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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 33,3\u00a0million customers in 30\u00a0countries.
Principles of significant accounting policies
Legislation
The present consolidated financial statements were prepared in accordance with the IFRS Accounting 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\u2018000). 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Aktiengesellschaft (public limited company)", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "the leading insurance group in the entire region of Central and Eastern Europe (CEE)", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "Schottenring 30, 1010 Vienna", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "Austria", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "The Wiener St\u00e4dtische Versicherungsverein, also with its registered office in Vienna, is the majority shareholder of VIG Holding.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "Wiener St\u00e4dtische Versicherungsverein", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "Vienna", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "The insurance companies and pension funds of VIG Insurance Group offer services to around 33,3\u00a0million customers in 30\u00a0countries.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "
Principles of significant accounting policies
Legislation
The present consolidated financial statements were prepared in accordance with the IFRS Accounting 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\u2018000). Calculations, however, are done using exact amounts, which may lead to rounding differences.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "
The present consolidated financial statements were prepared in accordance with the IFRS Accounting 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).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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 Primary financial statements section 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 \u201c24. Material accounting estimates and significant judgements\u201d.
24.
Material accounting estimates and significant judgements
24.1.
(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 17. 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; 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.
The sensitivities are presented in Note \u201c1.8 Insurance and market risks \u2013 sensitivity analysis\u201d
The methods used to measure insurance contracts in the non-life insurance business
The key assumptions for non-life insurance are discussed in the sub-chapter \u201cLiability for Incurred Claims (LIC)\u201d of this section.
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 and the reference portfolio is calculated per country, taking into account all relevant Vienna Insurance Group investments.
Interest rates applied for discounting of future cash flows are presented in Note \u201c1.2 Assumptions used\u201d.
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.
Allocation of CSM to provided and future expected coverage is done 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 benefits, the present value of the premium for the risk and savings portions could be used as the basis for weighting 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 for each insurance coverage is used for this. Alternative approaches and simplifications may be used, provided that the outcome adequately reflects the services provided.
The quantity of benefits and coverage units for the main product lines is as follows:
For portfolios of the non-life and health insurance as well as 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. Discount rates are used for discounting that reflect the characteristics of the cash flows of the insurance contract group at the time of initial recognition, provided that a significant financial risk is involved.
The discount rates applied are presented in Note \u201c1.2 Assumptions used\u201d.
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.
24.2.
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 \u201cImpairment of financial assets\u201d in the Notes under \u201c\u200e25.4. Financial instruments\u201d.
The Group continuously monitors the effects of geopolitical tensions and macroeconomic developments. These factors influence the valuation of financial instruments, the estimation of expected credit losses (ECL) and liquidity and market risks.
Key valuation assumptions in connection with fair value in accordance with IFRS 13 and expected credit losses in accordance with IFRS 9 take into account scenarios that reflect current geopolitical and economic uncertainties. The models are reviewed at least annually and adjusted as necessary to adequately reflect changes in risk assessment or market volatility.

24.3.
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. Further information on the valuation process can be found in Note \u201c17. Calculation of Fair Value\u201d and in Note \u201c25.9. Calculation of fair value\u201d contain further information about the valuation process. The impairment of financial assets is explained in Note \u201c24.2. Impairment losses on financial assets\u201d.
24.4.
Impairment of goodwill
At least once a year, an assessment is carried out, in accordance with the method described in Note \u201c\u200e25.5. Goodwill\u201d, to determine whether any 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 the Notes to the consolidated financial statements under Note \u201c3. Goodwill\u201d.
24.5.
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 result performance,
\u2022
operating plans,
\u2022
loss carryforward periods,
\u2022
tax planning strategies and
\u2022
existing deferred tax liabilities.
In addition to the previous quantitative and qualitative parameters, geopolitical risks and their possible impact on the planned results are also included in the assessment of the impairment test for deferred tax assets.
Tax groups exist for Austrian and some foreign companies, as well as in Hungary. In this regard, please refer to the section on Accounting policies under Note \u201c25.13. Taxes\u201d.

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 the chapter Accounting policies under \u201c25.13 Taxes\u201d and in Note \u201c11. Taxes\u201d.
24.6.
Method of consolidation
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 10 \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, in accordance with IAS 28 \u2013 Investments in Associates and Joint Ventures and IFRS 10 \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.
24.7.
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 assessment of whether information is material or immaterial leaves room for discretion. 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.
24.8.
Judgment of material accounting considerations according to IAS\u00a08
Particularly due to the complexity of IFRS 17 accounting issues may arise that are identified retrospectively. 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\u00a08 for primary users of the financial statements.
There is significant scope for judgment, especially when determining the associated calculated limits. Nevertheless, the aim of producing 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 material influence on the primary users of the financial statements according to VIG\u2019s assessment, this will be presented in the current period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "

Accounting policies
The significant accounting policies used are presented in Note \u201c25. Accounting policies. Unless otherwise stated in the following chapter \u201cInitial application of standards\u201d, the policies described were applied consistently during the reporting periods presented in these financial statements.
Balance sheet items
Measurement principle
Insurance contracts issued
Premium Allocation Approach (PAA),
Variable Fee Approach (VFA),
General Measurement Model (GMM)
Reinsurance contracts held
Premium Allocation Approach (PAA),
General Measurement Model (GMM)
Financial instruments
Measured at AC
Measured at FVtOCI (with and without recycling)
Measured at FVtPL
Goodwill
Amortised cost less accumulated impairment losses
Intangible assets
Amortised cost and production cost
Investments in associates (equity-method)
Net present value of the investment\u2019s equity or the lower recoverable amount
Investment property
Amortised cost and production cost
Owner-occupied property and equipment
Amortised cost and production cost
Receivables and Liabilities
At amortised cost
Taxes
\u00a0
Income taxes
In 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 future
Deferred taxes
Undiscounted income taxes recoverable in future periods based on tax rates at the settlement date
Provisions
\u00a0
Provisions for pensions and similar obligations
Actuarial valuation using the projected unit credit method
Provisions for other employee benefits
Actuarial valuation using the projected unit credit method
Miscellaneous provisions
Present value of the future settlement amount
Lease
At amortised cost
Other assets and liabilities
At amortised cost
Assets and disposal groups held for sale and related liabilities
Lower book value and fair value less costs to sell
25.
Accounting policies
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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 IAS 21
Restrictions on the convertibility of currencies
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-17": { "value": "
Additional tax on insurance premiums in Hungary
Since 2022, an additional insurance tax has been levied on insurance undertakings operating in Hungary. This additional tax is a progressive tax based on gross insurance premiums for both life and non-life insurance lines of business for the period 1\u00a0July\u00a02022 to 31\u00a0December\u00a02026. The extension until the end of 2026 was announced in June\u00a02025.
Based on the current values of Union Biztos\u00edt\u00f3 and Alfa (Hungary), an amount of EUR\u00a027.3\u00a0million was to be paid for the period from 1\u00a0January\u00a02025 to 31\u00a0December\u00a02025. According to the available budgeted figures, VIG can expect an additional tax burden amounting to approximately EUR\u00a031.5\u00a0million for the 2026 financial year.
VIG classified the announcement made in June\u00a02025 regarding the extension of the additional tax on insurance until the end of 2026 as a triggering event for an impairment test of goodwill as of 30\u00a0June\u00a02025. Consequently, due to this repeated prolongation of the additional tax on insurance by the Hungarian government and further regulatory uncertainties, scenario analyses were calculated. These include expenses arising from this tax extending beyond the currently applicable statutory period as well as higher expenses from the additional regulatory uncertainties. This led to reduced cash flow projections, which in turn led to a full impairment of goodwill for the CGU group Hungary in the amount of EUR\u00a072,609,000.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-18": { "value": "
Since 2022, an additional insurance tax has been levied on insurance undertakings operating in Hungary. This additional tax is a progressive tax based on gross insurance premiums for both life and non-life insurance lines of business for the period 1\u00a0July\u00a02022 to 31\u00a0December\u00a02026. The extension until the end of 2026 was announced in June\u00a02025.
Based on the current values of Union Biztos\u00edt\u00f3 and Alfa (Hungary), an amount of EUR\u00a027.3\u00a0million was to be paid for the period from 1\u00a0January\u00a02025 to 31\u00a0December\u00a02025. According to the available budgeted figures, VIG can expect an additional tax burden amounting to approximately EUR\u00a031.5\u00a0million for the 2026 financial year.
VIG classified the announcement made in June\u00a02025 regarding the extension of the additional tax on insurance until the end of 2026 as a triggering event for an impairment test of goodwill as of 30\u00a0June\u00a02025. Consequently, due to this repeated prolongation of the additional tax on insurance by the Hungarian government and further regulatory uncertainties, scenario analyses were calculated. These include expenses arising from this tax extending beyond the currently applicable statutory period as well as higher expenses from the additional regulatory uncertainties. This led to reduced cash flow projections, which in turn led to a full impairment of goodwill for the CGU group Hungary in the amount of EUR\u00a072,609,000.


The impairment in the current financial year relates to the CGU group Hungary (reportable segment Extended CEE).
Due to the repeated prolongation of the additional tax on insurance by the Hungarian government and further regulatory uncertainties, scenario analyses were calculated at the half-year point. These include further expenses arising from this tax extending beyond the currently applicable statutory period as well as higher expenses from the additional regulatory uncertainties. This led to reduced cash flow projections, which in turn led to a full impairment of goodwill for the CGU group Hungary in the half year.
The impairment in the previous year also related to the CGU group Hungary (reportable segment Extended CEE).
Additional information on impairments for CGU groups
Reportable segment
\u00a0
30/06/2025
31/12/2024
\u00a0
Impairments
Recoverable amount
Impairments
Recoverable amount
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Hungary
Extended CEE
72,609
262,625
116,327
303,848
Impairments are recognised in the income statement as a separate item between the subtotal, business operating result and the result before taxes.
Development
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
4,113,570
3,914,121
Cumulative valuation as of 31/12 of the previous year
-1,135,305
-1,062,031
Book value as of 31/12 of the previous year = Book value as of 01/01
2,978,265
2,852,090
Exchange rate differences
3,949
1,409
Reclassifications
-3,671
2,957
Additions
185,062
198,289
Disposals
-3,329
-1,100
Reclassification to Disposal groups classified as held for sale
-24,803
0
Changes in scope of consolidation
14,688
2
Appreciation
0
3,636
Scheduled depreciation
-95,926
-75,281
Impairments
-7,678
-3,737
Book value as of 31/12
3,046,557
2,978,265
Cumulative valuation as of 31/12
1,167,543
1,135,305
Acquisition costs
4,214,100
4,113,570
Development
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
776,990
772,132
Cumulative valuation as of 31/12 of the previous year
-310,150
-301,182
Book value as of 31/12 of the previous year = Book value as of 01/01
466,840
470,950
Exchange rate differences
4,754
-3,461
Reclassifications
3,010
-4,554
Additions
22,810
25,471
Disposals
-288
-1,352
Changes in scope of consolidation
0
-2,083
Scheduled depreciation
-19,395
-18,131
Impairments
-5,893
0
Book value as of 31/12
471,838
466,840
Cumulative valuation as of 31/12
339,991
310,150
Acquisition costs
811,829
776,990

Purchased software
Development
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
1,149,189
1,048,854
Cumulative valuation as of 31/12 of the previous year
-649,070
-572,715
Book value as of 31/12 of the previous year = Book value as of 01/01
500,119
476,139
Exchange rate differences
2,805
-4,165
Reclassifications
-1,865
-14,930
Additions
145,971
130,732
Disposals
-7,812
-2,518
Changes in scope of consolidation
196
3,400
Reversal of impairments
238
8
Scheduled depreciation
-99,472
-88,463
Impairments
-7,929
-84
Book value as of 31/12
532,251
500,119
Cumulative valuation as of 31/12
744,347
649,070
Acquisition costs
1,276,598
1,149,189
The impairments shown are mainly due to software packages that are no longer being used in Germany (previous year: Romania and Poland).
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-19": { "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 may 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 which, as of 31\u00a0December\u00a02025, hold assets of approximately EUR\u00a0173.3\u00a0million (approximately EUR\u00a0137.0\u00a0million). The impairments recognised as of 31\u00a0December\u00a02023 for expected credit losses on government bonds and bank deposits remain, and were adjusted to EUR\u00a071.7\u00a0million (as of 31\u00a0December\u00a02024: 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 group 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
As of 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\u00a05.0\u00a0million (in financial year 2024: a book value of EUR\u00a00.7\u00a0million and a nominal value of EUR\u00a05.1\u00a0million) in its books, for which no active market is basically available. No significant bonds were sold or repaid in the course of 2025 (previous year: EUR\u00a045.0\u00a0million sold and EUR\u00a012.0\u00a0million repaid) which would have had a significant effect in the consolidated income statement (previous year: EUR\u00a08.4\u00a0million).
Expected Credit Loss (ECL) of financial assets
Derecognition of risk provision (ECL): KTM and PIERER Mobility AG in the reportable segment Austria
An ECL in the amount of EUR\u00a028.8\u00a0million (nominal value of EUR\u00a035.0\u00a0million) was already recorded in the 2024 financial year in connection with the insolvency of KTM.
In May 2025, the main owner of PIERER Mobility AG, the parent company of KTM, provided the liquid funds required to meet the restructuring plan quotas. Subsequently, in June\u00a02025, the Group received the full repayment of the outstanding amount from PIERER Mobility AG and 30% of the outstanding amount from KTM. This resulted in income of EUR\u00a018.5\u00a0million in the consolidated income statement from the partial derecognition of the previously recorded ECL.
Political risk in T\u00fcrkiye
As a result of the ongoing uncertain political situation in T\u00fcrkiye, the assessment of the credit risk remained negative, and so financial instruments remain in Stage 2. This necessitated an increase in the ECL of EUR\u00a01.9\u00a0million (nominal value of EUR\u00a0828.1\u00a0million) (previous year: ECL of EUR\u00a028.8\u00a0million and nominal value of EUR\u00a0769.2\u00a0million).
Risks related to the geopolitical situation and the current macroeconomic environment
Overall, geopolitical tensions and protectionist tendencies dominated the economic policy environment in 2025. Economic policy in the USA is causing considerable uncertainty in world trade as a result of tariff increases and trade conflicts. While the Federal Reserve signalled a possible shift in interest rate policy, it did not begin cutting interest rates until September\u00a02025, followed by a further cut in October. In the euro area, the European Central Bank did not continue its interest rate cuts and signalled that, following the easing phase, interest rates are expected to remain stable for the time being while further economic developments are monitored.
In the second half of 2025, signs of subdued economic momentum became increasingly apparent in Austria: Nevertheless, companies are still very cautious about investments and global trade remains under pressure due to geopolitical tensions and various ever-changing trade restrictions. At the same time, investment in technology and automation is providing support, while the ongoing shortage of skilled labour continues to pose structural challenges for many European markets.
According to the latest forecasts, global growth in 2025 is expected to be around 3.0%. For the euro area, moderate growth in the range of approximately 1.0% to 1.2% is anticipated.
For VIG, economic stability in Central and Eastern Europe, monetary policy developments, as well as inflation dynamics in key markets such as Austria, the Czech Republic, Poland and Hungary are of particular relevance. In addition, persistent geopolitical conflicts, increasing trade barriers and rising cyber and infrastructure risks represent further sources of uncertainty. In the Middle East, tensions have recently intensified massively. The military escalation between the US and Israel and Iran significantly increases the risks for energy prices, supply chains and the stability of international financial markets and threatens the delicate economic recovery in Austria. The macroeconomic environment remains volatile, and further developments will need to continue to be monitored closely.

As of the balance sheet date, VIG held government and corporate bonds of issuers from Saudi Arabia, the United Arab Emirates and Israel with a book value of approx. EUR\u00a0161.9\u00a0million and a nominal value of approx. EUR\u00a0185.7\u00a0million in its books.
24.
Material accounting estimates and significant judgements
24.1.
(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 17. 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; 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.
The sensitivities are presented in Note \u201c1.8 Insurance and market risks \u2013 sensitivity analysis\u201d
The methods used to measure insurance contracts in the non-life insurance business
The key assumptions for non-life insurance are discussed in the sub-chapter \u201cLiability for Incurred Claims (LIC)\u201d of this section.
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 and the reference portfolio is calculated per country, taking into account all relevant Vienna Insurance Group investments.
Interest rates applied for discounting of future cash flows are presented in Note \u201c1.2 Assumptions used\u201d.
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.
Allocation of CSM to provided and future expected coverage is done 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 benefits, the present value of the premium for the risk and savings portions could be used as the basis for weighting 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 for each insurance coverage is used for this. Alternative approaches and simplifications may be used, provided that the outcome adequately reflects the services provided.
The quantity of benefits and coverage units for the main product lines is as follows:
For portfolios of the non-life and health insurance as well as 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. Discount rates are used for discounting that reflect the characteristics of the cash flows of the insurance contract group at the time of initial recognition, provided that a significant financial risk is involved.
The discount rates applied are presented in Note \u201c1.2 Assumptions used\u201d.
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.
24.2.
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 \u201cImpairment of financial assets\u201d in the Notes under \u201c\u200e25.4. Financial instruments\u201d.
The Group continuously monitors the effects of geopolitical tensions and macroeconomic developments. These factors influence the valuation of financial instruments, the estimation of expected credit losses (ECL) and liquidity and market risks.
Key valuation assumptions in connection with fair value in accordance with IFRS 13 and expected credit losses in accordance with IFRS 9 take into account scenarios that reflect current geopolitical and economic uncertainties. The models are reviewed at least annually and adjusted as necessary to adequately reflect changes in risk assessment or market volatility.

24.3.
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. Further information on the valuation process can be found in Note \u201c17. Calculation of Fair Value\u201d and in Note \u201c25.9. Calculation of fair value\u201d contain further information about the valuation process. The impairment of financial assets is explained in Note \u201c24.2. Impairment losses on financial assets\u201d.
24.4.
Impairment of goodwill
At least once a year, an assessment is carried out, in accordance with the method described in Note \u201c\u200e25.5. Goodwill\u201d, to determine whether any 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 the Notes to the consolidated financial statements under Note \u201c3. Goodwill\u201d.
24.5.
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 result performance,
\u2022
operating plans,
\u2022
loss carryforward periods,
\u2022
tax planning strategies and
\u2022
existing deferred tax liabilities.
In addition to the previous quantitative and qualitative parameters, geopolitical risks and their possible impact on the planned results are also included in the assessment of the impairment test for deferred tax assets.
Tax groups exist for Austrian and some foreign companies, as well as in Hungary. In this regard, please refer to the section on Accounting policies under Note \u201c25.13. Taxes\u201d.

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 the chapter Accounting policies under \u201c25.13 Taxes\u201d and in Note \u201c11. Taxes\u201d.
24.6.
Method of consolidation
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 10 \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, in accordance with IAS 28 \u2013 Investments in Associates and Joint Ventures and IFRS 10 \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.
24.7.
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 assessment of whether information is material or immaterial leaves room for discretion. 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.
24.8.
Judgment of material accounting considerations according to IAS\u00a08
Particularly due to the complexity of IFRS 17 accounting issues may arise that are identified retrospectively. 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\u00a08 for primary users of the financial statements.
There is significant scope for judgment, especially when determining the associated calculated limits. Nevertheless, the aim of producing 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 material influence on the primary users of the financial statements according to VIG\u2019s assessment, this will be presented in the current period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-20": { "value": "
Derecognition of risk provision (ECL): KTM and PIERER Mobility AG in the reportable segment Austria
An ECL in the amount of EUR\u00a028.8\u00a0million (nominal value of EUR\u00a035.0\u00a0million) was already recorded in the 2024 financial year in connection with the insolvency of KTM.
In May 2025, the main owner of PIERER Mobility AG, the parent company of KTM, provided the liquid funds required to meet the restructuring plan quotas. Subsequently, in June\u00a02025, the Group received the full repayment of the outstanding amount from PIERER Mobility AG and 30% of the outstanding amount from KTM. This resulted in income of EUR\u00a018.5\u00a0million in the consolidated income statement from the partial derecognition of the previously recorded ECL.
Political risk in T\u00fcrkiye
As a result of the ongoing uncertain political situation in T\u00fcrkiye, the assessment of the credit risk remained negative, and so financial instruments remain in Stage 2. This necessitated an increase in the ECL of EUR\u00a01.9\u00a0million (nominal value of EUR\u00a0828.1\u00a0million) (previous year: ECL of EUR\u00a028.8\u00a0million and nominal value of EUR\u00a0769.2\u00a0million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInLossAllowanceAndExplanationOfChangesInGrossCarryingAmountForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-21": { "value": "
Segment reporting
GENERAL INFORMATION
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-22": { "value": "The following segments have been defined as reportable segments in accordance with IFRS 8.12 to IFRS 8.14:
\u2022
Austria (including the branch offices of Wiener St\u00e4dtische and Italy (2024 closed in accordance with regulatory law) and in Slovenia),
\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 8.14.
Special Markets
The reportable segment Special Markets corresponds to the all other segments category in accordance with IFRS 8.16 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, pension scheme and pension 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.
Potential impact of N\u00fcrnberger on the reportable segments
Due to the size of N\u00fcrnberger, an impact on the presentation of segment reporting is likely after closing. However, the purchase of N\u00fcrnberger has no impact on the regular reporting to the chief operating decision-maker and, consequently, on the determination of operating segments.
ADDITIONAL DISCLOSURES
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\u00a0Holding also 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.
Revenues generated with internal customers originate primarily from intra-group reinsurance contracts and are as follows:
Composition
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Austria
228,310
233,917
Czech Republic
19,630
17,242
Poland
17,586
12,928
Extended CEE
25,493
24,005
Special Markets
0
0
Group Functions
967,722
980,884
Total
1,258,741
1,268,976
Internal revenues within a reportable segment are part of the respective reportable segment and are not included in the consolidation column of the consolidated income statement according to reportable segments.
Information on major customers
VIG does not depend to a great extent on individual customers, as per the definition of IFRS 8.34. The 10 largest customer groups account for 1.6% 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\u00a0Holding and thus in 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
\u00a0
2025
2024 adjusted
2025
2024
2025
2024
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Insurance service result
507,930
390,636
344,487
234,837
127,439
61,029
Insurance service revenue \u2013 issued business
3,747,748
3,543,242
2,278,664
2,078,225
1,471,768
1,373,271
Insurance service expenses \u2013 issued business
-3,504,514
-3,045,815
-1,873,471
-1,895,244
-1,285,214
-1,348,049
Insurance service result \u2013 reinsurance held
264,696
-106,791
-60,706
51,856
-59,115
35,807
Total capital investment result
104,974
115,116
49,941
42,494
29,916
36,832
Investment result
1,296,663
820,847
148,517
143,621
200,999
125,001
Income and expenses from investment property
30,184
40,501
-11
-8
492
457
Insurance finance result
-1,246,873
-772,439
-98,565
-101,119
-171,926
-88,626
Result from associates (equity-method)
25,000
26,207
0
0
351
0
Finance result
-26,892
-29,475
-2,533
-3,124
-2,069
-2,047
Other income and expenses
-151,498
-140,199
-106,277
-63,069
-48,214
-30,674
Business operating result
434,514
336,078
285,618
211,138
107,072
65,140
Impairments of goodwill
0
0
0
0
0
0
Impairments of intangible assets
0
0
0
0
-1,377
-84
Reversal of impairments from intangible assets
0
0
0
0
0
0
Result before taxes
434,514
336,078
285,618
211,138
105,695
65,056
Taxes
-86,316
-71,184
-54,097
-46,810
-31,750
-17,418
Result for the period
348,198
264,894
231,521
164,328
73,945
47,638

\u00a0
Extended CEE
Special Markets
Group Functions
\u00a0
2025
2024
2025
2024
2025
2024
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Insurance service result
354,454
265,661
26,555
58,368
157,546
175,820
Insurance service revenue \u2013 issued business
3,907,954
3,599,456
1,170,106
924,201
1,766,505
1,780,879
Insurance service expenses \u2013 issued business
-3,900,793
-3,070,456
-1,028,375
-700,854
-1,207,763
-1,863,911
Insurance service result \u2013 reinsurance held
347,293
-263,339
-115,176
-164,979
-401,196
258,852
Total capital investment result
139,026
139,258
155,145
87,134
44,015
42,425
Investment result
361,620
404,884
361,169
337,574
62,619
79,673
Income and expenses from investment property
-1,200
2,204
187
235
17,250
17,290
Insurance finance result
-222,298
-267,907
-206,211
-250,675
-36,695
-55,255
Result from associates (equity-method)
904
77
0
0
841
717
Finance result
-9,071
-8,249
-2,584
-2,122
-67,717
-62,152
Other income and expenses
-165,994
-120,659
-44,627
-54,813
-156,299
-134,818
Business operating result
318,415
276,011
134,489
88,567
-22,455
21,275
Impairments of goodwill
-72,609
-116,327
0
0
0
0
Impairments of intangible assets
-9,620
0
-7,551
0
-5,417
0
Reversal of impairments from intangible assets
238
8
0
0
0
0
Result before taxes
236,424
159,692
126,938
88,567
-27,872
21,275
Taxes
-58,655
-60,670
-38,745
-23,007
-33,426
-15,165
Result for the period
177,769
99,022
88,193
65,560
-61,298
6,110
\u00a0
Consolidation
Total
\u00a0
2025
2024
2025
2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Insurance service result
0
0
1,518,411
1,186,351
Insurance service revenue \u2013 issued business
-1,146,770
-1,160,797
13,195,975
12,138,477
Insurance service expenses \u2013 issued business
1,348,848
1,267,499
-11,451,282
-10,656,830
Insurance service result \u2013 reinsurance held
-202,078
-106,702
-226,282
-295,296
Total capital investment result
-33,609
-27,610
489,408
435,649
Investment result
-33,550
-27,554
2,398,037
1,884,046
Income and expenses from investment property
-59
-56
46,843
60,623
Insurance finance result
0
0
-1,982,568
-1,536,021
Result from associates (equity-method)
0
0
27,096
27,001
Finance result
28,345
28,342
-82,521
-78,827
Other income and expenses
5,264
-732
-667,645
-544,964
Business operating result
0
0
1,257,653
998,209
Impairments of goodwill
0
0
-72,609
-116,327
Impairments of intangible assets
0
0
-23,965
-84
Reversal of impairments from intangible assets
0
0
238
8
Result before taxes
0
0
1,161,317
881,806
Taxes
0
0
-302,989
-234,254
Result for the period
0
0
858,328
647,552
Further information by reportable segment can be found in Note \u201c9. Notes to the consolidated income statement\u201d

Consolidated balance sheet by reportable segments
Assets
Austria
Czech Republic
Poland
Extended CEE
\u00a0
31/12/2025
31/12/2024 adjusted
31/12/2025
31/12/2024
31/12/2025
31/12/2024
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
392,053
526,704
38,047
87,503
59,200
59,279
208,124
212,909
Financial assets
22,121,163
21,492,120
3,441,486
3,140,497
2,970,809
2,719,746
7,739,252
7,096,468
Receivables
278,549
278,996
73,946
52,302
20,050
19,702
153,716
130,400
Assets and disposal groups classified as held for sale
28,659
0
0
0
0
0
0
0
Current tax assets
14,305
8,418
205
4,987
3,351
7,538
6,368
4,214
Investments in associates (equity-method)
205,676
189,913
0
0
25,507
152
7,148
6,577
Insurance contracts assets issued
543
1,129
271,885
217,867
14,788
7,194
92,816
71,763
Reinsurance contracts assets held
874,255
389,677
194,982
146,042
91,571
97,032
205,415
159,848
Investment property
2,133,185
2,127,905
76,723
35,082
23,448
23,486
217,585
210,663
Owner-occupied property and equipment
218,224
210,369
165,674
163,770
19,210
17,407
172,995
174,226
Other assets
50,029
51,690
22,822
21,566
6,631
5,911
35,581
32,618
Goodwill
301,716
301,716
465,746
448,108
155,701
153,735
255,579
325,793
Intangible assets
255,215
271,013
103,256
72,976
107,716
106,978
187,902
192,883
Right-of-use assets
103,352
93,967
66,636
61,719
4,477
5,678
47,451
37,557
Deferred tax asset
211,914
241,532
150,354
165,907
439
614
52,139
46,610
Total
27,188,838
26,185,149
5,071,762
4,618,326
3,502,898
3,224,452
9,382,071
8,702,529
Assets
Special Markets
Group Functions
Total
\u00a0
31/12/2025
31/12/2024
31/12/2025
31/12/2024
31/12/2025
31/12/2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
150,754
176,533
520,185
685,196
1,368,363
1,748,124
Financial assets
3,002,956
2,846,346
3,214,546
2,342,002
42,490,212
39,637,179
Receivables
36,844
34,391
53,015
44,177
616,120
559,968
Assets and disposal groups classified as held for sale
0
0
0
0
28,659
0
Current tax assets
58,853
22,330
175,043
192,795
258,125
240,282
Investments in associates (equity-method)
0
0
8,120
8,119
246,451
204,761
Insurance contracts assets issued
18,120
21,101
-21,844
-19,180
376,308
299,874
Reinsurance contracts assets held
169,074
155,145
909,579
1,195,014
2,444,876
2,142,758
Investment property
10,360
10,696
585,256
570,433
3,046,557
2,978,265
Owner-occupied property and equipment
14,626
16,146
50,918
47,144
641,647
629,062
Other assets
25,771
19,515
30,647
23,578
171,481
154,878
Goodwill
0
0
10,527
10,527
1,189,269
1,239,879
Intangible assets
10,240
15,487
44,021
37,533
708,350
696,870
Right-of-use assets
8,732
8,890
4,448
4,674
235,096
212,485
Deferred tax asset
34,025
7,785
45,251
35,227
494,122
497,675
Total
3,540,355
3,334,365
5,629,712
5,177,239
54,315,636
51,242,060
Liabilities and consolidated shareholders\u2019 equity
Austria
Czech Republic
Poland
Extended CEE
\u00a0
31/12/2025
31/12/2024
31/12/2025
31/12/2024
31/12/2025
31/12/2024
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities and other payables
368,096
333,609
403,153
346,469
89,945
86,717
204,344
191,299
Liabilities included in disposal groups classified as held for sale
1,277
0
0
0
0
0
0
0
Current tax liabilities
131,318
95,959
56,135
3,279
826
413
23,738
11,674
Financial liabilities
453,023
467,184
69,321
64,166
67,405
65,290
49,043
39,517
Other liabilities
41,374
39,635
4,430
6,539
2,526
6,908
27,928
25,317
Insurance contracts liabilities issued
23,514,680
23,368,637
3,037,061
2,927,744
2,709,046
2,551,364
7,883,140
6,643,062
Reinsurance contracts liabilities held
14,302
15,107
67
120
1,595
671
5,696
-3,636
Provisions
318,018
381,233
49,306
38,867
26,273
26,934
209,024
173,816
Deferred tax liabilities
248,939
237,210
11,462
44,038
77,952
51,328
57,268
54,209
Subtotal
25,091,027
24,938,574
3,630,935
3,431,222
2,975,568
2,789,625
8,460,181
7,135,258
Liabilities and consolidated shareholders\u2019 equity
Special Markets
Group Functions
Total
\u00a0
31/12/2025
31/12/2024
31/12/2025
31/12/2024
31/12/2025
31/12/2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities and other payables
109,300
101,094
106,759
97,630
1,281,597
1,156,818
Liabilities included in disposal groups classified as held for sale
0
0
0
0
1,277
0
Current tax liabilities
50,719
31,398
62,040
43,378
324,776
186,101
Financial liabilities
9,419
9,460
1,833,085
1,728,523
2,481,296
2,374,140
Other liabilities
3,756
2,501
14,689
17,809
94,703
98,709
Insurance contracts liabilities issued
3,066,789
2,853,753
1,286,155
1,253,503
41,496,871
39,598,063
Reinsurance contracts liabilities held
19,747
24,996
2,813
5,224
44,220
42,482
Provisions
20,252
16,772
209,127
155,479
832,000
793,101
Deferred tax liabilities
9,642
27,137
22,270
19,789
427,533
433,711
Subtotal
3,289,624
3,067,111
3,536,938
3,321,335
46,984,273
44,683,125
Consolidated shareholders\u2019 equity
\u00a0
\u00a0
\u00a0
\u00a0
7,331,363
6,558,935
Total
\u00a0
\u00a0
\u00a0
\u00a0
54,315,636
51,242,060
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-23": { "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\u00a0Holding also 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.
Revenues generated with internal customers originate primarily from intra-group reinsurance contracts and are as follows:
Composition
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Austria
228,310
233,917
Czech Republic
19,630
17,242
Poland
17,586
12,928
Extended CEE
25,493
24,005
Special Markets
0
0
Group Functions
967,722
980,884
Total
1,258,741
1,268,976
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 section Significant estimates and judgements in the chapter Amortisation of the Contractual Service Margin (CSM).
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-24": { "value": "
Consolidated income statement by reportable segment
\u00a0
Austria
Czech Republic
Poland
\u00a0
2025
2024 adjusted
2025
2024
2025
2024
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Insurance service result
507,930
390,636
344,487
234,837
127,439
61,029
Insurance service revenue \u2013 issued business
3,747,748
3,543,242
2,278,664
2,078,225
1,471,768
1,373,271
Insurance service expenses \u2013 issued business
-3,504,514
-3,045,815
-1,873,471
-1,895,244
-1,285,214
-1,348,049
Insurance service result \u2013 reinsurance held
264,696
-106,791
-60,706
51,856
-59,115
35,807
Total capital investment result
104,974
115,116
49,941
42,494
29,916
36,832
Investment result
1,296,663
820,847
148,517
143,621
200,999
125,001
Income and expenses from investment property
30,184
40,501
-11
-8
492
457
Insurance finance result
-1,246,873
-772,439
-98,565
-101,119
-171,926
-88,626
Result from associates (equity-method)
25,000
26,207
0
0
351
0
Finance result
-26,892
-29,475
-2,533
-3,124
-2,069
-2,047
Other income and expenses
-151,498
-140,199
-106,277
-63,069
-48,214
-30,674
Business operating result
434,514
336,078
285,618
211,138
107,072
65,140
Impairments of goodwill
0
0
0
0
0
0
Impairments of intangible assets
0
0
0
0
-1,377
-84
Reversal of impairments from intangible assets
0
0
0
0
0
0
Result before taxes
434,514
336,078
285,618
211,138
105,695
65,056
Taxes
-86,316
-71,184
-54,097
-46,810
-31,750
-17,418
Result for the period
348,198
264,894
231,521
164,328
73,945
47,638

\u00a0
Extended CEE
Special Markets
Group Functions
\u00a0
2025
2024
2025
2024
2025
2024
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Insurance service result
354,454
265,661
26,555
58,368
157,546
175,820
Insurance service revenue \u2013 issued business
3,907,954
3,599,456
1,170,106
924,201
1,766,505
1,780,879
Insurance service expenses \u2013 issued business
-3,900,793
-3,070,456
-1,028,375
-700,854
-1,207,763
-1,863,911
Insurance service result \u2013 reinsurance held
347,293
-263,339
-115,176
-164,979
-401,196
258,852
Total capital investment result
139,026
139,258
155,145
87,134
44,015
42,425
Investment result
361,620
404,884
361,169
337,574
62,619
79,673
Income and expenses from investment property
-1,200
2,204
187
235
17,250
17,290
Insurance finance result
-222,298
-267,907
-206,211
-250,675
-36,695
-55,255
Result from associates (equity-method)
904
77
0
0
841
717
Finance result
-9,071
-8,249
-2,584
-2,122
-67,717
-62,152
Other income and expenses
-165,994
-120,659
-44,627
-54,813
-156,299
-134,818
Business operating result
318,415
276,011
134,489
88,567
-22,455
21,275
Impairments of goodwill
-72,609
-116,327
0
0
0
0
Impairments of intangible assets
-9,620
0
-7,551
0
-5,417
0
Reversal of impairments from intangible assets
238
8
0
0
0
0
Result before taxes
236,424
159,692
126,938
88,567
-27,872
21,275
Taxes
-58,655
-60,670
-38,745
-23,007
-33,426
-15,165
Result for the period
177,769
99,022
88,193
65,560
-61,298
6,110
\u00a0
Consolidation
Total
\u00a0
2025
2024
2025
2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Insurance service result
0
0
1,518,411
1,186,351
Insurance service revenue \u2013 issued business
-1,146,770
-1,160,797
13,195,975
12,138,477
Insurance service expenses \u2013 issued business
1,348,848
1,267,499
-11,451,282
-10,656,830
Insurance service result \u2013 reinsurance held
-202,078
-106,702
-226,282
-295,296
Total capital investment result
-33,609
-27,610
489,408
435,649
Investment result
-33,550
-27,554
2,398,037
1,884,046
Income and expenses from investment property
-59
-56
46,843
60,623
Insurance finance result
0
0
-1,982,568
-1,536,021
Result from associates (equity-method)
0
0
27,096
27,001
Finance result
28,345
28,342
-82,521
-78,827
Other income and expenses
5,264
-732
-667,645
-544,964
Business operating result
0
0
1,257,653
998,209
Impairments of goodwill
0
0
-72,609
-116,327
Impairments of intangible assets
0
0
-23,965
-84
Reversal of impairments from intangible assets
0
0
238
8
Result before taxes
0
0
1,161,317
881,806
Taxes
0
0
-302,989
-234,254
Result for the period
0
0
858,328
647,552
Further information by reportable segment can be found in Note \u201c9. Notes to the consolidated income statement\u201d

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-25": { "value": "
Consolidated income statement by reportable segment
\u00a0
Austria
Czech Republic
Poland
\u00a0
2025
2024 adjusted
2025
2024
2025
2024
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Insurance service result
507,930
390,636
344,487
234,837
127,439
61,029
Insurance service revenue \u2013 issued business
3,747,748
3,543,242
2,278,664
2,078,225
1,471,768
1,373,271
Insurance service expenses \u2013 issued business
-3,504,514
-3,045,815
-1,873,471
-1,895,244
-1,285,214
-1,348,049
Insurance service result \u2013 reinsurance held
264,696
-106,791
-60,706
51,856
-59,115
35,807
Total capital investment result
104,974
115,116
49,941
42,494
29,916
36,832
Investment result
1,296,663
820,847
148,517
143,621
200,999
125,001
Income and expenses from investment property
30,184
40,501
-11
-8
492
457
Insurance finance result
-1,246,873
-772,439
-98,565
-101,119
-171,926
-88,626
Result from associates (equity-method)
25,000
26,207
0
0
351
0
Finance result
-26,892
-29,475
-2,533
-3,124
-2,069
-2,047
Other income and expenses
-151,498
-140,199
-106,277
-63,069
-48,214
-30,674
Business operating result
434,514
336,078
285,618
211,138
107,072
65,140
Impairments of goodwill
0
0
0
0
0
0
Impairments of intangible assets
0
0
0
0
-1,377
-84
Reversal of impairments from intangible assets
0
0
0
0
0
0
Result before taxes
434,514
336,078
285,618
211,138
105,695
65,056
Taxes
-86,316
-71,184
-54,097
-46,810
-31,750
-17,418
Result for the period
348,198
264,894
231,521
164,328
73,945
47,638

\u00a0
Extended CEE
Special Markets
Group Functions
\u00a0
2025
2024
2025
2024
2025
2024
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Insurance service result
354,454
265,661
26,555
58,368
157,546
175,820
Insurance service revenue \u2013 issued business
3,907,954
3,599,456
1,170,106
924,201
1,766,505
1,780,879
Insurance service expenses \u2013 issued business
-3,900,793
-3,070,456
-1,028,375
-700,854
-1,207,763
-1,863,911
Insurance service result \u2013 reinsurance held
347,293
-263,339
-115,176
-164,979
-401,196
258,852
Total capital investment result
139,026
139,258
155,145
87,134
44,015
42,425
Investment result
361,620
404,884
361,169
337,574
62,619
79,673
Income and expenses from investment property
-1,200
2,204
187
235
17,250
17,290
Insurance finance result
-222,298
-267,907
-206,211
-250,675
-36,695
-55,255
Result from associates (equity-method)
904
77
0
0
841
717
Finance result
-9,071
-8,249
-2,584
-2,122
-67,717
-62,152
Other income and expenses
-165,994
-120,659
-44,627
-54,813
-156,299
-134,818
Business operating result
318,415
276,011
134,489
88,567
-22,455
21,275
Impairments of goodwill
-72,609
-116,327
0
0
0
0
Impairments of intangible assets
-9,620
0
-7,551
0
-5,417
0
Reversal of impairments from intangible assets
238
8
0
0
0
0
Result before taxes
236,424
159,692
126,938
88,567
-27,872
21,275
Taxes
-58,655
-60,670
-38,745
-23,007
-33,426
-15,165
Result for the period
177,769
99,022
88,193
65,560
-61,298
6,110
\u00a0
Consolidation
Total
\u00a0
2025
2024
2025
2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Insurance service result
0
0
1,518,411
1,186,351
Insurance service revenue \u2013 issued business
-1,146,770
-1,160,797
13,195,975
12,138,477
Insurance service expenses \u2013 issued business
1,348,848
1,267,499
-11,451,282
-10,656,830
Insurance service result \u2013 reinsurance held
-202,078
-106,702
-226,282
-295,296
Total capital investment result
-33,609
-27,610
489,408
435,649
Investment result
-33,550
-27,554
2,398,037
1,884,046
Income and expenses from investment property
-59
-56
46,843
60,623
Insurance finance result
0
0
-1,982,568
-1,536,021
Result from associates (equity-method)
0
0
27,096
27,001
Finance result
28,345
28,342
-82,521
-78,827
Other income and expenses
5,264
-732
-667,645
-544,964
Business operating result
0
0
1,257,653
998,209
Impairments of goodwill
0
0
-72,609
-116,327
Impairments of intangible assets
0
0
-23,965
-84
Reversal of impairments from intangible assets
0
0
238
8
Result before taxes
0
0
1,161,317
881,806
Taxes
0
0
-302,989
-234,254
Result for the period
0
0
858,328
647,552
Further information by reportable segment can be found in Note \u201c9. Notes to the consolidated income statement\u201d

", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-26": { "value": "
1.
Insurance contracts
The accounting policies used are presented in Note \u201c25.3. (Re-)Insurance contracts\u201d and the qualitative description of the risks is presented in the chapter \u201cRisk strategy and risk management\u201d.
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 to \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 they arise from the elimination of intragroup reinsurance contracts. Intragroup reinsurance contracts are mainly measured using PAA, which is why such consolidation effects are assigned to this measurement 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 2024, in order to provide a more accurate representation of the changes within the balance sheet items in accordance with IFRS 17. This constitutes a change in presentation.
In addition, the technical method of consolidation was developed further in the financial year, meaning that changes recognised directly in equity that arise from underwriting cannot be reconciled with the statement of comprehensive income.
1.1.
Overview
Composition
31/12/2025
\u00a0
PAA
GMM
VFA
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Insurance contracts assets issued
610
369,440
551
376,308
Assets for Remaining Coverage (ARC)
31,413
509,772
502
541,687
Estimates of the PVFCF
\u00a0
1,083,895
2,006
\u00a0
Risk Adjustment
\u00a0
-277,492
-1,504
\u00a0
Contractual Service Margin
\u00a0
-296,631
0
\u00a0
Assets for Incurred Claims
-30,803
-140,332
49
-171,086
Insurance acquisition costs recognised as assets
\u00a0
\u00a0
\u00a0
5,707
Reinsurance contracts assets held
1,795,168
649,708
\u00a0
2,444,876
Assets for Remaining Coverage (ARC)
107,989
-111,948
\u00a0
-3,959
Estimates of the PVFCF
\u00a0
-191,341
\u00a0
\u00a0
Risk Adjustment
\u00a0
4,227
\u00a0
\u00a0
Contractual Service Margin
\u00a0
75,166
\u00a0
\u00a0
Assets for Incurred Claims
1,687,179
761,656
\u00a0
2,448,835
Insurance contracts liabilities issued
-9,815,415
-3,503,060
-28,081,757
-41,496,871
Liability for Remaining Coverage (LRC)
-2,267,706
-2,615,702
-27,201,951
-32,085,359
Estimates of the PVFCF
\u00a0
-1,760,494
-20,854,425
\u00a0
Risk Adjustment
\u00a0
-164,674
-1,007,667
\u00a0
Contractual Service Margin
\u00a0
-690,534
-5,339,859
\u00a0
Liability for Incurred Claims
-7,547,709
-887,358
-879,806
-9,314,873
As a liability recognised insurance cash flows
\u00a0
\u00a0
\u00a0
-96,639
Reinsurance contracts liabilities held
-23,732
-20,488
\u00a0
-44,220
Liability for Remaining Coverage (LRC)
-32,193
-20,820
\u00a0
-53,013
Estimates of the PVFCF
\u00a0
-37,390
\u00a0
\u00a0
Risk Adjustment
\u00a0
601
\u00a0
\u00a0
Contractual Service Margin
\u00a0
15,969
\u00a0
\u00a0
Liability for Incurred Claims
8,461
332
\u00a0
8,793
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 flows
\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
1.2.
Assumptions used
Cost of capital and confidence level
The cost of capital rate used for risk adjustment in the financial year 2025 amounts to 6.00% (2024: 6.00%).
The risk adjustment for life, health and non-life insurance contracts corresponds to a confidence level of average 79.48% (previous year: average 79.93%).
The confidence level is calculated using an ultimate view and is net of reinsurance.

