
-351,416
-5,169,025
Changes that relate to current services
299,069
60,509
359,578
367,148
40,955
408,103
Amount of CSM recognised in profit or loss
299,069
60,509
359,578
367,148
40,955
408,103
Changes that relate to future services
355,273
-259,230
96,043
-148,396
-215,966
-364,362
Contracts initially recognised in the period
0
-196,911
-196,911
\u00a0
-180,602
-180,602
Changes in estimates that adjust the CSM
355,273
-62,319
292,954
-148,396
-35,364
-183,760
Insurance finance result*
-3,910
-5,526
-9,436
-5,796
7,072
1,276
Total changes in the statement of comprehensive income
650,432
-204,247
446,185
212,956
-167,939
45,017
Exchange rate differences
18,213
18,341
36,554
-14,164
18,457
4,293
Changes in scope of consolidation
0
-37,130
-37,130
0
0
0
Other movements (transfers, modifications, etc.)
42
2,656
2,698
0
0
0
Contractual Service Margin as of 31/12
-3,950,130
-714,655
-4,664,785
-4,618,817
-500,898
-5,119,715
*Includes exchange rate differences of EUR -9,436,000
Reinsurance contracts held
Development
2024
2023
General Measurement Model
FVA
FRA and new contracts
Total
FVA
FRA and new contracts
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contractual Service Margin as of 01/01
49,689
36,854
86,543
63,716
34,235
97,951
Changes that relate to current services
-8,473
-40,068
-48,541
-9,387
-2,664
-12,051
Amount of CSM recognised in profit or loss
-8,473
-40,068
-48,541
-9,387
-2,664
-12,051
Changes that relate to future services
177
39,916
40,093
-3,301
2,955
-346
Contracts initially recognised in the period
0
63,434
63,434
\u00a0
55,510
55,510
Changes in estimates that adjust the CSM
177
-23,518
-23,341
-3,301
-52,555
-55,856
Insurance finance result*
259
2,824
3,083
-937
6,418
5,481
Total changes in the statement of comprehensive income
-8,037
2,672
-5,365
-13,625
6,709
-6,916
Exchange rate differences
-35
-656
-691
-402
-4,090
-4,492
Changes in scope of consolidation
0
391
391
0
0
0
Other movements (transfers, modifications, etc.)
43
-51
-8
0
0
0
Contractual Service Margin as of 31/12
41,660
39,210
80,870
49,689
36,854
86,543
*Includes exchange rate differences of EUR -529,000
Underlying items
The following table shows the amounts recognised as Other comprehensive income in the statement of comprehensive income. These originate from underlying financial assets from insurance contracts which were measured using the FVA at initial recognition.
Development
2024
2023 adjusted
in EUR \u2018000
\u00a0
\u00a0
Book value as of 31/12 of the previous year = Book value as of 01/01
836,545
1,601,300
Amounts recognised directly in equity
-90,284
-722,263
Amounts recognised in profit or loss
-42,631
-37,398
Changes in scope of consolidation
160
0
Exchange rate differences
-1,196
-5,094
Book value as of 31/12
702,594
836,545
thereof included balance of risk provision
-109,551
-120,793
The change in risk provision is reported in the item Amounts recognised directly in equity.
Insurance service revenue
Insurance service revenue
2024
2023
\u00a0
FVA
FRA and new contracts
Total
FVA
FRA and new contracts
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Insurance service revenue \u2011 issued business
1,369,492
10,768,985
12,138,477
1,437,101
9,484,724
10,921,825
Premium Allocation Approach
0
9,578,096
9,578,096
\u00a0
8,531,487
8,531,487
General Measurement Model
195,372
984,547
1,179,919
225,762
780,906
1,006,668
Variable Fee Approach
1,174,120
206,342
1,380,462
1,211,339
172,331
1,383,670
Insurance service revenue \u2011 reinsurance held
-24,305
-1,453,058
-1,477,363
-27,416
-1,311,675
-1,339,091
Premium Allocation Approach
0
-1,043,945
-1,043,945
\u00a0
-931,526
-931,526
General Measurement Model
-24,305
-409,113
-433,418
-27,416
-380,149
-407,565
1.7. Risk of concentration
Insurance contracts liabilities issued
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Austria
23,368,637
23,370,578
Czech Republic
2,927,744
2,851,071
Poland
2,551,364
2,004,101
Albania incl. Kosovo
90,407
83,469
Baltic states
1,037,409
862,750
Bosnia-Herzegovina
116,952
115,348
Bulgaria
288,909
254,262
Croatia
408,883
433,592
Moldova
15,396
17,210
North Macedonia
19,873
19,778
Romania
1,203,128
924,606
Serbia
329,151
313,779
Slovakia
1,661,644
1,563,953
Ukraine
111,694
95,723
Hungary
1,359,616
1,308,700
Germany
787,719
766,302
Georgia
27,566
20,400
Liechtenstein
908,881
882,881
T\u00fcrkiye
1,129,587
795,305
Group Functions
1,253,503
1,120,284
Total
39,598,063
37,804,092
Gross written premiums
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Motor third party liability insurance
2,470,991
2,214,614
Motor own damage insurance (Casco)
2,084,599
1,858,667
Other property and casualty insurance
7,495,365
6,796,547
Health insurance
1,025,497
898,086
Unit- and index-linked life insurance
668,785
600,375
Life insurance with profit participation
2,383,322
2,358,228
Life insurance without profit participation
1,126,498
983,620
Consolidation
-2,028,710
-1,926,119
Total
15,226,347
13,784,018
1.8. Insurance and market risks \u2013 sensitivity analysis
The following sensitivities are calculated as effects on the capital of the Group solvency balance sheet in accordance with Solvency\u00a0II. The essential aim is to establish risk-orientated systems under Solvency\u00a0II and improve the risk management process. To achieve this, both quantitative and qualitative requirements must be met. VIG Insurance Group has established management processes with this objective in mind and uses them for controlling purposes.