Discount rate
Spot rates in years1
31/12/2025
31/12/2024
\u00a0
1y
3y
5y
10y
20y
30y
1y
3y
5y
10y
20y
30y
in %
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
ALL
2.08
2.28
2.48
2.86
3.21
3.27
2.24
2.09
2.14
2.27
2.26
2.38
BAM
2.03
2.23
2.43
2.81
3.16
3.23
2.19
2.04
2.09
2.22
2.21
2.34
BGN
2.03
2.23
2.43
2.81
3.16
3.23
2.19
2.04
2.09
2.22
2.21
2.34
CHF
-0.04
0.13
0.32
0.67
1.13
1.41
0.05
0.06
0.17
0.38
0.89
1.24
CZK
3.40
3.57
3.74
4.06
4.23
4.05
3.67
3.53
3.56
3.73
3.82
3.73
EUR
2.08
2.28
2.48
2.86
3.21
3.27
2.24
2.09
2.14
2.27
2.26
2.38
EUR (Croatia)2
2.08
2.28
2.50
2.98
3.43
3.47
2.55
2.30
2.41
2.73
2.91
3.01
GBP
3.54
3.53
3.67
4.04
4.54
4.59
4.46
4.15
4.04
4.07
4.30
4.23
GEL
2.08
2.28
2.48
2.86
3.21
3.27
2.24
2.09
2.14
2.27
2.43
2.61
HUF
6.05
6.19
6.38
6.82
7.12
6.55
5.68
6.15
6.36
6.52
6.99
6.51
MDL
2.08
2.28
2.48
2.86
3.21
3.27
2.24
2.09
2.14
2.27
2.26
2.38
MKD
2.08
2.28
2.48
2.86
3.21
3.27
2.24
2.09
2.14
2.27
2.26
2.38
PLN
3.34
3.98
4.46
5.16
5.06
4.64
4.97
5.22
5.49
5.78
5.34
4.84
RON
6.11
6.36
6.55
6.65
6.01
5.32
6.67
7.07
7.27
7.25
6.39
5.60
RSD
3.89
3.98
4.13
5.01
5.18
4.76
3.76
3.66
4.00
5.13
5.34
4.90
TRY
37.26
34.40
30.92
22.79
15.52
12.37
41.71
34.94
30.07
23.70
17.88
14.33
UAH
16.48
15.70
12.57
8.85
6.93
6.32
15.36
15.87
14.95
11.01
7.72
6.80
USD
3.43
3.34
3.47
3.84
4.28
4.23
4.18
4.06
4.02
4.07
4.10
3.84
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
31/12/025
31/12/2024
in basis points
\u00a0
\u00a0
Albania
30
43
Bosnia-Herzegovina
21
56
Bulgaria
32
56
Germany
28
48
Estonia
30
43
Georgia
30
43
Kosovo
30
43
Croatia
17
21
Latvia
30
43
Liechtenstein
10
27
Lithuania
30
43
North Macedonia
30
43
Moldova
30
43
Austria
24
39
Poland
32
61
Romania
24
32
Serbia
200
200
Slovakia
39
52
Czech Republic
30
29
T\u00fcrkiye
52
44
Ukraine
119
159
Hungary
45
62
1.3.
Insurance contracts issued
Development by balance sheet item
Development \u2013 insurance contracts issued
2025
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contracts not measured under PAA\u00a0
Contracts measured at PAA
\u00a0
Excl. LC
LC
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
427,667
-13,429
-106,732
-11,386
-96
296,024
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-31,179,790
-99,101
-1,549,358
-6,422,924
-280,577
-39,531,750
Net book value as of 31/12 of the previous year = value as of 01/01
-30,752,123
-112,530
-1,656,090
-6,434,310
-280,673
-39,235,726
Insurance service revenue
13,195,975
\u00a0
\u00a0
\u00a0
\u00a0
13,195,975
insurance service expenses
-3,377,770
18,909
-1,576,326
-6,506,383
-9,712
-11,451,282
Investment components
3,116,336
\u00a0
-3,104,566
-11,770
\u00a0
0
Insurance finance result*
-1,788,891
-2,202
-24,118
-250,504
-11,047
-2,076,762
Unrealised gains and losses acc. to IFRS 17
114,048
0
7,195
33
-591
120,685
Total changes in the statement of comprehensive income
11,259,698
16,707
-4,697,815
-6,768,624
-21,350
-211,384
Exchange rate differences
79,091
-601
-13,359
27,810
-446
92,495
Total fulfilment cash flows
-12,050,977
0
4,459,811
5,913,456
\u00a0
-1,677,710
Other movements
17,737
-674
6
-14,375
0
2,694
Net book value as of 31/12
-31,446,574
-97,098
-1,907,447
-7,276,043
-302,469
-41,029,631
Assets as of 31/12
546,904
-5,217
-140,283
-30,720
-83
370,601
Liabilities as of 31/12
-31,993,478
-91,881
-1,767,164
-7,245,323
-302,386
-41,400,232
*Includes exchange rate differences of EUR -99,541,000.
Development \u2013 insurance contracts issued
2024
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contracts not measured under PAA
Contracts measured at PAA
\u00a0
Excl. LC
LC
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 01/01
342,579
-8,993
-84,342
-23,172
-370
225,702
Liabilities as of 01/01 adjusted as published
-30,220,433
-59,730
-1,470,154
-5,727,808
-267,979
-37,746,104
Net book value as of 01/01 adjusted as published
-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
\u00a0
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
\u00a0
-1,164,464
Other movements
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 -116,198,000.
Development \u2013 insurance contracts issued
2025
Premium Allocation Approach
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LC
LC
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
17,018
0
-11,386
-96
5,536
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,112,689
-42,965
-6,422,924
-280,577
-8,859,155
Net book value as of 31/12 of the previous year = value as of 01/01
-2,095,671
-42,965
-6,434,310
-280,673
-8,853,619
Insurance service revenue
10,334,875
\u00a0
\u00a0
\u00a0
10,334,875
insurance service expenses
-2,772,074
22,468
-6,506,383
-9,712
-9,265,701
Incurred claims and other insurance service expenses
-680,045
\u00a0
-5,908,314
\u00a0
-6,588,359
Losses of onerous contracts and reversals of those losses
\u00a0
22,468
\u00a0
\u00a0
22,468
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-598,069
-9,712
-607,781
Amortisation of insurance acquisition costs
-2,092,029
\u00a0
\u00a0
\u00a0
-2,092,029
Investment components
11,770
\u00a0
-11,770
\u00a0
0
Insurance finance result*
-753
0
-250,504
-11,047
-262,304
Unrealised gains and losses acc. to IFRS 17
\u00a0
\u00a0
33
-591
-558
Total changes in the statement of comprehensive income
7,573,818
22,468
-6,768,624
-21,350
806,312
Exchange rate differences
49,427
-587
27,810
-446
76,204
Total fulfilment cash flows
-7,759,811
\u00a0
5,913,456
\u00a0
-1,846,355
Received premiums
-10,547,000
\u00a0
0
\u00a0
-10,547,000
Claims and other insurance service expenses paid
680,044
\u00a0
5,913,583
\u00a0
6,593,627
Insurance acquisition costs
2,107,145
\u00a0
-127
\u00a0
2,107,018
Other movements
17,028
0
-14,375
0
2,653
Net book value as of 31/12
-2,215,209
-21,084
-7,276,043
-302,469
-9,814,805
Assets as of 31/12
31,413
0
-30,720
-83
610
Liabilities as of 31/12
-2,246,622
-21,084
-7,245,323
-302,386
-9,815,415
*Includes exchange rate differences of EUR -6,564,000.
Development \u2013 insurance contracts issued
2024 adjusted
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
\u00a0
-6,172
\u00a0
0
Insurance finance result*
411
0
-227,085
-8,996
-235,670
Unrealised gains and losses acc. to IFRS 17
\u00a0
\u00a0
-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
\u00a0
5,720,990
\u00a0
-1,577,716
Received premiums
-9,836,208
\u00a0
33,557
\u00a0
-9,802,651
Claims and other insurance service expenses paid
541,831
\u00a0
5,687,433
\u00a0
6,229,264
Insurance acquisition costs
1,995,671
\u00a0
\u00a0
\u00a0
1,995,671
Other movements
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
2025
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 of the previous year = assets as of 01/01
408,957
-13,429
-106,625
288,903
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,492,545
-29,795
-725,656
-3,247,996
Net book value as of 31/12 of the previous year = value as of 01/01
-2,083,588
-43,224
-832,281
-2,959,093
Insurance service revenue
1,366,482
\u00a0
\u00a0
1,366,482
insurance service expenses
-375,337
-7,072
-773,315
-1,155,724
Incurred claims and other insurance service expenses
-145,777
\u00a0
-584,925
-730,702
Losses of onerous contracts and reversals of those losses
\u00a0
-7,072
\u00a0
-7,072
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-188,390
-188,390
Amortisation of insurance acquisition costs
-229,560
\u00a0
\u00a0
-229,560
Investment components
566,285
\u00a0
-566,285
0
Insurance finance result*
-113,235
-2,063
-13,826
-129,124
Unrealised gains and losses acc. to IFRS 17
-51,842
0
7,195
-44,647
Total changes in the statement of comprehensive income
1,392,353
-9,135
-1,346,231
36,987
Exchange rate differences
102,132
310
-1,094
101,348
Total fulfilment cash flows
-1,464,813
\u00a0
1,151,910
-312,903
Received premiums
-2,170,255
\u00a0
\u00a0
-2,170,255
Claims and other insurance service expenses paid
196,101
\u00a0
1,151,910
1,348,011
Insurance acquisition costs
509,341
\u00a0
\u00a0
509,341
Other movements
323
-288
6
41
Net book value as of 31/12
-2,053,593
-52,337
-1,027,690
-3,133,620
Assets as of 31/12
514,717
-4,945
-140,332
369,440
Liabilities as of 31/12
-2,568,310
-47,392
-887,358
-3,503,060
*Includes exchange rate differences of EUR -76,081,000.
Development \u2013 insurance contracts issued
2024 adjusted
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 of the previous 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
\u00a0
1,026,832
-221,715
Received premiums
-1,858,155
\u00a0
\u00a0
-1,858,155
Claims and other insurance service expenses paid
187,830
\u00a0
1,026,832
1,214,662
Insurance acquisition costs
421,778
\u00a0
\u00a0
421,778
Other movements
-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.
Development \u2013 insurance contracts issued
2025
Variable Fee Approach
LRC / ARC
LIC / AIC
\u00a0
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
1,692
0
-107
1,585
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-26,574,556
-26,341
-823,702
-27,424,599
Net book value as of 31/12 of the previous year = value as of 01/01
-26,572,864
-26,341
-823,809
-27,423,014
Insurance service revenue
1,494,618
\u00a0
\u00a0
1,494,618
insurance service expenses
-230,359
3,513
-803,011
-1,029,857
Incurred claims and other insurance service expenses
-162,374
\u00a0
-751,987
-914,361
Losses of onerous contracts and reversals of those losses
\u00a0
3,513
\u00a0
3,513
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-51,024
-51,024
Amortisation of insurance acquisition costs
-67,985
\u00a0
\u00a0
-67,985
Investment components
2,538,281
\u00a0
-2,538,281
0
Insurance finance result*
-1,674,903
-139
-10,292
-1,685,334
Unrealised gains and losses acc. to IFRS 17
165,890
0
0
165,890
Total changes in the statement of comprehensive income
2,293,527
3,374
-3,351,584
-1,054,683
Exchange rate differences
-72,468
-324
-12,265
-85,057
Total fulfilment cash flows
-2,826,353
\u00a0
3,307,901
481,548
Received premiums
-3,388,189
\u00a0
\u00a0
-3,388,189
Claims and other insurance service expenses paid
221,170
\u00a0
3,307,901
3,529,071
Insurance acquisition costs
340,666
\u00a0
\u00a0
340,666
Other movements
386
-386
0
0
Net book value as of 31/12
-27,177,772
-23,677
-879,757
-28,081,206
Assets as of 31/12
774
-272
49
551
Liabilities as of 31/12
-27,178,546
-23,405
-879,806
-28,081,757
*Includes exchange rate differences of EUR -16,896,000.
Development \u2013 insurance contracts issued
2024 adjusted
Variable Fee Approach
LRC / ARC
LIC / AIC
\u00a0
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 01/01
1,404
0
-20
1,384
Liabilities as of 01/01 adjusted as published
-26,041,989
-23,882
-823,927
-26,889,798
Net book value as of 01/01 adjusted as published
-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
\u00a0
-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
\u00a0
3,369,073
634,967
Received premiums
-3,246,735
\u00a0
\u00a0
-3,246,735
Claims and other insurance service expenses paid
200,349
\u00a0
3,369,073
3,569,422
Insurance acquisition costs
312,280
\u00a0
\u00a0
312,280
Other movements
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.
Development by measurement component: Insurance contracts that are not measured under PAA
Developments of LRC / ARC and LIC / AIC by measurement components
2025
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
844,835
-264,064
-290,283
290,488
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-24,156,480
-1,202,361
-5,313,754
-30,672,595
Net book value as of 31/12 of the previous year = value as of 01/01
-23,311,645
-1,466,425
-5,604,037
-30,382,107
Changes that relate to current services
-9,307
153,207
669,266
813,166
Changes that relate to future services
90,242
-189,732
95,618
-3,872
Changes that relate to past services
-15,676
-118,099
\u00a0
-133,775
Insurance finance result
-100,781
-20,444
-1,693,233
-1,814,458
Unrealised gains and losses acc. to IFRS 17
-73,429
3,726
190,946
121,243
Total changes in the statement of comprehensive income
-108,951
-171,342
-737,403
-1,017,696
Exchange rate differences
17,463
-15,588
14,416
16,291
Total fulfilment cash flows
168,645
\u00a0
\u00a0
168,645
Other movements
38
3
0
41
Net book value as of 31/12
-23,234,450
-1,653,352
-6,327,024
-31,214,826
Assets as of 31/12
954,536
-287,914
-296,631
369,991
Liabilities as of 31/12
-24,188,986
-1,365,438
-6,030,393
-31,584,817
Developments of LRC / ARC and LIC / AIC by measurement components
2024 adjusted
All measurement models that are not measured under PAA
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 01/01
752,221
-247,491
-273,432
231,298
Liabilities as of 01/01 adjusted as published
-23,116,620
-1,184,262
-5,603,740
-29,904,622
Net book value as of 01/01 adjusted as published
-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
-146,519
-107,845
228,020
-26,344
Changes that relate to past services
-33,170
16,732
\u00a0
-16,438
Insurance finance result
-846,682
-94,458
-445,568
-1,386,708
Unrealised gains and losses acc. to IFRS 17
-26,202
-6,812
-87,900
-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
-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
2025
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
835,176
-261,485
-284,788
288,903
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,417,158
-176,374
-654,464
-3,247,996
Net book value as of 31/12 of the previous year = value as of 01/01
-1,581,982
-437,859
-939,252
-2,959,093
Changes that relate to current services
-19,348
68,649
267,832
317,133
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
267,832
267,832
Amount of RA for the risk expired recognised in profit or loss
\u00a0
74,745
\u00a0
74,745
Experience adjustments
-19,348
-6,096
\u00a0
-25,444
Changes that relate to future services
365,696
-87,740
-285,340
-7,384
Contracts initially recognised in the period
518,159
-122,825
-407,781
-12,447
Changes in estimates that adjust the CSM
-157,373
34,932
122,441
0
Changes in estimates that do not adjust the CSM
4,910
153
\u00a0
5,063
Changes that relate to past services
-22,998
-75,993
\u00a0
-98,991
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
-22,998
-75,993
\u00a0
-98,991
Insurance finance result
-35,326
-19,503
-74,295
-129,124
Unrealised gains and losses acc. to IFRS 17
-48,373
3,726
\u00a0
-44,647
Total changes in the statement of comprehensive income
239,651
-110,861
-91,803
36,987
Exchange rate differences
58,144
-686
43,890
101,348
Total fulfilment cash flows
-312,903
\u00a0
\u00a0
-312,903
Received premiums
-2,170,255
\u00a0
\u00a0
-2,170,255
Claims and other insurance service expenses paid as well as investment components
1,348,011
\u00a0
\u00a0
1,348,011
Insurance acquisition costs
509,341
\u00a0
\u00a0
509,341
Other movements
38
3
0
41
Net book value as of 31/12
-1,597,052
-549,403
-987,165
-3,133,620
Assets as of 31/12
952,481
-286,410
-296,631
369,440
Liabilities as of 31/12
-2,549,533
-262,993
-690,534
-3,503,060
Developments of LRC / ARC and LIC / AIC by measurement components
2024 adjusted
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
\u00a0
-32,755
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
-37,666
4,911
\u00a0
-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
\u00a0
-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
Reclassification to BS items in accordance with IFRS 5
0
0
0
0
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
1,214,662
\u00a0
\u00a0
1,214,662
Insurance acquisition costs
421,778
\u00a0
\u00a0
421,778
Other movements
-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
Developments of LRC / ARC and LIC / AIC by measurement components
2025
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
9,659
-2,579
-5,495
1,585
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-21,739,322
-1,025,987
-4,659,290
-27,424,599
Net book value as of 31/12 of the previous year = value as of 01/01
-21,729,663
-1,028,566
-4,664,785
-27,423,014
Changes that relate to current services
10,041
84,558
401,434
496,033
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
401,434
401,434
Amount of RA for the risk expired recognised in profit or loss
\u00a0
92,278
\u00a0
92,278
Experience adjustments
10,041
-7,720
\u00a0
2,321
Changes that relate to future services
-275,454
-101,992
380,958
3,512
Contracts initially recognised in the period
268,210
-68,976
-201,778
-2,544
Changes in estimates that adjust the CSM
-548,356
-34,380
582,736
0
Changes in estimates that do not adjust the CSM
4,692
1,364
\u00a0
6,056
Changes that relate to past services
7,322
-42,106
\u00a0
-34,784
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
7,322
-42,106
\u00a0
-34,784
Insurance finance result
-65,455
-941
-1,618,938
-1,685,334
Unrealised gains and losses acc. to IFRS 17
-25,056
0
190,946
165,890
Total changes in the statement of comprehensive income
-348,602
-60,481
-645,600
-1,054,683
Exchange rate differences
-40,681
-14,902
-29,474
-85,057
Total fulfilment cash flows
481,548
\u00a0
\u00a0
481,548
Received premiums
-3,388,189
\u00a0
\u00a0
-3,388,189
Claims and other insurance service expenses paid as well as investment components
3,529,071
\u00a0
\u00a0
3,529,071
Insurance acquisition costs
340,666
\u00a0
\u00a0
340,666
Net book value as of 31/12
-21,637,398
-1,103,949
-5,339,859
-28,081,206
Assets as of 31/12
2,055
-1,504
0
551
Liabilities as of 31/12
-21,639,453
-1,102,445
-5,339,859
-28,081,757
Developments of LRC / ARC and LIC / AIC by measurement components
2024 adjusted
Variable Fee Approach
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 01/01
6,578
-1,542
-3,653
1,383
Liabilities as of 01/01 adjusted as published
-20,756,114
-1,024,244
-5,109,441
-26,889,799
Net book value as of 01/01 adjusted as published
-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
-529,481
-31,001
552,959
-7,523
Contracts initially recognised in the period
255,739
-61,288
-196,911
-2,460
Changes in estimates that adjust the CSM
-808,837
58,967
749,870
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
\u00a0
16,317
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
4,496
11,821
\u00a0
16,317
Insurance finance result
-808,619
-77,679
-378,452
-1,264,750
Unrealised gains and losses acc. to IFRS 17
1,475
0
-87,900
-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
3,569,422
\u00a0
\u00a0
3,569,422
Insurance acquisition costs
312,280
\u00a0
\u00a0
312,280
Other movements
-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
Additional disclosures
Insurance service revenue
2025
2024
\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
911,311
1,164,413
2,075,724
841,409
1,079,656
1,921,065
Expected insurance service expenses
568,198
767,074
1,335,272
511,602
712,118
1,223,720
Change in the risk adjustment for nonfinancial risk
78,418
92,278
170,696
72,751
92,828
165,579
Amount of CSM recognised in profit or loss
267,832
401,434
669,266
230,373
359,578
589,951
Other amounts
-3,137
-96,373
-99,510
26,683
-84,868
-58,185
Allocation of the portion of premiums that relate to the recovery of insurance acquisition costs
455,171
330,205
785,376
338,510
300,806
639,316
Total
1,366,482
1,494,618
2,861,100
1,179,919
1,380,462
2,560,381
Contracts initially recognised in the period
31/12/2025
31/12/2024
General Measurement Model
Non-onerous
Onerous
Total
Non-onerous
Onerous
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Own-written
0
-12,447
-12,447
0
-17,439
-17,439
Estimates of present value of future cash outflows
-2,312,972
-213,115
-2,526,087
-1,992,739
-182,749
-2,175,488
Estimates of insurance acquisition costs
-483,354
-9,652
-493,006
-383,882
-11,581
-395,463
Estimates of present value of other future cash outflows
-1,829,618
-203,463
-2,033,081
-1,608,857
-171,168
-1,780,025
Estimates of present value of future cash inflows
2,841,620
202,626
3,044,246
2,442,137
173,790
2,615,927
Risk Adjustment for nonfinancial risks
-120,867
-1,958
-122,825
-101,088
-8,480
-109,568
Contractual Service Margin
-407,781
\u00a0
-407,781
-348,310
\u00a0
-348,310
Acquired
0
0
0
-77,039
0
-77,039
Estimates of present value of future cash outflows
0
0
0
-147,341
0
-147,341
Estimates of present value of other future cash outflows
0
0
0
-147,341
0
-147,341
Estimates of present value of future cash inflows
0
0
0
105,191
0
105,191
Risk Adjustment for nonfinancial risks
0
0
0
-5,594
0
-5,594
Contractual Service Margin
0
\u00a0
0
-29,295
\u00a0
-29,295
Contracts initially recognised in the period
31/12/2025
31/12/2024
Variable Fee Approach
Non-onerous
Onerous
Total
Non-onerous
Onerous
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Own-written
0
-2,544
-2,544
0
-2,460
-2,460
Estimates of present value of future cash outflows
-2,437,006
-37,152
-2,474,158
-2,202,944
-32,022
-2,234,966
Estimates of insurance acquisition costs
-290,065
-4,212
-294,277
-273,559
-4,186
-277,745
Estimates of present value of other future cash outflows
-2,146,941
-32,940
-2,179,881
-1,929,385
-27,836
-1,957,221
Estimates of present value of future cash inflows
2,705,190
37,178
2,742,368
2,459,045
31,660
2,490,705
Risk Adjustment for nonfinancial risks
-66,406
-2,570
-68,976
-59,190
-2,098
-61,288
Contractual Service Margin
-201,778
\u00a0
-201,778
-196,911
\u00a0
-196,911
Acquired
0
0
0
-399,629
0
-399,629
Estimates of present value of future cash outflows
0
0
0
-477,174
0
-477,174
Estimates of present value of other future cash outflows
0
0
0
-477,174
0
-477,174
Estimates of present value of future cash inflows
0
0
0
117,200
0
117,200
Risk Adjustment for nonfinancial risks
0
0
0
-2,525
0
-2,525
Contractual Service Margin
0
\u00a0
0
-37,130
\u00a0
-37,130
CSM expected to be recognised in profit or loss
31/12/2025
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
-191,536
-135,098
-110,583
-92,058
-457,890
-987,165
Assets for Remaining Coverage (ARC)
-45,425
-37,673
-31,472
-26,316
-155,745
-296,631
Liability for Remaining Coverage (LRC)
-146,111
-97,425
-79,111
-65,742
-302,145
-690,534
VFA
-414,179
-372,001
-344,384
-318,305
-3,890,990
-5,339,859
Liability for Remaining Coverage (LRC)
-414,179
-372,001
-344,384
-318,305
-3,890,990
-5,339,859
Total
-605,715
-507,099
-454,967
-410,363
-4,348,880
-6,327,024
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
1.5.
Underlying assets of direct participating contracts
The following table shows the underlying reference values from the perspective of the individual insurance companies and not from the Group perspective, which is also why the previous year\u2019s figures have been adjusted. These are based on the specific contractual agreements, including the applicable legal or regulatory provisions.
Composition \u2013 Fair value
31/12/2025
31/12/2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
Items shown as assets
27,329,418
26,520,421
Cash and cash equivalents
286,796
412,695
Loans
919,150
965,721
Bonds
15,832,769
15,697,293
Term deposits
82,487
98,014
Funds
8,788,215
7,997,314
Derivatives
1,116
892
Shares
449,770
381,230
Shares in participating companies
10,594
12,054
Shares in affiliated non-consolidated companies
1,253
1,281
Receivables
8,135
8,096
Investment property
747,944
749,259
Owner-occupied property
201,189
196,572
Items shown as liabilities
180,453
2,469
Liabilities and miscellaneous other liabilities
180,444
1,872
Liabilities for derivatives
9
597
Amounts recognised in profit or loss
2025
\u00a0
Underlying Assets
Non Underlying Assets
\u00a0
Total
\u00a0
\u00a0
Unconsolidated
Consolidation
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Interest revenues using the effective interest rate method
462,050
-22,622
656,729
1,096,157
Realised gains and losses from financial assets measured at AC
-9,954
0
565
-9,389
Impairment losses incl. reversal gains on financial instruments
43,909
-3,915
-18,263
21,731
Other result from financial instruments
1,151,167
3,860
134,511
1,289,538
Financial result from owner occupied properties and investment properties
10,759
-182
18,771
29,348
Result from associates (equity-method)
0
0
27,096
27,096
Total
1,657,931
-22,859
819,409
2,454,481
Amounts recognised in profit or loss
2024 adjusted
\u00a0
Underlying Assets
Non Underlying Assets
\u00a0
Total
\u00a0
\u00a0
Unconsolidated
Consolidation
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Interest revenues using the effective interest rate method
456,716
-23,747
564,728
997,697
Realised gains and losses from financial assets measured at AC
0
0
-5,076
-5,076
Impairment losses incl. reversal gains on financial instruments
-4,551
-741
-12,814
-18,106
Other result from financial instruments
776,013
6,757
126,761
909,531
Financial result from owner occupied properties and investment properties
10,082
-57
43,960
53,985
Result from associates (equity-method)
0
0
27,001
27,001
Total
1,238,260
-17,788
744,560
1,965,032
Amounts recognised in profit or loss
2025
Insurance finance result
Insurance contracts issued \u2013 VFA
Insurance contracts issued \u2013 PAA and GMM
Reinsurance contracts held \u2013 PAA and GMM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Interest accreted to insurance contracts using current financial assumptions
-615,323
-265,197
61,307
-819,213
Interest accreted to insurance contracts using locked-in rate at inital recognition
0
-18,803
2,548
-16,255
Changes in interest rates and other financial assumptions
-1,053,115
-24,783
28,399
-1,049,499
Exchange rate differences
-16,896
-82,645
1,940
-97,601
Total
-1,685,334
-391,428
94,194
-1,982,568

Amounts recognised in profit or loss
2024 adjusted
Insurance finance result
Insurance contracts issued \u2013 VFA
Insurance contracts issued \u2013 PAA and GMM
Reinsurance contracts held \u2013 PAA and GMM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Interest accreted to insurance contracts using current financial assumptions
-797,960
-234,089
62,709
-969,340
Interest accreted to insurance contracts using locked-in rate at inital recognition
0
-35,008
3,598
-31,410
Changes in interest rates and other financial assumptions
-408,340
-30,783
20,556
-418,567
Exchange rate differences
-58,450
-57,748
-506
-116,704
Total
-1,264,750
-357,628
86,357
-1,536,021
Amounts recognised directly in equity
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Underlying Assets
94,631
129,638
Non Underlying Assets
-124,644
46,338
IFRS 17 \u2013 Insurance contracts issued
120,685
-154,083
IFRS 17 \u2013 Reinsurance contracts held
-8,116
500
Total
82,556
22,393
Statement of comprehensive income
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Recognised in profit or loss
1,990,324
1,615,362
Insurance service result
1,518,411
1,186,351
Investment result incl. result from associated consolidated companies and properties
2,454,481
1,965,032
Insurance finance result
-1,982,568
-1,536,021
Recognised directly in equity
82,556
22,393
Unrealised gains and losses acc. to IFRS 9
-30,013
175,976
Unrealised gains and losses acc. to IFRS 17
112,569
-153,583
Total
2,072,880
1,637,755
1.6.
Portfolio performance from IFRS 17 transition date (1 January 2022)
Development \u2013 insurance contracts issued
2025
2024 adjusted
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 01/01 adjusted as published
\u00a0
\u00a0
\u00a0
-4,940,495
-936,674
-5,877,169
Contractual Service Margin as of 01/01
-4,245,796
-1,358,241
-5,604,037
\u00a0
\u00a0
\u00a0
Changes that relate to current services
373,988
295,278
669,266
360,632
229,319
589,951
Amount of CSM recognised in profit or loss
373,988
295,278
669,266
360,632
229,319
589,951
Changes that relate to future services
533,184
-437,566
95,618
1,183,760
-505,332
678,428
Contracts initially recognised in the period
\u00a0
-609,559
-609,559
\u00a0
-545,221
-545,221
Changes in estimates that adjust the CSM
533,184
171,993
705,177
1,183,760
39,889
1,223,649
Insurance finance result*
-1,438,749
-254,484
-1,693,233
-776,523
-119,453
-895,976
Unrealised gains and losses acc. to IFRS 17
177,341
13,605
190,946
-90,942
3,042
-87,900
Total changes in the statement of comprehensive income
-354,236
-383,167
-737,403
676,927
-392,424
284,503
Exchange rate differences
-30,260
44,676
14,416
19,333
33,023
52,356
Changes in scope of consolidation
0
0
0
0
-66,425
-66,425
Other movements
0
0
0
-1,561
4,259
2,698
Contractual Service Margin as of 31/12
-4,630,292
-1,696,732
-6,327,024
-4,245,796
-1,358,241
-5,604,037
*Includes exchange rate differences of EUR -60,612,000 (EUR -41,544,000).
Development
2025
2024
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
-295,666
-643,586
-939,252
-321,678
-442,399
-764,077
Changes that relate to current services
53,932
213,900
267,832
61,563
168,810
230,373
Amount of CSM recognised in profit or loss
53,932
213,900
267,832
61,563
168,810
230,373
Changes that relate to future services
961
-286,301
-285,340
-31,115
-293,824
-324,939
Contracts initially recognised in the period
\u00a0
-407,781
-407,781
\u00a0
-348,310
-348,310
Changes in estimates that adjust the CSM
961
121,480
122,441
-31,115
54,486
23,371
Insurance finance result*
-3,398
-70,897
-74,295
-3,953
-63,163
-67,116
Total changes in the statement of comprehensive income
51,495
-143,298
-91,803
26,495
-188,177
-161,682
Exchange rate differences
-2,390
46,280
43,890
1,120
14,682
15,802
Changes in scope of consolidation
0
0
0
0
-29,295
-29,295
Other movements
0
0
0
-1,603
1,603
0
Contractual Service Margin as of 31/12
-246,561
-740,604
-987,165
-295,666
-643,586
-939,252
*Includes exchange rate differences of EUR -55,492,000 (EUR -32,108,000).
Development
2025
2024 adjusted
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 01/01 adjusted as published
\u00a0
\u00a0
\u00a0
-4,618,817
-494,275
-5,113,092
Contractual Service Margin as of 01/01
-3,950,130
-714,655
-4,664,785
\u00a0
\u00a0
\u00a0
Changes that relate to current services
320,056
81,378
401,434
299,069
60,509
359,578
Amount of CSM recognised in profit or loss
320,056
81,378
401,434
299,069
60,509
359,578
Changes that relate to future services
532,223
-151,265
380,958
1,214,875
-211,508
1,003,367
Contracts initially recognised in the period
\u00a0
-201,778
-201,778
\u00a0
-196,911
-196,911
Changes in estimates that adjust the CSM
532,223
50,513
582,736
1,214,875
-14,597
1,200,278
Insurance finance result*
-1,435,351
-183,587
-1,618,938
-772,570
-56,290
-828,860
Unrealised gains and losses acc. to IFRS 17
177,341
13,605
190,946
-90,942
3,042
-87,900
Total changes in the statement of comprehensive income
-405,731
-239,869
-645,600
650,432
-204,247
446,185
Exchange rate differences
-27,870
-1,604
-29,474
18,213
18,341
36,554
Changes in scope of consolidation
0
0
0
0
-37,130
-37,130
Other movements
0
0
0
42
2,656
2,698
Contractual Service Margin as of 31/12
-4,383,731
-956,128
-5,339,859
-3,950,130
-714,655
-4,664,785
*Includes exchange rate differences of EUR -5,120,000 (EUR -9,436,000).
Reinsurance contracts held
Development
2025
2024
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
41,660
39,210
80,870
49,689
36,854
86,543
Changes that relate to current services
-7,334
-404
-7,738
-8,473
-40,068
-48,541
Amount of CSM recognised in profit or loss
-7,334
-404
-7,738
-8,473
-40,068
-48,541
Changes that relate to future services
9,556
5,834
15,390
177
39,916
40,093
Contracts initially recognised in the period
\u00a0
63,950
63,950
\u00a0
63,434
63,434
Changes in estimates that adjust the CSM
9,556
-58,116
-48,560
177
-23,518
-23,341
Insurance finance result*
310
2,554
2,864
259
2,824
3,083
Total changes in the statement of comprehensive income
2,532
7,984
10,516
-8,037
2,672
-5,365
Exchange rate differences
-98
-134
-232
-35
-656
-691
Changes in scope of consolidation
0
0
0
0
391
391
Other movements
0
-19
-19
43
-51
-8
Contractual Service Margin as of 31/12
44,094
47,041
91,135
41,660
39,210
80,870
*Includes exchange rate differences of EUR\u00a0316,000 (EUR -529,000).

Underlying assets
The following table shows the amounts recorded in the statement of comprehensive income under \u201cOther comprehensive income\u201d. These originate from underlying financial assets from insurance contracts which were measured using the FVA at initial recognition.
Development
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Book value as of 31/12 of the previous year = Book value as of 01/01
702,594
836,545
Amounts recognised directly in equity
121,798
-90,284
Amounts recognised in profit or loss
-16,201
-42,631
Changes in scope of consolidation
0
160
Exchange rate differences
1,059
-1,196
Book value as of 31/12
809,250
702,594
thereof included balance of risk provision
-87,421
-109,551
The change in risk provision is reported in the item Amounts recognised directly in equity.
Insurance service revenue
Insurance service revenue
2025
2024
\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 \u2013 issued business
1,300,039
11,895,936
13,195,975
1,369,492
10,768,985
12,138,477
Premium Allocation Approach
0
10,334,875
10,334,875
0
9,578,096
9,578,096
General Measurement Model
163,477
1,203,005
1,366,482
195,372
984,547
1,179,919
Variable Fee Approach
1,136,562
358,056
1,494,618
1,174,120
206,342
1,380,462
Insurance service revenue \u2013 reinsurance held
-17,595
-1,442,027
-1,459,622
-24,305
-1,453,058
-1,477,363
Premium Allocation Approach
0
-1,026,636
-1,026,636
0
-1,043,945
-1,043,945
General Measurement Model
-17,595
-415,391
-432,986
-24,305
-409,113
-433,418
1.7.
Risk of concentration
Insurance contracts liabilities issued
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Austria
23,514,680
23,368,637
Czech Republic
3,037,061
2,927,744
Poland
2,709,046
2,551,364
Albania incl. Kosovo
98,617
90,407
Baltic states
1,202,799
1,037,409
Bosnia-Herzegovina
118,381
116,952
Bulgaria
326,399
288,909
Croatia
405,951
408,883
Moldova
12,998
15,396
North Macedonia
24,014
19,873
Romania
1,450,882
1,203,128
Serbia
328,577
329,151
Slovakia
2,141,219
1,661,644
Ukraine
131,750
111,694
Hungary
1,641,553
1,359,616
Germany
820,241
787,719
Georgia
26,905
27,566
Liechtenstein
865,924
908,881
T\u00fcrkiye
1,353,719
1,129,587
Group Functions
1,286,155
1,253,503
Total
41,496,871
39,598,063
Gross written premiums
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Motor third party liability insurance
2,659,126
2,470,991
Motor own damage insurance (Casco)
2,209,750
2,084,599
Other property and casualty insurance
7,855,816
7,495,365
Health insurance
1,142,271
1,025,497
Unit- and index-linked life insurance
737,753
668,785
Life insurance with profit participation
2,440,104
2,383,322
Life insurance without profit participation
1,370,822
1,126,498
Consolidation
-2,101,979
-2,028,710
Total
16,313,663
15,226,347
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 II. The essential aim is to establish risk-orientated systems under Solvency II 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 II and IFRS 17 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 17, only costs which can be directly allocated to an insurance contract can be taken into consideration, whereas under the Solvency II 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 II follows primarily the risk perspective, whereas IFRS 17 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 17. There is also a difference with the established term of ceded reinsurance contracts. Under Solvency II, the period of the contract follows the primary insurance contract, whereas IFRS 17 recognises the contractual period of the reinsurance contract.
In the case of discounting the cash flows established for the period, Solvency II 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 17 principles.
Despite the differences listed, VIG Insurance Group considers the risk sensitivities established using Solvency II to be an appropriate basis for the estimates in accordance with IFRS 17.
Sensitivities Own funds \u2013 Change
31/12/2025
31/12/2024
\u00a0
in EUR \u2018000
in %
in EUR \u2018000
in %
Base
11,994,996
\u00a0
10,401,147
\u00a0
Underwriting risks
\u00a0
\u00a0
\u00a0
\u00a0
Life insurance
\u00a0
\u00a0
\u00a0
\u00a0
Mortality rates +5%
-12,764
-0.11
-8,251
-0.08
Mortality rates -5%
16,110
0.13
11,066
0.11
Expenses / Admin costs +10%
-204,595
-1.71
-219,960
-2.11
Lapse rates +50%
-258,431
-2.15
-177,519
-1.71
Lapse rates -50%
348,046
2.90
241,305
2.32
Non-life insurance
\u00a0
\u00a0
\u00a0
\u00a0
Ultimate loss ratio (CBE) +1%
-60,191
-0.50
-62,624
-0.60
Ultimate loss ratio (CBE) -1%
62,253
0.52
60,850
0.59
Market risks
\u00a0
\u00a0
\u00a0
\u00a0
Interest rate +100bp
-91,158
-0.76
155,622
1.50
Interest rate -100bp
-105,252
-0.88
-490,364
-4.71
Equity prices -25%
-390,664
-3.26
-365,730
-3.52
Spreads for government and corporate bonds +50bp
-490,091
-4.09
-456,234
-4.39
The changes illustrated in the base should always be viewed in isolation. This means that it is not possible to add together different sensitivities in order to derive a cumulative change in the case.
1.9.
Insurance risk \u2013 Claims development
In order to achieve a more meaningful presentation of claims development, the receivables, liabilities and reinsurance deposits contained in the LIC are presented for the first time in these financial statements in a separate line and thus outside the expected undiscounted outflows excluding risk adjustment. In addition, the expected undiscounted cash outflows excluding risk adjustment are converted at the exchange rate applicable at the relevant point in time. As a result, the figures differ from those published in the 2024 annual report.
Claims development information is presented separately for groups of direct contracts and for reinsurance contracts held, as claims arising from the same loss event are not necessarily allocated to the same accident year, which means that a net presentation would provide an incomplete view of the net assets, financial position, and results of operations.
A different allocation may result from the contractual terms of reinsurance contracts, particularly where these were written on an underwriting year basis. In such cases, claims are allocated to the underwriting year, whereas under a direct contract, claims are allocated to the year of the event. This circumstance does not represent an inconsistency in claims handling or a deviation from IFRS 17 valuation.
Premium Allocation Approach
LIC / AIC \u2013 issued
2022
2023
2024
2025
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Estimated undiscounted cash outflows excl. RA
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At the end of accident year
-5,100,340
-5,694,089
-6,650,816
-7,219,635
\u00a0
One year later
-5,227,154
-5,719,057
-6,557,406
\u00a0
\u00a0
Two years later
-4,906,143
-5,633,379
\u00a0
\u00a0
\u00a0
Three years later
-5,097,706
\u00a0
\u00a0
\u00a0
\u00a0
Cumulative claims paid
4,657,652
4,825,571
5,218,270
3,486,574
\u00a0
LIC/AIC \u2013 claims years from 2022
-440,054
-807,808
-1,339,136
-3,733,061
-6,320,059
LIC/AIC \u2013 claims year 2021
\u00a0
\u00a0
\u00a0
\u00a0
-389,500
LIC/AIC \u2013 claims years before 2021*
\u00a0
\u00a0
\u00a0
\u00a0
-1,898,762
Effect of discounting
\u00a0
\u00a0
\u00a0
\u00a0
1,332,278
Risk Adjustment
\u00a0
\u00a0
\u00a0
\u00a0
-302,469
Total
\u00a0
\u00a0
\u00a0
\u00a0
-7,578,512
*Including all receivables and payables included in LIC/AIC
AIC / LIC \u2013 held
2022
2023
2024
2025
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Estimated undiscounted cash outflows excl. RA
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At the end of accident year
742,009
590,586
609,023
1,172,968
\u00a0
One year later
739,012
649,070
673,680
\u00a0
\u00a0
Two years later
713,843
638,825
\u00a0
\u00a0
\u00a0
Three years later
718,809
\u00a0
\u00a0
\u00a0
\u00a0
Cumulative claims paid
-637,358
-496,898
-454,149
-208,776
\u00a0
AIC/LIC \u2013 claims years from 2022
81,451
141,927
219,531
964,192
1,407,101
AIC/LIC \u2013 claims year 2021
\u00a0
\u00a0
\u00a0
\u00a0
46,534
AIC/LIC \u2013 claims years before 2021*
\u00a0
\u00a0
\u00a0
\u00a0
417,409
Effect of discounting
\u00a0
\u00a0
\u00a0
\u00a0
-200,391
Risk Adjustment
\u00a0
\u00a0
\u00a0
\u00a0
24,987
Total
\u00a0
\u00a0
\u00a0
\u00a0
1,695,640
*Including all receivables and payables included in AIC/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\u2019s rating
31/12/2025
31/12/2024
in %
\u00a0
\u00a0
AAA
3.16
1.15
AA
36.69
49.12
A
31.43
41.57
BBB
23.68
2.81
BB and lower
1.06
1.72
No rating
3.98
3.63
Due to the good credit quality of the reinsurers of VIG Insurance Group, on 31 December 2025 and 31 December 2024 no impairments for the shares of the reinsurers were required.
1.11.
Liquidity risk
Undiscounted net cash flows
31/12/2025
31/12/2024
Insurance contracts issued
GMM
VFA
Total
GMM
VFA
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
One year later
407,092
-804,872
-397,780
256,287
-858,128
-601,841
Two years later
191,889
-937,557
-745,668
151,400
-1,034,021
-882,621
Three years later
125,102
-893,823
-768,721
54,108
-882,920
-828,812
Four years later
71,163
-993,080
-921,917
27,394
-950,886
-923,492
Five years later
12,582
-1,195,511
-1,182,929
-19,719
-1,076,371
-1,096,090
Beyond five years
-4,048,541
-39,548,488
-43,597,029
-3,573,815
-34,730,312
-38,304,127
Total
-3,240,713
-44,373,331
-47,614,044
-3,104,345
-39,532,638
-42,636,983
Undiscounted net cash flows
31/12/2025
31/12/2024
Reinsurance contracts held
GMM
GMM
in EUR \u2018000
\u00a0
\u00a0
One year later
-36,228
-36,102
Two years later
-5,769
634
Three years later
-5,407
-4,313
Four years later
-3,927
-2,772
Five years later
-3,322
-2,491
Beyond five years
-37,904
-31,861
Total
-92,557
-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\u00a01,927.9\u00a0million (EUR\u00a01,556.0\u00a0million). 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-27": { "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 2024, in order to provide a more accurate representation of the changes within the balance sheet items in accordance with IFRS 17. This constitutes a change in presentation.
In addition, the technical method of consolidation was developed further in the financial year, meaning that changes recognised directly in equity that arise from underwriting cannot be reconciled with the statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-28": { "value": "
1.2.
Assumptions used
The cost of capital rate used for risk adjustment in the financial year 2025 amounts to 6.00% (2024: 6.00%).
The risk adjustment for life, health and non-life insurance contracts corresponds to a confidence level of average 79.48% (previous year: average 79.93%).
The confidence level is calculated using an ultimate view and is net of reinsurance.

Discount rate
Spot rates in years1
31/12/2025
31/12/2024
\u00a0
1y
3y
5y
10y
20y
30y
1y
3y
5y
10y
20y
30y
in %
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
ALL
2.08
2.28
2.48
2.86
3.21
3.27
2.24
2.09
2.14
2.27
2.26
2.38
BAM
2.03
2.23
2.43
2.81
3.16
3.23
2.19
2.04
2.09
2.22
2.21
2.34
BGN
2.03
2.23
2.43
2.81
3.16
3.23
2.19
2.04
2.09
2.22
2.21
2.34
CHF
-0.04
0.13
0.32
0.67
1.13
1.41
0.05
0.06
0.17
0.38
0.89
1.24
CZK
3.40
3.57
3.74
4.06
4.23
4.05
3.67
3.53
3.56
3.73
3.82
3.73
EUR
2.08
2.28
2.48
2.86
3.21
3.27
2.24
2.09
2.14
2.27
2.26
2.38
EUR (Croatia)2
2.08
2.28
2.50
2.98
3.43
3.47
2.55
2.30
2.41
2.73
2.91
3.01
GBP
3.54
3.53
3.67
4.04
4.54
4.59
4.46
4.15
4.04
4.07
4.30
4.23
GEL
2.08
2.28
2.48
2.86
3.21
3.27
2.24
2.09
2.14
2.27
2.43
2.61
HUF
6.05
6.19
6.38
6.82
7.12
6.55
5.68
6.15
6.36
6.52
6.99
6.51
MDL
2.08
2.28
2.48
2.86
3.21
3.27
2.24
2.09
2.14
2.27
2.26
2.38
MKD
2.08
2.28
2.48
2.86
3.21
3.27
2.24
2.09
2.14
2.27
2.26
2.38
PLN
3.34
3.98
4.46
5.16
5.06
4.64
4.97
5.22
5.49
5.78
5.34
4.84
RON
6.11
6.36
6.55
6.65
6.01
5.32
6.67
7.07
7.27
7.25
6.39
5.60
RSD
3.89
3.98
4.13
5.01
5.18
4.76
3.76
3.66
4.00
5.13
5.34
4.90
TRY
37.26
34.40
30.92
22.79
15.52
12.37
41.71
34.94
30.07
23.70
17.88
14.33
UAH
16.48
15.70
12.57
8.85
6.93
6.32
15.36
15.87
14.95
11.01
7.72
6.80
USD
3.43
3.34
3.47
3.84
4.28
4.23
4.18
4.06
4.02
4.07
4.10
3.84
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
31/12/025
31/12/2024
in basis points
\u00a0
\u00a0
Albania
30
43
Bosnia-Herzegovina
21
56
Bulgaria
32
56
Germany
28
48
Estonia
30
43
Georgia
30
43
Kosovo
30
43
Croatia
17
21
Latvia
30
43
Liechtenstein
10
27
Lithuania
30
43
North Macedonia
30
43
Moldova
30
43
Austria
24
39
Poland
32
61
Romania
24
32
Serbia
200
200
Slovakia
39
52
Czech Republic
30
29
T\u00fcrkiye
52
44
Ukraine
119
159
Hungary
45
62
", "dimensions": { "concept": "ifrs-full:DisclosureOfInputsToMethodsUsedToMeasureContractsWithinScopeOfIFRS17Explanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-29": { "value": "