Differences between Solvency\u00a0II and IFRS\u00a017 calculations for the insurance contracts arise mainly because of the following:
\u2022 different scope of costs to be taken into consideration,
\u2022 contract boundaries and
\u2022 discount rates applied.
In accordance with IFRS\u00a017, only costs which can be directly allocated to an insurance contract can be taken into consideration, whereas under the Solvency\u00a0II regime the total costs approach is applied when evaluating underwriting obligations.
Both regimes take into account the period of the contracts (contract boundaries) in the modelling of the future cash flows. When deriving the period of contracts, Solvency\u00a0II follows primarily the risk perspective, whereas IFRS\u00a017 focuses on the insurance contract itself. Accordingly, the different approach is also applied to the supplementary insurance contracts in those cases in which they are equivalent to the underlying main insurance contract in accordance with IFRS\u00a017. There is also a difference with the established term of ceded reinsurance contracts. Under Solvency\u00a0II, the period of the contract follows the primary insurance contract, whereas IFRS\u00a017 recognises the contractual period of the reinsurance contract.
In the case of discounting the cash flows established for the period, Solvency\u00a0II applies strict and mandatory regulatory definitions that must be observed. By contrast, both the derivation of the interest rate and the risk margin are determined by the company itself based on the IFRS\u00a017 principles.
Despite the differences listed, VIG Insurance Group considers the risk sensitivities established using Solvency\u00a0II to be an appropriate basis for the estimates in accordance with IFRS\u00a017.
Sensitivities Own funds \u2011 Change
31/12/2024
31/12/2023
\u00a0
in EUR \u2018000
in %
in EUR \u2018000
in %
Base
10,401,147
\u00a0
10,344,756
\u00a0
Underwriting risks
\u00a0
\u00a0
\u00a0
\u00a0
Life insurance
\u00a0
\u00a0
\u00a0
\u00a0
Mortality rates +5%
-8,251
-0.08
-18,251
-0.18
Mortality rates -5%
11,066
0.11
15,858
0.15
Expenses / Admin costs +10%
-219,960
-2.11
-
-
Expenses / Admin costs -10%
-
-
174,634
1.69
Lapse rates +100%
-
-
-328,934
-3.18
Lapse rates +50%
-177,519
-1.71
-
-
Lapse rates -50%
241,305
2.32
259,501
2.51
Non-life insurance
\u00a0
\u00a0
\u00a0
\u00a0
Ultimate loss ratio (LIC) +1%
-62,624
-0.60
-60,947
-0.59
Ultimate loss ratio (LIC) -1%
60,850
0.59
58,427
0.56
Market risks
\u00a0
\u00a0
\u00a0
\u00a0
Interest rate +100bp
155,622
1.50
166,158
1.61
Interest rate -100bp
-490,364
-4.71
-399,000
-3.86
Equity prices -25%
-365,730
-3.52
-321,124
-3.10
Spreads for government and corporate bonds +50bp
-456,234
-4.39
-448,404
-4.33
The changes in the base value shown have to be considered isolated in each case. This means that different sensitivities can not be added together to derive a cumulative change in the base value.
1.9. Insurance risk \u2013 Claims development
Premium Allocation Approach
LIC / AIC \u2011 issued
2022
2023
2024
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Estimated undiscounted cash outflows excl. RA
\u00a0
\u00a0
\u00a0
\u00a0
At the end of accident year
-5,250,606
-5,668,844
-6,754,510
\u00a0
One year later
-5,174,532
-5,640,597
\u00a0
\u00a0
Two years later
-5,050,530
\u00a0
\u00a0
\u00a0
Cumulative claims paid
4,438,167
4,368,506
3,553,094
\u00a0
LIC/AIC - claims years from 2022
-612,363
-1,272,091
-3,201,416
-5,085,870
LIC/AIC - claims year 2021
\u00a0
\u00a0
\u00a0
-472,554
LIC/AIC - claims years before 2021*
\u00a0
\u00a0
\u00a0
-2,009,357
Effect of discounting
\u00a0
\u00a0
\u00a0
1,133,471
Risk Adjustment
\u00a0
\u00a0
\u00a0
-280,673
Total
\u00a0
\u00a0
\u00a0
-6,714,983
*including all receivables and payables included in L/AIC
AIC / LIC \u2011 held
2022
2023
2024
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Estimated undiscounted cash outflows excl. RA
\u00a0
\u00a0
\u00a0
\u00a0
At the end of accident year
696,401
587,095
774,871
\u00a0
One year later
701,875
649,635
\u00a0
\u00a0
Two years later
680,120
\u00a0
\u00a0
\u00a0
Cumulative claims paid
-563,635
-383,829
-354,981
\u00a0
AIC/LIC - claims years from 2022
116,485
265,806
419,890
802,181
AIC/LIC - claims year 2021
\u00a0
\u00a0
\u00a0
53,610
AIC/LIC - claims years before 2021*
\u00a0
\u00a0
\u00a0
432,202
Effect of discounting
\u00a0
\u00a0
\u00a0
-98,228
Risk Adjustment
\u00a0
\u00a0
\u00a0
26,216
Total
\u00a0
\u00a0
\u00a0
1,215,981
*including all receivables and payables included in A/LIC
1.10. Credit risk
The maximum credit risk that VIG Insurance Group is exposed to corresponds to the amounts recognised in the IFRS consolidated balance sheet under \u201cReinsurance contracts assets held\u201d and \u201cReinsurance contracts liabilities held\u201d.
Share of the reinsurer's rating
31/12/2024
31/12/2023
in %
\u00a0
\u00a0
AAA
1.15
4.95
AA
49.12
39.53
A
41.57
48.62
BBB
2.81
2.58
BB and lower
1.72
0.97
No rating
3.63
3.35
Due to the good credit quality of the reinsurers of VIG Insurance Group, on 31 December 2024 and 31 December 2023 no impairments for the shares of the reinsurers were required.
1.11. Liquidity risk
The data quality for the liquidity risk has been changed, meaning that data from the previous year cannot be included in the present consolidated financial statements.
Undiscounted net cash flows
31/12/2024
Insurance contracts issued
GMM
VFA
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
One year later
256,287
-858,128
-601,841
Two years later
151,400
-1,034,021
-882,621
Three years later
54,108
-882,920
-828,812
Four years later
27,394
-950,886
-923,492
Five years later
-19,719
-1,076,371
-1,096,090
Beyond five years
-3,573,815
-34,730,312
-38,304,127
Total
-3,104,345
-39,532,638
-42,636,983
Undiscounted net cash flows
31/12/2024
Reinsurance contracts held
GMM
in EUR \u2018000
\u00a0
One year later
-36,102
Two years later
634
Three years later
-4,313
Four years later
-2,772
Five years later
-2,491
Beyond five years
-31,861
Total
-76,905
The liquidity risk arising from amounts payable on demand is simulated using the effect of the mass cancellation of life insurance policies. The parameters for this are applied in accordance with Article 142 (6) of EU Commission Delegated Regulation 2015/35. In the event of mass cancellation, the best estimate reserves increase by EUR 1,556.0 million (EUR 1,573.2 million). Under IFRS, the release of the Contractual Service Margin would have a significant positive countereffect on the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-24": { "value": "Both the tables for development by balance sheet item and for development by valuation component have been adjusted compared to those published in the Annual Report 2023", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-25": { "value": "
1.2. Assumptions used
Cost of capital and confidence level
The cost of capital rate used for risk adjustment in the financial year 2024 amounts to 6.00% (2023: 6.00%).
If there are local legal requirements that require a different cost of capital rate, this may differ from the above for individual companies. In the current financial year it was the case for the Ukrainian insurance companies. In the previous year there were no requirements that would have required a deviation.
The risk adjustment for life, health and non-life insurance contracts corresponds to a confidence level of average 79.93% (previous year: average 79.51%).
The confidence level is calculated using an ultimate view and is net of reinsurance.
Discount rate
Spot rates1
31/12/2024
31/12/2023
\u00a0
1 year
3 years
5 years
10 years
20 years
30 years
1 year
3 years
5 years
10 years
20 years
30 years
in %
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
ALL
2.24
2.09
2.14
2.27
2.26
2.38
3.36
2.44
2.32
2.39
2.41
2.52
BAM
2.19
2.04
2.09
2.22
2.21
2.34
3.31
2.39
2.27
2.34
2.36
2.48
BGN
2.19
2.04
2.09
2.22
2.21
2.34
3.31
2.39
2.27
2.34
2.36
2.48
CHF
0.05
0.06
0.17
0.38
0.89
1.24
1.17
1.10
1.05
1.16
1.49
1.71
CZK
3.67
3.53
3.56
3.73
3.82
3.73
5.18
3.68
3.41
3.38
3.44
3.45
EUR
2.24
2.09
2.14
2.27
2.26
2.38
3.36
2.44
2.32
2.39
2.41
2.52
EUR (Croatia)2
2.55
2.30
2.41
2.73
2.91
3.01
3.36
2.63
2.61
2.83
3.07
3.17
GBP
4.46
4.15
4.04
4.07
4.30
4.23
4.74
3.67
3.35
3.28
3.43
3.35
GEL
2.24
2.09
2.14
2.27
2.43
2.61
14.85
13.14
12.33
12.07
11.47
10.03
HUF
5.68
6.15
6.36
6.52
6.99
6.51
6.30
5.93
5.71
5.78
6.00
5.70
MDL
2.24
2.09
2.14
2.27
2.26
2.38
3.36
2.44
2.32
2.39
2.41
2.52
MKD
2.24
2.09
2.14
2.27
2.26
2.38
3.36
2.44
2.32
2.39
2.41
2.52
PLN
4.97
5.22
5.49
5.78
5.34
4.84
4.95
4.83
4.84
5.10
4.94
4.59
RON
6.67
7.07
7.27
7.25
6.39
5.60
6.03
5.99
6.05
6.14
5.67
5.12
RSD
3.76
3.66
4.00
5.13
5.34
4.90
5.09
5.22
5.45
6.84
7.00
6.20
TRY
41.71
34.94
30.07
23.70
17.88
14.33
39.34
31.17
24.78
21.36
19.14
15.84
UAH
15.36
15.87
14.95
11.01
7.72
6.80
17.16
19.14
17.47
11.18
7.28
6.46
USD
4.18
4.06
4.02
4.07
4.10
3.84
4.76
3.72
3.50
3.45
3.46
3.23
1Without illiquidity adjustment
2Under certain conditions, the Croatian Insurance Bureau permits the use of a specially calculated interest rate generated on the basis of the EUR bonds of the Croatian National Bank. That is why two different EUR interest rates are presented in the table above.
Illiquidity adjustment
31/12/2024
31/12/2023
in basis points
\u00a0
\u00a0
Albania
43
41
Bosnia-Herzegovina
56
56
Bulgaria
56
59
Germany
48
56
Estonia
43
41
Georgia
43
40
Kosovo
43
41
Croatia
21
28
Latvia
43
41
Liechtenstein
27
39
Lithuania
43
41
North Macedonia
43
41
Moldova
43
41
Austria
39
40
Poland
61
69
Romania
32
35
Serbia
200
200
Slovakia
52
40
Czech Republic
29
32
T\u00fcrkiye
44
54
Ukraine
159
229
Hungary
62
52
", "dimensions": { "concept": "ifrs-full:DisclosureOfInputsToMethodsUsedToMeasureContractsWithinScopeOfIFRS17Explanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-26": { "value": "
Discount rate
Spot rates1
31/12/2024
31/12/2023
\u00a0
1 year
3 years
5 years
10 years
20 years
30 years
1 year
3 years
5 years
10 years
20 years
30 years
in %
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
ALL
2.24
2.09
2.14
2.27
2.26
2.38
3.36
2.44
2.32
2.39
2.41
2.52
BAM
2.19
2.04
2.09
2.22
2.21
2.34
3.31
2.39
2.27
2.34
2.36
2.48
BGN
2.19
2.04
2.09
2.22
2.21
2.34
3.31
2.39
2.27
2.34
2.36
2.48
CHF
0.05
0.06
0.17
0.38
0.89
1.24
1.17
1.10
1.05
1.16
1.49
1.71
CZK
3.67
3.53
3.56
3.73
3.82
3.73
5.18
3.68
3.41
3.38
3.44
3.45
EUR
2.24
2.09
2.14
2.27
2.26
2.38
3.36
2.44
2.32
2.39
2.41
2.52
EUR (Croatia)2
2.55
2.30
2.41
2.73
2.91
3.01
3.36
2.63
2.61
2.83
3.07
3.17
GBP
4.46
4.15
4.04
4.07
4.30
4.23
4.74
3.67
3.35
3.28
3.43
3.35
GEL
2.24
2.09
2.14
2.27
2.43
2.61
14.85
13.14
12.33
12.07
11.47
10.03
HUF
5.68
6.15
6.36
6.52
6.99
6.51
6.30
5.93
5.71
5.78
6.00
5.70
MDL
2.24
2.09
2.14
2.27
2.26
2.38
3.36
2.44
2.32
2.39
2.41
2.52
MKD
2.24
2.09
2.14
2.27
2.26
2.38
3.36
2.44
2.32
2.39
2.41
2.52
PLN
4.97
5.22
5.49
5.78
5.34
4.84
4.95
4.83
4.84
5.10
4.94
4.59
RON
6.67
7.07
7.27
7.25
6.39
5.60
6.03
5.99
6.05
6.14
5.67
5.12
RSD
3.76
3.66
4.00
5.13
5.34
4.90
5.09
5.22
5.45
6.84
7.00
6.20
TRY
41.71
34.94
30.07
23.70
17.88
14.33
39.34
31.17
24.78
21.36
19.14
15.84
UAH
15.36
15.87
14.95
11.01
7.72
6.80
17.16
19.14
17.47
11.18
7.28
6.46
USD
4.18
4.06
4.02
4.07
4.10
3.84
4.76
3.72
3.50
3.45
3.46
3.23
", "dimensions": { "concept": "ifrs-full:DisclosureOfYieldCurveUsedToDiscountCashFlowsThatDoNotVaryBasedOnReturnsOnUnderlyingItemsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-27": { "value": "
1.3. Insurance contracts issued
Development by balance sheet item
Development \u2013 insurance contracts issued
2024
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
Excl. LC
\u00a0
LC
Contracts not measured under PAA
Contracts measured at PAA
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year
342,579
-8,993
-84,342
-23,172
-370
225,702
Liabilities as of 31/12 of the previous year
-30,227,056
-59,730
-1,470,154
-5,727,808
-267,979
-37,752,727
Net book value as of 31/12 of the previous year
-29,884,477
-68,723
-1,554,496
-5,750,980
-268,349
-37,527,025
IAS 8 error correction
6,623
0
0
0
0
6,623
Net book value as of 01/01
-29,877,854
-68,723
-1,554,496
-5,750,980
-268,349
-37,520,402
Insurance service revenue
12,138,477
\u00a0
\u00a0
\u00a0
\u00a0
12,138,477
insurance service expenses
-3,069,761
-36,341
-1,380,420
-6,165,306
-5,002
-10,656,830
Investment components
2,997,877
\u00a0
-2,991,705
-6,172
0
0
Insurance finance result*
-1,266,361
-1,841
-118,095
-227,085
-8,996
-1,622,378
Unrealised gains and losses acc. to IFRS 17
-113,603
0
-7,311
-33,085
-84
-154,083
Total changes in the statement of comprehensive income
10,686,629
-38,182
-4,497,531
-6,431,648
-14,082
-294,814
Exchange rate differences
166,235
1,413
8,092
37,386
1,877
215,003
Changes in scope of consolidation
-468,608
0
-8,060
0
0
-476,668
Total fulfilment cash flows
-11,281,359
0
4,395,905
5,720,990
0
-1,164,464
Other movements (transfers, modifications, etc.)
22,834
-7,038
0
-10,058
-119
5,619
Net book value as of 31/12
-30,752,123
-112,530
-1,656,090
-6,434,310
-280,673
-39,235,726
Assets as of 31/12
427,667
-13,429
-106,732
-11,386
-96
296,024
Liabilities as of 31/12
-31,179,790
-99,101
-1,549,358
-6,422,924
-280,577
-39,531,750
*Includes exchange rate differences of EUR \u2013116,198,000
Development \u2013 insurance contracts issued
2023
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
Excl. LC
\u00a0
LC
Contracts not measured under PAA
Contracts measured at PAA
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
208,090
-7,707
-67,660
-2,383
-50
130,290
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-29,288,729
-73,174
-1,356,712
-5,345,181
-246,619
-36,310,415
Net book value as of 31/12 of the previous year = value as of 01/01
-29,080,639
-80,881
-1,424,372
-5,347,564
-246,669
-36,180,125
Insurance service revenue
10,921,826
\u00a0
\u00a0
\u00a0
\u00a0
10,921,826
insurance service expenses
-2,686,302
13,517
-1,408,876
-5,184,335
696
-9,265,300
Investment components
2,960,205
\u00a0
-2,950,099
-10,106
\u00a0
0
Insurance finance result*
-992,748
-1,652
-497,648
-191,574
-15,129
-1,698,751
Unrealised gains and losses acc. to IFRS 17
-928,606
0
-9,622
-129,383
0
-1,067,611
Total changes in the statement of comprehensive income
9,274,375
11,865
-4,866,245
-5,515,398
-14,433
-1,109,836
Exchange rate differences
173,163
293
20,518
21,046
-7,247
207,773
Total fulfilment cash flows
-10,251,377
0
4,715,602
5,090,936
0
-444,839
Net book value as of 31/12
-29,884,478
-68,723
-1,554,497
-5,750,980
-268,349
-37,527,027
Assets as of 31/12
342,579
-8,993
-84,342
-23,172
-370
225,702
Liabilities as of 31/12
-30,227,056
-59,730
-1,470,154
-5,727,808
-267,979
-37,752,727
*Includes exchange rate differences of EUR -74,524,000
Development \u2013 insurance contracts issued
2024
Premium Allocation Approach
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LC
LC
PVFCF
RA
\u00a0
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
17,945
0
-23,172
-370
-5,597
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-1,836,695
-9,001
-5,727,808
-267,979
-7,841,483
Net book value as of 31/12 of the previous year = value as of 01/01
-1,818,750
-9,001
-5,750,980
-268,349
-7,847,080
Insurance service revenue
9,578,096
\u00a0
\u00a0
\u00a0
9,578,096
insurance service expenses
-2,594,653
-33,885
-6,165,306
-5,002
-8,798,846
Incurred claims and other insurance service expenses
-651,816
\u00a0
-5,659,760
\u00a0
-6,311,576
Losses of onerous contracts and reversals of those losses
\u00a0
-33,885
\u00a0
\u00a0
-33,885
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-505,546
-5,002
-510,548
Amortisation of insurance acquisition costs
-1,942,837
\u00a0
\u00a0
\u00a0
-1,942,837
Investment components
6,172
0
-6,172
0
0
Insurance finance result*
411
0
-227,085
-8,996
-235,670
Unrealised gains and losses acc. to IFRS 17
0
0
-33,085
-84
-33,169
Total changes in the statement of comprehensive income
6,990,026
-33,885
-6,431,648
-14,082
510,411
Exchange rate differences
15,955
-79
37,386
1,877
55,139
Total fulfilment cash flows
-7,298,706
0
5,720,990
0
-1,577,716
Received premiums
-9,836,208
\u00a0
33,557
\u00a0
-9,802,651
Claims and other insurance service expenses paid
\u00a0
\u00a0
5,687,433
\u00a0
5,687,433
Insurance acquisition costs
2,537,502
\u00a0
\u00a0
\u00a0
2,537,502
Other movements (transfers, modifications, etc.)
15,804
0
-10,058
-119
5,627
Net book value as of 31/12
-2,095,671
-42,965
-6,434,310
-280,673
-8,853,619
Assets as of 31/12
17,018
0
-11,386
-96
5,536
Liabilities as of 31/12
-2,112,689
-42,965
-6,422,924
-280,577
-8,859,155
*Includes exchange rate differences of EUR -1,138,000
Development \u2013 insurance contracts issued
2023
Premium Allocation Approach
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LC
LC
PVFCF
RA
\u00a0
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
8,502
0
-2,383
-50
6,069
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-1,683,360
-5,254
-5,345,181
-246,619
-7,280,414
Net book value as of 31/12 previous of the year = value as of 01/01
-1,674,858
-5,254
-5,347,564
-246,669
-7,274,345
Insurance service revenue
8,531,488
\u00a0
\u00a0
\u00a0
8,531,488
insurance service expenses
-2,350,065
-3,644
-5,184,335
696
-7,537,348
Incurred claims and other insurance service expenses
-603,987
\u00a0
-5,053,578
\u00a0
-5,657,565
Losses of onerous contracts and reversals of those losses
\u00a0
-3,644
\u00a0
\u00a0
-3,644
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-130,757
696
-130,061
Amortisation of insurance acquisition costs
-1,746,078
\u00a0
\u00a0
\u00a0
-1,746,078
Investment components
10,106
\u00a0
-10,106
\u00a0
0
Insurance finance result*
213
\u00a0
-191,574
-15,129
-206,490
Unrealised gains and losses acc. to IFRS 17
0
\u00a0
-129,383
\u00a0
-129,383
Total changes in the statement of comprehensive income
6,191,742
-3,644
-5,515,398
-14,433
658,267
Exchange rate differences
126,470
-103
21,046
-7,247
140,166
Total fulfilment cash flows
-6,462,103
0
5,090,936
0
-1,371,167
Received premiums
-8,872,233
\u00a0
\u00a0
\u00a0
-8,872,233
Claims and other insurance service expenses paid
\u00a0
\u00a0
5,090,936
\u00a0
5,090,936
Insurance acquisition costs
2,410,130
\u00a0
\u00a0
\u00a0
2,410,130
Other movements (transfers, modifications, etc.)
\u00a0
\u00a0
\u00a0
\u00a0
0
Net book value as of 31/12
-1,818,749
-9,001
-5,750,980
-268,349
-7,847,079
Assets as of 31/12
17,945
0
-23,172
-370
-5,597
Liabilities as of 31/12
-1,836,695
-9,001
-5,727,808
-267,979
-7,841,483
*Includes exchange rate differences of EUR -2,709,000
Development \u2013 insurance contracts issued
2024
General Measurement Model
LRC / ARC
LIC / AIC\u00a0
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 previous of the year = assets as of 01/01
323,230
-8,993
-84,322
229,915
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,341,749
-26,847
-646,227
-3,014,823
Net book value as of 31/12 of the previous year = value as of 01/01
-2,018,519
-35,840
-730,549
-2,784,908
Insurance service revenue
1,179,919
\u00a0
\u00a0
1,179,919
insurance service expenses
-268,839
-6,358
-650,485
-925,682
Incurred claims and other insurance service expenses
-117,780
\u00a0
-558,356
-676,136
Losses of onerous contracts and reversals of those losses
\u00a0
-6,358
\u00a0
-6,358
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-92,129
-92,129
Amortisation of insurance acquisition costs
-151,059
\u00a0
\u00a0
-151,059
Investment components
455,465
\u00a0
-455,465
0
Insurance finance result*
-105,175
-1,740
-15,043
-121,958
Unrealised gains and losses acc. to IFRS 17
-27,178
0
-7,311
-34,489
Total changes in the statement of comprehensive income
1,234,192
-8,098
-1,128,304
97,790
Exchange rate differences
24,244
714
1,832
26,790
Changes in scope of consolidation
-74,947
0
-2,092
-77,039
Total fulfilment cash flows
-1,248,547
0
1,026,832
-221,715
Received premiums
-1,858,155
\u00a0
\u00a0
-1,858,155
Claims and other insurance service expenses paid
\u00a0
\u00a0
1,026,832
1,026,832
Insurance acquisition costs
609,608
\u00a0
\u00a0
609,608
Other movements (transfers, modifications, etc.)
-11
0
0
-11
Net book value as of 31/12
-2,083,588
-43,224
-832,281
-2,959,093
Assets as of 31/12
408,957
-13,429
-106,625
288,903
Liabilities as of 31/12
-2,492,545
-29,795
-725,656
-3,247,996
*Includes exchange rate differences of EUR -56,610,000
Under the item Changes in scope of consolidation, EUR 76,041,000 came from the first-time consolidation of Aegon Life and EUR\u00a0998,000 came from the transfer of the Aegon portfolio in Romania.
Development \u2013 insurance contracts issued
2023
General Measurement Model
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
197,061
-7,707
-67,658
121,696
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,142,191
-44,971
-551,412
-2,738,574
Net book value as of 31/12 of the previous year = value as of 01/01
-1,945,130
-52,678
-619,070
-2,616,878
Insurance service revenue
1,006,668
\u00a0
\u00a0
1,006,668
insurance service expenses
-157,893
18,970
-678,099
-817,022
Incurred claims and other insurance service expenses
-46,659
\u00a0
-504,389
-551,048
Losses of onerous contracts and reversals of those losses
\u00a0
18,970
\u00a0
18,970
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-173,710
-173,710
Amortisation of insurance acquisition costs
-111,234
\u00a0
\u00a0
-111,234
Investment components
471,285
\u00a0
-471,285
0
Insurance finance result*
-126,196
-1,801
-139
-128,136
Unrealised gains and losses acc. to IFRS 17
-141,989
\u00a0
-9,622
-151,611
Total changes in the statement of comprehensive income
1,051,875
17,169
-1,159,145
-90,101
Exchange rate differences
76,176
-330
-486
75,360
Total fulfilment cash flows
-1,201,442
0
1,048,151
-153,291
Received premiums
-1,669,613
\u00a0
\u00a0
-1,669,613
Claims and other insurance service expenses paid
\u00a0
\u00a0
1,048,151
1,048,151
Insurance acquisition costs
468,171
\u00a0
\u00a0
468,171
Net book value as of 31/12
-2,018,521
-35,839
-730,550
-2,784,910
Assets as of 31/12
323,230
-8,993
-84,322
229,915
Liabilities as of 31/12
-2,341,749
-26,847
-646,227
-3,014,823
*Includes exchange rate differences of EUR -95,859,000
Development \u2013 insurance contracts issued
2024
Variable Fee Approach
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year
1,404
0
-20
1,384
Liabilities as of 31/12 of the previous year
-26,048,612
-23,882
-823,927
-26,896,421
Net book value as of 31/12 of the previous year
-26,047,208
-23,882
-823,947
-26,895,037
IAS 8 error correction
6,623
0
0
6,623
Net book value as of 01/01
-26,040,585
-23,882
-823,947
-26,888,414
Insurance service revenue
1,380,462
\u00a0
\u00a0
1,380,462
insurance service expenses
-206,269
3,902
-729,935
-932,302
Incurred claims and other insurance service expenses
-154,590
0
-728,640
-883,230
Losses of onerous contracts and reversals of those losses
\u00a0
3,902
\u00a0
3,902
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-1,295
-1,295
Amortisation of insurance acquisition costs
-51,679
\u00a0
\u00a0
-51,679
Investment components
2,536,240
0
-2,536,240
0
Insurance finance result*
-1,161,597
-101
-103,052
-1,264,750
Unrealised gains and losses acc. to IFRS 17
-86,425
0
0
-86,425
Total changes in the statement of comprehensive income
2,462,411
3,801
-3,369,227
-903,015
Exchange rate differences
126,036
778
6,260
133,074
Changes in scope of consolidation
-393,661
0
-5,968
-399,629
Total fulfilment cash flows
-2,734,106
0
3,369,073
634,967
Received premiums
-3,246,735
\u00a0
\u00a0
-3,246,735
Claims and other insurance service expenses paid
\u00a0
\u00a0
3,369,073
3,369,073
Insurance acquisition costs
512,629
\u00a0
\u00a0
512,629
Other movements (transfers, modifications, etc.)
7,041
-7,038
0
3
Net book value as of 31/12
-26,572,864
-26,341
-823,809
-27,423,014
Assets as of 31/12
1,692
0
-107
1,585
Liabilities as of 31/12
-26,574,556
-26,341
-823,702
-27,424,599
*Includes exchange rate differences of EUR -58,450,000
Under the item Changes in scope of consolidation, EUR\u00a0275,202,000 came from the first-time consolidation of Aegon Life and EUR\u00a0124,427,000 came from the transfer of the Aegon portfolio in Romania.
Development \u2013 insurance contracts issued
2023
Variable Fee Approach
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
2,527
0
-2
2,525
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-25,463,178
-22,949
-805,300
-26,291,427
Net book value as of 31/12 of the previous year = value as of 01/01
-25,460,651
-22,949
-805,302
-26,288,902
Insurance service revenue
1,383,670
0
0
1,383,670
insurance service expenses
-178,344
-1,809
-730,777
-910,930
Incurred claims and other insurance service expenses
-131,041
0
-740,131
-871,172
Losses of onerous contracts and reversals of those losses
0
-1,809
0
-1,809
Changes fulfilment cash flows\u00a0relating to LIC
0
0
9,354
9,354
Amortisation of insurance acquisition costs
-47,303
0
0
-47,303
Investment components
2,478,814
0
-2,478,814
0
Insurance finance result*
-866,765
149
-497,509
-1,364,125
Unrealised gains and losses acc. to IFRS 17
-786,617
0
0
-786,617
Total changes in the statement of comprehensive income
2,030,758
-1,660
-3,707,100
-1,678,002
Exchange rate differences
-29,483
726
21,004
-7,753
Total fulfilment cash flows
-2,587,832
0
3,667,451
1,079,619
Received premiums
-3,086,382
\u00a0
\u00a0
-3,086,382
Claims and other insurance service expenses paid
\u00a0
\u00a0
3,667,451
3,667,451
Insurance acquisition costs
498,550
\u00a0
\u00a0
498,550
Net book value as of 31/12
-26,047,208
-23,883
-823,947
-26,895,038
Assets as of 31/12
1,404
0
-20
1,384
Liabilities as of 31/12
-26,048,612
-23,882
-823,927
-26,896,421
*Includes exchange rate differences of EUR 24,044,000
Development by evaluation component: Insurance contracts that are not valued using the PAA
Developments of LRC / ARC and LIC / AIC by measurement components
2024
All measurement models that are not measured under PAA
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year
752,221
-247,491
-273,432
231,298
Liabilities as of 31/12 of the previous year
-23,116,620
-1,184,262
-5,610,363
-29,911,245
Net book value as of 31/12 of the previous year
-22,364,399
-1,431,753
-5,883,795
-29,679,947
IAS 8 error correction
0
0
6,623
6,623
Net book value as of 01/01
-22,364,399
-1,431,753
-5,877,172
-29,673,324
Changes that relate to current services
5,354
149,871
589,951
745,176
Changes that relate to future services
369,364
-166,812
-228,896
-26,344
Changes that relate to past services
-33,170
16,732
0
-16,438
Insurance finance result
-1,274,665
-35,491
-76,552
-1,386,708
Unrealised gains and losses acc. to IFRS 17
-114,102
-6,812
0
-120,914
Total changes in the statement of comprehensive income
-1,047,219
-42,512
284,503
-805,228
Exchange rate differences
91,433
16,077
52,359
159,869
Changes in scope of consolidation
-402,124
-8,119
-66,425
-476,668
Total fulfilment cash flows
413,252
\u00a0
\u00a0
413,252
Other movements (transfers, modifications, etc.)
-2,588
-118
2,698
-8
Net book value as of 31/12
-23,311,645
-1,466,425
-5,604,037
-30,382,107
Assets as of 31/12
844,835
-264,064
-290,283
290,488
Liabilities as of 31/12
-24,156,480
-1,202,361
-5,313,754
-30,672,595
Developments of LRC / ARC and LIC / AIC by measurement components
2023
All measurement models that are not measured under PAA
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
580,315
-182,553
-273,541
124,221
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-22,213,298
-1,154,159
-5,662,544
-29,030,001
Net book value as of 31/12 of the previous year = value as of 01/01
-21,632,983
-1,336,712
-5,936,085
-28,905,780
Changes that relate to current services
-548,502
149,736
612,586
213,820
Changes that relate to future services
540,297
-131,919
-550,336
-141,958
Changes that relate to past services
577,968
12,557
0
590,525
Insurance finance result
-1,360,733
-72,494
-59,033
-1,492,260
Unrealised gains and losses acc. to IFRS 17
-907,185
-31,043
0
-938,228
Total changes in the statement of comprehensive income
-1,698,155
-73,163
3,217
-1,768,101
Exchange rate differences
40,411
-21,878
49,073
67,606
Total fulfilment cash flows
926,328
\u00a0
\u00a0
926,328
Net book value as of 31/12
-22,364,399
-1,431,753
-5,883,795
-29,679,947
Assets as of 31/12
752,221
-247,491
-273,432
231,298
Liabilities as of 31/12
-23,116,620
-1,184,262
-5,610,363
-29,911,245
Developments of LRC / ARC and LIC / AIC by measurement components
2024
General Measurement Model
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
745,643
-245,949
-269,779
229,915
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,360,506
-160,018
-494,299
-3,014,823
Net book value as of 31/12 of the previous year = value as of 01/01
-1,614,863
-405,967
-764,078
-2,784,908
Changes that relate to current services
11,378
64,062
230,373
305,813
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
230,373
230,373
Amount of RA for the risk expired recognised in profit or loss
\u00a0
69,190
\u00a0
69,190
Experience adjustments
11,378
-5,128
\u00a0
6,250
Changes that relate to future services
382,962
-76,844
-324,939
-18,821
Contracts initially recognised in the period
440,439
-109,568
-348,310
-17,439
Changes in estimates that adjust the CSM
-55,464
32,093
23,371
0
Changes in estimates that do not adjust the CSM
-2,013
631
\u00a0
-1,382
Changes that relate to past services
-37,666
4,911
0
-32,755
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
-37,666
4,911
0
-32,755
Insurance finance result
-38,063
-16,779
-67,116
-121,958
Unrealised gains and losses acc. to IFRS 17
-27,677
-6,812
0
-34,489
Total changes in the statement of comprehensive income
290,934
-31,462
-161,682
97,790
Exchange rate differences
5,823
5,164
15,803
26,790
Changes in scope of consolidation
-42,150
-5,594
-29,295
-77,039
Total fulfilment cash flows
-221,715
\u00a0
\u00a0
-221,715
Received premiums
-1,858,155
\u00a0
\u00a0
-1,858,155
Claims and other insurance service expenses paid as well as investment components
1,026,832
\u00a0
\u00a0
1,026,832
Insurance acquisition costs
609,608
\u00a0
\u00a0
609,608
Other movements (transfers, modifications, etc.)
-11
0
0
-11
Net book value as of 31/12
-1,581,982
-437,859
-939,252
-2,959,093
Assets as of 31/12
835,176
-261,485
-284,788
288,903
Liabilities as of 31/12
-2,417,158
-176,374
-654,464
-3,247,996
Under the item Changes in scope of consolidation, EUR 76,041,000 came from the first-time consolidation of Aegon Life and EUR\u00a0998,000 came from the transfer of the Aegon portfolio in Romania.
Developments of LRC / ARC and LIC / AIC by measurement components
2023
General Measurement Model
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
576,413
-181,860
-272,856
121,697
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,071,808
-172,563
-494,203
-2,738,574
Net book value as of 31/12 of the previous year = value as of 01/01
-1,495,395
-354,423
-767,059
-2,616,877
Changes that relate to current services
-254,149
57,960
204,484
8,295
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
204,484
204,484
Amount of RA for the risk expired recognised in profit or loss
\u00a0
65,370
\u00a0
65,370
Experience adjustments
-254,149
-7,410
\u00a0
-261,559
Changes that relate to future services
280,695
-76,197
-185,974
18,524
Contracts initially recognised in the period
318,262
-95,045
-233,453
-10,236
Changes in estimates that adjust the CSM
-65,615
17,374
47,479
-762
Changes in estimates that do not adjust the CSM
28,048
1,474
\u00a0
29,522
Changes that relate to past services
161,885
942
0
162,827
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
161,885
942
0
162,827
Insurance finance result
-58,618
-9,210
-60,308
-128,136
Unrealised gains and losses acc. to IFRS 17
-120,568
-31,043
0
-151,611
Total changes in the statement of comprehensive income
9,245
-57,548
-41,798
-90,101
Exchange rate differences
24,578
6,004
44,779
75,361
Reclassification to BS items in accordance with IFRS 5
0
0
0
0
Total fulfilment cash flows
-153,291
\u00a0
\u00a0
-153,291
Received premiums
-1,669,613
\u00a0
\u00a0
-1,669,613
Claims and other insurance service expenses paid as well as investment components
1,048,151
\u00a0
\u00a0
1,048,151
Insurance acquisition costs
468,171
\u00a0
\u00a0
468,171
Net book value as of 31/12
-1,614,863
-405,967
-764,078
-2,784,908
Assets as of 31/12
745,643
-245,949
-269,779
229,915
Liabilities as of 31/12
-2,360,506
-160,018
-494,299
-3,014,823
Developments of LRC / ARC and LIC / AIC by measurement components
2024
Variable Fee Approach
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year
6,578
-1,542
-3,653
1,383
Liabilities as of 31/12 of the previous year
-20,756,114
-1,024,244
-5,116,064
-26,896,422
Net book value as of 31/12 of the previous year
-20,749,536
-1,025,786
-5,119,717
-26,895,039
IAS 8 error correction
0
0
6,623
6,623
Net book value as of 01/01
-20,749,536
-1,025,786
-5,113,094
-26,888,416
Changes that relate to current services
-6,024
85,809
359,578
439,363
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
359,578
359,578
Amount of RA for the risk expired recognised in profit or loss
\u00a0
92,828
\u00a0
92,828
Experience adjustments
-6,024
-7,019
\u00a0
-13,043
Changes that relate to future services
-13,598
-89,968
96,043
-7,523
Contracts initially recognised in the period
255,739
-61,288
-196,911
-2,460
Changes in estimates that adjust the CSM
-292,954
0
292,954
0
Changes in estimates that do not adjust the CSM
23,617
-28,680
\u00a0
-5,063
Changes that relate to past services
4,496
11,821
0
16,317
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
4,496
11,821
0
16,317
Insurance finance result
-1,236,602
-18,712
-9,436
-1,264,750
Unrealised gains and losses acc. to IFRS\u00a017
-86,425
0
0
-86,425
Total changes in the statement of comprehensive income
-1,338,153
-11,050
446,185
-903,018
Exchange rate differences
85,610
10,913
36,556
133,079
Changes in scope of consolidation
-359,974
-2,525
-37,130
-399,629
Total fulfilment cash flows
634,967
\u00a0
\u00a0
634,967
Received premiums
-3,246,735
\u00a0
\u00a0
-3,246,735
Claims and other insurance service expenses paid as well as investment components
3,369,073
\u00a0
\u00a0
3,369,073
Insurance acquisition costs
512,629
\u00a0
\u00a0
512,629
Other movements (transfers, modifications, etc.)
-2,577
-118
2,698
3
Net book value as of 31/12
-21,729,663
-1,028,566
-4,664,785
-27,423,014
Assets as of 31/12
9,659
-2,579
-5,495
1,585
Liabilities as of 31/12
-21,739,322
-1,025,987
-4,659,290
-27,424,599
Under the item Changes in scope of consolidation, EUR\u00a0275,202,000 came from the first-time consolidation of Aegon Life and EUR\u00a0124,427,000 came from the transfer of the Aegon portfolio in Romania.
Developments of LRC / ARC and LIC / AIC by measurement components
2023
Variable Fee Approach
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
3,902
-693
-685
2,524
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-20,141,490
-981,596
-5,168,341
-26,291,427
Net book value as of 31/12 of the previous year = value as of 01/01
-20,137,588
-982,289
-5,169,026
-26,288,903
Changes that relate to current services
-294,353
91,776
408,102
205,525
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
408,102
408,102
Amount of RA for the risk expired recognised in profit or loss
\u00a0
95,720
\u00a0
95,720
Experience adjustments
-294,353
-3,944
\u00a0
-298,297
Changes that relate to future services
259,602
-55,722
-364,362
-160,482
Contracts initially recognised in the period
237,171
-58,620
-180,602
-2,051
Changes in estimates that adjust the CSM
8,618
0
-183,760
-175,142
Changes in estimates that do not adjust the CSM
13,813
2,898
\u00a0
16,711
Changes that relate to past services
416,083
11,615
0
427,698
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
416,083
11,615
\u00a0
427,698
Insurance finance result
-1,302,115
-63,284
1,275
-1,364,124
Unrealised gains and losses acc. to IFRS 17
-786,617
0
0
-786,617
Total changes in the statement of comprehensive income
-1,707,400
-15,615
45,015
-1,678,000
Exchange rate differences
15,833
-27,882
4,294
-7,755
Total fulfilment cash flows
1,079,619
\u00a0
\u00a0
1,079,619
Received premiums
-3,086,382
\u00a0
\u00a0
-3,086,382
Claims and other insurance service expenses paid as well as investment components
3,667,451
\u00a0
\u00a0
3,667,451
Insurance acquisition costs
498,550
\u00a0
\u00a0
498,550
Net book value as of 31/12
-20,749,536
-1,025,786
-5,119,717
-26,895,039
Assets as of 31/12
6,578
-1,542
-3,653
1,383
Liabilities as of 31/12
-20,756,114
-1,024,244
-5,116,064
-26,896,422
Additional disclosures
Insurance service revenue
31/12/2024
31/12/2023 adjusted
\u00a0
GMM
VFA
Total
GMM
VFA
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Amounts relating to the changes in the LRC incl. ARC
841,409
1,079,656
1,921,065
740,275
1,092,646
1,832,921
Expected insurance service expenses
511,602
712,118
1,223,720
424,311
683,780
1,108,091
Change in the risk adjustment for nonfinancial risk
72,751
92,828
165,579
65,370
95,720
161,090
Amount of CSM recognised in profit or loss
230,373
359,578
589,951
204,484
408,102
612,586
Other amounts
26,683
-84,868
-58,185
46,110
-94,956
-48,846
Amounts relating to recovery of insurance acquisition costs
338,510
300,806
639,316
266,393
291,024
557,417
Allocation of the portion of premiums that relate to the recovery of insurance acquisition costs
338,510
300,806
639,316
266,393
291,024
557,417
Total
1,179,919
1,380,462
2,560,381
1,006,668
1,383,670
2,390,338
Contracts initially recognised in the period
31/12/2024
31/12/2023
General Measurement Model
Non-onerous
Onerous
Total
Non-onerous
Onerous
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Own-written
0
-17,439
-17,439
-7,002
-3,234
-10,236
Estimates of present value of future cash outflows
-1,992,739
-182,749
-2,175,488
-1,501,615
-220,586
-1,722,201
Estimates of insurance acquisition costs
-383,882
-11,581
-395,463
-332,238
-24,679
-356,917
Estimates of present value of other future cash outflows
-1,608,857
-171,168
-1,780,025
-1,169,377
-195,907
-1,365,284
Estimates of present value of future cash inflows
2,442,137
173,790
2,615,927
1,817,483
222,980
2,040,463
Risk Adjustment for nonfinancial risks
-101,088
-8,480
-109,568
-89,417
-5,628
-95,045
Contractual Service Margin
-348,310
\u00a0
-348,310
-233,453
\u00a0
-233,453
Acquired
-77,039
0
-77,039
0
0
0
Estimates of present value of future cash outflows
-147,341
0
-147,341
0
0
0
Estimates of present value of other future cash outflows
-147,341
0
-147,341
0
0
0
Estimates of present value of future cash inflows
105,191
0
105,191
0
0
0
Risk Adjustment for nonfinancial risks
-5,594
0
-5,594
0
0
0
Contractual Service Margin
-29,295
\u00a0
-29,295
0
\u00a0
0
Contracts initially recognised in the period
31/12/2024
31/12/2023
Variable Fee Approach
Non-onerous
Onerous
Total
Non-onerous
Onerous
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Own-written
0
-2,460
-2,460
-2,537
486
-2,051
Estimates of present value of future cash outflows
-2,202,944
-32,022
-2,234,966
-1,955,842
-71,315
-2,027,157
Estimates of insurance acquisition costs
-273,559
-4,186
-277,745
-269,127
-10,180
-279,307
Estimates of present value of other future cash outflows
-1,929,385
-27,836
-1,957,221
-1,686,715
-61,135
-1,747,850
Estimates of present value of future cash inflows
2,459,045
31,660
2,490,705
2,189,650
74,678
2,264,328
Risk Adjustment for nonfinancial risks
-59,190
-2,098
-61,288
-55,743
-2,877
-58,620
Contractual Service Margin
-196,911
\u00a0
-196,911
-180,602
\u00a0
-180,602
Acquired
-399,629
0
-399,629
0
0
0
Estimates of present value of future cash outflows
-477,174
0
-477,174
0
0
0
Estimates of present value of other future cash outflows
-477,174
0
-477,174
0
0
0
Estimates of present value of future cash inflows
117,200
0
117,200
0
0
0
Risk Adjustment for nonfinancial risks
-2,525
0
-2,525
0
0
0
Contractual Service Margin
-37,130
\u00a0
-37,130
0
\u00a0
0
CSM expected to be recognised in profit or loss
31/12/2024
Insurance contracts issued
1st year
2nd year
3rd year
4th year
5th year and later
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
GMM
-164,336
-124,548
-103,363
-86,462
-460,543
-939,252
Assets for Remaining Coverage (ARC)
-41,859
-34,956
-29,439
-24,913
-153,621
-284,788
Liability for Remaining Coverage (LRC)
-122,477
-89,592
-73,924
-61,549
-306,922
-654,464
VFA
-352,007
-323,174
-298,503
-276,171
-3,414,930
-4,664,785
Assets for Remaining Coverage (ARC)
-230
-274
-309
-335
-4,347
-5,495
Liability for Remaining Coverage (LRC)
-351,777
-322,900
-298,194
-275,836
-3,410,583
-4,659,290
Total
-516,343
-447,722
-401,866
-362,633
-3,875,473
-5,604,037
CSM expected to be recognised in profit or loss
31/12/2023
Insurance contracts issued
1st year
2nd year
3rd year
4th year
5th year and later
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
GMM
-144,551
-99,742
-80,610
-66,264
-372,911
-764,078
Assets for Remaining Coverage (ARC)
-39,250
-32,224
-27,666
-23,238
-147,401
-269,779
Liability for Remaining Coverage (LRC)
-105,301
-67,518
-52,944
-43,026
-225,510
-494,299
VFA
-386,096
-348,868
-319,752
-296,568
-3,768,433
-5,119,717
Assets for Remaining Coverage (ARC)
-62
-98
-133
-163
-3,197
-3,653
Liability for Remaining Coverage (LRC)
-386,034
-348,770
-319,619
-296,405
-3,765,236
-5,116,064
Total
-530,647
-448,610
-400,362
-362,832
-4,141,344
-5,883,795
1.4. Reinsurance contracts held
Development by balance sheet item
Development \u2013 reinsurance contracts held
2024
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LoReCo
\u00a0
LoReCo
Contracts not measured under PAA
Contracts measured at PAA
\u00a0
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
-39,390
4,142
653,672
1,163,020
26,854
1,808,298
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-35,639
422
-1,518
12,473
82
-24,180
Net book value as of 31/12 of the previous year = value as of 01/01
-75,029
4,564
652,154
1,175,493
26,936
1,784,118
Insurance service revenue
-1,477,363
\u00a0
\u00a0
\u00a0
\u00a0
-1,477,363
insurance service expenses
-46,865
2,505
696,344
531,831
-1,748
1,182,067
Investment components
-27,770
0
7,840
19,930
0
0
Insurance finance result*
2,396
673
10,095
71,456
1,737
86,357
Unrealised gains and losses acc. to IFRS 17
-1,706
0
7,413
-4,830
-377
500
Total changes in the statement of comprehensive income
-1,551,308
3,178
721,692
618,387
-388
-208,439
Exchange rate differences
1,983
0
-303
-12,860
-334
-11,514
Changes in scope of consolidation
-553
0
76
0
0
-477
Total fulfilment cash flows
1,530,434
\u00a0
-399,713
-592,356
\u00a0
538,365
Other movements (transfers, modifications, etc.)
-1,231
0
-1,649
1,101
2
-1,777
Net book value as of 31/12
-95,704
7,742
972,257
1,189,765
26,216
2,100,276
Assets as of 31/12
-40,409
7,667
975,351
1,174,286
25,863
2,142,758
Liabilities as of 31/12
-55,295
75
-3,094
15,479
353
-42,482
*Includes exchange rate differences of EUR -506,000
Development \u2013 reinsurance contracts held
2023
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LoReCo
\u00a0
LoReCo
Contracts not measured under PAA
Contracts measured at PAA
\u00a0
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
-37,144
17,499
608,545
1,257,568
28,041
1,874,509
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-53,389
559
-1,319
16,198
210
-37,741
Net book value as of 31/12 of the previous year = value as of 01/01
-90,533
18,058
607,226
1,273,766
28,251
1,836,768
Insurance service revenue
-1,339,091
\u00a0
\u00a0
\u00a0
\u00a0
-1,339,091
insurance service expenses
49,694
-13,421
308,863
548,357
-2,829
890,664
Investment components
-31,263
0
14,512
16,751
0
0
Insurance finance result*
-3,174
8
4,562
38,559
1,673
41,628
Unrealised gains and losses acc. to IFRS 17
-5,247
-833
7,830
33,166
0
34,916
Total changes in the statement of comprehensive income
-1,329,081
-14,246
335,767
636,833
-1,156
-371,883
Exchange rate differences
26,494
752
-12,795
-1,549
-160
12,742
Total fulfilment cash flows
1,318,092
\u00a0
-278,043
-733,557
\u00a0
306,492
Net book value as of 31/12
-75,028
4,564
652,155
1,175,493
26,935
1,784,119
Assets as of 31/12
-39,390
4,142
653,672
1,163,020
26,854
1,808,298
Liabilities as of 31/12
-35,639
422
-1,518
12,473
82
-24,180
*Includes exchange rate differences of EUR -4,911,000
Development \u2013 reinsurance contracts held
2024
Premium Allocation Approach
\u00a0
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LoReCo
LoReCo
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
67,552
6
1,163,020
26,854
1,257,432
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-3,631
1
12,473
82
8,925
Net book value as of 31/12 of the previous year = value as of 01/01
63,921
7
1,175,493
26,936
1,266,357
Insurance service revenue
-1,043,945
\u00a0
\u00a0
\u00a0
-1,043,945
insurance service expenses
-50,809
10
531,831
-1,748
479,284
Amounts recovered for claims and other technical expenses
2,330
\u00a0
442,282
\u00a0
444,612
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts
226
10
\u00a0
\u00a0
236
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
109,359
-1,687
107,672
Changes in risk of non-performance by issuer of reinsurance contracts
0
0
-500
0
-500
Consolidation effects
-53,365
\u00a0
-19,310
-61
-72,736
Investment components
-19,930
0
19,930
0
0
Insurance finance result*
121
0
71,456
1,737
73,314
Insurance finance result*
121
0
55,353
1,737
57,211
Consolidation effects
0
0
16,103
0
16,103
Unrealised gains and losses acc. to IFRS 17
0
0
-4,830
-377
-5,207
Total changes in the statement of comprehensive income
-1,114,563
10
618,387
-388
-496,554
Exchange rate differences
708
0
-12,860
-334
-12,486
Total fulfilment cash flows
1,122,333
0
-592,356
0
529,977
Received premiums
1,123,975
\u00a0
\u00a0
\u00a0
1,123,975
Claims and other insurance service expenses paid as well as investment components
\u00a0
\u00a0
-592,356
\u00a0
-592,356
Insurance acquisition costs
-1,642
\u00a0
\u00a0
\u00a0
-1,642
Other movements (transfers, modifications, etc.)
-4,571
0
1,101
2
-3,468
Net book value as of 31/12
67,828
17
1,189,765
26,216
1,283,826
Assets as of 31/12
102,348
17
1,174,286
25,863
1,302,514
Liabilities as of 31/12
-34,520
0
15,479
353
-18,688
*Includes exchange rate differences of EUR -12,000
Development \u2013 reinsurance contracts held
2023
Premium Allocation Approach
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LoReCo
LoReCo
PVFCF
RA
\u00a0
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
46,406
-1
1,257,568
28,041
1,332,014
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-22,244
0
16,198
210
-5,836
Net book value as of 31/12 of the previous year = value as of 01/01
24,162
-1
1,273,766
28,251
1,326,178
Insurance service revenue
-931,526
0
\u00a0
\u00a0
-931,526
insurance service expenses
45,835
5
548,357
-2,829
591,368
Amounts recovered for claims and other technical expenses
45,835
\u00a0
713,535
\u00a0
759,370
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts
\u00a0
5
\u00a0
\u00a0
5
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-165,532
-2,829
-168,361
Changes in risk of non-performance by issuer of reinsurance contracts
\u00a0
\u00a0
354
\u00a0
354
Investment components
-16,751
\u00a0
16,751
\u00a0
0
Insurance finance result*
-198
\u00a0
38,559
1,673
40,034
Unrealised gains and losses acc. to IFRS 17
\u00a0
\u00a0
33,166
\u00a0
33,166
Total changes in the statement of comprehensive income
-902,640
5
636,833
-1,156
-266,958
Exchange rate differences
11,725
3
-1,549
-160
10,019
Total fulfilment cash flows
930,675
0
-733,557
0
197,118
Received premiums
930,675
\u00a0
\u00a0
\u00a0
930,675
Claims and other insurance service expenses paid as well as investment components
\u00a0
\u00a0
-733,557
\u00a0
-733,557
Net book value as of 31/12
63,922
7
1,175,493
26,935
1,266,357
Assets as of 31/12
67,552
6
1,163,020
26,854
1,257,432
Liabilities as of 31/12
-3,631
1
12,473
82
8,925
*Includes exchange rate differences of EUR -393,000
Development \u2013 reinsurance contracts held
2024
General Measurement Model
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LoReCo
LoReCo
\u00a0
\u00a0
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
-106,942
4,136
653,672
550,866
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-32,008
421
-1,518
-33,105
Net book value as of 31/12 of the previous year = value as of 01/01
-138,950
4,557
652,154
517,761
Insurance service revenue
-433,418
\u00a0
\u00a0
-433,418
insurance service expenses
3,944
2,495
696,344
702,783
Amounts recovered for claims and other technical expenses
2,961
\u00a0
366,363
369,324
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts
\u00a0
2,495
\u00a0
2,495
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
331,022
331,022
Changes in risk of non-performance by issuer of reinsurance contracts
983
0
-1,041
-58
Investment components
-7,840
\u00a0
7,840
0
Insurance finance result*
2,275
673
10,095
13,043
Unrealised gains and losses acc. to IFRS 17
-1,706
0
7,413
5,707
Total changes in the statement of comprehensive income
-436,745
3,168
721,692
288,115
Exchange rate differences
1,275
0
-303
972
Changes in scope of consolidation
-553
0
76
-477
Total fulfilment cash flows
408,101
0
-399,713
8,388
Received premiums
411,272
\u00a0
\u00a0
411,272
Claims and other insurance service expenses paid as well as investment components
\u00a0
\u00a0
-399,713
-399,713
Insurance acquisition costs
-3,171
\u00a0
\u00a0
-3,171
Other movements (transfers, modifications, etc.)
3,340
0
-1,649
1,691
Net book value as of 31/12
-163,532
7,725
972,257
816,450
Assets as of 31/12
-142,757
7,650
975,351
840,244
Liabilities as of 31/12
-20,775
75
-3,094
-23,794
*Includes exchange rate differences of EUR -494,000
Development \u2013 reinsurance contracts held
2023
General Measurement Model
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LoReCo
LoReCo
\u00a0
\u00a0
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
-83,550
17,500
608,545
542,495
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-31,145
559
-1,319
-31,905
Net book value as of 31/12 of the previous year = value as of 01/01
-114,695
18,059
607,226
510,590
Insurance service revenue
-407,565
0
\u00a0
-407,565
insurance service expenses
3,859
-13,426
308,863
299,296
Amounts recovered for claims and other technical expenses
2,867
0
220,334
223,201
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts
\u00a0
-13,426
\u00a0
-13,426
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
88,775
88,775
Changes in risk of non-performance by issuer of reinsurance contracts
992
0
-246
746
Investment components
-14,512
\u00a0
14,512
0
Insurance finance result*
-2,976
8
4,562
1,594
Unrealised gains and losses acc. to IFRS 17
-5,247
-833
7,830
1,750
Total changes in the statement of comprehensive income
-426,441
-14,251
335,767
-104,925
Exchange rate differences
14,769
749
-12,795
2,723
Total fulfilment cash flows
387,417
0
-278,043
109,374
Received premiums
387,417
\u00a0
\u00a0
387,417
Claims and other insurance service expenses paid as well as investment components
\u00a0
\u00a0
-278,043
-278,043
Net book value as of 31/12
-138,950
4,557
652,155
517,762
Assets as of 31/12
-106,942
4,136
653,672
550,866
Liabilities as of 31/12
-32,008
421
-1,518
-33,105
*Includes exchange rate differences of EUR -4,518,000
Development by evaluation component: Insurance contracts that are not valued using the PAA
Developments of LRC / ARC and LIC / AIC by measurement components
2024
General Measurement Model
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
473,577
16,955
60,335
550,867
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-61,390
2,074
26,211
-33,105
Net book value as of 31/12 of the previous year = value as of 01/01
412,187
19,029
86,546
517,762
Changes that relate to current services
341,977
-66,223
-48,541
227,213
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
-48,541
-48,541
Amount of RA for the risk expired recognised in profit or loss
\u00a0
-66,223
\u00a0
-66,223
Experience adjustments
341,977
\u00a0
\u00a0
341,977
Changes that relate to future services
-105,969
67,455
40,093
1,579
Contracts initially recognised in the period
-107,939
67,848
63,434
23,343
Changes in estimates that adjust the CSM
1,970
-393
-23,341
-21,764
Changes that relate to past services
42,607
-1,976
0
40,631
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
42,607
-1,976
0
40,631
Changes in risk of non-performance by issuer of reinsurance contracts
-58
0
0
-58
Insurance finance result
8,250
1,710
3,083
13,043
Unrealised gains and losses acc. to IFRS 17
4,955
752
0
5,707
Total changes in the statement of comprehensive income
291,762
1,718
-5,365
288,115
Exchange rate differences
1,833
-169
-693
971
Changes in scope of consolidation
-895
28
390
-477
Total fulfilment cash flows
8,388
\u00a0
\u00a0
8,388
Received premiums
411,272
\u00a0
\u00a0
411,272
Claims and other insurance service expenses paid as well as investment components
-399,713
\u00a0
\u00a0
-399,713
Insurance acquisition costs
-3,171
\u00a0
\u00a0
-3,171
Other movements (transfers, modifications, etc.)
1,699
0
-8
1,691
Net book value as of 31/12
714,974
20,606
80,870
816,450
Assets as of 31/12
754,033
20,129
66,082
840,244
Liabilities as of 31/12
-39,059
477
14,788
-23,794
Developments of LRC / ARC and LIC / AIC by measurement components
2023
General Measurement Model
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
465,091
8,061
69,343
542,495
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-62,364
1,849
28,610
-31,905
Net book value as of 31/12 of the previous year = value as of 01/01
402,727
9,910
97,953
510,590
Changes that relate to current services
-113,928
-59,437
-12,051
-185,416
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
-12,051
-12,051
Amount of RA for the risk expired recognised in profit or loss
\u00a0
-62,087
\u00a0
-62,087
Experience adjustments
-113,928
2,650
\u00a0
-111,278
Changes that relate to future services
-78,026
63,490
-346
-14,882
Contracts initially recognised in the period
-98,321
62,655
55,510
19,844
Changes in estimates that adjust the CSM
20,295
835
-55,856
-34,726
Changes that relate to past services
86,748
4,536
0
91,284
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
86,748
4,536
\u00a0
91,284
Changes in risk of non-performance by issuer of reinsurance contracts
745
\u00a0
\u00a0
745
Insurance finance result
-6,249
2,362
5,481
1,594
Unrealised gains and losses acc. to IFRS 17
2,774
-1,024
\u00a0
1,750
Total changes in the statement of comprehensive income
-107,936
9,927
-6,916
-104,925
Exchange rate differences
8,022
-808
-4,491
2,723
Reclassification to BS items in accordance with IFRS 5
\u00a0
\u00a0
\u00a0
\u00a0
Total fulfilment cash flows
109,374
\u00a0
\u00a0
109,374
Received premiums
387,417
\u00a0
\u00a0
387,417
Claims and other insurance service expenses paid as well as investment components
-278,043
\u00a0
\u00a0
-278,043
Net book value as of 31/12
412,187
19,029
86,546
517,762
Assets as of 31/12
473,577
16,955
60,335
550,867
Liabilities as of 31/12
-61,390
2,074
26,211
-33,105
Additional disclosures
Contracts initially recognised in the period
\u00a0
\u00a0
General Measurement Model
31/12/2024
31/12/2023 adjusted
in EUR \u2018000
\u00a0
\u00a0
Own-written
23,343
19,844
Estimates of present value of future cash outflows
249,077
263,915
Estimates of insurance acquisition costs
0
-2,160
Estimates of present value of other future cash outflows
249,077
266,075
Estimates of present value of future cash inflows
-357,016
-362,236
Risk Adjustment for nonfinancial risks
67,848
62,655
Contractual Service Margin
63,434
55,510
Acquired
-477
0
Estimates of present value of future cash outflows
-1,018
0
Estimates of present value of other future cash outflows
-1,018
0
Estimates of present value of future cash inflows
123
0
Risk Adjustment for nonfinancial risks
28
0
Contractual Service Margin
390
0
CSM expected to be recognised in profit or loss
31/12/2024
Reinsurance contracts held
1st year
2nd year
3rd year
4th year
5th year and later
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
GMM
26,189
8,684
6,674
5,323
34,000
80,870
Assets for Remaining Coverage (ARC)
23,319
7,269
5,532
4,336
25,626
66,082
Liability for Remaining Coverage (LRC)
2,870
1,415
1,142
987
8,374
14,788
CSM expected to be recognised in profit or loss
31/12/2023
Reinsurance contracts held
1st year
2nd year
3rd year
4th year
5th year and later
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
GMM
19,394
11,751
9,266
7,800
38,335
86,546
Assets for Remaining Coverage (ARC)
17,244
6,974
5,512
4,582
26,023
60,335
Liability for Remaining Coverage (LRC)
2,150
4,777
3,754
3,218
12,312
26,211
", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-28": { "value": "
1.3. Insurance contracts issued
Development by balance sheet item
Development \u2013 insurance contracts issued
2024
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
Excl. LC
\u00a0
LC
Contracts not measured under PAA
Contracts measured at PAA
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year
342,579
-8,993
-84,342
-23,172
-370
225,702
Liabilities as of 31/12 of the previous year
-30,227,056
-59,730
-1,470,154
-5,727,808
-267,979
-37,752,727
Net book value as of 31/12 of the previous year
-29,884,477
-68,723
-1,554,496
-5,750,980
-268,349
-37,527,025
IAS 8 error correction
6,623
0
0
0
0
6,623
Net book value as of 01/01
-29,877,854
-68,723
-1,554,496
-5,750,980
-268,349
-37,520,402
Insurance service revenue
12,138,477
\u00a0
\u00a0
\u00a0
\u00a0
12,138,477
insurance service expenses
-3,069,761
-36,341
-1,380,420
-6,165,306
-5,002
-10,656,830
Investment components
2,997,877
\u00a0
-2,991,705
-6,172
0
0
Insurance finance result*
-1,266,361
-1,841
-118,095
-227,085
-8,996
-1,622,378
Unrealised gains and losses acc. to IFRS 17
-113,603
0
-7,311
-33,085
-84
-154,083
Total changes in the statement of comprehensive income
10,686,629
-38,182
-4,497,531
-6,431,648
-14,082
-294,814
Exchange rate differences
166,235
1,413
8,092
37,386
1,877
215,003
Changes in scope of consolidation
-468,608
0
-8,060
0
0
-476,668
Total fulfilment cash flows
-11,281,359
0
4,395,905
5,720,990
0
-1,164,464
Other movements (transfers, modifications, etc.)
22,834
-7,038
0
-10,058
-119
5,619
Net book value as of 31/12
-30,752,123
-112,530
-1,656,090
-6,434,310
-280,673
-39,235,726
Assets as of 31/12
427,667
-13,429
-106,732
-11,386
-96
296,024
Liabilities as of 31/12
-31,179,790
-99,101
-1,549,358
-6,422,924
-280,577
-39,531,750
*Includes exchange rate differences of EUR \u2013116,198,000
Development \u2013 insurance contracts issued
2023
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
Excl. LC
\u00a0
LC
Contracts not measured under PAA
Contracts measured at PAA
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
208,090
-7,707
-67,660
-2,383
-50
130,290
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-29,288,729
-73,174
-1,356,712
-5,345,181
-246,619
-36,310,415
Net book value as of 31/12 of the previous year = value as of 01/01
-29,080,639
-80,881
-1,424,372
-5,347,564
-246,669
-36,180,125
Insurance service revenue
10,921,826
\u00a0
\u00a0
\u00a0
\u00a0
10,921,826
insurance service expenses
-2,686,302
13,517
-1,408,876
-5,184,335
696
-9,265,300
Investment components
2,960,205
\u00a0
-2,950,099
-10,106
\u00a0
0
Insurance finance result*
-992,748
-1,652
-497,648
-191,574
-15,129
-1,698,751
Unrealised gains and losses acc. to IFRS 17
-928,606
0
-9,622
-129,383
0
-1,067,611
Total changes in the statement of comprehensive income
9,274,375
11,865
-4,866,245
-5,515,398
-14,433
-1,109,836
Exchange rate differences
173,163
293
20,518
21,046
-7,247
207,773
Total fulfilment cash flows
-10,251,377
0
4,715,602
5,090,936
0
-444,839
Net book value as of 31/12
-29,884,478
-68,723
-1,554,497
-5,750,980
-268,349
-37,527,027
Assets as of 31/12
342,579
-8,993
-84,342
-23,172
-370
225,702
Liabilities as of 31/12
-30,227,056
-59,730
-1,470,154
-5,727,808
-267,979
-37,752,727
*Includes exchange rate differences of EUR -74,524,000
Development \u2013 insurance contracts issued
2024
Premium Allocation Approach
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LC
LC
PVFCF
RA
\u00a0
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
17,945
0
-23,172
-370
-5,597
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-1,836,695
-9,001
-5,727,808
-267,979
-7,841,483
Net book value as of 31/12 of the previous year = value as of 01/01
-1,818,750
-9,001
-5,750,980
-268,349
-7,847,080
Insurance service revenue
9,578,096
\u00a0
\u00a0
\u00a0
9,578,096
insurance service expenses
-2,594,653
-33,885
-6,165,306
-5,002
-8,798,846
Incurred claims and other insurance service expenses
-651,816
\u00a0
-5,659,760
\u00a0
-6,311,576
Losses of onerous contracts and reversals of those losses
\u00a0
-33,885
\u00a0
\u00a0
-33,885
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-505,546
-5,002
-510,548
Amortisation of insurance acquisition costs
-1,942,837
\u00a0
\u00a0
\u00a0
-1,942,837
Investment components
6,172
0
-6,172
0
0
Insurance finance result*
411
0
-227,085
-8,996
-235,670
Unrealised gains and losses acc. to IFRS 17
0
0
-33,085
-84
-33,169
Total changes in the statement of comprehensive income
6,990,026
-33,885
-6,431,648
-14,082
510,411
Exchange rate differences
15,955
-79
37,386
1,877
55,139
Total fulfilment cash flows
-7,298,706
0
5,720,990
0
-1,577,716
Received premiums
-9,836,208
\u00a0
33,557
\u00a0
-9,802,651
Claims and other insurance service expenses paid
\u00a0
\u00a0
5,687,433
\u00a0
5,687,433
Insurance acquisition costs
2,537,502
\u00a0
\u00a0
\u00a0
2,537,502
Other movements (transfers, modifications, etc.)
15,804
0
-10,058
-119
5,627
Net book value as of 31/12
-2,095,671
-42,965
-6,434,310
-280,673
-8,853,619
Assets as of 31/12
17,018
0
-11,386
-96
5,536
Liabilities as of 31/12
-2,112,689
-42,965
-6,422,924
-280,577
-8,859,155
*Includes exchange rate differences of EUR -1,138,000
Development \u2013 insurance contracts issued
2023
Premium Allocation Approach
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LC
LC
PVFCF
RA
\u00a0
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
8,502
0
-2,383
-50
6,069
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-1,683,360
-5,254
-5,345,181
-246,619
-7,280,414
Net book value as of 31/12 previous of the year = value as of 01/01
-1,674,858
-5,254
-5,347,564
-246,669
-7,274,345
Insurance service revenue
8,531,488
\u00a0
\u00a0
\u00a0
8,531,488
insurance service expenses
-2,350,065
-3,644
-5,184,335
696
-7,537,348
Incurred claims and other insurance service expenses
-603,987
\u00a0
-5,053,578
\u00a0
-5,657,565
Losses of onerous contracts and reversals of those losses
\u00a0
-3,644
\u00a0
\u00a0
-3,644
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-130,757
696
-130,061
Amortisation of insurance acquisition costs
-1,746,078
\u00a0
\u00a0
\u00a0
-1,746,078
Investment components
10,106
\u00a0
-10,106
\u00a0
0
Insurance finance result*
213
\u00a0
-191,574
-15,129
-206,490
Unrealised gains and losses acc. to IFRS 17
0
\u00a0
-129,383
\u00a0
-129,383
Total changes in the statement of comprehensive income
6,191,742
-3,644
-5,515,398
-14,433
658,267
Exchange rate differences
126,470
-103
21,046
-7,247
140,166
Total fulfilment cash flows
-6,462,103
0
5,090,936
0
-1,371,167
Received premiums
-8,872,233
\u00a0
\u00a0
\u00a0
-8,872,233
Claims and other insurance service expenses paid
\u00a0
\u00a0
5,090,936
\u00a0
5,090,936
Insurance acquisition costs
2,410,130
\u00a0
\u00a0
\u00a0
2,410,130
Other movements (transfers, modifications, etc.)
\u00a0
\u00a0
\u00a0
\u00a0
0
Net book value as of 31/12
-1,818,749
-9,001
-5,750,980
-268,349
-7,847,079
Assets as of 31/12
17,945
0
-23,172
-370
-5,597
Liabilities as of 31/12
-1,836,695
-9,001
-5,727,808
-267,979
-7,841,483
*Includes exchange rate differences of EUR -2,709,000
Development \u2013 insurance contracts issued
2024
General Measurement Model
LRC / ARC
LIC / AIC\u00a0
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 previous of the year = assets as of 01/01
323,230
-8,993
-84,322
229,915
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,341,749
-26,847
-646,227
-3,014,823
Net book value as of 31/12 of the previous year = value as of 01/01
-2,018,519
-35,840
-730,549
-2,784,908
Insurance service revenue
1,179,919
\u00a0
\u00a0
1,179,919
insurance service expenses
-268,839
-6,358
-650,485
-925,682
Incurred claims and other insurance service expenses
-117,780
\u00a0
-558,356
-676,136
Losses of onerous contracts and reversals of those losses
\u00a0
-6,358
\u00a0
-6,358
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-92,129
-92,129
Amortisation of insurance acquisition costs
-151,059
\u00a0
\u00a0
-151,059
Investment components
455,465
\u00a0
-455,465
0
Insurance finance result*
-105,175
-1,740
-15,043
-121,958
Unrealised gains and losses acc. to IFRS 17
-27,178
0
-7,311
-34,489
Total changes in the statement of comprehensive income
1,234,192
-8,098
-1,128,304
97,790
Exchange rate differences
24,244
714
1,832
26,790
Changes in scope of consolidation
-74,947
0
-2,092
-77,039
Total fulfilment cash flows
-1,248,547
0
1,026,832
-221,715
Received premiums
-1,858,155
\u00a0
\u00a0
-1,858,155
Claims and other insurance service expenses paid
\u00a0
\u00a0
1,026,832
1,026,832
Insurance acquisition costs
609,608
\u00a0
\u00a0
609,608
Other movements (transfers, modifications, etc.)
-11
0
0
-11
Net book value as of 31/12
-2,083,588
-43,224
-832,281
-2,959,093
Assets as of 31/12
408,957
-13,429
-106,625
288,903
Liabilities as of 31/12
-2,492,545
-29,795
-725,656
-3,247,996
*Includes exchange rate differences of EUR -56,610,000
Under the item Changes in scope of consolidation, EUR 76,041,000 came from the first-time consolidation of Aegon Life and EUR\u00a0998,000 came from the transfer of the Aegon portfolio in Romania.
Development \u2013 insurance contracts issued
2023
General Measurement Model
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
197,061
-7,707
-67,658
121,696
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,142,191
-44,971
-551,412
-2,738,574
Net book value as of 31/12 of the previous year = value as of 01/01
-1,945,130
-52,678
-619,070
-2,616,878
Insurance service revenue
1,006,668
\u00a0
\u00a0
1,006,668
insurance service expenses
-157,893
18,970
-678,099
-817,022
Incurred claims and other insurance service expenses
-46,659
\u00a0
-504,389
-551,048
Losses of onerous contracts and reversals of those losses
\u00a0
18,970
\u00a0
18,970
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-173,710
-173,710
Amortisation of insurance acquisition costs
-111,234
\u00a0
\u00a0
-111,234
Investment components
471,285
\u00a0
-471,285
0
Insurance finance result*
-126,196
-1,801
-139
-128,136
Unrealised gains and losses acc. to IFRS 17
-141,989
\u00a0
-9,622
-151,611
Total changes in the statement of comprehensive income
1,051,875
17,169
-1,159,145
-90,101
Exchange rate differences
76,176
-330
-486
75,360
Total fulfilment cash flows
-1,201,442
0
1,048,151
-153,291
Received premiums
-1,669,613
\u00a0
\u00a0
-1,669,613
Claims and other insurance service expenses paid
\u00a0
\u00a0
1,048,151
1,048,151
Insurance acquisition costs
468,171
\u00a0
\u00a0
468,171
Net book value as of 31/12
-2,018,521
-35,839
-730,550
-2,784,910
Assets as of 31/12
323,230
-8,993
-84,322
229,915
Liabilities as of 31/12
-2,341,749
-26,847
-646,227
-3,014,823
*Includes exchange rate differences of EUR -95,859,000
Development \u2013 insurance contracts issued
2024
Variable Fee Approach
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year
1,404
0
-20
1,384
Liabilities as of 31/12 of the previous year
-26,048,612
-23,882
-823,927
-26,896,421
Net book value as of 31/12 of the previous year
-26,047,208
-23,882
-823,947
-26,895,037
IAS 8 error correction
6,623
0
0
6,623
Net book value as of 01/01
-26,040,585
-23,882
-823,947
-26,888,414
Insurance service revenue
1,380,462
\u00a0
\u00a0
1,380,462
insurance service expenses
-206,269
3,902
-729,935
-932,302
Incurred claims and other insurance service expenses
-154,590
0
-728,640
-883,230
Losses of onerous contracts and reversals of those losses
\u00a0
3,902
\u00a0
3,902
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-1,295
-1,295
Amortisation of insurance acquisition costs
-51,679
\u00a0
\u00a0
-51,679
Investment components
2,536,240
0
-2,536,240
0
Insurance finance result*
-1,161,597
-101
-103,052
-1,264,750
Unrealised gains and losses acc. to IFRS 17
-86,425
0
0
-86,425
Total changes in the statement of comprehensive income
2,462,411
3,801
-3,369,227
-903,015
Exchange rate differences
126,036
778
6,260
133,074
Changes in scope of consolidation
-393,661
0
-5,968
-399,629
Total fulfilment cash flows
-2,734,106
0
3,369,073
634,967
Received premiums
-3,246,735
\u00a0
\u00a0
-3,246,735
Claims and other insurance service expenses paid
\u00a0
\u00a0
3,369,073
3,369,073
Insurance acquisition costs
512,629
\u00a0
\u00a0
512,629
Other movements (transfers, modifications, etc.)
7,041
-7,038
0
3
Net book value as of 31/12
-26,572,864
-26,341
-823,809
-27,423,014
Assets as of 31/12
1,692
0
-107
1,585
Liabilities as of 31/12
-26,574,556
-26,341
-823,702
-27,424,599
*Includes exchange rate differences of EUR -58,450,000
Under the item Changes in scope of consolidation, EUR\u00a0275,202,000 came from the first-time consolidation of Aegon Life and EUR\u00a0124,427,000 came from the transfer of the Aegon portfolio in Romania.
Development \u2013 insurance contracts issued
2023
Variable Fee Approach
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
2,527
0
-2
2,525
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-25,463,178
-22,949
-805,300
-26,291,427
Net book value as of 31/12 of the previous year = value as of 01/01
-25,460,651
-22,949
-805,302
-26,288,902
Insurance service revenue
1,383,670
0
0
1,383,670
insurance service expenses
-178,344
-1,809
-730,777
-910,930
Incurred claims and other insurance service expenses
-131,041
0
-740,131
-871,172
Losses of onerous contracts and reversals of those losses
0
-1,809
0
-1,809
Changes fulfilment cash flows\u00a0relating to LIC
0
0
9,354
9,354
Amortisation of insurance acquisition costs
-47,303
0
0
-47,303
Investment components
2,478,814
0
-2,478,814
0
Insurance finance result*
-866,765
149
-497,509
-1,364,125
Unrealised gains and losses acc. to IFRS 17
-786,617
0
0
-786,617
Total changes in the statement of comprehensive income
2,030,758
-1,660
-3,707,100
-1,678,002
Exchange rate differences
-29,483
726
21,004
-7,753
Total fulfilment cash flows
-2,587,832
0
3,667,451
1,079,619
Received premiums
-3,086,382
\u00a0
\u00a0
-3,086,382
Claims and other insurance service expenses paid
\u00a0
\u00a0
3,667,451
3,667,451
Insurance acquisition costs
498,550
\u00a0
\u00a0
498,550
Net book value as of 31/12
-26,047,208
-23,883
-823,947
-26,895,038
Assets as of 31/12
1,404
0
-20
1,384
Liabilities as of 31/12
-26,048,612
-23,882
-823,927
-26,896,421
*Includes exchange rate differences of EUR 24,044,000
Development by evaluation component: Insurance contracts that are not valued using the PAA
Developments of LRC / ARC and LIC / AIC by measurement components
2024
All measurement models that are not measured under PAA
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year
752,221
-247,491
-273,432
231,298
Liabilities as of 31/12 of the previous year
-23,116,620
-1,184,262
-5,610,363
-29,911,245
Net book value as of 31/12 of the previous year
-22,364,399
-1,431,753
-5,883,795
-29,679,947
IAS 8 error correction
0
0
6,623
6,623
Net book value as of 01/01
-22,364,399
-1,431,753
-5,877,172
-29,673,324
Changes that relate to current services
5,354
149,871
589,951
745,176
Changes that relate to future services
369,364
-166,812
-228,896
-26,344
Changes that relate to past services
-33,170
16,732
0
-16,438
Insurance finance result
-1,274,665
-35,491
-76,552
-1,386,708
Unrealised gains and losses acc. to IFRS 17
-114,102
-6,812
0
-120,914
Total changes in the statement of comprehensive income
-1,047,219
-42,512
284,503
-805,228
Exchange rate differences
91,433
16,077
52,359
159,869
Changes in scope of consolidation
-402,124
-8,119
-66,425
-476,668
Total fulfilment cash flows
413,252
\u00a0
\u00a0
413,252
Other movements (transfers, modifications, etc.)
-2,588
-118
2,698
-8
Net book value as of 31/12
-23,311,645
-1,466,425
-5,604,037
-30,382,107
Assets as of 31/12
844,835
-264,064
-290,283
290,488
Liabilities as of 31/12
-24,156,480
-1,202,361
-5,313,754
-30,672,595
Developments of LRC / ARC and LIC / AIC by measurement components
2023
All measurement models that are not measured under PAA
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
580,315
-182,553
-273,541
124,221
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-22,213,298
-1,154,159
-5,662,544
-29,030,001
Net book value as of 31/12 of the previous year = value as of 01/01
-21,632,983
-1,336,712
-5,936,085
-28,905,780
Changes that relate to current services
-548,502
149,736
612,586
213,820
Changes that relate to future services
540,297
-131,919
-550,336
-141,958
Changes that relate to past services
577,968
12,557
0
590,525
Insurance finance result
-1,360,733
-72,494
-59,033
-1,492,260
Unrealised gains and losses acc. to IFRS 17
-907,185
-31,043
0
-938,228
Total changes in the statement of comprehensive income
-1,698,155
-73,163
3,217
-1,768,101
Exchange rate differences
40,411
-21,878
49,073
67,606
Total fulfilment cash flows
926,328
\u00a0
\u00a0
926,328
Net book value as of 31/12
-22,364,399
-1,431,753
-5,883,795
-29,679,947
Assets as of 31/12
752,221
-247,491
-273,432
231,298
Liabilities as of 31/12
-23,116,620
-1,184,262
-5,610,363
-29,911,245
Developments of LRC / ARC and LIC / AIC by measurement components
2024
General Measurement Model
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
745,643
-245,949
-269,779
229,915
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,360,506
-160,018
-494,299
-3,014,823
Net book value as of 31/12 of the previous year = value as of 01/01
-1,614,863
-405,967
-764,078
-2,784,908
Changes that relate to current services
11,378
64,062
230,373
305,813
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
230,373
230,373
Amount of RA for the risk expired recognised in profit or loss
\u00a0
69,190
\u00a0
69,190
Experience adjustments
11,378
-5,128
\u00a0
6,250
Changes that relate to future services
382,962
-76,844
-324,939
-18,821
Contracts initially recognised in the period
440,439
-109,568
-348,310
-17,439
Changes in estimates that adjust the CSM
-55,464
32,093
23,371
0
Changes in estimates that do not adjust the CSM
-2,013
631
\u00a0
-1,382
Changes that relate to past services
-37,666
4,911
0
-32,755
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
-37,666
4,911
0
-32,755
Insurance finance result
-38,063
-16,779
-67,116
-121,958
Unrealised gains and losses acc. to IFRS 17
-27,677
-6,812
0
-34,489
Total changes in the statement of comprehensive income
290,934
-31,462
-161,682
97,790
Exchange rate differences
5,823
5,164
15,803
26,790
Changes in scope of consolidation
-42,150
-5,594
-29,295
-77,039
Total fulfilment cash flows
-221,715
\u00a0
\u00a0
-221,715
Received premiums
-1,858,155
\u00a0
\u00a0
-1,858,155
Claims and other insurance service expenses paid as well as investment components
1,026,832
\u00a0
\u00a0
1,026,832
Insurance acquisition costs
609,608
\u00a0
\u00a0
609,608
Other movements (transfers, modifications, etc.)
-11
0
0
-11
Net book value as of 31/12
-1,581,982
-437,859
-939,252
-2,959,093
Assets as of 31/12
835,176
-261,485
-284,788
288,903
Liabilities as of 31/12
-2,417,158
-176,374
-654,464
-3,247,996
Under the item Changes in scope of consolidation, EUR 76,041,000 came from the first-time consolidation of Aegon Life and EUR\u00a0998,000 came from the transfer of the Aegon portfolio in Romania.
Developments of LRC / ARC and LIC / AIC by measurement components
2023
General Measurement Model
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
576,413
-181,860
-272,856
121,697
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,071,808
-172,563
-494,203
-2,738,574
Net book value as of 31/12 of the previous year = value as of 01/01
-1,495,395
-354,423
-767,059
-2,616,877
Changes that relate to current services
-254,149
57,960
204,484
8,295
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
204,484
204,484
Amount of RA for the risk expired recognised in profit or loss
\u00a0
65,370
\u00a0
65,370
Experience adjustments
-254,149
-7,410
\u00a0
-261,559
Changes that relate to future services
280,695
-76,197
-185,974
18,524
Contracts initially recognised in the period
318,262
-95,045
-233,453
-10,236
Changes in estimates that adjust the CSM
-65,615
17,374
47,479
-762
Changes in estimates that do not adjust the CSM
28,048
1,474
\u00a0
29,522
Changes that relate to past services
161,885
942
0
162,827
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
161,885
942
0
162,827
Insurance finance result
-58,618
-9,210
-60,308
-128,136
Unrealised gains and losses acc. to IFRS 17
-120,568
-31,043
0
-151,611
Total changes in the statement of comprehensive income
9,245
-57,548
-41,798
-90,101
Exchange rate differences
24,578
6,004
44,779
75,361
Reclassification to BS items in accordance with IFRS 5
0
0
0
0
Total fulfilment cash flows
-153,291
\u00a0
\u00a0
-153,291
Received premiums
-1,669,613
\u00a0
\u00a0
-1,669,613
Claims and other insurance service expenses paid as well as investment components
1,048,151
\u00a0
\u00a0
1,048,151
Insurance acquisition costs
468,171
\u00a0
\u00a0
468,171
Net book value as of 31/12
-1,614,863
-405,967
-764,078
-2,784,908
Assets as of 31/12
745,643
-245,949
-269,779
229,915
Liabilities as of 31/12
-2,360,506
-160,018
-494,299
-3,014,823
Developments of LRC / ARC and LIC / AIC by measurement components
2024
Variable Fee Approach
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year
6,578
-1,542
-3,653
1,383
Liabilities as of 31/12 of the previous year
-20,756,114
-1,024,244
-5,116,064
-26,896,422
Net book value as of 31/12 of the previous year
-20,749,536
-1,025,786
-5,119,717
-26,895,039
IAS 8 error correction
0
0
6,623
6,623
Net book value as of 01/01
-20,749,536
-1,025,786
-5,113,094
-26,888,416
Changes that relate to current services
-6,024
85,809
359,578
439,363
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
359,578
359,578
Amount of RA for the risk expired recognised in profit or loss
\u00a0
92,828
\u00a0
92,828
Experience adjustments
-6,024
-7,019
\u00a0
-13,043
Changes that relate to future services
-13,598
-89,968
96,043
-7,523
Contracts initially recognised in the period
255,739
-61,288
-196,911
-2,460
Changes in estimates that adjust the CSM
-292,954
0
292,954
0
Changes in estimates that do not adjust the CSM
23,617
-28,680
\u00a0
-5,063
Changes that relate to past services
4,496
11,821
0
16,317
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
4,496
11,821
0
16,317
Insurance finance result
-1,236,602
-18,712
-9,436
-1,264,750
Unrealised gains and losses acc. to IFRS\u00a017
-86,425
0
0
-86,425
Total changes in the statement of comprehensive income
-1,338,153
-11,050
446,185
-903,018
Exchange rate differences
85,610
10,913
36,556
133,079
Changes in scope of consolidation
-359,974
-2,525
-37,130
-399,629
Total fulfilment cash flows
634,967
\u00a0
\u00a0
634,967
Received premiums
-3,246,735
\u00a0
\u00a0
-3,246,735
Claims and other insurance service expenses paid as well as investment components
3,369,073
\u00a0
\u00a0
3,369,073
Insurance acquisition costs
512,629
\u00a0
\u00a0
512,629
Other movements (transfers, modifications, etc.)
-2,577
-118
2,698
3
Net book value as of 31/12
-21,729,663
-1,028,566
-4,664,785
-27,423,014
Assets as of 31/12
9,659
-2,579
-5,495
1,585
Liabilities as of 31/12
-21,739,322
-1,025,987
-4,659,290
-27,424,599
Under the item Changes in scope of consolidation, EUR\u00a0275,202,000 came from the first-time consolidation of Aegon Life and EUR\u00a0124,427,000 came from the transfer of the Aegon portfolio in Romania.
Developments of LRC / ARC and LIC / AIC by measurement components
2023
Variable Fee Approach
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
3,902
-693
-685
2,524
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-20,141,490
-981,596
-5,168,341
-26,291,427
Net book value as of 31/12 of the previous year = value as of 01/01
-20,137,588
-982,289
-5,169,026
-26,288,903
Changes that relate to current services
-294,353
91,776
408,102
205,525
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
408,102
408,102
Amount of RA for the risk expired recognised in profit or loss
\u00a0
95,720
\u00a0
95,720
Experience adjustments
-294,353
-3,944
\u00a0
-298,297
Changes that relate to future services
259,602
-55,722
-364,362
-160,482
Contracts initially recognised in the period
237,171
-58,620
-180,602
-2,051
Changes in estimates that adjust the CSM
8,618
0
-183,760
-175,142
Changes in estimates that do not adjust the CSM
13,813
2,898
\u00a0
16,711
Changes that relate to past services
416,083
11,615
0
427,698
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
416,083
11,615
\u00a0
427,698
Insurance finance result
-1,302,115
-63,284
1,275
-1,364,124
Unrealised gains and losses acc. to IFRS 17
-786,617
0
0
-786,617
Total changes in the statement of comprehensive income
-1,707,400
-15,615
45,015
-1,678,000
Exchange rate differences
15,833
-27,882
4,294
-7,755
Total fulfilment cash flows
1,079,619
\u00a0
\u00a0
1,079,619
Received premiums
-3,086,382
\u00a0
\u00a0
-3,086,382
Claims and other insurance service expenses paid as well as investment components
3,667,451
\u00a0
\u00a0
3,667,451
Insurance acquisition costs
498,550
\u00a0
\u00a0
498,550
Net book value as of 31/12
-20,749,536
-1,025,786
-5,119,717
-26,895,039
Assets as of 31/12
6,578
-1,542
-3,653
1,383
Liabilities as of 31/12
-20,756,114
-1,024,244
-5,116,064
-26,896,422
Additional disclosures
Insurance service revenue
31/12/2024
31/12/2023 adjusted
\u00a0
GMM
VFA
Total
GMM
VFA
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Amounts relating to the changes in the LRC incl. ARC
841,409
1,079,656
1,921,065
740,275
1,092,646
1,832,921
Expected insurance service expenses
511,602
712,118
1,223,720
424,311
683,780
1,108,091
Change in the risk adjustment for nonfinancial risk
72,751
92,828
165,579
65,370
95,720
161,090
Amount of CSM recognised in profit or loss
230,373
359,578
589,951
204,484
408,102
612,586
Other amounts
26,683
-84,868
-58,185
46,110
-94,956
-48,846
Amounts relating to recovery of insurance acquisition costs
338,510
300,806
639,316
266,393
291,024
557,417
Allocation of the portion of premiums that relate to the recovery of insurance acquisition costs
338,510
300,806
639,316
266,393
291,024
557,417
Total
1,179,919
1,380,462
2,560,381
1,006,668
1,383,670
2,390,338
Contracts initially recognised in the period
31/12/2024
31/12/2023
General Measurement Model
Non-onerous
Onerous
Total
Non-onerous
Onerous
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Own-written
0
-17,439
-17,439
-7,002
-3,234
-10,236
Estimates of present value of future cash outflows
-1,992,739
-182,749
-2,175,488
-1,501,615
-220,586
-1,722,201
Estimates of insurance acquisition costs
-383,882
-11,581
-395,463
-332,238
-24,679
-356,917
Estimates of present value of other future cash outflows
-1,608,857
-171,168
-1,780,025
-1,169,377
-195,907
-1,365,284
Estimates of present value of future cash inflows
2,442,137
173,790
2,615,927
1,817,483
222,980
2,040,463
Risk Adjustment for nonfinancial risks
-101,088
-8,480
-109,568
-89,417
-5,628
-95,045
Contractual Service Margin
-348,310
\u00a0
-348,310
-233,453
\u00a0
-233,453
Acquired
-77,039
0
-77,039
0
0
0
Estimates of present value of future cash outflows
-147,341
0
-147,341
0
0
0
Estimates of present value of other future cash outflows
-147,341
0
-147,341
0
0
0
Estimates of present value of future cash inflows
105,191
0
105,191
0
0
0
Risk Adjustment for nonfinancial risks
-5,594
0
-5,594
0
0
0
Contractual Service Margin
-29,295
\u00a0
-29,295
0
\u00a0
0
Contracts initially recognised in the period
31/12/2024
31/12/2023
Variable Fee Approach
Non-onerous
Onerous
Total
Non-onerous
Onerous
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Own-written
0
-2,460
-2,460
-2,537
486
-2,051
Estimates of present value of future cash outflows
-2,202,944
-32,022
-2,234,966
-1,955,842
-71,315
-2,027,157
Estimates of insurance acquisition costs
-273,559
-4,186
-277,745
-269,127
-10,180
-279,307
Estimates of present value of other future cash outflows
-1,929,385
-27,836
-1,957,221
-1,686,715
-61,135
-1,747,850
Estimates of present value of future cash inflows
2,459,045
31,660
2,490,705
2,189,650
74,678
2,264,328
Risk Adjustment for nonfinancial risks
-59,190
-2,098
-61,288
-55,743
-2,877
-58,620
Contractual Service Margin
-196,911
\u00a0
-196,911
-180,602
\u00a0
-180,602
Acquired
-399,629
0
-399,629
0
0
0
Estimates of present value of future cash outflows
-477,174
0
-477,174
0
0
0
Estimates of present value of other future cash outflows
-477,174
0
-477,174
0
0
0
Estimates of present value of future cash inflows
117,200
0
117,200
0
0
0
Risk Adjustment for nonfinancial risks
-2,525
0
-2,525
0
0
0
Contractual Service Margin
-37,130
\u00a0
-37,130
0
\u00a0
0
CSM expected to be recognised in profit or loss
31/12/2024
Insurance contracts issued
1st year
2nd year
3rd year
4th year
5th year and later
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
GMM
-164,336
-124,548
-103,363
-86,462
-460,543
-939,252
Assets for Remaining Coverage (ARC)
-41,859
-34,956
-29,439
-24,913
-153,621
-284,788
Liability for Remaining Coverage (LRC)
-122,477
-89,592
-73,924
-61,549
-306,922
-654,464
VFA
-352,007
-323,174
-298,503
-276,171
-3,414,930
-4,664,785
Assets for Remaining Coverage (ARC)
-230
-274
-309
-335
-4,347
-5,495
Liability for Remaining Coverage (LRC)
-351,777
-322,900
-298,194
-275,836
-3,410,583
-4,659,290
Total
-516,343
-447,722
-401,866
-362,633
-3,875,473
-5,604,037
CSM expected to be recognised in profit or loss
31/12/2023
Insurance contracts issued
1st year
2nd year
3rd year
4th year
5th year and later
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
GMM
-144,551
-99,742
-80,610
-66,264
-372,911
-764,078
Assets for Remaining Coverage (ARC)
-39,250
-32,224
-27,666
-23,238
-147,401
-269,779
Liability for Remaining Coverage (LRC)
-105,301
-67,518
-52,944
-43,026
-225,510
-494,299
VFA
-386,096
-348,868
-319,752
-296,568
-3,768,433
-5,119,717
Assets for Remaining Coverage (ARC)
-62
-98
-133
-163
-3,197
-3,653
Liability for Remaining Coverage (LRC)
-386,034
-348,770
-319,619
-296,405
-3,765,236
-5,116,064
Total
-530,647
-448,610
-400,362
-362,832
-4,141,344
-5,883,795
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-29": { "value": "
1.3. Insurance contracts issued
Development by balance sheet item
Development \u2013 insurance contracts issued
2024
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
Excl. LC
\u00a0
LC
Contracts not measured under PAA
Contracts measured at PAA
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year
342,579
-8,993
-84,342
-23,172
-370
225,702
Liabilities as of 31/12 of the previous year
-30,227,056
-59,730
-1,470,154
-5,727,808
-267,979
-37,752,727
Net book value as of 31/12 of the previous year
-29,884,477
-68,723
-1,554,496
-5,750,980
-268,349
-37,527,025
IAS 8 error correction
6,623
0
0
0
0
6,623
Net book value as of 01/01
-29,877,854
-68,723
-1,554,496
-5,750,980
-268,349
-37,520,402
Insurance service revenue
12,138,477
\u00a0
\u00a0
\u00a0
\u00a0
12,138,477
insurance service expenses
-3,069,761
-36,341
-1,380,420
-6,165,306
-5,002
-10,656,830
Investment components
2,997,877
\u00a0
-2,991,705
-6,172
0
0
Insurance finance result*
-1,266,361
-1,841
-118,095
-227,085
-8,996
-1,622,378
Unrealised gains and losses acc. to IFRS 17
-113,603
0
-7,311
-33,085
-84
-154,083
Total changes in the statement of comprehensive income
10,686,629
-38,182
-4,497,531
-6,431,648
-14,082
-294,814
Exchange rate differences
166,235
1,413
8,092
37,386
1,877
215,003
Changes in scope of consolidation
-468,608
0
-8,060
0
0
-476,668
Total fulfilment cash flows
-11,281,359
0
4,395,905
5,720,990
0
-1,164,464
Other movements (transfers, modifications, etc.)
22,834
-7,038
0
-10,058
-119
5,619
Net book value as of 31/12
-30,752,123
-112,530
-1,656,090
-6,434,310
-280,673
-39,235,726
Assets as of 31/12
427,667
-13,429
-106,732
-11,386
-96
296,024
Liabilities as of 31/12
-31,179,790
-99,101
-1,549,358
-6,422,924
-280,577
-39,531,750
*Includes exchange rate differences of EUR \u2013116,198,000
Development \u2013 insurance contracts issued
2023
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
Excl. LC
\u00a0
LC
Contracts not measured under PAA
Contracts measured at PAA
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
208,090
-7,707
-67,660
-2,383
-50
130,290
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-29,288,729
-73,174
-1,356,712
-5,345,181
-246,619
-36,310,415
Net book value as of 31/12 of the previous year = value as of 01/01
-29,080,639
-80,881
-1,424,372
-5,347,564
-246,669
-36,180,125
Insurance service revenue
10,921,826
\u00a0
\u00a0
\u00a0
\u00a0
10,921,826
insurance service expenses
-2,686,302
13,517
-1,408,876
-5,184,335
696
-9,265,300
Investment components
2,960,205
\u00a0
-2,950,099
-10,106
\u00a0
0
Insurance finance result*
-992,748
-1,652
-497,648
-191,574
-15,129
-1,698,751
Unrealised gains and losses acc. to IFRS 17
-928,606
0
-9,622
-129,383
0
-1,067,611
Total changes in the statement of comprehensive income
9,274,375
11,865
-4,866,245
-5,515,398
-14,433
-1,109,836
Exchange rate differences
173,163
293
20,518
21,046
-7,247
207,773
Total fulfilment cash flows
-10,251,377
0
4,715,602
5,090,936
0
-444,839
Net book value as of 31/12
-29,884,478
-68,723
-1,554,497
-5,750,980
-268,349
-37,527,027
Assets as of 31/12
342,579
-8,993
-84,342
-23,172
-370
225,702
Liabilities as of 31/12
-30,227,056
-59,730
-1,470,154
-5,727,808
-267,979
-37,752,727
*Includes exchange rate differences of EUR -74,524,000
Development \u2013 insurance contracts issued
2024
Premium Allocation Approach
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LC
LC
PVFCF
RA
\u00a0
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
17,945
0
-23,172
-370
-5,597
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-1,836,695
-9,001
-5,727,808
-267,979
-7,841,483
Net book value as of 31/12 of the previous year = value as of 01/01
-1,818,750
-9,001
-5,750,980
-268,349
-7,847,080
Insurance service revenue
9,578,096
\u00a0
\u00a0
\u00a0
9,578,096
insurance service expenses
-2,594,653
-33,885
-6,165,306
-5,002
-8,798,846
Incurred claims and other insurance service expenses
-651,816
\u00a0
-5,659,760
\u00a0
-6,311,576
Losses of onerous contracts and reversals of those losses
\u00a0
-33,885
\u00a0
\u00a0
-33,885
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-505,546
-5,002
-510,548
Amortisation of insurance acquisition costs
-1,942,837
\u00a0
\u00a0
\u00a0
-1,942,837
Investment components
6,172
0
-6,172
0
0
Insurance finance result*
411
0
-227,085
-8,996
-235,670
Unrealised gains and losses acc. to IFRS 17
0
0
-33,085
-84
-33,169
Total changes in the statement of comprehensive income
6,990,026
-33,885
-6,431,648
-14,082
510,411
Exchange rate differences
15,955
-79
37,386
1,877
55,139
Total fulfilment cash flows
-7,298,706
0
5,720,990
0
-1,577,716
Received premiums
-9,836,208
\u00a0
33,557
\u00a0
-9,802,651
Claims and other insurance service expenses paid
\u00a0
\u00a0
5,687,433
\u00a0
5,687,433
Insurance acquisition costs
2,537,502
\u00a0
\u00a0
\u00a0
2,537,502
Other movements (transfers, modifications, etc.)
15,804
0
-10,058
-119
5,627
Net book value as of 31/12
-2,095,671
-42,965
-6,434,310
-280,673
-8,853,619
Assets as of 31/12
17,018
0
-11,386
-96
5,536
Liabilities as of 31/12
-2,112,689
-42,965
-6,422,924
-280,577
-8,859,155
*Includes exchange rate differences of EUR -1,138,000
Development \u2013 insurance contracts issued
2023
Premium Allocation Approach
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LC
LC
PVFCF
RA
\u00a0
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
8,502
0
-2,383
-50
6,069
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-1,683,360
-5,254
-5,345,181
-246,619
-7,280,414
Net book value as of 31/12 previous of the year = value as of 01/01
-1,674,858
-5,254
-5,347,564
-246,669
-7,274,345
Insurance service revenue
8,531,488
\u00a0
\u00a0
\u00a0
8,531,488
insurance service expenses
-2,350,065
-3,644
-5,184,335
696
-7,537,348
Incurred claims and other insurance service expenses
-603,987
\u00a0
-5,053,578
\u00a0
-5,657,565
Losses of onerous contracts and reversals of those losses
\u00a0
-3,644
\u00a0
\u00a0
-3,644
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-130,757
696
-130,061
Amortisation of insurance acquisition costs
-1,746,078
\u00a0
\u00a0
\u00a0
-1,746,078
Investment components
10,106
\u00a0
-10,106
\u00a0
0
Insurance finance result*
213
\u00a0
-191,574
-15,129
-206,490
Unrealised gains and losses acc. to IFRS 17
0
\u00a0
-129,383
\u00a0
-129,383
Total changes in the statement of comprehensive income
6,191,742
-3,644
-5,515,398
-14,433
658,267
Exchange rate differences
126,470
-103
21,046
-7,247
140,166
Total fulfilment cash flows
-6,462,103
0
5,090,936
0
-1,371,167
Received premiums
-8,872,233
\u00a0
\u00a0
\u00a0
-8,872,233
Claims and other insurance service expenses paid
\u00a0
\u00a0
5,090,936
\u00a0
5,090,936
Insurance acquisition costs
2,410,130
\u00a0
\u00a0
\u00a0
2,410,130
Other movements (transfers, modifications, etc.)
\u00a0
\u00a0
\u00a0
\u00a0
0
Net book value as of 31/12
-1,818,749
-9,001
-5,750,980
-268,349
-7,847,079
Assets as of 31/12
17,945
0
-23,172
-370
-5,597
Liabilities as of 31/12
-1,836,695
-9,001
-5,727,808
-267,979
-7,841,483
*Includes exchange rate differences of EUR -2,709,000
Development \u2013 insurance contracts issued
2024
General Measurement Model
LRC / ARC
LIC / AIC\u00a0
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 previous of the year = assets as of 01/01
323,230
-8,993
-84,322
229,915
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,341,749
-26,847
-646,227
-3,014,823
Net book value as of 31/12 of the previous year = value as of 01/01
-2,018,519
-35,840
-730,549
-2,784,908
Insurance service revenue
1,179,919
\u00a0
\u00a0
1,179,919
insurance service expenses
-268,839
-6,358
-650,485
-925,682
Incurred claims and other insurance service expenses
-117,780
\u00a0
-558,356
-676,136
Losses of onerous contracts and reversals of those losses
\u00a0
-6,358
\u00a0
-6,358
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-92,129
-92,129
Amortisation of insurance acquisition costs
-151,059
\u00a0
\u00a0
-151,059
Investment components
455,465
\u00a0
-455,465
0
Insurance finance result*
-105,175
-1,740
-15,043
-121,958
Unrealised gains and losses acc. to IFRS 17
-27,178
0
-7,311
-34,489
Total changes in the statement of comprehensive income
1,234,192
-8,098
-1,128,304
97,790
Exchange rate differences
24,244
714
1,832
26,790
Changes in scope of consolidation
-74,947
0
-2,092
-77,039
Total fulfilment cash flows
-1,248,547
0
1,026,832
-221,715
Received premiums
-1,858,155
\u00a0
\u00a0
-1,858,155
Claims and other insurance service expenses paid
\u00a0
\u00a0
1,026,832
1,026,832
Insurance acquisition costs
609,608
\u00a0
\u00a0
609,608
Other movements (transfers, modifications, etc.)
-11
0
0
-11
Net book value as of 31/12
-2,083,588
-43,224
-832,281
-2,959,093
Assets as of 31/12
408,957
-13,429
-106,625
288,903
Liabilities as of 31/12
-2,492,545
-29,795
-725,656
-3,247,996
*Includes exchange rate differences of EUR -56,610,000
Under the item Changes in scope of consolidation, EUR 76,041,000 came from the first-time consolidation of Aegon Life and EUR\u00a0998,000 came from the transfer of the Aegon portfolio in Romania.
Development \u2013 insurance contracts issued
2023
General Measurement Model
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
197,061
-7,707
-67,658
121,696
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,142,191
-44,971
-551,412
-2,738,574
Net book value as of 31/12 of the previous year = value as of 01/01
-1,945,130
-52,678
-619,070
-2,616,878
Insurance service revenue
1,006,668
\u00a0
\u00a0
1,006,668
insurance service expenses
-157,893
18,970
-678,099
-817,022
Incurred claims and other insurance service expenses
-46,659
\u00a0
-504,389
-551,048
Losses of onerous contracts and reversals of those losses
\u00a0
18,970
\u00a0
18,970
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-173,710
-173,710
Amortisation of insurance acquisition costs
-111,234
\u00a0
\u00a0
-111,234
Investment components
471,285
\u00a0
-471,285
0
Insurance finance result*
-126,196
-1,801
-139
-128,136
Unrealised gains and losses acc. to IFRS 17
-141,989
\u00a0
-9,622
-151,611
Total changes in the statement of comprehensive income
1,051,875
17,169
-1,159,145
-90,101
Exchange rate differences
76,176
-330
-486
75,360
Total fulfilment cash flows
-1,201,442
0
1,048,151
-153,291
Received premiums
-1,669,613
\u00a0
\u00a0
-1,669,613
Claims and other insurance service expenses paid
\u00a0
\u00a0
1,048,151
1,048,151
Insurance acquisition costs
468,171
\u00a0
\u00a0
468,171
Net book value as of 31/12
-2,018,521
-35,839
-730,550
-2,784,910
Assets as of 31/12
323,230
-8,993
-84,322
229,915
Liabilities as of 31/12
-2,341,749
-26,847
-646,227
-3,014,823
*Includes exchange rate differences of EUR -95,859,000
Development \u2013 insurance contracts issued
2024
Variable Fee Approach
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year
1,404
0
-20
1,384
Liabilities as of 31/12 of the previous year
-26,048,612
-23,882
-823,927
-26,896,421
Net book value as of 31/12 of the previous year
-26,047,208
-23,882
-823,947
-26,895,037
IAS 8 error correction
6,623
0
0
6,623
Net book value as of 01/01
-26,040,585
-23,882
-823,947
-26,888,414
Insurance service revenue
1,380,462
\u00a0
\u00a0
1,380,462
insurance service expenses
-206,269
3,902
-729,935
-932,302
Incurred claims and other insurance service expenses
-154,590
0
-728,640
-883,230
Losses of onerous contracts and reversals of those losses
\u00a0
3,902
\u00a0
3,902
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-1,295
-1,295
Amortisation of insurance acquisition costs
-51,679
\u00a0
\u00a0
-51,679
Investment components
2,536,240
0
-2,536,240
0
Insurance finance result*
-1,161,597
-101
-103,052
-1,264,750
Unrealised gains and losses acc. to IFRS 17
-86,425
0
0
-86,425
Total changes in the statement of comprehensive income
2,462,411
3,801
-3,369,227
-903,015
Exchange rate differences
126,036
778
6,260
133,074
Changes in scope of consolidation
-393,661
0
-5,968
-399,629
Total fulfilment cash flows
-2,734,106
0
3,369,073
634,967
Received premiums
-3,246,735
\u00a0
\u00a0
-3,246,735
Claims and other insurance service expenses paid
\u00a0
\u00a0
3,369,073
3,369,073
Insurance acquisition costs
512,629
\u00a0
\u00a0
512,629
Other movements (transfers, modifications, etc.)
7,041
-7,038
0
3
Net book value as of 31/12
-26,572,864
-26,341
-823,809
-27,423,014
Assets as of 31/12
1,692
0
-107
1,585
Liabilities as of 31/12
-26,574,556
-26,341
-823,702
-27,424,599
*Includes exchange rate differences of EUR -58,450,000
Under the item Changes in scope of consolidation, EUR\u00a0275,202,000 came from the first-time consolidation of Aegon Life and EUR\u00a0124,427,000 came from the transfer of the Aegon portfolio in Romania.
Development \u2013 insurance contracts issued
2023
Variable Fee Approach
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
2,527
0
-2
2,525
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-25,463,178
-22,949
-805,300
-26,291,427
Net book value as of 31/12 of the previous year = value as of 01/01
-25,460,651
-22,949
-805,302
-26,288,902
Insurance service revenue
1,383,670
0
0
1,383,670
insurance service expenses
-178,344
-1,809
-730,777
-910,930
Incurred claims and other insurance service expenses
-131,041
0
-740,131
-871,172
Losses of onerous contracts and reversals of those losses
0
-1,809
0
-1,809
Changes fulfilment cash flows\u00a0relating to LIC
0
0
9,354
9,354
Amortisation of insurance acquisition costs
-47,303
0
0
-47,303
Investment components
2,478,814
0
-2,478,814
0
Insurance finance result*
-866,765
149
-497,509
-1,364,125
Unrealised gains and losses acc. to IFRS 17
-786,617
0
0
-786,617
Total changes in the statement of comprehensive income
2,030,758
-1,660
-3,707,100
-1,678,002
Exchange rate differences
-29,483
726
21,004
-7,753
Total fulfilment cash flows
-2,587,832
0
3,667,451
1,079,619
Received premiums
-3,086,382
\u00a0
\u00a0
-3,086,382
Claims and other insurance service expenses paid
\u00a0
\u00a0
3,667,451
3,667,451
Insurance acquisition costs
498,550
\u00a0
\u00a0
498,550
Net book value as of 31/12
-26,047,208
-23,883
-823,947
-26,895,038
Assets as of 31/12
1,404
0
-20
1,384
Liabilities as of 31/12
-26,048,612
-23,882
-823,927
-26,896,421
*Includes exchange rate differences of EUR 24,044,000
Development by evaluation component: Insurance contracts that are not valued using the PAA
Developments of LRC / ARC and LIC / AIC by measurement components
2024
All measurement models that are not measured under PAA
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year
752,221
-247,491
-273,432
231,298
Liabilities as of 31/12 of the previous year
-23,116,620
-1,184,262
-5,610,363
-29,911,245
Net book value as of 31/12 of the previous year
-22,364,399
-1,431,753
-5,883,795
-29,679,947
IAS 8 error correction
0
0
6,623
6,623
Net book value as of 01/01
-22,364,399
-1,431,753
-5,877,172
-29,673,324
Changes that relate to current services
5,354
149,871
589,951
745,176
Changes that relate to future services
369,364
-166,812
-228,896
-26,344
Changes that relate to past services
-33,170
16,732
0
-16,438
Insurance finance result
-1,274,665
-35,491
-76,552
-1,386,708
Unrealised gains and losses acc. to IFRS 17
-114,102
-6,812
0
-120,914
Total changes in the statement of comprehensive income
-1,047,219
-42,512
284,503
-805,228
Exchange rate differences
91,433
16,077
52,359
159,869
Changes in scope of consolidation
-402,124
-8,119
-66,425
-476,668
Total fulfilment cash flows
413,252
\u00a0
\u00a0
413,252
Other movements (transfers, modifications, etc.)
-2,588
-118
2,698
-8
Net book value as of 31/12
-23,311,645
-1,466,425
-5,604,037
-30,382,107
Assets as of 31/12
844,835
-264,064
-290,283
290,488
Liabilities as of 31/12
-24,156,480
-1,202,361
-5,313,754
-30,672,595
Developments of LRC / ARC and LIC / AIC by measurement components
2023
All measurement models that are not measured under PAA
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
580,315
-182,553
-273,541
124,221
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-22,213,298
-1,154,159
-5,662,544
-29,030,001
Net book value as of 31/12 of the previous year = value as of 01/01
-21,632,983
-1,336,712
-5,936,085
-28,905,780
Changes that relate to current services
-548,502
149,736
612,586
213,820
Changes that relate to future services
540,297
-131,919
-550,336
-141,958
Changes that relate to past services
577,968
12,557
0
590,525
Insurance finance result
-1,360,733
-72,494
-59,033
-1,492,260
Unrealised gains and losses acc. to IFRS 17
-907,185
-31,043
0
-938,228
Total changes in the statement of comprehensive income
-1,698,155
-73,163
3,217
-1,768,101
Exchange rate differences
40,411
-21,878
49,073
67,606
Total fulfilment cash flows
926,328
\u00a0
\u00a0
926,328
Net book value as of 31/12
-22,364,399
-1,431,753
-5,883,795
-29,679,947
Assets as of 31/12
752,221
-247,491
-273,432
231,298
Liabilities as of 31/12
-23,116,620
-1,184,262
-5,610,363
-29,911,245
Developments of LRC / ARC and LIC / AIC by measurement components
2024
General Measurement Model
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
745,643
-245,949
-269,779
229,915
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,360,506
-160,018
-494,299
-3,014,823
Net book value as of 31/12 of the previous year = value as of 01/01
-1,614,863
-405,967
-764,078
-2,784,908
Changes that relate to current services
11,378
64,062
230,373
305,813
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
230,373
230,373
Amount of RA for the risk expired recognised in profit or loss
\u00a0
69,190
\u00a0
69,190
Experience adjustments
11,378
-5,128
\u00a0
6,250
Changes that relate to future services
382,962
-76,844
-324,939
-18,821
Contracts initially recognised in the period
440,439
-109,568
-348,310
-17,439
Changes in estimates that adjust the CSM
-55,464
32,093
23,371
0
Changes in estimates that do not adjust the CSM
-2,013
631
\u00a0
-1,382
Changes that relate to past services
-37,666
4,911
0
-32,755
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
-37,666
4,911
0
-32,755
Insurance finance result
-38,063
-16,779
-67,116
-121,958
Unrealised gains and losses acc. to IFRS 17
-27,677
-6,812
0
-34,489
Total changes in the statement of comprehensive income
290,934
-31,462
-161,682
97,790
Exchange rate differences
5,823
5,164
15,803
26,790
Changes in scope of consolidation
-42,150
-5,594
-29,295
-77,039
Total fulfilment cash flows
-221,715
\u00a0
\u00a0
-221,715
Received premiums
-1,858,155
\u00a0
\u00a0
-1,858,155
Claims and other insurance service expenses paid as well as investment components
1,026,832
\u00a0
\u00a0
1,026,832
Insurance acquisition costs
609,608
\u00a0
\u00a0
609,608
Other movements (transfers, modifications, etc.)
-11
0
0
-11
Net book value as of 31/12
-1,581,982
-437,859
-939,252
-2,959,093
Assets as of 31/12
835,176
-261,485
-284,788
288,903
Liabilities as of 31/12
-2,417,158
-176,374
-654,464
-3,247,996
Under the item Changes in scope of consolidation, EUR 76,041,000 came from the first-time consolidation of Aegon Life and EUR\u00a0998,000 came from the transfer of the Aegon portfolio in Romania.
Developments of LRC / ARC and LIC / AIC by measurement components
2023
General Measurement Model
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
576,413
-181,860
-272,856
121,697
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,071,808
-172,563
-494,203
-2,738,574
Net book value as of 31/12 of the previous year = value as of 01/01
-1,495,395
-354,423
-767,059
-2,616,877
Changes that relate to current services
-254,149
57,960
204,484
8,295
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
204,484
204,484
Amount of RA for the risk expired recognised in profit or loss
\u00a0
65,370
\u00a0
65,370
Experience adjustments
-254,149
-7,410
\u00a0
-261,559
Changes that relate to future services
280,695
-76,197
-185,974
18,524
Contracts initially recognised in the period
318,262
-95,045
-233,453
-10,236
Changes in estimates that adjust the CSM
-65,615
17,374
47,479
-762
Changes in estimates that do not adjust the CSM
28,048
1,474
\u00a0
29,522
Changes that relate to past services
161,885
942
0
162,827
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
161,885
942
0
162,827
Insurance finance result
-58,618
-9,210
-60,308
-128,136
Unrealised gains and losses acc. to IFRS 17
-120,568
-31,043
0
-151,611
Total changes in the statement of comprehensive income
9,245
-57,548
-41,798
-90,101
Exchange rate differences
24,578
6,004
44,779
75,361
Reclassification to BS items in accordance with IFRS 5
0
0
0
0
Total fulfilment cash flows
-153,291
\u00a0
\u00a0
-153,291
Received premiums
-1,669,613
\u00a0
\u00a0
-1,669,613
Claims and other insurance service expenses paid as well as investment components
1,048,151
\u00a0
\u00a0
1,048,151
Insurance acquisition costs
468,171
\u00a0
\u00a0
468,171
Net book value as of 31/12
-1,614,863
-405,967
-764,078
-2,784,908
Assets as of 31/12
745,643
-245,949
-269,779
229,915
Liabilities as of 31/12
-2,360,506
-160,018
-494,299
-3,014,823
Developments of LRC / ARC and LIC / AIC by measurement components
2024
Variable Fee Approach
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year
6,578
-1,542
-3,653
1,383
Liabilities as of 31/12 of the previous year
-20,756,114
-1,024,244
-5,116,064
-26,896,422
Net book value as of 31/12 of the previous year
-20,749,536
-1,025,786
-5,119,717
-26,895,039
IAS 8 error correction
0
0
6,623
6,623
Net book value as of 01/01
-20,749,536
-1,025,786
-5,113,094
-26,888,416
Changes that relate to current services
-6,024
85,809
359,578
439,363
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
359,578
359,578
Amount of RA for the risk expired recognised in profit or loss
\u00a0
92,828
\u00a0
92,828
Experience adjustments
-6,024
-7,019
\u00a0
-13,043
Changes that relate to future services
-13,598
-89,968
96,043
-7,523
Contracts initially recognised in the period
255,739
-61,288
-196,911
-2,460
Changes in estimates that adjust the CSM
-292,954
0
292,954
0
Changes in estimates that do not adjust the CSM
23,617
-28,680
\u00a0
-5,063
Changes that relate to past services
4,496
11,821
0
16,317
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
4,496
11,821
0
16,317
Insurance finance result
-1,236,602
-18,712
-9,436
-1,264,750
Unrealised gains and losses acc. to IFRS\u00a017
-86,425
0
0
-86,425
Total changes in the statement of comprehensive income
-1,338,153
-11,050
446,185
-903,018
Exchange rate differences
85,610
10,913
36,556
133,079
Changes in scope of consolidation
-359,974
-2,525
-37,130
-399,629
Total fulfilment cash flows
634,967
\u00a0
\u00a0
634,967
Received premiums
-3,246,735
\u00a0
\u00a0
-3,246,735
Claims and other insurance service expenses paid as well as investment components
3,369,073
\u00a0
\u00a0
3,369,073
Insurance acquisition costs
512,629
\u00a0
\u00a0
512,629
Other movements (transfers, modifications, etc.)
-2,577
-118
2,698
3
Net book value as of 31/12
-21,729,663
-1,028,566
-4,664,785
-27,423,014
Assets as of 31/12
9,659
-2,579
-5,495
1,585
Liabilities as of 31/12
-21,739,322
-1,025,987
-4,659,290
-27,424,599
Under the item Changes in scope of consolidation, EUR\u00a0275,202,000 came from the first-time consolidation of Aegon Life and EUR\u00a0124,427,000 came from the transfer of the Aegon portfolio in Romania.
Developments of LRC / ARC and LIC / AIC by measurement components
2023
Variable Fee Approach
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
3,902
-693
-685
2,524
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-20,141,490
-981,596
-5,168,341
-26,291,427
Net book value as of 31/12 of the previous year = value as of 01/01
-20,137,588
-982,289
-5,169,026
-26,288,903
Changes that relate to current services
-294,353
91,776
408,102
205,525
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
408,102
408,102
Amount of RA for the risk expired recognised in profit or loss
\u00a0
95,720
\u00a0
95,720
Experience adjustments
-294,353
-3,944
\u00a0
-298,297
Changes that relate to future services
259,602
-55,722
-364,362
-160,482
Contracts initially recognised in the period
237,171
-58,620
-180,602
-2,051
Changes in estimates that adjust the CSM
8,618
0
-183,760
-175,142
Changes in estimates that do not adjust the CSM
13,813
2,898
\u00a0
16,711
Changes that relate to past services
416,083
11,615
0
427,698
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
416,083
11,615
\u00a0
427,698
Insurance finance result
-1,302,115
-63,284
1,275
-1,364,124
Unrealised gains and losses acc. to IFRS 17
-786,617
0
0
-786,617
Total changes in the statement of comprehensive income
-1,707,400
-15,615
45,015
-1,678,000
Exchange rate differences
15,833
-27,882
4,294
-7,755
Total fulfilment cash flows
1,079,619
\u00a0
\u00a0
1,079,619
Received premiums
-3,086,382
\u00a0
\u00a0
-3,086,382
Claims and other insurance service expenses paid as well as investment components
3,667,451
\u00a0
\u00a0
3,667,451
Insurance acquisition costs
498,550
\u00a0
\u00a0
498,550
Net book value as of 31/12
-20,749,536
-1,025,786
-5,119,717
-26,895,039
Assets as of 31/12
6,578
-1,542
-3,653
1,383
Liabilities as of 31/12
-20,756,114
-1,024,244
-5,116,064
-26,896,422
Additional disclosures
Insurance service revenue
31/12/2024
31/12/2023 adjusted
\u00a0
GMM
VFA
Total
GMM
VFA
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Amounts relating to the changes in the LRC incl. ARC
841,409
1,079,656
1,921,065
740,275
1,092,646
1,832,921
Expected insurance service expenses
511,602
712,118
1,223,720
424,311
683,780
1,108,091
Change in the risk adjustment for nonfinancial risk
72,751
92,828
165,579
65,370
95,720
161,090
Amount of CSM recognised in profit or loss
230,373
359,578
589,951
204,484
408,102
612,586
Other amounts
26,683
-84,868
-58,185
46,110
-94,956
-48,846
Amounts relating to recovery of insurance acquisition costs
338,510
300,806
639,316
266,393
291,024
557,417
Allocation of the portion of premiums that relate to the recovery of insurance acquisition costs
338,510
300,806
639,316
266,393
291,024
557,417
Total
1,179,919
1,380,462
2,560,381
1,006,668
1,383,670
2,390,338
Contracts initially recognised in the period
31/12/2024
31/12/2023
General Measurement Model
Non-onerous
Onerous
Total
Non-onerous
Onerous
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Own-written
0
-17,439
-17,439
-7,002
-3,234
-10,236
Estimates of present value of future cash outflows
-1,992,739
-182,749
-2,175,488
-1,501,615
-220,586
-1,722,201
Estimates of insurance acquisition costs
-383,882
-11,581
-395,463
-332,238
-24,679
-356,917
Estimates of present value of other future cash outflows
-1,608,857
-171,168
-1,780,025
-1,169,377
-195,907
-1,365,284
Estimates of present value of future cash inflows
2,442,137
173,790
2,615,927
1,817,483
222,980
2,040,463
Risk Adjustment for nonfinancial risks
-101,088
-8,480
-109,568
-89,417
-5,628
-95,045
Contractual Service Margin
-348,310
\u00a0
-348,310
-233,453
\u00a0
-233,453
Acquired
-77,039
0
-77,039
0
0
0
Estimates of present value of future cash outflows
-147,341
0
-147,341
0
0
0
Estimates of present value of other future cash outflows
-147,341
0
-147,341
0
0
0
Estimates of present value of future cash inflows
105,191
0
105,191
0
0
0
Risk Adjustment for nonfinancial risks
-5,594
0
-5,594
0
0
0
Contractual Service Margin
-29,295
\u00a0
-29,295
0
\u00a0
0
Contracts initially recognised in the period
31/12/2024
31/12/2023
Variable Fee Approach
Non-onerous
Onerous
Total
Non-onerous
Onerous
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Own-written
0
-2,460
-2,460
-2,537
486
-2,051
Estimates of present value of future cash outflows
-2,202,944
-32,022
-2,234,966
-1,955,842
-71,315
-2,027,157
Estimates of insurance acquisition costs
-273,559
-4,186
-277,745
-269,127
-10,180
-279,307
Estimates of present value of other future cash outflows
-1,929,385
-27,836
-1,957,221
-1,686,715
-61,135
-1,747,850
Estimates of present value of future cash inflows
2,459,045
31,660
2,490,705
2,189,650
74,678
2,264,328
Risk Adjustment for nonfinancial risks
-59,190
-2,098
-61,288
-55,743
-2,877
-58,620
Contractual Service Margin
-196,911
\u00a0
-196,911
-180,602
\u00a0
-180,602
Acquired
-399,629
0
-399,629
0
0
0
Estimates of present value of future cash outflows
-477,174
0
-477,174
0
0
0
Estimates of present value of other future cash outflows
-477,174
0
-477,174
0
0
0
Estimates of present value of future cash inflows
117,200
0
117,200
0
0
0
Risk Adjustment for nonfinancial risks
-2,525
0
-2,525
0
0
0
Contractual Service Margin
-37,130
\u00a0
-37,130
0
\u00a0
0
CSM expected to be recognised in profit or loss
31/12/2024
Insurance contracts issued
1st year
2nd year
3rd year
4th year
5th year and later
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
GMM
-164,336
-124,548
-103,363
-86,462
-460,543
-939,252
Assets for Remaining Coverage (ARC)
-41,859
-34,956
-29,439
-24,913
-153,621
-284,788
Liability for Remaining Coverage (LRC)
-122,477
-89,592
-73,924
-61,549
-306,922
-654,464
VFA
-352,007
-323,174
-298,503
-276,171
-3,414,930
-4,664,785
Assets for Remaining Coverage (ARC)
-230
-274
-309
-335
-4,347
-5,495
Liability for Remaining Coverage (LRC)
-351,777
-322,900
-298,194
-275,836
-3,410,583
-4,659,290
Total
-516,343
-447,722
-401,866
-362,633
-3,875,473
-5,604,037
CSM expected to be recognised in profit or loss
31/12/2023
Insurance contracts issued
1st year
2nd year
3rd year
4th year
5th year and later
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
GMM
-144,551
-99,742
-80,610
-66,264
-372,911
-764,078
Assets for Remaining Coverage (ARC)
-39,250
-32,224
-27,666
-23,238
-147,401
-269,779
Liability for Remaining Coverage (LRC)
-105,301
-67,518
-52,944
-43,026
-225,510
-494,299
VFA
-386,096
-348,868
-319,752
-296,568
-3,768,433
-5,119,717
Assets for Remaining Coverage (ARC)
-62
-98
-133
-163
-3,197
-3,653
Liability for Remaining Coverage (LRC)
-386,034
-348,770
-319,619
-296,405
-3,765,236
-5,116,064
Total
-530,647
-448,610
-400,362
-362,832
-4,141,344
-5,883,795
1.4. Reinsurance contracts held
Development by balance sheet item
Development \u2013 reinsurance contracts held
2024
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LoReCo
\u00a0
LoReCo
Contracts not measured under PAA
Contracts measured at PAA
\u00a0
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
-39,390
4,142
653,672
1,163,020
26,854
1,808,298
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-35,639
422
-1,518
12,473
82
-24,180
Net book value as of 31/12 of the previous year = value as of 01/01
-75,029
4,564
652,154
1,175,493
26,936
1,784,118
Insurance service revenue
-1,477,363
\u00a0
\u00a0
\u00a0
\u00a0
-1,477,363
insurance service expenses
-46,865
2,505
696,344
531,831
-1,748
1,182,067
Investment components
-27,770
0
7,840
19,930
0
0
Insurance finance result*
2,396
673
10,095
71,456
1,737
86,357
Unrealised gains and losses acc. to IFRS 17
-1,706
0
7,413
-4,830
-377
500
Total changes in the statement of comprehensive income
-1,551,308
3,178
721,692
618,387
-388
-208,439
Exchange rate differences
1,983
0
-303
-12,860
-334
-11,514
Changes in scope of consolidation
-553
0
76
0
0
-477
Total fulfilment cash flows
1,530,434
\u00a0
-399,713
-592,356
\u00a0
538,365
Other movements (transfers, modifications, etc.)
-1,231
0
-1,649
1,101
2
-1,777
Net book value as of 31/12
-95,704
7,742
972,257
1,189,765
26,216
2,100,276
Assets as of 31/12
-40,409
7,667
975,351
1,174,286
25,863
2,142,758
Liabilities as of 31/12
-55,295
75
-3,094
15,479
353
-42,482
*Includes exchange rate differences of EUR -506,000
Development \u2013 reinsurance contracts held
2023
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LoReCo
\u00a0
LoReCo
Contracts not measured under PAA
Contracts measured at PAA
\u00a0
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
-37,144
17,499
608,545
1,257,568
28,041
1,874,509
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-53,389
559
-1,319
16,198
210
-37,741
Net book value as of 31/12 of the previous year = value as of 01/01
-90,533
18,058
607,226
1,273,766
28,251
1,836,768
Insurance service revenue
-1,339,091
\u00a0
\u00a0
\u00a0
\u00a0
-1,339,091
insurance service expenses
49,694
-13,421
308,863
548,357
-2,829
890,664
Investment components
-31,263
0
14,512
16,751
0
0
Insurance finance result*
-3,174
8
4,562
38,559
1,673
41,628
Unrealised gains and losses acc. to IFRS 17
-5,247
-833
7,830
33,166
0
34,916
Total changes in the statement of comprehensive income
-1,329,081
-14,246
335,767
636,833
-1,156
-371,883
Exchange rate differences
26,494
752
-12,795
-1,549
-160
12,742
Total fulfilment cash flows
1,318,092
\u00a0
-278,043
-733,557
\u00a0
306,492
Net book value as of 31/12
-75,028
4,564
652,155
1,175,493
26,935
1,784,119
Assets as of 31/12
-39,390
4,142
653,672
1,163,020
26,854
1,808,298
Liabilities as of 31/12
-35,639
422
-1,518
12,473
82
-24,180
*Includes exchange rate differences of EUR -4,911,000
Development \u2013 reinsurance contracts held
2024
Premium Allocation Approach
\u00a0
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LoReCo
LoReCo
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
67,552
6
1,163,020
26,854
1,257,432
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-3,631
1
12,473
82
8,925
Net book value as of 31/12 of the previous year = value as of 01/01
63,921
7
1,175,493
26,936
1,266,357
Insurance service revenue
-1,043,945
\u00a0
\u00a0
\u00a0
-1,043,945
insurance service expenses
-50,809
10
531,831
-1,748
479,284
Amounts recovered for claims and other technical expenses
2,330
\u00a0
442,282
\u00a0
444,612
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts
226
10
\u00a0
\u00a0
236
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
109,359
-1,687
107,672
Changes in risk of non-performance by issuer of reinsurance contracts
0
0
-500
0
-500
Consolidation effects
-53,365
\u00a0
-19,310
-61
-72,736
Investment components
-19,930
0
19,930
0
0
Insurance finance result*
121
0
71,456
1,737
73,314
Insurance finance result*
121
0
55,353
1,737
57,211
Consolidation effects
0
0
16,103
0
16,103
Unrealised gains and losses acc. to IFRS 17
0
0
-4,830
-377
-5,207
Total changes in the statement of comprehensive income
-1,114,563
10
618,387
-388
-496,554
Exchange rate differences
708
0
-12,860
-334
-12,486
Total fulfilment cash flows
1,122,333
0
-592,356
0
529,977
Received premiums
1,123,975
\u00a0
\u00a0
\u00a0
1,123,975
Claims and other insurance service expenses paid as well as investment components
\u00a0
\u00a0
-592,356
\u00a0
-592,356
Insurance acquisition costs
-1,642
\u00a0
\u00a0
\u00a0
-1,642
Other movements (transfers, modifications, etc.)
-4,571
0
1,101
2
-3,468
Net book value as of 31/12
67,828
17
1,189,765
26,216
1,283,826
Assets as of 31/12
102,348
17
1,174,286
25,863
1,302,514
Liabilities as of 31/12
-34,520
0
15,479
353
-18,688
*Includes exchange rate differences of EUR -12,000
Development \u2013 reinsurance contracts held
2023
Premium Allocation Approach
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LoReCo
LoReCo
PVFCF
RA
\u00a0
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
46,406
-1
1,257,568
28,041
1,332,014
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-22,244
0
16,198
210
-5,836
Net book value as of 31/12 of the previous year = value as of 01/01
24,162
-1
1,273,766
28,251
1,326,178
Insurance service revenue
-931,526
0
\u00a0
\u00a0
-931,526
insurance service expenses
45,835
5
548,357
-2,829
591,368
Amounts recovered for claims and other technical expenses
45,835
\u00a0
713,535
\u00a0
759,370
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts
\u00a0
5
\u00a0
\u00a0
5
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-165,532
-2,829
-168,361
Changes in risk of non-performance by issuer of reinsurance contracts
\u00a0
\u00a0
354
\u00a0
354
Investment components
-16,751
\u00a0
16,751
\u00a0
0
Insurance finance result*
-198
\u00a0
38,559
1,673
40,034
Unrealised gains and losses acc. to IFRS 17
\u00a0
\u00a0
33,166
\u00a0
33,166
Total changes in the statement of comprehensive income
-902,640
5
636,833
-1,156
-266,958
Exchange rate differences
11,725
3
-1,549
-160
10,019
Total fulfilment cash flows
930,675
0
-733,557
0
197,118
Received premiums
930,675
\u00a0
\u00a0
\u00a0
930,675
Claims and other insurance service expenses paid as well as investment components
\u00a0
\u00a0
-733,557
\u00a0
-733,557
Net book value as of 31/12
63,922
7
1,175,493
26,935
1,266,357
Assets as of 31/12
67,552
6
1,163,020
26,854
1,257,432
Liabilities as of 31/12
-3,631
1
12,473
82
8,925
*Includes exchange rate differences of EUR -393,000
Development \u2013 reinsurance contracts held
2024
General Measurement Model
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LoReCo
LoReCo
\u00a0
\u00a0
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
-106,942
4,136
653,672
550,866
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-32,008
421
-1,518
-33,105
Net book value as of 31/12 of the previous year = value as of 01/01
-138,950
4,557
652,154
517,761
Insurance service revenue
-433,418
\u00a0
\u00a0
-433,418
insurance service expenses
3,944
2,495
696,344
702,783
Amounts recovered for claims and other technical expenses
2,961
\u00a0
366,363
369,324
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts
\u00a0
2,495
\u00a0
2,495
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
331,022
331,022
Changes in risk of non-performance by issuer of reinsurance contracts
983
0
-1,041
-58
Investment components
-7,840
\u00a0
7,840
0
Insurance finance result*
2,275
673
10,095
13,043
Unrealised gains and losses acc. to IFRS 17
-1,706
0
7,413
5,707
Total changes in the statement of comprehensive income
-436,745
3,168
721,692
288,115
Exchange rate differences
1,275
0
-303
972
Changes in scope of consolidation
-553
0
76
-477
Total fulfilment cash flows
408,101
0
-399,713
8,388
Received premiums
411,272
\u00a0
\u00a0
411,272
Claims and other insurance service expenses paid as well as investment components
\u00a0
\u00a0
-399,713
-399,713
Insurance acquisition costs
-3,171
\u00a0
\u00a0
-3,171
Other movements (transfers, modifications, etc.)
3,340
0
-1,649
1,691
Net book value as of 31/12
-163,532
7,725
972,257
816,450
Assets as of 31/12
-142,757
7,650
975,351
840,244
Liabilities as of 31/12
-20,775
75
-3,094
-23,794
*Includes exchange rate differences of EUR -494,000
Development \u2013 reinsurance contracts held
2023
General Measurement Model
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LoReCo
LoReCo
\u00a0
\u00a0
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
-83,550
17,500
608,545
542,495
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-31,145
559
-1,319
-31,905
Net book value as of 31/12 of the previous year = value as of 01/01
-114,695
18,059
607,226
510,590
Insurance service revenue
-407,565
0
\u00a0
-407,565
insurance service expenses
3,859
-13,426
308,863
299,296
Amounts recovered for claims and other technical expenses
2,867
0
220,334
223,201
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts
\u00a0
-13,426
\u00a0
-13,426
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
88,775
88,775
Changes in risk of non-performance by issuer of reinsurance contracts
992
0
-246
746
Investment components
-14,512
\u00a0
14,512
0
Insurance finance result*
-2,976
8
4,562
1,594
Unrealised gains and losses acc. to IFRS 17
-5,247
-833
7,830
1,750
Total changes in the statement of comprehensive income
-426,441
-14,251
335,767
-104,925
Exchange rate differences
14,769
749
-12,795
2,723
Total fulfilment cash flows
387,417
0
-278,043
109,374
Received premiums
387,417
\u00a0
\u00a0
387,417
Claims and other insurance service expenses paid as well as investment components
\u00a0
\u00a0
-278,043
-278,043
Net book value as of 31/12
-138,950
4,557
652,155
517,762
Assets as of 31/12
-106,942
4,136
653,672
550,866
Liabilities as of 31/12
-32,008
421
-1,518
-33,105
*Includes exchange rate differences of EUR -4,518,000
Development by evaluation component: Insurance contracts that are not valued using the PAA
Developments of LRC / ARC and LIC / AIC by measurement components
2024
General Measurement Model
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
473,577
16,955
60,335
550,867
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-61,390
2,074
26,211
-33,105
Net book value as of 31/12 of the previous year = value as of 01/01
412,187
19,029
86,546
517,762
Changes that relate to current services
341,977
-66,223
-48,541
227,213
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
-48,541
-48,541
Amount of RA for the risk expired recognised in profit or loss
\u00a0
-66,223
\u00a0
-66,223
Experience adjustments
341,977
\u00a0
\u00a0
341,977
Changes that relate to future services
-105,969
67,455
40,093
1,579
Contracts initially recognised in the period
-107,939
67,848
63,434
23,343
Changes in estimates that adjust the CSM
1,970
-393
-23,341
-21,764
Changes that relate to past services
42,607
-1,976
0
40,631
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
42,607
-1,976
0
40,631
Changes in risk of non-performance by issuer of reinsurance contracts
-58
0
0
-58
Insurance finance result
8,250
1,710
3,083
13,043
Unrealised gains and losses acc. to IFRS 17
4,955
752
0
5,707
Total changes in the statement of comprehensive income
291,762
1,718
-5,365
288,115
Exchange rate differences
1,833
-169
-693
971
Changes in scope of consolidation
-895
28
390
-477
Total fulfilment cash flows
8,388
\u00a0
\u00a0
8,388
Received premiums
411,272
\u00a0
\u00a0
411,272
Claims and other insurance service expenses paid as well as investment components
-399,713
\u00a0
\u00a0
-399,713
Insurance acquisition costs
-3,171
\u00a0
\u00a0
-3,171
Other movements (transfers, modifications, etc.)
1,699
0
-8
1,691
Net book value as of 31/12
714,974
20,606
80,870
816,450
Assets as of 31/12
754,033
20,129
66,082
840,244
Liabilities as of 31/12
-39,059
477
14,788
-23,794
Developments of LRC / ARC and LIC / AIC by measurement components
2023
General Measurement Model
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
465,091
8,061
69,343
542,495
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-62,364
1,849
28,610
-31,905
Net book value as of 31/12 of the previous year = value as of 01/01
402,727
9,910
97,953
510,590
Changes that relate to current services
-113,928
-59,437
-12,051
-185,416
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
-12,051
-12,051
Amount of RA for the risk expired recognised in profit or loss
\u00a0
-62,087
\u00a0
-62,087
Experience adjustments
-113,928
2,650
\u00a0
-111,278
Changes that relate to future services
-78,026
63,490
-346
-14,882
Contracts initially recognised in the period
-98,321
62,655
55,510
19,844
Changes in estimates that adjust the CSM
20,295
835
-55,856
-34,726
Changes that relate to past services
86,748
4,536
0
91,284
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
86,748
4,536
\u00a0
91,284
Changes in risk of non-performance by issuer of reinsurance contracts
745
\u00a0
\u00a0
745
Insurance finance result
-6,249
2,362
5,481
1,594
Unrealised gains and losses acc. to IFRS 17
2,774
-1,024
\u00a0
1,750
Total changes in the statement of comprehensive income
-107,936
9,927
-6,916
-104,925
Exchange rate differences
8,022
-808
-4,491
2,723
Reclassification to BS items in accordance with IFRS 5
\u00a0
\u00a0
\u00a0
\u00a0
Total fulfilment cash flows
109,374
\u00a0
\u00a0
109,374
Received premiums
387,417
\u00a0
\u00a0
387,417
Claims and other insurance service expenses paid as well as investment components
-278,043
\u00a0
\u00a0
-278,043
Net book value as of 31/12
412,187
19,029
86,546
517,762
Assets as of 31/12
473,577
16,955
60,335
550,867
Liabilities as of 31/12
-61,390
2,074
26,211
-33,105
Additional disclosures
Contracts initially recognised in the period
\u00a0
\u00a0
General Measurement Model
31/12/2024
31/12/2023 adjusted
in EUR \u2018000
\u00a0
\u00a0
Own-written
23,343
19,844
Estimates of present value of future cash outflows
249,077
263,915
Estimates of insurance acquisition costs
0
-2,160
Estimates of present value of other future cash outflows
249,077
266,075
Estimates of present value of future cash inflows
-357,016
-362,236
Risk Adjustment for nonfinancial risks
67,848
62,655
Contractual Service Margin
63,434
55,510
Acquired
-477
0
Estimates of present value of future cash outflows
-1,018
0
Estimates of present value of other future cash outflows
-1,018
0
Estimates of present value of future cash inflows
123
0
Risk Adjustment for nonfinancial risks
28
0
Contractual Service Margin
390
0
CSM expected to be recognised in profit or loss
31/12/2024
Reinsurance contracts held
1st year
2nd year
3rd year
4th year
5th year and later
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
GMM
26,189
8,684
6,674
5,323
34,000
80,870
Assets for Remaining Coverage (ARC)
23,319
7,269
5,532
4,336
25,626
66,082
Liability for Remaining Coverage (LRC)
2,870
1,415
1,142
987
8,374
14,788
CSM expected to be recognised in profit or loss
31/12/2023
Reinsurance contracts held
1st year
2nd year
3rd year
4th year
5th year and later
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
GMM
19,394
11,751
9,266
7,800
38,335
86,546
Assets for Remaining Coverage (ARC)
17,244
6,974
5,512
4,582
26,023
60,335
Liability for Remaining Coverage (LRC)
2,150
4,777
3,754
3,218
12,312
26,211
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInInsuranceContractsByRemainingCoverageAndIncurredClaimsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-30": { "value": "
Developments of LRC / ARC and LIC / AIC by measurement components
2024
All measurement models that are not measured under PAA
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year
752,221
-247,491
-273,432
231,298
Liabilities as of 31/12 of the previous year
-23,116,620
-1,184,262
-5,610,363
-29,911,245
Net book value as of 31/12 of the previous year
-22,364,399
-1,431,753
-5,883,795
-29,679,947
IAS 8 error correction
0
0
6,623
6,623
Net book value as of 01/01
-22,364,399
-1,431,753
-5,877,172
-29,673,324
Changes that relate to current services
5,354
149,871
589,951
745,176
Changes that relate to future services
369,364
-166,812
-228,896
-26,344
Changes that relate to past services
-33,170
16,732
0
-16,438
Insurance finance result
-1,274,665
-35,491
-76,552
-1,386,708
Unrealised gains and losses acc. to IFRS 17
-114,102
-6,812
0
-120,914
Total changes in the statement of comprehensive income
-1,047,219
-42,512
284,503
-805,228
Exchange rate differences
91,433
16,077
52,359
159,869
Changes in scope of consolidation
-402,124
-8,119
-66,425
-476,668
Total fulfilment cash flows
413,252
\u00a0
\u00a0
413,252
Other movements (transfers, modifications, etc.)
-2,588
-118
2,698
-8
Net book value as of 31/12
-23,311,645
-1,466,425
-5,604,037
-30,382,107
Assets as of 31/12
844,835
-264,064
-290,283
290,488
Liabilities as of 31/12
-24,156,480
-1,202,361
-5,313,754
-30,672,595
Developments of LRC / ARC and LIC / AIC by measurement components
2023
All measurement models that are not measured under PAA
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
580,315
-182,553
-273,541
124,221
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-22,213,298
-1,154,159
-5,662,544
-29,030,001
Net book value as of 31/12 of the previous year = value as of 01/01
-21,632,983
-1,336,712
-5,936,085
-28,905,780
Changes that relate to current services
-548,502
149,736
612,586
213,820
Changes that relate to future services
540,297
-131,919
-550,336
-141,958
Changes that relate to past services
577,968
12,557
0
590,525
Insurance finance result
-1,360,733
-72,494
-59,033
-1,492,260
Unrealised gains and losses acc. to IFRS 17
-907,185
-31,043
0
-938,228
Total changes in the statement of comprehensive income
-1,698,155
-73,163
3,217
-1,768,101
Exchange rate differences
40,411
-21,878
49,073
67,606
Total fulfilment cash flows
926,328
\u00a0
\u00a0
926,328
Net book value as of 31/12
-22,364,399
-1,431,753
-5,883,795
-29,679,947
Assets as of 31/12
752,221
-247,491
-273,432
231,298
Liabilities as of 31/12
-23,116,620
-1,184,262
-5,610,363
-29,911,245
Developments of LRC / ARC and LIC / AIC by measurement components
2024
General Measurement Model
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
745,643
-245,949
-269,779
229,915
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,360,506
-160,018
-494,299
-3,014,823
Net book value as of 31/12 of the previous year = value as of 01/01
-1,614,863
-405,967
-764,078
-2,784,908
Changes that relate to current services
11,378
64,062
230,373
305,813
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
230,373
230,373
Amount of RA for the risk expired recognised in profit or loss
\u00a0
69,190
\u00a0
69,190
Experience adjustments
11,378
-5,128
\u00a0
6,250
Changes that relate to future services
382,962
-76,844
-324,939
-18,821
Contracts initially recognised in the period
440,439
-109,568
-348,310
-17,439
Changes in estimates that adjust the CSM
-55,464
32,093
23,371
0
Changes in estimates that do not adjust the CSM
-2,013
631
\u00a0
-1,382
Changes that relate to past services
-37,666
4,911
0
-32,755
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
-37,666
4,911
0
-32,755
Insurance finance result
-38,063
-16,779
-67,116
-121,958
Unrealised gains and losses acc. to IFRS 17
-27,677
-6,812
0
-34,489
Total changes in the statement of comprehensive income
290,934
-31,462
-161,682
97,790
Exchange rate differences
5,823
5,164
15,803
26,790
Changes in scope of consolidation
-42,150
-5,594
-29,295
-77,039
Total fulfilment cash flows
-221,715
\u00a0
\u00a0
-221,715
Received premiums
-1,858,155
\u00a0
\u00a0
-1,858,155
Claims and other insurance service expenses paid as well as investment components
1,026,832
\u00a0
\u00a0
1,026,832
Insurance acquisition costs
609,608
\u00a0
\u00a0
609,608
Other movements (transfers, modifications, etc.)
-11
0
0
-11
Net book value as of 31/12
-1,581,982
-437,859
-939,252
-2,959,093
Assets as of 31/12
835,176
-261,485
-284,788
288,903
Liabilities as of 31/12
-2,417,158
-176,374
-654,464
-3,247,996
Under the item Changes in scope of consolidation, EUR 76,041,000 came from the first-time consolidation of Aegon Life and EUR\u00a0998,000 came from the transfer of the Aegon portfolio in Romania.
Developments of LRC / ARC and LIC / AIC by measurement components
2023
General Measurement Model
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
576,413
-181,860
-272,856
121,697
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,071,808
-172,563
-494,203
-2,738,574
Net book value as of 31/12 of the previous year = value as of 01/01
-1,495,395
-354,423
-767,059
-2,616,877
Changes that relate to current services
-254,149
57,960
204,484
8,295
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
204,484
204,484
Amount of RA for the risk expired recognised in profit or loss
\u00a0
65,370
\u00a0
65,370
Experience adjustments
-254,149
-7,410
\u00a0
-261,559
Changes that relate to future services
280,695
-76,197
-185,974
18,524
Contracts initially recognised in the period
318,262
-95,045
-233,453
-10,236
Changes in estimates that adjust the CSM
-65,615
17,374
47,479
-762
Changes in estimates that do not adjust the CSM
28,048
1,474
\u00a0
29,522
Changes that relate to past services
161,885
942
0
162,827
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
161,885
942
0
162,827
Insurance finance result
-58,618
-9,210
-60,308
-128,136
Unrealised gains and losses acc. to IFRS 17
-120,568
-31,043
0
-151,611
Total changes in the statement of comprehensive income
9,245
-57,548
-41,798
-90,101
Exchange rate differences
24,578
6,004
44,779
75,361
Reclassification to BS items in accordance with IFRS 5
0
0
0
0
Total fulfilment cash flows
-153,291
\u00a0
\u00a0
-153,291
Received premiums
-1,669,613
\u00a0
\u00a0
-1,669,613
Claims and other insurance service expenses paid as well as investment components
1,048,151
\u00a0
\u00a0
1,048,151
Insurance acquisition costs
468,171
\u00a0
\u00a0
468,171
Net book value as of 31/12
-1,614,863
-405,967
-764,078
-2,784,908
Assets as of 31/12
745,643
-245,949
-269,779
229,915
Liabilities as of 31/12
-2,360,506
-160,018
-494,299
-3,014,823
Developments of LRC / ARC and LIC / AIC by measurement components
2024
Variable Fee Approach
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year
6,578
-1,542
-3,653
1,383
Liabilities as of 31/12 of the previous year
-20,756,114
-1,024,244
-5,116,064
-26,896,422
Net book value as of 31/12 of the previous year
-20,749,536
-1,025,786
-5,119,717
-26,895,039
IAS 8 error correction
0
0
6,623
6,623
Net book value as of 01/01
-20,749,536
-1,025,786
-5,113,094
-26,888,416
Changes that relate to current services
-6,024
85,809
359,578
439,363
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
359,578
359,578
Amount of RA for the risk expired recognised in profit or loss
\u00a0
92,828
\u00a0
92,828
Experience adjustments
-6,024
-7,019
\u00a0
-13,043
Changes that relate to future services
-13,598
-89,968
96,043
-7,523
Contracts initially recognised in the period
255,739
-61,288
-196,911
-2,460
Changes in estimates that adjust the CSM
-292,954
0
292,954
0
Changes in estimates that do not adjust the CSM
23,617
-28,680
\u00a0
-5,063
Changes that relate to past services
4,496
11,821
0
16,317
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
4,496
11,821
0
16,317
Insurance finance result
-1,236,602
-18,712
-9,436
-1,264,750
Unrealised gains and losses acc. to IFRS\u00a017
-86,425
0
0
-86,425
Total changes in the statement of comprehensive income
-1,338,153
-11,050
446,185
-903,018
Exchange rate differences
85,610
10,913
36,556
133,079
Changes in scope of consolidation
-359,974
-2,525
-37,130
-399,629
Total fulfilment cash flows
634,967
\u00a0
\u00a0
634,967
Received premiums
-3,246,735
\u00a0
\u00a0
-3,246,735
Claims and other insurance service expenses paid as well as investment components
3,369,073
\u00a0
\u00a0
3,369,073
Insurance acquisition costs
512,629
\u00a0
\u00a0
512,629
Other movements (transfers, modifications, etc.)
-2,577
-118
2,698
3
Net book value as of 31/12
-21,729,663
-1,028,566
-4,664,785
-27,423,014
Assets as of 31/12
9,659
-2,579
-5,495
1,585
Liabilities as of 31/12
-21,739,322
-1,025,987
-4,659,290
-27,424,599
Under the item Changes in scope of consolidation, EUR\u00a0275,202,000 came from the first-time consolidation of Aegon Life and EUR\u00a0124,427,000 came from the transfer of the Aegon portfolio in Romania.
Developments of LRC / ARC and LIC / AIC by measurement components
2023
Variable Fee Approach
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
3,902
-693
-685
2,524
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-20,141,490
-981,596
-5,168,341
-26,291,427
Net book value as of 31/12 of the previous year = value as of 01/01
-20,137,588
-982,289
-5,169,026
-26,288,903
Changes that relate to current services
-294,353
91,776
408,102
205,525
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
408,102
408,102
Amount of RA for the risk expired recognised in profit or loss
\u00a0
95,720
\u00a0
95,720
Experience adjustments
-294,353
-3,944
\u00a0
-298,297
Changes that relate to future services
259,602
-55,722
-364,362
-160,482
Contracts initially recognised in the period
237,171
-58,620
-180,602
-2,051
Changes in estimates that adjust the CSM
8,618
0
-183,760
-175,142
Changes in estimates that do not adjust the CSM
13,813
2,898
\u00a0
16,711
Changes that relate to past services
416,083
11,615
0
427,698
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
416,083
11,615
\u00a0
427,698
Insurance finance result
-1,302,115
-63,284
1,275
-1,364,124
Unrealised gains and losses acc. to IFRS 17
-786,617
0
0
-786,617
Total changes in the statement of comprehensive income
-1,707,400
-15,615
45,015
-1,678,000
Exchange rate differences
15,833
-27,882
4,294
-7,755
Total fulfilment cash flows
1,079,619
\u00a0
\u00a0
1,079,619
Received premiums
-3,086,382
\u00a0
\u00a0
-3,086,382
Claims and other insurance service expenses paid as well as investment components
3,667,451
\u00a0
\u00a0
3,667,451
Insurance acquisition costs
498,550
\u00a0
\u00a0
498,550
Net book value as of 31/12
-20,749,536
-1,025,786
-5,119,717
-26,895,039
Assets as of 31/12
6,578
-1,542
-3,653
1,383
Liabilities as of 31/12
-20,756,114
-1,024,244
-5,116,064
-26,896,422
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInInsuranceContractsByComponentsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-31": { "value": "
Contracts initially recognised in the period
31/12/2024
31/12/2023
General Measurement Model
Non-onerous
Onerous
Total
Non-onerous
Onerous
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Own-written
0
-17,439
-17,439
-7,002
-3,234
-10,236
Estimates of present value of future cash outflows
-1,992,739
-182,749
-2,175,488
-1,501,615
-220,586
-1,722,201
Estimates of insurance acquisition costs
-383,882
-11,581
-395,463
-332,238
-24,679
-356,917
Estimates of present value of other future cash outflows
-1,608,857
-171,168
-1,780,025
-1,169,377
-195,907
-1,365,284
Estimates of present value of future cash inflows
2,442,137
173,790
2,615,927
1,817,483
222,980
2,040,463
Risk Adjustment for nonfinancial risks
-101,088
-8,480
-109,568
-89,417
-5,628
-95,045
Contractual Service Margin
-348,310
\u00a0
-348,310
-233,453
\u00a0
-233,453
Acquired
-77,039
0
-77,039
0
0
0
Estimates of present value of future cash outflows
-147,341
0
-147,341
0
0
0
Estimates of present value of other future cash outflows
-147,341
0
-147,341
0
0
0
Estimates of present value of future cash inflows
105,191
0
105,191
0
0
0
Risk Adjustment for nonfinancial risks
-5,594
0
-5,594
0
0
0
Contractual Service Margin
-29,295
\u00a0
-29,295
0
\u00a0
0
Contracts initially recognised in the period
\u00a0
\u00a0
General Measurement Model
31/12/2024
31/12/2023 adjusted
in EUR \u2018000
\u00a0
\u00a0
Own-written
23,343
19,844
Estimates of present value of future cash outflows
249,077
263,915
Estimates of insurance acquisition costs
0
-2,160
Estimates of present value of other future cash outflows
249,077
266,075
Estimates of present value of future cash inflows
-357,016
-362,236
Risk Adjustment for nonfinancial risks
67,848
62,655
Contractual Service Margin
63,434
55,510
Acquired
-477
0
Estimates of present value of future cash outflows
-1,018
0
Estimates of present value of other future cash outflows
-1,018
0
Estimates of present value of future cash inflows
123
0
Risk Adjustment for nonfinancial risks
28
0
Contractual Service Margin
390
0
CSM expected to be recognised in profit or loss
31/12/2024
Reinsurance contracts held
1st year
2nd year
3rd year
4th year
5th year and later
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
GMM
26,189
8,684
6,674
5,323
34,000
80,870
Assets for Remaining Coverage (ARC)
23,319
7,269
5,532
4,336
25,626
66,082
Liability for Remaining Coverage (LRC)
2,870
1,415
1,142
987
8,374
14,788
CSM expected to be recognised in profit or loss
31/12/2023
Reinsurance contracts held
1st year
2nd year
3rd year
4th year
5th year and later
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
GMM
19,394
11,751
9,266
7,800
38,335
86,546
Assets for Remaining Coverage (ARC)
17,244
6,974
5,512
4,582
26,023
60,335
Liability for Remaining Coverage (LRC)
2,150
4,777
3,754
3,218
12,312
26,211
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfInsuranceContractsInitiallyRecognisedExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-32": { "value": "
CSM expected to be recognised in profit or loss
31/12/2024
Insurance contracts issued
1st year
2nd year
3rd year
4th year
5th year and later
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
GMM
-164,336
-124,548
-103,363
-86,462
-460,543
-939,252
Assets for Remaining Coverage (ARC)
-41,859
-34,956
-29,439
-24,913
-153,621
-284,788
Liability for Remaining Coverage (LRC)
-122,477
-89,592
-73,924
-61,549
-306,922
-654,464
VFA
-352,007
-323,174
-298,503
-276,171
-3,414,930
-4,664,785
Assets for Remaining Coverage (ARC)
-230
-274
-309
-335
-4,347
-5,495
Liability for Remaining Coverage (LRC)
-351,777
-322,900
-298,194
-275,836
-3,410,583
-4,659,290
Total
-516,343
-447,722
-401,866
-362,633
-3,875,473
-5,604,037
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutExpectedRecognitionOfContractualServiceMarginInProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-33": { "value": "
1.4. Reinsurance contracts held
Development by balance sheet item
Development \u2013 reinsurance contracts held
2024
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LoReCo
\u00a0
LoReCo
Contracts not measured under PAA
Contracts measured at PAA
\u00a0
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
-39,390
4,142
653,672
1,163,020
26,854
1,808,298
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-35,639
422
-1,518
12,473
82
-24,180
Net book value as of 31/12 of the previous year = value as of 01/01
-75,029
4,564
652,154
1,175,493
26,936
1,784,118
Insurance service revenue
-1,477,363
\u00a0
\u00a0
\u00a0
\u00a0
-1,477,363
insurance service expenses
-46,865
2,505
696,344
531,831
-1,748
1,182,067
Investment components
-27,770
0
7,840
19,930
0
0
Insurance finance result*
2,396
673
10,095
71,456
1,737
86,357
Unrealised gains and losses acc. to IFRS 17
-1,706
0
7,413
-4,830
-377
500
Total changes in the statement of comprehensive income
-1,551,308
3,178
721,692
618,387
-388
-208,439
Exchange rate differences
1,983
0
-303
-12,860
-334
-11,514
Changes in scope of consolidation
-553
0
76
0
0
-477
Total fulfilment cash flows
1,530,434
\u00a0
-399,713
-592,356
\u00a0
538,365
Other movements (transfers, modifications, etc.)
-1,231
0
-1,649
1,101
2
-1,777
Net book value as of 31/12
-95,704
7,742
972,257
1,189,765
26,216
2,100,276
Assets as of 31/12
-40,409
7,667
975,351
1,174,286
25,863
2,142,758
Liabilities as of 31/12
-55,295
75
-3,094
15,479
353
-42,482
*Includes exchange rate differences of EUR -506,000
Development \u2013 reinsurance contracts held
2023
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LoReCo
\u00a0
LoReCo
Contracts not measured under PAA
Contracts measured at PAA
\u00a0
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
-37,144
17,499
608,545
1,257,568
28,041
1,874,509
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-53,389
559
-1,319
16,198
210
-37,741
Net book value as of 31/12 of the previous year = value as of 01/01
-90,533
18,058
607,226
1,273,766
28,251
1,836,768
Insurance service revenue
-1,339,091
\u00a0
\u00a0
\u00a0
\u00a0
-1,339,091
insurance service expenses
49,694
-13,421
308,863
548,357
-2,829
890,664
Investment components
-31,263
0
14,512
16,751
0
0
Insurance finance result*
-3,174
8
4,562
38,559
1,673
41,628
Unrealised gains and losses acc. to IFRS 17
-5,247
-833
7,830
33,166
0
34,916
Total changes in the statement of comprehensive income
-1,329,081
-14,246
335,767
636,833
-1,156
-371,883
Exchange rate differences
26,494
752
-12,795
-1,549
-160
12,742
Total fulfilment cash flows
1,318,092
\u00a0
-278,043
-733,557
\u00a0
306,492
Net book value as of 31/12
-75,028
4,564
652,155
1,175,493
26,935
1,784,119
Assets as of 31/12
-39,390
4,142
653,672
1,163,020
26,854
1,808,298
Liabilities as of 31/12
-35,639
422
-1,518
12,473
82
-24,180
*Includes exchange rate differences of EUR -4,911,000
Development \u2013 reinsurance contracts held
2024
Premium Allocation Approach
\u00a0
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LoReCo
LoReCo
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
67,552
6
1,163,020
26,854
1,257,432
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-3,631
1
12,473
82
8,925
Net book value as of 31/12 of the previous year = value as of 01/01
63,921
7
1,175,493
26,936
1,266,357
Insurance service revenue
-1,043,945
\u00a0
\u00a0
\u00a0
-1,043,945
insurance service expenses
-50,809
10
531,831
-1,748
479,284
Amounts recovered for claims and other technical expenses
2,330
\u00a0
442,282
\u00a0
444,612
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts
226
10
\u00a0
\u00a0
236
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
109,359
-1,687
107,672
Changes in risk of non-performance by issuer of reinsurance contracts
0
0
-500
0
-500
Consolidation effects
-53,365
\u00a0
-19,310
-61
-72,736
Investment components
-19,930
0
19,930
0
0
Insurance finance result*
121
0
71,456
1,737
73,314
Insurance finance result*
121
0
55,353
1,737
57,211
Consolidation effects
0
0
16,103
0
16,103
Unrealised gains and losses acc. to IFRS 17
0
0
-4,830
-377
-5,207
Total changes in the statement of comprehensive income
-1,114,563
10
618,387
-388
-496,554
Exchange rate differences
708
0
-12,860
-334
-12,486
Total fulfilment cash flows
1,122,333
0
-592,356
0
529,977
Received premiums
1,123,975
\u00a0
\u00a0
\u00a0
1,123,975
Claims and other insurance service expenses paid as well as investment components
\u00a0
\u00a0
-592,356
\u00a0
-592,356
Insurance acquisition costs
-1,642
\u00a0
\u00a0
\u00a0
-1,642
Other movements (transfers, modifications, etc.)
-4,571
0
1,101
2
-3,468
Net book value as of 31/12
67,828
17
1,189,765
26,216
1,283,826
Assets as of 31/12
102,348
17
1,174,286
25,863
1,302,514
Liabilities as of 31/12
-34,520
0
15,479
353
-18,688
*Includes exchange rate differences of EUR -12,000
Development \u2013 reinsurance contracts held
2023
Premium Allocation Approach
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LoReCo
LoReCo
PVFCF
RA
\u00a0
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
46,406
-1
1,257,568
28,041
1,332,014
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-22,244
0
16,198
210
-5,836
Net book value as of 31/12 of the previous year = value as of 01/01
24,162
-1
1,273,766
28,251
1,326,178
Insurance service revenue
-931,526
0
\u00a0
\u00a0
-931,526
insurance service expenses
45,835
5
548,357
-2,829
591,368
Amounts recovered for claims and other technical expenses
45,835
\u00a0
713,535
\u00a0
759,370
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts
\u00a0
5
\u00a0
\u00a0
5
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-165,532
-2,829
-168,361
Changes in risk of non-performance by issuer of reinsurance contracts
\u00a0
\u00a0
354
\u00a0
354
Investment components
-16,751
\u00a0
16,751
\u00a0
0
Insurance finance result*
-198
\u00a0
38,559
1,673
40,034
Unrealised gains and losses acc. to IFRS 17
\u00a0
\u00a0
33,166
\u00a0
33,166
Total changes in the statement of comprehensive income
-902,640
5
636,833
-1,156
-266,958
Exchange rate differences
11,725
3
-1,549
-160
10,019
Total fulfilment cash flows
930,675
0
-733,557
0
197,118
Received premiums
930,675
\u00a0
\u00a0
\u00a0
930,675
Claims and other insurance service expenses paid as well as investment components
\u00a0
\u00a0
-733,557
\u00a0
-733,557
Net book value as of 31/12
63,922
7
1,175,493
26,935
1,266,357
Assets as of 31/12
67,552
6
1,163,020
26,854
1,257,432
Liabilities as of 31/12
-3,631
1
12,473
82
8,925
*Includes exchange rate differences of EUR -393,000
Development \u2013 reinsurance contracts held
2024
General Measurement Model
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LoReCo
LoReCo
\u00a0
\u00a0
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
-106,942
4,136
653,672
550,866
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-32,008
421
-1,518
-33,105
Net book value as of 31/12 of the previous year = value as of 01/01
-138,950
4,557
652,154
517,761
Insurance service revenue
-433,418
\u00a0
\u00a0
-433,418
insurance service expenses
3,944
2,495
696,344
702,783
Amounts recovered for claims and other technical expenses
2,961
\u00a0
366,363
369,324
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts
\u00a0
2,495
\u00a0
2,495
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
331,022
331,022
Changes in risk of non-performance by issuer of reinsurance contracts
983
0
-1,041
-58
Investment components
-7,840
\u00a0
7,840
0
Insurance finance result*
2,275
673
10,095
13,043
Unrealised gains and losses acc. to IFRS 17
-1,706
0
7,413
5,707
Total changes in the statement of comprehensive income
-436,745
3,168
721,692
288,115
Exchange rate differences
1,275
0
-303
972
Changes in scope of consolidation
-553
0
76
-477
Total fulfilment cash flows
408,101
0
-399,713
8,388
Received premiums
411,272
\u00a0
\u00a0
411,272
Claims and other insurance service expenses paid as well as investment components
\u00a0
\u00a0
-399,713
-399,713
Insurance acquisition costs
-3,171
\u00a0
\u00a0
-3,171
Other movements (transfers, modifications, etc.)
3,340
0
-1,649
1,691
Net book value as of 31/12
-163,532
7,725
972,257
816,450
Assets as of 31/12
-142,757
7,650
975,351
840,244
Liabilities as of 31/12
-20,775
75
-3,094
-23,794
*Includes exchange rate differences of EUR -494,000
Development \u2013 reinsurance contracts held
2023
General Measurement Model
LRC / ARC
LIC / AIC
Total
\u00a0
Excl. LoReCo
LoReCo
\u00a0
\u00a0
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
-83,550
17,500
608,545
542,495
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-31,145
559
-1,319
-31,905
Net book value as of 31/12 of the previous year = value as of 01/01
-114,695
18,059
607,226
510,590
Insurance service revenue
-407,565
0
\u00a0
-407,565
insurance service expenses
3,859
-13,426
308,863
299,296
Amounts recovered for claims and other technical expenses
2,867
0
220,334
223,201
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts
\u00a0
-13,426
\u00a0
-13,426
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
88,775
88,775
Changes in risk of non-performance by issuer of reinsurance contracts
992
0
-246
746
Investment components
-14,512
\u00a0
14,512
0
Insurance finance result*
-2,976
8
4,562
1,594
Unrealised gains and losses acc. to IFRS 17
-5,247
-833
7,830
1,750
Total changes in the statement of comprehensive income
-426,441
-14,251
335,767
-104,925
Exchange rate differences
14,769
749
-12,795
2,723
Total fulfilment cash flows
387,417
0
-278,043
109,374
Received premiums
387,417
\u00a0
\u00a0
387,417
Claims and other insurance service expenses paid as well as investment components
\u00a0
\u00a0
-278,043
-278,043
Net book value as of 31/12
-138,950
4,557
652,155
517,762
Assets as of 31/12
-106,942
4,136
653,672
550,866
Liabilities as of 31/12
-32,008
421
-1,518
-33,105
*Includes exchange rate differences of EUR -4,518,000
Development by evaluation component: Insurance contracts that are not valued using the PAA
Developments of LRC / ARC and LIC / AIC by measurement components
2024
General Measurement Model
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
473,577
16,955
60,335
550,867
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-61,390
2,074
26,211
-33,105
Net book value as of 31/12 of the previous year = value as of 01/01
412,187
19,029
86,546
517,762
Changes that relate to current services
341,977
-66,223
-48,541
227,213
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
-48,541
-48,541
Amount of RA for the risk expired recognised in profit or loss
\u00a0
-66,223
\u00a0
-66,223
Experience adjustments
341,977
\u00a0
\u00a0
341,977
Changes that relate to future services
-105,969
67,455
40,093
1,579
Contracts initially recognised in the period
-107,939
67,848
63,434
23,343
Changes in estimates that adjust the CSM
1,970
-393
-23,341
-21,764
Changes that relate to past services
42,607
-1,976
0
40,631
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
42,607
-1,976
0
40,631
Changes in risk of non-performance by issuer of reinsurance contracts
-58
0
0
-58
Insurance finance result
8,250
1,710
3,083
13,043
Unrealised gains and losses acc. to IFRS 17
4,955
752
0
5,707
Total changes in the statement of comprehensive income
291,762
1,718
-5,365
288,115
Exchange rate differences
1,833
-169
-693
971
Changes in scope of consolidation
-895
28
390
-477
Total fulfilment cash flows
8,388
\u00a0
\u00a0
8,388
Received premiums
411,272
\u00a0
\u00a0
411,272
Claims and other insurance service expenses paid as well as investment components
-399,713
\u00a0
\u00a0
-399,713
Insurance acquisition costs
-3,171
\u00a0
\u00a0
-3,171
Other movements (transfers, modifications, etc.)
1,699
0
-8
1,691
Net book value as of 31/12
714,974
20,606
80,870
816,450
Assets as of 31/12
754,033
20,129
66,082
840,244
Liabilities as of 31/12
-39,059
477
14,788
-23,794
Developments of LRC / ARC and LIC / AIC by measurement components
2023
General Measurement Model
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
465,091
8,061
69,343
542,495
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-62,364
1,849
28,610
-31,905
Net book value as of 31/12 of the previous year = value as of 01/01
402,727
9,910
97,953
510,590
Changes that relate to current services
-113,928
-59,437
-12,051
-185,416
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
-12,051
-12,051
Amount of RA for the risk expired recognised in profit or loss
\u00a0
-62,087
\u00a0
-62,087
Experience adjustments
-113,928
2,650
\u00a0
-111,278
Changes that relate to future services
-78,026
63,490
-346
-14,882
Contracts initially recognised in the period
-98,321
62,655
55,510
19,844
Changes in estimates that adjust the CSM
20,295
835
-55,856
-34,726
Changes that relate to past services
86,748
4,536
0
91,284
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
86,748
4,536
\u00a0
91,284
Changes in risk of non-performance by issuer of reinsurance contracts
745
\u00a0
\u00a0
745
Insurance finance result
-6,249
2,362
5,481
1,594
Unrealised gains and losses acc. to IFRS 17
2,774
-1,024
\u00a0
1,750
Total changes in the statement of comprehensive income
-107,936
9,927
-6,916
-104,925
Exchange rate differences
8,022
-808
-4,491
2,723
Reclassification to BS items in accordance with IFRS 5
\u00a0
\u00a0
\u00a0
\u00a0
Total fulfilment cash flows
109,374
\u00a0
\u00a0
109,374
Received premiums
387,417
\u00a0
\u00a0
387,417
Claims and other insurance service expenses paid as well as investment components
-278,043
\u00a0
\u00a0
-278,043
Net book value as of 31/12
412,187
19,029
86,546
517,762
Assets as of 31/12
473,577
16,955
60,335
550,867
Liabilities as of 31/12
-61,390
2,074
26,211
-33,105
Additional disclosures
Contracts initially recognised in the period
\u00a0
\u00a0
General Measurement Model
31/12/2024
31/12/2023 adjusted
in EUR \u2018000
\u00a0
\u00a0
Own-written
23,343
19,844
Estimates of present value of future cash outflows
249,077
263,915
Estimates of insurance acquisition costs
0
-2,160
Estimates of present value of other future cash outflows
249,077
266,075
Estimates of present value of future cash inflows
-357,016
-362,236
Risk Adjustment for nonfinancial risks
67,848
62,655
Contractual Service Margin
63,434
55,510
Acquired
-477
0
Estimates of present value of future cash outflows
-1,018
0
Estimates of present value of other future cash outflows
-1,018
0
Estimates of present value of future cash inflows
123
0
Risk Adjustment for nonfinancial risks
28
0
Contractual Service Margin
390
0
CSM expected to be recognised in profit or loss
31/12/2024
Reinsurance contracts held
1st year
2nd year
3rd year
4th year
5th year and later
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
GMM
26,189
8,684
6,674
5,323
34,000
80,870
Assets for Remaining Coverage (ARC)
23,319
7,269
5,532
4,336
25,626
66,082
Liability for Remaining Coverage (LRC)
2,870
1,415
1,142
987
8,374
14,788
CSM expected to be recognised in profit or loss
31/12/2023
Reinsurance contracts held
1st year
2nd year
3rd year
4th year
5th year and later
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
GMM
19,394
11,751
9,266
7,800
38,335
86,546
Assets for Remaining Coverage (ARC)
17,244
6,974
5,512
4,582
26,023
60,335
Liability for Remaining Coverage (LRC)
2,150
4,777
3,754
3,218
12,312
26,211
Reinsurance contracts held
Development
2024
2023
General Measurement Model
FVA
FRA and new contracts
Total
FVA
FRA and new contracts
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contractual Service Margin as of 01/01
49,689
36,854
86,543
63,716
34,235
97,951
Changes that relate to current services
-8,473
-40,068
-48,541
-9,387
-2,664
-12,051
Amount of CSM recognised in profit or loss
-8,473
-40,068
-48,541
-9,387
-2,664
-12,051
Changes that relate to future services
177
39,916
40,093
-3,301
2,955
-346
Contracts initially recognised in the period
0
63,434
63,434
\u00a0
55,510
55,510
Changes in estimates that adjust the CSM
177
-23,518
-23,341
-3,301
-52,555
-55,856
Insurance finance result*
259
2,824
3,083
-937
6,418
5,481
Total changes in the statement of comprehensive income
-8,037
2,672
-5,365
-13,625
6,709
-6,916
Exchange rate differences
-35
-656
-691
-402
-4,090
-4,492
Changes in scope of consolidation
0
391
391
0
0
0
Other movements (transfers, modifications, etc.)
43
-51
-8
0
0
0
Contractual Service Margin as of 31/12
41,660
39,210
80,870
49,689
36,854
86,543
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-34": { "value": "
Insurance service revenue
2024
2023
\u00a0
FVA
FRA and new contracts
Total
FVA
FRA and new contracts
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Insurance service revenue \u2011 issued business
1,369,492
10,768,985
12,138,477
1,437,101
9,484,724
10,921,825
Premium Allocation Approach
0
9,578,096
9,578,096
\u00a0
8,531,487
8,531,487
General Measurement Model
195,372
984,547
1,179,919
225,762
780,906
1,006,668
Variable Fee Approach
1,174,120
206,342
1,380,462
1,211,339
172,331
1,383,670
Insurance service revenue \u2011 reinsurance held
-24,305
-1,453,058
-1,477,363
-27,416
-1,311,675
-1,339,091
Premium Allocation Approach
0
-1,043,945
-1,043,945
\u00a0
-931,526
-931,526
General Measurement Model
-24,305
-409,113
-433,418
-27,416
-380,149
-407,565
", "dimensions": { "concept": "ifrs-full:DisclosureOfAnalysisOfInsuranceRevenueExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-35": { "value": "
1.7. Risk of concentration
Insurance contracts liabilities issued
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Austria
23,368,637
23,370,578
Czech Republic
2,927,744
2,851,071
Poland
2,551,364
2,004,101
Albania incl. Kosovo
90,407
83,469
Baltic states
1,037,409
862,750
Bosnia-Herzegovina
116,952
115,348
Bulgaria
288,909
254,262
Croatia
408,883
433,592
Moldova
15,396
17,210
North Macedonia
19,873
19,778
Romania
1,203,128
924,606
Serbia
329,151
313,779
Slovakia
1,661,644
1,563,953
Ukraine
111,694
95,723
Hungary
1,359,616
1,308,700
Germany
787,719
766,302
Georgia
27,566
20,400
Liechtenstein
908,881
882,881
T\u00fcrkiye
1,129,587
795,305
Group Functions
1,253,503
1,120,284
Total
39,598,063
37,804,092
Gross written premiums
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Motor third party liability insurance
2,470,991
2,214,614
Motor own damage insurance (Casco)
2,084,599
1,858,667
Other property and casualty insurance
7,495,365
6,796,547
Health insurance
1,025,497
898,086
Unit- and index-linked life insurance
668,785
600,375
Life insurance with profit participation
2,383,322
2,358,228
Life insurance without profit participation
1,126,498
983,620
Consolidation
-2,028,710
-1,926,119
Total
15,226,347
13,784,018
", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutConcentrationsOfRiskThatArisesFromContractsWithinScopeOfIFRS17Explanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-36": { "value": "1.8. Insurance and market risks \u2013 sensitivity analysisThe following sensitivities are calculated as effects on the capital of the Group solvency balance sheet in accordance with Solvency\u00a0II. The essential aim is to establish risk-orientated systems under Solvency\u00a0II and improve the risk management process. To achieve this, both quantitative and qualitative requirements must be met. VIG Insurance Group has established management processes with this objective in mind and uses them for controlling purposes. Differences between Solvency\u00a0II and IFRS\u00a017 calculations for the insurance contracts arise mainly because of the following:\u2022 different scope of costs to be taken into consideration, \u2022 contract boundaries and \u2022 discount rates applied.In accordance with IFRS\u00a017, only costs which can be directly allocated to an insurance contract can be taken into consideration, whereas under the Solvency\u00a0II regime the total costs approach is applied when evaluating underwriting obligations.Both regimes take into account the period of the contracts (contract boundaries) in the modelling of the future cash flows. When deriving the period of contracts, Solvency\u00a0II follows primarily the risk perspective, whereas IFRS\u00a017 focuses on the insurance contract itself. Accordingly, the different approach is also applied to the supplementary insurance contracts in those cases in which they are equivalent to the underlying main insurance contract in accordance with IFRS\u00a017. There is also a difference with the established term of ceded reinsurance contracts. Under Solvency\u00a0II, the period of the contract follows the primary insurance contract, whereas IFRS\u00a017 recognises the contractual period of the reinsurance contract.In the case of discounting the cash flows established for the period, Solvency\u00a0II applies strict and mandatory regulatory definitions that must be observed. By contrast, both the derivation of the interest rate and the risk margin are determined by the company itself based on the IFRS\u00a017 principles.Despite the differences listed, VIG Insurance Group considers the risk sensitivities established using Solvency\u00a0II to be an appropriate basis for the estimates in accordance with IFRS\u00a017.Sensitivities Own funds \u2011 Change31/12/202431/12/2023\u00a0in EUR \u2018000in %in EUR \u2018000in %Base10,401,147\u00a010,344,756\u00a0Underwriting risks\u00a0\u00a0\u00a0\u00a0Life insurance\u00a0\u00a0\u00a0\u00a0Mortality rates +5%-8,251-0.08-18,251-0.18Mortality rates -5%11,0660.1115,8580.15Expenses / Admin costs +10%-219,960-2.11--Expenses / Admin costs -10%--174,6341.69Lapse rates +100%---328,934-3.18Lapse rates +50%-177,519-1.71--Lapse rates -50%241,3052.32259,5012.51Non-life insurance\u00a0\u00a0\u00a0\u00a0Ultimate loss ratio (LIC) +1%-62,624-0.60-60,947-0.59Ultimate loss ratio (LIC) -1%60,8500.5958,4270.56Market risks\u00a0\u00a0\u00a0\u00a0Interest rate +100bp155,6221.50166,1581.61Interest rate -100bp-490,364-4.71-399,000-3.86Equity prices -25%-365,730-3.52-321,124-3.10Spreads for government and corporate bonds +50bp-456,234-4.39-448,404-4.33The changes in the base value shown have to be considered isolated in each case. This means that different sensitivities can not be added together to derive a cumulative change in the base value.", "dimensions": { "concept": "viennainsurancegroup:DisclosureOfSensitivityAnalysisToChangesInRiskVariablesThatAriseFromContractsWithinScopeOfIFRS17", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-37": { "value": "
1.9. Insurance risk \u2013 Claims development
Premium Allocation Approach
LIC / AIC \u2011 issued
2022
2023
2024
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Estimated undiscounted cash outflows excl. RA
\u00a0
\u00a0
\u00a0
\u00a0
At the end of accident year
-5,250,606
-5,668,844
-6,754,510
\u00a0
One year later
-5,174,532
-5,640,597
\u00a0
\u00a0
Two years later
-5,050,530
\u00a0
\u00a0
\u00a0
Cumulative claims paid
4,438,167
4,368,506
3,553,094
\u00a0
LIC/AIC - claims years from 2022
-612,363
-1,272,091
-3,201,416
-5,085,870
LIC/AIC - claims year 2021
\u00a0
\u00a0
\u00a0
-472,554
LIC/AIC - claims years before 2021*
\u00a0
\u00a0
\u00a0
-2,009,357
Effect of discounting
\u00a0
\u00a0
\u00a0
1,133,471
Risk Adjustment
\u00a0
\u00a0
\u00a0
-280,673
Total
\u00a0
\u00a0
\u00a0
-6,714,983
*including all receivables and payables included in L/AIC
AIC / LIC \u2011 held
2022
2023
2024
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Estimated undiscounted cash outflows excl. RA
\u00a0
\u00a0
\u00a0
\u00a0
At the end of accident year
696,401
587,095
774,871
\u00a0
One year later
701,875
649,635
\u00a0
\u00a0
Two years later
680,120
\u00a0
\u00a0
\u00a0
Cumulative claims paid
-563,635
-383,829
-354,981
\u00a0
AIC/LIC - claims years from 2022
116,485
265,806
419,890
802,181
AIC/LIC - claims year 2021
\u00a0
\u00a0
\u00a0
53,610
AIC/LIC - claims years before 2021*
\u00a0
\u00a0
\u00a0
432,202
Effect of discounting
\u00a0
\u00a0
\u00a0
-98,228
Risk Adjustment
\u00a0
\u00a0
\u00a0
26,216
Total
\u00a0
\u00a0
\u00a0
1,215,981
*including all receivables and payables included in A/LIC
", "dimensions": { "concept": "ifrs-full:DisclosureOfNatureAndExtentOfRisksThatAriseFromContractsWithinScopeOfIFRS17Explanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-38": { "value": "
1.10. Credit risk
The maximum credit risk that VIG Insurance Group is exposed to corresponds to the amounts recognised in the IFRS consolidated balance sheet under \u201cReinsurance contracts assets held\u201d and \u201cReinsurance contracts liabilities held\u201d.
Share of the reinsurer's rating
31/12/2024
31/12/2023
in %
\u00a0
\u00a0
AAA
1.15
4.95
AA
49.12
39.53
A
41.57
48.62
BBB
2.81
2.58
BB and lower
1.72
0.97
No rating
3.63
3.35
Due to the good credit quality of the reinsurers of VIG Insurance Group, on 31 December 2024 and 31 December 2023 no impairments for the shares of the reinsurers were required.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutCreditRiskThatArisesFromContractsWithinScopeOfIFRS17Explanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-39": { "value": "
1.10. Credit risk
The maximum credit risk that VIG Insurance Group is exposed to corresponds to the amounts recognised in the IFRS consolidated balance sheet under \u201cReinsurance contracts assets held\u201d and \u201cReinsurance contracts liabilities held\u201d.
Share of the reinsurer's rating
31/12/2024
31/12/2023
in %
\u00a0
\u00a0
AAA
1.15
4.95
AA
49.12
39.53
A
41.57
48.62
BBB
2.81
2.58
BB and lower
1.72
0.97
No rating
3.63
3.35
Due to the good credit quality of the reinsurers of VIG Insurance Group, on 31 December 2024 and 31 December 2023 no impairments for the shares of the reinsurers were required.
2.5. Credit risk
Financial liabilities
Financial liabilities that are designated measured at FVtPL bear no own default risk, which would have to be recognised through Other comprehensive income.
Financial assets
The stated credit risk refers only to the Group\u2019s risk-bearing portfolio as described in Note\u00a02.4. Risk of concentration starting on page\u00a0174.
Credit risk
Mandatorily measured at FVtPL
Designated measured at FVtPL
\u00a0
Loans
Bonds
Funds
Shares
Bonds
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Max. exposure to credit risk
1,180
788,079
1,541,128
303,565
317,483
Collaterals
0
165,874
0
0
5,253
The risk provision recognised in acc. with IFRS 9 is calculated on the basis of the nominal value. Consequently, the carrying amount may be lower than the cumulative risk provision, particularly in Stage 3.
Measured at AC
31/12/2024
\u00a0
AAA
AA
A
BBB
BB and lower
No rating
Gross carrying amount
ECL
Net carrying amount*
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans
0
140,120
102,116
164,469
87,712
181,923
676,340
-21,427
654,913
Stage 1
0
140,120
101,116
157,252
9,210
63,993
471,691
-726
470,965
Stage 2
0
0
1,000
7,217
78,502
112,669
199,388
-15,554
183,834
Stage 3
0
0
0
0
0
5,261
5,261
-5,147
114
Bonds
894
154,635
463,582
38,835
306,107
15,160
979,213
-47,506
931,707
POCI
0
0
0
0
655
0
655
5
660
Stage 1
894
154,635
463,582
38,835
304,722
160
962,828
-32,503
930,325
Stage 2
0
0
0
0
730
0
730
-8
722
Stage 3
0
0
0
0
0
15,000
15,000
-15,000
0
Term deposits
4,765
19,879
972,217
345,185
470,353
4,658
1,817,057
-12,200
1,804,857
Stage 1
4,765
19,879
972,217
345,185
470,353
4,658
1,817,057
-12,200
1,804,857
*The net carrying amount is the maximum exposure to credit risk excluding collaterals.
Measured at AC
31/12/2023
\u00a0
AAA
AA
A
BBB
BB and lower
No rating
Gross carrying amount
ECL
Net carrying amount*
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans
5,426
135,391
111,360
212,492
104,194
195,664
764,527
-22,221
742,306
Stage 1
5,426
135,391
111,360
212,492
9,831
68,409
542,909
-528
542,381
Stage 2
0
0
0
0
94,363
119,439
213,802
-14,005
199,797
Stage 3
0
0
0
0
0
7,816
7,816
-7,688
128
Bonds
511
237,512
438,375
61,277
245,721
18,971
1,002,367
-23,876
978,491
Stage 1
511
237,512
438,375
61,277
217,384
18,971
974,030
-23,548
950,482
Stage 2
0
0
0
0
28,337
0
28,337
-328
28,009
Term deposits
5,007
11,185
827,053
134,571
286,421
0
1,264,237
-21,714
1,242,523
Stage 1
5,007
11,185
827,053
134,571
286,421
0
1,264,237
-21,714
1,242,523
*The net carrying amount is the maximum exposure to credit risk excluding collaterals.
Measured at FVtOCI
31/12/2024
\u00a0
AAA
AA
A
BBB
BB and lower
No rating
Book value
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Bonds
3,211,650
6,214,967
8,321,477
5,311,484
1,294,464
132,412
24,486,454
-177,398
Stage 1
3,211,650
6,214,967
8,321,477
5,301,226
396,680
70,236
23,516,236
-19,230
Stage 2
0
0
0
4,258
897,604
56,861
958,723
-69,903
Stage 3
0
0
0
6,000
180
5,315
11,495
-88,265
Measured at FVtOCI
31/12/2023
\u00a0
AAA
AA
A
BBB
BB and lower
No rating
Book value
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Bonds
3,103,904
6,341,607
7,636,692
5,590,543
1,208,807
139,518
24,021,071
-172,613
Stage 1
3,103,904
6,341,607
7,636,692
5,583,139
960,371
68,133
23,693,846
-28,898
Stage 2
0
0
0
6,391
225,916
63,820
296,127
-36,827
Stage 3
0
0
0
1,013
22,520
7,565
31,098
-106,888
Impairment Provision Matrix
31/12/2024
IFRS 9 measured receivables
Due, not overdue
1\u201130 days overdue
31-90 days overdue
> 90 days overdue
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Receivables from services (IFRS 15)
42,481
912
121
60
43,574
Gross carrying amount
42,482
913
122
152
43,669
Risk provision
-1
-1
-1
-92
-95
Receivables from finance lease
60,193
0
0
0
60,193
Gross carrying amount
60,193
0
0
0
60,193
Other IFRS 9 measured receivables
318,897
7,096
2,212
9,885
338,090
Gross carrying amount
334,710
7,589
2,292
13,244
357,835
Risk provision
-15,813
-493
-80
-3,359
-19,745
Total
421,571
8,008
2,333
9,945
441,857
Loss rate \u2013 range
0.01%-100.00%
0.76%-62.00%
0.96%-100.00%
3.07%-100.00%
\u00a0
Impairment Provision Matrix
31/12/2023
IFRS 9 measured receivables
Due, not overdue
1\u201130 days overdue
31-90 days overdue
> 90 days overdue
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Receivables from services (IFRS 15)
38,552
645
167
15
39,379
Gross carrying amount
38,554
648
169
93
39,464
Risk provision
-2
-3
-2
-78
-85
Receivables from finance lease
55,326
0
0
0
55,326
Gross carrying amount
55,326
0
0
0
55,326
Other IFRS 9 measured receivables
301,834
3,548
2,144
16,726
324,252
Gross carrying amount
317,569
3,916
2,170
21,929
345,584
Risk provision
-15,735
-368
-26
-5,203
-21,332
Total
395,712
4,193
2,311
16,741
418,957
Loss rate \u2013 range
0.01%-100.00%
0.84%-62.00%
2.07%-100.00%
1.53%-100.00%
\u00a0
In the financial year, bonds valued at FVtOCI of EUR 5,026,000 (EUR 11,456,000) were provided as collateral for liabilities or contingent liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-40": { "value": "
1.11. Liquidity risk
The data quality for the liquidity risk has been changed, meaning that data from the previous year cannot be included in the present consolidated financial statements.
Undiscounted net cash flows
31/12/2024
Insurance contracts issued
GMM
VFA
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
One year later
256,287
-858,128
-601,841
Two years later
151,400
-1,034,021
-882,621
Three years later
54,108
-882,920
-828,812
Four years later
27,394
-950,886
-923,492
Five years later
-19,719
-1,076,371
-1,096,090
Beyond five years
-3,573,815
-34,730,312
-38,304,127
Total
-3,104,345
-39,532,638
-42,636,983
Undiscounted net cash flows
31/12/2024
Reinsurance contracts held
GMM
in EUR \u2018000
\u00a0
One year later
-36,102
Two years later
634
Three years later
-4,313
Four years later
-2,772
Five years later
-2,491
Beyond five years
-31,861
Total
-76,905
The liquidity risk arising from amounts payable on demand is simulated using the effect of the mass cancellation of life insurance policies. The parameters for this are applied in accordance with Article 142 (6) of EU Commission Delegated Regulation 2015/35. In the event of mass cancellation, the best estimate reserves increase by EUR 1,556.0 million (EUR 1,573.2 million). Under IFRS, the release of the Contractual Service Margin would have a significant positive countereffect on the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisForLiquidityRiskThatArisesFromContractsWithinScopeOfIFRS17Explanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-41": { "value": "
1.11. Liquidity risk
The data quality for the liquidity risk has been changed, meaning that data from the previous year cannot be included in the present consolidated financial statements.
Undiscounted net cash flows
31/12/2024
Insurance contracts issued
GMM
VFA
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
One year later
256,287
-858,128
-601,841
Two years later
151,400
-1,034,021
-882,621
Three years later
54,108
-882,920
-828,812
Four years later
27,394
-950,886
-923,492
Five years later
-19,719
-1,076,371
-1,096,090
Beyond five years
-3,573,815
-34,730,312
-38,304,127
Total
-3,104,345
-39,532,638
-42,636,983
Undiscounted net cash flows
31/12/2024
Reinsurance contracts held
GMM
in EUR \u2018000
\u00a0
One year later
-36,102
Two years later
634
Three years later
-4,313
Four years later
-2,772
Five years later
-2,491
Beyond five years
-31,861
Total
-76,905
The liquidity risk arising from amounts payable on demand is simulated using the effect of the mass cancellation of life insurance policies. The parameters for this are applied in accordance with Article 142 (6) of EU Commission Delegated Regulation 2015/35. In the event of mass cancellation, the best estimate reserves increase by EUR 1,556.0 million (EUR 1,573.2 million). Under IFRS, the release of the Contractual Service Margin would have a significant positive countereffect on the income statement.
2.6. Liquidity risk
Maturity analysis
31/12/2024
\u00a0
<1 year
>1 year-5 years
>5\u201110 years
>10 years
No maturity
Book value excl. risk provision
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
0
0
0
0
1,748,124
1,748,124
Financial assets
4,642,831
9,931,218
8,986,143
6,458,421
9,699,699
39,718,312
Measured at AC
2,050,561
523,871
254,302
643,876
0
3,472,610
Loans
116,341
93,904
94,232
371,863
0
676,340
Bonds
185,907
362,234
159,194
271,878
0
979,213
Term deposits
1,748,313
67,733
876
135
0
1,817,057
Measured at FVtOCI
2,394,042
8,442,791
8,174,529
5,475,092
291,027
24,777,481
Shares and shares in companies
0
0
0
0
291,027
291,027
Bonds
2,394,042
8,442,791
8,174,529
5,475,092
0
24,486,454
Measured at FVtPL
198,228
964,556
557,312
339,453
9,408,672
11,468,221
Shares and shares in companies
0
0
0
0
397,914
397,914
Loans
4,851
5
0
0
0
4,856
Bonds
191,767
949,351
556,386
339,445
0
2,036,949
Funds
0
0
0
0
9,010,758
9,010,758
Derivatives
1,610
15,200
926
8
0
17,744
Financial liabilities
-188,286
-870,061
-153,726
-1,162,067
0
-2,374,140
Subordinated liabilities
-51,082
-664,413
0
-500,000
0
-1,215,495
Liabilities to banks
-81,799
-119,889
-67,000
-29,500
0
-298,188
Liabilities from financing activities
-9,182
-3,626
-40,888
-525,376
0
-579,072
Liabilities for derivatives
-11,234
-16,446
-19,684
-13,382
0
-60,746
Lease liabilities
-34,924
-65,379
-26,019
-93,809
0
-220,131
Liabilities designated measured at FVtPL
-65
-308
-135
0
0
-508
Maturity analysis
31/12/2023
\u00a0
<1 year
>1 year-5 years
>5\u201110 years
>10 years
No maturity
Book value excl. risk provision
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
0
0
0
0
1,558,107
1,558,107
Financial assets
3,589,517
10,188,034
8,718,489
6,504,463
9,057,547
38,058,050
Measured at AC
1,490,415
619,738
276,158
644,820
0
3,031,131
Loans
191,999
111,953
95,146
365,429
0
764,527
Bonds
228,349
314,773
179,977
279,268
0
1,002,367
Term deposits
1,070,067
193,012
1,035
123
0
1,264,237
Measured at FVtOCI
1,929,022
8,747,438
8,017,053
5,327,558
399,293
24,420,364
Shares and shares in companies
0
0
0
0
399,293
399,293
Bonds
1,929,022
8,747,438
8,017,053
5,327,558
0
24,021,071
Measured at FVtPL
170,080
820,858
425,278
532,085
8,658,254
10,606,555
Shares and shares in companies
0
0
0
0
484,219
484,219
Bonds
168,401
804,458
424,314
532,085
0
1,929,258
Funds
0
0
0
0
8,174,035
8,174,035
Derivatives
1,679
16,400
964
0
0
19,043
Total
3,589,517
10,188,034
8,718,489
6,504,463
10,615,654
39,616,157
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities
-149,495
-731,318
-345,761
-1,169,747
0
-2,396,321
Subordinated liabilities
-103,091
-506,192
-200,000
-500,000
0
-1,309,283
Liabilities to banks
-6,950
-158,406
-80,025
-61,500
0
-306,881
Liabilities from financing activities
-9,646
-3,625
-40,879
-525,758
0
-579,908
Liabilities for derivatives
-707
0
-589
0
0
-1,296
Lease liabilities
-29,029
-62,759
-24,121
-82,489
0
-198,398
Liabilities designated measured at FVtPL
-72
-336
-147
0
0
-555
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-42": { "value": "
2. Financial assets and liabilities as well as other balance sheet items evaluated according to IFRS\u00a09
The accounting policies used are presented in Note\u00a024.4. Financial instruments starting on page\u00a0242 and the qualitative description of the risks is presented in the chapter Risk strategy and risk management starting on page\u00a0261.
Short description
Long description
Measured at AC
Measured at Amortised Costs
Measured at FVtOCI
Measured at Fair Value through Other Comprehensive Income
Measured at FVtPL
Measured at Fair Value through Profit and Loss
Designated measured at FVtOCI
Designated measured at Fair Value through Other Comprehensive Income
Designated measured at FVtPL
Designated measured at Fair Value through Profit and Loss
ECL
Expected Credit Loss
FV
Fair Value
POCI
Purchased or Originated Credit-Impaired
SPPI
Solely Payments of Principal and Interest
Mandatorily measured at FVtOCI
Mandatorily measured at Fair Value through Other Comprehensive Income
Mandatorily measured at FVtPL
Mandatorily measured at Fair Value through Profit and Loss
2.1. Overview
Measurement and balance of risk provision
31/12/2024
31/12/2023
\u00a0
Book value
ECL
Book value
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Measured at AC
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,748,124
0
1,558,107
0
Financial assets
3,472,610
-81,133
3,031,131
-67,811
IFRS 9 measured receivables
461,697
-19,840
440,374
-21,417
Financial liabilities
-2,312,886
0
-2,394,470
0
IFRS 9 measured liabilities
-582,834
0
-587,214
0
Measured at FVtOCI
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
24,777,481
-177,398
24,420,364
-172,613
Mandatorily measured at FVtOCI
24,486,454
-177,398
24,021,071
-172,613
Designated measured at FVtOCI
291,027
0
399,293
0
Measured at FVtPL
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
11,468,221
0
10,606,555
0
Mandatorily measured at FVtPL
11,148,394
0
10,393,733
0
Designated measured at FVtPL
319,827
0
212,822
0
Financial liabilities
-61,254
0
-1,851
0
Mandatorily measured at FVtPL
-60,746
0
-1,296
0
Designated measured at FVtPL
-508
0
-555
0
Risk-bearing portfolio*
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Cash and cash equivalents
1,665,742
1,447,034
Financial assets
31,161,203
30,333,002
Investment property
2,978,265
2,852,090
Owner-occupied property
466,840
470,950
Investments in associates
204,761
185,622
Total
36,476,811
35,288,698
*Excl. financial instruments from unit- and index-linked life insurance
2.2. Categories and measurements
Assets
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Measured at AC
5,581,458
4,940,384
Cash and cash equivalents
1,748,124
1,558,107
Loans
654,913
742,306
Bonds
931,707
978,491
Term deposits
1,804,857
1,242,523
IFRS 9 measured receivables
441,857
418,957
Measured at FVtOCI
24,777,481
24,420,364
Mandatorily measured at FVtOCI
24,486,454
24,021,071
Bonds
24,486,454
24,021,071
Designated measured at FVtOCI
291,027
399,293
Shares and shares in companies
291,027
399,293
Shares
41,771
38,259
Shares in participating companies
64,451
70,088
Shares in affiliated non-consolidated companies
184,805
290,946
Measured at FVtPL
11,468,221
10,606,555
Mandatorily measured at FVtPL
11,148,394
10,393,733
Shares and shares in companies
397,914
484,219
Shares
365,741
450,075
Shares in participating companies
24,332
30,116
Shares in affiliated non-consolidated companies
7,841
4,028
Loans
4,856
0
Bonds
1,717,122
1,716,436
Funds
9,010,758
8,174,035
Derivatives
17,744
19,043
Designated measured at FVtPL
319,827
212,822
Bonds
319,827
212,822
Total
41,827,160
39,967,303
Liabilities
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Measured at AC
2,895,720
2,981,684
Subordinated liabilities
1,215,495
1,309,283
Liabilities to banks
298,188
306,881
Liabilities from financing activities
579,072
579,908
Lease liabilities
220,131
198,398
IFRS 9 measured liabilities
582,834
587,214
Measured at FVtPL
61,254
1,851
Mandatorily measured at FVtPL
60,746
1,296
Designated measured at FVtPL
508
555
Total
2,956,974
2,983,535
Details regarding the liabilities resulting from financing activities can be found in Note\u00a08. Financial liabilities on page\u00a0186. The conditions of subordinated liabilities are presented in Note\u00a08.2. Subordinated liabilities starting on page\u00a0187.
2.3. Equity instruments designated measured at FVtOCI
Financial investments
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Fair value \u2013 in portfolio
291,027
399,293
Shares
41,771
38,259
Shares in participating companies
64,451
70,088
Wiener B\u00f6rse AG
31,972
31,710
GROPYUS AG
13,452
14,003
Remaining sum
19,027
24,375
Shares in affiliated non-consolidated companies
184,805
290,946
VIG Poland/Romania Holding B.V.
0
97,664
Global Expert, s.r.o.
0
53,122
Global Repair Centres, s.r.o.
65,664
\u00a0
HOTELY SRN\u00cd, a.s.
32,626
31,609
CARPATHIA PENSII-SOCIETATE DE ADMINISTRARE A FONDURILOR DE PENSII PRIVATE S.A.
0
20,034
Remaining sum
86,515
88,517
Fair value at derecognition date
8,661
4,997
Shares
0
494
Shares in participating companies
5,174
202
Shares in affiliated non-consolidated companies
3,487
4,301
Of the shares still held in the portfolio, no single investment amounts to more than EUR 5.0 million. In the remaining amounts in the item Shares in participating companies and Shares in affiliated non-consolidated companies, no single investment with a fair value of more than EUR 10.0 million is included.
The derecognition of shares and shares in companies is due to mergers and a capital reduction and the individual values do not exceed an amount of EUR 10.0 million.
Additional Information
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Received dividends from equity instruments designated measured at FVtOCI
9,495
6,943
In Portfolio
9,292
6,918
Sold
203
25
Within shareholders' equity derecognised cumulative gains and losses
-8,438
-4,294
2.4. Risk of concentration
The following exposures relate to data that is automatically available and represent only a subset of the Group\u2019s risk-bearing portfolio.
Financial assets*
31/12/2024
31/12/2023 adjusted
in EUR \u2018000
\u00a0
\u00a0
Exposures located in
31,899,033
31,063,395
Austria
5,647,846
5,462,642
United States of America
1,744,539
1,737,257
Czech Republic
2,760,351
2,972,307
Romania
1,193,262
1,052,618
Hungary
738,871
750,833
Poland
2,231,636
2,066,515
Germany
2,179,627
2,221,969
France
2,055,325
2,308,211
Rest of the World
13,347,576
12,491,043
Exposures denominated in
31,899,033
31,063,395
EUR
23,420,981
23,446,534
USD
886,039
706,774
CZK
2,741,843
2,820,392
RON
1,128,018
911,655
HUF
609,852
648,507
PLN
1,858,626
1,669,917
Other currencies
1,253,674
859,616
*Excl. financial instruments from unit- and index-linked life insurance
Due to the structure of the financial liabilities issued in the long term on the capital market and the lesser importance of liabilities at individual credit institutions, there is no significant risk of concentration.
Government bonds* (book value)
Measured at AC
Measured at FVtOCI
Measured at FVtPL
\u00a0
31/12/2024
31/12/2023
31/12/2024
31/12/2023
31/12/2024
31/12/2023
in %
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Austria
3.97
3.79
9.93
8.93
2.50
3.11
Germany
0.00
0.00
2.01
2.58
12.95
21.59
Czech Republic
4.96
15.17
12.77
14.84
72.25
60.86
Slovakia
2.33
2.25
5.20
5.31
0.00
0.00
Poland
51.02
51.67
12.02
11.64
0.96
1.37
Romania
0.00
0.00
7.72
6.29
1.26
2.10
Other countries
37.72
27.12
50.35
50.41
10.08
10.97
*Excl. financial instruments from unit- and index-linked life insurance
2.5. Credit risk
Financial liabilities
Financial liabilities that are designated measured at FVtPL bear no own default risk, which would have to be recognised through Other comprehensive income.
Financial assets
The stated credit risk refers only to the Group\u2019s risk-bearing portfolio as described in Note\u00a02.4. Risk of concentration starting on page\u00a0174.
Credit risk
Mandatorily measured at FVtPL
Designated measured at FVtPL
\u00a0
Loans
Bonds
Funds
Shares
Bonds
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Max. exposure to credit risk
1,180
788,079
1,541,128
303,565
317,483
Collaterals
0
165,874
0
0
5,253
The risk provision recognised in acc. with IFRS 9 is calculated on the basis of the nominal value. Consequently, the carrying amount may be lower than the cumulative risk provision, particularly in Stage 3.
Measured at AC
31/12/2024
\u00a0
AAA
AA
A
BBB
BB and lower
No rating
Gross carrying amount
ECL
Net carrying amount*
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans
0
140,120
102,116
164,469
87,712
181,923
676,340
-21,427
654,913
Stage 1
0
140,120
101,116
157,252
9,210
63,993
471,691
-726
470,965
Stage 2
0
0
1,000
7,217
78,502
112,669
199,388
-15,554
183,834
Stage 3
0
0
0
0
0
5,261
5,261
-5,147
114
Bonds
894
154,635
463,582
38,835
306,107
15,160
979,213
-47,506
931,707
POCI
0
0
0
0
655
0
655
5
660
Stage 1
894
154,635
463,582
38,835
304,722
160
962,828
-32,503
930,325
Stage 2
0
0
0
0
730
0
730
-8
722
Stage 3
0
0
0
0
0
15,000
15,000
-15,000
0
Term deposits
4,765
19,879
972,217
345,185
470,353
4,658
1,817,057
-12,200
1,804,857
Stage 1
4,765
19,879
972,217
345,185
470,353
4,658
1,817,057
-12,200
1,804,857
*The net carrying amount is the maximum exposure to credit risk excluding collaterals.
Measured at AC
31/12/2023
\u00a0
AAA
AA
A
BBB
BB and lower
No rating
Gross carrying amount
ECL
Net carrying amount*
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans
5,426
135,391
111,360
212,492
104,194
195,664
764,527
-22,221
742,306
Stage 1
5,426
135,391
111,360
212,492
9,831
68,409
542,909
-528
542,381
Stage 2
0
0
0
0
94,363
119,439
213,802
-14,005
199,797
Stage 3
0
0
0
0
0
7,816
7,816
-7,688
128
Bonds
511
237,512
438,375
61,277
245,721
18,971
1,002,367
-23,876
978,491
Stage 1
511
237,512
438,375
61,277
217,384
18,971
974,030
-23,548
950,482
Stage 2
0
0
0
0
28,337
0
28,337
-328
28,009
Term deposits
5,007
11,185
827,053
134,571
286,421
0
1,264,237
-21,714
1,242,523
Stage 1
5,007
11,185
827,053
134,571
286,421
0
1,264,237
-21,714
1,242,523
*The net carrying amount is the maximum exposure to credit risk excluding collaterals.
Measured at FVtOCI
31/12/2024
\u00a0
AAA
AA
A
BBB
BB and lower
No rating
Book value
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Bonds
3,211,650
6,214,967
8,321,477
5,311,484
1,294,464
132,412
24,486,454
-177,398
Stage 1
3,211,650
6,214,967
8,321,477
5,301,226
396,680
70,236
23,516,236
-19,230
Stage 2
0
0
0
4,258
897,604
56,861
958,723
-69,903
Stage 3
0
0
0
6,000
180
5,315
11,495
-88,265
Measured at FVtOCI
31/12/2023
\u00a0
AAA
AA
A
BBB
BB and lower
No rating
Book value
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Bonds
3,103,904
6,341,607
7,636,692
5,590,543
1,208,807
139,518
24,021,071
-172,613
Stage 1
3,103,904
6,341,607
7,636,692
5,583,139
960,371
68,133
23,693,846
-28,898
Stage 2
0
0
0
6,391
225,916
63,820
296,127
-36,827
Stage 3
0
0
0
1,013
22,520
7,565
31,098
-106,888
Impairment Provision Matrix
31/12/2024
IFRS 9 measured receivables
Due, not overdue
1\u201130 days overdue
31-90 days overdue
> 90 days overdue
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Receivables from services (IFRS 15)
42,481
912
121
60
43,574
Gross carrying amount
42,482
913
122
152
43,669
Risk provision
-1
-1
-1
-92
-95
Receivables from finance lease
60,193
0
0
0
60,193
Gross carrying amount
60,193
0
0
0
60,193
Other IFRS 9 measured receivables
318,897
7,096
2,212
9,885
338,090
Gross carrying amount
334,710
7,589
2,292
13,244
357,835
Risk provision
-15,813
-493
-80
-3,359
-19,745
Total
421,571
8,008
2,333
9,945
441,857
Loss rate \u2013 range
0.01%-100.00%
0.76%-62.00%
0.96%-100.00%
3.07%-100.00%
\u00a0
Impairment Provision Matrix
31/12/2023
IFRS 9 measured receivables
Due, not overdue
1\u201130 days overdue
31-90 days overdue
> 90 days overdue
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Receivables from services (IFRS 15)
38,552
645
167
15
39,379
Gross carrying amount
38,554
648
169
93
39,464
Risk provision
-2
-3
-2
-78
-85
Receivables from finance lease
55,326
0
0
0
55,326
Gross carrying amount
55,326
0
0
0
55,326
Other IFRS 9 measured receivables
301,834
3,548
2,144
16,726
324,252
Gross carrying amount
317,569
3,916
2,170
21,929
345,584
Risk provision
-15,735
-368
-26
-5,203
-21,332
Total
395,712
4,193
2,311
16,741
418,957
Loss rate \u2013 range
0.01%-100.00%
0.84%-62.00%
2.07%-100.00%
1.53%-100.00%
\u00a0
In the financial year, bonds valued at FVtOCI of EUR 5,026,000 (EUR 11,456,000) were provided as collateral for liabilities or contingent liabilities.
2.6. Liquidity risk
Maturity analysis
31/12/2024
\u00a0
<1 year
>1 year-5 years
>5\u201110 years
>10 years
No maturity
Book value excl. risk provision
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
0
0
0
0
1,748,124
1,748,124
Financial assets
4,642,831
9,931,218
8,986,143
6,458,421
9,699,699
39,718,312
Measured at AC
2,050,561
523,871
254,302
643,876
0
3,472,610
Loans
116,341
93,904
94,232
371,863
0
676,340
Bonds
185,907
362,234
159,194
271,878
0
979,213
Term deposits
1,748,313
67,733
876
135
0
1,817,057
Measured at FVtOCI
2,394,042
8,442,791
8,174,529
5,475,092
291,027
24,777,481
Shares and shares in companies
0
0
0
0
291,027
291,027
Bonds
2,394,042
8,442,791
8,174,529
5,475,092
0
24,486,454
Measured at FVtPL
198,228
964,556
557,312
339,453
9,408,672
11,468,221
Shares and shares in companies
0
0
0
0
397,914
397,914
Loans
4,851
5
0
0
0
4,856
Bonds
191,767
949,351
556,386
339,445
0
2,036,949
Funds
0
0
0
0
9,010,758
9,010,758
Derivatives
1,610
15,200
926
8
0
17,744
Financial liabilities
-188,286
-870,061
-153,726
-1,162,067
0
-2,374,140
Subordinated liabilities
-51,082
-664,413
0
-500,000
0
-1,215,495
Liabilities to banks
-81,799
-119,889
-67,000
-29,500
0
-298,188
Liabilities from financing activities
-9,182
-3,626
-40,888
-525,376
0
-579,072
Liabilities for derivatives
-11,234
-16,446
-19,684
-13,382
0
-60,746
Lease liabilities
-34,924
-65,379
-26,019
-93,809
0
-220,131
Liabilities designated measured at FVtPL
-65
-308
-135
0
0
-508
Maturity analysis
31/12/2023
\u00a0
<1 year
>1 year-5 years
>5\u201110 years
>10 years
No maturity
Book value excl. risk provision
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
0
0
0
0
1,558,107
1,558,107
Financial assets
3,589,517
10,188,034
8,718,489
6,504,463
9,057,547
38,058,050
Measured at AC
1,490,415
619,738
276,158
644,820
0
3,031,131
Loans
191,999
111,953
95,146
365,429
0
764,527
Bonds
228,349
314,773
179,977
279,268
0
1,002,367
Term deposits
1,070,067
193,012
1,035
123
0
1,264,237
Measured at FVtOCI
1,929,022
8,747,438
8,017,053
5,327,558
399,293
24,420,364
Shares and shares in companies
0
0
0
0
399,293
399,293
Bonds
1,929,022
8,747,438
8,017,053
5,327,558
0
24,021,071
Measured at FVtPL
170,080
820,858
425,278
532,085
8,658,254
10,606,555
Shares and shares in companies
0
0
0
0
484,219
484,219
Bonds
168,401
804,458
424,314
532,085
0
1,929,258
Funds
0
0
0
0
8,174,035
8,174,035
Derivatives
1,679
16,400
964
0
0
19,043
Total
3,589,517
10,188,034
8,718,489
6,504,463
10,615,654
39,616,157
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities
-149,495
-731,318
-345,761
-1,169,747
0
-2,396,321
Subordinated liabilities
-103,091
-506,192
-200,000
-500,000
0
-1,309,283
Liabilities to banks
-6,950
-158,406
-80,025
-61,500
0
-306,881
Liabilities from financing activities
-9,646
-3,625
-40,879
-525,758
0
-579,908
Liabilities for derivatives
-707
0
-589
0
0
-1,296
Lease liabilities
-29,029
-62,759
-24,121
-82,489
0
-198,398
Liabilities designated measured at FVtPL
-72
-336
-147
0
0
-555
2.7. Market risk
Reduction in market value
2024
\u00a0
Scenario 0
Scenario 1
Scenario 2
Scenario 3
Scenario 4
Scenario 5
of shares
0%
-20%
-10%
-20%
-20%
0%
of bonds
0%
-5%
-3%
-5%
0%
-5%
of real estate
0%
-5%
-10%
0%
-10%
-10%
Market value of assets less liabilities (in '000 EUR)
8,313,995
6,449,620
6,784,352
6,722,575
7,530,211
6,414,539
Reduction in market value
2023
\u00a0
Scenario 0
Scenario 1
Scenario 2
Scenario 3
Scenario 4
Scenario 5
of shares
0%
-20%
-10%
-20%
-20%
0%
of bonds
0%
-5%
-3%
-5%
0%
-5%
of real estate
0%
-5%
-10%
0%
-10%
-10%
Market value of assets less liabilities (in '000 EUR)
7,881,965
6,036,750
6,368,866
6,306,199
7,108,693
6,001,674
Depending on the intended application, VIG Holding performs Value-at-Risk calculations for different sub-portfolios on behalf of VIG Insurance Group. The confidence levels vary between 95.0% and 99.5% and the holding periods between 20 and 250 days. In accordance with the nature of the portfolio, the largest contributions to Value-at-Risk are made by interest rate and spread components. As a way of validating the plausibility of the calculations, the Value-at-Risk of the most important sub-portfolios is calculated both according to the parametric method described above and according to the historical calculation method.
The following table shows the Value-at-Risk (with a confidence level of 99%) of financial assets measured at fair value:
Value-at-Risk
31/12/2024
31/12/2023
in EUR million
\u00a0
\u00a0
10-day holding period
477
782
20-day holding period
675
1,106
60-day holding period
1,169
1,915
2.8. Details regarding the net result
Result from financial instruments measured at FVtPL
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Financial assets
886,565
950,981
Mandatorily measured at FVtPL
882,145
935,325
Loans
225
176
Bonds
99,116
164,226
Funds
805,018
713,568
Shares and shares in companies
-14,232
67,422
Derivatives
-7,982
-10,067
Designated measured at FVtPL
4,420
15,656
Bonds
4,420
15,656
Financial liabilities
47
17
Designated measured at FVtPL
47
17
Liabilities designated measured at FVtPL
47
17
Interest result
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Interest revenues
1,215,651
1,110,995
Interest revenues using the effective interest rate method
997,697
895,801
Financial assets measured at AC
203,969
145,064
Financial assets measured at FVtOCI
793,728
750,737
Interest revenues other
217,954
215,194
Financial assets measured at FVtPL
174,993
169,128
Equity instruments designated measured at FVtOCI
9,495
6,943
Other income from financial instruments
33,466
39,123
Interest expenses
-115,351
-126,973
Interest expenses using the effective interest rate method
-71,532
-87,869
Financial liabilities measured at AC
-71,532
-87,869
Interest expenses other
-43,819
-39,104
Liabilities designated measured at FVtPL
0
17
Other expenses from financial instruments
-43,819
-39,121
Total
1,100,300
984,022
The fee for investment management recognised in the investment result amounts to EUR 37,361,000 (EUR 39,086,000).

2.9. Derecognition
Derecognition gains and losses may relate to events such as sales or maturities of financial assets measured at AC.
\u00a0
2024
2023
\u00a0
Gains
Losses
Gains
Losses
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Loans
0
-4,874
9
-37
Bonds
1,167
-1,369
149
-41
Total
1,167
-6,243
158
-78
6. Investments in associates
The Investments in associates balance sheet item consists only of shares in at equity consolidated companies. The list of associates is presented in Note\u00a020. Business combinations starting on page\u00a0209.
Shares in at equity consolidated companies had a book value of EUR 205 million as of 31 December 2024 and a book value of EUR 186 million as of 31 December 2023. Shares in at equity consolidated companies therefore represented 0.56% (0.53%) of the book value of the total risk-bearing portfolio as of 31 December 2024.
Composition of the result
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Income
27,001
16,466
Current result
27,001
16,466
7. Receivables and Liabilities
The accounting policies used are presented in Note\u00a024.12. Receivables and Liabilities starting on page\u00a0258.
7.1. Receivables
Composition
31/12/2024
31/12/2023
\u00a0
Gross carrying amount
ECL
Net carrying amount
Gross carrying amount
ECL
Net carrying amount
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
IFRS 9 measured receivables
461,697
-19,840
441,857
440,374
-21,417
418,957
Other receivables
118,111
\u00a0
118,111
76,715
\u00a0
76,715
Total
579,808
-19,840
559,968
517,089
-21,417
495,672
Maturity structure
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Up to 1 year
408,920
359,471
More than one year up to five years
61,508
60,655
More than five years up to ten years
20,229
19,570
More than ten years
69,311
55,976
Total
559,968
495,672
7.2. Liabilities
Composition
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
IFRS 9 measured liabilities
582,834
587,214
Other liabilities
573,984
525,461
Total
1,156,818
1,112,675
For detailed information on the tax liabilities, please refer to the statements in Note\u00a011. Taxes starting on page\u00a0191.
For detailed information on the lease liabilities, please refer to the statements in Note\u00a08. Financial liabilities on page\u00a0186.
Maturity structure
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Up to 1 year
838,197
798,211
More than one year up to five years
48,914
51,987
More than five years up to ten years
35,865
28,203
More than ten years
233,842
234,274
Total
1,156,818
1,112,675
8. Financial liabilities
8.1. Overview
Composition
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Subordinated liabilities
1,215,495
1,309,283
Liabilities to banks
298,188
306,881
Liabilities from financing activities
579,072
579,908
Liabilities for derivatives
60,746
1,296
Lease liabilities
220,131
198,398
Liabilities designated measured at FVtPL
508
555
Total
2,374,140
2,396,321
The development of financial liabilities has been changed in comparison to the development presented in the Group Annual Report 2023, and now only the main balance sheet items are presented.
Development
31/12/2024
\u00a0
Subordinated liabilities
Liabilities to banks
Liabilities from financing activities
in EUR \u2018000
\u00a0
\u00a0
\u00a0
Book value as of 31/12 of the previous year = Book value as of 01/01
1,309,283
306,881
579,908
Cash changes
-144,945
-13,269
-7,183
Cash inflows
0
40
50
Payments
-91,748
-9,336
-1,473
Paid interest
-53,197
-3,973
-5,760
Non-cash changes
51,157
4,576
6,347
Additions
51,570
4,575
6,339
Changes in scope of consolidation
0
2
0
Exchange rate differences
-413
-1
8
Book value as of 31/12
1,215,495
298,188
579,072
Development
31/12/2023
\u00a0
Subordinated liabilities
Liabilities to banks
Liabilities from financing activities
in EUR \u2018000
\u00a0
\u00a0
\u00a0
Book value as of 31/12 of the previous year = Book value as of 01/01
1,789,281
343,898
593,118
Cash changes
-546,812
-42,113
-6,408
Cash inflows
0
23
509
Payments
-469,987
-37,719
-1,287
Paid interest
-76,825
-4,417
-5,630
Non-cash changes
66,814
5,096
-6,802
Additions
67,382
5,096
6,278
Changes in scope of consolidation
0
0
-21,760
Reclassifications
0
0
8,643
Exchange rate differences
-568
0
37
Book value as of 31/12
1,309,283
306,881
579,908
Composition
Austria
Czech Republic
Poland
Extended CEE
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
820,847
1,010,854
143,621
183,108
125,001
130,074
404,884
293,611
Interest revenues using the effective interest rate method
430,949
450,204
76,835
91,970
68,037
61,016
210,509
186,751
Realised gains and losses from financial assets measured at AC
0
-36
0
0
-1,699
-1
-196
158
Impairment losses incl. reversal gains on financial instruments
2,508
-1,697
5,706
-12,345
2,762
-1,058
3,378
-41,948
Other result from financial instruments
387,390
562,383
61,080
103,483
55,901
70,117
191,193
148,650
thereof result from the valuation of financial assets measured at FVtPL
275,412
450,961
59,678
85,029
18,782
46,694
130,031
139,636
thereof result from sale of financial instruments measured at FVtPL
19,713
13,106
5,845
7,726
36,370
37,271
32,327
14,103
Income and expenses from investment property
40,501
26,252
-8
-1,040
457
339
2,204
226
thereof current income
92,905
84,590
670
535
926
682
7,110
5,446
thereof depreciation
-52,601
-58,338
-629
-1,575
-469
-344
-5,647
-5,302
thereof result from sale
197
0
-49
0
0
0
613
81
Finance costs
-32,645
-48,237
-3,131
-2,935
-2,047
-1,012
-8,466
-8,276
thereof interest expenses for personnel provisions
-8,582
-8,637
0
0
0
0
-42
0
thereof interest expenses financing liabilities
-858
-1,691
0
0
0
0
-521
-57
thereof interest expenses for liabilities to financial institutions
-1,363
-778
0
0
0
0
-7
-466
thereof interest expenses for subordinate liabilities
-19,984
-35,287
-1,678
-1,224
-1,581
-1,500
-6,425
-6,397
thereof interest expenses for lease liabilities
-1,847
-1,718
-1,405
-1,506
-578
-297
-1,475
-961
Result from owner-occupied properties
985
325
-1,975
-5,485
909
-788
-1,374
-2,779
thereof depreciation
-8,123
-7,634
-3,684
-5,101
-355
-411
-3,512
-3,333
thereof result from sale
0
154
2,681
-29
1,478
0
2,068
590
Composition
Special Markets
Group Functions
Consolidation
Total
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
337,574
274,198
79,673
50,780
-27,554
-49,557
1,884,046
1,893,068
Interest revenues using the effective interest rate method
149,266
89,306
89,841
53,210
-27,740
-36,656
997,697
895,801
Realised gains and losses from financial assets measured at AC
-7
-41
-3,174
0
0
0
-5,076
80
Impairment losses incl. reversal gains on financial instruments
-32,654
-2,880
194
3,444
0
0
-18,106
-56,484
Other result from financial instruments
220,969
187,813
-7,188
-5,874
186
-12,901
909,531
1,053,671
thereof result from the valuation of financial assets measured at FVtPL
80,462
50,994
1,150
-1,140
0
0
565,515
772,174
thereof result from sale of financial instruments measured at FVtPL
11,636
-871
-2,554
-5,815
0
0
103,337
65,520
Income and expenses from investment property
235
543
17,290
5,579
-56
-55
60,623
31,844
thereof current income
489
661
33,257
32,853
-57
-55
135,300
124,712
thereof depreciation
-254
-251
-19,418
-30,530
0
0
-79,018
-96,340
thereof result from sale
0
133
-56
3,256
0
0
705
3,470
Finance costs
-2,122
-577
-62,156
-86,233
28,343
47,944
-82,224
-99,326
thereof interest expenses for personnel provisions
0
0
-1,893
-1,829
0
0
-10,517
-10,466
thereof interest expenses financing liabilities
0
0
-16,995
-3,004
11,454
0
-6,920
-4,752
thereof interest expenses for liabilities to financial institutions
0
0
-2,949
-26,604
0
21,619
-4,319
-6,229
thereof interest expenses for subordinate liabilities
0
0
-39,985
-54,126
16,276
26,305
-53,377
-72,229
thereof interest expenses for lease liabilities
-2,120
-578
-178
-96
688
479
-6,915
-4,677
Result from owner-occupied properties
310
325
932
510
-6,425
-5,496
-6,638
-13,388
thereof depreciation
-240
-252
-1,436
-1,200
0
0
-17,350
-17,931
thereof result from sale
0
0
0
0
0
0
6,227
715
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-43": { "value": "
2.1. Overview
Measurement and balance of risk provision
31/12/2024
31/12/2023
\u00a0
Book value
ECL
Book value
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Measured at AC
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,748,124
0
1,558,107
0
Financial assets
3,472,610
-81,133
3,031,131
-67,811
IFRS 9 measured receivables
461,697
-19,840
440,374
-21,417
Financial liabilities
-2,312,886
0
-2,394,470
0
IFRS 9 measured liabilities
-582,834
0
-587,214
0
Measured at FVtOCI
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
24,777,481
-177,398
24,420,364
-172,613
Mandatorily measured at FVtOCI
24,486,454
-177,398
24,021,071
-172,613
Designated measured at FVtOCI
291,027
0
399,293
0
Measured at FVtPL
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
11,468,221
0
10,606,555
0
Mandatorily measured at FVtPL
11,148,394
0
10,393,733
0
Designated measured at FVtPL
319,827
0
212,822
0
Financial liabilities
-61,254
0
-1,851
0
Mandatorily measured at FVtPL
-60,746
0
-1,296
0
Designated measured at FVtPL
-508
0
-555
0
Risk-bearing portfolio*
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Cash and cash equivalents
1,665,742
1,447,034
Financial assets
31,161,203
30,333,002
Investment property
2,978,265
2,852,090
Owner-occupied property
466,840
470,950
Investments in associates
204,761
185,622
Total
36,476,811
35,288,698
*Excl. financial instruments from unit- and index-linked life insurance
2.2. Categories and measurements
Assets
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Measured at AC
5,581,458
4,940,384
Cash and cash equivalents
1,748,124
1,558,107
Loans
654,913
742,306
Bonds
931,707
978,491
Term deposits
1,804,857
1,242,523
IFRS 9 measured receivables
441,857
418,957
Measured at FVtOCI
24,777,481
24,420,364
Mandatorily measured at FVtOCI
24,486,454
24,021,071
Bonds
24,486,454
24,021,071
Designated measured at FVtOCI
291,027
399,293
Shares and shares in companies
291,027
399,293
Shares
41,771
38,259
Shares in participating companies
64,451
70,088
Shares in affiliated non-consolidated companies
184,805
290,946
Measured at FVtPL
11,468,221
10,606,555
Mandatorily measured at FVtPL
11,148,394
10,393,733
Shares and shares in companies
397,914
484,219
Shares
365,741
450,075
Shares in participating companies
24,332
30,116
Shares in affiliated non-consolidated companies
7,841
4,028
Loans
4,856
0
Bonds
1,717,122
1,716,436
Funds
9,010,758
8,174,035
Derivatives
17,744
19,043
Designated measured at FVtPL
319,827
212,822
Bonds
319,827
212,822
Total
41,827,160
39,967,303
Liabilities
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Measured at AC
2,895,720
2,981,684
Subordinated liabilities
1,215,495
1,309,283
Liabilities to banks
298,188
306,881
Liabilities from financing activities
579,072
579,908
Lease liabilities
220,131
198,398
IFRS 9 measured liabilities
582,834
587,214
Measured at FVtPL
61,254
1,851
Mandatorily measured at FVtPL
60,746
1,296
Designated measured at FVtPL
508
555
Total
2,956,974
2,983,535
2.3. Equity instruments designated measured at FVtOCI
Financial investments
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Fair value \u2013 in portfolio
291,027
399,293
Shares
41,771
38,259
Shares in participating companies
64,451
70,088
Wiener B\u00f6rse AG
31,972
31,710
GROPYUS AG
13,452
14,003
Remaining sum
19,027
24,375
Shares in affiliated non-consolidated companies
184,805
290,946
VIG Poland/Romania Holding B.V.
0
97,664
Global Expert, s.r.o.
0
53,122
Global Repair Centres, s.r.o.
65,664
\u00a0
HOTELY SRN\u00cd, a.s.
32,626
31,609
CARPATHIA PENSII-SOCIETATE DE ADMINISTRARE A FONDURILOR DE PENSII PRIVATE S.A.
0
20,034
Remaining sum
86,515
88,517
Fair value at derecognition date
8,661
4,997
Shares
0
494
Shares in participating companies
5,174
202
Shares in affiliated non-consolidated companies
3,487
4,301
Of the shares still held in the portfolio, no single investment amounts to more than EUR 5.0 million. In the remaining amounts in the item Shares in participating companies and Shares in affiliated non-consolidated companies, no single investment with a fair value of more than EUR 10.0 million is included.
The derecognition of shares and shares in companies is due to mergers and a capital reduction and the individual values do not exceed an amount of EUR 10.0 million.
Additional Information
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Received dividends from equity instruments designated measured at FVtOCI
9,495
6,943
In Portfolio
9,292
6,918
Sold
203
25
Within shareholders' equity derecognised cumulative gains and losses
-8,438
-4,294
Composition
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Subordinated liabilities
1,215,495
1,309,283
Liabilities to banks
298,188
306,881
Liabilities from financing activities
579,072
579,908
Liabilities for derivatives
60,746
1,296
Lease liabilities
220,131
198,398
Liabilities designated measured at FVtPL
508
555
Total
2,374,140
2,396,321
16.1. Fair value and book values of financial instruments and investments
Assets
31/12/2024
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
39,637,179
28,070,686
7,623,744
3,927,130
39,621,560
Measured at AC
3,391,477
485,343
845,241
2,045,274
3,375,858
Loans
654,913
0
538,281
111,313
649,594
Bonds
931,707
479,288
306,960
122,960
909,208
Term deposits
1,804,857
6,055
0
1,811,001
1,817,056
Mandatorily measured at FVtOCI
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Bonds
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Designated measured at FVtOCI
291,027
38,162
0
252,865
291,027
Shares
41,771
38,162
0
3,609
41,771
Shares in participating companies
64,451
0
0
64,451
64,451
Shares in affiliated non-consolidated companies
184,805
0
0
184,805
184,805
Mandatorily measured at FVtPL
11,148,394
6,558,059
3,063,044
1,527,291
11,148,394
Shares
365,741
289,226
5,619
70,896
365,741
Shares in participating companies
24,332
0
0
24,332
24,332
Shares in affiliated non-consolidated companies
7,841
0
0
7,841
7,841
Loans
4,856
0
3,676
1,180
4,856
Bonds
1,717,122
541,833
711,898
463,391
1,717,122
Funds
9,010,758
5,726,992
2,340,241
943,525
9,010,758
Derivatives
17,744
8
1,610
16,126
17,744
Designated measured at FVtPL
319,827
305,319
14,508
0
319,827
Bonds
319,827
305,319
14,508
0
319,827
Investments in associates
204,761
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
2,978,265
0
33,752
4,473,261
4,507,013
Owner-occupied property
466,840
0
41,335
780,785
822,120
Assets
31/12/2023
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
37,990,239
25,459,784
9,241,370
3,268,013
37,969,167
Measured at AC
2,963,320
448,858
1,004,637
1,488,753
2,942,248
Loans
742,306
0
594,559
127,842
722,401
Bonds
978,491
448,858
410,078
97,406
956,342
Term deposits
1,242,523
0
0
1,263,505
1,263,505
Mandatorily measured at FVtOCI
24,021,071
18,706,866
5,044,560
269,645
24,021,071
Bonds
24,021,071
18,706,866
5,044,560
269,645
24,021,071
Designated measured at FVtOCI
399,293
29,784
5,155
364,354
399,293
Shares
38,259
29,784
5,155
3,320
38,259
Shares in participating companies
70,088
0
0
70,088
70,088
Shares in affiliated non-consolidated companies
290,946
0
0
290,946
290,946
Mandatorily measured at FVtPL
10,393,733
6,112,598
3,135,874
1,145,261
10,393,733
Shares
450,075
345,186
31,829
73,060
450,075
Shares in participating companies
30,116
0
0
30,116
30,116
Shares in affiliated non-consolidated companies
4,028
0
2,282
1,746
4,028
Bonds
1,716,436
406,366
848,137
461,933
1,716,436
Funds
8,174,035
5,361,046
2,251,947
561,042
8,174,035
Derivatives
19,043
0
1,679
17,364
19,043
Designated measured at FVtPL
212,822
161,678
51,144
0
212,822
Bonds
212,822
161,678
51,144
0
212,822
Investments in associates
185,622
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
2,852,090
0
32,988
4,384,990
4,417,978
Owner-occupied property
470,949
0
39,107
792,142
831,249
Financial liabilities
31/12/2024
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Measured at AC*
2,092,755
0
1,621,176
385,516
2,006,692
Subordinated liabilities
1,215,495
0
1,239,647
0
1,239,647
Liabilities to banks
298,188
0
0
298,188
298,188
Liabilities from financing activities
579,072
0
381,529
87,328
468,857
Mandatorily measured at FVtPL
60,746
0
923
59,823
60,746
Liabilities for derivatives
60,746
0
923
59,823
60,746
Designated measured at FVtPL
508
0
0
508
508
Liabilities designated measured at FVtPL
508
0
0
508
508
*Excl. lease liabilities
Financial liabilities
31/12/2023
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Measured at AC*
2,196,072
0
1,644,863
416,711
2,061,574
Subordinated liabilities
1,309,283
0
1,248,646
21,655
1,270,301
Liabilities to banks
306,881
0
0
306,881
306,881
Liabilities from financing activities
579,908
0
396,217
88,175
484,392
Mandatorily measured at FVtPL
1,296
0
707
589
1,296
Liabilities for derivatives
1,296
0
707
589
1,296
Designated measured at FVtPL
555
0
0
555
555
Liabilities designated measured at FVtPL
555
0
0
555
555
*Excl. lease liabilities
The unrealised effect (net profit or loss) of Level\u00a03 financial instruments that are still held and whose fair value will be recognised through profit and loss was EUR\u00a068,185,000 (EUR\u00a021,544,000) in the reporting period.
16.2. Reclassification of financial instruments
The companies in VIG Insurance Group regularly review the current validity of the last fair value classification performed on each valuation date. For example, a reclassification is performed if necessary inputs are no longer directly observable in the market.
Reclassifications
31/12/2024
\u00a0
Between Level 1 and Level 2
Level 3 to
Level 1
Level 1 to
Level 3
Level 3 to
Level 2
Level 2 to
Level 3
Number
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Measured at FVtOCI
169
9
3
0
6
Mandatorily measured at FVtOCI
152
9
3
0
5
Financial assets
152
9
3
0
5
Designated measured at FVtOCI
17
0
0
0
1
Financial assets
17
0
0
0
1
Measured at FVtPL
467
41
50
21
14
Mandatorily measured at FVtPL
462
41
50
21
14
Financial assets
462
41
50
21
14
Designated measured at FVtPL
5
0
0
0
0
Financial assets
5
0
0
0
0
Total
636
50
53
21
20
The reclassifications between Level\u00a01 and Level\u00a02 are due to changes in liquidity, trading frequency and trading activity. The reclassifications from Level\u00a03 to Level\u00a01 are primarily based on an improvement in the liquidity assessment and/or the availability of valuation rates. The reclassifications from Level\u00a01 to Level\u00a03 are primarily based on a worsening of the liquidity and/or changes in the availability of valuation rates. The reclassifications from Level\u00a03 to Level\u00a02 are primarily based on an improvement in the liquidity. The reclassifications from Level\u00a02 to Level\u00a03 are primarily based on a worsening of the credit quality or liquidity.
Reclassifications
31/12/2023
\u00a0
Between Level 1 and Level 2
Level 1 to
Level 3
Level 2 to
Level 3
Number
\u00a0
\u00a0
\u00a0
Measured at FVtOCI
87
2
5
Mandatorily measured at FVtOCI
87
2
5
Financial assets
87
2
5
Measured at FVtPL
189
9
10
Mandatorily measured at FVtPL
183
9
8
Financial assets
183
9
8
Designated measured at FVtPL
6
0
2
Financial assets
6
0
2
Total
276
11
15
16.3. Measurement of the fair value of real estate
Basis of the measurement
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Investment property
4,507,013
4,417,978
Evaluated by an independent expert*
952,700
1,010,579
Evaluated by an internal expert
3,554,313
3,407,399
Owner-occupied property
822,120
831,249
Evaluated by an independent expert
364,204
378,823
Evaluated by an internal expert
457,916
452,426
*This corresponds to 21.14% (22.87%) of the fair value of investment property.
Measurement method
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Investment property
4,507,013
4,417,978
Capitalised earnings value methode
3,960,340
4,008,590
Comparative pricing method/market approach
412,096
354,114
Other method
134,577
55,274
Owner-occupied property
822,120
831,249
Capitalised earnings value methode
638,577
647,013
Comparative pricing method/market approach
183,231
179,883
Other method
312
4,353
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-44": { "value": "
2.1. Overview
Measurement and balance of risk provision
31/12/2024
31/12/2023
\u00a0
Book value
ECL
Book value
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Measured at AC
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,748,124
0
1,558,107
0
Financial assets
3,472,610
-81,133
3,031,131
-67,811
IFRS 9 measured receivables
461,697
-19,840
440,374
-21,417
Financial liabilities
-2,312,886
0
-2,394,470
0
IFRS 9 measured liabilities
-582,834
0
-587,214
0
Measured at FVtOCI
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
24,777,481
-177,398
24,420,364
-172,613
Mandatorily measured at FVtOCI
24,486,454
-177,398
24,021,071
-172,613
Designated measured at FVtOCI
291,027
0
399,293
0
Measured at FVtPL
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
11,468,221
0
10,606,555
0
Mandatorily measured at FVtPL
11,148,394
0
10,393,733
0
Designated measured at FVtPL
319,827
0
212,822
0
Financial liabilities
-61,254
0
-1,851
0
Mandatorily measured at FVtPL
-60,746
0
-1,296
0
Designated measured at FVtPL
-508
0
-555
0
Risk-bearing portfolio*
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Cash and cash equivalents
1,665,742
1,447,034
Financial assets
31,161,203
30,333,002
Investment property
2,978,265
2,852,090
Owner-occupied property
466,840
470,950
Investments in associates
204,761
185,622
Total
36,476,811
35,288,698
*Excl. financial instruments from unit- and index-linked life insurance
Liabilities
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Measured at AC
2,895,720
2,981,684
Subordinated liabilities
1,215,495
1,309,283
Liabilities to banks
298,188
306,881
Liabilities from financing activities
579,072
579,908
Lease liabilities
220,131
198,398
IFRS 9 measured liabilities
582,834
587,214
Measured at FVtPL
61,254
1,851
Mandatorily measured at FVtPL
60,746
1,296
Designated measured at FVtPL
508
555
Total
2,956,974
2,983,535
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-45": { "value": "
2.1. Overview
Measurement and balance of risk provision
31/12/2024
31/12/2023
\u00a0
Book value
ECL
Book value
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Measured at AC
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,748,124
0
1,558,107
0
Financial assets
3,472,610
-81,133
3,031,131
-67,811
IFRS 9 measured receivables
461,697
-19,840
440,374
-21,417
Financial liabilities
-2,312,886
0
-2,394,470
0
IFRS 9 measured liabilities
-582,834
0
-587,214
0
Measured at FVtOCI
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
24,777,481
-177,398
24,420,364
-172,613
Mandatorily measured at FVtOCI
24,486,454
-177,398
24,021,071
-172,613
Designated measured at FVtOCI
291,027
0
399,293
0
Measured at FVtPL
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
11,468,221
0
10,606,555
0
Mandatorily measured at FVtPL
11,148,394
0
10,393,733
0
Designated measured at FVtPL
319,827
0
212,822
0
Financial liabilities
-61,254
0
-1,851
0
Mandatorily measured at FVtPL
-60,746
0
-1,296
0
Designated measured at FVtPL
-508
0
-555
0
Risk-bearing portfolio*
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Cash and cash equivalents
1,665,742
1,447,034
Financial assets
31,161,203
30,333,002
Investment property
2,978,265
2,852,090
Owner-occupied property
466,840
470,950
Investments in associates
204,761
185,622
Total
36,476,811
35,288,698
*Excl. financial instruments from unit- and index-linked life insurance
Assets
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Measured at AC
5,581,458
4,940,384
Cash and cash equivalents
1,748,124
1,558,107
Loans
654,913
742,306
Bonds
931,707
978,491
Term deposits
1,804,857
1,242,523
IFRS 9 measured receivables
441,857
418,957
Measured at FVtOCI
24,777,481
24,420,364
Mandatorily measured at FVtOCI
24,486,454
24,021,071
Bonds
24,486,454
24,021,071
Designated measured at FVtOCI
291,027
399,293
Shares and shares in companies
291,027
399,293
Shares
41,771
38,259
Shares in participating companies
64,451
70,088
Shares in affiliated non-consolidated companies
184,805
290,946
Measured at FVtPL
11,468,221
10,606,555
Mandatorily measured at FVtPL
11,148,394
10,393,733
Shares and shares in companies
397,914
484,219
Shares
365,741
450,075
Shares in participating companies
24,332
30,116
Shares in affiliated non-consolidated companies
7,841
4,028
Loans
4,856
0
Bonds
1,717,122
1,716,436
Funds
9,010,758
8,174,035
Derivatives
17,744
19,043
Designated measured at FVtPL
319,827
212,822
Bonds
319,827
212,822
Total
41,827,160
39,967,303
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-46": { "value": "
Measurement and balance of risk provision
31/12/2024
31/12/2023
\u00a0
Book value
ECL
Book value
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Measured at AC
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,748,124
0
1,558,107
0
Financial assets
3,472,610
-81,133
3,031,131
-67,811
IFRS 9 measured receivables
461,697
-19,840
440,374
-21,417
Financial liabilities
-2,312,886
0
-2,394,470
0
IFRS 9 measured liabilities
-582,834
0
-587,214
0
Measured at FVtOCI
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
24,777,481
-177,398
24,420,364
-172,613
Mandatorily measured at FVtOCI
24,486,454
-177,398
24,021,071
-172,613
Designated measured at FVtOCI
291,027
0
399,293
0
Measured at FVtPL
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
11,468,221
0
10,606,555
0
Mandatorily measured at FVtPL
11,148,394
0
10,393,733
0
Designated measured at FVtPL
319,827
0
212,822
0
Financial liabilities
-61,254
0
-1,851
0
Mandatorily measured at FVtPL
-60,746
0
-1,296
0
Designated measured at FVtPL
-508
0
-555
0
Assets
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Measured at AC
5,581,458
4,940,384
Cash and cash equivalents
1,748,124
1,558,107
Loans
654,913
742,306
Bonds
931,707
978,491
Term deposits
1,804,857
1,242,523
IFRS 9 measured receivables
441,857
418,957
Measured at FVtOCI
24,777,481
24,420,364
Mandatorily measured at FVtOCI
24,486,454
24,021,071
Bonds
24,486,454
24,021,071
Designated measured at FVtOCI
291,027
399,293
Shares and shares in companies
291,027
399,293
Shares
41,771
38,259
Shares in participating companies
64,451
70,088
Shares in affiliated non-consolidated companies
184,805
290,946
Measured at FVtPL
11,468,221
10,606,555
Mandatorily measured at FVtPL
11,148,394
10,393,733
Shares and shares in companies
397,914
484,219
Shares
365,741
450,075
Shares in participating companies
24,332
30,116
Shares in affiliated non-consolidated companies
7,841
4,028
Loans
4,856
0
Bonds
1,717,122
1,716,436
Funds
9,010,758
8,174,035
Derivatives
17,744
19,043
Designated measured at FVtPL
319,827
212,822
Bonds
319,827
212,822
Total
41,827,160
39,967,303
2.8. Details regarding the net result
Result from financial instruments measured at FVtPL
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Financial assets
886,565
950,981
Mandatorily measured at FVtPL
882,145
935,325
Loans
225
176
Bonds
99,116
164,226
Funds
805,018
713,568
Shares and shares in companies
-14,232
67,422
Derivatives
-7,982
-10,067
Designated measured at FVtPL
4,420
15,656
Bonds
4,420
15,656
Financial liabilities
47
17
Designated measured at FVtPL
47
17
Liabilities designated measured at FVtPL
47
17
Interest result
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Interest revenues
1,215,651
1,110,995
Interest revenues using the effective interest rate method
997,697
895,801
Financial assets measured at AC
203,969
145,064
Financial assets measured at FVtOCI
793,728
750,737
Interest revenues other
217,954
215,194
Financial assets measured at FVtPL
174,993
169,128
Equity instruments designated measured at FVtOCI
9,495
6,943
Other income from financial instruments
33,466
39,123
Interest expenses
-115,351
-126,973
Interest expenses using the effective interest rate method
-71,532
-87,869
Financial liabilities measured at AC
-71,532
-87,869
Interest expenses other
-43,819
-39,104
Liabilities designated measured at FVtPL
0
17
Other expenses from financial instruments
-43,819
-39,121
Total
1,100,300
984,022
The fee for investment management recognised in the investment result amounts to EUR 37,361,000 (EUR 39,086,000).