Discount rate
Spot rates in years1
31/12/2025
31/12/2024
\u00a0
1y
3y
5y
10y
20y
30y
1y
3y
5y
10y
20y
30y
in %
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
ALL
2.08
2.28
2.48
2.86
3.21
3.27
2.24
2.09
2.14
2.27
2.26
2.38
BAM
2.03
2.23
2.43
2.81
3.16
3.23
2.19
2.04
2.09
2.22
2.21
2.34
BGN
2.03
2.23
2.43
2.81
3.16
3.23
2.19
2.04
2.09
2.22
2.21
2.34
CHF
-0.04
0.13
0.32
0.67
1.13
1.41
0.05
0.06
0.17
0.38
0.89
1.24
CZK
3.40
3.57
3.74
4.06
4.23
4.05
3.67
3.53
3.56
3.73
3.82
3.73
EUR
2.08
2.28
2.48
2.86
3.21
3.27
2.24
2.09
2.14
2.27
2.26
2.38
EUR (Croatia)2
2.08
2.28
2.50
2.98
3.43
3.47
2.55
2.30
2.41
2.73
2.91
3.01
GBP
3.54
3.53
3.67
4.04
4.54
4.59
4.46
4.15
4.04
4.07
4.30
4.23
GEL
2.08
2.28
2.48
2.86
3.21
3.27
2.24
2.09
2.14
2.27
2.43
2.61
HUF
6.05
6.19
6.38
6.82
7.12
6.55
5.68
6.15
6.36
6.52
6.99
6.51
MDL
2.08
2.28
2.48
2.86
3.21
3.27
2.24
2.09
2.14
2.27
2.26
2.38
MKD
2.08
2.28
2.48
2.86
3.21
3.27
2.24
2.09
2.14
2.27
2.26
2.38
PLN
3.34
3.98
4.46
5.16
5.06
4.64
4.97
5.22
5.49
5.78
5.34
4.84
RON
6.11
6.36
6.55
6.65
6.01
5.32
6.67
7.07
7.27
7.25
6.39
5.60
RSD
3.89
3.98
4.13
5.01
5.18
4.76
3.76
3.66
4.00
5.13
5.34
4.90
TRY
37.26
34.40
30.92
22.79
15.52
12.37
41.71
34.94
30.07
23.70
17.88
14.33
UAH
16.48
15.70
12.57
8.85
6.93
6.32
15.36
15.87
14.95
11.01
7.72
6.80
USD
3.43
3.34
3.47
3.84
4.28
4.23
4.18
4.06
4.02
4.07
4.10
3.84
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfYieldCurveUsedToDiscountCashFlowsThatDoNotVaryBasedOnReturnsOnUnderlyingItemsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-30": { "value": "
1.3.
Insurance contracts issued
Development by balance sheet item
Development \u2013 insurance contracts issued
2025
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contracts not measured under PAA\u00a0
Contracts measured at PAA
\u00a0
Excl. LC
LC
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
427,667
-13,429
-106,732
-11,386
-96
296,024
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-31,179,790
-99,101
-1,549,358
-6,422,924
-280,577
-39,531,750
Net book value as of 31/12 of the previous year = value as of 01/01
-30,752,123
-112,530
-1,656,090
-6,434,310
-280,673
-39,235,726
Insurance service revenue
13,195,975
\u00a0
\u00a0
\u00a0
\u00a0
13,195,975
insurance service expenses
-3,377,770
18,909
-1,576,326
-6,506,383
-9,712
-11,451,282
Investment components
3,116,336
\u00a0
-3,104,566
-11,770
\u00a0
0
Insurance finance result*
-1,788,891
-2,202
-24,118
-250,504
-11,047
-2,076,762
Unrealised gains and losses acc. to IFRS 17
114,048
0
7,195
33
-591
120,685
Total changes in the statement of comprehensive income
11,259,698
16,707
-4,697,815
-6,768,624
-21,350
-211,384
Exchange rate differences
79,091
-601
-13,359
27,810
-446
92,495
Total fulfilment cash flows
-12,050,977
0
4,459,811
5,913,456
\u00a0
-1,677,710
Other movements
17,737
-674
6
-14,375
0
2,694
Net book value as of 31/12
-31,446,574
-97,098
-1,907,447
-7,276,043
-302,469
-41,029,631
Assets as of 31/12
546,904
-5,217
-140,283
-30,720
-83
370,601
Liabilities as of 31/12
-31,993,478
-91,881
-1,767,164
-7,245,323
-302,386
-41,400,232
*Includes exchange rate differences of EUR -99,541,000.
Development \u2013 insurance contracts issued
2024
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contracts not measured under PAA
Contracts measured at PAA
\u00a0
Excl. LC
LC
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 01/01
342,579
-8,993
-84,342
-23,172
-370
225,702
Liabilities as of 01/01 adjusted as published
-30,220,433
-59,730
-1,470,154
-5,727,808
-267,979
-37,746,104
Net book value as of 01/01 adjusted as published
-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
\u00a0
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
\u00a0
-1,164,464
Other movements
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 -116,198,000.
Development \u2013 insurance contracts issued
2025
Premium Allocation Approach
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LC
LC
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
17,018
0
-11,386
-96
5,536
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,112,689
-42,965
-6,422,924
-280,577
-8,859,155
Net book value as of 31/12 of the previous year = value as of 01/01
-2,095,671
-42,965
-6,434,310
-280,673
-8,853,619
Insurance service revenue
10,334,875
\u00a0
\u00a0
\u00a0
10,334,875
insurance service expenses
-2,772,074
22,468
-6,506,383
-9,712
-9,265,701
Incurred claims and other insurance service expenses
-680,045
\u00a0
-5,908,314
\u00a0
-6,588,359
Losses of onerous contracts and reversals of those losses
\u00a0
22,468
\u00a0
\u00a0
22,468
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-598,069
-9,712
-607,781
Amortisation of insurance acquisition costs
-2,092,029
\u00a0
\u00a0
\u00a0
-2,092,029
Investment components
11,770
\u00a0
-11,770
\u00a0
0
Insurance finance result*
-753
0
-250,504
-11,047
-262,304
Unrealised gains and losses acc. to IFRS 17
\u00a0
\u00a0
33
-591
-558
Total changes in the statement of comprehensive income
7,573,818
22,468
-6,768,624
-21,350
806,312
Exchange rate differences
49,427
-587
27,810
-446
76,204
Total fulfilment cash flows
-7,759,811
\u00a0
5,913,456
\u00a0
-1,846,355
Received premiums
-10,547,000
\u00a0
0
\u00a0
-10,547,000
Claims and other insurance service expenses paid
680,044
\u00a0
5,913,583
\u00a0
6,593,627
Insurance acquisition costs
2,107,145
\u00a0
-127
\u00a0
2,107,018
Other movements
17,028
0
-14,375
0
2,653
Net book value as of 31/12
-2,215,209
-21,084
-7,276,043
-302,469
-9,814,805
Assets as of 31/12
31,413
0
-30,720
-83
610
Liabilities as of 31/12
-2,246,622
-21,084
-7,245,323
-302,386
-9,815,415
*Includes exchange rate differences of EUR -6,564,000.
Development \u2013 insurance contracts issued
2024 adjusted
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
\u00a0
-6,172
\u00a0
0
Insurance finance result*
411
0
-227,085
-8,996
-235,670
Unrealised gains and losses acc. to IFRS 17
\u00a0
\u00a0
-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
\u00a0
5,720,990
\u00a0
-1,577,716
Received premiums
-9,836,208
\u00a0
33,557
\u00a0
-9,802,651
Claims and other insurance service expenses paid
541,831
\u00a0
5,687,433
\u00a0
6,229,264
Insurance acquisition costs
1,995,671
\u00a0
\u00a0
\u00a0
1,995,671
Other movements
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
2025
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 of the previous year = assets as of 01/01
408,957
-13,429
-106,625
288,903
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,492,545
-29,795
-725,656
-3,247,996
Net book value as of 31/12 of the previous year = value as of 01/01
-2,083,588
-43,224
-832,281
-2,959,093
Insurance service revenue
1,366,482
\u00a0
\u00a0
1,366,482
insurance service expenses
-375,337
-7,072
-773,315
-1,155,724
Incurred claims and other insurance service expenses
-145,777
\u00a0
-584,925
-730,702
Losses of onerous contracts and reversals of those losses
\u00a0
-7,072
\u00a0
-7,072
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-188,390
-188,390
Amortisation of insurance acquisition costs
-229,560
\u00a0
\u00a0
-229,560
Investment components
566,285
\u00a0
-566,285
0
Insurance finance result*
-113,235
-2,063
-13,826
-129,124
Unrealised gains and losses acc. to IFRS 17
-51,842
0
7,195
-44,647
Total changes in the statement of comprehensive income
1,392,353
-9,135
-1,346,231
36,987
Exchange rate differences
102,132
310
-1,094
101,348
Total fulfilment cash flows
-1,464,813
\u00a0
1,151,910
-312,903
Received premiums
-2,170,255
\u00a0
\u00a0
-2,170,255
Claims and other insurance service expenses paid
196,101
\u00a0
1,151,910
1,348,011
Insurance acquisition costs
509,341
\u00a0
\u00a0
509,341
Other movements
323
-288
6
41
Net book value as of 31/12
-2,053,593
-52,337
-1,027,690
-3,133,620
Assets as of 31/12
514,717
-4,945
-140,332
369,440
Liabilities as of 31/12
-2,568,310
-47,392
-887,358
-3,503,060
*Includes exchange rate differences of EUR -76,081,000.
Development \u2013 insurance contracts issued
2024 adjusted
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 of the previous 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
\u00a0
1,026,832
-221,715
Received premiums
-1,858,155
\u00a0
\u00a0
-1,858,155
Claims and other insurance service expenses paid
187,830
\u00a0
1,026,832
1,214,662
Insurance acquisition costs
421,778
\u00a0
\u00a0
421,778
Other movements
-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.
Development \u2013 insurance contracts issued
2025
Variable Fee Approach
LRC / ARC
LIC / AIC
\u00a0
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
1,692
0
-107
1,585
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-26,574,556
-26,341
-823,702
-27,424,599
Net book value as of 31/12 of the previous year = value as of 01/01
-26,572,864
-26,341
-823,809
-27,423,014
Insurance service revenue
1,494,618
\u00a0
\u00a0
1,494,618
insurance service expenses
-230,359
3,513
-803,011
-1,029,857
Incurred claims and other insurance service expenses
-162,374
\u00a0
-751,987
-914,361
Losses of onerous contracts and reversals of those losses
\u00a0
3,513
\u00a0
3,513
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-51,024
-51,024
Amortisation of insurance acquisition costs
-67,985
\u00a0
\u00a0
-67,985
Investment components
2,538,281
\u00a0
-2,538,281
0
Insurance finance result*
-1,674,903
-139
-10,292
-1,685,334
Unrealised gains and losses acc. to IFRS 17
165,890
0
0
165,890
Total changes in the statement of comprehensive income
2,293,527
3,374
-3,351,584
-1,054,683
Exchange rate differences
-72,468
-324
-12,265
-85,057
Total fulfilment cash flows
-2,826,353
\u00a0
3,307,901
481,548
Received premiums
-3,388,189
\u00a0
\u00a0
-3,388,189
Claims and other insurance service expenses paid
221,170
\u00a0
3,307,901
3,529,071
Insurance acquisition costs
340,666
\u00a0
\u00a0
340,666
Other movements
386
-386
0
0
Net book value as of 31/12
-27,177,772
-23,677
-879,757
-28,081,206
Assets as of 31/12
774
-272
49
551
Liabilities as of 31/12
-27,178,546
-23,405
-879,806
-28,081,757
*Includes exchange rate differences of EUR -16,896,000.
Development \u2013 insurance contracts issued
2024 adjusted
Variable Fee Approach
LRC / ARC
LIC / AIC
\u00a0
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 01/01
1,404
0
-20
1,384
Liabilities as of 01/01 adjusted as published
-26,041,989
-23,882
-823,927
-26,889,798
Net book value as of 01/01 adjusted as published
-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
\u00a0
-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
\u00a0
3,369,073
634,967
Received premiums
-3,246,735
\u00a0
\u00a0
-3,246,735
Claims and other insurance service expenses paid
200,349
\u00a0
3,369,073
3,569,422
Insurance acquisition costs
312,280
\u00a0
\u00a0
312,280
Other movements
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.
Development by measurement component: Insurance contracts that are not measured under PAA
Developments of LRC / ARC and LIC / AIC by measurement components
2025
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
844,835
-264,064
-290,283
290,488
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-24,156,480
-1,202,361
-5,313,754
-30,672,595
Net book value as of 31/12 of the previous year = value as of 01/01
-23,311,645
-1,466,425
-5,604,037
-30,382,107
Changes that relate to current services
-9,307
153,207
669,266
813,166
Changes that relate to future services
90,242
-189,732
95,618
-3,872
Changes that relate to past services
-15,676
-118,099
\u00a0
-133,775
Insurance finance result
-100,781
-20,444
-1,693,233
-1,814,458
Unrealised gains and losses acc. to IFRS 17
-73,429
3,726
190,946
121,243
Total changes in the statement of comprehensive income
-108,951
-171,342
-737,403
-1,017,696
Exchange rate differences
17,463
-15,588
14,416
16,291
Total fulfilment cash flows
168,645
\u00a0
\u00a0
168,645
Other movements
38
3
0
41
Net book value as of 31/12
-23,234,450
-1,653,352
-6,327,024
-31,214,826
Assets as of 31/12
954,536
-287,914
-296,631
369,991
Liabilities as of 31/12
-24,188,986
-1,365,438
-6,030,393
-31,584,817
Developments of LRC / ARC and LIC / AIC by measurement components
2024 adjusted
All measurement models that are not measured under PAA
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 01/01
752,221
-247,491
-273,432
231,298
Liabilities as of 01/01 adjusted as published
-23,116,620
-1,184,262
-5,603,740
-29,904,622
Net book value as of 01/01 adjusted as published
-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
-146,519
-107,845
228,020
-26,344
Changes that relate to past services
-33,170
16,732
\u00a0
-16,438
Insurance finance result
-846,682
-94,458
-445,568
-1,386,708
Unrealised gains and losses acc. to IFRS 17
-26,202
-6,812
-87,900
-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
-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
2025
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
835,176
-261,485
-284,788
288,903
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,417,158
-176,374
-654,464
-3,247,996
Net book value as of 31/12 of the previous year = value as of 01/01
-1,581,982
-437,859
-939,252
-2,959,093
Changes that relate to current services
-19,348
68,649
267,832
317,133
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
267,832
267,832
Amount of RA for the risk expired recognised in profit or loss
\u00a0
74,745
\u00a0
74,745
Experience adjustments
-19,348
-6,096
\u00a0
-25,444
Changes that relate to future services
365,696
-87,740
-285,340
-7,384
Contracts initially recognised in the period
518,159
-122,825
-407,781
-12,447
Changes in estimates that adjust the CSM
-157,373
34,932
122,441
0
Changes in estimates that do not adjust the CSM
4,910
153
\u00a0
5,063
Changes that relate to past services
-22,998
-75,993
\u00a0
-98,991
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
-22,998
-75,993
\u00a0
-98,991
Insurance finance result
-35,326
-19,503
-74,295
-129,124
Unrealised gains and losses acc. to IFRS 17
-48,373
3,726
\u00a0
-44,647
Total changes in the statement of comprehensive income
239,651
-110,861
-91,803
36,987
Exchange rate differences
58,144
-686
43,890
101,348
Total fulfilment cash flows
-312,903
\u00a0
\u00a0
-312,903
Received premiums
-2,170,255
\u00a0
\u00a0
-2,170,255
Claims and other insurance service expenses paid as well as investment components
1,348,011
\u00a0
\u00a0
1,348,011
Insurance acquisition costs
509,341
\u00a0
\u00a0
509,341
Other movements
38
3
0
41
Net book value as of 31/12
-1,597,052
-549,403
-987,165
-3,133,620
Assets as of 31/12
952,481
-286,410
-296,631
369,440
Liabilities as of 31/12
-2,549,533
-262,993
-690,534
-3,503,060
Developments of LRC / ARC and LIC / AIC by measurement components
2024 adjusted
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
\u00a0
-32,755
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
-37,666
4,911
\u00a0
-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
\u00a0
-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
Reclassification to BS items in accordance with IFRS 5
0
0
0
0
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
1,214,662
\u00a0
\u00a0
1,214,662
Insurance acquisition costs
421,778
\u00a0
\u00a0
421,778
Other movements
-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
Developments of LRC / ARC and LIC / AIC by measurement components
2025
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
9,659
-2,579
-5,495
1,585
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-21,739,322
-1,025,987
-4,659,290
-27,424,599
Net book value as of 31/12 of the previous year = value as of 01/01
-21,729,663
-1,028,566
-4,664,785
-27,423,014
Changes that relate to current services
10,041
84,558
401,434
496,033
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
401,434
401,434
Amount of RA for the risk expired recognised in profit or loss
\u00a0
92,278
\u00a0
92,278
Experience adjustments
10,041
-7,720
\u00a0
2,321
Changes that relate to future services
-275,454
-101,992
380,958
3,512
Contracts initially recognised in the period
268,210
-68,976
-201,778
-2,544
Changes in estimates that adjust the CSM
-548,356
-34,380
582,736
0
Changes in estimates that do not adjust the CSM
4,692
1,364
\u00a0
6,056
Changes that relate to past services
7,322
-42,106
\u00a0
-34,784
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
7,322
-42,106
\u00a0
-34,784
Insurance finance result
-65,455
-941
-1,618,938
-1,685,334
Unrealised gains and losses acc. to IFRS 17
-25,056
0
190,946
165,890
Total changes in the statement of comprehensive income
-348,602
-60,481
-645,600
-1,054,683
Exchange rate differences
-40,681
-14,902
-29,474
-85,057
Total fulfilment cash flows
481,548
\u00a0
\u00a0
481,548
Received premiums
-3,388,189
\u00a0
\u00a0
-3,388,189
Claims and other insurance service expenses paid as well as investment components
3,529,071
\u00a0
\u00a0
3,529,071
Insurance acquisition costs
340,666
\u00a0
\u00a0
340,666
Net book value as of 31/12
-21,637,398
-1,103,949
-5,339,859
-28,081,206
Assets as of 31/12
2,055
-1,504
0
551
Liabilities as of 31/12
-21,639,453
-1,102,445
-5,339,859
-28,081,757
Developments of LRC / ARC and LIC / AIC by measurement components
2024 adjusted
Variable Fee Approach
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 01/01
6,578
-1,542
-3,653
1,383
Liabilities as of 01/01 adjusted as published
-20,756,114
-1,024,244
-5,109,441
-26,889,799
Net book value as of 01/01 adjusted as published
-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
-529,481
-31,001
552,959
-7,523
Contracts initially recognised in the period
255,739
-61,288
-196,911
-2,460
Changes in estimates that adjust the CSM
-808,837
58,967
749,870
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
\u00a0
16,317
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
4,496
11,821
\u00a0
16,317
Insurance finance result
-808,619
-77,679
-378,452
-1,264,750
Unrealised gains and losses acc. to IFRS 17
1,475
0
-87,900
-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
3,569,422
\u00a0
\u00a0
3,569,422
Insurance acquisition costs
312,280
\u00a0
\u00a0
312,280
Other movements
-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
Additional disclosures
Insurance service revenue
2025
2024
\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
911,311
1,164,413
2,075,724
841,409
1,079,656
1,921,065
Expected insurance service expenses
568,198
767,074
1,335,272
511,602
712,118
1,223,720
Change in the risk adjustment for nonfinancial risk
78,418
92,278
170,696
72,751
92,828
165,579
Amount of CSM recognised in profit or loss
267,832
401,434
669,266
230,373
359,578
589,951
Other amounts
-3,137
-96,373
-99,510
26,683
-84,868
-58,185
Allocation of the portion of premiums that relate to the recovery of insurance acquisition costs
455,171
330,205
785,376
338,510
300,806
639,316
Total
1,366,482
1,494,618
2,861,100
1,179,919
1,380,462
2,560,381
Contracts initially recognised in the period
31/12/2025
31/12/2024
General Measurement Model
Non-onerous
Onerous
Total
Non-onerous
Onerous
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Own-written
0
-12,447
-12,447
0
-17,439
-17,439
Estimates of present value of future cash outflows
-2,312,972
-213,115
-2,526,087
-1,992,739
-182,749
-2,175,488
Estimates of insurance acquisition costs
-483,354
-9,652
-493,006
-383,882
-11,581
-395,463
Estimates of present value of other future cash outflows
-1,829,618
-203,463
-2,033,081
-1,608,857
-171,168
-1,780,025
Estimates of present value of future cash inflows
2,841,620
202,626
3,044,246
2,442,137
173,790
2,615,927
Risk Adjustment for nonfinancial risks
-120,867
-1,958
-122,825
-101,088
-8,480
-109,568
Contractual Service Margin
-407,781
\u00a0
-407,781
-348,310
\u00a0
-348,310
Acquired
0
0
0
-77,039
0
-77,039
Estimates of present value of future cash outflows
0
0
0
-147,341
0
-147,341
Estimates of present value of other future cash outflows
0
0
0
-147,341
0
-147,341
Estimates of present value of future cash inflows
0
0
0
105,191
0
105,191
Risk Adjustment for nonfinancial risks
0
0
0
-5,594
0
-5,594
Contractual Service Margin
0
\u00a0
0
-29,295
\u00a0
-29,295
Contracts initially recognised in the period
31/12/2025
31/12/2024
Variable Fee Approach
Non-onerous
Onerous
Total
Non-onerous
Onerous
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Own-written
0
-2,544
-2,544
0
-2,460
-2,460
Estimates of present value of future cash outflows
-2,437,006
-37,152
-2,474,158
-2,202,944
-32,022
-2,234,966
Estimates of insurance acquisition costs
-290,065
-4,212
-294,277
-273,559
-4,186
-277,745
Estimates of present value of other future cash outflows
-2,146,941
-32,940
-2,179,881
-1,929,385
-27,836
-1,957,221
Estimates of present value of future cash inflows
2,705,190
37,178
2,742,368
2,459,045
31,660
2,490,705
Risk Adjustment for nonfinancial risks
-66,406
-2,570
-68,976
-59,190
-2,098
-61,288
Contractual Service Margin
-201,778
\u00a0
-201,778
-196,911
\u00a0
-196,911
Acquired
0
0
0
-399,629
0
-399,629
Estimates of present value of future cash outflows
0
0
0
-477,174
0
-477,174
Estimates of present value of other future cash outflows
0
0
0
-477,174
0
-477,174
Estimates of present value of future cash inflows
0
0
0
117,200
0
117,200
Risk Adjustment for nonfinancial risks
0
0
0
-2,525
0
-2,525
Contractual Service Margin
0
\u00a0
0
-37,130
\u00a0
-37,130
CSM expected to be recognised in profit or loss
31/12/2025
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
-191,536
-135,098
-110,583
-92,058
-457,890
-987,165
Assets for Remaining Coverage (ARC)
-45,425
-37,673
-31,472
-26,316
-155,745
-296,631
Liability for Remaining Coverage (LRC)
-146,111
-97,425
-79,111
-65,742
-302,145
-690,534
VFA
-414,179
-372,001
-344,384
-318,305
-3,890,990
-5,339,859
Liability for Remaining Coverage (LRC)
-414,179
-372,001
-344,384
-318,305
-3,890,990
-5,339,859
Total
-605,715
-507,099
-454,967
-410,363
-4,348,880
-6,327,024
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
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 contain insurance contracts that are expected to arise from renewals of 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 partial reversal of previously recognised impairments is recognised in profit or loss and the book value of the asset is increased to the extent that the impairment conditions no longer exist or have improved.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-31": { "value": "
1.3.
Insurance contracts issued
Development by balance sheet item
Development \u2013 insurance contracts issued
2025
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contracts not measured under PAA\u00a0
Contracts measured at PAA
\u00a0
Excl. LC
LC
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
427,667
-13,429
-106,732
-11,386
-96
296,024
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-31,179,790
-99,101
-1,549,358
-6,422,924
-280,577
-39,531,750
Net book value as of 31/12 of the previous year = value as of 01/01
-30,752,123
-112,530
-1,656,090
-6,434,310
-280,673
-39,235,726
Insurance service revenue
13,195,975
\u00a0
\u00a0
\u00a0
\u00a0
13,195,975
insurance service expenses
-3,377,770
18,909
-1,576,326
-6,506,383
-9,712
-11,451,282
Investment components
3,116,336
\u00a0
-3,104,566
-11,770
\u00a0
0
Insurance finance result*
-1,788,891
-2,202
-24,118
-250,504
-11,047
-2,076,762
Unrealised gains and losses acc. to IFRS 17
114,048
0
7,195
33
-591
120,685
Total changes in the statement of comprehensive income
11,259,698
16,707
-4,697,815
-6,768,624
-21,350
-211,384
Exchange rate differences
79,091
-601
-13,359
27,810
-446
92,495
Total fulfilment cash flows
-12,050,977
0
4,459,811
5,913,456
\u00a0
-1,677,710
Other movements
17,737
-674
6
-14,375
0
2,694
Net book value as of 31/12
-31,446,574
-97,098
-1,907,447
-7,276,043
-302,469
-41,029,631
Assets as of 31/12
546,904
-5,217
-140,283
-30,720
-83
370,601
Liabilities as of 31/12
-31,993,478
-91,881
-1,767,164
-7,245,323
-302,386
-41,400,232
*Includes exchange rate differences of EUR -99,541,000.
Development \u2013 insurance contracts issued
2024
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contracts not measured under PAA
Contracts measured at PAA
\u00a0
Excl. LC
LC
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 01/01
342,579
-8,993
-84,342
-23,172
-370
225,702
Liabilities as of 01/01 adjusted as published
-30,220,433
-59,730
-1,470,154
-5,727,808
-267,979
-37,746,104
Net book value as of 01/01 adjusted as published
-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
\u00a0
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
\u00a0
-1,164,464
Other movements
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 -116,198,000.
Development \u2013 insurance contracts issued
2025
Premium Allocation Approach
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LC
LC
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
17,018
0
-11,386
-96
5,536
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,112,689
-42,965
-6,422,924
-280,577
-8,859,155
Net book value as of 31/12 of the previous year = value as of 01/01
-2,095,671
-42,965
-6,434,310
-280,673
-8,853,619
Insurance service revenue
10,334,875
\u00a0
\u00a0
\u00a0
10,334,875
insurance service expenses
-2,772,074
22,468
-6,506,383
-9,712
-9,265,701
Incurred claims and other insurance service expenses
-680,045
\u00a0
-5,908,314
\u00a0
-6,588,359
Losses of onerous contracts and reversals of those losses
\u00a0
22,468
\u00a0
\u00a0
22,468
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-598,069
-9,712
-607,781
Amortisation of insurance acquisition costs
-2,092,029
\u00a0
\u00a0
\u00a0
-2,092,029
Investment components
11,770
\u00a0
-11,770
\u00a0
0
Insurance finance result*
-753
0
-250,504
-11,047
-262,304
Unrealised gains and losses acc. to IFRS 17
\u00a0
\u00a0
33
-591
-558
Total changes in the statement of comprehensive income
7,573,818
22,468
-6,768,624
-21,350
806,312
Exchange rate differences
49,427
-587
27,810
-446
76,204
Total fulfilment cash flows
-7,759,811
\u00a0
5,913,456
\u00a0
-1,846,355
Received premiums
-10,547,000
\u00a0
0
\u00a0
-10,547,000
Claims and other insurance service expenses paid
680,044
\u00a0
5,913,583
\u00a0
6,593,627
Insurance acquisition costs
2,107,145
\u00a0
-127
\u00a0
2,107,018
Other movements
17,028
0
-14,375
0
2,653
Net book value as of 31/12
-2,215,209
-21,084
-7,276,043
-302,469
-9,814,805
Assets as of 31/12
31,413
0
-30,720
-83
610
Liabilities as of 31/12
-2,246,622
-21,084
-7,245,323
-302,386
-9,815,415
*Includes exchange rate differences of EUR -6,564,000.
Development \u2013 insurance contracts issued
2024 adjusted
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
\u00a0
-6,172
\u00a0
0
Insurance finance result*
411
0
-227,085
-8,996
-235,670
Unrealised gains and losses acc. to IFRS 17
\u00a0
\u00a0
-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
\u00a0
5,720,990
\u00a0
-1,577,716
Received premiums
-9,836,208
\u00a0
33,557
\u00a0
-9,802,651
Claims and other insurance service expenses paid
541,831
\u00a0
5,687,433
\u00a0
6,229,264
Insurance acquisition costs
1,995,671
\u00a0
\u00a0
\u00a0
1,995,671
Other movements
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
2025
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 of the previous year = assets as of 01/01
408,957
-13,429
-106,625
288,903
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,492,545
-29,795
-725,656
-3,247,996
Net book value as of 31/12 of the previous year = value as of 01/01
-2,083,588
-43,224
-832,281
-2,959,093
Insurance service revenue
1,366,482
\u00a0
\u00a0
1,366,482
insurance service expenses
-375,337
-7,072
-773,315
-1,155,724
Incurred claims and other insurance service expenses
-145,777
\u00a0
-584,925
-730,702
Losses of onerous contracts and reversals of those losses
\u00a0
-7,072
\u00a0
-7,072
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-188,390
-188,390
Amortisation of insurance acquisition costs
-229,560
\u00a0
\u00a0
-229,560
Investment components
566,285
\u00a0
-566,285
0
Insurance finance result*
-113,235
-2,063
-13,826
-129,124
Unrealised gains and losses acc. to IFRS 17
-51,842
0
7,195
-44,647
Total changes in the statement of comprehensive income
1,392,353
-9,135
-1,346,231
36,987
Exchange rate differences
102,132
310
-1,094
101,348
Total fulfilment cash flows
-1,464,813
\u00a0
1,151,910
-312,903
Received premiums
-2,170,255
\u00a0
\u00a0
-2,170,255
Claims and other insurance service expenses paid
196,101
\u00a0
1,151,910
1,348,011
Insurance acquisition costs
509,341
\u00a0
\u00a0
509,341
Other movements
323
-288
6
41
Net book value as of 31/12
-2,053,593
-52,337
-1,027,690
-3,133,620
Assets as of 31/12
514,717
-4,945
-140,332
369,440
Liabilities as of 31/12
-2,568,310
-47,392
-887,358
-3,503,060
*Includes exchange rate differences of EUR -76,081,000.
Development \u2013 insurance contracts issued
2024 adjusted
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 of the previous 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
\u00a0
1,026,832
-221,715
Received premiums
-1,858,155
\u00a0
\u00a0
-1,858,155
Claims and other insurance service expenses paid
187,830
\u00a0
1,026,832
1,214,662
Insurance acquisition costs
421,778
\u00a0
\u00a0
421,778
Other movements
-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.
Development \u2013 insurance contracts issued
2025
Variable Fee Approach
LRC / ARC
LIC / AIC
\u00a0
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
1,692
0
-107
1,585
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-26,574,556
-26,341
-823,702
-27,424,599
Net book value as of 31/12 of the previous year = value as of 01/01
-26,572,864
-26,341
-823,809
-27,423,014
Insurance service revenue
1,494,618
\u00a0
\u00a0
1,494,618
insurance service expenses
-230,359
3,513
-803,011
-1,029,857
Incurred claims and other insurance service expenses
-162,374
\u00a0
-751,987
-914,361
Losses of onerous contracts and reversals of those losses
\u00a0
3,513
\u00a0
3,513
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-51,024
-51,024
Amortisation of insurance acquisition costs
-67,985
\u00a0
\u00a0
-67,985
Investment components
2,538,281
\u00a0
-2,538,281
0
Insurance finance result*
-1,674,903
-139
-10,292
-1,685,334
Unrealised gains and losses acc. to IFRS 17
165,890
0
0
165,890
Total changes in the statement of comprehensive income
2,293,527
3,374
-3,351,584
-1,054,683
Exchange rate differences
-72,468
-324
-12,265
-85,057
Total fulfilment cash flows
-2,826,353
\u00a0
3,307,901
481,548
Received premiums
-3,388,189
\u00a0
\u00a0
-3,388,189
Claims and other insurance service expenses paid
221,170
\u00a0
3,307,901
3,529,071
Insurance acquisition costs
340,666
\u00a0
\u00a0
340,666
Other movements
386
-386
0
0
Net book value as of 31/12
-27,177,772
-23,677
-879,757
-28,081,206
Assets as of 31/12
774
-272
49
551
Liabilities as of 31/12
-27,178,546
-23,405
-879,806
-28,081,757
*Includes exchange rate differences of EUR -16,896,000.
Development \u2013 insurance contracts issued
2024 adjusted
Variable Fee Approach
LRC / ARC
LIC / AIC
\u00a0
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 01/01
1,404
0
-20
1,384
Liabilities as of 01/01 adjusted as published
-26,041,989
-23,882
-823,927
-26,889,798
Net book value as of 01/01 adjusted as published
-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
\u00a0
-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
\u00a0
3,369,073
634,967
Received premiums
-3,246,735
\u00a0
\u00a0
-3,246,735
Claims and other insurance service expenses paid
200,349
\u00a0
3,369,073
3,569,422
Insurance acquisition costs
312,280
\u00a0
\u00a0
312,280
Other movements
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.
Development by measurement component: Insurance contracts that are not measured under PAA
Developments of LRC / ARC and LIC / AIC by measurement components
2025
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
844,835
-264,064
-290,283
290,488
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-24,156,480
-1,202,361
-5,313,754
-30,672,595
Net book value as of 31/12 of the previous year = value as of 01/01
-23,311,645
-1,466,425
-5,604,037
-30,382,107
Changes that relate to current services
-9,307
153,207
669,266
813,166
Changes that relate to future services
90,242
-189,732
95,618
-3,872
Changes that relate to past services
-15,676
-118,099
\u00a0
-133,775
Insurance finance result
-100,781
-20,444
-1,693,233
-1,814,458
Unrealised gains and losses acc. to IFRS 17
-73,429
3,726
190,946
121,243
Total changes in the statement of comprehensive income
-108,951
-171,342
-737,403
-1,017,696
Exchange rate differences
17,463
-15,588
14,416
16,291
Total fulfilment cash flows
168,645
\u00a0
\u00a0
168,645
Other movements
38
3
0
41
Net book value as of 31/12
-23,234,450
-1,653,352
-6,327,024
-31,214,826
Assets as of 31/12
954,536
-287,914
-296,631
369,991
Liabilities as of 31/12
-24,188,986
-1,365,438
-6,030,393
-31,584,817
Developments of LRC / ARC and LIC / AIC by measurement components
2024 adjusted
All measurement models that are not measured under PAA
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 01/01
752,221
-247,491
-273,432
231,298
Liabilities as of 01/01 adjusted as published
-23,116,620
-1,184,262
-5,603,740
-29,904,622
Net book value as of 01/01 adjusted as published
-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
-146,519
-107,845
228,020
-26,344
Changes that relate to past services
-33,170
16,732
\u00a0
-16,438
Insurance finance result
-846,682
-94,458
-445,568
-1,386,708
Unrealised gains and losses acc. to IFRS 17
-26,202
-6,812
-87,900
-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
-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
2025
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
835,176
-261,485
-284,788
288,903
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,417,158
-176,374
-654,464
-3,247,996
Net book value as of 31/12 of the previous year = value as of 01/01
-1,581,982
-437,859
-939,252
-2,959,093
Changes that relate to current services
-19,348
68,649
267,832
317,133
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
267,832
267,832
Amount of RA for the risk expired recognised in profit or loss
\u00a0
74,745
\u00a0
74,745
Experience adjustments
-19,348
-6,096
\u00a0
-25,444
Changes that relate to future services
365,696
-87,740
-285,340
-7,384
Contracts initially recognised in the period
518,159
-122,825
-407,781
-12,447
Changes in estimates that adjust the CSM
-157,373
34,932
122,441
0
Changes in estimates that do not adjust the CSM
4,910
153
\u00a0
5,063
Changes that relate to past services
-22,998
-75,993
\u00a0
-98,991
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
-22,998
-75,993
\u00a0
-98,991
Insurance finance result
-35,326
-19,503
-74,295
-129,124
Unrealised gains and losses acc. to IFRS 17
-48,373
3,726
\u00a0
-44,647
Total changes in the statement of comprehensive income
239,651
-110,861
-91,803
36,987
Exchange rate differences
58,144
-686
43,890
101,348
Total fulfilment cash flows
-312,903
\u00a0
\u00a0
-312,903
Received premiums
-2,170,255
\u00a0
\u00a0
-2,170,255
Claims and other insurance service expenses paid as well as investment components
1,348,011
\u00a0
\u00a0
1,348,011
Insurance acquisition costs
509,341
\u00a0
\u00a0
509,341
Other movements
38
3
0
41
Net book value as of 31/12
-1,597,052
-549,403
-987,165
-3,133,620
Assets as of 31/12
952,481
-286,410
-296,631
369,440
Liabilities as of 31/12
-2,549,533
-262,993
-690,534
-3,503,060
Developments of LRC / ARC and LIC / AIC by measurement components
2024 adjusted
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
\u00a0
-32,755
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
-37,666
4,911
\u00a0
-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
\u00a0
-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
Reclassification to BS items in accordance with IFRS 5
0
0
0
0
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
1,214,662
\u00a0
\u00a0
1,214,662
Insurance acquisition costs
421,778
\u00a0
\u00a0
421,778
Other movements
-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
Developments of LRC / ARC and LIC / AIC by measurement components
2025
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
9,659
-2,579
-5,495
1,585
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-21,739,322
-1,025,987
-4,659,290
-27,424,599
Net book value as of 31/12 of the previous year = value as of 01/01
-21,729,663
-1,028,566
-4,664,785
-27,423,014
Changes that relate to current services
10,041
84,558
401,434
496,033
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
401,434
401,434
Amount of RA for the risk expired recognised in profit or loss
\u00a0
92,278
\u00a0
92,278
Experience adjustments
10,041
-7,720
\u00a0
2,321
Changes that relate to future services
-275,454
-101,992
380,958
3,512
Contracts initially recognised in the period
268,210
-68,976
-201,778
-2,544
Changes in estimates that adjust the CSM
-548,356
-34,380
582,736
0
Changes in estimates that do not adjust the CSM
4,692
1,364
\u00a0
6,056
Changes that relate to past services
7,322
-42,106
\u00a0
-34,784
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
7,322
-42,106
\u00a0
-34,784
Insurance finance result
-65,455
-941
-1,618,938
-1,685,334
Unrealised gains and losses acc. to IFRS 17
-25,056
0
190,946
165,890
Total changes in the statement of comprehensive income
-348,602
-60,481
-645,600
-1,054,683
Exchange rate differences
-40,681
-14,902
-29,474
-85,057
Total fulfilment cash flows
481,548
\u00a0
\u00a0
481,548
Received premiums
-3,388,189
\u00a0
\u00a0
-3,388,189
Claims and other insurance service expenses paid as well as investment components
3,529,071
\u00a0
\u00a0
3,529,071
Insurance acquisition costs
340,666
\u00a0
\u00a0
340,666
Net book value as of 31/12
-21,637,398
-1,103,949
-5,339,859
-28,081,206
Assets as of 31/12
2,055
-1,504
0
551
Liabilities as of 31/12
-21,639,453
-1,102,445
-5,339,859
-28,081,757
Developments of LRC / ARC and LIC / AIC by measurement components
2024 adjusted
Variable Fee Approach
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 01/01
6,578
-1,542
-3,653
1,383
Liabilities as of 01/01 adjusted as published
-20,756,114
-1,024,244
-5,109,441
-26,889,799
Net book value as of 01/01 adjusted as published
-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
-529,481
-31,001
552,959
-7,523
Contracts initially recognised in the period
255,739
-61,288
-196,911
-2,460
Changes in estimates that adjust the CSM
-808,837
58,967
749,870
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
\u00a0
16,317
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
4,496
11,821
\u00a0
16,317
Insurance finance result
-808,619
-77,679
-378,452
-1,264,750
Unrealised gains and losses acc. to IFRS 17
1,475
0
-87,900
-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
3,569,422
\u00a0
\u00a0
3,569,422
Insurance acquisition costs
312,280
\u00a0
\u00a0
312,280
Other movements
-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
Additional disclosures
Insurance service revenue
2025
2024
\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
911,311
1,164,413
2,075,724
841,409
1,079,656
1,921,065
Expected insurance service expenses
568,198
767,074
1,335,272
511,602
712,118
1,223,720
Change in the risk adjustment for nonfinancial risk
78,418
92,278
170,696
72,751
92,828
165,579
Amount of CSM recognised in profit or loss
267,832
401,434
669,266
230,373
359,578
589,951
Other amounts
-3,137
-96,373
-99,510
26,683
-84,868
-58,185
Allocation of the portion of premiums that relate to the recovery of insurance acquisition costs
455,171
330,205
785,376
338,510
300,806
639,316
Total
1,366,482
1,494,618
2,861,100
1,179,919
1,380,462
2,560,381
Contracts initially recognised in the period
31/12/2025
31/12/2024
General Measurement Model
Non-onerous
Onerous
Total
Non-onerous
Onerous
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Own-written
0
-12,447
-12,447
0
-17,439
-17,439
Estimates of present value of future cash outflows
-2,312,972
-213,115
-2,526,087
-1,992,739
-182,749
-2,175,488
Estimates of insurance acquisition costs
-483,354
-9,652
-493,006
-383,882
-11,581
-395,463
Estimates of present value of other future cash outflows
-1,829,618
-203,463
-2,033,081
-1,608,857
-171,168
-1,780,025
Estimates of present value of future cash inflows
2,841,620
202,626
3,044,246
2,442,137
173,790
2,615,927
Risk Adjustment for nonfinancial risks
-120,867
-1,958
-122,825
-101,088
-8,480
-109,568
Contractual Service Margin
-407,781
\u00a0
-407,781
-348,310
\u00a0
-348,310
Acquired
0
0
0
-77,039
0
-77,039
Estimates of present value of future cash outflows
0
0
0
-147,341
0
-147,341
Estimates of present value of other future cash outflows
0
0
0
-147,341
0
-147,341
Estimates of present value of future cash inflows
0
0
0
105,191
0
105,191
Risk Adjustment for nonfinancial risks
0
0
0
-5,594
0
-5,594
Contractual Service Margin
0
\u00a0
0
-29,295
\u00a0
-29,295
Contracts initially recognised in the period
31/12/2025
31/12/2024
Variable Fee Approach
Non-onerous
Onerous
Total
Non-onerous
Onerous
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Own-written
0
-2,544
-2,544
0
-2,460
-2,460
Estimates of present value of future cash outflows
-2,437,006
-37,152
-2,474,158
-2,202,944
-32,022
-2,234,966
Estimates of insurance acquisition costs
-290,065
-4,212
-294,277
-273,559
-4,186
-277,745
Estimates of present value of other future cash outflows
-2,146,941
-32,940
-2,179,881
-1,929,385
-27,836
-1,957,221
Estimates of present value of future cash inflows
2,705,190
37,178
2,742,368
2,459,045
31,660
2,490,705
Risk Adjustment for nonfinancial risks
-66,406
-2,570
-68,976
-59,190
-2,098
-61,288
Contractual Service Margin
-201,778
\u00a0
-201,778
-196,911
\u00a0
-196,911
Acquired
0
0
0
-399,629
0
-399,629
Estimates of present value of future cash outflows
0
0
0
-477,174
0
-477,174
Estimates of present value of other future cash outflows
0
0
0
-477,174
0
-477,174
Estimates of present value of future cash inflows
0
0
0
117,200
0
117,200
Risk Adjustment for nonfinancial risks
0
0
0
-2,525
0
-2,525
Contractual Service Margin
0
\u00a0
0
-37,130
\u00a0
-37,130
CSM expected to be recognised in profit or loss
31/12/2025
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
-191,536
-135,098
-110,583
-92,058
-457,890
-987,165
Assets for Remaining Coverage (ARC)
-45,425
-37,673
-31,472
-26,316
-155,745
-296,631
Liability for Remaining Coverage (LRC)
-146,111
-97,425
-79,111
-65,742
-302,145
-690,534
VFA
-414,179
-372,001
-344,384
-318,305
-3,890,990
-5,339,859
Liability for Remaining Coverage (LRC)
-414,179
-372,001
-344,384
-318,305
-3,890,990
-5,339,859
Total
-605,715
-507,099
-454,967
-410,363
-4,348,880
-6,327,024
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
1.4.
Reinsurance contracts held
Development by balance sheet item
Development \u2013 reinsurance contracts held
2025
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contracts not measured under PAA\u00a0
Contracts measured at PAA
\u00a0
Excl. LoReCo
LoReCo
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
-40,409
7,667
975,351
1,174,286
25,863
2,142,758
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-55,295
75
-3,094
15,479
353
-42,482
Net book value as of 31/12 of the previous year = value as of 01/01
-95,704
7,742
972,257
1,189,765
26,216
2,100,276
Allocation of reinsurance premiums
-1,459,622
\u00a0
\u00a0
\u00a0
\u00a0
-1,459,622
Amounts recovered from the reinsurer
9,262
509
171,184
1,054,547
-2,162
1,233,340
Investment components
-31,424
\u00a0
3,006
28,418
\u00a0
0
Insurance finance result*
1,270
1,232
18,036
72,111
1,545
94,194
Unrealised gains and losses acc. to IFRS 17
1,596
\u00a0
-6,568
-3,400
256
-8,116
Total changes in the statement of comprehensive income
-1,478,918
1,741
185,658
1,151,676
-361
-140,204
Exchange rate differences
-10,363
-2
-50
-16,396
-868
-27,679
Total fulfilment cash flows
1,550,930
\u00a0
-395,877
-654,455
\u00a0
500,598
Other movements
-32,405
7
0
63
0
-32,335
Net book value as of 31/12
-66,460
9,488
761,988
1,670,653
24,987
2,400,656
Assets as of 31/12
-13,389
9,430
761,656
1,662,373
24,806
2,444,876
Liabilities as of 31/12
-53,071
58
332
8,280
181
-44,220
*Includes exchange rate differences of EUR\u00a01,940,000.
Development \u2013 reinsurance contracts held
2024
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contracts not measured under PAA\u00a0
Contracts measured at PAA
\u00a0
Excl. LoReCo
LoReCo
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
Allocation of reinsurance premiums
-1,477,363
\u00a0
\u00a0
\u00a0
\u00a0
-1,477,363
Amounts recovered from the reinsurer
-46,865
2,505
696,344
531,831
-1,748
1,182,067
Investment components
-27,770
\u00a0
7,840
19,930
\u00a0
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
\u00a0
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
-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
2025
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
102,348
17
1,174,286
25,863
1,302,514
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-34,520
0
15,479
353
-18,688
Net book value as of 31/12 of the previous year = value as of 01/01
67,828
17
1,189,765
26,216
1,283,826
Allocation of reinsurance premiums
-1,026,636
\u00a0
\u00a0
\u00a0
-1,026,636
Amounts recovered from the reinsurer
4,891
-11
1,054,547
-2,162
1,057,265
Amounts recovered for claims and other technical expenses
-32,967
\u00a0
602,147
\u00a0
569,180
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts
\u00a0
-11
\u00a0
\u00a0
-11
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
479,815
-2,162
477,653
Changes in risk of non-performance by issuer of reinsurance contracts
0
0
-1,507
\u00a0
-1,507
Consolidation effects
37,858
\u00a0
-25,908
0
11,950
Investment components
-28,418
\u00a0
28,418
\u00a0
0
Insurance finance result*
143
0
72,111
1,545
73,799
Insurance finance result*
143
0
46,203
1,545
47,891
Consolidation effects
0
0
25,908
0
25,908
Unrealised gains and losses acc. to IFRS 17
\u00a0
\u00a0
-3,400
256
-3,144
Total changes in the statement of comprehensive income
-1,050,020
-11
1,151,676
-361
101,284
Exchange rate differences
-10,540
0
-16,396
-868
-27,804
Total fulfilment cash flows
1,100,967
\u00a0
-654,455
\u00a0
446,512
Premiums paid
1,103,711
\u00a0
\u00a0
\u00a0
1,103,711
Claims and other insurance service expenses received as well as investment components
-2,102
\u00a0
-654,455
\u00a0
-656,557
Insurance acquisition costs
-642
\u00a0
\u00a0
\u00a0
-642
Other movements
-32,443
-2
63
0
-32,382
Net book value as of 31/12
75,792
4
1,670,653
24,987
1,771,436
Assets as of 31/12
107,985
4
1,662,373
24,806
1,795,168
Liabilities as of 31/12
-32,193
0
8,280
181
-23,732
*Includes exchange rate differences of EUR\u00a0642,000.
Development \u2013 reinsurance contracts held
2024 adjusted
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
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
Allocation of reinsurance premiums
-1,043,945
0
\u00a0
\u00a0
-1,043,945
Amounts recovered from the reinsurer
-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
\u00a0
-500
Consolidation effects
-53,365
\u00a0
-19,310
-61
-72,736
Investment components
-19,930
\u00a0
19,930
\u00a0
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
\u00a0
\u00a0
-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
\u00a0
-592,356
\u00a0
529,977
Premiums paid
1,123,975
\u00a0
\u00a0
\u00a0
1,123,975
Claims and other insurance service expenses received as well as investment components
-2,497
\u00a0
-592,356
\u00a0
-594,853
Insurance acquisition costs
855
\u00a0
\u00a0
\u00a0
855
Other movements
-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
2025
General Measurement Model
LRC / ARC
LIC / AIC
\u00a0
Total
\u00a0
\u00a0
Excl. LoReCo
LoReCo
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
-142,757
7,650
975,351
840,244
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-20,775
75
-3,094
-23,794
Net book value as of 31/12 of the previous year = value as of 01/01
-163,532
7,725
972,257
816,450
Allocation of reinsurance premiums
-432,986
\u00a0
\u00a0
-432,986
Amounts recovered from the reinsurer
4,371
520
171,184
176,075
Amounts recovered for claims and other technical expenses
3,246
\u00a0
409,988
413,234
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts
\u00a0
520
\u00a0
520
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-239,488
-239,488
Changes in risk of non-performance by issuer of reinsurance contracts
1,125
0
684
1,809
Investment components
-3,006
\u00a0
3,006
0
Insurance finance result*
1,127
1,232
18,036
20,395
Unrealised gains and losses acc. to IFRS 17
1,596
\u00a0
-6,568
-4,972
Total changes in the statement of comprehensive income
-428,898
1,752
185,658
-241,488
Exchange rate differences
177
-2
-50
125
Total fulfilment cash flows
449,963
\u00a0
-395,877
54,086
Premiums paid
455,885
\u00a0
\u00a0
455,885
Claims and other insurance service expenses received as well as investment components
3,770
\u00a0
-395,877
-392,107
Insurance acquisition costs
-9,692
\u00a0
\u00a0
-9,692
Other movements
38
9
0
47
Net book value as of 31/12
-142,252
9,484
761,988
629,220
Assets as of 31/12
-121,374
9,426
761,656
649,708
Liabilities as of 31/12
-20,878
58
332
-20,488
*Includes exchange rate differences of EUR\u00a01,298,000.
Development \u2013 reinsurance contracts held
2024 adjusted
General Measurement Model
LRC / ARC
LIC / AIC
\u00a0
Total
\u00a0
\u00a0
Excl. LoReCo
LoReCo
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
Allocation of reinsurance premiums
-433,418
\u00a0
\u00a0
-433,418
Amounts recovered from the reinsurer
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
\u00a0
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
\u00a0
-399,713
8,388
Premiums paid
411,272
\u00a0
\u00a0
411,272
Claims and other insurance service expenses received as well as investment components
3,585
\u00a0
-399,713
-396,128
Insurance acquisition costs
-6,756
\u00a0
\u00a0
-6,756
Other movements
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 by measurement component: Insurance contracts that are not measured under PAA
Developments of LRC / ARC and LIC / AIC by measurement components
2025
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
754,033
20,129
66,082
840,244
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-39,059
477
14,788
-23,794
Net book value as of 31/12 of the previous year = value as of 01/01
714,974
20,606
80,870
816,450
Changes that relate to current services
-137,550
-80,250
-7,738
-225,538
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
-7,738
-7,738
Amount of RA for the risk expired recognised in profit or loss
\u00a0
-80,250
\u00a0
-80,250
Experience adjustments
-137,550
\u00a0
\u00a0
-137,550
Changes that relate to future services
-95,406
80,519
15,390
503
Contracts initially recognised in the period
-71,813
80,119
63,950
72,256
Changes in estimates that adjust the CSM
-23,593
400
23,176
-17
Changes in estimates that adjust the LoReCo
\u00a0
\u00a0
-71,736
-71,736
Changes that relate to past services
-30,024
-3,661
\u00a0
-33,685
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
-30,024
-3,661
\u00a0
-33,685
Changes in risk of non-performance by issuer of reinsurance contracts
1,809
0
\u00a0
1,809
Insurance finance result
16,032
1,499
2,864
20,395
Unrealised gains and losses acc. to IFRS 17
-4,260
-712
\u00a0
-4,972
Total changes in the statement of comprehensive income
-249,399
-2,605
10,516
-241,488
Exchange rate differences
365
-8
-232
125
Total fulfilment cash flows
54,086
\u00a0
\u00a0
54,086
Premiums paid
455,885
\u00a0
\u00a0
455,885
Claims and other insurance service expenses received as well as investment components
-392,107
\u00a0
\u00a0
-392,107
Insurance acquisition costs
-9,692
\u00a0
\u00a0
-9,692
Other movements
67
-1
-19
47
Net book value as of 31/12
520,093
17,992
91,135
629,220
Assets as of 31/12
557,154
17,388
75,166
649,708
Liabilities as of 31/12
-37,061
604
15,969
-20,488
Developments of LRC / ARC and LIC / AIC by measurement components
2024 adjusted
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
-4,109
-2,532
Changes in estimates that adjust the LoReCo
0
0
-19,232
-19,232
Changes that relate to past services
42,607
-1,976
\u00a0
40,631
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
42,607
-1,976
\u00a0
40,631
Changes in risk of non-performance by issuer of reinsurance contracts
-58
0
\u00a0
-58
Insurance finance result
8,250
1,710
3,083
13,043
Unrealised gains and losses acc. to IFRS 17
4,955
752
\u00a0
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
Premiums paid
411,272
\u00a0
\u00a0
411,272
Claims and other insurance service expenses received as well as investment components
-396,128
\u00a0
\u00a0
-396,128
Insurance acquisition costs
-6,756
\u00a0
\u00a0
-6,756
Other movements
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
Additional disclosures
Contracts initially recognised in the period
\u00a0
\u00a0
General Measurement Model
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Own-written
72,256
23,343
Estimates of present value of future cash outflows
353,637
249,077
Estimates of present value of other future cash outflows
353,637
249,077
Estimates of present value of future cash inflows
-425,450
-357,016
Risk Adjustment for nonfinancial risks
80,119
67,848
Contractual Service Margin
63,950
63,434
Acquired
0
-477
Estimates of present value of future cash outflows
0
-1,018
Estimates of present value of other future cash outflows
0
-1,018
Estimates of present value of future cash inflows
0
123
Risk Adjustment for nonfinancial risks
0
28
Contractual Service Margin
0
390
CSM expected to be recognised in profit or loss
31/12/2025
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
30,844
10,684
7,994
6,195
35,418
91,135
Assets for Remaining Coverage (ARC)
28,605
9,024
6,622
4,980
25,935
75,166
Liability for Remaining Coverage (LRC)
2,239
1,660
1,372
1,215
9,483
15,969
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-32": { "value": "
Development by balance sheet item
Development \u2013 insurance contracts issued
2025
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contracts not measured under PAA\u00a0
Contracts measured at PAA
\u00a0
Excl. LC
LC
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
427,667
-13,429
-106,732
-11,386
-96
296,024
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-31,179,790
-99,101
-1,549,358
-6,422,924
-280,577
-39,531,750
Net book value as of 31/12 of the previous year = value as of 01/01
-30,752,123
-112,530
-1,656,090
-6,434,310
-280,673
-39,235,726
Insurance service revenue
13,195,975
\u00a0
\u00a0
\u00a0
\u00a0
13,195,975
insurance service expenses
-3,377,770
18,909
-1,576,326
-6,506,383
-9,712
-11,451,282
Investment components
3,116,336
\u00a0
-3,104,566
-11,770
\u00a0
0
Insurance finance result*
-1,788,891
-2,202
-24,118
-250,504
-11,047
-2,076,762
Unrealised gains and losses acc. to IFRS 17
114,048
0
7,195
33
-591
120,685
Total changes in the statement of comprehensive income
11,259,698
16,707
-4,697,815
-6,768,624
-21,350
-211,384
Exchange rate differences
79,091
-601
-13,359
27,810
-446
92,495
Total fulfilment cash flows
-12,050,977
0
4,459,811
5,913,456
\u00a0
-1,677,710
Other movements
17,737
-674
6
-14,375
0
2,694
Net book value as of 31/12
-31,446,574
-97,098
-1,907,447
-7,276,043
-302,469
-41,029,631
Assets as of 31/12
546,904
-5,217
-140,283
-30,720
-83
370,601
Liabilities as of 31/12
-31,993,478
-91,881
-1,767,164
-7,245,323
-302,386
-41,400,232
*Includes exchange rate differences of EUR -99,541,000.
Development \u2013 insurance contracts issued
2024
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contracts not measured under PAA
Contracts measured at PAA
\u00a0
Excl. LC
LC
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 01/01
342,579
-8,993
-84,342
-23,172
-370
225,702
Liabilities as of 01/01 adjusted as published
-30,220,433
-59,730
-1,470,154
-5,727,808
-267,979
-37,746,104
Net book value as of 01/01 adjusted as published
-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
\u00a0
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
\u00a0
-1,164,464
Other movements
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 -116,198,000.
Development \u2013 insurance contracts issued
2025
Premium Allocation Approach
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
Excl. LC
LC
PVFCF
RA
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
17,018
0
-11,386
-96
5,536
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,112,689
-42,965
-6,422,924
-280,577
-8,859,155
Net book value as of 31/12 of the previous year = value as of 01/01
-2,095,671
-42,965
-6,434,310
-280,673
-8,853,619
Insurance service revenue
10,334,875
\u00a0
\u00a0
\u00a0
10,334,875
insurance service expenses
-2,772,074
22,468
-6,506,383
-9,712
-9,265,701
Incurred claims and other insurance service expenses
-680,045
\u00a0
-5,908,314
\u00a0
-6,588,359
Losses of onerous contracts and reversals of those losses
\u00a0
22,468
\u00a0
\u00a0
22,468
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-598,069
-9,712
-607,781
Amortisation of insurance acquisition costs
-2,092,029
\u00a0
\u00a0
\u00a0
-2,092,029
Investment components
11,770
\u00a0
-11,770
\u00a0
0
Insurance finance result*
-753
0
-250,504
-11,047
-262,304
Unrealised gains and losses acc. to IFRS 17
\u00a0
\u00a0
33
-591
-558
Total changes in the statement of comprehensive income
7,573,818
22,468
-6,768,624
-21,350
806,312
Exchange rate differences
49,427
-587
27,810
-446
76,204
Total fulfilment cash flows
-7,759,811
\u00a0
5,913,456
\u00a0
-1,846,355
Received premiums
-10,547,000
\u00a0
0
\u00a0
-10,547,000
Claims and other insurance service expenses paid
680,044
\u00a0
5,913,583
\u00a0
6,593,627
Insurance acquisition costs
2,107,145
\u00a0
-127
\u00a0
2,107,018
Other movements
17,028
0
-14,375
0
2,653
Net book value as of 31/12
-2,215,209
-21,084
-7,276,043
-302,469
-9,814,805
Assets as of 31/12
31,413
0
-30,720
-83
610
Liabilities as of 31/12
-2,246,622
-21,084
-7,245,323
-302,386
-9,815,415
*Includes exchange rate differences of EUR -6,564,000.
Development \u2013 insurance contracts issued
2024 adjusted
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
\u00a0
-6,172
\u00a0
0
Insurance finance result*
411
0
-227,085
-8,996
-235,670
Unrealised gains and losses acc. to IFRS 17
\u00a0
\u00a0
-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
\u00a0
5,720,990
\u00a0
-1,577,716
Received premiums
-9,836,208
\u00a0
33,557
\u00a0
-9,802,651
Claims and other insurance service expenses paid
541,831
\u00a0
5,687,433
\u00a0
6,229,264
Insurance acquisition costs
1,995,671
\u00a0
\u00a0
\u00a0
1,995,671
Other movements
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
2025
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 of the previous year = assets as of 01/01
408,957
-13,429
-106,625
288,903
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,492,545
-29,795
-725,656
-3,247,996
Net book value as of 31/12 of the previous year = value as of 01/01
-2,083,588
-43,224
-832,281
-2,959,093
Insurance service revenue
1,366,482
\u00a0
\u00a0
1,366,482
insurance service expenses
-375,337
-7,072
-773,315
-1,155,724
Incurred claims and other insurance service expenses
-145,777
\u00a0
-584,925
-730,702
Losses of onerous contracts and reversals of those losses
\u00a0
-7,072
\u00a0
-7,072
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-188,390
-188,390
Amortisation of insurance acquisition costs
-229,560
\u00a0
\u00a0
-229,560
Investment components
566,285
\u00a0
-566,285
0
Insurance finance result*
-113,235
-2,063
-13,826
-129,124
Unrealised gains and losses acc. to IFRS 17
-51,842
0
7,195
-44,647
Total changes in the statement of comprehensive income
1,392,353
-9,135
-1,346,231
36,987
Exchange rate differences
102,132
310
-1,094
101,348
Total fulfilment cash flows
-1,464,813
\u00a0
1,151,910
-312,903
Received premiums
-2,170,255
\u00a0
\u00a0
-2,170,255
Claims and other insurance service expenses paid
196,101
\u00a0
1,151,910
1,348,011
Insurance acquisition costs
509,341
\u00a0
\u00a0
509,341
Other movements
323
-288
6
41
Net book value as of 31/12
-2,053,593
-52,337
-1,027,690
-3,133,620
Assets as of 31/12
514,717
-4,945
-140,332
369,440
Liabilities as of 31/12
-2,568,310
-47,392
-887,358
-3,503,060
*Includes exchange rate differences of EUR -76,081,000.
Development \u2013 insurance contracts issued
2024 adjusted
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 of the previous 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
\u00a0
1,026,832
-221,715
Received premiums
-1,858,155
\u00a0
\u00a0
-1,858,155
Claims and other insurance service expenses paid
187,830
\u00a0
1,026,832
1,214,662
Insurance acquisition costs
421,778
\u00a0
\u00a0
421,778
Other movements
-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.
Development \u2013 insurance contracts issued
2025
Variable Fee Approach
LRC / ARC
LIC / AIC
\u00a0
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
1,692
0
-107
1,585
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-26,574,556
-26,341
-823,702
-27,424,599
Net book value as of 31/12 of the previous year = value as of 01/01
-26,572,864
-26,341
-823,809
-27,423,014
Insurance service revenue
1,494,618
\u00a0
\u00a0
1,494,618
insurance service expenses
-230,359
3,513
-803,011
-1,029,857
Incurred claims and other insurance service expenses
-162,374
\u00a0
-751,987
-914,361
Losses of onerous contracts and reversals of those losses
\u00a0
3,513
\u00a0
3,513
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-51,024
-51,024
Amortisation of insurance acquisition costs
-67,985
\u00a0
\u00a0
-67,985
Investment components
2,538,281
\u00a0
-2,538,281
0
Insurance finance result*
-1,674,903
-139
-10,292
-1,685,334
Unrealised gains and losses acc. to IFRS 17
165,890
0
0
165,890
Total changes in the statement of comprehensive income
2,293,527
3,374
-3,351,584
-1,054,683
Exchange rate differences
-72,468
-324
-12,265
-85,057
Total fulfilment cash flows
-2,826,353
\u00a0
3,307,901
481,548
Received premiums
-3,388,189
\u00a0
\u00a0
-3,388,189
Claims and other insurance service expenses paid
221,170
\u00a0
3,307,901
3,529,071
Insurance acquisition costs
340,666
\u00a0
\u00a0
340,666
Other movements
386
-386
0
0
Net book value as of 31/12
-27,177,772
-23,677
-879,757
-28,081,206
Assets as of 31/12
774
-272
49
551
Liabilities as of 31/12
-27,178,546
-23,405
-879,806
-28,081,757
*Includes exchange rate differences of EUR -16,896,000.
Development \u2013 insurance contracts issued
2024 adjusted
Variable Fee Approach
LRC / ARC
LIC / AIC
\u00a0
Total
\u00a0
\u00a0
Excl. LC
LC
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 01/01
1,404
0
-20
1,384
Liabilities as of 01/01 adjusted as published
-26,041,989
-23,882
-823,927
-26,889,798
Net book value as of 01/01 adjusted as published
-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
\u00a0
-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
\u00a0
3,369,073
634,967
Received premiums
-3,246,735
\u00a0
\u00a0
-3,246,735
Claims and other insurance service expenses paid
200,349
\u00a0
3,369,073
3,569,422
Insurance acquisition costs
312,280
\u00a0
\u00a0
312,280
Other movements
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.
Development by balance sheet item
Development \u2013 reinsurance contracts held
2025
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contracts not measured under PAA\u00a0
Contracts measured at PAA
\u00a0
Excl. LoReCo
LoReCo
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
-40,409
7,667
975,351
1,174,286
25,863
2,142,758
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-55,295
75
-3,094
15,479
353
-42,482
Net book value as of 31/12 of the previous year = value as of 01/01
-95,704
7,742
972,257
1,189,765
26,216
2,100,276
Allocation of reinsurance premiums
-1,459,622
\u00a0
\u00a0
\u00a0
\u00a0
-1,459,622
Amounts recovered from the reinsurer
9,262
509
171,184
1,054,547
-2,162
1,233,340
Investment components
-31,424
\u00a0
3,006
28,418
\u00a0
0
Insurance finance result*
1,270
1,232
18,036
72,111
1,545
94,194
Unrealised gains and losses acc. to IFRS 17
1,596
\u00a0
-6,568
-3,400
256
-8,116
Total changes in the statement of comprehensive income
-1,478,918
1,741
185,658
1,151,676
-361
-140,204
Exchange rate differences
-10,363
-2
-50
-16,396
-868
-27,679
Total fulfilment cash flows
1,550,930
\u00a0
-395,877
-654,455
\u00a0
500,598
Other movements
-32,405
7
0
63
0
-32,335
Net book value as of 31/12
-66,460
9,488
761,988
1,670,653
24,987
2,400,656
Assets as of 31/12
-13,389
9,430
761,656
1,662,373
24,806
2,444,876
Liabilities as of 31/12
-53,071
58
332
8,280
181
-44,220
*Includes exchange rate differences of EUR\u00a01,940,000.
Development \u2013 reinsurance contracts held
2024
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contracts not measured under PAA\u00a0
Contracts measured at PAA
\u00a0
Excl. LoReCo
LoReCo
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
Allocation of reinsurance premiums
-1,477,363
\u00a0
\u00a0
\u00a0
\u00a0
-1,477,363
Amounts recovered from the reinsurer
-46,865
2,505
696,344
531,831
-1,748
1,182,067
Investment components
-27,770
\u00a0
7,840
19,930
\u00a0
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
\u00a0
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
-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
2025
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
102,348
17
1,174,286
25,863
1,302,514
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-34,520
0
15,479
353
-18,688
Net book value as of 31/12 of the previous year = value as of 01/01
67,828
17
1,189,765
26,216
1,283,826
Allocation of reinsurance premiums
-1,026,636
\u00a0
\u00a0
\u00a0
-1,026,636
Amounts recovered from the reinsurer
4,891
-11
1,054,547
-2,162
1,057,265
Amounts recovered for claims and other technical expenses
-32,967
\u00a0
602,147
\u00a0
569,180
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts
\u00a0
-11
\u00a0
\u00a0
-11
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
479,815
-2,162
477,653
Changes in risk of non-performance by issuer of reinsurance contracts
0
0
-1,507
\u00a0
-1,507
Consolidation effects
37,858
\u00a0
-25,908
0
11,950
Investment components
-28,418
\u00a0
28,418
\u00a0
0
Insurance finance result*
143
0
72,111
1,545
73,799
Insurance finance result*
143
0
46,203
1,545
47,891
Consolidation effects
0
0
25,908
0
25,908
Unrealised gains and losses acc. to IFRS 17
\u00a0
\u00a0
-3,400
256
-3,144
Total changes in the statement of comprehensive income
-1,050,020
-11
1,151,676
-361
101,284
Exchange rate differences
-10,540
0
-16,396
-868
-27,804
Total fulfilment cash flows
1,100,967
\u00a0
-654,455
\u00a0
446,512
Premiums paid
1,103,711
\u00a0
\u00a0
\u00a0
1,103,711
Claims and other insurance service expenses received as well as investment components
-2,102
\u00a0
-654,455
\u00a0
-656,557
Insurance acquisition costs
-642
\u00a0
\u00a0
\u00a0
-642
Other movements
-32,443
-2
63
0
-32,382
Net book value as of 31/12
75,792
4
1,670,653
24,987
1,771,436
Assets as of 31/12
107,985
4
1,662,373
24,806
1,795,168
Liabilities as of 31/12
-32,193
0
8,280
181
-23,732
*Includes exchange rate differences of EUR\u00a0642,000.
Development \u2013 reinsurance contracts held
2024 adjusted
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
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
Allocation of reinsurance premiums
-1,043,945
0
\u00a0
\u00a0
-1,043,945
Amounts recovered from the reinsurer
-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
\u00a0
-500
Consolidation effects
-53,365
\u00a0
-19,310
-61
-72,736
Investment components
-19,930
\u00a0
19,930
\u00a0
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
\u00a0
\u00a0
-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
\u00a0
-592,356
\u00a0
529,977
Premiums paid
1,123,975
\u00a0
\u00a0
\u00a0
1,123,975
Claims and other insurance service expenses received as well as investment components
-2,497
\u00a0
-592,356
\u00a0
-594,853
Insurance acquisition costs
855
\u00a0
\u00a0
\u00a0
855
Other movements
-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
2025
General Measurement Model
LRC / ARC
LIC / AIC
\u00a0
Total
\u00a0
\u00a0
Excl. LoReCo
LoReCo
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
-142,757
7,650
975,351
840,244
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-20,775
75
-3,094
-23,794
Net book value as of 31/12 of the previous year = value as of 01/01
-163,532
7,725
972,257
816,450
Allocation of reinsurance premiums
-432,986
\u00a0
\u00a0
-432,986
Amounts recovered from the reinsurer
4,371
520
171,184
176,075
Amounts recovered for claims and other technical expenses
3,246
\u00a0
409,988
413,234
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts
\u00a0
520
\u00a0
520
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-239,488
-239,488
Changes in risk of non-performance by issuer of reinsurance contracts
1,125
0
684
1,809
Investment components
-3,006
\u00a0
3,006
0
Insurance finance result*
1,127
1,232
18,036
20,395
Unrealised gains and losses acc. to IFRS 17
1,596
\u00a0
-6,568
-4,972
Total changes in the statement of comprehensive income
-428,898
1,752
185,658
-241,488
Exchange rate differences
177
-2
-50
125
Total fulfilment cash flows
449,963
\u00a0
-395,877
54,086
Premiums paid
455,885
\u00a0
\u00a0
455,885
Claims and other insurance service expenses received as well as investment components
3,770
\u00a0
-395,877
-392,107
Insurance acquisition costs
-9,692
\u00a0
\u00a0
-9,692
Other movements
38
9
0
47
Net book value as of 31/12
-142,252
9,484
761,988
629,220
Assets as of 31/12
-121,374
9,426
761,656
649,708
Liabilities as of 31/12
-20,878
58
332
-20,488
*Includes exchange rate differences of EUR\u00a01,298,000.
Development \u2013 reinsurance contracts held
2024 adjusted
General Measurement Model
LRC / ARC
LIC / AIC
\u00a0
Total
\u00a0
\u00a0
Excl. LoReCo
LoReCo
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
Allocation of reinsurance premiums
-433,418
\u00a0
\u00a0
-433,418
Amounts recovered from the reinsurer
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
\u00a0
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
\u00a0
-399,713
8,388
Premiums paid
411,272
\u00a0
\u00a0
411,272
Claims and other insurance service expenses received as well as investment components
3,585
\u00a0
-399,713
-396,128
Insurance acquisition costs
-6,756
\u00a0
\u00a0
-6,756
Other movements
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInInsuranceContractsByRemainingCoverageAndIncurredClaimsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-33": { "value": "
Developments of LRC / ARC and LIC / AIC by measurement components
2025
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
844,835
-264,064
-290,283
290,488
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-24,156,480
-1,202,361
-5,313,754
-30,672,595
Net book value as of 31/12 of the previous year = value as of 01/01
-23,311,645
-1,466,425
-5,604,037
-30,382,107
Changes that relate to current services
-9,307
153,207
669,266
813,166
Changes that relate to future services
90,242
-189,732
95,618
-3,872
Changes that relate to past services
-15,676
-118,099
\u00a0
-133,775
Insurance finance result
-100,781
-20,444
-1,693,233
-1,814,458
Unrealised gains and losses acc. to IFRS 17
-73,429
3,726
190,946
121,243
Total changes in the statement of comprehensive income
-108,951
-171,342
-737,403
-1,017,696
Exchange rate differences
17,463
-15,588
14,416
16,291
Total fulfilment cash flows
168,645
\u00a0
\u00a0
168,645
Other movements
38
3
0
41
Net book value as of 31/12
-23,234,450
-1,653,352
-6,327,024
-31,214,826
Assets as of 31/12
954,536
-287,914
-296,631
369,991
Liabilities as of 31/12
-24,188,986
-1,365,438
-6,030,393
-31,584,817
Developments of LRC / ARC and LIC / AIC by measurement components
2024 adjusted
All measurement models that are not measured under PAA
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 01/01
752,221
-247,491
-273,432
231,298
Liabilities as of 01/01 adjusted as published
-23,116,620
-1,184,262
-5,603,740
-29,904,622
Net book value as of 01/01 adjusted as published
-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
-146,519
-107,845
228,020
-26,344
Changes that relate to past services
-33,170
16,732
\u00a0
-16,438
Insurance finance result
-846,682
-94,458
-445,568
-1,386,708
Unrealised gains and losses acc. to IFRS 17
-26,202
-6,812
-87,900
-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
-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
2025
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
835,176
-261,485
-284,788
288,903
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-2,417,158
-176,374
-654,464
-3,247,996
Net book value as of 31/12 of the previous year = value as of 01/01
-1,581,982
-437,859
-939,252
-2,959,093
Changes that relate to current services
-19,348
68,649
267,832
317,133
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
267,832
267,832
Amount of RA for the risk expired recognised in profit or loss
\u00a0
74,745
\u00a0
74,745
Experience adjustments
-19,348
-6,096
\u00a0
-25,444
Changes that relate to future services
365,696
-87,740
-285,340
-7,384
Contracts initially recognised in the period
518,159
-122,825
-407,781
-12,447
Changes in estimates that adjust the CSM
-157,373
34,932
122,441
0
Changes in estimates that do not adjust the CSM
4,910
153
\u00a0
5,063
Changes that relate to past services
-22,998
-75,993
\u00a0
-98,991
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
-22,998
-75,993
\u00a0
-98,991
Insurance finance result
-35,326
-19,503
-74,295
-129,124
Unrealised gains and losses acc. to IFRS 17
-48,373
3,726
\u00a0
-44,647
Total changes in the statement of comprehensive income
239,651
-110,861
-91,803
36,987
Exchange rate differences
58,144
-686
43,890
101,348
Total fulfilment cash flows
-312,903
\u00a0
\u00a0
-312,903
Received premiums
-2,170,255
\u00a0
\u00a0
-2,170,255
Claims and other insurance service expenses paid as well as investment components
1,348,011
\u00a0
\u00a0
1,348,011
Insurance acquisition costs
509,341
\u00a0
\u00a0
509,341
Other movements
38
3
0
41
Net book value as of 31/12
-1,597,052
-549,403
-987,165
-3,133,620
Assets as of 31/12
952,481
-286,410
-296,631
369,440
Liabilities as of 31/12
-2,549,533
-262,993
-690,534
-3,503,060
Developments of LRC / ARC and LIC / AIC by measurement components
2024 adjusted
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
\u00a0
-32,755
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
-37,666
4,911
\u00a0
-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
\u00a0
-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
Reclassification to BS items in accordance with IFRS 5
0
0
0
0
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
1,214,662
\u00a0
\u00a0
1,214,662
Insurance acquisition costs
421,778
\u00a0
\u00a0
421,778
Other movements
-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
Developments of LRC / ARC and LIC / AIC by measurement components
2025
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
9,659
-2,579
-5,495
1,585
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-21,739,322
-1,025,987
-4,659,290
-27,424,599
Net book value as of 31/12 of the previous year = value as of 01/01
-21,729,663
-1,028,566
-4,664,785
-27,423,014
Changes that relate to current services
10,041
84,558
401,434
496,033
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
401,434
401,434
Amount of RA for the risk expired recognised in profit or loss
\u00a0
92,278
\u00a0
92,278
Experience adjustments
10,041
-7,720
\u00a0
2,321
Changes that relate to future services
-275,454
-101,992
380,958
3,512
Contracts initially recognised in the period
268,210
-68,976
-201,778
-2,544
Changes in estimates that adjust the CSM
-548,356
-34,380
582,736
0
Changes in estimates that do not adjust the CSM
4,692
1,364
\u00a0
6,056
Changes that relate to past services
7,322
-42,106
\u00a0
-34,784
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
7,322
-42,106
\u00a0
-34,784
Insurance finance result
-65,455
-941
-1,618,938
-1,685,334
Unrealised gains and losses acc. to IFRS 17
-25,056
0
190,946
165,890
Total changes in the statement of comprehensive income
-348,602
-60,481
-645,600
-1,054,683
Exchange rate differences
-40,681
-14,902
-29,474
-85,057
Total fulfilment cash flows
481,548
\u00a0
\u00a0
481,548
Received premiums
-3,388,189
\u00a0
\u00a0
-3,388,189
Claims and other insurance service expenses paid as well as investment components
3,529,071
\u00a0
\u00a0
3,529,071
Insurance acquisition costs
340,666
\u00a0
\u00a0
340,666
Net book value as of 31/12
-21,637,398
-1,103,949
-5,339,859
-28,081,206
Assets as of 31/12
2,055
-1,504
0
551
Liabilities as of 31/12
-21,639,453
-1,102,445
-5,339,859
-28,081,757
Developments of LRC / ARC and LIC / AIC by measurement components
2024 adjusted
Variable Fee Approach
PVFCF
RA
CSM
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 01/01
6,578
-1,542
-3,653
1,383
Liabilities as of 01/01 adjusted as published
-20,756,114
-1,024,244
-5,109,441
-26,889,799
Net book value as of 01/01 adjusted as published
-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
-529,481
-31,001
552,959
-7,523
Contracts initially recognised in the period
255,739
-61,288
-196,911
-2,460
Changes in estimates that adjust the CSM
-808,837
58,967
749,870
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
\u00a0
16,317
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
4,496
11,821
\u00a0
16,317
Insurance finance result
-808,619
-77,679
-378,452
-1,264,750
Unrealised gains and losses acc. to IFRS 17
1,475
0
-87,900
-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
3,569,422
\u00a0
\u00a0
3,569,422
Insurance acquisition costs
312,280
\u00a0
\u00a0
312,280
Other movements
-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
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInInsuranceContractsByComponentsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-34": { "value": "
Contracts initially recognised in the period
31/12/2025
31/12/2024
General Measurement Model
Non-onerous
Onerous
Total
Non-onerous
Onerous
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Own-written
0
-12,447
-12,447
0
-17,439
-17,439
Estimates of present value of future cash outflows
-2,312,972
-213,115
-2,526,087
-1,992,739
-182,749
-2,175,488
Estimates of insurance acquisition costs
-483,354
-9,652
-493,006
-383,882
-11,581
-395,463
Estimates of present value of other future cash outflows
-1,829,618
-203,463
-2,033,081
-1,608,857
-171,168
-1,780,025
Estimates of present value of future cash inflows
2,841,620
202,626
3,044,246
2,442,137
173,790
2,615,927
Risk Adjustment for nonfinancial risks
-120,867
-1,958
-122,825
-101,088
-8,480
-109,568
Contractual Service Margin
-407,781
\u00a0
-407,781
-348,310
\u00a0
-348,310
Acquired
0
0
0
-77,039
0
-77,039
Estimates of present value of future cash outflows
0
0
0
-147,341
0
-147,341
Estimates of present value of other future cash outflows
0
0
0
-147,341
0
-147,341
Estimates of present value of future cash inflows
0
0
0
105,191
0
105,191
Risk Adjustment for nonfinancial risks
0
0
0
-5,594
0
-5,594
Contractual Service Margin
0
\u00a0
0
-29,295
\u00a0
-29,295
Contracts initially recognised in the period
31/12/2025
31/12/2024
Variable Fee Approach
Non-onerous
Onerous
Total
Non-onerous
Onerous
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Own-written
0
-2,544
-2,544
0
-2,460
-2,460
Estimates of present value of future cash outflows
-2,437,006
-37,152
-2,474,158
-2,202,944
-32,022
-2,234,966
Estimates of insurance acquisition costs
-290,065
-4,212
-294,277
-273,559
-4,186
-277,745
Estimates of present value of other future cash outflows
-2,146,941
-32,940
-2,179,881
-1,929,385
-27,836
-1,957,221
Estimates of present value of future cash inflows
2,705,190
37,178
2,742,368
2,459,045
31,660
2,490,705
Risk Adjustment for nonfinancial risks
-66,406
-2,570
-68,976
-59,190
-2,098
-61,288
Contractual Service Margin
-201,778
\u00a0
-201,778
-196,911
\u00a0
-196,911
Acquired
0
0
0
-399,629
0
-399,629
Estimates of present value of future cash outflows
0
0
0
-477,174
0
-477,174
Estimates of present value of other future cash outflows
0
0
0
-477,174
0
-477,174
Estimates of present value of future cash inflows
0
0
0
117,200
0
117,200
Risk Adjustment for nonfinancial risks
0
0
0
-2,525
0
-2,525
Contractual Service Margin
0
\u00a0
0
-37,130
\u00a0
-37,130
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfInsuranceContractsInitiallyRecognisedExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-35": { "value": "
CSM expected to be recognised in profit or loss
31/12/2025
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
-191,536
-135,098
-110,583
-92,058
-457,890
-987,165
Assets for Remaining Coverage (ARC)
-45,425
-37,673
-31,472
-26,316
-155,745
-296,631
Liability for Remaining Coverage (LRC)
-146,111
-97,425
-79,111
-65,742
-302,145
-690,534
VFA
-414,179
-372,001
-344,384
-318,305
-3,890,990
-5,339,859
Liability for Remaining Coverage (LRC)
-414,179
-372,001
-344,384
-318,305
-3,890,990
-5,339,859
Total
-605,715
-507,099
-454,967
-410,363
-4,348,880
-6,327,024
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
31/12/2025
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
30,844
10,684
7,994
6,195
35,418
91,135
Assets for Remaining Coverage (ARC)
28,605
9,024
6,622
4,980
25,935
75,166
Liability for Remaining Coverage (LRC)
2,239
1,660
1,372
1,215
9,483
15,969
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutExpectedRecognitionOfContractualServiceMarginInProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-36": { "value": "
1.4.
Reinsurance contracts held
Development by balance sheet item
Development \u2013 reinsurance contracts held
2025
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contracts not measured under PAA\u00a0
Contracts measured at PAA
\u00a0
Excl. LoReCo
LoReCo
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
-40,409
7,667
975,351
1,174,286
25,863
2,142,758
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-55,295
75
-3,094
15,479
353
-42,482
Net book value as of 31/12 of the previous year = value as of 01/01
-95,704
7,742
972,257
1,189,765
26,216
2,100,276
Allocation of reinsurance premiums
-1,459,622
\u00a0
\u00a0
\u00a0
\u00a0
-1,459,622
Amounts recovered from the reinsurer
9,262
509
171,184
1,054,547
-2,162
1,233,340
Investment components
-31,424
\u00a0
3,006
28,418
\u00a0
0
Insurance finance result*
1,270
1,232
18,036
72,111
1,545
94,194
Unrealised gains and losses acc. to IFRS 17
1,596
\u00a0
-6,568
-3,400
256
-8,116
Total changes in the statement of comprehensive income
-1,478,918
1,741
185,658
1,151,676
-361
-140,204
Exchange rate differences
-10,363
-2
-50
-16,396
-868
-27,679
Total fulfilment cash flows
1,550,930
\u00a0
-395,877
-654,455
\u00a0
500,598
Other movements
-32,405
7
0
63
0
-32,335
Net book value as of 31/12
-66,460
9,488
761,988
1,670,653
24,987
2,400,656
Assets as of 31/12
-13,389
9,430
761,656
1,662,373
24,806
2,444,876
Liabilities as of 31/12
-53,071
58
332
8,280
181
-44,220
*Includes exchange rate differences of EUR\u00a01,940,000.
Development \u2013 reinsurance contracts held
2024
All measurement models
LRC / ARC
LIC / AIC
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contracts not measured under PAA\u00a0
Contracts measured at PAA
\u00a0
Excl. LoReCo
LoReCo
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
Allocation of reinsurance premiums
-1,477,363
\u00a0
\u00a0
\u00a0
\u00a0
-1,477,363
Amounts recovered from the reinsurer
-46,865
2,505
696,344
531,831
-1,748
1,182,067
Investment components
-27,770
\u00a0
7,840
19,930
\u00a0
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
\u00a0
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
-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
2025
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
102,348
17
1,174,286
25,863
1,302,514
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-34,520
0
15,479
353
-18,688
Net book value as of 31/12 of the previous year = value as of 01/01
67,828
17
1,189,765
26,216
1,283,826
Allocation of reinsurance premiums
-1,026,636
\u00a0
\u00a0
\u00a0
-1,026,636
Amounts recovered from the reinsurer
4,891
-11
1,054,547
-2,162
1,057,265
Amounts recovered for claims and other technical expenses
-32,967
\u00a0
602,147
\u00a0
569,180
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts
\u00a0
-11
\u00a0
\u00a0
-11
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
479,815
-2,162
477,653
Changes in risk of non-performance by issuer of reinsurance contracts
0
0
-1,507
\u00a0
-1,507
Consolidation effects
37,858
\u00a0
-25,908
0
11,950
Investment components
-28,418
\u00a0
28,418
\u00a0
0
Insurance finance result*
143
0
72,111
1,545
73,799
Insurance finance result*
143
0
46,203
1,545
47,891
Consolidation effects
0
0
25,908
0
25,908
Unrealised gains and losses acc. to IFRS 17
\u00a0
\u00a0
-3,400
256
-3,144
Total changes in the statement of comprehensive income
-1,050,020
-11
1,151,676
-361
101,284
Exchange rate differences
-10,540
0
-16,396
-868
-27,804
Total fulfilment cash flows
1,100,967
\u00a0
-654,455
\u00a0
446,512
Premiums paid
1,103,711
\u00a0
\u00a0
\u00a0
1,103,711
Claims and other insurance service expenses received as well as investment components
-2,102
\u00a0
-654,455
\u00a0
-656,557
Insurance acquisition costs
-642
\u00a0
\u00a0
\u00a0
-642
Other movements
-32,443
-2
63
0
-32,382
Net book value as of 31/12
75,792
4
1,670,653
24,987
1,771,436
Assets as of 31/12
107,985
4
1,662,373
24,806
1,795,168
Liabilities as of 31/12
-32,193
0
8,280
181
-23,732
*Includes exchange rate differences of EUR\u00a0642,000.
Development \u2013 reinsurance contracts held
2024 adjusted
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
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
Allocation of reinsurance premiums
-1,043,945
0
\u00a0
\u00a0
-1,043,945
Amounts recovered from the reinsurer
-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
\u00a0
-500
Consolidation effects
-53,365
\u00a0
-19,310
-61
-72,736
Investment components
-19,930
\u00a0
19,930
\u00a0
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
\u00a0
\u00a0
-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
\u00a0
-592,356
\u00a0
529,977
Premiums paid
1,123,975
\u00a0
\u00a0
\u00a0
1,123,975
Claims and other insurance service expenses received as well as investment components
-2,497
\u00a0
-592,356
\u00a0
-594,853
Insurance acquisition costs
855
\u00a0
\u00a0
\u00a0
855
Other movements
-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
2025
General Measurement Model
LRC / ARC
LIC / AIC
\u00a0
Total
\u00a0
\u00a0
Excl. LoReCo
LoReCo
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets as of 31/12 of the previous year = assets as of 01/01
-142,757
7,650
975,351
840,244
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-20,775
75
-3,094
-23,794
Net book value as of 31/12 of the previous year = value as of 01/01
-163,532
7,725
972,257
816,450
Allocation of reinsurance premiums
-432,986
\u00a0
\u00a0
-432,986
Amounts recovered from the reinsurer
4,371
520
171,184
176,075
Amounts recovered for claims and other technical expenses
3,246
\u00a0
409,988
413,234
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts
\u00a0
520
\u00a0
520
Changes fulfilment cash flows\u00a0relating to LIC
\u00a0
\u00a0
-239,488
-239,488
Changes in risk of non-performance by issuer of reinsurance contracts
1,125
0
684
1,809
Investment components
-3,006
\u00a0
3,006
0
Insurance finance result*
1,127
1,232
18,036
20,395
Unrealised gains and losses acc. to IFRS 17
1,596
\u00a0
-6,568
-4,972
Total changes in the statement of comprehensive income
-428,898
1,752
185,658
-241,488
Exchange rate differences
177
-2
-50
125
Total fulfilment cash flows
449,963
\u00a0
-395,877
54,086
Premiums paid
455,885
\u00a0
\u00a0
455,885
Claims and other insurance service expenses received as well as investment components
3,770
\u00a0
-395,877
-392,107
Insurance acquisition costs
-9,692
\u00a0
\u00a0
-9,692
Other movements
38
9
0
47
Net book value as of 31/12
-142,252
9,484
761,988
629,220
Assets as of 31/12
-121,374
9,426
761,656
649,708
Liabilities as of 31/12
-20,878
58
332
-20,488
*Includes exchange rate differences of EUR\u00a01,298,000.
Development \u2013 reinsurance contracts held
2024 adjusted
General Measurement Model
LRC / ARC
LIC / AIC
\u00a0
Total
\u00a0
\u00a0
Excl. LoReCo
LoReCo
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
Allocation of reinsurance premiums
-433,418
\u00a0
\u00a0
-433,418
Amounts recovered from the reinsurer
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
\u00a0
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
\u00a0
-399,713
8,388
Premiums paid
411,272
\u00a0
\u00a0
411,272
Claims and other insurance service expenses received as well as investment components
3,585
\u00a0
-399,713
-396,128
Insurance acquisition costs
-6,756
\u00a0
\u00a0
-6,756
Other movements
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 by measurement component: Insurance contracts that are not measured under PAA
Developments of LRC / ARC and LIC / AIC by measurement components
2025
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
754,033
20,129
66,082
840,244
Liabilities as of 31/12 of the previous year = liabilities as of 01/01
-39,059
477
14,788
-23,794
Net book value as of 31/12 of the previous year = value as of 01/01
714,974
20,606
80,870
816,450
Changes that relate to current services
-137,550
-80,250
-7,738
-225,538
Amount of CSM recognised in profit or loss
\u00a0
\u00a0
-7,738
-7,738
Amount of RA for the risk expired recognised in profit or loss
\u00a0
-80,250
\u00a0
-80,250
Experience adjustments
-137,550
\u00a0
\u00a0
-137,550
Changes that relate to future services
-95,406
80,519
15,390
503
Contracts initially recognised in the period
-71,813
80,119
63,950
72,256
Changes in estimates that adjust the CSM
-23,593
400
23,176
-17
Changes in estimates that adjust the LoReCo
\u00a0
\u00a0
-71,736
-71,736
Changes that relate to past services
-30,024
-3,661
\u00a0
-33,685
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
-30,024
-3,661
\u00a0
-33,685
Changes in risk of non-performance by issuer of reinsurance contracts
1,809
0
\u00a0
1,809
Insurance finance result
16,032
1,499
2,864
20,395
Unrealised gains and losses acc. to IFRS 17
-4,260
-712
\u00a0
-4,972
Total changes in the statement of comprehensive income
-249,399
-2,605
10,516
-241,488
Exchange rate differences
365
-8
-232
125
Total fulfilment cash flows
54,086
\u00a0
\u00a0
54,086
Premiums paid
455,885
\u00a0
\u00a0
455,885
Claims and other insurance service expenses received as well as investment components
-392,107
\u00a0
\u00a0
-392,107
Insurance acquisition costs
-9,692
\u00a0
\u00a0
-9,692
Other movements
67
-1
-19
47
Net book value as of 31/12
520,093
17,992
91,135
629,220
Assets as of 31/12
557,154
17,388
75,166
649,708
Liabilities as of 31/12
-37,061
604
15,969
-20,488
Developments of LRC / ARC and LIC / AIC by measurement components
2024 adjusted
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
-4,109
-2,532
Changes in estimates that adjust the LoReCo
0
0
-19,232
-19,232
Changes that relate to past services
42,607
-1,976
\u00a0
40,631
Changes in\u00a0fulfilment cash flows\u00a0relating to incurred claims
42,607
-1,976
\u00a0
40,631
Changes in risk of non-performance by issuer of reinsurance contracts
-58
0
\u00a0
-58
Insurance finance result
8,250
1,710
3,083
13,043
Unrealised gains and losses acc. to IFRS 17
4,955
752
\u00a0
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
Premiums paid
411,272
\u00a0
\u00a0
411,272
Claims and other insurance service expenses received as well as investment components
-396,128
\u00a0
\u00a0
-396,128
Insurance acquisition costs
-6,756
\u00a0
\u00a0
-6,756
Other movements
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
Additional disclosures
Contracts initially recognised in the period
\u00a0
\u00a0
General Measurement Model
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Own-written
72,256
23,343
Estimates of present value of future cash outflows
353,637
249,077
Estimates of present value of other future cash outflows
353,637
249,077
Estimates of present value of future cash inflows
-425,450
-357,016
Risk Adjustment for nonfinancial risks
80,119
67,848
Contractual Service Margin
63,950
63,434
Acquired
0
-477
Estimates of present value of future cash outflows
0
-1,018
Estimates of present value of other future cash outflows
0
-1,018
Estimates of present value of future cash inflows
0
123
Risk Adjustment for nonfinancial risks
0
28
Contractual Service Margin
0
390
CSM expected to be recognised in profit or loss
31/12/2025
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
30,844
10,684
7,994
6,195
35,418
91,135
Assets for Remaining Coverage (ARC)
28,605
9,024
6,622
4,980
25,935
75,166
Liability for Remaining Coverage (LRC)
2,239
1,660
1,372
1,215
9,483
15,969
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
Reinsurance contracts held
Development
2025
2024
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
41,660
39,210
80,870
49,689
36,854
86,543
Changes that relate to current services
-7,334
-404
-7,738
-8,473
-40,068
-48,541
Amount of CSM recognised in profit or loss
-7,334
-404
-7,738
-8,473
-40,068
-48,541
Changes that relate to future services
9,556
5,834
15,390
177
39,916
40,093
Contracts initially recognised in the period
\u00a0
63,950
63,950
\u00a0
63,434
63,434
Changes in estimates that adjust the CSM
9,556
-58,116
-48,560
177
-23,518
-23,341
Insurance finance result*
310
2,554
2,864
259
2,824
3,083
Total changes in the statement of comprehensive income
2,532
7,984
10,516
-8,037
2,672
-5,365
Exchange rate differences
-98
-134
-232
-35
-656
-691
Changes in scope of consolidation
0
0
0
0
391
391
Other movements
0
-19
-19
43
-51
-8
Contractual Service Margin as of 31/12
44,094
47,041
91,135
41,660
39,210
80,870
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-37": { "value": "
Insurance service revenue
Insurance service revenue
2025
2024
\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 \u2013 issued business
1,300,039
11,895,936
13,195,975
1,369,492
10,768,985
12,138,477
Premium Allocation Approach
0
10,334,875
10,334,875
0
9,578,096
9,578,096
General Measurement Model
163,477
1,203,005
1,366,482
195,372
984,547
1,179,919
Variable Fee Approach
1,136,562
358,056
1,494,618
1,174,120
206,342
1,380,462
Insurance service revenue \u2013 reinsurance held
-17,595
-1,442,027
-1,459,622
-24,305
-1,453,058
-1,477,363
Premium Allocation Approach
0
-1,026,636
-1,026,636
0
-1,043,945
-1,043,945
General Measurement Model
-17,595
-415,391
-432,986
-24,305
-409,113
-433,418
", "dimensions": { "concept": "ifrs-full:DisclosureOfAnalysisOfInsuranceRevenueExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-38": { "value": "
Insurance contracts liabilities issued
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Austria
23,514,680
23,368,637
Czech Republic
3,037,061
2,927,744
Poland
2,709,046
2,551,364
Albania incl. Kosovo
98,617
90,407
Baltic states
1,202,799
1,037,409
Bosnia-Herzegovina
118,381
116,952
Bulgaria
326,399
288,909
Croatia
405,951
408,883
Moldova
12,998
15,396
North Macedonia
24,014
19,873
Romania
1,450,882
1,203,128
Serbia
328,577
329,151
Slovakia
2,141,219
1,661,644
Ukraine
131,750
111,694
Hungary
1,641,553
1,359,616
Germany
820,241
787,719
Georgia
26,905
27,566
Liechtenstein
865,924
908,881
T\u00fcrkiye
1,353,719
1,129,587
Group Functions
1,286,155
1,253,503
Total
41,496,871
39,598,063
Gross written premiums
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Motor third party liability insurance
2,659,126
2,470,991
Motor own damage insurance (Casco)
2,209,750
2,084,599
Other property and casualty insurance
7,855,816
7,495,365
Health insurance
1,142,271
1,025,497
Unit- and index-linked life insurance
737,753
668,785
Life insurance with profit participation
2,440,104
2,383,322
Life insurance without profit participation
1,370,822
1,126,498
Consolidation
-2,101,979
-2,028,710
Total
16,313,663
15,226,347
", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutConcentrationsOfRiskThatArisesFromContractsWithinScopeOfIFRS17Explanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-39": { "value": "
1.8.
Insurance and market risks \u2013 sensitivity analysis
17.6.
Sensitivities
Property
The following sensitivities arise for a sub-portfolio from the calculations in the partial internal model, which have been aligned with Solvency II (coverage rate approx. 87.32% (previous year: 88.64%):
Property \u2013 Fair Value
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Fair value as of 31/12
4,671,602
4,657,075
Rental income -5%
4,482,794
4,471,213
Rental income +5%
4,871,206
4,852,852
Capitalisation rate -50bp
4,952,895
4,944,994
Capitalisation rate +50bp
4,434,243
4,414,298
Land prices -5%
4,641,012
4,626,849
Land prices +5%
4,710,207
4,695,507
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-40": { "value": "
1.9.
Insurance risk \u2013 Claims development
In order to achieve a more meaningful presentation of claims development, the receivables, liabilities and reinsurance deposits contained in the LIC are presented for the first time in these financial statements in a separate line and thus outside the expected undiscounted outflows excluding risk adjustment. In addition, the expected undiscounted cash outflows excluding risk adjustment are converted at the exchange rate applicable at the relevant point in time. As a result, the figures differ from those published in the 2024 annual report.
Claims development information is presented separately for groups of direct contracts and for reinsurance contracts held, as claims arising from the same loss event are not necessarily allocated to the same accident year, which means that a net presentation would provide an incomplete view of the net assets, financial position, and results of operations.
A different allocation may result from the contractual terms of reinsurance contracts, particularly where these were written on an underwriting year basis. In such cases, claims are allocated to the underwriting year, whereas under a direct contract, claims are allocated to the year of the event. This circumstance does not represent an inconsistency in claims handling or a deviation from IFRS 17 valuation.
Premium Allocation Approach
LIC / AIC \u2013 issued
2022
2023
2024
2025
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Estimated undiscounted cash outflows excl. RA
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At the end of accident year
-5,100,340
-5,694,089
-6,650,816
-7,219,635
\u00a0
One year later
-5,227,154
-5,719,057
-6,557,406
\u00a0
\u00a0
Two years later
-4,906,143
-5,633,379
\u00a0
\u00a0
\u00a0
Three years later
-5,097,706
\u00a0
\u00a0
\u00a0
\u00a0
Cumulative claims paid
4,657,652
4,825,571
5,218,270
3,486,574
\u00a0
LIC/AIC \u2013 claims years from 2022
-440,054
-807,808
-1,339,136
-3,733,061
-6,320,059
LIC/AIC \u2013 claims year 2021
\u00a0
\u00a0
\u00a0
\u00a0
-389,500
LIC/AIC \u2013 claims years before 2021*
\u00a0
\u00a0
\u00a0
\u00a0
-1,898,762
Effect of discounting
\u00a0
\u00a0
\u00a0
\u00a0
1,332,278
Risk Adjustment
\u00a0
\u00a0
\u00a0
\u00a0
-302,469
Total
\u00a0
\u00a0
\u00a0
\u00a0
-7,578,512
*Including all receivables and payables included in LIC/AIC
AIC / LIC \u2013 held
2022
2023
2024
2025
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Estimated undiscounted cash outflows excl. RA
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At the end of accident year
742,009
590,586
609,023
1,172,968
\u00a0
One year later
739,012
649,070
673,680
\u00a0
\u00a0
Two years later
713,843
638,825
\u00a0
\u00a0
\u00a0
Three years later
718,809
\u00a0
\u00a0
\u00a0
\u00a0
Cumulative claims paid
-637,358
-496,898
-454,149
-208,776
\u00a0
AIC/LIC \u2013 claims years from 2022
81,451
141,927
219,531
964,192
1,407,101
AIC/LIC \u2013 claims year 2021
\u00a0
\u00a0
\u00a0
\u00a0
46,534
AIC/LIC \u2013 claims years before 2021*
\u00a0
\u00a0
\u00a0
\u00a0
417,409
Effect of discounting
\u00a0
\u00a0
\u00a0
\u00a0
-200,391
Risk Adjustment
\u00a0
\u00a0
\u00a0
\u00a0
24,987
Total
\u00a0
\u00a0
\u00a0
\u00a0
1,695,640
*Including all receivables and payables included in AIC/LIC
", "dimensions": { "concept": "ifrs-full:DisclosureOfNatureAndExtentOfRisksThatAriseFromContractsWithinScopeOfIFRS17Explanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-41": { "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\u2019s rating
31/12/2025
31/12/2024
in %
\u00a0
\u00a0
AAA
3.16
1.15
AA
36.69
49.12
A
31.43
41.57
BBB
23.68
2.81
BB and lower
1.06
1.72
No rating
3.98
3.63
Due to the good credit quality of the reinsurers of VIG Insurance Group, on 31 December 2025 and 31 December 2024 no impairments for the shares of the reinsurers were required.
2.4.
Credit risk
Financial liablities
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 \u201c2.1.\u00a0Overview\u201d.
Measured at FVtPL
Credit risk
31/12/2025
\u00a0
Mandatory
Designated
\u00a0
Loans and bonds
Variable-interest securities
Loans and bonds
in EUR \u2018000
\u00a0
\u00a0
\u00a0
Max. exposure to credit risk
742,294
1,965,591
336,011
Collaterals
147,241
0
5,263
Credit risk
31/12/2024 adjusted
\u00a0
Mandatory
Designated
\u00a0
Loans and bonds
Variable-interest securities
Loans and bonds
in EUR \u2018000
\u00a0
\u00a0
\u00a0
Max. exposure to credit risk
789,259
1,844,693
317,483
Collaterals
165,874
0
5,253
Measured at AC and measured at FVtOCI
Credit risk
31/12/2025
\u00a0
AAA
AA
A
BBB
BB and lower
No rating
Gross carrying amount*
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bonds
3,853,062
6,306,048
10,437,470
5,236,799
1,685,654
302,954
27,821,987
-208,280
POCI
0
0
0
0
709
0
709
24
Stage 1
3,853,062
6,306,048
10,437,044
5,232,950
709,233
137,108
26,675,445
-55,505
Stage 2
0
0
426
3,849
969,442
152,474
1,126,191
-67,820
Stage 3
0
0
0
0
6,270
13,372
19,642
-84,979
Deposits
15,632
23,274
1,978,561
453,553
716,875
31,077
3,218,972
-16,195
Stage 1
15,632
23,274
1,978,561
453,553
716,875
31,077
3,218,972
-16,195
*The gross carrying amount is the exposure to credit risk excluding collaterals.
Credit risk
31/12/2024 adjusted
\u00a0
AAA
AA
A
BBB
BB and lower
No rating
Gross carrying amount*
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bonds
3,212,544
6,509,722
8,887,175
5,514,788
1,688,283
329,495
26,142,007
-246,331
POCI
0
0
0
0
655
0
655
5
Stage 1
3,212,544
6,509,722
8,886,175
5,497,313
710,612
134,389
24,950,755
-51,478
Stage 2
0
0
1,000
11,475
976,836
169,530
1,158,841
-85,465
Stage 3
0
0
0
6,000
180
25,576
31,756
-109,393
Deposits
13,239
37,700
2,179,239
674,619
647,716
12,669
3,565,182
-12,200
Stage 1
13,239
37,700
2,179,239
674,619
647,716
12,669
3,565,182
-12,200
*The gross carrying amount is the exposure to credit risk excluding collaterals.
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.
Impairment Provisions
31/12/2025
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)
45,398
491
134
73
46,096
Gross carrying amount
45,398
491
134
183
46,206
Risk provision
0
0
0
-110
-110
Receivables from finance lease
59,330
0
0
0
59,330
Gross carrying amount
59,330
0
0
0
59,330
Other IFRS 9 measured receivables
325,281
4,803
2,147
7,847
340,078
Gross carrying amount
325,820
5,166
2,289
9,774
343,049
Risk provision
-539
-363
-142
-1,927
-2,971
Total
430,009
5,294
2,281
7,920
445,504
Loss rate \u2013 range
0.01%-50.00%
0.75%-62.00%
1.81%-100.00%
4.99%-100.00%
\u00a0
Impairment Provisions
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
Existence and amounts of restrictions, for liabilities, from
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Loans and bonds
15,282
15,507
Deposits
1,396
1,396
Total
16,678
16,903
The financial instruments presented in the table serve as collateral for a line of credit maturing in 2027 as well as for reinsurance activities in the French market.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-42": { "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\u2019s rating
31/12/2025
31/12/2024
in %
\u00a0
\u00a0
AAA
3.16
1.15
AA
36.69
49.12
A
31.43
41.57
BBB
23.68
2.81
BB and lower
1.06
1.72
No rating
3.98
3.63
Due to the good credit quality of the reinsurers of VIG Insurance Group, on 31 December 2025 and 31 December 2024 no impairments for the shares of the reinsurers were required.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutCreditRiskThatArisesFromContractsWithinScopeOfIFRS17Explanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-43": { "value": "
1.11.
Liquidity risk
Undiscounted net cash flows
31/12/2025
31/12/2024
Insurance contracts issued
GMM
VFA
Total
GMM
VFA
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
One year later
407,092
-804,872
-397,780
256,287
-858,128
-601,841
Two years later
191,889
-937,557
-745,668
151,400
-1,034,021
-882,621
Three years later
125,102
-893,823
-768,721
54,108
-882,920
-828,812
Four years later
71,163
-993,080
-921,917
27,394
-950,886
-923,492
Five years later
12,582
-1,195,511
-1,182,929
-19,719
-1,076,371
-1,096,090
Beyond five years
-4,048,541
-39,548,488
-43,597,029
-3,573,815
-34,730,312
-38,304,127
Total
-3,240,713
-44,373,331
-47,614,044
-3,104,345
-39,532,638
-42,636,983
Undiscounted net cash flows
31/12/2025
31/12/2024
Reinsurance contracts held
GMM
GMM
in EUR \u2018000
\u00a0
\u00a0
One year later
-36,228
-36,102
Two years later
-5,769
634
Three years later
-5,407
-4,313
Four years later
-3,927
-2,772
Five years later
-3,322
-2,491
Beyond five years
-37,904
-31,861
Total
-92,557
-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\u00a01,927.9\u00a0million (EUR\u00a01,556.0\u00a0million). Under IFRS, the release of the Contractual Service Margin would have a significant positive countereffect on the income statement.
2.5.
Liquidity risk
Undiscounted maturities
31/12/2025
\u00a0
<1 year
>1 year-5 years
>5\u201110 years
>10 years
No maturity
Book value excl. ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
6,105,693
13,500,117
11,718,225
9,351,175
12,133,094
52,808,304
Loans and bonds
4,303,230
13,409,753
11,712,629
9,351,027
0
38,776,639
Variable-interest securities
0
0
0
0
10,764,731
10,764,731
Deposits
1,801,267
90,713
5,535
148
1,368,363
3,266,026
Derivatives
1,196
-349
61
0
0
908
Financial liabilities
-405,015
-493,804
-655,006
-997,511
0
-2,551,336
Liabilities from financing activities
-390,750
-473,970
-632,487
-986,844
0
-2,484,051
Liabilities held for financing and other purposes
-4,455
0
0
-107
0
-4,562
Other financial liabilties
-9,810
-19,834
-22,519
-10,560
0
-62,723
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-44": { "value": "
1.11.
Liquidity risk
Undiscounted net cash flows
31/12/2025
31/12/2024
Insurance contracts issued
GMM
VFA
Total
GMM
VFA
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
One year later
407,092
-804,872
-397,780
256,287
-858,128
-601,841
Two years later
191,889
-937,557
-745,668
151,400
-1,034,021
-882,621
Three years later
125,102
-893,823
-768,721
54,108
-882,920
-828,812
Four years later
71,163
-993,080
-921,917
27,394
-950,886
-923,492
Five years later
12,582
-1,195,511
-1,182,929
-19,719
-1,076,371
-1,096,090
Beyond five years
-4,048,541
-39,548,488
-43,597,029
-3,573,815
-34,730,312
-38,304,127
Total
-3,240,713
-44,373,331
-47,614,044
-3,104,345
-39,532,638
-42,636,983
Undiscounted net cash flows
31/12/2025
31/12/2024
Reinsurance contracts held
GMM
GMM
in EUR \u2018000
\u00a0
\u00a0
One year later
-36,228
-36,102
Two years later
-5,769
634
Three years later
-5,407
-4,313
Four years later
-3,927
-2,772
Five years later
-3,322
-2,491
Beyond five years
-37,904
-31,861
Total
-92,557
-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\u00a01,927.9\u00a0million (EUR\u00a01,556.0\u00a0million). 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-45": { "value": "
2.
Financial assets and liabilities as well as other balance sheet items evaluated according to ifrs 9
The accounting policies used are presented in Note \u201c25.4. Financial instruments\u201d and the qualitative description of the risks is presented in the chapter \u201cRisk strategy and risk management\u201d.
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
The classification has been revised compared with the previous year, which is why the tables for the previous year have been added with \u201cadjusted\u201d. Further information can be found in the notes to the consolidated financial statements in the section \u201cChange in presentation\u201d.
The following table shows which detailed papers are included in the individual classes of financial instruments:
Classes of financial instruments
Included financial instruments
Financial assets
\u00a0
Loans and bonds
Loans, bonds
Variable-interest securities
Shares, shares in participating companies, shares in affiliated non-consolidated companies, shares in non-consolidated joint ventures, funds, other financial assets
Deposits and IFRS 9 measured receivables
Cash and cash equivalents, Term deposits, IFRS 9 measured receivables
Derivatives
Derivatives
Financial liabilities
\u00a0
Liabilities from financing activities
Subordinated liabilities, Liabilities to banks, Financing liabilities, Lease liabilities
Liabilities held for financing and other purposes
Liabilities designated measured at FVtPL and derivatives held for both financing and other purposes
Other financial liabilties
Other financial liabilities at AC, liabilities held for trading, contingent consideration, other financial liabilities mandatory at FVtPL
IFRS 9 measured liabilities
IFRS 9 measured liabilities
Risk provision for unrevocable loan commitments accounted acc. to IFRS 17
Risk provision for unrevocable loan commitments accounted acc. to IFRS 17
2.1.
Overview
Composition
31/12/2025
31/12/2024 adjusted
\u00a0
Book value
ECL
Book value
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bonds
29,946,074
-208,280
28,183,812
-246,331
Measured at AC
1,756,409
-56,242
1,655,553
-68,933
Mandatorily measured at FVtOCI
26,065,578
-152,038
24,486,454
-177,398
Mandatorily measured at FVtPL
1,785,133
\u00a0
1,721,978
\u00a0
Designated measured at FVtPL
338,954
\u00a0
319,827
\u00a0
Variable-interest securities
10,764,688
\u00a0
9,699,699
\u00a0
Designated measured at FVtOCI
360,570
\u00a0
291,027
\u00a0
Mandatorily measured at FVtPL
10,404,118
\u00a0
9,408,672
\u00a0
Deposits and IFRS 9 measured receivables
3,667,557
-19,276
4,026,879
-32,040
Measured at AC
3,667,557
-19,276
4,026,879
-32,040
Derivatives
1,278
\u00a0
17,744
\u00a0
Mandatorily measured at FVtPL
1,278
\u00a0
17,744
\u00a0
Liabilities and consolidated shareholders \u2019 equity
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities from financing activities
-2,414,865
\u00a0
-2,312,886
\u00a0
Measured at AC
-2,414,865
\u00a0
-2,312,886
\u00a0
Liabilities held for financing and other purposes
-3,708
\u00a0
-1,999
\u00a0
Mandatorily measured at FVtPL
-3,601
\u00a0
-1,492
\u00a0
Designated measured at FVtPL
-107
\u00a0
-507
\u00a0
Other financial liabilties
-62,723
\u00a0
-59,255
\u00a0
Mandatorily measured at FVtPL
-62,723
\u00a0
-59,255
\u00a0
IFRS 9 measured liabilities
-642,152
\u00a0
-582,834
\u00a0
Measured at AC
-642,152
\u00a0
-582,834
\u00a0
Details regarding the liabilities resulting from financing activities can be found in Note \u201c\u200e8.Financial liabilities\u201d. The conditions of subordinated liabilities are presented in Note\u200e \u201c8.2. Subordinated liabilities\u201d.
Risk-bearing portfolio*
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Cash and cash equivalents
1,285,227
1,665,742
Financial assets
32,990,162
31,161,203
Investment property
3,046,557
2,978,265
Owner-occupied property
471,838
466,840
Investments in associates (equity-method)
246,451
204,761
Total
38,040,235
36,476,811
*Excl. financial instruments from unit- and index-linked life insurance
2.2.
Equity instruments designated measured at FVtOCI
Financial investments
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Fair value \u2013 in portfolio
360,570
291,027
Shares
91,199
41,771
N\u00fcrnberger
46,708
\u00a0
Remaining sum
44,491
41,771
Shares in participating companies
84,218
64,451
Wiener B\u00f6rse AG
41,323
31,972
GROPYUS AG
16,267
13,452
Remaining sum
26,628
19,027
Shares in affiliated non-consolidated companies
185,153
184,805
Global Repair Centres, s.r.o.
69,264
65,664
HOTELY SRN\u00cd, a.s.
37,864
32,626
Remaining sum
78,025
86,515
Fair value at derecognition date
5,293
8,661
Shares
4,596
\u00a0
Shares in participating companies
9
5,174
Shares in affiliated non-consolidated companies
688
3,487
In the remaining amounts in the above shown items, no single investment with a fair value of more than EUR\u00a010.0\u00a0million 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\u00a010.0\u00a0million.
Additional Information
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Received dividends from equity instruments designated measured at FVtOCI
9,829
9,495
In Portfolio
7,685
9,292
Sold
2,144
203
Within shareholders \u2019 equity derecognised cumulative gains and losses
-9,404
-8,438
2.3.
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*
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Exposures located in
33,438,490
31,899,033
Austria
5,563,886
5,647,846
United States of America
1,871,480
1,744,539
Czech Republic
2,866,019
2,760,351
Romania
1,259,744
1,193,262
Hungary
824,070
738,871
Poland
2,348,933
2,231,636
Germany
2,350,950
2,179,627
France
2,031,334
2,055,325
Spain
1,107,083
978,538
Netherlands
1,133,828
904,034
Slovakia
1,106,088
1,226,952
T\u00fcrkiye
1,269,135
1,118,109
Rest of the World
9,705,940
9,119,943
Exposures denominated in
33,438,490
31,899,033
EUR
24,331,338
23,420,981
USD
892,856
886,039
CZK
2,857,855
2,741,843
RON
1,258,155
1,128,018
HUF
735,184
609,852
PLN
2,133,042
1,858,626
TRY
480,040
392,619
Other currencies
750,021
861,055
*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
31/12/2025
31/12/2025
31/12/2025
in %
\u00a0
\u00a0
\u00a0
Austria
3.72
11.36
1.90
Germany
0.00
2.71
8.88
Czech Republic
4.79
12.00
58.36
Slovakia
0.55
4.43
0.00
Poland
52.64
11.62
11.85
Romania
0.00
7.25
9.07
Other countries
38.30
50.63
9.94
*Excl. financial instruments from unit- and index-linked life insurance
There are government bonds measured at AC of EUR\u00a0813.3\u00a0million, measured at FVtOCI of EUR\u00a014,711.2\u00a0million and measured at FVtPL of EUR\u00a0547.9\u00a0million in the risk portfolio.