2.9. Derecognition
Derecognition gains and losses may relate to events such as sales or maturities of financial assets measured at AC.
\u00a0
2024
2023
\u00a0
Gains
Losses
Gains
Losses
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Loans
0
-4,874
9
-37
Bonds
1,167
-1,369
149
-41
Total
1,167
-6,243
158
-78
Assets
31/12/2024
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
39,637,179
28,070,686
7,623,744
3,927,130
39,621,560
Measured at AC
3,391,477
485,343
845,241
2,045,274
3,375,858
Loans
654,913
0
538,281
111,313
649,594
Bonds
931,707
479,288
306,960
122,960
909,208
Term deposits
1,804,857
6,055
0
1,811,001
1,817,056
Mandatorily measured at FVtOCI
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Bonds
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Designated measured at FVtOCI
291,027
38,162
0
252,865
291,027
Shares
41,771
38,162
0
3,609
41,771
Shares in participating companies
64,451
0
0
64,451
64,451
Shares in affiliated non-consolidated companies
184,805
0
0
184,805
184,805
Mandatorily measured at FVtPL
11,148,394
6,558,059
3,063,044
1,527,291
11,148,394
Shares
365,741
289,226
5,619
70,896
365,741
Shares in participating companies
24,332
0
0
24,332
24,332
Shares in affiliated non-consolidated companies
7,841
0
0
7,841
7,841
Loans
4,856
0
3,676
1,180
4,856
Bonds
1,717,122
541,833
711,898
463,391
1,717,122
Funds
9,010,758
5,726,992
2,340,241
943,525
9,010,758
Derivatives
17,744
8
1,610
16,126
17,744
Designated measured at FVtPL
319,827
305,319
14,508
0
319,827
Bonds
319,827
305,319
14,508
0
319,827
Investments in associates
204,761
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
2,978,265
0
33,752
4,473,261
4,507,013
Owner-occupied property
466,840
0
41,335
780,785
822,120
Assets
31/12/2023
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
37,990,239
25,459,784
9,241,370
3,268,013
37,969,167
Measured at AC
2,963,320
448,858
1,004,637
1,488,753
2,942,248
Loans
742,306
0
594,559
127,842
722,401
Bonds
978,491
448,858
410,078
97,406
956,342
Term deposits
1,242,523
0
0
1,263,505
1,263,505
Mandatorily measured at FVtOCI
24,021,071
18,706,866
5,044,560
269,645
24,021,071
Bonds
24,021,071
18,706,866
5,044,560
269,645
24,021,071
Designated measured at FVtOCI
399,293
29,784
5,155
364,354
399,293
Shares
38,259
29,784
5,155
3,320
38,259
Shares in participating companies
70,088
0
0
70,088
70,088
Shares in affiliated non-consolidated companies
290,946
0
0
290,946
290,946
Mandatorily measured at FVtPL
10,393,733
6,112,598
3,135,874
1,145,261
10,393,733
Shares
450,075
345,186
31,829
73,060
450,075
Shares in participating companies
30,116
0
0
30,116
30,116
Shares in affiliated non-consolidated companies
4,028
0
2,282
1,746
4,028
Bonds
1,716,436
406,366
848,137
461,933
1,716,436
Funds
8,174,035
5,361,046
2,251,947
561,042
8,174,035
Derivatives
19,043
0
1,679
17,364
19,043
Designated measured at FVtPL
212,822
161,678
51,144
0
212,822
Bonds
212,822
161,678
51,144
0
212,822
Investments in associates
185,622
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
2,852,090
0
32,988
4,384,990
4,417,978
Owner-occupied property
470,949
0
39,107
792,142
831,249
Financial liabilities
31/12/2024
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Measured at AC*
2,092,755
0
1,621,176
385,516
2,006,692
Subordinated liabilities
1,215,495
0
1,239,647
0
1,239,647
Liabilities to banks
298,188
0
0
298,188
298,188
Liabilities from financing activities
579,072
0
381,529
87,328
468,857
Mandatorily measured at FVtPL
60,746
0
923
59,823
60,746
Liabilities for derivatives
60,746
0
923
59,823
60,746
Designated measured at FVtPL
508
0
0
508
508
Liabilities designated measured at FVtPL
508
0
0
508
508
Financial liabilities
31/12/2023
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Measured at AC*
2,196,072
0
1,644,863
416,711
2,061,574
Subordinated liabilities
1,309,283
0
1,248,646
21,655
1,270,301
Liabilities to banks
306,881
0
0
306,881
306,881
Liabilities from financing activities
579,908
0
396,217
88,175
484,392
Mandatorily measured at FVtPL
1,296
0
707
589
1,296
Liabilities for derivatives
1,296
0
707
589
1,296
Designated measured at FVtPL
555
0
0
555
555
Liabilities designated measured at FVtPL
555
0
0
555
555
16.2. Reclassification of financial instruments
The companies in VIG Insurance Group regularly review the current validity of the last fair value classification performed on each valuation date. For example, a reclassification is performed if necessary inputs are no longer directly observable in the market.
Reclassifications
31/12/2024
\u00a0
Between Level 1 and Level 2
Level 3 to
Level 1
Level 1 to
Level 3
Level 3 to
Level 2
Level 2 to
Level 3
Number
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Measured at FVtOCI
169
9
3
0
6
Mandatorily measured at FVtOCI
152
9
3
0
5
Financial assets
152
9
3
0
5
Designated measured at FVtOCI
17
0
0
0
1
Financial assets
17
0
0
0
1
Measured at FVtPL
467
41
50
21
14
Mandatorily measured at FVtPL
462
41
50
21
14
Financial assets
462
41
50
21
14
Designated measured at FVtPL
5
0
0
0
0
Financial assets
5
0
0
0
0
Total
636
50
53
21
20
The reclassifications between Level\u00a01 and Level\u00a02 are due to changes in liquidity, trading frequency and trading activity. The reclassifications from Level\u00a03 to Level\u00a01 are primarily based on an improvement in the liquidity assessment and/or the availability of valuation rates. The reclassifications from Level\u00a01 to Level\u00a03 are primarily based on a worsening of the liquidity and/or changes in the availability of valuation rates. The reclassifications from Level\u00a03 to Level\u00a02 are primarily based on an improvement in the liquidity. The reclassifications from Level\u00a02 to Level\u00a03 are primarily based on a worsening of the credit quality or liquidity.
Reclassifications
31/12/2023
\u00a0
Between Level 1 and Level 2
Level 1 to
Level 3
Level 2 to
Level 3
Number
\u00a0
\u00a0
\u00a0
Measured at FVtOCI
87
2
5
Mandatorily measured at FVtOCI
87
2
5
Financial assets
87
2
5
Measured at FVtPL
189
9
10
Mandatorily measured at FVtPL
183
9
8
Financial assets
183
9
8
Designated measured at FVtPL
6
0
2
Financial assets
6
0
2
Total
276
11
15
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-47": { "value": "
Measurement and balance of risk provision
31/12/2024
31/12/2023
\u00a0
Book value
ECL
Book value
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Measured at AC
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,748,124
0
1,558,107
0
Financial assets
3,472,610
-81,133
3,031,131
-67,811
IFRS 9 measured receivables
461,697
-19,840
440,374
-21,417
Financial liabilities
-2,312,886
0
-2,394,470
0
IFRS 9 measured liabilities
-582,834
0
-587,214
0
Measured at FVtOCI
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
24,777,481
-177,398
24,420,364
-172,613
Mandatorily measured at FVtOCI
24,486,454
-177,398
24,021,071
-172,613
Designated measured at FVtOCI
291,027
0
399,293
0
Measured at FVtPL
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
11,468,221
0
10,606,555
0
Mandatorily measured at FVtPL
11,148,394
0
10,393,733
0
Designated measured at FVtPL
319,827
0
212,822
0
Financial liabilities
-61,254
0
-1,851
0
Mandatorily measured at FVtPL
-60,746
0
-1,296
0
Designated measured at FVtPL
-508
0
-555
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-48": { "value": "
2.2. Categories and measurements
Liabilities
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Measured at AC
2,895,720
2,981,684
Subordinated liabilities
1,215,495
1,309,283
Liabilities to banks
298,188
306,881
Liabilities from financing activities
579,072
579,908
Lease liabilities
220,131
198,398
IFRS 9 measured liabilities
582,834
587,214
Measured at FVtPL
61,254
1,851
Mandatorily measured at FVtPL
60,746
1,296
Designated measured at FVtPL
508
555
Total
2,956,974
2,983,535
16. Calculation of fair value
The accounting policies used are presented in Note\u00a024.9. Calculation of fair value starting on page\u00a0252.
16.1. Fair value and book values of financial instruments and investments
Assets
31/12/2024
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
39,637,179
28,070,686
7,623,744
3,927,130
39,621,560
Measured at AC
3,391,477
485,343
845,241
2,045,274
3,375,858
Loans
654,913
0
538,281
111,313
649,594
Bonds
931,707
479,288
306,960
122,960
909,208
Term deposits
1,804,857
6,055
0
1,811,001
1,817,056
Mandatorily measured at FVtOCI
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Bonds
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Designated measured at FVtOCI
291,027
38,162
0
252,865
291,027
Shares
41,771
38,162
0
3,609
41,771
Shares in participating companies
64,451
0
0
64,451
64,451
Shares in affiliated non-consolidated companies
184,805
0
0
184,805
184,805
Mandatorily measured at FVtPL
11,148,394
6,558,059
3,063,044
1,527,291
11,148,394
Shares
365,741
289,226
5,619
70,896
365,741
Shares in participating companies
24,332
0
0
24,332
24,332
Shares in affiliated non-consolidated companies
7,841
0
0
7,841
7,841
Loans
4,856
0
3,676
1,180
4,856
Bonds
1,717,122
541,833
711,898
463,391
1,717,122
Funds
9,010,758
5,726,992
2,340,241
943,525
9,010,758
Derivatives
17,744
8
1,610
16,126
17,744
Designated measured at FVtPL
319,827
305,319
14,508
0
319,827
Bonds
319,827
305,319
14,508
0
319,827
Investments in associates
204,761
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
2,978,265
0
33,752
4,473,261
4,507,013
Owner-occupied property
466,840
0
41,335
780,785
822,120
Assets
31/12/2023
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
37,990,239
25,459,784
9,241,370
3,268,013
37,969,167
Measured at AC
2,963,320
448,858
1,004,637
1,488,753
2,942,248
Loans
742,306
0
594,559
127,842
722,401
Bonds
978,491
448,858
410,078
97,406
956,342
Term deposits
1,242,523
0
0
1,263,505
1,263,505
Mandatorily measured at FVtOCI
24,021,071
18,706,866
5,044,560
269,645
24,021,071
Bonds
24,021,071
18,706,866
5,044,560
269,645
24,021,071
Designated measured at FVtOCI
399,293
29,784
5,155
364,354
399,293
Shares
38,259
29,784
5,155
3,320
38,259
Shares in participating companies
70,088
0
0
70,088
70,088
Shares in affiliated non-consolidated companies
290,946
0
0
290,946
290,946
Mandatorily measured at FVtPL
10,393,733
6,112,598
3,135,874
1,145,261
10,393,733
Shares
450,075
345,186
31,829
73,060
450,075
Shares in participating companies
30,116
0
0
30,116
30,116
Shares in affiliated non-consolidated companies
4,028
0
2,282
1,746
4,028
Bonds
1,716,436
406,366
848,137
461,933
1,716,436
Funds
8,174,035
5,361,046
2,251,947
561,042
8,174,035
Derivatives
19,043
0
1,679
17,364
19,043
Designated measured at FVtPL
212,822
161,678
51,144
0
212,822
Bonds
212,822
161,678
51,144
0
212,822
Investments in associates
185,622
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
2,852,090
0
32,988
4,384,990
4,417,978
Owner-occupied property
470,949
0
39,107
792,142
831,249
Financial liabilities
31/12/2024
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Measured at AC*
2,092,755
0
1,621,176
385,516
2,006,692
Subordinated liabilities
1,215,495
0
1,239,647
0
1,239,647
Liabilities to banks
298,188
0
0
298,188
298,188
Liabilities from financing activities
579,072
0
381,529
87,328
468,857
Mandatorily measured at FVtPL
60,746
0
923
59,823
60,746
Liabilities for derivatives
60,746
0
923
59,823
60,746
Designated measured at FVtPL
508
0
0
508
508
Liabilities designated measured at FVtPL
508
0
0
508
508
*Excl. lease liabilities
Financial liabilities
31/12/2023
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Measured at AC*
2,196,072
0
1,644,863
416,711
2,061,574
Subordinated liabilities
1,309,283
0
1,248,646
21,655
1,270,301
Liabilities to banks
306,881
0
0
306,881
306,881
Liabilities from financing activities
579,908
0
396,217
88,175
484,392
Mandatorily measured at FVtPL
1,296
0
707
589
1,296
Liabilities for derivatives
1,296
0
707
589
1,296
Designated measured at FVtPL
555
0
0
555
555
Liabilities designated measured at FVtPL
555
0
0
555
555
*Excl. lease liabilities
The unrealised effect (net profit or loss) of Level\u00a03 financial instruments that are still held and whose fair value will be recognised through profit and loss was EUR\u00a068,185,000 (EUR\u00a021,544,000) in the reporting period.
16.2. Reclassification of financial instruments
The companies in VIG Insurance Group regularly review the current validity of the last fair value classification performed on each valuation date. For example, a reclassification is performed if necessary inputs are no longer directly observable in the market.
Reclassifications
31/12/2024
\u00a0
Between Level 1 and Level 2
Level 3 to
Level 1
Level 1 to
Level 3
Level 3 to
Level 2
Level 2 to
Level 3
Number
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Measured at FVtOCI
169
9
3
0
6
Mandatorily measured at FVtOCI
152
9
3
0
5
Financial assets
152
9
3
0
5
Designated measured at FVtOCI
17
0
0
0
1
Financial assets
17
0
0
0
1
Measured at FVtPL
467
41
50
21
14
Mandatorily measured at FVtPL
462
41
50
21
14
Financial assets
462
41
50
21
14
Designated measured at FVtPL
5
0
0
0
0
Financial assets
5
0
0
0
0
Total
636
50
53
21
20
The reclassifications between Level\u00a01 and Level\u00a02 are due to changes in liquidity, trading frequency and trading activity. The reclassifications from Level\u00a03 to Level\u00a01 are primarily based on an improvement in the liquidity assessment and/or the availability of valuation rates. The reclassifications from Level\u00a01 to Level\u00a03 are primarily based on a worsening of the liquidity and/or changes in the availability of valuation rates. The reclassifications from Level\u00a03 to Level\u00a02 are primarily based on an improvement in the liquidity. The reclassifications from Level\u00a02 to Level\u00a03 are primarily based on a worsening of the credit quality or liquidity.
Reclassifications
31/12/2023
\u00a0
Between Level 1 and Level 2
Level 1 to
Level 3
Level 2 to
Level 3
Number
\u00a0
\u00a0
\u00a0
Measured at FVtOCI
87
2
5
Mandatorily measured at FVtOCI
87
2
5
Financial assets
87
2
5
Measured at FVtPL
189
9
10
Mandatorily measured at FVtPL
183
9
8
Financial assets
183
9
8
Designated measured at FVtPL
6
0
2
Financial assets
6
0
2
Total
276
11
15
16.3. Measurement of the fair value of real estate
Basis of the measurement
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Investment property
4,507,013
4,417,978
Evaluated by an independent expert*
952,700
1,010,579
Evaluated by an internal expert
3,554,313
3,407,399
Owner-occupied property
822,120
831,249
Evaluated by an independent expert
364,204
378,823
Evaluated by an internal expert
457,916
452,426
*This corresponds to 21.14% (22.87%) of the fair value of investment property.
Measurement method
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Investment property
4,507,013
4,417,978
Capitalised earnings value methode
3,960,340
4,008,590
Comparative pricing method/market approach
412,096
354,114
Other method
134,577
55,274
Owner-occupied property
822,120
831,249
Capitalised earnings value methode
638,577
647,013
Comparative pricing method/market approach
183,231
179,883
Other method
312
4,353
16.4. Reconciliation of financial instruments
For information on the effects of changes in value recognised through profit and loss, please refer to Note\u00a09. Notes to the consolidated income statement starting on page\u00a0188.
Development
2024
2023
Financial assets measured at FVtOCI
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Fair value as of 31/12 of the previous year = Fair value as of 01/01
18,736,650
5,049,715
633,999
18,251,987
3,865,880
483,349
Exchange rate differences
15,643
-45,958
-2,350
21,703
-1,505
-16,257
Reclassification between classes of financial instruments
-253,187
256,816
-7,545
-25,816
15,770
127,046
Reclassification to level
1,389,897
60,076
31,889
224,089
1,112,099
164,679
Reclassification from level
-61,411
-1,386,034
-34,417
-1,131,929
-315,281
-53,658
Amortisation and accrued interest
72,426
5,229
4,784
56,886
12,793
-1,884
Additions
5,005,745
418,822
57,431
3,396,212
591,244
200,781
Disposals
-4,338,851
-740,683
-167,168
-2,977,020
-522,290
-108,319
Changes in scope of consolidation
103,782
44,674
-133,559
0
-4,538
-110,758
Changes in value recognised in profit and loss
0
0
0
0
0
0
Changes in value recognised directly in equity
51,271
38,294
-28,499
920,538
295,543
-50,980
Fair value as of 31/12
20,721,965
3,700,951
354,565
18,736,650
5,049,715
633,999
Development
2024
2023
Financial assets measured at FVtPL
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Fair value as of 31/12 of the previous year = Fair value as of 01/01
6,274,276
3,187,018
1,145,261
7,450,053
2,543,758
501,478
Exchange rate differences
2,043
-40,662
4,582
72,100
-1,029
-16,755
Reclassification between classes of financial instruments
0
0
174
11,519
2,675
-14,193
Reclassification to level
712,432
392,643
256,489
244,114
774,013
592,993
Reclassification from level
-566,477
-778,348
-16,739
-1,230,251
-377,942
-2,928
Amortisation and accrued interest
6,868
8,031
4,785
1,081
8,718
5,142
Additions
1,473,266
1,564,282
179,484
2,459,074
467,755
177,649
Disposals
-1,709,032
-1,483,607
-115,324
-3,231,600
-483,055
-107,460
Changes in scope of consolidation
332,312
67,731
-99
0
0
-12,528
Changes in value recognised in profit and loss
337,690
160,464
68,678
498,186
252,125
21,863
Changes in value recognised directly in equity
0
0
0
0
0
0
Fair value as of 31/12
6,863,378
3,077,552
1,527,291
6,274,276
3,187,018
1,145,261
16.5. Unobservable input factors
Asset class
Measurement methods
Unobservable input factors
Range
2024
2023
\u00a0
\u00a0
\u00a0
\u00a0
from
to
from
to
Property
Capitalised earnings value
Capitalisation rate
in %
0.30
7.47
0.30
7.47
\u00a0
\u00a0
Rental income
in EUR \u2018000
7
5,124
7
4,090
\u00a0
\u00a0
Land prices
in EUR \u2018000
0
12
0
12
\u00a0
Discounted Cash flow
Capitalisation rate
in %
5.33
9.18
4.11
8.92
\u00a0
\u00a0
Rental income
in EUR \u2018000
116
7,754
111
7,394
\u00a0
Building rights \u2011 capitalised earnings value
Capitalisation rate
in %
2.50
4.00
2.50
4.00
\u00a0
\u00a0
Rental income
in EUR \u2018000
83
4,349
83
4,378
\u00a0
\u00a0
Land prices
in EUR \u2018000
0.31
0.80
0.30
0.73
\u00a0
\u00a0
Construction interest actually paid
in %
0.90
4.56
0.90
3.96
Loans measured at AC
Present value method
Spreads
in %
0.67
2.43
-0.20
5.62
Bonds measured at AC
Present value method
Spreads
in %
0.52
4.41
-0.20
5.62
Bonds measured at FVtOCI
Present value method
Spreads
in %
0.37
5.49
-0.20
4.13
Bonds measured at FVtPL
Present value method
Spreads
in %
0.37
3.27
-0.20
3.81
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-49": { "value": "
Assets
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Measured at AC
5,581,458
4,940,384
Cash and cash equivalents
1,748,124
1,558,107
Loans
654,913
742,306
Bonds
931,707
978,491
Term deposits
1,804,857
1,242,523
IFRS 9 measured receivables
441,857
418,957
Measured at FVtOCI
24,777,481
24,420,364
Mandatorily measured at FVtOCI
24,486,454
24,021,071
Bonds
24,486,454
24,021,071
Designated measured at FVtOCI
291,027
399,293
Shares and shares in companies
291,027
399,293
Shares
41,771
38,259
Shares in participating companies
64,451
70,088
Shares in affiliated non-consolidated companies
184,805
290,946
Measured at FVtPL
11,468,221
10,606,555
Mandatorily measured at FVtPL
11,148,394
10,393,733
Shares and shares in companies
397,914
484,219
Shares
365,741
450,075
Shares in participating companies
24,332
30,116
Shares in affiliated non-consolidated companies
7,841
4,028
Loans
4,856
0
Bonds
1,717,122
1,716,436
Funds
9,010,758
8,174,035
Derivatives
17,744
19,043
Designated measured at FVtPL
319,827
212,822
Bonds
319,827
212,822
Total
41,827,160
39,967,303
Liabilities
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Measured at AC
2,895,720
2,981,684
Subordinated liabilities
1,215,495
1,309,283
Liabilities to banks
298,188
306,881
Liabilities from financing activities
579,072
579,908
Lease liabilities
220,131
198,398
IFRS 9 measured liabilities
582,834
587,214
Measured at FVtPL
61,254
1,851
Mandatorily measured at FVtPL
60,746
1,296
Designated measured at FVtPL
508
555
Total
2,956,974
2,983,535
2.8. Details regarding the net result
Result from financial instruments measured at FVtPL
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Financial assets
886,565
950,981
Mandatorily measured at FVtPL
882,145
935,325
Loans
225
176
Bonds
99,116
164,226
Funds
805,018
713,568
Shares and shares in companies
-14,232
67,422
Derivatives
-7,982
-10,067
Designated measured at FVtPL
4,420
15,656
Bonds
4,420
15,656
Financial liabilities
47
17
Designated measured at FVtPL
47
17
Liabilities designated measured at FVtPL
47
17
Assets
31/12/2024
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
39,637,179
28,070,686
7,623,744
3,927,130
39,621,560
Measured at AC
3,391,477
485,343
845,241
2,045,274
3,375,858
Loans
654,913
0
538,281
111,313
649,594
Bonds
931,707
479,288
306,960
122,960
909,208
Term deposits
1,804,857
6,055
0
1,811,001
1,817,056
Mandatorily measured at FVtOCI
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Bonds
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Designated measured at FVtOCI
291,027
38,162
0
252,865
291,027
Shares
41,771
38,162
0
3,609
41,771
Shares in participating companies
64,451
0
0
64,451
64,451
Shares in affiliated non-consolidated companies
184,805
0
0
184,805
184,805
Mandatorily measured at FVtPL
11,148,394
6,558,059
3,063,044
1,527,291
11,148,394
Shares
365,741
289,226
5,619
70,896
365,741
Shares in participating companies
24,332
0
0
24,332
24,332
Shares in affiliated non-consolidated companies
7,841
0
0
7,841
7,841
Loans
4,856
0
3,676
1,180
4,856
Bonds
1,717,122
541,833
711,898
463,391
1,717,122
Funds
9,010,758
5,726,992
2,340,241
943,525
9,010,758
Derivatives
17,744
8
1,610
16,126
17,744
Designated measured at FVtPL
319,827
305,319
14,508
0
319,827
Bonds
319,827
305,319
14,508
0
319,827
Investments in associates
204,761
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
2,978,265
0
33,752
4,473,261
4,507,013
Owner-occupied property
466,840
0
41,335
780,785
822,120
Assets
31/12/2023
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
37,990,239
25,459,784
9,241,370
3,268,013
37,969,167
Measured at AC
2,963,320
448,858
1,004,637
1,488,753
2,942,248
Loans
742,306
0
594,559
127,842
722,401
Bonds
978,491
448,858
410,078
97,406
956,342
Term deposits
1,242,523
0
0
1,263,505
1,263,505
Mandatorily measured at FVtOCI
24,021,071
18,706,866
5,044,560
269,645
24,021,071
Bonds
24,021,071
18,706,866
5,044,560
269,645
24,021,071
Designated measured at FVtOCI
399,293
29,784
5,155
364,354
399,293
Shares
38,259
29,784
5,155
3,320
38,259
Shares in participating companies
70,088
0
0
70,088
70,088
Shares in affiliated non-consolidated companies
290,946
0
0
290,946
290,946
Mandatorily measured at FVtPL
10,393,733
6,112,598
3,135,874
1,145,261
10,393,733
Shares
450,075
345,186
31,829
73,060
450,075
Shares in participating companies
30,116
0
0
30,116
30,116
Shares in affiliated non-consolidated companies
4,028
0
2,282
1,746
4,028
Bonds
1,716,436
406,366
848,137
461,933
1,716,436
Funds
8,174,035
5,361,046
2,251,947
561,042
8,174,035
Derivatives
19,043
0
1,679
17,364
19,043
Designated measured at FVtPL
212,822
161,678
51,144
0
212,822
Bonds
212,822
161,678
51,144
0
212,822
Investments in associates
185,622
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
2,852,090
0
32,988
4,384,990
4,417,978
Owner-occupied property
470,949
0
39,107
792,142
831,249
Financial liabilities
31/12/2024
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Measured at AC*
2,092,755
0
1,621,176
385,516
2,006,692
Subordinated liabilities
1,215,495
0
1,239,647
0
1,239,647
Liabilities to banks
298,188
0
0
298,188
298,188
Liabilities from financing activities
579,072
0
381,529
87,328
468,857
Mandatorily measured at FVtPL
60,746
0
923
59,823
60,746
Liabilities for derivatives
60,746
0
923
59,823
60,746
Designated measured at FVtPL
508
0
0
508
508
Liabilities designated measured at FVtPL
508
0
0
508
508
Financial liabilities
31/12/2023
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Measured at AC*
2,196,072
0
1,644,863
416,711
2,061,574
Subordinated liabilities
1,309,283
0
1,248,646
21,655
1,270,301
Liabilities to banks
306,881
0
0
306,881
306,881
Liabilities from financing activities
579,908
0
396,217
88,175
484,392
Mandatorily measured at FVtPL
1,296
0
707
589
1,296
Liabilities for derivatives
1,296
0
707
589
1,296
Designated measured at FVtPL
555
0
0
555
555
Liabilities designated measured at FVtPL
555
0
0
555
555
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-50": { "value": "
Assets
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Measured at AC
5,581,458
4,940,384
Cash and cash equivalents
1,748,124
1,558,107
Loans
654,913
742,306
Bonds
931,707
978,491
Term deposits
1,804,857
1,242,523
IFRS 9 measured receivables
441,857
418,957
Measured at FVtOCI
24,777,481
24,420,364
Mandatorily measured at FVtOCI
24,486,454
24,021,071
Bonds
24,486,454
24,021,071
Designated measured at FVtOCI
291,027
399,293
Shares and shares in companies
291,027
399,293
Shares
41,771
38,259
Shares in participating companies
64,451
70,088
Shares in affiliated non-consolidated companies
184,805
290,946
Measured at FVtPL
11,468,221
10,606,555
Mandatorily measured at FVtPL
11,148,394
10,393,733
Shares and shares in companies
397,914
484,219
Shares
365,741
450,075
Shares in participating companies
24,332
30,116
Shares in affiliated non-consolidated companies
7,841
4,028
Loans
4,856
0
Bonds
1,717,122
1,716,436
Funds
9,010,758
8,174,035
Derivatives
17,744
19,043
Designated measured at FVtPL
319,827
212,822
Bonds
319,827
212,822
Total
41,827,160
39,967,303
6. Investments in associates
The Investments in associates balance sheet item consists only of shares in at equity consolidated companies. The list of associates is presented in Note\u00a020. Business combinations starting on page\u00a0209.
Shares in at equity consolidated companies had a book value of EUR 205 million as of 31 December 2024 and a book value of EUR 186 million as of 31 December 2023. Shares in at equity consolidated companies therefore represented 0.56% (0.53%) of the book value of the total risk-bearing portfolio as of 31 December 2024.
Composition of the result
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Income
27,001
16,466
Current result
27,001
16,466
Assets
31/12/2024
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
39,637,179
28,070,686
7,623,744
3,927,130
39,621,560
Measured at AC
3,391,477
485,343
845,241
2,045,274
3,375,858
Loans
654,913
0
538,281
111,313
649,594
Bonds
931,707
479,288
306,960
122,960
909,208
Term deposits
1,804,857
6,055
0
1,811,001
1,817,056
Mandatorily measured at FVtOCI
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Bonds
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Designated measured at FVtOCI
291,027
38,162
0
252,865
291,027
Shares
41,771
38,162
0
3,609
41,771
Shares in participating companies
64,451
0
0
64,451
64,451
Shares in affiliated non-consolidated companies
184,805
0
0
184,805
184,805
Mandatorily measured at FVtPL
11,148,394
6,558,059
3,063,044
1,527,291
11,148,394
Shares
365,741
289,226
5,619
70,896
365,741
Shares in participating companies
24,332
0
0
24,332
24,332
Shares in affiliated non-consolidated companies
7,841
0
0
7,841
7,841
Loans
4,856
0
3,676
1,180
4,856
Bonds
1,717,122
541,833
711,898
463,391
1,717,122
Funds
9,010,758
5,726,992
2,340,241
943,525
9,010,758
Derivatives
17,744
8
1,610
16,126
17,744
Designated measured at FVtPL
319,827
305,319
14,508
0
319,827
Bonds
319,827
305,319
14,508
0
319,827
Investments in associates
204,761
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
2,978,265
0
33,752
4,473,261
4,507,013
Owner-occupied property
466,840
0
41,335
780,785
822,120
Assets
31/12/2023
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
37,990,239
25,459,784
9,241,370
3,268,013
37,969,167
Measured at AC
2,963,320
448,858
1,004,637
1,488,753
2,942,248
Loans
742,306
0
594,559
127,842
722,401
Bonds
978,491
448,858
410,078
97,406
956,342
Term deposits
1,242,523
0
0
1,263,505
1,263,505
Mandatorily measured at FVtOCI
24,021,071
18,706,866
5,044,560
269,645
24,021,071
Bonds
24,021,071
18,706,866
5,044,560
269,645
24,021,071
Designated measured at FVtOCI
399,293
29,784
5,155
364,354
399,293
Shares
38,259
29,784
5,155
3,320
38,259
Shares in participating companies
70,088
0
0
70,088
70,088
Shares in affiliated non-consolidated companies
290,946
0
0
290,946
290,946
Mandatorily measured at FVtPL
10,393,733
6,112,598
3,135,874
1,145,261
10,393,733
Shares
450,075
345,186
31,829
73,060
450,075
Shares in participating companies
30,116
0
0
30,116
30,116
Shares in affiliated non-consolidated companies
4,028
0
2,282
1,746
4,028
Bonds
1,716,436
406,366
848,137
461,933
1,716,436
Funds
8,174,035
5,361,046
2,251,947
561,042
8,174,035
Derivatives
19,043
0
1,679
17,364
19,043
Designated measured at FVtPL
212,822
161,678
51,144
0
212,822
Bonds
212,822
161,678
51,144
0
212,822
Investments in associates
185,622
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
2,852,090
0
32,988
4,384,990
4,417,978
Owner-occupied property
470,949
0
39,107
792,142
831,249
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-51": { "value": "
Liabilities
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Measured at AC
2,895,720
2,981,684
Subordinated liabilities
1,215,495
1,309,283
Liabilities to banks
298,188
306,881
Liabilities from financing activities
579,072
579,908
Lease liabilities
220,131
198,398
IFRS 9 measured liabilities
582,834
587,214
Measured at FVtPL
61,254
1,851
Mandatorily measured at FVtPL
60,746
1,296
Designated measured at FVtPL
508
555
Total
2,956,974
2,983,535
Type of usage
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Self-used
13,770
8,513
Rented (operating lease)
2,964,495
2,843,577
Total
2,978,265
2,852,090
Type of usage
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Owner-occupied property
466,840
470,950
Self-used
436,510
449,558
Rented (operating lease)
30,330
21,392
8. Financial liabilities
8.1. Overview
Composition
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Subordinated liabilities
1,215,495
1,309,283
Liabilities to banks
298,188
306,881
Liabilities from financing activities
579,072
579,908
Liabilities for derivatives
60,746
1,296
Lease liabilities
220,131
198,398
Liabilities designated measured at FVtPL
508
555
Total
2,374,140
2,396,321
The development of financial liabilities has been changed in comparison to the development presented in the Group Annual Report 2023, and now only the main balance sheet items are presented.
Development
31/12/2024
\u00a0
Subordinated liabilities
Liabilities to banks
Liabilities from financing activities
in EUR \u2018000
\u00a0
\u00a0
\u00a0
Book value as of 31/12 of the previous year = Book value as of 01/01
1,309,283
306,881
579,908
Cash changes
-144,945
-13,269
-7,183
Cash inflows
0
40
50
Payments
-91,748
-9,336
-1,473
Paid interest
-53,197
-3,973
-5,760
Non-cash changes
51,157
4,576
6,347
Additions
51,570
4,575
6,339
Changes in scope of consolidation
0
2
0
Exchange rate differences
-413
-1
8
Book value as of 31/12
1,215,495
298,188
579,072
Development
31/12/2023
\u00a0
Subordinated liabilities
Liabilities to banks
Liabilities from financing activities
in EUR \u2018000
\u00a0
\u00a0
\u00a0
Book value as of 31/12 of the previous year = Book value as of 01/01
1,789,281
343,898
593,118
Cash changes
-546,812
-42,113
-6,408
Cash inflows
0
23
509
Payments
-469,987
-37,719
-1,287
Paid interest
-76,825
-4,417
-5,630
Non-cash changes
66,814
5,096
-6,802
Additions
67,382
5,096
6,278
Changes in scope of consolidation
0
0
-21,760
Reclassifications
0
0
8,643
Exchange rate differences
-568
0
37
Book value as of 31/12
1,309,283
306,881
579,908
Composition
Austria
Czech Republic
Poland
Extended CEE
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
820,847
1,010,854
143,621
183,108
125,001
130,074
404,884
293,611
Interest revenues using the effective interest rate method
430,949
450,204
76,835
91,970
68,037
61,016
210,509
186,751
Realised gains and losses from financial assets measured at AC
0
-36
0
0
-1,699
-1
-196
158
Impairment losses incl. reversal gains on financial instruments
2,508
-1,697
5,706
-12,345
2,762
-1,058
3,378
-41,948
Other result from financial instruments
387,390
562,383
61,080
103,483
55,901
70,117
191,193
148,650
thereof result from the valuation of financial assets measured at FVtPL
275,412
450,961
59,678
85,029
18,782
46,694
130,031
139,636
thereof result from sale of financial instruments measured at FVtPL
19,713
13,106
5,845
7,726
36,370
37,271
32,327
14,103
Income and expenses from investment property
40,501
26,252
-8
-1,040
457
339
2,204
226
thereof current income
92,905
84,590
670
535
926
682
7,110
5,446
thereof depreciation
-52,601
-58,338
-629
-1,575
-469
-344
-5,647
-5,302
thereof result from sale
197
0
-49
0
0
0
613
81
Finance costs
-32,645
-48,237
-3,131
-2,935
-2,047
-1,012
-8,466
-8,276
thereof interest expenses for personnel provisions
-8,582
-8,637
0
0
0
0
-42
0
thereof interest expenses financing liabilities
-858
-1,691
0
0
0
0
-521
-57
thereof interest expenses for liabilities to financial institutions
-1,363
-778
0
0
0
0
-7
-466
thereof interest expenses for subordinate liabilities
-19,984
-35,287
-1,678
-1,224
-1,581
-1,500
-6,425
-6,397
thereof interest expenses for lease liabilities
-1,847
-1,718
-1,405
-1,506
-578
-297
-1,475
-961
Result from owner-occupied properties
985
325
-1,975
-5,485
909
-788
-1,374
-2,779
thereof depreciation
-8,123
-7,634
-3,684
-5,101
-355
-411
-3,512
-3,333
thereof result from sale
0
154
2,681
-29
1,478
0
2,068
590
Composition
Special Markets
Group Functions
Consolidation
Total
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
337,574
274,198
79,673
50,780
-27,554
-49,557
1,884,046
1,893,068
Interest revenues using the effective interest rate method
149,266
89,306
89,841
53,210
-27,740
-36,656
997,697
895,801
Realised gains and losses from financial assets measured at AC
-7
-41
-3,174
0
0
0
-5,076
80
Impairment losses incl. reversal gains on financial instruments
-32,654
-2,880
194
3,444
0
0
-18,106
-56,484
Other result from financial instruments
220,969
187,813
-7,188
-5,874
186
-12,901
909,531
1,053,671
thereof result from the valuation of financial assets measured at FVtPL
80,462
50,994
1,150
-1,140
0
0
565,515
772,174
thereof result from sale of financial instruments measured at FVtPL
11,636
-871
-2,554
-5,815
0
0
103,337
65,520
Income and expenses from investment property
235
543
17,290
5,579
-56
-55
60,623
31,844
thereof current income
489
661
33,257
32,853
-57
-55
135,300
124,712
thereof depreciation
-254
-251
-19,418
-30,530
0
0
-79,018
-96,340
thereof result from sale
0
133
-56
3,256
0
0
705
3,470
Finance costs
-2,122
-577
-62,156
-86,233
28,343
47,944
-82,224
-99,326
thereof interest expenses for personnel provisions
0
0
-1,893
-1,829
0
0
-10,517
-10,466
thereof interest expenses financing liabilities
0
0
-16,995
-3,004
11,454
0
-6,920
-4,752
thereof interest expenses for liabilities to financial institutions
0
0
-2,949
-26,604
0
21,619
-4,319
-6,229
thereof interest expenses for subordinate liabilities
0
0
-39,985
-54,126
16,276
26,305
-53,377
-72,229
thereof interest expenses for lease liabilities
-2,120
-578
-178
-96
688
479
-6,915
-4,677
Result from owner-occupied properties
310
325
932
510
-6,425
-5,496
-6,638
-13,388
thereof depreciation
-240
-252
-1,436
-1,200
0
0
-17,350
-17,931
thereof result from sale
0
0
0
0
0
0
6,227
715
14. Leases
Lessors \u2013 operating leases
Maturity analysis of undiscounted lease payments
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Up to 1 year
167,299
142,410
More than one up to two years
154,787
127,156
More than two up to three years
144,700
117,400
More than three up to four years
132,112
108,340
More than four up to five years
118,951
100,128
More than five years
3,515,286
3,071,781
Total
4,233,135
3,667,215
Lease income
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Fixed lease income
172,441
146,236
Lease income of variable lease payments
33,115
27,638
Total
205,556
173,874
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-52": { "value": "
Liabilities
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Measured at AC
2,895,720
2,981,684
Subordinated liabilities
1,215,495
1,309,283
Liabilities to banks
298,188
306,881
Liabilities from financing activities
579,072
579,908
Lease liabilities
220,131
198,398
IFRS 9 measured liabilities
582,834
587,214
Measured at FVtPL
61,254
1,851
Mandatorily measured at FVtPL
60,746
1,296
Designated measured at FVtPL
508
555
Total
2,956,974
2,983,535
8. Financial liabilities
8.1. Overview
Composition
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Subordinated liabilities
1,215,495
1,309,283
Liabilities to banks
298,188
306,881
Liabilities from financing activities
579,072
579,908
Liabilities for derivatives
60,746
1,296
Lease liabilities
220,131
198,398
Liabilities designated measured at FVtPL
508
555
Total
2,374,140
2,396,321
The development of financial liabilities has been changed in comparison to the development presented in the Group Annual Report 2023, and now only the main balance sheet items are presented.
Development
31/12/2024
\u00a0
Subordinated liabilities
Liabilities to banks
Liabilities from financing activities
in EUR \u2018000
\u00a0
\u00a0
\u00a0
Book value as of 31/12 of the previous year = Book value as of 01/01
1,309,283
306,881
579,908
Cash changes
-144,945
-13,269
-7,183
Cash inflows
0
40
50
Payments
-91,748
-9,336
-1,473
Paid interest
-53,197
-3,973
-5,760
Non-cash changes
51,157
4,576
6,347
Additions
51,570
4,575
6,339
Changes in scope of consolidation
0
2
0
Exchange rate differences
-413
-1
8
Book value as of 31/12
1,215,495
298,188
579,072
Development
31/12/2023
\u00a0
Subordinated liabilities
Liabilities to banks
Liabilities from financing activities
in EUR \u2018000
\u00a0
\u00a0
\u00a0
Book value as of 31/12 of the previous year = Book value as of 01/01
1,789,281
343,898
593,118
Cash changes
-546,812
-42,113
-6,408
Cash inflows
0
23
509
Payments
-469,987
-37,719
-1,287
Paid interest
-76,825
-4,417
-5,630
Non-cash changes
66,814
5,096
-6,802
Additions
67,382
5,096
6,278
Changes in scope of consolidation
0
0
-21,760
Reclassifications
0
0
8,643
Exchange rate differences
-568
0
37
Book value as of 31/12
1,309,283
306,881
579,908
8.2. Subordinated liabilities
Subordinated liabilities of the Group
Issuing company
Issue date
Outstanding volume1
thereof accrued interest
Maturity
Yield
Fair value2
\u00a0
\u00a0
in EUR \u2018000
in EUR \u2018000
in years
in %
in EUR \u2018000
VIG Holding
02/03/2015
221,110
6,697
313
First 11 years: 3.75% p.a.; thereafter variable
214,949
VIG Holding
13/04/2017
205,383
5,384
304
First 10 years: 3.75% p.a.; thereafter variable
195,394
VIG Holding
15/06/2022
513,289
13,289
204
First 10 years: 4.875% p.a.; thereafter variable
526,890
Donau Versicherung
15/04 + 21/05/2004
9,978
478
until 2025
4.95% p.a.
9,581
Donau Versicherung
01/07/1999
1,537
37
until 2025
4.95% p.a.
1,503
Wiener St\u00e4dtische
01/03/1999
8,588
338
until 2025
4.90% p.a.
8,248
Wiener St\u00e4dtische
11/05/2017
255,610
5,610
105
3.50% p.a.
251,250
Total
\u00a0
1,215,495
31,833
\u00a0
\u00a0
1,207,815
1The outstanding include the respective pro rata interest according to the dirty value method.
2The fair value is calculated on the basis of the securities' nominal value only, excluding accrued interest.
3The right to ordinary and extraordinary cancellation by the holder is excluded. Regular cancellation by the issuer is first allowed after 11 years.
4The right to ordinary and extraordinary cancellation by the holder is excluded. Regular cancellation by the issuer is first allowed after 10 years.
5The right to ordinary and extraordinary cancellation by the holder is excluded. No provision has been made for regular cancellation by the issuer.
Subordinated liabilities of VIG Holding
Interest on the supplementary capital bonds is paid out only if the interest is covered by the national annual profit of the company. However, the interest is included in the expenses in any case.
A subordinated bond with a total nominal amount of EUR\u00a0400,000,000.00 and a term of 31\u00a0years was issued on 2\u00a0March\u00a02015. It can be called at 100% by VIG Holding for the first time at 2\u00a0March\u00a02026 and at every coupon date after that. In the first 11\u00a0years of the term, the subordinated bond bears a fixed-interest rate of 3.75% per annum, after which the interest rate is variable. The subordinated bond meets the Tier\u00a02 requirements according to Solvency\u00a0II. The bond is listed on the Luxembourg Stock Exchange. An early partial buyback of subordinated bonds was effected on 21\u00a0April\u00a02023. About 46% (EUR\u00a0185.6\u00a0million) were bought back. Thus, the still outstanding volume of these bonds is EUR\u00a0214.4\u00a0million.
A subordinated bond of EUR\u00a0200,000,000.00 was issued on 6\u00a0April\u00a02017 as part of a private placement. The subordinated bond has a term of 30\u00a0years and can be called by VIG Holding for the first time after the expiry of 10\u00a0years. It complies with the Tier\u00a02 requirements according to Solvency\u00a0II and qualifies as capital in accordance with the requirements of rating agency S&P. In the first ten years of the term, the subordinated debt instruments bear a fixed-interest rate of 3.75% per annum, after which the interest rate is variable. The inclusion in the Third Market of the Vienna Stock Exchange took place on 13\u00a0April\u00a02017.
A subordinated Tier\u00a02 bond with an aggregate principal amount of EUR\u00a0500,000,000.00 was placed on 8\u00a0June\u00a02022. The subordinated bond has a term of 20\u00a0years and can be called by VIG Holding for the first time after the expiry of 10\u00a0years. It complies with the Tier\u00a02 requirements according to Solvency\u00a0II and qualifies as capital in accordance with the requirements of rating agency S&P. The debt instruments will initially bear a fixed-interest rate of 4.875% per annum. Provided they are not called and repurchased before this date, the debt instruments will be subject to a variable rate as of and including 15\u00a0June\u00a02032. The debt instruments are traded on the Vienna Stock Exchange.
Financial liabilities
31/12/2024
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Measured at AC*
2,092,755
0
1,621,176
385,516
2,006,692
Subordinated liabilities
1,215,495
0
1,239,647
0
1,239,647
Liabilities to banks
298,188
0
0
298,188
298,188
Liabilities from financing activities
579,072
0
381,529
87,328
468,857
Mandatorily measured at FVtPL
60,746
0
923
59,823
60,746
Liabilities for derivatives
60,746
0
923
59,823
60,746
Designated measured at FVtPL
508
0
0
508
508
Liabilities designated measured at FVtPL
508
0
0
508
508
Financial liabilities
31/12/2023
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Measured at AC*
2,196,072
0
1,644,863
416,711
2,061,574
Subordinated liabilities
1,309,283
0
1,248,646
21,655
1,270,301
Liabilities to banks
306,881
0
0
306,881
306,881
Liabilities from financing activities
579,908
0
396,217
88,175
484,392
Mandatorily measured at FVtPL
1,296
0
707
589
1,296
Liabilities for derivatives
1,296
0
707
589
1,296
Designated measured at FVtPL
555
0
0
555
555
Liabilities designated measured at FVtPL
555
0
0
555
555
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-53": { "value": "
2.4. Risk of concentration
The following exposures relate to data that is automatically available and represent only a subset of the Group\u2019s risk-bearing portfolio.
Financial assets*
31/12/2024
31/12/2023 adjusted
in EUR \u2018000
\u00a0
\u00a0
Exposures located in
31,899,033
31,063,395
Austria
5,647,846
5,462,642
United States of America
1,744,539
1,737,257
Czech Republic
2,760,351
2,972,307
Romania
1,193,262
1,052,618
Hungary
738,871
750,833
Poland
2,231,636
2,066,515
Germany
2,179,627
2,221,969
France
2,055,325
2,308,211
Rest of the World
13,347,576
12,491,043
Exposures denominated in
31,899,033
31,063,395
EUR
23,420,981
23,446,534
USD
886,039
706,774
CZK
2,741,843
2,820,392
RON
1,128,018
911,655
HUF
609,852
648,507
PLN
1,858,626
1,669,917
Other currencies
1,253,674
859,616
*Excl. financial instruments from unit- and index-linked life insurance
Due to the structure of the financial liabilities issued in the long term on the capital market and the lesser importance of liabilities at individual credit institutions, there is no significant risk of concentration.
Government bonds* (book value)
Measured at AC
Measured at FVtOCI
Measured at FVtPL
\u00a0
31/12/2024
31/12/2023
31/12/2024
31/12/2023
31/12/2024
31/12/2023
in %
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Austria
3.97
3.79
9.93
8.93
2.50
3.11
Germany
0.00
0.00
2.01
2.58
12.95
21.59
Czech Republic
4.96
15.17
12.77
14.84
72.25
60.86
Slovakia
2.33
2.25
5.20
5.31
0.00
0.00
Poland
51.02
51.67
12.02
11.64
0.96
1.37
Romania
0.00
0.00
7.72
6.29
1.26
2.10
Other countries
37.72
27.12
50.35
50.41
10.08
10.97
*Excl. financial instruments from unit- and index-linked life insurance
2.7. Market risk
Reduction in market value
2024
\u00a0
Scenario 0
Scenario 1
Scenario 2
Scenario 3
Scenario 4
Scenario 5
of shares
0%
-20%
-10%
-20%
-20%
0%
of bonds
0%
-5%
-3%
-5%
0%
-5%
of real estate
0%
-5%
-10%
0%
-10%
-10%
Market value of assets less liabilities (in '000 EUR)
8,313,995
6,449,620
6,784,352
6,722,575
7,530,211
6,414,539
Reduction in market value
2023
\u00a0
Scenario 0
Scenario 1
Scenario 2
Scenario 3
Scenario 4
Scenario 5
of shares
0%
-20%
-10%
-20%
-20%
0%
of bonds
0%
-5%
-3%
-5%
0%
-5%
of real estate
0%
-5%
-10%
0%
-10%
-10%
Market value of assets less liabilities (in '000 EUR)
7,881,965
6,036,750
6,368,866
6,306,199
7,108,693
6,001,674
Depending on the intended application, VIG Holding performs Value-at-Risk calculations for different sub-portfolios on behalf of VIG Insurance Group. The confidence levels vary between 95.0% and 99.5% and the holding periods between 20 and 250 days. In accordance with the nature of the portfolio, the largest contributions to Value-at-Risk are made by interest rate and spread components. As a way of validating the plausibility of the calculations, the Value-at-Risk of the most important sub-portfolios is calculated both according to the parametric method described above and according to the historical calculation method.
The following table shows the Value-at-Risk (with a confidence level of 99%) of financial assets measured at fair value:
Value-at-Risk
31/12/2024
31/12/2023
in EUR million
\u00a0
\u00a0
10-day holding period
477
782
20-day holding period
675
1,106
60-day holding period
1,169
1,915
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-54": { "value": "
Interest result
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Interest revenues
1,215,651
1,110,995
Interest revenues using the effective interest rate method
997,697
895,801
Financial assets measured at AC
203,969
145,064
Financial assets measured at FVtOCI
793,728
750,737
Interest revenues other
217,954
215,194
Financial assets measured at FVtPL
174,993
169,128
Equity instruments designated measured at FVtOCI
9,495
6,943
Other income from financial instruments
33,466
39,123
Interest expenses
-115,351
-126,973
Interest expenses using the effective interest rate method
-71,532
-87,869
Financial liabilities measured at AC
-71,532
-87,869
Interest expenses other
-43,819
-39,104
Liabilities designated measured at FVtPL
0
17
Other expenses from financial instruments
-43,819
-39,121
Total
1,100,300
984,022
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-55": { "value": "
Interest result
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Interest revenues
1,215,651
1,110,995
Interest revenues using the effective interest rate method
997,697
895,801
Financial assets measured at AC
203,969
145,064
Financial assets measured at FVtOCI
793,728
750,737
Interest revenues other
217,954
215,194
Financial assets measured at FVtPL
174,993
169,128
Equity instruments designated measured at FVtOCI
9,495
6,943
Other income from financial instruments
33,466
39,123
Interest expenses
-115,351
-126,973
Interest expenses using the effective interest rate method
-71,532
-87,869
Financial liabilities measured at AC
-71,532
-87,869
Interest expenses other
-43,819
-39,104
Liabilities designated measured at FVtPL
0
17
Other expenses from financial instruments
-43,819
-39,121
Total
1,100,300
984,022
Composition
Austria
Czech Republic
Poland
Extended CEE
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
820,847
1,010,854
143,621
183,108
125,001
130,074
404,884
293,611
Interest revenues using the effective interest rate method
430,949
450,204
76,835
91,970
68,037
61,016
210,509
186,751
Realised gains and losses from financial assets measured at AC
0
-36
0
0
-1,699
-1
-196
158
Impairment losses incl. reversal gains on financial instruments
2,508
-1,697
5,706
-12,345
2,762
-1,058
3,378
-41,948
Other result from financial instruments
387,390
562,383
61,080
103,483
55,901
70,117
191,193
148,650
thereof result from the valuation of financial assets measured at FVtPL
275,412
450,961
59,678
85,029
18,782
46,694
130,031
139,636
thereof result from sale of financial instruments measured at FVtPL
19,713
13,106
5,845
7,726
36,370
37,271
32,327
14,103
Income and expenses from investment property
40,501
26,252
-8
-1,040
457
339
2,204
226
thereof current income
92,905
84,590
670
535
926
682
7,110
5,446
thereof depreciation
-52,601
-58,338
-629
-1,575
-469
-344
-5,647
-5,302
thereof result from sale
197
0
-49
0
0
0
613
81
Finance costs
-32,645
-48,237
-3,131
-2,935
-2,047
-1,012
-8,466
-8,276
thereof interest expenses for personnel provisions
-8,582
-8,637
0
0
0
0
-42
0
thereof interest expenses financing liabilities
-858
-1,691
0
0
0
0
-521
-57
thereof interest expenses for liabilities to financial institutions
-1,363
-778
0
0
0
0
-7
-466
thereof interest expenses for subordinate liabilities
-19,984
-35,287
-1,678
-1,224
-1,581
-1,500
-6,425
-6,397
thereof interest expenses for lease liabilities
-1,847
-1,718
-1,405
-1,506
-578
-297
-1,475
-961
Result from owner-occupied properties
985
325
-1,975
-5,485
909
-788
-1,374
-2,779
thereof depreciation
-8,123
-7,634
-3,684
-5,101
-355
-411
-3,512
-3,333
thereof result from sale
0
154
2,681
-29
1,478
0
2,068
590
Composition
Special Markets
Group Functions
Consolidation
Total
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
337,574
274,198
79,673
50,780
-27,554
-49,557
1,884,046
1,893,068
Interest revenues using the effective interest rate method
149,266
89,306
89,841
53,210
-27,740
-36,656
997,697
895,801
Realised gains and losses from financial assets measured at AC
-7
-41
-3,174
0
0
0
-5,076
80
Impairment losses incl. reversal gains on financial instruments
-32,654
-2,880
194
3,444
0
0
-18,106
-56,484
Other result from financial instruments
220,969
187,813
-7,188
-5,874
186
-12,901
909,531
1,053,671
thereof result from the valuation of financial assets measured at FVtPL
80,462
50,994
1,150
-1,140
0
0
565,515
772,174
thereof result from sale of financial instruments measured at FVtPL
11,636
-871
-2,554
-5,815
0
0
103,337
65,520
Income and expenses from investment property
235
543
17,290
5,579
-56
-55
60,623
31,844
thereof current income
489
661
33,257
32,853
-57
-55
135,300
124,712
thereof depreciation
-254
-251
-19,418
-30,530
0
0
-79,018
-96,340
thereof result from sale
0
133
-56
3,256
0
0
705
3,470
Finance costs
-2,122
-577
-62,156
-86,233
28,343
47,944
-82,224
-99,326
thereof interest expenses for personnel provisions
0
0
-1,893
-1,829
0
0
-10,517
-10,466
thereof interest expenses financing liabilities
0
0
-16,995
-3,004
11,454
0
-6,920
-4,752
thereof interest expenses for liabilities to financial institutions
0
0
-2,949
-26,604
0
21,619
-4,319
-6,229
thereof interest expenses for subordinate liabilities
0
0
-39,985
-54,126
16,276
26,305
-53,377
-72,229
thereof interest expenses for lease liabilities
-2,120
-578
-178
-96
688
479
-6,915
-4,677
Result from owner-occupied properties
310
325
932
510
-6,425
-5,496
-6,638
-13,388
thereof depreciation
-240
-252
-1,436
-1,200
0
0
-17,350
-17,931
thereof result from sale
0
0
0
0
0
0
6,227
715
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-56": { "value": "
Interest result
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Interest revenues
1,215,651
1,110,995
Interest revenues using the effective interest rate method
997,697
895,801
Financial assets measured at AC
203,969
145,064
Financial assets measured at FVtOCI
793,728
750,737
Interest revenues other
217,954
215,194
Financial assets measured at FVtPL
174,993
169,128
Equity instruments designated measured at FVtOCI
9,495
6,943
Other income from financial instruments
33,466
39,123
Interest expenses
-115,351
-126,973
Interest expenses using the effective interest rate method
-71,532
-87,869
Financial liabilities measured at AC
-71,532
-87,869
Interest expenses other
-43,819
-39,104
Liabilities designated measured at FVtPL
0
17
Other expenses from financial instruments
-43,819
-39,121
Total
1,100,300
984,022
Composition
Austria
Czech Republic
Poland
Extended CEE
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
820,847
1,010,854
143,621
183,108
125,001
130,074
404,884
293,611
Interest revenues using the effective interest rate method
430,949
450,204
76,835
91,970
68,037
61,016
210,509
186,751
Realised gains and losses from financial assets measured at AC
0
-36
0
0
-1,699
-1
-196
158
Impairment losses incl. reversal gains on financial instruments
2,508
-1,697
5,706
-12,345
2,762
-1,058
3,378
-41,948
Other result from financial instruments
387,390
562,383
61,080
103,483
55,901
70,117
191,193
148,650
thereof result from the valuation of financial assets measured at FVtPL
275,412
450,961
59,678
85,029
18,782
46,694
130,031
139,636
thereof result from sale of financial instruments measured at FVtPL
19,713
13,106
5,845
7,726
36,370
37,271
32,327
14,103
Income and expenses from investment property
40,501
26,252
-8
-1,040
457
339
2,204
226
thereof current income
92,905
84,590
670
535
926
682
7,110
5,446
thereof depreciation
-52,601
-58,338
-629
-1,575
-469
-344
-5,647
-5,302
thereof result from sale
197
0
-49
0
0
0
613
81
Finance costs
-32,645
-48,237
-3,131
-2,935
-2,047
-1,012
-8,466
-8,276
thereof interest expenses for personnel provisions
-8,582
-8,637
0
0
0
0
-42
0
thereof interest expenses financing liabilities
-858
-1,691
0
0
0
0
-521
-57
thereof interest expenses for liabilities to financial institutions
-1,363
-778
0
0
0
0
-7
-466
thereof interest expenses for subordinate liabilities
-19,984
-35,287
-1,678
-1,224
-1,581
-1,500
-6,425
-6,397
thereof interest expenses for lease liabilities
-1,847
-1,718
-1,405
-1,506
-578
-297
-1,475
-961
Result from owner-occupied properties
985
325
-1,975
-5,485
909
-788
-1,374
-2,779
thereof depreciation
-8,123
-7,634
-3,684
-5,101
-355
-411
-3,512
-3,333
thereof result from sale
0
154
2,681
-29
1,478
0
2,068
590
Composition
Special Markets
Group Functions
Consolidation
Total
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
337,574
274,198
79,673
50,780
-27,554
-49,557
1,884,046
1,893,068
Interest revenues using the effective interest rate method
149,266
89,306
89,841
53,210
-27,740
-36,656
997,697
895,801
Realised gains and losses from financial assets measured at AC
-7
-41
-3,174
0
0
0
-5,076
80
Impairment losses incl. reversal gains on financial instruments
-32,654
-2,880
194
3,444
0
0
-18,106
-56,484
Other result from financial instruments
220,969
187,813
-7,188
-5,874
186
-12,901
909,531
1,053,671
thereof result from the valuation of financial assets measured at FVtPL
80,462
50,994
1,150
-1,140
0
0
565,515
772,174
thereof result from sale of financial instruments measured at FVtPL
11,636
-871
-2,554
-5,815
0
0
103,337
65,520
Income and expenses from investment property
235
543
17,290
5,579
-56
-55
60,623
31,844
thereof current income
489
661
33,257
32,853
-57
-55
135,300
124,712
thereof depreciation
-254
-251
-19,418
-30,530
0
0
-79,018
-96,340
thereof result from sale
0
133
-56
3,256
0
0
705
3,470
Finance costs
-2,122
-577
-62,156
-86,233
28,343
47,944
-82,224
-99,326
thereof interest expenses for personnel provisions
0
0
-1,893
-1,829
0
0
-10,517
-10,466
thereof interest expenses financing liabilities
0
0
-16,995
-3,004
11,454
0
-6,920
-4,752
thereof interest expenses for liabilities to financial institutions
0
0
-2,949
-26,604
0
21,619
-4,319
-6,229
thereof interest expenses for subordinate liabilities
0
0
-39,985
-54,126
16,276
26,305
-53,377
-72,229
thereof interest expenses for lease liabilities
-2,120
-578
-178
-96
688
479
-6,915
-4,677
Result from owner-occupied properties
310
325
932
510
-6,425
-5,496
-6,638
-13,388
thereof depreciation
-240
-252
-1,436
-1,200
0
0
-17,350
-17,931
thereof result from sale
0
0
0
0
0
0
6,227
715
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-57": { "value": "
Interest result
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Interest revenues
1,215,651
1,110,995
Interest revenues using the effective interest rate method
997,697
895,801
Financial assets measured at AC
203,969
145,064
Financial assets measured at FVtOCI
793,728
750,737
Interest revenues other
217,954
215,194
Financial assets measured at FVtPL
174,993
169,128
Equity instruments designated measured at FVtOCI
9,495
6,943
Other income from financial instruments
33,466
39,123
Interest expenses
-115,351
-126,973
Interest expenses using the effective interest rate method
-71,532
-87,869
Financial liabilities measured at AC
-71,532
-87,869
Interest expenses other
-43,819
-39,104
Liabilities designated measured at FVtPL
0
17
Other expenses from financial instruments
-43,819
-39,121
Total
1,100,300
984,022
9. Notes to the consolidated income statement
Composition
Austria
Czech Republic
Poland
Extended CEE
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
820,847
1,010,854
143,621
183,108
125,001
130,074
404,884
293,611
Interest revenues using the effective interest rate method
430,949
450,204
76,835
91,970
68,037
61,016
210,509
186,751
Realised gains and losses from financial assets measured at AC
0
-36
0
0
-1,699
-1
-196
158
Impairment losses incl. reversal gains on financial instruments
2,508
-1,697
5,706
-12,345
2,762
-1,058
3,378
-41,948
Other result from financial instruments
387,390
562,383
61,080
103,483
55,901
70,117
191,193
148,650
thereof result from the valuation of financial assets measured at FVtPL
275,412
450,961
59,678
85,029
18,782
46,694
130,031
139,636
thereof result from sale of financial instruments measured at FVtPL
19,713
13,106
5,845
7,726
36,370
37,271
32,327
14,103
Income and expenses from investment property
40,501
26,252
-8
-1,040
457
339
2,204
226
thereof current income
92,905
84,590
670
535
926
682
7,110
5,446
thereof depreciation
-52,601
-58,338
-629
-1,575
-469
-344
-5,647
-5,302
thereof result from sale
197
0
-49
0
0
0
613
81
Finance costs
-32,645
-48,237
-3,131
-2,935
-2,047
-1,012
-8,466
-8,276
thereof interest expenses for personnel provisions
-8,582
-8,637
0
0
0
0
-42
0
thereof interest expenses financing liabilities
-858
-1,691
0
0
0
0
-521
-57
thereof interest expenses for liabilities to financial institutions
-1,363
-778
0
0
0
0
-7
-466
thereof interest expenses for subordinate liabilities
-19,984
-35,287
-1,678
-1,224
-1,581
-1,500
-6,425
-6,397
thereof interest expenses for lease liabilities
-1,847
-1,718
-1,405
-1,506
-578
-297
-1,475
-961
Result from owner-occupied properties
985
325
-1,975
-5,485
909
-788
-1,374
-2,779
thereof depreciation
-8,123
-7,634
-3,684
-5,101
-355
-411
-3,512
-3,333
thereof result from sale
0
154
2,681
-29
1,478
0
2,068
590
Composition
Special Markets
Group Functions
Consolidation
Total
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
337,574
274,198
79,673
50,780
-27,554
-49,557
1,884,046
1,893,068
Interest revenues using the effective interest rate method
149,266
89,306
89,841
53,210
-27,740
-36,656
997,697
895,801
Realised gains and losses from financial assets measured at AC
-7
-41
-3,174
0
0
0
-5,076
80
Impairment losses incl. reversal gains on financial instruments
-32,654
-2,880
194
3,444
0
0
-18,106
-56,484
Other result from financial instruments
220,969
187,813
-7,188
-5,874
186
-12,901
909,531
1,053,671
thereof result from the valuation of financial assets measured at FVtPL
80,462
50,994
1,150
-1,140
0
0
565,515
772,174
thereof result from sale of financial instruments measured at FVtPL
11,636
-871
-2,554
-5,815
0
0
103,337
65,520
Income and expenses from investment property
235
543
17,290
5,579
-56
-55
60,623
31,844
thereof current income
489
661
33,257
32,853
-57
-55
135,300
124,712
thereof depreciation
-254
-251
-19,418
-30,530
0
0
-79,018
-96,340
thereof result from sale
0
133
-56
3,256
0
0
705
3,470
Finance costs
-2,122
-577
-62,156
-86,233
28,343
47,944
-82,224
-99,326
thereof interest expenses for personnel provisions
0
0
-1,893
-1,829
0
0
-10,517
-10,466
thereof interest expenses financing liabilities
0
0
-16,995
-3,004
11,454
0
-6,920
-4,752
thereof interest expenses for liabilities to financial institutions
0
0
-2,949
-26,604
0
21,619
-4,319
-6,229
thereof interest expenses for subordinate liabilities
0
0
-39,985
-54,126
16,276
26,305
-53,377
-72,229
thereof interest expenses for lease liabilities
-2,120
-578
-178
-96
688
479
-6,915
-4,677
Result from owner-occupied properties
310
325
932
510
-6,425
-5,496
-6,638
-13,388
thereof depreciation
-240
-252
-1,436
-1,200
0
0
-17,350
-17,931
thereof result from sale
0
0
0
0
0
0
6,227
715
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-58": { "value": "
Interest result
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Interest revenues
1,215,651
1,110,995
Interest revenues using the effective interest rate method
997,697
895,801
Financial assets measured at AC
203,969
145,064
Financial assets measured at FVtOCI
793,728
750,737
Interest revenues other
217,954
215,194
Financial assets measured at FVtPL
174,993
169,128
Equity instruments designated measured at FVtOCI
9,495
6,943
Other income from financial instruments
33,466
39,123
Interest expenses
-115,351
-126,973
Interest expenses using the effective interest rate method
-71,532
-87,869
Financial liabilities measured at AC
-71,532
-87,869
Interest expenses other
-43,819
-39,104
Liabilities designated measured at FVtPL
0
17
Other expenses from financial instruments
-43,819
-39,121
Total
1,100,300
984,022
9. Notes to the consolidated income statement
Composition
Austria
Czech Republic
Poland
Extended CEE
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
820,847
1,010,854
143,621
183,108
125,001
130,074
404,884
293,611
Interest revenues using the effective interest rate method
430,949
450,204
76,835
91,970
68,037
61,016
210,509
186,751
Realised gains and losses from financial assets measured at AC
0
-36
0
0
-1,699
-1
-196
158
Impairment losses incl. reversal gains on financial instruments
2,508
-1,697
5,706
-12,345
2,762
-1,058
3,378
-41,948
Other result from financial instruments
387,390
562,383
61,080
103,483
55,901
70,117
191,193
148,650
thereof result from the valuation of financial assets measured at FVtPL
275,412
450,961
59,678
85,029
18,782
46,694
130,031
139,636
thereof result from sale of financial instruments measured at FVtPL
19,713
13,106
5,845
7,726
36,370
37,271
32,327
14,103
Income and expenses from investment property
40,501
26,252
-8
-1,040
457
339
2,204
226
thereof current income
92,905
84,590
670
535
926
682
7,110
5,446
thereof depreciation
-52,601
-58,338
-629
-1,575
-469
-344
-5,647
-5,302
thereof result from sale
197
0
-49
0
0
0
613
81
Finance costs
-32,645
-48,237
-3,131
-2,935
-2,047
-1,012
-8,466
-8,276
thereof interest expenses for personnel provisions
-8,582
-8,637
0
0
0
0
-42
0
thereof interest expenses financing liabilities
-858
-1,691
0
0
0
0
-521
-57
thereof interest expenses for liabilities to financial institutions
-1,363
-778
0
0
0
0
-7
-466
thereof interest expenses for subordinate liabilities
-19,984
-35,287
-1,678
-1,224
-1,581
-1,500
-6,425
-6,397
thereof interest expenses for lease liabilities
-1,847
-1,718
-1,405
-1,506
-578
-297
-1,475
-961
Result from owner-occupied properties
985
325
-1,975
-5,485
909
-788
-1,374
-2,779
thereof depreciation
-8,123
-7,634
-3,684
-5,101
-355
-411
-3,512
-3,333
thereof result from sale
0
154
2,681
-29
1,478
0
2,068
590
Composition
Special Markets
Group Functions
Consolidation
Total
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
337,574
274,198
79,673
50,780
-27,554
-49,557
1,884,046
1,893,068
Interest revenues using the effective interest rate method
149,266
89,306
89,841
53,210
-27,740
-36,656
997,697
895,801
Realised gains and losses from financial assets measured at AC
-7
-41
-3,174
0
0
0
-5,076
80
Impairment losses incl. reversal gains on financial instruments
-32,654
-2,880
194
3,444
0
0
-18,106
-56,484
Other result from financial instruments
220,969
187,813
-7,188
-5,874
186
-12,901
909,531
1,053,671
thereof result from the valuation of financial assets measured at FVtPL
80,462
50,994
1,150
-1,140
0
0
565,515
772,174
thereof result from sale of financial instruments measured at FVtPL
11,636
-871
-2,554
-5,815
0
0
103,337
65,520
Income and expenses from investment property
235
543
17,290
5,579
-56
-55
60,623
31,844
thereof current income
489
661
33,257
32,853
-57
-55
135,300
124,712
thereof depreciation
-254
-251
-19,418
-30,530
0
0
-79,018
-96,340
thereof result from sale
0
133
-56
3,256
0
0
705
3,470
Finance costs
-2,122
-577
-62,156
-86,233
28,343
47,944
-82,224
-99,326
thereof interest expenses for personnel provisions
0
0
-1,893
-1,829
0
0
-10,517
-10,466
thereof interest expenses financing liabilities
0
0
-16,995
-3,004
11,454
0
-6,920
-4,752
thereof interest expenses for liabilities to financial institutions
0
0
-2,949
-26,604
0
21,619
-4,319
-6,229
thereof interest expenses for subordinate liabilities
0
0
-39,985
-54,126
16,276
26,305
-53,377
-72,229
thereof interest expenses for lease liabilities
-2,120
-578
-178
-96
688
479
-6,915
-4,677
Result from owner-occupied properties
310
325
932
510
-6,425
-5,496
-6,638
-13,388
thereof depreciation
-240
-252
-1,436
-1,200
0
0
-17,350
-17,931
thereof result from sale
0
0
0
0
0
0
6,227
715
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-59": { "value": "
Interest result
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Interest revenues
1,215,651
1,110,995
Interest revenues using the effective interest rate method
997,697
895,801
Financial assets measured at AC
203,969
145,064
Financial assets measured at FVtOCI
793,728
750,737
Interest revenues other
217,954
215,194
Financial assets measured at FVtPL
174,993
169,128
Equity instruments designated measured at FVtOCI
9,495
6,943
Other income from financial instruments
33,466
39,123
Interest expenses
-115,351
-126,973
Interest expenses using the effective interest rate method
-71,532
-87,869
Financial liabilities measured at AC
-71,532
-87,869
Interest expenses other
-43,819
-39,104
Liabilities designated measured at FVtPL
0
17
Other expenses from financial instruments
-43,819
-39,121
Total
1,100,300
984,022
Composition
Austria
Czech Republic
Poland
Extended CEE
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
820,847
1,010,854
143,621
183,108
125,001
130,074
404,884
293,611
Interest revenues using the effective interest rate method
430,949
450,204
76,835
91,970
68,037
61,016
210,509
186,751
Realised gains and losses from financial assets measured at AC
0
-36
0
0
-1,699
-1
-196
158
Impairment losses incl. reversal gains on financial instruments
2,508
-1,697
5,706
-12,345
2,762
-1,058
3,378
-41,948
Other result from financial instruments
387,390
562,383
61,080
103,483
55,901
70,117
191,193
148,650
thereof result from the valuation of financial assets measured at FVtPL
275,412
450,961
59,678
85,029
18,782
46,694
130,031
139,636
thereof result from sale of financial instruments measured at FVtPL
19,713
13,106
5,845
7,726
36,370
37,271
32,327
14,103
Income and expenses from investment property
40,501
26,252
-8
-1,040
457
339
2,204
226
thereof current income
92,905
84,590
670
535
926
682
7,110
5,446
thereof depreciation
-52,601
-58,338
-629
-1,575
-469
-344
-5,647
-5,302
thereof result from sale
197
0
-49
0
0
0
613
81
Finance costs
-32,645
-48,237
-3,131
-2,935
-2,047
-1,012
-8,466
-8,276
thereof interest expenses for personnel provisions
-8,582
-8,637
0
0
0
0
-42
0
thereof interest expenses financing liabilities
-858
-1,691
0
0
0
0
-521
-57
thereof interest expenses for liabilities to financial institutions
-1,363
-778
0
0
0
0
-7
-466
thereof interest expenses for subordinate liabilities
-19,984
-35,287
-1,678
-1,224
-1,581
-1,500
-6,425
-6,397
thereof interest expenses for lease liabilities
-1,847
-1,718
-1,405
-1,506
-578
-297
-1,475
-961
Result from owner-occupied properties
985
325
-1,975
-5,485
909
-788
-1,374
-2,779
thereof depreciation
-8,123
-7,634
-3,684
-5,101
-355
-411
-3,512
-3,333
thereof result from sale
0
154
2,681
-29
1,478
0
2,068
590
Composition
Special Markets
Group Functions
Consolidation
Total
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
337,574
274,198
79,673
50,780
-27,554
-49,557
1,884,046
1,893,068
Interest revenues using the effective interest rate method
149,266
89,306
89,841
53,210
-27,740
-36,656
997,697
895,801
Realised gains and losses from financial assets measured at AC
-7
-41
-3,174
0
0
0
-5,076
80
Impairment losses incl. reversal gains on financial instruments
-32,654
-2,880
194
3,444
0
0
-18,106
-56,484
Other result from financial instruments
220,969
187,813
-7,188
-5,874
186
-12,901
909,531
1,053,671
thereof result from the valuation of financial assets measured at FVtPL
80,462
50,994
1,150
-1,140
0
0
565,515
772,174
thereof result from sale of financial instruments measured at FVtPL
11,636
-871
-2,554
-5,815
0
0
103,337
65,520
Income and expenses from investment property
235
543
17,290
5,579
-56
-55
60,623
31,844
thereof current income
489
661
33,257
32,853
-57
-55
135,300
124,712
thereof depreciation
-254
-251
-19,418
-30,530
0
0
-79,018
-96,340
thereof result from sale
0
133
-56
3,256
0
0
705
3,470
Finance costs
-2,122
-577
-62,156
-86,233
28,343
47,944
-82,224
-99,326
thereof interest expenses for personnel provisions
0
0
-1,893
-1,829
0
0
-10,517
-10,466
thereof interest expenses financing liabilities
0
0
-16,995
-3,004
11,454
0
-6,920
-4,752
thereof interest expenses for liabilities to financial institutions
0
0
-2,949
-26,604
0
21,619
-4,319
-6,229
thereof interest expenses for subordinate liabilities
0
0
-39,985
-54,126
16,276
26,305
-53,377
-72,229
thereof interest expenses for lease liabilities
-2,120
-578
-178
-96
688
479
-6,915
-4,677
Result from owner-occupied properties
310
325
932
510
-6,425
-5,496
-6,638
-13,388
thereof depreciation
-240
-252
-1,436
-1,200
0
0
-17,350
-17,931
thereof result from sale
0
0
0
0
0
0
6,227
715
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-60": { "value": "
3. Goodwill
The accounting policies used are presented in Note\u00a024.5. Goodwill starting on page\u00a0250.
Development
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
2,099,862
2,090,712
Cumulative impairment as of 31/12 of the previous year
-728,497
-651,991
Book value as of 31/12 of the previous year = Book value as of 01/01
1,371,365
1,438,721
Exchange rate differences
-15,159
8,283
Impairments
-116,327
-75,639
Book value as of 31/12
1,239,879
1,371,365
Cumulative impairment as of 31/12
840,734
728,497
Acquisition costs
2,080,613
2,099,862
The impairments in the current financial year relate to the CGU group Hungary (segment Extended CEE).
Due to the repeated prolongation of the additional tax on insurance by the Hungarian government, scenario analyses for further expenses arising from this tax were calculated for a period extending beyond the currently applicable statutory period. This resulted in reduced cash flow projections, leading to an impairment of goodwill.
The impairments in the previous year predominantly affected the Baltic states CGU group (EUR\u00a075,481,000) (segment Extended CEE).
Goodwill of CGU units (book values)
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Austria
301,716
301,716
Czech Republic
448,108
456,516
Poland
153,735
151,449
Bulgaria
124,354
124,354
Slovakia
131,227
131,227
Hungary
70,212
195,576
Group Functions
10,527
10,527
Total
1,239,879
1,371,365
Impairment and recoverable amounts for CGU groups
Reportable
segment
\u00a0
2024
2023
\u00a0
Impairments
Recoverable amount
Impairments
Recoverable amount
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Baltic states
Extended CEE
\u00a0
\u00a0
75,481
231,883
Hungary
Extended CEE
116,327
303,848
\u00a0
\u00a0
Impairments are recognised in the income statement as a separate item between the subtotal, business operating result and the result before taxes.
Generally applied calculation parameters
2024
2023
Base rate before inflation differentials in %
2.59
2.22
Market risk premium in %
6.91
7.53
Beta-factor*
0.89
0.90
*The beta factor was calculated based on a specified peer group.
Key calculation parameters
Discount rates*
Country risks
Long-term growth rate
\u00a0
2024
2023
2024
2023
2024
2023
in %
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Austria
9.24
9.54
0.53
0.58
1.50
1.50
Czech Republic
9.49
9.64
0.80
0.88
3.77\u20134.10
3.67\u20134.87
Poland
10.70
11.52
1.13
1.24
5.48\u20135.75
5.87\u20137.43
Albania incl. Kosovo
13.95
15.98
4.80
6.58
6.56
6.60
Baltic states
9.93
10.30
1.22
1.34
4.82\u20137.60
5.00\u20137.51
Bosnia-Herzegovina
17.21
18.29
8.67
9.51
5.45\u20137.23
5.49\u20137.32
Bulgaria
10.97
11.09
2.13
2.34
5.49\u20136.16
5.75\u20136.37
Croatia
10.31
11.74
1.60
2.78
4.78\u20136.38
5.07\u20137.34
Moldova
20.39
21.23
8.67
9.51
8.28
8.33
North Macedonia
13.52
14.02
4.80
5.26
5.92
5.85
Romania
12.73
13.06
2.93
3.21
5.49\u20137.73
5.38\u20137.82
Serbia
13.82
14.46
4.02
4.40
5.50\u20137.35
5.69\u20137.51
Slovakia
10.31
10.20
1.60
1.24
4.54\u20135.31
5.07\u20135.33
Ukraine
28.55
30.97
16.01
17.55
9.80\u201312.93
10.06\u201313.08
Hungary
12.31
13.29
2.54
2.78
5.44\u20136.30
6.68\u20136.71
Germany
8.71
8.96
0.00
0.00
1.50
1.50
Georgia
13.74
14.12
4.02
4.40
6.45
6.53
Liechtenstein
8.71
8.96
0.00
0.00
1.50
1.50
T\u00fcrkiye
30.02
61.41
6.01
9.51
12.28\u201315.22
26.35\u201329.20
Group Functions
9.24\u201313.82
9.54\u201314.46
0.53\u20134.02
0.58\u20134.40
1.50\u20137.35
1.50\u20137.51
*The calculation of the discount rates is based on pre-tax parameters.
Sensitivities
31/12/2024
Additional impairment needed
Cash flows
Growth rate
Discount rate
Cash flows and discount rate
Deterioration of reinsurance result
\u00a0
-10%
-1%p
+1%p
-10% and +1%p
-10%
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Slovakia
0
0
0
14,489
0
Hungary
24,468
7,980
29,410
50,633
32,921
Sensitivities
31/12/2023
Additional impairment needed
Cash flows
Growth rate
Discount rate
Cash flows and discount rate
\u00a0
-10%
-1%p
+1%p
-10% and +1%p
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Czech Republic
0
0
0
39,977
Slovakia
37,005
0
34,617
91,740
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-61": { "value": "
3. Goodwill
The accounting policies used are presented in Note\u00a024.5. Goodwill starting on page\u00a0250.
Development
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
2,099,862
2,090,712
Cumulative impairment as of 31/12 of the previous year
-728,497
-651,991
Book value as of 31/12 of the previous year = Book value as of 01/01
1,371,365
1,438,721
Exchange rate differences
-15,159
8,283
Impairments
-116,327
-75,639
Book value as of 31/12
1,239,879
1,371,365
Cumulative impairment as of 31/12
840,734
728,497
Acquisition costs
2,080,613
2,099,862
The impairments in the current financial year relate to the CGU group Hungary (segment Extended CEE).
Due to the repeated prolongation of the additional tax on insurance by the Hungarian government, scenario analyses for further expenses arising from this tax were calculated for a period extending beyond the currently applicable statutory period. This resulted in reduced cash flow projections, leading to an impairment of goodwill.
The impairments in the previous year predominantly affected the Baltic states CGU group (EUR\u00a075,481,000) (segment Extended CEE).
Goodwill of CGU units (book values)
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Austria
301,716
301,716
Czech Republic
448,108
456,516
Poland
153,735
151,449
Bulgaria
124,354
124,354
Slovakia
131,227
131,227
Hungary
70,212
195,576
Group Functions
10,527
10,527
Total
1,239,879
1,371,365
Impairment and recoverable amounts for CGU groups
Reportable
segment
\u00a0
2024
2023
\u00a0
Impairments
Recoverable amount
Impairments
Recoverable amount
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Baltic states
Extended CEE
\u00a0
\u00a0
75,481
231,883
Hungary
Extended CEE
116,327
303,848
\u00a0
\u00a0
Impairments are recognised in the income statement as a separate item between the subtotal, business operating result and the result before taxes.
Generally applied calculation parameters
2024
2023
Base rate before inflation differentials in %
2.59
2.22
Market risk premium in %
6.91
7.53
Beta-factor*
0.89
0.90
*The beta factor was calculated based on a specified peer group.
Key calculation parameters
Discount rates*
Country risks
Long-term growth rate
\u00a0
2024
2023
2024
2023
2024
2023
in %
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Austria
9.24
9.54
0.53
0.58
1.50
1.50
Czech Republic
9.49
9.64
0.80
0.88
3.77\u20134.10
3.67\u20134.87
Poland
10.70
11.52
1.13
1.24
5.48\u20135.75
5.87\u20137.43
Albania incl. Kosovo
13.95
15.98
4.80
6.58
6.56
6.60
Baltic states
9.93
10.30
1.22
1.34
4.82\u20137.60
5.00\u20137.51
Bosnia-Herzegovina
17.21
18.29
8.67
9.51
5.45\u20137.23
5.49\u20137.32
Bulgaria
10.97
11.09
2.13
2.34
5.49\u20136.16
5.75\u20136.37
Croatia
10.31
11.74
1.60
2.78
4.78\u20136.38
5.07\u20137.34
Moldova
20.39
21.23
8.67
9.51
8.28
8.33
North Macedonia
13.52
14.02
4.80
5.26
5.92
5.85
Romania
12.73
13.06
2.93
3.21
5.49\u20137.73
5.38\u20137.82
Serbia
13.82
14.46
4.02
4.40
5.50\u20137.35
5.69\u20137.51
Slovakia
10.31
10.20
1.60
1.24
4.54\u20135.31
5.07\u20135.33
Ukraine
28.55
30.97
16.01
17.55
9.80\u201312.93
10.06\u201313.08
Hungary
12.31
13.29
2.54
2.78
5.44\u20136.30
6.68\u20136.71
Germany
8.71
8.96
0.00
0.00
1.50
1.50
Georgia
13.74
14.12
4.02
4.40
6.45
6.53
Liechtenstein
8.71
8.96
0.00
0.00
1.50
1.50
T\u00fcrkiye
30.02
61.41
6.01
9.51
12.28\u201315.22
26.35\u201329.20
Group Functions
9.24\u201313.82
9.54\u201314.46
0.53\u20134.02
0.58\u20134.40
1.50\u20137.35
1.50\u20137.51
*The calculation of the discount rates is based on pre-tax parameters.
Sensitivities
31/12/2024
Additional impairment needed
Cash flows
Growth rate
Discount rate
Cash flows and discount rate
Deterioration of reinsurance result
\u00a0
-10%
-1%p
+1%p
-10% and +1%p
-10%
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Slovakia
0
0
0
14,489
0
Hungary
24,468
7,980
29,410
50,633
32,921
Sensitivities
31/12/2023
Additional impairment needed
Cash flows
Growth rate
Discount rate
Cash flows and discount rate
\u00a0
-10%
-1%p
+1%p
-10% and +1%p
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Czech Republic
0
0
0
39,977
Slovakia
37,005
0
34,617
91,740
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-62": { "value": "
The impairments in the current financial year relate to the CGU group Hungary (segment Extended CEE).
Due to the repeated prolongation of the additional tax on insurance by the Hungarian government, scenario analyses for further expenses arising from this tax were calculated for a period extending beyond the currently applicable statutory period. This resulted in reduced cash flow projections, leading to an impairment of goodwill.
The impairments in the previous year predominantly affected the Baltic states CGU group (EUR\u00a075,481,000) (segment Extended CEE).
Impairment and recoverable amounts for CGU groups
Reportable
segment
\u00a0
2024
2023
\u00a0
Impairments
Recoverable amount
Impairments
Recoverable amount
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Baltic states
Extended CEE
\u00a0
\u00a0
75,481
231,883
Hungary
Extended CEE
116,327
303,848
\u00a0
\u00a0
Impairments are recognised in the income statement as a separate item between the subtotal, business operating result and the result before taxes.
Development
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
3,914,121
3,613,686
Cumulative valuation as of 31/12 of the previous year
-1,062,031
-968,671
Book value as of 31/12 of the previous year = Book value as of 01/01
2,852,090
2,645,015
Exchange rate differences
1,409
10,445
Reclassifications
2,957
7,180
Additions
198,289
247,823
Disposals
-1,100
-9,974
Changes in scope of consolidation
2
47,941
Appreciation
3,636
0
Scheduled depreciation
-75,281
-69,647
Impairments
-3,737
-26,693
Book value as of 31/12
2,978,265
2,852,090
Cumulative valuation as of 31/12
1,135,305
1,062,031
Acquisition costs
4,113,570
3,914,121
Development
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
772,132
772,481
Cumulative valuation as of 31/12 of the previous year
-301,182
-289,640
Book value as of 31/12 of the previous year = Book value as of 01/01
470,950
482,841
Exchange rate differences
-3,461
-524
Reclassifications
-4,554
-8,453
Additions
25,471
16,970
Disposals
-1,352
-954
Changes in scope of consolidation
-2,083
0
Scheduled depreciation
-18,131
-17,704
Impairments
0
-1,226
Book value as of 31/12
466,840
470,950
Cumulative valuation as of 31/12
310,150
301,182
Acquisition costs
776,990
772,132
Purchased software
Development
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
1,048,854
940,268
Cumulative valuation as of 31/12 of the previous year
-572,715
-494,150
Book value as of 31/12 of the previous year = Book value as of 01/01
476,139
446,118
Exchange rate differences
-4,165
562
Reclassifications
-14,930
-361
Additions
130,732
120,481
Disposals
-2,518
-3,328
Changes in scope of consolidation
3,400
0
Reversal of impairments
8
0
Scheduled depreciation
-88,463
-80,498
Impairments
-84
-6,835
Book value as of 31/12
500,119
476,139
Cumulative valuation as of 31/12
649,070
572,715
Acquisition costs
1,149,189
1,048,854
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-63": { "value": "
4. Investment property
The accounting policies used are presented in Note\u00a024.7. Investment property starting on page\u00a0252. The fair values can be found in Note\u00a016. Calculation of fair value starting on page\u00a0198.
Development
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
3,914,121
3,613,686
Cumulative valuation as of 31/12 of the previous year
-1,062,031
-968,671
Book value as of 31/12 of the previous year = Book value as of 01/01
2,852,090
2,645,015
Exchange rate differences
1,409
10,445
Reclassifications
2,957
7,180
Additions
198,289
247,823
Disposals
-1,100
-9,974
Changes in scope of consolidation
2
47,941
Appreciation
3,636
0
Scheduled depreciation
-75,281
-69,647
Impairments
-3,737
-26,693
Book value as of 31/12
2,978,265
2,852,090
Cumulative valuation as of 31/12
1,135,305
1,062,031
Acquisition costs
4,113,570
3,914,121
The impairments are due mainly to the buildings of SIA \u201c\u0122ertr\u016bdes 121\u201d (EUR\u00a01,000,000) and NNC REAL ESTATE SP\u00d3\u0141KA Z OGRANICZON\u0104 ODPOWIEDZIALNO\u015aCI\u0104 (EUR\u00a01,882,000). The impairments from the previous year were due mainly to the buildings of ATRIUM TOWER SP\u00d3\u0141KA Z OGRANICZON\u0104 ODPOWIEDZIALNOSCI\u0104 (EUR\u00a06,021,000), KKB Real Estate SIA (EUR\u00a04,546,000), VIG FUND, a.s. (EUR\u00a04,108,000) and Pereca 11 Sp\u00f3\u0142ka z ograniczon\u0105 odpowiedzialno\u015bci\u0105 (EUR\u00a03,150,000).
The appreciation is due mainly to the buildings of ATRIUM TOWER SP\u00d3\u0141KA Z OGRANICZON\u0104 ODPOWIEDZIALNOSCI\u0104 (EUR\u00a02,507,000) and VIG FUND a.s. (EUR\u00a01,000,000).

Amounts recognised in profit or loss
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Rental income
214,139
194,758
Operating expenses
-78,838
-70,045
Operating expenses for rented investment property
-72,640
-65,496
Operating expenses for vacant investment property
-6,198
-4,549
Disposal result
705
3,470
Gain from disposal
861
3,798
Losses from disposal
-156
-328
Total
136,006
128,183
Type of usage
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Self-used
13,770
8,513
Rented (operating lease)
2,964,495
2,843,577
Total
2,978,265
2,852,090
There are no material existence and amounts of restrictions or material contractual obligations for acquiring the items under \u201cInvestment property\u201d.
Use of properties in % of the property portfolio
31/12/2024
31/12/2023
Austria
66.63
66.86
Owner-occupied property
4.87
4.93
Investment property
61.76
61.93
Group Functions
17.74
17.20
Owner-occupied property
1.18
1.09
Investment property
16.56
16.11
Other segments
15.63
15.94
Owner-occupied property
7.50
8.16
Investment property
8.13
7.78
Composition
Austria
Czech Republic
Poland
Extended CEE
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
820,847
1,010,854
143,621
183,108
125,001
130,074
404,884
293,611
Interest revenues using the effective interest rate method
430,949
450,204
76,835
91,970
68,037
61,016
210,509
186,751
Realised gains and losses from financial assets measured at AC
0
-36
0
0
-1,699
-1
-196
158
Impairment losses incl. reversal gains on financial instruments
2,508
-1,697
5,706
-12,345
2,762
-1,058
3,378
-41,948
Other result from financial instruments
387,390
562,383
61,080
103,483
55,901
70,117
191,193
148,650
thereof result from the valuation of financial assets measured at FVtPL
275,412
450,961
59,678
85,029
18,782
46,694
130,031
139,636
thereof result from sale of financial instruments measured at FVtPL
19,713
13,106
5,845
7,726
36,370
37,271
32,327
14,103
Income and expenses from investment property
40,501
26,252
-8
-1,040
457
339
2,204
226
thereof current income
92,905
84,590
670
535
926
682
7,110
5,446
thereof depreciation
-52,601
-58,338
-629
-1,575
-469
-344
-5,647
-5,302
thereof result from sale
197
0
-49
0
0
0
613
81
Finance costs
-32,645
-48,237
-3,131
-2,935
-2,047
-1,012
-8,466
-8,276
thereof interest expenses for personnel provisions
-8,582
-8,637
0
0
0
0
-42
0
thereof interest expenses financing liabilities
-858
-1,691
0
0
0
0
-521
-57
thereof interest expenses for liabilities to financial institutions
-1,363
-778
0
0
0
0
-7
-466
thereof interest expenses for subordinate liabilities
-19,984
-35,287
-1,678
-1,224
-1,581
-1,500
-6,425
-6,397
thereof interest expenses for lease liabilities
-1,847
-1,718
-1,405
-1,506
-578
-297
-1,475
-961
Result from owner-occupied properties
985
325
-1,975
-5,485
909
-788
-1,374
-2,779
thereof depreciation
-8,123
-7,634
-3,684
-5,101
-355
-411
-3,512
-3,333
thereof result from sale
0
154
2,681
-29
1,478
0
2,068
590
Composition
Special Markets
Group Functions
Consolidation
Total
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
337,574
274,198
79,673
50,780
-27,554
-49,557
1,884,046
1,893,068
Interest revenues using the effective interest rate method
149,266
89,306
89,841
53,210
-27,740
-36,656
997,697
895,801
Realised gains and losses from financial assets measured at AC
-7
-41
-3,174
0
0
0
-5,076
80
Impairment losses incl. reversal gains on financial instruments
-32,654
-2,880
194
3,444
0
0
-18,106
-56,484
Other result from financial instruments
220,969
187,813
-7,188
-5,874
186
-12,901
909,531
1,053,671
thereof result from the valuation of financial assets measured at FVtPL
80,462
50,994
1,150
-1,140
0
0
565,515
772,174
thereof result from sale of financial instruments measured at FVtPL
11,636
-871
-2,554
-5,815
0
0
103,337
65,520
Income and expenses from investment property
235
543
17,290
5,579
-56
-55
60,623
31,844
thereof current income
489
661
33,257
32,853
-57
-55
135,300
124,712
thereof depreciation
-254
-251
-19,418
-30,530
0
0
-79,018
-96,340
thereof result from sale
0
133
-56
3,256
0
0
705
3,470
Finance costs
-2,122
-577
-62,156
-86,233
28,343
47,944
-82,224
-99,326
thereof interest expenses for personnel provisions
0
0
-1,893
-1,829
0
0
-10,517
-10,466
thereof interest expenses financing liabilities
0
0
-16,995
-3,004
11,454
0
-6,920
-4,752
thereof interest expenses for liabilities to financial institutions
0
0
-2,949
-26,604
0
21,619
-4,319
-6,229
thereof interest expenses for subordinate liabilities
0
0
-39,985
-54,126
16,276
26,305
-53,377
-72,229
thereof interest expenses for lease liabilities
-2,120
-578
-178
-96
688
479
-6,915
-4,677
Result from owner-occupied properties
310
325
932
510
-6,425
-5,496
-6,638
-13,388
thereof depreciation
-240
-252
-1,436
-1,200
0
0
-17,350
-17,931
thereof result from sale
0
0
0
0
0
0
6,227
715
Assets
31/12/2024
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
39,637,179
28,070,686
7,623,744
3,927,130
39,621,560
Measured at AC
3,391,477
485,343
845,241
2,045,274
3,375,858
Loans
654,913
0
538,281
111,313
649,594
Bonds
931,707
479,288
306,960
122,960
909,208
Term deposits
1,804,857
6,055
0
1,811,001
1,817,056
Mandatorily measured at FVtOCI
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Bonds
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Designated measured at FVtOCI
291,027
38,162
0
252,865
291,027
Shares
41,771
38,162
0
3,609
41,771
Shares in participating companies
64,451
0
0
64,451
64,451
Shares in affiliated non-consolidated companies
184,805
0
0
184,805
184,805
Mandatorily measured at FVtPL
11,148,394
6,558,059
3,063,044
1,527,291
11,148,394
Shares
365,741
289,226
5,619
70,896
365,741
Shares in participating companies
24,332
0
0
24,332
24,332
Shares in affiliated non-consolidated companies
7,841
0
0
7,841
7,841
Loans
4,856
0
3,676
1,180
4,856
Bonds
1,717,122
541,833
711,898
463,391
1,717,122
Funds
9,010,758
5,726,992
2,340,241
943,525
9,010,758
Derivatives
17,744
8
1,610
16,126
17,744
Designated measured at FVtPL
319,827
305,319
14,508
0
319,827
Bonds
319,827
305,319
14,508
0
319,827
Investments in associates
204,761
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
2,978,265
0
33,752
4,473,261
4,507,013
Owner-occupied property
466,840
0
41,335
780,785
822,120
Assets
31/12/2023
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
37,990,239
25,459,784
9,241,370
3,268,013
37,969,167
Measured at AC
2,963,320
448,858
1,004,637
1,488,753
2,942,248
Loans
742,306
0
594,559
127,842
722,401
Bonds
978,491
448,858
410,078
97,406
956,342
Term deposits
1,242,523
0
0
1,263,505
1,263,505
Mandatorily measured at FVtOCI
24,021,071
18,706,866
5,044,560
269,645
24,021,071
Bonds
24,021,071
18,706,866
5,044,560
269,645
24,021,071
Designated measured at FVtOCI
399,293
29,784
5,155
364,354
399,293
Shares
38,259
29,784
5,155
3,320
38,259
Shares in participating companies
70,088
0
0
70,088
70,088
Shares in affiliated non-consolidated companies
290,946
0
0
290,946
290,946
Mandatorily measured at FVtPL
10,393,733
6,112,598
3,135,874
1,145,261
10,393,733
Shares
450,075
345,186
31,829
73,060
450,075
Shares in participating companies
30,116
0
0
30,116
30,116
Shares in affiliated non-consolidated companies
4,028
0
2,282
1,746
4,028
Bonds
1,716,436
406,366
848,137
461,933
1,716,436
Funds
8,174,035
5,361,046
2,251,947
561,042
8,174,035
Derivatives
19,043
0
1,679
17,364
19,043
Designated measured at FVtPL
212,822
161,678
51,144
0
212,822
Bonds
212,822
161,678
51,144
0
212,822
Investments in associates
185,622
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
2,852,090
0
32,988
4,384,990
4,417,978
Owner-occupied property
470,949
0
39,107
792,142
831,249
16.3. Measurement of the fair value of real estate
Basis of the measurement
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Investment property
4,507,013
4,417,978
Evaluated by an independent expert*
952,700
1,010,579
Evaluated by an internal expert
3,554,313
3,407,399
Owner-occupied property
822,120
831,249
Evaluated by an independent expert
364,204
378,823
Evaluated by an internal expert
457,916
452,426
*This corresponds to 21.14% (22.87%) of the fair value of investment property.
Measurement method
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Investment property
4,507,013
4,417,978
Capitalised earnings value methode
3,960,340
4,008,590
Comparative pricing method/market approach
412,096
354,114
Other method
134,577
55,274
Owner-occupied property
822,120
831,249
Capitalised earnings value methode
638,577
647,013
Comparative pricing method/market approach
183,231
179,883
Other method
312
4,353
The following sensitivities result for a part of the portfolio from calculations using the Solvency\u00a0II partial internal model:
Property \u2013 Fair Value
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Fair value as of 31/12
4,657,075
4,619,995
Rental income -5%
4,471,213
4,440,131
Rental income +5%
4,852,852
4,805,545
Capitalisation rate -50bp
4,944,994
4,918,764
Capitalisation rate +50bp
4,414,298
4,369,458
Land prices -5%
4,626,849
4,583,548
Land prices +5%
4,695,507
4,660,968
Since property is measured at amortised cost in the consolidated balance sheet, negative sensitivities would only affect the consolidated income statement if property value fell below book value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-64": { "value": "
Development
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
3,914,121
3,613,686
Cumulative valuation as of 31/12 of the previous year
-1,062,031
-968,671
Book value as of 31/12 of the previous year = Book value as of 01/01
2,852,090
2,645,015
Exchange rate differences
1,409
10,445
Reclassifications
2,957
7,180
Additions
198,289
247,823
Disposals
-1,100
-9,974
Changes in scope of consolidation
2
47,941
Appreciation
3,636
0
Scheduled depreciation
-75,281
-69,647
Impairments
-3,737
-26,693
Book value as of 31/12
2,978,265
2,852,090
Cumulative valuation as of 31/12
1,135,305
1,062,031
Acquisition costs
4,113,570
3,914,121
Development
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
772,132
772,481
Cumulative valuation as of 31/12 of the previous year
-301,182
-289,640
Book value as of 31/12 of the previous year = Book value as of 01/01
470,950
482,841
Exchange rate differences
-3,461
-524
Reclassifications
-4,554
-8,453
Additions
25,471
16,970
Disposals
-1,352
-954
Changes in scope of consolidation
-2,083
0
Scheduled depreciation
-18,131
-17,704
Impairments
0
-1,226
Book value as of 31/12
466,840
470,950
Cumulative valuation as of 31/12
310,150
301,182
Acquisition costs
776,990
772,132
Composition
Austria
Czech Republic
Poland
Extended CEE
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
820,847
1,010,854
143,621
183,108
125,001
130,074
404,884
293,611
Interest revenues using the effective interest rate method
430,949
450,204
76,835
91,970
68,037
61,016
210,509
186,751
Realised gains and losses from financial assets measured at AC
0
-36
0
0
-1,699
-1
-196
158
Impairment losses incl. reversal gains on financial instruments
2,508
-1,697
5,706
-12,345
2,762
-1,058
3,378
-41,948
Other result from financial instruments
387,390
562,383
61,080
103,483
55,901
70,117
191,193
148,650
thereof result from the valuation of financial assets measured at FVtPL
275,412
450,961
59,678
85,029
18,782
46,694
130,031
139,636
thereof result from sale of financial instruments measured at FVtPL
19,713
13,106
5,845
7,726
36,370
37,271
32,327
14,103
Income and expenses from investment property
40,501
26,252
-8
-1,040
457
339
2,204
226
thereof current income
92,905
84,590
670
535
926
682
7,110
5,446
thereof depreciation
-52,601
-58,338
-629
-1,575
-469
-344
-5,647
-5,302
thereof result from sale
197
0
-49
0
0
0
613
81
Finance costs
-32,645
-48,237
-3,131
-2,935
-2,047
-1,012
-8,466
-8,276
thereof interest expenses for personnel provisions
-8,582
-8,637
0
0
0
0
-42
0
thereof interest expenses financing liabilities
-858
-1,691
0
0
0
0
-521
-57
thereof interest expenses for liabilities to financial institutions
-1,363
-778
0
0
0
0
-7
-466
thereof interest expenses for subordinate liabilities
-19,984
-35,287
-1,678
-1,224
-1,581
-1,500
-6,425
-6,397
thereof interest expenses for lease liabilities
-1,847
-1,718
-1,405
-1,506
-578
-297
-1,475
-961
Result from owner-occupied properties
985
325
-1,975
-5,485
909
-788
-1,374
-2,779
thereof depreciation
-8,123
-7,634
-3,684
-5,101
-355
-411
-3,512
-3,333
thereof result from sale
0
154
2,681
-29
1,478
0
2,068
590
Composition
Special Markets
Group Functions
Consolidation
Total
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
337,574
274,198
79,673
50,780
-27,554
-49,557
1,884,046
1,893,068
Interest revenues using the effective interest rate method
149,266
89,306
89,841
53,210
-27,740
-36,656
997,697
895,801
Realised gains and losses from financial assets measured at AC
-7
-41
-3,174
0
0
0
-5,076
80
Impairment losses incl. reversal gains on financial instruments
-32,654
-2,880
194
3,444
0
0
-18,106
-56,484
Other result from financial instruments
220,969
187,813
-7,188
-5,874
186
-12,901
909,531
1,053,671
thereof result from the valuation of financial assets measured at FVtPL
80,462
50,994
1,150
-1,140
0
0
565,515
772,174
thereof result from sale of financial instruments measured at FVtPL
11,636
-871
-2,554
-5,815
0
0
103,337
65,520
Income and expenses from investment property
235
543
17,290
5,579
-56
-55
60,623
31,844
thereof current income
489
661
33,257
32,853
-57
-55
135,300
124,712
thereof depreciation
-254
-251
-19,418
-30,530
0
0
-79,018
-96,340
thereof result from sale
0
133
-56
3,256
0
0
705
3,470
Finance costs
-2,122
-577
-62,156
-86,233
28,343
47,944
-82,224
-99,326
thereof interest expenses for personnel provisions
0
0
-1,893
-1,829
0
0
-10,517
-10,466
thereof interest expenses financing liabilities
0
0
-16,995
-3,004
11,454
0
-6,920
-4,752
thereof interest expenses for liabilities to financial institutions
0
0
-2,949
-26,604
0
21,619
-4,319
-6,229
thereof interest expenses for subordinate liabilities
0
0
-39,985
-54,126
16,276
26,305
-53,377
-72,229
thereof interest expenses for lease liabilities
-2,120
-578
-178
-96
688
479
-6,915
-4,677
Result from owner-occupied properties
310
325
932
510
-6,425
-5,496
-6,638
-13,388
thereof depreciation
-240
-252
-1,436
-1,200
0
0
-17,350
-17,931
thereof result from sale
0
0
0
0
0
0
6,227
715
Purchased software
Development
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
1,048,854
940,268
Cumulative valuation as of 31/12 of the previous year
-572,715
-494,150
Book value as of 31/12 of the previous year = Book value as of 01/01
476,139
446,118
Exchange rate differences
-4,165
562
Reclassifications
-14,930
-361
Additions
130,732
120,481
Disposals
-2,518
-3,328
Changes in scope of consolidation
3,400
0
Reversal of impairments
8
0
Scheduled depreciation
-88,463
-80,498
Impairments
-84
-6,835
Book value as of 31/12
500,119
476,139
Cumulative valuation as of 31/12
649,070
572,715
Acquisition costs
1,149,189
1,048,854
15. Type of expenses and details Other income and expenses
15.1. General information
Due to the accounting and valuation requirements of IFRS\u00a017, expenses that are directly attributable to insurance contracts are included in the item Insurance service result. General administrative expenses are not directly attributable to insurance contracts and are included in the item of Other expenses.
The expenses that are taken into account under IFRS 17 amount to EUR 3,883,599,000 (EUR 3,677,783,000) in the current period. Apart from personnel expenses, a significant portion is made up of commissions paid, IT expenses, taxes related to insurance contracts and scheduled depreciation.
15.2. Personnel
Number of employees
31/12/2024
31/12/2023
Number
\u00a0
\u00a0
Sales representatives
15,745
15,047
Office staff
15,898
14,358
Total
31,643
29,405
The employee figures shown are average values based on full-time equivalents.
Personnel expenses
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Wages and salaries
979,677
823,528
Expenses for severance benefits and payments to company pension plans
9,134
7,320
Expenses for retirement provisions
15,534
10,750
Mandatory social security contributions and expenses
240,609
207,656
Other social security expenses
36,471
29,344
Total
1,281,425
1,078,598
Sales representatives
499,043
458,997
Office staff
782,382
619,601
15.3. Other income and expenses
\u00a0
2024
2023 adjusted
in EUR \u2018000
\u00a0
\u00a0
Other income
344,771
303,932
thereof exchange rate gains
58,692
82,414
thereof other revenue from services
166,429
121,222
Other expenses
-889,735
-821,804
thereof general administrative expenses acc. to IFRS 17
-541,786
-512,564
thereof exchange rate losses
-56,809
-87,797
thereof losses from non-monetary items acc. to IAS 29
-30,947
-31,547
thereof result from owner-occupied property
-6,637
-13,388
Both the increase in general administrative expenses acc. to IFRS\u00a017 and the increase in other revenues from services is due to a steady increase in regulatory requirements and a larger business volume.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-65": { "value": "
Development
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
3,914,121
3,613,686
Cumulative valuation as of 31/12 of the previous year
-1,062,031
-968,671
Book value as of 31/12 of the previous year = Book value as of 01/01
2,852,090
2,645,015
Exchange rate differences
1,409
10,445
Reclassifications
2,957
7,180
Additions
198,289
247,823
Disposals
-1,100
-9,974
Changes in scope of consolidation
2
47,941
Appreciation
3,636
0
Scheduled depreciation
-75,281
-69,647
Impairments
-3,737
-26,693
Book value as of 31/12
2,978,265
2,852,090
Cumulative valuation as of 31/12
1,135,305
1,062,031
Acquisition costs
4,113,570
3,914,121
Development
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
772,132
772,481
Cumulative valuation as of 31/12 of the previous year
-301,182
-289,640
Book value as of 31/12 of the previous year = Book value as of 01/01
470,950
482,841
Exchange rate differences
-3,461
-524
Reclassifications
-4,554
-8,453
Additions
25,471
16,970
Disposals
-1,352
-954
Changes in scope of consolidation
-2,083
0
Scheduled depreciation
-18,131
-17,704
Impairments
0
-1,226
Book value as of 31/12
466,840
470,950
Cumulative valuation as of 31/12
310,150
301,182
Acquisition costs
776,990
772,132
Composition
Austria
Czech Republic
Poland
Extended CEE
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
820,847
1,010,854
143,621
183,108
125,001
130,074
404,884
293,611
Interest revenues using the effective interest rate method
430,949
450,204
76,835
91,970
68,037
61,016
210,509
186,751
Realised gains and losses from financial assets measured at AC
0
-36
0
0
-1,699
-1
-196
158
Impairment losses incl. reversal gains on financial instruments
2,508
-1,697
5,706
-12,345
2,762
-1,058
3,378
-41,948
Other result from financial instruments
387,390
562,383
61,080
103,483
55,901
70,117
191,193
148,650
thereof result from the valuation of financial assets measured at FVtPL
275,412
450,961
59,678
85,029
18,782
46,694
130,031
139,636
thereof result from sale of financial instruments measured at FVtPL
19,713
13,106
5,845
7,726
36,370
37,271
32,327
14,103
Income and expenses from investment property
40,501
26,252
-8
-1,040
457
339
2,204
226
thereof current income
92,905
84,590
670
535
926
682
7,110
5,446
thereof depreciation
-52,601
-58,338
-629
-1,575
-469
-344
-5,647
-5,302
thereof result from sale
197
0
-49
0
0
0
613
81
Finance costs
-32,645
-48,237
-3,131
-2,935
-2,047
-1,012
-8,466
-8,276
thereof interest expenses for personnel provisions
-8,582
-8,637
0
0
0
0
-42
0
thereof interest expenses financing liabilities
-858
-1,691
0
0
0
0
-521
-57
thereof interest expenses for liabilities to financial institutions
-1,363
-778
0
0
0
0
-7
-466
thereof interest expenses for subordinate liabilities
-19,984
-35,287
-1,678
-1,224
-1,581
-1,500
-6,425
-6,397
thereof interest expenses for lease liabilities
-1,847
-1,718
-1,405
-1,506
-578
-297
-1,475
-961
Result from owner-occupied properties
985
325
-1,975
-5,485
909
-788
-1,374
-2,779
thereof depreciation
-8,123
-7,634
-3,684
-5,101
-355
-411
-3,512
-3,333
thereof result from sale
0
154
2,681
-29
1,478
0
2,068
590
Composition
Special Markets
Group Functions
Consolidation
Total
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
337,574
274,198
79,673
50,780
-27,554
-49,557
1,884,046
1,893,068
Interest revenues using the effective interest rate method
149,266
89,306
89,841
53,210
-27,740
-36,656
997,697
895,801
Realised gains and losses from financial assets measured at AC
-7
-41
-3,174
0
0
0
-5,076
80
Impairment losses incl. reversal gains on financial instruments
-32,654
-2,880
194
3,444
0
0
-18,106
-56,484
Other result from financial instruments
220,969
187,813
-7,188
-5,874
186
-12,901
909,531
1,053,671
thereof result from the valuation of financial assets measured at FVtPL
80,462
50,994
1,150
-1,140
0
0
565,515
772,174
thereof result from sale of financial instruments measured at FVtPL
11,636
-871
-2,554
-5,815
0
0
103,337
65,520
Income and expenses from investment property
235
543
17,290
5,579
-56
-55
60,623
31,844
thereof current income
489
661
33,257
32,853
-57
-55
135,300
124,712
thereof depreciation
-254
-251
-19,418
-30,530
0
0
-79,018
-96,340
thereof result from sale
0
133
-56
3,256
0
0
705
3,470
Finance costs
-2,122
-577
-62,156
-86,233
28,343
47,944
-82,224
-99,326
thereof interest expenses for personnel provisions
0
0
-1,893
-1,829
0
0
-10,517
-10,466
thereof interest expenses financing liabilities
0
0
-16,995
-3,004
11,454
0
-6,920
-4,752
thereof interest expenses for liabilities to financial institutions
0
0
-2,949
-26,604
0
21,619
-4,319
-6,229
thereof interest expenses for subordinate liabilities
0
0
-39,985
-54,126
16,276
26,305
-53,377
-72,229
thereof interest expenses for lease liabilities
-2,120
-578
-178
-96
688
479
-6,915
-4,677
Result from owner-occupied properties
310
325
932
510
-6,425
-5,496
-6,638
-13,388
thereof depreciation
-240
-252
-1,436
-1,200
0
0
-17,350
-17,931
thereof result from sale
0
0
0
0
0
0
6,227
715
Purchased software
Development
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
1,048,854
940,268
Cumulative valuation as of 31/12 of the previous year
-572,715
-494,150
Book value as of 31/12 of the previous year = Book value as of 01/01
476,139
446,118
Exchange rate differences
-4,165
562
Reclassifications
-14,930
-361
Additions
130,732
120,481
Disposals
-2,518
-3,328
Changes in scope of consolidation
3,400
0
Reversal of impairments
8
0
Scheduled depreciation
-88,463
-80,498
Impairments
-84
-6,835
Book value as of 31/12
500,119
476,139
Cumulative valuation as of 31/12
649,070
572,715
Acquisition costs
1,149,189
1,048,854
The expenses that are taken into account under IFRS 17 amount to EUR 3,883,599,000 (EUR 3,677,783,000) in the current period. Apart from personnel expenses, a significant portion is made up of commissions paid, IT expenses, taxes related to insurance contracts and scheduled depreciation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-66": { "value": "
5. Owner-occupied property
The accounting policies used are presented in Note\u00a024.8. Owner-occupied property starting on page\u00a0252.
Composition
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Owner-occupied property
466,840
470,950
Tangible assets
162,222
148,209
Total
629,062
619,159
There are no material existence and amounts of restrictions or material contractual obligations for acquiring the items under \u201cOwner-occupied property and equipment\".
Development
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
772,132
772,481
Cumulative valuation as of 31/12 of the previous year
-301,182
-289,640
Book value as of 31/12 of the previous year = Book value as of 01/01
470,950
482,841
Exchange rate differences
-3,461
-524
Reclassifications
-4,554
-8,453
Additions
25,471
16,970
Disposals
-1,352
-954
Changes in scope of consolidation
-2,083
0
Scheduled depreciation
-18,131
-17,704
Impairments
0
-1,226
Book value as of 31/12
466,840
470,950
Cumulative valuation as of 31/12
310,150
301,182
Acquisition costs
776,990
772,132
The changes in the scope of consolidation result from the deconsolidation of Driving Camp Autodrom Sosnova a.s.
Book value reportable segments
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Austria
167,634
163,344
Czech Republic
111,479
118,123
Poland
7,728
11,667
Extended CEE
133,195
135,416
Special Markets
6,007
6,022
Group Functions
40,797
36,378
Total
466,840
470,950
Type of usage
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Owner-occupied property
466,840
470,950
Self-used
436,510
449,558
Rented (operating lease)
30,330
21,392
Assets
31/12/2024
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
39,637,179
28,070,686
7,623,744
3,927,130
39,621,560
Measured at AC
3,391,477
485,343
845,241
2,045,274
3,375,858
Loans
654,913
0
538,281
111,313
649,594
Bonds
931,707
479,288
306,960
122,960
909,208
Term deposits
1,804,857
6,055
0
1,811,001
1,817,056
Mandatorily measured at FVtOCI
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Bonds
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Designated measured at FVtOCI
291,027
38,162
0
252,865
291,027
Shares
41,771
38,162
0
3,609
41,771
Shares in participating companies
64,451
0
0
64,451
64,451
Shares in affiliated non-consolidated companies
184,805
0
0
184,805
184,805
Mandatorily measured at FVtPL
11,148,394
6,558,059
3,063,044
1,527,291
11,148,394
Shares
365,741
289,226
5,619
70,896
365,741
Shares in participating companies
24,332
0
0
24,332
24,332
Shares in affiliated non-consolidated companies
7,841
0
0
7,841
7,841
Loans
4,856
0
3,676
1,180
4,856
Bonds
1,717,122
541,833
711,898
463,391
1,717,122
Funds
9,010,758
5,726,992
2,340,241
943,525
9,010,758
Derivatives
17,744
8
1,610
16,126
17,744
Designated measured at FVtPL
319,827
305,319
14,508
0
319,827
Bonds
319,827
305,319
14,508
0
319,827
Investments in associates
204,761
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
2,978,265
0
33,752
4,473,261
4,507,013
Owner-occupied property
466,840
0
41,335
780,785
822,120
Assets
31/12/2023
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
37,990,239
25,459,784
9,241,370
3,268,013
37,969,167
Measured at AC
2,963,320
448,858
1,004,637
1,488,753
2,942,248
Loans
742,306
0
594,559
127,842
722,401
Bonds
978,491
448,858
410,078
97,406
956,342
Term deposits
1,242,523
0
0
1,263,505
1,263,505
Mandatorily measured at FVtOCI
24,021,071
18,706,866
5,044,560
269,645
24,021,071
Bonds
24,021,071
18,706,866
5,044,560
269,645
24,021,071
Designated measured at FVtOCI
399,293
29,784
5,155
364,354
399,293
Shares
38,259
29,784
5,155
3,320
38,259
Shares in participating companies
70,088
0
0
70,088
70,088
Shares in affiliated non-consolidated companies
290,946
0
0
290,946
290,946
Mandatorily measured at FVtPL
10,393,733
6,112,598
3,135,874
1,145,261
10,393,733
Shares
450,075
345,186
31,829
73,060
450,075
Shares in participating companies
30,116
0
0
30,116
30,116
Shares in affiliated non-consolidated companies
4,028
0
2,282
1,746
4,028
Bonds
1,716,436
406,366
848,137
461,933
1,716,436
Funds
8,174,035
5,361,046
2,251,947
561,042
8,174,035
Derivatives
19,043
0
1,679
17,364
19,043
Designated measured at FVtPL
212,822
161,678
51,144
0
212,822
Bonds
212,822
161,678
51,144
0
212,822
Investments in associates
185,622
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
2,852,090
0
32,988
4,384,990
4,417,978
Owner-occupied property
470,949
0
39,107
792,142
831,249
16.3. Measurement of the fair value of real estate
Basis of the measurement
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Investment property
4,507,013
4,417,978
Evaluated by an independent expert*
952,700
1,010,579
Evaluated by an internal expert
3,554,313
3,407,399
Owner-occupied property
822,120
831,249
Evaluated by an independent expert
364,204
378,823
Evaluated by an internal expert
457,916
452,426
*This corresponds to 21.14% (22.87%) of the fair value of investment property.
Measurement method
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Investment property
4,507,013
4,417,978
Capitalised earnings value methode
3,960,340
4,008,590
Comparative pricing method/market approach
412,096
354,114
Other method
134,577
55,274
Owner-occupied property
822,120
831,249
Capitalised earnings value methode
638,577
647,013
Comparative pricing method/market approach
183,231
179,883
Other method
312
4,353
16.5. Unobservable input factors
Asset class
Measurement methods
Unobservable input factors
Range
2024
2023
\u00a0
\u00a0
\u00a0
\u00a0
from
to
from
to
Property
Capitalised earnings value
Capitalisation rate
in %
0.30
7.47
0.30
7.47
\u00a0
\u00a0
Rental income
in EUR \u2018000
7
5,124
7
4,090
\u00a0
\u00a0
Land prices
in EUR \u2018000
0
12
0
12
\u00a0
Discounted Cash flow
Capitalisation rate
in %
5.33
9.18
4.11
8.92
\u00a0
\u00a0
Rental income
in EUR \u2018000
116
7,754
111
7,394
\u00a0
Building rights \u2011 capitalised earnings value
Capitalisation rate
in %
2.50
4.00
2.50
4.00
\u00a0
\u00a0
Rental income
in EUR \u2018000
83
4,349
83
4,378
\u00a0
\u00a0
Land prices
in EUR \u2018000
0.31
0.80
0.30
0.73
\u00a0
\u00a0
Construction interest actually paid
in %
0.90
4.56
0.90
3.96
Loans measured at AC
Present value method
Spreads
in %
0.67
2.43
-0.20
5.62
Bonds measured at AC
Present value method
Spreads
in %
0.52
4.41
-0.20
5.62
Bonds measured at FVtOCI
Present value method
Spreads
in %
0.37
5.49
-0.20
4.13
Bonds measured at FVtPL
Present value method
Spreads
in %
0.37
3.27
-0.20
3.81
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-67": { "value": "
6. Investments in associates
The Investments in associates balance sheet item consists only of shares in at equity consolidated companies. The list of associates is presented in Note\u00a020. Business combinations starting on page\u00a0209.
Shares in at equity consolidated companies had a book value of EUR 205 million as of 31 December 2024 and a book value of EUR 186 million as of 31 December 2023. Shares in at equity consolidated companies therefore represented 0.56% (0.53%) of the book value of the total risk-bearing portfolio as of 31 December 2024.
Composition of the result
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Income
27,001
16,466
Current result
27,001
16,466
At equity-consolidated companies
Country of domicile
Registered office
Interest 2024
Interest 2023
\u00a0
\u00a0
\u00a0
in %
in %
Beteiligungs- und Immobilien GmbH
Austria
Linz
24.44
24.44
Beteiligungs- und Wohnungsanlagen GmbH
Austria
Linz
24.44
24.44
CROWN-WSF spol. s.r.o.
Czech Republic
Prague
29.33
29.33
ERSTE d.o.o. - za upravljanje obveznim i dobrovljnim mirovinskim fondovima
Croatia
Zagreb
25.30
25.30
Gewista-Werbegesellschaft m.b.H.
Austria
Vienna
22.58
22.58
\u00d6sterreichisches Verkehrsb\u00fcro Aktiengesellschaft
Austria
Vienna
35.78
35.78
Towarzystwo Ubezpiecze\u0144 Wzajemnych \u201eTUW\"
Poland
Warsaw
52.16
52.16
UNIVERSAL makl\u00e9rsky dom a.s.
Slovakia
Bratislava
34.46
\u00a0
VBV - Betriebliche Altersvorsorge AG
Austria
Vienna
24.83
24.83
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-68": { "value": "
7.1. Receivables
Composition
31/12/2024
31/12/2023
\u00a0
Gross carrying amount
ECL
Net carrying amount
Gross carrying amount
ECL
Net carrying amount
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
IFRS 9 measured receivables
461,697
-19,840
441,857
440,374
-21,417
418,957
Other receivables
118,111
\u00a0
118,111
76,715
\u00a0
76,715
Total
579,808
-19,840
559,968
517,089
-21,417
495,672
Maturity structure
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Up to 1 year
408,920
359,471
More than one year up to five years
61,508
60,655
More than five years up to ten years
20,229
19,570
More than ten years
69,311
55,976
Total
559,968
495,672
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-69": { "value": "
7.2. Liabilities
Composition
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
IFRS 9 measured liabilities
582,834
587,214
Other liabilities
573,984
525,461
Total
1,156,818
1,112,675
For detailed information on the tax liabilities, please refer to the statements in Note\u00a011. Taxes starting on page\u00a0191.
For detailed information on the lease liabilities, please refer to the statements in Note\u00a08. Financial liabilities on page\u00a0186.
Maturity structure
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Up to 1 year
838,197
798,211
More than one year up to five years
48,914
51,987
More than five years up to ten years
35,865
28,203
More than ten years
233,842
234,274
Total
1,156,818
1,112,675
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-70": { "value": "
7.2. Liabilities
Composition
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
IFRS 9 measured liabilities
582,834
587,214
Other liabilities
573,984
525,461
Total
1,156,818
1,112,675
For detailed information on the tax liabilities, please refer to the statements in Note\u00a011. Taxes starting on page\u00a0191.
For detailed information on the lease liabilities, please refer to the statements in Note\u00a08. Financial liabilities on page\u00a0186.
Maturity structure
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Up to 1 year
838,197
798,211
More than one year up to five years
48,914
51,987
More than five years up to ten years
35,865
28,203
More than ten years
233,842
234,274
Total
1,156,818
1,112,675
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-71": { "value": "
7.2. Liabilities
Composition
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
IFRS 9 measured liabilities
582,834
587,214
Other liabilities
573,984
525,461
Total
1,156,818
1,112,675
For detailed information on the tax liabilities, please refer to the statements in Note\u00a011. Taxes starting on page\u00a0191.
For detailed information on the lease liabilities, please refer to the statements in Note\u00a08. Financial liabilities on page\u00a0186.
Maturity structure
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Up to 1 year
838,197
798,211
More than one year up to five years
48,914
51,987
More than five years up to ten years
35,865
28,203
More than ten years
233,842
234,274
Total
1,156,818
1,112,675
8. Financial liabilities
8.1. Overview
Composition
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Subordinated liabilities
1,215,495
1,309,283
Liabilities to banks
298,188
306,881
Liabilities from financing activities
579,072
579,908
Liabilities for derivatives
60,746
1,296
Lease liabilities
220,131
198,398
Liabilities designated measured at FVtPL
508
555
Total
2,374,140
2,396,321
The development of financial liabilities has been changed in comparison to the development presented in the Group Annual Report 2023, and now only the main balance sheet items are presented.
Development
31/12/2024
\u00a0
Subordinated liabilities
Liabilities to banks
Liabilities from financing activities
in EUR \u2018000
\u00a0
\u00a0
\u00a0
Book value as of 31/12 of the previous year = Book value as of 01/01
1,309,283
306,881
579,908
Cash changes
-144,945
-13,269
-7,183
Cash inflows
0
40
50
Payments
-91,748
-9,336
-1,473
Paid interest
-53,197
-3,973
-5,760
Non-cash changes
51,157
4,576
6,347
Additions
51,570
4,575
6,339
Changes in scope of consolidation
0
2
0
Exchange rate differences
-413
-1
8
Book value as of 31/12
1,215,495
298,188
579,072
Development
31/12/2023
\u00a0
Subordinated liabilities
Liabilities to banks
Liabilities from financing activities
in EUR \u2018000
\u00a0
\u00a0
\u00a0
Book value as of 31/12 of the previous year = Book value as of 01/01
1,789,281
343,898
593,118
Cash changes
-546,812
-42,113
-6,408
Cash inflows
0
23
509
Payments
-469,987
-37,719
-1,287
Paid interest
-76,825
-4,417
-5,630
Non-cash changes
66,814
5,096
-6,802
Additions
67,382
5,096
6,278
Changes in scope of consolidation
0
0
-21,760
Reclassifications
0
0
8,643
Exchange rate differences
-568
0
37
Book value as of 31/12
1,309,283
306,881
579,908
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-72": { "value": "
9. Notes to the consolidated income statement
Composition
Austria
Czech Republic
Poland
Extended CEE
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
820,847
1,010,854
143,621
183,108
125,001
130,074
404,884
293,611
Interest revenues using the effective interest rate method
430,949
450,204
76,835
91,970
68,037
61,016
210,509
186,751
Realised gains and losses from financial assets measured at AC
0
-36
0
0
-1,699
-1
-196
158
Impairment losses incl. reversal gains on financial instruments
2,508
-1,697
5,706
-12,345
2,762
-1,058
3,378
-41,948
Other result from financial instruments
387,390
562,383
61,080
103,483
55,901
70,117
191,193
148,650
thereof result from the valuation of financial assets measured at FVtPL
275,412
450,961
59,678
85,029
18,782
46,694
130,031
139,636
thereof result from sale of financial instruments measured at FVtPL
19,713
13,106
5,845
7,726
36,370
37,271
32,327
14,103
Income and expenses from investment property
40,501
26,252
-8
-1,040
457
339
2,204
226
thereof current income
92,905
84,590
670
535
926
682
7,110
5,446
thereof depreciation
-52,601
-58,338
-629
-1,575
-469
-344
-5,647
-5,302
thereof result from sale
197
0
-49
0
0
0
613
81
Finance costs
-32,645
-48,237
-3,131
-2,935
-2,047
-1,012
-8,466
-8,276
thereof interest expenses for personnel provisions
-8,582
-8,637
0
0
0
0
-42
0
thereof interest expenses financing liabilities
-858
-1,691
0
0
0
0
-521
-57
thereof interest expenses for liabilities to financial institutions
-1,363
-778
0
0
0
0
-7
-466
thereof interest expenses for subordinate liabilities
-19,984
-35,287
-1,678
-1,224
-1,581
-1,500
-6,425
-6,397
thereof interest expenses for lease liabilities
-1,847
-1,718
-1,405
-1,506
-578
-297
-1,475
-961
Result from owner-occupied properties
985
325
-1,975
-5,485
909
-788
-1,374
-2,779
thereof depreciation
-8,123
-7,634
-3,684
-5,101
-355
-411
-3,512
-3,333
thereof result from sale
0
154
2,681
-29
1,478
0
2,068
590
Composition
Special Markets
Group Functions
Consolidation
Total
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
337,574
274,198
79,673
50,780
-27,554
-49,557
1,884,046
1,893,068
Interest revenues using the effective interest rate method
149,266
89,306
89,841
53,210
-27,740
-36,656
997,697
895,801
Realised gains and losses from financial assets measured at AC
-7
-41
-3,174
0
0
0
-5,076
80
Impairment losses incl. reversal gains on financial instruments
-32,654
-2,880
194
3,444
0
0
-18,106
-56,484
Other result from financial instruments
220,969
187,813
-7,188
-5,874
186
-12,901
909,531
1,053,671
thereof result from the valuation of financial assets measured at FVtPL
80,462
50,994
1,150
-1,140
0
0
565,515
772,174
thereof result from sale of financial instruments measured at FVtPL
11,636
-871
-2,554
-5,815
0
0
103,337
65,520
Income and expenses from investment property
235
543
17,290
5,579
-56
-55
60,623
31,844
thereof current income
489
661
33,257
32,853
-57
-55
135,300
124,712
thereof depreciation
-254
-251
-19,418
-30,530
0
0
-79,018
-96,340
thereof result from sale
0
133
-56
3,256
0
0
705
3,470
Finance costs
-2,122
-577
-62,156
-86,233
28,343
47,944
-82,224
-99,326
thereof interest expenses for personnel provisions
0
0
-1,893
-1,829
0
0
-10,517
-10,466
thereof interest expenses financing liabilities
0
0
-16,995
-3,004
11,454
0
-6,920
-4,752
thereof interest expenses for liabilities to financial institutions
0
0
-2,949
-26,604
0
21,619
-4,319
-6,229
thereof interest expenses for subordinate liabilities
0
0
-39,985
-54,126
16,276
26,305
-53,377
-72,229
thereof interest expenses for lease liabilities
-2,120
-578
-178
-96
688
479
-6,915
-4,677
Result from owner-occupied properties
310
325
932
510
-6,425
-5,496
-6,638
-13,388
thereof depreciation
-240
-252
-1,436
-1,200
0
0
-17,350
-17,931
thereof result from sale
0
0
0
0
0
0
6,227
715
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-73": { "value": "
10. Consolidated shareholders\u2019 equity
Further information on the shareholders\u2019 equity can be found starting on page\u00a0256.
10.3. Capital reserves \u2013 hybrid capital
Issue date
Outstanding volume
Maturity
Yield
Fair value
\u00a0
in EUR \u2018000
in years
in %
in EUR \u2018000
10/06/2021
300,000
unlimited
First 10 years: 3.2125% p.a.; thereafter variable
263,497
As part of a private placement with the main shareholder, Wiener St\u00e4dtische Versicherungsverein, VIG Holding placed a hybrid capital bond on 15 March 2021. The hybrid capital fulfils the shareholders\u2019 equity criteria in accordance with IAS 32.16C and .16D, as the issuer is free to decide about the interest payment and the term is unrestricted. It also complies with the Restricted Tier 1 equirements according to Solvency II as well as the capital qualification in accordance with the rating agency S&P.
10.4. Other reserves
Composition
31/12/2024
\u00a0
Gross
+/- Deferred taxes
+/- Non-controlling interests
Net
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Unrealised gains and losses
266,642
-70,958
-4,153
191,531
IFRS 9-reserves recyclable*
-823,095
174,077
11,673
-637,345
IFRS 9-reserves non-recyclable
22,518
-2,789
-163
19,566
IFRS\u00a017-reserves recyclable
208,332
-46,095
-2,574
159,663
IFRS\u00a017-reserves non-recyclable
858,887
-196,151
-13,089
649,647
Actuarial gains and losses from provisions for employee benefits
-191,785
43,708
3,089
-144,988
Share of other reserves of associated consolidated companies
-7,977
0
174
-7,803
Currency reserve
-152,853
0
5,254
-147,599
Total
-85,973
-27,250
4,364
-108,859
*Thereof reclassified to income statement in gross value: EUR 98,291,000.
Composition
31/12/2023
\u00a0
Gross
+/- Deferred taxes
+/- Non-controlling interests
Net
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Unrealised gains and losses
226,014
-66,693
-4,146
155,175
IFRS 9-reserves recyclable*
-997,005
213,339
12,054
-771,612
IFRS 9-reserves non-recyclable
-1,953
-3,155
-241
-5,349
IFRS\u00a017-reserves recyclable
301,363
-56,951
-3,422
240,990
IFRS\u00a017-reserves non-recyclable
923,609
-219,926
-12,537
691,146
Actuarial gains and losses from provisions for employee benefits
-188,664
42,936
3,022
-142,706
Share of other reserves of associated consolidated companies
-11,888
0
250
-11,638
Currency reserve
-144,572
0
4,016
-140,556
Total
-119,110
-23,757
3,142
-139,725
*Thereof reclassified to income statement in gross value: EUR 122,542,000.
24.10. Consolidated shareholders\u2019 equity
The items share capital and other capital reserves include the amounts paid in to share capital by the shareholders of VIG Holding. The item other capital reserves reports the share of contributions paid that is in excess of the share capital. The reserves are reduced by those external costs directly related to corporate actions affecting equity (after taking tax effects into account).
Retained earnings are the profits that subsidiaries have earned since their affiliation with VIG Insurance Group. These are reduced by the dividends distributed by VIG Holding. Amounts resulting from the changes in the scope of consolidation are also recognised here. If changes are made to accounting policies, the adjustments for earlier periods that are not included in the financial statements are recognised in the opening balance sheet value of retained earnings for the earliest period presented, unless these effects can be clearly allocated to other parts of the consolidated shareholders\u2019 equity.
The item other reserves consists of unrealised gains and losses from the measurement of insurance contracts and financial instruments measured at FVtOCI as well as actuarial gains and losses, which are to be recorded in the statement of comprehensive income in accordance with IAS\u00a019. Furthermore, unrealised gains and losses from the at equity measurement of associated companies, effects from the application of IAS\u00a029 Financial Reporting in Hyperinflationary Economies and the exchange differences resulting from the currency conversion of foreign subsidiaries are reported in the other reserves.
Non-controlling interests are also shown as part of the shareholders\u2019 equity. These include shares held by third parties in the equity of consolidated subsidiaries which are not directly or indirectly wholly owned by VIG Holding.
Details regarding capital management can be found in chapter Capital management starting on page\u00a0277.
Share capital and voting rights
The share capital amounts to EUR\u00a0132,887,468.20. It is divided into 128,000,000 no-par-value bearer shares with voting rights, with each share representing an equal portion of share capital. The number of shares issued remained unchanged.
The Managing Board is not aware of any restrictions on voting rights or the transfer of shares. Employees who own shares exercise their voting right directly at the Annual General Meeting.
The Managing Board must consist of at least three but no more than eight members. The Supervisory Board has at least three but no more than twelve members (shareholder representatives). The Wiener St\u00e4dtische Versicherungsverein, which directly and indirectly holds around\u00a072.47% (72.47%) of the share capital, has the right to appoint up to a third of the members of the Supervisory Board if, and as long as, it holds 50% or less of the company\u2019s voting shares. Annual General Meeting resolutions are adopted by a simple majority, unless a different majority is required by law or the Articles of Association.
There are no shares with special rights of control; reference is made to the previous paragraph with regard to the rights of the shareholders of the Wiener St\u00e4dtische Versicherungsverein.

At the reporting date, the company is not party to any material agreements which take effect, alter or terminate upon a change of control of the company following a takeover bid, especially none which concern the participations held in insurance companies.
No compensation agreements exist between the company and its Managing Board members, Supervisory Board members or employees covering the case of a public takeover bid.
Anticipatory resolutions
Pursuant to \u00a7\u00a0169 AktG, the Managing Board is authorised until no later than 20 May 2026 to increase the company\u2019s share capital \u2013 also in multiple tranches \u2013 by a nominal amount of up to EUR\u00a066,443,734.10 by issuing up to 64,000,000 no-par bearer shares in exchange for cash or non-cash contributions or a combination of both. The Managing Board with the consent of the Supervisory Board decides the content of share rights, the exclusion of pre-emptive subscription rights and the other terms and conditions of share issuance. Preferred shares without voting rights and conveying the same rights as already issued preferred shares may also be issued. The issue prices of common shares and preferred shares can be different.
The Managing Board was authorised by the Annual General Meeting on 21 May 2021 with the consent of the Supervisory Board to issue convertible bonds according to \u00a7\u00a0174 AktG, which convey the right to exchange or subscribe up to 30,000,000 ordinary bearer shares in the company representing a proportional amount of share capital of up to EUR\u00a031,145,500.36, in a total nominal amount of up to EUR\u00a02,000,000,000.00, also under exclusion of pre-emptive subscription rights, on one or more occasions in the time until 20 May 2026.
Therefore, in accordance with \u00a7\u00a0159 (2) no. 1 AktG, the share capital has been raised conditionally by up to EUR\u00a031,145,500.36 by issuing up to 30,000,000 ordinary bearer shares in the company. The conditional capital increase will only be conducted insofar as the bearers of the convertible bonds issued on the basis of the resolution of the Annual General Meeting of 21 May 2021 exercise their subscription or exchange rights. To date, the Managing Board has adopted no resolution on the issuance of convertible bonds on the basis of the authorisation granted on 21 May 2021.
Furthermore, the Managing Board was authorised by the Annual General Meeting on 21 May 2021 with the consent of the Supervisory Board to issue participating bonds pursuant to \u00a7\u00a0174 (2) AktG in the total nominal amount of up to EUR\u00a02,000,000,000.00, also in multiple tranches and also under exclusion of pre-emptive subscription rights, in the time until 20 May 2026. To date, the Managing Board had not adopted a resolution on the issuance of participating bonds on the basis of this authorisation.
The Annual General Meeting authorised the Managing Board on 26 May 2023 to acquire bearer ordinary shares in accordance with \u00a7\u00a065 (1) no. 8, (1a) and (1b) AktG to the maximum extent permissible by law during a period of 30 months following the date the Annual General Meeting resolution was adopted. The amount paid upon repurchase of the company\u2019s own shares may not be more than a maximum of 50% below and not more than a maximum of 10% above the average unweighted closing price on the Vienna Stock Exchange on the ten stock exchange trading days preceding the repurchase. The Managing Board may decide to make the purchase via the stock exchange, through a public offer or in any other legally permissible and expedient manner. If the repurchase is performed via a public offer, the end of the calculation period is determined based on the date on which the intention to make a public offer is announced (\u00a7\u00a05 (2) and (3) of the Austrian Takeover Act (\u00dcbernahmegesetz)).
The Annual General Meeting also authorised the Managing Board for a period of five years from the date of the resolution to use acquired own shares while excluding shareholder pre-emption rights
\u2022 for servicing convertible bonds issued based on the resolutions adopted by the Annual General Meeting on 21 May 2021; and
\u2022 for sales in a manner permitted by law other than via the stock market or by means of a public offer.
The Managing Board has not made use of these authorisations to date.
The Group holds no own shares at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-75": { "value": "
10.1. Dividend payment
Composition
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Dividends
179,200
166,400
Interest payments on the hybrid capital
9,638
9,638
Deferred taxes directly recognised in equity
-1,995
-2,082
Total
186,843
173,956
Payout 2024 for the financial year 2023
per share
Total
in EUR
\u00a0
\u00a0
Ordinary shares
1.40
179,200,000

10.2. Proposed appropriation of profits
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe (VIG Holding) concluded financial year 2024 with a net retained profit of EUR\u00a0392,795,125.51. The following appropriation of profits will be proposed at the Annual General Meeting:
The 128\u00a0million shares will receive a dividend of EUR\u00a01.55 per share. For this dividend, 28\u00a0May\u00a02025 was agreed as the payment date, 27\u00a0May\u00a02025 as the record date and 26\u00a0May\u00a02025 as the ex-dividend date.
A total distribution of EUR\u00a0198,400,000.00 has therefore been approved. The remaining net retained profit of financial year 2024 of EUR\u00a0194,395,125.51 after the distribution should be carried forward to the new account.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-74": { "value": "10.1", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-536": { "value": "1.4", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-76": { "value": "1.55", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-77": { "value": "198400000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-78": { "value": "
10.3. Capital reserves \u2013 hybrid capital
Issue date
Outstanding volume
Maturity
Yield
Fair value
\u00a0
in EUR \u2018000
in years
in %
in EUR \u2018000
10/06/2021
300,000
unlimited
First 10 years: 3.2125% p.a.; thereafter variable
263,497
As part of a private placement with the main shareholder, Wiener St\u00e4dtische Versicherungsverein, VIG Holding placed a hybrid capital bond on 15 March 2021. The hybrid capital fulfils the shareholders\u2019 equity criteria in accordance with IAS 32.16C and .16D, as the issuer is free to decide about the interest payment and the term is unrestricted. It also complies with the Restricted Tier 1 equirements according to Solvency II as well as the capital qualification in accordance with the rating agency S&P.
10.4. Other reserves
Composition
31/12/2024
\u00a0
Gross
+/- Deferred taxes
+/- Non-controlling interests
Net
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Unrealised gains and losses
266,642
-70,958
-4,153
191,531
IFRS 9-reserves recyclable*
-823,095
174,077
11,673
-637,345
IFRS 9-reserves non-recyclable
22,518
-2,789
-163
19,566
IFRS\u00a017-reserves recyclable
208,332
-46,095
-2,574
159,663
IFRS\u00a017-reserves non-recyclable
858,887
-196,151
-13,089
649,647
Actuarial gains and losses from provisions for employee benefits
-191,785
43,708
3,089
-144,988
Share of other reserves of associated consolidated companies
-7,977
0
174
-7,803
Currency reserve
-152,853
0
5,254
-147,599
Total
-85,973
-27,250
4,364
-108,859
*Thereof reclassified to income statement in gross value: EUR 98,291,000.
Composition
31/12/2023
\u00a0
Gross
+/- Deferred taxes
+/- Non-controlling interests
Net
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Unrealised gains and losses
226,014
-66,693
-4,146
155,175
IFRS 9-reserves recyclable*
-997,005
213,339
12,054
-771,612
IFRS 9-reserves non-recyclable
-1,953
-3,155
-241
-5,349
IFRS\u00a017-reserves recyclable
301,363
-56,951
-3,422
240,990
IFRS\u00a017-reserves non-recyclable
923,609
-219,926
-12,537
691,146
Actuarial gains and losses from provisions for employee benefits
-188,664
42,936
3,022
-142,706
Share of other reserves of associated consolidated companies
-11,888
0
250
-11,638
Currency reserve
-144,572
0
4,016
-140,556
Total
-119,110
-23,757
3,142
-139,725
*Thereof reclassified to income statement in gross value: EUR 122,542,000.
24.10. Consolidated shareholders\u2019 equity
The items share capital and other capital reserves include the amounts paid in to share capital by the shareholders of VIG Holding. The item other capital reserves reports the share of contributions paid that is in excess of the share capital. The reserves are reduced by those external costs directly related to corporate actions affecting equity (after taking tax effects into account).
Retained earnings are the profits that subsidiaries have earned since their affiliation with VIG Insurance Group. These are reduced by the dividends distributed by VIG Holding. Amounts resulting from the changes in the scope of consolidation are also recognised here. If changes are made to accounting policies, the adjustments for earlier periods that are not included in the financial statements are recognised in the opening balance sheet value of retained earnings for the earliest period presented, unless these effects can be clearly allocated to other parts of the consolidated shareholders\u2019 equity.
The item other reserves consists of unrealised gains and losses from the measurement of insurance contracts and financial instruments measured at FVtOCI as well as actuarial gains and losses, which are to be recorded in the statement of comprehensive income in accordance with IAS\u00a019. Furthermore, unrealised gains and losses from the at equity measurement of associated companies, effects from the application of IAS\u00a029 Financial Reporting in Hyperinflationary Economies and the exchange differences resulting from the currency conversion of foreign subsidiaries are reported in the other reserves.
Non-controlling interests are also shown as part of the shareholders\u2019 equity. These include shares held by third parties in the equity of consolidated subsidiaries which are not directly or indirectly wholly owned by VIG Holding.
Details regarding capital management can be found in chapter Capital management starting on page\u00a0277.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-79": { "value": "
11. Taxes
The accounting policies used are presented in Note\u00a024.13. Taxes starting on page\u00a0259.
11.1. Tax expenses
Composition
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Actual taxes
174,289
152,883
From the current period*
175,189
143,208
From previous periods
-900
9,675
Deferred taxes
40,651
43,560
Change of deferred taxes in the current year
38,032
55,865
Deferred taxes due to temporary differences relating to other periods
5,120
-8,948
Deferred taxes due to loss carry forwards relating to other periods
-2,501
-3,357
Total
214,940
196,443
*The global minimum taxation is included in the item \u201cActual taxes from the current period\u201d and the amount in question is not considered to be material for the Group.
Reconciliation
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Expected tax rate in %
23.0%
24.0%
Result before taxes
881,806
772,689
Expected tax expenses
202,815
185,445
Adjusted for tax effects due to:
\u00a0
\u00a0
Different local tax rate
-29,011
-31,061
Change of tax rates
-1,373
-11,528
Non-deductible expenses
118,089
131,049
Income not subject to tax
-96,952
-100,669
Taxes from previous years
1,720
-2,630
Non-recognition/reduction of deferred tax assets due to temporary differences
1,539
6,099
Non-recognition/reduction of deferred tax assets due to loss carry forwards
504
6,023
Effects due to group taxation/profit transfers
-2,871
-403
Others
20,480
14,118
Effective tax expenses
214,940
196,443
Effective tax rate in %
24.4%
25.4%
The income tax rate of the parent company is used as the group tax rate.
The non-deductible expenses include depreciation, expenses related to tax-free income and other non-deductible expenses. The income not subject to tax is due in particular to appreciation, received dividends and interest.
11.2. Deferred taxes
The deferred tax assets and liabilities reported relate to temporary differences in the balance sheet items listed in the table below (the differences were measured using the applicable tax rates). It should be noted that deferred taxes, as far as permissible, are offset at the taxpayer level, and, accordingly, the different balances are shown either as assets or liabilities on the balance sheet.
Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that the deferred tax assets can be used. Deferred tax assets are examined each balance sheet date and reduced to the extent that it is no longer probable that the associated tax benefits can be realised.
Composition
31/12/2024
31/12/2023
\u00a0
Assets
Liabilities
Assets
Liabilities
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
255
28,132
32
42,605
Financial assets and Investments in associates
557,214
448,326
553,663
393,599
Receivables and Other assets
166,976
27,962
211,304
22,191
Insurance contracts assets1
180,067
152,311
225,921
118,421
Investment property as well as Owner-occupied property and equipment
16,927
35,749
13,627
36,711
Goodwill and Intangible assets
3,947
30,663
4,088
12,801
Right-of-use assets
0
65,283
0
59,319
Liabilities and other payables, Financial liabilities and Other liabilities
316,163
63,874
275,614
73,449
Insurance contracts liabilities2
677,935
1,080,897
665,666
1,137,070
Provisions
139,893
95,061
122,299
90,088
Tax-exempt reserves
0
8,870
0
9,162
Accumulated losses carried forward
32,012
0
46,293
0
Sum before valuation allowance
2,091,389
2,037,128
2,118,507
1,995,416
Valuation allowance for deferred tax assets
-35,909
\u00a0
-42,012
\u00a0
Total before netting
2,055,480
2,037,128
2,076,495
1,995,416
Netting
-1,603,417
-1,603,417
-1,593,208
-1,593,208
Net balance
452,063
433,711
483,287
402,208
1Incl. Insurance contracts assets issued and Reinsurance contracts assets held
2Incl. Insurance contracts liabilities issued and Reinsurance contracts liabilities held
Deferred tax assets from seven-year amortisation of participations to going concern value were recognised in the amount of EUR 13,419,000 (EUR 10,458,000). Those amounts not recognised amount to EUR 0 (EUR 3,810,000). Deferred tax liabilities and deferred tax assets of consolidated taxable entities in the tax groups collected by the same tax authority were netted, resulting in a deferred tax liability of EUR 51,311,000 (EUR 875,000). In accordance with IAS 12.39, deferred tax liabilities were not reported for temporary differences from interests in subsidiaries and associated companies since they would not be reversed in the foreseeable future. The difference between the book value for tax purposes and the IFRS shareholders' equity is EUR 1,993,081,000 (EUR 1,868,341,000). Deferred taxes for undistributed subsidiary profits of EUR 9,218,000 (EUR 17,252,000) were also not reported, because a decision to distribute the profits had not yet been made.

Deferred taxes on temporary differences in the amount of EUR -14,972,000 (EUR -14,612,000) as well as deferred taxes on loss carryforwards in the amount of EUR -20,937,000 (EUR -27,400,000) are not recognised.
Deferred tax assets on tax loss carryforwards not recognised
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Bosnia-Herzegovina
-108
-309
Estonia
-340
-340
Croatia
0
-25
Liechtenstein
-970
-960
Lithuania
-225
-275
Austria
-10,571
-9,601
Poland
-4,725
-9,379
Romania
-115
-1,469
Serbia
-654
-822
Slovakia
-1,989
-577
Slovenia
0
-40
Czech Republic
-4
-121
Ukraine
0
-85
Hungary
-1,236
-3,397
Total
-20,937
-27,400

11.3. Tax rates
The deferred taxes are based on the following tax rates:
Tax rates
31/12/2024
31/12/2023
in %
\u00a0
\u00a0
Albania
15.0
15.0
Bosnia-Herzegovina
10.0
10.0
Bulgaria
10.0
10.0
Germany1
30.0
30.0
Estonia2
0.0
0.0
Georgia3
0.0
15.0
Kosovo
10.0
10.0
Croatia
18.0
18.0
Latvia4
0.0
0.0
Liechtenstein
12.5
12.5
Lithuania5
15.0
15.0
Moldova
12.0
12.0
North Macedonia
10.0
10.0
Netherlands
25.8
25.8
Austria6
23.0
24.0
Poland
19.0
19.0
Romania
16.0
16.0
Serbia
15.0
15.0
Slovakia7
21.0
21.0
Czech Republic
21.0
19.0
T\u00fcrkiye
30.0
30.0
Ukraine
18.0
18.0
Hungary
11.3
11.3
1The tax rate shown here is a flat tax rate. The tax rate is between 15.825% and 31.925%, depending on the registered office and activities of the company.
2The retained profits of locally domiciled companies are not subject to corporate income tax. Profit distributions by the companies are subject to a tax rate of 14.0% to 20.0%. From 1 January\u00a02025, the corporate income tax rate will increase to 22.0%.
3The retained profits of locally domiciled companies are not subject to corporate income tax. Profit distributions by the companies are subject to a tax rate of 15.0%.
4The retained profits of locally domiciled companies are not subject to corporate income tax. Profit distributions by the companies are subject to a tax rate of 20.0%.
5From 1 January\u00a02025, the corporate income tax rate will increase to 16.0%.
6The second and last incremental reduction in corporate income tax was made in 2024. The rate was reduced from 24.0% to 23.0% due to a change in the law.
7The corporate income tax rate is 21.0%, but insurance companies have to pay additional taxes, meaning that a tax rate of 25.36% applies to these companies. From 1 January\u00a02025, the corporate income tax rate will increase to 24.0%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-80": { "value": "
11. Taxes
The accounting policies used are presented in Note\u00a024.13. Taxes starting on page\u00a0259.
11.1. Tax expenses
Composition
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Actual taxes
174,289
152,883
From the current period*
175,189
143,208
From previous periods
-900
9,675
Deferred taxes
40,651
43,560
Change of deferred taxes in the current year
38,032
55,865
Deferred taxes due to temporary differences relating to other periods
5,120
-8,948
Deferred taxes due to loss carry forwards relating to other periods
-2,501
-3,357
Total
214,940
196,443
*The global minimum taxation is included in the item \u201cActual taxes from the current period\u201d and the amount in question is not considered to be material for the Group.
Reconciliation
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Expected tax rate in %
23.0%
24.0%
Result before taxes
881,806
772,689
Expected tax expenses
202,815
185,445
Adjusted for tax effects due to:
\u00a0
\u00a0
Different local tax rate
-29,011
-31,061
Change of tax rates
-1,373
-11,528
Non-deductible expenses
118,089
131,049
Income not subject to tax
-96,952
-100,669
Taxes from previous years
1,720
-2,630
Non-recognition/reduction of deferred tax assets due to temporary differences
1,539
6,099
Non-recognition/reduction of deferred tax assets due to loss carry forwards
504
6,023
Effects due to group taxation/profit transfers
-2,871
-403
Others
20,480
14,118
Effective tax expenses
214,940
196,443
Effective tax rate in %
24.4%
25.4%
The income tax rate of the parent company is used as the group tax rate.
The non-deductible expenses include depreciation, expenses related to tax-free income and other non-deductible expenses. The income not subject to tax is due in particular to appreciation, received dividends and interest.
11.2. Deferred taxes
The deferred tax assets and liabilities reported relate to temporary differences in the balance sheet items listed in the table below (the differences were measured using the applicable tax rates). It should be noted that deferred taxes, as far as permissible, are offset at the taxpayer level, and, accordingly, the different balances are shown either as assets or liabilities on the balance sheet.
Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that the deferred tax assets can be used. Deferred tax assets are examined each balance sheet date and reduced to the extent that it is no longer probable that the associated tax benefits can be realised.
Composition
31/12/2024
31/12/2023
\u00a0
Assets
Liabilities
Assets
Liabilities
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
255
28,132
32
42,605
Financial assets and Investments in associates
557,214
448,326
553,663
393,599
Receivables and Other assets
166,976
27,962
211,304
22,191
Insurance contracts assets1
180,067
152,311
225,921
118,421
Investment property as well as Owner-occupied property and equipment
16,927
35,749
13,627
36,711
Goodwill and Intangible assets
3,947
30,663
4,088
12,801
Right-of-use assets
0
65,283
0
59,319
Liabilities and other payables, Financial liabilities and Other liabilities
316,163
63,874
275,614
73,449
Insurance contracts liabilities2
677,935
1,080,897
665,666
1,137,070
Provisions
139,893
95,061
122,299
90,088
Tax-exempt reserves
0
8,870
0
9,162
Accumulated losses carried forward
32,012
0
46,293
0
Sum before valuation allowance
2,091,389
2,037,128
2,118,507
1,995,416
Valuation allowance for deferred tax assets
-35,909
\u00a0
-42,012
\u00a0
Total before netting
2,055,480
2,037,128
2,076,495
1,995,416
Netting
-1,603,417
-1,603,417
-1,593,208
-1,593,208
Net balance
452,063
433,711
483,287
402,208
1Incl. Insurance contracts assets issued and Reinsurance contracts assets held
2Incl. Insurance contracts liabilities issued and Reinsurance contracts liabilities held
Deferred tax assets from seven-year amortisation of participations to going concern value were recognised in the amount of EUR 13,419,000 (EUR 10,458,000). Those amounts not recognised amount to EUR 0 (EUR 3,810,000). Deferred tax liabilities and deferred tax assets of consolidated taxable entities in the tax groups collected by the same tax authority were netted, resulting in a deferred tax liability of EUR 51,311,000 (EUR 875,000). In accordance with IAS 12.39, deferred tax liabilities were not reported for temporary differences from interests in subsidiaries and associated companies since they would not be reversed in the foreseeable future. The difference between the book value for tax purposes and the IFRS shareholders' equity is EUR 1,993,081,000 (EUR 1,868,341,000). Deferred taxes for undistributed subsidiary profits of EUR 9,218,000 (EUR 17,252,000) were also not reported, because a decision to distribute the profits had not yet been made.

Deferred taxes on temporary differences in the amount of EUR -14,972,000 (EUR -14,612,000) as well as deferred taxes on loss carryforwards in the amount of EUR -20,937,000 (EUR -27,400,000) are not recognised.
Deferred tax assets on tax loss carryforwards not recognised
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Bosnia-Herzegovina
-108
-309
Estonia
-340
-340
Croatia
0
-25
Liechtenstein
-970
-960
Lithuania
-225
-275
Austria
-10,571
-9,601
Poland
-4,725
-9,379
Romania
-115
-1,469
Serbia
-654
-822
Slovakia
-1,989
-577
Slovenia
0
-40
Czech Republic
-4
-121
Ukraine
0
-85
Hungary
-1,236
-3,397
Total
-20,937
-27,400

11.3. Tax rates
The deferred taxes are based on the following tax rates:
Tax rates
31/12/2024
31/12/2023
in %
\u00a0
\u00a0
Albania
15.0
15.0
Bosnia-Herzegovina
10.0
10.0
Bulgaria
10.0
10.0
Germany1
30.0
30.0
Estonia2
0.0
0.0
Georgia3
0.0
15.0
Kosovo
10.0
10.0
Croatia
18.0
18.0
Latvia4
0.0
0.0
Liechtenstein
12.5
12.5
Lithuania5
15.0
15.0
Moldova
12.0
12.0
North Macedonia
10.0
10.0
Netherlands
25.8
25.8
Austria6
23.0
24.0
Poland
19.0
19.0
Romania
16.0
16.0
Serbia
15.0
15.0
Slovakia7
21.0
21.0
Czech Republic
21.0
19.0
T\u00fcrkiye
30.0
30.0
Ukraine
18.0
18.0
Hungary
11.3
11.3
1The tax rate shown here is a flat tax rate. The tax rate is between 15.825% and 31.925%, depending on the registered office and activities of the company.
2The retained profits of locally domiciled companies are not subject to corporate income tax. Profit distributions by the companies are subject to a tax rate of 14.0% to 20.0%. From 1 January\u00a02025, the corporate income tax rate will increase to 22.0%.
3The retained profits of locally domiciled companies are not subject to corporate income tax. Profit distributions by the companies are subject to a tax rate of 15.0%.
4The retained profits of locally domiciled companies are not subject to corporate income tax. Profit distributions by the companies are subject to a tax rate of 20.0%.
5From 1 January\u00a02025, the corporate income tax rate will increase to 16.0%.
6The second and last incremental reduction in corporate income tax was made in 2024. The rate was reduced from 24.0% to 23.0% due to a change in the law.
7The corporate income tax rate is 21.0%, but insurance companies have to pay additional taxes, meaning that a tax rate of 25.36% applies to these companies. From 1 January\u00a02025, the corporate income tax rate will increase to 24.0%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-81": { "value": "
12. Provisions
The accounting policies used are presented in Note\u00a024.11. Provisions starting on page\u00a0258.
Composition
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Provisions for pensions and similar obligations
333,117
340,708
Provision for pension obligations
232,752
236,499
Provision for severance obligations
100,365
104,209
Provisions for other employee benefits
87,399
71,853
Miscellaneous provisions
372,585
336,059
Total
793,101
748,620
Miscellaneous provisions
Composition
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Provision for customer support and marketing
24,034
19,947
Provision for litigation
21,225
19,398
Provisions for IT
78,598
78,966
Other provisions
248,728
217,748
Provision for guaranteed interest for pension funds
61,683
30,396
Provision for regulatory risks
46,307
28,542
Onerous maintenance contracts
920
920
Remaining other provisions
139,818
157,890
Total
372,585
336,059
Development
Book value 01/01/2024
Changes in scope of consolidation
Exchange rate differences
Reclassification
Additions
Amount used
Release
Book value
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Provision for customer support and marketing
19,947
570
100
2,392
18,108
-9,194
-7,889
24,034
Provision for litigation
19,398
7,902
-244
0
4,983
-2,153
-8,661
21,225
Provisions for IT
78,966
319
28
0
78,360
-51,146
-27,929
78,598
Other provisions
217,748
28,993
-1,038
-2,392
119,145
-45,813
-67,915
248,728
Total
336,059
37,784
-1,154
0
220,596
-108,306
-112,394
372,585
Maturity structure
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Up to 1 year
255,437
249,606
More than one year up to five years
39,344
40,583
More than five years up to ten years
15,474
15,474
More than ten years
62,330
30,396
Total
372,585
336,059
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-82": { "value": "
12. Provisions
The accounting policies used are presented in Note\u00a024.11. Provisions starting on page\u00a0258.
Composition
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Provisions for pensions and similar obligations
333,117
340,708
Provision for pension obligations
232,752
236,499
Provision for severance obligations
100,365
104,209
Provisions for other employee benefits
87,399
71,853
Miscellaneous provisions
372,585
336,059
Total
793,101
748,620
Personnel expenses
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Wages and salaries
979,677
823,528
Expenses for severance benefits and payments to company pension plans
9,134
7,320
Expenses for retirement provisions
15,534
10,750
Mandatory social security contributions and expenses
240,609
207,656
Other social security expenses
36,471
29,344
Total
1,281,425
1,078,598
Sales representatives
499,043
458,997
Office staff
782,382
619,601
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-83": { "value": "
Miscellaneous provisions
Composition
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Provision for customer support and marketing
24,034
19,947
Provision for litigation
21,225
19,398
Provisions for IT
78,598
78,966
Other provisions
248,728
217,748
Provision for guaranteed interest for pension funds
61,683
30,396
Provision for regulatory risks
46,307
28,542
Onerous maintenance contracts
920
920
Remaining other provisions
139,818
157,890
Total
372,585
336,059
Development
Book value 01/01/2024
Changes in scope of consolidation
Exchange rate differences
Reclassification
Additions
Amount used
Release
Book value
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Provision for customer support and marketing
19,947
570
100
2,392
18,108
-9,194
-7,889
24,034
Provision for litigation
19,398
7,902
-244
0
4,983
-2,153
-8,661
21,225
Provisions for IT
78,966
319
28
0
78,360
-51,146
-27,929
78,598
Other provisions
217,748
28,993
-1,038
-2,392
119,145
-45,813
-67,915
248,728
Total
336,059
37,784
-1,154
0
220,596
-108,306
-112,394
372,585
Maturity structure
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Up to 1 year
255,437
249,606
More than one year up to five years
39,344
40,583
More than five years up to ten years
15,474
15,474
More than ten years
62,330
30,396
Total
372,585
336,059
19. Contingent receivables and liabilities
In their capacity as insurance companies, the Group companies are involved in a number of court proceedings as defendants or have been threatened with litigation. In addition, there are proceedings, in which the Group companies are not involved as parties, but may be affected by the outcome of such lawsuits due to agreements with other insurers concerning participation in claims. In the assessment of the Group, adequate provisions proportionate to the amount in dispute have been established for all claims in accordance with the law.
Changes in VAT
Effective 1\u00a0January\u00a02025, the Austrian interbank exemption in relation to value added tax is to be abolished. This abolition will affect both the input and output side. On the input side, this is due to potentially higher costs resulting from the VAT burden on various services provided by banks, pension funds and other insurance entities. On the output side, this is due to additional value added tax on outgoing services provided by the Group to banks, pension funds and other insurance entities. In addition, proceedings have been brought before the ECJ regarding the qualification of the interbank exemption as prohibited state aid.
At the time of preparation of the consolidated financial statements, neither the judgment of the ECJ nor the subsequent actions of the European Commission and the Austrian authorities have been confirmed. In addition, it is not possible to produce a qualified calculation of the amount of the provision. It is currently unclear whether the service provider or the recipient of the tax-exempt services under Section\u00a06 Paragraph\u00a01 Line\u00a028 of the Austrian act on value added tax (Umsatzsteuergesetz; UStG) has the relevant \u201cadvantage\u201d in respect of the aid. It is also unclear how temporal effects and any input tax deduction will impact the amount of this \u201cadvantage\u201d. For these reasons, no provision is formed in the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-84": { "value": "
13. Intangible assets
The accounting policies used are presented in Note\u00a024.6. Intangible assets starting on page\u00a0251.
Composition
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Purchased software
500,119
476,139
Other intangible assets
196,751
114,222
Total
696,870
590,361
The increase in Other intangible assets resulted from the increase in customer bases and was primarily due to the first-time consolidation of Vienna PTE and Carpathia Pensii.
Purchased software
Development
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
1,048,854
940,268
Cumulative valuation as of 31/12 of the previous year
-572,715
-494,150
Book value as of 31/12 of the previous year = Book value as of 01/01
476,139
446,118
Exchange rate differences
-4,165
562
Reclassifications
-14,930
-361
Additions
130,732
120,481
Disposals
-2,518
-3,328
Changes in scope of consolidation
3,400
0
Reversal of impairments
8
0
Scheduled depreciation
-88,463
-80,498
Impairments
-84
-6,835
Book value as of 31/12
500,119
476,139
Cumulative valuation as of 31/12
649,070
572,715
Acquisition costs
1,149,189
1,048,854
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-85": { "value": "
15. Type of expenses and details Other income and expenses
15.1. General information
Due to the accounting and valuation requirements of IFRS\u00a017, expenses that are directly attributable to insurance contracts are included in the item Insurance service result. General administrative expenses are not directly attributable to insurance contracts and are included in the item of Other expenses.
The expenses that are taken into account under IFRS 17 amount to EUR 3,883,599,000 (EUR 3,677,783,000) in the current period. Apart from personnel expenses, a significant portion is made up of commissions paid, IT expenses, taxes related to insurance contracts and scheduled depreciation.
15.2. Personnel
Number of employees
31/12/2024
31/12/2023
Number
\u00a0
\u00a0
Sales representatives
15,745
15,047
Office staff
15,898
14,358
Total
31,643
29,405
The employee figures shown are average values based on full-time equivalents.
Personnel expenses
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Wages and salaries
979,677
823,528
Expenses for severance benefits and payments to company pension plans
9,134
7,320
Expenses for retirement provisions
15,534
10,750
Mandatory social security contributions and expenses
240,609
207,656
Other social security expenses
36,471
29,344
Total
1,281,425
1,078,598
Sales representatives
499,043
458,997
Office staff
782,382
619,601
15.3. Other income and expenses
\u00a0
2024
2023 adjusted
in EUR \u2018000
\u00a0
\u00a0
Other income
344,771
303,932
thereof exchange rate gains
58,692
82,414
thereof other revenue from services
166,429
121,222
Other expenses
-889,735
-821,804
thereof general administrative expenses acc. to IFRS 17
-541,786
-512,564
thereof exchange rate losses
-56,809
-87,797
thereof losses from non-monetary items acc. to IAS 29
-30,947
-31,547
thereof result from owner-occupied property
-6,637
-13,388
Both the increase in general administrative expenses acc. to IFRS\u00a017 and the increase in other revenues from services is due to a steady increase in regulatory requirements and a larger business volume.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-86": { "value": "
15.1. General information
Due to the accounting and valuation requirements of IFRS\u00a017, expenses that are directly attributable to insurance contracts are included in the item Insurance service result. General administrative expenses are not directly attributable to insurance contracts and are included in the item of Other expenses.
The expenses that are taken into account under IFRS 17 amount to EUR 3,883,599,000 (EUR 3,677,783,000) in the current period. Apart from personnel expenses, a significant portion is made up of commissions paid, IT expenses, taxes related to insurance contracts and scheduled depreciation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-87": { "value": "
15.2. Personnel
Number of employees
31/12/2024
31/12/2023
Number
\u00a0
\u00a0
Sales representatives
15,745
15,047
Office staff
15,898
14,358
Total
31,643
29,405
The employee figures shown are average values based on full-time equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-88": { "value": "
15.3. Other income and expenses
\u00a0
2024
2023 adjusted
in EUR \u2018000
\u00a0
\u00a0
Other income
344,771
303,932
thereof exchange rate gains
58,692
82,414
thereof other revenue from services
166,429
121,222
Other expenses
-889,735
-821,804
thereof general administrative expenses acc. to IFRS 17
-541,786
-512,564
thereof exchange rate losses
-56,809
-87,797
thereof losses from non-monetary items acc. to IAS 29
-30,947
-31,547
thereof result from owner-occupied property
-6,637
-13,388
Both the increase in general administrative expenses acc. to IFRS\u00a017 and the increase in other revenues from services is due to a steady increase in regulatory requirements and a larger business volume.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-89": { "value": "
15.3. Other income and expenses
\u00a0
2024
2023 adjusted
in EUR \u2018000
\u00a0
\u00a0
Other income
344,771
303,932
thereof exchange rate gains
58,692
82,414
thereof other revenue from services
166,429
121,222
Other expenses
-889,735
-821,804
thereof general administrative expenses acc. to IFRS 17
-541,786
-512,564
thereof exchange rate losses
-56,809
-87,797
thereof losses from non-monetary items acc. to IAS 29
-30,947
-31,547
thereof result from owner-occupied property
-6,637
-13,388
Both the increase in general administrative expenses acc. to IFRS\u00a017 and the increase in other revenues from services is due to a steady increase in regulatory requirements and a larger business volume.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-90": { "value": "
15.3. Other income and expenses
\u00a0
2024
2023 adjusted
in EUR \u2018000
\u00a0
\u00a0
Other income
344,771
303,932
thereof exchange rate gains
58,692
82,414
thereof other revenue from services
166,429
121,222
Other expenses
-889,735
-821,804
thereof general administrative expenses acc. to IFRS 17
-541,786
-512,564
thereof exchange rate losses
-56,809
-87,797
thereof losses from non-monetary items acc. to IAS 29
-30,947
-31,547
thereof result from owner-occupied property
-6,637
-13,388
Both the increase in general administrative expenses acc. to IFRS\u00a017 and the increase in other revenues from services is due to a steady increase in regulatory requirements and a larger business volume.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-91": { "value": "
15.3. Other income and expenses
\u00a0
2024
2023 adjusted
in EUR \u2018000
\u00a0
\u00a0
Other income
344,771
303,932
thereof exchange rate gains
58,692
82,414
thereof other revenue from services
166,429
121,222
Other expenses
-889,735
-821,804
thereof general administrative expenses acc. to IFRS 17
-541,786
-512,564
thereof exchange rate losses
-56,809
-87,797
thereof losses from non-monetary items acc. to IAS 29
-30,947
-31,547
thereof result from owner-occupied property
-6,637
-13,388
Both the increase in general administrative expenses acc. to IFRS\u00a017 and the increase in other revenues from services is due to a steady increase in regulatory requirements and a larger business volume.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-92": { "value": "
16. Calculation of fair value
The accounting policies used are presented in Note\u00a024.9. Calculation of fair value starting on page\u00a0252.
16.1. Fair value and book values of financial instruments and investments
Assets
31/12/2024
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
39,637,179
28,070,686
7,623,744
3,927,130
39,621,560
Measured at AC
3,391,477
485,343
845,241
2,045,274
3,375,858
Loans
654,913
0
538,281
111,313
649,594
Bonds
931,707
479,288
306,960
122,960
909,208
Term deposits
1,804,857
6,055
0
1,811,001
1,817,056
Mandatorily measured at FVtOCI
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Bonds
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Designated measured at FVtOCI
291,027
38,162
0
252,865
291,027
Shares
41,771
38,162
0
3,609
41,771
Shares in participating companies
64,451
0
0
64,451
64,451
Shares in affiliated non-consolidated companies
184,805
0
0
184,805
184,805
Mandatorily measured at FVtPL
11,148,394
6,558,059
3,063,044
1,527,291
11,148,394
Shares
365,741
289,226
5,619
70,896
365,741
Shares in participating companies
24,332
0
0
24,332
24,332
Shares in affiliated non-consolidated companies
7,841
0
0
7,841
7,841
Loans
4,856
0
3,676
1,180
4,856
Bonds
1,717,122
541,833
711,898
463,391
1,717,122
Funds
9,010,758
5,726,992
2,340,241
943,525
9,010,758
Derivatives
17,744
8
1,610
16,126
17,744
Designated measured at FVtPL
319,827
305,319
14,508
0
319,827
Bonds
319,827
305,319
14,508
0
319,827
Investments in associates
204,761
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
2,978,265
0
33,752
4,473,261
4,507,013
Owner-occupied property
466,840
0
41,335
780,785
822,120
Assets
31/12/2023
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
37,990,239
25,459,784
9,241,370
3,268,013
37,969,167
Measured at AC
2,963,320
448,858
1,004,637
1,488,753
2,942,248
Loans
742,306
0
594,559
127,842
722,401
Bonds
978,491
448,858
410,078
97,406
956,342
Term deposits
1,242,523
0
0
1,263,505
1,263,505
Mandatorily measured at FVtOCI
24,021,071
18,706,866
5,044,560
269,645
24,021,071
Bonds
24,021,071
18,706,866
5,044,560
269,645
24,021,071
Designated measured at FVtOCI
399,293
29,784
5,155
364,354
399,293
Shares
38,259
29,784
5,155
3,320
38,259
Shares in participating companies
70,088
0
0
70,088
70,088
Shares in affiliated non-consolidated companies
290,946
0
0
290,946
290,946
Mandatorily measured at FVtPL
10,393,733
6,112,598
3,135,874
1,145,261
10,393,733
Shares
450,075
345,186
31,829
73,060
450,075
Shares in participating companies
30,116
0
0
30,116
30,116
Shares in affiliated non-consolidated companies
4,028
0
2,282
1,746
4,028
Bonds
1,716,436
406,366
848,137
461,933
1,716,436
Funds
8,174,035
5,361,046
2,251,947
561,042
8,174,035
Derivatives
19,043
0
1,679
17,364
19,043
Designated measured at FVtPL
212,822
161,678
51,144
0
212,822
Bonds
212,822
161,678
51,144
0
212,822
Investments in associates
185,622
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
2,852,090
0
32,988
4,384,990
4,417,978
Owner-occupied property
470,949
0
39,107
792,142
831,249
Financial liabilities
31/12/2024
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Measured at AC*
2,092,755
0
1,621,176
385,516
2,006,692
Subordinated liabilities
1,215,495
0
1,239,647
0
1,239,647
Liabilities to banks
298,188
0
0
298,188
298,188
Liabilities from financing activities
579,072
0
381,529
87,328
468,857
Mandatorily measured at FVtPL
60,746
0
923
59,823
60,746
Liabilities for derivatives
60,746
0
923
59,823
60,746
Designated measured at FVtPL
508
0
0
508
508
Liabilities designated measured at FVtPL
508
0
0
508
508
*Excl. lease liabilities
Financial liabilities
31/12/2023
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Measured at AC*
2,196,072
0
1,644,863
416,711
2,061,574
Subordinated liabilities
1,309,283
0
1,248,646
21,655
1,270,301
Liabilities to banks
306,881
0
0
306,881
306,881
Liabilities from financing activities
579,908
0
396,217
88,175
484,392
Mandatorily measured at FVtPL
1,296
0
707
589
1,296
Liabilities for derivatives
1,296
0
707
589
1,296
Designated measured at FVtPL
555
0
0
555
555
Liabilities designated measured at FVtPL
555
0
0
555
555
*Excl. lease liabilities
The unrealised effect (net profit or loss) of Level\u00a03 financial instruments that are still held and whose fair value will be recognised through profit and loss was EUR\u00a068,185,000 (EUR\u00a021,544,000) in the reporting period.
16.3. Measurement of the fair value of real estate
Basis of the measurement
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Investment property
4,507,013
4,417,978
Evaluated by an independent expert*
952,700
1,010,579
Evaluated by an internal expert
3,554,313
3,407,399
Owner-occupied property
822,120
831,249
Evaluated by an independent expert
364,204
378,823
Evaluated by an internal expert
457,916
452,426
*This corresponds to 21.14% (22.87%) of the fair value of investment property.
Measurement method
31/12/2024
31/12/2023
in EUR \u2018000
\u00a0
\u00a0
Investment property
4,507,013
4,417,978
Capitalised earnings value methode
3,960,340
4,008,590
Comparative pricing method/market approach
412,096
354,114
Other method
134,577
55,274
Owner-occupied property
822,120
831,249
Capitalised earnings value methode
638,577
647,013
Comparative pricing method/market approach
183,231
179,883
Other method
312
4,353
16.4. Reconciliation of financial instruments
For information on the effects of changes in value recognised through profit and loss, please refer to Note\u00a09. Notes to the consolidated income statement starting on page\u00a0188.
Development
2024
2023
Financial assets measured at FVtOCI
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Fair value as of 31/12 of the previous year = Fair value as of 01/01
18,736,650
5,049,715
633,999
18,251,987
3,865,880
483,349
Exchange rate differences
15,643
-45,958
-2,350
21,703
-1,505
-16,257
Reclassification between classes of financial instruments
-253,187
256,816
-7,545
-25,816
15,770
127,046
Reclassification to level
1,389,897
60,076
31,889
224,089
1,112,099
164,679
Reclassification from level
-61,411
-1,386,034
-34,417
-1,131,929
-315,281
-53,658
Amortisation and accrued interest
72,426
5,229
4,784
56,886
12,793
-1,884
Additions
5,005,745
418,822
57,431
3,396,212
591,244
200,781
Disposals
-4,338,851
-740,683
-167,168
-2,977,020
-522,290
-108,319
Changes in scope of consolidation
103,782
44,674
-133,559
0
-4,538
-110,758
Changes in value recognised in profit and loss
0
0
0
0
0
0
Changes in value recognised directly in equity
51,271
38,294
-28,499
920,538
295,543
-50,980
Fair value as of 31/12
20,721,965
3,700,951
354,565
18,736,650
5,049,715
633,999
Development
2024
2023
Financial assets measured at FVtPL
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Fair value as of 31/12 of the previous year = Fair value as of 01/01
6,274,276
3,187,018
1,145,261
7,450,053
2,543,758
501,478
Exchange rate differences
2,043
-40,662
4,582
72,100
-1,029
-16,755
Reclassification between classes of financial instruments
0
0
174
11,519
2,675
-14,193
Reclassification to level
712,432
392,643
256,489
244,114
774,013
592,993
Reclassification from level
-566,477
-778,348
-16,739
-1,230,251
-377,942
-2,928
Amortisation and accrued interest
6,868
8,031
4,785
1,081
8,718
5,142
Additions
1,473,266
1,564,282
179,484
2,459,074
467,755
177,649
Disposals
-1,709,032
-1,483,607
-115,324
-3,231,600
-483,055
-107,460
Changes in scope of consolidation
332,312
67,731
-99
0
0
-12,528
Changes in value recognised in profit and loss
337,690
160,464
68,678
498,186
252,125
21,863
Changes in value recognised directly in equity
0
0
0
0
0
0
Fair value as of 31/12
6,863,378
3,077,552
1,527,291
6,274,276
3,187,018
1,145,261
16.5. Unobservable input factors
Asset class
Measurement methods
Unobservable input factors
Range
2024
2023
\u00a0
\u00a0
\u00a0
\u00a0
from
to
from
to
Property
Capitalised earnings value
Capitalisation rate
in %
0.30
7.47
0.30
7.47
\u00a0
\u00a0
Rental income
in EUR \u2018000
7
5,124
7
4,090
\u00a0
\u00a0
Land prices
in EUR \u2018000
0
12
0
12
\u00a0
Discounted Cash flow
Capitalisation rate
in %
5.33
9.18
4.11
8.92
\u00a0
\u00a0
Rental income
in EUR \u2018000
116
7,754
111
7,394
\u00a0
Building rights \u2011 capitalised earnings value
Capitalisation rate
in %
2.50
4.00
2.50
4.00
\u00a0
\u00a0
Rental income
in EUR \u2018000
83
4,349
83
4,378
\u00a0
\u00a0
Land prices
in EUR \u2018000
0.31
0.80
0.30
0.73
\u00a0
\u00a0
Construction interest actually paid
in %
0.90
4.56
0.90
3.96
Loans measured at AC
Present value method
Spreads
in %
0.67
2.43
-0.20
5.62
Bonds measured at AC
Present value method
Spreads
in %
0.52
4.41
-0.20
5.62
Bonds measured at FVtOCI
Present value method
Spreads
in %
0.37
5.49
-0.20
4.13
Bonds measured at FVtPL
Present value method
Spreads
in %
0.37
3.27
-0.20
3.81
The following sensitivities result for a part of the portfolio from calculations using the Solvency\u00a0II partial internal model:
Property \u2013 Fair Value
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Fair value as of 31/12
4,657,075
4,619,995
Rental income -5%
4,471,213
4,440,131
Rental income +5%
4,852,852
4,805,545
Capitalisation rate -50bp
4,944,994
4,918,764
Capitalisation rate +50bp
4,414,298
4,369,458
Land prices -5%
4,626,849
4,583,548
Land prices +5%
4,695,507
4,660,968
Since property is measured at amortised cost in the consolidated balance sheet, negative sensitivities would only affect the consolidated income statement if property value fell below book value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-93": { "value": "
16.6. Sensitivities
The following sensitivities result for a part of the portfolio from calculations using the Solvency\u00a0II partial internal model:
Property \u2013 Fair Value
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Fair value as of 31/12
4,657,075
4,619,995
Rental income -5%
4,471,213
4,440,131
Rental income +5%
4,852,852
4,805,545
Capitalisation rate -50bp
4,944,994
4,918,764
Capitalisation rate +50bp
4,414,298
4,369,458
Land prices -5%
4,626,849
4,583,548
Land prices +5%
4,695,507
4,660,968
Since property is measured at amortised cost in the consolidated balance sheet, negative sensitivities would only affect the consolidated income statement if property value fell below book value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisToChangesInRiskExposuresThatAriseFromContractsWithinScopeOfIFRS17Explanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-94": { "value": "
17. Earnings per share
Earnings per share
\u00a0
2024
2023
Result for the period
EUR '000
666,866
576,246
Non-controlling interests in net result for the period
EUR '000
-21,610
-17,267
Result for the period less non-controlling interests
EUR '000
645,256
558,979
Interest expenses for the hybrid capital
EUR '000
7,643
7,556
Attributable result
EUR '000
637,613
551,423
Number of shares at closing date
units
128,000,000
128,000,000
Earnings per share* (in EUR)
EUR
4.98
4.31
*The undiluted earnings per share equals the diluted earnings per share (in EUR).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-95": { "value": "
17. Earnings per share
Earnings per share
\u00a0
2024
2023
Result for the period
EUR '000
666,866
576,246
Non-controlling interests in net result for the period
EUR '000
-21,610
-17,267
Result for the period less non-controlling interests
EUR '000
645,256
558,979
Interest expenses for the hybrid capital
EUR '000
7,643
7,556
Attributable result
EUR '000
637,613
551,423
Number of shares at closing date
units
128,000,000
128,000,000
Earnings per share* (in EUR)
EUR
4.98
4.31
*The undiluted earnings per share equals the diluted earnings per share (in EUR).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-96": { "value": "
18. Related persons and companies
Related companies are those affiliated companies and associated companies listed in Note\u00a021. Affiliated companies and participations starting on page\u00a0210. Furthermore, the Managing Board and Supervisory Board members of VIG Holding are to be qualified as related persons.
Wiener St\u00e4dtische Versicherungsverein holds directly and indirectly around 72.47% (around 72.47%) and, therefore, the majority of the voting rights of VIG Holding. Due to the given control, it is, therefore, also considered to be a related company and its Managing Board as well as Supervisory Board members are considered to be related persons.
18.1. Members of management in key positions
Supervisory Board
\u00a0
Chairman
G\u00fcnter Geyer (until 24 May 2024)
Chairman
Rudolf Ertl (since 24 May 2024)
1st Deputy Chairman
Rudolf Ertl (until 24 May 2024)
1st Deputy Chairman
Martin Simhandl (since 24 May 2024)
2nd Deputy Chairman
Robert Lasshofer
Members
Martina Dobringer
\u00a0
Zsuzsanna Eifert (until 24 May 2024)
\u00a0
Gerhard Fabisch (until 24 May 2024)
\u00a0
Andr\u00e1s Kozma
\u00a0
Vratislav Kulh\u00e1nek (since 24 May 2024)
\u00a0
Hana Macha\u010dov\u00e1 (since 24 May 2024)
\u00a0
Peter Mih\u00f3k
\u00a0
Gabriele Semmelrock-Werzer (until 24 May 2024)
\u00a0
Katar\u00edna Slez\u00e1kov\u00e1
\u00a0
\u00c1gnes Svo\u00f3b (since 24 May 2024)
\u00a0
Peter Thirring
\u00a0
Gertrude Tumpel-Gugerell
Changes during the financial year
G\u00fcnter Geyer, Zsuzsanna Eifert, Gabriele Semmelrock-Werzer and Gerhard Fabisch resigned from the Supervisory Board after their term of office ended on 24\u00a0May\u00a02024. Vratislav Kulh\u00e1nek, Hana Macha\u010dov\u00e1, Martin Simhandl and \u00c1gnes Svo\u00f3b were elected as members of the Supervisory Board at the Annual General Meeting on 24\u00a0May\u00a02024.
In 2024, the Supervisory Board elected Rudolf Ertl as Chairman of the Supervisory Board for the term of office until 30\u00a0June\u00a02025. Peter Thirring was elected Chairman of the Supervisory Board for the remainder of the term of office from 1\u00a0July\u00a02025 until the Annual General Meeting that will decide on the discharge for the 2027 financial year. Martin Simhandl was elected as 1st Deputy Chairman of the Supervisory Board for the entire term of office until the Annual General Meeting that will decide on the discharge for the 2027 financial year, and Robert Lasshofer was re-elected as the 2nd Deputy Chairman of the Supervisory Board.
Managing Board
\u00a0
Chairman
Hartwig L\u00f6ger
Deputy Chairman
Peter H\u00f6finger
Members
Liane Hirner
\u00a0
Gerhard Lahner
\u00a0
G\u00e1bor Lehel
\u00a0
Harald Riener
Deputy member
Christoph Rath (since 1 September 2024)
Change during the financial year
Christoph Rath was appointed as a deputy member of the Managing Board of VIG Holding with effect from 1\u00a0September\u00a02024.
18.2. Key management personnel\u00a0compensation
Composition
2024
2023
\u00a0
Supervisory Board Members
Managing Board Members
Total
Supervisory Board Members
Managing Board Members
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Short\u2011term employee benefits
902
6,805
7,707
866
7,527
8,393
Post\u2011employment benefits
0
2,175
2,175
0
1,077
1,077
Other long\u2011term benefits
0
5,104
5,104
0
5,535
5,535
Termination benefits
0
0
0
0
81
81
Total
902
14,084
14,986
866
14,220
15,086
In the reporting periods, the members of the Managing Board and the Supervisory Board did not receive any loans and advances, nor were they liable for any loans. The members of the Managing Board and the Supervisory Board also had no liability in the reporting periods.
Compensation policies for Managing Board members
The compensation of the company\u2019s Managing Board reflects the importance of the Group and the related responsibility, as well as the company\u2019s economic situation and the appropriateness of compensation in the market environment.
Sustainability is a point of emphasis for the variable compensation component; the full attainment of sustainability goals is highly dependent on taking a longer-term view of the company\u2019s performance, one that extends beyond a single financial year.
The amount of performance-dependent compensation is limited. The maximum amount of performance-dependent compensation that the Managing Board can achieve upon fulfilment of conventional targets for the 2024 financial year is equal to around 30% to around 36% of total compensation. In addition, special bonus compensation and compensation for over-fulfilment in certain target areas may be granted. As a result, Managing Board members can earn variable compensation components equal to no more than around 45% to 50% of their total compensation.

Significant parts of the performance-dependent compensation are only payable after a certain delay, which extends into the year 2028 in the case of the 2024 financial year. The award of the delayed parts is dependent on the consideration given to the sustainable development of the corporate group.
If certain threshold values are not met, no performance-dependent compensation is granted to the Managing Board. Even if the targets are fully met in a given financial year, the award of the full variable compensation granted with respect to the focus on sustainability depends on whether the corporate group has experienced a sustainable development over three consecutive years.
Stock options or similar instruments are not part of the compensation of the Managing Board.
As of the reporting date 31\u00a0December\u00a02019, defined benefit pensions funded by provisions \u2013 depending in part on the length of service with VIG Insurance Group \u2013 are granted to active members of the company\u2019s Managing Board in a maximum amount equal to 40% of the assessment basis for members who remain on the Managing Board until their 65th birthday. The assessment basis is equal to the standard fixed salary. In individual cases, extra amounts may be granted to members who work beyond the maximum pension date given that no pension will be collected during the period of further work.
Managing Board members appointed for the first time on or after 1\u00a0January\u00a02020 may be granted entitlements to defined benefit company pensions (or alternatively, defined contribution pensions). As a rule, such pensions will be awarded only after the member has been re-appointed to the Managing Board at least once and in stages, so that the maximum pension benefit equal to 40% of fixed compensation to be granted upon completing the 65th year of life can be awarded at the earliest only after the member has served on the Managing Board for 10\u00a0years. If a Managing Board member had already held other positions in the Group for at least 5\u00a0years, the pension may be awarded already upon commencement of his or her term of office on the Managing Board.
As a standard rule, pensions will be awarded (regardless of effective date) only if either the position of Managing Board member is not renewed by no fault of the member or if the Managing Board member resigns by reason of illness or age.
The provisions of the Employee and Self-Employment Provisions Act (\u201cNew Severance Pay Model\u201d) are applicable to Managing Board contracts.
Only contracts with Managing Board members who have already worked in the Group for a very long time provide an entitlement to severance pay, which is designed in accordance with the provisions of the Salaried Employee Act in the version from before 2003 in conjunction with the relevant sector-specific provisions. Accordingly, such Managing Board members may receive severance pay equal to two to 12 months\u2019 salary \u2013 scaled according to length of service \u2013 plus a supplement of 50% if the member retires or leaves the Managing Board after a long-term illness. No severance pay will be granted if the member leaves the Managing Board at his or her own request before the date of pension eligibility without the agreement of the company or if the member leaves the Managing Board by his or her own fault.
The Managing Board members are provided with a company car which is also for private use. For their work, the Managing Board members received EUR\u00a06,805,000 (EUR\u00a07,527,000) from the company in the reporting period. The Managing Board members received EUR\u00a0812,000 (EUR\u00a0995,000) from subsidiaries in the reporting period.
Former Managing Board members received EUR\u00a02,175,000 (EUR\u00a01,158,000).
The Managing Board was composed of six persons until 31\u00a0August\u00a02024 and from 1\u00a0September\u00a02024 it was composed of seven persons.
18.3. Transactions with related persons
Transactions
2024
2023
in EUR \u2018000
\u00a0
\u00a0
Dividends for VIG Holding shares
45
47
Interests for issued loans from VIG Holding
16
16
Insurance premiums received
208
179
Other transactions*
29
44
*Other transactions comprise for example purchases and sales of goods, rendering or receiving of services, commitments like sureties or guarantees as well as transfers under licence agreements.
The related party items in the income statement do not exceed EUR 3,000,000 and primarily consist of Payments to Supervisory Board members
18.4. Transactions with related companies
Transactions with related companies
Primarily, financing transactions and charges for services are exchanged with non-consolidated affiliated and associated companies.

Transactions between the fully consolidated companies included in the consolidated financial statements are eliminated as part of the consolidation process and are, therefore, not explained in these notes.
Transactions with the Wiener St\u00e4dtische Versicherungsverein
The Wiener St\u00e4dtische Versicherungsverein is the majority shareholder of VIG Holding. It has the legal structure of a mutual insurance association which, in accordance with the Austrian Insurance Supervision Act, has outsourced its insurance operations and is therefore not operating in the insurance business. Due to its outsourcing to the Wiener St\u00e4dtische Versicherung AG, it merely has to fulfil its duties as a majority shareholder of VIG Holding, and so only services of minor importance arise with VIG Insurance Group. These are based on service agreements between VIG Insurance Group and the Wiener St\u00e4dtische Versicherungsverein for intercompany charges for internal audit services, finance and accounting and provision of personnel as well as the leasing of offices based on arm\u2019s length principles.
Related companies
2024
31/12/2024
2023
31/12/2023
\u00a0
Transactions
Open items
Transactions
Open items
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Revenue from rendering of services
96,678
38,900
54,361
19,944
Parent company
1,726
557
1,696
634
Associated companies
67,551
29,153
4,406
158
Subsidiaries not included in the consolidated financial statements
26,839
9,032
47,746
19,116
Other related companies
562
158
513
36
Other related companies
562
158
122
36
Non-profit societies
0
0
391
0
Expenses from services received
199,350
-17,933
182,322
-18,097
Parent company
15
-3
131
-122
Associated companies
63,698
0
534
0
Subsidiaries not included in the consolidated financial statements
130,154
-17,392
177,044
-17,376
Other related companies
5,483
-538
4,613
-599
Other related companies
5,483
-538
4,613
-480
Non-profit societies
0
0
0
-119
Received dividends/profit distribution
22,313
0
10,205
0
Related companies
2024
31/12/2024
2023
31/12/2023
\u00a0
Transactions
Open items
Transactions
Open items
Associated companies
18,276
0
7,688
0
Subsidiaries not included in the consolidated financial statements
3,104
0
2,038
0
Other related companies
933
0
479
0
Other related companies
933
0
479
0
Paid dividends/profit distribution
139,607
0
130,337
0
Parent company
139,607
0
130,337
0
Loans and financial liablities and their related interests (AC, FVtPL, FVtOCI)
44,680
203,051
23,295
177,422
Parent company
3,331
-2,474
4,552
542
Associated companies
14,485
38,244
7,947
26,555
Subsidiaries not included in the consolidated financial statements
1,982
16,595
3,321
20,419
Other related companies
24,882
150,686
7,475
129,906
Other related companies
1,448
26,249
2,239
29,320
Non-profit societies
23,434
124,437
5,236
100,586
Amounts related to group taxation
36,151
52,336
64,627
27,564
Parent company
34,181
50,320
62,904
25,840
Associated companies
1,970
2,016
1,723
1,724
21. Affiliated companies and participations
Number of companies
Austria
Outside Austria
Total
Number
\u00a0
\u00a0
\u00a0
Consolidated companies
80
103
183
Fully consolidated companies
75
99
174
At equity-consolidated companies
5
4
9
Non-consolidated companies
42
79
121
Total
122
182
304
The shares for 2023 shown in the following tables have been changed compared to the figures published in the Annual Report 2023, and now the shares shown correspond to the calculated voting rights.
Fully consolidated companies
Country of domicile
Registered office
Interest 2024
Interest 2023
\u00a0
\u00a0
\u00a0
in %
in %
\"Compensa Vienna Insurance Group\", ADB
Lithuania
Vilnius
100.00
100.00
\"Gr\u00fcner Baum\" Errichtungs- und Verwaltungsges.m.b.H.
Austria
Vienna
97.75
97.75
AB Mod\u0159ice, a.s.
Czech Republic
Prague
97.28
97.28
AIS Servis, s.r.o.
Czech Republic
Brno
98.10
98.10
Alfa Vienna Insurance Group Biztos\u00edt\u00f3 Zrt.
Hungary
Budapest
90.00
90.00
Alfa VIG P\u00e9nzt\u00e1rszolg\u00e1ltat\u00f3 Zrt.
Hungary
Budapest
90.00
90.00
And\u011bl Investment Praha s.r.o.
Czech Republic
Prague
97.75
97.75
Anif-Residenz GmbH & Co KG
Austria
Vienna
97.75
97.75
Asigurarea Rom\u00e2neasc\u0103 - ASIROM Vienna Insurance Group S.A.
Romania
Bucharest
99.79
99.79
ATBIH GmbH
Austria
Vienna
100.00
100.00
ATRIUM TOWER SP\u00d3\u0141KA Z OGRANICZON\u0104 ODPOWIEDZIALNOSCI\u0104
Poland
Warsaw
99.42
99.42
Atzlergasse 13-15 GmbH
Austria
Vienna
97.75
97.75
Atzlergasse 13-15 GmbH & Co KG
Austria
Vienna
97.75
97.75
BCR Asigur\u0103ri de Via\u0163\u0103 Vienna Insurance Group S.A.
Romania
Bucharest
93.98
93.98
BEESAFE SP\u00d3\u0141KA Z OGRANICZONA ODPOWIEDZIALNOSCIA
Poland
Warsaw
99.99
99.99
Benefia Ubezpieczenia Spolka z ograniczona odpowiedzialnoscia
Poland
Warsaw
99.97
99.95
Blizzard Real Sp. z o.o.
Poland
Warsaw
97.75
97.75
BMA 20 Immobilienbesitz GmbH
Austria
Vienna
97.75
97.75
Brockmanngasse 32 Immobilienbesitz GmbH
Austria
Vienna
97.75
97.75
BTA Baltic Insurance Company AAS
Latvia
Riga
100.00
100.00
BULSTRAD LIFE VIENNA INSURANCE GROUP JOINT STOCK COMPANY
Bulgaria
Sofia
100.00
100.00
Businesspark Brunn Entwicklungs GmbH
Austria
Vienna
97.75
97.75
CAPITOL, akciov\u00e1 spolo\u010dnos\u0165
Slovakia
Bratislava
98.47
98.47
CARPATHIA PENSII-SOCIETATE DE ADMINISTRARE A FONDURILOR DE PENSII PRIVATE S.A.
Romania
Floresti
100.00
100.00
Central Point Insurance IT-Solutions GmbH in Liquidation
Austria
Vienna
100.00
100.00
\u010cesk\u00e1 podnikatelsk\u00e1 poji\u0161\u0165ovna, a.s., Vienna Insurance Group
Czech Republic
Prague
100.00
100.00
Chr\u00e1\u0161\u0165any komer\u010dn\u00ed are\u00e1l a.s.
Czech Republic
Prague
97.28
97.28
CLAIM EXPERT SERVICES S.R.L.
Romania
Bucharest
99.16
99.16
Compania de Asigur\u0103ri \"DONARIS VIENNA INSURANCE GROUP\" Societate pe Actiuni
Moldova
Chi\u0219in\u0103u
99.99
99.99
Compensa Life Vienna Insurance Group SE
Estonia
Tallinn
100.00
100.00
Compensa Towarzystwo Ubezpiecze\u0144 S.A. Vienna Insurance Group
Poland
Warsaw
99.97
99.95
CP Solutions a.s.
Czech Republic
Prague
97.28
97.28
DBLV Immobesitz GmbH & Co KG
Austria
Vienna
100.00
100.00
DBR-Liegenschaften GmbH & Co KG
Germany
Stuttgart
97.75
97.75
Deutschmeisterplatz 2 Objektverwaltung GmbH
Austria
Vienna
97.75
97.75
Donau Brokerline Versicherungs-Service GmbH
Austria
Vienna
100.00
100.00
DONAU Versicherung AG Vienna Insurance Group
Austria
Vienna
100.00
100.00
DV Immoholding GmbH
Austria
Vienna
100.00
100.00
DVIB alpha GmbH
Austria
Vienna
100.00
100.00
DVIB GmbH
Austria
Vienna
100.00
100.00
ELVP Beteiligungen GmbH
Austria
Vienna
100.00
100.00
EUROPEUM Business Center s.r.o.
Slovakia
Bratislava
99.42
99.42
EXPERTA Schadenregulierungs-Gesellschaft mbH
Austria
Vienna
99.44
99.44
Floridsdorf am Spitz 4 Immobilienverwertungs GmbH
Austria
Vienna
97.75
97.75
Gesundheitspark Wien-Oberlaa Gesellschaft m.b.H.
Austria
Vienna
97.75
97.75
Global Assistance Ellatasszervez\u00f6 Korlatold Felel\u00f6sseg\u00fc Tarsasag
Hungary
Budapest
88.78
88.78
GLOBAL ASSISTANCE, a.s.
Czech Republic
Prague
98.91
98.91
Global Expert, s.r.o.
Czech Republic
Pardubice
98.10
98.10
Global Services Bulgaria JSC
Bulgaria
Sofia
100.00
100.00
Fully consolidated companies
Country of domicile
Registered office
Interest 2024
Interest 2023
\u00a0
\u00a0
\u00a0
in %
in %
Hansenstra\u00dfe 3-5 Immobilienbesitz GmbH
Austria
Vienna
97.75
97.75
HUN BM Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
Hungary
Budapest
99.42
99.42
Insurance Company Vienna osiguranje d.d., Vienna Insurance Group
Bosnia-Herzegovina
Sarajevo
100.00
100.00
INSURANCE ONE-SHAREHOLDER JOINT-STOCK COMPANY BULSTRAD VIENNA INSURANCE GROUP EAD
Bulgaria
Sofia
100.00
100.00
InterRisk Lebensversicherungs-AG Vienna Insurance Group
Germany
Wiesbaden
100.00
100.00
InterRisk Towarzystwo Ubezpiecze\u0144 S.A. Vienna Insurance Group
Poland
Warsaw
100.00
100.00
InterRisk Versicherungs-AG Vienna Insurance Group
Germany
Wiesbaden
100.00
100.00
INTERSIG VIENNA INSURANCE GROUP Sh.A.
Albania
Tirana
89.98
89.98
Joint Stock Company Insurance Company GPI Holding
Georgia
Tbilisi
90.00
90.00
Joint Stock Company International Insurance Company IRAO
Georgia
Tbilisi
100.00
100.00
Kaiserstra\u00dfe 113 GmbH
Austria
Vienna
100.00
100.00
K\u00c1LVIN TOWER Ingatlanfejleszt\u00e9si \u00e9s Beruh\u00e1z\u00e1si Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
Hungary
Budapest
88.78
88.78
KAPITOL, a.s.
Czech Republic
Brno
98.10
98.10
KKB Real Estate SIA
Latvia
Riga
99.42
99.42
KOMUN\u00c1LNA pois\u0165ov\u0148a, a.s. Vienna Insurance Group
Slovakia
Bratislava
100.00
100.00
KOOPERATIVA pois\u0165ov\u0148a, a.s. Vienna Insurance Group
Slovakia
Bratislava
98.47
98.47
Kooperativa poji\u0161\u0165ovna, a.s., Vienna Insurance Group
Czech Republic
Prague
97.28
97.28
KOOPERATIVA, d.s.s., a.s.
Slovakia
Bratislava
98.47
98.47
LVP Holding GmbH
Austria
Vienna
100.00
100.00
MAP-WSV Beteiligungen GmbH
Austria
Vienna
97.75
97.75
MC EINS Investment GmbH
Austria
Vienna
97.75
97.75
MH 54 Immobilienanlage GmbH
Austria
Vienna
97.75
97.75
NNC REAL ESTATE SP\u00d3\u0141KA Z OGRANICZON\u0104 ODPOWIEDZIALNO\u015aCI\u0104
Poland
Warsaw
99.42
99.42
Nordbahnhof Projekt EPW8 GmbH & Co KG
Austria
Vienna
97.75
97.75
Nordbahnhof Projekt EPW8 Komplement\u00e4r GmbH
Austria
Vienna
97.75
97.75
Nordbahnhof Projekt Taborstra\u00dfe 123 GmbH & Co KG
Austria
Vienna
100.00
100.00
Nordbahnhof Projekt Taborstra\u00dfe 123 Komplement\u00e4r GmbH
Austria
Vienna
100.00
100.00
Nu\u00dfdorfer Stra\u00dfe 90-92 Projektentwicklung GmbH & Co KG
Austria
Vienna
97.75
97.75
OMNIASIG VIENNA INSURANCE GROUP S.A.
Romania
Bucharest
99.54
99.54
O\u00dc LiveOn Paevalille
Estonia
Tallinn
100.00
100.00
Palais Hansen Immobilienentwicklung GmbH
Austria
Vienna
97.75
97.75
Passat Real Sp. z o.o.
Poland
Warsaw
97.75
97.75
Pension Assurance Company Doverie AD
Bulgaria
Sofia
82.59
82.59
PERECA 11 SP\u00d3\u0141KA Z OGRANICZON\u0104 ODPOWIEDZIALNO\u015aCI\u0104
Poland
Warsaw
97.75
97.75
PFG Holding GmbH
Austria
Vienna
87.76
87.76
PFG Liegenschaftsbewirtschaftungs GmbH & Co KG
Austria
Vienna
81.51
81.51
POLISA - \u017bYCIE Ubezpieczenia Sp.z.o.o.
Poland
Warsaw
99.98
99.97
Porzellangasse 4 Liegenschaftsverwaltung GmbH & Co KG
Austria
Vienna
97.75
97.75
Private Joint-Stock Company \" Insurance Company \"USG \"
Ukraine
Kyiv
100.00
100.00
PRIVATE JOINT-STOCK COMPANY \"INSURANCE COMPANY \"KNIAZHA LIFE VIENNA INSURANCE GROUP\"
Ukraine
Kyiv
99.81
99.81
PRIVATE JOINT-STOCK COMPANY \"UKRAINIAN INSURANCE COMPANY \"KNIAZHA VIENNA INSURANCE GROUP\"
Ukraine
Kyiv
100.00
100.00
PROGRESS Beteiligungsges.m.b.H.
Austria
Vienna
68.43
68.43
Projektbau GesmbH
Austria
Vienna
98.38
98.38
Projektbau Holding GmbH
Austria
Vienna
98.38
98.38
Rathstra\u00dfe 8 Liegenschaftsverwertungs GmbH
Austria
Vienna
97.75
97.75
Ray Sigorta A.\u015e.
T\u00fcrkiye
Istanbul
94.96
94.96
R\u00f6\u00dflergasse Bauteil Drei GmbH
Austria
Vienna
100.00
100.00
R\u00f6\u00dflergasse Bauteil Zwei GmbH
Austria
Vienna
97.75
97.75
S - budovy, a.s.
Czech Republic
Prague
97.28
97.28
Schulring 21 B\u00fcrohaus Errichtungs- und Vermietungs GmbH & Co KG
Austria
Vienna
98.50
98.50
Fully consolidated companies
Country of domicile
Registered office
Interest 2024
Interest 2023
\u00a0
\u00a0
\u00a0
in %
in %
SECURIA majetkovospr\u00e1vna a podielov\u00e1 s.r.o.
Slovakia
Bratislava
100.00
100.00
Senioren Residenz Fultererpark Errichtungs- und Verwaltungs GmbH
Austria
Vienna
97.75
97.75
Senioren Residenz Veldidenapark Errichtungs- und Verwaltungs GmbH
Austria
Vienna
65.20
65.20
serviceline contact center dienstleistungs-GmbH
Austria
Vienna
97.75
97.75
SIA \"Global Assistance Baltic\"
Latvia
Riga
100.00
100.00
SIA \"LiveOn Stirnu\"
Latvia
Riga
100.00
100.00
SIA \"LiveOn\"
Latvia
Riga
100.00
100.00
SIA \"Urban Space\"
Latvia
Riga
100.00
100.00
SIA \u201cAlauksta 13/15\u201d
Latvia
Riga
100.00
100.00
SIA \u201cArtil\u0113rijas 35\u201d
Latvia
Riga
100.00
100.00
SIA \u201c\u0122ertr\u016bdes 121\u201d
Latvia
Riga
100.00
100.00
SIA LiveOn Terbatas
Latvia
Riga
100.00
100.00
SIGMA VIENNA INSURANCE GROUP Shoq\u00ebri Aksionare
Albania
Tirana
89.05
89.05
SK BM s.r.o.
Slovakia
Bratislava
99.42
99.42
Slovexperta, s.r.o.
Slovakia
Sillein
98.70
98.70
SMARDAN 5 DEVELOPMENT S.R.L.
Romania
Bucharest
93.98
93.98
Sp\u00f3\u0142dzielnia Us\u0142ugowa VIG EKSPERT W WARSZAWIE
Poland
Warsaw
99.98
99.97
Stock Company for Insurance and Reinsurance MAKEDONIJA Skopje - Vienna Insurance Group
North Macedonia
Skopje
95.71
94.50
SVZ GmbH
Austria
Vienna
97.75
97.75
SVZD GmbH
Austria
Vienna
100.00
100.00
SVZI GmbH
Austria
Vienna
97.75
97.75
T 125 GmbH
Austria
Vienna
100.00
100.00
TECHBASE Science Park Vienna GmbH
Austria
Vienna
97.75
97.75
twinformatics GmbH
Austria
Vienna
98.88
98.88
UAB LiveOn Linkmenu
Lithuania
Vilnius
100.00
100.00
UNION Vienna Insurance Group Biztos\u00edt\u00f3 Zrt.
Hungary
Budapest
88.78
88.78
Untere Donaul\u00e4nde 40 GmbH & Co KG
Austria
Vienna
98.65
98.65
V.I.G. ND, a.s.
Czech Republic
Prague
97.60
97.60
Vienibas Gatve Investments O\u00dc
Estonia
Tallinn
100.00
100.00
Vienibas Gatve Properties SIA
Latvia
Riga
100.00
100.00
Vienna Insurance Group Polska Sp\u00f3\u0142ka z organiczon\u0105 odpowiedzialno\u015bci\u0105
Poland
Warsaw
99.99
99.99
VIENNA LIFE TOWARZYSTWO UBEZPIECZE\u0143 NA \u017bYCIE SP\u00d3\u0141KA AKCYJNA VIENNA INSURANCE GROUP
Poland
Warsaw
99.98
99.97
VIENNA POWSZECHNE TOWARZYSTWO EMERYTALNE SP\u00d3\u0141KA AKCYJNA VIENNA INSURANCE GROUP
Poland
Warsaw
100.00
100.00
V\u0130ENNAL\u0130FE EMEKL\u0130L\u0130K VE HAYAT ANON\u0130M \u015e\u0130RKET\u0130
T\u00fcrkiye
Istanbul
100.00
100.00
Vienna-Life Lebensversicherung AG Vienna Insurance Group
Liechtenstein
Bendern
100.00
100.00
VIG Befektet\u00e9si Alapkezel\u0151 Magyarorsz\u00e1g Z\u00e1rtk\u00f6r\u0171en M\u0171k\u00f6d\u0151 R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
Hungary
Budapest
90.00
90.00
VIG FUND, a.s.
Czech Republic
Prague
99.42
99.42
VIG Home, s.r.o.
Slovakia
Bratislava
98.47
98.47
VIG HU GmbH
Austria
Vienna
100.00
100.00
VIG IT - Digital Solutions GmbH
Austria
Vienna
100.00
100.00
VIG Magyarorsz\u00e1g Befektet\u00e9si Z\u00e1rtk\u00f6r\u0171en M\u0171k\u00f6d\u0151 R\u00e9szv\u00e9nt\u00e1rsas\u00e1g
Hungary
Budapest
90.00
90.00
VIG Management Service SRL
Romania
Bucharest
99.16
99.16
VIG Offices, s.r.o.
Slovakia
Bratislava
98.47
98.47
VIG Poland/Romania Holding B.V.
Netherlands
Amsterdam
100.00
100.00
VIG POLSKA REAL ESTATE SP\u00d3\u0141KA Z OGRANICZONA ODPOWIEDZIALNOSCIA
Poland
Warsaw
99.99
99.97
VIG RE zaji\u0161\u0165ovna, a.s.
Czech Republic
Prague
99.24
99.24
VIG REAL ESTATE DOO
Serbia
Belgrade
97.75
97.75
VIG Services Bulgaria EOOD
Bulgaria
Sofia
100.00
100.00
VIG T\u00fcrkiye Holding B.V.
Netherlands
Amsterdam
100.00
100.00
VIG ZP, s. r. o.
Slovakia
Bratislava
98.73
98.83
Fully consolidated companies
Country of domicile
Registered office
Interest 2024
Interest 2023
\u00a0
\u00a0
\u00a0
in %
in %
VIG-AT Beteiligungen GmbH
Austria
Vienna
100.00
100.00
VIG-CZ Real Estate GmbH
Austria
Vienna
99.83
99.83
VIVECA Beteiligungen GmbH
Austria
Vienna
100.00
100.00
WGPV Holding GmbH
Austria
Vienna
97.75
97.75
WIBG Holding GmbH & Co KG
Austria
Vienna
97.75
97.75
WIBG Projektentwicklungs GmbH & Co KG
Austria
Vienna
97.75
97.75
Wiener Osiguranje Vienna Insurance Group ad
Bosnia-Herzegovina
Banja Luka
100.00
100.00
Wiener osiguranje Vienna Insurance Group dioni\u010dko dru\u0161tvo za osiguranje
Croatia
Zagreb
97.82
97.82
WIENER RE akcionarsko dru\u0161tvo za reosiguranje
Serbia
Belgrade
99.24
99.24
WIENER ST\u00c4DTISCHE OSIGURANJE akcionarsko drustvo za osiguranje
Serbia
Belgrade
100.00
100.00
WIENER ST\u00c4DTISCHE VERSICHERUNG AG Vienna Insurance Group
Austria
Vienna
97.75
97.75
WIENER VEREIN BESTATTUNGS- UND VERSICHERUNGSSERVICE-GESELLSCHAFT M.B.H.
Austria
Vienna
97.75
97.75
WILA GmbH
Austria
Vienna
97.75
97.75
WINO GmbH
Austria
Vienna
97.75
97.75
WNH Liegenschaftsbesitz GmbH
Austria
Vienna
100.00
100.00
Wohnquartier 11b Immobilienbesitz GmbH
Austria
Vienna
100.00
100.00
Wohnquartier 12b Immobilienbesitz GmbH
Austria
Vienna
97.75
97.75
WSBV Beteiligungsverwaltung GmbH & Co KG
Austria
Vienna
97.75
97.75
WSV Beta Immoholding GmbH
Austria
Vienna
97.75
97.75
WSV Immoholding GmbH
Austria
Vienna
97.75
97.75
WSV Triesterstra\u00dfe 91 Besitz GmbH & Co KG
Austria
Vienna
97.75
97.75
WSV Verm\u00f6gensverwaltung GmbH
Austria
Vienna
97.75
97.75
WSVA Liegenschaftbesitz GmbH
Austria
Vienna
97.75
97.75
WSVB Liegenschaftbesitz GmbH
Austria
Vienna
97.75
97.75
WSVC Liegenschaftbesitz GmbH
Austria
Vienna
97.75
97.75
At equity-consolidated companies
Country of domicile
Registered office
Interest 2024
Interest 2023
\u00a0
\u00a0
\u00a0
in %
in %
Beteiligungs- und Immobilien GmbH
Austria
Linz
24.44
24.44
Beteiligungs- und Wohnungsanlagen GmbH
Austria
Linz
24.44
24.44
CROWN-WSF spol. s.r.o.
Czech Republic
Prague
29.33
29.33
ERSTE d.o.o. - za upravljanje obveznim i dobrovljnim mirovinskim fondovima
Croatia
Zagreb
25.30
25.30
Gewista-Werbegesellschaft m.b.H.
Austria
Vienna
22.58
22.58
\u00d6sterreichisches Verkehrsb\u00fcro Aktiengesellschaft
Austria
Vienna
35.78
35.78
Towarzystwo Ubezpiecze\u0144 Wzajemnych \u201eTUW\"
Poland
Warsaw
52.16
52.16
UNIVERSAL makl\u00e9rsky dom a.s.
Slovakia
Bratislava
34.46
\u00a0
VBV - Betriebliche Altersvorsorge AG
Austria
Vienna
24.83
24.83
Non-consolidated companies
Country of domicile
Registered office
Interest 2024
Interest 2023
\u00a0
\u00a0
\u00a0
in %
in %
Affiliated companies
\u00a0
\u00a0
\u00a0
\u00a0
\"Assistance Company\" Ukrainian Assistance Service\" LLC
Ukraine
Kyiv
100.00
100.00
\"LIFETRUST\" Ltd
Bulgaria
Sofia
100.00
100.00
\"VIENNA LIFE INSURANCE\" - \"VIENNA SIGURIM JETE\" JSC
Albania
Tirana
75.00
\u00a0
\"WIENER AUTO CENTAR\" d.o.o.
Bosnia-Herzegovina
Banja Luka
100.00
100.00
Akcionarsko dru\u017estvo za \u017eivotno osiguranje Wiener St\u00e4dtische Podgorica, Vienna Insurance Group
Montenegro
Podgorica
100.00
100.00
Alfa VIG K\u00f6zvet\u00edt\u0151 Zrt.
Hungary
Budapest
90.00
90.00
Amadi GmbH
Germany
Wiesbaden
100.00
100.00
AQUILA Hausmanagement GmbH
Austria
Vienna
97.75
97.75
arithmetica Consulting GmbH
Austria
Vienna
98.31
98.31
Auto - Poly spol. s r.o.
Czech Republic
Prague
98.10
98.10
Autocentrum Luk\u00e1\u0161 s.r.o.
Czech Republic
Wallachian Meseritsch
98.10
98.10
AUTONOVA BRNO s.r.o.
Czech Republic
Brno
98.10
98.10
Autosig SRL
Romania
Bucharest
99.54
99.54
B&A Insurance Consulting s.r.o.
Czech Republic
Moravsk\u00e1 Ostrava
100.00
48.45
Bohemika a.s.
Czech Republic
\u017datec
100.00
100.00
Bohemika HYPO s.r.o.
Czech Republic
\u017datec
100.00
100.00
BSA + OFK Germany Real Estate Immobilien 4 GmbH
Germany
Frankfurt am Main
97.75
97.75
Bulstrad Trudova Meditzina EOOD
Bulgaria
Sofia
100.00
100.00
Camelot Informatik und Consulting Gesellschaft m.b.H.
Austria
Vienna
92.86
92.86
CARPLUS Versicherungsvermittlungsagentur GmbH
Austria
Vienna
97.75
97.75
\u010cPP Servis, s.r.o.
Czech Republic
Prague
100.00
100.00
CyRiSo Cyber Risk Solutions GmbH
Austria
Vienna
60.00
\u00a0
DBLV Immobesitz GmbH
Austria
Vienna
100.00
100.00
DBR-Liegenschaften Verwaltungs GmbH
Germany
Stuttgart
97.75
97.75
DELOIS s. r. o.
Slovakia
Bratislava
98.47
98.47
Dom\u00e1c\u00ed p\u00e9\u010de Han\u00e1 s.r.o.
Czech Republic
Prerau
63.23
63.23
Driving Camp Autodrom Sosnova a.s.
Czech Republic
Prague
97.28
97.28
DV Asset Management EAD
Bulgaria
Sofia
100.00
100.00
DV CONSULTING EOOD
Bulgaria
Sofia
100.00
100.00
DV Invest EAD
Bulgaria
Sofia
100.00
100.00
European Insurance & Reinsurance Brokers Ltd.
United Kingdom
London
100.00
100.00
FinServis Plus, s.r.o.
Czech Republic
Prague
100.00
100.00
Foreign limited liability company \"InterInvestUchastie\"
Belarus
Minsk
100.00
100.00
FRANCE CAR, s.r.o.
Czech Republic
K\u00f6niggr\u00e4tz
98.10
98.10
GGVier Projekt-GmbH
Austria
Vienna
53.76
53.76
GLOBAL ASSISTANCE D.O.O. BEOGRAD
Serbia
Belgrade
100.00
100.00
Global Assistance Georgia LLC
Georgia
Tbilisi
95.00
95.00
Global Assistance Polska Sp.z.o.o.
Poland
Warsaw
99.99
99.99
GLOBAL ASSISTANCE SERVICES s.r.o.
Czech Republic
Prague
100.00
100.00
GLOBAL ASSISTANCE SERVICES SRL
Romania
Bucharest
99.23
99.23
GLOBAL ASSISTANCE SLOVAKIA s.r.o.
Slovakia
Bratislava
99.22
99.22
Global Partner Beskydy, s.r.o.
Czech Republic
Prague
63.23
63.23
Global Partner Praha s.r.o.
Czech Republic
Prague
63.23
63.23
Global Partner soci\u00e1ln\u00ed slu\u017eby s.r.o.
Czech Republic
Jino\u010dany
63.23
\u00a0
Global Partner Zdrav\u00ed, s.r.o.
Czech Republic
Prague
63.23
63.23
Global Partner, a.s.
Czech Republic
Prague
63.23
63.23
Global Repair Centres, s.r.o.
Czech Republic
Pardubice
98.10
98.10
Help24 Assistance Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
Hungary
Budapest
90.00
90.00
HORIZONT Personal-, Team- und Organisationsentwicklung GmbH
Austria
Vienna
98.29
98.29
Hotel Voltino in Liquidation
Croatia
Zagreb
97.82
97.82
Non-consolidated companies
Country of domicile
Registered office
Interest 2024
Interest 2023
\u00a0
\u00a0
\u00a0
in %
in %
HOTELY SRN\u00cd, a.s.
Czech Republic
Prague
97.28
97.28
Hyundai Hradec s.r.o.
Czech Republic
K\u00f6niggr\u00e4tz
98.10
98.10
insureX IT GmbH
Austria
Vienna
98.87
98.87
InterRisk Informatik GmbH
Germany
Wiesbaden
100.00
100.00
ITIS Sp.z.o.o.
Poland
Warsaw
99.99
99.99
Joint Stock Company \"Curatio\"
Georgia
Tbilisi
90.00
90.00
Joint Stock Insurance Company WINNER LIFE - Vienna Insurance Group
North Macedonia
Skopje
100.00
100.00
K A P P A - P, spol. s r.o.
Czech Republic
Aussig
98.10
98.10
Kitzb\u00fcheler Bestattung WV GmbH
Austria
Kitzb\u00fchel
97.75
97.75
KUPALA Belarusian-Austrian Closed Joint Stock Insurance Company
Belarus
Minsk
98.26
98.26
LD Verm\u00f6gensverwaltung GmbH
Austria
Vienna
98.65
98.65
Main Point Karl\u00edn II., a.s.
Czech Republic
Prague
97.28
97.28
MEDICINSKI CENTER AMERIMED OOD
Bulgaria
Sofia
51.00
51.00
Money & More P\u00e9nz\u00fcgyi Tan\u00e1csad\u00f3 Z\u00e1rtk\u00f6r\u0171en M\u0171k\u00f6d\u0151 R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
Hungary
Budapest
88.78
88.78
Nadacia pois\u0165ovne KOOPERATIVA
Slovakia
Bratislava
98.47
98.47
OC PROPERTIES OOD
Bulgaria
Sofia
51.00
51.00
PFG Liegenschaftsbewirtschaftungs GmbH
Austria
Vienna
73.42
73.42
Privat Joint-stock company \"OWN SERVICE
Ukraine
Kyiv
100.00
100.00
PROFITOWI SP\u00d3\u0141KA AKCYJNA
Poland
Warsaw
99.98
100.00
Q13a Wohnen Eybnerstra\u00dfe GmbH
Austria
Vienna
97.75
\u00a0
Rezidence Opatov, s.r.o.
Czech Republic
Prague
97.28
\u00a0
Risk Consult Bulgaria EOOD
Bulgaria
Sofia
100.00
100.00
Risk Consult Polska Sp.z.o.o.
Poland
Warsaw
100.00
100.00
RISK CONSULT Sicherheits- und Risiko- Managementberatung Gesellschaft m.b.H.
Austria
Vienna
100.00
100.00
Risk Expert Risk ve Hasar Danismanlik Hizmetleri Limited Sirketi
T\u00fcrkiye
Istanbul
98.49
98.49
Risk Experts s.r.o.
Slovakia
Bratislava
100.00
100.00
Risk Logics Risikoberatung GmbH
Austria
Vienna
100.00
100.00
S.C. Risk Consult & Engineering Romania S.R.L.
Romania
Bucharest
100.00
100.00
S.C. SOCIETATEA TRAINING IN ASIGURARI S.R.L.
Romania
Bucharest
99.16
99.16
S.O.S.- EXPERT d.o.o. za poslovanje nekretninama
Croatia
Zagreb
100.00
100.00
samavu s.r.o.
Slovakia
Bratislava
98.47
98.47
Sanatorium Astoria, a.s.
Czech Republic
Karlsbad
97.28
97.28
Senioren Residenzen gemeinn\u00fctzige Betriebsgesellschaft mbH
Austria
Vienna
97.75
97.75
Sparkassen-Versicherungsservice Gesellschaft m.b.H.
Austria
Vienna
97.75
97.75
SURPMO, a.s.
Czech Republic
Prague
97.28
97.28
TGMZ Team Gesund Medizin Zentren GmbH
Austria
Vienna
97.75
39.10
UAB \"Compensa Life Distribution\"
Lithuania
Vilnius
100.00
100.00
Vienna International Underwriters GmbH
Austria
Vienna
100.00
100.00
VIENNA LIFE PARTNERS SP\u00d3\u0141KA Z OGRANICZON\u0104 ODPOWIEDZIALNO\u015aCI\u0104
Poland
Warsaw
99.98
99.97
VIENNA LIFE SERVICES SP\u00d3\u0141KA Z OGRANICZON\u0104 ODPOWIEDZIALNO\u015aCI\u0104
Poland
Warsaw
99.98
100.00
viesure innovation center GmbH
Austria
Vienna
98.87
98.87
VIG AM Real Estate, a.s.
Czech Republic
Prague
100.00
100.00
VIG AM Services GmbH
Austria
Vienna
100.00
100.00
VIG platform partners GmbH
Austria
Vienna
100.00
100.00
VIG Services Shqiperi Sh.p.K.
Albania
Tirana
89.52
89.52
VIG Services Ukraine, LLC
Ukraine
Kyiv
100.00
89.52
VIG/C-QUADRAT TOWARZYSTWO FUNDUSZY INVESTYCYJNYCH SP\u00d3\u0141KA AKCYJNA
Poland
Warsaw
50.99
50.99
Wiener St\u00e4dtische Donau Leasing GmbH
Austria
Vienna
97.75
97.75
WSBV Beteiligungsverwaltung GmbH
Austria
Vienna
97.75
97.75
zuuri s.r.o.
Slovakia
Bratislava
98.47
98.47
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Corporate Participations
\u00a0
\u00a0
\u00a0
\u00a0
AREALIS Liegenschaftsmanagement GmbH
Austria
Vienna
48.87
48.87
Non-consolidated companies
Country of domicile
Registered office
Interest 2024
Interest 2023
\u00a0
\u00a0
\u00a0
in %
in %
EBV-Leasing Gesellschaft m.b.H.
Austria
Vienna
47.90
47.90
EKG UW Nord GmbH
Austria
Klagenfurt
24.46
24.46
Els\u00f6 Maganegeszseg\u00fcgyi Halozat Zrt.
Hungary
Budapest
44.39
43.50
Finanzpartner GmbH
Austria
Vienna
48.87
48.87
GELUP GmbH
Austria
Vienna
32.58
32.58
Glamas Beteiligungsverwaltungs GmbH & Co \"Beta\" KG
Austria
Vienna
42.76
42.76
GLOBAL ASSISTANCE Croatia dru\u0161tvo s ograni\u010denom odgovorno\u0161\u0107u za usluge
Croatia
Zagreb
49.46
49.46
KWC Campus Errichtungsgesellschaft m.b.H.
Austria
Klagenfurt
48.87
48.87
Lead Equities II.Private Equity Mittelstandsfinanzierungs AG
Austria
Vienna
21.59
21.59
LiSciV Muthgasse GmbH & Co KG
Austria
Vienna
42.76
42.76
Renaissance Hotel Realbesitz GmbH
Austria
Vienna
40.00
40.00
Soleta Beteiligungsverwaltungs GmbH
Austria
Vienna
42.76
42.76
TAUROS Capital Investment GmbH & Co KG
Austria
Vienna
19.55
19.55
TAUROS Capital Investment Zwei GmbH & Co KG
Austria
Vienna
23.27
23.27
TAUROS Capital Management GmbH
Austria
Vienna
25.30
25.30
TeleDoc Holding GmbH
Austria
Vienna
25.01
25.01
TOGETHER CCA GmbH
Austria
Vienna
24.71
24.71
VENPACE GmbH & Co. KG
Germany
Cologne
23.53
23.53
Versicherungsb\u00fcro Dr. Ignaz Fiala Gesellschaft m.b.H.
Austria
Vienna
47.90
47.90
V\u00d6B Direkt Versicherungsagentur GmbH
Austria
Graz
48.87
48.87
Merged companies
Country of domicile
Registered office
Merger date
Absorbing company
AEGON TOWARZYSTWO UBEZPIECZE\u0143 NA \u017bYCIE SP\u00d3\u0141KA AKCYJNA
Poland
Warsaw
01/07/2024
VIENNA LIFE TOWARZYSTWO UBEZPIECZE\u0143 NA \u017bYCIE SP\u00d3\u0141KA AKCYJNA VIENNA INSURANCE GROUP
Joint Stock Insurance Company WINNER-Vienna Insurance Group
North Macedonia
Skopje
01/07/2024
Stock Company for Insurance and Reinsurance MAKEDONIJA Skopje - Vienna Insurance Group
Vienna Life Towarzystwo Ubezpiecze\u0144 na \u017bycie S.A. Vienna Insurance Group
Poland
Warsaw
01/07/2024
VIENNA LIFE TOWARZYSTWO UBEZPIECZE\u0143 NA \u017bYCIE SP\u00d3\u0141KA AKCYJNA VIENNA INSURANCE GROUP (previously Compensa Life)
WIENER TOWARZYSTWO UBEZPIECZE\u0143 SP\u00d3\u0141KA AKCYJNA VIENNA INSURANCE GROUP
Poland
Warsaw
01/10/2024
Compensa Towarzystwo Ubezpiecze\u0144 S.A. Vienna Insurance Group
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-97": { "value": "
18. Related persons and companies
Related companies are those affiliated companies and associated companies listed in Note\u00a021. Affiliated companies and participations starting on page\u00a0210. Furthermore, the Managing Board and Supervisory Board members of VIG Holding are to be qualified as related persons.
Wiener St\u00e4dtische Versicherungsverein holds directly and indirectly around 72.47% (around 72.47%) and, therefore, the majority of the voting rights of VIG Holding. Due to the given control, it is, therefore, also considered to be a related company and its Managing Board as well as Supervisory Board members are considered to be related persons.
Transactions with related companies
Primarily, financing transactions and charges for services are exchanged with non-consolidated affiliated and associated companies.