2.4.
Credit risk
Financial liablities
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 \u201c2.1.\u00a0Overview\u201d.
Measured at FVtPL
Credit risk
31/12/2025
\u00a0
Mandatory
Designated
\u00a0
Loans and bonds
Variable-interest securities
Loans and bonds
in EUR \u2018000
\u00a0
\u00a0
\u00a0
Max. exposure to credit risk
742,294
1,965,591
336,011
Collaterals
147,241
0
5,263
Credit risk
31/12/2024 adjusted
\u00a0
Mandatory
Designated
\u00a0
Loans and bonds
Variable-interest securities
Loans and bonds
in EUR \u2018000
\u00a0
\u00a0
\u00a0
Max. exposure to credit risk
789,259
1,844,693
317,483
Collaterals
165,874
0
5,253
Measured at AC and measured at FVtOCI
Credit risk
31/12/2025
\u00a0
AAA
AA
A
BBB
BB and lower
No rating
Gross carrying amount*
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bonds
3,853,062
6,306,048
10,437,470
5,236,799
1,685,654
302,954
27,821,987
-208,280
POCI
0
0
0
0
709
0
709
24
Stage 1
3,853,062
6,306,048
10,437,044
5,232,950
709,233
137,108
26,675,445
-55,505
Stage 2
0
0
426
3,849
969,442
152,474
1,126,191
-67,820
Stage 3
0
0
0
0
6,270
13,372
19,642
-84,979
Deposits
15,632
23,274
1,978,561
453,553
716,875
31,077
3,218,972
-16,195
Stage 1
15,632
23,274
1,978,561
453,553
716,875
31,077
3,218,972
-16,195
*The gross carrying amount is the exposure to credit risk excluding collaterals.
Credit risk
31/12/2024 adjusted
\u00a0
AAA
AA
A
BBB
BB and lower
No rating
Gross carrying amount*
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bonds
3,212,544
6,509,722
8,887,175
5,514,788
1,688,283
329,495
26,142,007
-246,331
POCI
0
0
0
0
655
0
655
5
Stage 1
3,212,544
6,509,722
8,886,175
5,497,313
710,612
134,389
24,950,755
-51,478
Stage 2
0
0
1,000
11,475
976,836
169,530
1,158,841
-85,465
Stage 3
0
0
0
6,000
180
25,576
31,756
-109,393
Deposits
13,239
37,700
2,179,239
674,619
647,716
12,669
3,565,182
-12,200
Stage 1
13,239
37,700
2,179,239
674,619
647,716
12,669
3,565,182
-12,200
*The gross carrying amount is the exposure to credit risk excluding collaterals.
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.
Impairment Provisions
31/12/2025
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)
45,398
491
134
73
46,096
Gross carrying amount
45,398
491
134
183
46,206
Risk provision
0
0
0
-110
-110
Receivables from finance lease
59,330
0
0
0
59,330
Gross carrying amount
59,330
0
0
0
59,330
Other IFRS 9 measured receivables
325,281
4,803
2,147
7,847
340,078
Gross carrying amount
325,820
5,166
2,289
9,774
343,049
Risk provision
-539
-363
-142
-1,927
-2,971
Total
430,009
5,294
2,281
7,920
445,504
Loss rate \u2013 range
0.01%-50.00%
0.75%-62.00%
1.81%-100.00%
4.99%-100.00%
\u00a0
Impairment Provisions
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
Existence and amounts of restrictions, for liabilities, from
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Loans and bonds
15,282
15,507
Deposits
1,396
1,396
Total
16,678
16,903
The financial instruments presented in the table serve as collateral for a line of credit maturing in 2027 as well as for reinsurance activities in the French market.
2.5.
Liquidity risk
Undiscounted maturities
31/12/2025
\u00a0
<1 year
>1 year-5 years
>5\u201110 years
>10 years
No maturity
Book value excl. ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
6,105,693
13,500,117
11,718,225
9,351,175
12,133,094
52,808,304
Loans and bonds
4,303,230
13,409,753
11,712,629
9,351,027
0
38,776,639
Variable-interest securities
0
0
0
0
10,764,731
10,764,731
Deposits
1,801,267
90,713
5,535
148
1,368,363
3,266,026
Derivatives
1,196
-349
61
0
0
908
Financial liabilities
-405,015
-493,804
-655,006
-997,511
0
-2,551,336
Liabilities from financing activities
-390,750
-473,970
-632,487
-986,844
0
-2,484,051
Liabilities held for financing and other purposes
-4,455
0
0
-107
0
-4,562
Other financial liabilties
-9,810
-19,834
-22,519
-10,560
0
-62,723
2.6.
Market risk
Reduction in market value
2025
\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 EUR '000)
9,179,399
7,199,940
7,629,889
7,477,559
8,355,835
7,190,645
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 EUR '000)
8,313,995
6,449,620
6,784,352
6,722,575
7,530,211
6,414,539
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
31/12/2025
31/12/2024
in EUR million
\u00a0
\u00a0
10-day holding period
311.7
477.4
20-day holding period
440.8
675.2
60-day holding period
763.5
1,169.5
2.7.
Details regarding the net result
Result from financial instruments measured at FVtPL
2025
2024 adjusted
\u00a0
Mandatory
Designated
Mandatory
Designated
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
1,248,986
7,498
882,145
4,420
Loans and bonds
79,073
7,498
99,341
4,420
Variable-interest securities
1,185,068
0
790,786
0
Derivatives
-15,155
\u00a0
-7,982
\u00a0
Financial liabilities
0
400
0
47
Liabilities held for financing and other purposes
0
400
0
47
Interest result using the effective interest rate method
2025
2024 adjusted
\u00a0
Measured at AC
Measured at FVtOCI
Total
Measured at AC
Measured at FVtOCI
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Interest revenues
255,101
841,056
1,096,157
203,969
793,728
997,697
Financial assets
255,101
841,056
1,096,157
203,969
793,728
997,697
Loans and bonds
68,548
841,056
909,604
73,116
793,728
866,844
Deposits*
186,553
\u00a0
186,553
130,853
\u00a0
130,853
Interest expenses
-75,189
0
-75,189
-71,532
0
-71,532
Financial liabilities
-75,189
\u00a0
-75,189
-71,532
\u00a0
-71,532
Liabilities from financing activities
-75,189
\u00a0
-75,189
-71,532
\u00a0
-71,532
Total
179,912
841,056
1,020,968
132,437
793,728
926,165
*Excl. Cash and cash equivalents
The fee for investment management recognised in the investment result amounts to EUR\u00a044,318,000 (EUR\u00a037,361,000).
2.8.
Derecognition
Derecognition gains and losses may relate to events such as sales or maturities of financial assets measured at AC.
Loans and bonds
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Gains
1,517
1,167
Losses
-10,906
-6,243
Total
-9,389
-5,076
Contractually outstanding amount of written-down but not yet derecognised financial assets:
Composition
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Loans and bonds
4,000
0
Total
4,000
0
Assets
31/12/2025
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,368,363
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
42,490,212
30,805,069
7,969,192
3,717,528
42,491,789
Loans and bonds
29,889,832
24,144,960
4,900,363
829,893
29,875,216
Measured at AC
1,700,167
519,107
868,666
297,778
1,685,551
Mandatorily measured at FVtOCI
26,065,578
22,712,542
3,283,677
69,359
26,065,578
Mandatorily measured at FVtPL
1,785,133
587,971
734,406
462,756
1,785,133
Designated measured at FVtPL
338,954
325,340
13,614
0
338,954
Variable-interest securities
10,764,688
6,641,025
3,068,606
1,055,057
10,764,688
Designated measured at FVtOCI
360,570
89,370
174
271,026
360,570
Mandatorily measured at FVtPL
10,404,118
6,551,655
3,068,432
784,031
10,404,118
Deposits*
1,834,414
19,084
0
1,831,523
1,850,607
Measured at AC
1,834,414
19,084
0
1,831,523
1,850,607
Derivatives
1,278
0
223
1,055
1,278
Mandatorily measured at FVtPL
1,278
0
223
1,055
1,278
Investments in associates (equity-method)
246,451
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
3,046,557
0
33,402
4,554,430
4,587,832
Owner-occupied property
471,838
0
40,573
795,719
836,292
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-46": { "value": "
2.
Financial assets and liabilities as well as other balance sheet items evaluated according to ifrs 9
The accounting policies used are presented in Note \u201c25.4. Financial instruments\u201d and the qualitative description of the risks is presented in the chapter \u201cRisk strategy and risk management\u201d.
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
The classification has been revised compared with the previous year, which is why the tables for the previous year have been added with \u201cadjusted\u201d. Further information can be found in the notes to the consolidated financial statements in the section \u201cChange in presentation\u201d.
The following table shows which detailed papers are included in the individual classes of financial instruments:
Classes of financial instruments
Included financial instruments
Financial assets
\u00a0
Loans and bonds
Loans, bonds
Variable-interest securities
Shares, shares in participating companies, shares in affiliated non-consolidated companies, shares in non-consolidated joint ventures, funds, other financial assets
Deposits and IFRS 9 measured receivables
Cash and cash equivalents, Term deposits, IFRS 9 measured receivables
Derivatives
Derivatives
Financial liabilities
\u00a0
Liabilities from financing activities
Subordinated liabilities, Liabilities to banks, Financing liabilities, Lease liabilities
Liabilities held for financing and other purposes
Liabilities designated measured at FVtPL and derivatives held for both financing and other purposes
Other financial liabilties
Other financial liabilities at AC, liabilities held for trading, contingent consideration, other financial liabilities mandatory at FVtPL
IFRS 9 measured liabilities
IFRS 9 measured liabilities
Risk provision for unrevocable loan commitments accounted acc. to IFRS 17
Risk provision for unrevocable loan commitments accounted acc. to IFRS 17
2.1.
Overview
Composition
31/12/2025
31/12/2024 adjusted
\u00a0
Book value
ECL
Book value
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bonds
29,946,074
-208,280
28,183,812
-246,331
Measured at AC
1,756,409
-56,242
1,655,553
-68,933
Mandatorily measured at FVtOCI
26,065,578
-152,038
24,486,454
-177,398
Mandatorily measured at FVtPL
1,785,133
\u00a0
1,721,978
\u00a0
Designated measured at FVtPL
338,954
\u00a0
319,827
\u00a0
Variable-interest securities
10,764,688
\u00a0
9,699,699
\u00a0
Designated measured at FVtOCI
360,570
\u00a0
291,027
\u00a0
Mandatorily measured at FVtPL
10,404,118
\u00a0
9,408,672
\u00a0
Deposits and IFRS 9 measured receivables
3,667,557
-19,276
4,026,879
-32,040
Measured at AC
3,667,557
-19,276
4,026,879
-32,040
Derivatives
1,278
\u00a0
17,744
\u00a0
Mandatorily measured at FVtPL
1,278
\u00a0
17,744
\u00a0
Liabilities and consolidated shareholders \u2019 equity
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities from financing activities
-2,414,865
\u00a0
-2,312,886
\u00a0
Measured at AC
-2,414,865
\u00a0
-2,312,886
\u00a0
Liabilities held for financing and other purposes
-3,708
\u00a0
-1,999
\u00a0
Mandatorily measured at FVtPL
-3,601
\u00a0
-1,492
\u00a0
Designated measured at FVtPL
-107
\u00a0
-507
\u00a0
Other financial liabilties
-62,723
\u00a0
-59,255
\u00a0
Mandatorily measured at FVtPL
-62,723
\u00a0
-59,255
\u00a0
IFRS 9 measured liabilities
-642,152
\u00a0
-582,834
\u00a0
Measured at AC
-642,152
\u00a0
-582,834
\u00a0
Details regarding the liabilities resulting from financing activities can be found in Note \u201c\u200e8.Financial liabilities\u201d. The conditions of subordinated liabilities are presented in Note\u200e \u201c8.2. Subordinated liabilities\u201d.
Risk-bearing portfolio*
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Cash and cash equivalents
1,285,227
1,665,742
Financial assets
32,990,162
31,161,203
Investment property
3,046,557
2,978,265
Owner-occupied property
471,838
466,840
Investments in associates (equity-method)
246,451
204,761
Total
38,040,235
36,476,811
*Excl. financial instruments from unit- and index-linked life insurance
2.2.
Equity instruments designated measured at FVtOCI
Financial investments
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Fair value \u2013 in portfolio
360,570
291,027
Shares
91,199
41,771
N\u00fcrnberger
46,708
\u00a0
Remaining sum
44,491
41,771
Shares in participating companies
84,218
64,451
Wiener B\u00f6rse AG
41,323
31,972
GROPYUS AG
16,267
13,452
Remaining sum
26,628
19,027
Shares in affiliated non-consolidated companies
185,153
184,805
Global Repair Centres, s.r.o.
69,264
65,664
HOTELY SRN\u00cd, a.s.
37,864
32,626
Remaining sum
78,025
86,515
Fair value at derecognition date
5,293
8,661
Shares
4,596
\u00a0
Shares in participating companies
9
5,174
Shares in affiliated non-consolidated companies
688
3,487
In the remaining amounts in the above shown items, no single investment with a fair value of more than EUR\u00a010.0\u00a0million 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\u00a010.0\u00a0million.
Additional Information
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Received dividends from equity instruments designated measured at FVtOCI
9,829
9,495
In Portfolio
7,685
9,292
Sold
2,144
203
Within shareholders \u2019 equity derecognised cumulative gains and losses
-9,404
-8,438
2.3.
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*
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Exposures located in
33,438,490
31,899,033
Austria
5,563,886
5,647,846
United States of America
1,871,480
1,744,539
Czech Republic
2,866,019
2,760,351
Romania
1,259,744
1,193,262
Hungary
824,070
738,871
Poland
2,348,933
2,231,636
Germany
2,350,950
2,179,627
France
2,031,334
2,055,325
Spain
1,107,083
978,538
Netherlands
1,133,828
904,034
Slovakia
1,106,088
1,226,952
T\u00fcrkiye
1,269,135
1,118,109
Rest of the World
9,705,940
9,119,943
Exposures denominated in
33,438,490
31,899,033
EUR
24,331,338
23,420,981
USD
892,856
886,039
CZK
2,857,855
2,741,843
RON
1,258,155
1,128,018
HUF
735,184
609,852
PLN
2,133,042
1,858,626
TRY
480,040
392,619
Other currencies
750,021
861,055
*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
31/12/2025
31/12/2025
31/12/2025
in %
\u00a0
\u00a0
\u00a0
Austria
3.72
11.36
1.90
Germany
0.00
2.71
8.88
Czech Republic
4.79
12.00
58.36
Slovakia
0.55
4.43
0.00
Poland
52.64
11.62
11.85
Romania
0.00
7.25
9.07
Other countries
38.30
50.63
9.94
*Excl. financial instruments from unit- and index-linked life insurance
There are government bonds measured at AC of EUR\u00a0813.3\u00a0million, measured at FVtOCI of EUR\u00a014,711.2\u00a0million and measured at FVtPL of EUR\u00a0547.9\u00a0million in the risk portfolio.