Transactions between the fully consolidated companies included in the consolidated financial statements are eliminated as part of the consolidation process and are, therefore, not explained in these notes.
Transactions with the Wiener St\u00e4dtische Versicherungsverein
The Wiener St\u00e4dtische Versicherungsverein is the majority shareholder of VIG Holding. It has the legal structure of a mutual insurance association which, in accordance with the Austrian Insurance Supervision Act, has outsourced its insurance operations and is therefore not operating in the insurance business. Due to its outsourcing to the Wiener St\u00e4dtische Versicherung AG, it merely has to fulfil its duties as a majority shareholder of VIG Holding, and so only services of minor importance arise with VIG Insurance Group. These are based on service agreements between VIG Insurance Group and the Wiener St\u00e4dtische Versicherungsverein for intercompany charges for internal audit services, finance and accounting and provision of personnel as well as the leasing of offices based on arm\u2019s length principles.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-98": { "value": "
18.1. Members of management in key positions
Supervisory Board
\u00a0
Chairman
G\u00fcnter Geyer (until 24 May 2024)
Chairman
Rudolf Ertl (since 24 May 2024)
1st Deputy Chairman
Rudolf Ertl (until 24 May 2024)
1st Deputy Chairman
Martin Simhandl (since 24 May 2024)
2nd Deputy Chairman
Robert Lasshofer
Members
Martina Dobringer
\u00a0
Zsuzsanna Eifert (until 24 May 2024)
\u00a0
Gerhard Fabisch (until 24 May 2024)
\u00a0
Andr\u00e1s Kozma
\u00a0
Vratislav Kulh\u00e1nek (since 24 May 2024)
\u00a0
Hana Macha\u010dov\u00e1 (since 24 May 2024)
\u00a0
Peter Mih\u00f3k
\u00a0
Gabriele Semmelrock-Werzer (until 24 May 2024)
\u00a0
Katar\u00edna Slez\u00e1kov\u00e1
\u00a0
\u00c1gnes Svo\u00f3b (since 24 May 2024)
\u00a0
Peter Thirring
\u00a0
Gertrude Tumpel-Gugerell
Changes during the financial year
G\u00fcnter Geyer, Zsuzsanna Eifert, Gabriele Semmelrock-Werzer and Gerhard Fabisch resigned from the Supervisory Board after their term of office ended on 24\u00a0May\u00a02024. Vratislav Kulh\u00e1nek, Hana Macha\u010dov\u00e1, Martin Simhandl and \u00c1gnes Svo\u00f3b were elected as members of the Supervisory Board at the Annual General Meeting on 24\u00a0May\u00a02024.
In 2024, the Supervisory Board elected Rudolf Ertl as Chairman of the Supervisory Board for the term of office until 30\u00a0June\u00a02025. Peter Thirring was elected Chairman of the Supervisory Board for the remainder of the term of office from 1\u00a0July\u00a02025 until the Annual General Meeting that will decide on the discharge for the 2027 financial year. Martin Simhandl was elected as 1st Deputy Chairman of the Supervisory Board for the entire term of office until the Annual General Meeting that will decide on the discharge for the 2027 financial year, and Robert Lasshofer was re-elected as the 2nd Deputy Chairman of the Supervisory Board.
18.2. Key management personnel\u00a0compensation
Composition
2024
2023
\u00a0
Supervisory Board Members
Managing Board Members
Total
Supervisory Board Members
Managing Board Members
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Short\u2011term employee benefits
902
6,805
7,707
866
7,527
8,393
Post\u2011employment benefits
0
2,175
2,175
0
1,077
1,077
Other long\u2011term benefits
0
5,104
5,104
0
5,535
5,535
Termination benefits
0
0
0
0
81
81
Total
902
14,084
14,986
866
14,220
15,086
In the reporting periods, the members of the Managing Board and the Supervisory Board did not receive any loans and advances, nor were they liable for any loans. The members of the Managing Board and the Supervisory Board also had no liability in the reporting periods.
Compensation policies for Managing Board members
The compensation of the company\u2019s Managing Board reflects the importance of the Group and the related responsibility, as well as the company\u2019s economic situation and the appropriateness of compensation in the market environment.
Sustainability is a point of emphasis for the variable compensation component; the full attainment of sustainability goals is highly dependent on taking a longer-term view of the company\u2019s performance, one that extends beyond a single financial year.
The amount of performance-dependent compensation is limited. The maximum amount of performance-dependent compensation that the Managing Board can achieve upon fulfilment of conventional targets for the 2024 financial year is equal to around 30% to around 36% of total compensation. In addition, special bonus compensation and compensation for over-fulfilment in certain target areas may be granted. As a result, Managing Board members can earn variable compensation components equal to no more than around 45% to 50% of their total compensation.

Significant parts of the performance-dependent compensation are only payable after a certain delay, which extends into the year 2028 in the case of the 2024 financial year. The award of the delayed parts is dependent on the consideration given to the sustainable development of the corporate group.
If certain threshold values are not met, no performance-dependent compensation is granted to the Managing Board. Even if the targets are fully met in a given financial year, the award of the full variable compensation granted with respect to the focus on sustainability depends on whether the corporate group has experienced a sustainable development over three consecutive years.
Stock options or similar instruments are not part of the compensation of the Managing Board.
As of the reporting date 31\u00a0December\u00a02019, defined benefit pensions funded by provisions \u2013 depending in part on the length of service with VIG Insurance Group \u2013 are granted to active members of the company\u2019s Managing Board in a maximum amount equal to 40% of the assessment basis for members who remain on the Managing Board until their 65th birthday. The assessment basis is equal to the standard fixed salary. In individual cases, extra amounts may be granted to members who work beyond the maximum pension date given that no pension will be collected during the period of further work.
Managing Board members appointed for the first time on or after 1\u00a0January\u00a02020 may be granted entitlements to defined benefit company pensions (or alternatively, defined contribution pensions). As a rule, such pensions will be awarded only after the member has been re-appointed to the Managing Board at least once and in stages, so that the maximum pension benefit equal to 40% of fixed compensation to be granted upon completing the 65th year of life can be awarded at the earliest only after the member has served on the Managing Board for 10\u00a0years. If a Managing Board member had already held other positions in the Group for at least 5\u00a0years, the pension may be awarded already upon commencement of his or her term of office on the Managing Board.
As a standard rule, pensions will be awarded (regardless of effective date) only if either the position of Managing Board member is not renewed by no fault of the member or if the Managing Board member resigns by reason of illness or age.
The provisions of the Employee and Self-Employment Provisions Act (\u201cNew Severance Pay Model\u201d) are applicable to Managing Board contracts.
Only contracts with Managing Board members who have already worked in the Group for a very long time provide an entitlement to severance pay, which is designed in accordance with the provisions of the Salaried Employee Act in the version from before 2003 in conjunction with the relevant sector-specific provisions. Accordingly, such Managing Board members may receive severance pay equal to two to 12 months\u2019 salary \u2013 scaled according to length of service \u2013 plus a supplement of 50% if the member retires or leaves the Managing Board after a long-term illness. No severance pay will be granted if the member leaves the Managing Board at his or her own request before the date of pension eligibility without the agreement of the company or if the member leaves the Managing Board by his or her own fault.
The Managing Board members are provided with a company car which is also for private use. For their work, the Managing Board members received EUR\u00a06,805,000 (EUR\u00a07,527,000) from the company in the reporting period. The Managing Board members received EUR\u00a0812,000 (EUR\u00a0995,000) from subsidiaries in the reporting period.
Former Managing Board members received EUR\u00a02,175,000 (EUR\u00a01,158,000).
The Managing Board was composed of six persons until 31\u00a0August\u00a02024 and from 1\u00a0September\u00a02024 it was composed of seven persons.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-99": { "value": "
19. Contingent receivables and liabilities
In their capacity as insurance companies, the Group companies are involved in a number of court proceedings as defendants or have been threatened with litigation. In addition, there are proceedings, in which the Group companies are not involved as parties, but may be affected by the outcome of such lawsuits due to agreements with other insurers concerning participation in claims. In the assessment of the Group, adequate provisions proportionate to the amount in dispute have been established for all claims in accordance with the law.
Changes in VAT
Effective 1\u00a0January\u00a02025, the Austrian interbank exemption in relation to value added tax is to be abolished. This abolition will affect both the input and output side. On the input side, this is due to potentially higher costs resulting from the VAT burden on various services provided by banks, pension funds and other insurance entities. On the output side, this is due to additional value added tax on outgoing services provided by the Group to banks, pension funds and other insurance entities. In addition, proceedings have been brought before the ECJ regarding the qualification of the interbank exemption as prohibited state aid.
At the time of preparation of the consolidated financial statements, neither the judgment of the ECJ nor the subsequent actions of the European Commission and the Austrian authorities have been confirmed. In addition, it is not possible to produce a qualified calculation of the amount of the provision. It is currently unclear whether the service provider or the recipient of the tax-exempt services under Section\u00a06 Paragraph\u00a01 Line\u00a028 of the Austrian act on value added tax (Umsatzsteuergesetz; UStG) has the relevant \u201cadvantage\u201d in respect of the aid. It is also unclear how temporal effects and any input tax deduction will impact the amount of this \u201cadvantage\u201d. For these reasons, no provision is formed in the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-100": { "value": "
20. Business combinations
20.1. Changes in the scope of consolidation
Deconsolidations
Registered office
Reason for deconsolidation
Date
Reportable segment
VIG Properties Bulgaria AD
Sofia
Liquidation
20/08/2024
Extended CEE
Driving Camp Autodrom Sosnova a.s.
Prague
Immateriality
31/12/2024
Czech Republic
To ensure the same scope of consolidation as financial reporting when preparing the consolidated non-financial report according to ESRS in the Group management report, the scope of consolidation has been expanded.
Expansion of the scope of consolidation1
Registered office
Acquisition/
formation
Interest2
First-time consolidation
Method
\u00a0
\u00a0
Date
in %
Date
\u00a0
AEGON TOWARZYSTWO UBEZPIECZE\u0143 NA \u017bYCIE SP\u00d3\u0141KA AKCYJNA
Warsaw
2023
100.00
01/01/2024
full consolidation
AIS Servis, s.r.o.
Brno
2007
98.10
01/01/2024
full consolidation
BEESAFE SP\u00d3\u0141KA Z OGRANICZONA ODPOWIEDZIALNOSCIA
Warsaw
2020
99.99
01/01/2024
full consolidation
Benefia Ubezpieczenia Spolka z ograniczona odpowiedzialnoscia
Warsaw
2002
99.97
01/01/2024
full consolidation
CARPATHIA PENSII-SOCIETATE DE ADMINISTRARE A FONDURILOR DE PENSII PRIVATE S.A.
Floresti
2022
100.00
01/01/2024
full consolidation
CLAIM EXPERT SERVICES S.R.L.
Bucharest
2008
99.16
01/01/2024
full consolidation
EXPERTA Schadenregulierungs-Gesellschaft mbH
Vienna
1993
99.44
01/01/2024
full consolidation
Global Assistance Ellatasszervez\u00f6 Korlatold Felel\u00f6sseg\u00fc Tarsasag
Budapest
2002
88.78
01/01/2024
full consolidation
Global Expert, s.r.o.
Pardubice
2005
98.10
01/01/2024
full consolidation
Global Services Bulgaria JSC
Sofia
2006
100.00
01/01/2024
full consolidation
POLISA - \u017bYCIE Ubezpieczenia Sp.z.o.o.
Warsaw
2018
99.98
01/01/2024
full consolidation
serviceline contact center dienstleistungs-GmbH
Vienna
1994
97.75
01/01/2024
full consolidation
Slovexperta, s.r.o.
\u017dilina
2002
98.70
01/01/2024
full consolidation
Sp\u00f3\u0142dzielnia Us\u0142ugowa VIG EKSPERT W WARSZAWIE
Warsaw
2011
99.98
01/01/2024
full consolidation
UNIVERSAL makl\u00e9rsky dom a.s.
Bratislava
2024
34.46
01/07/2024
at-equity
VIENNA POWSZECHNE TOWARZYSTWO EMERYTALNE SP\u00d3\u0141KA AKCYJNA VIENNA INSURANCE GROUP
Warsaw
2023
100.00
01/01/2024
full consolidation
VIG Management Service SRL
Bucharest
2010
99.16
01/01/2024
full consolidation
VIG Poland/Romania Holding B.V.
Amsterdam
2023
100.00
01/01/2024
full consolidation
VIG POLSKA REAL ESTATE SP\u00d3\u0141KA Z OGRANICZONA ODPOWIEDZIALNOSCIA
Warsaw
2020
99.99
01/01/2024
full consolidation
VIG Services Bulgaria EOOD
Sofia
2006
100.00
01/01/2024
full consolidation
1Insofar as significant goodwill occurred, this is recognised in Note 3. Goodwill.
2The share in equity equals the share in voting rights.
20.2. Change in assets and liabilities due to changes in the scope of consolidation
A retrospective inclusion of the newly consolidated companies as of 1\u00a0January\u00a02024 would not result in any significant change in the balance sheet items. The retrospective inclusion of the newly consolidated companies as of 1\u00a0January\u00a02024 would increase the Group profit before taxes and non-controlling interests by 0.01% (without taking into consideration any consolidation effects).

Due to the changes in the scope of consolidation, the number of employees increased by 1,738.
Balance sheet
Additions
Disposals
in EUR \u2018000
\u00a0
\u00a0
Cash and cash equivalents
10,275
1,591
Financial assets
672,754
407
Receivables
19,867
70
Current tax assets
160
0
Investments in associates
6,500
0
Insurance contracts assets issued
742
0
Reinsurance contracts assets held
-13
0
Owner-occupied property and equipment
7,198
2,647
Other assets
6,918
3
Intangible assets
90,063
3
Deferred tax asset
11,926
3
Right-of-use assets
244
0
Liabilities and other payables
29,000
204
Current tax liabilities
212
48
Financial liabilities
60,316
0
Other liabilities
10,314
66
Insurance contracts liabilities issued
472,264
0
Reinsurance contracts liabilities held
504
0
Provisions
39,571
0
Deferred tax liabilities
18,673
0
The figures shown in the table above reflect the actual dates of first consolidation and deconsolidation, as indicated in chapter\u00a020.1. Changes in the scope of consolidation starting on page\u00a0209.
Contribution to result before taxes in reporting period
Additions
Disposals
in EUR \u2018000
\u00a0
\u00a0
Insurance service result
4,191
0
Total capital investment result
-1,309
-1
Investment result
19,703
-1
Income and expenses from investment property
-222
0
Insurance finance result
-20,713
0
Result from associated consolidated companies
-77
0
Finance result
-442
-1
Other income and expenses
14,587
63
Result before taxes*
17,027
61
*The result before taxes includes depreciation of the customer base of der Carpathia Pensii (EUR 569,000), Vienna PTE (EUR 3,678,000) und der Aegon Life (EUR 377,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-101": { "value": "
Fully consolidated companies
Country of domicile
Registered office
Interest 2024
Interest 2023
\u00a0
\u00a0
\u00a0
in %
in %
\"Compensa Vienna Insurance Group\", ADB
Lithuania
Vilnius
100.00
100.00
\"Gr\u00fcner Baum\" Errichtungs- und Verwaltungsges.m.b.H.
Austria
Vienna
97.75
97.75
AB Mod\u0159ice, a.s.
Czech Republic
Prague
97.28
97.28
AIS Servis, s.r.o.
Czech Republic
Brno
98.10
98.10
Alfa Vienna Insurance Group Biztos\u00edt\u00f3 Zrt.
Hungary
Budapest
90.00
90.00
Alfa VIG P\u00e9nzt\u00e1rszolg\u00e1ltat\u00f3 Zrt.
Hungary
Budapest
90.00
90.00
And\u011bl Investment Praha s.r.o.
Czech Republic
Prague
97.75
97.75
Anif-Residenz GmbH & Co KG
Austria
Vienna
97.75
97.75
Asigurarea Rom\u00e2neasc\u0103 - ASIROM Vienna Insurance Group S.A.
Romania
Bucharest
99.79
99.79
ATBIH GmbH
Austria
Vienna
100.00
100.00
ATRIUM TOWER SP\u00d3\u0141KA Z OGRANICZON\u0104 ODPOWIEDZIALNOSCI\u0104
Poland
Warsaw
99.42
99.42
Atzlergasse 13-15 GmbH
Austria
Vienna
97.75
97.75
Atzlergasse 13-15 GmbH & Co KG
Austria
Vienna
97.75
97.75
BCR Asigur\u0103ri de Via\u0163\u0103 Vienna Insurance Group S.A.
Romania
Bucharest
93.98
93.98
BEESAFE SP\u00d3\u0141KA Z OGRANICZONA ODPOWIEDZIALNOSCIA
Poland
Warsaw
99.99
99.99
Benefia Ubezpieczenia Spolka z ograniczona odpowiedzialnoscia
Poland
Warsaw
99.97
99.95
Blizzard Real Sp. z o.o.
Poland
Warsaw
97.75
97.75
BMA 20 Immobilienbesitz GmbH
Austria
Vienna
97.75
97.75
Brockmanngasse 32 Immobilienbesitz GmbH
Austria
Vienna
97.75
97.75
BTA Baltic Insurance Company AAS
Latvia
Riga
100.00
100.00
BULSTRAD LIFE VIENNA INSURANCE GROUP JOINT STOCK COMPANY
Bulgaria
Sofia
100.00
100.00
Businesspark Brunn Entwicklungs GmbH
Austria
Vienna
97.75
97.75
CAPITOL, akciov\u00e1 spolo\u010dnos\u0165
Slovakia
Bratislava
98.47
98.47
CARPATHIA PENSII-SOCIETATE DE ADMINISTRARE A FONDURILOR DE PENSII PRIVATE S.A.
Romania
Floresti
100.00
100.00
Central Point Insurance IT-Solutions GmbH in Liquidation
Austria
Vienna
100.00
100.00
\u010cesk\u00e1 podnikatelsk\u00e1 poji\u0161\u0165ovna, a.s., Vienna Insurance Group
Czech Republic
Prague
100.00
100.00
Chr\u00e1\u0161\u0165any komer\u010dn\u00ed are\u00e1l a.s.
Czech Republic
Prague
97.28
97.28
CLAIM EXPERT SERVICES S.R.L.
Romania
Bucharest
99.16
99.16
Compania de Asigur\u0103ri \"DONARIS VIENNA INSURANCE GROUP\" Societate pe Actiuni
Moldova
Chi\u0219in\u0103u
99.99
99.99
Compensa Life Vienna Insurance Group SE
Estonia
Tallinn
100.00
100.00
Compensa Towarzystwo Ubezpiecze\u0144 S.A. Vienna Insurance Group
Poland
Warsaw
99.97
99.95
CP Solutions a.s.
Czech Republic
Prague
97.28
97.28
DBLV Immobesitz GmbH & Co KG
Austria
Vienna
100.00
100.00
DBR-Liegenschaften GmbH & Co KG
Germany
Stuttgart
97.75
97.75
Deutschmeisterplatz 2 Objektverwaltung GmbH
Austria
Vienna
97.75
97.75
Donau Brokerline Versicherungs-Service GmbH
Austria
Vienna
100.00
100.00
DONAU Versicherung AG Vienna Insurance Group
Austria
Vienna
100.00
100.00
DV Immoholding GmbH
Austria
Vienna
100.00
100.00
DVIB alpha GmbH
Austria
Vienna
100.00
100.00
DVIB GmbH
Austria
Vienna
100.00
100.00
ELVP Beteiligungen GmbH
Austria
Vienna
100.00
100.00
EUROPEUM Business Center s.r.o.
Slovakia
Bratislava
99.42
99.42
EXPERTA Schadenregulierungs-Gesellschaft mbH
Austria
Vienna
99.44
99.44
Floridsdorf am Spitz 4 Immobilienverwertungs GmbH
Austria
Vienna
97.75
97.75
Gesundheitspark Wien-Oberlaa Gesellschaft m.b.H.
Austria
Vienna
97.75
97.75
Global Assistance Ellatasszervez\u00f6 Korlatold Felel\u00f6sseg\u00fc Tarsasag
Hungary
Budapest
88.78
88.78
GLOBAL ASSISTANCE, a.s.
Czech Republic
Prague
98.91
98.91
Global Expert, s.r.o.
Czech Republic
Pardubice
98.10
98.10
Global Services Bulgaria JSC
Bulgaria
Sofia
100.00
100.00
Fully consolidated companies
Country of domicile
Registered office
Interest 2024
Interest 2023
\u00a0
\u00a0
\u00a0
in %
in %
Hansenstra\u00dfe 3-5 Immobilienbesitz GmbH
Austria
Vienna
97.75
97.75
HUN BM Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
Hungary
Budapest
99.42
99.42
Insurance Company Vienna osiguranje d.d., Vienna Insurance Group
Bosnia-Herzegovina
Sarajevo
100.00
100.00
INSURANCE ONE-SHAREHOLDER JOINT-STOCK COMPANY BULSTRAD VIENNA INSURANCE GROUP EAD
Bulgaria
Sofia
100.00
100.00
InterRisk Lebensversicherungs-AG Vienna Insurance Group
Germany
Wiesbaden
100.00
100.00
InterRisk Towarzystwo Ubezpiecze\u0144 S.A. Vienna Insurance Group
Poland
Warsaw
100.00
100.00
InterRisk Versicherungs-AG Vienna Insurance Group
Germany
Wiesbaden
100.00
100.00
INTERSIG VIENNA INSURANCE GROUP Sh.A.
Albania
Tirana
89.98
89.98
Joint Stock Company Insurance Company GPI Holding
Georgia
Tbilisi
90.00
90.00
Joint Stock Company International Insurance Company IRAO
Georgia
Tbilisi
100.00
100.00
Kaiserstra\u00dfe 113 GmbH
Austria
Vienna
100.00
100.00
K\u00c1LVIN TOWER Ingatlanfejleszt\u00e9si \u00e9s Beruh\u00e1z\u00e1si Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
Hungary
Budapest
88.78
88.78
KAPITOL, a.s.
Czech Republic
Brno
98.10
98.10
KKB Real Estate SIA
Latvia
Riga
99.42
99.42
KOMUN\u00c1LNA pois\u0165ov\u0148a, a.s. Vienna Insurance Group
Slovakia
Bratislava
100.00
100.00
KOOPERATIVA pois\u0165ov\u0148a, a.s. Vienna Insurance Group
Slovakia
Bratislava
98.47
98.47
Kooperativa poji\u0161\u0165ovna, a.s., Vienna Insurance Group
Czech Republic
Prague
97.28
97.28
KOOPERATIVA, d.s.s., a.s.
Slovakia
Bratislava
98.47
98.47
LVP Holding GmbH
Austria
Vienna
100.00
100.00
MAP-WSV Beteiligungen GmbH
Austria
Vienna
97.75
97.75
MC EINS Investment GmbH
Austria
Vienna
97.75
97.75
MH 54 Immobilienanlage GmbH
Austria
Vienna
97.75
97.75
NNC REAL ESTATE SP\u00d3\u0141KA Z OGRANICZON\u0104 ODPOWIEDZIALNO\u015aCI\u0104
Poland
Warsaw
99.42
99.42
Nordbahnhof Projekt EPW8 GmbH & Co KG
Austria
Vienna
97.75
97.75
Nordbahnhof Projekt EPW8 Komplement\u00e4r GmbH
Austria
Vienna
97.75
97.75
Nordbahnhof Projekt Taborstra\u00dfe 123 GmbH & Co KG
Austria
Vienna
100.00
100.00
Nordbahnhof Projekt Taborstra\u00dfe 123 Komplement\u00e4r GmbH
Austria
Vienna
100.00
100.00
Nu\u00dfdorfer Stra\u00dfe 90-92 Projektentwicklung GmbH & Co KG
Austria
Vienna
97.75
97.75
OMNIASIG VIENNA INSURANCE GROUP S.A.
Romania
Bucharest
99.54
99.54
O\u00dc LiveOn Paevalille
Estonia
Tallinn
100.00
100.00
Palais Hansen Immobilienentwicklung GmbH
Austria
Vienna
97.75
97.75
Passat Real Sp. z o.o.
Poland
Warsaw
97.75
97.75
Pension Assurance Company Doverie AD
Bulgaria
Sofia
82.59
82.59
PERECA 11 SP\u00d3\u0141KA Z OGRANICZON\u0104 ODPOWIEDZIALNO\u015aCI\u0104
Poland
Warsaw
97.75
97.75
PFG Holding GmbH
Austria
Vienna
87.76
87.76
PFG Liegenschaftsbewirtschaftungs GmbH & Co KG
Austria
Vienna
81.51
81.51
POLISA - \u017bYCIE Ubezpieczenia Sp.z.o.o.
Poland
Warsaw
99.98
99.97
Porzellangasse 4 Liegenschaftsverwaltung GmbH & Co KG
Austria
Vienna
97.75
97.75
Private Joint-Stock Company \" Insurance Company \"USG \"
Ukraine
Kyiv
100.00
100.00
PRIVATE JOINT-STOCK COMPANY \"INSURANCE COMPANY \"KNIAZHA LIFE VIENNA INSURANCE GROUP\"
Ukraine
Kyiv
99.81
99.81
PRIVATE JOINT-STOCK COMPANY \"UKRAINIAN INSURANCE COMPANY \"KNIAZHA VIENNA INSURANCE GROUP\"
Ukraine
Kyiv
100.00
100.00
PROGRESS Beteiligungsges.m.b.H.
Austria
Vienna
68.43
68.43
Projektbau GesmbH
Austria
Vienna
98.38
98.38
Projektbau Holding GmbH
Austria
Vienna
98.38
98.38
Rathstra\u00dfe 8 Liegenschaftsverwertungs GmbH
Austria
Vienna
97.75
97.75
Ray Sigorta A.\u015e.
T\u00fcrkiye
Istanbul
94.96
94.96
R\u00f6\u00dflergasse Bauteil Drei GmbH
Austria
Vienna
100.00
100.00
R\u00f6\u00dflergasse Bauteil Zwei GmbH
Austria
Vienna
97.75
97.75
S - budovy, a.s.
Czech Republic
Prague
97.28
97.28
Schulring 21 B\u00fcrohaus Errichtungs- und Vermietungs GmbH & Co KG
Austria
Vienna
98.50
98.50
Fully consolidated companies
Country of domicile
Registered office
Interest 2024
Interest 2023
\u00a0
\u00a0
\u00a0
in %
in %
SECURIA majetkovospr\u00e1vna a podielov\u00e1 s.r.o.
Slovakia
Bratislava
100.00
100.00
Senioren Residenz Fultererpark Errichtungs- und Verwaltungs GmbH
Austria
Vienna
97.75
97.75
Senioren Residenz Veldidenapark Errichtungs- und Verwaltungs GmbH
Austria
Vienna
65.20
65.20
serviceline contact center dienstleistungs-GmbH
Austria
Vienna
97.75
97.75
SIA \"Global Assistance Baltic\"
Latvia
Riga
100.00
100.00
SIA \"LiveOn Stirnu\"
Latvia
Riga
100.00
100.00
SIA \"LiveOn\"
Latvia
Riga
100.00
100.00
SIA \"Urban Space\"
Latvia
Riga
100.00
100.00
SIA \u201cAlauksta 13/15\u201d
Latvia
Riga
100.00
100.00
SIA \u201cArtil\u0113rijas 35\u201d
Latvia
Riga
100.00
100.00
SIA \u201c\u0122ertr\u016bdes 121\u201d
Latvia
Riga
100.00
100.00
SIA LiveOn Terbatas
Latvia
Riga
100.00
100.00
SIGMA VIENNA INSURANCE GROUP Shoq\u00ebri Aksionare
Albania
Tirana
89.05
89.05
SK BM s.r.o.
Slovakia
Bratislava
99.42
99.42
Slovexperta, s.r.o.
Slovakia
Sillein
98.70
98.70
SMARDAN 5 DEVELOPMENT S.R.L.
Romania
Bucharest
93.98
93.98
Sp\u00f3\u0142dzielnia Us\u0142ugowa VIG EKSPERT W WARSZAWIE
Poland
Warsaw
99.98
99.97
Stock Company for Insurance and Reinsurance MAKEDONIJA Skopje - Vienna Insurance Group
North Macedonia
Skopje
95.71
94.50
SVZ GmbH
Austria
Vienna
97.75
97.75
SVZD GmbH
Austria
Vienna
100.00
100.00
SVZI GmbH
Austria
Vienna
97.75
97.75
T 125 GmbH
Austria
Vienna
100.00
100.00
TECHBASE Science Park Vienna GmbH
Austria
Vienna
97.75
97.75
twinformatics GmbH
Austria
Vienna
98.88
98.88
UAB LiveOn Linkmenu
Lithuania
Vilnius
100.00
100.00
UNION Vienna Insurance Group Biztos\u00edt\u00f3 Zrt.
Hungary
Budapest
88.78
88.78
Untere Donaul\u00e4nde 40 GmbH & Co KG
Austria
Vienna
98.65
98.65
V.I.G. ND, a.s.
Czech Republic
Prague
97.60
97.60
Vienibas Gatve Investments O\u00dc
Estonia
Tallinn
100.00
100.00
Vienibas Gatve Properties SIA
Latvia
Riga
100.00
100.00
Vienna Insurance Group Polska Sp\u00f3\u0142ka z organiczon\u0105 odpowiedzialno\u015bci\u0105
Poland
Warsaw
99.99
99.99
VIENNA LIFE TOWARZYSTWO UBEZPIECZE\u0143 NA \u017bYCIE SP\u00d3\u0141KA AKCYJNA VIENNA INSURANCE GROUP
Poland
Warsaw
99.98
99.97
VIENNA POWSZECHNE TOWARZYSTWO EMERYTALNE SP\u00d3\u0141KA AKCYJNA VIENNA INSURANCE GROUP
Poland
Warsaw
100.00
100.00
V\u0130ENNAL\u0130FE EMEKL\u0130L\u0130K VE HAYAT ANON\u0130M \u015e\u0130RKET\u0130
T\u00fcrkiye
Istanbul
100.00
100.00
Vienna-Life Lebensversicherung AG Vienna Insurance Group
Liechtenstein
Bendern
100.00
100.00
VIG Befektet\u00e9si Alapkezel\u0151 Magyarorsz\u00e1g Z\u00e1rtk\u00f6r\u0171en M\u0171k\u00f6d\u0151 R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
Hungary
Budapest
90.00
90.00
VIG FUND, a.s.
Czech Republic
Prague
99.42
99.42
VIG Home, s.r.o.
Slovakia
Bratislava
98.47
98.47
VIG HU GmbH
Austria
Vienna
100.00
100.00
VIG IT - Digital Solutions GmbH
Austria
Vienna
100.00
100.00
VIG Magyarorsz\u00e1g Befektet\u00e9si Z\u00e1rtk\u00f6r\u0171en M\u0171k\u00f6d\u0151 R\u00e9szv\u00e9nt\u00e1rsas\u00e1g
Hungary
Budapest
90.00
90.00
VIG Management Service SRL
Romania
Bucharest
99.16
99.16
VIG Offices, s.r.o.
Slovakia
Bratislava
98.47
98.47
VIG Poland/Romania Holding B.V.
Netherlands
Amsterdam
100.00
100.00
VIG POLSKA REAL ESTATE SP\u00d3\u0141KA Z OGRANICZONA ODPOWIEDZIALNOSCIA
Poland
Warsaw
99.99
99.97
VIG RE zaji\u0161\u0165ovna, a.s.
Czech Republic
Prague
99.24
99.24
VIG REAL ESTATE DOO
Serbia
Belgrade
97.75
97.75
VIG Services Bulgaria EOOD
Bulgaria
Sofia
100.00
100.00
VIG T\u00fcrkiye Holding B.V.
Netherlands
Amsterdam
100.00
100.00
VIG ZP, s. r. o.
Slovakia
Bratislava
98.73
98.83
Fully consolidated companies
Country of domicile
Registered office
Interest 2024
Interest 2023
\u00a0
\u00a0
\u00a0
in %
in %
VIG-AT Beteiligungen GmbH
Austria
Vienna
100.00
100.00
VIG-CZ Real Estate GmbH
Austria
Vienna
99.83
99.83
VIVECA Beteiligungen GmbH
Austria
Vienna
100.00
100.00
WGPV Holding GmbH
Austria
Vienna
97.75
97.75
WIBG Holding GmbH & Co KG
Austria
Vienna
97.75
97.75
WIBG Projektentwicklungs GmbH & Co KG
Austria
Vienna
97.75
97.75
Wiener Osiguranje Vienna Insurance Group ad
Bosnia-Herzegovina
Banja Luka
100.00
100.00
Wiener osiguranje Vienna Insurance Group dioni\u010dko dru\u0161tvo za osiguranje
Croatia
Zagreb
97.82
97.82
WIENER RE akcionarsko dru\u0161tvo za reosiguranje
Serbia
Belgrade
99.24
99.24
WIENER ST\u00c4DTISCHE OSIGURANJE akcionarsko drustvo za osiguranje
Serbia
Belgrade
100.00
100.00
WIENER ST\u00c4DTISCHE VERSICHERUNG AG Vienna Insurance Group
Austria
Vienna
97.75
97.75
WIENER VEREIN BESTATTUNGS- UND VERSICHERUNGSSERVICE-GESELLSCHAFT M.B.H.
Austria
Vienna
97.75
97.75
WILA GmbH
Austria
Vienna
97.75
97.75
WINO GmbH
Austria
Vienna
97.75
97.75
WNH Liegenschaftsbesitz GmbH
Austria
Vienna
100.00
100.00
Wohnquartier 11b Immobilienbesitz GmbH
Austria
Vienna
100.00
100.00
Wohnquartier 12b Immobilienbesitz GmbH
Austria
Vienna
97.75
97.75
WSBV Beteiligungsverwaltung GmbH & Co KG
Austria
Vienna
97.75
97.75
WSV Beta Immoholding GmbH
Austria
Vienna
97.75
97.75
WSV Immoholding GmbH
Austria
Vienna
97.75
97.75
WSV Triesterstra\u00dfe 91 Besitz GmbH & Co KG
Austria
Vienna
97.75
97.75
WSV Verm\u00f6gensverwaltung GmbH
Austria
Vienna
97.75
97.75
WSVA Liegenschaftbesitz GmbH
Austria
Vienna
97.75
97.75
WSVB Liegenschaftbesitz GmbH
Austria
Vienna
97.75
97.75
WSVC Liegenschaftbesitz GmbH
Austria
Vienna
97.75
97.75
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-102": { "value": "
At equity-consolidated companies
Country of domicile
Registered office
Interest 2024
Interest 2023
\u00a0
\u00a0
\u00a0
in %
in %
Beteiligungs- und Immobilien GmbH
Austria
Linz
24.44
24.44
Beteiligungs- und Wohnungsanlagen GmbH
Austria
Linz
24.44
24.44
CROWN-WSF spol. s.r.o.
Czech Republic
Prague
29.33
29.33
ERSTE d.o.o. - za upravljanje obveznim i dobrovljnim mirovinskim fondovima
Croatia
Zagreb
25.30
25.30
Gewista-Werbegesellschaft m.b.H.
Austria
Vienna
22.58
22.58
\u00d6sterreichisches Verkehrsb\u00fcro Aktiengesellschaft
Austria
Vienna
35.78
35.78
Towarzystwo Ubezpiecze\u0144 Wzajemnych \u201eTUW\"
Poland
Warsaw
52.16
52.16
UNIVERSAL makl\u00e9rsky dom a.s.
Slovakia
Bratislava
34.46
\u00a0
VBV - Betriebliche Altersvorsorge AG
Austria
Vienna
24.83
24.83
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-103": { "value": "
22. Auditing fees and auditing services
The auditor of these consolidated financial statements is KPMG Austria GmbH Wirtschaftspr\u00fcfungs- und Steuerberatungsgesellschaft (KPMG Austria GmbH). The following expenses were recognised for services provided by KPMG Austria GmbH and the Austrian member companies (KPMG Austria wide) in the financial year:
Composition
2024
2023
\u00a0
KPMG
Austria wide
KPMG
Austria GmbH
Total
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Audit of consolidated financial statements
0
1,053
1,053
1,623
Audit of parent company financial statements
0
95
95
75
Other audit services
0
546
546
214
Tax advisory fees
19
0
19
14
Fees for audit-related services
500
0
500
179
Total
519
1,694
2,213
2,105

", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-104": { "value": "
23. Material accounting estimates and siginificant judgements
23.1. (Re-)Insurance contracts
The assumptions and accounting estimates are based on all parameters available when the consolidated financial statements were prepared. Future developments, such as market developments, which are outside of the influence of VIG Insurance Group are only taken into account in the assumptions once they occur.
The information is broken down according to measurement models in accordance with IFRS\u00a017. The measurement models are the general measurement model (GMM), the variable fee approach (VFA) and the premium allocation approach (PAA). This closely follows the structure of the IFRS\u00a017 portfolios, which is as follows:
\u2022 Unit-linked and participating life insurance contracts as well as Austrian health insurance by type of life insurance are measured by the VFA method,
\u2022 Property and casualty insurance contracts are primarily measured with PAA and
\u2022 Long-term property and casualty insurance contracts in primary insurance and reinsurance that do not meet the criteria for PAA measurement and life insurance contracts that do not meet the criteria for the use of VFA are measured using the GMM model.
The methods used to measure insurance contracts in the life and health business
The present value of future cash flows is determined in different ways depending on the decision of the local companies. The Group uses two methods: stochastic modelling and deterministic projection. In contrast to deterministic projection techniques, stochastic modelling applies techniques to generate a large number of possible economic scenarios for market variables such as interest rates and equity returns. This allows future cash flows to be forecast more effectively.
Assumptions used to estimate future cash flows
Mortality, morbidity and longevity rates
Assumptions are based on standard industry and national tables, according to the type of contract written and the insured person\u2019s place of residence. They reflect recent historical experience and are adjusted when appropriate to reflect the local companies\u2019 experiences. An appropriate, but not excessive, allowance is made for expected future improvements. The assumptions differ, for example, depending on the insurance class and type of contract.
Higher mortality and morbidity rates result in an increase in the expected claim payments, which will reduce the future CSM.
Expenses
Assumptions regarding administrative expenses reflect the projected costs of managing in-force policies and the associated overhead expenses. The current expenses are taken as an appropriate expense base for future expenses, adjusted for expected expense inflation, if appropriate.
An increase in expected expenses reduces the expected gains in the future.
The cash flows within the contract boundary include an allocation of fixed and variable overheads directly attributable to fulfilling insurance contracts. The allocation to groups of insurance contracts is carried out using systematic and rational methods, which are applied uniformly to all costs with similar characteristics.
Lapse and surrender rates
Lapses relate to the termination of policies due to non-payment of premiums whereas surrenders relate to the voluntary termination of policies by policyholders. Respective assumptions are based on statistical analyses of experiences and vary according to product type, insurance duration and sales trends.
An increase in cancellation rates would tend to reduce the future CSM.
Sensitivities can be found under Note 1.8. Insurance and market risks \u2013 sensitivity analysis starting on page\u00a0167.
The methods used to measure insurance contracts in the non-life insurance business
The accounting estimates for non-life business are covered in Note Liability for Incurred Claims (LIC) starting on page\u00a0222.
Discount rates
All insurance contract liabilities (except for the liability for remaining coverage measured under PAA) are calculated by discounting expected future cash flows at risk-free interest rates raised by an illiquidity adjustment.
Risk-free interest rates are determined using the bottom-up approach on the basis of swap rates in the currency of the insurance contract liabilities. If swap rates are not sufficiently liquid and transparent, government bond interest rates are used instead.
The illiquidity adjustment to the relevant risk-free interest rates is based on the risk-corrected spread between the interest rate that could be earned from a reference portfolio and the risk-free basic interest rates. The illiquidity adjustment or the reference portfolio is calculated per country, taking into account all relevant VIG investments.
Interest rates applied for discounting of future cash flows are presented in Note 1.2. Assumptions used starting on page\u00a0140.
Risk Adjustment for nonfinancial risks
The risk adjustment for nonfinancial risks represents the compensation that would be required for bearing the uncertainty about the amount and timing of the cash flows of groups of insurance contracts. The risks covered by the risk adjustment for nonfinancial risks are underwriting risk and other risks such as lapse risk and expense risk. The risk adjustment therefore reflects an amount that an insurance company would pay to remove the uncertainty about whether future cash flows will exceed the best estimate.
The risk adjustment was carried out using the cost of capital method (CoC method). This involves estimating the probability distribution of the fulfilment cash flows and determining the additional capital required at each future date in the cash flow forecasts in order to comply with the economic capital requirements.
A cost of capital rate is applied to the additional capital requirement in future reporting periods. The cost of capital reflects the return required by a company to compensate for exposure to the nonfinancial risk. The calculated risk adjustment at future terms is discounted to the reporting date at the discount rate, to be held as a part of the total liabilities.

Amortisation of the Contractual Service Margin (CSM)
The CSM is a component of the asset or liability for the group of insurance contracts that represents the unearned gains a company is expected to recognise as it provides services in the future. In each period, an amount of the CSM for a group of insurance contracts is recognised as insurance service revenue, which therefore reflects the insurance contract services provided during that period. The CSM is determined by:
\u2022 identifying the coverage units in the group;
\u2022 allocating the CSM at the end of the period to each coverage unit provided or expected to be provided in the future;
\u2022 recognising in profit and loss the share allocated to coverage units provided in the period.
The CSM is allocated to provided and expected coverage in the future before amounts are recognised in profit or loss.
In order to determine the number of coverage units in a group of insurance contracts, the number of benefits provided to the policyholder which combines insurance coverage services and investment services has to be measured. When weighting different services, the consolidated group generally considers the split of the present value of premium in risk and savings parts to weight the release components. However, in some cases there might also be the need to weight different insurance coverages when determining the number of coverage units. The present value of premiums of each insurance coverage is used for this. Alternative approaches and simplifications may be used, provided that the result adequately reflects the services provided.
The quantity of benefits and coverage units for the main product lines is as follows:
For portfolios for the non-life and health insurance and non-life reinsurance, the insurance services provided are approximated with the projected earned premium. The majority of these services are the insurance coverage. The coverage unit is therefore the projected earned premium.
For groups of life annuities contracts, the quantity of benefits for both insurance coverage and investment services is the mathematical reserve. This means that the coverage unit also corresponds to the mathematical reserve. For term life insurance without surrender value and riders, which only provide insurance coverage, the quantity of benefits is the contractually agreed sum insured over the period of the contract. Therefore, the coverage unit for these products is the contractually agreed sum insured. For unit- and index-linked contracts, the quantity of investment services is determined by the fund value, which is used as the coverage unit.
For endowment without riders and term insurance with surrender value, a measure for insurance coverage is the sum at risk and a measure for investment service is the mathematical reserve. The sum insured acts as a coverage unit, as it represents both the insurance component (sum at risk) and the investment component (mathematical reserve or fund value). In this case no further weighting is necessary.
The coverage units in a group of insurance contracts are determined on the basis of the quantity of benefits provided by the contracts. In the case of reinsurance held, this is the insurer\u2019s cover from the reinsurance contracts held and not the cover from the underlying insurance contracts with the policyholders.

The total coverage units of each group of (re\u2011)insurance contracts is reassessed at the end of each reporting period. This adjusts for the reduction of remaining coverage for claims paid, expected lapses and contract cancellations in the period.
Liability for Remaining Coverage (LRC)
Numerous discretionary figures are included in the calculation of the liability for remaining coverage. These discretionary figures include, among other things, the discount rates, the cash flows assumed for the calculation, insurance acquisition costs and the fulfilment cash flows for onerous contracts.
Insurance acquisition costs
Insurance acquisition costs are allocated to related groups of insurance contracts recognised in the consolidated balance sheet (including those groups that will include insurance contracts expected to arise from renewals). An asset for insurance acquisition costs is recognised for insurance acquisition costs incurred before the related group of insurance contracts has been recognised.
Groups of onerous insurance contracts
For groups of onerous contracts, the liability for remaining coverage is determined by the fulfilment cash flows. Any loss-recovery component is determined with reference to the loss component recognised on underlying contracts and the recovery expected on such claims from reinsurance contracts held.
Time value of money
For all product lines, the book value of the liability for remaining coverage is discounted to reflect the time value of money and the effect of financial risk. Excluded are those measured under PAA and that are not onerous. For the interest rates applied, discount rates that reflect the characteristics of the cash flows of the group of insurance contracts at initial recognition are used.
The applied discount rates can be seen in Note 1.2. Assumptions used starting on page\u00a0140.
Discretionary cash flows for indirect profit participating contracts
To determine how to identify changes in discretionary cash flows for insurance contracts with discretionary features which do not meet the definition of direct profit participation, local entities specify the basis on which they expect to determine their commitment under the contract. However, the effects of market variables (e.g. investment returns) on the cash flows should still flow through P&L or be optionally recognised in OCI and should not lead to an adjustment of the CSM.
Assets for insurance acquisition costs
VIG applies judgements in determining the inputs used in the methodology to systematically and rationally allocate insurance acquisition costs to groups of insurance contracts to determine:
\u2022 whether insurance contracts are expected to arise as a result of renewals of existing insurance contracts, and
\u2022 if applicable, with respect to the amount to be allocated to groups, including future renewals,
\u2022 as well as with respect to the volume of expected renewals from new contracts issued in the period.

At the end of each reporting period, the assumptions made are adjusted to allocate insurance acquisition costs to the contract groups. Where necessary, the amounts of assets are revised for insurance acquisition costs accordingly.
Liability for Incurred Claims (LIC)
For the non-life business, the LIC is a major component of the insurance contracts\u2019 recognition.
Here, the ultimate cost of outstanding claims is estimated by using a range of standard actuarial claims projection techniques. The main assumption underlying these techniques is the use of past claims developments as experience in order to project future claims development and hence ultimate claims costs. These methods extrapolate the development of paid and incurred losses, average costs per claim (including claims handling costs), and claim numbers based on the observed development of earlier years and expected loss ratios. Historical claims development is primarily analysed by claims years but can also be broken down further by geographical area, significant business lines and claim types. Major losses are usually addressed separately, either through provisions based on estimates by the loss adjuster or through a separate projection that reflects future developments.
Additional qualitative judgements are made to assess whether previous trends will continue to apply in the future. All uncertainties involved are taken into account in order to obtain an estimate of the ultimate claims cost that reflects the probability-weighted expected value outcome of all possible results.
Such trends could be, for example, one-off occurrences, changes in external or market factors such as public attitudes to claiming, economic conditions, levels of claims inflation, judicial decisions and legislation, as well as internal factors such as portfolio mix, policy features and claims handling procedures.
The enforceability and collectability of salvage recoveries and subrogation reimbursements are considered as an allowance in the measurement of ultimate claims costs.
Other key circumstances affecting the reliability of assumptions include variations in interest rates, delays in settlement and changes in foreign exchange rates.
23.2. Impairment losses on financial assets
The measurement of impairment losses acc. to IFRS\u00a09 across relevant financial assets requires discretionary decisions, in particular for the estimation of the amount and timing of future cash flows when determining impairment losses and the assessment of a significant increase in credit risk. These estimates are driven by the outcome of modelled ECL scenarios and the relevant inputs used as described in chapter Impairment of financial assets starting on page\u00a0246.
23.3. Financial instruments recognised at fair value (Level 3)
The fair value of financial instruments not traded on an active market is determined by applying appropriate valuation techniques. The assumptions used here are based on market data available on the reporting date, if available. VIG Insurance Group uses present value methods whilst taking into consideration suitable interest rate models to determine the fair value of numerous financial assets which are not actively traded on markets. Note 16. Calculation of fair value starting on page\u00a0198

and Note 24.9 Calculation of fair value starting on page 252 contain further information about the valuation process. The impairment of financial assets is explained in 23.2. Impairment losses on financial assets.
23.4. Impairment of goodwill
In accordance with the method explained in chapter 24.5. Goodwill starting on page\u00a0250, at least once a year it is determined whether an impairment of goodwill exists. Estimates in this area concern above all the calculations for the underlying planned results of the respective CGUs and specific parameters, especially growth and discount rates. Any sensitivities associated with these parameters are presented in Note 3. Goodwill starting on page\u00a0180.
23.5. Value of deferred tax assets
Income taxes must be taken into account for each tax jurisdiction in which VIG operates. The expected current income tax for each taxable entity must be calculated and the temporary differences due to differences between the tax and IFRS treatment of certain balance sheet items must be assessed. If temporary differences exist, as a rule, they lead to the recognition of deferred tax assets and liabilities in the balance sheet based on the tax rate for each country. The amount of the expected current and deferred tax liability or asset reflects the best estimate taking into account tax uncertainties and, consequently, the application of IFRIC 23.
The Managing Board must make assessments and, taking into account tax uncertainties, judgements when calculating current and deferred taxes. Deferred tax assets are only recognised to the extent that it is probable they can be utilised. The utilisation of deferred tax assets depends on the likelihood of achieving sufficient taxable income of a particular tax type for a particular tax jurisdiction, while taking into account any statutory restrictions, for example concerning maximum loss carry forward periods.
The following factors are considered when assessing whether it is probable to utilise deferred tax assets in the future:
\u2022 past results of operation,
\u2022 operating plans,
\u2022 loss carryforward periods,
\u2022 tax planning strategies and
\u2022 existing deferred tax liabilities.
A tax group consisting of Austrian parts of foreign companies as well as Hungary exists. Reference is made in this regard to page\u00a0259.
If actual events diverge from the estimates or the estimates must be adjusted in future periods, this could have an adverse effect on net assets, financial position and results of operations. If the assessment of the recoverability of deferred tax assets changes, the book value must be impaired and the change recognised in the income statement or other comprehensive income, depending on the treatment used when the deferred tax asset was originally recognised, or impaired deferred tax assets must be recognised through profit or loss or other comprehensive income. Further information can be found in chapter Accounting policies under 24.13. Taxes starting on page\u00a0259 and in Note 11. Taxes on page\u00a0191.

23.6. Method of consolidation
Whether a subsidiary is included in the Group\u2019s scope of consolidation is determined by thresholds. The specification of these thresholds is subject to judgements by the Managing Board.
Companies that are not considered to be material to the Group are not included in the scope of consolidation, even if the criteria of IAS 28 \u2013 Investments in Associates and Joint Ventures and/or IFRS\u00a010 \u2013 Consolidated Financial Statements are fundamentally met. The assessment of whether a company is material to the Group is based on qualitative and quantitative criteria. It is at the Managing Board\u2019s judgement to determine a percentage that can be used to calculate a threshold value for each key figure (e.g. shareholders\u2019 equity) for quantitative assessment.
Qualitative criteria take into account whether the business activity of a company has a significant impact on intragroup transactions. Companies with the following business areas are always included in the scope of consolidation on the basis of this qualitative assumption by the Managing Board:
\u2022 real estate holding companies, but only from the date on which the company was operational,
\u2022 holding companies with shares in the operational insurance business or in real estate holding companies, as well as
\u2022 corporate IT service companies, provided they are active across the Group.
Provided that a company has been classed as material, the processes laid down in IAS 28 \u2013 Investments in Associates and Joint Ventures and IFRS\u00a010 \u2013 Consolidated Financial Statements are used to determine the form in which this company is consolidated in the consolidated financial statements.
Subsidiaries that were of material importance at the time of first consolidation continue to be included in the scope of consolidation in subsequent periods. Circumstances could arise, however, that lead to the Managing Board using its judgement to perform a reassessment of the entire scope of consolidation. As a result, companies that were consolidated in the past but are not considered to be material based on the quantitative criteria at the time of the reassessment could be removed from the scope of consolidation. Companies that, due to their business activities, mainly generate intragroup revenues but do not generate any significant profits or losses are only included in the scope of consolidation if they operate across countries or are relevant for sustainability reporting.
23.7. Materiality of Notes and the associated accounting policies
According to IAS\u00a01.31, only material information should be disclosed in financial statements, even when a standard prescribes certain requirements or minimum requirements. The goal of the IASB in this paragraph in combination with an officially published Practice Statement on this subject was to create a clear and comprehensible basis for financial reporting utilising the most material information. The decision as to whether any given disclosure constitutes material or immaterial information is open to judgement. The Managing Board of VIG Holding has introduced a threshold value for assessing the materiality of disclosures and the related accounting policies. If the amount involved is less than the threshold value, the information is only published in the Annual Report if it has been deemed to be material for primary users of the financial statements on the basis of qualitative criteria during the release process.

23.8. Judgment of material accounting aspects according to IAS 8
The complexity of IFRS\u00a017 in particular can lead to accounting issues that are subsequently identified. Such cases are subject to a defined reporting process and are analysed in detail in order to determine the effects of a correction in accordance with IAS 8 for primary users of the financial statements.
There is significant scope for judgment, especially when determining the limits calculated for this. Nevertheless, the aim of a clear and understandable presentation without significantly affecting the reporting contributes to the assessment of materiality. If, in accordance with the defined thresholds, an accounting discrepancy does not lead to a significant influence on the primary users of the financial statements according to VIG's assessment, this will be presented in the current period.
", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-105": { "value": "
23.3. Financial instruments recognised at fair value (Level 3)
The fair value of financial instruments not traded on an active market is determined by applying appropriate valuation techniques. The assumptions used here are based on market data available on the reporting date, if available. VIG Insurance Group uses present value methods whilst taking into consideration suitable interest rate models to determine the fair value of numerous financial assets which are not actively traded on markets. Note 16. Calculation of fair value starting on page\u00a0198

and Note 24.9 Calculation of fair value starting on page 252 contain further information about the valuation process. The impairment of financial assets is explained in 23.2. Impairment losses on financial assets.
24.9. Calculation of fair value
Measurement process of financial instruments
The valuation process for determining the fair value of financial assets aims to apply publicly available price quotations in active markets or valuations determined by application of recognised economic models that are based on observable input

factors. The organisational units responsible for conducting the valuation are independent of the units that assume the investment risks, thereby ensuring the requisite separation of functions and duties.
As a general policy, the company seeks to measure the fair value of securities held within VIG Insurance Group at the same prices at the respective valuation date. In practice, however, situations arise in which actually achieving this goal would entail disproportionately high costs. For example, local regulations in some countries in which VIG Insurance Group operates require that resident companies use the prices determined in accordance with local regulations to measure the value of certain instruments. If in this case the same securities are held by other companies of VIG Insurance Group, it can happen that these companies apply different price sources to measure the fair value.
Special funds represent another case in which uniform valuation would only be possible at a disproportionately high cost. The Austrian companies hold special funds, which must be included in the consolidated financial statements according to IFRS accounting rules, to varying extents. However, the net asset value (NAV) of a special fund on a given date is measured at the (usually closing) prices of the previous day. In these cases, a security that is held both in a special fund and directly in the company\u2019s portfolio is measured at different prices.
Measurement process of real estate
Owner-occupied real estate and investment property are appraised at regular intervals of time by generally sworn and court-certified building and real estate appraisal experts.
The methods mainly used to calculate the fair value of real estate in VIG Insurance Group are the capitalised earnings value method, the discounted cash flow method and the asset value method (only for land or to determine maintenance expenses).
The capitalised earnings value method is mainly used in VIG Insurance Group. In rarer cases, a discounted cash flow method is used if that would yield the highest-use and best-use value for the property in question.
Capitalised earnings value method
Under this method, the value of the real estate is calculated by capitalising the expected future or actual gross income at an appropriate interest rate over the expected useful life. The net income is calculated by deducting the actual expenses for operation, maintenance and administration (management expenses). The default risk and any liquidation proceeds or costs are considered as well. The interest rate applied to calculate the capitalised earnings value is based on the achievable rate of return. The net income, reduced by the return on the land value, is then capitalised over the remaining useful life at the chosen interest rate, yielding the capitalised earnings value of the physical structure. This amount is then added to the land value to arrive at the total capitalised earnings value of the property.
Discounted cash flow method
The discounted cash flow method is a valuation method in which cash flows during the forecast phase (Phase I) are discounted to present value at the valuation date. The discount rate applied for this purpose is the rate of return of a comparably risky investment, plus property-specific and market-specific premiums. The annual gross income raised by vacancy rents (at current market rents) and minus the management expenses that cannot be charged to tenants results in the annual net income. Thanks to the exact nature of analysis over the individual forecast years, this method makes it possible to allocate investments or vacancies to individual years and therefore take them into account from the outset. In Phase II, the hypothetical sale proceeds at the end of the forecast phase (usually 10 years) are calculated by capitalising

future cash flows. The interest rate applied for this calculation is determined as the rate of return on a comparably risky investment, plus market-specific and property-specific premiums, minus expected property appreciation.
Asset value method
The asset value method is a market-oriented method that combines the land value, the building value, the value of outdoor facilities and the value of available connections. This method is basically used to measure the value of an undeveloped plot of land.
The land value is usually determined by way of the residual value method, under which a development discount has no longer been applied since 2018, having been replaced with a premium or discount for increased or decreased use, respectively. Whether or not increased or decreased use applies is determined on the basis of a simplified usable space study or an estimate of development possibilities based on developments in the surrounding area. This determination is made under both the capitalised earnings value method and the asset value method. Due to the applicability of tenancy laws, however, any usable space potential cannot be exploited and therefore the land value is usually applied instead of the actually available useful space.
Other notes on the valuation process
The use of different pricing models and assumptions can lead to different results concerning fair value. Changes in the estimates and assumptions applied in calculating the fair value of assets in those cases in which quoted market prices are not available can make it necessary to adjust the book value of the corresponding assets upwards or downwards and recognise a corresponding expense or income in the income statement.
Certain assets that are not usually measured at fair value on a recurring basis are measured at fair value on a one-time basis if events or changes in circumstances give reason to assume that the book value may no longer be recoverable.
Valuation hierarchies
VIG Insurance Group assigns all financial instruments to one level in the IFRS\u00a013 valuation hierarchy. In line with the decentralised organisational structure of VIG Insurance Group, the individual subsidiaries are responsible for this categorisation. In particular, this approach ensures that local knowledge concerning the quality of individual fair values or any input parameters needed for model-based valuation are taken into account.
The fair values are determined on the basis of the following hierarchy according to IFRS\u00a013:
\u2022 The determination of the fair value of financial instruments is generally based on quoted prices for identical assets or liabilities in active markets (Level 1).
\u2022 If the financial instrument in question is not listed or if quoted prices in active markets are not available, the fair value is determined on the basis of quoted market prices for similar assets or prices quoted in non-active markets (Level 2). Common valuation models for which the input factors are based on observable market data are used for Level 2. Such models are mainly used for illiquid bonds (present value method) and structured securities.
\u2022 The fair values of certain financial instruments, particularly bonds from countries without an active market and real estate, are determined on the basis of valuation models utilising input factors that are mainly not based on observable market data. Such models are mainly used to measure the fair values of transactions in non-active markets, expert opinions, and the structure of cash flows (Level 3).
The following table shows the methods used and the most important input factors separately for Level 2 and Level 3. The fair values calculated can be used for regular as well as non-recurring measurements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-106": { "value": "
23.6. Method of consolidation
Whether a subsidiary is included in the Group\u2019s scope of consolidation is determined by thresholds. The specification of these thresholds is subject to judgements by the Managing Board.
Companies that are not considered to be material to the Group are not included in the scope of consolidation, even if the criteria of IAS 28 \u2013 Investments in Associates and Joint Ventures and/or IFRS\u00a010 \u2013 Consolidated Financial Statements are fundamentally met. The assessment of whether a company is material to the Group is based on qualitative and quantitative criteria. It is at the Managing Board\u2019s judgement to determine a percentage that can be used to calculate a threshold value for each key figure (e.g. shareholders\u2019 equity) for quantitative assessment.
Qualitative criteria take into account whether the business activity of a company has a significant impact on intragroup transactions. Companies with the following business areas are always included in the scope of consolidation on the basis of this qualitative assumption by the Managing Board:
\u2022 real estate holding companies, but only from the date on which the company was operational,
\u2022 holding companies with shares in the operational insurance business or in real estate holding companies, as well as
\u2022 corporate IT service companies, provided they are active across the Group.
Provided that a company has been classed as material, the processes laid down in IAS 28 \u2013 Investments in Associates and Joint Ventures and IFRS\u00a010 \u2013 Consolidated Financial Statements are used to determine the form in which this company is consolidated in the consolidated financial statements.
Subsidiaries that were of material importance at the time of first consolidation continue to be included in the scope of consolidation in subsequent periods. Circumstances could arise, however, that lead to the Managing Board using its judgement to perform a reassessment of the entire scope of consolidation. As a result, companies that were consolidated in the past but are not considered to be material based on the quantitative criteria at the time of the reassessment could be removed from the scope of consolidation. Companies that, due to their business activities, mainly generate intragroup revenues but do not generate any significant profits or losses are only included in the scope of consolidation if they operate across countries or are relevant for sustainability reporting.
24.2. Business combinations
Establishing the scope of consolidation
The materiality or immateriality of subsidiaries, associated companies and joint arrangements for the consolidated financial statements is checked using a variety of thresholds defined at VIG Holding level. Qualitative assessment criteria are also applied. For this purpose, for example, the absolute result before taxes or the total assets are checked. If a company does not fulfil any size criteria, a second step is performed to check whether the companies that are not included are material when taken as a whole. If this is not the case, these companies will not be included in the scope of consolidation. Companies that have no material effect on the Group\u2019s net assets, financial position and results of operations when considered individually and in the aggregate are essentially measured at fair value.
Fully controlled investment funds (\u201cspecial funds\u201d) were fully consolidated in accordance with the requirements of IFRS\u00a010. These consolidated special funds are not independent units under company law and are therefore not considered to be structured entities as defined in IFRS\u00a012. This concerns investment funds which are not designed for the public capital markets. Due to a lack of controlling influence, public investment funds, despite holding the majority of the voting rights, are not consolidated. Company law and regulatory requirements can restrict the ability of subsidiaries to transfer financial means (in the form of dividends) to the parent company.
Accounting for business combinations
Business combinations are recognised using the purchase method. Goodwill is recognised as the value of the consideration transferred in a business combination and all non-controlling interests in the acquired company less the identifiable assets acquired and liabilities assumed. In any business combination, present non-controlling interests that entitle holders to a proportionate share of the entity\u2019s net assets in the event of a liquidation can be measured either at fair value or as a share of the identifiable net assets. Unless another IFRS provides a different measurement method, all other components of non-controlling interests are measured at the corresponding share of the identifiable net assets. If the consideration is less than

the assets and liabilities of the acquired subsidiary measured at fair value, the difference is checked again and recognised directly in the income statement. As a rule, the fair values calculated in accordance with IFRS\u00a013 of all assets (incl. goodwill and other intangible assets) and liabilities are allocated to the country to which the purchased company is assigned.
Deferred tax assets acquired during a business combination and arising under IAS\u00a012.66 et seqq. on the acquisition date are tested for impairment in accordance with IAS\u00a012.37.
The Group considers the reported goodwill to reflect the value of the ability to make use of the insurance-specific expertise of the employees of the acquired companies. When a market is entered, it represents the ability to offer insurance products in a country and take advantage of the opportunities that exist there. In countries where the Group is already represented by one or more companies, the goodwill also represents the possibility of making use of potential synergies.
When real estate holding companies are acquired, they are checked to see whether they include business operations. If they do not, the purchase method is not used. In such cases, the acquisition costs, including transaction costs, are distributed among the acquired assets and assumed liabilities based on fair value. No deferred taxes are recognised in such cases (initial recognition exemption). Goodwill cannot arise in this context.
All company acquisitions were carried out using cash and cash equivalents. A list of fully and at equity consolidated companies can be found starting on page\u00a0210 in Note 21. Affiliated companies and participations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-107": { "value": "
23.6. Method of consolidation
Whether a subsidiary is included in the Group\u2019s scope of consolidation is determined by thresholds. The specification of these thresholds is subject to judgements by the Managing Board.
Companies that are not considered to be material to the Group are not included in the scope of consolidation, even if the criteria of IAS 28 \u2013 Investments in Associates and Joint Ventures and/or IFRS\u00a010 \u2013 Consolidated Financial Statements are fundamentally met. The assessment of whether a company is material to the Group is based on qualitative and quantitative criteria. It is at the Managing Board\u2019s judgement to determine a percentage that can be used to calculate a threshold value for each key figure (e.g. shareholders\u2019 equity) for quantitative assessment.
Qualitative criteria take into account whether the business activity of a company has a significant impact on intragroup transactions. Companies with the following business areas are always included in the scope of consolidation on the basis of this qualitative assumption by the Managing Board:
\u2022 real estate holding companies, but only from the date on which the company was operational,
\u2022 holding companies with shares in the operational insurance business or in real estate holding companies, as well as
\u2022 corporate IT service companies, provided they are active across the Group.
Provided that a company has been classed as material, the processes laid down in IAS 28 \u2013 Investments in Associates and Joint Ventures and IFRS\u00a010 \u2013 Consolidated Financial Statements are used to determine the form in which this company is consolidated in the consolidated financial statements.
Subsidiaries that were of material importance at the time of first consolidation continue to be included in the scope of consolidation in subsequent periods. Circumstances could arise, however, that lead to the Managing Board using its judgement to perform a reassessment of the entire scope of consolidation. As a result, companies that were consolidated in the past but are not considered to be material based on the quantitative criteria at the time of the reassessment could be removed from the scope of consolidation. Companies that, due to their business activities, mainly generate intragroup revenues but do not generate any significant profits or losses are only included in the scope of consolidation if they operate across countries or are relevant for sustainability reporting.
Establishing the scope of consolidation
The materiality or immateriality of subsidiaries, associated companies and joint arrangements for the consolidated financial statements is checked using a variety of thresholds defined at VIG Holding level. Qualitative assessment criteria are also applied. For this purpose, for example, the absolute result before taxes or the total assets are checked. If a company does not fulfil any size criteria, a second step is performed to check whether the companies that are not included are material when taken as a whole. If this is not the case, these companies will not be included in the scope of consolidation. Companies that have no material effect on the Group\u2019s net assets, financial position and results of operations when considered individually and in the aggregate are essentially measured at fair value.
Fully controlled investment funds (\u201cspecial funds\u201d) were fully consolidated in accordance with the requirements of IFRS\u00a010. These consolidated special funds are not independent units under company law and are therefore not considered to be structured entities as defined in IFRS\u00a012. This concerns investment funds which are not designed for the public capital markets. Due to a lack of controlling influence, public investment funds, despite holding the majority of the voting rights, are not consolidated. Company law and regulatory requirements can restrict the ability of subsidiaries to transfer financial means (in the form of dividends) to the parent company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-108": { "value": "
24.1. Currency translation
Transactions in foreign currencies
Individual financial statements of each subsidiary are prepared in the currency in which cash is generated in the primary economic environment (functional currency). In the Group, the functional currency is essentially the local currency. Transactions which have been concluded in a currency that is not the functional currency will be recorded using the mean exchange rate on the day of the respective transaction. Monetary assets and liabilities in foreign currency existing on the balance sheet date are translated to euros using the mean exchange rate on the reporting date. Any resulting exchange differences are recognised in profit or loss.
Conversion of individual financial statements denominated in foreign currencies
Assets, liabilities and income and expenses are presented in euros, the reporting currency of VIG Holding. All assets and liabilities reported in the individual financial statements are translated to euros using the mean exchange rate on the reporting date. The income statement items are converted using the average mean exchange rate at the end of the period. In the consolidated cash flow statement, the mean exchange rate on the reporting date is used for changes in balance sheet items, and the average mean exchange rate at the end of the period is used for changes in income statement items. Currency translation differences, including those resulting from using the equity method of accounting, are recognised directly in equity.
In accordance with the hyperinflation accounting rules, the mean exchange rate on the balance sheet date was applied for all items of the financial statements of the Turkish insurance companies.
Currency
\u00a0
End-of-period exchange rate
Average exchange rate
\u00a0
\u00a0
31/12/2024
31/12/2023
01/01/\u201131/12/2024
01/01/\u201131/12/2023
1 EUR \u2259
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Albanian lek
ALL
98.1500
103.8800
100.7014
108.7483
Bosnian convertible mark
BAM
1.9558
1.9558
1.9558
1.9558
Bulgarian lev
BGN
1.9558
1.9558
1.9558
1.9558
Georgian lari
GEL
2.9306
2.9960
2.9444
2.8432
Macedonian denar
MKD
61.4950
61.4950
61.5344
61.5572
Moldovan leu
MDL
19.3106
19.3574
19.2533
19.6431
New Turkish Lira
TRY
36.7372
32.6531
35.5734
25.7597
Polish zloty
PLN
4.2750
4.3395
4.3058
4.5420
Romanian leu
RON
4.9743
4.9756
4.9746
4.9467
Swiss franc
CHF
0.9412
0.9260
0.9526
0.9718
Serbian dinar
RSD
117.0149
117.1737
117.0861
117.2530
Czech koruna
CZK
25.1850
24.7240
25.1198
24.0043
Ukraine hryvnia
UAH
43.9266
42.2079
43.4588
39.5619
Hungarian forint
HUF
411.3500
382.8000
395.3039
381.8527
US Dollar
USD
1.0389
1.1050
1.0824
1.0813
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-109": { "value": "
24.1. Currency translation
Transactions in foreign currencies
Individual financial statements of each subsidiary are prepared in the currency in which cash is generated in the primary economic environment (functional currency). In the Group, the functional currency is essentially the local currency. Transactions which have been concluded in a currency that is not the functional currency will be recorded using the mean exchange rate on the day of the respective transaction. Monetary assets and liabilities in foreign currency existing on the balance sheet date are translated to euros using the mean exchange rate on the reporting date. Any resulting exchange differences are recognised in profit or loss.
Conversion of individual financial statements denominated in foreign currencies
Assets, liabilities and income and expenses are presented in euros, the reporting currency of VIG Holding. All assets and liabilities reported in the individual financial statements are translated to euros using the mean exchange rate on the reporting date. The income statement items are converted using the average mean exchange rate at the end of the period. In the consolidated cash flow statement, the mean exchange rate on the reporting date is used for changes in balance sheet items, and the average mean exchange rate at the end of the period is used for changes in income statement items. Currency translation differences, including those resulting from using the equity method of accounting, are recognised directly in equity.
In accordance with the hyperinflation accounting rules, the mean exchange rate on the balance sheet date was applied for all items of the financial statements of the Turkish insurance companies.
Currency
\u00a0
End-of-period exchange rate
Average exchange rate
\u00a0
\u00a0
31/12/2024
31/12/2023
01/01/\u201131/12/2024
01/01/\u201131/12/2023
1 EUR \u2259
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Albanian lek
ALL
98.1500
103.8800
100.7014
108.7483
Bosnian convertible mark
BAM
1.9558
1.9558
1.9558
1.9558
Bulgarian lev
BGN
1.9558
1.9558
1.9558
1.9558
Georgian lari
GEL
2.9306
2.9960
2.9444
2.8432
Macedonian denar
MKD
61.4950
61.4950
61.5344
61.5572
Moldovan leu
MDL
19.3106
19.3574
19.2533
19.6431
New Turkish Lira
TRY
36.7372
32.6531
35.5734
25.7597
Polish zloty
PLN
4.2750
4.3395
4.3058
4.5420
Romanian leu
RON
4.9743
4.9756
4.9746
4.9467
Swiss franc
CHF
0.9412
0.9260
0.9526
0.9718
Serbian dinar
RSD
117.0149
117.1737
117.0861
117.2530
Czech koruna
CZK
25.1850
24.7240
25.1198
24.0043
Ukraine hryvnia
UAH
43.9266
42.2079
43.4588
39.5619
Hungarian forint
HUF
411.3500
382.8000
395.3039
381.8527
US Dollar
USD
1.0389
1.1050
1.0824
1.0813
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-110": { "value": "
24.1. Currency translation
Transactions in foreign currencies
Individual financial statements of each subsidiary are prepared in the currency in which cash is generated in the primary economic environment (functional currency). In the Group, the functional currency is essentially the local currency. Transactions which have been concluded in a currency that is not the functional currency will be recorded using the mean exchange rate on the day of the respective transaction. Monetary assets and liabilities in foreign currency existing on the balance sheet date are translated to euros using the mean exchange rate on the reporting date. Any resulting exchange differences are recognised in profit or loss.
Conversion of individual financial statements denominated in foreign currencies
Assets, liabilities and income and expenses are presented in euros, the reporting currency of VIG Holding. All assets and liabilities reported in the individual financial statements are translated to euros using the mean exchange rate on the reporting date. The income statement items are converted using the average mean exchange rate at the end of the period. In the consolidated cash flow statement, the mean exchange rate on the reporting date is used for changes in balance sheet items, and the average mean exchange rate at the end of the period is used for changes in income statement items. Currency translation differences, including those resulting from using the equity method of accounting, are recognised directly in equity.
In accordance with the hyperinflation accounting rules, the mean exchange rate on the balance sheet date was applied for all items of the financial statements of the Turkish insurance companies.
Currency
\u00a0
End-of-period exchange rate
Average exchange rate
\u00a0
\u00a0
31/12/2024
31/12/2023
01/01/\u201131/12/2024
01/01/\u201131/12/2023
1 EUR \u2259
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Albanian lek
ALL
98.1500
103.8800
100.7014
108.7483
Bosnian convertible mark
BAM
1.9558
1.9558
1.9558
1.9558
Bulgarian lev
BGN
1.9558
1.9558
1.9558
1.9558
Georgian lari
GEL
2.9306
2.9960
2.9444
2.8432
Macedonian denar
MKD
61.4950
61.4950
61.5344
61.5572
Moldovan leu
MDL
19.3106
19.3574
19.2533
19.6431
New Turkish Lira
TRY
36.7372
32.6531
35.5734
25.7597
Polish zloty
PLN
4.2750
4.3395
4.3058
4.5420
Romanian leu
RON
4.9743
4.9756
4.9746
4.9467
Swiss franc
CHF
0.9412
0.9260
0.9526
0.9718
Serbian dinar
RSD
117.0149
117.1737
117.0861
117.2530
Czech koruna
CZK
25.1850
24.7240
25.1198
24.0043
Ukraine hryvnia
UAH
43.9266
42.2079
43.4588
39.5619
Hungarian forint
HUF
411.3500
382.8000
395.3039
381.8527
US Dollar
USD
1.0389
1.1050
1.0824
1.0813
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-111": { "value": "
Accounting for business combinations
Business combinations are recognised using the purchase method. Goodwill is recognised as the value of the consideration transferred in a business combination and all non-controlling interests in the acquired company less the identifiable assets acquired and liabilities assumed. In any business combination, present non-controlling interests that entitle holders to a proportionate share of the entity\u2019s net assets in the event of a liquidation can be measured either at fair value or as a share of the identifiable net assets. Unless another IFRS provides a different measurement method, all other components of non-controlling interests are measured at the corresponding share of the identifiable net assets. If the consideration is less than

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-112": { "value": "
24.3. (Re-)Insurance contracts
Classification
Insurance contracts are defined as contracts under which one party (the insurer) accepts significant insurance risk from another party (the policyholder), by agreeing to provide compensation to the policyholder if a specified uncertain future event (the insured event) negatively affects the policyholder. Financial risk is the risk of a possible future change in e.g. specific interest rates, securities prices, price indices, interest rate indices, credit ratings and credit indices. It must be noted that in the case of a non-financial variable, the variable is not specific to one counterparty. In many cases, particularly in the life insurance area, insurance policies as defined in IFRS\u00a017 also transfer financial risk.
Some contracts have the legal form of insurance contracts but do not transfer significant insurance risk. Such financial insurance policies exist only to a minor extent in the personal insurance area. These contracts are classified as financial liabilities and are defined as \u201cinvestment contracts\u201d. Investment contracts are generally out of the IFRS\u00a017 scope. However, if investment contracts have discretionary participation features, these contracts are nevertheless within the IFRS\u00a017 scope.
The majority of the VIG life insurance contracts are eligible to be measured using the VFA (Variable Fee Approach). These are contracts for which, at inception:
\u2022 the contract conditions specify that the policyholder participates in a share of a clearly identified pool of underlying items;
\u2022 it is expected to pay to the policyholder an amount equal to a substantial share of the fair value returns on the underlying items; and
\u2022 it is expected that a substantial proportion of any change in the amounts to be paid to the policyholder will vary with the change in fair value of the underlying items.

This primarily concerns VIG\u2019s Austrian, Czech and German insurance contracts in the life insurance balance sheet unit. In the life business of virtually all other countries the policyholder participation is at the sole discretion of the company concerned. These products are measured with GMM (General Measurement Model).
In the primary P&C insurance, the PAA (Premium Allocation Approach) is applied to measure short-duration insurance contracts and is the preferred measurement approach. This is also the case for long-duration P&C insurance contracts if the measurement under PAA is not materially different to the measurement under GMM. Long-duration insurance contracts in primary insurance without direct participation features are generally measured with GMM. Neither held nor issued reinsurance contracts can be classified as direct profit participation contracts, which is why these cannot be assessed using the VFA. Reinsurance contracts are therefore assessed either with the PAA or the GMM.
Accounting treatment
Separating components
Before VIG accounts for an insurance or reinsurance contract based on the guidance in IFRS\u00a017, it analyses whether the contract contains components that should be separated. Meaning, those components must be accounted for under another IFRS rather than IFRS\u00a017 (distinct non-insurance components). After separating any distinct non-insurance components, IFRS\u00a017 is applied to all remaining components of the insurance contract.
Investment components are defined as the amounts that an insurance contract requires an insurer to repay to a policyholder in all circumstances, regardless of whether an insured event has occurred or not. Investment components (e.g. surrender options in life insurance contracts) which are highly interrelated with the insurance contract, of which they form a part, are considered non-distinct and are not separately accounted for. However, receipts and payments of the investment components are excluded from insurance service revenue and insurance service expenses. Some insurance contracts require the repayment of a contractually agreed amount but not in all circumstances and not as a result of an insured event. These amounts represent premium refunds and reduce insurance service revenue and insurance service expenses. The Group presents premium refunds as deductions within the premiums received.
Some reinsurance contracts contain certain commission arrangements. According to their nature, commissions may be:
\u2022 deducted from premiums received,
\u2022 included within claims or
\u2022 treated as an investment component.
Level of aggregation
After identifying which insurance contracts are within the scope of IFRS\u00a017, taking into account the effects of the combination of insurance contracts, separation of distinct non-insurance components, and the separation of multiple insurance contracts contained within a single legal policy document, IFRS\u00a017 necessitates to define the level of aggregation for applying its requirements.

The level of aggregation is determined firstly by dividing the business written into portfolios. Portfolios comprise groups of contracts with similar risks that are managed together. Based on their expected profitability at inception, portfolios are afterwards split into three categories:
\u2022 onerous contracts,
\u2022 contracts with no significant risk of becoming onerous; and
\u2022 the remaining contracts.
For GMM and PAA, IFRS\u00a017 also notes that no group for level of aggregation purposes may contain contracts issued more than one year apart. For its VFA business, VIG applies the optional exemption from forming groups based on underwriting year (annual cohorts) that is applicable in the European Union. This option provides an exemption from the formation of annual cohorts for intergenerationally mutualised and cash flow matched insurance contracts. This is to allow for an appropriate cost-benefit ratio at the time the contractual service margin is recognised. This exemption primarily concerns long-term life insurance with profit participation and long-term health insurance.
Once the groups of insurance contracts are determined, they become the unit of account to which the consolidated insurance companies apply requirements of IFRS\u00a017. This means that IFRS\u00a017 metrics such as fulfilment cash flows, the contractual service margin (\u201cCSM\u201d) and loss components should be available at this granularity. VIG has defined portfolios of insurance and reinsurance contracts issued based on the Solvency II structure for life, health and P&C insurances due to the fact that the products are subject to similar risks and managed together.
In determining groups of contracts, VIG has decided to group together those contracts that would fall into different groups because law or regulation specifically constrains its practical ability to set a different price or level of benefits for policyholders with different characteristics.
The groups of contracts for which the fair value approach has been adopted on transition include contracts issued more than one year apart. Please refer to the transition approach applied by VIG in chapter IFRS 17 transition date (1 January 2022): Fair value approach (FVA) starting on page 232.
In most cases, the profitability of groups of contracts is assessed by actuarial cash flow models and profitability metrics that take into consideration existing and new business. For insurance contracts measured applying PAA, it is assumed that no contracts in the portfolio are onerous at initial recognition unless facts and circumstances indicate otherwise. For contracts that are not onerous, it has to be assessed, at initial recognition, that there is no significant possibility of becoming onerous subsequently by assessing the likelihood of changes in applicable facts and circumstances. Please refer to chapter Onerous contracts starting on page\u00a0230 for further information on onerous contracts.
Portfolios of reinsurance contracts held are divided applying the same principles set out above, except that the references to onerous contracts refer to contracts on which there is a net gain on initial recognition. It is possible that a group of reinsurance contracts held comprises a single contract.

For the consolidated insurance companies, the direct insurance and optional reinsurance were grouped into the following IFRS\u00a017 portfolios for P&C, life and health insurance:
\u2022 Life insurance:
\u2013 With profit participation
\u2013 Unit- and index-linked
\u2013 Other
\u2013 Issued and held Treaty reinsurance
\u2013 Facultative issued reinsurance
\u2013 Facultative held reinsurance
\u2022 Health insurance:
\u2013 Long-term health insurance (similar to life)
\u2013 Issued and held Treaty reinsurance
\u2022 Property and casualty insurance:
\u2013 Medical expense insurance
\u2013 Income protection insurance
\u2013 Workers\u2019 compensation insurance
\u2013 Motor vehicle liability insurance
\u2013 Other motor insurance
\u2013 Marine, aviation and transport insurance
\u2013 Fire and other damage to property insurance
\u2013 General liability insurance
\u2013 Credit and suretyship insurance
\u2013 Legal expenses insurance
\u2013 Assistance
\u2013 Miscellaneous financial losses
\u2013 Issued and held Treaty reinsurance
\u2013 Facultative issued reinsurance
\u2013 Facultative held reinsurance
Onerous contracts
Some contracts are issued before the coverage period starts and the initial premium becomes due. Therefore, the consolidated insurance companies determine before the beginning of the coverage period or at the time when the first payment from the policyholder in the group is due, depending on which occurs earlier, whether issued contracts constitute a group of onerous contracts. To identify whether a group of contracts is onerous, facts and circumstances are considered based on:
\u2022 pricing information,
\u2022 results of similar contracts the group has recognised and
\u2022 environmental factors, like changes in market or regulations.
Further details are discussed in chapter\u00a0Presentation starting on page\u00a0239.

Recognition
Groups of insurance contracts issued have to be recognised from the earliest of the following:
\u2022 The beginning of the coverage period of the group of contracts;
\u2022 The date when the initial payment from a policyholder in the group of contracts becomes due, or when the first payment is received if there is no due date; or
\u2022 For a group of onerous contracts, as soon as facts and circumstances indicate that the group is onerous.
Proportional and non-proportional groups of reinsurance contracts held have to be recognised at the latest of the following:
\u2022 The beginning of the coverage period of the group of reinsurance contracts held or
\u2022 The date the consolidated insurance companies recognise an onerous group of underlying insurance contracts if the consolidated insurance companies entered into the related reinsurance contract held in the group of reinsurance contracts held at or before that date.
Additionally, the recognition of proportional groups of reinsurance contracts held shall be delayed until the date when any underlying insurance contract is initially recognised, if that date is later than the beginning of the coverage period of the group of reinsurance contracts held.
New contracts are added to the group in the reporting period in which that contract meets one of the criteria set out above.
Contract boundary
The measurement of a group of insurance contracts includes all future cash flows within the boundary of each contract in the group. Cash flows are within the boundary of an insurance contract if they arise from substantive rights and obligations that exist during the reporting period in which the policyholder can be compelled to pay the premiums, or in which a substantive obligation exists to provide the policyholder with insurance contract services. A substantive obligation to provide insurance contract services ends when the practical possibility exists to reassess the risks of the particular policyholder and, as a result, a price or level of benefits can be set that fully reflects those risks; or both of the following criteria are satisfied:
\u2022 the practical ability exists to reassess the risks of the portfolio of insurance contracts that contain the contract and, as a result, a price or level of benefits can be set that fully reflects the risk of that portfolio; as well as
\u2022 the pricing of the premiums up to the date when the risks are reassessed does not take into account the risks that relate to periods after the reassessment date.
A liability or asset relating to expected premiums or claims outside the boundary of the insurance contract are not recognised as these amounts relate to future insurance contracts.
For contracts with renewal periods, it is assessed whether premiums and related cash flows that arise from the renewed contract are within the contract boundary. The pricing of the renewals to which IFRS\u00a017 is applied is established by considering all the risks covered for the policyholder that would be considered when underwriting equivalent contracts on the renewal dates for the remaining service. The contract boundary of each group of contracts is reassessed at the end of each reporting period.

IFRS\u00a017 transition date (1 January 2022): Fair value approach (FVA)
The discount rates used for groups of insurance contracts were determined at the transition date. Therefore, the locked-in discount rates, for the measurement of fulfilment cash flows of a group of insurance contracts at the date of transition, are the weighted average rates applicable at the date of initial recognition of the underlying contracts. The discount rate used for the accretion of interest on the CSM was determined using the bottom-up approach at inception.
The fair value approach is a simplified method of determining the CSM and/or loss components for groups of insurance contracts at the transition date. The CSM or loss component of the LRC at the transition date is determined as the difference between the fair value of the group of insurance contracts and the fulfilment cash flows measured at that date. In determining the fair value, the requirements of IFRS\u00a013 Fair Value Measurement were applied; except for the application of IFRS\u00a013.47 regarding the characteristic of short-term retrievability.
When applying the fair value approach at the transition date, it is permissible to aggregate contracts issued more than one year apart.
Reasonable and supportable information that was available at the transition date was used for the following:
\u2022 identify groups of insurance contracts,
\u2022 determine whether any contracts are direct participating insurance contracts,
\u2022 identify any discretionary cash flows for insurance contracts without direct participation features,
\u2022 determine whether an investment contract meets the definition of an investment contract with discretionary participation features as defined in IFRS\u00a017.
VIG divides insurance finance effects into amounts recognised through profit and loss and amounts recognised directly in equity.
The cost of capital approach to determine the fair value was used to calculate the insurance contract liabilities at the transition date. This was calculated as follows:
\u2022 the economically calculated best-estimate liability without taking into account reporting requirements; plus
\u2022 a profit margin in line with the market.

The discount rates applied at the transition date
Spot Rates
01/01/2022
\u00a0
1 year
3 years
5 years
10 years
20 years
30 years
in %
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
ALL
-0.58
-0.25
-0.08
0.21
0.46
1.05
BAM
-0.64
-0.30
-0.13
0.15
0.40
1.01
BGN
-0.64
-0.30
-0.13
0.15
0.40
1.01
CHF
-0.80
-0.48
-0.33
-0.01
-0.01
0.32
CZK
4.63
4.13
3.71
3.09
2.96
3.06
EUR
-0.58
-0.25
-0.08
0.21
0.46
1.05
GBP
0.78
1.20
1.20
1.11
1.05
1.00
GEL
7.78
8.13
8.13
8.07
7.87
7.34
HRK
-0.18
0.01
0.19
0.82
1.72
2.21
HUF
3.49
4.13
4.29
4.43
4.66
4.69
MDL
-0.58
-0.25
-0.08
0.21
0.46
1.05
MKD
-0.58
-0.25
-0.08
0.21
0.46
1.05
PLN
2.66
3.60
3.73
3.57
3.49
3.47
RON
3.93
4.52
4.68
5.07
5.01
4.68
RSD
2.21
2.76
3.29
4.01
4.17
4.06
TRY
21.64
24.35
25.35
24.27
20.71
16.92
UAH
11.43
12.73
12.68
10.14
7.58
6.82
USD
0.44
1.08
1.28
1.50
1.67
1.64
*Without illiquidity adjustment
Illiquidity adjustment
01/01/2022
in basis points
\u00a0
Bosnia-Herzegovina
100
Bulgaria
45
Germany
15
Croatia (HRK)
9
Liechtenstein
15
Austria
15
Poland
63
Serbia
200
Slovakia
8
Czech Republic
29
T\u00fcrkiye
26
Hungary
19
With regard to material accounting estimates and judgements made under this approach, reference is made to Note 23.1. (Re-)Insurance contracts starting on page\u00a0218.
Initial measurement
Insurance contracts not measured under PAA
A group of insurance contracts is measured as the total of:
\u2022 the fulfilment cash flows and
\u2022 the CSM, representing the unearned profit the consolidated insurance companies will recognise as they provide insurance contract services under the insurance contracts in the group.

The fulfilment cash flows consist of:
\u2022 unbiased and probability-weighted estimates of future cash flows,
\u2022 a discount to present value to reflect the time value of money and financial risks, and
\u2022 a risk adjustment for non-financial risks.
The objective in estimating future cash flows is to determine the expected value (or the probability-weighted mean value) of the full range of possible outcomes, considering all reasonable and supportable information available at the reporting date without undue cost or effort. Future cash flows are estimated considering a range of scenarios which have economical substance and give a good representation of possible outcomes. The cash flows from each scenario are probability-weighted and discounted using current assumptions.
When estimating future cash flows, all cash flows within the contract boundary are considered for example:
\u2022 premiums and any additional related cash flows,
\u2022 claims and benefits, including reported claims not yet paid, incurred claims not yet reported and expected future claims including:
\u2013 payments to policyholders that vary depending on returns of underlying items and
\u2013 allocation of insurance acquisition costs attributable to the portfolio to which the contract belongs.
\u2022 claims handling costs,
\u2022 policy administration and maintenance costs, including recurring commissions that are expected to be paid to intermediaries,
\u2022 allocation of fixed and variable overheads directly attributable to fulfilling insurance contracts,
\u2022 transaction-based taxes.
The measurement of fulfilment cash flows includes insurance acquisition costs that are recognised as an expense over the coverage period of the group of insurance contracts. At the same time an equal amount is recorded as insurance service revenue representing a portion of premium that relates to recovering insurance acquisition costs.
Insurance contracts measured under PAA
VIG applies the premium allocation approach (PAA) at least to all short-term P&C insurance contracts that it issues, as:
\u2022 the coverage period of each contract in the group is one year or less, including insurance contract services arising from all premiums within the contract boundary (refer to chapter Contract boundary starting on page\u00a0231), or
\u2022 for contracts longer than one year, possible future scenarios have been modelled and it is assumed that the measurement of the liability for remaining coverage for the group containing those contracts under the PAA does not differ materially from the measurement that would result from the application of the GMM. In assessing materiality, qualitative factors such as the nature of the risk and types of its insurance portfolios are also considered.
The PAA is not applied if, at the initial recognition of the group of contracts, a significant variability in the fulfilment cash flows is expected that would affect the measurement of the liability for the remaining coverage (LRC) during the period before a claim is incurred. Variability in the fulfilment cash flows increases with, for example:
\u2022 the extent of future cash flows related to any derivatives embedded in the contracts and
\u2022 the length of the coverage period of the group of contracts.
For a group of contracts that is not onerous at initial recognition, the liability for remaining coverage is measured as:
\u2022 the premiums, if any, received at initial recognition,
\u2022 minus any insurance acquisition cash flows at that date,
\u2022 plus or minus any amount arising from the derecognition at that date in the item insurance acquisition costs recognised as assets
\u2022 plus or minus any other assets or liabilities previously recognised for cash flows prior to the recognition of the group of insurance contracts.
Where facts and circumstances indicate that contracts are onerous at initial recognition, additional analysis helps determining if a net outflow is expected from the contract. Such onerous contracts are separately grouped from other contracts and a loss is recognised in profit and loss for the net outflow, resulting in the book value of the liability for the group being equal to the fulfilment cash flows. A loss component is established for the liability for remaining coverage for such onerous group depicting the losses calculated. For additional disclosures on the loss component, please refer to chapter Presentation starting on page\u00a0239 and for onerous contracts to chapter Onerous contracts starting on page\u00a0230.
For contracts measured using the PAA, VIG accounting policy does not, in general, permit the liability for remaining coverage (LRC) to be measured using discounted cash flows, unless the group of contracts is onerous.
Reinsurance contracts held
Reinsurance assets for a group of reinsurance contracts held are measured on the same basis as a group of insurance contracts issued. However, they are adapted to reflect the features of reinsurance contracts held that differ from insurance contracts issued, for example the increase in expenses or reduction in expenses rather than income.
A loss is recognised on initial recognition of an onerous group of underlying insurance contracts or when further onerous underlying insurance contracts are added to a group. Furthermore, a loss-recovery component of the asset for remaining coverage is established for a group of reinsurance contracts held depicting the recovery of losses.
The loss-recovery component is calculated by multiplying the loss recognised on the underlying insurance contracts and the percentage of claims on the same underlying insurance contracts that the consolidated insurance companies expect to recover from the group of reinsurance contracts held. Where only some contracts in the onerous underlying group are covered by the group of reinsurance contracts held, a systematic and rational method is used to determine the portion of losses recognised on the underlying group of insurance contracts that relate to insurance contracts covered by the group of reinsurance contracts held. The loss-recovery component adjusts the book value of the asset for remaining coverage.
Where the group enters reinsurance contracts held which provide coverage relating to events that occurred before the purchase of the reinsurance, such cost of reinsurance is recognised in profit or loss on initial recognition.

Subsequent measurement
According to IAS\u00a034, the general frequency of reporting must not affect the annual results. IFRS\u00a017 requires changes in estimates that relate to changes in future services in the contractual service margin to be immediately recognised in the income statement. To avoid affecting the annual result, measurements during the year must be based on a cumulative basis from the beginning of the financial year to the reporting date (year-to-date accounting). Under year-to-date accounting, changes in estimates recorded in periods during the year are not taken into account, while they are included in the calculation with date-to-date accounting. VIG Insurance Group decided to make use of the year-to-date accounting option according to IFRS\u00a017.B137.
Insurance contracts not measured under PAA
The CSM at the end of the reporting period represents the profit in the group of insurance contracts that has not yet been recognised in profit and loss, because it relates to future services to be provided.
For a group of insurance contracts measured with the GMM, the book value of the CSM of the group at the end of the reporting period equals the book value at the beginning of the reporting period adjusted by:
\u2022 the effect of any new contracts added to the group,
\u2022 interest accreted on the book value of the CSM during the reporting period, measured at the discount rates at initial recognition,
\u2022 the changes in fulfilment cash flows relating to future service, except to the extent that:
\u2013 such increases in the fulfilment cash flows exceed the book value of the CSM, giving rise to a loss; or
\u2013 such decreases in the fulfilment cash flows are allocated to the loss component of the liability for remaining coverage (see chapter Loss component starting on page\u00a0240),
\u2022 the effect of any currency exchange differences on the CSM, and
\u2022 the amount recognised as insurance service revenue because of the transfer of insurance contract services in the period, determined by the allocation of the CSM remaining at the end of the reporting period (before any allocation) over the current and remaining coverage period (see chapter Insurance service revenue starting on page\u00a0240).
The subsequent measurement assumes for the CSM calculation using the VFA the following modifications compared to GMM:
\u2022 Changes to financial assumptions resulting from the underlying reference values would lead to an adjustment of the CSM instead of the income statement (or optionally the statement of comprehensive income). This includes:
\u2013 Changes in fair value of the underlying assets; and also
\u2013 Changes in estimates of the present value of future cash flows that do not change based on the returns of the underlying assets in relation to future services.
\u2022 There is no explicit CSM increase in interest.

The changes in fulfilment cash flows for contracts measured with the GMM relating to future services that adjust the CSM comprise:
\u2022 experience adjustments that arise from the difference between the premium receipts (and any related cash flows such as insurance acquisition costs and insurance premium taxes) and the estimate, at the beginning of the period, of the amounts expected. Differences related to premiums received (or due) related to current or past services are recognised immediately in profit or loss while differences related to premiums received (or due) for future services are adjusted against the CSM;
\u2022 changes in estimates of the present value of future cash flows in the liability for remaining coverage, except those relating to the time value of money and changes in financial risk (recognised in the income statement and other comprehensive income rather than adjusting the CSM);
\u2022 differences between the investment component expected to become payable in the period and the actual investment component that becomes payable in the period. These differences are determined by comparing the actual investment component that becomes payable in the period with the payment that was expected at the start of the period plus any insurance finance income or expenses related to that expected payment before it becomes payable. The same applies to a policyholder loan that becomes repayable; and
\u2022 changes in the risk adjustment for non-financial risk that relate to future services.
The adjustments to the CSM noted above are measured at discount rates that reflect the characteristics of the cash flows of the group of insurance contracts at initial recognition (see Note 23.1. (Re-)Insurance contracts subchapter Discount rates starting on page\u00a0219).
Where, during the coverage period, a group of insurance contracts becomes onerous, a loss is recognised in profit and loss for the net outflow, resulting in the book value of the liability for the group being equal to the fulfilment cash flows. A loss component is established for the liability for remaining coverage for such onerous group depicting the losses recognised. For additional disclosures on the loss component, please refer to page\u00a0240.
The book value of a group of insurance contracts is measured at the end of each reporting period as the sum of:
\u2022 the liability for remaining coverage comprising fulfilment cash flows related to future service allocated to the group at that date and the CSM of the group at that date; and
\u2022 the liability for incurred claims comprising the fulfilment cash flows related to past service allocated to the group at that date.
Insurance contracts measured under PAA
At the end of each reporting period, the book value of the liability for remaining coverage is the book value at the beginning of the period:
\u2022 plus premiums received in the period,
\u2022 minus insurance acquisition costs (see chapter Insurance acquisition costs starting on page\u00a0238),
\u2022 plus any amounts relating to the amortisation of the insurance acquisition cash flows recognised as an expense in the reporting period for the group,
\u2022 plus any adjustment to the financing component, where applicable,
\u2022 minus the amount recognised as insurance service revenue for the services provided in the period, and
\u2022 minus any investment component paid or transferred to the liability for incurred claims.
The liability for incurred claims (LIC) is estimated as the fulfilment cash flows related to incurred claims. The fulfilment cash flows incorporate, in an unbiased way, all reasonable and supportable information available without undue cost or effort about the amount, timing and uncertainty of future cash flows, they reflect current estimates, and include an explicit adjustment for non-financial risk (the risk adjustment). VIG always discounts the LIC even when the cash flows are expected to be paid or received in one year or less from the date the claims are incurred.
Where, during the coverage period, facts and circumstances indicate that a group of insurance contracts is onerous, a loss in profit and loss is recognised for the net outflow, resulting in the book value of the liability for the group being equal to the fulfilment cash flows. A loss component is established for the liability for remaining coverage for such onerous group depicting the losses recognised. For additional disclosures on the loss component, please refer to page\u00a0230 and page\u00a0240. For additional information on insurance acquisition costs, please refer to chapter Insurance acquisition costs starting on page\u00a0238.
Reinsurance contracts held
The subsequent measurement of reinsurance contracts held follows the same principles as those for insurance contracts issued and has been adapted to reflect the specific features of reinsurance contracts held.
Where a loss-recovery component has been established, the consolidated insurance companies subsequently reduce the loss-recovery component to zero in line with reductions in the onerous group of underlying insurance contracts in order to reflect that the loss-recovery component shall not exceed the portion of the book value of the loss component of the onerous group of underlying insurance contracts that the entity expects to recover from the group of reinsurance contracts held.
Modification and derecognition
Insurance contracts are derecognised when the rights and obligations relating to the contract are extinguished (i.e., discharged, cancelled or expired) or the contract is modified such that the modification results in a change in the measurement model, or the applicable standard for measuring a component of the contract. In such cases, the initial contract is derecognised and the modified contract is recognised as a new contract.
Insurance acquisition costs
Insurance acquisition costs arise from the costs of selling, underwriting and starting a group of insurance contracts (issued or expected to be issued) that are directly attributable to the portfolio of insurance contracts to which the group belongs.
Where insurance acquisition costs have been paid or incurred before the related group of insurance contracts is recognised in the consolidated balance sheet, a separate asset for insurance acquisition costs is recognised for each related group.

The asset for insurance acquisition costs is derecognised from the consolidated balance sheet when the insurance acquisition costs are included in the initial measurement of the CSM of the related group of insurance contracts.
It is required to apply a systematic and rational method to allocate:
\u2022 Insurance acquisition costs that are directly attributable to a group of insurance contracts:
\u2013 to that group; and
\u2013 to groups that include insurance contracts that are expected to arise from the renewals of the insurance contracts in that group.
\u2022 Insurance acquisition costs that are not directly attributable to a group of contracts but directly attributable to a portfolio of insurance contracts to groups in the portfolio.
At the end of each reporting period, the amounts of insurance acquisition costs allocated to groups of insurance contracts not yet recognised are revised, to reflect changes in assumptions related to the method of allocation used.
After any re-allocation, the recoverability of the asset for insurance acquisition costs is assessed, if facts and circumstances indicate the asset may be impaired. When assessing the recoverability, it is required to apply the following:
\u2022 an impairment test at the level of an existing or future group of insurance contracts; and
\u2022 an additional impairment test specifically covering the insurance acquisition costs allocated to expected future contract renewals.
If an impairment loss is recognised, the book value of the asset is adjusted and an impairment is recognised in profit and loss in the item insurance service expenses \u2013 issued.
A full or partly reversal of previously recognised impairments are recognised in profit or loss and increase the book value of the asset, to the extent that the impairment conditions no longer exist or have improved.
Presentation
In accordance with IFRS\u00a017, the consolidated insurance companies report the book value of the following portfolios separately in the consolidated balance sheet:
\u2022 Insurance contracts issued that are assets,
\u2022 Insurance contracts issued that are liabilities,
\u2022 Portfolios of reinsurance contracts held that are assets, and
\u2022 Portfolios of reinsurance contracts held that are liabilities.
Assets or liabilities recognised before the commencement of the corresponding insurance contracts are included in the book value of the related portfolios of insurance contracts issued.
The amounts recognised in the income statement and in the other comprehensive income are disaggregated into the items insurance service result and insurance finance result.

The income or expenses from reinsurance contracts held are likewise presented in the income statement in the item insurance service result, whereby the reinsurance service result is presented separately from the expenses or income from insurance contracts issued.
The change in risk adjustment for non-financial risks is disaggregated between the items insurance service result and insurance finance result.
Insurance service revenue
The insurance service revenue depicts the provision of services arising from a group of insurance contracts at an amount that reflects the consideration to which it is expected to be entitled in exchange for those services.
For contracts not measured under PAA, insurance service revenue from a group of insurance contracts is therefore the relevant portion for the period of the total consideration for the contracts. Which means, the amount of premiums paid to the consolidated insurance companies adjusted for financing effect (the time value of money) and excluding any investment components. The total consideration for a group of contracts covers amounts related to the provision of services and is comprised of:
\u2022 insurance service expenses, excluding any amounts relating to the risk adjustment for non-financial risks and any amounts allocated to the loss component of the liability for remaining coverage;
\u2022 other amounts like income tax that are specifically chargeable to the policyholder;
\u2022 the risk adjustment for non-financial risks, excluding any amounts allocated to the loss component of the liability for remaining coverage;
\u2022 the CSM release and
\u2022 amounts related to insurance acquisition costs.
For material judgements applied to the amortisation of CSM, please refer to chapter Amortisation of the Contractual Service Margin (CSM) starting on page\u00a0220.
Under PAA, the insurance service revenue for the period is the amount of expected premium receipts excluding any investment component which is allocated to the period. The expected premium receipts are allocated to each period of insurance contract services mainly on a basis of a linear release pattern on local entity level. However, if the expected pattern of release of risk during the coverage period differs significantly from the passage of time, then the allocation is made on the basis of the expected timing of incurred insurance service expenses.
If facts and circumstances change, the two methods mentioned above will be alternated.
Loss component
Contracts that are onerous at initial recognition are grouped separately from contracts in the same portfolio that are not onerous at initial recognition. Groups that were not onerous at initial recognition may subsequently become onerous if assumptions change and experience adjustments are performed. For any onerous group a loss component of the liability for remaining coverage is established depicting the future losses recognised.
A loss component represents a notional record of the losses attributable to each group of onerous insurance contracts or contracts profitable at inception that have become onerous. The loss component is released based on a systematic allocation of the subsequent changes relating to future service in the fulfilment cash flows. The loss component is also updated for subsequent changes relating to future service in estimates of the fulfilment cash flows and the risk adjustment for non-financial risks. The systematic allocation of subsequent changes to the loss component results in the total amounts allocated to the loss component being equal to zero by the end of the coverage period of a group of contracts since the loss component will have been realised in the form of incurred claims.
For groups of contracts measured under the PAA, no contracts are assumed to be onerous at initial recognition unless facts and circumstances indicate otherwise. Where this is not the case, and if at any time during the coverage period the facts and circumstances mentioned in Note 25.3. indicate that a group of insurance contracts is onerous, a loss component has to be established as the excess of the fulfilment cash flows that relate to the remaining coverage of the group over the book value of the liability for remaining coverage of the group as determined in chapter Initial measurement starting on page\u00a0233. Accordingly, by the end of the coverage period of the group of contracts the loss component will be zero.
Loss-recovery components
As described in chapters Initial measurement-Reinsurance contracts held starting on page\u00a0235 and subsequent measurement Reinsurance contracts held starting on page 238 when a loss is recognised on initial recognition of an onerous group of underlying insurance contracts or when further onerous underlying insurance contracts are added to a group, a loss-recovery component (LoReCo) of the asset for remaining coverage is established for a group of reinsurance contracts held depicting the recovery of losses.
Where a loss component has been set up subsequent to initial recognition of a group of underlying insurance contracts, the portion of income that has been recognised from related reinsurance contracts held is disclosed as a loss-recovery component.
Where a loss-recovery component has been set up at initial recognition or subsequently, the loss-recovery component is adjusted to reflect changes in the loss component of an onerous group of underlying insurance contracts.
The book value of the loss-recovery component must not exceed the portion of the book value of the loss component of the onerous group of underlying insurance contracts that the consolidated insurance companies expect to recover from the group of reinsurance contracts held. On this basis, the loss-recovery component recognised at initial recognition is reduced to zero in line with reductions in the onerous group of underlying insurance contracts and is nil when the loss component of the onerous group of underlying insurance contracts is nil.
Reinsurance contracts held result
IFRS\u00a017 requires a reinsurance contract held to be accounted for separately from the underlying insurance contracts to which it relates. Additionally, amounts arising from transactions with reinsurers shall be reported according to whether they relate to:
\u2022 the amounts recovered from the reinsurer or
\u2022 amounts allocated to premiums paid.
With special treatment of:
\u2022 reinsurance cash flows that are contingent on claims on the underlying contracts, which are treated as part of the claims that are expected to be reimbursed under the reinsurance contract held;
\u2022 reinsurance cash flows that are not contingent on claims on the underlying contracts (e.g. some types of ceding commissions), which are treated as a reduction in the premiums to be paid to the reinsurer.
\u2022 Amounts relating to the recovery of losses relating to reinsurance of onerous direct contracts are included as amounts recoverable from the reinsurer.

Insurance finance result
The insurance finance result comprises the change in the book value of the group of insurance contracts arising from:
\u2022 the effect of the time value of money and changes in the time value of money and
\u2022 the effect of financial risk and changes in financial risk, but
\u2022 excluding any such changes for groups of insurance contracts with direct participation features that would adjust the CSM but do not do so because the groups of contracts are onerous. These are included in insurance service expenses.
VIG applies the option to disaggregate the insurance finance result for insurance contracts issued between the income statement and other comprehensive income. The OCI option allows inconsistent measurements (accounting mismatch) of assets and liabilities to be offset through equity, rather than through profit or loss. Such differences can, for example, occur for life insurance policies eligible for profit-participation. If the business model requires such measurement, the OCI option is used to minimise the accounting mismatch. For participations that are being held for strategic purposes, the OCI option is predominantly used in order to minimise the accounting mismatches mentioned above. VIG\u2019s financial assets backing the insurance issued portfolios are predominantly measured at amortised cost or FVtOCI.
The total insurance finance income or expenses are systematically allocated to profit and loss over the duration of the group of contracts by using discount rates determined on group of insurance level.
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24.3. (Re-)Insurance contracts
Classification
Insurance contracts are defined as contracts under which one party (the insurer) accepts significant insurance risk from another party (the policyholder), by agreeing to provide compensation to the policyholder if a specified uncertain future event (the insured event) negatively affects the policyholder. Financial risk is the risk of a possible future change in e.g. specific interest rates, securities prices, price indices, interest rate indices, credit ratings and credit indices. It must be noted that in the case of a non-financial variable, the variable is not specific to one counterparty. In many cases, particularly in the life insurance area, insurance policies as defined in IFRS\u00a017 also transfer financial risk.
Some contracts have the legal form of insurance contracts but do not transfer significant insurance risk. Such financial insurance policies exist only to a minor extent in the personal insurance area. These contracts are classified as financial liabilities and are defined as \u201cinvestment contracts\u201d. Investment contracts are generally out of the IFRS\u00a017 scope. However, if investment contracts have discretionary participation features, these contracts are nevertheless within the IFRS\u00a017 scope.
The majority of the VIG life insurance contracts are eligible to be measured using the VFA (Variable Fee Approach). These are contracts for which, at inception:
\u2022 the contract conditions specify that the policyholder participates in a share of a clearly identified pool of underlying items;
\u2022 it is expected to pay to the policyholder an amount equal to a substantial share of the fair value returns on the underlying items; and
\u2022 it is expected that a substantial proportion of any change in the amounts to be paid to the policyholder will vary with the change in fair value of the underlying items.

This primarily concerns VIG\u2019s Austrian, Czech and German insurance contracts in the life insurance balance sheet unit. In the life business of virtually all other countries the policyholder participation is at the sole discretion of the company concerned. These products are measured with GMM (General Measurement Model).
In the primary P&C insurance, the PAA (Premium Allocation Approach) is applied to measure short-duration insurance contracts and is the preferred measurement approach. This is also the case for long-duration P&C insurance contracts if the measurement under PAA is not materially different to the measurement under GMM. Long-duration insurance contracts in primary insurance without direct participation features are generally measured with GMM. Neither held nor issued reinsurance contracts can be classified as direct profit participation contracts, which is why these cannot be assessed using the VFA. Reinsurance contracts are therefore assessed either with the PAA or the GMM.
Accounting treatment
Separating components
Before VIG accounts for an insurance or reinsurance contract based on the guidance in IFRS\u00a017, it analyses whether the contract contains components that should be separated. Meaning, those components must be accounted for under another IFRS rather than IFRS\u00a017 (distinct non-insurance components). After separating any distinct non-insurance components, IFRS\u00a017 is applied to all remaining components of the insurance contract.
Investment components are defined as the amounts that an insurance contract requires an insurer to repay to a policyholder in all circumstances, regardless of whether an insured event has occurred or not. Investment components (e.g. surrender options in life insurance contracts) which are highly interrelated with the insurance contract, of which they form a part, are considered non-distinct and are not separately accounted for. However, receipts and payments of the investment components are excluded from insurance service revenue and insurance service expenses. Some insurance contracts require the repayment of a contractually agreed amount but not in all circumstances and not as a result of an insured event. These amounts represent premium refunds and reduce insurance service revenue and insurance service expenses. The Group presents premium refunds as deductions within the premiums received.
Some reinsurance contracts contain certain commission arrangements. According to their nature, commissions may be:
\u2022 deducted from premiums received,
\u2022 included within claims or
\u2022 treated as an investment component.
Level of aggregation
After identifying which insurance contracts are within the scope of IFRS\u00a017, taking into account the effects of the combination of insurance contracts, separation of distinct non-insurance components, and the separation of multiple insurance contracts contained within a single legal policy document, IFRS\u00a017 necessitates to define the level of aggregation for applying its requirements.

The level of aggregation is determined firstly by dividing the business written into portfolios. Portfolios comprise groups of contracts with similar risks that are managed together. Based on their expected profitability at inception, portfolios are afterwards split into three categories:
\u2022 onerous contracts,
\u2022 contracts with no significant risk of becoming onerous; and
\u2022 the remaining contracts.
For GMM and PAA, IFRS\u00a017 also notes that no group for level of aggregation purposes may contain contracts issued more than one year apart. For its VFA business, VIG applies the optional exemption from forming groups based on underwriting year (annual cohorts) that is applicable in the European Union. This option provides an exemption from the formation of annual cohorts for intergenerationally mutualised and cash flow matched insurance contracts. This is to allow for an appropriate cost-benefit ratio at the time the contractual service margin is recognised. This exemption primarily concerns long-term life insurance with profit participation and long-term health insurance.
Once the groups of insurance contracts are determined, they become the unit of account to which the consolidated insurance companies apply requirements of IFRS\u00a017. This means that IFRS\u00a017 metrics such as fulfilment cash flows, the contractual service margin (\u201cCSM\u201d) and loss components should be available at this granularity. VIG has defined portfolios of insurance and reinsurance contracts issued based on the Solvency II structure for life, health and P&C insurances due to the fact that the products are subject to similar risks and managed together.
In determining groups of contracts, VIG has decided to group together those contracts that would fall into different groups because law or regulation specifically constrains its practical ability to set a different price or level of benefits for policyholders with different characteristics.
The groups of contracts for which the fair value approach has been adopted on transition include contracts issued more than one year apart. Please refer to the transition approach applied by VIG in chapter IFRS 17 transition date (1 January 2022): Fair value approach (FVA) starting on page 232.
In most cases, the profitability of groups of contracts is assessed by actuarial cash flow models and profitability metrics that take into consideration existing and new business. For insurance contracts measured applying PAA, it is assumed that no contracts in the portfolio are onerous at initial recognition unless facts and circumstances indicate otherwise. For contracts that are not onerous, it has to be assessed, at initial recognition, that there is no significant possibility of becoming onerous subsequently by assessing the likelihood of changes in applicable facts and circumstances. Please refer to chapter Onerous contracts starting on page\u00a0230 for further information on onerous contracts.
Portfolios of reinsurance contracts held are divided applying the same principles set out above, except that the references to onerous contracts refer to contracts on which there is a net gain on initial recognition. It is possible that a group of reinsurance contracts held comprises a single contract.

For the consolidated insurance companies, the direct insurance and optional reinsurance were grouped into the following IFRS\u00a017 portfolios for P&C, life and health insurance:
\u2022 Life insurance:
\u2013 With profit participation
\u2013 Unit- and index-linked
\u2013 Other
\u2013 Issued and held Treaty reinsurance
\u2013 Facultative issued reinsurance
\u2013 Facultative held reinsurance
\u2022 Health insurance:
\u2013 Long-term health insurance (similar to life)
\u2013 Issued and held Treaty reinsurance
\u2022 Property and casualty insurance:
\u2013 Medical expense insurance
\u2013 Income protection insurance
\u2013 Workers\u2019 compensation insurance
\u2013 Motor vehicle liability insurance
\u2013 Other motor insurance
\u2013 Marine, aviation and transport insurance
\u2013 Fire and other damage to property insurance
\u2013 General liability insurance
\u2013 Credit and suretyship insurance
\u2013 Legal expenses insurance
\u2013 Assistance
\u2013 Miscellaneous financial losses
\u2013 Issued and held Treaty reinsurance
\u2013 Facultative issued reinsurance
\u2013 Facultative held reinsurance
Onerous contracts
Some contracts are issued before the coverage period starts and the initial premium becomes due. Therefore, the consolidated insurance companies determine before the beginning of the coverage period or at the time when the first payment from the policyholder in the group is due, depending on which occurs earlier, whether issued contracts constitute a group of onerous contracts. To identify whether a group of contracts is onerous, facts and circumstances are considered based on:
\u2022 pricing information,
\u2022 results of similar contracts the group has recognised and
\u2022 environmental factors, like changes in market or regulations.
Further details are discussed in chapter\u00a0Presentation starting on page\u00a0239.

Recognition
Groups of insurance contracts issued have to be recognised from the earliest of the following:
\u2022 The beginning of the coverage period of the group of contracts;
\u2022 The date when the initial payment from a policyholder in the group of contracts becomes due, or when the first payment is received if there is no due date; or
\u2022 For a group of onerous contracts, as soon as facts and circumstances indicate that the group is onerous.
Proportional and non-proportional groups of reinsurance contracts held have to be recognised at the latest of the following:
\u2022 The beginning of the coverage period of the group of reinsurance contracts held or
\u2022 The date the consolidated insurance companies recognise an onerous group of underlying insurance contracts if the consolidated insurance companies entered into the related reinsurance contract held in the group of reinsurance contracts held at or before that date.
Additionally, the recognition of proportional groups of reinsurance contracts held shall be delayed until the date when any underlying insurance contract is initially recognised, if that date is later than the beginning of the coverage period of the group of reinsurance contracts held.
New contracts are added to the group in the reporting period in which that contract meets one of the criteria set out above.
Contract boundary
The measurement of a group of insurance contracts includes all future cash flows within the boundary of each contract in the group. Cash flows are within the boundary of an insurance contract if they arise from substantive rights and obligations that exist during the reporting period in which the policyholder can be compelled to pay the premiums, or in which a substantive obligation exists to provide the policyholder with insurance contract services. A substantive obligation to provide insurance contract services ends when the practical possibility exists to reassess the risks of the particular policyholder and, as a result, a price or level of benefits can be set that fully reflects those risks; or both of the following criteria are satisfied:
\u2022 the practical ability exists to reassess the risks of the portfolio of insurance contracts that contain the contract and, as a result, a price or level of benefits can be set that fully reflects the risk of that portfolio; as well as
\u2022 the pricing of the premiums up to the date when the risks are reassessed does not take into account the risks that relate to periods after the reassessment date.
A liability or asset relating to expected premiums or claims outside the boundary of the insurance contract are not recognised as these amounts relate to future insurance contracts.
For contracts with renewal periods, it is assessed whether premiums and related cash flows that arise from the renewed contract are within the contract boundary. The pricing of the renewals to which IFRS\u00a017 is applied is established by considering all the risks covered for the policyholder that would be considered when underwriting equivalent contracts on the renewal dates for the remaining service. The contract boundary of each group of contracts is reassessed at the end of each reporting period.

IFRS\u00a017 transition date (1 January 2022): Fair value approach (FVA)
The discount rates used for groups of insurance contracts were determined at the transition date. Therefore, the locked-in discount rates, for the measurement of fulfilment cash flows of a group of insurance contracts at the date of transition, are the weighted average rates applicable at the date of initial recognition of the underlying contracts. The discount rate used for the accretion of interest on the CSM was determined using the bottom-up approach at inception.
The fair value approach is a simplified method of determining the CSM and/or loss components for groups of insurance contracts at the transition date. The CSM or loss component of the LRC at the transition date is determined as the difference between the fair value of the group of insurance contracts and the fulfilment cash flows measured at that date. In determining the fair value, the requirements of IFRS\u00a013 Fair Value Measurement were applied; except for the application of IFRS\u00a013.47 regarding the characteristic of short-term retrievability.
When applying the fair value approach at the transition date, it is permissible to aggregate contracts issued more than one year apart.
Reasonable and supportable information that was available at the transition date was used for the following:
\u2022 identify groups of insurance contracts,
\u2022 determine whether any contracts are direct participating insurance contracts,
\u2022 identify any discretionary cash flows for insurance contracts without direct participation features,
\u2022 determine whether an investment contract meets the definition of an investment contract with discretionary participation features as defined in IFRS\u00a017.
VIG divides insurance finance effects into amounts recognised through profit and loss and amounts recognised directly in equity.
The cost of capital approach to determine the fair value was used to calculate the insurance contract liabilities at the transition date. This was calculated as follows:
\u2022 the economically calculated best-estimate liability without taking into account reporting requirements; plus
\u2022 a profit margin in line with the market.

The discount rates applied at the transition date
Reinsurance contracts held
Reinsurance assets for a group of reinsurance contracts held are measured on the same basis as a group of insurance contracts issued. However, they are adapted to reflect the features of reinsurance contracts held that differ from insurance contracts issued, for example the increase in expenses or reduction in expenses rather than income.
A loss is recognised on initial recognition of an onerous group of underlying insurance contracts or when further onerous underlying insurance contracts are added to a group. Furthermore, a loss-recovery component of the asset for remaining coverage is established for a group of reinsurance contracts held depicting the recovery of losses.
The loss-recovery component is calculated by multiplying the loss recognised on the underlying insurance contracts and the percentage of claims on the same underlying insurance contracts that the consolidated insurance companies expect to recover from the group of reinsurance contracts held. Where only some contracts in the onerous underlying group are covered by the group of reinsurance contracts held, a systematic and rational method is used to determine the portion of losses recognised on the underlying group of insurance contracts that relate to insurance contracts covered by the group of reinsurance contracts held. The loss-recovery component adjusts the book value of the asset for remaining coverage.
Where the group enters reinsurance contracts held which provide coverage relating to events that occurred before the purchase of the reinsurance, such cost of reinsurance is recognised in profit or loss on initial recognition.

Subsequent measurement
According to IAS\u00a034, the general frequency of reporting must not affect the annual results. IFRS\u00a017 requires changes in estimates that relate to changes in future services in the contractual service margin to be immediately recognised in the income statement. To avoid affecting the annual result, measurements during the year must be based on a cumulative basis from the beginning of the financial year to the reporting date (year-to-date accounting). Under year-to-date accounting, changes in estimates recorded in periods during the year are not taken into account, while they are included in the calculation with date-to-date accounting. VIG Insurance Group decided to make use of the year-to-date accounting option according to IFRS\u00a017.B137.
Reinsurance contracts held
The subsequent measurement of reinsurance contracts held follows the same principles as those for insurance contracts issued and has been adapted to reflect the specific features of reinsurance contracts held.
Where a loss-recovery component has been established, the consolidated insurance companies subsequently reduce the loss-recovery component to zero in line with reductions in the onerous group of underlying insurance contracts in order to reflect that the loss-recovery component shall not exceed the portion of the book value of the loss component of the onerous group of underlying insurance contracts that the entity expects to recover from the group of reinsurance contracts held.
Presentation
In accordance with IFRS\u00a017, the consolidated insurance companies report the book value of the following portfolios separately in the consolidated balance sheet:
\u2022 Insurance contracts issued that are assets,
\u2022 Insurance contracts issued that are liabilities,
\u2022 Portfolios of reinsurance contracts held that are assets, and
\u2022 Portfolios of reinsurance contracts held that are liabilities.
Assets or liabilities recognised before the commencement of the corresponding insurance contracts are included in the book value of the related portfolios of insurance contracts issued.
The amounts recognised in the income statement and in the other comprehensive income are disaggregated into the items insurance service result and insurance finance result.

The income or expenses from reinsurance contracts held are likewise presented in the income statement in the item insurance service result, whereby the reinsurance service result is presented separately from the expenses or income from insurance contracts issued.
The change in risk adjustment for non-financial risks is disaggregated between the items insurance service result and insurance finance result.
Insurance service revenue
The insurance service revenue depicts the provision of services arising from a group of insurance contracts at an amount that reflects the consideration to which it is expected to be entitled in exchange for those services.
For contracts not measured under PAA, insurance service revenue from a group of insurance contracts is therefore the relevant portion for the period of the total consideration for the contracts. Which means, the amount of premiums paid to the consolidated insurance companies adjusted for financing effect (the time value of money) and excluding any investment components. The total consideration for a group of contracts covers amounts related to the provision of services and is comprised of:
\u2022 insurance service expenses, excluding any amounts relating to the risk adjustment for non-financial risks and any amounts allocated to the loss component of the liability for remaining coverage;
\u2022 other amounts like income tax that are specifically chargeable to the policyholder;
\u2022 the risk adjustment for non-financial risks, excluding any amounts allocated to the loss component of the liability for remaining coverage;
\u2022 the CSM release and
\u2022 amounts related to insurance acquisition costs.
For material judgements applied to the amortisation of CSM, please refer to chapter Amortisation of the Contractual Service Margin (CSM) starting on page\u00a0220.
Under PAA, the insurance service revenue for the period is the amount of expected premium receipts excluding any investment component which is allocated to the period. The expected premium receipts are allocated to each period of insurance contract services mainly on a basis of a linear release pattern on local entity level. However, if the expected pattern of release of risk during the coverage period differs significantly from the passage of time, then the allocation is made on the basis of the expected timing of incurred insurance service expenses.
If facts and circumstances change, the two methods mentioned above will be alternated.
Loss component
Contracts that are onerous at initial recognition are grouped separately from contracts in the same portfolio that are not onerous at initial recognition. Groups that were not onerous at initial recognition may subsequently become onerous if assumptions change and experience adjustments are performed. For any onerous group a loss component of the liability for remaining coverage is established depicting the future losses recognised.
A loss component represents a notional record of the losses attributable to each group of onerous insurance contracts or contracts profitable at inception that have become onerous. The loss component is released based on a systematic allocation of the subsequent changes relating to future service in the fulfilment cash flows. The loss component is also updated for subsequent changes relating to future service in estimates of the fulfilment cash flows and the risk adjustment for non-financial risks. The systematic allocation of subsequent changes to the loss component results in the total amounts allocated to the loss component being equal to zero by the end of the coverage period of a group of contracts since the loss component will have been realised in the form of incurred claims.
For groups of contracts measured under the PAA, no contracts are assumed to be onerous at initial recognition unless facts and circumstances indicate otherwise. Where this is not the case, and if at any time during the coverage period the facts and circumstances mentioned in Note 25.3. indicate that a group of insurance contracts is onerous, a loss component has to be established as the excess of the fulfilment cash flows that relate to the remaining coverage of the group over the book value of the liability for remaining coverage of the group as determined in chapter Initial measurement starting on page\u00a0233. Accordingly, by the end of the coverage period of the group of contracts the loss component will be zero.
Loss-recovery components
As described in chapters Initial measurement-Reinsurance contracts held starting on page\u00a0235 and subsequent measurement Reinsurance contracts held starting on page 238 when a loss is recognised on initial recognition of an onerous group of underlying insurance contracts or when further onerous underlying insurance contracts are added to a group, a loss-recovery component (LoReCo) of the asset for remaining coverage is established for a group of reinsurance contracts held depicting the recovery of losses.
Where a loss component has been set up subsequent to initial recognition of a group of underlying insurance contracts, the portion of income that has been recognised from related reinsurance contracts held is disclosed as a loss-recovery component.
Where a loss-recovery component has been set up at initial recognition or subsequently, the loss-recovery component is adjusted to reflect changes in the loss component of an onerous group of underlying insurance contracts.
The book value of the loss-recovery component must not exceed the portion of the book value of the loss component of the onerous group of underlying insurance contracts that the consolidated insurance companies expect to recover from the group of reinsurance contracts held. On this basis, the loss-recovery component recognised at initial recognition is reduced to zero in line with reductions in the onerous group of underlying insurance contracts and is nil when the loss component of the onerous group of underlying insurance contracts is nil.
Reinsurance contracts held result
IFRS\u00a017 requires a reinsurance contract held to be accounted for separately from the underlying insurance contracts to which it relates. Additionally, amounts arising from transactions with reinsurers shall be reported according to whether they relate to:
\u2022 the amounts recovered from the reinsurer or
\u2022 amounts allocated to premiums paid.
With special treatment of:
\u2022 reinsurance cash flows that are contingent on claims on the underlying contracts, which are treated as part of the claims that are expected to be reimbursed under the reinsurance contract held;
\u2022 reinsurance cash flows that are not contingent on claims on the underlying contracts (e.g. some types of ceding commissions), which are treated as a reduction in the premiums to be paid to the reinsurer.
\u2022 Amounts relating to the recovery of losses relating to reinsurance of onerous direct contracts are included as amounts recoverable from the reinsurer.

Insurance finance result
The insurance finance result comprises the change in the book value of the group of insurance contracts arising from:
\u2022 the effect of the time value of money and changes in the time value of money and
\u2022 the effect of financial risk and changes in financial risk, but
\u2022 excluding any such changes for groups of insurance contracts with direct participation features that would adjust the CSM but do not do so because the groups of contracts are onerous. These are included in insurance service expenses.
VIG applies the option to disaggregate the insurance finance result for insurance contracts issued between the income statement and other comprehensive income. The OCI option allows inconsistent measurements (accounting mismatch) of assets and liabilities to be offset through equity, rather than through profit or loss. Such differences can, for example, occur for life insurance policies eligible for profit-participation. If the business model requires such measurement, the OCI option is used to minimise the accounting mismatch. For participations that are being held for strategic purposes, the OCI option is predominantly used in order to minimise the accounting mismatches mentioned above. VIG\u2019s financial assets backing the insurance issued portfolios are predominantly measured at amortised cost or FVtOCI.
The total insurance finance income or expenses are systematically allocated to profit and loss over the duration of the group of contracts by using discount rates determined on group of insurance level.
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Insurance acquisition costs
Insurance acquisition costs arise from the costs of selling, underwriting and starting a group of insurance contracts (issued or expected to be issued) that are directly attributable to the portfolio of insurance contracts to which the group belongs.
Where insurance acquisition costs have been paid or incurred before the related group of insurance contracts is recognised in the consolidated balance sheet, a separate asset for insurance acquisition costs is recognised for each related group.

The asset for insurance acquisition costs is derecognised from the consolidated balance sheet when the insurance acquisition costs are included in the initial measurement of the CSM of the related group of insurance contracts.
It is required to apply a systematic and rational method to allocate:
\u2022 Insurance acquisition costs that are directly attributable to a group of insurance contracts:
\u2013 to that group; and
\u2013 to groups that include insurance contracts that are expected to arise from the renewals of the insurance contracts in that group.
\u2022 Insurance acquisition costs that are not directly attributable to a group of contracts but directly attributable to a portfolio of insurance contracts to groups in the portfolio.
At the end of each reporting period, the amounts of insurance acquisition costs allocated to groups of insurance contracts not yet recognised are revised, to reflect changes in assumptions related to the method of allocation used.
After any re-allocation, the recoverability of the asset for insurance acquisition costs is assessed, if facts and circumstances indicate the asset may be impaired. When assessing the recoverability, it is required to apply the following:
\u2022 an impairment test at the level of an existing or future group of insurance contracts; and
\u2022 an additional impairment test specifically covering the insurance acquisition costs allocated to expected future contract renewals.
If an impairment loss is recognised, the book value of the asset is adjusted and an impairment is recognised in profit and loss in the item insurance service expenses \u2013 issued.
A full or partly reversal of previously recognised impairments are recognised in profit or loss and increase the book value of the asset, to the extent that the impairment conditions no longer exist or have improved.
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24.4. Financial instruments
Financial assets
Initial recognition
At initial recognition, the classification of financial assets depends on the contractual cash flows (solely payments of principal and interest criterion (SPPI criterion)) as well as the business model.
Financial assets are initially recognised on the processing day at fair value (as defined in Note 24.9. Calculation of fair value starting on page\u00a0252), and the fair value should not deviate from the transaction price. At initial recognition, for financial assets measured at AC or FVtOCI, directly attributable transaction costs shall be included in the amortised costs. Internal (overhead) costs shall not be attributed to the amortised cost as these are not directly attributable to the single transactions.
Measurement categories
Financial assets are classified based on the contractual cash flows characteristics test and the business model for managing the financial assets. Based on these criteria, financial assets can be classified into the following measurement categories:
\u2022 Debt instruments measured at amortised cost;
\u2022 Debt instruments measured at FVtOCI, where the cumulative gains and losses will be reclassified to the income statement upon derecognition;
\u2022 Equity instruments designated measured at FVtOCI, where the cumulative gains and losses are not recognised in the income statement upon derecognition;
\u2022 Financial assets (debt instruments, derivative financial instruments and equity instruments) measured at FVtPL.

Debt instruments measured at amortised cost
Debt instruments are held at AC if both of the following conditions are met:
\u2022 The instruments are held within a business model with the objective of holding the instrument to collect the contractual cash flows.
\u2022 The contractual terms of the debt instrument give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.
Debt instruments measured at FVtOCI
Debt instruments are measured at FVtOCI if the following two conditions are met:
\u2022 The instrument is held within a business model, the objective of which is both collecting contractual cash flows and selling financial assets, and
\u2022 the contractual terms of the financial asset meet the SPPI test.
Debt instruments in this category are those that are intended to be held to collect contractual cash flows and which may be sold in response to needs for liquidity or changes in market conditions.
Equity instruments designated measured at FVtOCI
The irrevocable classification of equity instruments as measured at FVtOCI is applied for strategically held financial instruments which are not held for trading. This mainly includes shares in affiliated non-consolidated companies. Financial assets are subject to short-term fluctuations in fair value, which, if classified as measured at FVtPL, lead to a volatility in the investment result that would not correspond with VIG\u2019s long-term strategic investment policy for these classified instruments.
Gains and losses from the revaluation of these equity instruments are not reclassified to the income statement at any time. Dividends are recognised as other operating income in the income statement when the right of the payment has been established. Except when such proceeds are beneficial as a recovery of part of the acquisition cost of the instrument. Equity instruments designated measured at FVtOCI are not subject to any impairment test.
Financial assets measured at FVtPL
Financial assets in this category are managed in a fair value business model, have been designated by management upon initial recognition or are mandatorily required to be measured at fair value acc. to IFRS\u00a09. This category includes:
\u2022 financial assets whose cash flow characteristics fail the SPPI criterion or
\u2022 financial assets that are not managed within a business model in order to collect contractual cash flows or also not in order to collect contractual cash flows as well as sell the instruments or
\u2022 financial assets that are classified to the category of designated measured at FVtPL for the purpose of reducing an accounting mismatch or
\u2022 equity instruments that have not been classified as designated measured at FVtOCI.
SPPI test and assessment of the business model
VIG assigns debt instruments to the measurement models based on the SPPI criterion and the business model.

If the SPPI test is passed, the classification and subsequent measurement of financial instruments according to IFRS\u00a09 is the business model chosen for managing the asset. The business model refers to how the company manages a portfolio of financial assets in order to generate cash flows. The business model is established at local level so as to manage financial instruments when planning the investment strategy in order to achieve local business objectives.
The business model is not assessed on an instrument-by-instrument basis but at a higher level of portfolios and is based on observable factors. If cash flows after initial recognition are realised in a way that is different from the original expectations, the classification of the remaining financial assets held in that business model does not change. However, such information is taken into consideration when assessing newly purchased financial assets.
The business model is applied to groups of assets which are managed homogeneously. The derivation takes into consideration asset class, liquidity, type of administration (asset manager, externally managed portfolios or special funds) as well as the investment strategy.
When determining the investment strategy (and consequently the business model), the type of liabilities that are covered under IFRS\u00a017 and their measurement model are taken into consideration.
Cash and cash equivalents as well as term deposits are generally valued at AC.
Subsequent measurement
Debt instruments measured at AC
After initial measurement, debt instruments are measured at amortised cost, using the effective interest rate (EIR) method, less allowance for impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and fee or costs that are an integral part of the EIR. An allowance is recognised for ECLs (expected credit losses) in the income statement.
Debt instruments measured at FVtOCI
Debt instruments are subsequently measured at fair value in accordance with FVtOCI with unrealised gains and losses arising due to changes in fair value recognised in OCI. Interest revenues and foreign exchange effects are recognised in profit or loss in the same manner as for financial assets measured at amortised cost. For further information on the calculation of expected credit loss for debt instruments measured at FVtOCI, please refer to chapter The calculation of ECLs starting on page\u00a0246. On derecognition, cumulative gains or losses previously recognised in OCI are reclassified to profit and loss.
Equity instruments designated measured at FVtOCI
For equity instruments that are designated measured at FVtOCI, transaction costs are recognised in OCI as part of the change in fair value at the next remeasurement and they are never reclassified into profit and loss. In case of a derecognition event, the correlating reserves are directly posted to \u201cretained earnings\u201d. In contrast to the equity instruments measured at FVtPL, only dividends are recognised in the income statement.

Financial assets measured at FVtPL
Financial assets measured at FVtPL are recorded in the balance sheet at fair value. Changes in fair value are realised in profit and loss. Transaction costs relating to the acquisition or issue of financial instruments measured at FVtPL are recognised in profit and loss. Interest earned on assets mandatorily required to be measured at FVtPL is accounted for using the contractual interest rate.
derecognition
Derecognition apart from a significant modification
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when:
\u2022 The right to receive cash flows from the asset has expired or
\u2022 The right to receive cash flows from the asset has been transferred or an obligation has been assumed to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either substantially all the risks and rewards of the asset have been transferred or substantially all the risks and rewards of the asset have been neither transferred nor retained, but control of the asset has been transferred.
Control is considered to be transferred if and only if, the transferee has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without imposing additional restrictions on the transfer.
When all risks and rewards have neither transferred nor substantially been retained and control of the asset has been maintained, the asset continues to be recognised only to the extent of continuing involvement, in which case, an associated liability has also been recognised. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original book value of the asset and the maximum amount of consideration that could be required to pay.
Derecognition due to contract modification
A financial asset is derecognised when the terms and conditions have been renegotiated to the extent that, substantially, it becomes a new instrument, with the difference recognised as a derecognition gain or loss. In case of an insignificant modification, the gross carrying amount is recalculated as the present value of the renegotiated or modified contractual cash flows, discounted at the financial asset\u2019s original EIR (or credit adjusted EIR for POCI assets) or, when applicable, the revised EIR.
When assessing whether or not to derecognise an instrument, VIG considers the following modification criteria:
\u2022 Quantitative criteria:
\u2013 Modified debt instruments are considered to be \u201csubstantially different\u201d if the net present value of the cash flows under the new terms discounted at the original EIR (of the original contract) is at least 10% different from the original debt instrument.
\u2022 Qualitative criteria:
\u2013 Change in the SPPI assessment, e.g. introduction of an equity-linked feature
\u2013 Change in the currency of the asset. Non-contractual changes in the currency are not relevant (e.g. in the course of a currency reform or accession to the Eurozone).
\u2013 Change in the maturity of the instrument. Changes in the maturity of a financial instrument are not considered to be \u201csubstantially different\u201d if the possibility has already been included in the original lending contract. Moreover, the change is not considered to be substantial, if the total contractual lifetime is
\u2013 extended by less than 50%,
\u2013 shortened by less than 30% or
\u2013 changed by less than 2 years of the original lifetime.
If the modification does not result in cash flows that are substantially different, the modification does not result in derecognition. Based on the change in cash flows discounted at the original EIR, a modification gain or loss is recorded.
Impairment of financial assets
Further details regarding the impairment of financial assets are also provided within the disclosures for significant judgements and estimates (Note 23.2. Impairment losses on financial assets starting on page\u00a0222).
VIG recognises an allowance for ECLs for all debt instruments measured at AC or FVtOCI, loan commitments and guarantees as well as IFRS\u00a09 measured receivables.
ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that are expected to be received, discounted at the effective interest rate.
The amount of the ECLs recognised depends on the different impairment model stages to which the financial instruments were assigned. For financial instruments for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for the credit losses expected within the next 12 months (12-month ECL/Stage 1). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a risk provision is required for credit losses expected over the remaining life of the exposure (lifetime ECL).
VIG considers a financial asset to be in default when contractual payments are 90 days past due and/or if its rating is stated as C or D, unless VIG has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
The calculation of ECLs
ECLs are calculated based on scenarios to measure the expected cash shortfalls, discounted at an appropriate EIR. A cash shortfall is the difference between the cash flows that are in accordance with the contract and the cash flows that the entity expects to receive. The mechanics of the ECL calculations are outlined below and the key elements are, as follows:
\u2022 Probability of Default (PD): The PD is an estimate of the likelihood of default over a given time horizon. It is estimated with consideration of economic scenarios and forward-looking information.
VIG uses the following segments for its portfolio:
\u2013 Corporates
\u2013 Sovereigns
\u2013 The segment Sovereigns consists of all bonds or loans issued by public authorities, whether by central governments, supra-national government institutions, regional governments or local authorities, that are fully, unconditionally and irrevocably guaranteed by these institutions. All other exposures are treated within the corporates segment.
\u2022 Exposure at Default (EAD): The EAD is an estimate of the exposure at a future default date, taking into account expected changes in the exposure after the reporting date, including repayments of principal and interest, whether scheduled by contract or otherwise, and accrued interest from missed payments.
\u2022 Loss Given Default (LGD): The LGD is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that are expected to be received. It is usually expressed as a percentage of the EAD.
Concerning the segmentation of LGDs, the following segments will be used:
\u2013 Subordinated debt
\u2013 Senior unsecured debt
\u2013 Sovereigns
\u2013 Secured debt: The Secured segment at VIG covers all positions secured by mortgage as well as covered bonds.
\u2013 For unsecured assets, VIG will apply predefined LGDs, which are not time-dependent (flat LGD curves).
Assets subject to ECL calculations are allocated into one of the following categories:
\u2022 12-month ECL (Stage 1): Stage 1 allows a low credit risk or no significant increase in credit risk. It is calculated as the portion of the lifetime ECL, that represent the ECLs that result from default events on a financial instrument that are possible within 12 months after the reporting date.
\u2022 Stage 2: Assets classified under Stage 2 show a significant increase in credit risk (and not low credit risk), therefore the lifetime ECL must be calculated.
\u2022 Stage 3: Within this stage credit losses have already been incurred or assets have actually been credit impaired. Due to that fact, the difference between the asset\u2019s gross carrying amount and the present value of estimated future cash flows discounted at the financial asset\u2019s original effective interest rate should be considered.
In accordance with IFRS, debt instruments measured at AC or measured at FVtOCI must follow the staged approach. The VIG approach is set as follows:
\u2022 Stage 1 \u2013 12-month ECL
\u2013 assets with the exception of POCI assets,
\u2013 assets that fall within the scope of the low credit risk exemption, as well as
\u2013 assets that are not defaulted, not eligible for Stage 2 triggers and show no significant change in ratings
\u2022 Stage 2 \u2013 Lifetime ECLs (effective interest rate on gross carrying amount)
\u2013 are past due for at least 30 days or
\u2013 respond to one of the predefined forward-looking indicators.
\u2022 Stage 3 \u2013 Lifetime ECLs (effective interest rate on amortised costs)
\u2013 assets fulfilling the default definition of VIG
\u2022 Stage 0 \u2013 POCI
Debt instruments measured at FVtOCI
As the book value of the debt instruments measured at FVtOCI corresponds to the fair value, the risk provision to be recognised does not lead to a reduction on the asset side of the balance sheet. Instead, an amount equal to the risk provision that would arise if the assets were measured at amortised cost is recognised in OCI with a corresponding charge to profit or loss. The accumulated gain recognised in OCI is recycled to the profit or loss upon derecognition of the assets.
Forward looking information
In the Group-wide ECL models, it can be relied on a broad range of forward-looking information, such as external and internal ratings, forecasts of macroeconomic variables or qualitative credit risk.
Collateral valuation and repossessed
To mitigate its credit risks on financial assets, collateral is sought to be used, where possible. The collateral comes in various forms, such as mortgages, securities or other types of collateral. Collateral, unless repossessed, is not recorded on VIG\u2019s balance sheet. Cash flows expected from credit enhancements which are not required to be recognised separately by IFRS standards and which are considered integral to the contractual terms of a debt instrument which is subject to ECL, are included in the measurement of those ECL. On this basis, the fair value of collateral affects the calculation of ECL.
To the extent possible, data from an active market is used for valuing financial assets held as collateral. Other financial assets that do not have readily available market data are valued using models. Non-financial collateral, such as real estate, is valued either internally or based on third parties\u2019 appraisals.
The ECL measurement also includes irrevocable and unconditional guarantees.
Write-offs
Financial assets are written off either in part or in full only when there is no reasonable expectation of recovery. If the amount to be written off is greater than the accumulated risk provision, the difference is first treated as an addition to the allowance that is then applied against the gross carrying amount. Any subsequent recoveries are credited to gains within the income statement.
Financial liabilities
Measurement categories of financial liabilities
Financial liabilities, other than loan commitments and financial guarantees, are measured at AC or at FVtPL if they are held for trading or are derivative instruments or if they are derivative financial instruments. VIG has no material portfolio of financial liabilities designated measured at FVtPL. All derivatives with a negative fair value (according to IFRS\u00a013; determined on the basis of the so-called \u201cdirty fair value\u201d, i.e., including interest accruals) are presented as a liability measured at FVtPL. Analogous to the financial assets, financial liabilities are recognised at their \u201cdirty value\u201d starting with the initial application of IFRS\u00a09.
Derecognition and significant modification of financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference between the book value of the original financial liability and the consideration paid is recognised in profit or loss.
Recognition of interest revenues
According to IFRS\u00a09, interest revenues for all financial assets under IFRS\u00a09 measured at AC or measured at FVtOCI are recorded using the effective interest method. The EIR is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset or, when appropriate, a shorter period, to the gross carrying amount of the financial asset.
The EIR and therefore, the amortised cost of the financial asset, is calculated by taking into account transaction costs and any discount or premium on acquisition of the financial asset as well as fees and costs that are an integral part of the EIR. Interest revenues are recognised using a rate of return that represents the best estimate of a constant rate of return over the expected life of the debt instrument.
For floating-rate financial instruments, the periodic re-fixing of coupon rates reflecting the movements in interest rates alters the effective interest rate.
The item interest revenues using the effective interest rate method only includes interest on financial instruments measured at AC or measured at FVtOCI.
The item interest revenue other includes interest from financial assets measured at FVtPL, which is also measured based on the derivation of the effective interest rate.
Repurchase and reverse repurchase agreements
Securities sold under agreements to repurchase are not derecognised from the balance sheet as substantially all of the risks and rewards of ownership are retained. The corresponding cash received is recognised in the consolidated balance sheet as an asset with a corresponding obligation to return it, including accrued interest as a liability within cash collateral on securities lent and repurchase agreements. This reflects the transaction\u2019s economic substance as a loan to VIG. The difference between the sale and repurchase price is treated as interest expense and is deferred over the life of agreement.
By contrast, securities purchased under reverse repurchase agreements are not recognised in the balance sheet. The amount paid, including deferred interest, is recorded in the balance sheet within loans measured at AC. The difference between the purchase and resale price is shown in the corresponding current income position using the EIR.

24.12. Receivables and Liabilities
Receivables
The receivables presented in the balance sheet particularly consist of receivables and other receivables measured in accordance with IFRS\u00a09.
Receivables from policyholders, intermediaries and insurance companies that are recognised directly in the fair value of future cash flows under IFRS\u00a017 are not included in this balance sheet item. Therefore, amounts shown as receivables are not related to the insurance business in accordance with IFRS\u00a017.
Non-insurance receivables are measured at the transaction price. Valuation is based on the underlying transaction, whereby the impairment requirements according to IFRS\u00a09 apply.
VIG Insurance Group applies the option of the simplified approach for trade receivables and receivables from leases in accordance with IFRS\u00a09.5.5.15. In order to fulfil the relevant requirements, an Impairment Provision Matrix is used for receivables, which can be found in Note 2.5. Credit risk starting on page\u00a0175.
Liabilities
The liabilities presented in the balance sheet consist of liabilities and other liabilities measured in accordance with IFRS\u00a09.

Liabilities to policyholders, intermediaries and insurance companies that are recognised directly in the fair value of future cash flows under IFRS\u00a017 are not included in this balance sheet item. Therefore, amounts shown as liabilities are not related to the insurance business in accordance with IFRS\u00a017.
For IFRS\u00a09 measured liabilities, please refer to the statement on financial liabilities in chapter 24.4. Financial instruments starting on page\u00a0242. The other liabilities items are measured at AC.
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Financial assets
Initial recognition
At initial recognition, the classification of financial assets depends on the contractual cash flows (solely payments of principal and interest criterion (SPPI criterion)) as well as the business model.
Financial assets are initially recognised on the processing day at fair value (as defined in Note 24.9. Calculation of fair value starting on page\u00a0252), and the fair value should not deviate from the transaction price. At initial recognition, for financial assets measured at AC or FVtOCI, directly attributable transaction costs shall be included in the amortised costs. Internal (overhead) costs shall not be attributed to the amortised cost as these are not directly attributable to the single transactions.
Measurement categories
Financial assets are classified based on the contractual cash flows characteristics test and the business model for managing the financial assets. Based on these criteria, financial assets can be classified into the following measurement categories:
\u2022 Debt instruments measured at amortised cost;
\u2022 Debt instruments measured at FVtOCI, where the cumulative gains and losses will be reclassified to the income statement upon derecognition;
\u2022 Equity instruments designated measured at FVtOCI, where the cumulative gains and losses are not recognised in the income statement upon derecognition;
\u2022 Financial assets (debt instruments, derivative financial instruments and equity instruments) measured at FVtPL.

Debt instruments measured at amortised cost
Debt instruments are held at AC if both of the following conditions are met:
\u2022 The instruments are held within a business model with the objective of holding the instrument to collect the contractual cash flows.
\u2022 The contractual terms of the debt instrument give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.
Debt instruments measured at FVtOCI
Debt instruments are measured at FVtOCI if the following two conditions are met:
\u2022 The instrument is held within a business model, the objective of which is both collecting contractual cash flows and selling financial assets, and
\u2022 the contractual terms of the financial asset meet the SPPI test.
Debt instruments in this category are those that are intended to be held to collect contractual cash flows and which may be sold in response to needs for liquidity or changes in market conditions.
Equity instruments designated measured at FVtOCI
The irrevocable classification of equity instruments as measured at FVtOCI is applied for strategically held financial instruments which are not held for trading. This mainly includes shares in affiliated non-consolidated companies. Financial assets are subject to short-term fluctuations in fair value, which, if classified as measured at FVtPL, lead to a volatility in the investment result that would not correspond with VIG\u2019s long-term strategic investment policy for these classified instruments.
Gains and losses from the revaluation of these equity instruments are not reclassified to the income statement at any time. Dividends are recognised as other operating income in the income statement when the right of the payment has been established. Except when such proceeds are beneficial as a recovery of part of the acquisition cost of the instrument. Equity instruments designated measured at FVtOCI are not subject to any impairment test.
Financial assets measured at FVtPL
Financial assets in this category are managed in a fair value business model, have been designated by management upon initial recognition or are mandatorily required to be measured at fair value acc. to IFRS\u00a09. This category includes:
\u2022 financial assets whose cash flow characteristics fail the SPPI criterion or
\u2022 financial assets that are not managed within a business model in order to collect contractual cash flows or also not in order to collect contractual cash flows as well as sell the instruments or
\u2022 financial assets that are classified to the category of designated measured at FVtPL for the purpose of reducing an accounting mismatch or
\u2022 equity instruments that have not been classified as designated measured at FVtOCI.
SPPI test and assessment of the business model
VIG assigns debt instruments to the measurement models based on the SPPI criterion and the business model.

If the SPPI test is passed, the classification and subsequent measurement of financial instruments according to IFRS\u00a09 is the business model chosen for managing the asset. The business model refers to how the company manages a portfolio of financial assets in order to generate cash flows. The business model is established at local level so as to manage financial instruments when planning the investment strategy in order to achieve local business objectives.
The business model is not assessed on an instrument-by-instrument basis but at a higher level of portfolios and is based on observable factors. If cash flows after initial recognition are realised in a way that is different from the original expectations, the classification of the remaining financial assets held in that business model does not change. However, such information is taken into consideration when assessing newly purchased financial assets.
The business model is applied to groups of assets which are managed homogeneously. The derivation takes into consideration asset class, liquidity, type of administration (asset manager, externally managed portfolios or special funds) as well as the investment strategy.
When determining the investment strategy (and consequently the business model), the type of liabilities that are covered under IFRS\u00a017 and their measurement model are taken into consideration.
Cash and cash equivalents as well as term deposits are generally valued at AC.
Subsequent measurement
Debt instruments measured at AC
After initial measurement, debt instruments are measured at amortised cost, using the effective interest rate (EIR) method, less allowance for impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and fee or costs that are an integral part of the EIR. An allowance is recognised for ECLs (expected credit losses) in the income statement.
Debt instruments measured at FVtOCI
Debt instruments are subsequently measured at fair value in accordance with FVtOCI with unrealised gains and losses arising due to changes in fair value recognised in OCI. Interest revenues and foreign exchange effects are recognised in profit or loss in the same manner as for financial assets measured at amortised cost. For further information on the calculation of expected credit loss for debt instruments measured at FVtOCI, please refer to chapter The calculation of ECLs starting on page\u00a0246. On derecognition, cumulative gains or losses previously recognised in OCI are reclassified to profit and loss.
Equity instruments designated measured at FVtOCI
For equity instruments that are designated measured at FVtOCI, transaction costs are recognised in OCI as part of the change in fair value at the next remeasurement and they are never reclassified into profit and loss. In case of a derecognition event, the correlating reserves are directly posted to \u201cretained earnings\u201d. In contrast to the equity instruments measured at FVtPL, only dividends are recognised in the income statement.

Financial assets measured at FVtPL
Financial assets measured at FVtPL are recorded in the balance sheet at fair value. Changes in fair value are realised in profit and loss. Transaction costs relating to the acquisition or issue of financial instruments measured at FVtPL are recognised in profit and loss. Interest earned on assets mandatorily required to be measured at FVtPL is accounted for using the contractual interest rate.
derecognition
Derecognition apart from a significant modification
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when:
\u2022 The right to receive cash flows from the asset has expired or
\u2022 The right to receive cash flows from the asset has been transferred or an obligation has been assumed to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either substantially all the risks and rewards of the asset have been transferred or substantially all the risks and rewards of the asset have been neither transferred nor retained, but control of the asset has been transferred.
Control is considered to be transferred if and only if, the transferee has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without imposing additional restrictions on the transfer.
When all risks and rewards have neither transferred nor substantially been retained and control of the asset has been maintained, the asset continues to be recognised only to the extent of continuing involvement, in which case, an associated liability has also been recognised. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original book value of the asset and the maximum amount of consideration that could be required to pay.
Derecognition due to contract modification
A financial asset is derecognised when the terms and conditions have been renegotiated to the extent that, substantially, it becomes a new instrument, with the difference recognised as a derecognition gain or loss. In case of an insignificant modification, the gross carrying amount is recalculated as the present value of the renegotiated or modified contractual cash flows, discounted at the financial asset\u2019s original EIR (or credit adjusted EIR for POCI assets) or, when applicable, the revised EIR.
When assessing whether or not to derecognise an instrument, VIG considers the following modification criteria:
\u2022 Quantitative criteria:
\u2013 Modified debt instruments are considered to be \u201csubstantially different\u201d if the net present value of the cash flows under the new terms discounted at the original EIR (of the original contract) is at least 10% different from the original debt instrument.
\u2022 Qualitative criteria:
\u2013 Change in the SPPI assessment, e.g. introduction of an equity-linked feature
\u2013 Change in the currency of the asset. Non-contractual changes in the currency are not relevant (e.g. in the course of a currency reform or accession to the Eurozone).
\u2013 Change in the maturity of the instrument. Changes in the maturity of a financial instrument are not considered to be \u201csubstantially different\u201d if the possibility has already been included in the original lending contract. Moreover, the change is not considered to be substantial, if the total contractual lifetime is
\u2013 extended by less than 50%,
\u2013 shortened by less than 30% or
\u2013 changed by less than 2 years of the original lifetime.
If the modification does not result in cash flows that are substantially different, the modification does not result in derecognition. Based on the change in cash flows discounted at the original EIR, a modification gain or loss is recorded.
Financial liabilities
Measurement categories of financial liabilities
Financial liabilities, other than loan commitments and financial guarantees, are measured at AC or at FVtPL if they are held for trading or are derivative instruments or if they are derivative financial instruments. VIG has no material portfolio of financial liabilities designated measured at FVtPL. All derivatives with a negative fair value (according to IFRS\u00a013; determined on the basis of the so-called \u201cdirty fair value\u201d, i.e., including interest accruals) are presented as a liability measured at FVtPL. Analogous to the financial assets, financial liabilities are recognised at their \u201cdirty value\u201d starting with the initial application of IFRS\u00a09.
Derecognition and significant modification of financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference between the book value of the original financial liability and the consideration paid is recognised in profit or loss.
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Financial assets
Initial recognition
At initial recognition, the classification of financial assets depends on the contractual cash flows (solely payments of principal and interest criterion (SPPI criterion)) as well as the business model.
Financial assets are initially recognised on the processing day at fair value (as defined in Note 24.9. Calculation of fair value starting on page\u00a0252), and the fair value should not deviate from the transaction price. At initial recognition, for financial assets measured at AC or FVtOCI, directly attributable transaction costs shall be included in the amortised costs. Internal (overhead) costs shall not be attributed to the amortised cost as these are not directly attributable to the single transactions.
Measurement categories
Financial assets are classified based on the contractual cash flows characteristics test and the business model for managing the financial assets. Based on these criteria, financial assets can be classified into the following measurement categories:
\u2022 Debt instruments measured at amortised cost;
\u2022 Debt instruments measured at FVtOCI, where the cumulative gains and losses will be reclassified to the income statement upon derecognition;
\u2022 Equity instruments designated measured at FVtOCI, where the cumulative gains and losses are not recognised in the income statement upon derecognition;
\u2022 Financial assets (debt instruments, derivative financial instruments and equity instruments) measured at FVtPL.

Debt instruments measured at amortised cost
Debt instruments are held at AC if both of the following conditions are met:
\u2022 The instruments are held within a business model with the objective of holding the instrument to collect the contractual cash flows.
\u2022 The contractual terms of the debt instrument give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.
Debt instruments measured at FVtOCI
Debt instruments are measured at FVtOCI if the following two conditions are met:
\u2022 The instrument is held within a business model, the objective of which is both collecting contractual cash flows and selling financial assets, and
\u2022 the contractual terms of the financial asset meet the SPPI test.
Debt instruments in this category are those that are intended to be held to collect contractual cash flows and which may be sold in response to needs for liquidity or changes in market conditions.
Equity instruments designated measured at FVtOCI
The irrevocable classification of equity instruments as measured at FVtOCI is applied for strategically held financial instruments which are not held for trading. This mainly includes shares in affiliated non-consolidated companies. Financial assets are subject to short-term fluctuations in fair value, which, if classified as measured at FVtPL, lead to a volatility in the investment result that would not correspond with VIG\u2019s long-term strategic investment policy for these classified instruments.
Gains and losses from the revaluation of these equity instruments are not reclassified to the income statement at any time. Dividends are recognised as other operating income in the income statement when the right of the payment has been established. Except when such proceeds are beneficial as a recovery of part of the acquisition cost of the instrument. Equity instruments designated measured at FVtOCI are not subject to any impairment test.
Financial assets measured at FVtPL
Financial assets in this category are managed in a fair value business model, have been designated by management upon initial recognition or are mandatorily required to be measured at fair value acc. to IFRS\u00a09. This category includes:
\u2022 financial assets whose cash flow characteristics fail the SPPI criterion or
\u2022 financial assets that are not managed within a business model in order to collect contractual cash flows or also not in order to collect contractual cash flows as well as sell the instruments or
\u2022 financial assets that are classified to the category of designated measured at FVtPL for the purpose of reducing an accounting mismatch or
\u2022 equity instruments that have not been classified as designated measured at FVtOCI.
SPPI test and assessment of the business model
VIG assigns debt instruments to the measurement models based on the SPPI criterion and the business model.

If the SPPI test is passed, the classification and subsequent measurement of financial instruments according to IFRS\u00a09 is the business model chosen for managing the asset. The business model refers to how the company manages a portfolio of financial assets in order to generate cash flows. The business model is established at local level so as to manage financial instruments when planning the investment strategy in order to achieve local business objectives.
The business model is not assessed on an instrument-by-instrument basis but at a higher level of portfolios and is based on observable factors. If cash flows after initial recognition are realised in a way that is different from the original expectations, the classification of the remaining financial assets held in that business model does not change. However, such information is taken into consideration when assessing newly purchased financial assets.
The business model is applied to groups of assets which are managed homogeneously. The derivation takes into consideration asset class, liquidity, type of administration (asset manager, externally managed portfolios or special funds) as well as the investment strategy.
When determining the investment strategy (and consequently the business model), the type of liabilities that are covered under IFRS\u00a017 and their measurement model are taken into consideration.
Cash and cash equivalents as well as term deposits are generally valued at AC.
Subsequent measurement
Debt instruments measured at AC
After initial measurement, debt instruments are measured at amortised cost, using the effective interest rate (EIR) method, less allowance for impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and fee or costs that are an integral part of the EIR. An allowance is recognised for ECLs (expected credit losses) in the income statement.
Debt instruments measured at FVtOCI
Debt instruments are subsequently measured at fair value in accordance with FVtOCI with unrealised gains and losses arising due to changes in fair value recognised in OCI. Interest revenues and foreign exchange effects are recognised in profit or loss in the same manner as for financial assets measured at amortised cost. For further information on the calculation of expected credit loss for debt instruments measured at FVtOCI, please refer to chapter The calculation of ECLs starting on page\u00a0246. On derecognition, cumulative gains or losses previously recognised in OCI are reclassified to profit and loss.
Equity instruments designated measured at FVtOCI
For equity instruments that are designated measured at FVtOCI, transaction costs are recognised in OCI as part of the change in fair value at the next remeasurement and they are never reclassified into profit and loss. In case of a derecognition event, the correlating reserves are directly posted to \u201cretained earnings\u201d. In contrast to the equity instruments measured at FVtPL, only dividends are recognised in the income statement.

Financial assets measured at FVtPL
Financial assets measured at FVtPL are recorded in the balance sheet at fair value. Changes in fair value are realised in profit and loss. Transaction costs relating to the acquisition or issue of financial instruments measured at FVtPL are recognised in profit and loss. Interest earned on assets mandatorily required to be measured at FVtPL is accounted for using the contractual interest rate.
derecognition
Derecognition apart from a significant modification
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when:
\u2022 The right to receive cash flows from the asset has expired or
\u2022 The right to receive cash flows from the asset has been transferred or an obligation has been assumed to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either substantially all the risks and rewards of the asset have been transferred or substantially all the risks and rewards of the asset have been neither transferred nor retained, but control of the asset has been transferred.
Control is considered to be transferred if and only if, the transferee has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without imposing additional restrictions on the transfer.
When all risks and rewards have neither transferred nor substantially been retained and control of the asset has been maintained, the asset continues to be recognised only to the extent of continuing involvement, in which case, an associated liability has also been recognised. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original book value of the asset and the maximum amount of consideration that could be required to pay.
Derecognition due to contract modification
A financial asset is derecognised when the terms and conditions have been renegotiated to the extent that, substantially, it becomes a new instrument, with the difference recognised as a derecognition gain or loss. In case of an insignificant modification, the gross carrying amount is recalculated as the present value of the renegotiated or modified contractual cash flows, discounted at the financial asset\u2019s original EIR (or credit adjusted EIR for POCI assets) or, when applicable, the revised EIR.
When assessing whether or not to derecognise an instrument, VIG considers the following modification criteria:
\u2022 Quantitative criteria:
\u2013 Modified debt instruments are considered to be \u201csubstantially different\u201d if the net present value of the cash flows under the new terms discounted at the original EIR (of the original contract) is at least 10% different from the original debt instrument.
\u2022 Qualitative criteria:
\u2013 Change in the SPPI assessment, e.g. introduction of an equity-linked feature
\u2013 Change in the currency of the asset. Non-contractual changes in the currency are not relevant (e.g. in the course of a currency reform or accession to the Eurozone).
\u2013 Change in the maturity of the instrument. Changes in the maturity of a financial instrument are not considered to be \u201csubstantially different\u201d if the possibility has already been included in the original lending contract. Moreover, the change is not considered to be substantial, if the total contractual lifetime is
\u2013 extended by less than 50%,
\u2013 shortened by less than 30% or
\u2013 changed by less than 2 years of the original lifetime.
If the modification does not result in cash flows that are substantially different, the modification does not result in derecognition. Based on the change in cash flows discounted at the original EIR, a modification gain or loss is recorded.
Impairment of financial assets
Further details regarding the impairment of financial assets are also provided within the disclosures for significant judgements and estimates (Note 23.2. Impairment losses on financial assets starting on page\u00a0222).
VIG recognises an allowance for ECLs for all debt instruments measured at AC or FVtOCI, loan commitments and guarantees as well as IFRS\u00a09 measured receivables.
ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that are expected to be received, discounted at the effective interest rate.
The amount of the ECLs recognised depends on the different impairment model stages to which the financial instruments were assigned. For financial instruments for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for the credit losses expected within the next 12 months (12-month ECL/Stage 1). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a risk provision is required for credit losses expected over the remaining life of the exposure (lifetime ECL).
VIG considers a financial asset to be in default when contractual payments are 90 days past due and/or if its rating is stated as C or D, unless VIG has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
The calculation of ECLs
ECLs are calculated based on scenarios to measure the expected cash shortfalls, discounted at an appropriate EIR. A cash shortfall is the difference between the cash flows that are in accordance with the contract and the cash flows that the entity expects to receive. The mechanics of the ECL calculations are outlined below and the key elements are, as follows:
\u2022 Probability of Default (PD): The PD is an estimate of the likelihood of default over a given time horizon. It is estimated with consideration of economic scenarios and forward-looking information.
VIG uses the following segments for its portfolio:
\u2013 Corporates
\u2013 Sovereigns
\u2013 The segment Sovereigns consists of all bonds or loans issued by public authorities, whether by central governments, supra-national government institutions, regional governments or local authorities, that are fully, unconditionally and irrevocably guaranteed by these institutions. All other exposures are treated within the corporates segment.
\u2022 Exposure at Default (EAD): The EAD is an estimate of the exposure at a future default date, taking into account expected changes in the exposure after the reporting date, including repayments of principal and interest, whether scheduled by contract or otherwise, and accrued interest from missed payments.
\u2022 Loss Given Default (LGD): The LGD is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that are expected to be received. It is usually expressed as a percentage of the EAD.
Concerning the segmentation of LGDs, the following segments will be used:
\u2013 Subordinated debt
\u2013 Senior unsecured debt
\u2013 Sovereigns
\u2013 Secured debt: The Secured segment at VIG covers all positions secured by mortgage as well as covered bonds.
\u2013 For unsecured assets, VIG will apply predefined LGDs, which are not time-dependent (flat LGD curves).
Assets subject to ECL calculations are allocated into one of the following categories:
\u2022 12-month ECL (Stage 1): Stage 1 allows a low credit risk or no significant increase in credit risk. It is calculated as the portion of the lifetime ECL, that represent the ECLs that result from default events on a financial instrument that are possible within 12 months after the reporting date.
\u2022 Stage 2: Assets classified under Stage 2 show a significant increase in credit risk (and not low credit risk), therefore the lifetime ECL must be calculated.
\u2022 Stage 3: Within this stage credit losses have already been incurred or assets have actually been credit impaired. Due to that fact, the difference between the asset\u2019s gross carrying amount and the present value of estimated future cash flows discounted at the financial asset\u2019s original effective interest rate should be considered.
In accordance with IFRS, debt instruments measured at AC or measured at FVtOCI must follow the staged approach. The VIG approach is set as follows:
\u2022 Stage 1 \u2013 12-month ECL
\u2013 assets with the exception of POCI assets,
\u2013 assets that fall within the scope of the low credit risk exemption, as well as
\u2013 assets that are not defaulted, not eligible for Stage 2 triggers and show no significant change in ratings
\u2022 Stage 2 \u2013 Lifetime ECLs (effective interest rate on gross carrying amount)
\u2013 are past due for at least 30 days or
\u2013 respond to one of the predefined forward-looking indicators.
\u2022 Stage 3 \u2013 Lifetime ECLs (effective interest rate on amortised costs)
\u2013 assets fulfilling the default definition of VIG
\u2022 Stage 0 \u2013 POCI
Debt instruments measured at FVtOCI
As the book value of the debt instruments measured at FVtOCI corresponds to the fair value, the risk provision to be recognised does not lead to a reduction on the asset side of the balance sheet. Instead, an amount equal to the risk provision that would arise if the assets were measured at amortised cost is recognised in OCI with a corresponding charge to profit or loss. The accumulated gain recognised in OCI is recycled to the profit or loss upon derecognition of the assets.
Forward looking information
In the Group-wide ECL models, it can be relied on a broad range of forward-looking information, such as external and internal ratings, forecasts of macroeconomic variables or qualitative credit risk.
Collateral valuation and repossessed
To mitigate its credit risks on financial assets, collateral is sought to be used, where possible. The collateral comes in various forms, such as mortgages, securities or other types of collateral. Collateral, unless repossessed, is not recorded on VIG\u2019s balance sheet. Cash flows expected from credit enhancements which are not required to be recognised separately by IFRS standards and which are considered integral to the contractual terms of a debt instrument which is subject to ECL, are included in the measurement of those ECL. On this basis, the fair value of collateral affects the calculation of ECL.
To the extent possible, data from an active market is used for valuing financial assets held as collateral. Other financial assets that do not have readily available market data are valued using models. Non-financial collateral, such as real estate, is valued either internally or based on third parties\u2019 appraisals.
The ECL measurement also includes irrevocable and unconditional guarantees.
Write-offs
Financial assets are written off either in part or in full only when there is no reasonable expectation of recovery. If the amount to be written off is greater than the accumulated risk provision, the difference is first treated as an addition to the allowance that is then applied against the gross carrying amount. Any subsequent recoveries are credited to gains within the income statement.
Recognition of interest revenues
According to IFRS\u00a09, interest revenues for all financial assets under IFRS\u00a09 measured at AC or measured at FVtOCI are recorded using the effective interest method. The EIR is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset or, when appropriate, a shorter period, to the gross carrying amount of the financial asset.
The EIR and therefore, the amortised cost of the financial asset, is calculated by taking into account transaction costs and any discount or premium on acquisition of the financial asset as well as fees and costs that are an integral part of the EIR. Interest revenues are recognised using a rate of return that represents the best estimate of a constant rate of return over the expected life of the debt instrument.
For floating-rate financial instruments, the periodic re-fixing of coupon rates reflecting the movements in interest rates alters the effective interest rate.
The item interest revenues using the effective interest rate method only includes interest on financial instruments measured at AC or measured at FVtOCI.
The item interest revenue other includes interest from financial assets measured at FVtPL, which is also measured based on the derivation of the effective interest rate.
24.12. Receivables and Liabilities
Receivables
The receivables presented in the balance sheet particularly consist of receivables and other receivables measured in accordance with IFRS\u00a09.
Receivables from policyholders, intermediaries and insurance companies that are recognised directly in the fair value of future cash flows under IFRS\u00a017 are not included in this balance sheet item. Therefore, amounts shown as receivables are not related to the insurance business in accordance with IFRS\u00a017.
Non-insurance receivables are measured at the transaction price. Valuation is based on the underlying transaction, whereby the impairment requirements according to IFRS\u00a09 apply.
VIG Insurance Group applies the option of the simplified approach for trade receivables and receivables from leases in accordance with IFRS\u00a09.5.5.15. In order to fulfil the relevant requirements, an Impairment Provision Matrix is used for receivables, which can be found in Note 2.5. Credit risk starting on page\u00a0175.
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Debt instruments measured at amortised cost
Debt instruments are held at AC if both of the following conditions are met:
\u2022 The instruments are held within a business model with the objective of holding the instrument to collect the contractual cash flows.
\u2022 The contractual terms of the debt instrument give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.
Debt instruments measured at FVtOCI
Debt instruments are measured at FVtOCI if the following two conditions are met:
\u2022 The instrument is held within a business model, the objective of which is both collecting contractual cash flows and selling financial assets, and
\u2022 the contractual terms of the financial asset meet the SPPI test.
Debt instruments in this category are those that are intended to be held to collect contractual cash flows and which may be sold in response to needs for liquidity or changes in market conditions.
Financial liabilities
Measurement categories of financial liabilities
Financial liabilities, other than loan commitments and financial guarantees, are measured at AC or at FVtPL if they are held for trading or are derivative instruments or if they are derivative financial instruments. VIG has no material portfolio of financial liabilities designated measured at FVtPL. All derivatives with a negative fair value (according to IFRS\u00a013; determined on the basis of the so-called \u201cdirty fair value\u201d, i.e., including interest accruals) are presented as a liability measured at FVtPL. Analogous to the financial assets, financial liabilities are recognised at their \u201cdirty value\u201d starting with the initial application of IFRS\u00a09.
Derecognition and significant modification of financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference between the book value of the original financial liability and the consideration paid is recognised in profit or loss.
Liabilities
The liabilities presented in the balance sheet consist of liabilities and other liabilities measured in accordance with IFRS\u00a09.

Liabilities to policyholders, intermediaries and insurance companies that are recognised directly in the fair value of future cash flows under IFRS\u00a017 are not included in this balance sheet item. Therefore, amounts shown as liabilities are not related to the insurance business in accordance with IFRS\u00a017.
For IFRS\u00a09 measured liabilities, please refer to the statement on financial liabilities in chapter 24.4. Financial instruments starting on page\u00a0242. The other liabilities items are measured at AC.
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Financial assets measured at FVtPL
Financial assets in this category are managed in a fair value business model, have been designated by management upon initial recognition or are mandatorily required to be measured at fair value acc. to IFRS\u00a09. This category includes:
\u2022 financial assets whose cash flow characteristics fail the SPPI criterion or
\u2022 financial assets that are not managed within a business model in order to collect contractual cash flows or also not in order to collect contractual cash flows as well as sell the instruments or
\u2022 financial assets that are classified to the category of designated measured at FVtPL for the purpose of reducing an accounting mismatch or
\u2022 equity instruments that have not been classified as designated measured at FVtOCI.

Financial assets measured at FVtPL
Financial assets measured at FVtPL are recorded in the balance sheet at fair value. Changes in fair value are realised in profit and loss. Transaction costs relating to the acquisition or issue of financial instruments measured at FVtPL are recognised in profit and loss. Interest earned on assets mandatorily required to be measured at FVtPL is accounted for using the contractual interest rate.
Financial liabilities
Measurement categories of financial liabilities
Financial liabilities, other than loan commitments and financial guarantees, are measured at AC or at FVtPL if they are held for trading or are derivative instruments or if they are derivative financial instruments. VIG has no material portfolio of financial liabilities designated measured at FVtPL. All derivatives with a negative fair value (according to IFRS\u00a013; determined on the basis of the so-called \u201cdirty fair value\u201d, i.e., including interest accruals) are presented as a liability measured at FVtPL. Analogous to the financial assets, financial liabilities are recognised at their \u201cdirty value\u201d starting with the initial application of IFRS\u00a09.
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Financial assets measured at FVtPL
Financial assets in this category are managed in a fair value business model, have been designated by management upon initial recognition or are mandatorily required to be measured at fair value acc. to IFRS\u00a09. This category includes:
\u2022 financial assets whose cash flow characteristics fail the SPPI criterion or
\u2022 financial assets that are not managed within a business model in order to collect contractual cash flows or also not in order to collect contractual cash flows as well as sell the instruments or
\u2022 financial assets that are classified to the category of designated measured at FVtPL for the purpose of reducing an accounting mismatch or
\u2022 equity instruments that have not been classified as designated measured at FVtOCI.

Financial assets measured at FVtPL
Financial assets measured at FVtPL are recorded in the balance sheet at fair value. Changes in fair value are realised in profit and loss. Transaction costs relating to the acquisition or issue of financial instruments measured at FVtPL are recognised in profit and loss. Interest earned on assets mandatorily required to be measured at FVtPL is accounted for using the contractual interest rate.
Financial liabilities
Measurement categories of financial liabilities
Financial liabilities, other than loan commitments and financial guarantees, are measured at AC or at FVtPL if they are held for trading or are derivative instruments or if they are derivative financial instruments. VIG has no material portfolio of financial liabilities designated measured at FVtPL. All derivatives with a negative fair value (according to IFRS\u00a013; determined on the basis of the so-called \u201cdirty fair value\u201d, i.e., including interest accruals) are presented as a liability measured at FVtPL. Analogous to the financial assets, financial liabilities are recognised at their \u201cdirty value\u201d starting with the initial application of IFRS\u00a09.
Derecognition and significant modification of financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference between the book value of the original financial liability and the consideration paid is recognised in profit or loss.
The item interest revenue other includes interest from financial assets measured at FVtPL, which is also measured based on the derivation of the effective interest rate.
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derecognition
Derecognition apart from a significant modification
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when:
\u2022 The right to receive cash flows from the asset has expired or
\u2022 The right to receive cash flows from the asset has been transferred or an obligation has been assumed to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either substantially all the risks and rewards of the asset have been transferred or substantially all the risks and rewards of the asset have been neither transferred nor retained, but control of the asset has been transferred.
Control is considered to be transferred if and only if, the transferee has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without imposing additional restrictions on the transfer.
When all risks and rewards have neither transferred nor substantially been retained and control of the asset has been maintained, the asset continues to be recognised only to the extent of continuing involvement, in which case, an associated liability has also been recognised. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original book value of the asset and the maximum amount of consideration that could be required to pay.
Derecognition due to contract modification
A financial asset is derecognised when the terms and conditions have been renegotiated to the extent that, substantially, it becomes a new instrument, with the difference recognised as a derecognition gain or loss. In case of an insignificant modification, the gross carrying amount is recalculated as the present value of the renegotiated or modified contractual cash flows, discounted at the financial asset\u2019s original EIR (or credit adjusted EIR for POCI assets) or, when applicable, the revised EIR.
When assessing whether or not to derecognise an instrument, VIG considers the following modification criteria:
\u2022 Quantitative criteria:
\u2013 Modified debt instruments are considered to be \u201csubstantially different\u201d if the net present value of the cash flows under the new terms discounted at the original EIR (of the original contract) is at least 10% different from the original debt instrument.
\u2022 Qualitative criteria:
\u2013 Change in the SPPI assessment, e.g. introduction of an equity-linked feature
\u2013 Change in the currency of the asset. Non-contractual changes in the currency are not relevant (e.g. in the course of a currency reform or accession to the Eurozone).
\u2013 Change in the maturity of the instrument. Changes in the maturity of a financial instrument are not considered to be \u201csubstantially different\u201d if the possibility has already been included in the original lending contract. Moreover, the change is not considered to be substantial, if the total contractual lifetime is
\u2013 extended by less than 50%,
\u2013 shortened by less than 30% or
\u2013 changed by less than 2 years of the original lifetime.
If the modification does not result in cash flows that are substantially different, the modification does not result in derecognition. Based on the change in cash flows discounted at the original EIR, a modification gain or loss is recorded.
Derecognition and significant modification of financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference between the book value of the original financial liability and the consideration paid is recognised in profit or loss.
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Impairment of financial assets
Further details regarding the impairment of financial assets are also provided within the disclosures for significant judgements and estimates (Note 23.2. Impairment losses on financial assets starting on page\u00a0222).
VIG recognises an allowance for ECLs for all debt instruments measured at AC or FVtOCI, loan commitments and guarantees as well as IFRS\u00a09 measured receivables.
ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that are expected to be received, discounted at the effective interest rate.
The amount of the ECLs recognised depends on the different impairment model stages to which the financial instruments were assigned. For financial instruments for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for the credit losses expected within the next 12 months (12-month ECL/Stage 1). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a risk provision is required for credit losses expected over the remaining life of the exposure (lifetime ECL).
VIG considers a financial asset to be in default when contractual payments are 90 days past due and/or if its rating is stated as C or D, unless VIG has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
The calculation of ECLs
ECLs are calculated based on scenarios to measure the expected cash shortfalls, discounted at an appropriate EIR. A cash shortfall is the difference between the cash flows that are in accordance with the contract and the cash flows that the entity expects to receive. The mechanics of the ECL calculations are outlined below and the key elements are, as follows:
\u2022 Probability of Default (PD): The PD is an estimate of the likelihood of default over a given time horizon. It is estimated with consideration of economic scenarios and forward-looking information.
VIG uses the following segments for its portfolio:
\u2013 Corporates
\u2013 Sovereigns
\u2013 The segment Sovereigns consists of all bonds or loans issued by public authorities, whether by central governments, supra-national government institutions, regional governments or local authorities, that are fully, unconditionally and irrevocably guaranteed by these institutions. All other exposures are treated within the corporates segment.
\u2022 Exposure at Default (EAD): The EAD is an estimate of the exposure at a future default date, taking into account expected changes in the exposure after the reporting date, including repayments of principal and interest, whether scheduled by contract or otherwise, and accrued interest from missed payments.
\u2022 Loss Given Default (LGD): The LGD is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that are expected to be received. It is usually expressed as a percentage of the EAD.
Concerning the segmentation of LGDs, the following segments will be used:
\u2013 Subordinated debt
\u2013 Senior unsecured debt
\u2013 Sovereigns
\u2013 Secured debt: The Secured segment at VIG covers all positions secured by mortgage as well as covered bonds.
\u2013 For unsecured assets, VIG will apply predefined LGDs, which are not time-dependent (flat LGD curves).
Assets subject to ECL calculations are allocated into one of the following categories:
\u2022 12-month ECL (Stage 1): Stage 1 allows a low credit risk or no significant increase in credit risk. It is calculated as the portion of the lifetime ECL, that represent the ECLs that result from default events on a financial instrument that are possible within 12 months after the reporting date.
\u2022 Stage 2: Assets classified under Stage 2 show a significant increase in credit risk (and not low credit risk), therefore the lifetime ECL must be calculated.
\u2022 Stage 3: Within this stage credit losses have already been incurred or assets have actually been credit impaired. Due to that fact, the difference between the asset\u2019s gross carrying amount and the present value of estimated future cash flows discounted at the financial asset\u2019s original effective interest rate should be considered.
In accordance with IFRS, debt instruments measured at AC or measured at FVtOCI must follow the staged approach. The VIG approach is set as follows:
\u2022 Stage 1 \u2013 12-month ECL
\u2013 assets with the exception of POCI assets,
\u2013 assets that fall within the scope of the low credit risk exemption, as well as
\u2013 assets that are not defaulted, not eligible for Stage 2 triggers and show no significant change in ratings
\u2022 Stage 2 \u2013 Lifetime ECLs (effective interest rate on gross carrying amount)
\u2013 are past due for at least 30 days or
\u2013 respond to one of the predefined forward-looking indicators.
\u2022 Stage 3 \u2013 Lifetime ECLs (effective interest rate on amortised costs)
\u2013 assets fulfilling the default definition of VIG
\u2022 Stage 0 \u2013 POCI
Debt instruments measured at FVtOCI
As the book value of the debt instruments measured at FVtOCI corresponds to the fair value, the risk provision to be recognised does not lead to a reduction on the asset side of the balance sheet. Instead, an amount equal to the risk provision that would arise if the assets were measured at amortised cost is recognised in OCI with a corresponding charge to profit or loss. The accumulated gain recognised in OCI is recycled to the profit or loss upon derecognition of the assets.
Forward looking information
In the Group-wide ECL models, it can be relied on a broad range of forward-looking information, such as external and internal ratings, forecasts of macroeconomic variables or qualitative credit risk.
Impairments
For the purpose of testing goodwill, the subsidiaries are combined to form cash-generating units (CGUs) at the level of geographical countries. These CGUs, on the basis of which the impairment test is conducted, correspond to the operating segments. The recoverability of trademark rights is additionally tested individually by application of the relief-from-royalty method. In the case of intangible assets with unlimited useful lives (goodwill and capitalised trademark rights), such an impairment test is also conducted during the year in response to a triggering event, but at least at the end of every financial year.
As a general rule, the value in use determined by application of the income-based discounted cash flow method is applied as the recoverable amount of the CGU. In those cases in which the value in use is less than the book value, the fair value less costs to sell is determined additionally. Trailing stock exchange multiples are applied to determine the fair value less costs to sell.
To determine the value in use, the available cash flows over five plan years and after that the perpetual annuity are discounted to present value. All subsidiaries prepare detailed planning forecasts for three years in the respective local currency, they are discussed in meetings of the Supervisory Board and subjected to a plausibility check as part of the planning and control process. The planning forecast for the next two years and the perpetual annuity are prepared by forecasting key parameters (e.g. combined ratios, insurance service revenue development, investment result) on the basis of their historical development and expectations for the future development of markets. Therefore, the projected cash flows from the perpetual annuity are deemed to be sustainable. The end-of-period exchange rate on 31\u00a0December of the financial year is applied for converting the amounts into euros.
Identifiable climate risks are included in the best estimate of the technical provisions via pricing and reserving. In the planning calculations, these identifiable climate risks are implicitly taken into account in the expected value of cash flows and in the solvency capital requirement, which are used for the impairment test. VIG offers insurance against major weather events, subject to strict reinsurance guidelines.
All insurance service assets are attributed to the CGUs. In addition to goodwill and trademark rights, these assets include all capitalised customer bases, financial assets, receivables, tangible assets and other assets. Insurance contract liabilities and current liabilities are deducted from the book values. Assets recognised by VIG Holding, but used by the operating companies are attributed to the CGUs in the form of corporate assets. Thus, the cash flows of the CGUs are adjusted for the depreciation and amortisation of the attributed corporate assets.
A capital cost rate (before taxes) determined on the basis of the Capital Asset Pricing Model (CAPM) is applied to calculate the discount rates. For that purpose, country-specific inflation differences and risk premiums, as well as the sector-specific market risk, are added to the risk-free interest rate (equal to the return on German government bonds at the reporting date according to the Svensson method). The beta factor applied at the reporting date was determined on the basis of a defined peer group.
The long-term growth rates were calculated in the reporting period on the basis of the Compound Annual Growth Rate (CAGR) under the assumption that the insurance penetration of the respective countries will begin to converge with the current German penetration rate in 50 to 70 years from the year 2013. An inflation premium equal to half the inflation included in the capital costs is added to the CAGR.
An impairment must be recognised if the fair value is less than the book value (acquisition cost less accumulated scheduled depreciation and impairments already recognised). In that case, the book value is written off to the lower fair value and the difference is recognised in profit or loss. The same method as that applied for an impairment is applied to determine whether the fair value of a property exceeds the book value. It is to be determined at every reporting date whether there are any indications that the fair value of the property has risen above the book value. The book value after reversals gains may not exceed the book value taking into account scheduled depreciation, before the deduction of impairments.
Both impairments and reversals gains are recognised in the income statement. They are presented in Note 9. Notes to the consolidated income statement starting on page 188. The fair values and the level hierarchy according to IFRS 13 are presented in 16. Calculation of fair value starting on page starting on page 198.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-124": { "value": "
Impairment of financial assets
Further details regarding the impairment of financial assets are also provided within the disclosures for significant judgements and estimates (Note 23.2. Impairment losses on financial assets starting on page\u00a0222).
VIG recognises an allowance for ECLs for all debt instruments measured at AC or FVtOCI, loan commitments and guarantees as well as IFRS\u00a09 measured receivables.
ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that are expected to be received, discounted at the effective interest rate.
The amount of the ECLs recognised depends on the different impairment model stages to which the financial instruments were assigned. For financial instruments for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for the credit losses expected within the next 12 months (12-month ECL/Stage 1). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a risk provision is required for credit losses expected over the remaining life of the exposure (lifetime ECL).
VIG considers a financial asset to be in default when contractual payments are 90 days past due and/or if its rating is stated as C or D, unless VIG has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
The calculation of ECLs
ECLs are calculated based on scenarios to measure the expected cash shortfalls, discounted at an appropriate EIR. A cash shortfall is the difference between the cash flows that are in accordance with the contract and the cash flows that the entity expects to receive. The mechanics of the ECL calculations are outlined below and the key elements are, as follows:
\u2022 Probability of Default (PD): The PD is an estimate of the likelihood of default over a given time horizon. It is estimated with consideration of economic scenarios and forward-looking information.
VIG uses the following segments for its portfolio:
\u2013 Corporates
\u2013 Sovereigns
\u2013 The segment Sovereigns consists of all bonds or loans issued by public authorities, whether by central governments, supra-national government institutions, regional governments or local authorities, that are fully, unconditionally and irrevocably guaranteed by these institutions. All other exposures are treated within the corporates segment.
\u2022 Exposure at Default (EAD): The EAD is an estimate of the exposure at a future default date, taking into account expected changes in the exposure after the reporting date, including repayments of principal and interest, whether scheduled by contract or otherwise, and accrued interest from missed payments.
\u2022 Loss Given Default (LGD): The LGD is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that are expected to be received. It is usually expressed as a percentage of the EAD.
Concerning the segmentation of LGDs, the following segments will be used:
\u2013 Subordinated debt
\u2013 Senior unsecured debt
\u2013 Sovereigns
\u2013 Secured debt: The Secured segment at VIG covers all positions secured by mortgage as well as covered bonds.
\u2013 For unsecured assets, VIG will apply predefined LGDs, which are not time-dependent (flat LGD curves).
Assets subject to ECL calculations are allocated into one of the following categories:
\u2022 12-month ECL (Stage 1): Stage 1 allows a low credit risk or no significant increase in credit risk. It is calculated as the portion of the lifetime ECL, that represent the ECLs that result from default events on a financial instrument that are possible within 12 months after the reporting date.
\u2022 Stage 2: Assets classified under Stage 2 show a significant increase in credit risk (and not low credit risk), therefore the lifetime ECL must be calculated.
\u2022 Stage 3: Within this stage credit losses have already been incurred or assets have actually been credit impaired. Due to that fact, the difference between the asset\u2019s gross carrying amount and the present value of estimated future cash flows discounted at the financial asset\u2019s original effective interest rate should be considered.
In accordance with IFRS, debt instruments measured at AC or measured at FVtOCI must follow the staged approach. The VIG approach is set as follows:
\u2022 Stage 1 \u2013 12-month ECL
\u2013 assets with the exception of POCI assets,
\u2013 assets that fall within the scope of the low credit risk exemption, as well as
\u2013 assets that are not defaulted, not eligible for Stage 2 triggers and show no significant change in ratings
\u2022 Stage 2 \u2013 Lifetime ECLs (effective interest rate on gross carrying amount)
\u2013 are past due for at least 30 days or
\u2013 respond to one of the predefined forward-looking indicators.
\u2022 Stage 3 \u2013 Lifetime ECLs (effective interest rate on amortised costs)
\u2013 assets fulfilling the default definition of VIG
\u2022 Stage 0 \u2013 POCI
Debt instruments measured at FVtOCI
As the book value of the debt instruments measured at FVtOCI corresponds to the fair value, the risk provision to be recognised does not lead to a reduction on the asset side of the balance sheet. Instead, an amount equal to the risk provision that would arise if the assets were measured at amortised cost is recognised in OCI with a corresponding charge to profit or loss. The accumulated gain recognised in OCI is recycled to the profit or loss upon derecognition of the assets.
Forward looking information
In the Group-wide ECL models, it can be relied on a broad range of forward-looking information, such as external and internal ratings, forecasts of macroeconomic variables or qualitative credit risk.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-125": { "value": "
Collateral valuation and repossessed
To mitigate its credit risks on financial assets, collateral is sought to be used, where possible. The collateral comes in various forms, such as mortgages, securities or other types of collateral. Collateral, unless repossessed, is not recorded on VIG\u2019s balance sheet. Cash flows expected from credit enhancements which are not required to be recognised separately by IFRS standards and which are considered integral to the contractual terms of a debt instrument which is subject to ECL, are included in the measurement of those ECL. On this basis, the fair value of collateral affects the calculation of ECL.
To the extent possible, data from an active market is used for valuing financial assets held as collateral. Other financial assets that do not have readily available market data are valued using models. Non-financial collateral, such as real estate, is valued either internally or based on third parties\u2019 appraisals.
The ECL measurement also includes irrevocable and unconditional guarantees.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-126": { "value": "
Financial liabilities
Measurement categories of financial liabilities
Financial liabilities, other than loan commitments and financial guarantees, are measured at AC or at FVtPL if they are held for trading or are derivative instruments or if they are derivative financial instruments. VIG has no material portfolio of financial liabilities designated measured at FVtPL. All derivatives with a negative fair value (according to IFRS\u00a013; determined on the basis of the so-called \u201cdirty fair value\u201d, i.e., including interest accruals) are presented as a liability measured at FVtPL. Analogous to the financial assets, financial liabilities are recognised at their \u201cdirty value\u201d starting with the initial application of IFRS\u00a09.
Derecognition and significant modification of financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference between the book value of the original financial liability and the consideration paid is recognised in profit or loss.
Recognition of interest revenues
According to IFRS\u00a09, interest revenues for all financial assets under IFRS\u00a09 measured at AC or measured at FVtOCI are recorded using the effective interest method. The EIR is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset or, when appropriate, a shorter period, to the gross carrying amount of the financial asset.
The EIR and therefore, the amortised cost of the financial asset, is calculated by taking into account transaction costs and any discount or premium on acquisition of the financial asset as well as fees and costs that are an integral part of the EIR. Interest revenues are recognised using a rate of return that represents the best estimate of a constant rate of return over the expected life of the debt instrument.
For floating-rate financial instruments, the periodic re-fixing of coupon rates reflecting the movements in interest rates alters the effective interest rate.
The item interest revenues using the effective interest rate method only includes interest on financial instruments measured at AC or measured at FVtOCI.
The item interest revenue other includes interest from financial assets measured at FVtPL, which is also measured based on the derivation of the effective interest rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-127": { "value": "
Financial liabilities
Measurement categories of financial liabilities
Financial liabilities, other than loan commitments and financial guarantees, are measured at AC or at FVtPL if they are held for trading or are derivative instruments or if they are derivative financial instruments. VIG has no material portfolio of financial liabilities designated measured at FVtPL. All derivatives with a negative fair value (according to IFRS\u00a013; determined on the basis of the so-called \u201cdirty fair value\u201d, i.e., including interest accruals) are presented as a liability measured at FVtPL. Analogous to the financial assets, financial liabilities are recognised at their \u201cdirty value\u201d starting with the initial application of IFRS\u00a09.
Derecognition and significant modification of financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference between the book value of the original financial liability and the consideration paid is recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-128": { "value": "
Measurement categories of financial liabilities
Financial liabilities, other than loan commitments and financial guarantees, are measured at AC or at FVtPL if they are held for trading or are derivative instruments or if they are derivative financial instruments. VIG has no material portfolio of financial liabilities designated measured at FVtPL. All derivatives with a negative fair value (according to IFRS\u00a013; determined on the basis of the so-called \u201cdirty fair value\u201d, i.e., including interest accruals) are presented as a liability measured at FVtPL. Analogous to the financial assets, financial liabilities are recognised at their \u201cdirty value\u201d starting with the initial application of IFRS\u00a09.
Derecognition and significant modification of financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference between the book value of the original financial liability and the consideration paid is recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-129": { "value": "
Recognition of interest revenues
According to IFRS\u00a09, interest revenues for all financial assets under IFRS\u00a09 measured at AC or measured at FVtOCI are recorded using the effective interest method. The EIR is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset or, when appropriate, a shorter period, to the gross carrying amount of the financial asset.
The EIR and therefore, the amortised cost of the financial asset, is calculated by taking into account transaction costs and any discount or premium on acquisition of the financial asset as well as fees and costs that are an integral part of the EIR. Interest revenues are recognised using a rate of return that represents the best estimate of a constant rate of return over the expected life of the debt instrument.
For floating-rate financial instruments, the periodic re-fixing of coupon rates reflecting the movements in interest rates alters the effective interest rate.
The item interest revenues using the effective interest rate method only includes interest on financial instruments measured at AC or measured at FVtOCI.
The item interest revenue other includes interest from financial assets measured at FVtPL, which is also measured based on the derivation of the effective interest rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-130": { "value": "
Repurchase and reverse repurchase agreements
Securities sold under agreements to repurchase are not derecognised from the balance sheet as substantially all of the risks and rewards of ownership are retained. The corresponding cash received is recognised in the consolidated balance sheet as an asset with a corresponding obligation to return it, including accrued interest as a liability within cash collateral on securities lent and repurchase agreements. This reflects the transaction\u2019s economic substance as a loan to VIG. The difference between the sale and repurchase price is treated as interest expense and is deferred over the life of agreement.
By contrast, securities purchased under reverse repurchase agreements are not recognised in the balance sheet. The amount paid, including deferred interest, is recorded in the balance sheet within loans measured at AC. The difference between the purchase and resale price is shown in the corresponding current income position using the EIR.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-131": { "value": "
24.5. Goodwill
Goodwill is recorded in the functional currency of the respective unit. The item is measured at AC minus accumulated impairment losses. In the case of investments in associates, goodwill is included in the amortised book value of the investment.
Impairments
For the purpose of testing goodwill, the subsidiaries are combined to form cash-generating units (CGUs) at the level of geographical countries. These CGUs, on the basis of which the impairment test is conducted, correspond to the operating segments. The recoverability of trademark rights is additionally tested individually by application of the relief-from-royalty method. In the case of intangible assets with unlimited useful lives (goodwill and capitalised trademark rights), such an impairment test is also conducted during the year in response to a triggering event, but at least at the end of every financial year.
As a general rule, the value in use determined by application of the income-based discounted cash flow method is applied as the recoverable amount of the CGU. In those cases in which the value in use is less than the book value, the fair value less costs to sell is determined additionally. Trailing stock exchange multiples are applied to determine the fair value less costs to sell.
To determine the value in use, the available cash flows over five plan years and after that the perpetual annuity are discounted to present value. All subsidiaries prepare detailed planning forecasts for three years in the respective local currency, they are discussed in meetings of the Supervisory Board and subjected to a plausibility check as part of the planning and control process. The planning forecast for the next two years and the perpetual annuity are prepared by forecasting key parameters (e.g. combined ratios, insurance service revenue development, investment result) on the basis of their historical development and expectations for the future development of markets. Therefore, the projected cash flows from the perpetual annuity are deemed to be sustainable. The end-of-period exchange rate on 31\u00a0December of the financial year is applied for converting the amounts into euros.
Identifiable climate risks are included in the best estimate of the technical provisions via pricing and reserving. In the planning calculations, these identifiable climate risks are implicitly taken into account in the expected value of cash flows and in the solvency capital requirement, which are used for the impairment test. VIG offers insurance against major weather events, subject to strict reinsurance guidelines.
All insurance service assets are attributed to the CGUs. In addition to goodwill and trademark rights, these assets include all capitalised customer bases, financial assets, receivables, tangible assets and other assets. Insurance contract liabilities and current liabilities are deducted from the book values. Assets recognised by VIG Holding, but used by the operating companies are attributed to the CGUs in the form of corporate assets. Thus, the cash flows of the CGUs are adjusted for the depreciation and amortisation of the attributed corporate assets.
A capital cost rate (before taxes) determined on the basis of the Capital Asset Pricing Model (CAPM) is applied to calculate the discount rates. For that purpose, country-specific inflation differences and risk premiums, as well as the sector-specific market risk, are added to the risk-free interest rate (equal to the return on German government bonds at the reporting date according to the Svensson method). The beta factor applied at the reporting date was determined on the basis of a defined peer group.
The long-term growth rates were calculated in the reporting period on the basis of the Compound Annual Growth Rate (CAGR) under the assumption that the insurance penetration of the respective countries will begin to converge with the current German penetration rate in 50 to 70 years from the year 2013. An inflation premium equal to half the inflation included in the capital costs is added to the CAGR.
24.6. Intangible assets
Purchased intangible assets are recognised in the balance sheet at acquisition cost less accumulated amortisation and impairment losses. The companies included in the scope of consolidation did not have any material internally generated intangible assets. All intangible assets with the exception of trademark rights have definite useful lives. Therefore, intangible assets are amortised over the period of their use.
Purchased software
Average useful life in years
from
to
Software
2
13
Software is amortised according to the straight-line method. Furthermore, it is checked on an ad-hoc basis whether the respective software components can still be used. If it is expected with a high degree of probability that certain IT systems or program components can no longer be used or not to the full extent, an impairment is recognised. If a change in the useful life of full use is found, the amortisation period is changed to match the new useful life.
Other intangible assets
In the course of the purchase price allocations conducted with respect to the acquisitions of the companies Asirom, BTA Baltic and Seesam, trademark rights with unlimited useful lives were identified in previous years. The unlimited useful life results from the fact that no foreseeable end of the economic useful life can be identified. The fair values of the trademark rights were determined by application of the relief-from-royalty method upon first-time consolidation. A tax amortisation benefit was included in the relief-from-royalty method.
Regarding impairments of trademark rights with unlimited useful life, please refer to the statements in Note 24.5. Goodwill starting on page\u00a0250.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-132": { "value": "
24.5. Goodwill
Goodwill is recorded in the functional currency of the respective unit. The item is measured at AC minus accumulated impairment losses. In the case of investments in associates, goodwill is included in the amortised book value of the investment.
Impairments
For the purpose of testing goodwill, the subsidiaries are combined to form cash-generating units (CGUs) at the level of geographical countries. These CGUs, on the basis of which the impairment test is conducted, correspond to the operating segments. The recoverability of trademark rights is additionally tested individually by application of the relief-from-royalty method. In the case of intangible assets with unlimited useful lives (goodwill and capitalised trademark rights), such an impairment test is also conducted during the year in response to a triggering event, but at least at the end of every financial year.
As a general rule, the value in use determined by application of the income-based discounted cash flow method is applied as the recoverable amount of the CGU. In those cases in which the value in use is less than the book value, the fair value less costs to sell is determined additionally. Trailing stock exchange multiples are applied to determine the fair value less costs to sell.
To determine the value in use, the available cash flows over five plan years and after that the perpetual annuity are discounted to present value. All subsidiaries prepare detailed planning forecasts for three years in the respective local currency, they are discussed in meetings of the Supervisory Board and subjected to a plausibility check as part of the planning and control process. The planning forecast for the next two years and the perpetual annuity are prepared by forecasting key parameters (e.g. combined ratios, insurance service revenue development, investment result) on the basis of their historical development and expectations for the future development of markets. Therefore, the projected cash flows from the perpetual annuity are deemed to be sustainable. The end-of-period exchange rate on 31\u00a0December of the financial year is applied for converting the amounts into euros.
Identifiable climate risks are included in the best estimate of the technical provisions via pricing and reserving. In the planning calculations, these identifiable climate risks are implicitly taken into account in the expected value of cash flows and in the solvency capital requirement, which are used for the impairment test. VIG offers insurance against major weather events, subject to strict reinsurance guidelines.
All insurance service assets are attributed to the CGUs. In addition to goodwill and trademark rights, these assets include all capitalised customer bases, financial assets, receivables, tangible assets and other assets. Insurance contract liabilities and current liabilities are deducted from the book values. Assets recognised by VIG Holding, but used by the operating companies are attributed to the CGUs in the form of corporate assets. Thus, the cash flows of the CGUs are adjusted for the depreciation and amortisation of the attributed corporate assets.
A capital cost rate (before taxes) determined on the basis of the Capital Asset Pricing Model (CAPM) is applied to calculate the discount rates. For that purpose, country-specific inflation differences and risk premiums, as well as the sector-specific market risk, are added to the risk-free interest rate (equal to the return on German government bonds at the reporting date according to the Svensson method). The beta factor applied at the reporting date was determined on the basis of a defined peer group.
The long-term growth rates were calculated in the reporting period on the basis of the Compound Annual Growth Rate (CAGR) under the assumption that the insurance penetration of the respective countries will begin to converge with the current German penetration rate in 50 to 70 years from the year 2013. An inflation premium equal to half the inflation included in the capital costs is added to the CAGR.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-133": { "value": "
Impairments
For the purpose of testing goodwill, the subsidiaries are combined to form cash-generating units (CGUs) at the level of geographical countries. These CGUs, on the basis of which the impairment test is conducted, correspond to the operating segments. The recoverability of trademark rights is additionally tested individually by application of the relief-from-royalty method. In the case of intangible assets with unlimited useful lives (goodwill and capitalised trademark rights), such an impairment test is also conducted during the year in response to a triggering event, but at least at the end of every financial year.
As a general rule, the value in use determined by application of the income-based discounted cash flow method is applied as the recoverable amount of the CGU. In those cases in which the value in use is less than the book value, the fair value less costs to sell is determined additionally. Trailing stock exchange multiples are applied to determine the fair value less costs to sell.
To determine the value in use, the available cash flows over five plan years and after that the perpetual annuity are discounted to present value. All subsidiaries prepare detailed planning forecasts for three years in the respective local currency, they are discussed in meetings of the Supervisory Board and subjected to a plausibility check as part of the planning and control process. The planning forecast for the next two years and the perpetual annuity are prepared by forecasting key parameters (e.g. combined ratios, insurance service revenue development, investment result) on the basis of their historical development and expectations for the future development of markets. Therefore, the projected cash flows from the perpetual annuity are deemed to be sustainable. The end-of-period exchange rate on 31\u00a0December of the financial year is applied for converting the amounts into euros.
Identifiable climate risks are included in the best estimate of the technical provisions via pricing and reserving. In the planning calculations, these identifiable climate risks are implicitly taken into account in the expected value of cash flows and in the solvency capital requirement, which are used for the impairment test. VIG offers insurance against major weather events, subject to strict reinsurance guidelines.
All insurance service assets are attributed to the CGUs. In addition to goodwill and trademark rights, these assets include all capitalised customer bases, financial assets, receivables, tangible assets and other assets. Insurance contract liabilities and current liabilities are deducted from the book values. Assets recognised by VIG Holding, but used by the operating companies are attributed to the CGUs in the form of corporate assets. Thus, the cash flows of the CGUs are adjusted for the depreciation and amortisation of the attributed corporate assets.
A capital cost rate (before taxes) determined on the basis of the Capital Asset Pricing Model (CAPM) is applied to calculate the discount rates. For that purpose, country-specific inflation differences and risk premiums, as well as the sector-specific market risk, are added to the risk-free interest rate (equal to the return on German government bonds at the reporting date according to the Svensson method). The beta factor applied at the reporting date was determined on the basis of a defined peer group.
The long-term growth rates were calculated in the reporting period on the basis of the Compound Annual Growth Rate (CAGR) under the assumption that the insurance penetration of the respective countries will begin to converge with the current German penetration rate in 50 to 70 years from the year 2013. An inflation premium equal to half the inflation included in the capital costs is added to the CAGR.
An impairment must be recognised if the fair value is less than the book value (acquisition cost less accumulated scheduled depreciation and impairments already recognised). In that case, the book value is written off to the lower fair value and the difference is recognised in profit or loss. The same method as that applied for an impairment is applied to determine whether the fair value of a property exceeds the book value. It is to be determined at every reporting date whether there are any indications that the fair value of the property has risen above the book value. The book value after reversals gains may not exceed the book value taking into account scheduled depreciation, before the deduction of impairments.
Both impairments and reversals gains are recognised in the income statement. They are presented in Note 9. Notes to the consolidated income statement starting on page 188. The fair values and the level hierarchy according to IFRS 13 are presented in 16. Calculation of fair value starting on page starting on page 198.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-134": { "value": "
24.6. Intangible assets
Purchased intangible assets are recognised in the balance sheet at acquisition cost less accumulated amortisation and impairment losses. The companies included in the scope of consolidation did not have any material internally generated intangible assets. All intangible assets with the exception of trademark rights have definite useful lives. Therefore, intangible assets are amortised over the period of their use.
Purchased software
Average useful life in years
from
to
Software
2
13
Software is amortised according to the straight-line method. Furthermore, it is checked on an ad-hoc basis whether the respective software components can still be used. If it is expected with a high degree of probability that certain IT systems or program components can no longer be used or not to the full extent, an impairment is recognised. If a change in the useful life of full use is found, the amortisation period is changed to match the new useful life.
Other intangible assets
In the course of the purchase price allocations conducted with respect to the acquisitions of the companies Asirom, BTA Baltic and Seesam, trademark rights with unlimited useful lives were identified in previous years. The unlimited useful life results from the fact that no foreseeable end of the economic useful life can be identified. The fair values of the trademark rights were determined by application of the relief-from-royalty method upon first-time consolidation. A tax amortisation benefit was included in the relief-from-royalty method.
Regarding impairments of trademark rights with unlimited useful life, please refer to the statements in Note 24.5. Goodwill starting on page\u00a0250.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-135": { "value": "
24.6. Intangible assets
Purchased intangible assets are recognised in the balance sheet at acquisition cost less accumulated amortisation and impairment losses. The companies included in the scope of consolidation did not have any material internally generated intangible assets. All intangible assets with the exception of trademark rights have definite useful lives. Therefore, intangible assets are amortised over the period of their use.
Purchased software
Average useful life in years
from
to
Software
2
13
Software is amortised according to the straight-line method. Furthermore, it is checked on an ad-hoc basis whether the respective software components can still be used. If it is expected with a high degree of probability that certain IT systems or program components can no longer be used or not to the full extent, an impairment is recognised. If a change in the useful life of full use is found, the amortisation period is changed to match the new useful life.
Other intangible assets
In the course of the purchase price allocations conducted with respect to the acquisitions of the companies Asirom, BTA Baltic and Seesam, trademark rights with unlimited useful lives were identified in previous years. The unlimited useful life results from the fact that no foreseeable end of the economic useful life can be identified. The fair values of the trademark rights were determined by application of the relief-from-royalty method upon first-time consolidation. A tax amortisation benefit was included in the relief-from-royalty method.
Regarding impairments of trademark rights with unlimited useful life, please refer to the statements in Note 24.5. Goodwill starting on page\u00a0250.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProgrammingAssetsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-136": { "value": "
24.7. Investment property
Property that is both owner-occupied and investment property is divided. If the 20% limit is not exceeded, the property is recognised in the larger category (80:20 rule).
Property is measured at acquisition or construction costs minus accumulated scheduled depreciation and impairment losses. Cost comprises all costs incurred in putting the asset into its present location in its present condition. Costs incurred in later periods are only capitalised if they lead to a significant increase in future opportunities for use of the building (e.g. through respective building expansions or new fittings). Tangible assets are depreciated using the straight-line method over the expected economic useful life.
Average useful life in years
from
to
Buildings categorised as investment property
29
49
Measurement process
The measurement process for deriving the fair value of the items investment property and owner-occupied property is discussed in more detail in Note 24.9. Calculation of fair value starting on page\u00a0252.
An impairment must be recognised if the fair value is less than the book value (acquisition cost less accumulated scheduled depreciation and impairments already recognised). In that case, the book value is written off to the lower fair value and the difference is recognised in profit or loss. The same method as that applied for an impairment is applied to determine whether the fair value of a property exceeds the book value. It is to be determined at every reporting date whether there are any indications that the fair value of the property has risen above the book value. The book value after reversals gains may not exceed the book value taking into account scheduled depreciation, before the deduction of impairments.
Both impairments and reversals gains are recognised in the income statement. They are presented in Note 9. Notes to the consolidated income statement starting on page 188. The fair values and the level hierarchy according to IFRS 13 are presented in 16. Calculation of fair value starting on page starting on page 198.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-137": { "value": "
24.7. Investment property
Property that is both owner-occupied and investment property is divided. If the 20% limit is not exceeded, the property is recognised in the larger category (80:20 rule).
Property is measured at acquisition or construction costs minus accumulated scheduled depreciation and impairment losses. Cost comprises all costs incurred in putting the asset into its present location in its present condition. Costs incurred in later periods are only capitalised if they lead to a significant increase in future opportunities for use of the building (e.g. through respective building expansions or new fittings). Tangible assets are depreciated using the straight-line method over the expected economic useful life.
Average useful life in years
from
to
Buildings categorised as investment property
29
49
Measurement process
The measurement process for deriving the fair value of the items investment property and owner-occupied property is discussed in more detail in Note 24.9. Calculation of fair value starting on page\u00a0252.
An impairment must be recognised if the fair value is less than the book value (acquisition cost less accumulated scheduled depreciation and impairments already recognised). In that case, the book value is written off to the lower fair value and the difference is recognised in profit or loss. The same method as that applied for an impairment is applied to determine whether the fair value of a property exceeds the book value. It is to be determined at every reporting date whether there are any indications that the fair value of the property has risen above the book value. The book value after reversals gains may not exceed the book value taking into account scheduled depreciation, before the deduction of impairments.
Both impairments and reversals gains are recognised in the income statement. They are presented in Note 9. Notes to the consolidated income statement starting on page 188. The fair values and the level hierarchy according to IFRS 13 are presented in 16. Calculation of fair value starting on page starting on page 198.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-138": { "value": "
24.8. Owner-occupied property
For the applied accounting policies, refer to the statements presented under 24.7. Investment property starting on page\u00a0252.
Average useful life in years
from
to
Owner-occupied buildings
28
47
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-139": { "value": "
24.10. Consolidated shareholders\u2019 equity
The items share capital and other capital reserves include the amounts paid in to share capital by the shareholders of VIG Holding. The item other capital reserves reports the share of contributions paid that is in excess of the share capital. The reserves are reduced by those external costs directly related to corporate actions affecting equity (after taking tax effects into account).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-140": { "value": "
Share capital and voting rights
The share capital amounts to EUR\u00a0132,887,468.20. It is divided into 128,000,000 no-par-value bearer shares with voting rights, with each share representing an equal portion of share capital. The number of shares issued remained unchanged.
The Managing Board is not aware of any restrictions on voting rights or the transfer of shares. Employees who own shares exercise their voting right directly at the Annual General Meeting.
The Managing Board must consist of at least three but no more than eight members. The Supervisory Board has at least three but no more than twelve members (shareholder representatives). The Wiener St\u00e4dtische Versicherungsverein, which directly and indirectly holds around\u00a072.47% (72.47%) of the share capital, has the right to appoint up to a third of the members of the Supervisory Board if, and as long as, it holds 50% or less of the company\u2019s voting shares. Annual General Meeting resolutions are adopted by a simple majority, unless a different majority is required by law or the Articles of Association.
There are no shares with special rights of control; reference is made to the previous paragraph with regard to the rights of the shareholders of the Wiener St\u00e4dtische Versicherungsverein.

At the reporting date, the company is not party to any material agreements which take effect, alter or terminate upon a change of control of the company following a takeover bid, especially none which concern the participations held in insurance companies.
No compensation agreements exist between the company and its Managing Board members, Supervisory Board members or employees covering the case of a public takeover bid.
Anticipatory resolutions
Pursuant to \u00a7\u00a0169 AktG, the Managing Board is authorised until no later than 20 May 2026 to increase the company\u2019s share capital \u2013 also in multiple tranches \u2013 by a nominal amount of up to EUR\u00a066,443,734.10 by issuing up to 64,000,000 no-par bearer shares in exchange for cash or non-cash contributions or a combination of both. The Managing Board with the consent of the Supervisory Board decides the content of share rights, the exclusion of pre-emptive subscription rights and the other terms and conditions of share issuance. Preferred shares without voting rights and conveying the same rights as already issued preferred shares may also be issued. The issue prices of common shares and preferred shares can be different.
The Managing Board was authorised by the Annual General Meeting on 21 May 2021 with the consent of the Supervisory Board to issue convertible bonds according to \u00a7\u00a0174 AktG, which convey the right to exchange or subscribe up to 30,000,000 ordinary bearer shares in the company representing a proportional amount of share capital of up to EUR\u00a031,145,500.36, in a total nominal amount of up to EUR\u00a02,000,000,000.00, also under exclusion of pre-emptive subscription rights, on one or more occasions in the time until 20 May 2026.
Therefore, in accordance with \u00a7\u00a0159 (2) no. 1 AktG, the share capital has been raised conditionally by up to EUR\u00a031,145,500.36 by issuing up to 30,000,000 ordinary bearer shares in the company. The conditional capital increase will only be conducted insofar as the bearers of the convertible bonds issued on the basis of the resolution of the Annual General Meeting of 21 May 2021 exercise their subscription or exchange rights. To date, the Managing Board has adopted no resolution on the issuance of convertible bonds on the basis of the authorisation granted on 21 May 2021.
Furthermore, the Managing Board was authorised by the Annual General Meeting on 21 May 2021 with the consent of the Supervisory Board to issue participating bonds pursuant to \u00a7\u00a0174 (2) AktG in the total nominal amount of up to EUR\u00a02,000,000,000.00, also in multiple tranches and also under exclusion of pre-emptive subscription rights, in the time until 20 May 2026. To date, the Managing Board had not adopted a resolution on the issuance of participating bonds on the basis of this authorisation.
The Annual General Meeting authorised the Managing Board on 26 May 2023 to acquire bearer ordinary shares in accordance with \u00a7\u00a065 (1) no. 8, (1a) and (1b) AktG to the maximum extent permissible by law during a period of 30 months following the date the Annual General Meeting resolution was adopted. The amount paid upon repurchase of the company\u2019s own shares may not be more than a maximum of 50% below and not more than a maximum of 10% above the average unweighted closing price on the Vienna Stock Exchange on the ten stock exchange trading days preceding the repurchase. The Managing Board may decide to make the purchase via the stock exchange, through a public offer or in any other legally permissible and expedient manner. If the repurchase is performed via a public offer, the end of the calculation period is determined based on the date on which the intention to make a public offer is announced (\u00a7\u00a05 (2) and (3) of the Austrian Takeover Act (\u00dcbernahmegesetz)).
The Annual General Meeting also authorised the Managing Board for a period of five years from the date of the resolution to use acquired own shares while excluding shareholder pre-emption rights
\u2022 for servicing convertible bonds issued based on the resolutions adopted by the Annual General Meeting on 21 May 2021; and
\u2022 for sales in a manner permitted by law other than via the stock market or by means of a public offer.
The Managing Board has not made use of these authorisations to date.
The Group holds no own shares at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-141": { "value": "
24.11. Provisions
General
Provisions will be recognised if
\u2022 a legal or constructive obligation exists to a third party as a result of a past event,
\u2022 it is probable that the obligation will result in an outflow of resources and
\u2022 a reliable estimate of the extent of the obligation can be made.
Provisions are recognised at the value representing the best possible estimate of the expenditure needed to fulfil the obligation. If the cash value of the provision determined on the basis of prevailing market interest rates differs substantially from the nominal value, the cash value of the obligation is recognised. The item provisions also includes personnel provisions other than the provisions for pensions and similar obligations (e.g. provisions for anniversary benefits).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-142": { "value": "
24.11. Provisions
General
Provisions will be recognised if
\u2022 a legal or constructive obligation exists to a third party as a result of a past event,
\u2022 it is probable that the obligation will result in an outflow of resources and
\u2022 a reliable estimate of the extent of the obligation can be made.
Provisions are recognised at the value representing the best possible estimate of the expenditure needed to fulfil the obligation. If the cash value of the provision determined on the basis of prevailing market interest rates differs substantially from the nominal value, the cash value of the obligation is recognised. The item provisions also includes personnel provisions other than the provisions for pensions and similar obligations (e.g. provisions for anniversary benefits).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-143": { "value": "
24.12. Receivables and Liabilities
Receivables
The receivables presented in the balance sheet particularly consist of receivables and other receivables measured in accordance with IFRS\u00a09.
Receivables from policyholders, intermediaries and insurance companies that are recognised directly in the fair value of future cash flows under IFRS\u00a017 are not included in this balance sheet item. Therefore, amounts shown as receivables are not related to the insurance business in accordance with IFRS\u00a017.
Non-insurance receivables are measured at the transaction price. Valuation is based on the underlying transaction, whereby the impairment requirements according to IFRS\u00a09 apply.
VIG Insurance Group applies the option of the simplified approach for trade receivables and receivables from leases in accordance with IFRS\u00a09.5.5.15. In order to fulfil the relevant requirements, an Impairment Provision Matrix is used for receivables, which can be found in Note 2.5. Credit risk starting on page\u00a0175.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-144": { "value": "
VIG Insurance Group applies the option of the simplified approach for trade receivables and receivables from leases in accordance with IFRS\u00a09.5.5.15. In order to fulfil the relevant requirements, an Impairment Provision Matrix is used for receivables, which can be found in Note 2.5. Credit risk starting on page\u00a0175.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-145": { "value": "
Liabilities
The liabilities presented in the balance sheet consist of liabilities and other liabilities measured in accordance with IFRS\u00a09.

Liabilities to policyholders, intermediaries and insurance companies that are recognised directly in the fair value of future cash flows under IFRS\u00a017 are not included in this balance sheet item. Therefore, amounts shown as liabilities are not related to the insurance business in accordance with IFRS\u00a017.
For IFRS\u00a09 measured liabilities, please refer to the statement on financial liabilities in chapter 24.4. Financial instruments starting on page\u00a0242. The other liabilities items are measured at AC.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-146": { "value": "
24.13. Taxes
Income tax expenses include current and deferred taxes. When transactions are recognised directly in equity, the corresponding income tax is likewise recognised in equity with no effect on the income statement. The current taxes for the individual companies of VIG Insurance Group are calculated on the basis of the companies\u2019 taxable net income and the tax rate applicable in a given country.
The current taxes also include the new top-up tax introduced as of 31\u00a0December 2024 as a result of the implementation of the Pillar Two Global Anti-Base Erosion (GloBE) Rules under the OECD\u2019s international tax reform. The EU directive implementing the GloBE Rules provides that profits from multinational groups of companies or large domestic groups with consolidated sales of at least EUR\u00a0750\u00a0million will be subject to an effective tax rate of at least 15% in each tax jurisdiction. If the effective minimum tax rate is not met, a top-up tax must be paid. In accordance with IAS 12.4A, potential effects on deferred taxes in connection with global minimum taxation are not taken into account.
Deferred taxes are calculated in accordance with the balance sheet liability method with respect to all temporary differences between the stated values of assets and liabilities in the IFRS consolidated financial statements and the corresponding tax values of the individual companies. In accordance with IAS\u00a012.47, deferred taxes are measured on the basis of the tax rates to be in effect when the differences reverse. The tax benefit that is likely to be realised of accumulated losses carried forward is also included in the calculation. Differences in non-tax-deductible goodwill and deferred tax differences in participations represent exceptions to this general definition of deferred tax liabilities. Deferred tax differences are not recognised if it is not probable that the tax benefit can be recovered.
Group taxation in Austria
A tax group pursuant to \u00a7\u00a09 KStG is in effect with the tax group\u2019s parent company Wiener St\u00e4dtische Versicherungsverein. The tax results of the tax group members are attributed to the tax group\u2019s parent company. Agreements have been concluded between the tax group\u2019s parent company and the individual tax group members to regulate the positive and negative intragroup tax charges for the purpose of apportioning the corporate income tax burden on the basis of causation. If the tax group member generates positive income, 23% (24%) of that positive income is paid to the tax group\u2019s parent company. If the tax group member generates negative income, 20.7% (21.6%) of the group member\u2019s tax loss is paid by the tax group\u2019s parent company. Because the intragroup tax charge is 23% (24%) on positive income, the head of the tax group bears 10% of the tax benefit from group taxation created by the respective group member\u2019s inclusion in the tax group. In terms of cash flow, the tax benefit is neutralised over a period of three years.
Group taxation in Hungary
In 2024, the company groups for tax purposes in Hungary underwent restructuring. This restructuring resulted in two smaller groups being merged into a single group of companies, allowing members to offset their profits/losses and tax credits on a consolidated basis. Led by Alfa, the Hungarian group of companies comprises Hungarian undertakings in assistance and asset management as well as insurance companies, including the former AEGON companies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-147": { "value": "
Income tax expenses include current and deferred taxes. When transactions are recognised directly in equity, the corresponding income tax is likewise recognised in equity with no effect on the income statement. The current taxes for the individual companies of VIG Insurance Group are calculated on the basis of the companies\u2019 taxable net income and the tax rate applicable in a given country.
The current taxes also include the new top-up tax introduced as of 31\u00a0December 2024 as a result of the implementation of the Pillar Two Global Anti-Base Erosion (GloBE) Rules under the OECD\u2019s international tax reform. The EU directive implementing the GloBE Rules provides that profits from multinational groups of companies or large domestic groups with consolidated sales of at least EUR\u00a0750\u00a0million will be subject to an effective tax rate of at least 15% in each tax jurisdiction. If the effective minimum tax rate is not met, a top-up tax must be paid. In accordance with IAS 12.4A, potential effects on deferred taxes in connection with global minimum taxation are not taken into account.
Deferred taxes are calculated in accordance with the balance sheet liability method with respect to all temporary differences between the stated values of assets and liabilities in the IFRS consolidated financial statements and the corresponding tax values of the individual companies. In accordance with IAS\u00a012.47, deferred taxes are measured on the basis of the tax rates to be in effect when the differences reverse. The tax benefit that is likely to be realised of accumulated losses carried forward is also included in the calculation. Differences in non-tax-deductible goodwill and deferred tax differences in participations represent exceptions to this general definition of deferred tax liabilities. Deferred tax differences are not recognised if it is not probable that the tax benefit can be recovered.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-148": { "value": "
25. New standards not yet applicable and amendments to existing standards
Standard
Short description
Applicable as of*
Those already adopted by the EU
\u00a0
\u00a0
Amendments to IAS 21
Restrictions on the convertibility of currencies
01/01/2025
Those which are not or not yet adopted by the EU
\u00a0
\u00a0
IFRS 14
Regulatory Deferral Accounts
EU decided this standard shall not be transferred into EU law
Amendments to IFRS 10 and IAS 28
Sale or contribution of assets between an investor and its associate or joint venture
First-time application deferred for an indefinite period
IFRS 18
Presentation and notes in financial statements
01/01/2027
IFRS 19
Subsidiaries without public accountability: Disclosures
01/01/2027
Amendments to IFRS 7 and IFRS 9
Classification and measurement of financial instruments
01/01/2026
Diverse IFRS
Annual improvements volume\u00a011: Amendments to IFRS\u00a01, IFRS\u00a07, IFRS\u00a09, IFRS\u00a010 and IAS\u00a07
01/01/2026
Amendments to IFRS 7 and IFRS 9
Contracts Referencing Nature-dependent Electricity
01/01/2026
*Unless otherwise specified, VIG Insurance Group is not planning early adoption of the provisions listed.
The standards listed in the table are not expected to have a material impact or the amendments are not relevant, unless otherwise stated below.
IFRS\u00a018 \u2014 Presentation and notes in financial statements
It is expected that the application of IFRS\u00a018 will lead to changes in the presentation in the consolidated financial statements and in the disclosures in the notes. The necessary preparatory work for implementation has already begun.
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26. Significant events after the balance sheet date
Significant events up to 25 March 2025 were taken into consideration. On this date, the present Annual Report was authorised for publication by the Managing Board.
PLACEMENT OF TIER 2 SUBORDINATED BONDS AND REDEMPTION OF OUTSTANDING TIER 2 SUBORDINATED BONDS
On 25 March 2025, VIG Holding announced that it would issue a Tier 2 subordinated bond in the amount of EUR\u00a0300,000,000.00 as part of a public placement. The subordinated bond has a provisional term of 20 years and VIG Holding can call it for the first time after 10 years. It complies with the Tier 2 requirements according to Solvency II and qualifies as capital in accordance with the requirements of rating agency S&P. The subordinated bonds bear interest at a fixed rate during the first ten years of the term and variable interest after that. Inclusion for trading in the Third Market of the Vienna Stock Exchange is planned.
VIG Holding also announced on 25 March 2025 that it would make an offer of early redemption to the creditors of subordinated bonds 2046 (outstanding volume EUR 214,413,000.00) and 2047 (outstanding volume EUR 200,000,000.00). The deadline for acceptance of the redemption offers is 2 April 2025.
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Risk strategy and risk management
Governance system
Governance refers to all processes involved in the management and in the effective and efficient supervision of the Group. The governance system comprises not only the internal organisation, structure and mechanisms within the insurance group, but also the Group\u2019s legal and factual interaction with the external (market) environment.
The Managing Board of VIG Holding is responsible for complying with the legal regulations applicable to the insurance group and the recognised principles for the proper conduct of business activities.
VIG Insurance Group has instituted an efficient governance system designed to meet its needs and requirements, which enables sound and prudent management. Aside from the establishment of governance functions and other key functions at the level of the insurance group, all other relevant processes have been implemented to ensure the detection, measurement, monitoring, management and reporting of risks, with due regard to the interdependencies between risks.
The internal processes ensure that due consideration is given to the assessments of the governance functions and other key functions, as well as all results of the risk management processes, in the course of conducting business activities.
The governance system is characterised by the following attributes:
\u2022 Effective management by the Managing Board,
\u2022 Transparent supervision by the Supervisory Board,
\u2022 Alignment of management decisions with the goal of long-term value creation,
\u2022 Purposive cooperation between corporate management and supervision,
\u2022 Appropriate treatment and management of risks,
\u2022 Transparent communication within the company and well-functioning reporting paths, and
\u2022 Safeguarding the interests of policyholders, shareholders and employees.
General information about the governance system
The governance system encompasses all areas and decision-making committees involved in the risk management processes. It comprises the following elements:
\u2022 Key functions and governance functions,
\u2022 Eligibility requirements for management staff,
\u2022 Risk management system,
\u2022 Internal control system and
\u2022 Provisions applicable to the outsourcing of functions or activities.
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Risk strategy and objectives
VIG Insurance Group has established clear principles and objectives for managing the risks to which it is exposed. The implementation of these principles and the attainment of the objectives are supported by a defined risk management organisation. The risk strategy of VIG Insurance Group is based on the following Group-wide principles:
Assumed and accepted risks
\u2022 All risks directly related to the performance of the insurance business are accepted to a sustainable extent. Such risks comprise underwriting risks, for instance, and to a limited extent, market risks as well.
Conditionally accepted risks
\u2022 Operational risks are to be avoided as much as possible. However, they must be accepted to a certain extent because operational risks cannot be completely eliminated or the costs of eliminating these risks would be disproportionate to any potential losses that would arise if the given risk were to materialise.
\u2022 Investment is conducted in accordance with the regulatory \u201cprudent person principle\u201d. High-risk investment products may only be held to hedge other market risks.
\u2022 Risks arising from financial insurance are to be held only to a limited extent.
Risk minimisation measures
\u2022 Risk minimisation is assured in all areas by the ongoing maintenance and promotion of a highly developed level of risk awareness, coupled with the defined risk governance.
\u2022 The underwriting provisions of (re)insurance companies are calculated in a prudent manner in order to compensate for undesirable but potential fluctuations.
\u2022 Reinsurance is a crucial instrument for ensuring stable results; it serves to protect against the adverse effects of major losses (tail risks), particularly in non-life insurance lines of business.
\u2022 The definition of limits for market risks and investments, considering the feasibility of guarantees and liquidity (asset-liability management), also contributes to risk mitigation.
Not accepted risks
\u2022 Risks are not accepted if the expertise or resources required for the given risk are not available or if the capital resources are not sufficient to cover the risk in question.
\u2022 Underwriting risks are not accepted if they cannot be measured and if the price cannot be determined. Such risks are particularly found in the fields of genetic engineering and atomic energy for liability insurance.
\u2022 No risks are accepted in investment if they contradict the principles of sustainability or if the expertise required to assess these risks appropriately is not available. Such risks include weather derivatives or futures contracts on commodity indices.
ESG risks (environmental, social and governance risks) are recorded in the various risk categories (e.g. market risks, operational risks, etc.). Accordingly, these risks are partially accepted or conditionally accepted, must be mitigated with appropriate measures or are not accepted.
Organisation of the risk management system
The risk management organisation of VIG Insurance Group is integrated into the structural organisation of VIG Holding. Organisational departments of central importance to the risk management system are shown in the graph below.
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Managing Board
The full Managing Board bears responsibility for the risk management system and particularly for the following topics:
\u2022 Development and promotion of the risk management system,
\u2022 Definition and communication of the risk strategy, including risk tolerances and risk appetite,
\u2022 Approval of central risk management guidelines, and
\u2022 Consideration of the risk situation in strategic decisions.
Risk Management
The department manager exercises the risk management function prescribed by Solvency II at the Group level and individual level.
The most important tasks of this department include the complete identification, assessment and management of the Group\u2019s risk profile and the solvency calculation. For this purpose, the department provides a Group-wide risk aggregation solution with an extensive reporting system and partial modelling approaches for calculating solvency capital. Other important tasks of this department include the calculation of the solvency capital requirement during the year, the analysis of the risk-bearing capacity using an internally developed analysis tool and the review of the internal control system.
This department also supports the Managing Board in the updating of the central risk strategy, the further development of the risk organisation and other risk management topics.
Internal Audit
The internal audit function required by Solvency II is exercised by the manager of this department. The Internal Audit Department periodically monitors operational and business processes, the internal control system of all operating departments of the company, including compliance with legal requirements, and the effectiveness and appropriateness of risk management.
Compliance (incl. AML)
It coordinates and supports all companies in VIG Insurance Group and their compliance departments in compliance-related matters. The manager of this department also exercises the compliance function required by Solvency II. Thus, the department is particularly responsible for tasks related to the compliance function.
Group Actuarial, Planning & Controlling
The actuarial function required by Solvency II is exercised by the manager of this department. Thus, the department is particularly responsible for the tasks related to the actuarial function. The department also handles actuarial modelling in Prophet for the Group\u2019s life and health insurance business and in ResQ for the Group\u2019s non-life insurance business. The models generate cash flow projections for the purpose of measuring the value of underwriting provisions pursuant to Solvency II and IFRS\u00a017. The department supports the analysis of IFRS\u00a017 reserves, as well as actuarial cooperation and networking within VIG Insurance Group.
The department also coordinates business planning over a 3-year horizon. The standardised reporting system covers the analysis of key ratios and budget-actual variances related to the budgets, forecasts and current performance of VIG Holding and its insurance participations. The department prepares monthly premium reports, quarterly reports for each company (aggregated at the country level and at the level of VIG Insurance Group) and cost reports on a regular basis.
Asset Management (incl. Real Estate)
One of the main tasks of the department is to define the strategic objectives of the capital investments of each individual insurance company and for VIG Insurance Group as a whole, as well as to define the investment strategy and investment process with the goal of ensuring maximum, but also secured, ongoing income while also making use of opportunities to increase the value of the capital investments. Capital investments are managed by means of guidelines and limits. The department also prepares regular reports on capital investments, limits and income.
Group Finance & Regulatory Reporting
One of the main tasks of this department is to prepare the consolidated financial statements according to IFRS, including reporting in accordance with ESRS in the Group management report, as well as the related regulatory reports. This department is also responsible for supporting the domestic and foreign VIG Insurance Group in all matters of accounting, the preparation of special analysis reports and the reporting of actual performance numbers to the Managing Board, the Supervisory Board and Investor Relations. Other core tasks include matters related to Group Tax & Transfer Pricing, the calculation of own funds of the Group (solvency balance sheet) and the supervision of subsidiary ledgers rolled out to all Group companies and the central general ledger.
Group Treasury & Capital Management
Important tasks of this department include the management of liquidity and the planning and conception of capital raising and capital management measures, including the execution of the company\u2019s own capital market transactions, as well as the management of the portfolio of subordinated capital bonds and other debt instruments.
Process & Project Management
This department works to ensure the clarity, transparency and understanding of business processes so that the individual companies of VIG Insurance Group and their employees can better achieve their goals. To this end, the department provides coordination and support in the three main areas of project management, process management and productivity management.
Reinsurance
This department coordinates and supports all companies of VIG Insurance Group, including their reinsurance departments, in matters related to reinsurance in the non-life insurance lines of business (property insurance, liability insurance and casualty insurance) by issuing and applying guidelines. Additionally, the department administers all Group-wide reinsurance programmes in non-life insurance lines of business. The highest goal is to establish a security network through which all companies of VIG Insurance Group are sustainably protected against the adverse effects of natural disasters, major losses and the negative developments of entire insurance portfolios.
Subsidiaries & Transaction Management
This department is fundamentally responsible for safeguarding the interests of the company with respect to all participations and for providing and processing information about participations and participation projects in a manner suited to the given decision-making situation.
VIG IT
This department is responsible for IT management at the level of VIG Holding. It comprises the departments of Group Information & Cyber Security, Procurement, Architecture & Innovation, International Bank Cooperation Management and IT Strategy & Governance.
Finance and Accounting
One of the department\u2019s main tasks is to prepare the annual financial statements of VIG Holding. The department is therefore responsible for the accounting and balancing of accounts for VIG Holding and for reporting the figures accordingly.
Risk management processes
The graph below shows the main risk management process, which consists of the process steps described in the following, which are to be repeated on a regular and ad-hoc basis:
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Risk identification
Risk identification is the starting point for all subsequent process steps. The purpose of risk identification is to detect, identify and document all potential material risks.
Generally, risk identification takes place on multiple levels: Internal control system, risk inventory, etc. are characterised by clearly defined processes based on guidelines and formalised procedures. Meetings, committees, regularly scheduled meetings and other more or less formalised forms of communication and information exchange are a further source of risk identification. Finally, the activities and expertise of the Risk Management Department represent another component for the identification of relevant new risks.
Risk measurement
After risk identification, the ensuing steps of risk measurement and assessment are essential prerequisites for dealing with risks and making decisions on that basis.
Risks are assessed on a quantitative and/or qualitative basis, depending on the type of risk. In addition to scenario and factor-based approaches, it may also be appropriate to conduct stress tests and internal or external expert assessments, respectively, on the subject of risk measurement.

Risk control
Based on the risk assessment, both strategic and operational decisions are made in order to deal with the risk appropriately. To do this, different measures and mechanisms must be assessed depending on the change in the risk situation.
The principal risk management processes are:
Planning
The planning horizon is three years, with the annual planning process taking place from summer to mid-November. The planning data are included in the ORSA and form the basis for determining the expected future risk profile.
Risk strategy
The risk strategy is reviewed by the Managing Board on an annual basis and, if necessary, adjusted based on the results from the ORSA. The Risk Management Department assists the Managing Board in this review.
Risk-bearing capacity
Risk management is conducted with due regard to the risk-bearing capacity requirements. Operationally, this entails the need to meet risk budgets, attain key ratios and generally pursue a risk-oriented approach in the sense of a sustainably value-driven strategy in the course of regular business activities.
Asset allocation
The Asset Management Department (including Real Estate) defines the strategic asset allocation for the Group once a year and continuously monitors compliance with it.
Reinsurance programme
The Reinsurance Department coordinates the Group-wide reinsurance programme and manages the annual natural disaster protection renewal process. The Risk Management Department assists the Reinsurance Department both in the validation of applied external natural disaster models and assessment of the efficacy of reinsurance protection using the partial internal non-life model.
Risk monitoring
On the one hand, risk monitoring is the conclusion of the risk management process, but on the other hand it is also the starting point for further analyses and measures in the event that exceptional developments are observed in the risk profile.
The solvency corridor defined at the Group level and the Group-wide limit system applied for purposes of risk-bearing capacity form the basis for the continuous monitoring of the solvency situation of VIG Insurance Group and its subsidiaries.
Compliance with the securities directives and the attainment of key ratios are also reviewed and monitored on an ongoing basis. Liquidity risk is managed and monitored on the basis of a reconciliation of capital investments and insurance obligations. Operational risks, which can be caused by defective internal processes, defective controls, erroneous assessments or defective models, are likewise subjected to constant monitoring within the scope of the internal control system.
Risk reporting
The risk management function is responsible for risk reporting. Risk reporting includes both regular and ad-hoc reports. While the regular reports are prepared as part of the standard processes, ad-hoc reports are prepared if risks occur suddenly or unexpectedly. The ORSA report summarises the key results of all risk management processes and reports.
Risk profile
The risk profile of VIG Insurance Group is sub-divided into ten principal risk categories, which are presented and described in the following:
\u2022 Life insurance underwriting risk
\u2022 Non-life insurance underwriting risk
\u2022 Health insurance underwriting risk
\u2022 Market risk
\u2022 Credit risk / counterparty default risk
\u2022 Operational risk
\u2022 Liquidity risk
\u2022 Strategic risk
\u2022 Reputation risk and
\u2022 Risk from intangible assets
The risks in the individual categories of the risk profile are assessed on a quantitative and/or qualitative basis. Quantitative assessment is performed on the basis of the uniform calculation approach prescribed by Solvency II (standard formula) only in those areas in which a preceding appropriateness review has confirmed the validity of the standard method.
The standard formula substantially overestimates the risk of VIG Insurance Group in the non-life and property/real estate areas (as part of market risks). Therefore, the solvency capital requirement for these areas is calculated on the basis of a partial internal model (PIM), which has been approved by the FMA.
The partial internal model for non-life (ariSE) is applied for companies in the countries of Austria (VIG Holding, Wiener St\u00e4dtische, Donau Versicherung), Czech Republic (Kooperativa, \u010cPP, VIG Re), Slovakia (Kooperativa, Komun\u00e1lna), Poland (Compensa, InterRisk) and Romania (Omniasig, Asirom). The partial internal model for property/real estate is used in all Austrian companies of VIG Insurance Group (VIG Holding, Wiener St\u00e4dtische, Donau Versicherung).
The data are consolidated in accordance with Method 1 of the EC Directive 2009/138/EC.
Implementation of the prudent person principle
Solvency II in general and the prudent person principle in particular demand more self-responsibility for prudent capital investment on the part of companies. Therefore, VIG Insurance Group has always pursued a conservative approach in its investment activities. The regulatory requirements confirm the business policy applied by the Group.
Assessing the risks of investments in a constantly changing regulatory environment requires a high degree of expertise within the individual companies and VIG Holding as the central management entity. To meet the requirement, it is essential that the Group has appropriately trained employees and the necessary professional infrastructure. VIG Insurance Group explicitly accepts these requirements and fulfils them by implementing a uniform software programme for the purpose of administration and risk assessment of the main capital investment portfolios.
Key principles of business prudence are defined in the internal corporate guidelines, which apply to all insurance companies of VIG Insurance Group.

Capital investment is embedded in a multi-step process. The overriding goal of capital investment is to permanently ensure fulfilment of the Group\u2019s insurance obligations. On this basis, due consideration is given to the requirements of the Group\u2019s liabilities.
Life insurance underwriting risk
Besides demographic risks, life insurance underwriting risk also includes the adverse effects of changed cancellation behaviour and cost risks. It comprises the sub-modules of mortality, longevity, disability, costs, amendment and cancellation, as well as disaster risk.
Risk minimisation
To minimise cancellation risk, VIG Insurance Group maintains an effective complaint management programme, qualified advisors and customer retention programmes to enhance customer satisfaction and prevent cancellations. The cancellation behaviour of policyholders is constantly monitored so that targeted measures can be implemented in reaction to unfavourable developments.
Costs are analysed on a regular basis and taken into consideration in the product design process. In the Austrian companies, moreover, insurance contracts are protected against inflation by means of index adjustments.
Many customers decide also to purchase term life insurance when they purchase pension insurance. This lessens the longevity risk associated with pension insurance contracts.
To reduce mortality risks, it is constantly monitored and safety margins are factored into the premiums. For large insured sums, the insured persons undergo medical exams and the insurance benefit is reinsured. In addition, demographic developments suggest that mortality is likely to decline in the medium to long term.
Additionally, in life insurance various reinsurance contracts are in effect which generally contribute to risk minimisation. Details on the subject of reinsurance are provided in the chapter of the same name beginning on page\u00a0275.
Non-life insurance underwriting risk
Non-life insurance underwriting risk is the risk that insured losses and costs will be higher than income. It is mainly composed of the following components:
\u2022 Risk from extreme loss events, particularly natural disasters,
\u2022 Risk from unprofitable contracts due to inadequate premium pricing,
\u2022 Risk from loss events that have already occurred, but are not sufficiently known or provisioned,
\u2022 Cancellation risk (decrease in the contribution margin due to a sharp drop in insurance contracts in force), and
\u2022 Cost risk.
Risk minimisation
VIG Insurance Group has been pursuing a conservative reinsurance concept for years and sees the transfer of risk through reinsurance in the non-life sector, in particular in the area of natural disasters, as a significant risk mitigation technique for protecting against major and catastrophe events as well as any fluctuations in the balance sheet results. The reinsurance strategy is characterised by a conservative retention policy and the targeted selection and accompanying review of reinsurers. The companies of VIG Insurance Group must adhere to a safe list defined by the Reinsurance Security Committee. Reinsurers that are not included on this list require individual permission by the Reinsurance Security Committee.

In addition, risk is also reduced in the area of reinsurance through diversification measures.
Details on the subject of reinsurance are provided in the chapter of the same name beginning on page\u00a0275.
Underwriting risk of health insurance, including casualty insurance
Health insurance underwriting risk is sub-divided by type of non-life insurance and by type of life insurance, depending on the contract design. Health insurance underwriting risk by type of non-life insurance is calculated in accordance with the partial internal model because the assumptions applied in the standard formula do not appropriately reflect the risk profile of VIG Insurance Group in the area of non-life insurance. The risk by type of life insurance and disaster risk in health insurance is calculated in accordance with the standard formula.
Health insurance by type of life insurance
The underwriting risk of health insurance by type of life insurance basically comprises the classic life insurance underwriting risks. With respect to the risk exposure of VIG Insurance Group, cancellation risk makes the greatest contribution to the capital requirement, but disability/morbidity risk and cost risk are also important.
Health insurance by type of non-life insurance
Health insurance underwriting risk by type of non-life insurance corresponds to casualty insurance and comprises the classic non-life insurance underwriting risks. Casualty risk is assessed as being comparatively low. For example, losses can arise from a large number of deaths and injuries, but they are adequately reinsured.
Natural disaster risk in health insurance
Three different disaster scenarios are considered for disaster risk in health insurance: mass casualty accidents, accident concentration and pandemic. This risk is adequately reinsured and of subordinate importance due to the low level of materiality.
Risk minimisation
Extensive underwriting guidelines (criteria for the assumption of risks) have been implemented to minimise the health insurance underwriting risk by type of life insurance.
Health insurance underwriting risk by type of non-life insurance is lessened by transfer to reinsurance. In selecting reinsurers, subsidiaries must adhere to a safe list defined by the Reinsurance Security Committee. A reinsurer that does not appear on this list may only be selected after individual permission by the Reinsurance Security Committee.
Details on the subject of reinsurance are provided in the chapter of the same name beginning on page\u00a0275.
Market risk
Market risk refers to the risk of losses due to market price changes. Fluctuations of interest rates, share prices and exchange rates, as well as changes in the market value of real estate and participations, can adversely affect the value of investments and liabilities.
Risk minimisation
Significant measures to lessen market risk include the diversification of assets and the existing limit system for capital investments at the level of the individual companies. Asset diversification reduces the risk of an adverse market development
of an individual asset or class of assets. The limit structure prescribed for Asset Management by the Managing Board defines the maximum investment volumes per asset class. For more information on this subject, please refer to the remarks on the subject of the prudent person principle on page\u00a0268.
The desired diversification for the overall Group is additionally given by the fact that the operating companies operate with different products in different markets. Furthermore, care is taken to ensure that the portfolios within the individual companies are appropriately diversified.
Credit risk / counterparty default risk
Counterparty default risk is the risk of a loss or detrimental change in value of assets and financial instruments arising from an unexpected default of a counterparty or debtor. Credit risk is present both in capital investments such as bonds, loans and deposits and fundamentally also in other receivables and cash deposits in banks.
Risk minimisation
VIG Insurance Group has implemented suitable procedures and controls to reduce the risk from receivables due from counterparties. Besides monitoring the ratings of banks and reinsurers and formulating internal bank ratings, such procedures and controls also include measures such as a well-aligned reinsurance programme, cooperation with prestigious brokers in key account business, a large number of sales partners, and Group-wide transfer pricing and underwriting guidelines. Also in relation to policyholders, the Group employs a large number of measures to limit counterparty default risk, including payment reminders, cooperation with collection agencies and contract termination upon payment default. Furthermore, insurance protection is usually terminated or reduced if premium payments are not made.
Liquidity risk
The liquidity risk is the risk arising from the lack of marketability of investments in order to meet current short-term or long-term obligations. This includes, for example, losses arising due to asset-liability mismatches.
Risk minimisation
To minimise the liquidity risk, investments and liabilities are regularly analysed within the scope of the Liquidity Committee and the Asset Liability Management Committee of VIG Holding. Together with clear investment specifications (limit systems) and a conservative investment policy, this kind of analysis contributes to the appropriate management of liquidity risk.
The Group Treasury & Capital Management Department monitors cash flows on an ongoing basis and reports monthly on liquidity developments within the scope of the Liquidity Committee.
Additional details on the subject of liquidity management can be found on page\u00a0277.
Operational risk
Operational risk describes the risk of losses related to business operations. Such losses are caused by defective internal processes, defective controls, erroneous assessments or defective models. Examples of operational risks are fraud by third parties, the failure of IT systems or human error.

Risk minimisation
For monitoring operational risks, VIG Insurance Group maintains an adequate internal control system (ICS), which helps to lessen existing risks and ensures ongoing monitoring of risks.
Strategic risk
The strategic risk includes, among other things, adverse business development as a result of incorrect business and investment decisions, poor communication and implementation of corporate objectives or a lack of adaptability of the company to the economic environment. Furthermore, conflicting business objectives are also a strategic risk.
Risk minimisation
The clear communication of corporate objectives ensures that business decisions that have been made are implemented throughout the Group. The placement of Managing Board members and executives of the second management level on the supervisory boards of the subsidiaries ensures that Group objectives are implemented locally. The pursuit of a multi-branding strategy coupled with the high degree of autonomy of the local companies ensures that strategic risk is diversified.
Reputation risk
Reputation risk is the risk of negative changes in business due to damage to a company\u2019s reputation. Reputation damage can undermine the trust that customers, investors or the company\u2019s own employees place in the company and can therefore also lead to financial losses. Possible causes of reputation damage include lack of advice when selling products, lack of customer service, the provision of false information to investors, negative reports in the media particularly in connection with sustainability or other non-financial risks or reputation damage that spills from one company to another.
Risk minimisation
In the process of recruiting new employees, careful attention is already given to their integrity and personal reliability. Employees working in sales or representative activities in particular are supported by special training measures. Moreover, the Code of Business Ethics sets out clear rules of conduct to be observed by all employees. Other risk-lessening measures besides employee-driven measures include investments in advertising to acquire new customers and retain existing customers in the long term, professional complaints management to address customers\u2019 concerns and strong social and cultural engagement (e.g. Social Active Day, promotion of social events, sponsoring of art and culture).
In addition, the Investor Relations and CO\u00b3 Departments are responsible for clear external communication in order to provide information to investors and comments on media reports.
Risk from intangible assets
The risk from intangible assets refers to the risk of a loss or detrimental changes in the value of intangible assets.
Risk minimisation
The recoverability of intangible assets is regularly tested. No further risk minimisation measures are needed.

Other Notes
Handling of sustainability risks
Sustainability risks are risks to which the company is exposed (outside-in perspective), as well as any risks arising from the business activity of VIG that could potentially have adverse effects on society or the environment (inside-out perspective). Such risks have always been taken into account implicitly or even explicitly in some cases within the scope of risk management.
To ensure a structured approach to the identification of sustainability risks in the Group and appropriately account for both perspectives, a Group-wide risk catalogue with explicit reference to sustainability risks has additionally been prepared in observance of the Guide to Handling Sustainability Risks published by the Austrian Financial Market Authority. The ESG-specific risk catalogue includes at least those risks that were identified as material risks as part of the consolidated double materiality assessment according to the ESRS (European Sustainability Reporting Standards). Furthermore, each of the identified risks that has an impact on VIG is assigned to a specific VIG risk category.
The VIG (re)insurance companies and\u2014this year for the first time\u2014the pension funds and asset management companies regularly review this risk catalogue for completeness as part of a standardised risk management process (\u201crisk inventory\u201d) and supplement it if necessary. All VIG companies mentioned must evaluate the defined or newly added risks on a qualitative basis with regard to the risk and further development and describe any mitigation measures.
In the reporting year, the relevant sustainability risks were also identified and assessed at the VIG companies mentioned and at the level of the insurance group. Compared to the previous year, the number of identified risks has increased significantly. This increase is mainly due to the integration of the pension funds and asset management companies as well as to the continuing increase in awareness of the issue of sustainability in general. Overall, the analysis showed that VIG\u2019s sustainability risks are mostly on a low to medium level at the present time.
Regulatory conditions
VIG is subject to domestic and foreign (insurance) supervisory regulations. These regulations govern such matters as:
\u2022 Own funds of insurance companies and insurance groups,
\u2022 Admissibility of investments for the purpose of protecting underwriting provisions,
\u2022 Concessions of the different pension funds, insurance and asset management companies of VIG Insurance Group,
\u2022 Marketing activities and sales of insurance contracts, and
\u2022 Cancellation rights of policyholders.
Changes in the legal framework conditions could necessitate restructuring and thereby cause higher costs and duplicity. Different or subsequently different interpretations of legal texts or contradictory requirements can also lead to increased organisational effort and thus higher costs.
Concentration risk
Risk of concentration comprises those risks that are caused either by inadequate diversification of the investment portfolio or by heightened exposure to the default risks of individual issuers or group of affiliated issuers of securities.
A risk of concentration exists as part of the strategic partnership with the Erste Group, which is consciously accepted by VIG Insurance Group. The exposure is regularly assessed and monitored by means of the established risk management processes.

Risks from mergers and acquisitions
In the past, VIG Holding has directly or indirectly acquired a number of companies in Central and Eastern Europe or participated in them. Mergers of subsidiaries are considered when the synergy effects achieved are greater than the advantages of a diversified market presence.
Mergers and acquisitions often entail challenges with respect to corporate governance, organisation, processes and financing. Such challenges include:
\u2022 The need to integrate the infrastructure of the acquired company or company to be merged, including management information systems, risk management systems and controlling systems,
\u2022 The resolution of outstanding legal or regulatory issues and the related legal and compliance risks arising from the merger or acquisition,
\u2022 The integration of marketing, customer service and product offerings,
\u2022 The integration of different corporate and management cultures, and
\u2022 The coordination of business and reporting processes and the consideration of Group-wide requirements.
Climate risks
Global warming is causing more extreme weather events. That presents additional challenges for insurance companies that protect their customers from the financial consequences of damage caused by natural hazards. VIG has therefore increased its knowledge of this subject considerably in the last few years. It conducts scenario analyses to gain an idea of how climate change will affect claims development and therefore the insurance business. Regular internal risk analyses are also carried out on the medium and long-term effects of climate change. The analyses related to the consequences of global warming also pertain to transition risks, which are assessed primarily on a qualitative basis, and physical risks, which are additionally subjected to detailed quantitative analysis (see the table on page\u00a0275).
\u2022 Transition risks refer to the risks arising as a result of the transition to a climate-neutral and resilient economy and society and could lead to a devaluation of assets, including changes in the political and legal framework of the real economy (e.g. introduction of a CO\u00b2 tax), technological developments (e.g. renewable energy, energy storage) and changes in consumer behaviour.
\u2022 Physical risks of climate change arise directly from the consequences of climate changes, such as an increase in the global average temperature and the associated occurrence of more frequent and more intensive natural disasters and extreme weather events such as floods, heat waves and droughts, storms and hail.
Internal and external experts working together assess the probabilities of natural disasters and calculate the possible effects in all key markets of VIG. They analyse scenarios involving three different temperature rises (1.5 degrees, 2.0 degrees and 3.0 degrees Celsius). The risk models applied are continually improved on the basis of new data, facts and insights such as the latest scientific studies or newly constructed flood protection measures, for example.
The scenario analyses show that flooding in particular is a significant risk for the activities of VIG. Besides the higher losses caused by flooding, damage can be expected from stronger hailstorms and summer storms. Whereas hail damage also has a significant effect on motor own damage insurance, flood damage affects the other property insurance lines of business to a greater degree. The underwriting expertise it has acquired helps VIG purchase the optimal reinsurance for assumed risks, among other things.
The table shows which natural hazards are relevant for VIG and which are influenced by climate change from a scientific standpoint:
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Due to global warming, the prevention of damage caused by natural hazards in the underwriting process is becoming increasingly important. The management process for corporate customers and key accounts begins with a careful analysis of the natural hazard situation by the VIG partner company Risk Consult. Risks can be assessed with the aid of the latest natural hazard models together with information about the circumstances on location (e.g. protective measures that have already been implemented). On this basis, the experts of Risk Consult develop customised recommendations to improve the risk situation further and prevent damage. Insurance terms and conditions are derived from precisely this risk situation and in many cases the implementation of the proposed measures is the precondition for insuring the risks in question. Risk Consult analyses around 2,000 business establishments for VIG every year, thereby making an important contribution to making the economy more resilient against natural hazards.
All known climate risks have been included in the measurement of assets and liabilities in the present consolidated financial statements. In this context, reference is made to the storm and weather damage that occurred in the past financial year, which was taken into account in the balance sheet and income statement.
Reinsurance
VIG Insurance Group limits its potential liability from its insurance activities, where necessary by transferring a portion of assumed risks to the international reinsurance market. Risks of the insurance companies are reinsured within VIG Insurance Group to some extent and are then transferred to external reinsurers.

Reinsurance Guideline
The Reinsurance Guideline is drafted every year anew by the central Reinsurance Department in cooperation with the Managing Board member responsible for reinsurance during the development of the reinsurance strategy for the next financial year. It imposes the obligation on every insurance company to design appropriate reinsurance coverage for their local company in consultation with the Corporate Reinsurance Department. The Reinsurance Guideline governs the following points.
Reinsurance is the prerequisite for granting insurance protection
Specialised departments may only grant a binding promise to insure any risk over a certain limit if adequate reinsurance has already been assured.
Retentions
VIG Insurance Group generally takes a conservative approach to the conclusion of reinsurance in order to protect shareholders\u2019 equity from the adverse effects of underwriting risks. Obligatory reinsurance is designed such that the net retention does not exceed a certain proportion of the shareholder\u2019s equity of the company\u2019s non-life insurance business in accordance with local accounting principles.
In addition to the aforementioned aspects, the influence of the reinsurance structure and the retention on the net profit of the VIG company is measured when designing a reinsurance program in order to reduce the volatility of the insurance results and to stabilise the net combined ratio.
Selection of reinsurers: Diversification
VIG Holding and its subsidiaries spread their reinsurance protection among a large number of different international reinsurance companies, which have adequate creditworthiness in the opinion of VIG Holding to minimise the risk of insolvency on the part of a reinsurer (credit risk). The monetary limit per reinsurer is individually specified for each subsidiary.
Selection of reinsurers: Rating
For those lines of business in which claims are settled on a long-term basis, especially motor third party liability insurance, general third party liability insurance and aviation insurance, VIG Insurance Group uses reinsurers with excellent ratings (at least Standard & Poor\u2019s rating \u201cA\u201d, preferred \u201cAA\u201d or higher rating), that can be expected to remain in business over the long term with a high degree of probability. For lines of business in which claims must be settled quickly (e.g. natural disasters, fire, engineering, transport, storm, burglary, household, water damage, motor own damage), in which the number of reinsurers is greater, the preferred Standard & Poor\u2019s rating is \u201cA\u201d or higher. Reinsurers with lower ratings are only accepted in a few isolated cases for a limited period of time.
Design of reinsurance programmes
If economically justifiable, reinsurance coverage may be purchased from external reinsurers by each subsidiary individually. If individual reinsurance contracts can be purchased by each subsidiary only at uneconomical terms, VIG Insurance Group will seek a joint placement of reinsurance contracts as much as possible to cover risks from the coverage of natural catastrophes, property lines of business, casualty, transport, aviation and motor liability. Internal reinsurance assumptions within the Group are also transferred to the reinsurance market by retrocession when necessary for risk diversification purposes.

Liquidity management
VIG Insurance Group manages its liquidity on the basis of guidelines resolved by the Managing Board of VIG Holding. Liquidity planning is basically the responsibility of every subsidiary and VIG Holding itself. VIG Holding as the parent company handles the allocation of capital for the entire VIG Insurance Group. This ensures the efficient distribution of capital within VIG Insurance Group. It also enables VIG Holding to ensure that the targeted liquidity and equity resources are available both at the level of VIG Insurance Group and at the level of the individual operating entities.
The greater part of liquid funds for ongoing business activity derives from premium income from primary insurance and from ongoing investment income and proceeds from the sale of investments. On the cost side, expenses are incurred for claim payments in property and casualty insurance and benefit payments in life and health insurance. The remaining balance of liquid funds is used to pay insurance acquisition costs and operating expenses.
The maturity structure of the insurance business provides a natural liquidity cushion. In contrast to the collection of premiums, VIG Insurance Group grants insurance coverage for a certain period during which there are no direct cash outflows until the occurrence of an insured event. This liquidity cushion is invested during this time to generate investment income. Some of these funds are kept in liquid assets to allow for rapid conversion into cash to pay claims. In addition, the bond portfolio in particular is structured in such a way that it will mature at a time when the corresponding funds are expected to be needed. External factors such as the performance of capital markets and the level of interest rates influence the liquidity situation insofar as they either favour or restrict the ability to sell the investment portfolio at market value.
The time, frequency and size of insured claims are also important for the liquidity situation of property and casualty insurance. The number of insurance contract renewals also plays a role.
The liquidity requirement of life insurance is generally influenced by the development of actual mortality in comparison with the assumptions on which the underwriting provisions are based. Market returns or minimum interest rates and the behaviour of life insurance customers, such as the number of policies surrendered or terminated, also have an effect on liquidity needs.
Capital management
In the interest of our shareholders and insurance customers, it is our goal that VIG Holding be adequately capitalised at all times and that all the operating insurance companies at least fulfil their respective regulatory capital requirements. VIG Holding is historically a very well capitalised company by virtue of its successful business strategy. Preserving this good capital strength is especially important to us so that we can seize profitable growth opportunities and absorb even large loss or damage events and high capital market volatilities.
Standard & Poor\u2019s rating
VIG Holding also attaches particular importance to maintaining a permanently strong credit rating from the rating agency Standard & Poor\u2019s (S&P), therefore it regularly undergoes the S&P assessment. S&P uses its own capital model to assess the relationship between the required risk capital and the available capital base of an enterprise. The criteria underlying the capital model were updated by S&P at the end of 2023. VIG maintains a capital buffer under the revised criteria, even in an extreme stress scenario, and with the highest confidence level of 99.99%. S&P confirmed the \u201cA+\u201d rating, combined with a \u201cstable\u201d outlook, in November 2024.

The subordinated bonds issued in 2015 (EUR\u00a0214.4\u00a0million Tier 2 outstanding, first call date 2 March 2026), in 2017 (EUR\u00a0200\u00a0million Tier 2, first call date 13 April 2027) and in 2022 (EUR\u00a0500\u00a0million Tier 2, first call date 15 June 2032) are rated \u201cA-\u201d by S&P. The senior subordinated bond issued in 2021 (EUR\u00a0500\u00a0million, 15-year term, repayable at maturity) is rated \u201cA\u201d by S&P, not creditable for S&P.
Active capital management
VIG Holding monitors its capital position on the basis of the criteria listed above and implements appropriate measures to further improve the capital structure and permanently strengthen the company\u2019s capital and solvency position. VIG Holding has set itself the goal of keeping the solvency ratio at least at the current level in all insurance companies of the Group, despite the targeted growth. At the Solvency II Group level, VIG Holding has defined a solvency corridor of 150% to 200% of the solvency ratio, this range having been specified without claiming the transitional rules for underwriting reserves claimed by the individual group companies.
The main focus of capital management is on subordinated long-term liabilities with an equity character. The Group Treasury & Capital Management Department constantly observes the developments in the capital markets, paying particular attention to the development of bonds with an equity character in the European insurance sector. New capital instruments developed for insurance companies in the capital market are reviewed to see if they can be used for VIG Holding.
Equity base
As of 31 December 2024, share capital of EUR\u00a0132,887,468.20 was registered in the commercial register, divided into 128,000,000 no-par value bearer ordinary shares with voting rights. VIG Holding held no own shares on 31 December 2024 (31 December 2023: none). In addition, VIG Holding can, according to the authorisation by the shareholders, increase its shareholders\u2019 equity by issuing common or preferred shares. The individual authorisations are listed in Note 24.10. Consolidated shareholders\u2019 equity from page\u00a0256 onward.
As of 31 December 2024, the solvency ratio of VIG Insurance Group as defined by Solvency II was 260.74% (31 December 2023: 268.90%).
Long-term debt financing
VIG Insurance Group had outstanding subordinated bonds with differing maturities as of 31 December 2024. Detailed information on the bonds programme of VIG Insurance Group is provided in Note 8.2. Subordinated liabilities starting on page\u00a0187. The maturity structure shows that VIG Insurance Group places an emphasis on subordinated liabilities, which are creditable as equity. General conditions in the capital markets and other circumstances that are affecting either the financial services sector as a whole or VIG Insurance Group in particular could have a detrimental effect on funding costs and the availability of debt capital. The goal, therefore, is to actively manage the capital structure to keep refinancing risks as low as possible.
The Solvency II regime contains a number of measures to ensure a smooth transition from the Solvency I framework. In particular, hybrid own-fund items issued under Solvency l were grandfathered for ten years to allow the capital composition to be adapted to the Solvency lI standard. Such instruments will lose their risk-bearing capacity after this transitional period, by 31\u00a0December 2025 at the latest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-151": { "value": "
Capital management
In the interest of our shareholders and insurance customers, it is our goal that VIG Holding be adequately capitalised at all times and that all the operating insurance companies at least fulfil their respective regulatory capital requirements. VIG Holding is historically a very well capitalised company by virtue of its successful business strategy. Preserving this good capital strength is especially important to us so that we can seize profitable growth opportunities and absorb even large loss or damage events and high capital market volatilities.
Standard & Poor\u2019s rating
VIG Holding also attaches particular importance to maintaining a permanently strong credit rating from the rating agency Standard & Poor\u2019s (S&P), therefore it regularly undergoes the S&P assessment. S&P uses its own capital model to assess the relationship between the required risk capital and the available capital base of an enterprise. The criteria underlying the capital model were updated by S&P at the end of 2023. VIG maintains a capital buffer under the revised criteria, even in an extreme stress scenario, and with the highest confidence level of 99.99%. S&P confirmed the \u201cA+\u201d rating, combined with a \u201cstable\u201d outlook, in November 2024.

The subordinated bonds issued in 2015 (EUR\u00a0214.4\u00a0million Tier 2 outstanding, first call date 2 March 2026), in 2017 (EUR\u00a0200\u00a0million Tier 2, first call date 13 April 2027) and in 2022 (EUR\u00a0500\u00a0million Tier 2, first call date 15 June 2032) are rated \u201cA-\u201d by S&P. The senior subordinated bond issued in 2021 (EUR\u00a0500\u00a0million, 15-year term, repayable at maturity) is rated \u201cA\u201d by S&P, not creditable for S&P.
Active capital management
VIG Holding monitors its capital position on the basis of the criteria listed above and implements appropriate measures to further improve the capital structure and permanently strengthen the company\u2019s capital and solvency position. VIG Holding has set itself the goal of keeping the solvency ratio at least at the current level in all insurance companies of the Group, despite the targeted growth. At the Solvency II Group level, VIG Holding has defined a solvency corridor of 150% to 200% of the solvency ratio, this range having been specified without claiming the transitional rules for underwriting reserves claimed by the individual group companies.
The main focus of capital management is on subordinated long-term liabilities with an equity character. The Group Treasury & Capital Management Department constantly observes the developments in the capital markets, paying particular attention to the development of bonds with an equity character in the European insurance sector. New capital instruments developed for insurance companies in the capital market are reviewed to see if they can be used for VIG Holding.
Equity base
As of 31 December 2024, share capital of EUR\u00a0132,887,468.20 was registered in the commercial register, divided into 128,000,000 no-par value bearer ordinary shares with voting rights. VIG Holding held no own shares on 31 December 2024 (31 December 2023: none). In addition, VIG Holding can, according to the authorisation by the shareholders, increase its shareholders\u2019 equity by issuing common or preferred shares. The individual authorisations are listed in Note 24.10. Consolidated shareholders\u2019 equity from page\u00a0256 onward.
As of 31 December 2024, the solvency ratio of VIG Insurance Group as defined by Solvency II was 260.74% (31 December 2023: 268.90%).
Long-term debt financing
VIG Insurance Group had outstanding subordinated bonds with differing maturities as of 31 December 2024. Detailed information on the bonds programme of VIG Insurance Group is provided in Note 8.2. Subordinated liabilities starting on page\u00a0187. The maturity structure shows that VIG Insurance Group places an emphasis on subordinated liabilities, which are creditable as equity. General conditions in the capital markets and other circumstances that are affecting either the financial services sector as a whole or VIG Insurance Group in particular could have a detrimental effect on funding costs and the availability of debt capital. The goal, therefore, is to actively manage the capital structure to keep refinancing risks as low as possible.
The Solvency II regime contains a number of measures to ensure a smooth transition from the Solvency I framework. In particular, hybrid own-fund items issued under Solvency l were grandfathered for ten years to allow the capital composition to be adapted to the Solvency lI standard. Such instruments will lose their risk-bearing capacity after this transitional period, by 31\u00a0December 2025 at the latest.
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