2.4.
Credit risk
Financial liablities
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 \u201c2.1.\u00a0Overview\u201d.
Measured at FVtPL
Credit risk
31/12/2025
\u00a0
Mandatory
Designated
\u00a0
Loans and bonds
Variable-interest securities
Loans and bonds
in EUR \u2018000
\u00a0
\u00a0
\u00a0
Max. exposure to credit risk
742,294
1,965,591
336,011
Collaterals
147,241
0
5,263
Credit risk
31/12/2024 adjusted
\u00a0
Mandatory
Designated
\u00a0
Loans and bonds
Variable-interest securities
Loans and bonds
in EUR \u2018000
\u00a0
\u00a0
\u00a0
Max. exposure to credit risk
789,259
1,844,693
317,483
Collaterals
165,874
0
5,253
Measured at AC and measured at FVtOCI
Credit risk
31/12/2025
\u00a0
AAA
AA
A
BBB
BB and lower
No rating
Gross carrying amount*
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bonds
3,853,062
6,306,048
10,437,470
5,236,799
1,685,654
302,954
27,821,987
-208,280
POCI
0
0
0
0
709
0
709
24
Stage 1
3,853,062
6,306,048
10,437,044
5,232,950
709,233
137,108
26,675,445
-55,505
Stage 2
0
0
426
3,849
969,442
152,474
1,126,191
-67,820
Stage 3
0
0
0
0
6,270
13,372
19,642
-84,979
Deposits
15,632
23,274
1,978,561
453,553
716,875
31,077
3,218,972
-16,195
Stage 1
15,632
23,274
1,978,561
453,553
716,875
31,077
3,218,972
-16,195
*The gross carrying amount is the exposure to credit risk excluding collaterals.
Credit risk
31/12/2024 adjusted
\u00a0
AAA
AA
A
BBB
BB and lower
No rating
Gross carrying amount*
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bonds
3,212,544
6,509,722
8,887,175
5,514,788
1,688,283
329,495
26,142,007
-246,331
POCI
0
0
0
0
655
0
655
5
Stage 1
3,212,544
6,509,722
8,886,175
5,497,313
710,612
134,389
24,950,755
-51,478
Stage 2
0
0
1,000
11,475
976,836
169,530
1,158,841
-85,465
Stage 3
0
0
0
6,000
180
25,576
31,756
-109,393
Deposits
13,239
37,700
2,179,239
674,619
647,716
12,669
3,565,182
-12,200
Stage 1
13,239
37,700
2,179,239
674,619
647,716
12,669
3,565,182
-12,200
*The gross carrying amount is the exposure to credit risk excluding collaterals.
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.
Impairment Provisions
31/12/2025
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)
45,398
491
134
73
46,096
Gross carrying amount
45,398
491
134
183
46,206
Risk provision
0
0
0
-110
-110
Receivables from finance lease
59,330
0
0
0
59,330
Gross carrying amount
59,330
0
0
0
59,330
Other IFRS 9 measured receivables
325,281
4,803
2,147
7,847
340,078
Gross carrying amount
325,820
5,166
2,289
9,774
343,049
Risk provision
-539
-363
-142
-1,927
-2,971
Total
430,009
5,294
2,281
7,920
445,504
Loss rate \u2013 range
0.01%-50.00%
0.75%-62.00%
1.81%-100.00%
4.99%-100.00%
\u00a0
Impairment Provisions
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
Existence and amounts of restrictions, for liabilities, from
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Loans and bonds
15,282
15,507
Deposits
1,396
1,396
Total
16,678
16,903
The financial instruments presented in the table serve as collateral for a line of credit maturing in 2027 as well as for reinsurance activities in the French market.
2.5.
Liquidity risk
Undiscounted maturities
31/12/2025
\u00a0
<1 year
>1 year-5 years
>5\u201110 years
>10 years
No maturity
Book value excl. ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
6,105,693
13,500,117
11,718,225
9,351,175
12,133,094
52,808,304
Loans and bonds
4,303,230
13,409,753
11,712,629
9,351,027
0
38,776,639
Variable-interest securities
0
0
0
0
10,764,731
10,764,731
Deposits
1,801,267
90,713
5,535
148
1,368,363
3,266,026
Derivatives
1,196
-349
61
0
0
908
Financial liabilities
-405,015
-493,804
-655,006
-997,511
0
-2,551,336
Liabilities from financing activities
-390,750
-473,970
-632,487
-986,844
0
-2,484,051
Liabilities held for financing and other purposes
-4,455
0
0
-107
0
-4,562
Other financial liabilties
-9,810
-19,834
-22,519
-10,560
0
-62,723
2.6.
Market risk
Reduction in market value
2025
\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 EUR '000)
9,179,399
7,199,940
7,629,889
7,477,559
8,355,835
7,190,645
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 EUR '000)
8,313,995
6,449,620
6,784,352
6,722,575
7,530,211
6,414,539
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
31/12/2025
31/12/2024
in EUR million
\u00a0
\u00a0
10-day holding period
311.7
477.4
20-day holding period
440.8
675.2
60-day holding period
763.5
1,169.5
2.7.
Details regarding the net result
Result from financial instruments measured at FVtPL
2025
2024 adjusted
\u00a0
Mandatory
Designated
Mandatory
Designated
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
1,248,986
7,498
882,145
4,420
Loans and bonds
79,073
7,498
99,341
4,420
Variable-interest securities
1,185,068
0
790,786
0
Derivatives
-15,155
\u00a0
-7,982
\u00a0
Financial liabilities
0
400
0
47
Liabilities held for financing and other purposes
0
400
0
47
Interest result using the effective interest rate method
2025
2024 adjusted
\u00a0
Measured at AC
Measured at FVtOCI
Total
Measured at AC
Measured at FVtOCI
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Interest revenues
255,101
841,056
1,096,157
203,969
793,728
997,697
Financial assets
255,101
841,056
1,096,157
203,969
793,728
997,697
Loans and bonds
68,548
841,056
909,604
73,116
793,728
866,844
Deposits*
186,553
\u00a0
186,553
130,853
\u00a0
130,853
Interest expenses
-75,189
0
-75,189
-71,532
0
-71,532
Financial liabilities
-75,189
\u00a0
-75,189
-71,532
\u00a0
-71,532
Liabilities from financing activities
-75,189
\u00a0
-75,189
-71,532
\u00a0
-71,532
Total
179,912
841,056
1,020,968
132,437
793,728
926,165
*Excl. Cash and cash equivalents
The fee for investment management recognised in the investment result amounts to EUR\u00a044,318,000 (EUR\u00a037,361,000).
2.8.
Derecognition
Derecognition gains and losses may relate to events such as sales or maturities of financial assets measured at AC.
Loans and bonds
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Gains
1,517
1,167
Losses
-10,906
-6,243
Total
-9,389
-5,076
Contractually outstanding amount of written-down but not yet derecognised financial assets:
Composition
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Loans and bonds
4,000
0
Total
4,000
0
6.
Investments in associates (Equity Method)
The Investments in associates balance sheet item consists only of shares in at equity consolidated companies. The list of associated companies is presented in Note \u201c21. Business combinations\u201d.
Shares in at equity consolidated companies had a book value of EUR\u00a0246.5\u00a0million as of 31 December 2025 and a book value of EUR\u00a0204.8\u00a0million as of 31 December 2024. Shares in at equity consolidated companies therefore represented 0.65% (0.56%) of the book value of the total risk-bearing portfolio as of 31 December 2025.
7.
Receivables As well as Liabilities and other payables
The accounting policies used are presented in Note \u201c25.12. Receivables as well as Liabilities and other payables\u201d.
7.1.
Receivables
Composition
31/12/2025
31/12/2024
\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
448,585
-3,081
445,504
461,697
-19,840
441,857
Other receivables
170,616
\u00a0
170,616
118,111
\u00a0
118,111
Total
619,201
-3,081
616,120
579,808
-19,840
559,968
Receivables valued in accordance with IFRS\u00a09 in the current year as well as previous year primarily consist of: Receivables from finance lease, Receivables from facility management as well as Receivables from services (IFRS 15).
Maturity structure
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Up to 1 year
427,645
408,920
More than one year up to five years
84,458
61,508
More than five years up to ten years
34,974
20,229
More than ten years
69,043
69,311
Total
616,120
559,968
7.2.
LIABILITIES AND OTHER PAYABLES
Composition
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
IFRS 9 measured liabilities
642,152
582,834
Other liabilities
639,445
573,984
Total
1,281,597
1,156,818
Liabilities valued in accordance with IFRS\u00a09 primarily consist of: Liabilities for unpaid invoices received, Liabilities from sureties as well as Liabilities from purchases of capital investments.
For detailed information on tax liabilities, please refer to Note \u201c11. Taxes\u201d.
For detailed information on leasing liabilities, please refer to Note \u201c8.Financial liabilities\u201d.
Maturity structure
31/12/2025
31/12/2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
Up to 1 year
1,180,899
1,062,732
More than one year up to five years
47,161
48,914
More than five years up to ten years
44,493
35,865
More than ten years
9,044
9,307
Total
1,281,597
1,156,818
8.
Financial liabilities
8.1.
Overview
Composition
31.12.2025
31/12/2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
Liabilities from financing activities
2,414,865
2,312,886
Subordinated liabilities
1,376,153
1,215,495
Liabilities to banks
217,410
298,188
Liabilities from financing activities
577,104
579,072
Lease liabilities
244,198
220,131
Liabilities held for financing and other purposes
3,708
1,999
Liabilities held for other purposes
3,708
1,999
Other financial liabilties
62,723
59,255
Total
2,481,296
2,374,140
Development
31/12/2025
\u00a0
Subordinated liabilities
Liabilities from financing activities
in EUR \u2018000
\u00a0
\u00a0
Book value as of 31/12 of the previous year = Book value as of 01/01
1,215,495
579,072
Cash changes
104,503
-8,168
Cash inflows
300,000
0
Payments
-145,217
-2,463
Paid interest
-50,280
-5,705
Non-cash changes
56,155
6,200
Additions
56,155
6,200
Book value as of 31/12
1,376,153
577,104
Development
31/12/2024
\u00a0
Subordinated liabilities
Liabilities from financing activities
in EUR \u2018000
\u00a0
\u00a0
Book value as of 31/12 of the previous year = Book value as of 01/01
1,309,283
579,908
Cash changes
-144,945
-7,183
Cash inflows
0
50
Payments
-91,748
-1,473
Paid interest
-53,197
-5,760
Non-cash changes
51,157
6,347
Additions
51,570
6,339
Exchange rate differences
-413
8
Book value as of 31/12
1,215,495
579,072
Financial liabilities
31/12/2025
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities from financing activities
2,170,667
3
1,809,205
302,753
2,111,961
Measured at AC*
2,170,667
3
1,809,205
302,753
2,111,961
Liabilities held for financing and other purposes
3,708
0
3,233
475
3,708
Mandatorily measured at FVtPL
3,601
0
3,233
368
3,601
Designated measured at FVtPL
107
0
0
107
107
Other financial liabilties
62,723
0
0
62,723
62,723
Mandatorily measured at FVtPL
62,723
0
0
62,723
62,723
Financial liabilities
31/12/2024 adjusted
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities from financing activities
2,092,755
0
1,621,176
385,516
2,006,692
Measured at AC*
2,092,755
0
1,621,176
385,516
2,006,692
Liabilities held for financing and other purposes
1,999
0
923
1,076
1,999
Mandatorily measured at FVtPL
1,492
0
923
569
1,492
Designated measured at FVtPL
507
0
0
507
507
Other financial liabilties
59,255
0
0
59,255
59,255
Measured at AC
0
0
0
0
0
Mandatorily measured at FVtPL
59,255
0
0
59,255
59,255
17.4.
Reconciliation of financial instruments
For information on the effects of changes in value recognised through profit and loss, please refer to Note \u201c9. Notes to the consolidated income statement\u201d.
Development
2025
2024
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
20,721,965
3,700,951
354,565
18,736,650
5,049,715
633,999
Exchange rate differences
-4,777
-446
3,090
15,643
-45,958
-2,350
Reclassification between classes of financial instruments
0
-1,278
1,251
-253,187
256,816
-7,545
Reclassification to level
177,648
85,393
34,780
1,389,897
60,076
31,889
Reclassification from level
-102,650
-149,357
-45,814
-61,411
-1,386,034
-34,417
Amortisation and accrued interest
109,601
90
1,037
72,426
5,229
4,784
Additions
8,874,026
386,590
27,764
5,005,745
418,822
57,431
Disposals
-6,895,429
-730,043
-28,565
-4,338,851
-740,683
-167,168
Changes in scope of consolidation
0
6
-22,413
103,782
44,674
-133,559
Changes in value recognised in profit and loss
0
0
0
0
0
0
Changes in value recognised directly in equity
-78,472
-8,055
14,690
51,271
38,294
-28,499
Fair value as of 31/12
22,801,912
3,283,851
340,385
20,721,965
3,700,951
354,565
Development
2025
2024
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
6,863,378
3,077,552
1,527,291
6,274,276
3,187,018
1,145,261
Exchange rate differences
405
47,541
4,192
2,043
-40,662
4,582
Reclassification between classes of financial instruments
-15,880
16,209
-303
0
0
174
Reclassification to level
420,157
869,359
164,191
712,432
392,643
256,489
Reclassification from level
-461,552
-528,407
-463,748
-566,477
-778,348
-16,739
Amortisation and accrued interest
7,644
7,385
4,377
6,868
8,031
4,785
Additions
1,603,676
1,122,980
345,066
1,473,266
1,564,282
179,484
Disposals
-1,740,632
-1,099,618
-293,459
-1,709,032
-1,483,607
-115,324
Changes in scope of consolidation
0
0
-2,685
332,312
67,731
-99
Changes in value recognised in profit and loss
787,770
303,674
-37,080
337,690
160,464
68,678
Changes in value recognised directly in equity
0
0
0
0
0
0
Fair value as of 31/12
7,464,966
3,816,675
1,247,842
6,863,378
3,077,552
1,527,291
The unrealised effect (net profit or loss) of Level 3 financial instruments that are still held and whose fair value will be recognised through profit and loss was EUR -26,912,000 (EUR\u00a068,185,000) in the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-47": { "value": "
2.1.
Overview
Composition
31/12/2025
31/12/2024 adjusted
\u00a0
Book value
ECL
Book value
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bonds
29,946,074
-208,280
28,183,812
-246,331
Measured at AC
1,756,409
-56,242
1,655,553
-68,933
Mandatorily measured at FVtOCI
26,065,578
-152,038
24,486,454
-177,398
Mandatorily measured at FVtPL
1,785,133
\u00a0
1,721,978
\u00a0
Designated measured at FVtPL
338,954
\u00a0
319,827
\u00a0
Variable-interest securities
10,764,688
\u00a0
9,699,699
\u00a0
Designated measured at FVtOCI
360,570
\u00a0
291,027
\u00a0
Mandatorily measured at FVtPL
10,404,118
\u00a0
9,408,672
\u00a0
Deposits and IFRS 9 measured receivables
3,667,557
-19,276
4,026,879
-32,040
Measured at AC
3,667,557
-19,276
4,026,879
-32,040
Derivatives
1,278
\u00a0
17,744
\u00a0
Mandatorily measured at FVtPL
1,278
\u00a0
17,744
\u00a0
Liabilities and consolidated shareholders \u2019 equity
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities from financing activities
-2,414,865
\u00a0
-2,312,886
\u00a0
Measured at AC
-2,414,865
\u00a0
-2,312,886
\u00a0
Liabilities held for financing and other purposes
-3,708
\u00a0
-1,999
\u00a0
Mandatorily measured at FVtPL
-3,601
\u00a0
-1,492
\u00a0
Designated measured at FVtPL
-107
\u00a0
-507
\u00a0
Other financial liabilties
-62,723
\u00a0
-59,255
\u00a0
Mandatorily measured at FVtPL
-62,723
\u00a0
-59,255
\u00a0
IFRS 9 measured liabilities
-642,152
\u00a0
-582,834
\u00a0
Measured at AC
-642,152
\u00a0
-582,834
\u00a0
Details regarding the liabilities resulting from financing activities can be found in Note \u201c\u200e8.Financial liabilities\u201d. The conditions of subordinated liabilities are presented in Note\u200e \u201c8.2. Subordinated liabilities\u201d.
Risk-bearing portfolio*
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Cash and cash equivalents
1,285,227
1,665,742
Financial assets
32,990,162
31,161,203
Investment property
3,046,557
2,978,265
Owner-occupied property
471,838
466,840
Investments in associates (equity-method)
246,451
204,761
Total
38,040,235
36,476,811
*Excl. financial instruments from unit- and index-linked life insurance
2.2.
Equity instruments designated measured at FVtOCI
Financial investments
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Fair value \u2013 in portfolio
360,570
291,027
Shares
91,199
41,771
N\u00fcrnberger
46,708
\u00a0
Remaining sum
44,491
41,771
Shares in participating companies
84,218
64,451
Wiener B\u00f6rse AG
41,323
31,972
GROPYUS AG
16,267
13,452
Remaining sum
26,628
19,027
Shares in affiliated non-consolidated companies
185,153
184,805
Global Repair Centres, s.r.o.
69,264
65,664
HOTELY SRN\u00cd, a.s.
37,864
32,626
Remaining sum
78,025
86,515
Fair value at derecognition date
5,293
8,661
Shares
4,596
\u00a0
Shares in participating companies
9
5,174
Shares in affiliated non-consolidated companies
688
3,487
In the remaining amounts in the above shown items, no single investment with a fair value of more than EUR\u00a010.0\u00a0million 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\u00a010.0\u00a0million.
Additional Information
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Received dividends from equity instruments designated measured at FVtOCI
9,829
9,495
In Portfolio
7,685
9,292
Sold
2,144
203
Within shareholders \u2019 equity derecognised cumulative gains and losses
-9,404
-8,438
Composition
31.12.2025
31/12/2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
Liabilities from financing activities
2,414,865
2,312,886
Subordinated liabilities
1,376,153
1,215,495
Liabilities to banks
217,410
298,188
Liabilities from financing activities
577,104
579,072
Lease liabilities
244,198
220,131
Liabilities held for financing and other purposes
3,708
1,999
Liabilities held for other purposes
3,708
1,999
Other financial liabilties
62,723
59,255
Total
2,481,296
2,374,140
17.1.
Fair values and book values of financial instruments and investments
Assets
31/12/2025
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,368,363
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
42,490,212
30,805,069
7,969,192
3,717,528
42,491,789
Loans and bonds
29,889,832
24,144,960
4,900,363
829,893
29,875,216
Measured at AC
1,700,167
519,107
868,666
297,778
1,685,551
Mandatorily measured at FVtOCI
26,065,578
22,712,542
3,283,677
69,359
26,065,578
Mandatorily measured at FVtPL
1,785,133
587,971
734,406
462,756
1,785,133
Designated measured at FVtPL
338,954
325,340
13,614
0
338,954
Variable-interest securities
10,764,688
6,641,025
3,068,606
1,055,057
10,764,688
Designated measured at FVtOCI
360,570
89,370
174
271,026
360,570
Mandatorily measured at FVtPL
10,404,118
6,551,655
3,068,432
784,031
10,404,118
Deposits*
1,834,414
19,084
0
1,831,523
1,850,607
Measured at AC
1,834,414
19,084
0
1,831,523
1,850,607
Derivatives
1,278
0
223
1,055
1,278
Mandatorily measured at FVtPL
1,278
0
223
1,055
1,278
Investments in associates (equity-method)
246,451
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
3,046,557
0
33,402
4,554,430
4,587,832
Owner-occupied property
471,838
0
40,573
795,719
836,292
*Excl. Cash and cash equivalents
Assets
31/12/2024 adjusted
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,748,124
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
39,637,179
28,070,686
7,623,744
3,927,130
39,621,560
Loans and bonds
28,114,879
22,010,243
5,276,274
800,544
28,087,061
Measured at AC
1,586,620
479,288
845,241
234,273
1,558,802
Mandatorily measured at FVtOCI
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Mandatorily measured at FVtPL
1,721,978
541,833
715,574
464,571
1,721,978
Designated measured at FVtPL
319,827
305,319
14,508
0
319,827
Variable-interest securities
9,699,699
6,054,380
2,345,860
1,299,459
9,699,699
Designated measured at FVtOCI
291,027
38,162
0
252,865
291,027
Mandatorily measured at FVtPL
9,408,672
6,016,218
2,345,860
1,046,594
9,408,672
Deposits*
1,804,857
6,055
0
1,811,001
1,817,056
Measured at AC
1,804,857
6,055
0
1,811,001
1,817,056
Derivatives
17,744
8
1,610
16,126
17,744
Mandatorily measured at FVtPL
17,744
8
1,610
16,126
17,744
Investments in associates (equity-method)
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
*Excl. Cash and cash equivalents
Financial liabilities
31/12/2025
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities from financing activities
2,170,667
3
1,809,205
302,753
2,111,961
Measured at AC*
2,170,667
3
1,809,205
302,753
2,111,961
Liabilities held for financing and other purposes
3,708
0
3,233
475
3,708
Mandatorily measured at FVtPL
3,601
0
3,233
368
3,601
Designated measured at FVtPL
107
0
0
107
107
Other financial liabilties
62,723
0
0
62,723
62,723
Mandatorily measured at FVtPL
62,723
0
0
62,723
62,723
17.2.
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. If, for example, necessary input parameters can no longer be directly observed on the market, a reclassification is carried out.
Reclassifications
31/12/2025
\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
58
1
5
1
2
Mandatorily measured at FVtOCI
58
1
5
1
2
Financial assets
58
1
5
1
2
Measured at FVtPL
160
41
13
83
65
Mandatorily measured at FVtPL
160
41
13
83
65
Financial assets
160
41
13
83
65
Total
218
42
18
84
67
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 based primarily on an improvement in the estimation of liquidity and/or the availability of valuation rates. The reclassifications from Level\u00a01 to Level\u00a03 are based primarily on a deterioration in the estimation of liquidity and/or changes in the availability of valuation rates. The reclassifications from Level\u00a03 to Level\u00a02 are based primarily on an improvement in liquidity and an improvement in the availability of valuation rates. The reclassifications from Level\u00a02 to Level\u00a03 are based primarily on a deterioration in credit rating and/or estimation of liquidity.
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
Measured at FVtPL
467
41
50
21
14
Mandatorily measured at FVtPL
462
41
50
21
14
Financial assets
462
41
50
21
14
Total
636
50
53
21
20
17.3.
Measurement of the fair value of real estate
Basis of the measurement
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Investment property
4,587,832
4,507,013
Evaluated by an independent expert*
885,475
952,700
Evaluated by an internal expert
3,702,357
3,554,313
Owner-occupied property
836,292
822,120
Evaluated by an independent expert
367,516
364,204
Evaluated by an internal expert
468,776
457,916
*This corresponds to 19.30% (21.14%) of the fair value of the item investment property.
Measurement method
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Investment property
4,587,832
4,507,013
Capitalised earnings value methode
4,123,578
3,960,340
Comparative pricing method/market approach
428,773
412,096
Other method
35,481
134,577
Owner-occupied property
836,292
822,120
Capitalised earnings value methode
650,291
638,577
Comparative pricing method/market approach
172,067
183,231
Other method
13,934
312
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-48": { "value": "
2.1.
Overview
Composition
31/12/2025
31/12/2024 adjusted
\u00a0
Book value
ECL
Book value
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bonds
29,946,074
-208,280
28,183,812
-246,331
Measured at AC
1,756,409
-56,242
1,655,553
-68,933
Mandatorily measured at FVtOCI
26,065,578
-152,038
24,486,454
-177,398
Mandatorily measured at FVtPL
1,785,133
\u00a0
1,721,978
\u00a0
Designated measured at FVtPL
338,954
\u00a0
319,827
\u00a0
Variable-interest securities
10,764,688
\u00a0
9,699,699
\u00a0
Designated measured at FVtOCI
360,570
\u00a0
291,027
\u00a0
Mandatorily measured at FVtPL
10,404,118
\u00a0
9,408,672
\u00a0
Deposits and IFRS 9 measured receivables
3,667,557
-19,276
4,026,879
-32,040
Measured at AC
3,667,557
-19,276
4,026,879
-32,040
Derivatives
1,278
\u00a0
17,744
\u00a0
Mandatorily measured at FVtPL
1,278
\u00a0
17,744
\u00a0
Liabilities and consolidated shareholders \u2019 equity
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities from financing activities
-2,414,865
\u00a0
-2,312,886
\u00a0
Measured at AC
-2,414,865
\u00a0
-2,312,886
\u00a0
Liabilities held for financing and other purposes
-3,708
\u00a0
-1,999
\u00a0
Mandatorily measured at FVtPL
-3,601
\u00a0
-1,492
\u00a0
Designated measured at FVtPL
-107
\u00a0
-507
\u00a0
Other financial liabilties
-62,723
\u00a0
-59,255
\u00a0
Mandatorily measured at FVtPL
-62,723
\u00a0
-59,255
\u00a0
IFRS 9 measured liabilities
-642,152
\u00a0
-582,834
\u00a0
Measured at AC
-642,152
\u00a0
-582,834
\u00a0
Details regarding the liabilities resulting from financing activities can be found in Note \u201c\u200e8.Financial liabilities\u201d. The conditions of subordinated liabilities are presented in Note\u200e \u201c8.2. Subordinated liabilities\u201d.
Risk-bearing portfolio*
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Cash and cash equivalents
1,285,227
1,665,742
Financial assets
32,990,162
31,161,203
Investment property
3,046,557
2,978,265
Owner-occupied property
471,838
466,840
Investments in associates (equity-method)
246,451
204,761
Total
38,040,235
36,476,811
*Excl. financial instruments from unit- and index-linked life insurance
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-49": { "value": "
2.1.
Overview
Composition
31/12/2025
31/12/2024 adjusted
\u00a0
Book value
ECL
Book value
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bonds
29,946,074
-208,280
28,183,812
-246,331
Measured at AC
1,756,409
-56,242
1,655,553
-68,933
Mandatorily measured at FVtOCI
26,065,578
-152,038
24,486,454
-177,398
Mandatorily measured at FVtPL
1,785,133
\u00a0
1,721,978
\u00a0
Designated measured at FVtPL
338,954
\u00a0
319,827
\u00a0
Variable-interest securities
10,764,688
\u00a0
9,699,699
\u00a0
Designated measured at FVtOCI
360,570
\u00a0
291,027
\u00a0
Mandatorily measured at FVtPL
10,404,118
\u00a0
9,408,672
\u00a0
Deposits and IFRS 9 measured receivables
3,667,557
-19,276
4,026,879
-32,040
Measured at AC
3,667,557
-19,276
4,026,879
-32,040
Derivatives
1,278
\u00a0
17,744
\u00a0
Mandatorily measured at FVtPL
1,278
\u00a0
17,744
\u00a0
Liabilities and consolidated shareholders \u2019 equity
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities from financing activities
-2,414,865
\u00a0
-2,312,886
\u00a0
Measured at AC
-2,414,865
\u00a0
-2,312,886
\u00a0
Liabilities held for financing and other purposes
-3,708
\u00a0
-1,999
\u00a0
Mandatorily measured at FVtPL
-3,601
\u00a0
-1,492
\u00a0
Designated measured at FVtPL
-107
\u00a0
-507
\u00a0
Other financial liabilties
-62,723
\u00a0
-59,255
\u00a0
Mandatorily measured at FVtPL
-62,723
\u00a0
-59,255
\u00a0
IFRS 9 measured liabilities
-642,152
\u00a0
-582,834
\u00a0
Measured at AC
-642,152
\u00a0
-582,834
\u00a0
Details regarding the liabilities resulting from financing activities can be found in Note \u201c\u200e8.Financial liabilities\u201d. The conditions of subordinated liabilities are presented in Note\u200e \u201c8.2. Subordinated liabilities\u201d.
Risk-bearing portfolio*
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Cash and cash equivalents
1,285,227
1,665,742
Financial assets
32,990,162
31,161,203
Investment property
3,046,557
2,978,265
Owner-occupied property
471,838
466,840
Investments in associates (equity-method)
246,451
204,761
Total
38,040,235
36,476,811
*Excl. financial instruments from unit- and index-linked life insurance
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-50": { "value": "
Composition
31/12/2025
31/12/2024 adjusted
\u00a0
Book value
ECL
Book value
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bonds
29,946,074
-208,280
28,183,812
-246,331
Measured at AC
1,756,409
-56,242
1,655,553
-68,933
Mandatorily measured at FVtOCI
26,065,578
-152,038
24,486,454
-177,398
Mandatorily measured at FVtPL
1,785,133
\u00a0
1,721,978
\u00a0
Designated measured at FVtPL
338,954
\u00a0
319,827
\u00a0
Variable-interest securities
10,764,688
\u00a0
9,699,699
\u00a0
Designated measured at FVtOCI
360,570
\u00a0
291,027
\u00a0
Mandatorily measured at FVtPL
10,404,118
\u00a0
9,408,672
\u00a0
Deposits and IFRS 9 measured receivables
3,667,557
-19,276
4,026,879
-32,040
Measured at AC
3,667,557
-19,276
4,026,879
-32,040
Derivatives
1,278
\u00a0
17,744
\u00a0
Mandatorily measured at FVtPL
1,278
\u00a0
17,744
\u00a0
Liabilities and consolidated shareholders \u2019 equity
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities from financing activities
-2,414,865
\u00a0
-2,312,886
\u00a0
Measured at AC
-2,414,865
\u00a0
-2,312,886
\u00a0
Liabilities held for financing and other purposes
-3,708
\u00a0
-1,999
\u00a0
Mandatorily measured at FVtPL
-3,601
\u00a0
-1,492
\u00a0
Designated measured at FVtPL
-107
\u00a0
-507
\u00a0
Other financial liabilties
-62,723
\u00a0
-59,255
\u00a0
Mandatorily measured at FVtPL
-62,723
\u00a0
-59,255
\u00a0
IFRS 9 measured liabilities
-642,152
\u00a0
-582,834
\u00a0
Measured at AC
-642,152
\u00a0
-582,834
\u00a0
2.7.
Details regarding the net result
Result from financial instruments measured at FVtPL
2025
2024 adjusted
\u00a0
Mandatory
Designated
Mandatory
Designated
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
1,248,986
7,498
882,145
4,420
Loans and bonds
79,073
7,498
99,341
4,420
Variable-interest securities
1,185,068
0
790,786
0
Derivatives
-15,155
\u00a0
-7,982
\u00a0
Financial liabilities
0
400
0
47
Liabilities held for financing and other purposes
0
400
0
47
Interest result using the effective interest rate method
2025
2024 adjusted
\u00a0
Measured at AC
Measured at FVtOCI
Total
Measured at AC
Measured at FVtOCI
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Interest revenues
255,101
841,056
1,096,157
203,969
793,728
997,697
Financial assets
255,101
841,056
1,096,157
203,969
793,728
997,697
Loans and bonds
68,548
841,056
909,604
73,116
793,728
866,844
Deposits*
186,553
\u00a0
186,553
130,853
\u00a0
130,853
Interest expenses
-75,189
0
-75,189
-71,532
0
-71,532
Financial liabilities
-75,189
\u00a0
-75,189
-71,532
\u00a0
-71,532
Liabilities from financing activities
-75,189
\u00a0
-75,189
-71,532
\u00a0
-71,532
Total
179,912
841,056
1,020,968
132,437
793,728
926,165
*Excl. Cash and cash equivalents
The fee for investment management recognised in the investment result amounts to EUR\u00a044,318,000 (EUR\u00a037,361,000).
Assets
31/12/2025
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,368,363
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
42,490,212
30,805,069
7,969,192
3,717,528
42,491,789
Loans and bonds
29,889,832
24,144,960
4,900,363
829,893
29,875,216
Measured at AC
1,700,167
519,107
868,666
297,778
1,685,551
Mandatorily measured at FVtOCI
26,065,578
22,712,542
3,283,677
69,359
26,065,578
Mandatorily measured at FVtPL
1,785,133
587,971
734,406
462,756
1,785,133
Designated measured at FVtPL
338,954
325,340
13,614
0
338,954
Variable-interest securities
10,764,688
6,641,025
3,068,606
1,055,057
10,764,688
Designated measured at FVtOCI
360,570
89,370
174
271,026
360,570
Mandatorily measured at FVtPL
10,404,118
6,551,655
3,068,432
784,031
10,404,118
Deposits*
1,834,414
19,084
0
1,831,523
1,850,607
Measured at AC
1,834,414
19,084
0
1,831,523
1,850,607
Derivatives
1,278
0
223
1,055
1,278
Mandatorily measured at FVtPL
1,278
0
223
1,055
1,278
Investments in associates (equity-method)
246,451
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
3,046,557
0
33,402
4,554,430
4,587,832
Owner-occupied property
471,838
0
40,573
795,719
836,292
Assets
31/12/2024 adjusted
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,748,124
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
39,637,179
28,070,686
7,623,744
3,927,130
39,621,560
Loans and bonds
28,114,879
22,010,243
5,276,274
800,544
28,087,061
Measured at AC
1,586,620
479,288
845,241
234,273
1,558,802
Mandatorily measured at FVtOCI
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Mandatorily measured at FVtPL
1,721,978
541,833
715,574
464,571
1,721,978
Designated measured at FVtPL
319,827
305,319
14,508
0
319,827
Variable-interest securities
9,699,699
6,054,380
2,345,860
1,299,459
9,699,699
Designated measured at FVtOCI
291,027
38,162
0
252,865
291,027
Mandatorily measured at FVtPL
9,408,672
6,016,218
2,345,860
1,046,594
9,408,672
Deposits*
1,804,857
6,055
0
1,811,001
1,817,056
Measured at AC
1,804,857
6,055
0
1,811,001
1,817,056
Derivatives
17,744
8
1,610
16,126
17,744
Mandatorily measured at FVtPL
17,744
8
1,610
16,126
17,744
Investments in associates (equity-method)
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
Financial liabilities
31/12/2025
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities from financing activities
2,170,667
3
1,809,205
302,753
2,111,961
Measured at AC*
2,170,667
3
1,809,205
302,753
2,111,961
Liabilities held for financing and other purposes
3,708
0
3,233
475
3,708
Mandatorily measured at FVtPL
3,601
0
3,233
368
3,601
Designated measured at FVtPL
107
0
0
107
107
Other financial liabilties
62,723
0
0
62,723
62,723
Mandatorily measured at FVtPL
62,723
0
0
62,723
62,723
Financial liabilities
31/12/2024 adjusted
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities from financing activities
2,092,755
0
1,621,176
385,516
2,006,692
Measured at AC*
2,092,755
0
1,621,176
385,516
2,006,692
Liabilities held for financing and other purposes
1,999
0
923
1,076
1,999
Mandatorily measured at FVtPL
1,492
0
923
569
1,492
Designated measured at FVtPL
507
0
0
507
507
Other financial liabilties
59,255
0
0
59,255
59,255
Measured at AC
0
0
0
0
0
Mandatorily measured at FVtPL
59,255
0
0
59,255
59,255
17.2.
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. If, for example, necessary input parameters can no longer be directly observed on the market, a reclassification is carried out.
Reclassifications
31/12/2025
\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
58
1
5
1
2
Mandatorily measured at FVtOCI
58
1
5
1
2
Financial assets
58
1
5
1
2
Measured at FVtPL
160
41
13
83
65
Mandatorily measured at FVtPL
160
41
13
83
65
Financial assets
160
41
13
83
65
Total
218
42
18
84
67
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 based primarily on an improvement in the estimation of liquidity and/or the availability of valuation rates. The reclassifications from Level\u00a01 to Level\u00a03 are based primarily on a deterioration in the estimation of liquidity and/or changes in the availability of valuation rates. The reclassifications from Level\u00a03 to Level\u00a02 are based primarily on an improvement in liquidity and an improvement in the availability of valuation rates. The reclassifications from Level\u00a02 to Level\u00a03 are based primarily on a deterioration in credit rating and/or estimation of liquidity.
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
Measured at FVtPL
467
41
50
21
14
Mandatorily measured at FVtPL
462
41
50
21
14
Financial assets
462
41
50
21
14
Total
636
50
53
21
20
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-51": { "value": "
Composition
31/12/2025
31/12/2024 adjusted
\u00a0
Book value
ECL
Book value
ECL
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bonds
29,946,074
-208,280
28,183,812
-246,331
Measured at AC
1,756,409
-56,242
1,655,553
-68,933
Mandatorily measured at FVtOCI
26,065,578
-152,038
24,486,454
-177,398
Mandatorily measured at FVtPL
1,785,133
\u00a0
1,721,978
\u00a0
Designated measured at FVtPL
338,954
\u00a0
319,827
\u00a0
Variable-interest securities
10,764,688
\u00a0
9,699,699
\u00a0
Designated measured at FVtOCI
360,570
\u00a0
291,027
\u00a0
Mandatorily measured at FVtPL
10,404,118
\u00a0
9,408,672
\u00a0
Deposits and IFRS 9 measured receivables
3,667,557
-19,276
4,026,879
-32,040
Measured at AC
3,667,557
-19,276
4,026,879
-32,040
Derivatives
1,278
\u00a0
17,744
\u00a0
Mandatorily measured at FVtPL
1,278
\u00a0
17,744
\u00a0
Liabilities and consolidated shareholders \u2019 equity
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities from financing activities
-2,414,865
\u00a0
-2,312,886
\u00a0
Measured at AC
-2,414,865
\u00a0
-2,312,886
\u00a0
Liabilities held for financing and other purposes
-3,708
\u00a0
-1,999
\u00a0
Mandatorily measured at FVtPL
-3,601
\u00a0
-1,492
\u00a0
Designated measured at FVtPL
-107
\u00a0
-507
\u00a0
Other financial liabilties
-62,723
\u00a0
-59,255
\u00a0
Mandatorily measured at FVtPL
-62,723
\u00a0
-59,255
\u00a0
IFRS 9 measured liabilities
-642,152
\u00a0
-582,834
\u00a0
Measured at AC
-642,152
\u00a0
-582,834
\u00a0
2.7.
Details regarding the net result
Result from financial instruments measured at FVtPL
2025
2024 adjusted
\u00a0
Mandatory
Designated
Mandatory
Designated
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
1,248,986
7,498
882,145
4,420
Loans and bonds
79,073
7,498
99,341
4,420
Variable-interest securities
1,185,068
0
790,786
0
Derivatives
-15,155
\u00a0
-7,982
\u00a0
Financial liabilities
0
400
0
47
Liabilities held for financing and other purposes
0
400
0
47
Interest result using the effective interest rate method
2025
2024 adjusted
\u00a0
Measured at AC
Measured at FVtOCI
Total
Measured at AC
Measured at FVtOCI
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Interest revenues
255,101
841,056
1,096,157
203,969
793,728
997,697
Financial assets
255,101
841,056
1,096,157
203,969
793,728
997,697
Loans and bonds
68,548
841,056
909,604
73,116
793,728
866,844
Deposits*
186,553
\u00a0
186,553
130,853
\u00a0
130,853
Interest expenses
-75,189
0
-75,189
-71,532
0
-71,532
Financial liabilities
-75,189
\u00a0
-75,189
-71,532
\u00a0
-71,532
Liabilities from financing activities
-75,189
\u00a0
-75,189
-71,532
\u00a0
-71,532
Total
179,912
841,056
1,020,968
132,437
793,728
926,165
*Excl. Cash and cash equivalents
The fee for investment management recognised in the investment result amounts to EUR\u00a044,318,000 (EUR\u00a037,361,000).
Composition
31.12.2025
31/12/2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
Liabilities from financing activities
2,414,865
2,312,886
Subordinated liabilities
1,376,153
1,215,495
Liabilities to banks
217,410
298,188
Liabilities from financing activities
577,104
579,072
Lease liabilities
244,198
220,131
Liabilities held for financing and other purposes
3,708
1,999
Liabilities held for other purposes
3,708
1,999
Other financial liabilties
62,723
59,255
Total
2,481,296
2,374,140
Assets
31/12/2025
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,368,363
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
42,490,212
30,805,069
7,969,192
3,717,528
42,491,789
Loans and bonds
29,889,832
24,144,960
4,900,363
829,893
29,875,216
Measured at AC
1,700,167
519,107
868,666
297,778
1,685,551
Mandatorily measured at FVtOCI
26,065,578
22,712,542
3,283,677
69,359
26,065,578
Mandatorily measured at FVtPL
1,785,133
587,971
734,406
462,756
1,785,133
Designated measured at FVtPL
338,954
325,340
13,614
0
338,954
Variable-interest securities
10,764,688
6,641,025
3,068,606
1,055,057
10,764,688
Designated measured at FVtOCI
360,570
89,370
174
271,026
360,570
Mandatorily measured at FVtPL
10,404,118
6,551,655
3,068,432
784,031
10,404,118
Deposits*
1,834,414
19,084
0
1,831,523
1,850,607
Measured at AC
1,834,414
19,084
0
1,831,523
1,850,607
Derivatives
1,278
0
223
1,055
1,278
Mandatorily measured at FVtPL
1,278
0
223
1,055
1,278
Investments in associates (equity-method)
246,451
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
3,046,557
0
33,402
4,554,430
4,587,832
Owner-occupied property
471,838
0
40,573
795,719
836,292
Assets
31/12/2024 adjusted
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,748,124
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
39,637,179
28,070,686
7,623,744
3,927,130
39,621,560
Loans and bonds
28,114,879
22,010,243
5,276,274
800,544
28,087,061
Measured at AC
1,586,620
479,288
845,241
234,273
1,558,802
Mandatorily measured at FVtOCI
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Mandatorily measured at FVtPL
1,721,978
541,833
715,574
464,571
1,721,978
Designated measured at FVtPL
319,827
305,319
14,508
0
319,827
Variable-interest securities
9,699,699
6,054,380
2,345,860
1,299,459
9,699,699
Designated measured at FVtOCI
291,027
38,162
0
252,865
291,027
Mandatorily measured at FVtPL
9,408,672
6,016,218
2,345,860
1,046,594
9,408,672
Deposits*
1,804,857
6,055
0
1,811,001
1,817,056
Measured at AC
1,804,857
6,055
0
1,811,001
1,817,056
Derivatives
17,744
8
1,610
16,126
17,744
Mandatorily measured at FVtPL
17,744
8
1,610
16,126
17,744
Investments in associates (equity-method)
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
Financial liabilities
31/12/2025
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities from financing activities
2,170,667
3
1,809,205
302,753
2,111,961
Measured at AC*
2,170,667
3
1,809,205
302,753
2,111,961
Liabilities held for financing and other purposes
3,708
0
3,233
475
3,708
Mandatorily measured at FVtPL
3,601
0
3,233
368
3,601
Designated measured at FVtPL
107
0
0
107
107
Other financial liabilties
62,723
0
0
62,723
62,723
Mandatorily measured at FVtPL
62,723
0
0
62,723
62,723
Financial liabilities
31/12/2024 adjusted
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities from financing activities
2,092,755
0
1,621,176
385,516
2,006,692
Measured at AC*
2,092,755
0
1,621,176
385,516
2,006,692
Liabilities held for financing and other purposes
1,999
0
923
1,076
1,999
Mandatorily measured at FVtPL
1,492
0
923
569
1,492
Designated measured at FVtPL
507
0
0
507
507
Other financial liabilties
59,255
0
0
59,255
59,255
Measured at AC
0
0
0
0
0
Mandatorily measured at FVtPL
59,255
0
0
59,255
59,255
17.2.
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. If, for example, necessary input parameters can no longer be directly observed on the market, a reclassification is carried out.
Reclassifications
31/12/2025
\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
58
1
5
1
2
Mandatorily measured at FVtOCI
58
1
5
1
2
Financial assets
58
1
5
1
2
Measured at FVtPL
160
41
13
83
65
Mandatorily measured at FVtPL
160
41
13
83
65
Financial assets
160
41
13
83
65
Total
218
42
18
84
67
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 based primarily on an improvement in the estimation of liquidity and/or the availability of valuation rates. The reclassifications from Level\u00a01 to Level\u00a03 are based primarily on a deterioration in the estimation of liquidity and/or changes in the availability of valuation rates. The reclassifications from Level\u00a03 to Level\u00a02 are based primarily on an improvement in liquidity and an improvement in the availability of valuation rates. The reclassifications from Level\u00a02 to Level\u00a03 are based primarily on a deterioration in credit rating and/or estimation of liquidity.
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
Measured at FVtPL
467
41
50
21
14
Mandatorily measured at FVtPL
462
41
50
21
14
Financial assets
462
41
50
21
14
Total
636
50
53
21
20
Development
2025
2024
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
6,863,378
3,077,552
1,527,291
6,274,276
3,187,018
1,145,261
Exchange rate differences
405
47,541
4,192
2,043
-40,662
4,582
Reclassification between classes of financial instruments
-15,880
16,209
-303
0
0
174
Reclassification to level
420,157
869,359
164,191
712,432
392,643
256,489
Reclassification from level
-461,552
-528,407
-463,748
-566,477
-778,348
-16,739
Amortisation and accrued interest
7,644
7,385
4,377
6,868
8,031
4,785
Additions
1,603,676
1,122,980
345,066
1,473,266
1,564,282
179,484
Disposals
-1,740,632
-1,099,618
-293,459
-1,709,032
-1,483,607
-115,324
Changes in scope of consolidation
0
0
-2,685
332,312
67,731
-99
Changes in value recognised in profit and loss
787,770
303,674
-37,080
337,690
160,464
68,678
Changes in value recognised directly in equity
0
0
0
0
0
0
Fair value as of 31/12
7,464,966
3,816,675
1,247,842
6,863,378
3,077,552
1,527,291
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-52": { "value": "
2.3.
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*
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Exposures located in
33,438,490
31,899,033
Austria
5,563,886
5,647,846
United States of America
1,871,480
1,744,539
Czech Republic
2,866,019
2,760,351
Romania
1,259,744
1,193,262
Hungary
824,070
738,871
Poland
2,348,933
2,231,636
Germany
2,350,950
2,179,627
France
2,031,334
2,055,325
Spain
1,107,083
978,538
Netherlands
1,133,828
904,034
Slovakia
1,106,088
1,226,952
T\u00fcrkiye
1,269,135
1,118,109
Rest of the World
9,705,940
9,119,943
Exposures denominated in
33,438,490
31,899,033
EUR
24,331,338
23,420,981
USD
892,856
886,039
CZK
2,857,855
2,741,843
RON
1,258,155
1,128,018
HUF
735,184
609,852
PLN
2,133,042
1,858,626
TRY
480,040
392,619
Other currencies
750,021
861,055
*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
31/12/2025
31/12/2025
31/12/2025
in %
\u00a0
\u00a0
\u00a0
Austria
3.72
11.36
1.90
Germany
0.00
2.71
8.88
Czech Republic
4.79
12.00
58.36
Slovakia
0.55
4.43
0.00
Poland
52.64
11.62
11.85
Romania
0.00
7.25
9.07
Other countries
38.30
50.63
9.94
*Excl. financial instruments from unit- and index-linked life insurance
There are government bonds measured at AC of EUR\u00a0813.3\u00a0million, measured at FVtOCI of EUR\u00a014,711.2\u00a0million and measured at FVtPL of EUR\u00a0547.9\u00a0million in the risk portfolio.

2.6.
Market risk
Reduction in market value
2025
\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 EUR '000)
9,179,399
7,199,940
7,629,889
7,477,559
8,355,835
7,190,645
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 EUR '000)
8,313,995
6,449,620
6,784,352
6,722,575
7,530,211
6,414,539
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
31/12/2025
31/12/2024
in EUR million
\u00a0
\u00a0
10-day holding period
311.7
477.4
20-day holding period
440.8
675.2
60-day holding period
763.5
1,169.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-53": { "value": "
Interest result using the effective interest rate method
2025
2024 adjusted
\u00a0
Measured at AC
Measured at FVtOCI
Total
Measured at AC
Measured at FVtOCI
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Interest revenues
255,101
841,056
1,096,157
203,969
793,728
997,697
Financial assets
255,101
841,056
1,096,157
203,969
793,728
997,697
Loans and bonds
68,548
841,056
909,604
73,116
793,728
866,844
Deposits*
186,553
\u00a0
186,553
130,853
\u00a0
130,853
Interest expenses
-75,189
0
-75,189
-71,532
0
-71,532
Financial liabilities
-75,189
\u00a0
-75,189
-71,532
\u00a0
-71,532
Liabilities from financing activities
-75,189
\u00a0
-75,189
-71,532
\u00a0
-71,532
Total
179,912
841,056
1,020,968
132,437
793,728
926,165
*Excl. Cash and cash equivalents
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-54": { "value": "
3.
Goodwill
The accounting policies used are presented in Note \u201c25.5. Goodwill\u201d.
Development
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
2,080,613
2,099,862
Cumulative impairment as of 31/12 of the previous year
-840,734
-728,497
Book value as of 31/12 of the previous year = Book value as of 01/01
1,239,879
1,371,365
Exchange rate differences
21,999
-15,159
Impairments
-72,609
-116,327
Book value as of 31/12
1,189,269
1,239,879
Cumulative impairment as of 31/12
915,626
840,734
Acquisition costs
2,104,895
2,080,613


The impairment in the current financial year relates to the CGU group Hungary (reportable segment Extended CEE).
Due to the repeated prolongation of the additional tax on insurance by the Hungarian government and further regulatory uncertainties, scenario analyses were calculated at the half-year point. These include further expenses arising from this tax extending beyond the currently applicable statutory period as well as higher expenses from the additional regulatory uncertainties. This led to reduced cash flow projections, which in turn led to a full impairment of goodwill for the CGU group Hungary in the half year.
The impairment in the previous year also related to the CGU group Hungary (reportable segment Extended CEE).
Composition of CGU units
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Austria
301,716
301,716
Czech Republic
465,746
448,108
Poland
155,701
153,735
Bulgaria
124,352
124,354
Slovakia
131,227
131,227
Hungary
0
70,212
Group Functions
10,527
10,527
Total
1,189,269
1,239,879
Additional information on impairments for CGU groups
Reportable segment
\u00a0
30/06/2025
31/12/2024
\u00a0
Impairments
Recoverable amount
Impairments
Recoverable amount
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Hungary
Extended CEE
72,609
262,625
116,327
303,848
Impairments are recognised in the income statement as a separate item between the subtotal, business operating result and the result before taxes.
3.1.
Assumptions used
Generally applied
2025
2024
Base rate before inflation differentials in %
3.54
2.59
Market risk premium in %
6.21
6.91
Beta-factor*
0.83
0.89
* The beta factor applied at the reporting date was determined on the basis of a defined peer group.
Key calculation parameters
Discount rates*
Country risks
Long-term growth rate
\u00a0
2025
2024
2025
2024
2025
2024
in %
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Austria
9.07
9.24
0.36
0.53
1.50
1.50
Czech Republic
9.50
9.49
0.78
0.80
4.03\u20134.58
3.77\u20134.10
Poland
10.33
10.70
1.10
1.13
5.22\u20135.57
5.48\u20135.75
Albania incl. Kosovo
13.84
13.95
4.66
4.80
6.43
6.56
Baltic states
9.90
9.93
1.19
1.22
4.91\u20137.76
4.82\u20137.60
Bosnia-Herzegovina
17.08
17.21
8.41
8.67
5.53\u20137.40
5.45\u20137.23
Bulgaria
11.32
10.97
2.07
2.13
5.86\u20136.41
5.49\u20136.16
Croatia
10.26
10.31
1.55
1.60
4.83\u20136.5
4.78\u20136.38
Moldova
20.05
20.39
8.41
8.67
8.21
8.28
North Macedonia
13.44
13.52
4.66
4.80
5.78
5.92
Romania
12.69
12.73
2.85
2.93
5.61\u20137.60
5.49\u20137.73
Serbia
13.66
13.82
3.90
4.02
5.42\u20137.35
5.50\u20137.35
Slovakia
10.26
10.31
1.55
1.60
4.59\u20135.34
4.54\u20135.31
Ukraine
27.58
28.55
15.54
16.01
9.75\u201312.89
9.80\u201312.93
Hungary
12.11
12.31
2.46
2.54
5.33\u20136.70
5.44\u20136.30
Germany
8.71
8.71
0.00
0.00
1.50
1.50
Georgia
13.54
13.74
3.90
4.02
6.39
6.45
Liechtenstein
8.71
8.71
0.00
0.00
1.50
1.50
T\u00fcrkiye
29.27
30.02
5.83
6.01
11.86\u201314.72
12.28\u201315.22
Group Functions
9.07\u201313.66
9.24\u201313.82
0.36\u20133.90
0.53\u20134.02
1.50\u20137.35
1.50\u20137.35
*The calculation of the discount rates is based on pre-tax parameters.
3.2.
Sensitivity analysis
The sensitivity analysis for the current reporting year indicated that no additional impairment was needed for CGU groups. The same parameters were used for the analysis of the sensitivities as in the previous financial year.
Sensitivity analysis
31/12/2024
Impairments
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
13.
Intangible assets
The accounting policies used are presented in Note \u201c25.6. Intangible assets\u201d.
Composition
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Purchased software
532,251
500,119
Other intangible assets
176,099
196,751
Total
708,350
696,870
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-55": { "value": "
3.
Goodwill
The accounting policies used are presented in Note \u201c25.5. Goodwill\u201d.
Development
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
2,080,613
2,099,862
Cumulative impairment as of 31/12 of the previous year
-840,734
-728,497
Book value as of 31/12 of the previous year = Book value as of 01/01
1,239,879
1,371,365
Exchange rate differences
21,999
-15,159
Impairments
-72,609
-116,327
Book value as of 31/12
1,189,269
1,239,879
Cumulative impairment as of 31/12
915,626
840,734
Acquisition costs
2,104,895
2,080,613


The impairment in the current financial year relates to the CGU group Hungary (reportable segment Extended CEE).
Due to the repeated prolongation of the additional tax on insurance by the Hungarian government and further regulatory uncertainties, scenario analyses were calculated at the half-year point. These include further expenses arising from this tax extending beyond the currently applicable statutory period as well as higher expenses from the additional regulatory uncertainties. This led to reduced cash flow projections, which in turn led to a full impairment of goodwill for the CGU group Hungary in the half year.
The impairment in the previous year also related to the CGU group Hungary (reportable segment Extended CEE).
Composition of CGU units
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Austria
301,716
301,716
Czech Republic
465,746
448,108
Poland
155,701
153,735
Bulgaria
124,352
124,354
Slovakia
131,227
131,227
Hungary
0
70,212
Group Functions
10,527
10,527
Total
1,189,269
1,239,879
Additional information on impairments for CGU groups
Reportable segment
\u00a0
30/06/2025
31/12/2024
\u00a0
Impairments
Recoverable amount
Impairments
Recoverable amount
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Hungary
Extended CEE
72,609
262,625
116,327
303,848
Impairments are recognised in the income statement as a separate item between the subtotal, business operating result and the result before taxes.
3.1.
Assumptions used
Generally applied
2025
2024
Base rate before inflation differentials in %
3.54
2.59
Market risk premium in %
6.21
6.91
Beta-factor*
0.83
0.89
* The beta factor applied at the reporting date was determined on the basis of a defined peer group.
Key calculation parameters
Discount rates*
Country risks
Long-term growth rate
\u00a0
2025
2024
2025
2024
2025
2024
in %
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Austria
9.07
9.24
0.36
0.53
1.50
1.50
Czech Republic
9.50
9.49
0.78
0.80
4.03\u20134.58
3.77\u20134.10
Poland
10.33
10.70
1.10
1.13
5.22\u20135.57
5.48\u20135.75
Albania incl. Kosovo
13.84
13.95
4.66
4.80
6.43
6.56
Baltic states
9.90
9.93
1.19
1.22
4.91\u20137.76
4.82\u20137.60
Bosnia-Herzegovina
17.08
17.21
8.41
8.67
5.53\u20137.40
5.45\u20137.23
Bulgaria
11.32
10.97
2.07
2.13
5.86\u20136.41
5.49\u20136.16
Croatia
10.26
10.31
1.55
1.60
4.83\u20136.5
4.78\u20136.38
Moldova
20.05
20.39
8.41
8.67
8.21
8.28
North Macedonia
13.44
13.52
4.66
4.80
5.78
5.92
Romania
12.69
12.73
2.85
2.93
5.61\u20137.60
5.49\u20137.73
Serbia
13.66
13.82
3.90
4.02
5.42\u20137.35
5.50\u20137.35
Slovakia
10.26
10.31
1.55
1.60
4.59\u20135.34
4.54\u20135.31
Ukraine
27.58
28.55
15.54
16.01
9.75\u201312.89
9.80\u201312.93
Hungary
12.11
12.31
2.46
2.54
5.33\u20136.70
5.44\u20136.30
Germany
8.71
8.71
0.00
0.00
1.50
1.50
Georgia
13.54
13.74
3.90
4.02
6.39
6.45
Liechtenstein
8.71
8.71
0.00
0.00
1.50
1.50
T\u00fcrkiye
29.27
30.02
5.83
6.01
11.86\u201314.72
12.28\u201315.22
Group Functions
9.07\u201313.66
9.24\u201313.82
0.36\u20133.90
0.53\u20134.02
1.50\u20137.35
1.50\u20137.35
*The calculation of the discount rates is based on pre-tax parameters.
3.2.
Sensitivity analysis
The sensitivity analysis for the current reporting year indicated that no additional impairment was needed for CGU groups. The same parameters were used for the analysis of the sensitivities as in the previous financial year.
Sensitivity analysis
31/12/2024
Impairments
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-56": { "value": "
4.
Investment Property
The accounting policies used are presented in Note \u201c25.7. Investment property\u201d. The fair values can be found in Note \u201c17. Calculation of Fair Value\u201d.
Development
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
4,113,570
3,914,121
Cumulative valuation as of 31/12 of the previous year
-1,135,305
-1,062,031
Book value as of 31/12 of the previous year = Book value as of 01/01
2,978,265
2,852,090
Exchange rate differences
3,949
1,409
Reclassifications
-3,671
2,957
Additions
185,062
198,289
Disposals
-3,329
-1,100
Reclassification to Disposal groups classified as held for sale
-24,803
0
Changes in scope of consolidation
14,688
2
Appreciation
0
3,636
Scheduled depreciation
-95,926
-75,281
Impairments
-7,678
-3,737
Book value as of 31/12
3,046,557
2,978,265
Cumulative valuation as of 31/12
1,167,543
1,135,305
Acquisition costs
4,214,100
4,113,570




The impairments are due mainly to the buildings of Wiener St\u00e4dtische (EUR\u00a06,628,000) and Omniasig (EUR\u00a01,045,000).
The impairments from the previous year 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 changes in the scope of consolidation result mainly from the initial inclusion of Rezidence Opatov, s.r.o. (EUR\u00a014,067,000), zuuri s.r.o. (EUR\u00a06,852,000), samavu s.r.o. (EUR\u00a06,198,000) and the final consolidation of WNH Liegenschaftsbesitz GmbH (EUR\u00a013,975,000).
Amounts recognised in profit or loss
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Rental income
232,130
214,139
Operating expenses
-82,947
-78,838
Operating expenses for rented investment property
-77,883
-72,640
Operating expenses for vacant investment property
-5,064
-6,198
Disposal result
1,265
705
Gain from disposal
1,265
861
Losses from disposal
0
-156
Total
150,448
136,006
Type of usage
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Self-used
16,016
13,770
Rented (operating lease)
3,030,541
2,964,495
Total
3,046,557
2,978,265
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
31/12/2025
31/12/2024
Austria
65.62
66.63
Owner-occupied property
4.99
4.87
Investment property
60.63
61.76
Group Functions
17.89
17.74
Owner-occupied property
1.26
1.18
Investment property
16.63
16.56
Other segments
16.49
15.63
Owner-occupied property
7.16
7.50
Investment property
9.33
8.13
Assets
31/12/2025
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,368,363
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
42,490,212
30,805,069
7,969,192
3,717,528
42,491,789
Loans and bonds
29,889,832
24,144,960
4,900,363
829,893
29,875,216
Measured at AC
1,700,167
519,107
868,666
297,778
1,685,551
Mandatorily measured at FVtOCI
26,065,578
22,712,542
3,283,677
69,359
26,065,578
Mandatorily measured at FVtPL
1,785,133
587,971
734,406
462,756
1,785,133
Designated measured at FVtPL
338,954
325,340
13,614
0
338,954
Variable-interest securities
10,764,688
6,641,025
3,068,606
1,055,057
10,764,688
Designated measured at FVtOCI
360,570
89,370
174
271,026
360,570
Mandatorily measured at FVtPL
10,404,118
6,551,655
3,068,432
784,031
10,404,118
Deposits*
1,834,414
19,084
0
1,831,523
1,850,607
Measured at AC
1,834,414
19,084
0
1,831,523
1,850,607
Derivatives
1,278
0
223
1,055
1,278
Mandatorily measured at FVtPL
1,278
0
223
1,055
1,278
Investments in associates (equity-method)
246,451
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
3,046,557
0
33,402
4,554,430
4,587,832
Owner-occupied property
471,838
0
40,573
795,719
836,292
Assets
31/12/2024 adjusted
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,748,124
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
39,637,179
28,070,686
7,623,744
3,927,130
39,621,560
Loans and bonds
28,114,879
22,010,243
5,276,274
800,544
28,087,061
Measured at AC
1,586,620
479,288
845,241
234,273
1,558,802
Mandatorily measured at FVtOCI
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Mandatorily measured at FVtPL
1,721,978
541,833
715,574
464,571
1,721,978
Designated measured at FVtPL
319,827
305,319
14,508
0
319,827
Variable-interest securities
9,699,699
6,054,380
2,345,860
1,299,459
9,699,699
Designated measured at FVtOCI
291,027
38,162
0
252,865
291,027
Mandatorily measured at FVtPL
9,408,672
6,016,218
2,345,860
1,046,594
9,408,672
Deposits*
1,804,857
6,055
0
1,811,001
1,817,056
Measured at AC
1,804,857
6,055
0
1,811,001
1,817,056
Derivatives
17,744
8
1,610
16,126
17,744
Mandatorily measured at FVtPL
17,744
8
1,610
16,126
17,744
Investments in associates (equity-method)
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
17.3.
Measurement of the fair value of real estate
Basis of the measurement
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Investment property
4,587,832
4,507,013
Evaluated by an independent expert*
885,475
952,700
Evaluated by an internal expert
3,702,357
3,554,313
Owner-occupied property
836,292
822,120
Evaluated by an independent expert
367,516
364,204
Evaluated by an internal expert
468,776
457,916
*This corresponds to 19.30% (21.14%) of the fair value of the item investment property.
Measurement method
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Investment property
4,587,832
4,507,013
Capitalised earnings value methode
4,123,578
3,960,340
Comparative pricing method/market approach
428,773
412,096
Other method
35,481
134,577
Owner-occupied property
836,292
822,120
Capitalised earnings value methode
650,291
638,577
Comparative pricing method/market approach
172,067
183,231
Other method
13,934
312
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-57": { "value": "
Development
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
4,113,570
3,914,121
Cumulative valuation as of 31/12 of the previous year
-1,135,305
-1,062,031
Book value as of 31/12 of the previous year = Book value as of 01/01
2,978,265
2,852,090
Exchange rate differences
3,949
1,409
Reclassifications
-3,671
2,957
Additions
185,062
198,289
Disposals
-3,329
-1,100
Reclassification to Disposal groups classified as held for sale
-24,803
0
Changes in scope of consolidation
14,688
2
Appreciation
0
3,636
Scheduled depreciation
-95,926
-75,281
Impairments
-7,678
-3,737
Book value as of 31/12
3,046,557
2,978,265
Cumulative valuation as of 31/12
1,167,543
1,135,305
Acquisition costs
4,214,100
4,113,570
Development
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
776,990
772,132
Cumulative valuation as of 31/12 of the previous year
-310,150
-301,182
Book value as of 31/12 of the previous year = Book value as of 01/01
466,840
470,950
Exchange rate differences
4,754
-3,461
Reclassifications
3,010
-4,554
Additions
22,810
25,471
Disposals
-288
-1,352
Changes in scope of consolidation
0
-2,083
Scheduled depreciation
-19,395
-18,131
Impairments
-5,893
0
Book value as of 31/12
471,838
466,840
Cumulative valuation as of 31/12
339,991
310,150
Acquisition costs
811,829
776,990

Purchased software
Development
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
1,149,189
1,048,854
Cumulative valuation as of 31/12 of the previous year
-649,070
-572,715
Book value as of 31/12 of the previous year = Book value as of 01/01
500,119
476,139
Exchange rate differences
2,805
-4,165
Reclassifications
-1,865
-14,930
Additions
145,971
130,732
Disposals
-7,812
-2,518
Changes in scope of consolidation
196
3,400
Reversal of impairments
238
8
Scheduled depreciation
-99,472
-88,463
Impairments
-7,929
-84
Book value as of 31/12
532,251
500,119
Cumulative valuation as of 31/12
744,347
649,070
Acquisition costs
1,276,598
1,149,189
The impairments shown are mainly due to software packages that are no longer being used in Germany (previous year: Romania and Poland).
16.
Type of expenses and details other income and expenses
16.1.
General information
Due to the accounting and valuation requirements of IFRS 17, 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\u00a03,965,440,000 in the current period. Apart from personnel expenses, a significant portion is made up of commissions deferred, IT expenses, taxes related to insurance contracts and scheduled depreciation.
16.2.
Personnel
Number of employees
31/12/2025
31/12/2024
Number
\u00a0
\u00a0
Sales representatives
16,146
15,745
Office staff
17,133
15,898
Total
33,279
31,643

The employee figures shown are average values based on full-time equivalents.
Personnel expenses
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Wages and salaries
1,067,063
979,677
Expenses for severance benefits and payments to company pension plans
9,296
9,134
Expenses for retirement provisions
13,305
15,534
Mandatory social security contributions and expenses
270,199
240,609
Other social security expenses
42,011
36,471
Total
1,401,874
1,281,425
Sales representatives
544,045
499,043
Office staff
857,829
782,382
16.3.
Other income and expenses
\u00a0
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Other income
375,253
344,771
thereof exchange rate gains
51,813
58,692
thereof other revenue from services
191,773
166,429
Other expenses
-1,042,898
-889,735
thereof general administrative expenses acc. to IFRS 17
-622,434
-541,786
thereof exchange rate losses
-53,620
-56,809
thereof losses from non-monetary items acc. to IAS 29
-21,324
-30,947
thereof result from owner-occupied property
-17,495
-6,637
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-58": { "value": "
Development
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
4,113,570
3,914,121
Cumulative valuation as of 31/12 of the previous year
-1,135,305
-1,062,031
Book value as of 31/12 of the previous year = Book value as of 01/01
2,978,265
2,852,090
Exchange rate differences
3,949
1,409
Reclassifications
-3,671
2,957
Additions
185,062
198,289
Disposals
-3,329
-1,100
Reclassification to Disposal groups classified as held for sale
-24,803
0
Changes in scope of consolidation
14,688
2
Appreciation
0
3,636
Scheduled depreciation
-95,926
-75,281
Impairments
-7,678
-3,737
Book value as of 31/12
3,046,557
2,978,265
Cumulative valuation as of 31/12
1,167,543
1,135,305
Acquisition costs
4,214,100
4,113,570
Development
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
776,990
772,132
Cumulative valuation as of 31/12 of the previous year
-310,150
-301,182
Book value as of 31/12 of the previous year = Book value as of 01/01
466,840
470,950
Exchange rate differences
4,754
-3,461
Reclassifications
3,010
-4,554
Additions
22,810
25,471
Disposals
-288
-1,352
Changes in scope of consolidation
0
-2,083
Scheduled depreciation
-19,395
-18,131
Impairments
-5,893
0
Book value as of 31/12
471,838
466,840
Cumulative valuation as of 31/12
339,991
310,150
Acquisition costs
811,829
776,990

Purchased software
Development
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
1,149,189
1,048,854
Cumulative valuation as of 31/12 of the previous year
-649,070
-572,715
Book value as of 31/12 of the previous year = Book value as of 01/01
500,119
476,139
Exchange rate differences
2,805
-4,165
Reclassifications
-1,865
-14,930
Additions
145,971
130,732
Disposals
-7,812
-2,518
Changes in scope of consolidation
196
3,400
Reversal of impairments
238
8
Scheduled depreciation
-99,472
-88,463
Impairments
-7,929
-84
Book value as of 31/12
532,251
500,119
Cumulative valuation as of 31/12
744,347
649,070
Acquisition costs
1,276,598
1,149,189
The impairments shown are mainly due to software packages that are no longer being used in Germany (previous year: Romania and Poland).
Due to the accounting and valuation requirements of IFRS 17, 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\u00a03,965,440,000 in the current period. Apart from personnel expenses, a significant portion is made up of commissions deferred, IT expenses, taxes related to insurance contracts and scheduled depreciation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-59": { "value": "
Type of usage
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Self-used
16,016
13,770
Rented (operating lease)
3,030,541
2,964,495
Total
3,046,557
2,978,265
8.
Financial liabilities
8.1.
Overview
Composition
31.12.2025
31/12/2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
Liabilities from financing activities
2,414,865
2,312,886
Subordinated liabilities
1,376,153
1,215,495
Liabilities to banks
217,410
298,188
Liabilities from financing activities
577,104
579,072
Lease liabilities
244,198
220,131
Liabilities held for financing and other purposes
3,708
1,999
Liabilities held for other purposes
3,708
1,999
Other financial liabilties
62,723
59,255
Total
2,481,296
2,374,140
Development
31/12/2025
\u00a0
Subordinated liabilities
Liabilities from financing activities
in EUR \u2018000
\u00a0
\u00a0
Book value as of 31/12 of the previous year = Book value as of 01/01
1,215,495
579,072
Cash changes
104,503
-8,168
Cash inflows
300,000
0
Payments
-145,217
-2,463
Paid interest
-50,280
-5,705
Non-cash changes
56,155
6,200
Additions
56,155
6,200
Book value as of 31/12
1,376,153
577,104
Development
31/12/2024
\u00a0
Subordinated liabilities
Liabilities from financing activities
in EUR \u2018000
\u00a0
\u00a0
Book value as of 31/12 of the previous year = Book value as of 01/01
1,309,283
579,908
Cash changes
-144,945
-7,183
Cash inflows
0
50
Payments
-91,748
-1,473
Paid interest
-53,197
-5,760
Non-cash changes
51,157
6,347
Additions
51,570
6,339
Exchange rate differences
-413
8
Book value as of 31/12
1,215,495
579,072
14.
Leases
Lessors \u2013 operating leases
Maturity analysis of undiscounted lease payments
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Up to 1 year
175,308
167,299
More than one year up to two years
160,959
154,787
More than two years up to three years
146,976
144,700
More than three years up to four years
137,140
132,112
More than four years up to five years
124,165
118,951
More than five years
3,651,484
3,515,286
Total
4,396,032
4,233,135
Lease income
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Fixed lease income
180,425
172,441
Lease income from variable lease payments
39,388
33,115
Total
219,813
205,556
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-60": { "value": "
5.
Owner-occupied property and equipment
The accounting policies used are presented in Note \u201c25.8. Owner-occupied property\u201d.
Composition
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Owner-occupied property
471,838
466,840
Tangible assets
169,809
162,222
Total
641,647
629,062
There are no material existence and amounts of restrictions or material contractual obligations for acquiring the items under \u201cOwner-occupied property and equipment\u201d.
5.1.
Owner-occupied property
Development
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
776,990
772,132
Cumulative valuation as of 31/12 of the previous year
-310,150
-301,182
Book value as of 31/12 of the previous year = Book value as of 01/01
466,840
470,950
Exchange rate differences
4,754
-3,461
Reclassifications
3,010
-4,554
Additions
22,810
25,471
Disposals
-288
-1,352
Changes in scope of consolidation
0
-2,083
Scheduled depreciation
-19,395
-18,131
Impairments
-5,893
0
Book value as of 31/12
471,838
466,840
Cumulative valuation as of 31/12
339,991
310,150
Acquisition costs
811,829
776,990
The impairments are due mainly to the buildings of Omniasig (EUR\u00a03,483,000) and Alfa (Hungary) (EUR\u00a02,039,000).
Composition of reportable segments
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Austria
175,395
167,634
Czech Republic
114,856
111,479
Poland
7,592
7,728
Extended CEE
123,807
133,195
Special Markets
5,796
6,007
Group Functions
44,392
40,797
Total
471,838
466,840
Type of usage
31/12/2025
31/12/2024
\u00a0
Self-used
Rented (operating lease)
Total
Self-used
Rented (operating lease)
Total
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Owner-occupied property
450,766
21,072
471,838
436,510
30,330
466,840
Assets
31/12/2025
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,368,363
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
42,490,212
30,805,069
7,969,192
3,717,528
42,491,789
Loans and bonds
29,889,832
24,144,960
4,900,363
829,893
29,875,216
Measured at AC
1,700,167
519,107
868,666
297,778
1,685,551
Mandatorily measured at FVtOCI
26,065,578
22,712,542
3,283,677
69,359
26,065,578
Mandatorily measured at FVtPL
1,785,133
587,971
734,406
462,756
1,785,133
Designated measured at FVtPL
338,954
325,340
13,614
0
338,954
Variable-interest securities
10,764,688
6,641,025
3,068,606
1,055,057
10,764,688
Designated measured at FVtOCI
360,570
89,370
174
271,026
360,570
Mandatorily measured at FVtPL
10,404,118
6,551,655
3,068,432
784,031
10,404,118
Deposits*
1,834,414
19,084
0
1,831,523
1,850,607
Measured at AC
1,834,414
19,084
0
1,831,523
1,850,607
Derivatives
1,278
0
223
1,055
1,278
Mandatorily measured at FVtPL
1,278
0
223
1,055
1,278
Investments in associates (equity-method)
246,451
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
3,046,557
0
33,402
4,554,430
4,587,832
Owner-occupied property
471,838
0
40,573
795,719
836,292
Assets
31/12/2024 adjusted
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,748,124
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
39,637,179
28,070,686
7,623,744
3,927,130
39,621,560
Loans and bonds
28,114,879
22,010,243
5,276,274
800,544
28,087,061
Measured at AC
1,586,620
479,288
845,241
234,273
1,558,802
Mandatorily measured at FVtOCI
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Mandatorily measured at FVtPL
1,721,978
541,833
715,574
464,571
1,721,978
Designated measured at FVtPL
319,827
305,319
14,508
0
319,827
Variable-interest securities
9,699,699
6,054,380
2,345,860
1,299,459
9,699,699
Designated measured at FVtOCI
291,027
38,162
0
252,865
291,027
Mandatorily measured at FVtPL
9,408,672
6,016,218
2,345,860
1,046,594
9,408,672
Deposits*
1,804,857
6,055
0
1,811,001
1,817,056
Measured at AC
1,804,857
6,055
0
1,811,001
1,817,056
Derivatives
17,744
8
1,610
16,126
17,744
Mandatorily measured at FVtPL
17,744
8
1,610
16,126
17,744
Investments in associates (equity-method)
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
17.3.
Measurement of the fair value of real estate
Basis of the measurement
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Investment property
4,587,832
4,507,013
Evaluated by an independent expert*
885,475
952,700
Evaluated by an internal expert
3,702,357
3,554,313
Owner-occupied property
836,292
822,120
Evaluated by an independent expert
367,516
364,204
Evaluated by an internal expert
468,776
457,916
*This corresponds to 19.30% (21.14%) of the fair value of the item investment property.
Measurement method
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Investment property
4,587,832
4,507,013
Capitalised earnings value methode
4,123,578
3,960,340
Comparative pricing method/market approach
428,773
412,096
Other method
35,481
134,577
Owner-occupied property
836,292
822,120
Capitalised earnings value methode
650,291
638,577
Comparative pricing method/market approach
172,067
183,231
Other method
13,934
312
17.5.
Unobservable input factors
Asset class
Measurement methods
\u00a0
Unobservable input factors
\u00a0
Range
\u00a0
31/12/2025
31/12/2024 adjusted
\u00a0
from
to
from
to
Property
Capitalised earnings value
\u00a0
\u00a0
Capitalisation rate
in %
0.80
7.80
0.30
7.47
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Rental income
in EUR \u2018000
7
5,243
7
5,124
Land prices
in EUR \u2018000
0
12
0
12
Discounted Cash flow
\u00a0
Capitalisation rate
in %
4.96
9.12
5.33
9.18
Rental income
in EUR \u2018000
117
9,240
116
7,754
Building rights \u2013 capitalised earnings value
\u00a0
\u00a0
\u00a0
Capitalisation rate
in %
2.00
4.00
2.50
4.00
Rental income
in EUR \u2018000
81
4,349
83
4,349
Land prices
in EUR \u2018000
0.19
0.80
0.31
0.80
Construction interest actually paid
in %
2.03
9.00
0.90
4.56
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-61": { "value": "
6.
Investments in associates (Equity Method)
The Investments in associates balance sheet item consists only of shares in at equity consolidated companies. The list of associated companies is presented in Note \u201c21. Business combinations\u201d.
Shares in at equity consolidated companies had a book value of EUR\u00a0246.5\u00a0million as of 31 December 2025 and a book value of EUR\u00a0204.8\u00a0million as of 31 December 2024. Shares in at equity consolidated companies therefore represented 0.65% (0.56%) of the book value of the total risk-bearing portfolio as of 31 December 2025.
At equity-consolidated companies
Country of domicile
Registered office
Interest 2025
Interest 2024
\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
PHINANCE SP\u00d3\u0141KA AKCYJNA
Poland
Poznan
48.81
\u00a0
Towarzystwo Ubezpiecze\u0144 Wzajemnych \u201eTUW\"
Poland
Warsaw
52.16
52.16
UNIVERSAL makl\u00e9rsky dom a.s.
Slovakia
Bratislava
34.46
34.46
VBV - Betriebliche Altersvorsorge AG
Austria
Vienna
24.83
24.83
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-62": { "value": "
7.1.
Receivables
Composition
31/12/2025
31/12/2024
\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
448,585
-3,081
445,504
461,697
-19,840
441,857
Other receivables
170,616
\u00a0
170,616
118,111
\u00a0
118,111
Total
619,201
-3,081
616,120
579,808
-19,840
559,968
Receivables valued in accordance with IFRS\u00a09 in the current year as well as previous year primarily consist of: Receivables from finance lease, Receivables from facility management as well as Receivables from services (IFRS 15).
Maturity structure
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Up to 1 year
427,645
408,920
More than one year up to five years
84,458
61,508
More than five years up to ten years
34,974
20,229
More than ten years
69,043
69,311
Total
616,120
559,968
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-63": { "value": "
7.2.
LIABILITIES AND OTHER PAYABLES
Composition
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
IFRS 9 measured liabilities
642,152
582,834
Other liabilities
639,445
573,984
Total
1,281,597
1,156,818
Liabilities valued in accordance with IFRS\u00a09 primarily consist of: Liabilities for unpaid invoices received, Liabilities from sureties as well as Liabilities from purchases of capital investments.
For detailed information on tax liabilities, please refer to Note \u201c11. Taxes\u201d.
For detailed information on leasing liabilities, please refer to Note \u201c8.Financial liabilities\u201d.
Maturity structure
31/12/2025
31/12/2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
Up to 1 year
1,180,899
1,062,732
More than one year up to five years
47,161
48,914
More than five years up to ten years
44,493
35,865
More than ten years
9,044
9,307
Total
1,281,597
1,156,818
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-64": { "value": "
7.2.
LIABILITIES AND OTHER PAYABLES
Composition
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
IFRS 9 measured liabilities
642,152
582,834
Other liabilities
639,445
573,984
Total
1,281,597
1,156,818
Liabilities valued in accordance with IFRS\u00a09 primarily consist of: Liabilities for unpaid invoices received, Liabilities from sureties as well as Liabilities from purchases of capital investments.
For detailed information on tax liabilities, please refer to Note \u201c11. Taxes\u201d.
For detailed information on leasing liabilities, please refer to Note \u201c8.Financial liabilities\u201d.
Maturity structure
31/12/2025
31/12/2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
Up to 1 year
1,180,899
1,062,732
More than one year up to five years
47,161
48,914
More than five years up to ten years
44,493
35,865
More than ten years
9,044
9,307
Total
1,281,597
1,156,818
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-65": { "value": "
7.2.
LIABILITIES AND OTHER PAYABLES
Composition
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
IFRS 9 measured liabilities
642,152
582,834
Other liabilities
639,445
573,984
Total
1,281,597
1,156,818
Liabilities valued in accordance with IFRS\u00a09 primarily consist of: Liabilities for unpaid invoices received, Liabilities from sureties as well as Liabilities from purchases of capital investments.
For detailed information on tax liabilities, please refer to Note \u201c11. Taxes\u201d.
For detailed information on leasing liabilities, please refer to Note \u201c8.Financial liabilities\u201d.
Maturity structure
31/12/2025
31/12/2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
Up to 1 year
1,180,899
1,062,732
More than one year up to five years
47,161
48,914
More than five years up to ten years
44,493
35,865
More than ten years
9,044
9,307
Total
1,281,597
1,156,818
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-66": { "value": "
7.2.
LIABILITIES AND OTHER PAYABLES
Composition
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
IFRS 9 measured liabilities
642,152
582,834
Other liabilities
639,445
573,984
Total
1,281,597
1,156,818
Liabilities valued in accordance with IFRS\u00a09 primarily consist of: Liabilities for unpaid invoices received, Liabilities from sureties as well as Liabilities from purchases of capital investments.
For detailed information on tax liabilities, please refer to Note \u201c11. Taxes\u201d.
For detailed information on leasing liabilities, please refer to Note \u201c8.Financial liabilities\u201d.
Maturity structure
31/12/2025
31/12/2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
Up to 1 year
1,180,899
1,062,732
More than one year up to five years
47,161
48,914
More than five years up to ten years
44,493
35,865
More than ten years
9,044
9,307
Total
1,281,597
1,156,818
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-67": { "value": "
8.
Financial liabilities
8.1.
Overview
Composition
31.12.2025
31/12/2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
Liabilities from financing activities
2,414,865
2,312,886
Subordinated liabilities
1,376,153
1,215,495
Liabilities to banks
217,410
298,188
Liabilities from financing activities
577,104
579,072
Lease liabilities
244,198
220,131
Liabilities held for financing and other purposes
3,708
1,999
Liabilities held for other purposes
3,708
1,999
Other financial liabilties
62,723
59,255
Total
2,481,296
2,374,140
Development
31/12/2025
\u00a0
Subordinated liabilities
Liabilities from financing activities
in EUR \u2018000
\u00a0
\u00a0
Book value as of 31/12 of the previous year = Book value as of 01/01
1,215,495
579,072
Cash changes
104,503
-8,168
Cash inflows
300,000
0
Payments
-145,217
-2,463
Paid interest
-50,280
-5,705
Non-cash changes
56,155
6,200
Additions
56,155
6,200
Book value as of 31/12
1,376,153
577,104
Development
31/12/2024
\u00a0
Subordinated liabilities
Liabilities from financing activities
in EUR \u2018000
\u00a0
\u00a0
Book value as of 31/12 of the previous year = Book value as of 01/01
1,309,283
579,908
Cash changes
-144,945
-7,183
Cash inflows
0
50
Payments
-91,748
-1,473
Paid interest
-53,197
-5,760
Non-cash changes
51,157
6,347
Additions
51,570
6,339
Exchange rate differences
-413
8
Book value as of 31/12
1,215,495
579,072
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
159,270
4,824
313
First 11 years: 3.75% p.a.; thereafter variable
154,956
VIG Holding
13/04/2017
137,607
3,607
304
First 10 years: 3.75% p.a.; thereafter variable
134,288
VIG Holding
15/06/2022
513,289
13,289
204
First 10 years: 4,875% p.a.; thereafter variable
527,155
VIG Holding
02/04/2025
310,377
10,377
204
First 10 years: 4,625% p.a.; thereafter variable
310,197
Wiener St\u00e4dtische
11/05/2017
255,610
5,610
105
3.50% p.a.
251,208
Total
\u00a0
1,376,153
37,707
\u00a0
\u00a0
1,377,804
1The outstanding volume includes the respective pro rata interest according to the dirty value-method.
2The fair value is calculated on the basis of the securities\u2019 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 years was issued on 2 March 2015. It can be called at 100% by VIG Holding for the first time at 2 March 2026 and at every coupon date after that. In the first 11 years 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 2 requirements according to Solvency II. The bond is listed on the Luxembourg Stock Exchange. On 21 April 2023, the first early partial redemption of the subordinated bonds took place, with approximately EUR\u00a0185.6\u00a0million being redeemed. On 3 April 2025, a further EUR\u00a060.0\u00a0million was repurchased, leaving the outstanding volume of these bonds at EUR\u00a0154.4\u00a0million. Reference is also made to the comments under Note \u201c27. Significant events after the balance sheet date\u201d regarding the \u201cTermination and redemption of subordinated notes 2015\u201d.
A subordinated bond of EUR\u00a0200,000,000.00 was issued on 6 April 2017 as part of a private placement. The subordinated bond has a term of 30 years and can be called by VIG Holding for the first time after the expiry of 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. 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 April 2017. On 3 April 2025, EUR\u00a066.0\u00a0million was repurchased early, leaving the outstanding volume of these bonds at EUR\u00a0134.0\u00a0million.
A subordinated Tier 2 bond with an aggregate principal amount of EUR\u00a0500,000,000.00 was placed on 8 June 2022. The subordinated bond has a term of 20 years and can be called by VIG Holding for the first time after the expiry of 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 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 June 2032. The debt instruments are traded on the Vienna Stock Exchange.
A subordinated Tier 2 bond with an aggregate principal amount of EUR\u00a0300,000,000.00 was placed on 2 April 2025. The subordinated bond has a term of 20 years and can be called by VIG Holding for the first time after the expiry of 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 debt instruments will initially bear a fixed-interest rate of 4.625% 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 2 April 2035. The debt instruments are traded on the Vienna Stock Exchange.
Financial liabilities
31/12/2025
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities from financing activities
2,170,667
3
1,809,205
302,753
2,111,961
Measured at AC*
2,170,667
3
1,809,205
302,753
2,111,961
Liabilities held for financing and other purposes
3,708
0
3,233
475
3,708
Mandatorily measured at FVtPL
3,601
0
3,233
368
3,601
Designated measured at FVtPL
107
0
0
107
107
Other financial liabilties
62,723
0
0
62,723
62,723
Mandatorily measured at FVtPL
62,723
0
0
62,723
62,723
Financial liabilities
31/12/2024 adjusted
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities from financing activities
2,092,755
0
1,621,176
385,516
2,006,692
Measured at AC*
2,092,755
0
1,621,176
385,516
2,006,692
Liabilities held for financing and other purposes
1,999
0
923
1,076
1,999
Mandatorily measured at FVtPL
1,492
0
923
569
1,492
Designated measured at FVtPL
507
0
0
507
507
Other financial liabilties
59,255
0
0
59,255
59,255
Measured at AC
0
0
0
0
0
Mandatorily measured at FVtPL
59,255
0
0
59,255
59,255
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-68": { "value": "
9.
Notes to the consolidated income statement
Composition
Austria
Czech Republic
Poland
\u00a0
2025
2024
2025
2024
2025
2024
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
1,296,663
820,847
148,517
143,621
200,999
125,001
Interest revenues using the effective interest rate method
432,554
430,949
65,116
76,835
73,907
68,037
Impairment losses incl. reversal gains on financial instruments
42,122
2,508
130
5,706
164
2,762
Realised gains and losses from financial assets measured at AC
-10,500
0
0
0
0
-1,699
Other result from financial instruments
832,487
387,390
83,271
61,080
126,928
55,901
thereof result from the valuation of financial assets measured at FVtPL
720,630
275,412
67,410
59,678
65,456
18,782
thereof result from sale of financial instruments measured at FVtPL
20,872
19,713
6,697
5,845
67,936
36,370
Income and expenses from investment property
30,184
40,501
-11
-8
492
457
thereof current income
103,214
92,905
506
670
969
926
thereof depreciation
-73,030
-52,601
-1,348
-629
-477
-469
thereof result from sale
0
197
831
-49
0
0
Finance costs
-29,037
-32,645
-2,532
-3,131
-2,069
-2,047
thereof interest expenses for personnel provisions
-7,589
-8,582
0
0
0
0
thereof interest expenses financing liabilities
-770
-858
0
0
0
0
thereof interest expenses for liabilities to financial institutions
-1,306
-1,363
0
0
0
0
thereof interest expenses for subordinate liabilities
-17,113
-19,984
-769
-1,678
-1,599
-1,581
thereof interest expenses for lease liabilities
-2,242
-1,847
-1,976
-1,405
-941
-578
Result from owner-occupied properties
948
985
-4,907
-1,975
-408
909
thereof depreciation
-8,554
-8,123
-3,747
-3,684
-308
-355
thereof result from sale
0
0
0
2,681
0
1,478
Composition
Extended CEE
Special Markets
Group Functions
\u00a0
2025
2024
2025
2024
2025
2024
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
361,620
404,884
361,169
337,574
62,619
79,673
Interest revenues using the effective interest rate method
227,860
210,509
218,592
149,266
105,531
89,841
Impairment losses incl. reversal gains on financial instruments
-18,028
3,378
-3,929
-32,654
1,265
194
Realised gains and losses from financial assets measured at AC
1,365
-196
-36
-7
-218
-3,174
Other result from financial instruments
150,423
191,193
146,542
220,969
-43,959
-7,188
thereof result from the valuation of financial assets measured at FVtPL
140,729
130,031
57,165
80,462
2,974
1,150
thereof result from sale of financial instruments measured at FVtPL
3,459
32,327
3,527
11,636
-3,020
-2,554
Income and expenses from investment property
-1,200
2,204
187
235
17,250
17,290
thereof current income
8,187
7,110
427
489
35,939
33,257
thereof depreciation
-9,807
-5,647
-253
-254
-18,689
-19,418
thereof result from sale
420
613
13
0
0
-56
Finance costs
-9,473
-8,466
-2,584
-2,122
-67,718
-62,156
thereof interest expenses for personnel provisions
-59
-42
-359
0
-1,788
-1,893
thereof interest expenses financing liabilities
-587
-521
0
0
-16,602
-16,995
thereof interest expenses for liabilities to financial institutions
0
-7
0
0
-2,561
-2,949
thereof interest expenses for subordinate liabilities
-6,365
-6,425
0
0
-46,845
-39,985
thereof interest expenses for lease liabilities
-1,585
-1,475
-2,226
-2,120
-165
-178
Result from owner-occupied properties
-8,799
-1,374
305
310
1,242
932
thereof depreciation
-9,376
-3,512
-263
-240
-1,256
-1,436
thereof result from sale
464
2,068
0
0
0
0
Composition
Consolidation
Total
\u00a0
2025
2024
2025
2024
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
-33,550
-27,554
2,398,037
1,884,046
Interest revenues using the effective interest rate method
-27,403
-27,740
1,096,157
997,697
Impairment losses incl. reversal gains on financial instruments
7
0
21,731
-18,106
Realised gains and losses from financial assets measured at AC
0
0
-9,389
-5,076
Other result from financial instruments
-6,154
186
1,289,538
909,531
thereof result from the valuation of financial assets measured at FVtPL
0
0
1,054,364
565,515
thereof result from sale of financial instruments measured at FVtPL
0
0
99,471
103,337
Income and expenses from investment property
-59
-56
46,843
60,623
thereof current income
-59
-57
149,183
135,300
thereof depreciation
0
0
-103,604
-79,018
thereof result from sale
0
0
1,264
705
Finance costs
28,345
28,343
-85,068
-82,224
thereof interest expenses for personnel provisions
0
0
-9,795
-10,517
thereof interest expenses financing liabilities
11,230
11,454
-6,729
-6,920
thereof interest expenses for liabilities to financial institutions
0
0
-3,867
-4,319
thereof interest expenses for subordinate liabilities
16,229
16,276
-56,462
-53,377
thereof interest expenses for lease liabilities
1,004
688
-8,131
-6,915
Result from owner-occupied properties
-5,876
-6,425
-17,495
-6,638
thereof depreciation
0
0
-23,504
-17,350
thereof result from sale
0
0
464
6,227
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-69": { "value": "
9.
Notes to the consolidated income statement
Composition
Austria
Czech Republic
Poland
\u00a0
2025
2024
2025
2024
2025
2024
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
1,296,663
820,847
148,517
143,621
200,999
125,001
Interest revenues using the effective interest rate method
432,554
430,949
65,116
76,835
73,907
68,037
Impairment losses incl. reversal gains on financial instruments
42,122
2,508
130
5,706
164
2,762
Realised gains and losses from financial assets measured at AC
-10,500
0
0
0
0
-1,699
Other result from financial instruments
832,487
387,390
83,271
61,080
126,928
55,901
thereof result from the valuation of financial assets measured at FVtPL
720,630
275,412
67,410
59,678
65,456
18,782
thereof result from sale of financial instruments measured at FVtPL
20,872
19,713
6,697
5,845
67,936
36,370
Income and expenses from investment property
30,184
40,501
-11
-8
492
457
thereof current income
103,214
92,905
506
670
969
926
thereof depreciation
-73,030
-52,601
-1,348
-629
-477
-469
thereof result from sale
0
197
831
-49
0
0
Finance costs
-29,037
-32,645
-2,532
-3,131
-2,069
-2,047
thereof interest expenses for personnel provisions
-7,589
-8,582
0
0
0
0
thereof interest expenses financing liabilities
-770
-858
0
0
0
0
thereof interest expenses for liabilities to financial institutions
-1,306
-1,363
0
0
0
0
thereof interest expenses for subordinate liabilities
-17,113
-19,984
-769
-1,678
-1,599
-1,581
thereof interest expenses for lease liabilities
-2,242
-1,847
-1,976
-1,405
-941
-578
Result from owner-occupied properties
948
985
-4,907
-1,975
-408
909
thereof depreciation
-8,554
-8,123
-3,747
-3,684
-308
-355
thereof result from sale
0
0
0
2,681
0
1,478
Composition
Extended CEE
Special Markets
Group Functions
\u00a0
2025
2024
2025
2024
2025
2024
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
361,620
404,884
361,169
337,574
62,619
79,673
Interest revenues using the effective interest rate method
227,860
210,509
218,592
149,266
105,531
89,841
Impairment losses incl. reversal gains on financial instruments
-18,028
3,378
-3,929
-32,654
1,265
194
Realised gains and losses from financial assets measured at AC
1,365
-196
-36
-7
-218
-3,174
Other result from financial instruments
150,423
191,193
146,542
220,969
-43,959
-7,188
thereof result from the valuation of financial assets measured at FVtPL
140,729
130,031
57,165
80,462
2,974
1,150
thereof result from sale of financial instruments measured at FVtPL
3,459
32,327
3,527
11,636
-3,020
-2,554
Income and expenses from investment property
-1,200
2,204
187
235
17,250
17,290
thereof current income
8,187
7,110
427
489
35,939
33,257
thereof depreciation
-9,807
-5,647
-253
-254
-18,689
-19,418
thereof result from sale
420
613
13
0
0
-56
Finance costs
-9,473
-8,466
-2,584
-2,122
-67,718
-62,156
thereof interest expenses for personnel provisions
-59
-42
-359
0
-1,788
-1,893
thereof interest expenses financing liabilities
-587
-521
0
0
-16,602
-16,995
thereof interest expenses for liabilities to financial institutions
0
-7
0
0
-2,561
-2,949
thereof interest expenses for subordinate liabilities
-6,365
-6,425
0
0
-46,845
-39,985
thereof interest expenses for lease liabilities
-1,585
-1,475
-2,226
-2,120
-165
-178
Result from owner-occupied properties
-8,799
-1,374
305
310
1,242
932
thereof depreciation
-9,376
-3,512
-263
-240
-1,256
-1,436
thereof result from sale
464
2,068
0
0
0
0
Composition
Consolidation
Total
\u00a0
2025
2024
2025
2024
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Investment result
-33,550
-27,554
2,398,037
1,884,046
Interest revenues using the effective interest rate method
-27,403
-27,740
1,096,157
997,697
Impairment losses incl. reversal gains on financial instruments
7
0
21,731
-18,106
Realised gains and losses from financial assets measured at AC
0
0
-9,389
-5,076
Other result from financial instruments
-6,154
186
1,289,538
909,531
thereof result from the valuation of financial assets measured at FVtPL
0
0
1,054,364
565,515
thereof result from sale of financial instruments measured at FVtPL
0
0
99,471
103,337
Income and expenses from investment property
-59
-56
46,843
60,623
thereof current income
-59
-57
149,183
135,300
thereof depreciation
0
0
-103,604
-79,018
thereof result from sale
0
0
1,264
705
Finance costs
28,345
28,343
-85,068
-82,224
thereof interest expenses for personnel provisions
0
0
-9,795
-10,517
thereof interest expenses financing liabilities
11,230
11,454
-6,729
-6,920
thereof interest expenses for liabilities to financial institutions
0
0
-3,867
-4,319
thereof interest expenses for subordinate liabilities
16,229
16,276
-56,462
-53,377
thereof interest expenses for lease liabilities
1,004
688
-8,131
-6,915
Result from owner-occupied properties
-5,876
-6,425
-17,495
-6,638
thereof depreciation
0
0
-23,504
-17,350
thereof result from sale
0
0
464
6,227
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-70": { "value": "
10.
Consolidated shareholders\u2019 equity
Further information on equity items can be found in the section on \u201cAccounting policies\u201d.
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
287,154
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
31/12/2025
\u00a0
Gross
+/- Taxes
+/- Non-controlling interests
Net
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Unrealised gains and losses
330,460
-74,538
-5,672
250,250
IFRS 9-reserves recyclable*
-878,048
187,631
14,235
-676,182
IFRS 9-reserves non-recyclable
46,976
-4,031
-581
42,364
IFRS\u00a017-reserves recyclable
174,524
-33,666
-2,544
138,314
IFRS\u00a017-reserves non-recyclable
987,008
-224,472
-16,782
745,754
Remeasurements of defined benefit plans
-137,166
31,260
2,465
-103,441
Share of other reserves of investments in associates (equity-method) recyclable
-5,125
0
97
-5,028
Share of other reserves of investments in associates (equity-method) non-recyclable
-1,403
0
48
-1,355
Currency reserve
-112,449
0
2,941
-109,508
Total
74,317
-43,278
-121
30,918
*Thereof reclassified to income statement: EUR\u00a075,373,000.
Composition
31/12/2024 adjusted
\u00a0
Gross
+/- 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
Remeasurements of defined benefit plans
-191,785
43,708
3,089
-144,988
Share of other reserves of investments in associates (equity-method) recyclable
-6,428
0
123
-6,305
Share of other reserves of investments in associates (equity-method) non-recyclable
-1,549
0
51
-1,498
Currency reserve
-152,853
0
5,254
-147,599
Total
-85,973
-27,250
4,364
-108,859
*Thereof reclassified to income statement value: EUR\u00a098,291,000.
25.10.
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. In addition, unrealised gains and losses from the at equity measurement of associated companies, effects from the application of IAS 29 \u2013 Hyperinflation and translation differences resulting from the currency translation 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 on capital management can be found in the section on risk strategy and risk management in the chapter of the same name.
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 in the 2025 financial year.
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 169 AktG, the Managing Board is authorised until no later than 22 May 2030 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 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 23 May 2025 with the consent of the Supervisory Board to issue convertible bonds according to \u00a7 174 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 22 May 2030.
Therefore, in accordance with \u00a7 159 (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 23 May 2025 exercise their subscription or exchange rights. To date, the Managing Board has not adopted any resolution to issue convertible bonds on the basis of the authorisation granted on 23 May 2025.
Furthermore, the Managing Board was authorised by the Annual General Meeting on 23 May 2025 with the consent of the Supervisory Board to issue participating bonds pursuant to \u00a7 174 (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 22 May 2030. To date, the Managing Board had not adopted a resolution on the issuance of participating bonds on the basis of this authorisation.
The Managing Board was authorised by the Annual General Meeting on 23 May 2025, pursuant to with \u00a7\u00a065 (1) no. 4, no. 8 as well as (1a) and (1b) AktG, to acquire the company\u2019s own bearer ordinary shares, on one or more occassions, a total of 10% of the share capital, in each case subject to the maximum holding of own shares permitted by law, during a period of validity of 30 months from the date of the resolution of the Annual General Meeting. 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 5 (2) and (3) of the Austrian Takeover Act (\u00dcbernahmegesetz)).
The Managing Board was also authorised for a period of five years from the date of the resolution to use the acquired treasury own shares while excluding shareholder pre-emption rights
\u2022
to issue shares to employees and executives of the company or to employees, executives and members of the managing board of companies affiliated with the company;
\u2022
to service convertible bonds issued on the basis of the resolution of the Annual General Meeting on 23 May 2025; 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-71": { "value": "
10.1.
Dividend payment
Composition
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Dividends
198,400
179,200
Interest payments on the hybrid capital
9,638
9,638
Current taxes directly recognised in equity
-1,995
-1,995
Total
206,043
186,843
\u00a0
Per share
Total
in EUR
\u00a0
\u00a0
Ordinary shares
1.55
198,400,000
VIG Holding concluded financial year 2025 with a net retained profit of EUR\u00a0451,146,312.48. The following appropriation of profit will be proposed at the Annual General Meeting:
The 128\u00a0million shares receive a dividend of EUR\u00a01.73 per share. For this dividend, 28\u00a0May\u00a02026 was agreed as the payment date, 27\u00a0May\u00a02026 as the record date and 26\u00a0May\u00a02026 as the ex-dividend date.
A total distribution of EUR\u00a0221,440,000.00 has therefore been approved. The net retained earnings for the financial year 2025 remaining after the distribution, amounting to EUR\u00a0229,706,312.48, will be carried forward to new account.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-582": { "value": "155.0", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-72": { "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
287,154
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
31/12/2025
\u00a0
Gross
+/- Taxes
+/- Non-controlling interests
Net
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Unrealised gains and losses
330,460
-74,538
-5,672
250,250
IFRS 9-reserves recyclable*
-878,048
187,631
14,235
-676,182
IFRS 9-reserves non-recyclable
46,976
-4,031
-581
42,364
IFRS\u00a017-reserves recyclable
174,524
-33,666
-2,544
138,314
IFRS\u00a017-reserves non-recyclable
987,008
-224,472
-16,782
745,754
Remeasurements of defined benefit plans
-137,166
31,260
2,465
-103,441
Share of other reserves of investments in associates (equity-method) recyclable
-5,125
0
97
-5,028
Share of other reserves of investments in associates (equity-method) non-recyclable
-1,403
0
48
-1,355
Currency reserve
-112,449
0
2,941
-109,508
Total
74,317
-43,278
-121
30,918
*Thereof reclassified to income statement: EUR\u00a075,373,000.
Composition
31/12/2024 adjusted
\u00a0
Gross
+/- 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
Remeasurements of defined benefit plans
-191,785
43,708
3,089
-144,988
Share of other reserves of investments in associates (equity-method) recyclable
-6,428
0
123
-6,305
Share of other reserves of investments in associates (equity-method) non-recyclable
-1,549
0
51
-1,498
Currency reserve
-152,853
0
5,254
-147,599
Total
-85,973
-27,250
4,364
-108,859
*Thereof reclassified to income statement value: EUR\u00a098,291,000.
25.10.
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. In addition, unrealised gains and losses from the at equity measurement of associated companies, effects from the application of IAS 29 \u2013 Hyperinflation and translation differences resulting from the currency translation 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 on capital management can be found in the section on risk strategy and risk management in the chapter of the same name.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-73": { "value": "
11.
Taxes
The accounting policies used are presented in Note \u201c25.13. Taxes\u201d.
11.1.
Tax expenses
Composition
2025
2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
Actual taxes
311,740
174,289
From the current period*
316,991
175,189
From previous periods
-5,251
-900
Deferred taxes
-8,751
59,965
Change of deferred taxes in the current year
-7,849
57,346
Deferred taxes due to temporary differences relating to other periods
1,506
5,120
Deferred taxes due to loss carry forwards relating to other periods
-2,408
-2,501
Total
302,989
234,254
*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
2025
2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
Expected tax rate in %
23.0%
23.0%
Result before taxes
1,161,317
881,806
Expected tax expenses
267,103
202,815
Adjusted for tax effects due to:
\u00a0
\u00a0
Different local tax rate
-28,976
-9,697
Change of tax rates
658
-1,373
Non-deductible expenses
99,282
118,089
Income not subject to tax
-63,909
-96,952
Taxes from previous years
-6,154
1,720
Non-recognition/reduction of deferred tax assets due to temporary differences
73
1,539
Non-recognition/reduction of deferred tax assets due to loss carry forwards
9,222
504
Effects due to group taxation/profit transfers
2,256
-2,871
Others
23,434
20,480
Effective tax expenses
302,989
234,254
Effective tax rate in %
26.1%
26.6%
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
31/12/2025
31/12/2024 adjusted
\u00a0
Assets
Liabilities
Assets
Liabilities
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
78
21,599
255
28,132
Financial assets and Investments in associates (equity-method)
544,703
491,825
601,729
474,629
Receivables and Other assets
220,423
33,325
167,054
27,962
Insurance contracts assets1
158,743
168,083
180,067
152,311
Investment property as well as Owner-occupied property and equipment
16,431
33,062
16,927
35,749
Goodwill and Intangible assets
3,980
27,653
3,947
30,663
Right-of-use assets
0
69,790
0
65,283
Liabilities and other payables, Financial liabilities and Other liabilities
307,523
43,351
316,249
63,874
Insurance contracts liabilities2
748,702
1,098,562
689,398
1,080,897
Provisions
130,879
66,160
161,600
95,061
Tax-exempt reserves
0
14,396
0
14,804
Accumulated losses carried forward
32,722
0
32,012
0
Sum before valuation allowance
2,164,184
2,067,806
2,169,238
2,069,365
Valuation allowance for deferred tax assets
-29,789
\u00a0
-35,909
\u00a0
Total before netting
2,134,395
2,067,806
2,133,329
2,069,365
Netting
-1,640,273
-1,640,273
-1,635,654
-1,635,654
Net balance
494,122
427,533
497,675
433,711
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\u00a09,932,000 (EUR\u00a013,419,000). Those amounts not recognised amount to EUR\u00a00.000 (EUR\u00a00.000). 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\u00a052,067,000 (EUR\u00a051,311,000). 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\u2019 equity is EUR\u00a02,371,547,000 (EUR\u00a01,993,081,000). Deferred taxes for undistributed subsidiary profits of EUR\u00a08,316,000 (EUR\u00a09,218,000) 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 -4,285,000 (EUR -14,972,000) as well as deferred taxes on loss carryforwards in the amount of EUR -25,505,000 (EUR -20,937,000) are not recognised.
Deferred tax assets on tax loss carryforwards not recognised
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Bosnia-Herzegovina
-176
-108
Estonia
-340
-340
Liechtenstein
-1,154
-970
Lithuania
-509
-225
Austria
-10,120
-10,571
Poland
-10,874
-4,725
Romania
-133
-115
Serbia
0
-654
Slovakia
-816
-1,989
Czech Republic
-19
-4
Hungary
-1,364
-1,236
Total
-25,505
-20,937
11.3.
Tax rates
The deferred taxes are based on the following tax rates:
Tax rates
31/12/2025
31/12/2024
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
0.0
Kosovo
10.0
10.0
Croatia
18.0
18.0
Latvia4
0.0
0.0
Liechtenstein
12.5
12.5
Lithuania5
17.0
15.0
Moldova
12.0
12.0
North Macedonia
10.0
10.0
Netherlands
25.8
25.8
Austria
23.0
23.0
Poland
19.0
19.0
Romania
16.0
16.0
Serbia
15.0
15.0
Slovakia6
24.0
21.0
Czech Republic
21.0
21.0
T\u00fcrkiye
30.0
30.0
Ukraine
18.0
18.0
Hungary7
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%. As of 1 January\u00a02025, the corporate income tax rate increased 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%.
5
With effect from 1 January 2025, the corporate income tax rate is 16%. There was a further increase to 17.0% on 1 January 2026.
6With effect from 1\u00a0January\u00a02025, the corporate income tax rate was increased to 24.0%, but insurance companies have to pay additional tax of 4.36%.
7The corporate income tax rate is 9.0%, but companies have to pay additional taxes, meaning that a tax rate of 11.3% applies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-74": { "value": "
11.
Taxes
The accounting policies used are presented in Note \u201c25.13. Taxes\u201d.
11.1.
Tax expenses
Composition
2025
2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
Actual taxes
311,740
174,289
From the current period*
316,991
175,189
From previous periods
-5,251
-900
Deferred taxes
-8,751
59,965
Change of deferred taxes in the current year
-7,849
57,346
Deferred taxes due to temporary differences relating to other periods
1,506
5,120
Deferred taxes due to loss carry forwards relating to other periods
-2,408
-2,501
Total
302,989
234,254
*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
2025
2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
Expected tax rate in %
23.0%
23.0%
Result before taxes
1,161,317
881,806
Expected tax expenses
267,103
202,815
Adjusted for tax effects due to:
\u00a0
\u00a0
Different local tax rate
-28,976
-9,697
Change of tax rates
658
-1,373
Non-deductible expenses
99,282
118,089
Income not subject to tax
-63,909
-96,952
Taxes from previous years
-6,154
1,720
Non-recognition/reduction of deferred tax assets due to temporary differences
73
1,539
Non-recognition/reduction of deferred tax assets due to loss carry forwards
9,222
504
Effects due to group taxation/profit transfers
2,256
-2,871
Others
23,434
20,480
Effective tax expenses
302,989
234,254
Effective tax rate in %
26.1%
26.6%
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
31/12/2025
31/12/2024 adjusted
\u00a0
Assets
Liabilities
Assets
Liabilities
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
78
21,599
255
28,132
Financial assets and Investments in associates (equity-method)
544,703
491,825
601,729
474,629
Receivables and Other assets
220,423
33,325
167,054
27,962
Insurance contracts assets1
158,743
168,083
180,067
152,311
Investment property as well as Owner-occupied property and equipment
16,431
33,062
16,927
35,749
Goodwill and Intangible assets
3,980
27,653
3,947
30,663
Right-of-use assets
0
69,790
0
65,283
Liabilities and other payables, Financial liabilities and Other liabilities
307,523
43,351
316,249
63,874
Insurance contracts liabilities2
748,702
1,098,562
689,398
1,080,897
Provisions
130,879
66,160
161,600
95,061
Tax-exempt reserves
0
14,396
0
14,804
Accumulated losses carried forward
32,722
0
32,012
0
Sum before valuation allowance
2,164,184
2,067,806
2,169,238
2,069,365
Valuation allowance for deferred tax assets
-29,789
\u00a0
-35,909
\u00a0
Total before netting
2,134,395
2,067,806
2,133,329
2,069,365
Netting
-1,640,273
-1,640,273
-1,635,654
-1,635,654
Net balance
494,122
427,533
497,675
433,711
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\u00a09,932,000 (EUR\u00a013,419,000). Those amounts not recognised amount to EUR\u00a00.000 (EUR\u00a00.000). 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\u00a052,067,000 (EUR\u00a051,311,000). 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\u2019 equity is EUR\u00a02,371,547,000 (EUR\u00a01,993,081,000). Deferred taxes for undistributed subsidiary profits of EUR\u00a08,316,000 (EUR\u00a09,218,000) 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 -4,285,000 (EUR -14,972,000) as well as deferred taxes on loss carryforwards in the amount of EUR -25,505,000 (EUR -20,937,000) are not recognised.
Deferred tax assets on tax loss carryforwards not recognised
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Bosnia-Herzegovina
-176
-108
Estonia
-340
-340
Liechtenstein
-1,154
-970
Lithuania
-509
-225
Austria
-10,120
-10,571
Poland
-10,874
-4,725
Romania
-133
-115
Serbia
0
-654
Slovakia
-816
-1,989
Czech Republic
-19
-4
Hungary
-1,364
-1,236
Total
-25,505
-20,937
11.3.
Tax rates
The deferred taxes are based on the following tax rates:
Tax rates
31/12/2025
31/12/2024
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
0.0
Kosovo
10.0
10.0
Croatia
18.0
18.0
Latvia4
0.0
0.0
Liechtenstein
12.5
12.5
Lithuania5
17.0
15.0
Moldova
12.0
12.0
North Macedonia
10.0
10.0
Netherlands
25.8
25.8
Austria
23.0
23.0
Poland
19.0
19.0
Romania
16.0
16.0
Serbia
15.0
15.0
Slovakia6
24.0
21.0
Czech Republic
21.0
21.0
T\u00fcrkiye
30.0
30.0
Ukraine
18.0
18.0
Hungary7
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%. As of 1 January\u00a02025, the corporate income tax rate increased 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%.
5
With effect from 1 January 2025, the corporate income tax rate is 16%. There was a further increase to 17.0% on 1 January 2026.
6With effect from 1\u00a0January\u00a02025, the corporate income tax rate was increased to 24.0%, but insurance companies have to pay additional tax of 4.36%.
7The corporate income tax rate is 9.0%, but companies have to pay additional taxes, meaning that a tax rate of 11.3% applies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-75": { "value": "
12.
Provisions
The accounting policies used are presented in Note \u201c25.11. Provisions\u201d.
Composition
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Provisions for pensions and similar obligations
267,175
333,117
Provision for pension obligations
177,823
232,752
Provision for severance obligations
89,352
100,365
Provisions for other employee benefits
92,197
87,399
Miscellaneous provisions
472,628
372,585
Total
832,000
793,101
Miscellaneous provisions
Composition
31/12/2025
31/12/2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
Provision for customer support and marketing
23,334
24,034
Provision for litigation
24,717
21,225
Provisions for IT
90,023
78,598
Provision for guaranteed interest for pension funds
66,851
61,683
Provision for regulatory risks
32,331
32,681
Other provisions
235,372
154,364
Total
472,628
372,585
Development
Book value as of 01/01/2025
Changes in scope of consolidation
Exchange rate differences
Additions
Amount used
Release
Book value
as of 31/12/2025
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Provision for customer support and marketing
24,034
0
75
17,347
-9,700
-8,422
23,334
Provision for litigation
21,225
649
-15
10,935
-2,680
-5,397
24,717
Provision for IT
78,598
0
42
88,865
-31,092
-46,390
90,023
Provision for guaranteed interest for pension funds
61,683
0
-627
6,935
0
-1,140
66,851
Provision for regulatory risks
32,681
0
-350
0
0
0
32,331
Other provisions
154,364
25
-277
169,415
-26,205
-61,950
235,372
Total
372,585
674
-1,152
293,497
-69,677
-123,299
472,628
Maturity structure
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Up to 1 year
345,173
255,437
More than one year up to five years
44,022
39,344
More than five years up to ten years
16,069
15,474
More than ten years
67,364
62,330
Total
472,628
372,585
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-76": { "value": "
Miscellaneous provisions
Composition
31/12/2025
31/12/2024 adjusted
in EUR \u2018000
\u00a0
\u00a0
Provision for customer support and marketing
23,334
24,034
Provision for litigation
24,717
21,225
Provisions for IT
90,023
78,598
Provision for guaranteed interest for pension funds
66,851
61,683
Provision for regulatory risks
32,331
32,681
Other provisions
235,372
154,364
Total
472,628
372,585
Development
Book value as of 01/01/2025
Changes in scope of consolidation
Exchange rate differences
Additions
Amount used
Release
Book value
as of 31/12/2025
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Provision for customer support and marketing
24,034
0
75
17,347
-9,700
-8,422
23,334
Provision for litigation
21,225
649
-15
10,935
-2,680
-5,397
24,717
Provision for IT
78,598
0
42
88,865
-31,092
-46,390
90,023
Provision for guaranteed interest for pension funds
61,683
0
-627
6,935
0
-1,140
66,851
Provision for regulatory risks
32,681
0
-350
0
0
0
32,331
Other provisions
154,364
25
-277
169,415
-26,205
-61,950
235,372
Total
372,585
674
-1,152
293,497
-69,677
-123,299
472,628
Maturity structure
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Up to 1 year
345,173
255,437
More than one year up to five years
44,022
39,344
More than five years up to ten years
16,069
15,474
More than ten years
67,364
62,330
Total
472,628
372,585
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 6 Paragraph 1 Line 28 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-77": { "value": "
13.
Intangible assets
The accounting policies used are presented in Note \u201c25.6. Intangible assets\u201d.
Composition
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Purchased software
532,251
500,119
Other intangible assets
176,099
196,751
Total
708,350
696,870

Purchased software
Development
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Acquisition costs
1,149,189
1,048,854
Cumulative valuation as of 31/12 of the previous year
-649,070
-572,715
Book value as of 31/12 of the previous year = Book value as of 01/01
500,119
476,139
Exchange rate differences
2,805
-4,165
Reclassifications
-1,865
-14,930
Additions
145,971
130,732
Disposals
-7,812
-2,518
Changes in scope of consolidation
196
3,400
Reversal of impairments
238
8
Scheduled depreciation
-99,472
-88,463
Impairments
-7,929
-84
Book value as of 31/12
532,251
500,119
Cumulative valuation as of 31/12
744,347
649,070
Acquisition costs
1,276,598
1,149,189
The impairments shown are mainly due to software packages that are no longer being used in Germany (previous year: Romania and Poland).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-78": { "value": "
16.
Type of expenses and details other income and expenses
16.1.
General information
Due to the accounting and valuation requirements of IFRS 17, 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\u00a03,965,440,000 in the current period. Apart from personnel expenses, a significant portion is made up of commissions deferred, IT expenses, taxes related to insurance contracts and scheduled depreciation.
16.2.
Personnel
Number of employees
31/12/2025
31/12/2024
Number
\u00a0
\u00a0
Sales representatives
16,146
15,745
Office staff
17,133
15,898
Total
33,279
31,643

The employee figures shown are average values based on full-time equivalents.
Personnel expenses
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Wages and salaries
1,067,063
979,677
Expenses for severance benefits and payments to company pension plans
9,296
9,134
Expenses for retirement provisions
13,305
15,534
Mandatory social security contributions and expenses
270,199
240,609
Other social security expenses
42,011
36,471
Total
1,401,874
1,281,425
Sales representatives
544,045
499,043
Office staff
857,829
782,382
16.3.
Other income and expenses
\u00a0
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Other income
375,253
344,771
thereof exchange rate gains
51,813
58,692
thereof other revenue from services
191,773
166,429
Other expenses
-1,042,898
-889,735
thereof general administrative expenses acc. to IFRS 17
-622,434
-541,786
thereof exchange rate losses
-53,620
-56,809
thereof losses from non-monetary items acc. to IAS 29
-21,324
-30,947
thereof result from owner-occupied property
-17,495
-6,637
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-79": { "value": "
16.1.
General information
Due to the accounting and valuation requirements of IFRS 17, 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\u00a03,965,440,000 in the current period. Apart from personnel expenses, a significant portion is made up of commissions deferred, IT expenses, taxes related to insurance contracts and scheduled depreciation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-80": { "value": "
16.2.
Personnel
Number of employees
31/12/2025
31/12/2024
Number
\u00a0
\u00a0
Sales representatives
16,146
15,745
Office staff
17,133
15,898
Total
33,279
31,643

The employee figures shown are average values based on full-time equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-81": { "value": "
Personnel expenses
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Wages and salaries
1,067,063
979,677
Expenses for severance benefits and payments to company pension plans
9,296
9,134
Expenses for retirement provisions
13,305
15,534
Mandatory social security contributions and expenses
270,199
240,609
Other social security expenses
42,011
36,471
Total
1,401,874
1,281,425
Sales representatives
544,045
499,043
Office staff
857,829
782,382
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-82": { "value": "
16.3.
Other income and expenses
\u00a0
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Other income
375,253
344,771
thereof exchange rate gains
51,813
58,692
thereof other revenue from services
191,773
166,429
Other expenses
-1,042,898
-889,735
thereof general administrative expenses acc. to IFRS 17
-622,434
-541,786
thereof exchange rate losses
-53,620
-56,809
thereof losses from non-monetary items acc. to IAS 29
-21,324
-30,947
thereof result from owner-occupied property
-17,495
-6,637
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-83": { "value": "
16.3.
Other income and expenses
\u00a0
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Other income
375,253
344,771
thereof exchange rate gains
51,813
58,692
thereof other revenue from services
191,773
166,429
Other expenses
-1,042,898
-889,735
thereof general administrative expenses acc. to IFRS 17
-622,434
-541,786
thereof exchange rate losses
-53,620
-56,809
thereof losses from non-monetary items acc. to IAS 29
-21,324
-30,947
thereof result from owner-occupied property
-17,495
-6,637
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-84": { "value": "
16.3.
Other income and expenses
\u00a0
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Other income
375,253
344,771
thereof exchange rate gains
51,813
58,692
thereof other revenue from services
191,773
166,429
Other expenses
-1,042,898
-889,735
thereof general administrative expenses acc. to IFRS 17
-622,434
-541,786
thereof exchange rate losses
-53,620
-56,809
thereof losses from non-monetary items acc. to IAS 29
-21,324
-30,947
thereof result from owner-occupied property
-17,495
-6,637
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-85": { "value": "
16.3.
Other income and expenses
\u00a0
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Other income
375,253
344,771
thereof exchange rate gains
51,813
58,692
thereof other revenue from services
191,773
166,429
Other expenses
-1,042,898
-889,735
thereof general administrative expenses acc. to IFRS 17
-622,434
-541,786
thereof exchange rate losses
-53,620
-56,809
thereof losses from non-monetary items acc. to IAS 29
-21,324
-30,947
thereof result from owner-occupied property
-17,495
-6,637
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-86": { "value": "
17.
Calculation of Fair Value
The accounting policies used are presented in Note \u201c25.9. Calculation of fair value\u201d.
17.1.
Fair values and book values of financial instruments and investments
Assets
31/12/2025
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,368,363
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
42,490,212
30,805,069
7,969,192
3,717,528
42,491,789
Loans and bonds
29,889,832
24,144,960
4,900,363
829,893
29,875,216
Measured at AC
1,700,167
519,107
868,666
297,778
1,685,551
Mandatorily measured at FVtOCI
26,065,578
22,712,542
3,283,677
69,359
26,065,578
Mandatorily measured at FVtPL
1,785,133
587,971
734,406
462,756
1,785,133
Designated measured at FVtPL
338,954
325,340
13,614
0
338,954
Variable-interest securities
10,764,688
6,641,025
3,068,606
1,055,057
10,764,688
Designated measured at FVtOCI
360,570
89,370
174
271,026
360,570
Mandatorily measured at FVtPL
10,404,118
6,551,655
3,068,432
784,031
10,404,118
Deposits*
1,834,414
19,084
0
1,831,523
1,850,607
Measured at AC
1,834,414
19,084
0
1,831,523
1,850,607
Derivatives
1,278
0
223
1,055
1,278
Mandatorily measured at FVtPL
1,278
0
223
1,055
1,278
Investments in associates (equity-method)
246,451
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
3,046,557
0
33,402
4,554,430
4,587,832
Owner-occupied property
471,838
0
40,573
795,719
836,292
*Excl. Cash and cash equivalents
Assets
31/12/2024 adjusted
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,748,124
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
39,637,179
28,070,686
7,623,744
3,927,130
39,621,560
Loans and bonds
28,114,879
22,010,243
5,276,274
800,544
28,087,061
Measured at AC
1,586,620
479,288
845,241
234,273
1,558,802
Mandatorily measured at FVtOCI
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Mandatorily measured at FVtPL
1,721,978
541,833
715,574
464,571
1,721,978
Designated measured at FVtPL
319,827
305,319
14,508
0
319,827
Variable-interest securities
9,699,699
6,054,380
2,345,860
1,299,459
9,699,699
Designated measured at FVtOCI
291,027
38,162
0
252,865
291,027
Mandatorily measured at FVtPL
9,408,672
6,016,218
2,345,860
1,046,594
9,408,672
Deposits*
1,804,857
6,055
0
1,811,001
1,817,056
Measured at AC
1,804,857
6,055
0
1,811,001
1,817,056
Derivatives
17,744
8
1,610
16,126
17,744
Mandatorily measured at FVtPL
17,744
8
1,610
16,126
17,744
Investments in associates (equity-method)
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
*Excl. Cash and cash equivalents
Financial liabilities
31/12/2025
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities from financing activities
2,170,667
3
1,809,205
302,753
2,111,961
Measured at AC*
2,170,667
3
1,809,205
302,753
2,111,961
Liabilities held for financing and other purposes
3,708
0
3,233
475
3,708
Mandatorily measured at FVtPL
3,601
0
3,233
368
3,601
Designated measured at FVtPL
107
0
0
107
107
Other financial liabilties
62,723
0
0
62,723
62,723
Mandatorily measured at FVtPL
62,723
0
0
62,723
62,723
*Excl. lease liabilities
Financial liabilities
31/12/2024 adjusted
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities from financing activities
2,092,755
0
1,621,176
385,516
2,006,692
Measured at AC*
2,092,755
0
1,621,176
385,516
2,006,692
Liabilities held for financing and other purposes
1,999
0
923
1,076
1,999
Mandatorily measured at FVtPL
1,492
0
923
569
1,492
Designated measured at FVtPL
507
0
0
507
507
Other financial liabilties
59,255
0
0
59,255
59,255
Measured at AC
0
0
0
0
0
Mandatorily measured at FVtPL
59,255
0
0
59,255
59,255
*Excl. lease liabilities
17.2.
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. If, for example, necessary input parameters can no longer be directly observed on the market, a reclassification is carried out.
Reclassifications
31/12/2025
\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
58
1
5
1
2
Mandatorily measured at FVtOCI
58
1
5
1
2
Financial assets
58
1
5
1
2
Measured at FVtPL
160
41
13
83
65
Mandatorily measured at FVtPL
160
41
13
83
65
Financial assets
160
41
13
83
65
Total
218
42
18
84
67
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 based primarily on an improvement in the estimation of liquidity and/or the availability of valuation rates. The reclassifications from Level\u00a01 to Level\u00a03 are based primarily on a deterioration in the estimation of liquidity and/or changes in the availability of valuation rates. The reclassifications from Level\u00a03 to Level\u00a02 are based primarily on an improvement in liquidity and an improvement in the availability of valuation rates. The reclassifications from Level\u00a02 to Level\u00a03 are based primarily on a deterioration in credit rating and/or estimation of liquidity.
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
Measured at FVtPL
467
41
50
21
14
Mandatorily measured at FVtPL
462
41
50
21
14
Financial assets
462
41
50
21
14
Total
636
50
53
21
20
17.3.
Measurement of the fair value of real estate
Basis of the measurement
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Investment property
4,587,832
4,507,013
Evaluated by an independent expert*
885,475
952,700
Evaluated by an internal expert
3,702,357
3,554,313
Owner-occupied property
836,292
822,120
Evaluated by an independent expert
367,516
364,204
Evaluated by an internal expert
468,776
457,916
*This corresponds to 19.30% (21.14%) of the fair value of the item investment property.
Measurement method
31/12/2025
31/12/2024
in EUR \u2018000
\u00a0
\u00a0
Investment property
4,587,832
4,507,013
Capitalised earnings value methode
4,123,578
3,960,340
Comparative pricing method/market approach
428,773
412,096
Other method
35,481
134,577
Owner-occupied property
836,292
822,120
Capitalised earnings value methode
650,291
638,577
Comparative pricing method/market approach
172,067
183,231
Other method
13,934
312
17.4.
Reconciliation of financial instruments
For information on the effects of changes in value recognised through profit and loss, please refer to Note \u201c9. Notes to the consolidated income statement\u201d.
Development
2025
2024
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
20,721,965
3,700,951
354,565
18,736,650
5,049,715
633,999
Exchange rate differences
-4,777
-446
3,090
15,643
-45,958
-2,350
Reclassification between classes of financial instruments
0
-1,278
1,251
-253,187
256,816
-7,545
Reclassification to level
177,648
85,393
34,780
1,389,897
60,076
31,889
Reclassification from level
-102,650
-149,357
-45,814
-61,411
-1,386,034
-34,417
Amortisation and accrued interest
109,601
90
1,037
72,426
5,229
4,784
Additions
8,874,026
386,590
27,764
5,005,745
418,822
57,431
Disposals
-6,895,429
-730,043
-28,565
-4,338,851
-740,683
-167,168
Changes in scope of consolidation
0
6
-22,413
103,782
44,674
-133,559
Changes in value recognised in profit and loss
0
0
0
0
0
0
Changes in value recognised directly in equity
-78,472
-8,055
14,690
51,271
38,294
-28,499
Fair value as of 31/12
22,801,912
3,283,851
340,385
20,721,965
3,700,951
354,565
Development
2025
2024
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
6,863,378
3,077,552
1,527,291
6,274,276
3,187,018
1,145,261
Exchange rate differences
405
47,541
4,192
2,043
-40,662
4,582
Reclassification between classes of financial instruments
-15,880
16,209
-303
0
0
174
Reclassification to level
420,157
869,359
164,191
712,432
392,643
256,489
Reclassification from level
-461,552
-528,407
-463,748
-566,477
-778,348
-16,739
Amortisation and accrued interest
7,644
7,385
4,377
6,868
8,031
4,785
Additions
1,603,676
1,122,980
345,066
1,473,266
1,564,282
179,484
Disposals
-1,740,632
-1,099,618
-293,459
-1,709,032
-1,483,607
-115,324
Changes in scope of consolidation
0
0
-2,685
332,312
67,731
-99
Changes in value recognised in profit and loss
787,770
303,674
-37,080
337,690
160,464
68,678
Changes in value recognised directly in equity
0
0
0
0
0
0
Fair value as of 31/12
7,464,966
3,816,675
1,247,842
6,863,378
3,077,552
1,527,291
The unrealised effect (net profit or loss) of Level 3 financial instruments that are still held and whose fair value will be recognised through profit and loss was EUR -26,912,000 (EUR\u00a068,185,000) in the reporting period.
17.5.
Unobservable input factors
Asset class
Measurement methods
\u00a0
Unobservable input factors
\u00a0
Range
\u00a0
31/12/2025
31/12/2024 adjusted
\u00a0
from
to
from
to
Property
Capitalised earnings value
\u00a0
\u00a0
Capitalisation rate
in %
0.80
7.80
0.30
7.47
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Rental income
in EUR \u2018000
7
5,243
7
5,124
Land prices
in EUR \u2018000
0
12
0
12
Discounted Cash flow
\u00a0
Capitalisation rate
in %
4.96
9.12
5.33
9.18
Rental income
in EUR \u2018000
117
9,240
116
7,754
Building rights \u2013 capitalised earnings value
\u00a0
\u00a0
\u00a0
Capitalisation rate
in %
2.00
4.00
2.50
4.00
Rental income
in EUR \u2018000
81
4,349
83
4,349
Land prices
in EUR \u2018000
0.19
0.80
0.31
0.80
Construction interest actually paid
in %
2.03
9.00
0.90
4.56
17.6.
Sensitivities
Property
The following sensitivities arise for a sub-portfolio from the calculations in the partial internal model, which have been aligned with Solvency II (coverage rate approx. 87.32% (previous year: 88.64%):
Property \u2013 Fair Value
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Fair value as of 31/12
4,671,602
4,657,075
Rental income -5%
4,482,794
4,471,213
Rental income +5%
4,871,206
4,852,852
Capitalisation rate -50bp
4,952,895
4,944,994
Capitalisation rate +50bp
4,434,243
4,414,298
Land prices -5%
4,641,012
4,626,849
Land prices +5%
4,710,207
4,695,507
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-87": { "value": "
17.
Calculation of Fair Value
The accounting policies used are presented in Note \u201c25.9. Calculation of fair value\u201d.
17.1.
Fair values and book values of financial instruments and investments
Assets
31/12/2025
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,368,363
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
42,490,212
30,805,069
7,969,192
3,717,528
42,491,789
Loans and bonds
29,889,832
24,144,960
4,900,363
829,893
29,875,216
Measured at AC
1,700,167
519,107
868,666
297,778
1,685,551
Mandatorily measured at FVtOCI
26,065,578
22,712,542
3,283,677
69,359
26,065,578
Mandatorily measured at FVtPL
1,785,133
587,971
734,406
462,756
1,785,133
Designated measured at FVtPL
338,954
325,340
13,614
0
338,954
Variable-interest securities
10,764,688
6,641,025
3,068,606
1,055,057
10,764,688
Designated measured at FVtOCI
360,570
89,370
174
271,026
360,570
Mandatorily measured at FVtPL
10,404,118
6,551,655
3,068,432
784,031
10,404,118
Deposits*
1,834,414
19,084
0
1,831,523
1,850,607
Measured at AC
1,834,414
19,084
0
1,831,523
1,850,607
Derivatives
1,278
0
223
1,055
1,278
Mandatorily measured at FVtPL
1,278
0
223
1,055
1,278
Investments in associates (equity-method)
246,451
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
3,046,557
0
33,402
4,554,430
4,587,832
Owner-occupied property
471,838
0
40,573
795,719
836,292
*Excl. Cash and cash equivalents
Assets
31/12/2024 adjusted
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,748,124
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
39,637,179
28,070,686
7,623,744
3,927,130
39,621,560
Loans and bonds
28,114,879
22,010,243
5,276,274
800,544
28,087,061
Measured at AC
1,586,620
479,288
845,241
234,273
1,558,802
Mandatorily measured at FVtOCI
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Mandatorily measured at FVtPL
1,721,978
541,833
715,574
464,571
1,721,978
Designated measured at FVtPL
319,827
305,319
14,508
0
319,827
Variable-interest securities
9,699,699
6,054,380
2,345,860
1,299,459
9,699,699
Designated measured at FVtOCI
291,027
38,162
0
252,865
291,027
Mandatorily measured at FVtPL
9,408,672
6,016,218
2,345,860
1,046,594
9,408,672
Deposits*
1,804,857
6,055
0
1,811,001
1,817,056
Measured at AC
1,804,857
6,055
0
1,811,001
1,817,056
Derivatives
17,744
8
1,610
16,126
17,744
Mandatorily measured at FVtPL
17,744
8
1,610
16,126
17,744
Investments in associates (equity-method)
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
*Excl. Cash and cash equivalents
Financial liabilities
31/12/2025
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities from financing activities
2,170,667
3
1,809,205
302,753
2,111,961
Measured at AC*
2,170,667
3
1,809,205
302,753
2,111,961
Liabilities held for financing and other purposes
3,708
0
3,233
475
3,708
Mandatorily measured at FVtPL
3,601
0
3,233
368
3,601
Designated measured at FVtPL
107
0
0
107
107
Other financial liabilties
62,723
0
0
62,723
62,723
Mandatorily measured at FVtPL
62,723
0
0
62,723
62,723
17.5.
Unobservable input factors
Asset class
Measurement methods
\u00a0
Unobservable input factors
\u00a0
Range
\u00a0
31/12/2025
31/12/2024 adjusted
\u00a0
from
to
from
to
Property
Capitalised earnings value
\u00a0
\u00a0
Capitalisation rate
in %
0.80
7.80
0.30
7.47
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Rental income
in EUR \u2018000
7
5,243
7
5,124
Land prices
in EUR \u2018000
0
12
0
12
Discounted Cash flow
\u00a0
Capitalisation rate
in %
4.96
9.12
5.33
9.18
Rental income
in EUR \u2018000
117
9,240
116
7,754
Building rights \u2013 capitalised earnings value
\u00a0
\u00a0
\u00a0
Capitalisation rate
in %
2.00
4.00
2.50
4.00
Rental income
in EUR \u2018000
81
4,349
83
4,349
Land prices
in EUR \u2018000
0.19
0.80
0.31
0.80
Construction interest actually paid
in %
2.03
9.00
0.90
4.56
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-88": { "value": "
Assets
31/12/2025
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,368,363
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
42,490,212
30,805,069
7,969,192
3,717,528
42,491,789
Loans and bonds
29,889,832
24,144,960
4,900,363
829,893
29,875,216
Measured at AC
1,700,167
519,107
868,666
297,778
1,685,551
Mandatorily measured at FVtOCI
26,065,578
22,712,542
3,283,677
69,359
26,065,578
Mandatorily measured at FVtPL
1,785,133
587,971
734,406
462,756
1,785,133
Designated measured at FVtPL
338,954
325,340
13,614
0
338,954
Variable-interest securities
10,764,688
6,641,025
3,068,606
1,055,057
10,764,688
Designated measured at FVtOCI
360,570
89,370
174
271,026
360,570
Mandatorily measured at FVtPL
10,404,118
6,551,655
3,068,432
784,031
10,404,118
Deposits*
1,834,414
19,084
0
1,831,523
1,850,607
Measured at AC
1,834,414
19,084
0
1,831,523
1,850,607
Derivatives
1,278
0
223
1,055
1,278
Mandatorily measured at FVtPL
1,278
0
223
1,055
1,278
Investments in associates (equity-method)
246,451
\u00a0
\u00a0
\u00a0
\u00a0
Investment property
3,046,557
0
33,402
4,554,430
4,587,832
Owner-occupied property
471,838
0
40,573
795,719
836,292
Assets
31/12/2024 adjusted
\u00a0
Book value
Level 1
Level 2
Level 3
Fair value
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
1,748,124
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
39,637,179
28,070,686
7,623,744
3,927,130
39,621,560
Loans and bonds
28,114,879
22,010,243
5,276,274
800,544
28,087,061
Measured at AC
1,586,620
479,288
845,241
234,273
1,558,802
Mandatorily measured at FVtOCI
24,486,454
20,683,803
3,700,951
101,700
24,486,454
Mandatorily measured at FVtPL
1,721,978
541,833
715,574
464,571
1,721,978
Designated measured at FVtPL
319,827
305,319
14,508
0
319,827
Variable-interest securities
9,699,699
6,054,380
2,345,860
1,299,459
9,699,699
Designated measured at FVtOCI
291,027
38,162
0
252,865
291,027
Mandatorily measured at FVtPL
9,408,672
6,016,218
2,345,860
1,046,594
9,408,672
Deposits*
1,804,857
6,055
0
1,811,001
1,817,056
Measured at AC
1,804,857
6,055
0
1,811,001
1,817,056
Derivatives
17,744
8
1,610
16,126
17,744
Mandatorily measured at FVtPL
17,744
8
1,610
16,126
17,744
Investments in associates (equity-method)
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
Non-consolidated companies
Country of domicile
Registered office
Interest 2025
Interest 2024
\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
75.00
\"WIENER AUTO CENTAR\" d.o.o.
Bosnia-Herzegovina
Banja Luka
100.00
100.00
in %
in %
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
100.00
Bohemika a.s.
Czech Republic
\u017datec
100.00
100.00
Bohemika HypoReal 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
CHERNI VRAH 59A EOOD
Bulgaria
Sofia
100.00
\u00a0
\u010cPP Servis, s.r.o.
Czech Republic
Prague
100.00
100.00
CyRiSo Cyber Risk Solutions GmbH
Austria
Vienna
60.00
60.00
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
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 Call, s. r. o.
Slovakia
Bratislava
98.70
\u00a0
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
63.23
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
HORIZONT Personal-, Team- und Organisationsentwicklung GmbH
Austria
Vienna
98.29
98.29
Hotel Voltino in Liquidation
Croatia
Zagreb
97.82
97.82
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
in %
in %
Jarcar Aut\u00f3th Szerviz Kereskedelmi \u00e9s Szolg\u00e1ltat\u00f3 Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
Hungary
Budapest
63.00
\u00a0
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
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
Menta P\u00e9nz\u00fcgyi Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
Hungary
Budapest
90.00
\u00a0
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\" in Liquidation
Ukraine
Kyiv
100.00
100.00
PROFITOWI SP\u00d3\u0141KA AKCYJNA
Poland
Warsaw
99.98
99.98
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
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
UAB \"Compensa Life Distribution\"
Lithuania
Vilnius
100.00
100.00
VIE Global Services GmbH
Austria
Vienna
100.00
\u00a0
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
99.98
VIENNA LIFE SERVICES SP\u00d3\u0141KA Z OGRANICZON\u0104 ODPOWIEDZIALNO\u015aCI\u0104
Poland
Warsaw
99.98
99.98
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
100.00
VIG ZDROWIE SP\u00d3\u0141KA Z OGRANICZON\u0104 ODPOWIEDZIALNO\u015aCI\u0104
Poland
Warsaw
99.98
\u00a0
VIG/C-QUADRAT TOWARZYSTWO FUNDUSZY INVESTYCYJNYCH SP\u00d3\u0141KA AKCYJNA
Poland
Warsaw
50.99
50.99
VIGsana s.r.o.
Czech Republic
Prague
97.28
\u00a0
WIENER poliklinika dru\u0161tvo s ograni\u010denom odgovorno\u0161\u0107u za zdravstvenu djelatnost
Croatia
Zagreb
97.82
\u00a0
Wiener St\u00e4dtische Donau Leasing GmbH
Austria
Vienna
97.75
97.75
WSBV Beteiligungsverwaltung GmbH
Austria
Vienna
97.75
97.75
Equity holdings
\u00a0
\u00a0
\u00a0
\u00a0
Dr. Ignaz Fiala Gesellschaft m.b.H.
Austria
Vienna
47.90
47.90
EBV-Leasing Gesellschaft m.b.H.
Austria
Vienna
47.90
47.90
EKG UW Nord GmbH
Austria
Klagenfurt
24.46
24.46
in %
in %
Els\u00f6 Maganegeszseg\u00fcgyi Halozat Zrt.
Hungary
Budapest
44.39
44.39
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
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
TGMZ Team Gesund Medizin Zentren GmbH
Austria
Vienna
39.10
97.75
TOGETHER CCA GmbH
Austria
Vienna
24.71
24.71
VENPACE GmbH & Co. KG
Germany
Cologne
23.53
23.53
V\u00d6B Direkt Versicherungsagentur GmbH
Austria
Graz
48.87
48.87
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-89": { "value": "
18.
Earnings per share
Earnings per share
\u00a0
2025
2024 adjusted
Result for the period
EUR \u2018000
858,328
647,552
Non-controlling interests in net result for the period
EUR \u2018000
-23,462
-21,245
Result for the period less non-controlling interests
EUR \u2018000
834,866
626,307
Interest expenses for the hybrid capital
EUR \u2018000
7,643
7,643
Attributable result
EUR \u2018000
827,223
618,664
Number of shares at closing date
units
128,000,000
128,000,000
Earnings per share* (in EUR)
EUR
6.46
4.83
*The undiluted earnings per share equals the diluted earnings per share (in EUR).
The retrospective inclusion of the newly consolidated companies as of 1\u00a0January\u00a02025 would increase the Group profit before taxes and non-controlling interests by 0.02% (without taking into consideration any consolidation effects).", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-90": { "value": "
18.
Earnings per share
Earnings per share
\u00a0
2025
2024 adjusted
Result for the period
EUR \u2018000
858,328
647,552
Non-controlling interests in net result for the period
EUR \u2018000
-23,462
-21,245
Result for the period less non-controlling interests
EUR \u2018000
834,866
626,307
Interest expenses for the hybrid capital
EUR \u2018000
7,643
7,643
Attributable result
EUR \u2018000
827,223
618,664
Number of shares at closing date
units
128,000,000
128,000,000
Earnings per share* (in EUR)
EUR
6.46
4.83
*The undiluted earnings per share equals the diluted earnings per share (in EUR).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-91": { "value": "
19.
Related persons and companies
Related companies are those affiliated companies and associated companies listed in Note \u201c22. Affiliated companies and participations\u201d. 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\u00a072.47\u00a0% (around72.47\u00a0%) 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.
19.1.
Members of management in key positions
Supervisory Board
\u00a0
Chairman
Peter Thirring (since 1 July 2025)
Chairman
Rudolf Ertl (until 30 June 2025)
1st Deputy Chairman
Rudolf Ertl (since 1 July 2025)
2nd Deputy Chairman
Martin Simhandl
3rd Deputy Chairman
Robert Lasshofer
Members
Martina Dobringer
\u00a0
Andr\u00e1s Kozma
\u00a0
Vratislav Kulh\u00e1nek
\u00a0
Hana Macha\u010dov\u00e1
\u00a0
Peter Mih\u00f3k
\u00a0
Katar\u00edna Slez\u00e1kov\u00e1
\u00a0
\u00c1gnes Svo\u00f3b
\u00a0
Gertrude Tumpel-Gugerell
Changes during the financial year
In 2024, the Supervisory Board elected Rudolf Ertl as Chairman of the Supervisory Board for the term of office until 30 June 2025. Peter Thirring was elected Chairman of the Supervisory Board for the remainder of the term of office from 1 July 2025 or from the date of entry of the amendment to the articles of association in the commercial register until the Annual General Meeting that will decide on the discharge for the 2027 financial year. In 2025, the Supervisory Board elected Rudolf Ertl as Deputy Chair of the Supervisory Board for the entire remaining term of office until the Annual General Meeting that decides on the discharge for the 2027 financial year, and, in the event of his inability to act, Martin Simhandl as further Deputy Chair of the Supervisory Board and, in the event of his inability to act, Robert Lasshofer as further Deputy Chair 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
Changes after the end of the financial year
Christoph Rath was appointed as a full member of the Managing Board of VIG Holding with effect from 1 January 2026.
19.2.
Key management personnel\u00a0compensation
The previous year\u2019s figures shown in the table have been adjusted compared to the figures published in the last annual report, as a change in presentation resulted from the quality review of the IAS 24 definitions.
Composition
2025
2024 adjusted
\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
877
7,208
8,085
902
6,374
7,276
Post\u2011employment benefits
0
1,884
1,884
0
1,322
1,322
Other long\u2011term benefits
0
3,672
3,672
0
3,292
3,292
Payments to subsidiaries
238
1,095
1,333
292
812
1,104
Total
1,115
13,859
14,974
1,194
11,800
12,994
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.
Remuneration for members of the Managing Board
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 2025 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 2029 in the case of the 2025 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 consisted of seven persons in the reporting year.
19.3.
Transactions with related persons
Transactions
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Dividends for VIG Holding shares
35
45
Interests for issued loans from VIG Holding
5
16
Insurance premiums received
151
208
Other transactions*
65
58
*Other transactions includes transactions from insurance services and usage charges.
The related party items in the income statement do not exceed EUR\u00a03,000,000 and primarily consist of Payments to Supervisory Board members
19.4.
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
2025
31/12/2025
2024
31/12/2024
\u00a0
Transactions
Open items
Transactions
Open items
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Revenue from rendering of services
100,388
30,336
96,678
38,900
Parent company
2,358
796
1,726
557
Investments in associates (equity-method)
70,457
20,603
67,551
29,153
Subsidiaries not included in the consolidated financial statements
26,864
8,512
26,839
9,032
Other related companies
709
425
562
158
Other related companies
126
6
562
158
Non-profit societies
583
419
0
0
Expenses from services received
261,861
-18,733
199,350
-17,933
Parent company
54
-38
15
-3
Investments in associates (equity-method)
105,533
-3,529
63,698
0
Subsidiaries not included in the consolidated financial statements
154,108
-15,158
130,154
-17,392
Other related companies
2,166
-8
5,483
-538
Other related companies
1,733
-8
5,483
-538
Non-profit societies
433
0
0
0
Received dividends/profit distribution
13,750
0
22,313
0
Investments in associates (equity-method)
11,449
0
18,276
0
Subsidiaries not included in the consolidated financial statements
1,620
0
3,104
0
Other related companies
681
0
933
0
Other related companies
681
0
933
0
Paid dividends/profit distribution
153,541
0
139,607
0
Parent company
153,541
0
139,607
0
Loans and financial liablities and their related interests (AC, FVtPL, FVtOCI)
51,241
219,217
44,680
203,051
Parent company
2,925
-5,133
3,331
-2,474
Investments in associates (equity-method)
19,050
48,599
14,485
38,244
Subsidiaries not included in the consolidated financial statements
7,175
22,497
1,982
16,595
Other related companies
22,091
153,254
24,882
150,686
Other related companies
2,461
25,286
1,448
26,249
Non-profit societies
19,630
127,968
23,434
124,437
Amounts related to group taxation
48,453
14,819
36,151
52,336
Parent company
48,453
14,819
34,181
50,320
Investments in associates (equity-method)
0
0
1,970
2,016
Other
18,070
1,799
394
798
Parent company
17,727
0
0
0
Subsidiaries not included in the consolidated financial statements
343
1,791
394
790
Other related companies
0
8
0
8
Other related companies
0
8
0
8

22.
Affiliated companies and participations
Number of companies
Austria
Outside Austria
Total
Number
\u00a0
\u00a0
\u00a0
Consolidated companies
68
109
177
Fully consolidated companies
63
104
167
At equity-consolidated companies
5
5
10
Non-consolidated companies
38
81
119
Total
106
190
296
Fully consolidated companies
Country of domicile
Registered office
Interest 2025
Interest 2024
\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
AREALIS Liegenschaftsmanagement GmbH
Austria
Vienna
97.75
48.87
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
99.97
Blizzard Real Sp. z o.o.
Poland
Warsaw
97.75
97.75
BMA 20 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
100.00
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
99.97
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
DOMOSI s.r.o.
Slovakia
Bratislava
98.18
\u00a0
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
\u00a0
\u00a0
\u00a0
in %
in %
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
Gesundheitspark Wien-Oberlaa Gesellschaft m.b.H.
Austria
Vienna
97.75
97.75
Global Assistance Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
Hungary
Budapest
93.63
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
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
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
97.28
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 Immobilienbesitz 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
NOMOSI s.r.o.
Slovakia
Bratislava
98.18
\u00a0
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
99.98
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
in %
in %
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
Rezidence Opatov, s.r.o.
Czech Republic
Prague
97.28
97.28
RGIB GmbH
Austria
Vienna
100.00
100.00
S - budovy, a.s.
Czech Republic
Prague
97.28
97.28
samavu s.r.o.
Slovakia
Bratislava
98.47
98.47
Schulring 21 B\u00fcrohaus Errichtungs- und Vermietungs GmbH & Co KG
Austria
Vienna
98.50
98.50
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
99.98
Stock Company for Insurance and Reinsurance MAKEDONIJA Skopje - Vienna Insurance Group
North Macedonia
Skopje
95.71
95.71
SVZ GmbH
Austria
Vienna
97.75
97.75
SVZD GmbH
Austria
Vienna
100.00
100.00
SVZI GmbH
Austria
Vienna
97.75
97.75
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
99.98
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 NB s. r. o.
Slovakia
Bratislava
98.47
\u00a0
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
\u00a0
\u00a0
\u00a0
in %
in %
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 OGRANICZON\u0104 ODPOWIEDZIALNO\u015aCI\u0104
Poland
Warsaw
99.98
99.99
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 ZP, s. r. o.
Slovakia
Bratislava
99.22
98.73
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 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
WINO 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 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
zuuri s.r.o.
Slovakia
Bratislava
98.47
98.47
At equity-consolidated companies
Country of domicile
Registered office
Interest 2025
Interest 2024
\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
PHINANCE SP\u00d3\u0141KA AKCYJNA
Poland
Poznan
48.81
\u00a0
Towarzystwo Ubezpiecze\u0144 Wzajemnych \u201eTUW\"
Poland
Warsaw
52.16
52.16
UNIVERSAL makl\u00e9rsky dom a.s.
Slovakia
Bratislava
34.46
34.46
VBV - Betriebliche Altersvorsorge AG
Austria
Vienna
24.83
24.83
Non-consolidated companies
Country of domicile
Registered office
Interest 2025
Interest 2024
\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
75.00
\"WIENER AUTO CENTAR\" d.o.o.
Bosnia-Herzegovina
Banja Luka
100.00
100.00
in %
in %
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
100.00
Bohemika a.s.
Czech Republic
\u017datec
100.00
100.00
Bohemika HypoReal 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
CHERNI VRAH 59A EOOD
Bulgaria
Sofia
100.00
\u00a0
\u010cPP Servis, s.r.o.
Czech Republic
Prague
100.00
100.00
CyRiSo Cyber Risk Solutions GmbH
Austria
Vienna
60.00
60.00
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
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 Call, s. r. o.
Slovakia
Bratislava
98.70
\u00a0
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
63.23
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
HORIZONT Personal-, Team- und Organisationsentwicklung GmbH
Austria
Vienna
98.29
98.29
Hotel Voltino in Liquidation
Croatia
Zagreb
97.82
97.82
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
in %
in %
Jarcar Aut\u00f3th Szerviz Kereskedelmi \u00e9s Szolg\u00e1ltat\u00f3 Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
Hungary
Budapest
63.00
\u00a0
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
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
Menta P\u00e9nz\u00fcgyi Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
Hungary
Budapest
90.00
\u00a0
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\" in Liquidation
Ukraine
Kyiv
100.00
100.00
PROFITOWI SP\u00d3\u0141KA AKCYJNA
Poland
Warsaw
99.98
99.98
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
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
UAB \"Compensa Life Distribution\"
Lithuania
Vilnius
100.00
100.00
VIE Global Services GmbH
Austria
Vienna
100.00
\u00a0
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
99.98
VIENNA LIFE SERVICES SP\u00d3\u0141KA Z OGRANICZON\u0104 ODPOWIEDZIALNO\u015aCI\u0104
Poland
Warsaw
99.98
99.98
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
100.00
VIG ZDROWIE SP\u00d3\u0141KA Z OGRANICZON\u0104 ODPOWIEDZIALNO\u015aCI\u0104
Poland
Warsaw
99.98
\u00a0
VIG/C-QUADRAT TOWARZYSTWO FUNDUSZY INVESTYCYJNYCH SP\u00d3\u0141KA AKCYJNA
Poland
Warsaw
50.99
50.99
VIGsana s.r.o.
Czech Republic
Prague
97.28
\u00a0
WIENER poliklinika dru\u0161tvo s ograni\u010denom odgovorno\u0161\u0107u za zdravstvenu djelatnost
Croatia
Zagreb
97.82
\u00a0
Wiener St\u00e4dtische Donau Leasing GmbH
Austria
Vienna
97.75
97.75
WSBV Beteiligungsverwaltung GmbH
Austria
Vienna
97.75
97.75
Equity holdings
\u00a0
\u00a0
\u00a0
\u00a0
Dr. Ignaz Fiala Gesellschaft m.b.H.
Austria
Vienna
47.90
47.90
EBV-Leasing Gesellschaft m.b.H.
Austria
Vienna
47.90
47.90
EKG UW Nord GmbH
Austria
Klagenfurt
24.46
24.46
in %
in %
Els\u00f6 Maganegeszseg\u00fcgyi Halozat Zrt.
Hungary
Budapest
44.39
44.39
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
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
TGMZ Team Gesund Medizin Zentren GmbH
Austria
Vienna
39.10
97.75
TOGETHER CCA GmbH
Austria
Vienna
24.71
24.71
VENPACE GmbH & Co. KG
Germany
Cologne
23.53
23.53
V\u00d6B Direkt Versicherungsagentur GmbH
Austria
Graz
48.87
48.87
Merged companies
Country of domicile
Registered office
Merger date
Absorbing company
Brockmanngasse 32 Immobilienbesitz GmbH
Austria
Vienna
01/01/2025
MC EINS Immobilienbesitz GmbH
Deutschmeisterplatz 2 Objektverwaltung GmbH
Austria
Vienna
01/01/2025
MC EINS Immobilienbesitz GmbH
Floridsdorf am Spitz 4 Immobilienverwertungs GmbH
Austria
Vienna
01/01/2025
MC EINS Immobilienbesitz GmbH
Hansenstra\u00dfe 3-5 Immobilienbesitz GmbH
Austria
Vienna
01/01/2025
MC EINS Immobilienbesitz GmbH
Help24 Assistance Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
Hungary
Budapest
01/07/2025
Global Assistance Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
Kaiserstra\u00dfe 113 GmbH
Austria
Vienna
01/01/2025
RGIB GmbH
Kitzb\u00fcheler Bestattung WV GmbH
Austria
Kitzb\u00fchel
01/01/2025
WIENER VEREIN BESTATTUNGS- UND VERSICHERUNGSSERVICE-GESELLSCHAFT M.B.H.
Q13a Wohnen Eybnerstra\u00dfe GmbH
Austria
Vienna
01/01/2025
BMA 20 Immobilienbesitz GmbH
R\u00f6\u00dflergasse Bauteil Zwei GmbH
Austria
Vienna
01/01/2025
MC EINS Immobilienbesitz GmbH
T 125 GmbH
Austria
Vienna
01/01/2025
RGIB GmbH
VIG T\u00fcrkiye Holding B.V.
Netherlands
Amsterdam
01/01/2025
ATBIH GmbH
WILA GmbH
Austria
Vienna
01/01/2025
WINO GmbH
Wohnquartier 11b Immobilienbesitz GmbH
Austria
Vienna
01/01/2025
RGIB GmbH
Wohnquartier 12b Immobilienbesitz GmbH
Austria
Vienna
01/01/2025
BMA 20 Immobilienbesitz GmbH
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-92": { "value": "
19.
Related persons and companies
Related companies are those affiliated companies and associated companies listed in Note \u201c22. Affiliated companies and participations\u201d. 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\u00a072.47\u00a0% (around72.47\u00a0%) 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.
19.3.
Transactions with related persons
Transactions
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Dividends for VIG Holding shares
35
45
Interests for issued loans from VIG Holding
5
16
Insurance premiums received
151
208
Other transactions*
65
58
*Other transactions includes transactions from insurance services and usage charges.
The related party items in the income statement do not exceed EUR\u00a03,000,000 and primarily consist of Payments to Supervisory Board members
19.4.
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
2025
31/12/2025
2024
31/12/2024
\u00a0
Transactions
Open items
Transactions
Open items
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Revenue from rendering of services
100,388
30,336
96,678
38,900
Parent company
2,358
796
1,726
557
Investments in associates (equity-method)
70,457
20,603
67,551
29,153
Subsidiaries not included in the consolidated financial statements
26,864
8,512
26,839
9,032
Other related companies
709
425
562
158
Other related companies
126
6
562
158
Non-profit societies
583
419
0
0
Expenses from services received
261,861
-18,733
199,350
-17,933
Parent company
54
-38
15
-3
Investments in associates (equity-method)
105,533
-3,529
63,698
0
Subsidiaries not included in the consolidated financial statements
154,108
-15,158
130,154
-17,392
Other related companies
2,166
-8
5,483
-538
Other related companies
1,733
-8
5,483
-538
Non-profit societies
433
0
0
0
Received dividends/profit distribution
13,750
0
22,313
0
Investments in associates (equity-method)
11,449
0
18,276
0
Subsidiaries not included in the consolidated financial statements
1,620
0
3,104
0
Other related companies
681
0
933
0
Other related companies
681
0
933
0
Paid dividends/profit distribution
153,541
0
139,607
0
Parent company
153,541
0
139,607
0
Loans and financial liablities and their related interests (AC, FVtPL, FVtOCI)
51,241
219,217
44,680
203,051
Parent company
2,925
-5,133
3,331
-2,474
Investments in associates (equity-method)
19,050
48,599
14,485
38,244
Subsidiaries not included in the consolidated financial statements
7,175
22,497
1,982
16,595
Other related companies
22,091
153,254
24,882
150,686
Other related companies
2,461
25,286
1,448
26,249
Non-profit societies
19,630
127,968
23,434
124,437
Amounts related to group taxation
48,453
14,819
36,151
52,336
Parent company
48,453
14,819
34,181
50,320
Investments in associates (equity-method)
0
0
1,970
2,016
Other
18,070
1,799
394
798
Parent company
17,727
0
0
0
Subsidiaries not included in the consolidated financial statements
343
1,791
394
790
Other related companies
0
8
0
8
Other related companies
0
8
0
8

", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-93": { "value": "
19.2.
Key management personnel\u00a0compensation
The previous year\u2019s figures shown in the table have been adjusted compared to the figures published in the last annual report, as a change in presentation resulted from the quality review of the IAS 24 definitions.
Composition
2025
2024 adjusted
\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
877
7,208
8,085
902
6,374
7,276
Post\u2011employment benefits
0
1,884
1,884
0
1,322
1,322
Other long\u2011term benefits
0
3,672
3,672
0
3,292
3,292
Payments to subsidiaries
238
1,095
1,333
292
812
1,104
Total
1,115
13,859
14,974
1,194
11,800
12,994
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.
Remuneration for members of the Managing Board
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 2025 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 2029 in the case of the 2025 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 consisted of seven persons in the reporting year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-94": { "value": "
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
2025
31/12/2025
2024
31/12/2024
\u00a0
Transactions
Open items
Transactions
Open items
in EUR \u2018000
\u00a0
\u00a0
\u00a0
\u00a0
Revenue from rendering of services
100,388
30,336
96,678
38,900
Parent company
2,358
796
1,726
557
Investments in associates (equity-method)
70,457
20,603
67,551
29,153
Subsidiaries not included in the consolidated financial statements
26,864
8,512
26,839
9,032
Other related companies
709
425
562
158
Other related companies
126
6
562
158
Non-profit societies
583
419
0
0
Expenses from services received
261,861
-18,733
199,350
-17,933
Parent company
54
-38
15
-3
Investments in associates (equity-method)
105,533
-3,529
63,698
0
Subsidiaries not included in the consolidated financial statements
154,108
-15,158
130,154
-17,392
Other related companies
2,166
-8
5,483
-538
Other related companies
1,733
-8
5,483
-538
Non-profit societies
433
0
0
0
Received dividends/profit distribution
13,750
0
22,313
0
Investments in associates (equity-method)
11,449
0
18,276
0
Subsidiaries not included in the consolidated financial statements
1,620
0
3,104
0
Other related companies
681
0
933
0
Other related companies
681
0
933
0
Paid dividends/profit distribution
153,541
0
139,607
0
Parent company
153,541
0
139,607
0
Loans and financial liablities and their related interests (AC, FVtPL, FVtOCI)
51,241
219,217
44,680
203,051
Parent company
2,925
-5,133
3,331
-2,474
Investments in associates (equity-method)
19,050
48,599
14,485
38,244
Subsidiaries not included in the consolidated financial statements
7,175
22,497
1,982
16,595
Other related companies
22,091
153,254
24,882
150,686
Other related companies
2,461
25,286
1,448
26,249
Non-profit societies
19,630
127,968
23,434
124,437
Amounts related to group taxation
48,453
14,819
36,151
52,336
Parent company
48,453
14,819
34,181
50,320
Investments in associates (equity-method)
0
0
1,970
2,016
Other
18,070
1,799
394
798
Parent company
17,727
0
0
0
Subsidiaries not included in the consolidated financial statements
343
1,791
394
790
Other related companies
0
8
0
8
Other related companies
0
8
0
8

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-95": { "value": "
20.
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 6 Paragraph 1 Line 28 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:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-96": { "value": "
20.
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 6 Paragraph 1 Line 28 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-97": { "value": "
21.
Business combinations
21.1.
Changes in the scope of consolidation
Deconsolidations
Registered office
Reason for deconsolidation
Date
Reportable segment
WNH Liegenschaftsbesitz GmbH
Vienna
Sale
11/06/2025
Group Functions
WIBG Holding GmbH & Co KG
Vienna
Liquidation
11/11/2025
Austria
WSV Triesterstra\u00dfe 91 Besitz GmbH & Co KG
Vienna
Liquidation
18/11/2025
Austria
Expansion of the scope of consolidation1
Registered office
Acquisition / formation
Interest2
First-time consolidation
Method
\u00a0
\u00a0
Date
in %
Date
\u00a0
AREALIS Liegenschaftsmanagement GmbH
Vienna
2005
97.75
01/02/2025
full consolidation
DOMOSI s.r.o.
Bratislava
2025
98.18
26/03/2025
full consolidation
Help24 Assistance Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
Budapest
2022
90.00
01/07/2025
full consolidation
Kitzb\u00fcheler Bestattung WV GmbH
Kitzb\u00fchel
2020
97.75
01/01/2025
full consolidation
NOMOSI s.r.o.
Bratislava
2025
98.18
26/03/2025
full consolidation
PHINANCE SP\u00d3\u0141KA AKCYJNA
Poznan
2025
48.81
01/04/2025
consolidated at equity
Q13a Wohnen Eybnerstra\u00dfe GmbH
Vienna
2024
97.75
01/01/2025
full consolidation
Rezidence Opatov, s.r.o.
Prague
2024
97.28
01/01/2025
full consolidation
samavu s.r.o.
Bratislava
2020
98.47
01/01/2025
full consolidation
VIG Home NB s. r. o.
Bratislava
2025
98.47
25/02/2025
full consolidation
zuuri s.r.o.
Bratislava
2021
98.47
01/01/2025
full consolidation
1Insofar as significant goodwill occurred, this is recognised in Note 3. Goodwill.
2The share in equity equals the share in voting rights.
Companies acquired, but not yet consolidated*
Registered office
Interest acquired
in %
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
MOLDASIG S.A.
Chi\u0219in\u0103u
95.20
N\u00dcRNBERGER Beteiligungs-AG
Nuremberg
98.81
ADN Immo-Direkt Core Invest GmbH & Co. Geschl. InvKG
Hamburg
100.00
ADN Immo-Direkt GD Invest GmbH & Co. Geschl. InvKG
Hamburg
100.00
ADN Immo-Direkt Value Add GmbH & Co. Geschl. InvKG
Hamburg
100.00
Feronia Infra Cayman, Ltd.
Cayman Islands
100.00
Feronia Infra Feeder, L.P.
Wilmington/Delaware
100.00
Feronia Infra, L.P.
Wilmington/Delaware
100.00
Feronia SICAV RAIF
Luxemburg
100.00
F\u00fcrst Fugger Privatbank AG, Augsburg
Augsburg
99.00
GARANTA Versicherungs-AG
Nuremberg
100.00
Neue Rechtsschutz-Versicherungsgesellschaft AG
Mannheim
51.00
N\u00dcRNBERGER Allgemeine Versicherungs-AG
Nuremberg
100.00
N\u00dcRNBERGER Asset Management GmbH
Nuremberg
100.00
N\u00dcRNBERGER AutoMobil Versicherungsdienst GmbH
Nuremberg
100.00
N\u00dcRNBERGER Beamten Allgemeine Versicherung AG
Nuremberg
100.00
N\u00dcRNBERGER Beteiligungs-AG
Nuremberg
100.00
N\u00dcRNBERGER Krankenversicherung AG
Nuremberg
100.00
N\u00dcRNBERGER Lebensversicherung AG
Nuremberg
100.00
N\u00dcRNBERGER Pensionskasse AG
Nuremberg
100.00
N\u00dcRNBERGER Versicherungs- und Bauspar-Vermittlungs-GmbH
Nuremberg
100.00
N\u00dcRNBERGER Verwaltungsgesellschaft mbH
Nuremberg
100.00
Vega Invest (Guernsey) Ltd.
St. Peter Port/Guernsey
100.00
Vega Invest Fund plc
Dublin
100.00
*Closing had not yet taken place by the balance sheet date.
N\u00fcrnberger Group: Closing expected in the second half of 2026
Further details regarding this acquisition are discussed in the chapter \u201cGeneral information and principles of significant accounting policies\u201d under section \u201cAdditional information\u201d.
21.2.
Change in assets and liabilities due to changes in the scope of consolidation
Balance sheet
Additions
Disposals
in EUR \u2018000
\u00a0
\u00a0
Cash and cash equivalents
6,935
165
Financial assets
211
6,084
Receivables
2,724
2,293
Current tax assets
12
0
Investments in associates (equity-method)
25,002
0
Investment property
14,596
13,975
Owner-occupied property and equipment
509
0
Other assets
604
0
Intangible assets
196
0
Liabilities and other payables
4,001
14
Current tax liabilities
34
0
Financial liabilities
777
14,261
Other liabilities
313
1,210
Provisions
721
0
Deferred tax liabilities
1
65
Contribution to result before taxes in reporting period
Additions
Disposals
in EUR \u2018000
\u00a0
\u00a0
Total capital investment result
-153
-2,938
Investment result
-58
-2,508
Income and expenses from investment property
256
-430
Result from associates (equity-method)
-351
0
Finance result
486
194
Other income and expenses
-384
94
Result before taxes
-51
-2,650
A retrospective inclusion of the newly consolidated companies as of 1\u00a0January\u00a02025 would not result in any significant change in the balance sheet items. The retrospective inclusion of the newly consolidated companies as of 1\u00a0January\u00a02025 would increase the Group profit before taxes and non-controlling interests by 0.02% (without taking into consideration any consolidation effects).
Due to the changes in the scope of consolidation, the number of employees increased by 101.
The figures shown in the table above reflect the actual dates of first consolidation and deconsolidation, as indicated in Note \u201c21.1. Changes in the scope of consolidation\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-98": { "value": "
Fully consolidated companies
Country of domicile
Registered office
Interest 2025
Interest 2024
\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
AREALIS Liegenschaftsmanagement GmbH
Austria
Vienna
97.75
48.87
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
99.97
Blizzard Real Sp. z o.o.
Poland
Warsaw
97.75
97.75
BMA 20 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
100.00
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
99.97
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
DOMOSI s.r.o.
Slovakia
Bratislava
98.18
\u00a0
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
\u00a0
\u00a0
\u00a0
in %
in %
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
Gesundheitspark Wien-Oberlaa Gesellschaft m.b.H.
Austria
Vienna
97.75
97.75
Global Assistance Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
Hungary
Budapest
93.63
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
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
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
97.28
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 Immobilienbesitz 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
NOMOSI s.r.o.
Slovakia
Bratislava
98.18
\u00a0
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
99.98
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
in %
in %
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
Rezidence Opatov, s.r.o.
Czech Republic
Prague
97.28
97.28
RGIB GmbH
Austria
Vienna
100.00
100.00
S - budovy, a.s.
Czech Republic
Prague
97.28
97.28
samavu s.r.o.
Slovakia
Bratislava
98.47
98.47
Schulring 21 B\u00fcrohaus Errichtungs- und Vermietungs GmbH & Co KG
Austria
Vienna
98.50
98.50
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
99.98
Stock Company for Insurance and Reinsurance MAKEDONIJA Skopje - Vienna Insurance Group
North Macedonia
Skopje
95.71
95.71
SVZ GmbH
Austria
Vienna
97.75
97.75
SVZD GmbH
Austria
Vienna
100.00
100.00
SVZI GmbH
Austria
Vienna
97.75
97.75
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
99.98
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 NB s. r. o.
Slovakia
Bratislava
98.47
\u00a0
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
\u00a0
\u00a0
\u00a0
in %
in %
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 OGRANICZON\u0104 ODPOWIEDZIALNO\u015aCI\u0104
Poland
Warsaw
99.98
99.99
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 ZP, s. r. o.
Slovakia
Bratislava
99.22
98.73
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 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
WINO 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 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
zuuri s.r.o.
Slovakia
Bratislava
98.47
98.47
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-99": { "value": "
At equity-consolidated companies
Country of domicile
Registered office
Interest 2025
Interest 2024
\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
PHINANCE SP\u00d3\u0141KA AKCYJNA
Poland
Poznan
48.81
\u00a0
Towarzystwo Ubezpiecze\u0144 Wzajemnych \u201eTUW\"
Poland
Warsaw
52.16
52.16
UNIVERSAL makl\u00e9rsky dom a.s.
Slovakia
Bratislava
34.46
34.46
VBV - Betriebliche Altersvorsorge AG
Austria
Vienna
24.83
24.83
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-100": { "value": "
23.
AUDITING FEES AND AUDITING SERVICES
The auditor of these consolidated financial statements is KPMG Austria GmbH Wirtschaftspr\u00fcfungs- und Steuerberatungsgesellschaft. The following expenses were recorded for their services in the financial year:
Composition
2025
2024
in EUR \u2018000
\u00a0
\u00a0
Audit of consolidated financial statements
519
1,053
Audit of parent company financial statements
99
95
Other audit services
529
546
Tax advisory fees
5
19
Fees for audit-related services
2,099
500
Total
3,251
2,213
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-101": { "value": "
24.
Material accounting estimates and significant judgements
24.1.
(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 17. 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; 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.
The sensitivities are presented in Note \u201c1.8 Insurance and market risks \u2013 sensitivity analysis\u201d
The methods used to measure insurance contracts in the non-life insurance business
The key assumptions for non-life insurance are discussed in the sub-chapter \u201cLiability for Incurred Claims (LIC)\u201d of this section.
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 and the reference portfolio is calculated per country, taking into account all relevant Vienna Insurance Group investments.
Interest rates applied for discounting of future cash flows are presented in Note \u201c1.2 Assumptions used\u201d.
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.
Allocation of CSM to provided and future expected coverage is done 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 benefits, the present value of the premium for the risk and savings portions could be used as the basis for weighting 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 for each insurance coverage is used for this. Alternative approaches and simplifications may be used, provided that the outcome adequately reflects the services provided.
The quantity of benefits and coverage units for the main product lines is as follows:
For portfolios of the non-life and health insurance as well as 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. Discount rates are used for discounting that reflect the characteristics of the cash flows of the insurance contract group at the time of initial recognition, provided that a significant financial risk is involved.
The discount rates applied are presented in Note \u201c1.2 Assumptions used\u201d.
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.
24.2.
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 \u201cImpairment of financial assets\u201d in the Notes under \u201c\u200e25.4. Financial instruments\u201d.
The Group continuously monitors the effects of geopolitical tensions and macroeconomic developments. These factors influence the valuation of financial instruments, the estimation of expected credit losses (ECL) and liquidity and market risks.
Key valuation assumptions in connection with fair value in accordance with IFRS 13 and expected credit losses in accordance with IFRS 9 take into account scenarios that reflect current geopolitical and economic uncertainties. The models are reviewed at least annually and adjusted as necessary to adequately reflect changes in risk assessment or market volatility.

24.3.
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. Further information on the valuation process can be found in Note \u201c17. Calculation of Fair Value\u201d and in Note \u201c25.9. Calculation of fair value\u201d contain further information about the valuation process. The impairment of financial assets is explained in Note \u201c24.2. Impairment losses on financial assets\u201d.
24.4.
Impairment of goodwill
At least once a year, an assessment is carried out, in accordance with the method described in Note \u201c\u200e25.5. Goodwill\u201d, to determine whether any 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 the Notes to the consolidated financial statements under Note \u201c3. Goodwill\u201d.
24.5.
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 result performance,
\u2022
operating plans,
\u2022
loss carryforward periods,
\u2022
tax planning strategies and
\u2022
existing deferred tax liabilities.
In addition to the previous quantitative and qualitative parameters, geopolitical risks and their possible impact on the planned results are also included in the assessment of the impairment test for deferred tax assets.
Tax groups exist for Austrian and some foreign companies, as well as in Hungary. In this regard, please refer to the section on Accounting policies under Note \u201c25.13. Taxes\u201d.

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 the chapter Accounting policies under \u201c25.13 Taxes\u201d and in Note \u201c11. Taxes\u201d.
24.6.
Method of consolidation
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 10 \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, in accordance with IAS 28 \u2013 Investments in Associates and Joint Ventures and IFRS 10 \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.
24.7.
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 assessment of whether information is material or immaterial leaves room for discretion. 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.
24.8.
Judgment of material accounting considerations according to IAS\u00a08
Particularly due to the complexity of IFRS 17 accounting issues may arise that are identified retrospectively. 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\u00a08 for primary users of the financial statements.
There is significant scope for judgment, especially when determining the associated calculated limits. Nevertheless, the aim of producing 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 material influence on the primary users of the financial statements according to VIG\u2019s assessment, this will be presented in the current period.
", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-102": { "value": "
24.3.
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. Further information on the valuation process can be found in Note \u201c17. Calculation of Fair Value\u201d and in Note \u201c25.9. Calculation of fair value\u201d contain further information about the valuation process. The impairment of financial assets is explained in Note \u201c24.2. Impairment losses on financial assets\u201d.
25.9.
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 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
Own-use and investment properties are valued at regular intervals by generally certified experts or experts in the field of property valuation.
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. Due 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, 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 13 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 13:
\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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-103": { "value": "
24.6.
Method of consolidation
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 10 \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, in accordance with IAS 28 \u2013 Investments in Associates and Joint Ventures and IFRS 10 \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) are fully consolidated in accordance with the requirements of IFRS 10. These consolidated special funds are not independent units under company law and are therefore not considered to be structured entities as defined in IFRS 12. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-104": { "value": "
25.1.
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
31/12/2025
31/12/2024
2025
2024
1 EUR \u2259
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Albanian lek
ALL
96.7700
98.1500
97.8319
100.7014
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
3.1737
2.9306
3.0952
2.9444
Macedonian denar
MKD
61.4950
61.4950
61.5880
61.5344
Moldovan leu
MDL
19.7597
19.3106
19.5911
19.2533
New Turkish Lira
TRY
50.4838
36.7372
44.8161
35.5734
Polish zloty
PLN
4.2210
4.2750
4.2397
4.3058
Romanian leu
RON
5.0968
4.9743
5.0424
4.9746
Swiss franc
CHF
0.9314
0.9412
0.9370
0.9526
Serbian dinar
RSD
117.2820
117.0149
117.2011
117.0861
Czech koruna
CZK
24.2370
25.1850
24.6879
25.1198
Ukraine hryvnia
UAH
49.8565
43.9266
47.0853
43.4588
Hungarian forint
HUF
385.1500
411.3500
397.7675
395.3039
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-105": { "value": "
25.1.
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
31/12/2025
31/12/2024
2025
2024
1 EUR \u2259
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Albanian lek
ALL
96.7700
98.1500
97.8319
100.7014
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
3.1737
2.9306
3.0952
2.9444
Macedonian denar
MKD
61.4950
61.4950
61.5880
61.5344
Moldovan leu
MDL
19.7597
19.3106
19.5911
19.2533
New Turkish Lira
TRY
50.4838
36.7372
44.8161
35.5734
Polish zloty
PLN
4.2210
4.2750
4.2397
4.3058
Romanian leu
RON
5.0968
4.9743
5.0424
4.9746
Swiss franc
CHF
0.9314
0.9412
0.9370
0.9526
Serbian dinar
RSD
117.2820
117.0149
117.2011
117.0861
Czech koruna
CZK
24.2370
25.1850
24.6879
25.1198
Ukraine hryvnia
UAH
49.8565
43.9266
47.0853
43.4588
Hungarian forint
HUF
385.1500
411.3500
397.7675
395.3039
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-106": { "value": "
25.1.
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
31/12/2025
31/12/2024
2025
2024
1 EUR \u2259
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Albanian lek
ALL
96.7700
98.1500
97.8319
100.7014
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
3.1737
2.9306
3.0952
2.9444
Macedonian denar
MKD
61.4950
61.4950
61.5880
61.5344
Moldovan leu
MDL
19.7597
19.3106
19.5911
19.2533
New Turkish Lira
TRY
50.4838
36.7372
44.8161
35.5734
Polish zloty
PLN
4.2210
4.2750
4.2397
4.3058
Romanian leu
RON
5.0968
4.9743
5.0424
4.9746
Swiss franc
CHF
0.9314
0.9412
0.9370
0.9526
Serbian dinar
RSD
117.2820
117.0149
117.2011
117.0861
Czech koruna
CZK
24.2370
25.1850
24.6879
25.1198
Ukraine hryvnia
UAH
49.8565
43.9266
47.0853
43.4588
Hungarian forint
HUF
385.1500
411.3500
397.7675
395.3039
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-107": { "value": "
25.2.
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) are fully consolidated in accordance with the requirements of IFRS 10. These consolidated special funds are not independent units under company law and are therefore not considered to be structured entities as defined in IFRS 12. 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 13 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 consolidated and equity-accounted companies can be found in the Notes to the consolidated financial statements under \u201c22. Affiliated companies and participations\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-108": { "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 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 13 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 consolidated and equity-accounted companies can be found in the Notes to the consolidated financial statements under \u201c22. Affiliated companies and participations\u201d.
25.5.
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 exchange rate on the respective balance sheet date is used for conversion into euros.

Identifiable climate risks are included in the best estimate of technical provisions by way of rate-setting and reserve allocations. In forecasts, these identifiable climate risks are implicitly taken into account in the expected value of cash flows and in the solvency capital requirement applied 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:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-109": { "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 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 13 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 consolidated and equity-accounted companies can be found in the Notes to the consolidated financial statements under \u201c22. Affiliated companies and participations\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-110": { "value": "
25.3.
(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. 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.
Contracts may have the legal form of an insurance contract but do not transfer any 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. Reference is made to the approach used by VIG at the transition date in this section under chapter IFRS 17 transition date (1 January 2022): Fair Value Approach (FVA).
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. For further information on onerous contracts, please refer to the following chapter 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
\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
Onerous contracts
Some contracts are issued before the coverage period starts and the initial premium becomes due. Whether issued contracts form a group of onerous contracts is assessed by the consolidated insurance companies at the earlier of the following two dates:
\u2022
before the start of the coverage period, or
\u2022
at the time when the first payment from policyholders within the group becomes due.
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 this section in chapter Presentation.

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 earliest of the following dates:
\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 previously stated.
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 17 transition date (1 January 2022): Fair Value Approach (FVA)
The discount rates used for groups of insurance contracts were determined at the transition date. For the measurement of the fulfilment cash flows of a group of insurance contracts at the transition date, the locked-in discount rates correspond to the weighted average rates that applied 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 the loss component of the liability for remaining coverage (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.
For the significant estimates and judgements made in applying this approach, please refer to Note \u201c24.1. (Re-)Insurance contracts\u201d.
The discount rates applied at the transition date
Spot Rates in years*
01/01/2022
\u00a0
1y
3y
5y
10y
20y
30y
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
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 economic 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, including insurance contract services from all premiums within the contract boundary (see chapter Contract boundary), does not exceed one year, and
\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 information on the loss component, please refer to the following chapter Presentation and for onerous contracts please refer to the chapter Onerous contracts in the section on Accounting policies.
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. 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 the sub-section in the following chapter Loss component),
\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 the following chapter, sub-section Insurance service revenue).
The subsequent measurement assumes for the CSM calculation using the VFA the following modifications compared to GMM:
\u2022
There is no explicit CSM interest accretion, as the CSM is remeasured when adjusted for changes in the entity\u2019s share of the underlying items.
\u2022
Changes in the amount of the entity's share of fair value of underlying items also adjust the CSM instead flowing through profit or loss (or optionally in OCI).
\u2022
Changes in fulfilment cash flow that do not vary based on the returns of the underlying items, related to future service, are CSM effective. However, as all cash flows are being considered to vary with underlying items, this element becomes redundant. The same follows from the application of IFRS 17.B114, which then does not distinguish between cash flows that vary with the underlying items and those that do not.
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 the disclosure in the chapter Notes to the consolidated financial statements under \u201c\u200e24.1. (Re-)Insurance contracts sub-chapter Discount rates\u201d).
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 information on the loss component, please refer to the sub-section of the same name in the following chapter.
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 less acquisition costs (see the comments on this in the following chapter Insurance acquisition costs),
\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 information on the loss component, please refer to the chapter of the same name in this section. For additional information on acquisition costs, please refer to the chapter Insurance acquisition costs of the same name in this section.
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 contain insurance contracts that are expected to arise from renewals of 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 partial reversal of previously recognised impairments is recognised in profit or loss and the book value of the asset is increased to the extent that the impairment conditions no longer exist or have improved.
Presentation
In accordance with IFRS 17, 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 item 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 section Significant estimates and judgements in the chapter Amortisation of the Contractual Service Margin (CSM).
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 reversed on the basis of a systematic allocation of the changes in settlement values determined in subsequent measurements that affect future benefits. 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. If this is not the case and the facts and circumstances referred to in the chapter Accounting policies indicate at any time during the coverage period that a group of insurance contracts is loss-making, a loss component is recognised in the amount by which the settlement value relating to the future insurance cover of the group exceeds the carrying amount of the provision for future insurance benefits determined in accordance with the explanations in chapter \u201cInitial measurement\u201d. Accordingly, by the end of the coverage period of the group of contracts the loss component will be zero.
Loss-recovery components
As explained in chapters \u201cInitial measurement \u2013 Reinsurance contracts held\u201d and \u201cSubsequent measurement \u2013 Reinsurance contracts held\u201d, 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 zero when the loss component of the onerous group of underlying insurance contracts is zero.
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. The financial assets of VIG that serve to cover the portfolios of insurance contracts issued are predominantly measured at the 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-111": { "value": "
25.3.
(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. 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.
Contracts may have the legal form of an insurance contract but do not transfer any 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. Reference is made to the approach used by VIG at the transition date in this section under chapter IFRS 17 transition date (1 January 2022): Fair Value Approach (FVA).
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. For further information on onerous contracts, please refer to the following chapter 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
\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
Onerous contracts
Some contracts are issued before the coverage period starts and the initial premium becomes due. Whether issued contracts form a group of onerous contracts is assessed by the consolidated insurance companies at the earlier of the following two dates:
\u2022
before the start of the coverage period, or
\u2022
at the time when the first payment from policyholders within the group becomes due.
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 this section in chapter Presentation.

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 earliest of the following dates:
\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 previously stated.
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 17 transition date (1 January 2022): Fair Value Approach (FVA)
The discount rates used for groups of insurance contracts were determined at the transition date. For the measurement of the fulfilment cash flows of a group of insurance contracts at the transition date, the locked-in discount rates correspond to the weighted average rates that applied 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 the loss component of the liability for remaining coverage (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.
For the significant estimates and judgements made in applying this approach, please refer to Note \u201c24.1. (Re-)Insurance contracts\u201d.
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. 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 17, 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 item 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 section Significant estimates and judgements in the chapter Amortisation of the Contractual Service Margin (CSM).
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 reversed on the basis of a systematic allocation of the changes in settlement values determined in subsequent measurements that affect future benefits. 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. If this is not the case and the facts and circumstances referred to in the chapter Accounting policies indicate at any time during the coverage period that a group of insurance contracts is loss-making, a loss component is recognised in the amount by which the settlement value relating to the future insurance cover of the group exceeds the carrying amount of the provision for future insurance benefits determined in accordance with the explanations in chapter \u201cInitial measurement\u201d. Accordingly, by the end of the coverage period of the group of contracts the loss component will be zero.
Loss-recovery components
As explained in chapters \u201cInitial measurement \u2013 Reinsurance contracts held\u201d and \u201cSubsequent measurement \u2013 Reinsurance contracts held\u201d, 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 zero when the loss component of the onerous group of underlying insurance contracts is zero.
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. The financial assets of VIG that serve to cover the portfolios of insurance contracts issued are predominantly measured at the 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-112": { "value": "
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 contain insurance contracts that are expected to arise from renewals of 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 partial reversal of previously recognised impairments is recognised in profit or loss and the book value of the asset is increased to the extent that the impairment conditions no longer exist or have improved.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-113": { "value": "
25.4.
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 at fair value (as defined in Note \u201c25.9.Calculation of fair value\u201d), 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 held as part of a business model whose objective is to realise changes in fair value. They were designated as such by management upon initial recognition or are required to be measured at fair value in accordance with IFRS 9. 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 \u201cThe calculation of ECLs\u201d in Note \u201c\u200e25.4. Financial instruments\u201d. 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 euro area).
\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 on the impairment of financial assets are included in the Note on significant judgements and estimates (Note \u201c24.2. Impairment losses on financial assets\u201d).
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 if repayment of the contractual obligations has become unlikely and/or the financial asset has a rating of C or D and/or the contractual payments are 90 days past due, unless VIG has adequate and reliable information that a longer arrears 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 debt 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 is not recognised in VIG\u2019s statement of financial position unless it is subject to enforcement measures. Expected cash flows from credit enhancements that are not required to be recognised separately under IFRS and that are considered an integral part of the contractual terms of a debt instrument for which ECL is recognised are included in the measurement of that 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 are presented as a liability measured at FVtPL. Analogous to the financial assets, financial liabilities are recognised at their \u201cdirty value\u201d.
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.
25.12.
Receivables as well as Liabilities and other payables
Receivables
The receivables presented in the balance sheet 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 17 are not included in this balance sheet item. Therefore, amounts shown as receivables are not related to the insurance business in accordance with IFRS 17.
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 9.5.5.15. In order to fulfil the relevant requirements, an Impairment Provision Matrix is used for receivables, which can be found in Note \u201c2.4. Credit risk\u201d.
Liabilities and other payables
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 17 are not included in this balance sheet item. Therefore, amounts shown as liabilities are not related to the insurance business in accordance with IFRS 17.For IFRS 9 measured liabilities, please refer to the statement on financial liabilities in Note \u201c25.4. Financial instruments\u201d. The other liabilities items are measured at AC.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-114": { "value": "
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 at fair value (as defined in Note \u201c25.9.Calculation of fair value\u201d), 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 held as part of a business model whose objective is to realise changes in fair value. They were designated as such by management upon initial recognition or are required to be measured at fair value in accordance with IFRS 9. 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 \u201cThe calculation of ECLs\u201d in Note \u201c\u200e25.4. Financial instruments\u201d. 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 euro area).
\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 on the impairment of financial assets are included in the Note on significant judgements and estimates (Note \u201c24.2. Impairment losses on financial assets\u201d).
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 if repayment of the contractual obligations has become unlikely and/or the financial asset has a rating of C or D and/or the contractual payments are 90 days past due, unless VIG has adequate and reliable information that a longer arrears 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 debt 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 is not recognised in VIG\u2019s statement of financial position unless it is subject to enforcement measures. Expected cash flows from credit enhancements that are not required to be recognised separately under IFRS and that are considered an integral part of the contractual terms of a debt instrument for which ECL is recognised are included in the measurement of that 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.
25.12.
Receivables as well as Liabilities and other payables
Receivables
The receivables presented in the balance sheet 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 17 are not included in this balance sheet item. Therefore, amounts shown as receivables are not related to the insurance business in accordance with IFRS 17.
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 9.5.5.15. In order to fulfil the relevant requirements, an Impairment Provision Matrix is used for receivables, which can be found in Note \u201c2.4. Credit risk\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-115": { "value": "
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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-116": { "value": "
Financial assets measured at FVtPL
Financial assets in this category are held as part of a business model whose objective is to realise changes in fair value. They were designated as such by management upon initial recognition or are required to be measured at fair value in accordance with IFRS 9. 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 are presented as a liability measured at FVtPL. Analogous to the financial assets, financial liabilities are recognised at their \u201cdirty value\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-117": { "value": "
Financial assets measured at FVtPL
Financial assets in this category are held as part of a business model whose objective is to realise changes in fair value. They were designated as such by management upon initial recognition or are required to be measured at fair value in accordance with IFRS 9. 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 are presented as a liability measured at FVtPL. Analogous to the financial assets, financial liabilities are recognised at their \u201cdirty value\u201d.
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:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-118": { "value": "
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 \u201cThe calculation of ECLs\u201d in Note \u201c\u200e25.4. Financial instruments\u201d. 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 euro area).
\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.
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 are presented as a liability measured at FVtPL. Analogous to the financial assets, financial liabilities are recognised at their \u201cdirty value\u201d.
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:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-119": { "value": "

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 euro area).
\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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-120": { "value": "
Impairment of financial assets
Further details on the impairment of financial assets are included in the Note on significant judgements and estimates (Note \u201c24.2. Impairment losses on financial assets\u201d).
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 if repayment of the contractual obligations has become unlikely and/or the financial asset has a rating of C or D and/or the contractual payments are 90 days past due, unless VIG has adequate and reliable information that a longer arrears 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 debt 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 exchange rate on the respective balance sheet date is used for conversion into euros.

Identifiable climate risks are included in the best estimate of technical provisions by way of rate-setting and reserve allocations. In forecasts, these identifiable climate risks are implicitly taken into account in the expected value of cash flows and in the solvency capital requirement applied 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 of impairment losses are recognised in the profit and loss account and are disclosed in Note \u201c9. Notes to the consolidated income statement\u201d. The fair values and the level hierarchy in accordance with IFRS 13 are presented in \u201c17. Calculation of Fair Value\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-121": { "value": "
Impairment of financial assets
Further details on the impairment of financial assets are included in the Note on significant judgements and estimates (Note \u201c24.2. Impairment losses on financial assets\u201d).
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 if repayment of the contractual obligations has become unlikely and/or the financial asset has a rating of C or D and/or the contractual payments are 90 days past due, unless VIG has adequate and reliable information that a longer arrears 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 debt 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-122": { "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 is not recognised in VIG\u2019s statement of financial position unless it is subject to enforcement measures. Expected cash flows from credit enhancements that are not required to be recognised separately under IFRS and that are considered an integral part of the contractual terms of a debt instrument for which ECL is recognised are included in the measurement of that 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-123": { "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 are presented as a liability measured at FVtPL. Analogous to the financial assets, financial liabilities are recognised at their \u201cdirty value\u201d.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-124": { "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 are presented as a liability measured at FVtPL. Analogous to the financial assets, financial liabilities are recognised at their \u201cdirty value\u201d.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-125": { "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 are presented as a liability measured at FVtPL. Analogous to the financial assets, financial liabilities are recognised at their \u201cdirty value\u201d.
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 and other payables
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 17 are not included in this balance sheet item. Therefore, amounts shown as liabilities are not related to the insurance business in accordance with IFRS 17.For IFRS 9 measured liabilities, please refer to the statement on financial liabilities in Note \u201c25.4. Financial instruments\u201d. The other liabilities items are measured at AC.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-126": { "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 are presented as a liability measured at FVtPL. Analogous to the financial assets, financial liabilities are recognised at their \u201cdirty value\u201d.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-127": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-128": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-129": { "value": "
25.5.
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 exchange rate on the respective balance sheet date is used for conversion into euros.

Identifiable climate risks are included in the best estimate of technical provisions by way of rate-setting and reserve allocations. In forecasts, these identifiable climate risks are implicitly taken into account in the expected value of cash flows and in the solvency capital requirement applied 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.
25.6.
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
3
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.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-130": { "value": "
25.5.
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 exchange rate on the respective balance sheet date is used for conversion into euros.

Identifiable climate risks are included in the best estimate of technical provisions by way of rate-setting and reserve allocations. In forecasts, these identifiable climate risks are implicitly taken into account in the expected value of cash flows and in the solvency capital requirement applied 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-131": { "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 exchange rate on the respective balance sheet date is used for conversion into euros.

Identifiable climate risks are included in the best estimate of technical provisions by way of rate-setting and reserve allocations. In forecasts, these identifiable climate risks are implicitly taken into account in the expected value of cash flows and in the solvency capital requirement applied 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 of impairment losses are recognised in the profit and loss account and are disclosed in Note \u201c9. Notes to the consolidated income statement\u201d. The fair values and the level hierarchy in accordance with IFRS 13 are presented in \u201c17. Calculation of Fair Value\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-132": { "value": "
25.6.
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
3
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.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-133": { "value": "
25.6.
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
3
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.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProgrammingAssetsExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-134": { "value": "
25.7.
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 less 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
48
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 \u201c25.9. Calculation of fair value\u201d.
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 of impairment losses are recognised in the profit and loss account and are disclosed in Note \u201c9. Notes to the consolidated income statement\u201d. The fair values and the level hierarchy in accordance with IFRS 13 are presented in \u201c17. Calculation of Fair Value\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-135": { "value": "Property is measured at acquisition or construction costs less 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
48
Average useful life in years
from
to
Owner-occupied buildings
27
47
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-136": { "value": "
25.8.
Owner-occupied property
Owner-occupied property
For the applied accounting policies, refer to the statements presented under \u201c25.7. Investment property\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-137": { "value": "
25.10.
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. In addition, unrealised gains and losses from the at equity measurement of associated companies, effects from the application of IAS 29 \u2013 Hyperinflation and translation differences resulting from the currency translation of foreign subsidiaries are reported in the other reserves.
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 169 AktG, the Managing Board is authorised until no later than 22 May 2030 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 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 23 May 2025 with the consent of the Supervisory Board to issue convertible bonds according to \u00a7 174 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 22 May 2030.
Therefore, in accordance with \u00a7 159 (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 23 May 2025 exercise their subscription or exchange rights. To date, the Managing Board has not adopted any resolution to issue convertible bonds on the basis of the authorisation granted on 23 May 2025.
Furthermore, the Managing Board was authorised by the Annual General Meeting on 23 May 2025 with the consent of the Supervisory Board to issue participating bonds pursuant to \u00a7 174 (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 22 May 2030. To date, the Managing Board had not adopted a resolution on the issuance of participating bonds on the basis of this authorisation.
The Managing Board was authorised by the Annual General Meeting on 23 May 2025, pursuant to with \u00a7\u00a065 (1) no. 4, no. 8 as well as (1a) and (1b) AktG, to acquire the company\u2019s own bearer ordinary shares, on one or more occassions, a total of 10% of the share capital, in each case subject to the maximum holding of own shares permitted by law, during a period of validity of 30 months from the date of the resolution of the Annual General Meeting. 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 5 (2) and (3) of the Austrian Takeover Act (\u00dcbernahmegesetz)).
The Managing Board was also authorised for a period of five years from the date of the resolution to use the acquired treasury own shares while excluding shareholder pre-emption rights
\u2022
to issue shares to employees and executives of the company or to employees, executives and members of the managing board of companies affiliated with the company;
\u2022
to service convertible bonds issued on the basis of the resolution of the Annual General Meeting on 23 May 2025; 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-138": { "value": "
25.10.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-139": { "value": "
25.11.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-140": { "value": "
25.11.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-141": { "value": "
25.12.
Receivables as well as Liabilities and other payables
Receivables
The receivables presented in the balance sheet 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 17 are not included in this balance sheet item. Therefore, amounts shown as receivables are not related to the insurance business in accordance with IFRS 17.
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 9.5.5.15. In order to fulfil the relevant requirements, an Impairment Provision Matrix is used for receivables, which can be found in Note \u201c2.4. Credit risk\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-142": { "value": "
VIG Insurance Group applies the option of the simplified approach for trade receivables and receivables from leases in accordance with IFRS 9.5.5.15. In order to fulfil the relevant requirements, an Impairment Provision Matrix is used for receivables, which can be found in Note \u201c2.4. Credit risk\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-143": { "value": "
Liabilities and other payables
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 17 are not included in this balance sheet item. Therefore, amounts shown as liabilities are not related to the insurance business in accordance with IFRS 17.For IFRS 9 measured liabilities, please refer to the statement on financial liabilities in Note \u201c25.4. Financial instruments\u201d. The other liabilities items are measured at AC.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-144": { "value": "
25.13.
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 on 31 December 2023 as a result of the implementation of the Global Anti-Base Erosion (GloBE) rules under the second pillar of 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 9 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. In the event of positive income for a group member, 23% (23%) is paid to the group parent company. If the tax group member generates negative income, 20.7% (20.7%) of the group member\u2019s tax loss is paid by the tax group\u2019s parent company. Because the intragroup tax charge is 23% (23%) 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 (Hungary), 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-145": { "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 on 31 December 2023 as a result of the implementation of the Global Anti-Base Erosion (GloBE) rules under the second pillar of 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-146": { "value": "
26.
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 IFRS 7 and IFRS 9
Classification and measurement of financial instruments
01/01/2026
Amendments to IFRS 7 and IFRS 9
Contracts Referencing Nature-dependent Electricity
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
IFRS 18
Presentation and notes in financial statements
01/01/2027
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 19
Subsidiaries without public accountability: Disclosures
01/01/2027
Amendments to IFRS 19
Subsidiaries without public accountability: Disclosures
01/01/2027
Amendments to IAS 21
Conversion to a hyperinflationary presentation currency
01/01/2027
*Unless otherwise specified, the Group is not planning early adoption of the provisions listed.
Unless otherwise stated below, the standards listed in the table are not expected to have a material impact or the amendments are not relevant.
IFRS 18 \u2014 Presentation and notes in financial statements
The application of IFRS 18 will lead to changes in the presentation of the primary financial statements and in the notes to the financial statements. The structural change in the presentation of the consolidated income statement is particularly significant. As an insurance group, VIG will structure the consolidated income statement based on the provisions for its main business activity, \u201cInvesting in financial assets\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-147": { "value": "
27.
Significant events after the balance sheet date
Significant events up to 23 March 2026 have been taken into account. On this date, the present Annual Report was authorised for publication by the Managing Board.
Termination and redemption of subordinated notes 2015
VIG has decided to terminate the subordinated notes due 2046 (Notes 2015) in the total value of the current outstanding nominal value of EUR\u00a0154,446,000 with effect from 2 March 2026 and to redeem the notes at the redemption amount which equals 100% of the principal amount of the notes plus all interest accrued up to the redemption date (exclusive). All necessary approvals have been granted by the Austrian Financial Market Authority.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-148": { "value": "
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 company. The governance system comprises not only the internal organisation, structure and mechanisms within the company, but also the Group\u2019s legal and factual interaction with the external (market) environment.
The Managing Board of VIG\u00a0Holding is responsible for complying with the legal regulations applicable to VIG\u00a0Holding 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, 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 of the company by the Managing Board,
\u2022
Regular 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 by Risk Management and at operational level in the individual organisational units,
\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.
\"'Please
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 is integrated into the structural organisation. 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:
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Development and promotion of the risk management system,
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Definition and communication of the risk strategy, including risk tolerances and risk appetite,
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Approval of central risk management guidelines, and
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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)
The department coordinates and supports all companies in VIG Insurance Group and the compliance officers appointed in the companies in the fulfilment of compliance-related tasks and activities. 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\u00a0II 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
The VIG IT department is responsible for IT management at the level of VIG\u00a0Holding. The department is also responsible for IT governance and the outsourcing officer for IT-related matters. The department manager is also the managing director and spokesperson for the management of VIG IT-DS.
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:
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Life insurance underwriting risk
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Non-life insurance underwriting risk
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Health insurance underwriting risk
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Market risk
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Credit risk / counterparty default risk
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Operational risk
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Liquidity risk
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Strategic risk
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Reputation risk and
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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 VIG companies in the countries of Austria (VIG\u00a0Holding, 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\u00a0Holding, Wiener St\u00e4dtische, DONAU Versicherung).
Implementation of the prudent person principle
Solvency\u00a0II in general and the prudent person principle in particular demand a high level of self-responsibility for 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 in this section.
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:
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Risk from extreme loss events, particularly natural disasters,
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Risk from unprofitable contracts due to inadequate premium pricing,
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Risk from loss events that have already occurred, but are not sufficiently known or provisioned,
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Cancellation risk (decrease in the contribution margin due to a sharp drop in insurance contracts in force), and
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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 in this section.
Underwriting risk of health insurance
Health insurance underwriting risk is sub-divided into health insurance by type of non-life insurance and health insurance 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 covered by reinsurance and comprises the classic non-life insurance underwriting risks. 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 in this section.
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, refer to the remarks on the subject of the prudent person principle in the section named Risk profile.
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 Risk Committee with a focus on asset liability management. 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 in the section of the same name.
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 strategy and 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 incorrect advice when selling products, lack of customer service, the provision of misinformation 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 the 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. Alongside newly identified risks that have been taken into account and the integration of two additional companies, this increase is also attributable 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:
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Own funds of insurance companies and insurance groups,
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Admissibility of investments for the purpose of protecting underwriting provisions,
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Concessions of the different pension funds, insurance companies and asset management companies of VIG Insurance Group,
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Requirements for the digital operational resilience (DORA) of insurance companies and insurance groups,
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Marketing activities and sales of insurance contracts, and
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Cancellation rights of policyholders.
Changes in the legal framework conditions could necessitate restructuring and thereby cause higher costs and duplication. Different or subsequently different interpretations of legal texts or contradictory requirements can also lead to increased organisational effort and thus higher costs.
Risk of concentration
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:
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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,
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The resolution of outstanding legal or regulatory issues and the related legal and compliance risks arising from the merger or acquisition,
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The integration of marketing, customer service and product offerings,
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The integration of different corporate and management cultures, and
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The coordination of business and reporting processes and the consideration of Group-wide requirements.

Climate risks
Global warming is causing more frequent extreme weather events. That presents additional challenges, particularly 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 pertain to both physical risks and transition risks (see table in this section).
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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, heatwaves and droughts, storms and hail.
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In accordance with the Delegated Regulation on the ESRS, a further distinction is made between acute and chronic risks in relation to physical risks. This classification also corresponds to the system used by the Network for Greening the Financial System (NGFS):
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Acute risks include short-term extreme weather events such as storms, floods or heatwaves.
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Chronic risks arise from long-term climatic changes such as increasing average temperatures or rising sea levels.
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Transition risks in connection with climate change refer to economic and financial losses that may arise in the course of the adjustment process towards a lower-carbon and more sustainable economy. Key factors contributing to the emergence of such risks include new political and regulatory frameworks, technological developments, changes in market sentiment among financial stakeholders, and shifts in societal or customer perceptions, which can also bring reputational risks.
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), which enables analysis over short-, medium- and long-term time horizons. 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\u00a0Holding 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 volatility.
Standard & Poor\u2019s rating
In October\u00a02025, S&P raised VIG\u2019s outlook from \u201cstable\u201d to \u201cpositive\u201d and at the same time confirmed VIG\u2019s strong A+ rating. The decisive factors for S&P in raising the outlook were VIG\u2019s ongoing diversification and growth. This has further increased VIG\u2019s resilience and reduced its dependence on the traditionally most profitable markets, Austria and Czechia. S&P cites VIG\u2019s strong capitalisation, supported by a robust Solvency\u00a0II ratio, as a rating strength. S&P sees further diversification potential in the planned purchase of N\u00fcrnberger.
The subordinated bonds issued in 2015 (EUR\u00a0154.4\u00a0million Tier\u00a02 outstanding, first call date 2\u00a0March\u00a02026), in 2017 (EUR\u00a0134.0\u00a0million Tier\u00a02 outstanding, first call date 13\u00a0April\u00a02027) and in 2022 (EUR\u00a0500\u00a0million Tier\u00a02, first call date 15\u00a0June\u00a02032) are rated \u201cA-\u201d by S&P. The Tier\u00a02 bond issued in 2025 with a volume of EUR\u00a0300.0\u00a0million was also 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\u00a0Holding has set itself the goal of keeping the solvency ratio at an appropriate 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.
One 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 2025, 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 2025 (31 December 2024: 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 \u201c25.10. Consolidated shareholders\u2019 equity\u201d.
As of 31 December 2025, the solvency ratio of VIG Insurance Group as defined by Solvency\u00a0II was 295.58% (31 December 2024: 260.74%).
Long-term debt financing
VIG Insurance Group had outstanding subordinated bonds with differing maturities as of 31 December 2025. Detailed information on the bonds programme of VIG Insurance Group is provided in Note \u201c8.2. Subordinated liabilities\u201d. 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.
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Capital management
In the interest of our shareholders and insurance customers, it is our goal that VIG\u00a0Holding 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 volatility.
Standard & Poor\u2019s rating
In October\u00a02025, S&P raised VIG\u2019s outlook from \u201cstable\u201d to \u201cpositive\u201d and at the same time confirmed VIG\u2019s strong A+ rating. The decisive factors for S&P in raising the outlook were VIG\u2019s ongoing diversification and growth. This has further increased VIG\u2019s resilience and reduced its dependence on the traditionally most profitable markets, Austria and Czechia. S&P cites VIG\u2019s strong capitalisation, supported by a robust Solvency\u00a0II ratio, as a rating strength. S&P sees further diversification potential in the planned purchase of N\u00fcrnberger.
The subordinated bonds issued in 2015 (EUR\u00a0154.4\u00a0million Tier\u00a02 outstanding, first call date 2\u00a0March\u00a02026), in 2017 (EUR\u00a0134.0\u00a0million Tier\u00a02 outstanding, first call date 13\u00a0April\u00a02027) and in 2022 (EUR\u00a0500\u00a0million Tier\u00a02, first call date 15\u00a0June\u00a02032) are rated \u201cA-\u201d by S&P. The Tier\u00a02 bond issued in 2025 with a volume of EUR\u00a0300.0\u00a0million was also 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\u00a0Holding has set itself the goal of keeping the solvency ratio at an appropriate 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.
One 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 2025, 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 2025 (31 December 2024: 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 \u201c25.10. Consolidated shareholders\u2019 equity\u201d.
As of 31 December 2025, the solvency ratio of VIG Insurance Group as defined by Solvency\u00a0II was 295.58% (31 December 2024: 260.74%).
Long-term debt financing
VIG Insurance Group had outstanding subordinated bonds with differing maturities as of 31 December 2025. Detailed information on the bonds programme of VIG Insurance Group is provided in Note \u201c8.2. Subordinated liabilities\u201d. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300JCRU23I1THU176", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }