Annual Financial
Report 2025
Annual Financial Report 2025
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Contents
General information
Structure and organisation
Segmentation and scope of consolidation
Retroactive adjustments
Business development and economic position
Economic environment
Legal environment
Group business development and financial
performance indicators
Branch offices
Business development and financial performance
indicators by reportable segment
Consolidated non-financial report
General information
Environmental information
Social information
Governance information
Annex
Other mandatory disclosures
Research and development
Holdings, purchase and sale of own shares
Internal control and risk management system
Capital, share, voting and control rights and
associated agreements
Corporate governance
Outsourcing disclosures
Expected development and risks of the Group
Significant risks and uncertainties
Expected development – Outlook for 2026
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Group management report
GROUP MANAGEMENT REPORT 20255
Consolidated income statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of change
in equity
Consolidated cash flow statement
Notes
General information and principles
of significant accounting policies
Segment reporting
Explanatory notes to the net assets,
financial position and operating results
Additional disclosures
Risk strategy and risk management
CONSOLIDATED FINANCIAL
STATEMENTS 2025
Primary financial statements
Consolidated financial
statements
Declaration by the Managing Board
Auditor’s Report
Independent assurance report on the
non-financial reporting
Corporate Governance Report
Supervisory Board Report
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
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ANNUAL FINANCIAL STATEMENTS IN
ACCORDANCE WITH UGB
Annual Financial Statements 2025
Balance sheet
Income Statement
Notes to the financial statements for 2025
Proposed appropriation of profits
Auditor's report
Declatation by the Managing Board
Supervisory Board report
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Management report
MANAGEMENT REPORT TO THE ANNUAL
FINANCIAL STATEMENTS IN ACCORDANCE
WITH UGB
Company profile
Management report 2025
Economic environment
VIG Holding business development
Risk report
Internal control and risk management system
in the accounting process
Disclosures in accordance with Section § 243a
and Section 243 (3) (3) UGB
Disclosures on outsorcing in accordance with
Section 156 (1) (1) in conjunction with Section
109 VAG
Outlook
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Online annual report
Additional videos and information about the
2025 financial year are available online at
annual-report.vig/2025
Publications
All VIG Holding publications
can be found at group.vig/reports
SERVICE INFORMATION
List of abbreviations
Notice – Address
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382
Service
Annual financial statements
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Annual Financial Report 2025
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
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Group
management
report
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Annual Financial Report 2025
GENERAL INFORMATION
STRUCTURE AND ORGANISATION
As part of its multi-brand strategy, VIG Insurance Group relies on regionally established brands and operates with more than
one company and brand in most of its markets. The companies address different target groups through their individual market
presence. Their product portfolios differ accordingly. This multi-brand strategy does not mean, however, that potential syn-
ergies remain unexploited. Structural efficiency and the cost-effective use of resources are examined regularly and developed
further. Back offices that perform administrative tasks for more than one company are already being used successfully in
many countries. In addition, as part of the new Group strategy evolve
28
with CO
3
(Collaboration, Cooperation, Communication),
collaboration and the exchange of knowledge within the Group is being strengthened further. The aim is to systematically
leverage synergies, create transparency and increase competitiveness in the long term through increased cooperation be-
tween the companies in a country. Mergers of insurance companies are considered if the synergies that can be achieved out-
weigh the benefits of a diversified market presence. To ensure uniform management, clearly defined country responsibilities
also exist at Managing Board level. Furthermore, in addition to the CEO (Chief Executive Officer) and the CFRO (Chief Financial
and Risk Officer), there is also a COO (Chief Operations Officer) and a CIO (Chief Innovation Officer) on the Managing Board.
To improve readability, company names have been shortened throughout the entire report. The list of abbreviations under
“Service information” contains a list of the full company names. In order to avoid duplicate information, reference will be made
to appropriate information in the notes to the consolidated financial statements. Changes in significant balance sheet and
income statement items are presented in both the segment reporting and the notes to the financial statements. Additional
disclosures in the management report are intended to explain these data in more detail.
SEGMENTATION AND SCOPE OF CONSOLIDATION
The over 50 VIG insurance companies and pension funds operate in the following reportable segments: Austria, Czech Republic,
Poland, Extended CEE, Special Markets and Group Functions. These six segments are explained in the segment reporting
section of the Group management report. The segment Extended CEE includes the countries of Albania incl. Kosovo, the Baltic
states, Bosnia-Herzegovina, Bulgaria, Croatia, Hungary, Moldova, North Macedonia, Romania, Serbia, Slovakia and Ukraine.
The segment Special Markets consists of the four countries Germany, Georgia, Liechtenstein and Türkiye. Further information
on the scope of consolidation and the method of consolidation can be found in Note “22. Affiliated companies and partici-
pations” and Note “25.2. Business combinations”. Details on the changes in scope of consolidation can be found in Note “21.
Business combinations”.
RETROACTIVE ADJUSTMENTS
The accounting policy used for the determination and accounting of deferred taxes was changed, which required an adjust-
ment of the previous year’s figures. For more information, please refer to the “Principles of significant accounting policies”
section of the notes to the consolidated financial statements under “Change in accounting policies”.
BUSINESS DEVELOPMENT AND ECONOMIC POSITION
ECONOMIC ENVIRONMENT
After the significant impact of US tariff policy had to be overcome in the first and second quarters of 2025, the fourth quarter
in particular was surprising in a positive way. On an annual basis, real GDP growth for the euro area was 1.5%. Spain again
reported good growth figures, and Germany was able to break free from stagnation in the third quarter.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
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After two recessionary years in Austria, a slow recovery continued, adding up to real GDP growth of 0.6% in 2025. Private
consumption recovered in the fourth quarter and public consumption remained supportive. The export situation also eased in
the final quarter.
Stable and even moderately increasing consumer sentiment and investment brought real GDP growth for Central and Eastern
Europe (CEE) to a regional average of 2.3% for the year. Poland and Croatia were at the upper end with projected GDP growth
of 3.6% and 3.2%, respectively, while Hungary and Slovakia were at the other end with 0.4% and 0.8%, respectively.
The euro area ended 2025 on an inflation rate of 2.1%. Driven by continuing high core inflation (service providers) and energy
prices, inflation in Austria rose to 3.6% for the year as a whole (2024: 2.9%). At 4.1% (2024: 3.7%), inflation in CEE was also
significantly above the previous year’s level and the euro area average. Romania recorded the highest inflation rate at 7.3%
and Slovenia the lowest at 2.4%.
LEGAL ENVIRONMENT
SOLVENCY II
The directive amending the Solvency II legal framework was published in the Official Journal of the European Union on 8 January
2025 and entered into force on 29 January 2025. EU Member States are required to transpose the new Solvency II rules into national
law following a two-year transposition period, with the rules applying from 30 January 2027. During the years 2025 and 2026, ap-
proximately 80 Level 2 and Level 3 legal instruments (in particular regulatory and implementing technical standards and guidelines)
will be newly created or revised in connection with the revised Solvency II Directive. These instruments will become legally binding
once they have been adopted by the European Commission and published in the Official Journal of the European Union.
The Solvency II Directive has, among other things, adopted adjustments to the standard formula for the calculation of its
Solvency Capital Requirement in order to better mitigate pro-cyclical effects. The purpose is to avoid unnecessary capital
burdens by adapting assessment methodologies more closely to the real risks of the European insurance industry. Liquidity
risk management plans are to be introduced to monitor liquidity risks in the future, with appropriate measures that are nec-
essary to restore liquidity and ensure compliance with the law.
RECOVERY AND RESOLUTION
The directive establishing a framework for the recovery and resolution of (re-)insurance undertakings was published in the
Official Journal of the European Union on 8 January 2025 and entered into force on 29 January 2025. EU Member States are
required to transpose the new rules into national law following a two-year transposition period, with the rules applying from
30 January 2027. During the years 2025 and 2026, approximately 20 Level 2 and Level 3 legal instruments (in particular
regulatory and implementing technical standards and guidelines) will be developed in relation to the Insurance Recovery and
Resolution Directive. These instruments will become legally binding once they have been adopted by the European Com-
mission and published in the Official Journal of the European Union.
The purpose of this Directive is to prepare (re-)insurance undertakings for crisis situations and to enable an orderly exit from the
market in the event of failure without recourse to public funds by providing the competent authorities with effective resolution
tools and powers which allow for appropriate early intervention in the event of an insurer failing or likely to fail and thereby
minimising negative effects on policy holders, financial markets, the wider economy and on budgets of the Member States.
The Insurance Recovery and Resolution Directive requires (re-)insurance undertakings to draw up pre-emptive recovery plans
before a breach of the Solvency Capital Requirement (SCR); at group level, corresponding group recovery plans must be submitted
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Annual Financial Report 2025
to the group supervisor. If a (re-)insurance group carries out critical functions in the public interest, the relevant group reso-
lution authority shall draw up group resolution plans in which impediments to resolvability are addressed and removed.
In the context of ongoing regulatory developments, the Insurance Recovery and Resolution Directive provides that the Euro-
pean Commission shall submit a report to the European Parliament and the Council by 29 January 2027 at the latest, after
having consulted with EIOPA. The purpose of this report is to assess the appropriateness of minimum common standards for
insurance guarantee schemes (IGS) within the European Union.
SUSTAINABLE FINANCE
A range of comprehensive European legislative initiatives have been introduced in recent years under the “European Green
Deal”. Against the background of the initiative to reduce red tape, some of these regulations were reviewed during the reporting
period and partially adjusted.
On 26 February 2026, the final EU directive of the Omnibus I simplification package in the field of sustainability was published in
the Official Journal of the European Union. The package of measures presented by the European Commission in February 2025
aims to simplify and harmonise more closely sustainability-related regulatory requirements for companies.
The aim of this initiative is to strengthen the competitiveness of European companies without jeopardising the overall sustain-
ability objectives of the European Union. In terms of content, the focus is in particular on adjustments to the requirements for
sustainability reporting and corporate due diligence obligations. The main focus is on the Corporate Sustainability Reporting
Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD). In addition, the package includes simpli-
fications of the report formats and reporting templates within the framework of the EU Taxonomy.
The European Sustainability Reporting Standards (ESRS), which are being adapted as part of the CSRD revision, are expected
to be mandatory for the first time in the 2027 reporting year. The rules of the CSDDD will apply from mid-2029. The simplified
reporting templates for the EU Taxonomy have already been used for the 2025 financial year.
DIGITAL RESILIENCE
The regulation of digital security in the financial sector remained a focus at the European level during the reporting period.
Since 17 January 2025, the Digital Operational Resilience Act (DORA) has been applicable to European financial entities, re-
quiring them, among other things, to take all required security precautions to mitigate cyber attacks and other risks in the area
of information and communication technology (ICT risks). Essential details for the provisions in DORA are set at level 2. These
level 2 measures were developed by the ESAs (EIOPA, EBA and ESMA) in the course of 2024 in a joint committee. They became
legally binding upon their adoption by the European Commission and subsequent publication in the Official Journal of the
European Union.
INTERNATIONAL SANCTIONS
After significant changes to the dynamics, complexity and extent of the international sanctions environment as a result of
Russia’s attack on Ukraine in 2022, multiple countries and organisations, above all the European Union, the United States of
America and the United Kingdom of Great Britain and Northern Ireland, imposed further comprehensive sanctions against
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
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Russia and Belarus or expanded already existing sanctions in the reporting year. The restrictions rang from (investment)
restrictions for specific economic sectors to embargoes on goods, complete trade embargoes for specific regions to the
significant expansion of the number of persons and companies that were placed on sanctions lists and with whom business
relationships are therefore prohibited. As in the previous year, the European Union, the United States of America and the United
Kingdom of Great Britain and Northern Ireland again stepped up their efforts to prevent sanctions being circumvented. In this
context, in 2025, numerous individuals, companies and vessels domiciled or registered outside Russia and Belarus were
sanctioned. In some cases, this also includes persons who are nationals of an EU country or companies with their registered
office in the EU. Iran was also the focus of sanctions again in 2025. Against the background of the failed nuclear negotiations,
the “snapback mechanism” provided for by the Joint Comprehensive Plan of Action (JCPOA) was triggered, which led to the
reactivation of the comprehensive sanctions of the United Nations Security Council against Iran, which had been suspended
since 2015. This meant further sanctions for persons or companies in Iran or related to Iran. In Austria, the Sanctions Act 2024
introduced new provisions relating to sanctions, which, among other things, require insurance companies to establish
strategies, controls and procedures to ensure compliance with financial sanctions. The Sanctions Act 2024 came into force
for insurance companies on 1 January 2026. Furthermore, the act transferred the powers for the monitoring and enforcement
of financial sanctions in the financial sector from the National Bank of Austria to the FMA as of 1 January 2026.
GROUP BUSINESS DEVELOPMENT AND FINANCIAL PERFORMANCE INDICATORS
FINANCIAL PERFORMANCE INDICATORS
The key financial performance indicators that form the basis for assessing the business development are presented below.
All disclosures are based on IFRS figures. Due to a lack of data availability, market data relates to the gross written premiums
in the respective period.
Gross written premiums
Further details on the gross written premiums are included in Note “1.7. Risk of concentration”.
In 2025, VIG Insurance Group achieved gross written premiums of EUR 16,313.7 million and thus a plus of 7.1% year-on-year
(2024: EUR 15,226.3 million).
All reportable segments show positive development. Gross written premiums in the segments Extended CEE (+9.2%), Austria
(+4.6%), Czech Republic (+8.2%) and Poland (+10.7%) performed particularly well. Of the countries in the Extended CEE
segment, Romania (+9.3%), Hungary (+8.4%), Slovakia (+7.4%) and the Baltic states (+7.8%) in particular recorded dynamic
premium development. In the segment Special Markets, Türkiye in particular recorded strong premium growth (+5.8%).
Insurance service revenue – issued business
Additional details on the insurance service revenue issued business, hereinafter referred as “Insurance service revenue”, are
included in Note “1.3. Insurance contracts issued”.
The insurance service revenue increased by 8.7% in 2025 to EUR 13,196.0 million (2024: EUR 12,138.5 million). With the ex-
ception of the segment Group Functions, all reportable segments recorded growth. Property and casualty insurance (ac-
counted for using the Premium Allocation Approach) in the Extended CEE and Special Markets segments contributed particu-
larly strongly to the increase compared to the previous year.
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Annual Financial Report 2025
Insurance service expenses – issued business
Further details on the insurance service expenses – issued business, hereinafter referred as “Insurance service expenses”, are
included in Note “1.3. Insurance contracts issued”.
In 2025 the insurance service expenses amounted to EUR 11,451.3 million (2024: EUR 10,656.8 million), which is an increase
of 7.5% year-on-year. This is mainly due to the significant increase in business volume. The increase in insurance services in
the commercial business was offset by lower weather-related claims.
Insurance service result – reinsurance held
Further details on the insurance service result – reinsurance held can be found in Note “1.4. Reinsurance contracts held”.
The insurance service result – reinsurance held resulted in 2025 in a loss of EUR 226.3 million (2024: loss of EUR 295.3 million).
The improved reinsurance result is primarily due to major losses that had significant reinsurance coverage, despite a sig-
nificant decline in claims arising from natural catastrophes.
Total capital investment result
Details on the investment result can be found in Note “9. Notes to the consolidated income statement”.
The total capital investment result consists of investment result, income and expenses from investment property, insurance
finance result and result from associated consolidated companies. The two significant positions are the investment result in
which the results of the assets evaluated according to IFRS 9 are shown and the insurance finance result, which primarily
shows the interest effect of the underwriting liabilities and assets or the total financing effect of the Variable Fee Approach.
The total capital investment result increased by 12.3% in 2025 to EUR 489.4 million (2024: EUR 435.6 million). The significant
increase compared to the previous year is primarily due to higher interest revenues from the bond portfolio in Türkiye.
Result before taxes
The consolidated result before taxes increased by 31.7% in 2025 to EUR 1,161.3 million (2024: EUR 881.8 million). The in-
crease is mainly due to the significantly higher result in the reportable segments Austria, Czech Republic, Extended CEE and
Poland.
The result before taxes, adjusted for adjustments of EUR 96.3 million (2024: EUR 116.4 million), resulted in a business oper-
ating result of EUR 1,257.7 million in 2025, which was 26.0% above the previous year’s figure (2024: EUR 998.2 million). The
adjustments taken into account in the current reporting year mainly resulted from the impairment of goodwill in Hungary in
the amount of EUR 72.6 million.
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
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ABBREVIATED CONSOLIDATED INCOME STATEMENT
2025
2024 adjusted
∆ in %
∆ absolute
in EUR million
Insurance service result
1,518.4
1,186.4
28.0%
332.1
Insurance service revenue - issued business
13,196.0
12,138.5
8.7%
1,057.5
Insurance service expenses - issued business
-11,451.3
-10,656.8
7.5%
-794.5
Insurance service result - reinsurance held
-226.3
-295.3
-23.4%
69.0
Total capital investment result
489.4
435.6
12.3%
53.8
Investment result
2,398.0
1,884.0
27.3%
514.0
Income and expenses from investment property
46.8
60.6
-22.7%
-13.8
Insurance finance result
-1,982.6
-1,536.0
29.1%
-446.5
Result from associates (equity-method)
27.1
27.0
0.4%
0.1
Finance result
-82.5
-78.8
4.7%
-3.7
Other income and expenses
-667.6
-545.0
22.5%
-122.7
Business operating result
1,257.7
998.2
26.0%
259.4
Adjustments
*
-96.3
-116.4
-17.2%
20.1
Result before taxes
1,161.3
881.8
31.7%
279.5
Taxes
-303.0
-234.3
29.3%
-68.7
Result for the period
858.3
647.6
32.5%
210.8
Non-controlling interests in net result for the period
23.5
21.2
10.4%
2.2
Result for the period less non-controlling interests
834.9
626.3
33.3%
208.6
Earnings per share (in EUR)
6.46
4.83
33.7%
1.6
*The value includes impairments of goodwill as well as (reversals of) impairments of intangible assets.
Total capital investment portfolio
Further details on financial instruments can be found in Note “2. Financial assets and liabilities as well as other balance sheet
items evaluated according to IFRS 9”.
The total capital investment portfolio as of the reporting date 31 December 2025 amounted to EUR 47,151.6 million (31 De-
cember 2024: EUR 44,568.3 million). This corresponds to an increase of 5.8% year-on-year. The development is mainly due to
the increased market values of the investments measured at fair value and to the high level of new investments. The financial
instruments for unit- and index-linked life insurance increased by 12.0% from EUR 8,558.4 million in 2024 to EUR 9,583.2 mil-
lion in 2025. This development is also due to the positive market value development.
The “risk-bearing portfolio” includes cash and cash equiva-
lents, financial assets, investments in associates, investment
property as well as owner-occupied property. As of 31 De-
cember 2025 the portfolio amounted to EUR 38,040.2 million
(31 December 2024: EUR 36,476.8 million) and corresponds to
the total capital investment portfolio minus the financial
instruments for unit- and index-linked life insurance plus
owner-occupied property. As owner-occupied property a
value of EUR 471.8 million was reported as of 31 December
2025 (31 December 2024: EUR 466.8 million).
SPLIT OF THE CAPITAL INVESTMENTS HELD AT OWN RISK 2025
Property 9.6%
(9.8%)
Loans 2.0% (1.8%)
Other investments
9.0% (10.1%)
Shares 3.4% (3.2%)
Bonds
74.6%
(73.8%)
Affiliated
companies
1.4%
(1.3%)
Values for 2024 in parentheses
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Annual Financial Report 2025
Consolidated shareholders’ equity
Further details on the consolidated shareholders’ equity can be found in Note “10. Consolidated shareholders’ equity”.
The consolidated shareholders’ equity increased in 2025 by 11.8% to EUR 7,331.4 million (31 December 2024 adjusted:
EUR 6,558.9 million). This development is mainly due to the retained profits of the Group. In 2025, the equity attributable to
shareholders amounted to EUR 7,170.9 million (2024 adjusted: EUR 6,411.8 million).
Insurance contracts liabilities issued
Further details on the insurance contracts liabilities issued are included in Note “1.3. Insurance contracts issued”.
The insurance contracts liabilities issued amounted to EUR 41,496.9 million as of the balance sheet date 31 December 2025
(31 December 2024: EUR 39,598.1 million). This corresponds to an increase of 4.8% year-on-year. This development is mainly
due to the increased business volume of product lines accounted in PAA – in particular in property and casualty insurance –
as well as to the positive market development of the underlying assets in the Variable Fee Approach – especially in the long-
term life and health insurance lines of business.
Cash flow
Cash flow from operating activities improved in 2025 to EUR 842.3 million (2024: EUR 346.0 million). This is mainly due to the
increase in business volume and the much lower claims payments related to natural catastrophes. In 2025 cash flow from
investment activities was EUR -943.2 million (2024: EUR 257.7 million). The decline is mainly due to the high level of new
investments in the bond portfolio as a result of the increase in business volume in life insurance. In 2025 the cash flow from
financing activities was EUR -262.0 million (2024: EUR -409.6 million). The increase in cash flow from financing activities is
primarily due to the issue of a Tier 2 sustainability bond with a volume of EUR 300 million. Bonds in the amount of
EUR 145.2 million were also repurchased. At the end of 2025 cash and cash equivalents of the Group were at EUR 1,371.0 mil-
lion (2024: EUR 1,748.1 million). In 2025, the received interest and dividends in total amounted to EUR 1,056.1 million (2024:
EUR 1,018.1 million).
Earnings per share
Earnings per share is a key figure that compares the result for the period (less non-controlling interests) to the average number
of shares outstanding. The number of shares compared to the previous year remained unchanged.
In 2025 earnings per share were EUR 6.46 (2024 adjusted: EUR 4.83). The increase compared to the previous year is 33.7%.
This development reflects the positive business development.
Operating Return on Equity (Operating RoE)
Operating return on equity measures the profitability of the insurance group. This ratio is calculated by dividing the business
operating result by the average shareholders’ equity less unrealised gains and losses.
As of 31 December 2025, Vienna Insurance Group achieved an operating return on equity of 18.7% (31 December 2024
adjusted: 16.2 %).
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
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Operating Return on Equity
31/12/2025
31/12/2024
adjusted
31/12/2023
adjusted
in EUR million
Shareholdersʾ equity
7,331.4
6,558.9
6,099.3
Unrealised gains and losses recognised in equity*
-255.9
-195.7
-159.3
Adjusted shareholders’ equity
7,075.4
6,363.2
5,940.0
Average adjusted shareholders’ equity
6,719.3
6,151.6
Business operating result
1,257.7
998.2
Operating RoE in %
18.7
16.2
*adjusted by non-controlling interests
Net combined ratio
The calculation of the net combined ratio is the insurance service expenses for issued business less insurance service ex-
penses from reinsurance contracts held divided by the insurance service revenue from issued business less insurance service
revenue from reinsurance contracts held in property and casualty insurance.
The net combined ratio in 2025 was 90.1% (2024: 93.4%). The significant improvement in the combined ratio compared to the
previous year is mainly stemming from the reportable segments Austria, Czech Republic, Poland and Special Markets, and is
supported by much lower weather-related claims and natural catastrophes.
Net combined ratio
2025
2024
in EUR million
Insurance service revenue net
9,288.8
8,494.8
Attributable costs net
-2,819.8
-2,601.4
Insurance service expenses excl. attributable costs net
-5,545.0
-5,330.2
Insurance service expenses net
-8,364.8
-7,931.6
Net claims ratio in %
59.7
62.7
Net cost ratio in %
30.4
30.6
Net combined ratio in %
90.1
93.4
Contractual service margin (CSM)
The contractual service margin (CSM) includes the unrealised profits originally priced into the insurance contract, which is
reported as a separate component of the technical provisions. As of 31 December 2025 the CSM amounted to EUR 6,235.9 mil-
lion (31 December 2024: EUR 5,523.2 million) and mainly stems from long-term life and health insurance. This corresponds to
an increase of 12.9% year-on-year. The development is mainly the result of changes in the Variable Fee Approach due to
market-related effects.
BRANCH OFFICES
VIG Insurance Group has branch offices in Germany, France, Italy (2024 closed in accordance with regulatory law), Kosovo,
Slovenia, the Baltic countries Estonia, Latvia and Lithuania and the North European countries Sweden, Norway and Denmark.
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Annual Financial Report 2025
Information on branches and any significant changes compared to the previous year are discussed in more detail for the
respective reportable segment in the section below, if applicable. A list of the addresses of the insurance companies and
pension funds and their branch offices is also provided in the “Service information” section.
BUSINESS DEVELOPMENT AND FINANCIAL PERFORMANCE INDICATORS BY REPORTABLE SEGMENT
The reportable segments Austria, Czech Republic, Poland, Extended CEE, Special Markets and Group Functions are discussed
below. The discussion focuses on the presentation of these reportable segments and descriptions of the market position held
by VIG Group in the respective countries. A detailed presentation of the consolidated income statement by reportable segment
can be found in the notes to the consolidated financial statements in the “Segment reporting” section.
INSURANCE SERVICE REVENUE
2025
2024
∆ in %
∆ absolute
in EUR million
Austria
3,747.7
3,543.2
5.8%
204.5
Czech Republic
2,278.7
2,078.2
9.6%
200.4
Poland
1,471.8
1,373.3
7.2%
98.5
Extended CEE
1
3,908.0
3,599.5
8.6%
308.5
Special Markets
2
1,170.1
924.2
26.6%
245.9
Group Functions
3
1,766.5
1,780.9
-0.8%
-14.4
Consolidation
-1,146.8
-1,160.8
-1.2%
14.0
Total
13,196.0
12,138.5
8.7%
1,057.5
1
Extended CEE: Albania incl. Kosovo, Baltics, Bosnia-Herzegovina, Bulgaria, Croatia, Hungary,
Moldova, North Macedonia, Romania, Serbia, Slovakia, Ukraine
2
Special Markets: Georgia, Germany, Liechtenstein, Türkiye
3
Group functions: VIG Holding, VIG Re, Wiener Re, VIG Fund, corporate IT service providers, one
asset management company and intermediate holding companies
RESULT BEFORE TAXES
2025
2024
∆ in %
∆ absolute
in EUR million
Austria
434.5
336.1
29.3%
98.4
Czech Republic
285.6
211.1
35.3%
74.5
Poland
105.7
65.1
62.5%
40.6
Extended CEE
1
236.4
159.7
48.0%
76.7
Special Markets
2
126.9
88.6
43.3%
38.4
Group Functions
3
-27.9
21.3
n/a
-49.1
Consolidation
0.0
0.0
n/a
0.0
Total
1,161.3
881.8
31.7%
279.5
1
Extended CEE: Albania incl. Kosovo, Baltics, Bosnia-Herzegovina, Bulgaria, Croatia, Hungary,
Moldova, North Macedonia, Romania, Serbia, Slovakia, Ukraine
2
Special Markets: Georgia, Germany, Liechtenstein, Türkiye
3
Group functions: VIG Holding, VIG Re, Wiener Re, VIG Fund, corporate IT service providers, one
asset management company and intermediate holding companies
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
15
AUSTRIA
AUSTRIAN INSURANCE MARKET
In Austria the top 5 insurance groups in the country in the 1
st
to 3
rd
quarter 2025 generated approximately 71% of the gross
written premiums. The two largest insurance groups contributed around 44%.
MARKET DEVELOPMENT 1
ST
TO 3
RD
QUARTER 2025 COMPARED TO
THE PREVIOUS YEAR
MARKET SHARE OF THE LARGEST INSURANCE GROUPS
In the 1
st
to 3
rd
quarter of 2025, the Austrian insurance industry generated a total of EUR 17.3 billion gross written premiums.
Compared to the previous year this corresponds to an increase of approximately 4.6%, which is primarily attributable to the
positive development of health insurance as well as of property and casualty insurance.
In the 1
st
to 3
rd
quarter 2025 an increase of 5.0% in the property and casualty insurance was recorded year-on-year. The motor
vehicle insurance contributed with an increase in the gross written premiums of 6.1%, which is especially attributable to the
increased price levels. The premiums in the motor third party liability insurance grew by 4.7%, in the motor own damage
insurance (Casco) by 8.3%. The premiums in the non-motor lines of business grew by 4.5% in the 1
st
to 3
rd
quarter 2025.
In life insurance a moderate increase in gross written premiums of 1.2% was recorded in the 1
st
to 3
rd
quarter 2025. While the
income from regular-premium life insurance declined slightly by 1.8% year-on-year, a double-digit gain of 22.5% was recorded
in single-premium life insurance. Unit- and index-linked life insurance also recorded an increase of 6.1% year-on-year. In income
protection insurance, which is also classified as life insurance, premium income fell significantly with a decrease of 8.4%.
Endowment insurance, which constitutes the largest share of life insurance, also recorded a decline of 6.3%. The gross written
premiums in the health insurance developed positively with an increase of 8.5% year-on-year.
According to internal calculations based on data from the International Monetary Fund (IMF) and the Austrian Insurance
Association (VVO), in 2024 an average of EUR 2,322 per capita was spent for insurance in Austria. Of which the non-life sector
accounted for EUR 1,755 and life insurance accounted for EUR 568.
+8.5%
+5.0%
Source: Austrian Insurance Association
EUR 17.3 bn
EUR 10.8 bn
+1.2%
9M 2025 figures
+4.6%
Life
Property and
casualty
Total
Health
EUR 2.5 bn
EUR 3.9 bn
Source: Austrian Insurance Association; as of
9M 2025
22.9%
VIG ranked 1
st
20.6%
Ranked 2
nd
15.2%
Ranked 3
rd
41.3%
Other participants
Per cent of total premium volume
16
Annual Financial Report 2025
VIG COMPANIES IN AUSTRIA
Vienna Insurance Group is represented by the two insurance companies Wiener Städtische and Donau Versicherung in Austria.
s Versicherung, which was merged with Wiener Städtische in 2018, continues to exist as a brand for bancassurance customers.
Wiener Städtische also operates via a branch in Slovenia. The branch in Italy was closed in 2024 for regulatory reasons.
VIG Holding operates out of Austria as a reinsurer of the Group and an insurer in the cross-border corporate business. In
addition, since 2019 it operates via branches in the Northern European countries of Sweden, Norway and Denmark in the
traditional industrial insurance business. VIG Holding is assigned to the segment Group Functions.
The VIG insurance companies are the leading insurance group in Austria with a market share of 22.9% in the 1
st
to 3
rd
quarter
2025. In property and casualty insurance and in life insurance it holds first market rankings, in the health insurance business
it takes third place.
FINANCIAL PERFORMANCE INDICATORS IN THE REPORTABLE SEGMENT AUSTRIA
Insurance service revenue
The insurance service revenue in the year 2025 amounted to EUR 3,747.7 million (2024: EUR 3,543.2 million). This corresponds
to an increase of 5.8%. This is due in particular to the positive development in non-life insurance (accounted for using the
Premium Allocation Approach) and health insurance (accounted for using the Variable Fee Approach).
INSURANCE SERVICE REVENUE BY LINE OF BUSINESS
Result before taxes
The result before taxes in the segment Austria amounted to EUR 434.5 million in 2025 (2024: EUR 336.1 million). This cor-
responds to an increase of 29.3%. This positive development is mainly due to the improved combined ratio.
Net combined ratio
The net combined ratio in 2025 was 90.3% (2024: 92.5%). The improvement is mainly due to a more favourable claims devel-
opment as a result of lower weather-related claims (previous year: storm “Boris”).
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
17
CZECH REPUBLIC
CZECH INSURANCE MARKET
In the 1
st
to 3
rd
quarter of 2025 the insurance market in the Czech Republic was dominated by the top 5 insurance groups,
which together held a share of approximately 84% of the total gross written premiums. The two largest insurance groups
contributed around 56%.
MARKET DEVELOPMENT 1
ST
TO 3
RD
QUARTER 2025 COMPARED TO
THE PREVIOUS YEAR
MARKET SHARE OF THE LARGEST INSURANCE GROUPS
According to the market share analysis of the Czech insurance association ČAP, the Czech insurance market recorded gross
written premiums in the amount of CZK 149.9 billion in the 1
st
to 3
rd
quarter of 2025 and thus an increase of 7.2% year-on-year.
Both life insurance (+4.7%) and non-life insurance (+8.0%) contributed to this growth.
In the motor lines of business the motor own damage insurance had an increase of 7.6% year-on-year. The motor third party
liability insurance also developed positively with an increase of 7.7%. Both lines of business benefited from the price de-
velopment in 2025. The number of newly insured vehicles increased by 5.6% in motor third party liability insurance and declined
by 3.8% in motor own damage insurance. In non-motor insurance there was an increase of 9.3% in the 1
st
to 3
rd
quarter 2025
partly influenced by the double-digit growth rate in the property insurance.
The growth in life insurance is mainly due to the good performance of single-premium life insurance, which recorded an in-
crease of 11.5%. Private health insurance, which is also classified as life insurance, recorded an increase of 9.8%. Life insur-
ance with profit participation achieved growth of 8.6%.
According to internal calculations based on the data of the International Monetary Fund (IMF) and the Czech Insurance
Association, the Czech population spent an average of EUR 764 per capita for insurance premiums in 2024. This amount was
divided into EUR 554 for non-life insurance and EUR 210 for life insurance.
Non-life
Source: Czech Insurance Association
+7.2%
+8.0%
+4.7%
Total Life
9M 2025 figures
CZK 149.9 bn
CZK 35.2 bn
CZK 114.6 bn
Source: Czech Insurance Association; as of 9M 2025
11.6%
Ranked 3
rd
32.9%
Other participants
Per cent of total premium volume
32.2%
VIG ranked 1
st
23.3%
Ranked 2
nd
18
Annual Financial Report 2025
VIG COMPANIES IN THE CZECH REPUBLIC
Vienna Insurance Group is represented by two companies in the Czech Republic, Kooperativa and ČPP. With a market share of
32.2%, it was the largest insurance group in the Czech Republic in the 1
st
to 3
rd
quarter 2025. It was in first place in the market
for both life insurance and non-life insurance. The Group’s own reinsurance VIG Re, which has its headquarters in Prague, is
assigned to the segment Group Functions.
FINANCIAL PERFORMANCE INDICATORS IN THE REPORTABLE SEGMENT CZECH REPUBLIC
Insurance service revenue
The insurance service revenue was EUR 2,278.7 million in 2025 (2024: EUR 2,078.2 million). This corresponds to an increase
of 9.6% year-on-year. The basis for this development is the positive performance in motor insurance, other property and
casualty insurance, and life insurance.
INSURANCE SERVICE REVENUE BY LINE OF BUSINESS
Result before taxes
The result before taxes in the segment Czech Republic in 2025 amounted to EUR 285.6 million (2024: EUR 211.1 million). This
corresponds to an increase of 35.3% year-on-year. This is primarily due to the improvement in the net combined ratio.
Net combined ratio
The net combined ratio in 2025 was 84.7% (2024: 94.8%). It improved as a result of lower weather-related claims (previous
year: storm “Boris”), a positive development in the motor sector and increased profitability in household insurance.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
19
POLAND
POLISH INSURANCE MARKET
The five largest insurance groups in the country wrote approximately 79% of the gross written premiums in the first three
quarters of 2025. The three largest insurance groups contributed approximately 63%.
MARKET DEVELOPMENT 1
ST
TO 3
RD
QUARTER 2025 COMPARED TO
THE PREVIOUS YEAR
MARKET SHARE OF THE LARGEST INSURANCE GROUPS
In the 1
st
to 3
rd
quarter 2025 the Polish insurance market generated PLN 66.0 billion and thus an increase of 4.3% year-on-year.
The increase is attributable to the good development of both the non-life insurance (+4.6%) and also life insurance (+3.5%).
The motor insurance recorded growth in the 1
st
to 3
rd
quarter 2025: motor third party liability insurance increased by 8.8%
compared to the same period in the previous year partly due in part to the increase in average premiums (+4.0%). The
premiums in motor own damage insurance (Casco) increased by 5.2%, which can be partly attributed to the increased number
of contracts (+5.4%). The non-motor lines of business grew moderately by 1.8%, with legal expenses insurance (+16.2%) and
assistance (+15.1%) recording double-digit increases. Following the significant increase over the past two years, premium income
from health insurance products in non-life insurance declined slightly by 1.1% compared to the same period in the previous year.
Life insurance recorded an increase of 3.5% year-on-year in the 1
st
to 3
rd
quarter 2025. This is mainly due to the positive development
of life insurance with regular premiums, which increased by 6.5% in the first nine months of 2025 compared to the same period in
the previous year. In contrast, single-premium life insurance recorded a decline of 16.0% in the 1
st
to 3
rd
quarter 2025.
The average insurance spending in Poland amounted to EUR 543 per capita in 2024 according to the calculations of the data
of the International Monetary Fund (IMF) and Polish financial market authorities. Of which EUR 394 was for non-life insurance
and EUR 149 for life insurance.
Non-life
Source: Financial Market Authority Poland
+4.6%
+3.5%
Total Life
9M 2025 figures
PLN 66.0 bn
PLN 18.3 bn
PLN 47.6 bn
+4.3%
Source: Financial Market Authority Poland; as of 9M 2025
9.1%
VIG ranked 4
th
16.8%
Ranked
2
nd
34.0%
Ranked 1
st
28.1%
Other participants
Per cent of total premium volume
12.0%
Ranked 3
rd
20
Annual Financial Report 2025
VIG COMPANIES IN POLAND
Following the restructuring of its market presence in 2024, VIG Insurance Group is represented on the Polish market by
Compensa Non-Life, the digital insurer Beesafe, InterRisk, the life insurer Vienna Life and the pension fund Vienna PTE. Since
2019, InterRisk has held a stake in the mutual insurance association TUW “TUW”.
Vienna Insurance Group ranks fourth in the overall market in Poland with a share of 9.1% in the first nine months of 2025. In
both the non-life and life segments, it is also ranked fourth among the top insurers.
FINANCIAL PERFORMANCE INDICATORS IN THE REPORTABLE SEGMENT POLAND
Insurance service revenue
The insurance service revenue in 2025 amounted to EUR 1,471.8 million (2024: EUR 1,373.3 million). Compared to the same
period in the previous year, this corresponds to an increase of 7.2%. The increase is primarily due to the positive development
of other property and casualty insurance and life insurance.
INSURANCE SERVICE REVENUE BY LINE OF BUSINESS
Result before taxes
In 2025, the result before taxes increased by 62.5% to EUR 105.7 million (2024: EUR 65.1 million). The significant increase
compared to the previous year is mainly due to the improvement in the combined ratio.
The result before taxes, adjusted for adjustments of EUR 1.4 million (2024: EUR 0.1 million), resulted in a business operating
result of EUR 107.1 million in the segment Poland in 2025 (2024: EUR 65.1 million). The adjustments taken into account
resulted from the impairment of customer bases in the amount of EUR 1.4 million.
Net combined ratio
The net combined ratio in 2025 was 91.8% (2024: 95.6%). The improvement in the net combined ratio is due to the positive
business development in motor third party liability insurance and other property and casualty insurance, in particular as a result
of higher average premiums in household insurance, as well as lower weather-related claims (previous year: storm “Boris”).
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
21
EXTENDED CEE
The segment Extended CEE includes the countries of Albania incl. Kosovo, Baltic states, Bosnia-Herzegovina, Bulgaria, Croatia,
Hungary, Moldova, North Macedonia, Romania, Serbia, Slovakia and Ukraine.
Albania incl. Kosovo
VIG Insurance Group operates in the Albanian insurance market with the two non-life insurers Sigma and Intersig, as well as the
life insurer Vienna Life, which was founded at the end of December 2024. The three companies ranked third in the market with
a market share of 20.3% in the first nine months of 2025. Via a branch Sigma is also represented in Kosovo where it ranked
sixth with a market share of 8.7% in the 1
st
to 3
rd
quarter of 2025.
Vienna Life is not included in the scope of consolidation in 2025.
Baltic states
VIG insurance companies are represented in all three Baltic states. Life insurance company Compensa Life has its head-
quarters in Estonia and is also represented in Latvia and Lithuania via branch offices. Non-life insurance company BTA Baltic
operates in Latvia and is active in Estonia and Lithuania with branches. The non-life insurance company Compensa Non-Life
operates in Lithuania. It maintains branches in Latvia and Estonia. VIG insurance companies are the market leader in the Baltic
states with a market share of 26.7% in the 1
st
to 3
rd
quarter 2025. They are ranked first in both non-life and life insurance.
Bosnia-Herzegovina
VIG Insurance Group is represented by Wiener Osiguranje with headquarters in Banja Luka and by Vienna osiguranje with head-
quarters in Sarajevo. The VIG insurance companies were in third place overall based on a market share of 8.7% according to
the data of the 1
st
to 3
rd
quarter 2025.
Bulgaria
On the Bulgarian insurance market VIG is represented by Bulstrad Life and Bulstrad Non-Life. Together they held a market
share of 14.0% in the 1
st
to 3
rd
quarter 2025. Thus, VIG insurance companies were in first place in Bulgaria. In the non-life in-
surance sector they ranked third in the market and in life insurance they are in first place. In addition, the PAC Doverie pension
fund is part of VIG Insurance Group, and has a 24.6% market share in Bulgaria based on assets under management.
Croatia
In Croatia the VIG insurance company Wiener Osiguranje is active. A market share of 8.1% in the 1
st
to 3
rd
quarter 2025 puts it
in fourth place on the Croatian insurance market. It is in fifth place in the non-life insurance sector and ranks first in the life
insurance sector.
Moldova
The VIG insurance company Donaris operates in Moldova. With a market share of 13.0% in the 1
st
to 3
rd
quarter 2025 it is in
third place on the market. In the non-life insurance sector, it is also in third place.
In August 2025, VIG acquired 80% of the shares in the non-life insurance company Moldasig. Moldasig ranked fifth in the
overall market in the 3
rd
quarter of 2025 with a market share of 12.7%. The approval of the transaction by the competition
authority is expected in the first half of 2026, which is why the company has not yet been included in the scope of consoli-
dation in the 2025 financial year. Once the transaction has been successfully completed, VIG will become the market leader
in Moldova.
22
Annual Financial Report 2025
North Macedonia
VIG is represented by one non-life and one life insurance company in North Macedonia, Makedonija Osiguruvanje and Winner Life,
respectively. The two VIG insurance companies together held a market share of 16.0% in the 1
st
to 3
rd
quarter 2025. This makes
the VIG companies number two among the leading insurance groups in North Macedonia. VIG is also in second place in the
non-life sector and ranks third in the life sector.
Romania
There are three VIG insurance companies operating in the Romanian insurance market, the non-life insurer Omniasig, the
composite insurer Asirom and the life insurer BCR Life. In addition, VIG is represented on the Romanian market with the pen-
sion fund Carpathia Pensii. VIG is the market leader in the Romanian insurance market, with a market share of 23.3% in the 1
st
to 3
rd
quarter 2025. In non-life insurance and life insurance, it ranks second.
Serbia
In Serbia, VIG Insurance Group is active with the Wiener Städtische Osiguranje. With a market share of 10.3% it occupied fourth
place in the 1
st
to 3
rd
quarter 2025. In the non-life insurance sector it is also in fourth place, in the life insurance sector it ranks
third. Reinsurance company Wiener Re, which is a 100% reinsurance subsidiary of VIG Re and is headquartered in Belgrade, is
part of the Group Functions segment.
Slovakia
Two VIG insurance companies, Kooperativa and Komunálna, are represented in the Slovakian insurance market. With a market
share of 27.4% in the 1
st
to 3
rd
quarter 2025 they are in first place as the largest insurance group in Slovakia. In non-life insur-
ance, they are in second place. In life insurance, they are ranked first. In addition, the pension company Kooperativa Pension
Fund is part of VIG Insurance Group.
Ukraine
The VIG non-life insurers Kniazha and USG as well as the life insurer Kniazha Life are active in Ukraine. With a share of 11.2%
in the 1
st
to 3
rd
quarter 2025 the VIG insurance companies are in second place in the overall market. In the non-life sector,
Vienna Insurance Group also ranks second in Ukraine.
Hungary
In Hungary, Vienna Insurance Group operates with Union Biztosító and Alfa Biztosító. According to the data published by the
Hungarian Association MABISZ from the 1
st
to 3
rd
quarter 2025, the VIG insurance companies are in first place in the market
with a market share of 17.8%. They are in first place both in non-life and life insurance. In addition, the pension fund Alfa VIG
Pension Fund is part of VIG Insurance Group. VIG Asset Management, which is based in Budapest, is assigned to the Group
Functions segment.
FINANCIAL PERFORMANCE INDICATORS IN THE REPORTABLE SEGMENT EXTENDED CEE
Insurance service revenue
The insurance service revenue in 2025 amounted to EUR 3,908.0 million and was thus 8.6% above the previous year’s figure
(2024: EUR 3,599.5 million). The increase is mainly due to the good development in Romania, Slovakia, the Baltic states, Bulgaria
and Ukraine. In particular, motor insurance, other property and casualty insurance and health insurance achieved good growth.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
23
INSURANCE SERVICE REVENUE BY LINE OF BUSINESS
Result before taxes
The result before taxes in the segment Extended CEE in 2025 was EUR 236.4 million (2024: EUR 159.7 million). This
corresponds to an increase of 48.0%. The significant increase compared to the previous year is primarily due to the increase
in business volume in conjunction with an improvement in the insurance service result and lower impairments in Hungary.
The result before taxes, adjusted for adjustments of EUR 82.0 million (2024: EUR 116.3 million), resulted in a business
operating result of EUR 318.4 million in the segment Extended CEE in 2025 (2024: EUR 276.0 million). The adjustments taken
into account mainly resulted from Hungary and related to the impairment of goodwill (EUR 72.6 million), customer bases
(EUR 6.4 million) and software (EUR 3.3 million). In the previous year, these adjustments were mainly due to the impairment
of goodwill.
Net combined ratio
In 2025, the net combined ratio in the Extended CEE segment was 91.3% (2024: 93.9%). The improvement is primarily due to
a better cost ratio.
SPECIAL MARKETS
The segment Special Markets includes the countries of Germany, Georgia, Liechtenstein and Türkiye.
Germany
VIG insurance companies InterRisk Non-Life and InterRisk Life operate in Germany. The InterRisk companies distribute exclusively
through around 10,000 independent sales partners. InterRisk Non-Life specialises in accident and liability insurance and selected
property insurance products. InterRisk Life focuses on retirement provision and occupational disability solutions, as well as pro-
tection for surviving dependents. The VIG companies continue to be successful in the German market as profitable niche players.
24
Annual Financial Report 2025
In November 2025, VIG secured 98.81% of the shares in Nürnberger Beteiligungs-AG. The closing is expected to take place in
the second half of 2026.
The Group internal reinsurance company VIG Re has also been represented by a branch in Germany since 2017. It is assigned
to the segment Group Functions.
Georgia
VIG Insurance Group is represented in Georgia by the companies GPIH and IRAO. With a market share of 24.0% the companies
are the second-largest group on the Georgian insurance market in the 1
st
to 3
rd
quarter 2025. In the non-life sector, they also
rank second. In life insurance, they are in third place.
Liechtenstein
VIG is represented in Liechtenstein by the Group company Vienna-Life. Following a revision of its product range in 2024,
Vienna-Life is positioning itself as an ambitious provider of asset- and succession-oriented life insurance solutions in Germany
with the unit-linked life insurance product “Private Wealth Police”. With a focus on long-term asset planning, asset protection
and legal stability, Vienna-Life takes advantage of the benefits of Liechtenstein as a location to offer tailored solutions for
retail customers.
Türkiye
In Türkiye, VIG Insurance Group operates with the non-life insurer Ray Sigorta and the life insurance company Viennalife. With
a market share of 5.5% the VIG insurance companies reached fifth place on the Turkish market. They rank eighth in non-life
insurance and third in life insurance.
FINANCIAL PERFORMANCE INDICATORS IN THE REPORTABLE SEGMENT SPECIAL MARKETS
Insurance service revenue
Insurance service revenue in the segment Special Markets rose from EUR 924.2 million in 2024 to EUR 1,170.1 million in 2025.
This corresponds to an increase of 26.6%. This development is mainly due to the dynamic business development in Türkiye,
in particular due to a higher premium volume, especially in motor insurance and life insurance.
INSURANCE SERVICE REVENUE BY LINE OF BUSINESS
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
25
Result before taxes
In 2025 the segment Special Markets increased its result before taxes by 43.3% to EUR 126.9 million (2024: EUR 88.6 million).
This significant increase is primarily due to the strong business development in Türkiye.
The result before taxes, adjusted for adjustments of EUR 7.6 million (2024: EUR 0.0 million), resulted in a business operating
result of EUR 134.5 million in the segment Special Markets in 2025 (2024: EUR 88.6 million). The entire adjustment is due to
an impairment of software in Germany.
Net combined ratio
The net combined ratio in 2025 was 93.6% (2024: 98.7%). This improvement in the net combined ratio is mainly due to the
positive development of the motor lines of business in Türkiye.
GROUP FUNCTIONS
The Group Functions reportable segment includes VIG Holding (including the branches in Northern Europe), VIG Re (including
the branches in Germany and France), Wiener Re, VIG Fund, corporate IT service providers, one asset management company
and intermediate holding companies. VIG Holding primarily focuses on managerial tasks for the Group. It also operates as the
reinsurer for the Group as well as in the international corporate business.
VIG Re, a reinsurance company established in Prague in 2008, offers tailored reinsurance solutions to both VIG insurance
companies and third parties. With its branches in Germany and France, it is the leading reinsurance company in the CEE region
and is continuously expanding its market position in continental Europe. As part of its strategic expansion into Asia, it is
planning to establish a branch in Singapore, subject to regulatory approval. At the end of 2025, the rating agency Standard &
Poor’s again confirmed the A+ rating of VIG Re and raised the outlook to “positive”.
FINANCIAL PERFORMANCE INDICATORS IN THE REPORTABLE SEGMENT GROUP FUNCTIONS
Insurance service revenue
The insurance service revenue was EUR 1,766.5 million in 2025 and thus below the previous year’s figure by 0.8% (2024:
EUR 1,780.9 million). The decline is mainly due to lower intra-Group reinsurance business.
Result before taxes
In 2025, a loss of EUR 27.9 million was reported in the segment Group Functions (profit before taxes in 2024: EUR 21.3 million).
The deterioration in the result is mainly due to a decline in the insurance service result following the strengthening of reserves
in VIG Holding and VIG Re.
The result before taxes, adjusted for adjustments of EUR 5.4 million (2024: EUR 0.0 million), resulted in a loss in the business
operating result of EUR 22.5 million in 2025 (profit in the business operating result in 2024: EUR 21.3 million). The entire ad-
justment is due to the impairment of customer bases.
26
Annual Financial Report 2025
CONSOLIDATED NON-FINANCIAL REPORT
CONTENTS
ESRS
standard
Disclosure
Requirement
Description
Reference
ESRS 2
BP-1
General basis for preparation of consolidated non-financial report
28
BP-2
Disclosures in relation to specific circumstances
30
GOV-1
The role of the administrative, management and supervisory bodies
34
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management
and supervisory bodies
36
GOV-3
Integration of sustainability-related performance in incentive schemes
37
GOV-4
Statement on due diligence
37
GOV-5
Risk management and internal controls over consolidated non-financial reporting
39
SBM-1
Strategy, business model and value chain
39
SBM-2
Interests and views of stakeholders
45
SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
47
IRO-1
Description of the processes to identify and assess material impacts, risks and opportunities
51
IRO-2
Disclosure requirements in ESRS covered by the undertaking’s consolidated non-financial report
54
MDR-P
Policies adopted to manage material sustainability matters
54
MDR-A
Actions and resources in relation to material sustainability matters
63
MDR-M
Metrics in relation to material sustainability matters
63
MDR-T
Tracking effectiveness of policies and actions through targets
63
E1
-
Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)
64
E1.GOV-3
Integration of sustainability-related performance in incentive schemes
70
E1-1
Transition Plan for climate change mitigation
70
E1.SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
72
E1.IRO-1
Description of the processes to identify and assess material climate-related impacts, risks and opportunities
73
E1-2
Policies related to climate change mitigation and adaptation
76
E1-3
Actions and resources in relation to climate change policies
78
E1-4
Targets related to climate change mitigation and adaptation
80
E1-5
Energy consumption and mix
83
E1-6
Gross Scope 1, 2, 3 and Total GHG emissions
84
S1
S1.SBM-2
Interests and views of stakeholders
91
S1.SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
92
S1-1
Policies related to own workforce
92
S1-2
Processes for engaging with own workforce and workers' representatives about impacts
94
S1-3
Processes to remediate negative impacts and channels for own workers to raise concerns
95
S1-4
Taking action on material impacts on own workforce and approaches to mitigating material risks and pursuing
material opportunities related to own workforce, and effectiveness of those actions
95
S1-5
Targets related to managing material negative impacts, advancing positive impacts, and managing material risks
and opportunities
96
S1-6
Characteristics of the undertaking’s employees
96
S1-7
Characteristics of non-employee workers in the undertaking’s own workforce
97
S1-8
Collective bargaining coverage and social dialogue
97
S1-9
Diversity metrics
98
S1-10
Adequate wages
98
S1-11
Social protection
99
S1-12
Persons with disabilities
99
S1-13
Training and skills development metrics
99
S1-14
Health and safety metrics
99
S1-15
Work-life balance metrics
100
S1-16
Compensation metrics (pay gap and total compensation)
100
S1-17
Incidents, complaints and severe human rights impacts
101
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
27
ESRS
standard
Disclosure
Requirement
Description
Reference
-
Additional company-specific disclosure
101
S4
S4.SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
103
S4-1
Policies related to consumers and end-users
104
S4-2
Processes for engaging with consumers and end-users about impacts
105
S4-3
Processes to remediate negative impacts and channels for consumers and end-users to raise concerns
106
S4-4
Taking action on material impacts, and approaches to managing material risks and pursuing material opportunities
related to consumers and end-users and effectiveness of those actions
106
S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks
and opportunities
109
-
Additional company-specific disclosure
110
G1
G1.GOV-1
The role of the administrative, management and supervisory bodies
111
G1.SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
112
G1.IRO-1
Description of the processes to identify and assess material impacts, risks and opportunities in business conduct
112
G1-1
Corporate culture and business conduct policies
113
G1-3
Prevention and detection of corruption and bribery
115
G1-4
Confirmed incidents of corruption or bribery
118
G1-5
Political influence and lobbying activities
118
-
Additional company-specific disclosure
119
28
Annual Financial Report 2025
GENERAL INFORMATION
ESRS 2 – GENERAL DISCLOSURES
Basis for preparation
DISCLOSURE REQUIREMENT BP-1 – GENERAL BASIS FOR PREPARATION OF CONSOLIDATED NON-FINANCIAL REPORT
All material topics of the sustainability activities of VIG (fully consolidated companies) are reported in the consolidated non-
financial report or sustainability statement as part of the Group management report, in accordance with both the currently
applicable Austrian Sustainability and Diversity Improvement Act (NaDiVeG, EU Directive 2014/95) and the Corporate Sustain-
ability Reporting Directive (CSRD, EU Directive 2022/2464). This covers all sustainability matters in accordance with NaDiVeG
and § 267a of the Austrian Commercial Code (UGB). They are presented in chapters ESRS E1 “Climate change” for “Environ-
mental matters in accordance with NaDiVeG”; ESRS S1 “Own workforce” for “Employee matters in accordance with NaDiVeG”
and ESRS G1 “Business conduct” for “Respect for human rights and combating corruption and bribery in accordance with
NaDiVeG”.
The Corporate Sustainability Reporting Directive (CSRD, EU Directive 2022/2464) was transposed into Austrian law in February
2026, but the provisions of the Austrian Sustainability Reporting Act (NaBeG) are not yet mandatory for the 2025 financial year.
As the CSRD had not yet been transposed into Austrian law by the balance sheet date of 31/12/2025, the consolidated non-
financial statement is reported on a voluntary basis in accordance with the EU requirements of the CSRD and the European
Sustainability Reporting Standards published in this context. The report was prepared voluntarily in accordance with Article
29a of the Accounting Directive (EU Directive 2013/34) and the current ESRS, so that all essential information on sustainability-
related impacts, risks and opportunities is disclosed.
Categories of ESRS Standards
The consolidated non-financial report has been prepared and is presented in accordance with the general requirements of
ESRS 1. In accordance with the requirements of ESRS 2, VIG fulfils the disclosure requirements for all material sustainability
aspects in the areas of governance, strategy, the management of impacts, risks and opportunities, as well as metrics and
targets, and complies with the requirements of the topical standards. In accordance with ESRS 1, topics whose impacts, risks
and opportunities have been rated as “not material” for both VIG and sustainability matters are not taken into account.
Company-specific disclosures
In addition, VIG discloses company-specific information in ESRS S1 “Own workforce”, ESRS S4 “Consumers and end-users”
and ESRS G1 “Business conduct”.
Reporting areas
The disclosure requirements are divided into the following reporting areas:
• Governance (GOV): governance processes, controls and procedures for monitoring, managing and overseeing impacts,
risks and opportunities;
• Strategy and business model (SBM): the interaction of the strategy and the business model with the material impacts,
risks and opportunities, including how they are addressed;
• Impact, risk and opportunity management (IRO): processes for identifying the impacts, risks and opportunities, assessing
their materiality and taking appropriate action to address them;
• Metrics and targets (MT): metrics and defined targets, and progress towards achieving targets.
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
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Double materiality as the basis for the non-financial report
The principle of double materiality is of fundamental importance for the consolidated non-financial report. On this basis, the
report aims to give readers an understanding of two key perspectives: on the one hand, the impact of VIG’s activities on sus-
tainability topics (inside-out perspective; impact materiality) and, on the other, how sustainability aspects may affect VIG’s
financial position (outside-in perspective; financial materiality). The double materiality assessment thus forms the basis of
the consolidated non-financial report. Further details are provided in chapter ESRS 2 IRO-1 “Description of the process to
identify and assess material impacts, risks and opportunities”.
Scope of consolidation of the sustainability statement
The consolidated non-financial report is prepared by VIG Holding for VIG (fully consolidated companies) for the reporting
period from 1 January 2025 to 31 December 2025. A sustainability statement has therefore been prepared on a consolidated
basis. The principles of consolidation have been harmonised between the financial and sustainability reporting and applied
consistently. The scope of consolidation of the CSRD sustainability statement therefore corresponds to that of the consoli-
dated financial statements prepared in accordance with IFRS, with the exception–due to the war situation–of selected re-
porting data for the three insurance companies in Ukraine. These three companies were not included in ESRS S1 “Own work-
force”, ESRS S4 “Consumers and end-users” or ESRS G1 “Business conduct”, and nor were they included in the calculation and
reporting of emissions from the company’s own operations. The data from the three companies–as they are available
centrally–was included in the calculation of the Scope 3.15 emissions in the same way as the other companies. More infor-
mation on the scope of consolidation and the consolidation method is provided in the consolidated financial statements under
“Additional disclosures” in Chapter 21 “Business combinations” and Chapter 22 “Affiliated companies and participations”.
In determining the ESRS scope of consolidation according to the nature and scope of the inclusion of associated companies,
no undertakings over which VIG has operational control were identified among the non-consolidated companies in the fi-
nancial reporting pursuant to IFRS. Greenhouse gas emissions of the at equity companies are recorded on a pro rata basis
and taken into account in accordance with the respective ownership interests under Scope 3.15 or separately shown in ESRS
E1-6 "Gross Scope 1, 2, 3 and Total GHG emissions."
The following table shows the companies for which the group exemption from preparation of a separate ESRS-compliant
sustainability report is being utilised locally for the 2025 financial year.
Exemption from reporting according to the CSRD
Company
Country
Alfa
Hungary
Asirom
Romania
BTA Baltic
Latvia
Compensa Life
Poland
Compensa Non-Life
Lithuania
Compensa Non-Life
Poland
ČPP
Czech Republic
Donau Versicherung
Austria
InterRisk
Poland
Komunálna
Slovakia
Kooperativa
Czech Republic
Kooperativa
Slovakia
Omniasig
Romania
Union Biztosító
Hungary
Wiener Osiguranie
Croatia
Wiener Städtische
Austria
30
Annual Financial Report 2025
Coverage of the value chain
As part of the sustainability statement, the double materiality analysis carried out in 2024 was re-evaluated in the year under
review, taking into account the Company’s own business activities and the upstream and downstream value chain. All material
impacts, risks and opportunities lie exclusively in the area of own business activities and the downstream value chain; no sig-
nificant issues were identified in the upstream value chain (only the voluntary Scope 3.6 reporting on greenhouse gas emissions
from business trips is to be allocated to the upstream value chain in accordance with the GHG protocol, although the topic was
not identified as essential in the materiality analysis, but is included for certain stakeholders due to the assumed relevance).
Further information on the value chain can be found in chapter ESRS 2 SBM-1 “Strategy, business model and value chain”.
DISCLOSURE REQUIREMENT BP-2 – DISCLOSURES IN RELATION TO SPECIFIC CIRCUMSTANCES
Time horizons
The following time horizons have been defined for the purposes of sustainability reporting:
• for the short-term time horizon: a reporting period of up to one year
• for the medium-term time horizon: from the end of the short-term reporting period up to three years
• for the long-term time horizon: from the end of the medium-term reporting period
The time horizon for the medium-term materiality assessment was aligned with the business plan and set at one to three years
compared to the 2024 reporting, which defined it as two to five years. The definitions for the short- and long-term time horizon
have also been adjusted accordingly. The periods are therefore based on those of VIG’s financial and business planning,
enabling a transparent financial quantification. It also ensures consistency between strategic business planning and the as-
sessment of sustainability impacts, risks and opportunities.
Estimates in the consolidated non-financial statement
The full collection of primary data along the entire value chain is made more difficult due to the limited availability of infor-
mation. This makes it necessary to use estimates to prepare this sustainability statement. This relates to metrics for calcu-
lating emissions data in the Company’s internal operations, in underwriting (corporate and retail customers) as well as in asset
management including the real estate portfolio and the calculation of remuneration metrics. Existing data gaps were closed
by means of extrapolations, which are described below.
Estimates in internal operations
Estimates were made in the year under review for the environmental key figures in the Company’s internal operations, insofar as
not all consumption data for the entire year were available for certain companies as of the reporting date of 31 December 2025.
Extrapolation data were used on the basis of the existing monthly values from the previous year or missing energy metrics
were extrapolated on the basis of the net usable area of the respective company, which were then multiplied by a median value
across countries and industries (e.g. median of the reported power consumption per square metre multiplied by the reported
net usable area of the Company).
The approach used provides a consistent and reliable basis for the extrapolations and thus ensures that the consumption data
are estimated as realistically as possible.
Estimates in underwriting
For underwriting for corporate customers, emissions were calculated in accordance with the “economic activity-based emis-
sions estimate” in accordance with the Partnership for Carbon Accounting Financials (PCAF Standard, Part C, Version 1,
November 2022). This calculation is based on average emissions data for the respective industry. The insurance contracts are
assigned to the average economic emission intensities of the industry underlying the policyholders. The average cost of risk(i.e.
the average written premiums of policyholders in the sector in relation to the revenue generated by policyholders with their
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
31
company) is used to convert the premiums written under the insurance contracts into an estimate of the insured revenue
(representative of the share of the total insurance). The policyholders’ revenue figures are often not recorded in the under-
writing system and therefore have to be estimated. The insurance contracts are mapped to industry averages using NACE
codes of varying granularity. The NACE code is the classification of economic activities in the European Union (the term “NACE”
derives from the French title “Nomenclature statistique des activités économiques dans la Communauté européenne”). This
estimate reflects the share of absolute emissions of policyholders that are covered by the insurance contracts. The insurance-
associated emissions were calculated by dividing the total absolute emissions by the average cost of risk of the underlying
sector to obtain the insured revenue in that industry. This figure was then multiplied by the average emission intensity
(tCO
2
e/revenue) of the sector in order to obtain the estimated emissions. Alternatively, the premiums written under an insur-
ance contract can be divided by the cost of risk and then multiplied by the average energy intensity of the respective sector.
The formula shown below serves to illustrate the calculation logic and schematically shows the underlying influencing factors.
Emissions = [Premiums/average cost of risk] x emission intensity x insurer attribution factor
The emissions data for underwriting (corporate) were calculated in the reporting year with a reporting date of 31 October 2025.
This difference in reporting date has no material impact in terms of data quality, since at that time the vast majority of the
relevant data was already available and the remaining two months do not cause any significant changes in the portfolio. Since
average values are used to calculate the emissions, a certain degree of measurement uncertainty in the reporting year cannot
be ruled out. Efforts are made to minimise estimation uncertainty as far as possible. Work will continue to improve data quality
in the future.
Emissions in the motor portfolio are calculated in accordance with the PCAF standard (Part C, Version 1, November 2022)
“Insurance-Associated Emissions”. For estimation purposes, the “Estimated Vehicle-Specific” approach (Score 2–3) described
in the PCAF Standard is used for passenger cars and light commercial vehicles, while the “Estimated Vehicle-Unspecific”
approach (Score 4) is applied to other vehicles, as no primary data from policyholders’ motor portfolios are available for an
“Actual Vehicle-Specific” approach (Score 1). Using data based on existing insurance contracts, each vehicle with a motor
third party liability insurance (MTPL) policy was assigned emission values in the motor portfolio. Based on the data from the
individual consolidated companies, which in the reporting year were submitted with a reporting date of 31 October 2025, emis-
sions were calculated using vehicle-specific emissions per 100 km travelled and the annual distance travelled by the vehicle.
For the reporting year, 75.1% (2024: 77.1%) of the reported emissions are already calculated on the basis of the official CO₂e
data provided by vehicle manufacturers. The remaining data gap of 24.9% (2024: 22.9%) of emissions results from the fact
that vehicle identification numbers (VINs) were not available for all vehicles. Therefore, an approximation based on the known
vehicle categories in the respective country is used. The data on assumed kilometres travelled were obtained from public
sources. In the case of passenger cars, average mileage was derived from Eurostat publications per country. The earlier re-
porting date does not result in any significant inaccuracies with regard to the data quality in the motor portfolio, as there are
only minor fluctuations and the emission values for the last two months of the reporting year therefore had no material impact
on the total emissions. In order to improve the accuracy of the emissions collected in the future, more precise information on
the mileage of vehicles and a more complete recording of vehicle types will be sought.
Value chain estimation in asset management
In the area of asset management, 74.1% (2024: 74.8%) of corporate bonds and equities were directly covered by emissions
data from an external ESG database of a specialised financial service provider in 2025 (including investment fund units). The
coverage rate for government bonds in the reporting year was 99.9% (2024: 99.9%). For more information on estimated
emission calculation values in the assessment and availability of primary data, see chapter ESRS E1-6 “Gross Scopes 1, 2, 3
and Total GHG emissions”.
32
Annual Financial Report 2025
Value chain estimation in the real estate portfolio
The financed emissions from VIG’s real estate portfolio were collected and calculated in accordance with PCAF (Part A,
Version 2, December 2022) “Financed Emissions”. Depending on the availability of primary and secondary data, emissions are
calculated using three approaches with decreasing data quality. A more detailed description of the calculation of emissions
from VIG’s real estate portfolio can be found in chapter ESRS E1-6 “Gross Scopes 1, 2, 3 and Total GHG emissions”, which
presents VIG’s greenhouse gas emissions (GHG).
A distinction was made between actual emissions and estimated and calculated emissions when collecting the relevant emis-
sions. For all properties for which verifiable and complete consumption figures are available, the actual emissions can be
collected and reported. For all those properties for which no (detailed) consumption data are currently available, the infor-
mation shown on the energy performance certificate is used to calculate the total emissions. To do this, the estimated energy
consumption per m
2
based on the information in the energy performance certificate is used to calculate the emissions based
on an average emission factor for the energy source used. In the case of real estate investments for which neither consump-
tion data nor energy performance certificates are available, estimates are carried out in the same way as for the other invest-
ment classes, using approximations from an external specialised financial service provider in accordance with the NACE clas-
sification. Consequently, VIG used all three approaches proposed by PCAF (Part A) for calculating the real estate portfolio’s
emissions. As data quality increases, the inaccuracy of estimates will gradually decrease in the future.
Sources of estimation and outcome uncertainty
The same method used for the consolidated income statement in financial reporting was used to translate foreign currency
amounts into the reporting currency of euros during the financial year in order to ensure consistent and comparable reporting
in accordance with ESRS 1 (see “Additional disclosures” in chapter 25.1 “Currency translation” in the consolidated financial
statements). Where possible, actual and up-to-date emissions data from the investee companies, taken from the external
database used, were used to determine the financed emissions. In the calculation of the remuneration ratios in ESRS S1 “Own
workforce”, the salary data are adjusted for purchasing power differences and currency conversion by means of purchasing
power parities (PPP) according to Eurostat. The salary data of around 7,000 employees of Austrian VIG companies were used
as the basis for determining the median of the annual total remuneration of all employees (excluding the highest-paid
individual). The median for the entire VIG was derived based on the distribution of these data. Further information on the
calculation methods can be found in the respective metrics in ESRS S1 “Own workforce”.
Changes in preparation or presentation of sustainability information
The results of the first double materiality analysis from 2024 were revised in the reporting year. Identified impacts, risks and
opportunities were summarised by topic following a structured process in order to avoid redundancies. In addition, positive
impacts in individual cases were transferred to actions. Furthermore, the evaluation process was aimed at further
strengthening communication with internal stakeholders on the key issues (see chapter ESRS 2 IRO-1 “Description of the
process to identify and assess material impacts, risks and opportunities” in accordance with ESRS 2). As part of the evaluation,
measurement schemes were generalised (see chapter ESRS 2 IRO-1) and time horizons were adjusted (see ESRS 2 BP-2 “Time
horizons”). In addition to the company-specific topic of social engagement defined in 2024 in ESRS G1 “Business conduct”,
two other company-specific topics have been identified: “Artificial intelligence” in ESRS S1 “Own workforce” and “Promoting
risk literacy” in ESRS S4 “Consumers and end-users”.
The results of the consolidated materiality analysis are presented in the present sustainability statement in tabular form in
ESRS 2 SBM-3 “Material impacts, risks and opportunities and their interaction with strategy and business model”. In addition,
at the beginning of each topic chapter, an overview is given of the corresponding impacts, risks and opportunities, including
the main measures and underlying concepts, in order to ensure a transparent and comprehensible presentation.
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For the information provided under Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation), VIG has adopted the new
simplified reporting templates of Commission Delegated Regulation (EU) 2026/73 of 4 July 2025. This approach was applied
uniformly to both the investment and underwriting KPIs.
Since the 2025 reporting year, only the portfolios under own management (own risk) have been taken into account for the
calculation of the share of green bonds. This adjustment was made to ensure that coverage is consistent with the Responsible
Investment strategy.
Reporting errors in prior periods
For the 2024 reporting year, the proportion of employees covered by a collective bargaining agreement increased from 33.6%
to 46.5%. The increase is due to an error in the data reported by a company in 2024. The discrepancy was identified and
corrected in 2025 as part of expanded validation processes, and the previous year’s figures for 2024 were corrected
accordingly. For further details, see ESRS S1-8 “Collective bargaining coverage and social dialogue”.
Disclosures stemming from other legislation or generally accepted pronouncements on the consolidated non-financial report
Disclosures in accordance with Article 8 of Regulation 2020/852 (Taxonomy Regulation) are published in the environmental
information in ESRS E1 “Climate change”. Where information has been included in the consolidated non-financial report on
the basis of other legislation or recognised standards, this has been indicated in the appropriate places.
References outside the consolidated non-financial report:
Chapter ESRS reporting
Reference
BP-1 General basis for preparation of consolidated non-financial report
Consolidated financial statements under “Additional disclosures” in chapter “21.
Business combinations” and chapter “22. Affiliated companies and participations”
BP-2
Disclosures in relation to specific circumstances
Consolidated financial statements under “Additional disclosures”, chapter “25.1.
Currency translation”
GOV-1 The role of the administrative, management and supervisory bodies
Group Annual Report under “Corporate Governance Report”, chapter “Supervisory Board
independence”
GOV-2
Information provided to and sustainability matters addressed by the
undertaking’s administrative, management and supervisory bodies
no reference
GOV-3
Integration of sustainability-related performance in incentive schemes
Website https://group.vig/en/vig-inside/corporate-governance, “VIG Holding
Remuneration Policy”, chapter 2.2. “Remuneration of Managing Board members”
GOV-5
Risk management and internal controls over consolidated non-financial
reporting
Group management report, chapter “Internal control and risk management system”
Consolidated financial statements, chapter “Risk strategy and risk management
system”
SBM-1
Strategy, business model and value chain
Group Annual Report, chapter “Group strategy evolve
28
” and “Sustainability programme”
Consolidated financial statements, chapter “Risk strategy and risk management” and
the report on solvency and financial situation;
Group management report, chapter “Group business development and financial
performance indicators”
SBM-2
Interests and views of stakeholders
no reference
SBM-3
Material impacts, risks and opportunities and their interaction with strategy
and business model
Consolidated financial statements, under “Additional disclosures”, chapter “25.5.
Goodwill” and chapter “25.9. Calculation of fair value”
IRO-1
Description of the processes to identify and assess material impacts, risks
and opportunities
Consolidated financial statements, chapter “Risk strategy and risk management”
MDR-P
Policies adopted to manage material sustainability matters
Group Annual Report, chapter “Group strategy evolve
28
”
MDR-T
Tracking effectiveness of policies and actions through targets
no reference
E1-6
Gross Scopes 1, 2, 3 and Total GHG emissions: Insurance turnover:
Insurance service revenue – issued business
Consolidated financial statements, chapter “Consolidated income statement”
E1-6
Gross Scopes 1, 2, 3 and Total GHG emissions: Real estate income (from
rented properties of insurance companies and from real estate holding
companies)
Consolidated financial statements, chapter “4 Investment property”
E1-6
Gross Scopes 1, 2, 3 and Total GHG emissions: IFRS 15 turnover from non-
insurance companies: Other income (other revenue from services)
Consolidated financial statements, chapter “16. Type of expenses and details Other
income and expenses”
34
Annual Financial Report 2025
Governance
DISCLOSURE REQUIREMENT GOV-1 – THE ROLE OF THE ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES
The VIG Holding Managing Board comprised seven members as of 31 December 2025. The Supervisory Board consists of 12
members. There is no works council at VIG Holding, so there are no workers’ representatives on the Supervisory Board. The
interests of employees are covered by the specific activities described in more detail in the chapter on Disclosure Requirement
ESRS S1-2 “Processes for engaging with own workforce and workers’ representative about impacts”, as well as through due
consideration in the relevant bodies.
The areas of responsibility and country responsibilities of the Managing Board members are described in the Corporate Gov-
ernance Report under “Members of the Managing Board and their responsibilities” in the Annual Financial Report.
The gender-specific composition and other diversity metrics for both the Managing Board and the Supervisory Board of VIG
Holding are presented below. Gender, generations and internationality are the primary diversity criteria in relation to top man-
agement. The data as of 31 December 2025 were used to calculate the percentage distribution.
Diversity (gender, generations, internationality) on the Managing Board and Supervisory Board of VIG Holding
Managing Board of VIG Holding
Supervisory Board of VIG Holding
2025
2024
2025
2024
Number
in %
Number
in %
Number
in %
Number
in %
Gender
Male
6
85.71
6
85.71
7
58.33
7
58.33
Female
1
14.29
1
14.29
5
41.67
5
41.67
Nationality
Austrian
6
85.71
6
85.71
6
50.00
6
50.00
Non-Austrian
1
14.29
1
14.29
6
50.00
6
50.00
Generations
Under 30 years old
0
0
0
0.00
0
0
0
0.00
30–50 years old
3
42.86
3
42.86
2
16.67
2
16.67
Over 50 years old
4
57.14
4
57.14
10
83.33
10
83.33
On the basis of the data presented in the previous table, the Managing Board’s gender diversity ratio in the reporting year was 0.17,
while the corresponding figure for the Supervisory Board was 0.71. The metrics reflect the ratio of female to male members
in the respective committees.
Seventy-five percent of the members of the Supervisory Board elected by the Annual General Meeting can be categorised as in-
dependent in the reporting year in accordance with the independence criteria defined by the Supervisory Board under C-Rule 53 of
the Austrian Code of Corporate Governance; see the Annual Financial Report under “Corporate Governance Report”, chapter
“Supervisory Board independence”.
The Corporate Governance Report in the Annual Financial Report (see “Members of the Supervisory Board”) contains compre-
hensive information on the tasks and responsibilities of the Supervisory Board. This includes an overview of the individuals
and committees of the Supervisory Board. The Supervisory Board, as a whole, regularly deals with sustainability issues.
It has established the Committee for Urgent Matters (Working Committee), the Audit Committee (Accounts Committee), the
Committee for Managing Board Matters (Personnel Committee), the Strategy Committee and the Nomination Committee.
These committees carry out all activities defined under the law, articles of association and the procedural rules of the Super-
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
35
visory Board. The Audit Committee (Accounts Committee) performs the tasks in accordance with § 92 (4a) of the Austrian
Stock Corporation Act (AktG) and § 123 (9) of the Austrian Insurance Supervision Act (VAG) 2016, as well as Regulation (EU)
No. 537/2014. It is therefore responsible in particular for the auditing and preparation of the approval of the separate financial
statements, the proposal for appropriation of profits and the management report. The Committee for Managing Board Matters
(Personnel Committee) deals in particular with the personnel matters of the Managing Board members and reviews the re-
muneration policy at regular intervals. The Managing Board submits the Group management report and thus the consolidated
non-financial report contained therein to the Audit Committee and the Supervisory Board as a whole, and the Audit Committee
and Supervisory Board then audit the consolidated non-financial report as part of the audit of the management report.
The VIG Holding Managing Board is responsible for the management of the company and VIG. The Managing Board manages
the business of the company under the leadership of its Chairperson and within the constraints of the law, articles of asso-
ciation and procedural rules of the Managing Board. It meets regularly to discuss current business developments, and makes
the necessary decisions and resolutions during the course of these meetings. The Managing Board members continuously
exchange information with each other and with the heads of various departments.
Overall responsibility for the topic of sustainability lies with the Managing Board, whereby sustainability is generally anchored
in terms of content as a cross-cutting topic in all areas of the organisation and is therefore part of the line functions. Ac-
cordingly, responsibility for the implementation of sustainability aspects also lies with the respective departmental respon-
sibilities of the VIG Holding Managing Board or with the local management of the VIG companies.
Sustainability matters are taken into account by the individual departments when performing their tasks within the scope of
their respective responsibilities on the VIG Holding Managing Board. In addition, a Group Sustainability Office (GSO) has been
established within VIG Holding to consolidate and coordinate efforts. This office is assigned to the portfolio of the Chairperson
of the Managing Board. On behalf of the Managing Board, it coordinates and manages the sustainability activities and their
further development at VIG, involving the relevant departments.
A Sustainability Committee, consisting of members of the Managing Board and managers from various divisions of VIG Holding,
deals comprehensively with important topics of the introduction, implementation and further development of VIG’s sustain-
ability activities, whereby it is in particular responsible for issuing recommendations to the Managing Board on key issues
relevant to the Managing Board’s resolution in the area of sustainability. It meets at least quarterly; the Managing Board is
informed by means of minutes and, where appropriate, through an oral presentation at a Board meeting. The following are
represented on the Sustainability Committee: Deputy Chairman of the Managing Board, Chief Finance and Risk Officer (CFRO),
Chief Operating Officer (COO) and, in particular, managers from the Corporate Business, Retail Insurance & Business Support,
Asset Management (including Real Estate), Human Resources, European Affairs, Risk Management and Group Finance and
Regulatory Reporting departments. The nomination of these representatives within VIG Holding is linked to the spheres of
impact of VIG’s sustainability programme. The Group Sustainability Officer, who also chairs the committee and reports regu-
larly to the Managing Board on the committee’s work, is responsible for managing the committee.
In the 2025 reporting year, the Managing Board of VIG Holding informed the members of the Supervisory Board of material
sustainability and IT security matters. Among other things, the transition plan for climate change mitigation was dealt with by
VIG’s commitment to achieving emission targets by 2030. As in the governance structure described above, responsibility for
monitoring the objectives in connection with the sustainability programme lies with the local management of the VIG
companies and also with the respective departmental responsibilities of the VIG Holding Managing Board. The local manage-
ment of the VIG companies informs the local supervisory board at least twice a year about the objectives and the im-
plementation status of the sustainability programme at the level of the VIG companies. At VIG Holding, the topic of sus-
tainability is regularly dealt with in the Supervisory Board.
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Annual Financial Report 2025
The members of the Managing Board and the Supervisory Board have the necessary specialist knowledge, industry knowledge
and experience, especially in the countries in Central and Eastern Europe in which VIG operates, in order to properly fulfil their
duties. The relevant experience and expertise comes from relevant further education and training courses as well as corre-
sponding professional experience, which is also ensured by the statutory fit & proper requirements. The members of the Super-
visory Board also receive regular training and information on current specialist topics.
A comprehensive document governance system is established in VIG in at least all (re-)insurance companies, asset manage-
ment companies and pension funds, provided VIG Holding (directly or indirectly) holds more than 50% of the shares. This
regulation regulates in detail how binding specifications for VIG can be issued. This system differentiates between Group
policies, Group guidelines and Group operating procedures. While policies are adopted by the full Managing Board, guidelines
are approved by the responsible Managing Board member. Operating procedures are issued by the responsible department
manager or a special representative of VIG Holding on the basis of an authorisation in a policy or guideline. The governance
documents are communicated to the VIG companies within the scope of application of the document by the respective do-
cument creator. In addition, the documents can be accessed on the Intranet. The governance documents require local imple-
mentation at VIG company level in order to be effective, and the approval requirements must correspond to those at VIG Holding
level. If, in exceptional cases, Group requirements cannot be implemented at VIG company level, there is a standardised pro-
cess for handling deviations that provides for appropriate communication between the VIG companies in exceptional cases
and the document creator(s) at VIG Holding and requires the decision of the local Supervisory Board in the event of disagree-
ment. Once a year, Compliance (incl. AML) of VIG Holding carries out a centralised query to check that the Group-wide gov-
ernance documents have been formally implemented. The relevant VIG Holding document creator is responsible for moni-
toring implementation. In addition, the implementation of governance documents forms part of the internal audit process.
This multi-pronged approach to monitoring ensures effective implementation and compliance in the VIG companies.
DISCLOSURE REQUIREMENT GOV-2 – INFORMATION PROVIDED TO AND SUSTAINABILITY MATTERS ADDRESSED BY THE UNDERTAKING’S
ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES
Individual members of the Managing Board or the full Managing Board of VIG Holding are informed about sustainability as-
pects within the scope of their departmental responsibilities by the managers of the departments and the Chairperson of the
Sustainability Committee (see Group Sustainability Office, GSO). Compliance and data protection are also reported on a regu-
lar basis. In addition, the VIG Holding Managing Board regularly addressed IT security-related topics and was updated on the
current status of the Cyber Defense Center programme. During the reporting year, the Supervisory Board of VIG Holding was
also informed, following a meeting, about EU sustainability regulation for insurance companies and its implications for VIG.
The Supervisory Board, both as a whole and through the Audit Committee, took the opportunity to address sustainability matters.
The Managing Board as the management body and the Supervisory Board as the governance body are involved in such matters
in accordance with the statutory requirements for these bodies, which define the relevant responsibilities. The strategic and
economic relevance of the decision plays an important role in this.
The material sustainability impacts, risks and opportunities identified in the double materiality analysis are largely also re-
flected in the six spheres of impact of the VIG sustainability programme. The actions taken in connection with ESRS E1 “Cli-
mate change” focused on the preparation of a transition plan for climate change mitigation for VIG and were approved by the
VIG Holding Managing Board on 27 January 2025. In addition, key performance indicators (KPIs) related to ESRS reporting
were presented, for example on the GHG emissions from underwriting, asset management and internal operations. The Group-
wide ESG risk catalogue, which was drawn up in accordance with the Guide for Managing Sustainability Risks of the Financial
Market Supervisory Authority (FMA), forms the basis for identifying and assessing risks within the framework of the consoli-
dated double materiality analysis in accordance with ESRS. The results of the Group-wide ESG risk catalogue are generally
reported to the VIG Holding Managing Board once a year.
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
37
DISCLOSURE REQUIREMENT GOV-3 – INTEGRATION OF SUSTAINABILITY-RELATED PERFORMANCE IN INCENTIVE SCHEMES
The incentive schemes for the members of the VIG Holding Managing Board reflect the Company’s success from the perspec-
tive of the various stakeholders, i.e. the remuneration is intended to reward successful management, particularly with regard
to sustainable earnings on the one hand, and contributions to employee and common good on the other. The remuneration
package for members of the VIG Holding Managing Board is divided into fixed and variable components (see the part of the
VIG Holding remuneration policy relating to members of the Managing Board, Section 2.2.5), while the remuneration for mem-
bers of the VIG Holding Supervisory Board does not include a variable component.
The variable remuneration of the members of the VIG Holding Managing Board is linked to the achievement of pre-defined
annual performance targets, which include both financial and non-financial components. In 2025, the transition plan for
climate change mitigation was anchored in the non-financial targets of the VIG Holding Managing Board and weighted at 50%
of the strategic special targets (see also section 2.2.2 b of the remuneration policy). This means that the consistent imple-
mentation and follow-up of the actions defined in the transition plan for climate change mitigation is integrated into the
variable remuneration system. Moreover, a significant part of the variable remuneration is subject to a sustainability-oriented
deferral rule, where 40% of the bonus earned for the financial year is distributed on a straight-line basis over three years.
The deferred payments depend on the sustainable development of VIG. When assessing sustainable development, both eco-
nomic goals and the responsibility towards the environment, society and employees are considered, thus embedding long-
term sustainability into the remuneration structure.
The Supervisory Board, specifically the Supervisory Board Committee for Managing Board Matters of VIG Holding, is respon-
sible for approving and regularly reviewing the terms of the incentive schemes for VIG Holding Managing Board members. The
remuneration of the members of the Supervisory Board requires a resolution to be passed at the Annual General Meeting.
Further details can be found in the VIG Holding Remuneration Policy on the VIG website (https://group.vig/en/corporate-governance).
DISCLOSURE REQUIREMENT GOV-4 – STATEMENT ON DUE DILIGENCE
The following table provides an overview of the core elements of due diligence in the consolidated non-financial report. The
processes implemented by VIG Holding to identify impacts, risks and opportunities are taken into account, including the con-
solidated double materiality assessment, as well as the actions taken to prevent negative impacts.
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Annual Financial Report 2025
Essential elements of due diligence
Core elements of due
diligence
Disclosure
Requirement
Paragraphs in the consolidated non-financial report
a) Embedding due
diligence in governance,
strategy and business
model
ESRS 2 GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and
supervisory bodies
ESRS 2 GOV-3
Integration of sustainability-related performance in incentive schemes
ESRS 2 SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
b) Engaging with affected
stakeholders in all key
steps of the due diligence
ESRS 2 GOV-2
Information provided to and sustainability matters addressed by the undertaking’s administrative, management and
supervisory bodies
ESRS 2 SBM-2
Interests and views of stakeholders
ESRS 2 IRO-1
Description of the processes to identify and assess material impacts, risks and opportunities
ESRS 2 MDR-P
Policies adopted to manage material sustainability matters
ESRS E1-4
Targets related to climate change mitigation and adaptation
ESRS S1-4
Taking action on material impacts on own workforce and approaches to mitigating material risks and pursuing
material opportunities related to own workforce, and effectiveness of those actions
ESRS S4-1
Policies related to consumers and end-users
ESRS S4-5
Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and
opportunities
ESRS G1
Additional company-specific disclosure
c) Identifying and
assessing adverse
impacts
ESRS 2 IRO-1
Description of the processes to identify and assess material impacts, risks and opportunities
ESRS 2 SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
d) Taking actions to
address those adverse
impacts
ESRS E1-1
Transition Plan for climate change mitigation
ESRS E1-2
Policies related to climate change mitigation and adaptation
ESRS E1-3
Actions and resources in relation to climate change policies
ESRS S1-1
Policies related to own workforce
ESRS S1-2
Processes for engaging with own workforce and workers' representatives about impacts
ESRS S1-3
Processes to remediate negative impacts and channels for own workers to raise concerns
ESRS S1-4
Taking action on material impacts on own workforce and approaches to mitigating material risks and pursuing
material opportunities related to own workforce, and effectiveness of those actions
ESRS S4-1
Policies related to consumers and end-users
ESRS S4-2
Processes for engaging with consumers and end-users about impacts
ESRS S4-3
Processes to remediate negative impacts and channels for consumers and end-users to raise concerns
ESRS S4-4
Taking action on material impacts, and approaches to managing material risks and pursuing material opportunities
related to consumers and end-users and effectiveness of those actions
ESRS G1-1
Corporate culture and business conduct policies
ESRS G1-3
Prevention and detection of corruption and bribery
ESRS G1 MDR-A
Actions and resources in relation to material sustainability matters
e) Tracking the
effectiveness of these
efforts and
communicating
ESRS 2 SBM-2
Interests and views of stakeholders
ESRS E1-4
Targets related to climate change mitigation and adaptation
ESRS E1-6
Gross Scope 1, 2, 3 and Total GHG emissions
ESRS S1-5
Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and
opportunities
ESRS S1-6
Characteristics of the undertaking's employees until ESRS S1-17 - Incidents, complaints and severe human rights
impacts
ESRS S4-4
Taking action on material impacts on consumers and end-users, and approaches to managing material risks and
pursuing material opportunities related to consumers and end-users, and effectiveness of those actions
ESRS S4-5
Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and
opportunities
ESRS G1-4
Confirmed incidents of corruption or bribery
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
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DISCLOSURE REQUIREMENT GOV-5 – RISK MANAGEMENT AND INTERNAL CONTROLS OVER CONSOLIDATED NON-FINANCIAL REPORTING
The risk management system plays a crucial role at VIG in the identification of material risks as part of the double materiality
assessment. The following describes how the consolidated non-financial statement is embedded in this system and what
controls ensure data quality. The aim of the internal control processes relating to the consolidated non-financial report is to
ensure the accuracy, reliability and completeness of the sustainability disclosures. The processes support the identification,
assessment and reduction of risks in connection with sustainability data. They are integrated across the board into the
procedures of VIG and cover data collection and validation through to governance through the creation and maintenance of
internal guidelines and policies.
General information on the governance system, risk management system and internal control system
The governance system, along with the organisation of the risk management system and the risk management process, is
described in the consolidated financial statements in the chapter “Risk strategy and risk management – Governance system”
and in more detail in the “Risk management processes” section. Sustainability reporting is embedded in the governance and
risk management system.
Risks and controls in relation to ESRS reporting
VIG has an adequate internal control system (ICS) for monitoring operational risks, which ensures ongoing monitoring of risks
(for more information, see the Group management report, chapter “Internal control and risk management system”). The risks
are assessed on the basis of estimates of the amount of damage and frequency. For this purpose, the residual risk that remains
after taking into account the risk-reducing effects of controls is assessed.
The following two risks are considered in relation to the consolidated non-financial report as part of the ICS and addressed
accordingly.
• The risk of an “Incomplete consolidated non-financial report” is reduced by a formal double materiality analysis in
coordination with the relevant departments within VIG Holding and the local (re-)insurance companies prior to the
preparation of the consolidated sustainability statement.
• The risk of “Incorrect data in the consolidated non-financial report” is reduced by measures such as the application of the
principle of dual control, (partially) automated data validations and plausibility checks.
In addition, the VIG Holding departments responsible for the data have implemented appropriate control mechanisms to
reduce risk.
The contents of the internal control system (ICS) are discussed and updated with the risk owners at least once a year. Any
findings from risk management are discussed directly with the departments. In general, the results of the ICS are presented
to the Risk Committee on an annual basis. In addition, the risks contained in the ICS are taken into account in the course of
internal audit reviews. Sustainability matters are also included in the internal audit plan. All internal audit reports and their
results are made available to the VIG Holding Managing Board. In addition, annual reports are made to the Managing Board in
connection with the ICS and the operational risk situation.
Strategy
DISCLOSURE REQUIREMENT SBM-1 – STRATEGY, BUSINESS MODEL AND VALUE CHAIN
VIG is the leading insurance group in Central and Eastern Europe and is well diversified. It consists of the listed VIG Holding
and around 50 insurance companies and pension funds in 30 countries in Central and Eastern Europe. Based on the principle
of local entrepreneurship, it adopts a decentralised management approach in order to best meet the different requirements of
the markets in which it operates. The decentralised organisational structure gives local management and employees of VIG
Group the necessary flexibility to conduct their business activities. This allows products and sales to be adjusted optimally to
local circumstances. To fulfil its mission, VIG employs around 30,000 people.
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Annual Financial Report 2025
VIG serves a total of around 33,300,000 customers, including private individuals, small and medium enterprises (SMEs) and
large companies. VIG Holding itself has no retail or SME business. This business is conducted by the local VIG insurance
companies. VIG Holding handles the corporate business both itself and through the local VIG insurance companies. VIG
attaches great importance to being close to their customers and, to this end, pursue a multi-channel distribution approach.
The insurance companies belonging to VIG offer insurance solutions that have been adapted to the local conditions and the
needs of customers and policyholders. VIG’s insurance portfolio is diverse and comprehensive, covering a broad spectrum of
needs for both individuals and corporates. In addition to property and casualty insurance, there are options such as supple-
mentary health insurance, nursing care insurance, endowment insurance, term life insurance and investment-oriented prod-
ucts that meet specific customer requirements.
The VIG companies are responsible for managing a large volume of capital, which is why security and sustainability are the
focus of the investment strategy. Diligence guides the reinsurance policy: To obtain the optimal risk balance, some risks are
bundled at the Group level and some are placed on the international reinsurance market. The insurance companies invest the
relevant portion of the premiums collected in such a way that they are able to fully meet their obligations to their policyholders
at all times. Security is the top priority for investments, which is why good credit ratings and stable returns are preferred.
Further information can be found in the consolidated financial statements in the chapter “Risk strategy and risk management”
and in the solvency and financial report, which is available on the company’s website (https://group.vig/downloads). VIG’s
responsible investment, insurance and reinsurance practices also reflect a focus on environmental aspects and social
responsibility. This includes the exclusion of certain (sub-)sectors/issuers from its investment universe and its underwriting
activities (see website: https://group.vig/sustainability/downloads). The exclusion criteria are described in chapter ESRS E1-2
“Policies related to climate change mitigation and adaptation”. In addition, VIG monitors and manages key parts of its investment
and risk portfolio from an environmental perspective, in particular with regard to CO₂ emissions.
A breakdown of total income that deviates from the IFRS consolidated financial statements is not required under the ESRS. The
revenue reported in segment reporting in accordance with IFRS 8 includes issued business. This revenue is shown in the income
statement under “Insurance service revenue – issued business” and amounted to EUR 13,195,975 in 2025 (2024: EUR 12,138,477)
The disclosures on additional material ESRS sectors required under ESRS 2 SBM-1 § 40(d) refer, in accordance with
clarifications by the European Financial Reporting Advisory Group (EFRAG), to direct revenues from sectors of the entity’s own
business activities, and not to those of policyholders or investee companies. VIG itself does not generate revenue from
activities associated with fossil fuels, chemicals production, controversial weapons, or tobacco cultivation and production.
Consequently, this datapoint does not apply to VIG.
Strategic sustainability orientation
Key elements of VIG’s general sustainability efforts are set out in the strategic programme, of which the VIG sustainability pro-
gramme is an integral part. The previous strategy programme VIG25 was updated for the next three years at the beginning of
2026. The new evolve
28
strategy includes the Group strategy, values and Group programmes. Further details are described in the
chapters “Group Strategy evolve
28
” and “Sustainability programme” in the Group Annual Report. Sustainability remains an
essential element and is anchored in VIG as one of five Group programmes. The programmes support the implementation of
individual business strategies, based on the principle of local entrepreneurship, and build on the trends of the coming years. The
social and environmental responsibility of VIG is described in the VIG sustainability programme and defines six spheres of impact
that are actively managed within VIG. The three spheres of impact of own internal operations, underwriting and asset manage-
ment focus primarily on ecological aspects and the three areas of employees, customers and society primarily on social aspects.
With regard to environmental responsibility, a focus is placed on reducing emissions. VIG is committed to the 1.5-degree goal of
Paris by 2050. Detailed information on the transition plan, climate targets and the related measures intended to contribute to
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
41
achieving the emissions reduction targets can be found in the chapters ESRS E1-1 “Transition plan for climate change miti-
gation”, ESRS E1-2 “Policies related to climate change mitigation and adaptation” and ESRS E1-3 “Actions and resources in
relation to climate change policies”. The VIG sustainability programme defines the levers for the three environmental spheres
of impact to achieve emission reductions and also to make a sustainable contribution.
In the area of asset management, VIG pursues an engagement approach, is expanding green investments and has also defined
exclusion criteria for specific sectors as well as for breaches of human rights and the principles of the UN Global Compact. In
underwriting, as in asset management, the engagement approach and defined exclusion criteria apply. In addition, VIG offers
products and services to help customers adapt better to climate change. Group-wide carbon accounting forms the basis for
emissions reduction in both spheres of impact.
VIG offers policyholders a wide range of insurance products and services tailored to the needs of the different policyholder
segments (corporate customers, SMEs and retail 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. Regarding sustainability aspects, local insurance companies have introduced coverage extensions in
individual products that encourage the adoption of green technologies and support climate risk mitigation efforts. Such
products are only introduced if the risk is insurable, the product is accepted in the market and adequate reinsurance coverage
is available, thus meeting the criteria for financial sustainability.
The advantages of structuring products for customers include comprehensive risk coverage and a conservative investment
and reinsurance policy. Other stakeholders also benefit from VIG’s commitment to sustainability, employee development and
corporate social responsibility. With the promise “Protecting what matters”, VIG wants to contribute to closing existing in-
surance gaps, increasing the resilience of the population and thus making a contribution to society.
For VIG, resilience also means that consumers in particular are aware of everyday risks and know how to mitigate them. Only those
who know their risks can consciously protect themselves against them. VIG therefore focuses both on promoting products such
as term life, accident and homeowners’ insurance, and on strengthening risk literacy among the population. Details on this can be
found in ESRS S4 “Consumers and end-users”. Details on the key financial performance indicators that form the basis for assessing
the business development are described in the Group management report in the chapter “Financial performance indicators”.
VIG also offers comprehensive services for corporate customers as part of the support process. The VIG Group company Risk
Consult Sicherheit- & Risiko- Managementberatung GmbH (Risk Consult) carries out natural hazard risk analyses specifically
for large companies. It uses mathematical models and local factors to accurately assess potential threats. In some cases,
insurance coverage is linked-to on the implementation of these recommended measures, ensuring that policyholders are
better protected against natural hazards. Detailed information is provided in ESRS E1-3 “Actions and resources in relation to
climate change policies”.
In the motor sector, local insurance companies are closely tied to the development of the vehicle market in the countries.
Motor vehicle liability insurance is mandatory in all VIG countries (except Georgia), which is why there is little scope for action
for insurance companies; in addition, the coverage of risk liability is socially relevant (resilience). As a major motor insurer in
Central and Eastern Europe, VIG aims to take responsibility and, as part of its sustainability programme, implements measures
to promote safe and environmentally responsible driving. In Austria, for example, the insurance industry is working to raise
awareness among retail customers and SMEs of the impacts of climate change. For this reason, the “Kuratorium für Verkehrs--
sicherheit” is co-financed, among others, by the Austrian insurance industry. Originally founded to raise awareness in the area
of traffic and to reduce the number of accidents, the focus in recent years has increasingly expanded to include the impact of
climate change on property damage.
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Annual Financial Report 2025
In internal operations, the levers for reducing the company’s own greenhouse gas emissions include implementing energy-
saving measures, using renewable energy, promoting environmentally friendly business travel, and raising employees’ aware-
ness of sustainability.
Qualified and motivated employees play a central role in the provision of high-quality insurance services for customers. That
is why great importance is attached to continuously increasing our attractiveness as an employer and developing our cor-
porate culture. In addition, IT is a key factor for operational performance and is focused on ensuring the highest security
standards and implementing regulatory requirements. Within VIG, a comprehensive and effective compliance management
system has been established in at least all (re-)insurance companies, asset management companies and pension funds in
which VIG Holding holds more than 50% of the shares, directly or indirectly, ensuring compliance with regulatory requirements.
Further details can be found in the respective topic chapters.
VIG contributions to the UNGC principles
As part of its sustainability efforts, VIG has been committed to the United Nations Global Compact (UNGC) and its ten prin-
ciples since 2021 and publishes an annual progress report outlining its contribution to these principles. These principles are
taken into account in VIG’s investment decisions, among other things, and form part of the “Responsible Investment” declara-
tion. The table below shows the chapters of the consolidated non-financial report that address VIG’s contributions to the
Principles of the UNGC.
No.
Principles
Disclosure
Requirement
Paragraphs in the consolidated non-financial report
Human Rights
1
Businesses should
support and respect the
protection of
internationally
proclaimed human
rights.
ESRS 2 SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
ESRS 2 IRO-2
Disclosure requirements in ESRS covered by the undertaking’s consolidated non-financial report
ESRS 2 MDR-P
Policies adopted to manage material sustainability matters
ESRS S1.SBM-2
Interests and views of stakeholders
ESRS S1-1
Policies related to own workforce
ESRS S1-17
Incidents, complaints and severe human rights impacts
ESRS S4-1
Policies related to consumers and end-users
2
Businesses should
make sure that they are
not complicit in human
rights abuses.
ESRS 2 SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
ESRS 2 IRO-2
Disclosure requirements in ESRS covered by the undertaking’s consolidated non-financial report
ESRS 2 MDR-P
Policies adopted to manage material sustainability matters
ESRS S1.SBM-2
Interests and views of stakeholders
ESRS S1-1
Policies related to own workforce
ESRS S1-17
Incidents, complaints and severe human rights impacts
ESRS S4-1
Policies related to consumers and end-users
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43
No.
Principles
Disclosure
Requirement
Paragraphs in the consolidated non-financial report
Labour
3
Businesses should
uphold the freedom of
association and the
effective recognition of
the right to collective
bargaining.
ESRS 2 SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
ESRS 2 MDR-P
Policies adopted to manage material sustainability matters
ESRS S1.SBM-2
Interests and views of stakeholders
ESRS S1-1
Policies related to own workforce
ESRS S1-8
Collective bargaining coverage and social dialogue
ESRS S1-11
Social protection
4
Businesses should
uphold the elimination
of all forms of forced
and compulsory labour.
ESRS 2 SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
ESRS 2 IRO-2
Disclosure requirements in ESRS covered by the undertaking’s consolidated non-financial report
ESRS S1.SBM-2
Interests and views of stakeholders
5
Businesses should
uphold the effective
abolition of child
labour.
ESRS 2 SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
ESRS 2 IRO-2
Disclosure requirements in ESRS covered by the undertaking’s consolidated non-financial report
ESRS 2 MDR-P
Policies adopted to manage material sustainability matters
ESRS S1.SBM-2
Interests and views of stakeholders
6
Businesses should
uphold the elimination
of discrimination in
respect of employment
and occupation.
ESRS 2 SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
ESRS 2 IRO-2
Disclosure requirements in ESRS covered by the undertaking’s consolidated non-financial report
ESRS 2 MDR-P
Policies adopted to manage material sustainability matters
ESRS S1.SBM-2
Interests and views of stakeholders
ESRS S1-1
Policies related to own workforce
ESRS S1-17
Incidents, complaints and severe human rights impacts
Environment
7
Businesses should
support a precautionary
approach to
environmental
challenges.
ESRS 2 GOV-3
Integration of sustainability-related performance in incentive schemes
ESRS 2 GOV-5
Risk management and internal controls over non-financial reporting
ESRS 2 SBM-1
Strategy, business model and value chain
ESRS 2 SBM-2
Interests and views of stakeholders
ESRS 2 SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
ESRS 2 IRO-2
Disclosure requirements in ESRS covered by the undertaking’s consolidated non-financial report
ESRS 2 MDR-P
Policies adopted to manage material sustainability matters
ESRS 2 MDR-T
Tracking effectiveness of policies and actions through targets
-
Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)
ESRS E1
Climate change
ESRS S4-4
Taking action on material impacts, and approaches to managing material risks and pursuing material
opportunities related to consumers and end-users and effectiveness of those actions
ESRS G1
Additional company-specific disclosure
8
Businesses should
undertake initiatives to
promote greater
environmental
responsibility.
ESRS 2 SBM-2
Interests and views of stakeholders
ESRS 2 SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
ESRS E1
Climate change
ESRS S4-1
Policies related to consumers and end-users
ESRS G1
Additional company-specific disclosure
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Annual Financial Report 2025
No.
Principles
Disclosure
Requirement
Paragraphs in the consolidated non-financial report
9
Businesses should
encourage the
development and
diffusion of
environmentally
friendly technologies.
ESRS 2 SBM-1
Strategy, business model and value chain
ESRS 2 SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
ESRS E1.SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
ESRS E1-1
Transition Plan for climate change mitigation
ESRS E1-3
Actions and resources in relation to climate change policies
ESRS S4-4
Taking action on material impacts on consumers and end-users, and approaches to managing material risks and
pursuing material opportunities related to consumers and end-users, and effectiveness of those actions
Anti-corruption
10
Businesses should
work against corruption
in all its forms,
including extortion and
bribery.
ESRS 2 SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
ESRS 2 IRO-2
Disclosure requirements in ESRS covered by the undertaking’s consolidated non-financial report
ESRS 2 MDR-P
Policies adopted to manage material sustainability matters
ESRS S1.SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
ESRS S1-1
Policies related to own workforce
ESRS G1-1
Corporate culture and business conduct policies
ESRS G1-3
Prevention and detection of corruption and bribery
ESRS G1-4
Confirmed incidents of corruption or bribery
VIG actively engages with stakeholders to understand their concerns and expectations, which helps to refine strategies and
enhance sustainability performance (see also chapter ESRS 2 SBM-2 “Interests and views of stakeholders”).
In order to provide these services efficiently and effectively, VIG relies on a broad value chain.
The VIG value chain
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
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In the upstream value chain, which includes both service providers and suppliers of goods, the material topics under the ESRS
play only a minor role and are therefore not included in the data collection. The company’s internal operations and business
operations include management and administration, underwriting and risk management, claims management and settlement,
as well as sales, advisory services and customer support. Insurance customers and investee companies are part of the down-
stream value chain.
DISCLOSURE REQUIREMENT SBM-2 – INTERESTS AND VIEWS OF STAKEHOLDERS
Engaging with stakeholders–ranging from policyholders, sales and business partners, the professional public, (potential) em-
ployees and shareholders/investors to NGOs, society at large, the media and public authorities – is an important part of the
company’s approach to corporate responsibility and takes place through a variety of dialogue formats. By incorporating stake-
holder views, VIG Holding ensures that its sustainability efforts stay relevant and effective.
Engagement with stakeholder groups
Key
stakeholders
Dialogue format
Purpose/topics
Result
Information for
the Managing
Board
Policyholders
Contact by personal advisors, service
offices or by video, telephone and
email;
Feedback via social media channels;
Surveys;
Workshops and training;
(Market) analyses
Involving policyholders makes it possible to
identify requirements with regard to
challenges and needs in good time and to
adapt services where necessary.
As part of a continuous improvement process,
we constantly evaluate how customer needs can
be met through our product and service
offerings.
Regular dialogue
Professional
public
Membership in insurance
associations and sustainability
initiatives;
Industry networking events;
Participation in conferences
Involving the professional public enables
technical challenges, trends and needs to be
identified at an early stage and key topics to
be developed further in collaboration.
The main result is the creation of a common
understanding of industry-specific standards,
such as the PCAF standard for calculating
financed and insurance-associated emissions,
and the consideration of global sustainability
initiatives in the VIG business model (e.g. the
ten principles of the UN Global Compact).
Ad hoc
Sales and
business
partners
Personal contact;
Workshops and training;
Newsletters;
Distribution portals;
Events
The aim of being in continuous dialogue with
sales and business partners is to resolve
issues related to their activities in a timely
manner and to create a common
understanding of current challenges.
This ongoing dialogue is intended to ensure that
enquiries and complaints received through the
appropriate channels are dealt with promptly
and that concepts such as tailored, industry-
specific safety plans (e.g. with regard to natural
hazards) are offered.
Ad hoc
Investee
companies and
potentially
investable
companies
ESG investment strategy
(responsible investment)
Active dialogue (engagement):
Cooperation with ISS ESG, an
engagement service provider that
pools the interests of many investors
and engages with companies on
sustainability issues.
For example, the aim of the dialogue with
investee companies and potentially investable
companies is to address ESG issues in a
targeted manner, identify potential areas for
improvement and increase ESG data
transparency.
Investors are particularly concerned with
financial performance, risk management and the
incorporation of environmental, social and
governance criteria into business practices.
The dialogue has driven products such as,
investment in green bonds and the integration of
sustainability criteria into investment processes.
Ad hoc
(Potential)
employees
(Virtual) events;
Intranet;
Regular, structured meetings to
discuss objectives and development;
Joint development of policies and
actions;
Surveys;
Grievance mechanisms;
Contact with students, e.g. through
cooperations with universities
Website;
Social media
Feedback regarding working conditions,
safety and well-being is taken into account in
the decision-making process. These
exchanges make it possible to stay up to date
on emerging challenges and existing
practices, and thus develop programmes and
policies that promote diversity, equality and
inclusion within the workforce.
Flexibility in how actions are implemented
locally gives rise to a broad spectrum of actions
and solutions. They range from diversity training
to programmes to strengthen learning across
generations and nationalities.
Regular dialogue
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Annual Financial Report 2025
Key
stakeholders
Dialogue format
Purpose/topics
Result
Information for
the Managing
Board
Shareholders/
(potential)
investors
Continuous capital market
information;
Information exchange and
communication via various channels
(website, social media etc.);
Contacts in the Investor Relations
team;
Regular telephone conferences when
publishing results;
Annual general meeting;
Participation in investor conferences
Through continuous dialogue and investor
engagement, VIG provides a clear picture of
its corporate strategy and ongoing business
development while communicating external
trends and the needs and requirements of the
capital market internally.
VIG’s actions to involve its stakeholders create
greater transparency both in external reporting,
through a clear understanding of strategy and
business development, and internally, with
regard to the expectations of capital market
participants.
Regular dialogue
NGOs (non-
governmental
organisations)
Ongoing personal or virtual dialogue
with environmental protection
organisations
VIG is holding talks with relevant NGOs to
exchange information on environmental and
climate issues.
Involving stakeholders makes it possible to
share knowledge and create a common
understanding, including with regard to VIG’s
climate targets and actions.
Regular dialogue
Society, media,
authorities
Press conferences and interviews;
Personal contact;
Voluntary work;
Participation in initiatives;
Supporting projects;
Implementation of own cultural and
social projects;
Regulatory dialogue with legislation
and supervision
VIG maintains an ongoing proactive dialogue
with society, the press and the authorities in
order to communicate current strategy and/or
sustainability issues at VIG in a timely manner
and to develop an understanding of society’s
expectations.
Regular press relations work creates greater
transparency and understanding for the positive
positioning of VIG. This is also supported by the
promotion of selected cultural and social
projects.
Regular dialogue
Depending on the topic and the stakeholder group, VIG offers various channels of communication so that issues can be raised.
In addition, VIG insurance companies have considerable decision-making latitude at the local level to respond as effectively
as possible to the needs of local stakeholders. Sustainability matters within VIG Holding: Group Sustainability Office (GSO),
email: GroupSustainabilityOffice@vig.com
The findings from this dialogue are incorporated into various actions. In addition to the measures outlined above, they also
relate to the further development of IT security and data protection. Furthermore, the multi-channel distribution approach,
which includes direct sales, brokers, agents, bancassurance partnerships and digital platforms, has been further optimised to
ensure comprehensive customer care and accessibility. Further information can be found in chapter ESRS 2 SBM-1 “Strategy,
business model and value chain”.
In the future, VIG will continue to focus on digital innovations as part of its sustainability efforts. The aim is to increase the
use of digital platforms in order to improve interaction with customers and increase its market reach. This includes the
development of new digital tools and services that offer policyholders added value. Further process simplifications and
automations are planned to boost productivity and efficiency, and thus enhance customer service. To support its sustainability
objectives, since 2023 VIG has used the engagement provider ISS ESG as part of its engagement approach to encourage
investee companies and potential investee companies to commit to achieving net-zero greenhouse gas emissions by 2050,
to set medium-term reduction targets (2025–2030), and to develop decarbonisation strategies in line with the Paris Climate
Agreement. Further steps planned include promoting risk literacy in VIG’s markets and, where appropriate, expanding VIG’s
sustainability programme to reflect current trends and developments.
VIG Holding ensures that the Managing Board and Supervisory Board are well informed about stakeholders’ views regarding
sustainability-related impacts by taking a structured and comprehensive approach, which is described under ESRS 2 GOV-2
“Information provided to and sustainability matters addressed by the undertaking’s administrative, management and super-
visory bodies”.
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DISCLOSURE REQUIREMENT SBM-3 – MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND
BUSINESS MODEL
The following table provides an overview of the material impacts, risks and opportunities of VIG.
Material impacts, opportunities and risks
ESRS E1 Climate change
Sub-topic
Description
Assessment
Time horizon*
Value chain
Report scope
Climate change
mitigation
Energy
Contribution to global warming through
greenhouse gas emissions and non-renewable
energy consumption associated with VIG’s
insurance and reinsurance products,
investments in high-emission sectors and
internal operations
Actual
negative
impact
S/M/L
Internal operations
Underwriting:
Corporate/Retail
Asset management
Fully consolidated
companies, including at
equity companies in ESRS
E1-6 “Gross Scopes 1, 2, 3
and Total GHG emissions”
Climate change
adaptation
Higher frequency and severity of claims due to
extreme weather events and natural disasters
as well as lacking awareness, risk-management
insights and/or measures to reduce impacts of
insured events by customers
Risk
S/M/L
Underwriting: Corporate
/ Retail
Fully consolidated insurance
companies
Climate change
adaptation and
mitigation
Loss of value in capital investments (stranded
assets/transition risk) and risk of negative
impact on the creditworthiness due to increase
in extreme weather events/natural disasters
(physical risk)
Risk
S/M/L
Asset Management
Fully consolidated
companies
Climate change
mitigation
Investing in and/or underwriting companies
that do not adequately address their impact on
climate change can lead to negative media
coverage and reputational damage resulting in
financial loss
Risk
S/M/L
Underwriting:
Corporate;
Asset management
Fully consolidated
companies
Climate change
mitigation
Investment opportunities in green/sustainable
bonds
Opportunities
L
Asset Management
Fully consolidated
companies
Climate change
adaptation,
climate change
mitigation and
energy
Potential expansion of offerings and market
reach due to a higher interest in insurance
products covering extreme climate events
Opportunities
S/M/L
Underwriting: Corporate
/ Retail
Fully consolidated insurance
companies
*S (Short-term time horizon); M (Medium-term time horizon); L (Long-term time horizon)
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Annual Financial Report 2025
ESRS S1 Own workforce (plus company-specific disclosure)
Sub-topic
Description
Assessment
Time
horizon*
Value chain
Report scope
Working conditions Fair treatment of VIG employees through
opportunities for social dialogue, freedom of
association and involvement in decisions by
employee representatives.
Actual positive
impact
S/M/L Internal operations Fully consolidated
companies
Equal treatment and
opportunities for all
Positive impact on employees' qualifications and
career opportunities through training and
development.
Actual positive
impact
S/M/L
Internal Operations
Fully consolidated
companies
Working conditions and
equal treatment and
opportunities for all
Appropriate and reliable remuneration for VIG
employees secures a stable and dependable income
for individuals.
Actual positive
impact
S/M/L
Internal Operations
Fully consolidated
companies
Working conditions and
equal treatment and
opportunities for all
Offering attractive working conditions beyond the
legal standard leads to increased satisfaction of VIG
employees.
Actual positive
impact
S/M/L
Internal Operations
Fully consolidated
companies
Company-specific
disclosure
The use of advanced technological applications and
Artificial Intelligence (AI) contributes to the
development of new solutions, the automation of
repetitive tasks and the optimization of resource
management.
Actual positive
impact
S/M/L
Internal Operations
Fully consolidated
companies
*S (Short-term time horizon); M (Medium-term time horizon); L (Long-term time horizon)
ESRS S4 Consumers and end-users (plus company-specific disclosure)
Sub-topic
Description
Assessment
Time horizon*
Value chain
Report scope
Information-related
impacts for consumers
and/or end-users
Potentially insufficient or misleading information
from VIG to their customers could lead to a
negative impact for policyholders.
Potential
negative impact
S/M/L
Underwriting: Retail
Fully
consolidated
insurance
companies
Information-related
impacts for consumers
and/or end-users
Potentially insufficient or misleading information
from VIG to customers could lead reputational
damage and the loss of business relationships.
Risk
S/M/L
Underwriting: Retail
Fully
consolidated
insurance
companies
Personal safety of
consumers and/or end-
users
Loss of customer data can lead to negative
impacts for customers.
Potential
negative impact
S/M/L
Underwriting: Retail
Fully
consolidated
insurance
companies
Social inclusion of
consumers and/or end-
users
Closing the protection gap by improving access to
insurance products that improve personal
resilience.
Actual positive
impact/opportu
nity
S/M/L
Underwriting: Retail
Fully
consolidated
insurance
companies
Company-specific
disclosure
Promoting Risk Literacy to enable as many
consumers and end-users as possible, whether
customers of the group or not, to make informed
and considerate decisions in relation to the risks
they may face.
Actual positive
impact
S/M/L
Underwriting: Retail
Fully
consolidated
insurance
companies
*S (Short-term time horizon); M (Medium-term time horizon); L (Long-term time horizon)
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ESRS G1 Business conduct (plus company-specific disclosure)
Sub-topic
Description
Assessment
Time horizon*
Value chain
Report scope
Corporate culture
Financial loss due to inadequate IT security
measures.
Risk
S/M/L
Internal Operations
Fully
consolidated
companies
Corporate culture
Reputational damage leading to financial loss
resulting from conducting business with companies
that have inadequate business practices.
Risk
S/M/L
Underwriting: Corporate
Asset management
Fully
consolidated
companies
Corporate culture,
protection of
whistleblowers, and
corruption and
bribery
Financial loss resulting from non-compliance with
regulatory requirements.
Risk
S/M/L
Internal operations
Underwriting: Retail
Fully
consolidated
companies
Political influence
and lobbying
activities
Contributing to the political and regulatory agenda
through political engagement, mainly through
memberships.
Actual positive
impact
S/M/L
Internal Operations
Fully
consolidated
companies
Company-specific
disclosure
Environmental, social, cultural and other
commitments reflect the company's stakeholder
engagement.
Actual positive
impact
S/M/L
Internal Operations
Fully
consolidated
companies
*S (Short-term time horizon); M (Medium-term time horizon); L (Long-term time horizon)
Compared with the 2024 reporting period, the material impacts, risks and opportunities were consolidated in 2025. In addition,
two additional company-specific impacts have been identified, which are now also taken into account. VIG reports on the re-
quirements set out in the ESRS under ESRS E1 “Climate change”, ESRS S1 “Own workforce”, ESRS S4 “Consumers and end-
users” and ESRS S4 “Consumers and end-users”, ESRS G1 “Business conduct”. In addition, company-specific disclosures are
described in chapters ESRS S1 “Own workforce”, ESRS S4 “Consumers and end-users” and ESRS G1 “Business conduct”.
VIG’s business activities have both positive and negative impacts on people and the environment. For many years, the material
impacts, risks and opportunities of VIG have influenced the business model, the value chain, the strategy and the decision-
making processes. Particular emphasis should be placed on VIG’s sustainability programme, through which sustainability
aspects have been gradually integrated into the core business strategy.
Consumer-related aspects include, among other things, information-related impacts that may arise if insufficient or misleading
information leads customers to make incorrect decisions. To minimise these risks, VIG ensures clear, transparent and under-
standable communication with customers. In addition, VIG contributes to social inclusion by expanding access to insurance
products that strengthen the personal resilience of consumers and end-users. In this way, VIG contributes to reducing the
insurance gap and strengthening the financial security of broad segments of the population. Another key focus is on promoting
risk literacy. VIG supports customers through information campaigns, advisory services and educational initiatives that help
them better understand risks and make informed decisions.
Risks relating to customers’ personal safety are also taken into account, for example through prevention programmes de-
signed to help avoid loss events and through the provision of safety-related information. Potential negative impacts, such as
the loss of customer data, are addressed through appropriate control mechanisms.
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Annual Financial Report 2025
VIG has an exclusively positive impact in terms of improving employee well-being, promoting diversity and creating a more
inclusive work environment. Different experiences and backgrounds are valued and contribute to creativity, motivation and
innovation.
VIG contributes to the shaping of the political and regulatory agenda through political influence and lobbying activities, in
particular through memberships in professional and industry associations. In addition, VIG promotes the social commitment
of its employees and thus strengthens their social impact.
Further details on the impacts, risks and opportunities and the corresponding management approaches are described in the
topic-specific chapters.
There are risks and opportunities for VIG in its internal operations and in underwriting and asset management. Operational risks
include insufficient ESG disclosures, a lack of sustainability data for reporting purposes, and possible IT security breaches that
could result in data losses and harm to VIG’s reputation. 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 (see under
“Additional disclosures” in Note “25.5. Goodwill” in the notes to the consolidated financial statements).
Asset management may involve companies that do not actively monitor their environmental impacts. This can lead to market
and reputation risks. These risks may lead to a reduction in the fair values of assets and consequently, where applicable, to
impairment losses to be recognised in the separate and consolidated financial statements. The valuation process for deter-
mining the fair value of financial assets is described under “Additional disclosures” in chapter 25.9 “Calculation of fair value”
in the notes to the consolidated financial statements.
Non-sustainable investments may be subject to impairments due to changes in market requirements or regulatory requirements.
Accordingly, the medium- and long-term focus will be on further integrating the sustainability activities of investee companies
into investment decisions. Climate-related risks, such as increasing insurance claims from extreme weather events, will lead to
adjustments in underwriting practices and reserve allocations in connection with changed claims experience. These risks are
actively monitored by the actuarial function in order to ensure consistency with sustainability risks and financial resilience.
VIG addresses the above-mentioned impacts, risks and opportunities through a broadly diversified business model geared
towards long-term stability and sustainable growth.
As part of the company’s own risk and solvency assessment, the overall regulatory solvency requirement is projected together
with the solvency capital requirements and the available capital base over the entire planning period. The extent to which
possible deviations from the planned business development affect VIG is determined on the basis of appropriate stress tests
or scenario analyses. This is to ensure that even in the event of adverse business developments VIG will have access to
sufficient capital to cover its own liabilities and that regulatory solvency capital requirements can be met at all times.
The knowledge gained from the projections and regulatory stress tests, together with other internal analysis results, form the
basis for the definition of strategic actions. In the course of reporting to the VIG Holding Managing Board, the preliminary
results are discussed and the business planning of VIG is adjusted if necessary. The Managing Board reviews the strategic
direction of VIG based on the results. It includes the business strategy, which defines the main approaches to achieve the
targets, a risk strategy, which determines the appropriate risk management actions for material risks, and the capital strategy,
which ensures sufficient own funds with a view to the defined risk-bearing capacity.
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VIG has pursued a conservative reinsurance approach for many years and sees risk transfer through reinsurance in the non-
life area, particularly in the area of natural disasters, as a key risk mitigation technique to protect against major and
catastrophic events and any balance sheet volatilities. The reinsurance strategy is characterised by a conservative retention
policy as well as the targeted selection and accompanying monitoring of reinsurers. VIG insurance companies must follow a
Security List defined by the Reinsurance Security Committee. Reinsurers that are not on this list require individual approval by
the Reinsurance Security Committee. Concentration risk in the area of reinsurance is also mitigated by means of diversification.
Impact, risk and opportunity management
DISCLOSURE REQUIREMENT IRO-1 – DESCRIPTION OF THE PROCESS TO IDENTIFY AND ASSESS MATERIAL IMPACTS, RISKS AND
OPPORTUNITIES
In 2024, VIG conducted its consolidated double materiality assessment using a structured approach in line with the ESRS
criteria, including the use of a data model applied to its underwriting and investment portfolios to analyse the positive and
negative impact of sectors and their share within the VIG portfolio. This classification is based on widely available sources
such as UNEP FI, WWF and other organisations and served as a basis for further discussion. Material topics at the Group level
are reported by all fully consolidated subsidiaries according to their classification in the value chain.
Procedure for the double materiality assessment
In the first step, the content requirements of the topical standards according to the ESRS were analysed and identified. On the
basis of market standards such as SASB (Sustainability Accounting Standards Board) and GRI (Global Reporting Initiative) it
was examined whether additional sustainability topics are relevant for VIG. In addition, company-specific topics were taken
into account that were included in VIG’s strategic programme. The value chain was then defined (see chapter ESRS 2 SBM-1
“Strategy, business model and value chain”) and, based on existing documents, the relevant impacts, risks and opportunities
were assessed. The double materiality assessment was based on the companies in the financial consolidation group, as they
have the greatest influence both financially and in terms of sustainability.
As part of the process, the relevant areas of VIG Holding were identified and their roles were defined in relation to the consolidated
double materiality assessment and the respective value chain. The assessment was carried out by expert decision-makers from
the local insurance companies and VIG Holding. The results were then validated by internal and external experts and stakeholders
as well as by all insurance companies of VIG. Following the adoption of a resolution on the results by the VIG Holding Managing
Board, they were communicated to all managing board members of the VIG insurance companies for information.
Identification and assessment of impacts
In underwriting, a distinction was made between impacts for corporates and for retail customers (natural persons and small
and medium enterprises). A distinction was also made between life and/or health insurance and non-life insurance. This
distinction had no impact on the materiality threshold. In addition, asset management was considered separately. Furthermore,
the impact of internal operations was assessed. The potential or actual impacts that VIG might have or already has on
governance, the environment, and people, including the potential impacts on their human rights, through its own activities
were analysed.
Internal stakeholders such as department managers from specialist departments throughout the value chain and contact
persons from subsidiaries such as workers’ representatives were involved in the process. As external stakeholders, the
Austrian Insurance Association, representatives of civil society (Vienna University of Economics and Business Administration)
and NGOs were involved in the process. The consultation included a presentation of the ESRS standards, the double materiality
assessment process and the results available, with a focus on the main topic relevant to the respective external stakeholders.
The figure below provides an overview of the process.
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Annual Financial Report 2025
Process for the double materiality assessment
Potential and actual impacts were prioritised and evaluated as follows:
• Scale: how serious the negative impacts are or how beneficial the positive impacts are for people or the environment.
• Scope: the extent of the negative or positive impacts, for example the scope of the environmental damage or the number
of people adversely affected.
• Irremediable character of the impact (only applies to negative impacts): whether and to what extent the negative impacts
could be remediated, i.e. whether the environment or affected people could be restored to their prior condition.
• Likelihood (applies only to potential impacts): the likelihood that a potential impact will occur.
All evaluations (severity, scope, irreversibility and likelihood of occurrence) were carried out on a scale of 1 to 5, with the
materiality threshold set at 3. If one of the dimensions was assigned a rating of 3 or higher but the average rating was below 3,
materiality was assessed separately.
Identification and assessment of risks and opportunities
As part of the risk management process, the interactions between the activities and the associated environmental, social and
governance aspects were analysed. This enabled risks and opportunities to be identified that could potentially have significant
financial impacts on VIG. The criteria specified by the ESRS were used for the assessment of materiality.
The risks and opportunities were assessed in the same way as the impacts, without geographical restrictions, for internal
operations as well as for underwriting and asset management.
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The materiality of risks and opportunities was assessed on the basis of the likelihood of occurrence (from less than every ten
years to more than 100 times a year) and the potential scale of the financial impacts (from insignificant to serious) associated
with the risk or opportunity. Sustainability risks were identified as part of the regular risk inventory process. In order to ensure
a structured and uniform approach to the identification of sustainability risks throughout the Group, a Group-wide ESG risk
catalogue has also been created, taking into account the guidelines of the Austrian Financial Market Supervisory Authority on
dealing with sustainability risks. It includes at least those risks that were identified as material as part of the consolidated
double materiality assessment. In addition, each of the identified risks that has an impact on VIG is assigned to a specific VIG
risk category. The (re-)insurance companies, asset management companies and pension funds review this risk catalogue
regularly for completeness as part of a standardised risk management process (“risk inventory”) and supplement it if nec-
essary. 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 companies.
Further risks were included on the basis of industry benchmarks. To assess the potential scale, percentages of VIG’s own
funds were used in accordance with the approach defined in the Group-wide VIG risk management policy. The likelihood was
also assessed on the basis of the likelihood of occurrence defined in this policy. The scenario analyses conducted as part of
the company’s internal risk analysis were an important input for the assessment of materiality. In addition, a Group-wide
qualitative assessment of sustainability risks was taken into account as part of a secondary analysis (see also “Procedure for
the double materiality assessment”). If it was not possible to quantify the risks and opportunities, the materiality of the risks
and opportunities was assessed on a qualitative basis.
These risks, which have been identified in the double materiality assessment and discussed with Risk Management, are im-
plicitly or in some cases explicitly taken into account throughout the Group as part of risk management practices. Risks were
handled and examined equally without prioritisation.
Processes, control and management procedures in connection with the double materiality assessment
The description of the regular reporting to the administrative, management and supervisory bodies in chapter ESRS 2 GOV-2
“Information provided to and sustainability matters addressed by the undertaking’s administrative, management and super-
visory bodies” is also applicable to the consolidated double materiality assessment. Internal control procedures are carried
out by various committees. Further information can be found in ESRS 2 GOV-1 “The role of the administrative, management
and supervisory bodies”. It is very important to VIG to be fully aware of all the risks to which it is exposed. The Group-wide risk
inventory process supports the company in its task of comprehensively identifying and appropriately assessing these risks.
The results of the consolidated double materiality assessment have been discussed in detail with Risk Management. Detailed
information is provided in chapter ESRS 2 GOV-5 “Risk Management and internal controls over consolidated non-financial
reporting”. The process also includes the systematic identification of potential opportunities, which have been evaluated in
close cooperation with the VIG Holding departments. The identified opportunities were presented and discussed in various
committees (see ESRS 2 GOV-1 “The role of the administrative, management and supervisory bodies”). This structured
procedure takes all relevant perspectives into account and effectively integrates opportunities into strategic planning.
Various external data sources were used to carry out the double materiality assessment. These include SASB (Sustainability
Accounting Standards Board), ISS ESG Rating (Institutional Shareholder Services), MSCI (Morgan Stanley Capital International),
Sustainalytics, CDP (formerly Carbon Disclosure Project) and the World Economic Forum Global Risks Report. Some topics,
such as responsible business conduct and claims processing, were assessed on the basis of a peer group analysis.
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Annual Financial Report 2025
In 2025, VIG conducted a review and update of the double materiality assessment. Identified impacts, risks and opportunities
were summarised by topic following a structured process in order to avoid redundancies. Based on this categorisation, groups
of impacts, risks and opportunities were aggregated in accordance with ESRS 2 AR 18. In addition, positive impacts in in-
dividual cases were transferred to actions. Furthermore, the evaluation process aimed to further strengthen communication
with internal and external stakeholders on the key topics. In addition to the company-specific topic of social engagement
defined in 2024 in ESRS G1 “Business conduct”, two other company-specific topics have been identified: “Artificial intelligence”
in ESRS S1 “Own workforce” and “Promoting risk literacy” in ESRS S4 “Consumers and end-users”.
DISCLOSURE REQUIREMENT IRO-2 – DISCLOSURE REQUIREMENTS IN ESRS COVERED BY THE UNDERTAKING’S CONSOLIDATED NON-
FINANCIAL REPORT
The disclosure requirements identified and followed in preparing the consolidated non-financial statement on the basis of the
results of the double materiality assessment are listed in the annex, including page references to the corresponding disclo-
sures in the consolidated non-financial statement (see “Table for disclosure requirement IRO-2 – List of datapoints in cross-
cutting and topical standards that derive from other EU legislation”).
In accordance with the requirements of ESRS 1 Section 3.2 on the identification of material information, VIG has applied a
structured evaluation process, which is described in chapter ESRS 2 IRO-1 “Description of the process to identify and assess
material impacts, risks and opportunities”. The combination of these inputs ensures that the disclosed information is relevant,
comprehensive, and aligned with current priorities and future considerations.
The double materiality assessment is an ongoing process, with a scheduled revision every three years or sooner if significant
strategy, market or regulatory changes occur. This is evaluated annually. In addition, VIG monitors emerging issues such as
developments in regulatory matters so that they can be taken into account accordingly.
MINIMUM DISCLOSURE REQUIREMENT – MDR-P – POLICIES ADOPTED TO MANAGE MATERIAL SUSTAINABILITY MATTERS
Below is an overview of Group or Holding Policies and Guidelines, as well as other VIG requirements, established by VIG Holding
and to be implemented within VIG depending on their scope of application.
In line with the established document governance framework, VIG governance documents are approved either by the full VIG
Holding Managing Board (policies), by the responsible Board member (guidelines), or by the Head of Department or a specific
officer (mandatory Operating Procedures). They are reviewed annually to ensure they remain up to date.
All Policies, Guidelines and Operating Procedures are published on the Group-wide Intranet and, where necessary, are also
distributed by email to the relevant companies, usually via the respective local contact persons. This ensures that the infor-
mation is accessible to and usable by those who must comply with the regulations.
The strategic objectives and concepts are described in the “Group Strategy evolve
28
” section of the Group Annual Report.
VIG strategic programme and sustainability programme
With the involvement of members of the managing boards of the Group companies, the management of VIG Holding has
developed the VIG 25 strategic programme, covering the period 2021–2025. Based on insurance industry trends, VIG sets
targets and formulates actions that focus on financial stability and profitability, customer proximity, sustainability and market
growth. As part of this strategic programme, the VIG sustainability programme was also developed (see page 16 of the Group
Annual Report), which aims to further strengthen the importance of sustainability as an integral element and foundation of
VIG’s business model and thus ensure the Group’s future success.
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At the end of 2025, the “VIG 25” strategy programme was replaced by the further development of “evolve
28
”, which describes
VIG’s strategic orientation for the years 2026–2028. Sustainability has been incorporated into the new strategy as a Group
programme. As a result, there are no material changes to the existing sustainability programme or to the associated targets,
other than their further expansion and deepening. One of the ways in which sustainability has already been integrated into the
business processes is through the “Responsible Insurance” and “Responsible Investment” declarations, which are described
in more detail in ESRS E1-2 “Policies related to climate change mitigation and adaptation”. The scope of the strategic and
sustainability programmes includes (re-)insurance companies and non-insurance companies. Specific policies and guidelines
are implemented locally through the sustainability programme, with the support of the Group Sustainability Office in
collaboration with the insurance companies and selected non-insurance companies (further details can be found in ESRS E1-4
“Targets related to climate change mitigation and adaptation”). Local management is responsible for the local policies and
guidelines. VIG’s strategy and sustainability approach, including the “Responsible Investment” declaration and “Responsible
Insurance” declaration, is publicly available on VIG’s website (https://group.vig/sustainability/downloads). For more
information, see “Disclosures stemming from other legislation or generally accepted pronouncements on the consolidated
non-financial report”.
Since the 2023 financial year, VIG Holding has been working to support the insurance companies in implementing the require-
ments of the sustainability programme in the best possible way, particularly with regard to decarbonisation options. To this
end, discussions were held with the insurance companies under the leadership of the Group Sustainability Office and the
relevant departments in the reporting year. The focus was primarily on discussing the steps required for local implementation
of the sustainability programme, the creation of measures to reduce emissions and the use of various tools for local support.
ESRS cross-cutting requirements
Concepts that are referenced in two or more key ESRS topics are listed under “ESRS cross-cutting requirements”.
Code of Business Ethics
The Code of Business Ethics is a Group Policy based on the company’s mission statement and the values of VIG. It serves as
a uniform code of conduct in VIG by setting binding minimum standards. It is a general guideline for day-to-day business and
for relationships with customers, business partners, shareholders and the general public. The code contains the following 15
guardrails:
• Compliance with Legal, Regulatory and Internal Provisions
• Protection of Human Rights
• Diversity and Inclusion
• Environmental Protection
• Healthy and Safe Workplace
• Protection of Company Property
• Prevention of Conflicts of Interest
• Prevention of Corruption and Bribery
• Data Protection
• Management of Confidential Information
• Fair Competition
• Prevention of Market Abuse
• Prevention of Money Laundering, Financing of Terrorism and Breaching of International Sanctions
• Fair and Professional Treatment of Customers
• Reliable Communication
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Additional, Group-wide regulations may apply to individual areas of the code, such as conflicts of interest, procurement,
international sanctions and money laundering prevention.
The code was approved by the VIG Holding Managing Board and must be implemented at the level of the VIG companies on
the basis of a Managing Board resolution. It applies to all VIG (re-)insurance companies, asset management companies and
pension funds, whether or not they are based within the European Union or outside of it, provided that VIG Holding (directly or
indirectly) holds more than 50% of the shares. These VIG companies are themselves responsible for the appropriate and
effective implementation of the code and proper communication of the code to all employees. This also includes training
sessions given in the VIG companies. Each one of the companies mentioned must determine, on the basis of a risk-oriented
approach, which of their subsidiaries fall within the scope of the Code of Business Ethics and ensure that it is implemented
accordingly. Therefore, it has also been implemented in certain non-insurance companies, or their business activities are
aligned with the 15 guardrails (see Chapter ESRS G1-3 “Prevention and detection of corruption and bribery”).
The code is reviewed annually to ensure that it is up to date and, if necessary, adapted by Compliance (incl. AML) of VIG Holding.
Local compliance officers or Compliance (incl. AML) offer guidance on these matters and on reporting channels compliant
with local regulations that can be used to report perceived misconduct (see chapter ESRS G1-1 “Corporate culture and busi-
ness conduct policies”). The code of conduct applies to all employees, regardless of their position in the company. Further-
more, it calls for customers and business partners to also behave in accordance with the guardrails of the code of conduct.
The Code of Business Ethics is publicly available online at https://group.vig/en/cobe
Data protection
In both the company’s own interest and in the interest of all policyholders, business partners and employees, great importance
is given to the protection of confidential information (business and trade secrets) as well as compliance with statutory data
protection regulations (particularly the EU General Data Protection Regulation/GDPR).
Within VIG, a data protection management system has been established, which is continuously further developed, managed
and monitored by VIG’s Data Protection Coordinator, who is also the Data Protection Officer of VIG Holding (see chapter ESRS
S4-4 “Taking action on material impacts on consumers and end-users, and approaches to managing material risks and
pursuing material opportunities in respect of consumers and end-users, and effectiveness of those actions”).
At the VIG Holding level, the Data Protection Officer of VIG Holding has also set up a data protection management system
that ensures compliance with the GDPR and other data protection-relevant regulations. The core element of the Data
Protection Management System at VIG Holding level is a guideline aimed at all employees. The regulations and requirements
apply to the office workplace, the home workplace and mobile working.
The Data Protection Officer of VIG Holding reports directly to the full Managing Board, both annually and on an ad hoc basis.
From an organisational point of view, the VIG Holding Data Protection Officer is integrated into Compliance (incl. AML) of VIG
Holding which supports them in the fulfilment of their tasks. Data Protection Management within the operational organisation
provides support, in particular on awareness measures and data protection issues that are related to the operational organisation.
Risk management
The Group policy Risk Management defines ten risk categories which cover all possible sources of risk, including sources
connected to sustainability risks/ESG factors (environment, social and governance).
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All (re-)insurance companies, asset management companies and pension funds fall within the scope of the guideline. The
overall responsibility for the risks assumed by VIG lies with the full VIG Holding Managing Board. The responsibility for the
risks assumed by the local companies lies with the local managing boards. Within every company, the risk owners for each
risk category or sub-risk category are defined during the risk inventory process in order to ensure clear responsibilities at the
local level. The document is based on Articles 44 and 246 of the Solvency II Directive and Article 259 of the Delegated
Regulation on Solvency II.
The Group policy Risk Management is an essential component of the (risk) management framework within VIG. It supports
an active risk culture by comprehensively describing and defining the risk management system, including the risk management
organisation and its central risk management processes. The interests of the main stakeholders were taken into account in
the definition of the policy. Both the policy and close cooperation between VIG Holding and the local companies enable
consistent Group-wide processes and appropriate reporting, taking local circumstances into account. In addition, the policy
ensures compliance with the requirements of Solvency II.
Asset management
The Group policy on asset management applies to all (re-)insurance companies of VIG, including VIG Holding, and governs the
management of all types of investments and transactions, including, but not limited to, securities (equities, bonds and
investment funds), loans and advances, term deposits, financial derivatives, real estate and participations. In addition, this
Group-wide policy integrates sustainability matters and requires compliance with VIG’s environmental, social and governance
(ESG) requirements, as well as compliance with regulatory requirements.
The Group policy is also in line with VIG’s “Responsible Investment” ESG strategy, which prescribes the integration of environ-
mental, social, governance and human rights aspects into investment processes. The perspectives of key stakeholders are
given careful consideration in this context. The aim is to reconcile economic objectives with social and environmental
responsibility and to reflect VIG’s commitment to sustainable investments.
Additional requirements for ESRS E1 “Climate change mitigation”
Responsible insurance in corporate business
VIG integrates sustainability into its business operations by assessing environmental and natural disaster risks through Risk
Consult Sicherheits- & Risiko- Managementberatung GmbH (Risk Consult) and developing risk mitigation strategies together
with customers. Its “Responsible Insurance” declaration provides for underwriting limits for carbon-intensive sectors and ex-
cludes insurance for unconventional oil and gas extraction and new deep-sea mining projects, which corresponds to the cli-
mate criteria set out in the chapter ESRS E1 “Climate change”. The declaration has been valid since March 2024 for all (re-)
insurance companies of VIG. It excludes projects and companies that do not meet VIG’s climate criteria and permits ex-
emptions in the coal sector only if they are in line with the national transition plans and meet the conditions of the “Responsible
Insurance” declaration described in chapter ESRS E1 “Climate change”. The requirements approved by the VIG Holding
Managing Board are implemented by the management of each VIG company, which must adapt underwriting to national
energy strategies and, in exceptional cases, obtain local approval. The underwriting policy is based on European practices and
national energy supply strategies and takes relevant EU transition and emissions standards into account. The declaration
promotes a transition to a low-carbon economy while ensuring continued insurance coverage for customers and communities.
It also takes social criteria into account by requiring customers from the transition sector to submit plans for a just transition
for employees and affected regions. It is publicly available at https://group.vig/en/underwriting.
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Responsible investment
VIG has adopted a Responsible Investment declaration, which defines sustainability aspects in its investment decisions. It
sets out clear principles for responsible asset management, combining exclusion rules with an engagement approach aimed
at encouraging companies to improve their environmental, social and governance performance. The declaration applies to all
VIG (re-)insurance companies and includes direct investments, including those via consolidated investment funds, with the
exception of securities issued by state or supranational institutions. The requirement was approved by the VIG Holding Man-
aging Board, which bears overall responsibility for implementation, supported by the Group Asset Management incl. Real
Estate department, which is responsible for operational implementation and monitoring.
The approach is consistent with international frameworks such as the UN Global Compact. The engagement activities are
carried out by the external partner ISS ESG. By embedding sustainability in its investment processes, VIG promotes the
interests of its stakeholders. The Responsible Investment declaration is publicly available on the VIG website
(https://group.vig/en/asset-management) More detailed information, including specific criteria and climate related aspects,
can be found in chapter ESRS E1 “Climate change”.
Sustainability Bond Framework
VIG has a Sustainability Bond Framework, which was updated in 2025 and sets out the principles and processes for issuing
sustainability-related financial instruments. The framework is designed to target funding for activities with potential environ-
mental or social impacts. However, it also defines exclusion criteria in certain sectors (including fossil energies or weapons)
and describes the process for project evaluation and selection as well as the management of revenues.
The framework also stipulates that an “allocation report” on the use of funds and an “impact report” on the environmental and
social impacts achieved should be published within one year after issue (and thereafter annually). In this context, a Sustain-
ability Bond Committee was established in connection with the issuance of the first sustainability bond in 2021, which ensures
that the funds are used in accordance with the framework and that appropriate reporting is provided. It consists of rep-
resentatives from various areas of VIG – including Group Treasury & Capital Management, Asset Management incl. Real Estate
and Compliance. The framework was verified by the independent ESG rating agency Sustainalytics by means of a second-
party opinion and is publicly available at https://group.vig/media/fpufssat/vig-sustainability-bond-framework-march-2025.pdf.
Additional requirements for ESRS S1 “Own workforce”
Fit & Proper
The qualification of persons in key functions is an important factor for the success of (re-)insurance companies. The Group
Policy Fit and Proper therefore defines whether a person is professionally qualified (“fit”) and whether they are personally
reliable (“proper”), i.e. whether they meet the standards of personal integrity. All (re-)insurance companies of VIG in the EU and
Liechtenstein are obliged to apply this Group Policy in full. Other (re-)insurance companies as well as fully or at-equity consoli-
dated non-insurance companies, in accordance with the Group guideline “HR Non-Insurance Companies”, are required, as a
minimum requirement, to comply with national law and generally defined standards, such as those relating to anti-dis-
crimination, required qualifications, continuing education or conflicts of interest. The Group Policy Fit & Proper guideline must
be reviewed and updated annually by VIG Human Resources if adjustments are necessary on account of changes in the
regulatory environment or for internal reasons. VIG Human Resources is available to the companies if they have any questions
regarding implementation.
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Remuneration
Working hours, required qualifications, as well as the duties and responsibilities of the position in question are all taken into
account when setting remuneration levels. It is ensured that the salary does not fall below the minimum wage stipulated under
national law or existing collective bargaining agreements. If a variable remuneration component is agreed, the underlying
objectives must be communicated in a transparent and clear manner and updated annually. All (re-)insurance and reinsurance
companies of VIG in the EU and Liechtenstein are obliged to apply the Group Policy in full. Other (re-)insurance companies as
well as fully or at-equity consolidated non-insurance companies, in accordance with the Group guideline “HR Non-Insurance
Companies”, are required, as a minimum requirement, to comply with national law and the basic standards defined in the
relevant requirements. The Group Policy Remuneration must be reviewed and updated annually by VIG Human Resources if
adjustments are necessary on account of changes to the regulatory environment or for internal reasons. VIG takes all relevant
statutory requirements into account when setting out and applying the Group Policy. VIG Human Resources is available to the
companies if they have any questions regarding implementation.
Diversity strategy
The diversity strategy is based on a genuine appreciation of diversity and an open approach to different backgrounds and
perspectives. The aim is to ensure equal opportunities and consistently prevent discrimination. The diversity strategy seeks
to promote an inclusive corporate culture through conscious use of diversity, which supports innovation, cooperation and long-
term diverse succession planning.
All (re-)insurance companies of VIG are required to implement the diversity strategy. Non-insurance companies in accordance
with the Group guideline “HR Non-Insurance Companies” are required to observe the basic principles of diversity management.
Management and the HR departments are responsible for the implementation. At VIG Holding level, the focus is on the three
dimensions of gender, generations and internationality. In accordance with the principle of local entrepreneurship, the VIG
companies choose their own diversity priorities and are independently responsible for the implementation of the diversity
concepts. A diversity officer has been appointed to provide coordination and advice. She supports both the holding company and
the local VIG companies in implementing and further developing the respective diversity concept. The diversity strategy is described
in the Corporate Governance Report. In addition, the topic of diversity will be integrated into Group-wide training programmes.
HR strategy
VIG’s HR strategy provides the framework for addressing key topics under ESRS S1 “Own workforce”. Its objective is to position
VIG as a diverse, innovative and learning organisation and to strengthen employees’ motivation, skills and long-term com-
mitment. The HR strategy applies to all VIG (re-)insurance companies. For fully or at-equity consolidated non-insurance com-
panies in accordance with the Group guideline “HR Non-Insurance Companies”, certain basic standards apply. Measures are
individually adapted to local circumstances by the local HR departments. Responsibility for implementation lies with the Man-
aging Board, supported by the local HR departments, which are responsible for operational implementation and monitoring.
Artificial Intelligence (AI) – Governance
VIG is committed to the responsible and ethically grounded use of artificial intelligence (AI) in order to ensure innovation and
value creation in line with the fundamental rights and security of our stakeholders. In strict alignment with the EU Artificial
Intelligence (AI) Act, a Group-wide governance framework has been implemented to ensure compliance with the highest
ethical and legal standards. The VIG AI Governance guideline forms the basis for the group-wide framework for responsible
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AI governance. The core elements aim to govern the entire lifecycle of AI systems (design, development, procurement, deploy-
ment and use) across all VIG companies. The guideline defines key governance principles, including ethical use and social
responsibility, human oversight and autonomy, risk management, safety and reliability, as well as transparency and explain-
ability. It establishes clear processes for the identification of AI systems, risk and value assessment, and the classification-
based application of the requirements of the EU AI Act (prohibited, high-risk, limited and minimal risks). A key component is
the establishment of an AI system register for the central recording of all AI initiatives.
The AI Governance guideline applies to all VIG (re-)insurance companies, asset management companies and pension funds
of VIG, including VIG Holding within and outside the European Union, provided that VIG Holding (directly or indirectly) holds
more than 50% of the shares. Explicit exclusions apply to activities or AI systems classified as prohibited practices under
Article 5 of the EU AI Act; their development, procurement, provision or use is prohibited across the Group. Ultimate account-
ability for the implementation of and compliance with the AI Governance guideline lies with the VIG Holding Managing Board.
At the operational level, the Head of VIG Data and Analytics, responsible for VIG Data and Analytics (CDIAO), chairs the VIG AI
Board. Management and coordination are the responsibility of the VIG Data and Analytics unit in VIG Holding, which acts as
the central point of contact. At the local level, the local Managing Board is responsible for approving and implementing the
guideline in a timely manner, as well as for appointing an AI contact person.
The AI Governance policy is primarily aligned with compliance with Regulation (EU) 2024/1689 of the European Parliament
and of the Council (EU AI Act) and its subsequent amendments. In addition, the guideline takes into account the requirements
and principles of the General Data Protection Regulation (GDPR), particularly with regard to data quality, data protection
practices and the rights of data subjects. The guideline ensures that all AI activities also comply with the standards of relevant
industry regulations (e.g. DORA for financial companies), where applicable.
The AI Governance guideline is published internally on Groupnet. In addition, the establishment of a VIG network for AI officers
(in 2025) provides a collaborative platform and enables the continuous improvement of implementation across all entities.
Additional requirements for ESRS S4 “Consumers and end-users”
Unit-linked life insurance – Investments
The Group guideline sets out minimum standards for the selection, monitoring and due diligence of asset managers and
investment funds associated with unit-linked life insurance products (Unit-Linked, UL). It defines the processes and responsibilities
for both group-wide and local partnerships and covers due diligence, regular follow-ups and reporting obligations. The guideline
aims to ensure transparency, a sound investment policy and compliance with regulatory requirements such as Solvency II. This
Group guideline applies to all VIG (re-)insurance companies offering UL products, regardless of whether they operate within or
outside the European Union. The member of the VIG Managing Board responsible for asset management is responsible for
approving and overseeing the implementation of this guideline. The local companies ensure implementation either through direct
approval by their respective member of the Managing Board or by incorporating it into a local governance document.
The Group guideline is aligned with European regulatory standards, in particular Solvency II and the Insurance Distribution
Directive (IDD), which require comprehensive due diligence and regular regulatory reporting. The Group guideline protects the
interests of customers, shareholders and supervisory authorities by preventing financial and reputational risks through
transparent and compliant investment processes. It takes local market perspectives into account and promotes collaboration
between local asset management units and VIG Asset Management (incl. Real Estate) to ensure that investment decisions are
aligned with stakeholder expectations, regulatory standards and responsible business practices. External stakeholders such as
asset managers are informed about the applicable requirements through standardised due diligence and reporting processes.
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Life insurance
The VIG Group policy Life Insurance establishes group-wide principles for the life insurance business of VIG and defines
uniform standards for product development, portfolio management, distribution, remuneration and the quality of information
in order to ensure sustainable profitability and long-term growth. It applies to all life insurance companies and is overseen by
the VIG Holding Managing Board, while local implementation is carried out by the respective Managing Boards of the VIG
companies. The guideline sets out requirements for product design, including actuarial documentation, profitability tests, legal
and compliance reviews, as well as the management of existing contracts and the promotion of transparent and compre-
hensible communication with customers. When defining the guideline, the interests of customers, distribution partners,
supervisory authorities and shareholders are taken into account, particularly through measures to ensure clarity of information,
sustainable product development and responsible distribution practices. It is aligned with external and internal standards such
as the Insurance Distribution Directive (IDD), the requirements of the European Insurance and Occupational Pensions Authority
(EIOPA) and the VIG Life Reinsurance Policy.
Underwriting for retail and standardised SMEs
The VIG Group guideline Underwriting Retail & Standardized SME sets out principles for underwriting and product development
in the non-life insurance business for retail customers and standardised SMEs. It describes the entire product development
process as well as requirements relating to reinsurance, ESG integration, monitoring and continuous improvement. The guide-
line applies to all operational VIG insurance companies and is overseen by the VIG Holding Managing Board; local im-
plementation is the responsibility of the respective Managing Boards of the VIG companies. It is aligned with external
standards such as the IDD (Insurance Distribution Directive), the EU Green Deal and requirements of the European Insurance
and Occupational Pensions Authority (EIOPA).
Information security
The Group information security guidelines apply to all (re-)insurance companies, asset management companies and pension
funds, as well as to all non-insurance companies that support insurance companies in the field of IT (i.e. IT service providers),
provided that they have their own IT organisation and do not use an IT environment that is shared with affiliated insurance
companies in which VIG directly or indirectly holds a majority stake. The companies are responsible for ensuring that their
subsidiaries and branch offices comply with the provisions of this guideline. The guidelines are aligned with the ISO/IEC 27001
standard and with mandatory measures for establishing effective controls for electronic information and data, information
systems and computer applications, computer, telecommunications and network facilities and equipment, as well as for
preventing the loss of confidentiality, integrity and availability. All employees and, where relevant, contractors receive
information security training suitable for their job functions.
Third-party risk management
The Group guideline on third-party risk management sets out group-wide principles for the identification, assessment and
mitigation of risks arising from the use of ICT services provided by third-party service providers. The guideline defines the
entire third-party risk management process, from due diligence to monitoring and the obligation to maintain a Digital
Operational Resilience Act (DORA) information register. It applies to all (re-)insurance companies, asset management
companies and pension funds, as well as to in-house IT service providers. Responsibility for approval and strategic
implementation lies with the Chief Operating Officer (COO) of VIG Holding. Local implementation is the responsibility of the
respective Managing Boards of the VIG companies. The Group guideline is primarily aligned with external standards such as
DORA and its delegated acts and takes into account the interests of supervisory authorities and the operating companies.
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IT risk management
The Group guideline on IT risk management applies to all (re-)insurance companies, asset management companies and
pension funds, as well as to all non-insurance companies that support insurance companies in any way in the field of IT (i.e.
IT service providers), provided that they have their own IT organisation and do not use an IT environment that is shared with
affiliated insurance companies in which VIG directly or indirectly holds a majority stake. The companies are responsible for
ensuring that their subsidiaries and branch offices comply with the provisions of this guideline.
The guideline is aligned with internationally recognised best practices and/or standards such as the ISO/IEC 27005 standard
or COBIT 5.0. All employees and, where applicable, contractors have access to specialist articles and can participate in regu-
larly held training sessions and knowledge-sharing meetings.
Additional requirements for ESRS G1 “Business conduct”
Compliance management system
The Group-wide policy Compliance Management System policy provides minimum requirements and standards for the
implementation of a compliance management system as an integral part of an effective Group-wide governance system and
fulfils the requirements for a compliance policy according to Art 270 of Commission Delegated Regulation (EU) 2015/35, Art.
10 of Commission Directive 2010/43/EU and Art. 61 of Commission Delegated Regulation (EU) 2031/2013.
It describes in detail how the compliance management system must be established at the level of VIG Holding and the VIG
companies, which tasks and responsibilities are performed by the local compliance officers, and how the interaction between
VIG Holding and the local level is organised within VIG Compliance (incl. AML). Further details regarding VIG’s compliance
management system are governed by an additional Group-wide compliance management implementation guideline.
The Compliance Management System policy also covers the authorisation to draft Group-wide guidelines on compliance-
related topics in certain fields. It applies to all (re-)insurance companies, asset management companies and pension funds,
provided that VIG Holding (directly or indirectly) holds more than 50% of the shares.
Conflicts of interest
The prevention of conflicts of interest is one of the 15 guardrails of the COBE and is complemented by a group-wide guideline on
conflicts of interest. It sets out minimum standards for the identification, prevention, handling and disclosure of conflicts of
interest. It also establishes a common understanding of conflicts of interest and defines situations in which conflicts of inter-
est may arise (see also Chapter ESRS G1-3 “Prevention and detection of corruption and bribery”). The guideline applies to all
(re-)insurance companies, asset management companies and pension funds, provided that VIG Holding (directly or indirectly)
holds more than 50% of the shares.
Prevention of money laundering and terrorist financing
The Group-wide guideline on the prevention of money laundering and terrorist financing sets out Group-wide minimum
standards for the prevention of money laundering and terrorist financing based on the 4th and 5th EU Anti-Money Laundering
Directives. These include requirements relating to internal controls, strategies and procedures, such as the appointment of
local anti-money laundering officers, the preparation of a company-wide risk assessment and a local policy, the conduct of
training, rules for fulfilling customer due diligence obligations and for submitting suspicious activity reports (see also chapter
ESRS G1-3 “Prevention and detection of corruption and bribery”). The guideline applies to all (re-)insurance companies, asset
management companies and pension funds, provided that VIG Holding (directly or indirectly) holds more than 50% of the
shares and that they are subject to EU or national regulations on the prevention of money laundering and terrorist financing.
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International sanctions
To ensure compliance with the sanctions regimes that are relevant for VIG in any case–namely those of the United Nations,
the European Union, the United States of America and the United Kingdom–as well as any other local sanctions regimes, a
Group-wide guideline has been adopted. This guideline applies to all (re-)insurance companies, asset management com-
panies and pension funds, provided that VIG Holding (directly or indirectly) holds more than 50% of the shares. It requires
VIG companies to screen customers, investment recipients, employees, suppliers and other business partners before
entering into a business relationship, as well as all payment recipients before executing payments. In addition, the guideline
sets out specific due diligence requirements for certain countries and goods. In addition, the use of sanctions clauses is
required under the guideline. At the level of VIG Holding, there is a separate guideline that further specifies and supplements
the minimum standards set out in the Group guideline (see also chapter ESRS G1-3 “Prevention and detection of corruption
and bribery”).
Minimum safeguards screening in underwriting
The guideline establishes group-wide uniform processes for the application of minimum safeguards in the underwriting
process and thereby ensures compliance with Article 18 of the EU Taxonomy Regulation (EU) 2020/852 regarding the reporting
of taxonomy-aligned premiums. This VIG Group guideline applies to all operational (re-)insurance companies that underwrite
premiums in accordance with taxonomy eligibility. It sets out appropriate screening procedures at various stages of the
customer relationship, uses market-standard screening tools and defines processes for handling relevant screening results.
MINIMUM DISCLOSURE REQUIREMENT – ACTIONS MDR-A – ACTIONS AND RESOURCES IN RELATION TO MATERIAL SUSTAINABILITY
MATTERS
Above all, the priorities defined in VIG’s strategy and sustainability programme apply, which are described in the Group Annual
Report. Actions relating to material sustainability matters are described in the thematic standards; see, for example, ESRS E1-3
“Actions and resources in relation to climate policies”.
Metrics and targets
MINIMUM DISCLOSURE REQUIREMENT – METRICS MDR-M – METRICS IN RELATION TO MATERIAL SUSTAINABILITY ASPECTS
VIG uses both the metrics defined by the ESRS and company-specific metrics to track the performance and effectiveness of
measures with regard to material impacts, risks and opportunities; key metrics–including, among others, greenhouse gas
emissions (Scope 1–3), including energy consumption, as well as HR metrics such as employee turnover, diversity and training
hours–are described in greater detail in the topic-specific chapters (ESRS E1 “Climate change”, ESRS S1 “Own workforce” and
ESRS G1 “Business conduct”).
Material assumptions and estimates are described in the chapter “Value chain estimation” in ESRS 2 BP-2 “Disclosures in
relation to specific circumstances”. The measurement of the metrics is not validated by an external body.
MINIMUM DISCLOSURE REQUIREMENT – TARGETS MDR-T – TRACKING EFFECTIVENESS OF POLICIES AND ACTIONS THROUGH TARGETS
VIG has currently defined ESRS-aligned targets only in ESRS E1 “Climate change” for selected companies within VIG, thereby
supporting the European Green Deal, which aims to minimise climate impacts and support the transition to a carbon-neutral
economy. In this context, VIG has formulated a target for 2030 for the areas of internal operations, underwriting and
investments in defined fields of action or portfolios. These targets provide for a reduction of greenhouse gas emissions from
selected areas by just under 30% by 2030. The base year for target achievement is 2023. The details are described in ESRS E1
“Climate change”.
64
Annual Financial Report 2025
ENVIRONMENTAL INFORMATION
TAXONOMY: DISCLOSURES PURSUANT TO ARTICLE 8 OF REGULATION (EU) 2020/852 (TAXONOMY REGULATION)
Key figures for investments under the EU Taxonomy Regulation
The EU Taxonomy Regulation is a classification system that specifies criteria for determining whether an economic activity
qualifies as environmentally sustainable. The criteria are linked to six EU environmental objectives: Climate change mitigation;
Climate change adaptation; Sustainable use and protection of water and marine resources; Transition to a circular economy;
Pollution prevention and control; Protection and restoration of biodiversity and ecosystems. The Taxonomy Regulation
differentiates between taxonomy-eligible and taxonomy-aligned economic activities. Taxonomy-eligible economic activities
are described in the technical screening criteria and are in principle suitable for making a positive contribution to one or more
of the six environmental objectives. Moreover, if the economic activity fulfils the defined technical screening criteria and does
not significantly harm any of the other objectives, the economic activity is considered to be taxonomy-aligned. In addition, the
criteria for minimum safeguards must be met. For insurance companies, special key figures have been defined which relate
to the taxonomy-aligned proportion of investments and non-life insurance premiums.
These key figures are disclosed using the new simplified reporting templates introduced by Commission Delegated Regulation
(EU) 2026/73 of 4 July 2025.
MANDATORY REPORTING FOR INVESTMENTS
For VIG’s assets, the Taxonomy Regulation requires that exposures from investment activities have to be analysed and
disclosed with respect to their taxonomy eligibility and their taxonomy alignment. On this basis, the key figures are set out in
accordance with Annex X to the Taxonomy Regulation. These key figures are to be provided as a percentage relative to total
assets. VIG defines total assets as the sum of real estate holdings and financial instruments. Exposure to governments, central
banks and supranational issuers was deducted from the recognised assets and/or the coverage ratio. The disclosures are
made based on the Group solvency balance sheet and the key figures are based on the fair values as of the reporting date of
31 December 2025. Only assets that represent investments in economic activities are included in the taxonomy key figures.
These investments essentially consist of all direct investments, including investments in collective investment undertakings,
participations, loans, mortgages, real estate and tangible assets. If the EU Taxonomy Regulation does not make it clear which
weighting should be used for the calculation of a key figure, then the key figure based on turnover will be applicable. This also
applies to information on investments of unit- and index-linked life insurance where taxonomy alignment is indicated for both
the numerator and the denominator. If information is directly available for determining the taxonomy eligibility and/or
alignment of an exposure, it is reported under the required taxonomy key figures. For investments in companies, data from an
external data provider was used to determine taxonomy eligibility and/or alignment. Real estate holdings and other direct
investments in non-financial assets were assessed using a separate measurement method to determine taxonomy eligibility
and/or alignment. Real estate under construction is also taken into account to the extent that it is reflected in the IFRS
consolidated balance sheet either under the balance sheet item “Investment property” or under “Owner-occupied property and
equipment”. Their alignment has been determined based on the construction plans. If there is no data available for determining
the taxonomy alignment of real estate or tangible assets, these are classified as non-taxonomy-aligned. Exposures to
governments, central banks and supranational issuers are not included in the taxonomy-eligible economic activities. In VIG’s
view, this only applies to national governments, not to federal states, regions, municipalities, cities or communities. Derivative
financial instruments are also not included when assessing taxonomy eligibility. Additionally, exposures to companies that are
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
65
not required to publish non-financial information under Directive (EU) 2022/2464 (CSRD) are also not included in the taxonomy
key figures. These companies were identified using an external data provider. As a precaution, non-consolidated funds for
which no fund content data is available are included under the exposures to companies that are not required to report non-
financial information under the CSRD. Thus, only exposures to companies that are required to report non-financial information
under the CSRD are reported as non-taxonomy-eligible. As of the reporting date 31 December 2025, the EU Taxonomy align-
ment includes both financial and non-financial issuers for the first two objectives. For all other objectives, only taxonomy
alignment for non-financial issuers is publicly available and considered in the reported key figures.
The following table presents the investment key figures in accordance with the Taxonomy Regulation. In the reporting year,
the proportion of investments related to the financing of taxonomy-aligned economic activities was 8.0% based on turnover
(previous year: 3.6%) and 10.1% based on CapEx (previous year: 4.7%).
THE PROPORTION OF THE INSURANCE OR REINSURANCE UNDERTAKING’S INVESTMENTS THAT ARE DIRECTED AT FUNDING OR ARE
ASSOCIATED WITH TAXONOMY-ALIGNED ECONOMIC ACTIVITIES IN RELATION TO TOTAL INVESTMENTS
Higher-level information on the KPIs
No.
Exposures
2025
%
in EUR million
1
Total AUM
100
48,241
2
Assets covered by the KPI
39.76
19,179
No.
% of covered assets
2025
% Turnover based
% CapEx based
3
Taxonomy eligible
59.89
54.31
4
Nuclear activities
0.11
0.24
5
Fossil gas activities
0.47
0.36
6
Taxonomy aligned
8.04
10.05
7
Undertakings subject to Articles 19a and 29a of Directive 2013/34/EU
5.66
7.67
8
of which Non-financial undertakings
4.78
6.69
9
of which Financial undertakings
0.89
0.99
10
Other covered counterparties and real estate assets
2.38
2.38
11
Investments other than investments held in respect of life insurance contracts where the investment risk is borne by
the policy holders
6.60
7.92
12
Exposures included on a voluntary basis
-
-
13
Transitional activities
0.15
0.37
14
Enabling activities
2.37
2.72
15
Nuclear activities
0.11
0.09
16
Fossil gas activities
0.01
0.02
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Annual Financial Report 2025
No.
Taxonomy aligned per objective
2025
% Turnover based
% CapEx based
17
Climate Change Mitigation (CCM)
7.78
9.89
18
Climate Change Adaptation (CCA)
0.09
0.05
19
Water and marine resources (WTR)
0.02
0.02
20
Circular economy (CE)
0.09
0.06
21
Pollution (PPC)
0.01
0.01
22
Biodiversity and Ecosystems (BIO)
0.00
0.00
23
Non-assessed exposures
-
-
24
Exposures financing non-assessed non-material activities of counterparties
-
-
25
Exposures financing counterparties reporting in accordance with Article 7(9) to this Regulation
-
-
26
Non-assessed exposures considered non-material by the reporting entity
-
-
No.
Breakdown of covered assets
2025
%
in EUR million
27
Undertakings subject to Articles 19a and 29a of Directive 2013/34/EU
71.79
13,769
28
of which Non-financial undertakings
27.98
5,366
29
of which Financial undertakings
43.81
8,403
30
Other covered counterparties and real estate assets
28.21
5,410
31
Investments other than investments held in respect of life insurance contracts where the investment risk is borne by
the policy holders
56.96
10,925
32
Exposures included on a voluntary basis
-
-
Key figures for non-life insurance under the EU Taxonomy Regulation
Insurance companies must also report the degree to which they are sustainable based on the EU Taxonomy for sustainable
economic activities. This includes not only the proportion of taxonomy-aligned investments but also the proportion of tax-
onomy-aligned non-life insurance premiums. VIG insurance companies ensure compliance with the Taxonomy Regulation (EU)
2020/852 in various ways, including through Group-wide requirements and an appropriate product development process. As
part of the sales process, which can also be carried out through brokers and other partners in addition to own sales workforce,
VIG provides policyholders with relevant information on the coverage options. The insights gained from this process as well
as the findings from market observation are incorporated into the product development process.
According to Annex II of Delegated Regulation 2021/2139, amended by the European Commission’s sustainable finance pack-
age on 27 June 2023, only 8 of the 12 non-life insurance lines of business are generally taxonomy-eligible under Solvency II,
as defined in Annex I of Delegated Regulation (EU) 2015/35. These insurance lines of business include medical expense
insurance, income protection insurance, workers’ compensation insurance, motor vehicle liability insurance, other motor
insurance, marine, aviation and transport insurance, fire and other damage to property insurance, and assistance. Only those
insurance lines of business that also include coverage for climate-related risks as defined in Appendix A of the above-
mentioned Annex II are to be classified as taxonomy-eligible. The local insurance companies within the scope of the Taxonomy
Regulation currently cover climate risks in the form of natural disaster cover. The natural disaster risks that are relevant under
Solvency II are flooding, earthquakes, storms and hail. Since current scientific knowledge has not identified an increase in the
earthquake risk as a result of climate change, earthquakes are generally not taken into account as part of this evaluation.
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
67
Coverage for the remaining natural hazard risks exists mainly in the following three insurance lines of business: other motor
insurance, marine, aviation and transport insurance, and fire and other damage to property insurance. These three insurance
lines of business therefore form the basis for the taxonomy-aligned proportion of the non-life insurance premiums that has to
be disclosed.
Article 3 of the Taxonomy Regulation (EU) 2020/852 stipulates that taxonomy-eligible insurance lines of business must fulfil
the following requirements to be classified as a taxonomy-aligned proportion of the non-life insurance premiums:
• They make a substantial contribution to the achievement of one or more environmental objectives of the Regulation.
• They do no significant harm to one or more of the environmental objectives of the Regulation (DNSH or “Do No Significant
Harm” criteria).
• The minimum safeguards laid down in Article 18 of the Regulation are adhered to.
• The technical screening criteria must be met.
The technical screening criteria are used to assess whether an insurance service makes a substantial contribution to the
environmental objective “climate change adaptation”. They include: “leadership role when it comes to climate risk pricing and
modelling”; “product design requirements”; “innovative solutions for insurance coverage”; “data sharing” and “high standards
of service after natural disasters”. All local insurance companies that provide climate risk coverage within an eligible line of
business use a questionnaire to assess whether the criteria have been met. The completed questionnaires of the insurance
companies are validated by VIG Holding and incorporated into the calculation for determining the taxonomy-aligned proportion
of non-life insurance premiums. Compliance with the DNSH criteria is assessed in VIG on the basis of NACE codes used
throughout the Group, which are a recognised classification system for economic activities. In addition, the minimum safe-
guards in accordance with Article 18 must be met. Compliance with minimum safeguards at VIG is ensured across multiple
levels and in relevant value chain areas by means of Group-wide guidelines, a risk-based approach to counterparty screening,
and a remediation process in place if a material risk is identified.
For the calculation of the taxonomy-aligned proportion of non-life insurance premiums, the written premiums are used for the
numerator and denominator, as these are published in the Group Annual Report. For the calculation of the numerator, the EU
Commission interpreted the information in Annex II of the Regulation in a Commission Notice (C/2024/6691) with questions
and answers on the EU Taxonomy published on 8 November 2024 to the effect that only the part of the premium of a taxonomy-
aligned insurance contract that relates to coverage of climate-related risks may be applied. Based on market practice and the
report on the first-time publication, the premium split has been derived from the claims history excluding major loss events,
reinsurance pricing information and expert estimates based on company-specific circumstances and data availability. The KPI
calculation is based on data submitted by the local insurance companies in a standardised form with integrated, automated
validations and then uploaded by way of a central reporting system. The consolidated key figures for the non-life insurance
business are calculated on the basis of this data. The results are reconciled with the data used for the consolidated financial
statements within the reporting platform. This data is internal VIG data, reinsurance data and data from external service
providers, which is consistent with the data used for the consolidated financial statements. The data sources are consistent
with other VIG financial reporting systems. The mandatory key figures to be disclosed for the non-life insurance business are
set out in the table below.
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Annual Financial Report 2025
Template for the KPIs of insurance and reinsurance undertakings
Economic activities: Non-life insurance and reinsurance underwriting activities*
2025
2024
Absolute
premiums
Proportion of
premiums
Absolute
premiums
Proportion of
premiums
in EUR million
%
in EUR million
%
Taxonomy-aligned activities
635
5.69
614
5.85
Nuclear activities
-
-
-
-
Fossil gas activities
-
-
-
-
Taxonomy-eligible activities
3,622
32.46
3,289
31.36
Nuclear activities
-
-
-
-
Fossil gas activities
-
-
-
-
Non-assessed activities considered non-material
-
-
-
-
Total
11,156
100
10,499
100
*As in the previous reporting period, VIG does not disclose any key figures relating to nuclear energy and fossil fuels in accordance with Delegated Regulation (EU) 2022/1214 for its non-life insurance
business, as there is currently insufficient data available on counterparties, and the information received would provide investors and other stakeholders with incomplete and misleading data.
Notwithstanding this, VIG has adopted the ‘Responsible Insurance’ declaration, which sets out exclusion criteria for certain sectors, as described in more detail in ESRS E1-2 ‘Concepts relating to climate
change mitigation and adaptation’.
The share of the taxonomy-eligible premium from the non-life insurance and reinsurance business was 32.5% in the reporting
year (2024: 31.4%), and the share of the taxonomy-aligned premium was 5.7% (2024: 5.8%). Overall, the results are thus largely
in line with the previous year, with the qualitative assessment and calculation method remained unchanged.
WEIGHTED AVERAGE VALUE IN ACCORDANCE WITH THE EU TAXONOMY REGULATION
In order to comply with the disclosure pursuant to Annex XI DDA (EU) 2021/2178, the following values are reported in accord-
ance with the EU Taxonomy Regulation in relation to the turnover-based investment KPI and the CapEx-based investment KPI
of the (re-)insurance undertaking and the KPI of the (re-)insurance undertaking for non-life insurance activities, weighted ac-
cording to the share of the revenue of the (re-)insurance undertaking from its investment activity and the share of the revenue
of the (re-)insurance undertaking from its non-life insurance activities of the total revenue of the (re-)insurance undertaking.
Weighted underwriting and investment KPI
2025
2024
in %
The weighted average of the turnover-based KPI on investments of the insurance or reinsurance undertaking and the KPI
on non-life underwriting of the insurance or reinsurance undertaking with weightings in accordance with the proportion
of revenue that the insurance or reinsurance undertaking derives from its investing activities and the proportion of
revenue the insurance or reinsurance undertaking derives from its non-life underwriting activities in the total revenue of
the insurance or reinsurance undertaking
5.77
5.77
The weighted average of the CapEx-based KPI on investments of the insurance or reinsurance undertaking and the KPI
on non-life underwriting of the insurance or reinsurance undertaking with weightings in accordance with the proportion
of revenue that the insurance or reinsurance undertaking derives from its investing activities and the proportion of
revenue the insurance or reinsurance undertaking derives from its non-life underwriting activities in the total revenue of
the insurance or reinsurance undertaking
5.84 5.81
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
69
ESRS E1 CLIMATE CHANGE
The following overview presents the material impacts, risks and opportunities identified for this topical standard, as well as
the associated Group-level and Holding-level policies or guidelines with reference to the corresponding section in the report.
The policies for all of the following impacts, risks and opportunities in ESRS E1 “Climate change” are:
• VIG strategic and sustainability programme (incl. the transition plan for climate change mitigation)
• VIG Code of Business Ethics
Information is provided in ESRS 2 MDR-P “Policies adopted to manage material sustainability matters”. Additional corporate
policies relevant to specific material impacts, risks or opportunities are also listed in the table below.
E1 Sub-topic
Category
Material impacts, risks, opportunities
Actions
Strategies and concepts
(see MDR-P)
Climate change
mitigation and
energy
Actual
negative
impact
Contribution to global warming through
greenhouse gas emissions and non-renewable
energy consumption associated with VIG’s
insurance and reinsurance products, investments
in high-emission sectors and internal operations
Alignment of corporate business by
expanding insurance services for sustainable
business activities;
Divestment from emission-intensive
companies;
Investments in line with target intensities;
Engagement via ISS ESG;
Use of renewable energy for internal
operations
Responsible insurance in
corporate business;
Responsible investment
Climate change
adaptation
Risk
Higher frequency and severity of claims due to
extreme weather events and natural disasters as
well as lacking awareness, risk-management
insights and/or measures to reduce impacts of
insured events by customers
Advice and recommendations for action for
corporate customers to reduce risks,
especially in the area of natural hazards
Responsible insurance in
corporate business
Climate change
adaptation and
mitigation
Risk
Loss of value in capital investments (stranded
assets/transition risk) and risk of negative impact
on the creditworthiness due to increase in
extreme weather events/natural disasters
(physical risk)
Investment exclusion criteria for certain
sectors, review of climate value-at-risk
(Climate VaR) using MSCI
Responsible investment
Climate change
mitigation
Risk Investing in and/or underwriting companies that
do not adequately address their impact on climate
change can lead to negative media coverage and
reputational damage resulting in financial loss
Recommendation and coordination of risk
minimisation measures with corporate
customers of insurance companies;
Regular review of ESG exclusion criteria at
company level
Responsible insurance in
corporate business;
Responsible investment
Climate change
mitigation
Opportunity
Investment opportunities in green/sustainable
bonds
Targeted increase in the volume of
sustainable investments
Sustainability Bond
Framework
Climate change
adaptation,
climate change
mitigation and
energy
Opportunity
Potential expansion of offerings and market reach
due to a higher interest in insurance products
covering extreme climate events
Organising targeted events plus workshops
and training, and building expertise in new
technologies to expand the product portfolio
See concepts above
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Annual Financial Report 2025
Governance
DISCLOSURE REQUIREMENT RELATED TO ESRS 2 GOV-3 – INTEGRATION OF SUSTAINABILITY-RELATED PERFORMANCE IN INCENTIVE
SCHEMES
With regard to the integration of sustainability-related performance in incentive schemes, reference is made to the information
provided in chapter ESRS 2 GOV-3 “Integration of sustainability-related performance in incentive schemes”. Climate consid-
erations are integrated into the incentive scheme insofar as part of the variable remuneration of the members of the VIG
Holding Managing Board is subject to deferred payment, which is tied to the sustainable development of VIG. The assessment
of sustainable development is holistic and takes into account not only economic objectives but also the responsibility for the
environment, society and employees. For the 2025 reporting year, the Group-wide transition plan for climate change mitigation
was also anchored in the non-financial objectives of the VIG Holding Managing Board members. This means that the
consistent implementation and follow-up of the actions defined in the transition plan for climate change mitigation is inte-
grated into the variable remuneration system.
Strategy
DISCLOSURE REQUIREMENT E1-1 – TRANSITION PLAN FOR CLIMATE CHANGE MITIGATION
In the reporting year 2024, VIG published its first transition plan for climate change mitigation, which serves to define and
implement the strategic actions and targets that will support the transformation towards a more sustainable business. It
currently focuses on the following areas:
• Corporate portfolio in underwriting
• Portfolio of corporate bonds and equities and other non-fixed-interest securities in asset management
• Real estate portfolio in asset management
• Internal operations
For financed and insured Scope 3 emissions, the focus is therefore on selected portfolios, which are described in detail in
chapter ESRS E1-4 “Targets related to climate change mitigation and adaptation”.
The transition plan for climate change mitigation includes the insurance companies of VIG as well as, for asset management,
the pension funds’ own investments. All companies that are essential for the insurance business (e.g. claims management)
are also taken into account for internal operations. Further details on the scope of the transition plan for climate change
mitigation can be found in chapter ESRS E1-4 “Targets related to climate change mitigation and adaptation”.
With its transition plan for climate change mitigation, VIG aims to reduce the absolute greenhouse gas emissions in Scope 1,
2 and 3 in line with the Paris Agreement (for details on the real estate portfolio, see chapter ESRS E1-4 “Targets related to
climate change mitigation and adaptation”). To this end, VIG has elected to follow a scientifically based net-zero path as a
reference for its target and has chosen the Net Zero 2050 scenario developed by the Network for Greening the Financial
System (NGFS), which is in line with the target of limiting global warming to 1.5°C through strict climate guidelines and tech-
nological innovations. It takes into account measures such as the decarbonisation of the energy sector, increased energy
efficiency and the development of new technologies to combat emissions that are difficult to reduce. It is also based on the
latest scientific evidence and represents a reduction path for absolute greenhouse gas emissions without distinguishing
between regions or industries. For this reason, VIG applies the reduction targets derived from the scenario uniformly to the
selected portfolios listed above (excl. Real estate portfolio), which are consolidated at Group level, in order to ensure that the
targets are implemented in accordance with science-based targets.
The reduction targets for the selected portfolios apply at the Group level and are assigned to the individual Group companies.
The greenhouse gas emissions from the base year 2023 serve as a starting point for measuring progress. Based on the
selected scenario, the path to net zero by 2050 for selected portfolios requires VIG to achieve an absolute reduction in
greenhouse gas emissions of approximately 30% by 2030 (starting from the base year 2023). The specific reference target
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
71
values resulting from this reduction for each sphere of impact are presented in chapter ESRS E1-4 “Targets related to climate
change mitigation and adaptation”.
VIG’s real estate portfolio was included in the transition plan for climate change mitigation in the reporting year. Due to
insufficient data quality in some cases and a lack of control options, around 65% of the investment volume from the real estate
portfolio is currently covered in the transition plan for climate change mitigation. For these real estate investments, VIG has
chosen to use the CRREM pathways for the target-setting process, as these are more specific than the NGFS scenarios. The
pathways set annual decarbonisation targets for different types of real estate use per country and include both carbon
(greenhouse gas) and energy consumption intensity pathways (EUI), so that targets can be derived from individual assets
through to the entire portfolio. The CRREM pathways take into account national forecasts for both the energy mix and emission
factors. The decarbonisation pathways thus reflect the emission and energy intensity values that buildings must meet in order
to be in line with a warming scenario of 1.5°C. Updates are usually made every three years to reflect new scientific data,
regulatory changes and updated forecasts for energy consumption, emissions and technological progress.
Emissions in the real estate portfolio are measured and relevant targets are set in accordance with the CRREM pathway on
the basis of intensities (kg CO
2
e/m
2
). Within the scope of a feasibility study, VIG has set itself the target of reducing the
emission intensity by 30% by 2030 (base year 2023). The CRREM pathway was thus used as a reference pathway for VIG’s real
estate portfolio – the reduction specified by CRREM for the 1.5-degree target is not achieved with the target set.
For each sphere of impact, key decarbonisation levers have been identified which serve as a guidance. They form the
framework for tangible actions, both at the level of the individual VIG companies in the transition plan and at the investment
level (e.g. investment security and/or issuer), and are described in detail in chapter ESRS E1-3 “Actions and resources in
relation to climate change policies”.
With regard to the quantification of investments and financial resources that support the implementation of the transition plan
for climate change mitigation, the collection and analysis of the relevant data is still in progress. Disclosure of this information
is planned for future reporting periods.
No significant locked-in greenhouse gas emissions have been identified that could adversely affect or slow down the
achievement of the climate change targets set out in the transition plan for climate change mitigation as, in the context of the
business model, the material climate-relevant impacts of VIG result primarily from the financed and insured Scope 3 emissions
in category 15 in accordance with the Greenhouse Gas Protocol (GHG Protocol) and, to a lesser extent, from internal operations,
and concrete decarbonisation actions are already addressed for these in the transition plan for climate change mitigation.
The transition plan for climate change mitigation is based on VIG’s sustainability programme and is of central importance for
its business activities. It is embedded in the entire governance structure of VIG. This means that targets, activities, progress
and updates are developed in the same way as all other business-related actions and subsequently addressed on a regular
basis by the respective local managing board and supervisory board. The interaction between local companies and the VIG
Holding departments with regard to the implementation of the transition plan for climate change mitigation at the local level
takes place on a consultation and dialogue basis. All activities relating to the integration of Group targets at the level of the
companies and to the measurement and control of results and progress, including any resulting adjustments, are primarily the
responsibility of the local managing boards of the companies and consequently also of the VIG Holding Managing Board or,
subordinately the respective departments.
Overall responsibility for sustainability matters, including the transition plan for climate change mitigation and its imple-
mentation, lies with the VIG Holding Managing Board. The transition plan for climate change mitigation was approved by the
Managing Board in January 2025. The Group-wide monitoring of implementation and target achievement is carried out on the
part of VIG Holding by the Group Sustainability Office (GSO) in close coordination and cooperation with the departments.
72
Annual Financial Report 2025
Progress reports at the local level are embedded in the governance structure and are reported to the local supervisory board twice
a year. Progress in implementation and significant changes are also discussed in the meetings of the Sustainability Committee
and communicated to the full VIG Holding Managing Board. With regard to the measurement of progress with the emission reduc-
tions in the individual spheres of impact, reference is made to chapter ESRS E1-6 “Gross Scopes 1, 2, 3 and Total GHG emissions”.
DISCLOSURE REQUIREMENT RELATED TO ESRS 2 SBM-3 – MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION
WITH STRATEGY AND BUSINESS MODEL
In the course of the consolidated double materiality assessment of VIG, the central climate-related impacts, risks and
opportunities were identified. The table below shows the identified climate-related risks and assigns them to physical or transition
risks.
ESRS sub-topic
Sphere of
impact
Material climate-related risks according to the double materiality assessment
Type of climate-related
risk
Climate change
adaptation
Underwriting Higher frequency and severity of claims due to extreme weather events and natural disasters
as well as lacking awareness, risk-management insights and/or measures to reduce impacts
of insured events by customers
Physical risk
Climate change
adaptation and
mitigation
Asset
Management
Loss of value in capital investments (stranded assets/transition risk) and risk of negative
impact on the creditworthiness due to increase in extreme weather events/natural disasters
(physical risk)
Transition risk;
Physical risk
Climate change
mitigation
Underwriting
and Asset
Management
Investing in and/or underwriting companies that do not adequately address their impact on
climate change can lead to negative media coverage and reputational damage resulting in
financial loss
Transition risk
• The physical risks of climate change arise directly from the consequences of climate change, such as an increase in the
global average temperature and the related more frequent and intense natural disasters and extreme weather events such
as floods, heat/droughts, storms and hail. In accordance with the classification of climate-related hazards in 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):
– Acute risks include short-term extreme weather events such as storms, floods or heatwaves.
– Chronic risks arise from long-term climatic changes such as increasing average temperatures or rising sea levels.
• 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.
A detailed description of the identified climate-related impacts, risks and opportunities can be found in the next chapter con-
cerning the disclosure requirement related to E1 ESRS 2 IRO-1 “Description of the processes to identify and assess material
climate-related impacts, risks and opportunities”.
By conducting a scenario analysis, VIG assesses how climate change will affect claims development and therefore the insur-
ance business. Regular internal risk analyses are also carried out on the medium- and long-term impacts of climate change,
covering both transition risks and physical risks. Internal and external experts working together assess the probabilities of
probabilities of natural disasters and calculate the possible impacts in all key markets of VIG in order to ensure the long-term
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resilience of the Group-wide insurance portfolio. With regard to physical risks, scenarios with three different temperature
increases (1.5°C, 2.0°C and 3.0°C) are analysed, which enables analysis over short-, medium- and long-term time horizons.
The risk models applied are regularly 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 following table shows which natural hazards are relevant for VIG and which are influenced by climate change from a
scientific standpoint.
In the consolidated financial statements, any impacts of the climate risks identified in the course of the scenario analysis
(including floods) were also assessed in the valuation of assets and liabilities, where applicable. Further information can be
found in the notes to the consolidated financial statements in the section “Risk strategy and risk management”. The expertise
gained in the area of underwriting helps VIG purchase the optimal reinsurance coverage for assumed risks, among other things.
In addition, the natural disaster reinsurance programme is reviewed annually, allowing the occurrence of any scenario impacts
to be mitigated by appropriate reinsurance.
Impact, risk and opportunity management
DISCLOSURE REQUIREMENT RELATED TO ESRS 2 IRO-1 – DESCRIPTION OF THE PROCESSES TO IDENTIFY AND ASSESS MATERIAL
CLIMATE-RELATED IMPACTS, RISKS AND OPPORTUNITIES
As explained in section E1 ESRS 2 SBM-3 “Material impacts, risks and opportunities and their interaction with strategy and
business model”, VIG performed a scenario analysis in 2025 that considered the potential impacts, risks and opportunities of
climate scenarios with global warming levels of 1.5°C, 2.0°C and 3.0°C. The analysis was carried out on the basis of a short-,
medium- and long-term time horizon and includes the assessment of physical risks as well as transition risks that could arise
from various climate scenarios. The scenario analysis is carried out, among other things, to assess the possible financial
impacts under different warming paths and to derive appropriate actions. Detailed information on the classification of climate-
related hazards and the identification of short-, medium- and long-term transition events can be found in the notes to the
consolidated financial statements in the section “Risk strategy and risk management”.
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The process of the consolidated double materiality assessment in relation to the evaluation of climate-related impacts, risks
and opportunities is described in chapter ESRS 2 IRO-1 “Description of the processes to identify and assess material climate-
related impacts, risks and opportunities”. The results in relation to the three sub-topics of “Climate change adaptation”,
“Climate change mitigation” and “Energy” are presented below.
Material climate-related impacts
The contribution of greenhouse gas emissions and the consumption of non-renewable energies to global warming was
identified as a material negative climate-related impact in the spheres of impact of underwriting, asset management and
internal operations.
The core activity of insurance, underwriting, is a lever that can be used to contribute to a sustainable future. Although insurance
products themselves do not cause any direct emissions, indirect climate-related impacts arise from the insured items, and
thus indirectly through the provision of insurance cover, for example for buildings or vehicles, which emit emissions and thus
contribute to global warming.
In asset management, climate-related impacts arise in particular from investments in high-emission industries and companies.
The composition and alignment of the investment portfolio influences the climate impact and is a relevant starting point for
managing climate risks.
In addition, internal operations generate direct and indirect emissions, for example from energy consumption in buildings and
business trips. These activities also contribute, albeit to a small extent, to global warming and thus represent a climate-related
impact of VIG.
The impact is managed as part of the VIG transition plan for climate change mitigation, which is described in detail in chapter
ESRS E1-1 “Transition plan for climate change mitigation”. The specific actions used to address the impacts in the individual
spheres of impact can be found in chapter ESRS E1-3 “Actions and resources in relation to climate change policies”. VIG’s
emission reduction targets are also set out in chapter ESRS E1-4 “Targets related to climate change mitigation and adaptation”
in connection with the transition plan for climate change mitigation.
Material climate-related risks
In underwriting, the physical risk of increasing frequency and severity of claims resulting from extreme weather events (e.g.
more frequent rainfall or longer droughts) and natural disasters (e.g. flood risk resulting from climate change) has been
identified, which in the medium term impairs insurability and the business model’s relevance.
More frequent natural disasters can also lead to higher gross losses. Severe weather events categorised as a 100-year event
or more extreme have already occurred more frequently in the last two decades (e.g. flooding, hail, storms). Based on internal
risk analyses, VIG considers the issue of flooding in particular to be especially relevant in terms of natural disasters.
Another risk in underwriting and asset management is that investing in and/or underwriting companies that do not ad-
equately address their impact on climate change can lead to negative media coverage and reputational damage resulting in
financial loss.
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The assessment and pricing of climate risks by incorporating climate data and risk modelling into insurance terms and
conditions enables the appropriate consideration of potential losses, which supports the long-term stability and sustainability
of the insurance business. This has become particularly important in non-life insurance. In the corporate business, the local
insurance terms and conditions are based on the individual risk situation of the respective policyholders. In individual cases,
insurance can only be concluded once the proposed risk minimisation measures have been implemented.
In this respect, Risk Consult, as a subsidiary of VIG, makes a significant contribution to the implementation of the Group-wide
strategy in the area of physical and transitional climate risks. The company supports industrial, commercial and financial
customers in Austria as well as in Central and Eastern Europe in identifying, assessing and reducing risks arising from natural
hazards and extreme weather events. The focus is on natural hazard management, technical risk analysis and preventive
advice, with the aim of strengthening the physical resilience of companies and infrastructures and reducing the probability of
loss in the long term. Around 2,000 business establishments are analysed each year, making an important contribution to
making the economy more resilient against natural hazards. Thanks to VIG’s international structure, this expertise is used
throughout the Group and adapted to local conditions.
In addition to the physical risk, a potential increase in losses due to a lack of awareness, insufficient risk assessment or lack
of action by customers to reduce the impacts of insured events was also identified as a transition risk in underwriting. In
liability insurance in particular, higher losses may occur due to a lack of preparation for climate change.
The physical risk of default or negative impacts on the creditworthiness of debtors as a result of an increase in extreme weather
events has also been identified for VIG in the area of asset management. For example, natural disasters can lead to production
shutdowns, which can have an impact on the ability to make repayments and therefore on the creditworthiness of companies in
which VIG has invested. The corresponding risk is taken into account in the market risk. In addition, investments that only take
sustainability aspects into account to a limited extent could represent transition risks, among other things. These could lead to
losses in value due to changes or additions to the legal framework and have therefore been identified as material.
Information on the management of the identified risks, as well as the policies for managing the risks and the actions taken in
the individual spheres of impact, are described in more detail in chapters ESRS E1-2 “Policies related to climate change
mitigation and adaptation” and ESRS E1-3 “Actions and resources in relation to climate change policies”.
Material climate-related opportunities
The potential expansion of offerings and market reach due to a higher demand for and interest in insurance products covering
extreme climate events was identified as a material climate-related opportunity in underwriting.
The European Insurance and Occupational Pensions Authority (EIOPA) shows that historically around 75% of climate-related
disasters are not covered by insurance (see “Insurance Nat Cat protection gaps – A multidimensional approach” in the Eurofi
Magazine, dated 11 September 2024). The reason for this is that state infrastructure in particular is not insured. Although the
general public is expected to show a growing interest in insurance solutions for climate risks, these can only be offered within
the scope of the available reinsurance capacity and, if necessary, with the involvement of state coverage (e.g. the discussion
about increasing natural disaster coverage in Austria). Climate change mitigation actions taken in the area of underwriting
therefore also require adjustments to products by extending the coverage where insurable. Insurance for environmental
technology solutions offers the opportunity to offer new insurance products and services that cover extreme climate events.
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However, this requires that these risks be insurable and that sufficient reinsurance protection be provided, since the increase
in the potential risk from additional cover for natural disasters will result in higher costs for insurance service providers, which
must be priced in a risk-adequate manner.
VIG’s investment opportunities in green bonds also offer another climate-related opportunity in asset management. Green
bonds are a key instrument for financing investments that support climate and environmental objectives. In recent years, the
market in the European Union has developed dynamically. In its publication “Green Bonds in Europe” of 1 July 2025 on its
website, the European Environment Agency (EEA) states that the share of investment in green bonds in relation to all bonds
issued by companies and governments in the European Union has increased significantly and reached around 7% in 2024.
Detailed information on the management of opportunities can be found in chapters ESRS E1-2 “Policies related to climate
change mitigation and adaptation” and ESRS E1-3 “Actions and resources in relation to climate change policies”.
DISCLOSURE REQUIREMENT E1-2 – POLICIES RELATED TO CLIMATE CHANGE MITIGATION AND ADAPTATION
The identified material impacts, risks and opportunities for VIG are addressed by appropriate policies, as described below.
Policies related to climate change mitigation and adaptation in underwriting
VIG is committed to helping its policyholders adapt better to climate change and to continuously increasing the range of
products and services that support these efforts. Some VIG insurance companies offer specific products for this purpose.
To this end, VIG has developed the “Responsible Insurance” declaration, which includes self-imposed climate-related criteria
defined by VIG for its corporate business. These criteria help to embed sustainability even more comprehensively in the core
business.
VIG has not concluded any new insurance contracts for coal mining or coal power plant construction projects since 2019.
Existing insurance contracts in this area are being gradually reduced. The updated requirements of the declaration mean that
there is an obligation to pursue a declining underwriting strategy for existing risk insurance. In view of this, VIG insurance
companies will not increase their engagement in insurance cover for coal-based energy. In addition, VIG does not offer risk
coverage for unconventional oil and gas exploration. This includes shale gas and shale oil as well as all kinds of new deep-
sea mining projects. In the interest of promoting the use of renewable energy sources, VIG has also been providing insurance
for renewable energy sources such as wind and water power, photovoltaics and biomass in Central and Eastern Europe for
many years.
Policies related to climate change mitigation and adaptation in asset management
VIG invests its premium income in such a way that it can fully meet its obligations to customers at all times. VIG therefore
focuses on security in investments and prefers good credit ratings and thus stable returns. At the same time, however, VIG
takes responsibility for the environmental impact of its investments and so implements expanded sustainability criteria. An
important tool for decarbonising the investment portfolio is the portfolio analysis carried out in each of the local insurance
companies as part of the sustainability programme, which focuses on the main greenhouse gas emitters in the portfolio. On
this basis, the companies have developed an action plan for this group of emitters with the aim of putting the corporate bonds
and equity portfolio on a development path in terms of the CO
2
e footprint that is consistent with the net-zero target for 2050.
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In addition, VIG pursues an engagement approach that promotes dialogue with investee companies and potentially investable
companies to encourage them to improve the sustainable impact of their business activities. To implement this approach, VIG
has entered into a collaboration with the internationally estabilshed engagement provider ISS ESG. The results of the
engagement activities are published in an annual engagement report on the website. The declaration also aims to increase
the share of investments based on the VIG Sustainability Bond Framework (e.g. renewable energies, environmentally friendly
construction methods). In this regard, VIG successfully issued a Tier 2 sustainability bond with a volume of EUR 300 million in
March 2025 as part of its active capital management. Following the first issue of a sustainability bond in 2021, it is VIG’s
second sustainable bond and the first in Tier 2 format. Among other topics, the bond is intended to support green and social
projects in the fields of renewable energy, green buildings and affordable housing.
Furthermore, VIG is striving to increase the share of investments in green bonds. In the reporting year, a total of
EUR 1,838 million was invested in green bonds. This represents an increase of 24.9%* over the previous year. The sustainability
characteristics of a bond are identified on the basis of publicly available data. The table below shows the development of VIG’s
investments in green bonds since 2023.
2025
2024
2023
in EUR million
Investments in green bonds
1,838
1,472
1,199
*Starting from the 2025 reporting year onward, the calculation of the green bond share includes only portfolios under own management (own risk). This adjustment was implemented to align with the
Responsible Investment Strategy. Year-on-year comparisons are based on the correspondingly adjusted 2024 green bond volume, amounting to EUR 1,472 million.
The “Responsible Investment” declaration defines the following exclusion criteria for specific sectors:
• Thermal coal: VIG excludes new direct investments in companies that generate more than 5% of their turnover from
thermal coal mining. The same applies to companies that produce more than 10 million tonnes of thermal coal per year. In
addition, the exclusion criterion applies to companies that generate more than 5% of the total power generated or more
than 10 GWh of energy from thermal coal. By the end of 2025, existing investments were reduced by more than 50%
compared to 2019, and will be eliminated completely by the end of 2035 at the latest.
• Unconventional oil and gas: New direct investments in companies that generate more than 5% of their turnover from
unconventional oil and gas are also excluded. This includes, for example, income from oil sands or shale gas.
• The declaration also defines social exclusion criteria, such as the exclusion of investments in companies that produce or
trade in banned weapons.
Furthermore, the declaration includes the Ten Principles of the UN Global Compact on human rights and labour rights, and on
environmental protection and anti-corruption measures. In the context of climate change adaptation and climate change
mitigation, the exclusion criteria mentioned in the declaration for investments that violate the following principles of the UN
Global Compact relating to environmental protection should be highlighted:
• Principle 7: Businesses should support a precautionary approach to environmental challenges;
• Principle 8: Businesses should undertake initiatives to promote greater environmental responsibility; and
• Principle 9: Businesses should encourage the development and diffusion of environmentally friendly technologies.
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The application of the exclusion criteria of the declaration generally applies to direct investments (with the exception of secu-
rities issued by governments, federal states, regions, municipalities and supranational organisations), including such invest-
ments in consolidated investment funds of all VIG (re-)insurance companies. In addition to the climate-related exclusion cri-
teria presented above, analyses are carried out for the VIG portfolio in connection with a climate risk report. In this regard,
various scenario analyses are presented to show how company valuations could change in relation to transition risks and
physical risks. These analyses help to show, among other things, whether the investment portfolio is aligned with the global
temperature pathway of the Paris Agreement targets.
Policies related to climate change mitigation and adaptation in internal operations
Although the largest share of VIG’s greenhouse gas emissions is caused by the underwriting and asset management spheres
of impact, greenhouse gas emissions are also generated in internal operations. VIG has leverage in this area that can be used
to contribute to climate change mitigation. Further details can be found in the sustainability programme in ESRS 2 MDR-P
“Policies adopted to manage material sustainability matters”. VIG’s sustainability programme defines actions that address
climate change mitigation, climate change adaptation, energy efficiency and the use of renewable energies. At the level of the
individual companies, the emissions from internal operations can be analysed on a site basis in order to derive targeted actions.
DISCLOSURE REQUIREMENTS E1-3 – ACTIONS AND RESOURCES IN RELATION TO CLIMATE CHANGE POLICIES
The following section addresses the actions and resources in relation to VIG’s climate change policies. The table below con-
tains the decarbonisation levers identified for each sphere of impact in accordance with the transition plan for climate change
mitigation. It sets out both the strategic levers and the actions to be taken in the course of the implementation of the transition
plan for climate change mitigation. The subsequent subsections each address the individual spheres of impact in more detail.
They explain how the decarbonisation levers work in practice and which actions are planned or have already been implemented
in accordance with the transition plan for climate change mitigation.
Sphere of impact*
Decarbonisation levers
Underwriting
Corporate
Reduction of coverage for risks and contracts: By deliberately reducing the underwriting of high-emission customers without adequate transition plans
or reduction targets, the objective is to actively contribute to reducing greenhouse gas emissions.
Expansion of new business, taking into account target intensities (tCO
2
e/million EUR): New contracts will increasingly be concluded with a “net-zero”
target intensity (tCO
2
e/million EUR) by 2030.
Focus on coverage in renewable energies sector: A particular focus is to be placed on customers in the renewable energies sector who contribute to the
energy transition and to sustainable transformation.
Reduction in greenhouse gas-intensive industries: Another focus is on exclusion criteria in particularly emission-intensive industries (see chapter ESRS
E1-2 “Policies related to climate change mitigation and adaptation”).
Engagement with policyholders: Through dialogue with its customers, VIG obtains transparency regarding emission reduction targets and plans, aiming
to support its customers on their journey to transformation.
Asset Management
Reinvestment of the corporate bonds of top issuers with maturities prior to 2030: On maturity, the aim is to reinvest in issuers with a respective average
greenhouse gas intensity of the sector, thereby improving the climate balance of the VIG portfolio.
New investment with target intensity: For new investments due to business growth, the aim is to invest to the extent necessary in line with a “net-zero”
target intensity by 2030.
Reduction of investments in high-intensity sectors: In the absence of climate targets or reduction plans, investments in particularly emission-intensive
industries are being gradually reduced. Another focus is on exclusion criteria such as for thermal coal (see chapter ESRS E1-2 “Policies related to
climate change mitigation and adaptation”).
Engagement with investee companies and potentially investable companies: Dialogue with investee companies and potentially investable companies is
intended to promote sustainability in business models.
Implementation of energy-efficiency measures in the real estate portfolio: Various measures, such as improving the insulation of buildings, are expected
to increase energy efficiency by 2030.
Expansion of low-emission energy in the real estate portfolio: Reduce the use of emission-intensive heating systems and increase the use of green
electricity.
Internal Operations
Reduction of Scope 1 emissions in the undertaking’s own vehicle fleet: The aim is to reduce the greenhouse gas emissions of the VIG vehicle fleet by
switching to low-emission or electric vehicles.
Reduction of Scope 2 emissions: The expansion of the use of renewable electricity sources and the optimization of energy consumption for heating (in
some cases including Scope 1) and cooling are to be accelerated.
*For the Underwriting Retail portfolio, no science-based targets have been set yet as part of the transition plan for climate change mitigation due to a lack of framework conditions for target tracking.
Therefore, the sphere of impact is not listed separately in this table.
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Actions and resources in underwriting
In underwriting (corporate portfolio), the net-zero target is to be achieved, among other things, by continuously expanding the
range of environmentally friendly and sustainable insurance products. Balancing portfolios using the best-in-class approach
is also one of the actions that can be taken in this area. In doing so, a stronger focus will be placed on the insurance of sectors
with lower emissions. In this regard, the corporate underwriting portfolio is analysed at the individual company level on the
basis of the absolute greenhouse gas emission and a programme of actions and activities is developed for the main green-
house gas emitters with the aim of aligning the corporate portfolio with the net-zero pathway. In this respect, it will be very
important to engage with policyholders in order to support them on the path set out in the transition plan for climate change
mitigation. In the reporting year, insurance companies also increasingly used the leverage of customer engagement to improve
data quality for calculating the emissions of insured customers and to enter into an active dialogue about their sustainability
goals and development. Some insurance companies also support their customers through risk assessments and on-site
inspections by Risk Consult (see also ESRS E1 Disclosure Requirement related to ESRS 2 IRO-1 “Description of the processes
to identify and assess material climate-related impacts, risks and opportunities”) or through their own risk consultants,
providing specific recommendations for risk mitigation–flood, storm or fire protection measures, for example–and offering
in-depth vulnerability analyses, if desired. When interacting with customers, the focus is primarily on advice, education and
cooperation, with the aim of strengthening their resilience to extreme weather events and their risk awareness.
Actions and resources in asset management
In order to achieve the net-zero target in selected investment portfolios by 2050, greenhouse gas emissions will be given
greater consideration in future investment decisions. To this end, the VIG companies currently in the transition plan are
continuously evaluating opportunities for green investments in the investment portfolio and are gradually reducing or
terminating investments in high-emission companies. In addition, investments are made in companies whose emission
intensity aligns with the defined targets. Investing in green bonds actively contributes to the financing of the ecological trans-
formation and specifically supports projects in climate change mitigation, renewable energy and sustainable infrastructure.
At present, green bond issues are treated as equivalent to traditional bonds and are taken into account in the transition plan
for climate change mitigation at issuer level. This means that the emissions are not calculated on the basis of the individual
bonds, but at the overall company level. For the real estate portfolios, heating conversions from gas to district heating and
conversions to green electricity were identified as effective actions.
Actions and resources in internal operations
The areas of energy consumption and the vehicle fleet were identified as the biggest decarbonisation levers in VIG’s internal
operations. Actions include, in particular, improving energy efficiency, switching to energy suppliers with a lower greenhouse
gas intensity, expanding the fleet of electric vehicles and vehicles with lower fuel consumption and adopting a conscious
approach to the use of these vehicles. There is also investment in the generation of electricity from renewable sources for
self-consumption. In the reporting year, the local companies focused primarily on reducing energy consumption and increasing
the use of renewable energy, for example by purchasing green electricity or purchasing green electricity certificates. They also
analysed the fuel consumption of their own vehicle fleet and implemented targeted actions to reduce consumption, including
by switching to electric vehicles or other more energy-efficient vehicle solutions. For further information on the emission
reductions resulting from the climate change mitigation actions already implemented, please refer to chapter ESRS E1-6
“Gross Scopes 1, 2, 3 and Total GHG emissions”.
The aim is to disclose the significant CapEx amounts and allocate the relevant figures to the key performance indicators in
accordance with Commission Delegated Regulation (EU) 2021/2178 for subsequent reporting years.
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Metrics and targets
DISCLOSURE REQUIREMENT E1-4 – TARGETS RELATED TO CLIMATE CHANGE MITIGATION AND ADAPTATION
The following section details VIG’s targets related to climate change mitigation and adaptation. In line with the selected
climate scenario and the guiding principles mentioned above, emission reduction targets have been set in close cooperation
with the relevant departments of VIG Holding. In addition, VIG insurance companies have developed sustainability pro-
grammes that form the basis for future emission reductions. This ensured that relevant stakeholders were involved in setting
the targets and ensuring their achievability.
As a first milestone, VIG has defined concrete targets for reducing greenhouse gas emissions by 2030. Setting milestones is
not only a legal requirement, but also a business necessity to lay the foundation for a successful transition to a sustainable
future and ensure controllability. VIG’s milestones were formulated against the background of proper business conduct based
on the two guiding principles of materiality and controllability. The initial focus is on the key parts of the VIG portfolio, which
are presented in chapter ESRS E1-1 “Transition plan for climate change mitigation”. The actions that can be deployed to
effectively and deliberately reduce emissions in a particular portfolio, among other things, are also being evaluated.
To ensure a solid basis for the target and to build the transition plan for climate change mitigation on the most reliable data
quality, 2023 was set as the base year. In addition, the law stipulates that the base year must not be more than three years
before the first reporting year. Further information on the approach to target setting and the selected climate scenario is
presented in detail in chapter ESRS E1-1 “Transition plan for climate change mitigation”.
Targets by 2030
As explained in chapter ESRS E1-1 “Transition plan for climate change mitigation”, a reduction of VIG’s emissions across the
spheres of impact already mentioned (excluding the real estate portfolio) by just under 30% by 2030 is necessary to ensure
implementation of the net-zero scenario by 2050. The reference target values for the selected portfolios resulting from this
reduction target are shown in the table below in tonnes of CO
2
equivalent (CO
2
e, taking into account all Kyoto gases including
NF3). The emissions categorised under Scope 3.15 for the portfolios considered in the transition plan for climate change
mitigation from the spheres of impact of underwriting (corporate) and asset management (corporate bonds and equities and
other non-fixed-interest securities) as well as the Scope 1–3 emissions from VIG’s internal operations for the base year (2023)
were used as the baseline data.
Selected portfolios
GHG emission baseline (2023)
Reference target value (2030)
in tCO
2
e
Underwriting Corporate
680,105
485,663
1
Asset Management (Corporate Bonds and Equities and other non-fixed-interest
securities)
1,218,310
869,874
Internal Operations
2
38,066
27,027
Gross Scope 1 GHG emissions
18,136
Gross Scope 2 GHG emissions (market-based)
18,619
Gross Scope 3 GHG emissions (business travel)
1,311
1
In the 2024 reporting year, the reference target value for Underwriting Corporate was reported as 485,633 tCO
2
e (instead of 485,663 tCO
2
e). The figure has been adjusted accordingly in this report. This
does not affect the content of statements and assessments.
2
An overarching (market-based) reduction target was set for Scope 1-3 emissions for VIG’s internal operations as part of of the transition plan for climate change mitigation, as the measures to reduce
emissions in the individual scopes have a holistic effect and their reduction is therefore considered together.
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As can be seen from the table above, a reduction of 194,442 tonnes of CO
2
e in emissions (starting from the base year) is
required for the corporate underwriting business in relation to Scope 3.15 in order to achieve the reference target value of
485,663 tonnes of CO
2
e. Compared to the base year, emissions in the corporate underwriting portfolio increased by
9,957 tCO
2
e (1.5%) in the reporting year due to a significant improvement in data quality. For the asset management (corporate
bonds and equities and other non-fixed-interest securities) portfolio, around 350,000 tonnes of CO
2
e must be saved, in relation
to financed emissions, starting from the base year, in order to achieve the reference target value of 869,874 tonnes of CO
2
e
for this portfolio by 2030. In the reporting year, 518,582 tonnes of CO
2
e (-42.6%) were saved compared to the base year, which
means that the target of reducing emissions by around 30% by 2030 has already been met. However, since the portfolio
allocation or volume may still change in subsequent years, the decarbonisation pathway defined in the transition plan for
climate change mitigation will continue to be consistently pursued in order to secure the achievement of the emission
reduction target in the long term. In VIG’s internal operations, market-based Scope 1–3 emissions need to be reduced by
11,039 tonnes of CO
2
e by 2030. In the reporting year, a reduction of 5,196 tonnes of CO
2
e (-13.7%) in market-based emissions
was already achieved compared to the base year.
In line with the CRREM scenario, a target based on emission intensity (kg CO
2
e/m
2
) was selected for VIG’s real estate portfolio.
Starting from the base year 2023, a reduction of around 55% would be required to align with a 1.5-degree-compliant reduction
path by 2030. Based on a feasibility study, taking into account criteria such as data availability, controllability and materiality,
VIG has set a reduction target of 30% by 2030.
Selected portfolios
GHG emission baseline (2023)
Reference target value (2030)
in kg CO
2
e/m
2
Real estate portfolio
39.90
27.90
The above table shows the emission intensity of VIG’s real estate portfolio in the base year 2023 and the target value for 2030.
To achieve the defined target, the emission intensity must be reduced by 12.0 kg CO
2
e/m
2
. In the reporting year, the emission
intensity was reduced by 3.8 kg CO
2
e/m
2
compared to the base year.
VIG’s aim is to drive forwards a 1.5-degree-compliant reduction in emissions, particularly in those portfolios that represent the
greatest leverage for VIG. Since the entire real estate portfolio in the base year 2023 only accounts for around 1% of VIG’s total
Scope 3 emissions, the focus is on the prioritised portfolios.
Nevertheless, VIG wants to make an active contribution to climate change mitigation in the building sector and, with this target,
is therefore setting a concrete reduction target for the real estate portfolio, to be achieved by 2030, for the first time.
Details of the identified decarbonisation levers and actions for each sphere of impact, which were defined in the course of
setting the reduction targets, are described in chapter ESRS E1-3 “Actions and resources in relation to climate change policies”.
It is not yet possible to present the quantitative impacts and total contributions to decarbonisation of the individual actions in
the reporting year. VIG aims to implement this step by step in the coming years.
Non-target-related portfolios in VIG’s transition plan for climate change mitigation
The portfolios presented in the previous section are those linked to science-based methods in line with VIG’s transition plan
for climate change mitigation. The VIG portfolio also includes other areas that are actively monitored, but for which no science-
based targets have been set due to limited direct control options.
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Underwriting
For the underwriting portfolio of retail customers, which, for the purposes of reporting, is limited to the emissions of motor
vehicle insurance policies, no science-based targets have been set for the time being, despite the portfolio’s significance,
because the possibility of effectively tracking and controlling such targets is very low. This is partly due to the fact that the
insurable “vehicle fleet” in a country is determined by the purchasing preferences of consumers and can therefore only be
changed by regulatory or (fiscal) policy measures. With motor vehicle insurance playing a significant role in national
economies by providing coverage for strict liability and motor vehicle insurance generally being mandatory at a national level
when a vehicle is registered, along with an insurance acceptance obligation in some cases, withdrawing from this insurance
segment is not an option for VIG. Despite the lack of a “hard” target, VIG is still endeavouring to reduce emissions through
selected activities. Some companies use telematics apps that link certain driving parameters (acceleration, braking etc.) with
premium discounts. VIG emissions generated by the motor portfolio are in any case continuously recorded and are reported
in chapter ESRS E1-6 “Gross Scopes 1, 2, 3 and Total GHG emissions” as part of the financed emissions (Scope 3.15).
Asset management
In asset management, VIG has not set a science-based target for the government bond portfolio as part of the transition plan
for climate change mitigation. Although the resulting greenhouse gas emissions are significant and this portfolio accounts
for around 30% of VIG’s total investments in the base year of the transition plan for climate change mitigation as of 31
December 2023 (base year), VIG has only limited leeway to reduce them. The reason for this is that regulatory requirements
in various jurisdictions prescribe investments in government bonds. Furthermore, the need to avoid currency gaps significantly
limits the choice. In addition, VIG believes that not investing in government bonds is undesirable for economic reasons. Despite
these limitations, a reference target was derived as a guide and the emissions of the government bond portfolio are monitored
continuously. In addition, the emissions from the government bond portfolio are disclosed in chapter ESRS E1-6 “Gross Scopes
1, 2, 3 and Total GHG emissions” under the financed emissions. Greenhouse gas emissions in EU countries are generally
expected to decrease by 2030 and beyond, given the commitments made by the states to contribute to the achievement of
climate targets.
Furthermore, investments of unit- and index-linked life insurance were not included in the development of the reduction targets
due to a lack of direct control options for VIG in the portfolio (the decision to invest lies with the customers).
Differences in the presentation of emissions between the transition plan for climate change mitigation and the disclosed
greenhouse gas emissions
The presentation of emissions in the transition plan for climate change mitigation differs in some respects from the disclosed
greenhouse gas emissions, as different portfolios, companies and/or emission scopes (e.g. Scope 3) are taken into account
in some cases. More emissions are therefore reported in chapter ESRS E1-6 “Gross Scope 1, 2, 3 and Total GHG emissions”.
However, it is ensured that all emissions reported in the transition plan for climate change mitigation are also fully included in
the disclosure of VIG’s emissions. The differences in the database for the individual spheres of impact are explained in more
detail below.
• For underwriting (corporate), the same emissions are recorded and reported in both the transition plan for climate change
mitigation and the greenhouse gas balance sheet (GHG balance sheet).
• While emissions in underwriting (retail) are calculated and monitored in the transition plan for climate change mitigation,
these emissions are currently not included in the target due to the limited possibility of effective target tracking and
control. However, the GHG balance sheet shows emissions from the motor portfolio from this sphere of impact.
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• In the transition plan for climate change mitigation, asset management generally includes the portfolio of corporate
bonds, equities and other non-fixed-interest securities as well as the real estate portfolio. A major difference in the
presentation of emissions from the portfolio of corporate bonds, equities and other non-fixed-interest securities is that the
transition plan and the associated climate target take into account the Scope 1 and 2 emissions of the investee
companies, while the GHG balance sheet also includes the Scope 3 emissions. The real estate portfolio included in the
transition plan for climate change mitigation in the reporting year covers 65% of the investment volume due to limited
control options and, in some cases, low data quality. VIG aims to improve data quality in the coming years. The GHG
balance sheet includes the emissions of the Group’s entire real estate portfolio. In addition to the emissions included in
the transition plan for climate change mitigation, the emissions disclosed in ESRS E1-6 “Gross Scopes 1, 2, 3 and Total
GHG emissions” also include all emissions from government bonds as well as Scope 3 emissions. The disclosed
emissions also include the emissions from investments of unit- and index-linked life insurance contracts and from non-
consolidated participations. Due to the low level of investment in this asset class, however, non-consolidated investments
are not included in this transition plan for climate change mitigation. Furthermore, there is currently no intention to include
these in the transition plan for climate change mitigation next year. Although investments of unit- and index-linked life
insurance are part of the consolidated balance sheet, the investment decision and the investment risk lie with the
customer. However, VIG insurance companies offering unit-linked and index-linked insurance products will enable low-
carbon unit-linked and index-linked alternatives for both new business and existing contracts (reallocation).
• In VIG’s internal operations, the presentation of emissions in the transition plan for climate change mitigation and the GHG
balance sheet differs only in terms of the companies included. The transition plan for climate change mitigation includes
all fully consolidated insurance companies (excluding Ukraine) as well as some non-insurance companies such as
pension funds, asset management and assistance and service companies that are essential for the insurance business.
All insurance companies included in the IFRS scope of consolidation (except for the three Ukrainian companies) were
included in the disclosure of emissions in accordance with ESRS E1-6 “Gross Scopes 1, 2, 3 and Total GHG emissions”.
DISCLOSURE REQUIREMENT E1-5 – ENERGY CONSUMPTION AND MIX
The following table shows VIG’s energy consumption from internal operations. As an insurance service provider, VIG is not
assigned to any high climate impact sector based on its business activities. The high climate impact sector disclosure
requirements set out by the ESRS therefore do not apply in this report.
Energy consumption and mix
2025
2024
2023
Total fossil energy consumption (MWh)
120,795
125,551
126,529
Share of fossil sources in total energy consumption (%)
81.96
84.81
85.64
Consumption from nuclear sources (MWh)
4,099
5,103
7,215
Share of consumption from nuclear sources in total energy consumption (%)
2.78
3.45
4.88
Total renewable energy consumption (MWh)
22,497
17,377
13,955
Share of renewable sources in total energy consumption (%)
15.26
11.74
0.09
Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste
of biologic origin, biogas, renewable hydrogen, etc.) (MWh)
24
46
27
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh)
21,805
16,738
13,968
The consumption of self-generated non-fuel renewable energy (MWh)
668
593
n.a.
Total energy consumption (MWh)
147,391
148,030
147,738
Total fossil energy consumption fell by 3.8% compared to the previous year. Energy consumption from nuclear sources fell by
19.7% compared to the base year. At the same time, total renewable energy consumption increased by 29.5% compared to
2024. The total energy consumption decreased slightly compared to the previous year (-0.4%).
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Annual Financial Report 2025
DISCLOSURE REQUIREMENT E1-6 – GROSS SCOPES 1, 2, 3 AND TOTAL GHG EMISSIONS
The following table shows VIG’s greenhouse gas emissions by Scope 1, 2 and 3 in accordance with the Greenhouse Gas (GHG)
Protocol in CO
2
equivalents (taking into account all Kyoto gases, including NF3). The table includes emissions generated directly
by the Company (from heating energy requirements, coolants and fuel consumption = Scope 1) and the emissions caused
indirectly by the Company (from electricity, district cooling and district heating consumption = Scope 2). In addition, the emissions
caused by employee business flights (= Scope 3, category 6) and the financed emissions (= Scope 3, category 15) in the areas of
asset management (including real estate) and underwriting (corporate and retail) are shown. The emissions of those companies
in which VIG holds an interest (at equity companies) are also reported in Scope 3 (category 15). The databases of the International
Energy Agency (IEA), the Austrian Environment Agency, the Department for Environment, Food and Rural Affairs (DEFRA), the
German Association of the Automotive Industry (VDA) and ecoinvent were used to calculate greenhouse gas emissions from
internal operations. The methodology follows the guidelines of the GHG Protocol to ensure consistent and transparent emissions
calculations. Information on the methodology and databases used to calculate the financed emissions (Scope 3.15) is provided
in the corresponding subsections on calculating the financed emissions.
The energy metrics used as the basis for calculating the CO
2
e emissions for VIG’s internal operations were reported by the
individual VIG companies included in the scope of consolidation as of the reporting date of 31 December 2025, with a proj-
ection approach used for missing data. Likewise, the financed emissions from the asset management portfolio include the
values as of 31 December 2025. Due to data availability, the financed emissions from the real estate portfolio are shown with
a reporting date of 30 June 2025. Despite this offset period, the calculation of the emissions data in the real estate portfolio
is based on full-year values. Past experience has shown that the real estate portfolio as a whole is relatively constant over the
course of the year due to the long-term orientation. The reporting date of 31 October 2025 was used for the reporting of
emissions from the underwriting portfolio (corporate and retail). However, the early reporting date has no material impact on
the disclosure of the emissions data. In addition, the estimates made in calculating the emissions data are discussed in detail
in chapter ESRS 2 BP-2 “Disclosures in relation to specific circumstances”.
Gross Scope 1 GHG emissions
Scope 1 includes direct greenhouse gas emissions. These come from the combustion of fossil fuels in company-owned or
controlled facilities (including on-site heating systems) and the refill volume of refrigerants for air conditioning systems in the
reporting year. In addition, the fuel consumption of the vehicle fleet was recorded. This refers to the petrol, diesel or biofuel
consumption of company-owned or leased vehicles.
Gross Scope 2 GHG emissions
The emissions recorded under Scope 2 represent the greenhouse gas emissions resulting from the generation of purchased
energy. VIG reports the Scope 2 emissions for 2025 using both the location-based and market-based approach according to
the GHG Protocol. With the location-based approach, emissions are calculated based on the average emission factors of the
regional energy supply, i.e. the local electricity and heating network. The market-based approach, on the other hand, takes into
account the specific greenhouse gas emissions of the energy actually procured. The emission factors of the International
Energy Agency (IEA) were used to calculate the Scope 2 emissions from electricity, which include the emissions of carbon
dioxide (CO
2
), methane (CH
4
) and nitrous oxide (N
2
O).
Gross Scope 3 GHG emissions
The greenhouse gas emissions recorded under Scope 3 are generated indirectly along the upstream and downstream value
chain of a company. They result from activities initiated by the company, but originating from sources that are neither owned
nor controlled by the company. Scope 3 emissions can be divided into 15 different categories.
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
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VIG has carried out a significance analysis in accordance with the requirements of the ESRS. This analysis was used to
evaluate which categories of Scope 3 emissions are relevant for VIG and must therefore be recorded and reported. The ESRS
do not provide a detailed approach for conducting such an analysis, but they do refer to the GHG Protocol, which states that
the undertaking’s ability to influence emissions and the share of total Scope 3 emissions in the respective category are
appropriate criteria for assessing relevance. For the significance analysis conducted, the emissions and consumption data of
the VIG insurance companies that were already included in the scope of the report in 2023 were used. Additional data sources
such as information on train journeys or waste generation were also included in the analysis, where available. The results were
then extrapolated to the scope of the fully consolidated companies. This extrapolation was based on the number of employees
(in tonnes of CO
2
e per employee per category multiplied by the total number of employees). The analysis was updated in the
reporting year based on the previous year’s results, the employee data reported for 2024 and the available consumption data.
The share of each respective category in the total Scope 3 emissions, as well as the extent to which they can be influenced
and their industry relevance, were used as criteria to identify the relevant Scope 3 categories. According to the GHG Protocol,
the degree of influence corresponds to the undertaking’s potential to reasonably reduce emissions from the respective Scope
3 category. With regard to industry relevance, the GHG Protocol refers to sector-specific guidelines, which are not yet available
for the financial industry. For this reason, an industry comparison based on the consolidated sustainability reporting of the
Scope 3 emissions of six insurance companies was carried out to assess industry relevance.
The results of the updated significance analysis confirm that the Scope 3.15 emissions (financed emissions) are classified
as relevant and are therefore reported in the consolidated non-financial report. The financed emissions represent emissions
from the Company’s investment and underwriting portfolio and account for around 99% of total Scope 3 emissions in the
reporting year. Although the share of Scope 3.6 emissions from air travel in VIG’s total Scope 3 emissions is less than one
percent, greenhouse gas emissions are reported as in the past due to the assumed relevance for certain stakeholders.
As in the previous year, the remaining categories of Scope 3 emissions were not classified as material:
• Category 1 “Purchased goods and services” is not relevant, since the products purchased by VIG, as a service provider, are
primarily limited to paper products and the resulting emissions are negligible. In addition, certain IT products were
included in the emissions calculation, although this has not changed the relevance of this category.
• Emissions in category 2 “Capital goods” are negligible, since the capital goods purchased by VIG are limited to office
infrastructure (IT and furniture) and company vehicles.
• Category 3 “Fuel and energy-related activities” is not material for VIG as a non-manufacturing company. The upstream
emissions from energy and fuel consumption are low and account for less than one percent of total Scope 3 emissions.
• As a financial company without significant transport and logistics activities, categories 4 and 9 “Transportation and
distribution (upstream and downstream)” are not material for VIG.
• Category 5 “Waste” covers those emissions that arise from the disposal and treatment of waste by third parties. As a non-
manufacturing company, only household waste with low greenhouse gas emissions is generated in the office buildings of
VIG.
• Emissions from category 7 “Employee commuting” were calculated on the basis of data from Statistics Austria and a
study by the Austrian Automobile, Motorcycle and Touring Club (Österreichischer Automobil-, Motorrad- und Touring Club
– ÖAMTC) and the Vienna University of Technology (see “Was bewegt Österreichs Pendler zum Umsteigen?” [What
motivates Austria’s commuters to switch mode of transport?] dated 30 March 2021). The results of these calculations
show that the share of emissions is less than one percent of total Scope 3 emissions and the category is therefore not
material for VIG.
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Annual Financial Report 2025
• With regard to category 8 “Upstream leased assets”, the emissions resulting from rented office space are already included
in the Scope 1 and Scope 2 emissions. The emissions of the VIG real estate portfolio are included in Scope 3.15 “Financed
emissions” in the reporting year.
• Category 9: See category 4
• Category 10 “Processing of sold products” is also not material for VIG as a service company, which is also confirmed by
the industry comparison.
• Categories 11 “Use of sold products” and 12 “End-of-life treatment of sold products” are not applicable, since VIG does not
sell products, but services. Emissions resulting from the sale of insurance products (“insurance-associated emissions”)
are reported in category 15.
• Category 12: See category 11
• Category 13 “Downstream leased assets” is not applicable to VIG in the reporting year, as emissions from real estate
owned by VIG and rented to third parties are recorded in category 15 under the “real estate” asset class.
• Scope 14 “Franchises” is not material, as VIG does not undertake any franchise activities.
Calculation of financed emissions in underwriting (corporate)
Emissions in corporate underwriting are calculated on the basis of the PCAF (Partnership for Carbon Accounting Financials)
“economic-activity based emission estimation” approach (PCAF Standard, Part C, Version 1, November 2022), as described in
detail in chapter ESRS 2 BP-2 “Disclosures in relation to specific circumstances”. The estimates of emissions in this area are
also presented in chapter ESRS 2 BP-2 “Disclosures in relation to specific circumstances”.
Calculation of financed emissions in underwriting (retail)
The financed emissions from retail underwriting include the emissions from VIG’s motor portfolio. The area of building in-
surance is excluded in the reporting year because no PCAF standard was available at the time of reporting for the emissions
calculation. Please refer to chapter ESRS 2 BP-2 “Disclosures in relation to specific circumstances” for information on the
estimates made for emissions from the motor portfolio.
Calculation of financed emissions of corporate bonds and equities and other non-fixed-interest securities and government bonds
A financial software solution is used to calculate the financed emissions in the investment portfolio, which enables the integrated
processing of portfolio management and risk management data. The calculation logic for financed emissions from corporate
bonds and equities and other non-fixed-interest securities follows that of PCAF (Part A, Version 2, December 2022). The emissions
data are obtained from a specialist financial service provider and updated regularly. The financed emissions of corporate bonds
and equities and other non-fixed-interest securities are calculated on the basis of EVIC (Enterprise Value Including Cash) and the
corporate emissions. Where emissions data were not available, the existing emissions data were used and scaled up accordingly
for each asset class. In the area of government bonds, the financed emissions are also calculated in accordance with the PCAF
standard; data from a financial service provider’s database are also used here. For further details regarding estimates in the area
of asset management, please refer to chapter ESRS 2 BP-2 “Disclosures in relation to specific circumstances”.
Calculation of financed emissions in the real estate portfolio
The whole building approach according to the PCAF standard is used to calculate emissions from VIG’s real estate invest-
ments. With this approach, the total Scope 1 and 2 emissions are considered for each building in the portfolio. A software
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
87
solution is used to collect the data needed to calculate real estate-related emissions. This allows each VIG real estate
investment to be displayed in detail and assigned its own identification number. The data must be transmitted periodically by
the holding companies and are consolidated at VIG Holding level. Data from the energy performance certificates and the
respective floor areas and volumes of the properties (to check the plausibility of the inputs from the energy performance
certificates) are particularly relevant for the calculation of the financed emissions from the real estate portfolio. Emissions
from real estate investments for which no data were provided were extrapolated using approximations from an external
specialised financial service provider for NACE code 68.2 (Renting and operating of own or leased real estate).
In some cases, properties are used by the company itself. In these cases, it was necessary to distinguish the emissions of the
properties used for own use (electricity consumption, heat and cooling from Scope 1 and 2) from those of the properties used
by third parties (Scope 3.15) or to deduct them in Scope 3.15.
With regard to the estimates made, reference is made to chapter ESRS 2 BP-2 “Disclosures in relation to specific circumstances”.
Total VIG Scope 3 emissions are calculated based on a combination of available activity data. In VIG’s internal operations,
emissions from air travel were partly calculated on the basis of primary data using the exact flight kilometres reported by the
companies. The percentage of primary data used to calculate emissions in internal operations in the reporting year is 54.5%
(2024: 33.0%). The emissions data in underwriting (corporate and retail) were calculated entirely on the basis of secondary data.
In asset management, the emissions were calculated largely based on data from an external database provider, which also
contains estimates. For this reason, the share of emissions calculated with the aid of the external database provider cannot
be referred to as primary data. A PCAF score is available for 50.6% of the total investment volume. Within this share, around
69% of the Scope 1 and Scope 2 emissions have high data quality (PCAF score 1 – externally validated data), while around
24% have a PCAF score of 2 (data reported by issuers). For Scope 3 emissions, around 86% are assigned a PCAF score of 2.
The remaining emissions within the assessed investment volume are classified as PCAF score 4 (estimates based on industry
averages).
For around 5.3% of the emissions data for VIG’s real estate portfolio (2024: 4.9%), it was possible to refer to primary data.
The following table provides an overview of the greenhouse gas emissions calculated in the reporting year, categorised by
scope. In addition, the emissions of the base year (2023) and the previous year (2024) as well as the percentage change
compared to 2024 are shown. As already described in chapter ESRS E1-4 “Targets related to climate change mitigation and
adaptation”, the scope of emissions for individual portfolios included in the transition plan for climate change mitigation differs
from the presentation of emissions in the table below. The milestones and the measurement of progress in terms of emissions
in accordance with the transition plan for climate change mitigation are therefore shown in a separate table below the
following table.
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Annual Financial Report 2025
Gross Scopes 1, 2, 3 and Total GHG emissions
2025
2024
∆ in %
Base year 2023
in tCO
2
e
Scope 1 GHG emissions
1
Gross Scope 1 GHG emissions (tCO
2
e)
18,614
18,538
0.41
19,490
Percentage of Scope 1 GHG emissions from regulated emission trading
schemes (%)
0.00
0.00
0.00
Scope 2 GHG emissions
2
Gross location-based Scope 2 GHG emissions (tCO
2
e)
18,452
21,195
-12.94
19,301
Gross market-based Scope 2 GHG emissions (tCO
2
e)
13,889
17,678
-21.44
19,755
Significant scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions (tCO
2
e)
6) Business traveling
1,883
1,345
39.99
1,101
15) Investments
Underwriting (Corporate)
690,062
654,634
5.41
680,105
Underwriting (Retail)
1,897,078
1,956,328
-3.03
1,911,887
Asset Management (Corporate Bonds and Equities and other non-fixed-
interest securities)
3
10,338,573
10,603,806
-2.50
13,343,356
Asset Management (Government Bonds)
2,413,616
2,375,284
1.61
2,979,043
Asset Management (Real Estate)
96,960
102,847
-5.72
111,064
At equity companies
4
3,882
3,714
4.51
n. a.
Total GHG emissions
Total GHG emissions (location-based) (tCO
2
e)
15,479,119
15,737,691
-1.64
19,065,347
Total GHG emissions (market-based) (tCO
2
e)
15,474,555
15,734,174
-1.65
19,065,801
1
The biogenic (out of scope) greenhouse gas emissions from the combustion or biodegradation of biomass (Scope 1) amount to 837.1 tCO
2
e in the reporting year.
2
The biogenic (out of scope) greenhouse gas emissions from the combustion or biodegradation of biomass (Scope 2) amount to 6,560.3 tCO
2
e (location-based)
and 7,692.6 tCO
2
e (market-based).
3
The emissions from asset management (corporate bonds and equities and other non-fixed-interest securities) shown in the table are not comparable with the emissions from the transition plan for
climatechange mitigation, as Scope 3 emissions are not taken into account in this plan. The GHG emissions from asset management excluding Scope 3 amount to 1,519,144.7 tCO
2
e in the reporting
year.
4
The base year emissions of at equity companies are not disclosed, as these companies were not yet included in VIG’s reporting scope in 2023, and a retrospective calculation of the emission data was
not possible due to missing energy metrics.
As can be seen in the table, gross Scope 1 GHG emissions increased slightly by 0.4% compared to the previous year. This
development is mainly due to an improvement in data quality.
Gross Scope 2 GHG emissions (location-based) decreased by 12.9% year on year. Reasons for this include the fact that the
heating energy consumption of individual companies was not correctly allocated in 2024 and was erroneously recorded as
district heating (Scope 2) instead of direct emissions from stationary combustion installations (Scope 1), as well as reduced
overall consumption of fossil energy sources. Gross Scope 2 GHG emissions (market-based) decreased by 21.4% in the
reporting year. In particular, this development reflects the increased procurement of electricity from renewable energy sources,
which is explicitly taken into account in the market-related methodology and thus reflects the progress made in the field of
sustainable energy supply. With regard to gross Scope 3 GHG emissions from air travel (Scope 3.6), an increase of 40.0% was
recorded due to increased travel activity. Overall, location-based Scope 1–3 emissions have reduced by 5.2% in internal
operations, while market-based Scope 1–3 emissions have reduced by around 8.5%.
Underwriting (Corporate) saw a 5.4% increase in insurance-associated emissions compared to the previous year. This increase
is mainly due to a significant improvement in the data quality of the calculated emissions, as NACE codes were available for
significantly more contracts than in the previous year.
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
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In underwriting (retail), emissions in the motor portfolio fell by 3.0%, partly due to improved data quality, even though the
vehicles included in the calculation that have motor third party liability insurance (in accordance with the PCAF standard) have
increased by around 3.5% compared to the previous year.
In asset management, there was a slight reduction of 2.5% in emissions from corporate bonds and equities and other non-
fixed-interest securities compared to the previous year. This reduction is mainly due to changes in the portfolio and the
underlying emissions data of the investee companies. Government bond emissions increased by 1.6% compared to the
previous year. Although the reported emissions of the issuers have fallen, the absolute emission values have increased slightly
due to the increased investment volume. Emissions from the real estate portfolio decreased by 5.7% compared to the previous
year. Despite the portfolio growing, the emission intensity has also fallen slightly. The substantially improved data quality is
also a positive development. As a result, the proportion of calculated emissions has increased significantly while the estimated
emissions have been significantly reduced.
Overall, a slight reduction of 1.6% in total greenhouse gas emissions (both location-based and market-based) was recorded
compared to the previous year. Over the coming years, there is expected to be a further reduction in greenhouse gas emissions
as a result of the targeted actions in the transition plan for climate change mitigation and additional future initiatives.
The following table shows the portfolios selected as part of the transition plan for climate change mitigation and their emissions
in the base year (2023), the previous year (2024) and the reporting year of 2025. In addition, the milestones for 2030 in accordance
with the transition plan for climate change mitigation and the current progress towards achieving them are presented.
Portfolios in accordance with the Transition Plan for
climate change mitigation
2025
2024
∆ in %
Base year
2023
Target year
2030
Target
progress 2025
in %
in tCO
2
e
Scope 1-3 GHG emissions (internal operations)
32,870
35,912
-8.47
38,066
27,027
47.07
Scope 3 GHG emissions
15) Investments
Underwriting (Corporate)
690,062
654,634
5.41
680,105
485,663
-5.12
Asset Management (Corporate Bonds and
Equities and other non-fixed-interest securities)
699,728*
898,726
-22.14
1,218,310
869,874
148.83
*As emissions from the property portfolio were included in the transition plan for climate change mitigation for the first time in the reporting year, an overlap was identified with emissions from corporate
bonds and equities and other non-fixed-interest securities. This amounts to approximately 4,400 tonnes of CO
2
e, or a volume of around EUR 393.3 million from a Group perspective. A corresponding
methodological adjustment is planned for future reporting years.
As already described in chapter ESRS E1-4 “Targets related to climate change mitigation and adaptation”, an overarching
reduction target has been set for Scope 1–3 emissions from internal operations. In the reporting year, a reduction of 8.5% was
achieved compared to the previous year. Around 47.1% of the planned emission reductions in internal operations were
achieved in the reporting year in relation to the 2030 milestone.
In the Underwriting (Corporate) sphere of impact, as already described, an increase of 5.4% in absolute emissions was
recorded due to an improvement in the underlying data quality. The reported emissions are therefore also above the level of
the base year. When comparing emissions from the Underwriting (Corporate) portfolio, it should however be noted that the
portfolio and thus the basis for calculating emissions may vary from year to year. Compared to the increase in premium volume
since the base year, emissions from the Underwriting (Corporate) portfolio have grown disproportionately. Compared to the
base year, a reduction in the emission intensity was thus achieved in the reporting year.
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Annual Financial Report 2025
There was a 22.14% reduction in the emissions from corporate bonds and equities and other non-fixed-interest securities in
the asset management sphere of impact recorded in the transition plan for climate change mitigation compared to 2024. The
target progress in relation to the milestone target set for 2030 was already 148.83% in the reporting year. However, as already
explained in chapter ESRS E1-4 “Targets related to climate change mitigation and adaptation”, the emission development is
subject to corresponding fluctuations. Target achievement is therefore not static, but requires ongoing monitoring and con-
sistent implementation of the defined actions to achieve the long-term net-zero target.
In the VIG real estate portfolio, a reduction in the emission intensity of 3.8 kg CO
2
e/m
2
compared to the base year was recorded
in the reporting year. With regard to the target in accordance with the CRREM scenario, 32.0% of the planned reduction in
emission intensity has therefore already been achieved.
On the basis of the actions set out in the transition plan for climate change mitigation, emissions will be gradually and sus-
tainably reduced in the coming years.
GHG intensity based on net revenue
The following table summarises the intensity of VIG’s greenhouse gas emissions. VIG’s total greenhouse gas emissions are
shown in relation to the revenue disclosed in the consolidated financial statements. The insurance service revenue – issued
business, rental income from investment property and other income (service turnover) were recorded as revenue.
GHG intensity based on net revenue
2025
2024
∆ in %
tCO
2
e/EUR
Scope 1-3 location-based
0.0011
0.0013
-9.59
Scope 1-3 market-based
0.0011
0.0013
-9.60
The following table shows the reconciliation of the relevant revenue to the corresponding items in the consolidated balance
sheet.
Type of turnover used to calculate GHG
intensity
Income statement item
Reference to
Consolidated
Financial
Statements
2025
2024
2023
Amount in (EUR ‘000)
Insurance turnover
Insurance service revenue –
issued business
Page 136
13,195,975
12,138,477
10,921,825
Real estate income (from rented properties
of insurance companies as well as real
estate holding companies)
Rental income from investment
property
Page 201
232,130
214,139
194,758
IFRS 15 turnover from non-insurance
companies
Other income (other revenue
from services)
Page 217
191,773
166,429
121,222
Total net revenue
13,619,878
12,519,045
11,237,805
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SOCIAL INFORMATION
ESRS S1 OWN WORKFORCE
The following overview presents the material impacts identified for this topical standard and the associated Group-level and
Holding-level policies or guidelines with reference to the corresponding section in the report. The policies for all of the fol-
lowing impacts in ESRS S1 “Own workforce” are:
• VIG sustainability programme
• Code of Business Ethics
• HR strategy
Information is provided in ESRS 2 MDR-P “Policies adopted to manage material sustainability matters”. Additional corporate
policies relevant to specific material impacts are also listed in the table below.
S1 Sub-topic
Category
Material impacts, risks, opportunities
Actions
Strategies and concepts
(see MDR-P)
Working conditions
Actual positive
impact
Fair treatment of VIG employees through
opportunities for social dialogue, freedom of
association and involvement in decisions by
employee representatives
Surveys and engagement surveys;
Focus groups;
Onboarding actions;
Engaging with employee representatives,
Recognition of employee rights;
Freedom of assembly
See concepts above
Equal treatment and
opportunities for all
Actual positive
impact
Positive impact on employees' qualifications and
career opportunities through training and
development
Further education and development
measures;
Training programmes;
Meetings to discuss objectives and
development
VIG Group guideline “Fit &
Proper”;
Diversity strategy
Working conditions
and equal treatment
and opportunities for
all
Actual positive
impact
Appropriate and reliable remuneration for VIG
employees secures a stable and dependable
income for individuals
Stable and fair remuneration structure (in
some cases exceeding statutory standards),
taking into account qualifications and
responsibilities
VIG Group guideline on
remuneration
Working conditions
and equal treatment
and opportunities for
all
Actual positive
impact
Offering attractive working conditions beyond the
legal standard leads to increased satisfaction of
VIG employees
Health, safety and well-being initiatives;
Flexible working time models;
Feedback mechanisms;
Promoting diversity
VIG Group guideline on
remuneration;
VIG Group guideline “Fit &
Proper”;
Diversity strategy
Company-specific
disclosure
Actual positive
impact
The use of advanced technological applications
and Artificial Intelligence (AI) contributes to the
development of new solutions, the automation of
repetitive tasks and the optimization of resource
Management
Implementation of clearly defined AI use
cases;
Establishment of quality and monitoring
processes;
Ensuring transparency regarding automated
decisions;
Establishment of a data protection control
and supervisory body;
Training and awareness raising
VIG Group guideline “AI
Governance”;
VIG Group guideline “AI
Governance Implementation”;
IT strategy;
Data strategy
The following section describes the requirements associated with ESRS 2.
Strategy
DISCLOSURE REQUIREMENT RELATED TO ESRS 2 SBM-2 – INTERESTS AND VIEWS OF STAKEHOLDERS
VIG takes into account the interests of its employees, which, depending on the local circumstances, are primarily determined
directly through surveys, focus groups and workshops. Feedback regarding working conditions, safety and well-being is duly
taken into account in the development of new actions and further development of existing ones to ensure that impacts are
properly managed. In addition, employees and, where available, their representatives are regularly informed about important
company decisions. In internal operations, individual potentially vulnerable groups or minorities are not generally defined;
instead, the perspectives of the various stakeholders are taken into account holistically and integrated in cooperation with NGOs.
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These exchanges enable VIG to stay up to date on emerging challenges and existing initiatives, and thus develop programmes
and policies that promote diversity, equality and inclusion within the workforce. A fundamentally respectful approach creates
a supportive, inclusive environment that is consistent with ethical practices and respect for human rights. For more infor-
mation on the inclusion of employees’ interests, see ESRS S1-2 “Processes for engaging with own workforce and workers’
representatives about impacts” and chapter ESRS 2 SBM-2 “Interests and views of stakeholders”.
DISCLOSURE REQUIREMENT RELATED TO ESRS 2 SBM-3 – MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION
WITH STRATEGY AND BUSINESS MODEL
VIG’s own workforce includes both people who are in an employment relationship (“employees”) and non-employees. Employees
consist of staff in both sales and administration roles. Non-employees are individuals who do not have a direct employment
relationship with VIG but provide work either as self-employed people or through third-party undertakings. For more information
on non-employees, see chapter ESRS S1-7 “Characteristics of non-employees in the undertaking’s own workforce”.
Employees were identified as an important sphere of impact within the scope of the Group-wide VIG sustainability programme.
As part of its strategic positioning as an attractive employer, VIG promotes employee centricity, diversity and equal
opportunities (see ESRS 2 MDR-P “Policies adopted to manage material sustainability matters”). Flexible work models, training
and development programmes, family-friendly, health- and diversity-promoting initiatives, and fair remuneration that largely
exceed legal and/or collective agreement requirements are provided for VIG’s employees. In addition, VIG proactively promotes
digital skills development and productivity gains among its employees. Implementing a diversity strategy in internal operations
creates positive effects that both strengthen VIG’s reputation and attractiveness as an employer and promote loyalty, team
spirit and inclusiveness. This is achieved by ensuring equal opportunities for all, regardless of personal background, in line
with the requirements of VIG’s employees. No geographical areas were identified as carrying risk for VIG’s business activities.
No child or forced labour whatsoever is carried out within the scope of VIG’s business activities. Furthermore, no negative
impacts on employees were identified in connection with VIG’s transition plan for climate change mitigation (transition plan).
The policies and strategies that help to improve the impacts identified as material are explained in more detail below.
Impact management
VIG has internal guidelines and policies in place to manage the positive identified impacts on its own workforce. Detailed
information is provided in sections ESRS 2 MDR-P “Policies adopted to manage material sustainability matters”, ESRS S1-1
“Policies related to own workforce of the company” and ESRS G1-1 “Corporate culture and business conduct policies”.
DISCLOSURE REQUIREMENT S1-1 – POLICIES RELATED TO OWN WORKFORCE
Policies to manage material impacts
Binding documents have been established in VIG to manage the material impacts identified for its own workforce. These
include the Group Policy Code of Business Ethics, the Group Policy Fit & Proper and the Group Policy Remuneration. Further-
more, VIG employees form a sphere of impact within the strategic programme, which promotes diversity and equal oppor-
tunities, among other things (see ESRS 2 MDR-P “Policies adopted to manage material sustainability matters”). Policies re-
lating to the protection of whistleblowers are described in ESRS G1-1 “Corporate culture and business conduct policies”. By
continuously improving these practices, VIG creates a supportive, inclusive and fair working environment.
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Human rights commitment
VIG is committed to upholding high standards of ethical conduct and human rights. As a signatory to the UN Global Compact,
VIG is committed to the ten principles associated with it (see chapter ESRS 2 SBM-1 “Strategy, business model and value chain”),
which include the protection of human rights, fair labour practices, environmental sustainability and anti-corruption.
In connection with the establishment of good working conditions for VIG’s employees, the following principles of the UN Global
Compact are supported:
Human Rights
• Principle 1: businesses should support and respect the protection of human rights within their sphere of influence; and
• Principle 2: make sure that they are not complicit in human rights abuses.
Labour
• Principle 3: businesses should uphold the freedom of association and the effective recognition of the right to collective
bargaining;
• Principle 4: the elimination of all forms of forced and compulsory labour;
• Principle 5: the effective abolition of child labour; and
• Principle 6: the elimination of discrimination in respect of employment and occupation.
Each year, VIG publishes the consolidated non-financial report on its website as part of its commitment to the UN Global Compact.
Human rights are also enshrined in the Code of Business Ethics, which underpins VIG’s commitment to fair and ethical
business practices. In its internal operations, VIG emphasises good working conditions and the recognition of employee rights,
thereby promoting a culture of respect and fairness. Potential human rights violations can be reported through the locally
established channels and to VIG Holding. Further details on the internal reporting system are described in ESRS G1-1
“Corporate culture and business conduct policies”.
VIG is committed to upholding human rights and states its opposition to forced and child labour and discrimination in its Code
of Business Ethics. In addition, VIG respects the rights of employees, such as freedom of association, collective agreement
negotiations and the election of representatives. The relevant legal provisions in the respective countries apply as minimum
standards for VIG.
Workplace accident prevention policies
The companies of VIG ensure a safe and healthy working environment for their employees. Depending on the local circum-
stances, the companies have either adopted a workplace accident prevention policy that incorporates the main principles and
guidelines for safety or introduced specific accident prevention actions. Both approaches take into account the size, nature
and complexity of the respective companies and show that VIG is consistently committed to the well-being of its employees.
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Policies aimed at the elimination of discrimination
VIG is committed to a fair working environment, and this is reflected in its internal requirements. These commitments are
anchored in the Code of Business Ethics, the Group Policy Fit & Proper and the diversity strategy. For more details, see chapter
ESRS 2 MDR-P “Policies adopted to manage material sustainability matters”.
Diversity is a high priority at VIG. It is one of the values in the VIG mission statement and part of the HR strategy. Further
information on the VIG mission statement is provided in chapter ESRS 2 MDR-P “Policies adopted to manage material sustain-
ability matters”. VIG’s diversity strategy applies to all employees, which ensures that the company will have corresponding
diversity in the candidate pool for successor planning in the long term. At Holding level, the diversity strategy focuses on the
criteria of gender, generations and internationality.
• Gender: ensure equal gender treatment in all areas (career and development options, benefits and income, etc.)
• Generations: use mixed-age teams and take into account the various phases of life to develop full potential (generation-
appropriate offers and support in the various phases of life, learn from one another, life balance, fair recruitment)
• Internationality: Group-wide exchange of know-how (local expertise), collaborative learning, use of the internal Group job
market and ensuring an appropriate mix of people from different countries within VIG
The criteria of gender, generations and internationality are also taken into account when new Supervisory Board members are
proposed for election at General Meetings. Furthermore, VIG embraces the concept of local entrepreneurship, thereby also
strengthening internationality at the Managing Board level of VIG. Companies have flexibility in designing diversity concepts
in order to be able to respond to local challenges and needs.
To prevent and address discrimination, the majority of VIG companies have established confidential reporting mechanisms,
allowing employees to report concerns related to discrimination or harassment through secure channels. In addition, some
companies offer voluntary training on discrimination and harassment. At the company level, HR and/or Compliance depart-
ments are responsible for enforcement, ensuring adherence to both internal guidelines and legal requirements.
DISCLOSURE REQUIREMENT S1-2 – PROCESSES FOR ENGAGING WITH OWN WORKFORCE AND WORKERS’ REPRESENTATIVES ABOUT
IMPACTS
Engaging with own workforce and workers’ representatives
It is important to VIG that its employees are actively involved in decisions and activities that impact them. Workers’ represen-
tatives are consulted appropriately at companies that have them. Employees can, for example, be involved in the planning,
implementation and review of actions. Participation opportunities include (online) events, regular surveys, direct feedback and
interviews of employees and focus groups. There are also various feedback mechanisms, such as annual appraisals, idea
management systems and exit interviews, which can vary depending on local needs. These mechanisms enable compre-
hensive and ongoing input from employees at different levels of the organisation.
The responsibility for ensuring that employee engagement takes place lies primarily with the Human Resources department
in most VIG companies. In the final instance, responsibility lies with the top management level.
VIG continuously assesses the success of its employee engagement efforts by analysing feedback from employee surveys
and interviews. In 2024, around 15,000 employees were surveyed by Great Place to Work©. 27 insurance companies including
branch offices, two pension funds and five other companies from the areas of IT, Asset Management and Assistance, among
others, participated in the survey. Employees were asked about credibility, respect, pride, team spirit and fairness.
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The next survey is scheduled for spring 2026. The results of these assessments inform decision-making processes, leading
to the further development of existing policies and the introduction of new initiatives that better address employee needs. VIG
companies also use regular surveys, performance and feedback meetings, and the collection of personnel metrics such as
employee turnover or retention rates. This ensures that inclusion procedures are effective to drive positive change.
Vulnerable groups and minorities
Some VIG companies work with non-governmental organisations (NGOs), aid organisations and non-profit organisations that
promote the rights of vulnerable groups and minorities, such as myAbility (support for persons with disabilities), Pride Biz
Austria (association promoting the inclusion of LGBTIQ+ in business and the workplace) and connecting people (mentoring
for unaccompanied minors and young adult refugees). These partnerships enable VIG to stay informed about best practices
and emerging issues. Training on diversity, equality and integration is also offered. The aim of this training is to promote an
integrative workplace culture and enable employees to actively contribute to a fair working environment.
DISCLOSURE REQUIREMENT S1-3 – PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS FOR OWN WORKFORCE TO RAISE
CONCERNS
As explained at the beginning in chapter ESRS S1 “Own workforce”, only positive impacts and no negative impacts on the
workforce have been identified as material.
Channels for raising concerns
VIG places great emphasis on a culture of open communication, which includes the opportunity for employees to express their
questions and concerns via various channels. Complaints about work-related incidents relating to discrimination on grounds of
gender, race or ethnic origin, nationality, religion or belief, disability, age, sexual orientation or other relevant forms of discrimination
may be raised through local internal channels, external (anonymous) contact points and, where applicable, reported to employee
representatives. In addition, employees can report concerns relating to potential violations of regulatory requirements to Compli-
ance (incl. AML) of VIG Holding within the framework of the internal whistleblowing channels set up at VIG Holding level. There are
also whistleblowing policies at local level, where provided for by law. For more information on whistleblowing, see ESRS 2 MDR-P
“Policies adopted to manage material sustainability matters” and ESRS G1-1 “Corporate culture and business conduct policies”.
DISCLOSURE REQUIREMENT S1-4 – TAKING ACTION ON MATERIAL IMPACTS AND APPROACHES TO MANAGING MATERIAL RISKS AND
PURSUING MATERIAL OPPORTUNITIES RELATED TO OWN WORKFORCE, AND EFFECTIVENESS OF THOSE ACTIONS AND APPROACHES
VIG manages its material positive impacts on employees (with the exception of the entity-specific topic stated in ESRS S1
“Own workforce”) through the Group-wide and local programmes listed below, which support the implementation of the HR
strategy. This includes actions to improve physical and mental health and to promote an inclusive working environment.
Flexible working time models and family-friendly offers support work-life balance. In addition, VIG provides a stable and fair
remuneration structure that ensures a reliable income.
VIG offers training, e-learning and international development programmes for the development of skills. Founded in 2025, the
VIG Academy provides subject-specific and interdisciplinary training opportunities at Group level. Management programmes
promote respectful and diversity-oriented behaviour and strategic work.
These initiatives contribute to the establishment of a learning-oriented, respectful and healthy corporate culture. The effec-
tiveness of the actions is regularly assessed on the basis of metrics such as participation in training and results of satisfaction
surveys. Feedback from employees is incorporated into the ongoing development of the programmes and demonstrates VIG’s
commitment to offering a responsible and attractive working environment.
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Metrics and targets
DISCLOSURE REQUIREMENT S1-5 – TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE IMPACTS,
AND MANAGING MATERIAL RISKS AND OPPORTUNITIES
The aim of the HR strategy is to create a positive working environment that promotes equal opportunities, diversity and em-
ployee centricity. This is achieved by fostering a genuine culture of feedback, through the targeted further development of
managers, and by supporting employees through individual training and further development measures.
As part of the sustainability programme, many of the VIG companies have already begun measuring their attractiveness as
employers using the Trust Index™ from Great Place to Work®. Employees were asked about credibility, respect, pride, team
spirit and fairness. The results of this employee survey are used to develop existing policies further and create new initiatives.
Regular reviews ensure that the measures are effective and are bringing about positive change.
Based on a participation rate of around 67% of (re-)insurance companies and pension funds in the employee survey in 2024,
VIG aims to expand participation to 75% in the 2026 survey. In addition, participation is open to other selected non-insurance
companies. Their participation is not included in the target value.
DISCLOSURE REQUIREMENT S1-6 – CHARACTERISTICS OF THE UNDERTAKING’S EMPLOYEES
The following metrics provide information on the gender distribution and the total number of employees by employment
contract, gender and region.
Employees by gender
2025
2024
Number of employees (head count)
Male
13,179
13,155
Female
21,566
21,286
Other*
0
0
Total number of employees
34,745
34,441
*Gender according to the employees' own statements. The gender ‘other’ is not shown in the other tables.
The table shows the number of employees as of 31 December 2025, including the Managing Board, regardless of the level of
employment (head count). No average calculation was performed over the reporting period.
Employees by type of contract
Female
Male
Total
2025
2024
2025
2024
2025
2024
Number of employees (head count)
Total number of employees
21,566
21,286
13,179
13,155
34,745
34,441
with permanent employment contracts
20,209
19,654
12,497
12,401
32,706
32,055
with temporary employment contracts
1,357
1,632
682
754
2,039
2,386
of which non-guaranteed hours employees
532
439
301
209
833
648
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Employees by contract type and region
Austria
Czech Republic
Poland
Extended CEE
2025
2024
2025
2024
2025
2024
2025
2024
Number of employees (head count)
Total number of employees
6,544
6,451
6,484
6,321
3,164
3,303
12,979
12,984
with permanent employment
contracts
6,232
6,179
6,083
5,551
2,873
3,003
12,029
12,042
with temporary employment contracts
312
272
401
770
291
300
950
942
of which non-guaranteed hours
employees
0
0
297
244
437
366
87
23
Employees by contract type and region
Special Markets
Group Functions
Total
2025
2024
2025
2024
2025
2024
Number of employees (head count)
Total number of employees
4,764
4,635
810
747
34,745
34,441
with permanent employment contracts
4,723
4,585
766
695
32,706
32,055
with temporary employment contracts
41
50
44
52
2,039
2,386
of which non-guaranteed hours
employees
0
0
12
15
833
648
Temporary employment contracts are only used in certain situations, such as parental leave replacements or, as needed needed,
for projects. Changes in the proportion of these contracts are attributable to the conversion of temporary employment contracts
into permanent contracts, as well as to normal personnel changes. Due to national circumstances, some VIG companies engage
non-guaranteed hours employees, in particular in the areas of sales, customer service (call centre) and claims settlement.
During the reporting period, 7,727 (2024: 7,400) employees left a VIG company. Employee turnover based on the head count as
of 31 December 2025 is 22.2% (2024: 21.5%). This figure also includes retirement and transfers within VIG.
DISCLOSURE REQUIREMENT S1-7 – CHARACTERISTICS OF NON-EMPLOYEES IN THE UNDERTAKING’S OWN WORKFORCE
In total, VIG has 7,132 (2024: 7,315) non-employees. The data were collected based on the number of people as of 31
December 2025. No average calculation was performed over the required period. Non-employees work predominantly as self-
employed people and to a lesser extent through third-party undertakings (e.g. in IT). Self-employed people are considered to
be non-employees if they work independently, determine their own working time, are not organised as a legal entity, work
exclusively for VIG brands and–in the case of self-employed insurance agents–have carried out transactions for a VIG com-
pany during the reporting period.
Persons employed by a third-party undertaking are considered to be non-employees if they work under the direction or
instruction of a VIG company. This includes, in particular, persons who take on regular tasks from employees at the same
location, for example as a substitute during an absence.
DISCLOSURE REQUIREMENT S1-8 – COLLECTIVE BARGAINING COVERAGE AND SOCIAL DIALOGUE
In total, 46.9% (2024: see in the text below) of employees are covered by collective bargaining agreements. The employees
that are not covered by a collective bargaining agreement work in companies in which collective bargaining agreements are
not applicable due to national circumstances. These countries, for example, have qualification-based minimum wages or in-
ternal company pay scales. In many companies, the management level is excluded from collective bargaining agreements. In
the 2024 reporting year, the proportion of employees covered by a collective bargaining agreement increased from 33.6%
(reported) to 46.5% (corrected). The increase is attributable to improved data from a company in the Czech Republic
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Since the segment allocation includes countries both in the European Economic Area (EEA) and outside the European Eco-
nomic Area (non-EEA), the country is shown in the following table.
Information on collective bargaining coverage and social dialogue
Coverage Rate
Collective bargaining coverage – employees
Social dialogue – workplace representation
EEA countries*
Non-EEA countries*
EEA countries*
2025
2024
2025
2024
2025
2024
0–19 %
Czech Republic
(reported)
Türkiye
Türkiye
Czech Republic
Czech Republic
20–39 %
40–59 %
60–79 %
80–100 %
Austria;
Czech Republic
Austria;
Czech Republic
(restated)
Austria
Austria
*The coverage rate applies to countries with > 50 employees, which account for > 10% of the total number of employees
DISCLOSURE REQUIREMENT S1-9 – DIVERSITY METRICS
The top management levels were defined as the members of the Supervisory Boards, the members of the Managing Boards
and the first management level below the Managing Board members (Board-1) of the insurance companies. The following
table shows the gender distribution of insurance companies at these levels. For the diversity metrics of VIG Holding, see
chapter ESRS GOV-1 “The role of the administrative, management and supervisory bodies”.
Gender distribution of the VIG insurance companies
Supervisory Board
Managing Board
Board-1
2025
2024
2025
2024
2025
2024
Number
in %
Number
in %
Number
in %
Number
in %
Number
in %
Number
in %
Male
111
75.00
108
78.83
105
76.09
109
77.86
434
55.57
482
56.71
Female
37
25.00
29
21.17
33
23.91
31
22.14
347
44.43
368
43.29
The following table shows the distribution of all VIG employees by age group:
Age distribution of employees
2025
2024
Number of employees (head count)
under 30 years old
6,724
6,838
30-50 years old
19,009
18,875
over 50 years old
9,012
8,728
DISCLOSURE REQUIREMENT S1-10 – ADEQUATE WAGES
VIG ensures that all its employees receive adequate wages and that the local minimum requirements (statutory minimum
wage, collective bargaining agreements etc.) are always met or exceeded. Required qualifications and the duties and respon-
sibilities of the position in question are all taken into account when setting remuneration levels. This is ensured by the Group
Policy Remuneration, which is regularly reviewed and adjusted if necessary.
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DISCLOSURE REQUIREMENT S1-11 – SOCIAL PROTECTION
VIG guarantees social protection for all employees in accordance with the locally applicable legal provisions. This includes
protection against loss of income due to sickness or unemployment from the start of employment with VIG, due to employ-
ment injury and acquired disability, and due to parental leave and retirement. The protection is guaranteed subject to applicable
law and taking into account any applicable collective bargaining agreements in the respective country. In Georgia, there is no
coverage against loss of income due to unemployment, employment injury and acquired disability.
DISCLOSURE REQUIREMENT S1-12 – PERSONS WITH DISABILITIES
As of 31 December 2025, 2.0% (2024: 2.0%) of employees are designated as persons with disabilities in accordance with local
regulations. VIG is committed to creating an inclusive working environment that takes into account the needs of all employees
and ensures equal opportunities for persons with disabilities.
DISCLOSURE REQUIREMENT S1-13 – TRAINING AND SKILLS DEVELOPMENT METRICS
As part of its commitment to the growth and further development of all employees, VIG attaches great importance to regular
performance and development talks. These are essential to align individual objectives with the strategic objectives and to
provide valuable mutual feedback.
The following tables show the average number of training hours and the percentage of employees who have participated in
performance and career development reviews (broken down by gender or employment category).
Average hours of training per employee
2025
2024
in hours
Gender
Male
37.37
39.45
Female
31.17
32.01
Employment category
Administration
20.02
23.92
Sales
47.71
45.94
The difference in the extent of training between sales and administration staff is mainly due to the legal requirements of the
Insurance Distribution Directive (IDD), which stipulates a certain level of training for persons involved in insurance distribution.
For the calculation of the average number of training hours in 2025, the total number of training hours in the reporting year
was used for the numerator and the average number of employees as of 31 December 2024 and 31 December 2025 for the
denominator. Due to the improved data situation, starting with this reporting year, the average number of employees is being
used instead of the figures as of 31 December.
Employees who have participated in regular performance and career development reviews
2025
2024
in %
Gender
Male
81.28
78.74
Female
80.03
76.82
DISCLOSURE REQUIREMENT S1-14 – HEALTH AND SAFETY METRICS
In line with its commitment to the well-being of its employees, VIG ensures that the majority of its employees are protected by
a health and safety management system that complies with legal requirements and recognised standards.
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In the reporting year, 99.2% (2024: 99.1%) of employees and 2.8% (2024: 3.1%) of non-employees were subject to a health and
safety management system based on legal requirements and/or recognised standards or guidelines.
In the reporting year, no fatalities (2024: none) attributable to work-related injuries or work-related ill health were reported by
the company’s own workforce or other persons working on the company’s premises.
Furthermore, no cases of recordable work-related ill health (2024: none) were reported with regard to employees in the re-
porting year. In the reporting year, 108 (2024: 65) recordable work-related accidents (in accordance with local regulations,
including commuting accidents, if applicable) were recorded within the own workforce. The rate of work-related accidents per
1 million hours worked is 1.9 (2024: 1.2). The working hours of VIG employees are used to calculate the rate of work-related
accidents per 1 million hours worked. Work-related accidents led to 3,434 (2024: 1,067) lost days with regard to employees.
DISCLOSURE REQUIREMENT S1-15 – WORK-LIFE BALANCE METRICS
VIG attaches great importance to life balance and to respectful and cooperative collaboration. It promotes a working environ-
ment that enables employees to reconcile professional and personal priorities. A number of actions being developed by the
local VIG companies in line with the needs of their employees promote this balance and include initiatives for physical and
mental health as well as offers for flexible working and family-friendliness.
99.96% (2024: 99.92%) of employees are legally entitled to family-related leave in accordance with local legal provisions. Of
the eligible employees in the reporting year, 10.3% (2024: 9.8%) took advantage of this leave. All VIG companies that fulfil one
of the four grounds for entitlement listed in accordance with the ESRS were included in the calculation of family-related leave.
The grounds for entitlement are maternity leave, paternity leave, parental leave and carers’ leave. Cumulative fulfilment of all
requirements is not required. The distribution by gender is shown in the following table.
Employees that took family-related leave
2025
2024
in %
Male
31.72
26.01
Female
68.28
73.99
DISCLOSURE REQUIREMENT S1-16 – REMUNERATION METRICS (PAY GAP AND TOTAL REMUNERATION)
As the leading insurance group in Central and Eastern Europe, VIG operates in countries with different economic conditions.
This was taken into account in the determination of the remuneration metrics by adjusting the salary data for purchasing
power differences using the Purchasing Power Parities (PPP) published by Eurostat.
The unadjusted gender pay gap is the difference between the average gross hourly pay level of male and female employees,
expressed as a percentage of the average gross hourly pay level of male employees. The unadjusted gender pay gap of VIG
companies was 29.77% in the reporting year (2024: 30.65%). The unadjusted gender pay gap does not take into account
individual factors such as function, hierarchy level, qualification, professional experience and industry specifics and is
therefore only of limited significance. Taking into account only a hierarchical structure produces the following values.
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Adjusted Gender Pay Gap
2025
2024
in %
Top management level
7.84
12.50
Management directly below the top management (board-1)
21.46
21.46
Other employees
24.32
24.77
The annual total remuneration ratio of the highest-paid individual to the median annual total remuneration for all employees
(excluding the highest-paid individual) was 27:1 in the reporting year (2024: 27:1).
The salary data of around 7,000 employees of Austrian VIG companies were used as the basis for determining the median of
the annual total remuneration of all employees (excluding the highest-paid individual). Based on the distribution of these data,
the median for VIG as a whole was derived approximately – taking into account the average remuneration of the VIG com-
panies outside Austria, adjusted for purchasing power. The data were adjusted for differences in the extend of employment.
All persons employed as of 31 December 2025, irrespective of their area of work (sales and administration) and hierarchy level
(top management, management directly below the top management [Board-1], other employees including trainees), were taken
into account.
All fixed and variable remuneration components and one-off payments received in the reporting year were taken into account
in the calculation of the remuneration metrics. Expense allowances such as per diems or expenses were not included in the
calculation.
DISCLOSURE REQUIREMENT S1-17 – INCIDENTS, COMPLAINTS AND SEVERE HUMAN RIGHTS IMPACTS
Minimum standards are defined in the Code of Business Ethics and described in ESRS 2 MDR-P “Policies adopted to manage
material sustainability matters”. For the reporting year, eight (2024: none) complaints and five (2024: seven) cases of dis-
crimination, including harassment, were reported. In addition, VIG is not aware of any severe human rights incidents connected
to its own workforce during the reporting period (2024: none), nor were there any fines, penalties or compensation for damages
(2024: EUR 13,051) in connection with the aforementioned incidents and complaints.
ESRS S1 Additional entity-specific disclosure
VIG is committed to the responsible and ethical use of artificial intelligence (AI) to ensure innovation and value creation in line
with the fundamental rights and safety of its stakeholders. In strict alignment with the European regulation on artificial
intelligence (AI), VIG has implemented a Group-wide governance framework that ensures compliance with ethical and legal
standards. VIG has also implemented a structured timetable for full compliance with the European regulation (EU AI Act) and
monitors its implementation in VIG. The current objective is to develop and expand a Group-wide framework for the responsible
use of AI. The underlying policy is described in ESRS 2 MDR-P “Policies adopted to manage material sustainability matters”
and is continuously developed and implemented through the active VIG network of AI managers and the ongoing monitoring
of regulatory developments.
It is important to VIG to ensure that its employees have the necessary skills and expertise in order to promote the responsible
use of AI and, at the same time, to support productivity. Formal generative AI licences, such as for ChatGPT and Copilot, have
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been provided to around 28.4% of all VIG employees so far. Through the strategic use of these licensed generative AI products,
which are controlled in accordance with VIG’s AI policies, employees can speed up complex analyses, create drafts, aggregate
data, and find creative solutions more efficiently. They are relieved of repetitive tasks and supported in complex tasks. The
use of generative AI products increases efficiency and supports the continuous acquisition of knowledge in dealing with AI
technologies. The use of these tools is accompanied by a clear control and regulation framework.
In the area of general AI systems, it is ensured that specialised applications are implemented in close cooperation across the
Group in order to provide employees with the best possible support in their day-to-day tasks. Training sessions, active ex-
change groups and change management initiatives are conducted in parallel to promote the use of AI throughout the company.
In addition to the central steering group for artificial intelligence, company-wide networks are being created that promote the
exchange of knowledge between countries and are supplemented by local exchange groups that take account of country-
specific needs. A network of AI ambassadors is also being established across the Group. These ambassadors will act as
multipliers and a point of contact in order to support the safe, responsible use of AI throughout the company.
ESRS S4 CONSUMERS AND END-USERS
The following overview presents the material impacts, risks and opportunities identified for this topical standard, as well as
the associated Group-level and Holding-level policies or guidelines with reference to the corresponding section in the report.
A concept relevant for all of the following impacts, opportunities and risks in ESRS S4 “Consumers and end-users” is the VIG
Code of Business Ethics.
Further information is provided in ESRS 2 MDR-P “Policies adopted to manage material sustainability matters”. Additional
company requirements relevant to specific material impacts, risks or opportunities are listed in the table below.
S4 Sub-topic
Category
Material impacts, risks, opportunities
Actions
Strategies and concepts
(see MDR-P)
Information-related
impacts for consumers
and/or end-users
Impact
(potential
negative)
Potentially insufficient or misleading
information from VIG to their customers
could lead to a negative impact for
policyholders
Collection of customer feedback, consulting and
training;
Decentralised complaint management systems;
Remedial measures and effectiveness reviews;
Clear communication through comprehensible
documents and digital tools;
Group-wide collaboration in the area of customer
experience
Life insurance; Underwriting retail
and standardised SME
Information-related
impacts for consumers
and/or end-users
Risk
Potentially insufficient or misleading
information provided by VIG to
customers could lead to reputational
damage and the loss of business
relationships
Application of transparent sustainability criteria;
Alignment of product information with regulatory
requirements;
Compliance with Group-wide underwriting
guidelines;
Awareness raising through internal communication
and implementation of additional local actions
Risk management;
Life insurance; Underwriting retail
and standardised SME
Personal safety of
consumers and/or end-
users
Impact
(potential
negative)
Loss of customer data can lead to
negative impacts for customers
Comprehensive technical and organisational
measures to effectively minimise the risk of the
loss of customer data
Data protection;
Information security;
IT risk management;
Third-party risk management
Social inclusion of
consumers and/or end-
users
Impact
(actual
positive)/
opportunity
Closing the protection gap by improving
access to insurance products that
improve personal resilience
Ensuring fair access, product suitability, clear
communication, trained sales support, user-friendly
digital services and innovative solutions – each
tailored to local market needs
Sustainability programme;
Life insurance;
Underwriting retail and
standardised SME
Company-specific
disclosure
Impact (actual
positive)
Promoting Risk Literacy to enable as
many consumers and end-users as
possible, whether customers of the
group or not, to make informed and
considerate decisions in relation to the
risks they may face
Activities promote risk awareness, risk
assessment and willingness and ability to act
Main categories of activities: Digital information
and awareness campaigns;
Educational programmes;
Contributions to research, studies and conferences
Sustainability programme
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Strategy
DISCLOSURE REQUIREMENT RELATED TO ESRS 2 SBM-3 – MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION
WITH STRATEGY AND BUSINESS MODEL
For VIG, the scope of ESRS S4 “Consumers and end-users” includes retail customers as well as small and medium-sized sole
proprietorships operated by natural persons. The assignment to this customer segment is based on the customer’s view and
is not product-dependent. Internal operations, pension funds, capital investments and corporate customers do not fall within
the scope of ESRS S4. If the customer is a legal entity, it is classed as a corporate customer.
The identified negative impacts relate to the provision of adequate and understandable information for policyholders and the
protection of personal data. As VIG provides its services in accordance with the applicable legal and regulatory provisions for
the protection of privacy, data protection, freedom of expression and the avoidance of discrimination, this risk is minimised.
Consumers and end-users depend on reliable, transparent and easily accessible information about products and services. VIG
is committed to responsible information practice and has implemented processes with the aim of presenting information
correctly, comprehensibly and appropriately.
As part of the implementation of the Insurance Distribution Directive (Directive (EU) 2016/97, IDD), VIG ensures that infor-
mation obligations are fully met and that customers can make informed decisions. In this way, VIG insurance companies
contribute to transparency, fairness and the protection of customers in insurance distribution.
The two identified potentially negative impacts are related to individual incidents. VIG insurance companies take appropriate
action to minimise potential negative impacts where necessary.
The actual positive impact is facilitated by needs-based products and services provided by VIG for policyholders. Detailed
information on this is provided in the chapter “Strategic principles” in the Group Annual Report or under ESRS 2 MDR-P “Policies
adopted to manage material sustainability matters”.
The promotion of risk literacy is regarded as an entity-specific positive impact. The aim is to enable as many consumers and
end-users as possible, whether policyholders of VIG or not, to make informed and considerate decisions in relation to their
specific risks. Activities in this area can be implemented as an independent initiative or as part of broader social or en-
vironmental projects, demonstrating the commitment of VIG insurance companies to embedding risk literacy in their core
business.
A general increase in the demand for insurance products that strengthen personal resilience is seen by VIG insurance com-
panies as an opportunity. This development demonstrates a growing awareness of provision, security and long-term stability
among customers. VIG insurance companies see this as an opportunity to develop innovative products and services, to
promote individual resilience and at the same time to strengthen societal resilience. In this way, VIG insurance companies are
making a contribution to sustainable growth and helping to improve the financial security of their customers.
The risk identified in the double materiality assessment relates to the possibility of using insufficient or misleading information,
for example when offering products that meet ESG criteria (greenwashing). Responsible handling of product information is
crucial in order to strengthen customer trust in the long term.
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Consumers and end-users are equally affected by the identified negative impacts, opportunities and risks; a distinction ac-
cording to sub-groups is therefore not necessary.
Impact, risk and opportunity management
DISCLOSURE REQUIREMENT S4-1 – POLICIES RELATED TO CONSUMERS AND END-USERS
To manage the identified material impacts, risks and opportunities with regard to consumers and end-users, binding docu-
ments have been established in VIG and are regularly reviewed. These include the strategic and sustainability programmes,
the Code of Business Ethics, and requirements relating to data protection and risk management, which are described in more
detail in ESRS 2 MDR-P “Policies adopted to manage material sustainability matters”. In addition, the EU Insurance Distribution
Directive (IDD, Directive (EU) 2016/97) ensures European minimum harmonisation in insurance distribution for the protection
of consumers. It sets out specifications for products, advice and remuneration and obliges (re-)insurance companies to train
all employees involved in sales and in managerial positions in order to ensure that customers are given the best possible
advice. All EU insurance companies within the Group meet the requirements of the Insurance Distribution Directive (IDD) in
accordance with the EU specifications, while non-EU insurance companies implement various actions, in particular with regard
to the professional training of sales staff and the product development process.
The Group-wide policies on information security, third-party risk management and IT risk management jointly aim to reduce or
prevent potential data loss by establishing robust preventive actions. They ensure the secure handling of information assets,
the systematic identification and management of IT-relevant risks and strict controls when working with third-party providers.
The “VIG Group Policy Life Insurance” and “VIG Group Guideline Underwriting Retail & Standardized SME” address product
design, portfolio, sales and risk management and the avoidance of “greenwashing”.
VIG insurance companies have also implemented various local requirements to ensure that policyholders receive adequate
and understandable information. They include:
• Guidelines for the appropriate handling of complaints from policyholders.
• Product information guidelines for the creation and distribution of product information that are designed to ensure
brochures, websites and other materials contain appropriate, up-to-date and easy-to-understand information.
• Marketing communication specifications that set out standards to ensure that the insurance companies correctly present
the product content and that they comply with the legal requirements and are not misleading.
• Digital communication that is intended to ensure product information can be exchanged across different channels in a
consistent, secure and easily accessible manner.
• Training that enables employees to gain a comprehensive understanding of the available products in order to ensure
expert communication and a timely and fact-based response to enquiries.
• Provisions for providing feedback that are designed to help continuously improve communication.
VIG respects human rights and is committed to the principles of the UN Global Compact. Further details can be found under
ESRS 2 MDR-P “Policies adopted to manage material sustainability matters”, in particular the VIG Code of Business Ethics.
Personal data are processed with the utmost care and in accordance with data protection regulations.
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For the reporting year, the local insurance companies were also asked about non-compliance with the UN Guiding Principles
on Business and Human Rights, the International Labour Organization’s (ILO) Declaration on Fundamental Principles and
Rights at Work and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct. No related incidents
were reported in response.
VIG insurance companies have introduced feedback mechanisms, for example in the form of stakeholder surveys. Further
details can be found in ESRS S4-2 “Processes for engaging with consumers and end-users about impacts”.
To ensure that the rights of consumers and end-users are protected, most of the insurance companies have set up appropriate
grievance mechanisms with clearly defined remediation processes and complaints offices. Brokers, agents and other intermedi-
aries are also contact persons for expressing concerns and can provide information about the possible grievance mechanisms.
DISCLOSURE REQUIREMENT S4-2 – PROCESSES FOR ENGAGING WITH CONSUMERS AND END-USERS ABOUT IMPACTS
VIG insurance companies endeavour to take the interests of customers into account in different phases.
• Prior to the conclusion of an insurance contract, local insurance companies concentrate on raising awareness and
educating by informing and supporting potential policyholders, for example, through marketing campaigns, webinars,
information brochures, websites, chat support or face-to-face consultations.
• During the conclusion of the contract, the local insurance companies regularly support their customers in the application
process, for example by providing advice via digital, telephone or in-person channels, through customer services, and
through online tools and face-to-face consultations, in each case in accordance with the customers’ chosen sales access.
• In the event of a loss occurrence, there are various options for reporting a loss. These include direct reporting to insurance
brokers, via online platforms or service centres, by email or by post. The aim is to provide policyholders with the best
possible support in the event of a loss and to ensure the claims process runs smoothly.
• Regular communication during the renewal and retention phase–for example through emails, other written
correspondence or face-to-face consultations–supports the seamless continuation of insurance coverage.
VIG insurance companies continuously and systematically collect feedback from policyholders via various channels, including
surveys, complaints and customer portals. The findings include statements about service quality, clarity of the information
provided and general satisfaction with the services offered. The feedback provides a deeper understanding of needs, resulting
in improved service quality, product design, sales activities, information provision, data security and data protection measures.
VIG insurance companies are also in direct contact with policyholders, including through consultations, interviews and
dialogue forums with brokers, agents and sales staff. Where applicable, there is also communication with legitimate consumer
representatives. These channels make it possible to capture a broad and representative range of perspectives.
Surveys and interviews with customers after claims have been processed provide valuable insights into the claims handling
process and policyholder satisfaction.
The quality of the customer relationship is evaluated using various indicators. One of the most common metrics is the Net
Promoter Score (NPS), which measures the likelihood that policyholders would recommend VIG services. In addition, some
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local insurance companies evaluate satisfaction using the Customer Satisfaction Score (CSAT). Another important metric is
the time in which complaints are resolved or clarified. Chapter ESRS S4-5 “Targets related to managing material negative
impacts, advancing positive impacts, and managing material risks and opportunities” mentions the most common examples
of local targets.
Operational responsibility for the implementation of customer feedback in business decisions is organised in accordance with
the market standards of the respective local insurance company. This responsibility is usually shared by several departments,
including marketing, customer service, claims management and call centres, to ensure the coordinated and effective im-
plementation of customer-oriented improvements.
No disadvantaged consumer groups were identified in the consolidated double materiality assessment.
DISCLOSURE REQUIREMENT S4-3 – PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS FOR CONSUMERS AND END-USERS
TO RAISE CONCERNS
VIG insurance companies offer their policyholders various options for expressing their needs and have set up decentralised
complaint management systems. Customer interactions are managed by the respective VIG insurance companies. Consumer
complaints and concerns are recorded in the local complaint management systems. These can be submitted in person via the
insurance company’s contact points or via other channels such as service helplines, via email or via online complaint portals.
The key aspects of effective complaint management include the time taken to process complaints, the identification of causes
for repeated complaints and collection of customer feedback after a complaint has been processed.
Furthermore, insurance brokers are obliged to inform customers about the available grievance mechanisms. In addition, in-
surance companies within the EU are obliged to send regular reports on customer complaints to their respective national
supervisory authority.
When a concern is raised, VIG insurance companies engage in fair and transparent remedial measures, which may include
compensation, service corrections or other appropriate actions. These actions are also reviewed on a regular basis – either
by obtaining feedback from the policyholders concerned or by monitoring internal metrics in order to ensure effectiveness and
customer satisfaction. Reported incidents and the actions to be derived from them are examined individually.
The local insurance companies assess whether consumers and/or end-users are informed about the channels available for
raising concerns. This is done by analysing website data (e.g. use of complaint sections), data from contact centres (e.g.
number and details of complaints) and informal feedback from employees, agents and intermediaries. The results are regularly
reviewed to ensure the effectiveness and visibility of the grievance mechanisms.
DISCLOSURE REQUIREMENT S4-4 – TAKING ACTION ON MATERIAL IMPACTS ON CONSUMERS AND END-USERS, AND APPROACHES TO
MANAGING MATERIAL RISKS AND PURSUING MATERIAL OPPORTUNITIES RELATED TO CONSUMERS AND END-USERS, AND
EFFECTIVENESS OF THOSE ACTIONS
VIG’s local insurance companies have implemented a wide range of actions to promote clarity, transparency and under-
standing in all customer interactions and to avoid potentially negative impacts for policyholders as a result of insufficient or
misleading information. Customer-facing documents are written in clear, understandable language and are systematically
reviewed.
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Sales staff, agents and brokers receive targeted training on clear and responsible communication. Consultations and infor-
mation meetings before a contract is concluded are used to ensure that customers understand the characteristics, advantages
and potential risks of the products. In addition, digital tools are used to promote transparent information sharing and to help
customers make informed decisions.
VIG insurance companies also take active action for consumers, in particular by ensuring fair access, transparency and
product suitability. The professional training and continuous further development of sales staff ensures that all persons in-
volved in insurance broking have the necessary specialist knowledge and communication skills to provide clear and reliable
advice and to strengthen customer trust. This is also supported by the development of affordable or entry-level products as
well as through sales partnerships.
VIG’s ongoing digitalisation initiatives are modernising customer journey experiences and providing user-friendly online plat-
forms for concluding contracts, providing information and managing claims. Simplified, multilingual communication and flex-
ible payment options facilitate access for consumers, while digital consulting and self-service tools promote understanding
and customer retention.
In addition, VIG actively drives the development of measures to improve the customer experience and promote innovative
insurance solutions. Examples include telehealth services that facilitate remote access to health professionals and the
introduction of telematics tariffs that reward safe driving. These initiatives are primarily aimed at closing insurance gaps –
especially for existing customers. To ensure adequate insurance coverage, products are offered in accordance with the
respective market conditions and customer requirements.
VIG insurance companies decide on the respective design of products, marketing content, customer documentation and digital
tools based on local market requirements. These actions aim to adapt to the changing needs of policyholders, to ensure a
high level of customer satisfaction and to strengthen their financial resilience.
In addition, a Customer Experience (CX) competence centre has been established in Poland, which enables local insurance
companies to collaborate on customer experience matters. The participating VIG insurance companies evaluate which devel-
opments within the insurance processes should also be presented to other VIG insurance companies.
Various VIG exchange groups–such as those focusing on sustainability or marketing–also contribute to the strengthening of
transparent and customer-oriented communication. VIG insurance companies also cooperate in local insurance associations
and promote dialogue and cooperation with industry partners and supervisory authorities in order to strengthen the under-
standing and trust of consumers.
The effectiveness of the actions taken in terms of achievement of the desired result is assessed by means of satisfaction meas-
urements. Further details on this are provided in ESRS S4-2 “Processes for engaging with consumers and end-users about impacts”.
In addition, the local VIG insurance companies evaluate whether the information provided to policyholders is sufficient and under-
standable. For this purpose, internal audits and quality checks are carried out, which are intended to ensure both continuous im-
provement and the uniform application of clear communication standards in all customer interactions. For further information on
the effectiveness actions, see chapter ESRS S4-3 “Processes to remediate negative impacts and channels for consumers and end-
users to raise concerns”.
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The implementation of Group-wide IT standards ensures data security. Details are provided in ESRS 2 MDR-P “Policies adopted
to manage material sustainability matters”. VIG companies are subject to data protection regulations that determine how per-
sonal information is collected, used and protected. Personal data are processed securely in accordance with data protection
regulations, and IT systems are updated regularly. VIG has established reliable processes for dealing with data breaches, including
a procedure for informing the affected policyholders and the supervisory authorities in accordance with the statutory provisions.
VIG uses encryption technologies to ensure that data, even if intercepted, remain unreadable without the appropriate authorisation.
Regular internal and external audits and risk assessments are intended to identify any vulnerabilities and continuously improve
security actions. In addition, regular security checks are carried out by external specialists. VIG regularly assesses and moni-
tors the data security procedures of its providers and partners throughout the Group to ensure that they comply with the
applicable security standards and take appropriate security actions. This is implemented by the local VIG insurance companies.
In view of the increasing complexity of the methods used by cyber criminals, local VIG insurance companies regularly inform
their employees about current cyber risks. Well-trained employees play a key role in the defence against IT security attacks. In
addition, VIG has established a comprehensive programme to protect against the increasing cyber threats. VIG companies are
served by three competence centres (Cyber Defense Centers) in Austria, Poland and the Czech Republic. This covers all VIG
insurance companies within the scope of the Digital Operational Resilience Act (DORA). VIG IT systems are continuously
monitored for signs of a cyber security incident. The Cyber Defense Center programme is complemented by information events
and employee awareness campaigns.
VIG is committed to fully comply with the statutory data protection regulations and transparency towards policyholders regarding
the use and disclosure of their data. Against this background, a Group-wide data protection management system has been
set up to ensure the protection of personal data in VIG. The VIG Group Guideline Data Protection, which defines Group-wide
minimum standards in line with the General Data Protection Regulation (GDPR), forms the basis of this system (see ESRS 2
MDR-P “Policies adopted to manage material sustainability matters”). This guideline requires VIG insurance companies (in
addition to asset management companies and pension funds) to establish a data protection management system at the local
level and to appoint a data protection officer locally who is only responsible to and reports to the local managing board. The
local data protection officer is responsible for implementing the minimum standards from the VIG Group Guideline Data
Protection as well as the local legal regulations. In the event of data breaches, the competent authorities and the data subjects
are informed in line with the statutory provisions. Data breaches are continuously analysed by the local data protection officers;
the findings are used to prevent similar incidents and to continuously improve processes. The local data protection officers
are supported, guided and monitored in their activities by a Group Data Protection Coordinator. The local data protection of-
ficers report to the Group Data Protection Coordinator on data protection matters on both an annual basis and an ad hoc basis.
In addition to the regular activity report, these reports include data breaches and official audits as well as their results. This
reporting process ensures the continuous improvement and effectiveness of the data protection management system. The
Group Data Protection Coordinator also reports regularly and on an ad hoc basis to the Managing Board and Supervisory Board
of VIG Holding. In the event of a data breach, the affected data subjects and the competent authorities will be informed
immediately in accordance with the statutory provisions. In the reporting year, 95 (2024: 80) data breaches were reported to
the relevant data protection authorities in accordance with the local statutory provisions.
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IT security incidents are reported to the Chief Information Security Officer of VIG Holding on a monthly basis. Critical incidents
are reported immediately to the Chief Information Security Officer and the VIG Holding Managing Board member responsible
for IT.
To prevent greenwashing in life insurance, the VIG Group Policy Life Insurance has been adjusted. Transparent and verifiable
sustainability criteria are used to avoid greenwashing in life insurance. These include independent certification, the compre-
hensive disclosure of investment strategies and clearly defined requirements for sustainable products. Information for policy-
holders is presented in accordance with the regulatory requirements. In non-life insurance, there is no clear legal definition of
how products should be classified as “green”. The VIG Group Guideline Underwriting Retail & Standardized SME therefore
refers to different sources that must be observed if a product is defined as “green or sustainable”.
In response to the identified risks, such as greenwashing, which arise from the provision of potentially insufficient or mis-
leading information to our customers, VIG insurance companies implement various actions. These include implementing
Group-wide policies and guidelines for retail underwriting and raising awareness via Group-wide communication channels. In
addition, VIG companies implement actions in accordance with their respective local requirements.
Requirements that are intended to ensure that own business practices do not have any material negative impacts on con-
sumers and end-users are described in ESRS 2 MDR-P “Policies adopted to manage material sustainability matters”.
In the course of ongoing monitoring, no systematic or severe violations of human rights standards were identified in the down-
stream value chain in the reporting year.
It is not possible to present the resources for managing the material topics in ESRS S4 “Consumers and end-users” separately,
as this forms part of VIG’s core business and is supported by comprehensive actions throughout the Group.
Metrics and targets
DISCLOSURE REQUIREMENT S4-5 – TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE IMPACTS,
AND MANAGING MATERIAL RISKS AND OPPORTUNITIES
VIG’s decentralised organisational structure enables VIG insurance companies to react flexibly to specific market conditions
and customer needs. As part of this approach, VIG insurance companies are in direct contact with their customers and end-
users via various communication channels in order to gain insights that are taken into account when defining local customer-
related targets.
The achievement of these local targets is monitored via structured feedback mechanisms and the regular assessment of local
key performance indicators (KPIs). The most common examples of local targets include Customer Satisfaction Scores (CSAT),
Net Promoter Scores (NPS), the digitalisation of sales processes or customer retention. These metrics are used to measure
customer interaction, service quality and operational efficiency, thus ensuring responsibility and consistent alignment with
customer-oriented values. This ensures that actions are relevant and specifically respond to the respective market conditions.
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ESRS S4 Additional entity-specific disclosure
The promotion of risk literacy is a long-term strategic commitment and a core element of VIG’s contribution to social sustain-
ability. The topic is embedded in the VIG sustainability programme and also remains relevant under the evolve
28
strategic
programme (see also ESRS 2 MDR-P “Policies adopted to manage material sustainability matters”). Each insurance company
appoints a sustainability manager who is responsible for implementing and aligning activities in accordance with Group-wide
requirements. The internal criteria define objectives and principles and ensure the quality, comparability and coherence of all
activities within VIG.
VIG risk literacy focuses on pupils, students and the working population in the VIG markets. More than two thirds of VIG
insurance companies currently participate, with an average of two activities per company. VIG insurance companies are en-
couraged to select formats that are relevant to their markets and target groups. Common approaches include digital infor-
mation and awareness campaigns, for example on social media, blogs and podcasts; educational programmes such as
seminars, lectures and teaching materials; and contributions to studies and conferences. These activities promote risk aware-
ness, risk assessment and the willingness and ability to act, and enable individuals to understand, prevent and mitigate every-
day risks and to protect themselves against the consequences of these risks.
Performance is monitored by each VIG insurance company on the basis of two main indicators. Activity metrics capture the
number and type of initiatives, external publications and target groups, while engagement metrics measure participation, inter-
action and reach. The internal study on risk literacy provides a starting point for the current level of risk literacy in the popu-
lation of Central and Eastern Europe and thus supports the assessment and prioritisation of future activities.
More than half of VIG insurance companies have a dedicated individual or team to promote risk literacy. Risk literacy is an
integral part of VIG’s core business and is supported by comprehensive actions in the insurance companies. Through the
activities described, VIG insurance companies promote a better understanding and sense of responsibility in dealing with risks
and thus have a sustainable positive influence on consumers and end-users.
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GOVERNANCE INFORMATION
ESRS G1 BUSINESS CONDUCT
The following overview presents the material impacts and risks identified for this topical standard, as well as the associated
Group-level and Holding-level policies or guidelines with reference to the corresponding section in the report. A concept
(relevant) for all of the following impacts and risks in ESRS G1 “Business conduct” is the VIG Code of Business Ethics. VIG’s
approach, especially in connection with the sub-topic “Corruption and bribery”, is in line with principle ten of the UN Global
Compact (“Businesses should work against corruption in all its forms, including extortion and bribery”).
Information is provided in ESRS 2 MDR-P “Policies adopted to manage material sustainability matters”. Additional corporate
policies relevant to specific material impacts or risks are also listed in the table below.
G1 Sub-topic
Category
Material impacts, risks, opportunities
Actions
Strategies and concepts
(see MDR-P)
Corporate culture
Risk
Financial loss due to inadequate IT
security measures
Encryption techniques;
Risk assessments;
Cyber Defence Centre;
Employee training;
Monitoring of IT systems
Information security
Corporate culture
Risk
Reputational damage leading to financial
loss resulting from conducting business
with companies that have inadequate
business practices
Integration of environmental, social,
governance and human rights aspects
into investment processes;
Minimum safeguards screening in
underwriting
Asset management;
International sanctions;
Minimum safeguards screening in
underwriting
Corporate culture;
Protection of
whistleblowers;
Corruption and bribery
Risk
Financial loss resulting from non-
compliance with regulatory requirements
Training measures relating to business
conduct;
Whistleblowing systems
Code of Business Ethics;
Compliance Management
System;
Prevention of money laundering
and terrorist financing;
International sanctions;
Conflicts of interest;
Procurement principles;
Data protection
Political influence and
lobbying activities
Actual
positive
impact
Contributing to the political and regulatory
agenda through political engagement,
mainly through memberships
Memberships in insurance associations
and industry associations independent
of specific sectors;
Compliance with the European
Transparency Register
Code of Business Ethics
Company-specific
disclosure
Actual
positive
impact
Environmental, social, cultural and other
commitments reflect the company's
stakeholder engagement
Sponsoring and donations;
Social Active Day
Sustainability programme
Governance
DISCLOSURE REQUIREMENT RELATED TO ESRS 2 GOV-1 – THE ROLE OF THE ADMINISTRATIVE, SUPERVISORY AND MANAGEMENT
BODIES
The role of the management bodies in VIG companies is to make provisions in the day-to-day management of the respective
companies that ensure compliance with the applicable regulatory and internal requirements (see chapter ESRS 2 SBM-1
“Strategy, business model and value chain”). This also includes the topic of business practices. For example, the VIG Code of
Business Ethics was rolled out across the Group and implemented in all (re-)insurance companies, asset management
companies and pension funds of VIG, as well as, on the basis of a risk-based approach, in non-insurance companies. This
implementation in (re-)insurance companies, asset management companies and pension funds required the approval of the
respective management body. The same applies to the VIG Group Policy Compliance Management System, which provides
for the implementation of a local compliance management system in the aforementioned Group companies. This also in-
cludes the appointment of a compliance representative.
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The role of the supervisory bodies in VIG companies is to supervise the company management in all matters concerning business
operations. This includes compliance with the applicable regulatory requirements, including with regard to business practices. In
some VIG companies, the implementation of internal corporate guidelines requires the approval of the Supervisory Board. In
addition, several companies provide for annual reports by the compliance representative to the supervisory body.
VIG Holding is committed to applying and complying with the Austrian Code of Corporate Governance (ÖCGK). The Austrian Code
of Corporate Governance was introduced in 2002 and is regularly updated according to legislation and new market standards. It
is the standard for proper corporate governance and control in Austria. VIG Holding publishes an annual report on its website.
The members of the management and supervisory bodies of those Group companies that are subject to supervision by the
respective local financial market supervisory authorities must comply with strict regulations regarding their professional
qualifications and personal reliability (“Fit & Proper” requirements). This includes the topic of business practices. Compliance
with these requirements is additionally checked by the respective supervisory authorities upon appointment and, if necessary,
also during the ongoing exercise of the function. When selecting members of the management and supervisory bodies of the
Group companies, VIG applies correspondingly high standards of professional qualification and personal reliability. Their previous
professional experience and knowledge as well as their personal suitability are carefully checked during the selection process. In
addition, before external candidates are appointed, Compliance (incl. AML) performs a background check with regard to
sanctions, convictions and negative media reporting. The results of this check are included in the overall assessment.
Strategy
DISCLOSURE REQUIREMENT RELATED TO ESRS 2 SBM-3 – MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION
WITH STRATEGY AND BUSINESS MODEL
As part of its sustainability strategy, VIG promotes the impact of strengthening trust and relationships with its stakeholders
through environmental, social and cultural activities. This commitment not only strengthens the brand, but also effectively
supports the VIG business model: Trust fosters customer loyalty, local presence strengthens market positions and responsible
conduct supports sustainable growth. Further information–including on integrating the impact of “political influence and
lobbying activities” into the strategy and business model–is described in ESRS 2 SBM-3 “Material impacts, risks and oppor-
tunities and their interaction with strategy and business model”.
DISCLOSURE REQUIREMENT RELATED TO ESRS 2 IRO-1 – DESCRIPTION OF THE PROCESSES TO IDENTIFY AND ASSESS MATERIAL
IMPACTS, RISKS AND OPPORTUNITIES IN BUSINESS CONDUCT
Over the course of several expert workshops, the topics under ESRS G1 “Business conduct” were analysed and assessed in
order to identify and analyse the impacts, risks and opportunities of business activities as well as in the upstream and down-
stream value chain. The assessment was conducted on a consolidated basis for VIG based on, among other things, the com-
prehensive compliance management system.
Impact, risk and opportunity management
Numerous internal policies, guidelines and operating procedures exist in VIG to ensure compliance with applicable regulatory
requirements and voluntary commitments, to promote a culture of integrity and to ensure ethically correct conduct, as well as
to actively manage material risks and opportunities. Examples include the Code of Business Ethics, the VIG sustainability
programme and Group-wide policies and guidelines on the compliance management system, data protection, the prevention
of money laundering and terrorist financing, risk management, Fit & Proper, information security and procurement.
Details on individual key governance documents are described in chapter ESRS 2 MDR-P “Policies adopted to manage
material sustainability matters”.
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DISCLOSURE REQUIREMENT G1-1– CORPORATE CULTURE AND BUSINESS CONDUCT POLICIES
VIG has a number of policies relating to business conduct. The Code of Business Ethics reflects the values and guardrails of
VIG and provides guidance to all employees for their actions and decisions (see also the introductory table under ESRS G1
“Business conduct”). Building on these principles, VIG fosters an appropriate corporate culture through a variety of initiatives.
In addition to defining fundamental principles for cooperation, this includes promoting employee engagement, offering training
and development opportunities, introducing incentive schemes, fostering open communication and promoting diversity and
inclusion. In addition, onboarding is used as an important time to familiarise new employees with the corporate culture. Other
actions include the social engagement of VIG to the communities in their respective countries, the conduct of employee surveys
and the continuous improvement of working conditions and related initiatives. Some actions are explained in more detail below.
Communication channels
Complete, reliable information is needed to make sound strategic decisions. VIG therefore has experts who provide the Man-
aging Board and local company management with in-depth analyses to support them in their decision-making. Various
channels of communication ensure the necessary exchange between individual Group companies and VIG Holding.
CO
3
CO³ stands for “Collaboration”, “Cooperation” and “Communication” and is a department that strengthens cooperation and
communication within the Group. CO
3
thus fosters the corporate culture in VIG and provides strategic input for the positioning
of VIG. Cooperation is based, among other things, on the VIG Group Policy Media Strategy and Press Relations.
Values and cohesion
VIG respects the cultures and traditions of the various countries and markets in which it offers its insurance services, and it is
committed to equal opportunities in the recruitment and development of its employees. This commitment is underlined by
VIG’s diversity strategy and the appointment of a Diversity Advisor at VIG Holding. VIG regularly organises workshops, confer-
ences and cross-departmental and cross-company projects that encourage employees to network and communicate ef-
fectively. These initiatives promote a positive working environment, strengthen trust and improve overall team dynamics. VIG
is aware that investing in team building not only increases morale, but also productivity and innovation. Further information
can be found under ESRS S1-1 “Policies related to own workforce of the company”.
Compliance management system
The main component of the provisions made for managing the material risk of non-compliance with regulatory requirements
is the Group-wide compliance management system, which includes at least all (re-)insurance companies, asset management
companies and pension funds, provided VIG Holding (directly or indirectly) holds more than 50% of the shares. Non-insurance
companies are integrated into the compliance management system of the controlling insurance company based on their
individual risk situation. The Group-wide compliance management system, together with the Code of Business Ethics, forms
the core of the overall concept for ensuring ethical and legally compliant conduct in internal operations and in relationships
with customers, business partners, shareholders and the general public. The compliance management system also provides
for mechanisms for reporting perceived conduct that is potentially in conflict with regulatory and ethical requirements as well
as voluntary commitments. The Group-wide compliance management system is continuously being evaluated and developed
further. Further information on the Code of Business Ethics, the Group Policy Compliance Management System and other
individual compliance-related governance documents can be found in chapter ESRS 2 MDR-P “Policies adopted to manage
material sustainability matters”.
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Like the Group itself, the Compliance organisation also has a decentralised structure. It is represented by the Group Com-
pliance Committee, which consists of the local compliance officers and the head of Compliance (incl. AML) of VIG Holding.
Compliance representatives are appointed in all (re-)insurance companies, asset management companies and pension funds.
These individuals are responsible for establishing, supporting and developing the local compliance management system. The
tasks of the compliance representatives include monitoring the legal environment and recommending necessary actions,
identifying and assessing compliance risks, taking actions to prevent breaches, advising employees and the members of the
local managing boards and/or local supervisory boards, performing compliance audits, monitoring existing procedures and
handling compliance incidents. Beyond these duties, the local compliance represenatives also have comprehensive regular
and ad hoc reporting obligations to the local managing board and/or supervisory board and Compliance (incl. AML) of VIG
Holding. This includes the annual compliance report as well as ad hoc reports on regulatory audits and the results thereof,
precisely defined compliance incidents, and conflicts of interest involving certain groups of persons. The local compliance
representatives are assisted, supported, steered and monitored by Compliance (incl. AML) of VIG Holding.
Reporting breaches
Internal and external persons can report any observations of misconduct to predefined functions, in particular the compliance
representatives both at the level of the individual VIG companies and at the level of VIG Holding.
In VIG, process specifications for handling whistleblowers are implemented in local governance documents and in accordance
with the local legal framework. VIG companies based in the EU are subject to the requirements of the EU Whistleblower Di-
rective and the corresponding national implementation, which prescribes the establishment of internal reporting channels and
the protection of whistleblowers. Accordingly, all insurance companies of the Group with their registered office in the EU have
corresponding internal reporting channels. Outside the EU as well, all but four insurance companies have established relevant
processes (see ESRS 2 MDR-P “Policies adopted to manage material sustainability matters”). In addition, a large proportion
of non-insurance companies with more than ten employees have implemented measures regarding whistleblowing in ac-
cordance with local laws. In most of the companies concerned, reports are received by the compliance representatives. In the
majority of cases, those employees who are responsible for receiving reports have been informed about or completed training
on the legal requirements, specifically with regard to whistleblowing, including in all insurance companies located in the EU.
The most frequently offered reporting channels are dedicated email mailboxes and face-to-face meetings; some companies
have set up their own whistleblowing portals. To this end, all insurance companies within the EU have implemented measures
to protect whistleblowers from retaliation, in accordance with legal requirements set out in the EU Whistleblower Directive. In
line with the Austrian Whistleblower Protection Act (Hinweisgeber:innenschutzgesetz), which implemented the EU Whistle-
blower Directive in Austria, VIG Holding has set up the VIG Whistleblower Portal as an internal reporting channel to allow for
secure and confidential reporting–at any time and anonymously – of perceived violations of the statutory provisions named
in the Whistleblower Protection Act. Perceived violations in other legal areas can be reported to a dedicated email mailbox
(whistleblowing@vig.com) and by post to Compliance (incl. AML) of VIG Holding, for the attention of the VIG Compliance Officer.
Information on this can be found both on the Intranet and on the VIG website under https://group.vig/en/whistleblowing/. Regard-
less of the chosen reporting channel, all reports will reach Compliance (incl. AML) of VIG Holding. Their validity is then reviewed in
compliance with the provisions of confidentiality, employee protection, and data protection. Every incoming report is evaluated by
a VIG Holding committee, consisting of members from Compliance (incl. AML), General Secretariat & Legal, Human Resources and
Internal Audit, regardless of whether it concerns a subsidiary or VIG Holding, and follow-up actions are recommended if necessary.
The follow-up actions are taken in accordance with the process specifications of the Internal Audit department.
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In addition to setting up specific internal reporting channels in accordance with the respective national requirements for whistle-
blowing, all (re-)insurance companies, asset management companies and pension funds within the EU have set up reporting
channels within the framework of the compliance management system that employees can use to report concerns about
conduct that may be illegal or that contravenes the Code of Business Ethics. Corresponding reports or incidents are in-
vestigated by an independent body.
Business conduct training
In VIG, the planning and implementation of training on business conduct topics is the responsibility of the respective VIG
company. The scope, target group, frequency and format of such trainings are therefore structured differently in the VIG com-
panies. All (re-)insurance companies, asset management companies and pension funds within the EU, as well as the majority
of these companies outside the EU, have corresponding policies. Most of these companies conduct these trainings as part of
the onboarding process for new employees. VIG Holding continued its extensive range of training programmes on compliance
topics during the reporting year. New employees were required to complete a general compliance training as well as trainings
the prevention of market abuse and on international sanctions. Additionally, there was also a mandatory compliance e-learning
programme. This included modules on data protection, information security, code of conduct, anti-corruption and money
laundering prevention. For more details on training and the prevention of corruption and bribery, as well as on the functions
most at risk within an organisation in this regard, see chapter ESRS G1-3 “Prevention and detection of corruption or bribery”.
DISCLOSURE REQUIREMENT G1-3 – PREVENTION AND DETECTION OF CORRUPTION OR BRIBERY
The aim of an effective compliance management system (see ESRS G1-1 “Corporate culture and business conduct policies”)
is to ensure compliance with all regulatory requirements applicable to an undertaking or group, as well as internal standards
and voluntary commitments. This includes, in particular, the provisions on the prevention of corruption and bribery, on the
handling of potential conflicts of interest, on procurement principles, on money laundering prevention and on compliance with
international sanctions. The mechanisms for reporting breaches also extend to these legal areas. The relevant measures for
the prevention and detection of corruption and bribery are embedded in the compliance management system and are therefore
also included in Group policies and guidelines (see also ESRS G1-1 “Corporate culture and business conduct policies”).
Incidents of corruption and bribery are compliance incidents that must be reported directly by VIG (re-)insurance companies,
asset management companies and pension funds to Compliance (incl. AML) of VIG Holding accordingly. Reports of perceived
incidents of corruption and bribery are handled in accordance with the locally defined responsibilities and in accordance with
local statutory regulations (see also ESRS G1-1 “Corporate culture and business conduct policies”). All (re-)insurance com-
panies, asset management companies and pension funds within the EU have issued internal instructions for handling
perceived or confirmed incidents of corruption and bribery. These include conducting investigations in cases of suspicion,
whereby the functions tasked with carrying out the investigation are separate from the chain of management involved in the
allegation. Both Compliance and Internal Audit–departments that are usually involved in receiving reports and processing
perceived incidents of corruption and bribery–have a direct reporting line within the relevant VIG companies to the local
managing board and are responsible only to the local managing board.
In addition, the Group Guideline Prevention of Money Laundering and Terrorist Financing is important in this context. This
guideline is based on the requirements of the 4th and 5th EU Anti-Money Laundering Directives and applies to those VIG
companies that are required to comply with anti-money laundering and anti-terrorist financing regulations on account of
European or national requirements. VIG supports international efforts to prevent the abuse of the financial system for the
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purposes of money laundering and terrorist financing. Accordingly, the (re-)insurance companies, asset management com-
panies and pension funds that are subject to EU or national regulations on the prevention of money laundering and terrorist
financing must identify their customers in accordance with the know-your-customer principle (KYC) and verify their identity,
check the origin of funds, monitor the business relationships and, if necessary, submit reports of suspicions to the competent
authorities. Anti-money laundering officers play a key role in this. The function of the anti-money laundering officers must be
set up in such a way that they are responsible to the Managing Board and report directly to the Managing Board – without any
intermediate levels. The VIG Guideline International Sanctions provides for the mandatory screening of customers, business
partners, payment recipients and employees against relevant sanction lists before concluding contracts and making payments.
A sanction screening tool procured for the Group is used for this purpose. This tool is also used to screen for the status of a
politically exposed person in relation to anti-money laundering procedures. The tool also contains information on negative
media reports and criminal prosecution.
In the context of actions to prevent corruption and bribery, a Group-wide guideline for managing conflicts of interest was im-
plemented in the reporting year. Further details are provided in ESRS 2 MDR-P “Policies adopted to manage material sustain-
ability matters”. Additionally, in the Group Policy Compliance Management System, there is also an ad hoc reporting obligation
to Compliance (incl. AML) of VIG Holding for (potential) conflicts of interest identified by VIG companies with regard to mem-
bers of the Supervisory Board, members of the Managing Board and holders of governance or key functions. A guideline on
conflicts of interest has also been implemented for VIG Holding in accordance with Group requirements, which requires em-
ployees to identify conflicts of interest and avoid them in coordination with the respective managers. If this is not possible,
they must define and implement appropriate actions for handling the relevant conflicts of interest together with the managers.
If a conflict of interest cannot be avoided or adequately handled, a report must be made to Compliance (incl. AML) of VIG
Holding.
Non-insurance companies are integrated into the compliance management system of the controlling insurance company
based on their individual risk situation, as described in G1-1 “Corporate culture and business conduct policies”. Against this
background, the processes described above for preventing corruption and bribery have been implemented in some non-
insurance companies on a risk basis or–based on the identified risk exposure–not implemented. However, all non-insurance
companies conduct their business in accordance with the 15 guardrails of the Code of Business Ethics, including “Prevention
of corruption and bribery”. One non-insurance company plans to implement additional actions in this area in the coming year.
The measures to prevent, detect and investigate reports of corruption and bribery are communicated in various ways, with most
(re-)insurance companies, asset management companies and pension funds using their internal communication channels,
documents or training courses for this purpose. The 15 guardrails of the Group-wide Code of Business Ethics (see ESRS 2 MDR-P
“Policies adopted to manage material sustainability matters”) are available on the website (https://group.vig/en/cobe).
As described under ESRS G1-1 “Corporate culture and business conduct policies”, the planning and implementation of training
programmes is the responsibility of the VIG companies. In their annual compliance plans and compliance reports, which are sent
to the local managing board and Compliance (incl. AML) of VIG Holding, the local compliance representatives provide information
on respective actions and their implementation. Almost all (re-)insurance companies, asset management companies and pension
funds in the EU offer training on corruption and bribery, usually as part of a more comprehensive training concept. Such trainings
are usually offered as part of onboarding or annually; computer-based solutions are used for the most part.
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At VIG Holding the subject of corruption and bribery is addressed in the mandatory general compliance training during on-
boarding and as part of an e-learning programme. At VIG, Managing Board members and managers one level below the Board
are considered to be at-risk functions in any case, i.e. functions that are most at risk within the company in relation to cor-
ruption and bribery. Other roles and functions may be included in this definition locally. The percentage of these functions,
based on all consolidated VIG companies with more than ten employees, who completed training on corruption and bribery in
the reporting year is 64.8%.
In VIG companies, the majority of managing board members and some supervisory board members of the consolidated Group
companies were included in the training programmes in the reporting year. In addition, within the (re-)insurance companies,
asset management companies and pension funds, reporting on the prevention of corruption and bribery is carried out as
required via annual compliance reports to the local managing board and, in some cases, to the local supervisory board. Each
year, during a Supervisory Board meeting, the VIG Holding Managing Board provides information to the Supervisory Board of
VIG Holding on the precautions taken to combat corruption in VIG Holding.
MDR-A – ACTIONS AND RESOURCES IN RELATION TO MATERIAL SUSTAINABILITY MATTERS
As an insurance group, VIG operates in a highly regulated environment and contributes to the further development of this legal
framework as a member of insurance associations or sector-independent industry associations. The aim is to contribute to
practical, market-oriented and effective regulation through industry expertise and practical knowledge. VIG implemented
comprehensive actions to manage material impacts and risks. These are described in particular under Disclosure Requirement
ESRS G1-1 “Corporate culture and business conduct policies” and ESRS G1-3 “Prevention and detection of corruption and
bribery”. Material topics relating to IT security have also been identified in ESRS S4 “Consumers and end-users”. The actions
taken are described in ESRS S4-4 “Taking action on material impacts on consumers and end-users, and approaches to man-
aging material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those
actions”. The characteristics and scope of the actions taken with regard to the risk of non-compliance with regulatory require-
ments in terms of whistleblowing systems and training on business conduct and anti-corruption are described in ESRS G1-1
“Corporate culture and business conduct policies” and ESRS G1-3 “Prevention and detection of corruption and bribery”. Actions
taken with regard to the risk of reputational damage resulting from business relationships with companies that employ in-
adequate or irresponsible business practices include the integration of environmental, social, governance and human rights
aspects into investment processes and minimum safeguard checks in underwriting.
As described in ESRS G1-1 “Corporate culture and business conduct policies”, VIG pursues a continuous improvement process
for the actions taken, which takes into account the respective local requirements in accordance with the decentralised man-
agement approach. The time horizon for the continuous implementation of these actions ranges from short term to long term.
The whistleblower systems are available on an ongoing basis, i.e. without any time restrictions. Training programmes are
offered on an ongoing basis in accordance with the relevant policies, and the policies are reviewed annually and adapted if
necessary.
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Metrics and targets
DISCLOSURE REQUIREMENT G1-4 – INCIDENTS OF CORRUPTION OR BRIBERY
No convictions or fines were reported in the reporting year in connection with violations of anti-corruption and anti-bribery
laws, and consequently no additional actions were taken.
DISCLOSURE REQUIREMENT G1-5 – POLITICAL INFLUENCE AND LOBBYING ACTIVITIES
As an insurance group, VIG operates in a highly regulated environment and aims to contribute to the further development of
this legal framework. VIG does this indirectly, particularly through memberships in insurance associations or sector-inde-
pendent industry associations. The European Affairs department at VIG Holding is the competence centre for these activities.
The aim is to contribute to practical, market-oriented and effective regulation through industry expertise and practical know-
ledge. In addition, European Affairs supports the members of the Managing Board and the first management level below the
Board in interpreting regulatory developments to ensure they are considered in the strategy and business activities of the
Group in a timely manner and in line with the company’s interests. The employees of this department are subject to the Code
of Business Ethics and take into account the business strategy, which includes the sustainability programme, and the Code of
Conduct of the European Transparency Register in their day-to-day work. Responsibility for the European Affairs department
lies with the Deputy Chairman of VIG Holding Managing Board.
VIG does not make any contributions, including donations and sponsorship payments, to political parties or individuals af-
filiated with them. This principle is also enshrined in the Code of Business Ethics.
In the 2025 reporting year, VIG dealt in particular with the following changes:
• Prudential regulation (Solvency II Review, Insurance Recovery and Resolution Directive, IRRD, Insurance Capital Standards,
ICS);
• Sustainability regulation (in particular the first Omnibus package, review of the Sustainable Finance Disclosure Regulation,
SFDR, Greenwashing, European System for Natural Catastrophe Risk Management, Affordable Housing Plan);
• Regulation in the retail customer business (Retail Investment Strategy, RIS, Savings and Investment Union, SIU, Anti-Money
Laundering, AML, End of Life Vehicle Regulation, ELV); and
• Digitalisation (in particular the Digital Operational Resilience Act, DORA, Artificial Intelligence Act, AI Act, European Health
Data Space, EHDS).
For all EU initiatives, a practical, market-oriented and effective design of the new requirements was pursued, including through
public consultations.
VIG Holding is registered in the European Transparency Register (see transparency-register.europa.eu/; VIG’s Transparency
Register number is 720555724263-16). In contrast to the scope of application of the European Transparency Register, the
scope of application of this ESRS report also includes the representation of interests at national level and in third countries.
In the reporting year, as in the previous year, there were no further registrations in transparency registers in VIG (2024: none).
Group-wide expenditures for compulsory memberships in insurance associations or sector-independent industry associations
increased in the reporting year to EUR 5.9 million compared to the previous year (2024: EUR 5.4 million), while those for voluntary
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memberships increased to EUR 6.3 million (2024: EUR 5.5 million). The increase is mainly due to four factors: inflation-related
value adjustments; earnings-based contribution regulations that lead to higher contributions in the event of an improvement
in earnings; improvements in the documentation quality of membership fees; and an increase in memberships. Contributions
in the form of benefits in kind, through the provision of personnel resources, were recorded based on estimates (e.g. recording
of the session hours and multiplication by the average hourly rate) and amounted to around EUR 244,900 (2024: EUR 183,800).
The increase of 33% compared to the previous reporting year is due, among other things, to the continuous optimisation of
the calculation method. The expenditures incurred in the reporting year for the use of external intermediaries to support lob-
bying activities amounted to EUR 141,800.
In the two years prior to being appointed to the Managing Board or Supervisory Board, no members held a comparable position
in public administration, including regulators, during the reporting year.
ESRS G1 Additional entity-specific disclosure
VIG is aware of its responsibility towards customers, employees, shareholders, business partners, society and the general
public as a whole. This goes hand in hand with its aim to achieve a positive impact – including sponsorship, donations and
corporate volunteering (company volunteering programmes), such as the Group-wide Social Active Day. The focus is on
promoting an active culture of engagement, the impact of which is reflected in the breadth and sustainability of the activities,
not in quantitative target figures. Corporate volunteering is also part of the sustainability programme (see ESRS 2 MDR-P
“Policies adopted to manage material sustainability matters”). VIG attaches great importance to continuous cooperation with
its sponsorship partners, as demonstrated by its many long-standing partnerships. The principles followed in this regard are
described in G1-5 “Political influence and lobbying activities”. In 2025, donations and sponsorships were undertaken in the
following areas.
SOCIAL ENGAGEMENT
Activities
2025
2024*
Number
in EUR ‘000
Number
in EUR ‘000
Sponsorship
1,117
18,463
1,229
13,461
Environment
31
228
Culture
349
4,653
Social
256
1,200
Sports
337
11,239
Other initiatives
144
1,143
Donations
611
6,125
754
5,597
Environment
25
224
Culture
41
597
Social
399
3,930
Sports
99
1,013
Other initiatives
47
361
Total sum
1,728
24,588
1,983
19,058
*Figures for the previous year are available only at an aggregate level for sponsorship and donations, as the categorisation of the individual areas has changed and they are therefore no longer
comparable.
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In addition to the categories listed in the above table, various initiatives were supported to help raise awareness of risk pro-
vision. The VIG Family Fund will continue to be available to employees of the Ukrainian companies for reconstruction in Ukraine.
VIG also supported charitable causes, art projects and actions to improve road safety. In addition, VIG provided sponsorship
for industry associations and events such as networking events.
VIG encourages its employees to volunteer for social projects. Every year, VIG demonstrates its support for social engagement,
charity and solidarity internationally with its Social Active Day. As part of the Social Active Day, employees can dedicate one
working day per year to actively supporting a socially important issue or project. In the 2025 reporting year, a total of 16,163
(2024: 14,398) employees from 54 (2024: 48) VIG companies and 20 (2024: 20) countries participated in the Social Active Day.
This engagement can take many forms, from helping out in the social market to cooking for people on low incomes, supporting
the soup counter, visiting care facilities, refugee shelters, neighbourhood centres or even gardening and collecting litter. What
these activities have in common is people offering their time and energy for the benefit of their fellow human beings and the
environment. Through these actions, VIG promotes a corporate culture characterised by responsibility for others and the
environment and social engagement, contributing to environmental protection and improving the quality of life in all countries
in which VIG operates. As employees and stakeholders are increasingly placing importance on environmental and social
aspects, these corporate volunteering activities can have a positive impact on the perception of VIG as an attractive employer
and on its general reputation.
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ANNEX
TABLE FOR DISCLOSURE REQUIREMENT IRO-2 –LIST OF DATAPOINTS IN CROSS-CUTTING AND TOPICAL STANDARDS THAT DERIVE FROM
OTHER EU LEGISLATION.
The following provides information on datapoints in ESRS 2 and in the topical standards that are derived from other EU
legislation and must be taken into account when reporting the disclosure requirements in ESRS 2. Non-material or non-
reported datapoints are shown accordingly in the first column.
Disclosure requirements in the ESRS covered by the consolidated sustainability statement (IRO-2).
Disclosure Requirement and related
datapoint
(1) SFDR reference
1
(2) Pillar 3
reference
2
(3) Benchmark
Regulation
reference
3
(4) EU Climate Law
reference
4
Reference
ESRS 2 GOV-1 Board’s gender diversity,
paragraph 21 (d)
Indicator number 13
of Table #1 of
Annex 1
Commission
Delegated Regulation
(EU) 2020/1816
5)
,
Annex II
34
ESRS 2 GOV-1
Percentage of board members who are
independent, paragraph 21 (e)
Delegated Regulation
(EU) 2020/1816,
Annex II
35
ESRS 2 GOV-4
Statement on due diligence, paragraph 30
Indicator number 10
Table #3 of Annex 1
38
ESRS 2 SBM-1
Involvement in activities related to fossil
fuel activities, paragraph 40 (d) i
Indicators number 4
Table #1 of Annex 1
Article 449a
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
6)
Table 1:
Qualitative
information on
Environmental risk
and Table 2:
Qualitative
information on Social
risk
Delegated Regulation
(EU) 2020/1816,
Annex II
40
ESRS 2 SBM-1
Involvement in activities related to chemical
production, paragraph 40 (d) ii
Indicator number 9
Table #2 of Annex 1
Delegated Regulation
(EU) 2020/1816,
Annex II
40
ESRS 2 SBM-1
Involvement in activities related to
controversial weapons, paragraph 40 (d) iii
Indicator number 14
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1818
7)
,
Article 12(1)
Delegated Regulation
(EU) 2020/1816,
Annex II
40
ESRS 2 SBM-1
Involvement in activities related to
cultivation and production of tobacco,
paragraph 40 (d) iv
Delegated Regulation
(EU) 2020/1818,
Article 12(1)
Delegated Regulation
(EU) 2020/1816,
Annex II
40
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Disclosure Requirement and related
datapoint
(1) SFDR reference
1
(2) Pillar 3
reference
2
(3) Benchmark
Regulation
reference
3
(4) EU Climate Law
reference
4
Reference
ESRS E1-1
Transition plan to reach climate neutrality
by 2050, paragraph 14
Regulation (EU)
2021/1119, Article
2(1)
70–72
Not applicable:
ESRS E1-1
Undertakings excluded from Paris-aligned
Benchmarks, paragraph 16 (g)
Article 449a;
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453 Template
1: Banking book –
Climate change
transition risk: Credit
quality of exposures
by sector, emissions
and residual maturity
Delegated Regulation
(EU) 2020/1818,
Article12.1 (d) to (g),
and Article 12.2
-
ESRS E1-4
Targets for reducing GHG emissions,
paragraph 34
Indicator number 4
Table #2 of Annex 1
Article 449a
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453 Template
3: Banking book –
Climate change
transition risk:
alignment metrics
Delegated Regulation
(EU) 2020/1818,
Article 6
80–81
ESRS E1-5
Energy consumption from fossil sources
disaggregated by sources (only high climate
impact sectors), paragraph 38
Indicator number 5
Table #1 and
Indicator n. 5 Table
#2 of Annex 1
83
ESRS E1-5
Energy consumption and mix, paragraph 37
Indicator number 5
Table #1 of Annex 1
83
Not applicable:
ESRS E1-5
Energy intensity associated with activities in
high climate impact sectors, paragraphs 40
to 43
Indicator number 6
Table #1 of Annex 1
-
ESRS E1-6
Gross Scope 1, 2, 3 and Total GHG
emissions, paragraph 44
Indicators number 1
and 2 Table #1 of
Annex 1
Article 449a;
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453 Template
1: Banking book –
Climate change
transition risk: Credit
quality of exposures
by sector, emissions
and residual maturity
Delegated Regulation
(EU) 2020/1818,
Article 5(1), 6 and
8(1)
88
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
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Disclosure Requirement and related
datapoint
(1) SFDR reference
1
(2) Pillar 3
reference
2
(3) Benchmark
Regulation
reference
3
(4) EU Climate Law
reference
4
Reference
ESRS E1-6
Gross GHG emissions intensity, paragraphs
53 to 55
Indicators number 3
Table #1 of Annex 1
Article 449a
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453 Template
3: Banking book –
Climate change
transition risk:
alignment metrics
Delegated Regulation
(EU) 2020/1818,
Article 8(1)
90
Not applicable:
ESRS E1-7
GHG removals and carbon credits,
paragraph 56
Regulation (EU)
2021/1119, Article
2(1)
-
Not reported, as phase-in:
ESRS E1-9
Exposure of the benchmark portfolio to
climate-related physical risks, paragraph 66
Delegated Regulation
(EU) 2020/1818,
Annex II
Delegated Regulation
(EU) 2020/1816,
Annex II
-
Not reported, as phase-in:
ESRS E1-9
Disaggregation of monetary amounts by
acute and chronic physical risk,
paragraph 66 (a)
ESRS E1-9
Location of significant assets at material
physical risk, paragraph 66 (c).
Article 449a
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453,
paragraphs 46 and
47; Template 5:
Banking book –
Climate change
physical risk:
Exposures subject to
physical risk.
-
Not reported, as phase-in:
ESRS E1-9
Breakdown of the carrying value of its real
estate assets by energy-efficiency classes,
paragraph 67 (c).
Article 449a
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453,
paragraph 34;
Template 2: Banking
book – Climate
change transition
risk: Loans
collateralised by
immovable property
– Energy efficiency
of the collateral
-
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Disclosure Requirement and related
datapoint
(1) SFDR reference
1
(2) Pillar 3
reference
2
(3) Benchmark
Regulation
reference
3
(4) EU Climate Law
reference
4
Reference
Not reported, as phase-in:
ESRS E1-9
Degree of exposure of the portfolio to
climate-related opportunities, paragraph 69
Delegated Regulation
(EU) 2020/1818,
Annex II
-
Not material:
ESRS E2-4
Amount of each pollutant listed in Annex II
of the E-PRTR Regulation (European
Pollutant Release and Transfer Register)
emitted to air, water and soil, paragraph 28
Indicator number 8
Table #1 of Annex 1
Indicator number 2
Table #2 of Annex 1
Indicator number 1
Table #2 of Annex 1
Indicator number 3
Table #2 of Annex 1
-
Not material:
ESRS E3-1
Water and marine resources, paragraph 9
Indicator number 7
Table #2 of Annex 1
-
Not material:
ESRS E3-1
Dedicated policy, paragraph 13
Indicator number 8
Table 2 of Annex 1
-
Not material:
ESRS E3-1
Sustainable oceans and seas, paragraph 14
Indicator number 12
Table #2 of Annex 1
-
Not material:
ESRS E3-4
Total water recycled and reused,
paragraph 28 (c)
Indicator number 6.2
Table #2 of Annex 1
-
Not material:
ESRS E3-4
Total water consumption in m
3
per net
revenue on own operations, paragraph 29
Indicator number 6.1
Table #2 of Annex 1
-
Not material:
ESRS 2 – IRO-3 – E4,
paragraph 16 (a) i
Indicator number 7
Table #1 of Annex 1
-
Not material:
ESRS 2 – IRO-3 – E4,
paragraph 16 (b)
Indicator number 10
Table #2 of Annex 1
-
Not material:
ESRS 2 – IRO-3 – E4,
paragraph 16 (c)
Indicator number 14
Table #2 of Annex 1
-
Not material:
ESRS E4-2
Sustainable land / agriculture practices or
policies, paragraph 24 (b)
Indicator number 11
Table #2 of Annex 1
-
Not material:
ESRS E4-2
Sustainable oceans / seas practices or
policies, paragraph 24 (c)
Indicator number 12
Table #2 of Annex 1
-
Not material:
ESRS E4-2
Policies to address deforestation,
paragraph 24 (d)
Indicator number 15
Table #2 of Annex 1
-
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
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Disclosure Requirement and related
datapoint
(1) SFDR reference
1
(2) Pillar 3
reference
2
(3) Benchmark
Regulation
reference
3
(4) EU Climate Law
reference
4
Reference
Not material:
ESRS E5-5
Non-recycled waste, paragraph 37 (d)
Indicator number 13
Table #2 of Annex 1
-
Not material:
ESRS E5-5
Hazardous waste and radioactive waste,
paragraph 39
Indicator number 9
Table #1 of Annex 1
-
ESRS 2 SBM3 – S1
Risk of incidents of forced labour,
paragraph 14 (f)
Indicator number 13
Table #3 of Annex I
92
ESRS 2 SBM3 – S1
Risk of incidents of child labour,
paragraph 14 (g)
Indicator number 12
Table #3 of Annex I
92
ESRS S1-1
Human rights policy commitments,
paragraph 20
Indicator number 9
Table #3 and
Indicator number 11
Table #1 of Annex I
93
ESRS S1-1
Due diligence policies on issues addressed
by the fundamental International Labour
Organisation Conventions 1 to 8,
paragraph 21
Delegated Regulation
(EU) 2020/1816,
Annex II
93
ESRS S1-1
processes and measures for preventing
trafficking in human beings, paragraph 22
Indicator number 11
Table #3 of Annex I
93
ESRS S1-1
workplace accident prevention policy or
management system, paragraph 23
Indicator number 1
Table #3 of Annex I
93
ESRS S1-3
grievance/complaints handling
mechanisms, paragraph 32 (c)
Indicator number 5
Table #3 of Annex I
95
ESRS S1-14
Number of fatalities and number and rate of
work-related accidents, paragraph 88 (b)
and (c)
Indicator number 2
Table #3 of Annex I
Delegated Regulation
(EU) 2020/1816,
Annex II
99
ESRS S1-14
Number of days lost to injuries, accidents,
fatalities or illness, paragraph 88 (e)
Indicator number 3
Table #3 of Annex I
100
ESRS S1-16
Unadjusted gender pay gap,
paragraph 97 (a)
Indicator number 12
Table #1 of Annex I
Delegated Regulation
(EU) 2020/1816,
Annex II
100
ESRS S1-16
Excessive CEO pay ratio, paragraph 97 (b)
Indicator number 8
Table #3 of Annex I
100–101
126
Annual Financial Report 2025
Disclosure Requirement and related
datapoint
(1) SFDR reference
1
(2) Pillar 3
reference
2
(3) Benchmark
Regulation
reference
3
(4) EU Climate Law
reference
4
Reference
ESRS S1-17
Incidents of discrimination,
paragraph 103 (a)
Indicator number 7
Table #3 of Annex I
101
ESRS S1-17
Non-respect of UNGPs on Business and
Human Rights and OECD, paragraph 104 (a)
Indicator number 10
Table #1 and
Indicator n. 14 Table
#3 of Annex I
Delegated Regulation
(EU) 2020/1816,
Annex II
Delegated Regulation
(EU) 2020/1818, Art
12 (1)
101
Not material:
ESRS 2 SBM3 – S2
Significant risk of child labour or forced
labour in the value chain, paragraph 11 (b)
Indicators number 12
and n. 13 Table #3 of
Annex I
-
Not material:
ESRS S2-1
Human rights policy commitments,
paragraph 17
Indicator number 9
Table #3 and
Indicator n. 11 Table
#1 of Annex 1
-
Not material:
ESRS S2-1
Policies related to value chain workers,
paragraph 18
Indicator number 11
and n. 4 Table #3 of
Annex 1
-
Not material:
ESRS S2-1
Non-respect of UNGPs on Business and
Human Rights principles and OECD
guidelines, paragraph 19
Indicator number 10
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1816,
Annex II
Delegated Regulation
(EU) 2020/1818, Art
12 (1)
-
Not material:
ESRS S2-1
Due diligence policies on issues addressed
by the fundamental International Labour
Organisation Conventions 1 to 8,
paragraph 19
Delegated Regulation
(EU) 2020/1816,
Annex II
-
Not material:
ESRS S2-4
Human rights issues and incidents
connected to its upstream and downstream
value chain, paragraph 36
Indicator number 14
Table #3 of Annex 1
-
Not material:
ESRS S3-1
Human rights policy commitments,
paragraph 16
Indicator number 9
Table #3 and
Indicator n. 11 Table
#1 of Annex 1
-
Not material:
ESRS S3-1
non-respect of UNGPs on Business and
Human Rights, ILO principles or OECD
guidelines, paragraph 17
Indicator number 10
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1816,
Annex II
Delegated Regulation
(EU) 2020/1818, Art
12 (1)
-
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
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Disclosure Requirement and related
datapoint
(1) SFDR reference
1
(2) Pillar 3
reference
2
(3) Benchmark
Regulation
reference
3
(4) EU Climate Law
reference
4
Reference
Not material:
ESRS S3-4
Human rights issues and incidents,
paragraph 36
Indicator number 14
Table #3 of Annex 1
-
ESRS S4-1
Policies related to consumers and end-
users, paragraph 16
Indicator number 9
Table #3 and
Indicator n. 11 Table
#1 of Annex 1
104
ESRS S4-1
Non-respect of UNGPs on Business and
Human Rights principles and OECD
guidelines, paragraph 17
Indicator number 10
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1816,
Annex II
Delegated Regulation
(EU) 2020/1818, Art
12 (1)
104
ESRS S4-4
Human rights issues and incidents,
paragraph 35
Indicator number 14
Table #3 of Annex 1
108–109
Not applicable:
ESRS G1-1
United Nations Convention against
Corruption, paragraph 10 (b)
Indicator number 15
Table #3 of Annex 1
-
Not applicable:
ESRS G1-1
Protection of whistle-blowers,
paragraph 10 (d)
Indicator number 6
Table #3 of Annex 1
-
ESRS G1-4
Fines for violation of anti-corruption and
anti-bribery laws, paragraph 24 (a)
Indicator number 17
Table #3 of Annex 1
Delegated Regulation
(EU) 2020/1816,
Annex II
118
ESRS G1-4
Standards of anti- corruption and anti-
bribery, paragraph 24 (b)
Indicator number 16
Table #3 of Annex 1
116–118
1
Verordnung (EU) 2019/2088 des Europäischen Parlaments und des Rates vom 27. November 2019 über nachhaltigkeitsbezogene Offenlegungspflichten im Finanzdienstleistungssektor (ABl. L 317 vom
9.12.2019, S. 1).
2
Verordnung (EU) Nr. 575/2013 des Europäischen Parlaments und des Rates vom 26. Juni 2013 über Aufsichtsanforderungen an Kreditinstitute und Wertpapierfirmen und zur Änderung der Verordnung
(EU)Nr. 648/2012 (Eigenmittelverordnung) (ABl. L 176 vom 27.6.2013, S. 1).
3
Verordnung (EU) 2016/1011 des Europäischen Parlaments und des Rates vom 8. Juni 2016 über Indizes, die bei Finanzinstrumenten und Finanzkontrakten als Referenzwert oder zur Messung der
Wertentwicklung eines Investmentfonds verwendet werden, und zur Änderung der Richtlinien 2008/48/EG und 2014/17/EU sowie der Verordnung (EU) Nr. 596/2014 (ABl. L 171 vom 29.6.2016, S. 1).
4
Verordnung (EU) 2021/1119 des Europäischen Parlaments und des Rates vom 30. Juni 2021 zur Schaffung des Rahmens für die Verwirklichung der Klimaneutralität und zur Änderung der
Verordnungen (EG)Nr. 401/2009 und (EU) 2018/1999 („Europäisches Klimagesetz“) (ABl. L 243 vom 9.7.2021, S. 1).
128
Annual Financial Report 2025
OTHER MANDATORY DISCLOSURES
RESEARCH AND DEVELOPMENT
Although VIG companies do not perform any research activities within the meaning of Section 243 (3) Z2 UGB, they contribute
their expertise to the development of insurance-specific software models. VIG Holding and – for projects – the VIG companies
cooperate with Digital Impact Labs Leipzig, Plug and Play and VENPACE, a Germany-based start-up initiative (Investment and
Corporate Building) financed jointly with other insurers, in order to identify technological developments in the market more
quickly and internalise them if necessary. viesure was also founded as an internal “innovation hub” focusing mainly on Austria
for this purpose. Since 2022, an investment has been made in the APEX Deep Tech Fund, which focuses on tech start-ups and
supports VIG in identifying and researching innovations at an early stage in order to use these for the business model to the
benefit of the customers – for example with applications such as sensors and satellite technology for the early detection of
potential forest fires. VIG Group also carries out indirect research activities through its participation both in xista science
ventures for strengthening basic research in Austria and also invlOS to support research in the “biotech” field and the fight
against cancer. In addition, there is a multi-year cooperation agreement with the IE School of Science & Technology in Madrid
for the research of technical topics within the scope of our business model.
HOLDINGS, PURCHASE AND SALE OF OWN SHARES
Detailed information regarding Section 243 (3) Z3 UGB can be found in Note “25.10. Consolidated shareholders’ equity”.
INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM
The preparation of the consolidated financial statements includes all activities to present and disclose the Group’s assets,
financial and operating results pursuant to the statutory and IFRS regulations. The consolidated financial statements include
the balance sheet, the income statement, the statement of comprehensive income, the statement of changes in equity, the
consolidated cash flow statement, the segment reporting and the notes to the consolidated financial statements, which
contain a presentation of the main accounting methods and explanations. The financial statement preparation process con-
solidates all data from the accounting department and the upstream processes as part of the preparation of the consolidated
financial statements.
The internal control system (ICS) in accounting process of the Group is implemented in accordance with the five elementary
components of the COSO framework model (Committee of Sponsoring Organizations of the Treadway Commission) for in-
ternal control. The objective of the ICS in the accounting is to guarantee sufficient security by implementation of controls, so
that proper and reliable consolidated financial statements are prepared despite the identified risks.
The implementation of ESRS requirements also requires clearly defined processes. In the reporting year, relevant data were
collected, aggregated and validated via a shared reporting platform to ensure a high level of quality and transparency of the
information. In addition, all relevant stakeholders and departments were involved, enabling comprehensive and coordinated
reporting. Furthermore, internal audit mechanisms were applied to ensure compliance with regulatory requirements and to
identify potential errors at an early stage, as well as to minimise risks in the reporting process.
Control environment
The organisational structure is comprised of the local accounting departments of the companies and the Group Finance &
Regulatory Reporting Department at the headquarters of VIG Holding in Vienna. The accounting departments of the VIG
companies prepare both financial statements in accordance with local accounting regulations and an IFRS consolidated report
package and transmit these to the Group Finance & Regulatory Reporting Department.
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
129
The IFRS consolidated report packages are prepared in accordance with uniform Group accounting policies. Standardised
software with fixed reporting and consolidation regulations is used for the preparation of the consolidated financial state-
ments. Reporting by VIG companies is largely automated using upstream systems and automated interfaces. The consoli-
dation of the data (capital consolidation, expenditures and income consolidation, debt consolidation and any elimination of
inter-company profits) and the preparation of the consolidated financial statements are prepared by the Group Finance &
Regulatory Reporting Department and are subject to appropriate controls.
Risk assessment
In order to detect risks in the accounting process and subsequently be able to eliminate them as much as possible, docu-
mentation for the annual financial statements process was developed. This includes the entire process of collecting data by
the employees of the VIG companies through automated controls, manual controls and analysis in the consolidated process
to the final financial report for publication.
Control measures
The appropriate IFRS accounting and valuation requirements applicable across the Group are summarised in the Group
accounting manual (IFRS Application) that is binding for all companies included in the consolidated financial statements. The
objective is to guarantee unified implementation of IFRS across the Group. This manual is subject to annual review and is
updated or adapted to the necessary statutory provisions as required. The manual, together with additional information on the
Group-wide reporting requirements, is provided to the responsible persons in the local accounting departments before the
reporting process begins. In addition, we provide information across the Group in a timely manner about significant de-
velopments and changes in requirements for the consolidated financial reporting. As part of the control system, the sub-
sidiaries are required to be compliant with accounting and valuation requirements that are applicable for the Group and are
responsible for the timely reporting of their accounting-related processes.
The data transmitted by the subsidiaries in the consolidation system undergo both automatic (in the form of validation) and
manual reviews (development analysis and plausibility checks) by the Group Finance & Regulatory Reporting Department of
VIG Holding. The performance of control calculations and the reconciliation of intragroup transactions serve as a further
control to identify any differences and, if necessary, to correct or eliminate them. Additionally, the preparation of the income
statement reconciliation, the audit of the accuracy of individual parts of the consolidated financial statements and the
plausibility checks of the entire consolidated financial statements ensure that the presentation is complete and correct.
In the course of the preparation of the financial statements, there is intensive collaboration with the Group Actuarial, Planning
and Controlling Department especially in regard to development analysis (e.g. target-actual comparison). Also, the data are
regularly submitted to the Managing Board for review and control.
In order to guarantee correct and timely completion of the financial statements at the deadline for publication, both the quar-
terly and the annual financial statements are based on strict deadlines about which the VIG companies are informed at the
end of the third quarter at the latest for the coming financial year. The department preparing the consolidated financial state-
ments thus ensures in advance that the VIG companies coordinate their processes to the deadline requirements and thus are
able to transmit their data in a timely manner.
Information and communication
Based on intensive collaboration with other company departments, in particular Group Actuarial, Planning and Controlling and
Asset Management (incl. Real Estate), there is an extensive flow of information and communication.
In addition to the financial report at the end of each financial year, a half-year financial report was published pursuant to the
statutory provisions in accordance with IAS 34.
130
Annual Financial Report 2025
The Investor Relations Department is responsible for reporting to the shareholders of VIG Holding. This takes place both in
personal discussions and through the company website. There the annual and interim reports are made available to the share-
holders and other interested parties as well as regularly updated information on key figures, share price, financial calendar, ad
hoc news and other relevant IR topics.
Monitoring
The Group Finance & Regulatory Reporting Department is responsible for preparing the consolidated financial statements and
the consolidated non-financial report. Regular monitoring of the internal control system is ensured by quarterly reporting to
the Managing Board and the Supervisory Board. The risks are continuously monitored by Group-internal and inter-departmental
controls (e.g. Group Finance & Regulatory Reporting Department – Group Actuarial, Planning and Controlling – Asset Manage-
ment (incl. Real Estate)).
Internal Audit also conducts quality assurance. They per-form independent, objective audit measures by which, in addition to
the design and effectiveness of the internal controls, the value and optimisation potential in the operational processes is
examined. Internal Audit helps the organisation reach the relevant objectives by evaluating, by means of a systematic approach,
the effectiveness of risk management, the control system and the governance processes including all relevant key functions
within the company and improving them through corresponding proposals.
In order to standardise the handling of significant risks throughout the entire Group, there are Group-wide guidelines which
also are an instrument of risk monitoring. The local management is responsible for the implementation of these guidelines in
the individual VIG companies.
In the context of the audit of the financial statements the auditor takes into consideration the internal control system to the
extent it is important for the preparation of the consolidated financial statements. The auditor of the consolidated financial
statements also assesses the functional adequacy of the risk management pursuant to rule 83 of the Code of Corporate
Governance.
CAPITAL, SHARE, VOTING AND CONTROL RIGHTS AND ASSOCIATED AGREEMENTS
The share capital amounts to EUR 132,887,468.20. It is divided into 128,000,000 no-par value ordinary bearer shares with
voting rights, each representing an equal portion of the share capital. The number of shares issued has remained unchanged
since the previous financial year. More detailed information on the anticipatory resolutions and the authorisations of the
Managing Board from the Annual General Meeting pursuant to Section 267 (3a) in connection with Section 243a (1) UGB can
be found in Note “25.10. Consolidated shareholders’ equity”.
CORPORATE GOVERNANCE
VIG Holding is committed to applying and complying with the Austrian Code of Corporate Governance and publishes the con-
solidated Corporate Governance Report on the Vienna Insurance Group website at: group.vig/en/corporate-governance.
OUTSOURCING DISCLOSURES
The outsourcing disclosures pursuant to Section 156 (1) Z1 in connection with Section 109 of the Austrian Insurance Super-
vision Act (VAG) are explained in detail below:
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
131
Holding
VIG Holding decided to have IT services provided by Group-internal and external service providers. twinformatics GmbH provides
IT services for the Austrian VIG insurance companies (including VIG Holding) and, if necessary, arranges sub-outsourcing in
compliance with legal and regulatory requirements and in coordination with the VIG insurance companies in Austria.
Since 1 January 2023, IT services in VIG Group (including VIG Holding) have also been provided by VIG IT - Digital Solutions
GmbH (hereinafter “VIG IT-DS”). VIG IT-DS was founded by VIG Holding to further strengthen the focus on providing IT services
throughout the Group and to have these provided by a company specialised in this area. An outsourcing agreement approved
by the Austrian Financial Market Authority FMA was also concluded with VIG IT-DS, in which the final responsibility of VIG IT-DS
(with twinformatics as a major sub-service provider) for all VIG solutions (SAP NewGL, IFRS 9/17, Readsoft and some smaller
supporting applications) is agreed.
Beyond this, VIG Holding has not outsourced any critical or important functions or operating activities.
Group
Throughout the VIG Insurance Group, critical or important functions or operating activities were outsourced in the following
areas in particular:
• IT (in particular operation and maintenance of operating modules, data centre operation, application development
services, data storage, support services, Cyber Defense Center)
• Claims handling
The governance functions were individually outsourced by the operating insurance companies of VIG insurance group, in
particular the internal audit and actuarial functions and related activities.
While critical or important functions or activities from the IT area and claims handling were outsourced primarily to Group-
external service providers, governance functions were outsourced in VIG Insurance Group both to Group-internal and Group-
external service providers.
The notification and approval of the outsourcing of critical or important functions or activities to or by the local supervisory author-
ities was undertaken by the relevant companies as needed in compliance with the respective nationally applicable legal provisions.
EXPECTED DEVELOPMENT AND RISKS OF THE GROUP
SIGNIFICANT RISKS AND UNCERTAINTIES
Risk management is firmly anchored in the management culture of the company and builds on a clearly defined conservative
risk policy, extensive risk expertise, a developed risk toolkit and risk-based Managing Board decisions. The detailed risk report
of VIG Insurance Group including the impact of climate change and the associated climate risks can be found in the notes to
the consolidated financial statements in the section “Risk strategy and risk management”.
For information on the financial instruments used for investments, reference is made to Note “2. Financial assets and liabilities” as
well as other balance sheet items evaluated according to IFRS 9 and Note “25.4 Financial instruments”, as well as the risk report,
which can be found in the “Risk strategy and risk management” section of the notes to the consolidated financial statements.
132
Annual Financial Report 2025
EXPECTED DEVELOPMENT – OUTLOOK FOR 2026
ECONOMIC OUTLOOK
Further rising real wages in a robust labour market should make private consumption a stable pillar of growth in the euro area,
while sustained low key interest rates and fiscal measures should in turn support investment. The German spending package and
the EU’s exclusion of defence spending from fiscal rules are particularly worth mentioning in this context. Erste Group analysts
expect German real GDP growth to accelerate significantly in 2026. In contrast, there is a weakening of momentum in Spain and
fading one-off effects in Ireland. For the euro area as a whole, real GDP growth is expected to be slightly lower at 1.2%.
In Austria, the Erste Group analysts expect real GDP growth of 1.0% in 2026, driven by the German fiscal measures. These are
expected to be reflected in exports and investments.
In CEE, real GDP growth is expected to accelerate further to 2.7% in 2026. 2026 is the last year that Recovery and Resilience
Facility (RRF) funds can be used. In Poland, Romania and Slovenia, about half of the RRF grants have not yet been disbursed.
Consumer sentiment is also expected to continue its positive trend in the majority of the CEE countries. The projected GDP
growth in the region ranges between 1.0% for Romania, which is particularly affected by weaker private demand and budget
consolidation, and 3.9% for Poland, which has been the leading country several times.
While Erste Group analysts initially viewed the greatest risk to any growth in 2026 as the continued erratic trade policy of the US
administration, the focus has shifted towards the conflict in Iran and the currently difficult-to-predict impact of rising energy
prices and the associated second-round effects. Consequently, the increasing competitiveness of Chinese suppliers in the field
of high technology and, in principle, the shift of Chinese overcapacity on European markets add to the overall possible risks.
In an initial reaction to the possible effects of persistently higher energy prices, Erste Group expects inflation to reach 2.2% for
the euro area in 2026. Lower wage agreements and the phasing out of base effects in energy prices are key steps to limiting
the inflation rate in Austria to a forecast value of 2.5%. For CEE, an inflation rate of 3.5% is expected in 2026, with the risk of
consistently higher energy prices here as well.
OUTLOOK FOR THE INSURANCE GROUP
Vienna Insurance Group with its approximately 30,000 employees, as the market leader in Central and Eastern Europe, is
excellently positioned to take full advantage of the opportunities in this dynamic region and the associated growth potential.
With the new Group strategy evolve
28
, VIG is consistently focusing on growth, increased earnings and a continuously rising
dividend. A significant step in this long-term growth strategy is the planned acquisition of the German company Nürnberger
Beteiligungs-AG. Through this transaction, VIG will strengthen its diversification beyond the core region of Central and Eastern
Europe and at the same time significantly expand its presence on the German market. The closing is expected to take place
in the second half of 2026.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
133
The targets for 2028 include:
• a substantial increase in gross written premiums to at least EUR 20 billion with the aim of further expanding market
leadership in Central and Eastern Europe,
• a significant increase in the result before taxes to at least EUR 1.5 billion,
• a continued attractive net combined ratio of max. 91%,
• an operating return on equity of at least 17% and
• a consistently strong capital base with a solvency ratio of between 150% and 200%.
This clear picture of the growth trajectory for the next three years will be adapted accordingly once the regulatory approvals
have been obtained for the Nürnberger acquisition, likely at the end of 2026.
The Group’s commitment to enabling its shareholders to participate in the Company’s success remains unchanged. The
dividend policy sets the previous year’s dividend as the minimum dividend and anticipates a continuous increase in the
dividend per share, depending on the operational result development. For the 2025 financial year, the dividend proposal is
EUR 1.73, which corresponds to an increase of 11.6% and thus represents the minimum dividend for the 2026 financial year.
The decentralised business model of Vienna Insurance Group has proven its worth in the challenging geopolitical and macro-
economic environment of recent years and the Group believes it is in a good operational position in view of the continuing
volatile conditions. The diversification across markets and lines of business, the consistent customer focus of its companies
and its capital strength provide a strong foundation for the Group to continue its successful course. Against this background,
management is aiming to achieve a result before taxes within a range of EUR 1.25 billion to EUR 1.30 billion for the 2026
financial year, without taking into account the planned Nürnberger acquisition.
Vienna, 23 March 2026
The Managing Board:
Hartwig Löger
General Manager (CEO),
Chairman of the Managing Board
Peter Höfinger
Deputy General Manager,
Deputy Chairman of the Managing Board
Liane Hirner
CFRO, Member of
the Managing Board
Gerhard Lahner
COO, Member of
the Managing Board
Gábor Lehel
CIO, Member of
the Managing Board
Christoph Rath
Member of
the Managing Board
Harald Riener
Member of
the Managing Board
134
Annual Financial Report 2025
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
135
Consolidated
financial
statements
Consolidated financial statements according to the
International Financial Reporting Standards (IFRS) 31/12/2025
Reporting period 01/01–31/12/2025
Consolidated balance sheet as of previous reporting date 31/12/2024
Consolidated income statement as of previous reporting period 01/01–31/12/2024
Currency EUR
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Primary financial statements
The numbers next to the individual items of the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet and the consolidated shareholders’ equity refer to disclosures on the net assets, financial position and results of operations for these items in the Notes to the consolidated financial statements.’
The significant estimates and judgements made and the accounting policies applied are set out in in Note “24. Material accounting estimates and significant judgements” and “25. Accounting policies”.
Consolidated income statement
Consolidated income statement | Notes | 2025 | 2024 adjusted |
in EUR ‘000 | |||
Insurance service result | 1. | ||
Insurance service revenue – issued business | |||
Insurance service expenses – issued business | - | - | |
Insurance service result – reinsurance held | - | - | |
Total capital investment result | |||
Investment result | 2., 9. | ||
Interest revenues using the effective interest rate method | 2.7. | ||
Impairment losses incl. reversal gains on financial instruments | - | ||
Realised gains and losses from financial assets measured at AC | 2.8. | - | - |
Other result from financial instruments | |||
Income and expenses from investment property | 4., 9. | ||
Insurance finance result | 1. | - | - |
Insurance finance result – issued business | - | - | |
Insurance finance result – reinsurance held | |||
Result from associates (equity-method) | |||
Finance result | - | - | |
Finance income | |||
Finance costs | 9. | - | - |
Other income and expenses | 16.3. | - | - |
Other income | |||
Other expenses | - | - | |
Business operating result | |||
Impairments of goodwill | 3. | - | - |
Impairments of intangible assets | 13. | - | - |
Reversal of impairments from intangible assets | 13. | ||
Result before taxes | |||
Taxes | 11.1. | - | - |
Result for the period | |||
Attributable to shareholders and other stakeholders of the parent company | |||
Non-controlling interests | |||
Earnings per share* (in EUR) | 18. | ||
*The undiluted earnings per share equals the diluted earnings per share (in EUR).
For the adjusted figures for the previous year, please refer to the information under “Change in accounting policies” in the chapter “Principles of significant accounting policies”
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Consolidated statement of comprehensive income
Consolidated statement of comprehensive income | Notes | 2025 | 2024 adjusted |
in EUR ‘000 | |||
Result for the period | |||
Other comprehensive income (OCI) | 10.4. | ||
Items that will not be reclassifiable to profit or loss in subsequent periods | - | ||
Remeasurements of defined benefit plans | - | ||
Share of other reserves of investments in associates (equity-method) | |||
Equity instruments designated measured at FVtOCI | - | ||
Unrealised gains and losses acc. to IFRS 17 | - | ||
Taxes | - | ||
Items that will be reclassifiable to profit or loss in subsequent periods | - | ||
Exchange rate changes through equity | - | ||
Unrealised gains and losses from debt instruments measured at FVtOCI | - | ||
Unrealised gains and losses acc. to IFRS 17 | - | - | |
Share of other reserves of investments in associates (equity-method) | |||
Taxes | - | ||
Comprehensive income for the period | |||
Attributable to shareholders and other stakeholders of the parent company | |||
Non-controlling interests | |||
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Consolidated balance sheet
Assets | Notes | 31/12/2025 | 31/12/2024 adjusted | 01/01/2024 adjusted |
in EUR ‘000 | ||||
Cash and cash equivalents | 2., 17. | |||
Financial assets | 2., 17. | |||
Receivables | 7.1. | |||
Assets and disposal groups classified as held for sale | 15. | |||
Current tax assets | ||||
Investments in associates (equity-method) | 6. | |||
Insurance contracts assets issued | 1. | |||
Reinsurance contracts assets held | 1. | |||
Investment property | 4., 17. | |||
Owner-occupied property and equipment | 5., 17. | |||
Other assets | ||||
Goodwill | 3. | |||
Intangible assets | 13. | |||
Right-of-use assets | ||||
Deferred tax asset | 11. | |||
Total | ||||
Liabilities and consolidated shareholders’ equity | Notes | 31/12/2025 | 31/12/2024 adjusted | 01/01/2024 adjusted |
in EUR ‘000 | ||||
Liabilities and other payables | 7.2. | |||
Liabilities included in disposal groups classified as held for sale | 15 | |||
Current tax liabilities | ||||
Financial liabilities | 2., 8., 17. | |||
Other liabilities | ||||
Insurance contracts liabilities issued | 1. | |||
Reinsurance contracts liabilities held | 1. | |||
Provisions | 12. | |||
Deferred tax liabilities | 11.2. | |||
Consolidated shareholders’ equity | 10. | |||
Attributable to shareholders and other stakeholders of the parent company | ||||
Capital stock and capital reserves | 10.3. | |||
Retained earnings | 10.1. | |||
Other reserves | 10.4. | - | - | |
Non-controlling interests | ||||
Total | ||||
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Consolidated statement of change in equity
Development | Share capital | Capital reserves | Retained earnings | Other reserves | Subtotal* | Non-controlling interests | Total | ||
Hybrid capital | Others | Currency reserve | Others | ||||||
Notes | 10.3. | 10.1. | 10.4. | 10.4. | |||||
in EUR ‘000 | |||||||||
As of 1 January 2024 adjusted as published | - | - | |||||||
Changes in accounting policies (IAS 8) | |||||||||
As of 1 January 2024 adjusted | - | - | |||||||
Change in scope of consolidation as well as interest | - | - | - | - | |||||
Reclassification from other comprehensive income to retained earnings | - | ||||||||
Comprehensive income for the period | - | ||||||||
Other comprehensive income excluding currency changes | |||||||||
IAS 29-effects | |||||||||
Exchange rate differences | - | - | - | - | |||||
Result for the period | |||||||||
Dividend payment | - | - | - | - | |||||
As of 31 December 2024 adjusted | - | ||||||||
As of 1 January 2025 adjusted | - | ||||||||
Change in scope of consolidation as well as interest | - | - | - | - | |||||
Reclassification from other comprehensive income to retained earnings | - | ||||||||
Comprehensive income for the period | |||||||||
Other comprehensive income excluding currency changes | |||||||||
IAS 29-effects | |||||||||
Exchange rate differences | |||||||||
Result for the period | |||||||||
Dividend payment | - | - | - | - | |||||
As of 31 December 2025 | - | ||||||||
*The above subtotal equals the equity attributable to shareholders and other capital providers of the parent company.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Consolidated cash flow statement
The adjustments to the previous year’s consolidated cash flow statement result from:
•
the change in accounting policies, as discussed in the chapter of the same name in the Notes,
•
a change in the presentation of interest for financial assets and
•
a further development of the determination methodology applied, which has been refined both conceptually and through additional technical analyses in order to ensure a more appropriate and consistent allocation of cash flows to the individual cash flow items. The adjustments made serve to improve the informative value and transparency of the cash flow statement.
Composition | 31/12/2025 | 31/12/2024 |
in EUR ‘000 | ||
Cash and cash equivalents according to the consolidated balance sheet | ||
Cash and cash equivalents of disposal groups held for sale | ||
Total cash and cash equivalents | ||
Cash and cash equivalents include liquid money and daily maturing cash.
Development | 2025 | 2024 |
in EUR ‘000 | ||
Cash and cash equivalents at beginning of period | ||
Change in cash and cash equivalents | - | |
Changes in scope of consolidation | ||
Exchange rate differences on cash and cash equivalents | - | - |
Cash and cash equivalents at end of period | ||
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Change in cash and cash equivalents | 2025 | 2024 adjusted |
in EUR ‘000 | ||
Result for the period | ||
Amortisation, valuation and exchange rate differences of financial instruments | - | - |
Impairments of goodwill, Impairments of intangible assets and Reversal of impairments from intangible assets | ||
Scheduled depreciation of intangible assets | ||
Scheduled depreciation of right-of-use assets | ||
Scheduled depreciation of tangible assets (excluding real estate) | ||
Result from disposal of subsidiaries | - | |
Result from the disposals and depreciation of property | ||
Result from the disposal of financial assets incl. derivatives | - | - |
Share of profit of at equity accounted companies | - | - |
Dividends received included in the result for the period | - | - |
Interest included in the result for the period | - | - |
Taxes | ||
Adjusted result for the period | - | - |
Changes in: | ||
Financial assets incl. derivatives | ||
(Re-)Insurance contracts | ||
Contract assets and liabilities (IFRS 15) | ||
Right-of-use assets and lease receivables and liabilities | - | |
Receivables and liabilities (excl. leases) | - | |
Intangible assets | ||
Property | - | - |
Other balance sheet items (other assets, tangible assets (excl. property) and other liabilities) | - | - |
Provisions | ||
Other non-cash income and expenses* | ||
Paid and received income tax | - | - |
Cash flow from operating activities | ||
Received interest | ||
Received dividends | ||
Paid and received income tax | - | |
Cash inflow from sale of subsidiaries | ||
Payments for the acquisition of investments in associcates (equity-method) | - | |
Cash inflow from sale of financial instruments | ||
Payments for the acquisition of financial instruments | - | - |
Cash inflow from the sale of property | ||
Payments for the acquisition of property | - | - |
Cash inflow from the sale of intangible assets | ||
Payments for the acquisition of intangible assets | - | - |
Cash flow from investment activities | - | |
Cash inflows from subordinated liabilities | ||
Payments from subordinated liabilities | - | - |
Cash inflows from financial liabilities excl. subordinated liabilities and lease liabilities | ||
Payments from financial liabilities excl. subordinated liabilities and lease liabilities | - | - |
Payments from lease liabilities | - | - |
Paid dividends | - | - |
Paid interest | - | - |
Paid and received income tax | - | |
Cash flow from financing activities | - | - |
Change in cash and cash equivalents | - | |
*The non-cash income and expenses are primarily exchange rate changes.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Notes
General information and principles of significant accounting policies
General information
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 § 245a (1) of the Austrian Commercial Code (Unternehmensgesetzbuch – UGB).
Rounding and currency shown
Amounts were commercially rounded and, where not indicated otherwise, are shown in thousands of euros (EUR ‘000). 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 1.25 and IAS 1.26. 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.
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 “24. Material accounting estimates and significant judgements”.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Accounting policies
The significant accounting policies used are presented in Note “25. Accounting policies. Unless otherwise stated in the following chapter “Initial application of standards”, 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’s 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 | |
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 | |
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 |
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 | |
Amendments to IAS 21 | Restrictions on the convertibility of currencies |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Change in presentation
Categories and classes of financial instruments
The definition of the classes for disclosure was analysed as part of the quality audit of the Notes in the half-year and annual reports. Against this background, the existing class classification was revised and the table presentation was adjusted accordingly in the previous year. The tables affected were labelled “adjusted” in the column for the previous year and relate to disclosures in the notes in connection with IFRS 7 and IFRS 13.
Old representation of the categories and classes | |
Assets | |
Measured at AC | |
Cash and cash equivalents | |
Loans | |
Bonds | |
Term deposits | |
IFRS 9 measured receivables | |
Measured at FVtOCI | |
Mandatorily measured at FVtOCI | |
Loans | |
Bonds | |
Designated measured at FVtOCI | |
Shares and interests in companies | |
Shares | |
Shares in participating companies | |
Shares in affiliated non-consolidated companies | |
Shares in non-consolidated joint ventures | |
Measured at FVtPL | |
Mandatorily measured at FVtPL | |
Shares and interests in companies | |
Shares | |
Shares in participating companies | |
Shares in affiliated non-consolidated companies | |
Shares in non-consolidated joint ventures | |
Loans | |
Bonds | |
Funds | |
Derivatives | |
Other financial assets | |
Designated measured at FVtPL | |
Loans | |
Bonds | |
Other financial assets | |
Liabilities | |
Measured at AC | |
Subordinated liabilities | |
Liabilities to banks | |
Liabilities from financing activities | |
Lease liabilities | |
IFRS 9 measured liabilities | |
Measured at FVtPL | |
Mandatorily measured at FVtPL | |
Designated measured at FVtPL | |
New representation of the categories and classes | |
Loans and bonds | |
Measured at AC | |
Mandatorily measured at FVtOCI | |
Mandatorily measured at FVtPL | |
Designated measured at FVtPL | |
Variable-interest securities | |
Designated measured at FVtOCI | |
Mandatorily measured at FVtPL | |
Designated measured at FVtPL | |
Deposits and IFRS 9 measured receivables | |
Measured at AC | |
Derivatives | |
Mandatorily measured at FVtPL | |
Liabilities from financing activities | |
Measured at AC | |
Liabilities held for financing and other purposes | |
Mandatorily measured at FVtPL | |
Designated measured at FVtPL | |
Other financial liabilties | |
Measured at AC | |
Mandatorily measured at FVtPL | |
IFRS 9 measured liabilities | |
Measured at AC | |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Change in accounting policies
Change in methodology for calculating deferred tax expense in Austria
As part of quality reviews carried out both when new accounting standards are introduced and within the existing accounting framework, fluctuations in the effective tax rate to be disclosed were analysed. This analysis showed that the causes of the fluctuations lie in the reportable segment Austria; accordingly, the methods applied there for accounting for deferred taxes in accordance with IAS 12 were subjected to a more detailed review.
In traditional Austrian life insurance, regulatory and tax-related conditions give rise to an interdependency between current tax expense and policyholder profit participation. In local financial statements prepared under UGB, in accordance with the requirements of local accounting regulations, this effect must be presented in the form of a netted presentation of deferred tax and deferred profit participation using a reduced effective tax rate. This method represents an approximation of the tax relief to be passed on to policyholders at the time it arises and has so far also been applied in the IFRS report package and thus in the consolidated financial statements. However, this results in the reported tax rate being reduced by the profit participation included in deferred tax, thereby contributing to fluctuations in the tax rate. Against the background of the objective to provide a more faithful and reliable view of the Group’s net assets, financial position and results of operations, VIG has concluded that the method for determining the interaction between deferred tax and profit participation should be changed. This also results in a change in presentation.
In future, profit participation effects in connection with deferred taxes will no longer be determined using the simplified local method, but on the basis of actuarial modelling as part of the Fulfilment Cash Flows. In this process, tax expense is calculated using the corporate income tax rate, while the effects from deferred profit participation are recognised as an adjustment to the Contractual Service Margin and the future fulfilment cash flows payable to policyholders.
The change represents a change in accounting policy in accordance with IAS 8 and serves to improve the representation of the underlying economic relationships in the consolidated financial statements. The adjusted accounting policy was first applied as of 31 December 2022, as at the time of the initial application of IFRS 17 on 1 January 2022 the insurance service liabilities were measured using the fair value approach. As a result, the effect of the change in policy is seen only when the fair values are updated.
2022 | |||
Values as published | Adjustment | Adjusted values | |
in EUR ‘000 | |||
Effects on the balance sheet | |||
Assets | 541.225 | 63.765 | 604.990 |
Deferred tax asset | 541.225 | 63.765 | 604.990 |
Liabilities and consolidated shareholders’ equity | 3.511.783 | 63.765 | 3.575.548 |
Retained earnings | 3.270.502 | 62.535 | 3.333.037 |
Non-controlling interests | 241.281 | 1.230 | 242.511 |
2023 | |||
Values as published | Adjustment | Adjusted values | |
in EUR ‘000 | |||
Effects on the balance sheet | |||
Assets | 483,287 | 64,926 | 548,213 |
Deferred tax asset | 483,287 | 64,926 | 548,213 |
Liabilities and consolidated shareholders’ equity | 3,627,565 | 64,926 | 3,692,491 |
Retained earnings | 3,490,112 | 63,638 | 3,553,750 |
Non-controlling interests | 137,453 | 1,288 | 138,741 |
Effect on the income statement | |||
Result before taxes | 772,689 | 0 | 772,689 |
Taxes | -196,443 | 1,161 | -195,282 |
Result for the period | 576,246 | 1,161 | 577,407 |
Attributable to shareholders and other stakeholders of the parent company | 558,979 | 1,103 | 560,082 |
Non-controlling interests | 17,267 | 58 | 17,325 |
Attributable result | 551,423 | 1,103 | 552,526 |
Earnings per share* (in EUR) | 4.31 | 4.32 | |
Effect on the cash flow statement | |||
Result for the period | 576,246 | 1,161 | 577,407 |
Taxes | 196,443 | -1,161 | 195,282 |
Cash flow from operating activities | -139,325 | 0 | -139,325 |
*The undiluted earnings per share equals the diluted earnings per share (in EUR).
2024 | |||
Values as published | Adjustment | Adjusted values | |
in EUR ‘000 | |||
Effects on the balance sheet | |||
Assets | 452,063 | 45,612 | 497,675 |
Deferred tax asset | 452,063 | 45,612 | 497,675 |
Liabilities and consolidated shareholders’ equity | 4,080,290 | 45,612 | 4,125,902 |
Retained earnings | 3,934,072 | 44,689 | 3,978,761 |
Non-controlling interests | 146,218 | 923 | 147,141 |
Effect on the income statement | |||
Result before taxes | 881,806 | 0 | 881,806 |
Taxes | -214,940 | -19,314 | -234,254 |
Result for the period | 666,866 | -19,314 | 647,552 |
Attributable to shareholders and other stakeholders of the parent company | 645,256 | -18,949 | 626,307 |
Non-controlling interests | 21,610 | -365 | 21,245 |
Attributable result | 637,613 | -18,949 | 618,664 |
Earnings per share* (in EUR) | 4.98 | 4.83 | |
Effect on the cash flow statement | |||
Result for the period | 666,866 | -19,314 | 647,552 |
Taxes | 214,940 | 19,314 | 234,254 |
Cash flow from operating activities | 346,049 | 0 | 346,049 |
*The undiluted earnings per share equals the diluted earnings per share (in EUR).
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
The change in the accounting policy did not affect the cash flow from operating activities in the 2024 financial year. Other changes are discussed in the Primary financial statements under the Consolidated cash flow statement.
Additional disclosures
Acquisition of NÜRNBERGER Beteiligungs-AG
In the 2025 financial year, VIG submitted a voluntary public purchase offer to the shareholders of NÜRNBERGER Beteiligungs-AG (Nürnberger) for the acquisition of all registered no-par value shares of Nürnberger. The Managing Board and Supervisory Board of Nürnberger recommended that the company’s shareholders accept the offer, which was open for acceptance from 24 October 2025 up to and including 21 November 2025.
The public purchase offer related to up to 100% of the share capital of Nürnberger. Shareholders were offered a cash consideration of EUR 120.00 per Nürnberger share. The offer price represented a premium of approximately 173% compared with the undistorted volume-weighted average share price over the three months prior to publication of the offer.
By the end of the acceptance period on 21 November 2025, VIG had secured a total of 98.81% of the share capital and voting rights (corresponding to 11,383,371 shares) in NÜRNBERGER Beteiligungs-AG. As of the reporting date, the Group held 3.37% of the Nürnberger shares.
Payment of the offer price will be made once all regulatory approvals required for the acquisition of the Nürnberger shares have been obtained. VIG expects the relevant approvals to be granted in the second half of 2026.
As of 31 December 2024, the Nürnberger Group consisted of 42 companies, whose main business activities included not only the distribution of insurance products, but also companies that provide other financial services and perform service and administrative activities. The most significant participations identified at the time of preparation of this annual report are as follows:
•
Holding
–
NÜRNBERGER Beteiligungs-AG
•
Insurance companies
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GARANTA Versicherungs-AG, Nuremberg
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Neue Rechtsschutz-Versicherungsgesellschaft AG, Mannheim
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NÜRNBERGER Allgemeine Versicherungs-AG, Nürnberg
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NÜRNBERGER Beamten Allgemeine Versicherung AG, Nuremberg
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NÜRNBERGER Krankenversicherung AG, Nuremberg
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NÜRNBERGER Lebensversicherung AG, Nuremberg
•
Other financial service providers
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Fürst Fugger Privatbank AG, Augsburg
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NÜRNBERGER Pensionskasse AG, Nuremberg
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NÜRNBERGER Asset Management GmbH, Nuremberg
•
Service and management companies
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NÜRNBERGER AutoMobil Versicherungsdienst GmbH, Nuremberg
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NÜRNBERGER Versicherungs- und Bauspar-Vermittlungs-GmbH, Nuremberg
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NÜRNBERGER Verwaltungsgesellschaft mbH, Nuremberg
•
Fund companies
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ADN Immo-Direkt Core Invest GmbH & Co. Geschl. InvKG, Hamburg
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ADN Immo-Direkt GD Invest GmbH & Co. Geschl. InvKG, Hamburg
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ADN Immo-Direkt Value Add GmbH & Co. Geschl. InvKG, Hamburg
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Feronia Infra Feeder, L.P., Wilmington/Delaware
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Feronia Infra, L.P., Wilmington/Delaware
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Feronia Infra Cayman, Ltd., Cayman Islands
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Feronia SICAV RAIF, Luxembourg
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Vega Invest Fund plc, Dublin/Ireland
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Vega Invest (Guernsey) Ltd., St. Peter Port/Guernsey
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 July 2022 to 31 December 2026. The extension until the end of 2026 was announced in June 2025.
Based on the current values of Union Biztosító and Alfa (Hungary), an amount of EUR 27.3 million was to be paid for the period from 1 January 2025 to 31 December 2025. According to the available budgeted figures, VIG can expect an additional tax burden amounting to approximately EUR 31.5 million for the 2026 financial year.
VIG classified the announcement made in June 2025 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 June 2025. 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 72,609,000.
The war in Ukraine
On 24 February 2022, the armed forces of the Russian Federation invaded Ukraine, starting a war between these two countries. For the Group’s 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 December 2025, hold assets of approximately EUR 173.3 million (approximately EUR 137.0 million). The impairments recognised as of 31 December 2023 for expected credit losses on government bonds and bank deposits remain, and were adjusted to EUR 71.7 million (as of 31 December 2024: EUR 53.3 million). 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 36.
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.
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Russian bonds
As of the balance sheet date, VIG Insurance Group held Russian corporate bonds with a book value of EUR 0.7 million and a nominal value of EUR 5.0 million (in financial year 2024: a book value of EUR 0.7 million and a nominal value of EUR 5.1 million) 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 45.0 million sold and EUR 12.0 million repaid) which would have had a significant effect in the consolidated income statement (previous year: EUR 8.4 million).
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 28.8 million (nominal value of EUR 35.0 million) 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 2025, 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 18.5 million in the consolidated income statement from the partial derecognition of the previously recorded ECL.
Political risk in Türkiye
As a result of the ongoing uncertain political situation in Türkiye, 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 1.9 million (nominal value of EUR 828.1 million) (previous year: ECL of EUR 28.8 million and nominal value of EUR 769.2 million).
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 2025, 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.
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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 161.9 million and a nominal value of approx. EUR 185.7 million in its books.
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
•
Austria (including the branch offices of Wiener Städtische and Italy (2024 closed in accordance with regulatory law) and in Slovenia),
•
Czech Republic,
•
Poland,
•
Extended CEE,
•
Special Markets and
•
Group Functions (including the branch offices of VIG Holding in Sweden, Norway and Denmark as well as those of VIG Re 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 Türkiye.
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.
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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 Nürnberger on the reportable segments
Due to the size of Nürnberger, an impact on the presentation of segment reporting is likely after closing. However, the purchase of Nürnberger 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 Holding also acts as a reinsurer within VIG Insurance Group as well as in the international corporate business. The Group’s own reinsurance, VIG Re, is a successful provider of reinsurance products both for the Group’s 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 ‘000 | ||
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’s written premiums. Companies who, according to VIG Insurance Group’s knowledge, are under common control are combined into customer groups.
General disclosures
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Transfer prices between reportable segments are determined in the same manner as transactions with third parties, based on market prices. In the income statement intragroup cross-reportable-segment transactions are eliminated in the consolidation column. Exempted are dividends and intercompany results which are eliminated in the respective reportable segment. Balances arising from the elimination of cross-reportable-segment assets and liabilities are reported in VIG Holding and 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
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Consolidation | Total | |||
2025 | 2024 | 2025 | 2024 adjusted | |
in EUR ‘000 | ||||
Insurance service result | 0 | 0 | 1,518,411 | 1,186,351 |
Insurance service revenue – issued business | -1,146,770 | -1,160,797 | 13,195,975 | 12,138,477 |
Insurance service expenses – issued business | 1,348,848 | 1,267,499 | -11,451,282 | -10,656,830 |
Insurance service result – 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 “9. Notes to the consolidated income statement”
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Consolidated balance sheet by reportable segments
Assets | Austria | Czech Republic | Poland | Extended CEE | ||||
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 ‘000 | ||||||||
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 | |||
31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 adjusted | |
in EUR ‘000 | ||||||
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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Liabilities and consolidated shareholders’ equity | Austria | Czech Republic | Poland | Extended CEE | ||||
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 ‘000 | ||||||||
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’ equity | Special Markets | Group Functions | Total | |||
31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 adjusted | |
in EUR ‘000 | ||||||
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’ equity | 7,331,363 | 6,558,935 | ||||
Total | 54,315,636 | 51,242,060 | ||||
The segment assets and liabilities cannot be netted to determine the segment shareholders’ equity.
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EXPLANATORY NOTES TO THE NET ASSETS, FINANCIAL POSITION AND OPERATING RESULTS
1.
Insurance contracts
The accounting policies used are presented in Note “25.3. (Re-)Insurance contracts” and the qualitative description of the risks is presented in the chapter “Risk strategy and risk management”.
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 “onerous” or “non-onerous”.
Consolidation effects recognised in profit or loss are included in the item “Insurance service expenses from reinsurance contracts held”, 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 17 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.
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1.1.
Overview
Composition | 31/12/2025 | |||
PAA | GMM | VFA | Total | |
in EUR ‘000 | ||||
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 | 1,083,895 | 2,006 | ||
Risk Adjustment | -277,492 | -1,504 | ||
Contractual Service Margin | -296,631 | 0 | ||
Assets for Incurred Claims | -30,803 | -140,332 | 49 | -171,086 |
Insurance acquisition costs recognised as assets | 5,707 | |||
Reinsurance contracts assets held | 1,795,168 | 649,708 | 2,444,876 | |
Assets for Remaining Coverage (ARC) | 107,989 | -111,948 | -3,959 | |
Estimates of the PVFCF | -191,341 | |||
Risk Adjustment | 4,227 | |||
Contractual Service Margin | 75,166 | |||
Assets for Incurred Claims | 1,687,179 | 761,656 | 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 | -1,760,494 | -20,854,425 | ||
Risk Adjustment | -164,674 | -1,007,667 | ||
Contractual Service Margin | -690,534 | -5,339,859 | ||
Liability for Incurred Claims | -7,547,709 | -887,358 | -879,806 | -9,314,873 |
As a liability recognised insurance cash flows | -96,639 | |||
Reinsurance contracts liabilities held | -23,732 | -20,488 | -44,220 | |
Liability for Remaining Coverage (LRC) | -32,193 | -20,820 | -53,013 | |
Estimates of the PVFCF | -37,390 | |||
Risk Adjustment | 601 | |||
Contractual Service Margin | 15,969 | |||
Liability for Incurred Claims | 8,461 | 332 | 8,793 | |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Composition | 31/12/2024 | |||
PAA | GMM | VFA | Total | |
in EUR ‘000 | ||||
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 | 934,469 | 9,766 | ||
Risk Adjustment | -254,153 | -2,579 | ||
Contractual Service Margin | -284,788 | -5,495 | ||
Assets for Incurred Claims | -11,482 | -106,625 | -107 | -118,214 |
Insurance acquisition costs recognised as assets | 3,850 | |||
Reinsurance contracts assets held | 1,302,514 | 840,244 | 2,142,758 | |
Assets for Remaining Coverage (ARC) | 102,365 | -135,107 | -32,742 | |
Estimates of the PVFCF | -206,665 | |||
Risk Adjustment | 5,476 | |||
Contractual Service Margin | 66,082 | |||
Assets for Incurred Claims | 1,200,149 | 975,351 | 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 | -1,705,668 | -20,957,067 | ||
Risk Adjustment | -162,208 | -984,540 | ||
Contractual Service Margin | -654,464 | -4,659,290 | ||
Liability for Incurred Claims | -6,703,501 | -725,656 | -823,702 | -8,252,859 |
As a liability recognised insurance cash flows | -66,313 | |||
Reinsurance contracts liabilities held | -18,688 | -23,794 | -42,482 | |
Liability for Remaining Coverage (LRC) | -34,520 | -20,700 | -55,220 | |
Estimates of the PVFCF | -35,960 | |||
Risk Adjustment | 472 | |||
Contractual Service Margin | 14,788 | |||
Liability for Incurred Claims | 15,832 | -3,094 | 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Discount rate
Spot rates in years1 | 31/12/2025 | 31/12/2024 | ||||||||||
1y | 3y | 5y | 10y | 20y | 30y | 1y | 3y | 5y | 10y | 20y | 30y | |
in % | ||||||||||||
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 | ||
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 |
Türkiye | 52 | 44 |
Ukraine | 119 | 159 |
Hungary | 45 | 62 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
1.3.
Insurance contracts issued
Development by balance sheet item
Development – insurance contracts issued | 2025 | |||||
All measurement models | LRC / ARC | LIC / AIC | Total | |||
Contracts not measured under PAA | Contracts measured at PAA | |||||
Excl. LC | LC | PVFCF | RA | |||
in EUR ‘000 | ||||||
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 | 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 | -3,104,566 | -11,770 | 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 | -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 – insurance contracts issued | 2024 | |||||
All measurement models | LRC / ARC | LIC / AIC | Total | |||
Contracts not measured under PAA | Contracts measured at PAA | |||||
Excl. LC | LC | PVFCF | RA | |||
in EUR ‘000 | ||||||
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 | 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 | -2,991,705 | -6,172 | 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 | -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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Development – insurance contracts issued | 2025 | ||||
Premium Allocation Approach | LRC / ARC | LIC / AIC | Total | ||
Excl. LC | LC | PVFCF | RA | ||
in EUR ‘000 | |||||
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 | 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 | -5,908,314 | -6,588,359 | ||
Losses of onerous contracts and reversals of those losses | 22,468 | 22,468 | |||
Changes fulfilment cash flows relating to LIC | -598,069 | -9,712 | -607,781 | ||
Amortisation of insurance acquisition costs | -2,092,029 | -2,092,029 | |||
Investment components | 11,770 | -11,770 | 0 | ||
Insurance finance result* | -753 | 0 | -250,504 | -11,047 | -262,304 |
Unrealised gains and losses acc. to IFRS 17 | 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 | 5,913,456 | -1,846,355 | ||
Received premiums | -10,547,000 | 0 | -10,547,000 | ||
Claims and other insurance service expenses paid | 680,044 | 5,913,583 | 6,593,627 | ||
Insurance acquisition costs | 2,107,145 | -127 | 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Development – insurance contracts issued | 2024 adjusted | ||||
Premium Allocation Approach | LRC / ARC | LIC / AIC | Total | ||
Excl. LC | LC | PVFCF | RA | ||
in EUR ‘000 | |||||
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 | 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 | -5,659,760 | -6,311,576 | ||
Losses of onerous contracts and reversals of those losses | -33,885 | -33,885 | |||
Changes fulfilment cash flows relating to LIC | -505,546 | -5,002 | -510,548 | ||
Amortisation of insurance acquisition costs | -1,942,837 | -1,942,837 | |||
Investment components | 6,172 | -6,172 | 0 | ||
Insurance finance result* | 411 | 0 | -227,085 | -8,996 | -235,670 |
Unrealised gains and losses acc. to IFRS 17 | -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 | 5,720,990 | -1,577,716 | ||
Received premiums | -9,836,208 | 33,557 | -9,802,651 | ||
Claims and other insurance service expenses paid | 541,831 | 5,687,433 | 6,229,264 | ||
Insurance acquisition costs | 1,995,671 | 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Development – insurance contracts issued | 2025 | |||
General Measurement Model | LRC / ARC | LIC / AIC | Total | |
Excl. LC | LC | |||
in EUR ‘000 | ||||
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 | 1,366,482 | ||
insurance service expenses | -375,337 | -7,072 | -773,315 | -1,155,724 |
Incurred claims and other insurance service expenses | -145,777 | -584,925 | -730,702 | |
Losses of onerous contracts and reversals of those losses | -7,072 | -7,072 | ||
Changes fulfilment cash flows relating to LIC | -188,390 | -188,390 | ||
Amortisation of insurance acquisition costs | -229,560 | -229,560 | ||
Investment components | 566,285 | -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 | 1,151,910 | -312,903 | |
Received premiums | -2,170,255 | -2,170,255 | ||
Claims and other insurance service expenses paid | 196,101 | 1,151,910 | 1,348,011 | |
Insurance acquisition costs | 509,341 | 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Development – insurance contracts issued | 2024 adjusted | |||
General Measurement Model | LRC / ARC | LIC / AIC | Total | |
Excl. LC | LC | |||
in EUR ‘000 | ||||
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 | 1,179,919 | ||
insurance service expenses | -268,839 | -6,358 | -650,485 | -925,682 |
Incurred claims and other insurance service expenses | -117,780 | -558,356 | -676,136 | |
Losses of onerous contracts and reversals of those losses | -6,358 | -6,358 | ||
Changes fulfilment cash flows relating to LIC | -92,129 | -92,129 | ||
Amortisation of insurance acquisition costs | -151,059 | -151,059 | ||
Investment components | 455,465 | -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 | 1,026,832 | -221,715 | |
Received premiums | -1,858,155 | -1,858,155 | ||
Claims and other insurance service expenses paid | 187,830 | 1,026,832 | 1,214,662 | |
Insurance acquisition costs | 421,778 | 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Development – insurance contracts issued | 2025 | |||
Variable Fee Approach | LRC / ARC | LIC / AIC | Total | |
Excl. LC | LC | |||
in EUR ‘000 | ||||
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 | 1,494,618 | ||
insurance service expenses | -230,359 | 3,513 | -803,011 | -1,029,857 |
Incurred claims and other insurance service expenses | -162,374 | -751,987 | -914,361 | |
Losses of onerous contracts and reversals of those losses | 3,513 | 3,513 | ||
Changes fulfilment cash flows relating to LIC | -51,024 | -51,024 | ||
Amortisation of insurance acquisition costs | -67,985 | -67,985 | ||
Investment components | 2,538,281 | -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 | 3,307,901 | 481,548 | |
Received premiums | -3,388,189 | -3,388,189 | ||
Claims and other insurance service expenses paid | 221,170 | 3,307,901 | 3,529,071 | |
Insurance acquisition costs | 340,666 | 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Development – insurance contracts issued | 2024 adjusted | |||
Variable Fee Approach | LRC / ARC | LIC / AIC | Total | |
Excl. LC | LC | |||
in EUR ‘000 | ||||
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 | 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 | 3,902 | 3,902 | ||
Changes fulfilment cash flows relating to LIC | -1,295 | -1,295 | ||
Amortisation of insurance acquisition costs | -51,679 | -51,679 | ||
Investment components | 2,536,240 | -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 | 3,369,073 | 634,967 | |
Received premiums | -3,246,735 | -3,246,735 | ||
Claims and other insurance service expenses paid | 200,349 | 3,369,073 | 3,569,422 | |
Insurance acquisition costs | 312,280 | 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 ‘000 | ||||
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 | -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 | 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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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 ‘000 | ||||
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 | -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 | 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 ‘000 | ||||
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 | 267,832 | 267,832 | ||
Amount of RA for the risk expired recognised in profit or loss | 74,745 | 74,745 | ||
Experience adjustments | -19,348 | -6,096 | -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 | 5,063 | |
Changes that relate to past services | -22,998 | -75,993 | -98,991 | |
Changes in fulfilment cash flows relating to incurred claims | -22,998 | -75,993 | -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 | -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 | -312,903 | ||
Received premiums | -2,170,255 | -2,170,255 | ||
Claims and other insurance service expenses paid as well as investment components | 1,348,011 | 1,348,011 | ||
Insurance acquisition costs | 509,341 | 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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Developments of LRC / ARC and LIC / AIC by measurement components | 2024 adjusted | |||
General Measurement Model | PVFCF | RA | CSM | Total |
in EUR ‘000 | ||||
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 | 230,373 | 230,373 | ||
Amount of RA for the risk expired recognised in profit or loss | 69,190 | 69,190 | ||
Experience adjustments | 11,378 | -5,128 | 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 | -1,382 | |
Changes that relate to past services | -37,666 | 4,911 | -32,755 | |
Changes in fulfilment cash flows relating to incurred claims | -37,666 | 4,911 | -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 | -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 | -221,715 | ||
Received premiums | -1,858,155 | -1,858,155 | ||
Claims and other insurance service expenses paid as well as investment components | 1,214,662 | 1,214,662 | ||
Insurance acquisition costs | 421,778 | 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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Developments of LRC / ARC and LIC / AIC by measurement components | 2025 | |||
Variable Fee Approach | PVFCF | RA | CSM | Total |
in EUR ‘000 | ||||
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 | 401,434 | 401,434 | ||
Amount of RA for the risk expired recognised in profit or loss | 92,278 | 92,278 | ||
Experience adjustments | 10,041 | -7,720 | 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 | 6,056 | |
Changes that relate to past services | 7,322 | -42,106 | -34,784 | |
Changes in fulfilment cash flows relating to incurred claims | 7,322 | -42,106 | -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 | 481,548 | ||
Received premiums | -3,388,189 | -3,388,189 | ||
Claims and other insurance service expenses paid as well as investment components | 3,529,071 | 3,529,071 | ||
Insurance acquisition costs | 340,666 | 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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Developments of LRC / ARC and LIC / AIC by measurement components | 2024 adjusted | |||
Variable Fee Approach | PVFCF | RA | CSM | Total |
in EUR ‘000 | ||||
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 | 359,578 | 359,578 | ||
Amount of RA for the risk expired recognised in profit or loss | 92,828 | 92,828 | ||
Experience adjustments | -6,024 | -7,019 | -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 | -5,063 | |
Changes that relate to past services | 4,496 | 11,821 | 16,317 | |
Changes in fulfilment cash flows relating to incurred claims | 4,496 | 11,821 | 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 | 634,967 | ||
Received premiums | -3,246,735 | -3,246,735 | ||
Claims and other insurance service expenses paid as well as investment components | 3,569,422 | 3,569,422 | ||
Insurance acquisition costs | 312,280 | 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 | ||||
GMM | VFA | Total | GMM | VFA | Total | |
in EUR ‘000 | ||||||
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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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 ‘000 | ||||||
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 | -407,781 | -348,310 | -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 | 0 | -29,295 | -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 ‘000 | ||||||
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 | -201,778 | -196,911 | -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 | 0 | -37,130 | -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 ‘000 | ||||||
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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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 ‘000 | ||||||
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 – reinsurance contracts held | 2025 | |||||
All measurement models | LRC / ARC | LIC / AIC | Total | |||
Contracts not measured under PAA | Contracts measured at PAA | |||||
Excl. LoReCo | LoReCo | PVFCF | RA | |||
in EUR ‘000 | ||||||
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 | -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 | 3,006 | 28,418 | 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 | -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 | -395,877 | -654,455 | 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 1,940,000.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Development – reinsurance contracts held | 2024 | |||||
All measurement models | LRC / ARC | LIC / AIC | Total | |||
Contracts not measured under PAA | Contracts measured at PAA | |||||
Excl. LoReCo | LoReCo | PVFCF | RA | |||
in EUR ‘000 | ||||||
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 | -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 | 7,840 | 19,930 | 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 | 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 | -399,713 | -592,356 | 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Development – reinsurance contracts held | 2025 | ||||
Premium Allocation Approach | LRC / ARC | LIC / AIC | Total | ||
Excl. LoReCo | LoReCo | PVFCF | RA | ||
in EUR ‘000 | |||||
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 | -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 | 602,147 | 569,180 | ||
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts | -11 | -11 | |||
Changes fulfilment cash flows relating to LIC | 479,815 | -2,162 | 477,653 | ||
Changes in risk of non-performance by issuer of reinsurance contracts | 0 | 0 | -1,507 | -1,507 | |
Consolidation effects | 37,858 | -25,908 | 0 | 11,950 | |
Investment components | -28,418 | 28,418 | 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 | -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 | -654,455 | 446,512 | ||
Premiums paid | 1,103,711 | 1,103,711 | |||
Claims and other insurance service expenses received as well as investment components | -2,102 | -654,455 | -656,557 | ||
Insurance acquisition costs | -642 | -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 642,000.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Development – reinsurance contracts held | 2024 adjusted | ||||
Premium Allocation Approach | LRC / ARC | LIC / AIC | Total | ||
Excl. LoReCo | LoReCo | PVFCF | RA | ||
in EUR ‘000 | |||||
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 | -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 | 442,282 | 444,612 | ||
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts | 226 | 10 | 236 | ||
Changes fulfilment cash flows relating to LIC | 109,359 | -1,687 | 107,672 | ||
Changes in risk of non-performance by issuer of reinsurance contracts | 0 | 0 | -500 | -500 | |
Consolidation effects | -53,365 | -19,310 | -61 | -72,736 | |
Investment components | -19,930 | 19,930 | 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 | -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 | -592,356 | 529,977 | ||
Premiums paid | 1,123,975 | 1,123,975 | |||
Claims and other insurance service expenses received as well as investment components | -2,497 | -592,356 | -594,853 | ||
Insurance acquisition costs | 855 | 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Development – reinsurance contracts held | 2025 | |||
General Measurement Model | LRC / ARC | LIC / AIC | Total | |
Excl. LoReCo | LoReCo | |||
in EUR ‘000 | ||||
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 | -432,986 | ||
Amounts recovered from the reinsurer | 4,371 | 520 | 171,184 | 176,075 |
Amounts recovered for claims and other technical expenses | 3,246 | 409,988 | 413,234 | |
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts | 520 | 520 | ||
Changes fulfilment cash flows relating to LIC | -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 | 3,006 | 0 | |
Insurance finance result* | 1,127 | 1,232 | 18,036 | 20,395 |
Unrealised gains and losses acc. to IFRS 17 | 1,596 | -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 | -395,877 | 54,086 | |
Premiums paid | 455,885 | 455,885 | ||
Claims and other insurance service expenses received as well as investment components | 3,770 | -395,877 | -392,107 | |
Insurance acquisition costs | -9,692 | -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 1,298,000.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Development – reinsurance contracts held | 2024 adjusted | |||
General Measurement Model | LRC / ARC | LIC / AIC | Total | |
Excl. LoReCo | LoReCo | |||
in EUR ‘000 | ||||
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 | -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 | 366,363 | 369,324 | |
Reimbursements of losses and reversal of reimbursement of losses from groups of onerous contracts | 2,495 | 2,495 | ||
Changes fulfilment cash flows relating to LIC | 331,022 | 331,022 | ||
Changes in risk of non-performance by issuer of reinsurance contracts | 983 | 0 | -1,041 | -58 |
Investment components | -7,840 | 7,840 | 0 | |
Insurance finance result* | 2,275 | 673 | 10,095 | 13,043 |
Unrealised gains and losses acc. to IFRS 17 | -1,706 | 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 | -399,713 | 8,388 | |
Premiums paid | 411,272 | 411,272 | ||
Claims and other insurance service expenses received as well as investment components | 3,585 | -399,713 | -396,128 | |
Insurance acquisition costs | -6,756 | -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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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 ‘000 | ||||
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 | -7,738 | -7,738 | ||
Amount of RA for the risk expired recognised in profit or loss | -80,250 | -80,250 | ||
Experience adjustments | -137,550 | -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 | -71,736 | -71,736 | ||
Changes that relate to past services | -30,024 | -3,661 | -33,685 | |
Changes in fulfilment cash flows relating to incurred claims | -30,024 | -3,661 | -33,685 | |
Changes in risk of non-performance by issuer of reinsurance contracts | 1,809 | 0 | 1,809 | |
Insurance finance result | 16,032 | 1,499 | 2,864 | 20,395 |
Unrealised gains and losses acc. to IFRS 17 | -4,260 | -712 | -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 | 54,086 | ||
Premiums paid | 455,885 | 455,885 | ||
Claims and other insurance service expenses received as well as investment components | -392,107 | -392,107 | ||
Insurance acquisition costs | -9,692 | -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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Developments of LRC / ARC and LIC / AIC by measurement components | 2024 adjusted | |||
General Measurement Model | PVFCF | RA | CSM | Total |
in EUR ‘000 | ||||
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 | -48,541 | -48,541 | ||
Amount of RA for the risk expired recognised in profit or loss | -66,223 | -66,223 | ||
Experience adjustments | 341,977 | 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 | 40,631 | |
Changes in fulfilment cash flows relating to incurred claims | 42,607 | -1,976 | 40,631 | |
Changes in risk of non-performance by issuer of reinsurance contracts | -58 | 0 | -58 | |
Insurance finance result | 8,250 | 1,710 | 3,083 | 13,043 |
Unrealised gains and losses acc. to IFRS 17 | 4,955 | 752 | 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 | 8,388 | ||
Premiums paid | 411,272 | 411,272 | ||
Claims and other insurance service expenses received as well as investment components | -396,128 | -396,128 | ||
Insurance acquisition costs | -6,756 | -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 | ||
General Measurement Model | 31/12/2025 | 31/12/2024 |
in EUR ‘000 | ||
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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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 ‘000 | ||||||
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 ‘000 | ||||||
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 |
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’s figures have been adjusted. These are based on the specific contractual agreements, including the applicable legal or regulatory provisions.
Composition – Fair value | 31/12/2025 | 31/12/2024 adjusted |
in EUR ‘000 | ||
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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Amounts recognised in profit or loss | 2025 | |||
Underlying Assets | Non Underlying Assets | Total | ||
Unconsolidated | Consolidation | |||
in EUR ‘000 | ||||
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 | |||
Underlying Assets | Non Underlying Assets | Total | ||
Unconsolidated | Consolidation | |||
in EUR ‘000 | ||||
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 – VFA | Insurance contracts issued – PAA and GMM | Reinsurance contracts held – PAA and GMM | Total |
in EUR ‘000 | ||||
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 – VFA | Insurance contracts issued – PAA and GMM | Reinsurance contracts held – PAA and GMM | Total |
in EUR ‘000 | ||||
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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Amounts recognised directly in equity | 2025 | 2024 |
in EUR ‘000 | ||
Underlying Assets | 94,631 | 129,638 |
Non Underlying Assets | -124,644 | 46,338 |
IFRS 17 – Insurance contracts issued | 120,685 | -154,083 |
IFRS 17 – Reinsurance contracts held | -8,116 | 500 |
Total | 82,556 | 22,393 |
Statement of comprehensive income | 2025 | 2024 |
in EUR ‘000 | ||
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 – insurance contracts issued | 2025 | 2024 adjusted | ||||
All measurement models | FVA | FRA and new contracts | Total | FVA | FRA and new contracts | Total |
in EUR ‘000 | ||||||
Contractual Service Margin as of 01/01 adjusted as published | -4,940,495 | -936,674 | -5,877,169 | |||
Contractual Service Margin as of 01/01 | -4,245,796 | -1,358,241 | -5,604,037 | |||
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 | -609,559 | -609,559 | -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).
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Development | 2025 | 2024 | ||||
General Measurement Model | FVA | FRA and new contracts | Total | FVA | FRA and new contracts | Total |
in EUR ‘000 | ||||||
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 | -407,781 | -407,781 | -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 ‘000 | ||||||
Contractual Service Margin as of 01/01 adjusted as published | -4,618,817 | -494,275 | -5,113,092 | |||
Contractual Service Margin as of 01/01 | -3,950,130 | -714,655 | -4,664,785 | |||
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 | -201,778 | -201,778 | -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).
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Reinsurance contracts held
Development | 2025 | 2024 | ||||
General Measurement Model | FVA | FRA and new contracts | Total | FVA | FRA and new contracts | Total |
in EUR ‘000 | ||||||
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 | 63,950 | 63,950 | 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 316,000 (EUR -529,000).
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Underlying assets
The following table shows the amounts recorded in the statement of comprehensive income under “Other comprehensive income”. These originate from underlying financial assets from insurance contracts which were measured using the FVA at initial recognition.
Development | 2025 | 2024 |
in EUR ‘000 | ||
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 | ||||
FVA | FRA and new contracts | Total | FVA | FRA and new contracts | Total | |
in EUR ‘000 | ||||||
Insurance service revenue – 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 – 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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
1.7.
Risk of concentration
Insurance contracts liabilities issued | 31/12/2025 | 31/12/2024 |
in EUR ‘000 | ||
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 |
Türkiye | 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 ‘000 | ||
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 – 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:
•
different scope of costs to be taken into consideration,
•
contract boundaries and
•
discount rates applied.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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 – Change | 31/12/2025 | 31/12/2024 | ||
in EUR ‘000 | in % | in EUR ‘000 | in % | |
Base | 11,994,996 | 10,401,147 | ||
Underwriting risks | ||||
Life insurance | ||||
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 | ||||
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 | ||||
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 – 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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 – issued | 2022 | 2023 | 2024 | 2025 | Total |
in EUR ‘000 | |||||
Estimated undiscounted cash outflows excl. RA | |||||
At the end of accident year | -5,100,340 | -5,694,089 | -6,650,816 | -7,219,635 | |
One year later | -5,227,154 | -5,719,057 | -6,557,406 | ||
Two years later | -4,906,143 | -5,633,379 | |||
Three years later | -5,097,706 | ||||
Cumulative claims paid | 4,657,652 | 4,825,571 | 5,218,270 | 3,486,574 | |
LIC/AIC – claims years from 2022 | -440,054 | -807,808 | -1,339,136 | -3,733,061 | -6,320,059 |
LIC/AIC – claims year 2021 | -389,500 | ||||
LIC/AIC – claims years before 2021* | -1,898,762 | ||||
Effect of discounting | 1,332,278 | ||||
Risk Adjustment | -302,469 | ||||
Total | -7,578,512 | ||||
*Including all receivables and payables included in LIC/AIC
AIC / LIC – held | 2022 | 2023 | 2024 | 2025 | Total |
in EUR ‘000 | |||||
Estimated undiscounted cash outflows excl. RA | |||||
At the end of accident year | 742,009 | 590,586 | 609,023 | 1,172,968 | |
One year later | 739,012 | 649,070 | 673,680 | ||
Two years later | 713,843 | 638,825 | |||
Three years later | 718,809 | ||||
Cumulative claims paid | -637,358 | -496,898 | -454,149 | -208,776 | |
AIC/LIC – claims years from 2022 | 81,451 | 141,927 | 219,531 | 964,192 | 1,407,101 |
AIC/LIC – claims year 2021 | 46,534 | ||||
AIC/LIC – claims years before 2021* | 417,409 | ||||
Effect of discounting | -200,391 | ||||
Risk Adjustment | 24,987 | ||||
Total | 1,695,640 | ||||
*Including all receivables and payables included in AIC/LIC
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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 “Reinsurance contracts assets held” and “Reinsurance contracts liabilities held”.
Share of the reinsurer’s rating | 31/12/2025 | 31/12/2024 |
in % | ||
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 ‘000 | ||||||
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 ‘000 | ||
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 1,927.9 million (EUR 1,556.0 million). Under IFRS, the release of the Contractual Service Margin would have a significant positive countereffect on the income statement.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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 “25.4. Financial instruments” and the qualitative description of the risks is presented in the chapter “Risk strategy and risk management”.
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 “adjusted”. Further information can be found in the notes to the consolidated financial statements in the section “Change in presentation”.
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 | |
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 | |
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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
2.1.
Overview
Composition | 31/12/2025 | 31/12/2024 adjusted | ||
Book value | ECL | Book value | ECL | |
in EUR ‘000 | ||||
Assets | ||||
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 | 1,721,978 | ||
Designated measured at FVtPL | 338,954 | 319,827 | ||
Variable-interest securities | 10,764,688 | 9,699,699 | ||
Designated measured at FVtOCI | 360,570 | 291,027 | ||
Mandatorily measured at FVtPL | 10,404,118 | 9,408,672 | ||
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 | 17,744 | ||
Mandatorily measured at FVtPL | 1,278 | 17,744 | ||
Liabilities and consolidated shareholders ’ equity | ||||
Liabilities from financing activities | -2,414,865 | -2,312,886 | ||
Measured at AC | -2,414,865 | -2,312,886 | ||
Liabilities held for financing and other purposes | -3,708 | -1,999 | ||
Mandatorily measured at FVtPL | -3,601 | -1,492 | ||
Designated measured at FVtPL | -107 | -507 | ||
Other financial liabilties | -62,723 | -59,255 | ||
Mandatorily measured at FVtPL | -62,723 | -59,255 | ||
IFRS 9 measured liabilities | -642,152 | -582,834 | ||
Measured at AC | -642,152 | -582,834 | ||
Details regarding the liabilities resulting from financing activities can be found in Note “8.Financial liabilities”. The conditions of subordinated liabilities are presented in Note “8.2. Subordinated liabilities”.
Risk-bearing portfolio* | 31/12/2025 | 31/12/2024 |
in EUR ‘000 | ||
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
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
2.2.
Equity instruments designated measured at FVtOCI
Financial investments | 31/12/2025 | 31/12/2024 |
in EUR ‘000 | ||
Fair value – in portfolio | 360,570 | 291,027 |
Shares | 91,199 | 41,771 |
Nürnberger | 46,708 | |
Remaining sum | 44,491 | 41,771 |
Shares in participating companies | 84,218 | 64,451 |
Wiener Börse 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 SRNÍ, a.s. | 37,864 | 32,626 |
Remaining sum | 78,025 | 86,515 |
Fair value at derecognition date | 5,293 | 8,661 |
Shares | 4,596 | |
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 10.0 million is included.
The derecognition of shares and shares in companies is due to mergers and a capital reduction and the individual values do not exceed an amount of EUR 10.0 million.
Additional Information | 2025 | 2024 |
in EUR ‘000 | ||
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 ’ 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’s risk-bearing portfolio.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Financial assets* | 31/12/2025 | 31/12/2024 |
in EUR ‘000 | ||
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 |
Türkiye | 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 |
31/12/2025 | 31/12/2025 | 31/12/2025 | |
in % | |||
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 813.3 million, measured at FVtOCI of EUR 14,711.2 million and measured at FVtPL of EUR 547.9 million in the risk portfolio.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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’s risk-bearing portfolio as described in Note “2.1. Overview”.
Measured at FVtPL
Credit risk | 31/12/2025 | ||
Mandatory | Designated | ||
Loans and bonds | Variable-interest securities | Loans and bonds | |
in EUR ‘000 | |||
Max. exposure to credit risk | 742,294 | 1,965,591 | 336,011 |
Collaterals | 147,241 | 0 | 5,263 |
Credit risk | 31/12/2024 adjusted | ||
Mandatory | Designated | ||
Loans and bonds | Variable-interest securities | Loans and bonds | |
in EUR ‘000 | |||
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 | |||||||
AAA | AA | A | BBB | BB and lower | No rating | Gross carrying amount* | ECL | |
in EUR ‘000 | ||||||||
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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Credit risk | 31/12/2024 adjusted | |||||||
AAA | AA | A | BBB | BB and lower | No rating | Gross carrying amount* | ECL | |
in EUR ‘000 | ||||||||
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 | 1‑30 days overdue | 31-90 days overdue | > 90 days overdue | Total |
in EUR ‘000 | |||||
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 – range | 0.01%-50.00% | 0.75%-62.00% | 1.81%-100.00% | 4.99%-100.00% | |
Impairment Provisions | 31/12/2024 | ||||
IFRS 9 measured receivables | Due, not overdue | 1‑30 days overdue | 31-90 days overdue | > 90 days overdue | Total |
in EUR ‘000 | |||||
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 – range | 0.01%-100.00% | 0.76%-62.00% | 0.96%-100.00% | 3.07%-100.00% | |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Existence and amounts of restrictions, for liabilities, from | 31/12/2025 | 31/12/2024 |
in EUR ‘000 | ||
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 | |||||
<1 year | >1 year-5 years | >5‑10 years | >10 years | No maturity | Book value excl. ECL | |
in EUR ‘000 | ||||||
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 | |||||
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 | |||||
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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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 | ||
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 | ||
Mandatory | Designated | Mandatory | Designated | |
in EUR ‘000 | ||||
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 | -7,982 | ||
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 | ||||
Measured at AC | Measured at FVtOCI | Total | Measured at AC | Measured at FVtOCI | Total | |
in EUR ‘000 | ||||||
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 | 186,553 | 130,853 | 130,853 | ||
Interest expenses | -75,189 | 0 | -75,189 | -71,532 | 0 | -71,532 |
Financial liabilities | -75,189 | -75,189 | -71,532 | -71,532 | ||
Liabilities from financing activities | -75,189 | -75,189 | -71,532 | -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 44,318,000 (EUR 37,361,000).
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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 ‘000 | ||
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 ‘000 | ||
Loans and bonds | 4,000 | 0 |
Total | 4,000 | 0 |
3.
Goodwill
The accounting policies used are presented in Note “25.5. Goodwill”.
Development | 2025 | 2024 |
in EUR ‘000 | ||
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).
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Composition of CGU units | 31/12/2025 | 31/12/2024 |
in EUR ‘000 | ||
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 | 30/06/2025 | 31/12/2024 | ||
Impairments | Recoverable amount | Impairments | Recoverable amount | ||
in EUR ‘000 | |||||
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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Key calculation parameters | Discount rates* | Country risks | Long-term growth rate | |||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
in % | ||||||
Austria | 9.07 | 9.24 | 0.36 | 0.53 | 1.50 | 1.50 |
Czech Republic | 9.50 | 9.49 | 0.78 | 0.80 | 4.03–4.58 | 3.77–4.10 |
Poland | 10.33 | 10.70 | 1.10 | 1.13 | 5.22–5.57 | 5.48–5.75 |
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 | 4.91–7.76 | 4.82–7.60 |
Bosnia-Herzegovina | 17.08 | 17.21 | 8.41 | 8.67 | 5.53–7.40 | 5.45–7.23 |
Bulgaria | 11.32 | 10.97 | 2.07 | 2.13 | 5.86–6.41 | 5.49–6.16 |
Croatia | 10.26 | 10.31 | 1.55 | 1.60 | 4.83–6.5 | 4.78–6.38 |
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 | 5.61–7.60 | 5.49–7.73 |
Serbia | 13.66 | 13.82 | 3.90 | 4.02 | 5.42–7.35 | 5.50–7.35 |
Slovakia | 10.26 | 10.31 | 1.55 | 1.60 | 4.59–5.34 | 4.54–5.31 |
Ukraine | 27.58 | 28.55 | 15.54 | 16.01 | 9.75–12.89 | 9.80–12.93 |
Hungary | 12.11 | 12.31 | 2.46 | 2.54 | 5.33–6.70 | 5.44–6.30 |
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 |
Türkiye | 29.27 | 30.02 | 5.83 | 6.01 | 11.86–14.72 | 12.28–15.22 |
Group Functions | 9.07–13.66 | 9.24–13.82 | 0.36–3.90 | 0.53–4.02 | 1.50–7.35 | 1.50–7.35 |
*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 |
-10% | -1%p | +1%p | -10% and +1%p | -10% | |
in EUR ‘000 | |||||
Slovakia | 0 | 0 | 0 | 14,489 | 0 |
Hungary | 24,468 | 7,980 | 29,410 | 50,633 | 32,921 |
4.
Investment Property
The accounting policies used are presented in Note “25.7. Investment property”. The fair values can be found in Note “17. Calculation of Fair Value”.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Development | 2025 | 2024 |
in EUR ‘000 | ||
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 Städtische (EUR 6,628,000) and Omniasig (EUR 1,045,000).
The impairments from the previous year are due mainly to the buildings of SIA “Ģertrūdes 121” (EUR 1,000,000) and NNC REAL ESTATE SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ (EUR 1,882,000).
The changes in the scope of consolidation result mainly from the initial inclusion of Rezidence Opatov, s.r.o. (EUR 14,067,000), zuuri s.r.o. (EUR 6,852,000), samavu s.r.o. (EUR 6,198,000) and the final consolidation of WNH Liegenschaftsbesitz GmbH (EUR 13,975,000).
Amounts recognised in profit or loss | 2025 | 2024 |
in EUR ‘000 | ||
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 ‘000 | ||
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 “Investment property”.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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 |
5.
Owner-occupied property and equipment
The accounting policies used are presented in Note “25.8. Owner-occupied property”.
Composition | 31/12/2025 | 31/12/2024 |
in EUR ‘000 | ||
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 “Owner-occupied property and equipment”.
5.1.
Owner-occupied property
Development | 2025 | 2024 |
in EUR ‘000 | ||
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 3,483,000) and Alfa (Hungary) (EUR 2,039,000).
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Composition of reportable segments | 31/12/2025 | 31/12/2024 |
in EUR ‘000 | ||
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 | ||||
Self-used | Rented (operating lease) | Total | Self-used | Rented (operating lease) | Total | |
in EUR ‘000 | ||||||
Owner-occupied property | 450,766 | 21,072 | 471,838 | 436,510 | 30,330 | 466,840 |
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 “21. Business combinations”.
Shares in at equity consolidated companies had a book value of EUR 246.5 million as of 31 December 2025 and a book value of EUR 204.8 million 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 “25.12. Receivables as well as Liabilities and other payables”.
7.1.
Receivables
Composition | 31/12/2025 | 31/12/2024 | ||||
Gross carrying amount | ECL | Net carrying amount | Gross carrying amount | ECL | Net carrying amount | |
in EUR ‘000 | ||||||
IFRS 9 measured receivables | 448,585 | -3,081 | 445,504 | 461,697 | -19,840 | 441,857 |
Other receivables | 170,616 | 170,616 | 118,111 | 118,111 | ||
Total | 619,201 | -3,081 | 616,120 | 579,808 | -19,840 | 559,968 |
Receivables valued in accordance with IFRS 9 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).
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Maturity structure | 31/12/2025 | 31/12/2024 |
in EUR ‘000 | ||
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 ‘000 | ||
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 9 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 “11. Taxes”.
For detailed information on leasing liabilities, please refer to Note “8.Financial liabilities”.
Maturity structure | 31/12/2025 | 31/12/2024 adjusted |
in EUR ‘000 | ||
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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
8.
Financial liabilities
8.1.
Overview
Composition | 31.12.2025 | 31/12/2024 adjusted |
in EUR ‘000 | ||
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 | |
Subordinated liabilities | Liabilities from financing activities | |
in EUR ‘000 | ||
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 | |
Subordinated liabilities | Liabilities from financing activities | |
in EUR ‘000 | ||
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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
8.2.
Subordinated liabilities
Subordinated liabilities of the Group
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’ 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 400,000,000.00 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 185.6 million being redeemed. On 3 April 2025, a further EUR 60.0 million was repurchased, leaving the outstanding volume of these bonds at EUR 154.4 million. Reference is also made to the comments under Note “27. Significant events after the balance sheet date” regarding the “Termination and redemption of subordinated notes 2015”.
A subordinated bond of EUR 200,000,000.00 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 66.0 million was repurchased early, leaving the outstanding volume of these bonds at EUR 134.0 million.
A subordinated Tier 2 bond with an aggregate principal amount of EUR 500,000,000.00 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
A subordinated Tier 2 bond with an aggregate principal amount of EUR 300,000,000.00 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.
9.
Notes to the consolidated income statement
Composition | Austria | Czech Republic | Poland | |||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
in EUR ‘000 | ||||||
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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Composition | Extended CEE | Special Markets | Group Functions | |||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
in EUR ‘000 | ||||||
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 | ||
2025 | 2024 | 2025 | 2024 | |
in EUR ‘000 | ||||
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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
10.
Consolidated shareholders’ equity
Further information on equity items can be found in the section on “Accounting policies”.
10.1.
Dividend payment
Composition | 31/12/2025 | 31/12/2024 |
in EUR ‘000 | ||
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 |
Per share | Total | |
in EUR | ||
Ordinary shares | 198,400,000 | |
10.2.
Proposed appropriation of profits
VIG Holding concluded financial year 2025 with a net retained profit of EUR 451,146,312.48. The following appropriation of profit will be proposed at the Annual General Meeting:
The 128 million shares receive a dividend of EUR 1.73 per share. For this dividend, 28 May 2026 was agreed as the payment date, 27 May 2026 as the record date and 26 May 2026 as the ex-dividend date.
A total distribution of EUR 221,440,000.00 has therefore been approved. The net retained earnings for the financial year 2025 remaining after the distribution, amounting to EUR 229,706,312.48, will be carried forward to new account.
10.3.
Capital reserves – hybrid capital
Issue date | Outstanding volume | Maturity | Yield | Fair value |
in EUR ‘000 | in years | in % | in EUR ‘000 | |
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 Städtische Versicherungsverein, VIG Holding placed a hybrid capital bond on 15 March 2021. The hybrid capital fulfils the shareholders’ 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
10.4.
Other reserves
Composition | 31/12/2025 | |||
Gross | +/- Taxes | +/- Non-controlling interests | Net | |
in EUR ‘000 | ||||
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 17-reserves recyclable | 174,524 | -33,666 | -2,544 | 138,314 |
IFRS 17-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 75,373,000.
Composition | 31/12/2024 adjusted | |||
Gross | +/- Taxes | +/- Non-controlling interests | Net | |
in EUR ‘000 | ||||
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 17-reserves recyclable | 208,332 | -46,095 | -2,574 | 159,663 |
IFRS 17-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 98,291,000.
11.
Taxes
The accounting policies used are presented in Note “25.13. Taxes”.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
11.1.
Tax expenses
Composition | 2025 | 2024 adjusted |
in EUR ‘000 | ||
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 “Actual taxes from the current period” and the amount in question is not considered to be material for the Group.
Reconciliation | 2025 | 2024 adjusted |
in EUR ‘000 | ||
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: | ||
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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Composition | 31/12/2025 | 31/12/2024 adjusted | ||
Assets | Liabilities | Assets | Liabilities | |
in EUR ‘000 | ||||
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 | -35,909 | ||
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 9,932,000 (EUR 13,419,000). Those amounts not recognised amount to EUR 0.000 (EUR 0.000). 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 52,067,000 (EUR 51,311,000). 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’ equity is EUR 2,371,547,000 (EUR 1,993,081,000). Deferred taxes for undistributed subsidiary profits of EUR 8,316,000 (EUR 9,218,000) 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 ‘000 | ||
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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
11.3.
Tax rates
The deferred taxes are based on the following tax rates:
Tax rates | 31/12/2025 | 31/12/2024 |
in % | ||
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 |
Türkiye | 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 2025, 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 January 2025, 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.
12.
Provisions
The accounting policies used are presented in Note “25.11. Provisions”.
Composition | 31/12/2025 | 31/12/2024 |
in EUR ‘000 | ||
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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Miscellaneous provisions
Composition | 31/12/2025 | 31/12/2024 adjusted |
in EUR ‘000 | ||
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 ‘000 | |||||||
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 ‘000 | ||
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 |
13.
Intangible assets
The accounting policies used are presented in Note “25.6. Intangible assets”.
Composition | 31/12/2025 | 31/12/2024 |
in EUR ‘000 | ||
Purchased software | 532,251 | 500,119 |
Other intangible assets | 176,099 | 196,751 |
Total | 708,350 | 696,870 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Purchased software
Development | 2025 | 2024 |
in EUR ‘000 | ||
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).
14.
Leases
Lessors – operating leases
Maturity analysis of undiscounted lease payments | 31/12/2025 | 31/12/2024 |
in EUR ‘000 | ||
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 ‘000 | ||
Fixed lease income | 180,425 | 172,441 |
Lease income from variable lease payments | 39,388 | 33,115 |
Total | 219,813 | 205,556 |
The reported lease income originated mainly from investment properties.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
15.
Assets and disposal groups held for sale and related liabilities
The book values reported pursuant to IFRS 5 relate to a disposal group classified for sale and assigned to the reportable segment Austria. In the summer of 2025 a decision was made to sell the hotel operating company Anděl Investment Praha s.r.o. based in the Czech Republic. The purchase agreement was signed on 7 January 2026.
Assets | 31/12/2025 |
in EUR ‘000 | |
Cash and cash equivalents | 2,623 |
Receivables | 643 |
Investment property | 24,802 |
Owner-occupied property and equipment | 221 |
Other assets | 336 |
Right-of-use assets | 34 |
Total | 28,659 |
Liabilities and consolidated shareholders’ equity | 31/12/2025 |
in EUR ‘000 | |
Liabilities and other payables | 859 |
Current tax liabilities | 63 |
Financial liabilities | 36 |
Other liabilities | 243 |
Deferred tax liabilities | 76 |
Total | 1,277 |
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 3,965,440,000 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 | ||
Sales representatives | 16,146 | 15,745 |
Office staff | 17,133 | 15,898 |
Total | 33,279 | 31,643 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
The employee figures shown are average values based on full-time equivalents.
Personnel expenses | 2025 | 2024 |
in EUR ‘000 | ||
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
2025 | 2024 | |
in EUR ‘000 | ||
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 17 and the increase in other revenues from services is due to a steady increase in regulatory requirements and a larger business volume.
ADDITIONAL DISCLOSURES
17.
Calculation of Fair Value
The accounting policies used are presented in Note “25.9. Calculation of fair value”.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
17.1.
Fair values and book values of financial instruments and investments
Assets | 31/12/2025 | ||||
Book value | Level 1 | Level 2 | Level 3 | Fair value | |
in EUR ‘000 | |||||
Cash and cash equivalents | 1,368,363 | ||||
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 | ||||
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 | ||||
Book value | Level 1 | Level 2 | Level 3 | Fair value | |
in EUR ‘000 | |||||
Cash and cash equivalents | 1,748,124 | ||||
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 | ||||
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
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Financial liabilities | 31/12/2025 | ||||
Book value | Level 1 | Level 2 | Level 3 | Fair value | |
in EUR ‘000 | |||||
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 | ||||
Book value | Level 1 | Level 2 | Level 3 | Fair value | |
in EUR ‘000 | |||||
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 | ||||
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 | |||||
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 1 and Level 2 are due to changes in liquidity, trading frequency and trading activity. The reclassifications from Level 3 to Level 1 are based primarily on an improvement in the estimation of liquidity and/or the availability of valuation rates. The reclassifications from Level 1 to Level 3 are based primarily on a deterioration in the estimation of liquidity and/or changes in the availability of valuation rates. The reclassifications from Level 3 to Level 2 are based primarily on an improvement in liquidity and an improvement in the availability of valuation rates. The reclassifications from Level 2 to Level 3 are based primarily on a deterioration in credit rating and/or estimation of liquidity.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Reclassifications | 31/12/2024 | ||||
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 | |||||
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 ‘000 | ||
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 ‘000 | ||
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 “9. Notes to the consolidated income statement”.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Development | 2025 | 2024 | ||||
Financial assets measured at FVtOCI | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
in EUR ‘000 | ||||||
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 ‘000 | ||||||
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 68,185,000) in the reporting period.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
17.5.
Unobservable input factors
Asset class | Measurement methods | Unobservable input factors | Range | 31/12/2025 | 31/12/2024 adjusted | ||
from | to | from | to | ||||
Property | Capitalised earnings value | Capitalisation rate | in % | 0.80 | 7.80 | 0.30 | 7.47 |
Rental income | in EUR ‘000 | 7 | 5,243 | 7 | 5,124 | ||
Land prices | in EUR ‘000 | 0 | 12 | 0 | 12 | ||
Discounted Cash flow | Capitalisation rate | in % | 4.96 | 9.12 | 5.33 | 9.18 | |
Rental income | in EUR ‘000 | 117 | 9,240 | 116 | 7,754 | ||
Building rights – capitalised earnings value | Capitalisation rate | in % | 2.00 | 4.00 | 2.50 | 4.00 | |
Rental income | in EUR ‘000 | 81 | 4,349 | 83 | 4,349 | ||
Land prices | in EUR ‘000 | 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 – Fair Value | 2025 | 2024 |
in EUR ‘000 | ||
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.
18.
Earnings per share
Earnings per share | 2025 | 2024 adjusted | |
Result for the period | EUR ‘000 | 858,328 | 647,552 |
Non-controlling interests in net result for the period | EUR ‘000 | -23,462 | -21,245 |
Result for the period less non-controlling interests | EUR ‘000 | 834,866 | 626,307 |
Interest expenses for the hybrid capital | EUR ‘000 | 7,643 | 7,643 |
Attributable result | EUR ‘000 | 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).
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
19.
Related persons and companies
Related companies are those affiliated companies and associated companies listed in Note “22. Affiliated companies and participations”. Furthermore, the Managing Board and Supervisory Board members of VIG Holding are to be qualified as related persons.
Wiener Städtische Versicherungsverein holds directly and indirectly around 72.47 % (around72.47 %) and therefore the majority of the voting rights of VIG Holding. Due to the given control, it is therefore also considered to be a related company and its Managing Board as well as Supervisory Board members are considered to be related persons.
19.1.
Members of management in key positions
Supervisory Board | |
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 |
András Kozma | |
Vratislav Kulhánek | |
Hana Machačová | |
Peter Mihók | |
Katarína Slezáková | |
Ágnes Svoób | |
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 | |
Chairman | Hartwig Löger |
Deputy Chairman | Peter Höfinger |
Members | Liane Hirner |
Gerhard Lahner | |
Gábor Lehel | |
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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
19.2.
Key management personnel compensation
The previous year’s 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 | ||||
Supervisory Board Members | Managing Board Members | Total | Supervisory Board Members | Managing Board Members | Total | |
in EUR ‘000 | ||||||
Short‑term employee benefits | 877 | 7,208 | 8,085 | 902 | 6,374 | 7,276 |
Post‑employment benefits | 0 | 1,884 | 1,884 | 0 | 1,322 | 1,322 |
Other long‑term 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’s Managing Board reflects the importance of the Group and the related responsibility, as well as the company’s 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’s 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 December 2019, defined benefit pensions funded by provisions – depending in part on the length of service with VIG Insurance Group – are granted to active members of the company’s 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Managing Board members appointed for the first time on or after 1 January 2020 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 years. If a Managing Board member had already held other positions in the Group for at least 5 years, 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 (“New Severance Pay Model”) 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’ salary – scaled according to length of service – 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 ‘000 | ||
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 3,000,000 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 Städtische Versicherungsverein
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
The Wiener Städtische 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 Städtische 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 Städtische 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’s length principles
Related companies | 2025 | 31/12/2025 | 2024 | 31/12/2024 |
Transactions | Open items | Transactions | Open items | |
in EUR ‘000 | ||||
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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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 January 2025, 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 “advantage” in respect of the aid. It is also unclear how temporal effects and any input tax deduction will impact the amount of this “advantage”. For these reasons, no provision is formed in the consolidated financial statements.
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 Triesterstraße 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 |
Date | in % | Date | |||
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 Korlátolt Felelősségű Társaság | Budapest | 2022 | 90.00 | 01/07/2025 | full consolidation |
Kitzbüheler Bestattung WV GmbH | Kitzbühel | 2020 | 97.75 | 01/01/2025 | full consolidation |
NOMOSI s.r.o. | Bratislava | 2025 | 98.18 | 26/03/2025 | full consolidation |
PHINANCE SPÓŁKA AKCYJNA | Poznan | 2025 | 48.81 | 01/04/2025 | consolidated at equity |
Q13a Wohnen Eybnerstraße 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Companies acquired, but not yet consolidated* | Registered office | Interest acquired |
in % | ||
MOLDASIG S.A. | Chișinău | 95.20 |
NÜRNBERGER 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 |
Fürst Fugger Privatbank AG, Augsburg | Augsburg | 99.00 |
GARANTA Versicherungs-AG | Nuremberg | 100.00 |
Neue Rechtsschutz-Versicherungsgesellschaft AG | Mannheim | 51.00 |
NÜRNBERGER Allgemeine Versicherungs-AG | Nuremberg | 100.00 |
NÜRNBERGER Asset Management GmbH | Nuremberg | 100.00 |
NÜRNBERGER AutoMobil Versicherungsdienst GmbH | Nuremberg | 100.00 |
NÜRNBERGER Beamten Allgemeine Versicherung AG | Nuremberg | 100.00 |
NÜRNBERGER Beteiligungs-AG | Nuremberg | 100.00 |
NÜRNBERGER Krankenversicherung AG | Nuremberg | 100.00 |
NÜRNBERGER Lebensversicherung AG | Nuremberg | 100.00 |
NÜRNBERGER Pensionskasse AG | Nuremberg | 100.00 |
NÜRNBERGER Versicherungs- und Bauspar-Vermittlungs-GmbH | Nuremberg | 100.00 |
NÜRNBERGER 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.
Nürnberger Group: Closing expected in the second half of 2026
Further details regarding this acquisition are discussed in the chapter “General information and principles of significant accounting policies” under section “Additional information”.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
21.2.
Change in assets and liabilities due to changes in the scope of consolidation
Balance sheet | Additions | Disposals |
in EUR ‘000 | ||
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 ‘000 | ||
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 January 2025 would not result in any significant change in the balance sheet items. The retrospective inclusion of the newly consolidated companies as of 1 January 2025 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 “21.1. Changes in the scope of consolidation”.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
22.
Affiliated companies and participations
Number of companies | Austria | Outside Austria | Total |
Number | |||
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 |
in % | in % | |||
"Compensa Vienna Insurance Group", ADB | Lithuania | Vilnius | 100.00 | 100.00 |
"Grüner Baum" Errichtungs- und Verwaltungsges.m.b.H. | Austria | Vienna | 97.75 | 97.75 |
AB Modřice, 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 Biztosító Zrt. | Hungary | Budapest | 90.00 | 90.00 |
Alfa VIG Pénztárszolgáltató Zrt. | Hungary | Budapest | 90.00 | 90.00 |
Anděl 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 Românească - ASIROM Vienna Insurance Group S.A. | Romania | Bucharest | 99.79 | 99.79 |
ATBIH GmbH | Austria | Vienna | 100.00 | 100.00 |
ATRIUM TOWER SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOSCIĄ | 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 Asigurări de Viaţă Vienna Insurance Group S.A. | Romania | Bucharest | 93.98 | 93.98 |
BEESAFE SPÓŁKA 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, akciová spoločnosť | 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 |
Česká podnikatelská pojišťovna, a.s., Vienna Insurance Group | Czech Republic | Prague | 100.00 | 100.00 |
Chrášťany komerční areál a.s. | Czech Republic | Prague | 97.28 | 97.28 |
CLAIM EXPERT SERVICES S.R.L. | Romania | Bucharest | 99.16 | 99.16 |
Compania de Asigurări "DONARIS VIENNA INSURANCE GROUP" Societate pe Actiuni | Moldova | Chișinău | 100.00 | 99.99 |
Compensa Life Vienna Insurance Group SE | Estonia | Tallinn | 100.00 | 100.00 |
Compensa Towarzystwo Ubezpieczeń 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 | |
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 |
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 Korlátolt Felelősségű Társaság | 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 Korlátolt Felelősségű Társaság | 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 Ubezpieczeń 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 |
KÁLVIN TOWER Ingatlanfejlesztési és Beruházási Korlátolt Felelősségű Társaság | 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 |
KOMUNÁLNA poisťovňa, a.s. Vienna Insurance Group | Slovakia | Bratislava | 100.00 | 100.00 |
KOOPERATIVA poisťovňa, a.s. Vienna Insurance Group | Slovakia | Bratislava | 98.47 | 98.47 |
Kooperativa pojišťovna, 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 SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ | Poland | Warsaw | 99.42 | 99.42 |
NOMOSI s.r.o. | Slovakia | Bratislava | 98.18 | |
Nordbahnhof Projekt EPW8 GmbH & Co KG | Austria | Vienna | 97.75 | 97.75 |
Nordbahnhof Projekt EPW8 Komplementär GmbH | Austria | Vienna | 97.75 | 97.75 |
Nordbahnhof Projekt Taborstraße 123 GmbH & Co KG | Austria | Vienna | 100.00 | 100.00 |
Nordbahnhof Projekt Taborstraße 123 Komplementär GmbH | Austria | Vienna | 100.00 | 100.00 |
Nußdorfer Straße 90-92 Projektentwicklung GmbH & Co KG | Austria | Vienna | 97.75 | 97.75 |
OMNIASIG VIENNA INSURANCE GROUP S.A. | Romania | Bucharest | 99.54 | 99.54 |
OÜ 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 SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ | 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 - ŻYCIE 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 |
Rathstraße 8 Liegenschaftsverwertungs GmbH | Austria | Vienna | 97.75 | 97.75 |
Ray Sigorta A.Ş. | Türkiye | 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 Bürohaus Errichtungs- und Vermietungs GmbH & Co KG | Austria | Vienna | 98.50 | 98.50 |
SECURIA majetkovosprávna a podielová 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 “Alauksta 13/15” | Latvia | Riga | 100.00 | 100.00 |
SIA “Artilērijas 35” | Latvia | Riga | 100.00 | 100.00 |
SIA “Ģertrūdes 121” | Latvia | Riga | 100.00 | 100.00 |
SIA LiveOn Terbatas | Latvia | Riga | 100.00 | 100.00 |
SIGMA VIENNA INSURANCE GROUP Shoqëri 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 |
Spółdzielnia Usługowa 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 Biztosító Zrt. | Hungary | Budapest | 88.78 | 88.78 |
Untere Donaulände 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 OÜ | Estonia | Tallinn | 100.00 | 100.00 |
Vienibas Gatve Properties SIA | Latvia | Riga | 100.00 | 100.00 |
Vienna Insurance Group Polska Spółka z organiczoną odpowiedzialnością | Poland | Warsaw | 99.99 | 99.99 |
VIENNA LIFE TOWARZYSTWO UBEZPIECZEŃ NA ŻYCIE SPÓŁKA AKCYJNA VIENNA INSURANCE GROUP | Poland | Warsaw | 99.98 | 99.98 |
VIENNA POWSZECHNE TOWARZYSTWO EMERYTALNE SPÓŁKA AKCYJNA VIENNA INSURANCE GROUP | Poland | Warsaw | 100.00 | 100.00 |
VİENNALİFE EMEKLİLİK VE HAYAT ANONİM ŞİRKETİ | Türkiye | Istanbul | 100.00 | 100.00 |
Vienna-Life Lebensversicherung AG Vienna Insurance Group | Liechtenstein | Bendern | 100.00 | 100.00 |
VIG Befektetési Alapkezelő Magyarország Zártkörűen Működő Részvénytársaság | 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 | |
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 Magyarország Befektetési Zártkörűen Működő Részvéntársaság | Hungary | Budapest | 90.00 | 90.00 |
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 SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ | Poland | Warsaw | 99.98 | 99.99 |
VIG RE zajišťovna, 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 dioničko društvo za osiguranje | Croatia | Zagreb | 97.82 | 97.82 |
WIENER RE akcionarsko društvo za reosiguranje | Serbia | Belgrade | 99.24 | 99.24 |
WIENER STÄDTISCHE OSIGURANJE akcionarsko drustvo za osiguranje | Serbia | Belgrade | 100.00 | 100.00 |
WIENER STÄDTISCHE 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 Vermögensverwaltung 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 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
At equity-consolidated companies | Country of domicile | Registered office | Interest 2025 | Interest 2024 |
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 |
Österreichisches Verkehrsbüro Aktiengesellschaft | Austria | Vienna | 35.78 | 35.78 |
PHINANCE SPÓŁKA AKCYJNA | Poland | Poznan | 48.81 | |
Towarzystwo Ubezpieczeń Wzajemnych „TUW" | Poland | Warsaw | 52.16 | 52.16 |
UNIVERSAL maklérsky 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 |
in % | in % | |||
Affiliated companies | ||||
"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 družstvo za životno osiguranje Wiener Städtische Podgorica, Vienna Insurance Group | Montenegro | Podgorica | 100.00 | 100.00 |
Alfa VIG Közvetítő 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 Lukáš 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 | Moravská Ostrava | 100.00 | 100.00 |
Bohemika a.s. | Czech Republic | Žatec | 100.00 | 100.00 |
Bohemika HypoReal s.r.o. | Czech Republic | Žatec | 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 | |
ČPP 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 |
Domácí péče Haná 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 | Königgrätz | 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 | |
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 sociální služby s.r.o. | Czech Republic | Jinočany | 63.23 | 63.23 |
Global Partner Zdraví, 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 SRNÍ, a.s. | Czech Republic | Prague | 97.28 | 97.28 |
Hyundai Hradec s.r.o. | Czech Republic | Königgrätz | 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 Autóth Szerviz Kereskedelmi és Szolgáltató Korlátolt Felelősségű Társaság | Hungary | Budapest | 63.00 | |
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 Vermögensverwaltung GmbH | Austria | Vienna | 98.65 | 98.65 |
Main Point Karlín II., a.s. | Czech Republic | Prague | 97.28 | 97.28 |
MEDICINSKI CENTER AMERIMED OOD | Bulgaria | Sofia | 51.00 | 51.00 |
Menta Pénzügyi Korlátolt Felelősségű Társaság | Hungary | Budapest | 90.00 | |
Money & More Pénzügyi Tanácsadó Zártkörűen Működő Részvénytársaság | Hungary | Budapest | 88.78 | 88.78 |
Nadacia poisťovne 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 SPÓŁKA 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 | Türkiye | 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 gemeinnützige 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 | |
Vienna International Underwriters GmbH | Austria | Vienna | 100.00 | 100.00 |
VIENNA LIFE PARTNERS SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ | Poland | Warsaw | 99.98 | 99.98 |
VIENNA LIFE SERVICES SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ | 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 SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ | Poland | Warsaw | 99.98 | |
VIG/C-QUADRAT TOWARZYSTWO FUNDUSZY INVESTYCYJNYCH SPÓŁKA AKCYJNA | Poland | Warsaw | 50.99 | 50.99 |
VIGsana s.r.o. | Czech Republic | Prague | 97.28 | |
WIENER poliklinika društvo s ograničenom odgovornošću za zdravstvenu djelatnost | Croatia | Zagreb | 97.82 | |
Wiener Städtische Donau Leasing GmbH | Austria | Vienna | 97.75 | 97.75 |
WSBV Beteiligungsverwaltung GmbH | Austria | Vienna | 97.75 | 97.75 |
Equity holdings | ||||
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 % | |||
Elsö Maganegeszsegügyi 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 društvo s ograničenom odgovornošću 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 |
VÖB Direkt Versicherungsagentur GmbH | Austria | Graz | 48.87 | 48.87 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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 |
Hansenstraße 3-5 Immobilienbesitz GmbH | Austria | Vienna | 01/01/2025 | MC EINS Immobilienbesitz GmbH |
Help24 Assistance Korlátolt Felelősségű Társaság | Hungary | Budapest | 01/07/2025 | Global Assistance Korlátolt Felelősségű Társaság |
Kaiserstraße 113 GmbH | Austria | Vienna | 01/01/2025 | RGIB GmbH |
Kitzbüheler Bestattung WV GmbH | Austria | Kitzbühel | 01/01/2025 | WIENER VEREIN BESTATTUNGS- UND VERSICHERUNGSSERVICE-GESELLSCHAFT M.B.H. |
Q13a Wohnen Eybnerstraße GmbH | Austria | Vienna | 01/01/2025 | BMA 20 Immobilienbesitz GmbH |
Rößlergasse Bauteil Zwei GmbH | Austria | Vienna | 01/01/2025 | MC EINS Immobilienbesitz GmbH |
T 125 GmbH | Austria | Vienna | 01/01/2025 | RGIB GmbH |
VIG Türkiye 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 |
23.
AUDITING FEES AND AUDITING SERVICES
The auditor of these consolidated financial statements is KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft. The following expenses were recorded for their services in the financial year:
Composition | 2025 | 2024 |
in EUR ‘000 | ||
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 |
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 17 portfolios, which is as follows:
•
Unit-linked and participating life insurance contracts as well as Austrian health insurance by type of life insurance are measured by the VFA method,
•
Property and casualty insurance contracts are primarily measured with PAA and
•
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’s place of residence. They reflect recent historical experience and are adjusted when appropriate to reflect the local companies’ 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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 “1.8 Insurance and market risks – sensitivity analysis”
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 “Liability for Incurred Claims (LIC)” 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 “1.2 Assumptions used”.
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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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:
•
identifying the coverage units in the group;
•
allocating the CSM at the end of the period to each coverage unit provided or expected to be provided in the future;
•
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’s cover from the reinsurance contracts held and not the cover from the underlying insurance contracts with the policyholders.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
The total coverage units of each group of (re‑)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 “1.2 Assumptions used”.
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:
•
whether insurance contracts are expected to arise as a result of renewals of existing insurance contracts, and
•
if applicable, with respect to the amount to be allocated to groups, including future renewals,
•
as well as with respect to the volume of expected renewals from new contracts issued in the period.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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’ 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 9 across relevant financial assets requires discretionary decisions, in particular for the estimation of the amount and timing of future cash flows when determining impairment losses and the assessment of a significant increase in credit risk. These estimates are driven by the outcome of modelled ECL scenarios and the relevant inputs used as described in chapter “Impairment of financial assets” in the Notes under “25.4. Financial instruments”.
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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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 “17. Calculation of Fair Value” and in Note “25.9. Calculation of fair value” contain further information about the valuation process. The impairment of financial assets is explained in Note “24.2. Impairment losses on financial assets”.
24.4.
Impairment of goodwill
At least once a year, an assessment is carried out, in accordance with the method described in Note “25.5. Goodwill”, 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 “3. Goodwill”.
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:
•
past result performance,
•
operating plans,
•
loss carryforward periods,
•
tax planning strategies and
•
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 “25.13. Taxes”.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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 “25.13 Taxes” and in Note “11. Taxes”.
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 – Investments in Associates and Joint Ventures and/or IFRS 10 – 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’s judgement to determine a percentage that can be used to calculate a threshold value for each key figure (e.g. shareholders’ 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:
•
real estate holding companies, but only from the date on which the company was operational,
•
holding companies with shares in the operational insurance business or in real estate holding companies, as well as
•
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 – Investments in Associates and Joint Ventures and IFRS 10 – 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 1.31, 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
24.8.
Judgment of material accounting considerations according to IAS 8
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 8 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’s assessment, this will be presented in the current period.
25.
Accounting policies
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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Currency | End-of-period exchange rate | Average exchange rate | |||
31/12/2025 | 31/12/2024 | 2025 | 2024 | ||
1 EUR ≙ | |||||
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 |
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’s 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 (“special funds”) 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’s 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Deferred tax assets acquired during a business combination and arising under IAS 12.66 et seqq. on the acquisition date are tested for impairment in accordance with IAS 12.37.
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 “22. Affiliated companies and participations”.
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 17 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 “investment contracts”. Investment contracts are generally out of the IFRS 17 scope. However, if investment contracts have discretionary participation features, these contracts are nevertheless within the IFRS 17 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:
•
the contract conditions specify that the policyholder participates in a share of a clearly identified pool of underlying items;
•
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
•
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.
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This primarily concerns VIG’s 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 17, it analyses whether the contract contains components that should be separated. Meaning, those components must be accounted for under another IFRS rather than IFRS 17 (distinct non-insurance components). After separating any distinct non-insurance components, IFRS 17 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:
•
deducted from premiums received,
•
included within claims or
•
treated as an investment component.
Level of aggregation
After identifying which insurance contracts are within the scope of IFRS 17, 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 17 necessitates to define the level of aggregation for applying its requirements.
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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:
•
onerous contracts,
•
contracts with no significant risk of becoming onerous; and
•
the remaining contracts.
For GMM and PAA, IFRS 17 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 17. This means that IFRS 17 metrics such as fulfilment cash flows, the contractual service margin (“CSM”) 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
For the consolidated insurance companies, the direct insurance and optional reinsurance were grouped into the following IFRS 17 portfolios for P&C, life and health insurance:
•
Life insurance:
–
With profit participation
–
Unit- and index-linked
–
Other
–
Issued and held Treaty reinsurance
•
Health insurance:
–
Long-term health insurance (similar to life)
–
Issued and held Treaty reinsurance
•
Property and casualty insurance:
–
Medical expense insurance
–
Income protection insurance
–
Workers’ compensation insurance
–
Motor vehicle liability insurance
–
Other motor insurance
–
Marine, aviation and transport insurance
–
Fire and other damage to property insurance
–
General liability insurance
–
Credit and suretyship insurance
–
Legal expenses insurance
–
Assistance
–
Miscellaneous financial losses
–
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:
•
before the start of the coverage period, or
•
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:
•
pricing information,
•
results of similar contracts the group has recognised and
•
environmental factors, like changes in market or regulations.
Further details are discussed in this section in chapter Presentation.
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Recognition
Groups of insurance contracts issued have to be recognised from the earliest of the following:
•
The beginning of the coverage period of the group of contracts;
•
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
•
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:
•
The beginning of the coverage period of the group of reinsurance contracts held or
•
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:
•
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
•
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 17 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.
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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 13 Fair Value Measurement were applied; except for the application of IFRS 13.47 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:
•
identify groups of insurance contracts,
•
determine whether any contracts are direct participating insurance contracts,
•
identify any discretionary cash flows for insurance contracts without direct participation features,
•
determine whether an investment contract meets the definition of an investment contract with discretionary participation features as defined in IFRS 17.
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:
•
the economically calculated best-estimate liability without taking into account reporting requirements; plus
•
a profit margin in line with the market.
For the significant estimates and judgements made in applying this approach, please refer to Note “24.1. (Re-)Insurance contracts”.
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The discount rates applied at the transition date
Spot Rates in years* | 01/01/2022 | |||||
1y | 3y | 5y | 10y | 20y | 30y | |
in % | ||||||
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 | |
Bosnia-Herzegovina | 100 |
Bulgaria | 45 |
Germany | 15 |
Croatia (HRK) | 9 |
Liechtenstein | 15 |
Austria | 15 |
Poland | 63 |
Serbia | 200 |
Slovakia | 8 |
Czech Republic | 29 |
Türkiye | 26 |
Hungary | 19 |
Initial measurement
Insurance contracts not measured under PAA
A group of insurance contracts is measured as the total of:
•
the fulfilment cash flows and
•
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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
The fulfilment cash flows consist of:
•
unbiased and probability-weighted estimates of future cash flows,
•
a discount to present value to reflect the time value of money and financial risks, and
•
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:
•
premiums and any additional related cash flows,
•
claims and benefits, including reported claims not yet paid, incurred claims not yet reported and expected future claims including:
–
payments to policyholders that vary depending on returns of underlying items and
–
allocation of insurance acquisition costs attributable to the portfolio to which the contract belongs.
•
claims handling costs,
•
policy administration and maintenance costs, including recurring commissions that are expected to be paid to intermediaries,
•
allocation of fixed and variable overheads directly attributable to fulfilling insurance contracts,
•
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:
• 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
•
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:
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•
the extent of future cash flows related to any derivatives embedded in the contracts and
•
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:
•
the premiums, if any, received at initial recognition,
•
minus any insurance acquisition cash flows at that date,
•
plus or minus any amount arising from the derecognition at that date in the item insurance acquisition costs recognised as assets
•
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.
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Subsequent measurement
According to IAS 34, 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 17.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:
•
the effect of any new contracts added to the group,
•
interest accreted on the book value of the CSM during the reporting period, measured at the discount rates at initial recognition,
•
the changes in fulfilment cash flows relating to future service, except to the extent that:
–
such increases in the fulfilment cash flows exceed the book value of the CSM, giving rise to a loss; or
– 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),
•
the effect of any currency exchange differences on the CSM, and
• 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:
•
There is no explicit CSM interest accretion, as the CSM is remeasured when adjusted for changes in the entity’s share of the underlying items.
•
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).
•
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:
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•
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;
•
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);
•
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
•
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 “24.1. (Re-)Insurance contracts sub-chapter Discount rates”).
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:
•
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
•
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:
•
plus premiums received in the period,
• less acquisition costs (see the comments on this in the following chapter Insurance acquisition costs),
•
plus any amounts relating to the amortisation of the insurance acquisition cash flows recognised as an expense in the reporting period for the group,
•
plus any adjustment to the financing component, where applicable,
•
minus the amount recognised as insurance service revenue for the services provided in the period, and
•
minus any investment component paid or transferred to the liability for incurred claims.
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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:
•
Insurance acquisition costs that are directly attributable to a group of insurance contracts:
–
to that group; and
–
to groups that contain insurance contracts that are expected to arise from renewals of insurance contracts in that group.
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•
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:
•
an impairment test at the level of an existing or future group of insurance contracts; and
•
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 – 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:
•
Insurance contracts issued that are assets,
•
Insurance contracts issued that are liabilities,
•
Portfolios of reinsurance contracts held that are assets, and
•
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.
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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:
•
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;
•
other amounts like income tax that are specifically chargeable to the policyholder;
•
the risk adjustment for non-financial risks, excluding any amounts allocated to the loss component of the liability for remaining coverage;
•
the CSM release and
•
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 “Initial measurement”. Accordingly, by the end of the coverage period of the group of contracts the loss component will be zero.
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Loss-recovery components
As explained in chapters “Initial measurement – Reinsurance contracts held” and “Subsequent measurement – Reinsurance contracts held”, 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 17 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:
•
the amounts recovered from the reinsurer or
•
amounts allocated to premiums paid.
With special treatment of:
•
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;
•
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.
•
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:
•
the effect of the time value of money and changes in the time value of money and
•
the effect of financial risk and changes in financial risk, but
•
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.
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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.
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 “25.9.Calculation of fair value”), 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:
•
Debt instruments measured at amortised cost;
•
Debt instruments measured at FVtOCI, where the cumulative gains and losses will be reclassified to the income statement upon derecognition;
•
Equity instruments designated measured at FVtOCI, where the cumulative gains and losses are not recognised in the income statement upon derecognition;
•
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:
•
The instruments are held within a business model with the objective of holding the instrument to collect the contractual cash flows.
•
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.
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Debt instruments measured at FVtOCI
Debt instruments are measured at FVtOCI if the following two conditions are met:
•
The instrument is held within a business model, the objective of which is both collecting contractual cash flows and selling financial assets, and
•
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’s 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:
•
financial assets whose cash flow characteristics fail the SPPI criterion or
•
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
•
financial assets that are classified to the category of designated measured at FVtPL for the purpose of reducing an accounting mismatch or
•
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 9 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.
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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 17 and their measurement model are taken into consideration.
Cash and cash equivalents as well as term deposits are generally valued at AC.
Subsequent measurement
Debt instruments measured at AC
After initial measurement, debt instruments are measured at amortised cost, using the effective interest rate (EIR) method, less allowance for impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and fee or costs that are an integral part of the EIR. An allowance is recognised for ECLs (expected credit losses) in the income statement.
Debt instruments measured at FVtOCI
Debt instruments are subsequently measured at fair value in accordance with FVtOCI with unrealised gains and losses arising due to changes in fair value recognised in OCI. Interest revenues and foreign exchange effects are recognised in profit or loss in the same manner as for financial assets measured at amortised cost. For further information on the calculation of expected credit loss for debt instruments measured at FVtOCI, please refer to chapter “The calculation of ECLs” in Note “25.4. Financial instruments”. 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 “retained earnings”. 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.
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Derecognition
Derecognition apart from a significant modification
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when:
•
The right to receive cash flows from the asset has expired or
•
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 ‘pass-through’ 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’s 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:
•
Quantitative criteria:
–
Modified debt instruments are considered to be “substantially different” 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.
•
Qualitative criteria:
–
Change in the SPPI assessment, e.g. introduction of an equity-linked feature
–
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).
–
Change in the maturity of the instrument. Changes in the maturity of a financial instrument are not considered to be “substantially different” 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
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–
extended by less than 50%,
–
shortened by less than 30% or
–
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 “24.2. Impairment losses on financial assets”).
VIG recognises an allowance for ECLs for all debt instruments measured at AC or FVtOCI, loan commitments and guarantees as well as IFRS 9 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:
•
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:
–
Corporates
–
Sovereigns
–
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.
•
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.
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•
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:
–
Subordinated debt
–
Senior unsecured debt
–
Sovereigns
–
Secured debt: The Secured debt segment at VIG covers all positions secured by mortgage as well as covered bonds.
–
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:
•
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.
•
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.
•
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’s gross carrying amount and the present value of estimated future cash flows discounted at the financial asset’s 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:
•
Stage 1 – 12-month ECL
–
assets with the exception of POCI assets,
–
assets that fall within the scope of the low credit risk exemption, as well as
–
assets that are not defaulted, not eligible for Stage 2 triggers and show no significant change in ratings
•
Stage 2 – Lifetime ECLs (effective interest rate on gross carrying amount)
–
are past due for at least 30 days or
–
respond to one of the predefined forward-looking indicators.
•
Stage 3 – Lifetime ECLs (effective interest rate on amortised costs)
–
assets fulfilling the default definition of VIG
•
Stage 0 – 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.
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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’s 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’ 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 “dirty value”.
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 9, interest revenues for all financial assets under IFRS 9 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.
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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’s 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.
25.5.
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.
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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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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).
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 “25.9. Calculation of fair value”.
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 “9. Notes to the consolidated income statement”. The fair values and the level hierarchy in accordance with IFRS 13 are presented in “17. Calculation of Fair Value”.
25.8.
Owner-occupied property
Owner-occupied property
For the applied accounting policies, refer to the statements presented under “25.7. Investment property”.
Average useful life in years | from | to |
Owner-occupied buildings | 27 | 47 |
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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’s 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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:
•
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).
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
•
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.
•
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.
Pricing method | Used for | Fair value | Input parameters |
Level 2 | Observable | ||
Present value method | Bonds; borrower's note loans; loans; securitised liabilities and subordinated liabilities | Theoretical price | Issuer, sector and rating-dependent yield curves |
Libor market model present value method | Bonds and borrower's note loans with other embedded derivates | Theoretical price | Money market and swap curves; implied volatility surface; cap & floor volatilities; issuer, sector and rating-dependent yield curves |
Present value method | Currency futures contracts | Theoretical price | Exchange rates; money market curves for the currencies concerned |
Present value method | Interest rate/currency swaps | Theoretical price | Exchange rates; money market and swap curves for the currencies concerned |
Level 3 | (Un-)observable input factors | ||
Option pricing models | Stock options | Theoretical price | Share prices on the valuation date; volatilities; yield curve |
Market value method | Real estate | Appraisal value | Real estate-specific income and expense parameters; capitalisation rate; data on comparable transactions |
Discounted cash flow-model | Real estate | Appraisal value | Real estate-specific income and expense parameters; discount rate; indexes |
Multiples approach | Shares | Theoretical price | Company-specific earnings figures; typical industry multipliers |
Discounted cash flow-model | Shares | Theoretical price | Company-specific earnings figures; discount rate |
Share of capital | Shares | Book rate | Company-specific equity according to separate financial statements |
At amortised cost | Fixed income instruments (illiquid bonds, policy loans, loans) with no observable input data for comparable assets | Book rate | Cost-price; redemption price; effective yield |
Reclassifications between valuation hierarchies
Reclassifications between Level 1 and 2 primarily occur if liquidity, trading frequency or trading activity of the particular financial instrument once again, or cease to allow one to conclude that an active market exists. For example, the market maker for a security frequently changes, with a corresponding impact on liquidity. A similar example is when shares are included in (or removed from) an index that acts as a benchmark for many funds. In this case, the classification can also change.
An improvement or deterioration in liquidity or credit quality, but also a change in the availability of valuation rates, leads to reclassifications between Level 1 and Level 3 or between Level 2 and Level 3.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Due to the decentralised organisation of VIG Insurance Group, the subsidiaries review the current validity of the last fair value classification at the end of the period. If, for example, necessary input parameters can no longer be directly observed on the market, a reclassification is carried out. Any reclassifications are presented as if they had taken place at the start of the period.
25.10.
Consolidated shareholders’ 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’ 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 19. In addition, unrealised gains and losses from the at equity measurement of associated companies, effects from the application of IAS 29 – 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’ 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 132,887,468.20. 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 Städtische Versicherungsverein, which directly and indirectly holds around 72.47% (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’s 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 Städtische Versicherungsverein.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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 § 169 AktG, the Managing Board is authorised until no later than 22 May 2030 to increase the company’s share capital – also in multiple tranches – by a nominal amount of up to EUR 66,443,734.10 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 § 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 31,145,500.36, in a total nominal amount of up to EUR 2,000,000,000.00, also under exclusion of pre-emptive subscription rights, on one or more occasions in the time until 22 May 2030.
Therefore, in accordance with § 159 (2) no. 1 AktG the share capital has been raised conditionally by up to EUR 31,145,500.36 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 § 174 (2) AktG in the total nominal amount of up to EUR 2,000,000,000.00, 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 § 65 (1) no. 4, no. 8 as well as (1a) and (1b) AktG, to acquire the company’s 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’s 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 (§ 5 (2) and (3) of the Austrian Takeover Act (Übernahmegesetz)).
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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
•
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;
•
to service convertible bonds issued on the basis of the resolution of the Annual General Meeting on 23 May 2025; and
•
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.
25.11.
Provisions
General
Provisions will be recognised if
•
a legal or constructive obligation exists to a third party as a result of a past event,
•
it is probable that the obligation will result in an outflow of resources and
•
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).
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 9.
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 9 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 “2.4. Credit risk”.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Liabilities and other payables
The liabilities presented in the balance sheet consist of liabilities and other liabilities measured in accordance with IFRS 9.
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 “25.4. Financial instruments”. The other liabilities items are measured at AC.
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’ 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’s 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 750 million 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 12.47, 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 § 9 KStG is in effect with the tax group’s parent company Wiener Städtische Versicherungsverein. The tax results of the tax group members are attributed to the tax group’s parent company. Agreements have been concluded between the tax group’s 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’s tax loss is paid by the tax group’s 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’s 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
26.
New standards not yet applicable and amendments to existing standards
Standard | Short description | Applicable as of* |
Those already adopted by the EU | ||
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 11: Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 | 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 | ||
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 — 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, “Investing in financial assets”.
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 154,446,000 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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’s legal and factual interaction with the external (market) environment.
The Managing Board of VIG Holding is responsible for complying with the legal regulations applicable to VIG Holding 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:
•
Effective management of the company by the Managing Board,
•
Regular supervision by the Supervisory Board,
•
Alignment of management decisions with the goal of long-term value creation,
•
Purposive cooperation between corporate management and supervision,
•
Appropriate treatment and management of risks by Risk Management and at operational level in the individual organisational units,
•
Transparent communication within the company and well-functioning reporting paths, and
•
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:
•
Key functions and governance functions,
•
Eligibility requirements for management staff,
•
Risk management system,
•
Internal control system, and
•
Provisions applicable to the outsourcing of functions or activities.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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
•
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
•
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.
•
Investment is conducted in accordance with the regulatory “prudent person principle”. High-risk investment products may only be held to hedge other market risks.
•
Risks arising from financial insurance are to be held only to a limited extent.
Risk minimisation measures
•
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.
•
The underwriting provisions of (re)insurance companies are calculated in a prudent manner in order to compensate for undesirable but potential fluctuations.
•
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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
•
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
•
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.
•
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.
•
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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
Managing Board
The full Managing Board bears responsibility for the risk management system and particularly for the following topics:
•
Development and promotion of the risk management system,
•
Definition and communication of the risk strategy, including risk tolerances and risk appetite,
•
Approval of central risk management guidelines, and
•
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’s 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 II is exercised by the manager of this department. Thus, the department is particularly responsible for the tasks related to the actuarial function. The department also handles actuarial modelling in Prophet for the Group’s life and health insurance business and in ResQ for the Group’s 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 17. The department supports the analysis of IFRS 17 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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’s 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 Holding. 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’s 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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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:
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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information |
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 Holding, Wiener Städtische, Donau Versicherung), Czech Republic (Kooperativa, ČPP, VIG Re), Slovakia (Kooperativa, Komunálna), Poland (Compensa, InterRisk) and Romania (Omniasig, Asirom). The partial internal model for property/real estate is used in all Austrian companies of VIG Insurance Group (VIG Holding, Wiener Städtische, DONAU Versicherung).
Implementation of the prudent person principle
Solvency II 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’s insurance obligations. On this basis, due consideration is given to the requirements of the Group’s liabilities.
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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.
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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.
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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.
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Reputation risk
Reputation risk is the risk of negative changes in business due to damage to a company’s reputation. Reputation damage can undermine the trust that customers, investors or the company’s 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’ 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 CO³ 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 (“risk inventory”) 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.
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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’s 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’ 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’s equity of the company’s 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
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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’s rating “A”, preferred “AA” 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’s rating is “A” or higher. Reinsurers with lower ratings are only accepted in a few isolated cases for a limited period of time.
Design of reinsurance programmes
If economically justifiable, reinsurance coverage may be purchased from external reinsurers by each subsidiary individually. If individual reinsurance contracts can be purchased by each subsidiary only at uneconomical terms, VIG Insurance Group will seek a joint placement of reinsurance contracts as much as possible to cover risks from the coverage of natural catastrophes, property lines of business, casualty, transport, aviation and motor liability. Internal reinsurance assumptions within the Group are also transferred to the reinsurance market by retrocession when necessary for risk diversification purposes.
Liquidity management
VIG Insurance Group manages its liquidity on the basis of guidelines resolved by the Managing Board of VIG Holding. Liquidity planning is basically the responsibility of every subsidiary and VIG Holding itself. VIG Holding as the parent company handles the allocation of capital for the entire VIG Insurance Group. This ensures the efficient distribution of capital within VIG Insurance Group. It also enables VIG Holding to ensure that the targeted liquidity and equity resources are available both at the level of VIG Insurance Group and at the level of the individual operating entities.
The greater part of liquid funds for ongoing business activity derives from premium income from primary insurance and from ongoing investment income and proceeds from the sale of investments. On the cost side, expenses are incurred for claim payments in property and casualty insurance and benefit payments in life and health insurance. The remaining balance of liquid funds is used to pay insurance acquisition costs and operating expenses.
The maturity structure of the insurance business provides a natural liquidity cushion. In contrast to the collection of premiums, VIG Insurance Group grants insurance coverage for a certain period during which there are no direct cash outflows until the occurrence of an insured event. This liquidity cushion is invested during this time to generate investment income. Some of these funds are kept in liquid assets to allow for rapid conversion into cash to pay claims. In addition, the bond portfolio in particular is structured in such a way that it will mature at a time when the corresponding funds are expected to be needed. External factors such as the performance of capital markets and the level of interest rates influence the liquidity situation insofar as they either favour or restrict the ability to sell the investment portfolio at market value.
The time, frequency and size of insured claims are also important for the liquidity situation of property and casualty insurance. The number of insurance contract renewals also plays a role.
The liquidity requirement of life insurance is generally influenced by the development of actual mortality in comparison with the assumptions on which the underwriting provisions are based. Market returns or minimum interest rates and the behaviour of life insurance customers, such as the number of policies surrendered or terminated, also have an effect on liquidity needs.
Capital management
In the interest of our shareholders and insurance customers, it is our goal that VIG Holding be adequately capitalised at all times and that all the operating insurance companies at least fulfil their respective regulatory capital requirements. VIG Holding is historically a very well capitalised company by virtue of its successful business strategy. Preserving this good capital strength is especially important to us so that we can seize profitable growth opportunities and absorb even large loss or damage events and high capital market volatility.
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Standard & Poor’s rating
In October 2025, S&P raised VIG’s outlook from “stable” to “positive” and at the same time confirmed VIG’s strong A+ rating. The decisive factors for S&P in raising the outlook were VIG’s ongoing diversification and growth. This has further increased VIG’s resilience and reduced its dependence on the traditionally most profitable markets, Austria and Czechia. S&P cites VIG’s strong capitalisation, supported by a robust Solvency II ratio, as a rating strength. S&P sees further diversification potential in the planned purchase of Nürnberger.
The subordinated bonds issued in 2015 (EUR 154.4 million Tier 2 outstanding, first call date 2 March 2026), in 2017 (EUR 134.0 million Tier 2 outstanding, first call date 13 April 2027) and in 2022 (EUR 500 million Tier 2, first call date 15 June 2032) are rated “A-” by S&P. The Tier 2 bond issued in 2025 with a volume of EUR 300.0 million was also rated “A-” by S&P. The senior subordinated bond issued in 2021 (EUR 500 million, 15-year term, repayable at maturity) is rated “A” 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’s capital and solvency position. VIG Holding 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 132,887,468.20 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’ equity by issuing common or preferred shares. The individual authorisations are listed in Note “25.10. Consolidated shareholders’ equity”.
As of 31 December 2025, the solvency ratio of VIG Insurance Group as defined by Solvency II 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 “8.2. Subordinated liabilities”. 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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Transparency and stakeholder trust are important to us. Observance of and compliance with the provisions of the Austrian
Code of Corporate Governance therefore play an important role.
The Austrian Code of Corporate Governance was introduced in 2002 and is regularly updated according to legislation and cur-
rent trends. It is the standard for proper corporate governance and control in Austria. Provisions of the Code contribute to
strengthening the trust in the Austrian capital market. The reports that companies are required to publish on compliance with
these provisions require a high level of transparency.
VIG Holding is committed to complying with the Austrian Code of Corporate Governance. § 243c UGB and § 267b UGB (Con-
solidated Corporate Governance Report) were also applied when preparing this consolidated Corporate Governance Report.
The Austrian Code of Corporate Governance is available to the public both on the VIG Insurance Group website at
group.vig/en/corporate-governance and the website of the Austrian Working Group for Corporate Governance at
www.corporate-governance.at.
VIG Holding sees corporate governance as a continuously changing process that responds to new conditions and current
trends for the benefit of the Group and its stakeholders. The goal of all corporate governance measures is to ensure respon-
sible corporate management aimed at long-term growth while simultaneously maintaining effective corporate control. The
Managing Board, Supervisory Board and employees consider observance of and compliance with the rules of the Austrian
Code of Corporate Governance to be highly important for the practical implementation of corporate governance. All infor-
mation concerning the composition and work procedures of the Managing Board and the Supervisory Board is presented below.
The rules of the Austrian Code of Corporate Governance are divided into the following three categories:
• Rules based on mandatory legal requirements (“Legal Requirements”, L-Rules)
• Rules that must be observed. Non-compliance with these rules must be declared and explained in order to comply with the
Code (“Comply or Explain”, C-Rules)
• Non-compliance with rules which are merely recommendations does not need to be disclosed or explained
(“Recommendations”, R-Rules)
VIG Holding complies with the rules of the Austrian Code of Corporate Governance with the following exception. According to
C-Rule 52a of the Austrian Code of Corporate Governance, the number of members on the Supervisory Board (without employee
representatives) shall be ten at most. In 2025, the Supervisory Board of VIG Holding consisted of twelve members elected by the
Annual General Meeting. The number of members on the Supervisory Board is due to the fact that the Company operates over
50 insurance companies and pension funds in 30 countries. This makes it possible to include additional expertise with respect
to the internationality and further growth of VIG Group, including in response to increasing regulatory requirements. The deci-
sion was taken by the Supervisory Board and the Annual General Meeting in 2021.
The Group’s scope of consolidation also includes capital market-oriented subsidiaries that are required by the legal systems
applicable to them to prepare and publish a corporate governance report. These include: Ray Sigorta (Türkiye) and Makedonija
Osiguruvanje (North Macedonia). The corporate governance reports are available on the company websites:
– https://www.insumak.mk/korporativna/akcionersko-sobranie/ (as an integral part of the annual report).
– https://www.raysigorta.com.tr/en/about-us/investor-relations (“Reports” tab -> Corporate Governance Compliance
Reports).
Reference is made to the information in this regard.
The shareholder structure of VIG Holding can be viewed at the following link: group.vig/shareholderstructure.
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MEMBERS OF THE MANAGING BOARD AND THEIR RESPONSIBILITIES
The VIG Holding Managing Board comprised seven members as of 31 December 2025: Hartwig Löger (General Manager (CEO),
Chairman of the Managing Board), Peter Höfinger (Deputy General Manager, Deputy Chairman of the Managing Board), Liane
Hirner (CFRO), Gerhard Lahner (COO), Gábor Lehel (CIO), Harald Riener and Christoph Rath (Deputy Member of the Managing
Board).
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.
Further information on the members of the Managing Board, including their employment history, is presented below:
Hartwig Löger
General Manager (CEO),
Chairman of the Managing Board
Year of birth: 1965
Date first appointed: 01/01/2021
End of current term of office:
30
June 2027
Hartwig Löger began his career in the insurance industry in the brokerage business in 1985.
After completing his studies in insurance management at the Vienna University of Economics
and Business, he joined Allianz as sales manager in Styria in 1989. From 1997 to 2002, he
was head of sales at Donau Versicherung. This was followed by a number of senior manage-
ment positions in the UNIQA Group, most recently as CEO of UNIQA Österreich AG until the
end of November 2017. Hartwig Löger was the Minister of Finance for Austria from December
2017 to June 2019. He worked for VIG Group under an advisory agreement with Wiener
Städtische Versicherungsverein, the principal shareholder of VIG Holding, from July 2019 to
December 2020.
Areas of responsibility: Leading VIG Group, Strategy, General Secretariat & Legal, Opportunity
Management/Group Sustainability Office, Human Resources, CO
3
Country responsibilities: Austria, Slovakia, Czech Republic, Hungary, Germany
(since 1 January 2026)
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Peter Höfinger
Deputy General
Manager, Deputy
Chairman of the Managing Board
Year of birth: 1971
Date first appointed: 01/01/2009
End of current term of office:
30
June 2027
Peter Höfinger studied law at the University of Vienna and University of Louvain-la-Neuve
(Belgium). Peter Höfinger has been a member of the VIG Holding Managing Board since
1 January 2009. Prior to that, he was a director of the Managing Board at Donau Versicherung,
responsible for sales and marketing. He joined this company in 2003. Previously, he held
positions as managing board chairman and managing board member outside the Group in
Hungary, the Czech Republic and Poland.
Areas of responsibility: Corporate Business, Reinsurance, European Affairs, Sponsoring
Country responsibilities: Bulgaria, Moldova, Romania
Liane Hirner, CFRO
Year of birth: 1968
Date first appointed: 01/02/2018
End of current term of office:
30
June 2027
Liane Hirner studied business administration in Graz. Before joining VIG Insurance Group, she
worked at PwC Austria’s audit department where she started in 1993, and when she left, Liane
Hirner was partner in the insurance area. In addition to her work as an auditor, Liane Hirner has
also been involved in many professional associations, such as the IFRS Working Group of the
Austrian Insurance Association and the Insurance Working Party of Accountancy Europe in
Brussels. Liane Hirner was appointed to the VIG Holding Managing Board on 1 February 2018.
On 1 July 2018, she took over the role of Chief Financial Officer and on 1 January 2020, she
additionally assumed the role of Chief Risk Officer. In 2019, EIOPA appointed Liane Hirner as
a member of the Insurance & Reinsurance Stakeholder Group (IRSG).
Areas of responsibility: Group Finance & Regulatory Reporting, Group Actuarial, Planning and
Controlling, Risk Management, Tax Reporting & Transfer Pricing, Subsidiaries and Transaction
Management
Country responsibilities: Germany (until 31 December 2025), Liechtenstein
Supervisory board positions or comparable positions in other Austrian and foreign
companies outside the Group: Autoneum Holding AG – Winterthur, Switzerland
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Gerhard Lahner, COO
Year of birth: 1977
Date first appointed: 01/01/2020
End of current term of office:
30
June 2027
Gerhard Lahner studied business administration at the Vienna University of Economics and
Business and has held a variety of positions for VIG Insurance Group since 2002. He was a
member of the Managing Boards of Austrian insurance companies Donau Versicherung and
Wiener Städtische and Czech companies Kooperativa and ČPP. Gerhard Lahner was also a
substitute member of the VIG Holding Managing Board from 1 January 2019 to 31 December
2019.
Areas of responsibility: Asset Management (incl. Real Estate), Group Treasury & Capital
Management, Process & Project Management, VIG IT
Country responsibilities: Georgia (until 31 December 2025), Türkiye
Supervisory board positions or comparable positions in other Austrian and foreign
companies outside the Group: Wiener Börse AG, Erste Asset Management GmbH
Gábor Lehel; CIO
Year of birth: 1977
Date first appointed: 01/01/2020
End of current term of office:
30 June 2027
Gábor Lehel studied business administration with a major in finance in Tatabánya and
Budapest (Hungary). He joined VIG Insurance Group in 2003, where he worked in Controlling
and as head of the General Secretariat at VIG Holding before being appointed to the Managing
Board of the Hungarian insurance company UNION Biztosító in 2008. He was General Man-
ager of UNION Biztosító from mid-2011 to 31 December 2019. From 1 January 2016 to 31 De-
cember 2019, he was also a substitute member of the VIG Holding Managing Board.
Areas of responsibility: Assistance, Data & Analytics, Transformation & New Business
Country responsibilities: Georgia (since 1 January 2026)
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Christoph Rath
Deputy Member of the Managing
Board in 2025
Year of birth: 1976
Date first appointed:
01/09/2024
(Deputy Member of the Managing Board)
01/01/2026 (Member of the Managing
Board)
End of current term of office:
30
June 2027
Christoph Rath studied banking and finance at the University of Applied Sciences BFI Vienna
and joined VIG Insurance Group in 2004, where he initially worked as an advisor of the
Managing Board of Wiener Städtische Versicherung from 2004 until 2006 and as the General
Secretary of Wiener Städtische Osiguranje in Serbia from 2006 until 2007. After that, he held
various management positions at VIG, including as a Managing Board member in Serbia and
Bulgaria. In addition, he served as Chief Financial Officer (CFO) of the Czech company Ceská
Podnikatelská Pojišťovna from 2019 to 2024 and held the same position at the Czech com-
pany Kooperativa Pojišťovna from 2020 to 2024. Christoph Rath was appointed as a deputy
member of the Managing Board of VIG Holding with effect from 1 September 2024 and has
been a full member of the Managing Board since 1 January 2026.
Area of responsibility: RiskConsult
Country responsibilities: Albania, Bosnia-Herzegovina, Kosovo, Croatia, Montenegro, North
Macedonia, Serbia
Harald Riener
Year of birth: 1969
Date first appointed: 01/01/2020
End of current term of office:
30
June 2027
Harald Riener studied social and economic sciences at the Vienna University of Economics
and Business and joined VIG Insurance Group in 1998, where he worked in the marketing area
for Donau Versicherung and Wiener Städtische until 2001. After working for a media pub-
lishing company, he returned to the Group in 2006 as Marketing Manager of VIG Holding. He
became a member of the Managing Board in Croatia in 2010, and was appointed CEO in 2012.
From 2014 to 2019, Harald Riener was a member of the Managing Boar
d of Donau
Versicherung where he was responsible for distribution and marketing.
Areas of responsibility: Retail Insurance & Business Support, Customer Experience
Country responsibilities: Estonia, Latvia, Lithuania, Poland, Ukraine
Supervisory board positions or comparable positions in other Austrian and foreign
companies outside the Group: VIG/C-QUADRAT
The Managing Board as a whole is responsible for Compliance (including AML), Internal Audit, Investor Relations and
Actuarial Function agendas. The curriculum vitae of the members of the Managing Board are available on the website at
group.vig/management.
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MEMBERS OF THE SUPERVISORY BOARD
The Supervisory Board had the following twelve members as of 31 December 2025. The curriculum vitae of the members of
the Supervisory Board are available on the website at group.vig/supervisory-board.
Peter Thirring
Chairman
Year of birth: 1957
Date first appointed: 2023
End of current term of office: 2028
Peter Thirring studied law at the University of Vienna. He has used his more than 30 years of insurance experience in the Generali
insurance group. He had been General Manager of Donau Versicherung from March 2016 to the end of June 2018 and member
of the Managing Board of VIG Holding from 1 July 2018 to 30 June 2023. Peter Thirring has been Deputy Chairman of the
Managing Board of Wiener Städtische Versicherungsverein since 2023.
Rudolf Ertl
Deputy Chairman
Year of birth: 1946
Date first appointed: 2014
End of current term of office: 2028
Rudolf Ertl is Doctor of Laws and has been with the Group since 1972. He was a member of the Managing Board of Wiener
Städtische until the end of 2008 and a member of the Managing Board of Donau Versicherung until June 2009. He was a member
of the Managing Board of Wiener Städtische Versicherungsverein until the end of 2020 and has been a member of the Supervisory
Board of Wiener Städtische Versicherungsverein since January 2021. The insurance expertise and Group experience he has gained
over many years, and his knowledge of the CEE region, make Rudolf Ertl a major asset to the Company on the Supervisory Board.
Martin Simhandl
Deputy Chairman
Year of birth: 1961
Date first appointed: 2024
End of current term of office: 2028
Martin Simhandl began his career with the Group in 1985 in the Wiener Städtische legal department. He was head of equity
investment management and coordinated the Group’s investment activities. In 2002 and 2003, Martin Simhandl was also a
member of the Managing Board of InterRisk Non-Life and InterRisk Life in Germany. Martin Simhandl was a member of the
Company’s Managing Board from November 2004 until 2018, with responsibility for accounting, asset management and risk
management, among other things. As a lawyer, he supported VIG’s expansion into the CEE region from the very beginning and
held Supervisory Board positions in the Czech Republic, Slovakia, Hungary, Romania, Croatia and Poland, among others. Martin
Simhandl is currently a member of the Supervisory Board of Wiener Städtische Versicherungsverein.
Robert Lasshofer
Deputy Chairman
Year of birth: 1957
Date first appointed: 2021
End of current term of office: 2028
Robert Lasshofer has decades of top experience in the insurance industry. Robert Lasshofer has been General Manager and
Chairman of the Managing Board of Wiener Städtische Versicherungsverein since 2021. He was General Manager and
Chairman of the Managing Board of Wiener Städtische until the end of 2020. He has a degree in economics and was president
of the Austrian Insurance Association (VVO) until the end of 2022.
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Martina Dobringer
Year of birth: 1947
Date first appointed: 2011
End of current term of office: 2028
Martina Dobringer held various management positions in the Coface group starting in 1989 and brings her extensive know-
ledge of the international insurance industry with her. As Chairwoman of the Managing Board of Coface Central Europe Holding
AG, she laid the cornerstone for Coface’s successful expansion into this region. From 2001 to 2011, she was General Manager
and Chairwoman of the Managing Board of Coface Austria Holding AG. In 2011, she was awarded the Grand Decoration of
Honour in Silver for Services to the Republic of Austria, and in 2006 she became the first Austrian businesswoman to receive
the highest French honour (“Chevalier dans l’ordre de la Légion”).
András Kozma
Year of birth: 1968
Date first appointed: 2022
End of current term of office: 2028
Following his business administration studies in Budapest and Vienna, András Kozma worked in various roles in the financial
services sector, including Head of Financing at Hypovereinsbank Hungary (now Unicredit Bank), member of the Managing
Board at Euler Hermes Hitelbiztosító Hungary (now Allianz Trade) and Chairman of the Managing Board at Commerzbank
Hungary. András Kozma has been a member of the Managing Board of the German-Hungarian Chamber of Industry and
Commerce since 2008 and is also a member of the Supervisory Board of the Credit Management Association in Hungary.
Since 2015, he has owned various private companies in the financial consultancy sector.
Vratislav Kulhánek
Year of birth: 1943
Date first appointed: 2024
End of current term of office: 2028
Vratislav Kulhánek studied economics in Prague. His career has revolved around the automotive industry. His previous roles
include Chairman of the Managing Board and Chairman of the Supervisory Board of Škoda – Auto, a.s., member of the Executive
Board of the International Chamber of Commerce (ICC, Paris), President of the Association of the Automotive Industry and Vice
President of the Confederation of Industry of the Czech Republic.
Hana Machačová
Year of birth: 1953
Date first appointed: 2024
End of current term of office: 2028
Hana Machačová has been managing the sales activities of KOOPERATIVA pojišťovňa for over 20 years, the majority of that
time as a member of the Managing Board. During that time, she has played a significant role in doubling the company’s market
share to around 25%. As a lawyer, she also manages social projects in the KOOPERATIVA Foundation, which is one of the most
renowned foundations in the Czech Republic.
Peter Mihók
Year of birth: 1948
Date first appointed: 2019
End of current term of office: 2028
Since 1992, Peter Mihók has been Chairman of the Slovakian Chamber of Trade and Industry, Honorary Chair of the World
Chambers Federation of the International Chamber of Commerce in Paris and member of the Managing Board of Euro-
chambres in Brussels, among other things. He studied at the University of Economics in Bratislava and received a Ph.D. degree
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in the area of East-West economic relations and an honorary doctorate from the University of Economics in Bratislava. In
addition to numerous other awards, he received the Grand Decoration of Honour in Gold for Services Rendered to the Republic
of Austria in 2013 from Heinz Fischer, the President of Austria at that time.
Katarína Slezáková
Year of birth: 1976
Date first appointed: 2020
End of current term of office: 2028
Katarína Slezáková graduated from the Faculty of Business Management at the University of Economics in Bratislava and has
many years of experience in marketing and communications for technology and industrial companies (e.g. Siemens IT
Solutions and Services Slovakia, Siemens s.r.o. Slovakia, Siemens AG Österreich, Medirex a.s., SkyToll a.s.). Katarína Slezáková
is currently the Chief Marketing Officer at News and Media Holding, the largest media company in Slovakia.
Ágnes Svoób
Year of birth: 1987
Date first appointed: 2024
End of current term of office: 2028
Ágnes Svoób has been working in the financial sector since the beginning of her career and is currently Managing Director of
Equilor Befektetési Zrt., one of Hungary’s leading corporate finance companies. The Hungarian native has extensive expertise
in the areas of private equity and capital market transactions, among other things. She has successfully handled major corpo-
rate acquisitions and already held a Supervisory Board position at the Hungarian VIG company UNION Biztosító.
Gertrude Tumpel-Gugerell
Year of birth: 1952
Date first appointed: 2012
End of current term of office: 2028
Gertrude Tumpel-Gugerell was Vice Governor of the National Bank of Austria (OeNB) from 1998 to 2003 and member of the
Board of Directors from 1997 to 2003. She also has many years of international experience, at the European level in particular.
She was the Austrian Vice Governor to the International Monetary Fund and a member of the Economic and Financial Com-
mittee – the most important economic policy advisory committee of the European Union. Gertrude Tumpel-Gugerell was
responsible for the Economics and Financial Markets divisions at the National Bank of Austria. From 2003 to 2011, she was a
member of the Executive Board of the European Central Bank.
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 until the Annual General Meeting that will decide on the discharge for the 2027 financial year. In 2025, as of
1 July 2025 or the date of registration of the amendment to the Articles of Association in the commercial register, the Super-
visory 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.
SUPERVISORY BOARD INDEPENDENCE
In accordance with Rule 53 of the Austrian Code of Corporate Governance, the Supervisory Board of VIG Holding has estab-
lished the following criteria defining independence:
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• The Supervisory Board member has not been a member of the Managing Board of the Company or of an insurance
company, a pension fund or an asset management company of VIG Group in the last five years.
• The Supervisory Board member does not have a business relationship with the Company or a subsidiary of the Company that is
of such significant scope for the Supervisory Board member that it affects their activities on the Supervisory Board to the
detriment of the Company. This also applies to business relationships with companies in which the Supervisory Board member
has a considerable economic interest. The approval of individual transactions by the Supervisory Board in accordance with § 95
(5) (12) of the Austrian Stock Corporation Act (AktG) or § 15 (2) (l) of the Articles of Association does not automatically lead to a
classification of non-independence. For the purpose of clarification, it is expressly noted that purchase or existence of insurance
policies with the Company has no adverse effect on independence.
• The Supervisory Board member has not been an auditor of the Company’s financial statements, or held an ownership
interest in or been an employee of the auditing company executing such audits in the last three years.
• The Supervisory Board member is not a member of the Managing Board of another company that has a member of the
Company’s Managing Board on its Supervisory Board.
• The Supervisory Board member is not a close family member (direct descendant, spouse, partner, parent, uncle, aunt,
brother, sister, niece, nephew) of a member of the Managing Board or individuals holding one of the positions described
above.
Each member of the Supervisory Board has declared whether they can be considered independent based on the criteria
specified by the Supervisory Board. Robert Lasshofer, Peter Mihók and Peter Thirring have each stated that they are not inde-
pendent based on the independence criteria specified by the Supervisory Board in the 2025 financial year. All other Supervisory
Board members were independent based on the criteria indicated. No Supervisory Board member holds more than 10% of the
Company’s shares.
The following Supervisory Board members exercised supervisory mandates or comparable positions in other non-Group Aus-
trian or foreign listed companies as of 31 December 2025:
Robert Lasshofer
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (until 3 July 2025)
Gertrude Tumpel-Gugerell
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft
Commerzbank AG (until 15 May 2025)
PROCEDURES FOLLOWED BY THE MANAGING BOARD AND BY THE SUPERVISORY BOARD AND ITS COMMITTEES
Managing Board
The Managing Board manages the business of the Company under the leadership of its Chairperson and within the con-
straints of the law, Articles of Association, procedural rules of the Managing Board and procedural rules of the Supervisory
Board.
The Managing Board meets regularly to discuss current business developments, and makes the necessary decisions and
resolutions during the course of these meetings. The Managing Board members continuously exchange information with each
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other and the heads of various departments. The country responsibilities of the Managing Board members are exercised in
particular through Supervisory Board activities in the Group companies.
Supervisory Board
The Supervisory Board performs all activities defined under the law, Articles of Association and the procedural rules of the
Supervisory Board. In order to ensure effectiveness and efficiency of its activities and procedures, the Supervisory Board ex-
amines its procedures regularly, but at least once a year in the form of a self-evaluation. The Supervisory Board’s evaluation
of its activities in 2025 found that its organisational structure and procedures were satisfactory in terms of efficiency and in
compliance with the law. It found no need for change or desire for change in the practices followed to date.
The Supervisory Board and its committees, Chairpersons and Deputy Chairpersons continuously monitor and regularly ex-
amine Company management as well as the activities of the Managing Board in terms of managing and monitoring the Group.
This purpose is served by detailed presentations and discussions during meetings of the Supervisory Board and its commit-
tees as well as by detailed discussions on individual topics with Managing Board members who provide comprehensive ex-
planations and evidence relating to management, the financial position of the Company and that of the Group. Strategy, busi-
ness development (overall and in individual regions), risk management, the internal control system, internal audit activities,
the compliance function, actuarial function, reinsurance and other key topics – at the VIG Holding level as well as at Group
level – are also discussed during these meetings.
The Supervisory Board and the Audit Committee also directly engage with the financial statements auditor and the consoli-
dated financial statements auditor in order to familiarise themselves with the accounting process and audit progress, and to
inquire whether the audit has produced any important findings. Provision was made for exchanges between the members of
the Audit Committee and the (consolidated) financial statements auditor in such meetings without the presence of the
Managing Board, but no member of the Audit Committee took advantage of this opportunity during the reporting year. During
the meetings about annual and consolidated financial statements, the auditor’s reports are discussed with the audit managers
both in the Audit Committee and in the entire Supervisory Board. The Audit Committee examined the Solvency and Financial
Condition Report (SFCR) at both the solo and Group levels and reported its findings to the Supervisory Board. No facts or
circumstances were found that would have provided grounds for objection.
The internal audit department provides quarterly reports to the Audit Committee. If necessary, the head of internal audit pro-
vides detailed explanations of individual issues and audit focal points. The head of internal audit also submits the annual audit
plan to the Audit Committee for approval and reports on its implementation. The Managing Board explains the organisation
and effectiveness of the internal control system, internal audit and the risk management system to the Audit Committee at
least once a year, and provides the Audit Committee with a written report on this subject so that it can confirm the efficiency
of the systems. The Audit Committee also examines the report and assessment of the functioning of the risk management
system prepared by the (consolidated) financial statements auditor and reports its findings to the Supervisory Board.
The Audit Committee also dealt with the VIG Holding and VIG Group ORSA reports in 2025 and reported on them to the Super-
visory Board.
At least once a year, the Managing Board presents the Supervisory Board with the measures taken by the VIG companies in
order to prevent corruption, and the Supervisory Board discusses those.
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When preparing the proposal for the Annual General Meeting regarding the election of a new Supervisory Board member, the
Supervisory Board takes into account the professional and personal requirements provided for by law and the Austrian Code
of Corporate Governance that a Supervisory Board member must satisfy and observe.
The Audit Committee and Supervisory Board also strictly ensure that all of the requirements and conditions provided for under
the law and Austrian Code of Corporate Governance are fully satisfied when preparing the proposal regarding the election of the
(consolidated) financial statements auditor for the Annual General Meeting. As a public-interest entity, the special additional
rules for external and internal rotation applicable to insurance companies and the special tendering process are observed. In
addition, after the audit of the consolidated financial statements has been completed, the Supervisory Board is provided with
a list showing the total audit expenses of all Group companies. This list provides a separate breakdown of expenses relating
to the consolidated financial statements auditor and the members of the network to which the consolidated financial state-
ments auditor pertains. The same goes for other financial statements auditors who work for the Group.
In 2025, the Managing Board of VIG Holding informed the members of the Supervisory Board of material sustainability and IT
security matters. The topics discussed in the reporting year included the Transition Plan (consolidated transition plan for
climate change mitigation). In the Transition Plan, VIG undertakes to achieve interim targets by 2030. The VIG sustainability
programme was also explained. Regular reports on compliance, IT security and data protection are also provided. The Super-
visory Board, both as a whole and through the Audit Committee, took the opportunity to address sustainability matters.
The Managing Board and Supervisory Board prepared a remuneration report for financial year 2025.
The Supervisory Board established five committees to increase its efficiency and to address complex matters: Committee for
Urgent Matters (Working Committee), Audit Committee (Accounts Committee), Committee for Managing Board Matters (Per-
sonnel Committee), Strategy Committee and Nomination Committee.
SUPERVISORY BOARD COMMITTEES
COMMITTEE FOR URGENT MATTERS (WORKING COMMITTEE)
The Committee for Urgent Matters (Working Committee) decides on matters that require approval of the Supervisory Board, but
cannot be deferred to the next ordinary Supervisory Board meeting because of particular urgency.
Rudolf Ertl (Chairman)
Robert Lasshofer
Martin Simhandl
Changes since 1 January 2026:
Peter Thirring (Chairman)
Rudolf Ertl
Robert Lasshofer
Martin Simhandl
If one of the members is unable to attend, Gertrude Tumpel-Gugerell will also attend this meeting and if an additional member
is unable to attend, Martina Dobringer will also attend the meeting.
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AUDIT COMMITTEE (ACCOUNTS COMMITTEE)
The Audit Committee (Accounts Committee) is responsible for the duties assigned to it by law and is, in particular, responsible
for the duties assigned in § 92 (4a)(4) of the Austrian Stock Corporation Act (AktG), § 123 (9) of the Austrian Insurance Super-
vision Act (VAG) and Regulation (EU) No. 537/2014, namely:
1. to monitor the accounting process and provide recommendations or suggestions to ensure its reliability;
2. to monitor the effectiveness of the Company’s internal control system and the internal audit function and risk management
system;
3. to monitor the audit of the financial statements and consolidated financial statements taking into account findings and
conclusions in reports published by the supervisory authority for financial statement auditors in accordance with § 4 (2)(12)
of the Austrian Auditor Supervision Act (APAG);
4. to check and monitor the independence of the financial statements auditor (consolidated financial statements auditor), in
particular with respect to the additional services provided for the audited company; Art. 5 of Regulation (EU) No. 537/2014
and § 271a (6) UGB apply;
5. to report the results of the financial statement audit to the Supervisory Board and explain how the financial statement audit
has contributed to the reliability of the financial reports and the role of the Audit Committee in this;
6. to audit the annual financial statements and prepare their approval, examine the proposal for appropriation of profits, the
management report, the solvency and financial condition report and corporate governance report, and present a report on
the results of the audit to the Supervisory Board;
7. to audit the consolidated financial statements and Group management report, the solvency and financial condition report
at Group level and the corporate governance report at consolidated level, and report the results of the audit to the
Supervisory Board;
8. to perform the procedure to elect the financial statements auditor (consolidated financial statements auditor) taking into
account the appropriateness of the fees in accordance with Art. 4 of Regulation (EU) No. 537/2014 and the rotation periods
in Art. 17 of Regulation (EU) No. 537/2014, and recommend appointment of a financial statements auditor (consolidated
financial statements auditor) to the Supervisory Board in accordance with Art. 16 of Regulation (EU) No. 537/2014.
Furthermore, the Audit Committee (Accounts Committee) specifies how the two-way communication between the (consoli-
dated) financial statements auditor and the Audit Committee (Accounts Committee) has to take place, while making provision
for exchanges to take place between the Audit Committee (Accounts Committee) and the (consolidated) financial statements
auditor without the presence of the Managing Board.
Members of the Audit Committee are experienced financial experts with knowledge and practical experience in finance,
accounting and reporting that satisfy the requirements of the Company.
Gertrude Tumpel-Gugerell (Chairwoman)
Martina Dobringer (Deputy Chairwoman)
Rudolf Ertl
András Kozma
Robert Lasshofer
Peter Mihók
Martin Simhandl
Katarína Slezáková
Ágnes Svoób
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If one of the members is unable to attend, Hana Machačová will also attend this meeting and if an additional member is unable
to attend, Vratislav Kulhánek will also attend the meeting. If Gertrude Tumpel-Gugerell is unable to attend, the meeting will be
chaired by Martina Dobringer.
COMMITTEE FOR MANAGING BOARD MATTERS (PERSONNEL COMMITTEE)
The Committee for Managing Board Matters (Personnel Committee) deals with personnel matters of the Managing Board.
The Committee for Managing Board Matters therefore decides on employment contract terms with members of the Managing
Board and their remuneration and examines remuneration policies at regular intervals.
Rudolf Ertl (Chairman)
Robert Lasshofer
Martin Simhandl
Changes since 1 January 2026:
Peter Thirring (Chairman)
Rudolf Ertl
Robert Lasshofer
Martin Simhandl
STRATEGY COMMITTEE
The Strategy Committee cooperates with the Managing Board and, when appropriate, with experts that it consults in order to
prepare fundamental decisions that will subsequently be decided upon by the entire Supervisory Board.
Rudolf Ertl (Chairman)
András Kozma
Robert Lasshofer
Peter Mihók
Martin Simhandl
Changes since 1 January 2026:
Peter Thirring (Chairman)
Rudolf Ertl
András Kozma
Robert Lasshofer
Peter Mihók
Martin Simhandl
If one of the members is unable to attend, Gertrude Tumpel-Gugerell will also attend this meeting and if an additional member
is unable to attend, Martina Dobringer will also attend the meeting.
NOMINATION COMMITTEE
The Nomination Committee submits proposals to the Supervisory Board for filling positions that become available on the
Managing Board and handles issues of successor planning.
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Annual Financial Report 2025
Peter Thirring (Member and Chairman since 1 July 2025)
Rudolf Ertl (Member, Chairman until 30 June 2025)
Martina Dobringer
Robert Lasshofer
Peter Mihók
Martin Simhandl
Gertrude Tumpel-Gugerell
The Company did not enter into any agreements with Supervisory Board members in 2025 that would have required the
approval of the Supervisory Board.
NUMBER OF MEETINGS OF THE SUPERVISORY BOARD AND ITS COMMITTEES IN THE FINANCIAL YEAR 2025
One Annual General Meeting and five Supervisory Board meetings distributed across the financial year were held in 2025. One
resolution of the Supervisory Board was adopted by written circulation. Furthermore, four meetings of the Audit Committee
(Accounts Committee) were held and two resolutions of the Audit Committee were adopted by written circulation. The annual
financial statements and consolidated financial statements auditor, KPMG Austria GmbH Wirtschaftsprüfungs- und Steuer-
beratungsgesellschaft (KPMG), attended three Audit Committee meetings and four Supervisory Board meetings in 2025,
including the Supervisory Board meeting that addressed the audit of the 2024 annual financial statements and the 2024 con-
solidated financial statements as well as formal approval of the 2024 annual financial statements, and also attended the
Annual General Meeting. Three meetings of the Committee for Managing Board Matters (Personnel Committee) were held in
2025. The Committee for Urgent Matters (Working Committee) met twice in 2025. The Nomination Committee and Strategy
Committee did not meet in 2025. Strategic matters were handled by the Supervisory Board as a whole. No members of the
Supervisory Board attended less than half of the Supervisory Board meetings.
MEETING ATTENDANCE BY MEMBERS OF THE SUPERVISORY BOARD IN FINANCIAL YEAR 2025
The table below shows the meeting attendance of the ordinary members:
Name
Supervisory
Board
Audit
Committee
Working
Committee
Strategy
Committee
Personnel
Committee
Nomination
Committee
5 meetings
4 meetings
2 meetings
No meetings
3 meetings
No meetings
Peter Thirring (C)
5/5
Rudolf Ertl (DC)
5/5
4/4
2/2
3/3
Martin Simhandl (DC)
5/5
4/4
2/2
3/3
Robert Lasshofer (DC)
5/5
4/4
2/2
3/3
Martina Dobringer
5/5
4/4
András Kozma
5/5
4/4
Vratislav Kulhánek
5/5
Hana Machačová
5/5
Peter Mihók
4/5
3/4
Katarina Slezáková
5/5
4/4
Ágnes Svoób
5/5
4/4
Gertrude Tumpel-Gugerell
5/5
4/4
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DIVERSITY CONCEPT
With over 50 insurance companies and pension funds and around 30,000 employees in Austria and Central and Eastern Europe,
VIG Insurance Group combines many countries, languages and cultural backgrounds. Appreciating the diversity of our em-
ployees, as part of the VIG value “Plurality”, is a key priority in our HR strategy.
VIG Insurance Group follows a bottom-up approach with respect to diversity management for the Company’s boards. By ap-
plying diversity management to all employees, VIG Insurance Group expects to generate corresponding diversity in the
candidate pool for internal successor planning in the long term.
For VIG Insurance Group, diversity reflects both the similarities and the differences it encounters in the Group, its markets and
its partners as well as customers. Diversity management is based on genuine appreciation and open acceptance of diversity,
and makes conscious use of this diversity. VIG companies include this understanding of diversity in the VIG Code of Business
Ethics: “We do not tolerate any kind of discrimination. We are committed to promoting equal opportunities with regard to the
employment and promotion of staff, regardless of their faith, religion, gender, beliefs, ethnicity, nationality, sexual orientation, age,
skin colour, disability or civil status.”
Group and VIG Holding level
The diversity concept focuses on the criteria of gender, generations and internationality at the VIG Holding level, and refined
and developed measures for the following criteria:
• Gender: ensure equal gender treatment in all areas (career and development options, benefits and income, etc.)
• Generations: use mixed-age teams and take into account the various phases of life to develop full potential. Generation-
appropriate offers and support in the various phases of life, learn from one another, life balance, fair recruitment
• Internationality: Group-wide exchange of experience, collaborative learning, use of the internal Group job market and
ensuring an appropriate mix of people from different countries within VIG Holding
The criteria of gender, generations and internationality are also taken into account when new Supervisory Board members are
proposed for election at General Meetings. VIG Insurance Group has relied on the concept of local entrepreneurship for decades,
thereby also promoting a very internationally diverse “community” of Group Managing Board members and CEOs, with over 20
nationalities represented.
The topic of diversity is incorporated into the Group-wide management training programmes, both in the selection of partici-
pants and in the selection of lecturers.
Level of the VIG insurance companies
In accordance with the principle of local entrepreneurship, the VIG insurance companies choose their own diversity priorities
and are independently responsible for their implementation.
Diversity Advisor
The Diversity Advisor advises both VIG Holding and local VIG companies on matters related to diversity management.
MEASURES TO PROMOTE WOMEN IN MANAGING BOARD, SUPERVISORY BOARD AND MANAGEMENT POSITIONS
VIG Insurance Group attaches great importance to diversity, with gender being one of the three main focuses of the diversity
concept at VIG Holding level. International training programmes play a key role in this, not only in VIG Holding but across the
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Annual Financial Report 2025
entire insurance group. The programmes take into account both gender and internationality, and specifically improve women’s
access to management positions.
These measures aim to create a sustainable working environment in which talent is specifically nurtured, developed and
retained over the long term. Vienna Insurance Group thus makes a significant contribution to diversity on the Managing Board
and Supervisory Board and in management positions.
DIVERSITY KEY FIGURES
The consolidated non-financial report (sustainability statement) in this report contains diversity key figures at both VIG Holding
and Group level. Reference is made to the information in this regard.
EXTERNAL EVALUATION REPORT
C-Rule 62 of the Austrian Code of Corporate Governance provides for voluntary external evaluation of compliance with the C-
Rules of the Code. VIG Holding carries out such an evaluation every third year. The most recent audit of the consolidated
Corporate Governance Report was for the 2023 financial year. All evaluations came to the conclusion that all requirements of
the Code were fulfilled. The next evaluation is planned for the 2026 financial year.
Vienna, 23 March 2026
The Managing Board:
Hartwig Löger
General Manager (CEO),
Chairman of the Managing Board
Peter Höfinger
Deputy General Manager,
Deputy Chairman of the Managing Board
Liane Hirner
CFRO, Member of
the Managing Board
Gerhard Lahner
COO, Member of
the Managing Board
Gábor Lehel
CIO, Member of
the Managing Board
Christoph Rath
Member of
the Managing Board
Harald Riener
Member of
the Managing Board
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The Supervisory Board and its committees, Chair and Deputy Chairs periodically monitored in detail
the management of the Company and the activities of the Managing Board in connection with its
management and monitoring of the Group. This purpose was served by detailed presentations and
discussions during meetings of the Supervisory Board and its committees as well as by detailed
discussions on individual topics with Managing Board members who provided comprehensive ex-
planations and evidence relating to management, the financial position of the Company and that of
the Group. Among other things, the strategy, business development (overall and in individual coun-
tries), risk management, the internal control system, internal audit, compliance function and actu-
arial function activities and reinsurance, both at the VIG Holding and Group level, and other impor-
tant topics for the Company and VIG Insurance Group were discussed during these meetings.
VIG Holding is committed to social responsibility and the importance of having employees drive
forward performance, innovation and expertise. In accordance with the Solvency II requirements, starting in 2016 non-financial
aspects must be part of the performance expectations for variable remuneration of Managing Board members. Goal fulfilment
for Managing Board members also depended on both financial and non-financial criteria in the 2025 reporting year. Detailed
information on the principles underlying the remuneration system is available in the remuneration policy and 2025 remunera-
tion report.
The Supervisory Board has formed five committees from its members. Information on the responsibilities and composition
of these committees is available on the Company’s website and in the 2025 consolidated Corporate Governance Report. One
Annual General Meeting and five Supervisory Board meetings distributed across the financial year were held in 2025. One
resolution of the Supervisory Board was adopted by written circulation. Furthermore, four meetings of the Audit Committee
(Accounts Committee) were held and two resolutions of the Audit Committee were adopted by written circulation. The annual
financial statements and consolidated financial statements auditor, KPMG Austria GmbH Wirtschaftsprüfungs- und Steuer-
beratungsgesellschaft, FN 269873y (KPMG), attended three Audit Committee meetings and four Supervisory Board meetings
in 2025, including the Supervisory Board meeting that addressed the audit of the 2024 annual financial statements and the
2024 consolidated financial statements as well as formal approval of the 2024 annual financial statements, and also attended
the Annual General Meeting. KPMG also informed the Audit Committee about the planning and procedure used to audit the
annual financial statements and consolidated financial statements 2025. Three meetings of the Committee for Managing
Board Matters (Personnel Committee) were held in 2025. The Committee for Urgent Matters (Working Committee) met twice
in 2025. The Nomination Committee and Strategy Committee did not meet in 2025. Strategic matters were handled by the
Supervisory Board as a whole. Details on the attendance of Supervisory Board meetings in the 2025 financial year can be
found in the Corporate Governance Report 2025.
No agenda items were discussed in Supervisory Board meetings in 2025 without the participation of members of the Man-
aging Board.
In order to ensure the effectiveness and efficiency of its activities and procedures, the Supervisory Board performed a self-
evaluation of its procedures. The Supervisory Board’s evaluation of its activities found that its organisational structure and
procedures were satisfactory in terms of efficiency and in compliance with the law. It found no need for change or desire for
change in the practices followed to date.
KPMG was elected as the auditor of the annual and consolidated financial statements for the 2025 financial year in ac-
cordance with the proposal and motion of the Supervisory Board and the Annual General Meeting on 24 May 2024, and there-
fore KPMG performed these tasks for the 2025 financial year.
Supervisory Board Report
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Annual Financial Report 2025
The Audit Committee mainly dealt with the following topics in 2025:
By inspecting relevant documents, meeting with the Managing Board and holding discussions with the auditor of the annual
and consolidated financial statements, the Audit Committee was able to monitor the accounting process and sustainability
reporting process and the procedure used for auditing the annual financial statements and consolidated financial statements,
and found no facts or circumstances providing grounds for objection. The Audit Committee also reviewed the possibilities of
providing recommendations or suggestions to ensure the reliability of the accounting process and sustainability reporting
process and, based on the comprehensive information and documents obtained by the Audit Committee during its review,
found that the processes that had been established were adequate.
The Audit Committee also dealt with the VIG Holding and VIG Group ORSA reports in 2025 and reported on them to the Super-
visory Board. The Audit Committee monitored the effectiveness of the internal control system, the internal audit function and
the risk management system, including with regard to sustainability reporting, and found them to be effective after eliciting
presentations on the procedures and organisation of these systems from the Managing Board, the auditor of the annual and
consolidated financial statements, and the persons directly charged with these duties. The Audit Committee reported on these
monitoring activities to the Supervisory Board and stated that no deficiencies had been identified. The Supervisory Board was
also given the opportunity during Supervisory Board meetings to verify the functional adequacy of the existing control and
auditing systems.
In addition, the audit plan and its implementation and the quarterly reports prepared by the internal audit department were
debated by the Audit Committee and the Supervisory Board and discussed with the head of the internal audit department and
the Group internal audit department.
The Audit Committee examined the Solvency and Financial Condition Reports (SFCRs) at both the solo and Group levels and
reported its findings to the Supervisory Board. No facts or circumstances were found that would have provided grounds for
objection.
In 2025, the Audit Committee dealt with the selection of the auditor for the annual and consolidated financial statements for
the 2026 financial year and the auditor for the consolidated sustainability report (consolidated non-financial report) for the
2026 financial year. It was determined that there were no grounds for exclusion of KPMG or circumstances that would give
rise to concerns about impartiality, and that sufficient protective measures had been taken to ensure an independent and
impartial audit.
The Audit Committee reported the results of these deliberations to the Supervisory Board and then recommended to the
Supervisory Board, which itself proposed to the Annual General Meeting that KPMG be elected as the auditor of the annual
and consolidated financial statements. The General Meeting selected KPMG as auditor of the annual financial statements and
consolidated financial statements for 2026. The Annual General Meeting also elected KPMG as auditor of the consolidated
sustainability report (consolidated non-financial report).
During one meeting of the Audit Committee, the members of the committee consulted with the auditor of the annual and
consolidated financial statements on specification of two-way communications and audit planning.
The Audit Committee also received the 2025 annual financial statements, the management report and the 2025 consolidated
Corporate Governance Report from the Managing Board and reviewed and carefully examined them. The Managing Board’s
proposed appropriation of profits was also reviewed with respect to capital adequacy and its effects on the solvency and
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
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financial position of the Company during the course of this examination. The Audit Committee also examined the 2025 con-
solidated financial statements and Group management report including the consolidated non-financial report (sustainability
statement). Furthermore, the auditor’s reports prepared by the auditor of the annual and consolidated financial statements
KPMG for the 2025 annual financial statements, including the management report, and the 2025 consolidated financial state-
ments, including the Group management report including the consolidated non-financial report (sustainability statement),
were reviewed and examined by the Audit Committee. As a result of this examination, a unanimous resolution was adopted to
recommend to the Supervisory Board that the annual financial statements be accepted. The Supervisory Board found no
grounds for objection.
The auditor of the annual and consolidated financial statements provided the Audit Committee with an additional report in
accordance with Art. 11 of the Audit Regulation (EU) that explained the results of the audit of the annual financial statements
and consolidated financial statements. This additional report prepared by the auditor of the annual financial statements was
also provided to the Supervisory Board.
The Audit Committee also reviewed and monitored the independence of the auditor of the annual financial statements and
consolidated financial statements, and after reviewing suitable documents and supporting records submitted to the Com-
mittee, particularly with respect to the appropriateness of the fee and the additional services provided to the Company, was
satisfied with the auditor’s independent status. The Audit Committee dealt with non-auditing services. While reviewing and
monitoring the independence of the auditor of the annual financial statements and the consolidated financial statements, it
did not find any circumstances that would raise doubts about its independence and impartiality.
The Supervisory Board dealt with the following topics in particular:
The audit results and the resolutions adopted by the Audit Committee were reported to the Supervisory Board in its next meeting.
The Supervisory Board discussed and approved the VIG Group strategy 2026–2028 evolve
28
. In 2025, the Managing Board of
VIG Holding informed the members of the Supervisory Board of material sustainability and IT security matters. The topics
discussed in the reporting year included the Transition Plan (consolidated transition plan for climate change mitigation). In
the Transition Plan, VIG undertakes to achieve interim targets by 2030. The VIG sustainability programme was also explained.
Regular reports on compliance, IT security and data protection are also provided. The Supervisory Board, both as a whole and
through the Audit Committee, took the opportunity to address sustainability matters.
The 2025 annual financial statements together with the management report and 2025 consolidated Corporate Governance
Report, the 2025 consolidated financial statements together with the Group management report, including the consolidated
non-financial report (sustainability statement), and the Managing Board’s proposed appropriation of profits were taken up and
examined in detail by the Supervisory Board. The proposed appropriation of profits was checked, in particular, to ensure that
it was reasonable when capital requirements were taken into account. The proposal complies with applicable legal require-
ments and proactively considers the macroeconomic and financial situation and its impact on the Company’s solvency and
financial position. The proposal is in line with the continuously pursued prudent and sustainable capital planning to ensure a
solid solvency and liquidity position in the long term.
The Managing Board and Supervisory Board prepared a remuneration report for financial year 2025.
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Annual Financial Report 2025
In 2025, the Supervisory Board appointed Mr Christoph Rath, previously a deputy member of the Managing Board, as a full
member of the VIG Holding Managing Board with effect from 1 January 2026.
Furthermore, the auditor’s reports prepared by the auditor of the annual and consolidated financial statements KPMG for the
2025 annual financial statements, including the management report, and the 2025 consolidated financial statements, in-
cluding the Group management report including the consolidated non-financial report (sustainability statement), were
reviewed and examined by the Supervisory Board. KPMG’s audit of the 2025 annual financial statements and management
report and the 2025 consolidated financial statements and Group management report including the consolidated non-financial
report (sustainability statement) did not lead to any reservations. KPMG determined that the annual financial statements com-
ply with statutory requirements and give a true and fair view of the net assets and financial position of the Company as of
31 December 2025, and of the results of operations of the Company for the financial year 2025 in accordance with Austrian
generally accepted accounting principles. The management report is consistent with the annual financial statements. The
disclosures pursuant to § 243a of the Austrian Commercial Code (UGB) are appropriate. KPMG further determined that the
consolidated financial statements also comply with statutory requirements and give a true and fair view of the net assets and
financial position of the Group as of 31 December 2025, and of the results of operations and cash flows of the Group for the
financial year 2025 in accordance with the IFRS as adopted by the EU and § 138 of the Austrian Insurance Supervision Act
(VAG) in combination with § 245a UGB. The Group management report, including the consolidated sustainability statement,
is consistent with the consolidated financial statements. In addition, in accordance with § 269 (3) UGB, KPMG has determined
that the 2025 consolidated Corporate Governance Report has been prepared. The final results of the review by the Supervisory
Board also provided no grounds for objection. The Supervisory Board stated that it had nothing to add to the auditor’s reports
for the annual financial statements and consolidated financial statements.
After thorough examination, the Supervisory Board therefore adopted a unanimous resolution to approve the 2025 annual
financial statements prepared by the Managing Board, not to raise any objections to the management report, the 2025 con-
solidated financial statements and the Group management report, including the consolidated non-financial report (sustain-
ability statement) and the 2025 consolidated Corporate Governance Report, and to agree with the Managing Board’s proposal
for the appropriation of profits.
The 2025 annual financial statements have therefore been approved in accordance with § 96 (4) of the Austrian Stock
Corporation Act (AktG).
The Supervisory Board proposes to the General Meeting that it approves the Managing Board’s proposed appropriation of
profits and formally approves the actions of the Managing Board and Supervisory Board.
Vienna, April 2026
The Supervisory Board:
Peter Thirring (Chairman)
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
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We declare to the best of our knowledge that the consolidated financial statements prepared in accordance with applicable
accounting standards give a true and fair view of the Group’s net assets, financial position and results of operations, that the
Group management report presents the business development, result and position of the Group so as to give a true and fair
view of its net assets, financial position and results of operations. The Group management report describes the material risks
and uncertainties to which the Group is exposed and was prepared in accordance with the standards for sustainability
reporting pursuant to Art. 29a of EU Directive 2013/34 (Accounting Directive) and the specifications adopted in accordance
with Art. 8 (4) of EU Regulation 2020/852 (Taxonomy Regulation).
The declaration for the annual financial statements of the VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe is
issued in the financial report of this company.
The present consolidated financial statements for the financial year 2025 were approved for publication by a resolution of
the Managing Board on
23 March 2026
Hartwig Löger
General Manager (CEO),
Chairman of the Managing Board
Peter Höfinger
Deputy General Manager,
Deputy Chairman of the Managing Board
Liane Hirner
CFRO, Member of
the Managing Board
Gerhard Lahner
COO, Member of
the Managing Board
Gábor Lehel
CIO, Member of
the Managing Board
Christoph Rath
Member of
the Managing Board
Harald Riener
Member of
the Managing Board
Declaration by the Managing Board
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Annual Financial Report 2025
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
Audit Opinion
We have audited the consolidated financial statements of
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe, Vienna, Austria
and its subsidiaries ("the Group"), which comprise the Consolidated Balance Sheet as of 31 December 2025, the Consolidated
Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Cash Flow Statement and the
Consolidated Statement of Changes in Equity for the year then ended, and the Notes to the Consolidated Financial Statements.
In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position
of the Group as of 31 December 2025, and its consolidated financial performance and consolidated cash flows for the year
then ended in accordance with the IFRS Accounting Standards issued by the International Accounting Standards Board
(IASB)as adopted by the EU, the additional requirements pursuant to Section 245a UGB (Austrian Commercial Code) as well
as other legal or regulatory requirements.
Basis for our Opinion
We conducted our audit in accordance with the Regulation (EU) No. 537/2014 ("EU Regulation") and Austrian Standards on
Auditing. These standards require the audit to be conducted in accordance with International Standards on Auditing (ISAs).
Our responsibilities under those standards are further described in the "Auditor’s Responsibilities" section of our report. We
are independent of the audited Group in accordance with Austrian company law and professional regulations, and we have
fulfilled our other responsibilities under those relevant ethical requirements. We believe that the audit evidence we have
obtained up to the date of the auditor’s report is sufficient and appropriate to provide a basis for our audit opinion on this date.
Our liability as auditors is guided under Section 266 VAG in conjunction with Section 275 UGB (Austrian Commerical Code).
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements. These matters were addressed in the context of our audit of the consolidated financial
statements as a whole, however, we do not provide a separate opinion thereon.
RECOVERABILITY OF GOODWILL
Refer to notes 3. Goodwill on pages 198, Material estimates and discretionary decisions – 24.4. Impairment of goodwill on
page 242 and Accounting policies – 25.5. Goodwill on pages 268.
Risk for the Consolidated Financial Statements
The recoverability of goodwill recognized in the Consolidated Financial Statements of the Vienna Insurance Group amounting to
EUR 1.189,3 million, is monitored separately at country level. At least once a year and in case of a triggering event on an ad hoc
basis Vienna Insurance Group performs a recoverability test (the so-called impairment test) of the recorded goodwill amounts.
Auditor’s Report
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Impairment testing of goodwill is complex and based on a number of estimates and discretionary factors. Those factors
include in particular the expected future cash flows of the individual countries, which are primarily based on past experience
as well as on the management’s assessment of the expected market environment and the future business development. Other
factors are the assumed long-term growth rate as well as the underlying region-specific costs of capital.
Our Response
We have carried out the following main audit procedures in connection with the recoverability of goodwill:
– We have assessed the appropriateness of key assumptions, of discretionary decisions and of the valuation method
applied for impairment testing.
– We have reconciled the expected future cash flows used in the calculation with the strategic business planning approved
by the management. We used analytical procedures to verify the plausibility of the detailed planning for future years.
– Furthermore, we have dealt with the key planning assumptions and analyzed the assumptions underlying the development
of growth rates in the relevant sales markets.
– We have backtested the consistency of planning data using information from prior periods.
– Given that minor changes in the applied cost of capital rate significantly impact the recoverable amount of the cash
generating units, we have, together with our valuation specialists, assessed the determination of the applied cost of capital
rate and comprehended the derivation of the underlying parameters.
– By means of our own sensitivity analysis we have determined whether the tested book values are still sufficiently covered
by the recoverable amounts in case of possible changes in the assumptions within a realistic range.
– Additionally, we have assessed whether the disclosures in the notes with respect to the recoverability of goodwill are
appropriate.
ADEQUACY OF INSURANCE CONTRACTS ASSETS AND LIABILITIES ISSUED
Refer to notes 1. Insurance contracts on pages 156, Material estimates and discretionary decisions 24.1. (Re --) insurance contracts
on pages 237 and Accounting policies – 25.3. (Re --) insurance contracts on pages 246.
Risk for the Consolidated Financial Statements
The recognized insurance contracts assets issued as of the balance sheet date amount to 376,3 million EUR and insurance
contracts liabilities issued amount to 41.496,9 million EUR. The valuation of insurance contract liabilities is complex. The
assumptions underlying the valuation rely on numerous estimates and discretionary factors.
The uncertainties associated with these assumptions pose a risk to the financial statements, as changes in the assumptions
can have significant impacts on the amount of liabilities and the result of the period.
Our Response
In our audit of the adequacy of insurance contract assets and liabilities issued our own actuaries and IT specialists were part
of the audit team. We performed the following significant audit procedures:
– We gained an understanding of the processes and internal controls implemented in the company and tested the
effectiveness of selected internal controls.
– We tested the general IT controls of the relevant systems.
– We examined the adequacy of significant assumptions, judgments, and the applied valuation and calculation models.
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– For Non-life insurance, we conducted actuarial recalculations of the provision for outstanding claims in samples.
– For the valuation models “General Measurement Model” and “Variable Fee Approach” we also performed recalculations
of the rollforward of the Contractual Service Margin in samples.
– Finally, we evaluated the adequacy of the disclosures in the consolidated financial statements regarding insurance
contracts assets and liabilities issued.
Other Information
Management is responsible for other information. Other information is all information provided in the annual report, other than
the consolidated financial statements, the group management report and the auditor’s report.
Our opinion on the consolidated financial statements does not cover other information and we do not provide any kind of
assurance thereon.
In conjunction with our audit, it is our responsibility to read this other information and to assess whether, based on knowledge
gained during our audit, it contains any material inconsistencies with the consolidated financial statements or any apparent
material misstatement of fact.
If we conclude that there is a material misstatement of fact in other information, we must report that fact. We have nothing to
report in this regard.
Responsibilities of Management and the Audit Committee for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance
with International Financial Reporting Standards (IFRSs) as adopted by the EU, the additional requirements pursuant to Section
245a UGB (Austrian Commercial Code) as well as other legal or regulatory requirements and for such internal controls as
management determines are necessary to enable the preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
Management is also responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting, unless management either intents to
liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The audit committee is responsible for overseeing the Group’s financial reporting process.
Auditor’s Responsibilities
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements taken as a whole, are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our audit opinion.
Reasonable assurance represents a high level of assurance, but provides no guarantee that an audit conducted in accordance
with the AP Regulation and Austrian Standards on Auditing (and therefore ISAs), will always detect a material misstatement,
if any. Misstatements may result from fraud or error and are considered material if, individually or in aggregate, they could
reasonably be expected to influence the economic decisions of users based on these consolidated financial statements.
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
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As part of an audit in accordance with the AP Regulation and Austrian Standards on Auditing, we exercise professional judgment
and maintain professional skepticism throughout the audit.
Moreover:
– We identify and assess the risks of material misstatement in the consolidated financial statements, whether due to fraud
or error, we design and perform audit procedures responsive to those risks and obtain sufficient and appropriate audit
evidence to serve as a basis for our audit opinion. The risk of not detecting material misstatements resulting from fraud
is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,misleading
representation or override of internal control.
– We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
– We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
– We conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the respective note in the consolidated financial statements. If such
disclosures are not appropriate, we will modify our audit opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to
continue as a going concern.
– We evaluate the overall presentation, structure and content of the consolidated financial statements, including the notes,
as well as whether the consolidated financial statements represent the underlying business transactions and events in a
manner that achieves fair presentation.
– We plan and conduct the audit of the consolidated financial statements in order to obtain sufficient appropriate audit
evidence on the financial information of the components within the Group, in order to form an audit opinion. We are
responsible for directing, supervising and reviewing the audit activities carried out for the purposes of auditing the
consolidated financial statements. We remain solely responsible for our audit opinion.
– We communicate with the audit committee regarding, amongst other matters, the planned scope and timing of our audit
as well as significant findings, including any significant deficiencies in internal control that we identify during our audit.
– We communicate to the audit committee that we have complied with the relevant professional requirements in respect of
our independence, that we will report any relationships and other events that could reasonably affect our independence
and, where appropriate, the related safeguards.
– From the matters communicated with the audit committee, we determine those matters that were of most significance
in the audit i.e. key audit matters. We describe these key audit matters in our auditor’s report unless laws or other legal
regulations preclude public disclosure about the matter or when in rare cases, we determine that a matter should not be
included in our auditor’s report because the negative consequences of doing so would reasonably be expected to
outweigh the public benefits of such communication.
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REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
Group Management Report
In accordance with Austrian company law, the group management report is to be audited as to whether it is consistent with
the consolidated financial statements and prepared in accordance with the applicable legal requirements.
It is our responsibility to determine whether the consolidated non-financial statement has been prepared as part of the group
management report, to read it and to assess whether, based on knowledge gained during our audit, it contains any material
inconsistencies with the consolidated financial statements or otherwise appears to be materially misstated. Management is
responsible for the preparation of the group management report in accordance with Austrian company law and other legal or
regulatory requirements.
We have conducted our audit in accordance with generally accepted standards on the audit of group management reports as
applied in Austria.
OPINION
In our opinion, the group management report is consistent with the consolidated financial statements and has been prepared
in accordance with legal requirements. The disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are
appropriate
STATEMENT
Based on our knowledge gained in the course of the audit of the consolidated financial statements and our understanding of
the Group and its environment, we did not note any material misstatements in the group management report.
Additional Information in accordance with Article 10 EU Regulation
We were elected as auditors at the Annual General Meeting on 24 May 2024 and were appointed by the supervisory board on
25 June 2024 to audit the consolidated financial statements of the Vienna Insurance Group for the financial year ending on
31 December 2025.
On 23 May 2025 we were elected as auditors for the financial year ending on 31 December 2026 and were appointed by the
supervisory board on 3 June 2025 to audit the financial statements.
We have been auditors of the Vienna Insurance Group, without interruption, since the consolidated financial statements as of
31 December 2013.
We declare that our opinion expressed in the "Report on the Consolidated Financial Statements" section of our report is
consistent with our additional report to the Audit Committee, in accordance with Article 11 EU Regulation.
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We declare that we have not provided any prohibited non-audit services (Article 5 Paragraph 1 EU Regulation) and that we
have ensured our independence throughout the course of the audit.
ENGAGEMENT PARTNER
The engagement partner is Mr Thomas Smrekar.
Vienna, 26 March 2026
KPMG Austria GmbH
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
signed by:
Thomas Smrekar
Wirtschaftsprüfer
(Austrian Chartered Accountant)
This report is a translation of the original report in German, which is solely valid.
The consolidated financial statements together with our auditor's opinion may only be published if the consolidated financial
statements and the group management report are identical with the audited version attached to this report. Section 281
Paragraph 2 UGB (Austrian Commercial Code) applies.
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INDEPENDENT ASSURANCE REPORT ON THE NON-FINANCIAL REPORTING PURSUANT TO
SECTION 267A UGB
We have performed a limited assurance engagement in the connection with the consolidated non-financial reporting
pursuant to Section 267a UGB (hereafter „non-financial reporting”) in the Group management report in section consolidated
non-financial report for the financial year 2025 of the
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe, Vienna,
(hereinafter also referred to as „VIG” or „Company”).
CONCLUSION WITH LIMITED ASSURANCE
Based on our procedures performed and the evidence we have obtained, nothing has come to our attention that causes us to
believe that the consolidated non-financial reporting pursuant to Section 267a UGB (hereafter „non-financial reporting”) in the Group
management report in section consolidated non-financial report is not prepared, in all material respects, in compliance with:
• the statutory provisions of Art. 19a and 29a of Directive 2013/34/EU,
• the statutory provisions of the Austrian Sustainability and Diversity Improvement Act (Sections 243b and 267a of the
Austrian Commercial Code (UGB)),
• the reporting requirements according to Article 8 of the EU Regulation 2020/852 (hereinafter referred to as „EU-Taxonomy-
Regulation”),
• the requirements of the delegated regulation (EU) 2023/2772 (hereinafter referred to as „ESRS”), and
• the process carried out by the company to identify the information to be included in the consolidated non-financial
reporting in accordance with the legal requirements and standards for non-financial reporting (hereinafter referred to as
„double materiality assessment process”); with the description set out in disclosure IRO-1 Description of the process to
identify and assess material impacts, risks and opportunities
in the currently valid version.
BASIS FOR CONCLUSION WITH LIMITED ASSURANCE
Our limited assurance engagement on the non-financial reporting was conducted in accordance with the statutory
requirements and Austrian Standards on Other Assurance Engagements and additional expert opinions as well as the
International Standard on Assurance Engagements (ISAE 3000 (Revised) applicable to such engagements. An independent
assurance engagement with the purpose of expressing a conclusion with limited assurance („limited assurance engagement”)
is substantially less in scope than an independent assurance engagement with the purpose of expressing a conclusion with
reasonable assurance („reasonable assurance enagement”), thus providing reduced assurance.
Our responsibility under those requirements and standards is further described in the „Responsibility of the auditor of the
consolidated non-financial reporting” section of our assurance report.
We are independent of the Group in accordance with the Austrian professional regulations and Art. 22 ff. AP- RL and we have
fulfilled our other ethical responsibilities in accordance with these requirements.
Independent assurance report
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Our audit firm is subject to the provisions of KSW-PRL 2022, which essentially corresponds to the requirements of ISQM 1,
and applies a comprehensive quality management system, including documented policies and procedures for compliance
with ethical requirements, professional standards and applicable legal and regulatory requirements.
We believe that the evidence we have obtained up to the date of the limited assurance report is sufficient and appropriate to
provide a basis for our conclusion as of that date.
OTHER INFORMATION
Management is responsible for the other information. The other information comprises all information included in the
Annual Report but does not include non-financial reporting and our independent assurance report.
Our conclusion on the non-financial reporting does not cover the other information and we will not express any form of
assurance conclusion thereon. In connection with our limited assurance engagement on the non-financial reporting, our
responsibility is to read the other information when available and, in doing so, consider whether the other information is
materially inconsistent with the non-financial reporting or our knowledge obtained in the limited assurance engagement or
otherwise appears to be misstated. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report in this context.
RESPONSIBILITY OF THE MANAGEMENT
Management is responsible for the preparation of a non- financial reporting including the determination and implementation
of the double materiality assessment processes in accordance with legal requirements and standards. This responsibility
includes:
• dentification of the actual and potential impacts, as well as the risks and opportunities associated with sustainability
aspects and assessing the materiality of these impacts, risks and opportunities,
• preparing of a non-financial reporting in compliance with the requirements of the statutory provisions of the Austrian
Sustainability and Diversity Improvement Act pursuant to section 243b and 267a UGB, and the statutory provisions of Art.
19a and 29a of Directive 2013/34/EU, including compliance with the ESRS,
• inclusion of disclosures in the [consolidated] non-financial reporting in accordance with the EU-Taxonomy-Regulation, and
• designing, implementing and maintaining of internal controls that management consider relevant to enable the
preparation of sustainability report that is free from material misstatement, whether due to fraud or error; and to enable
the double materiality assessment process to be carried out in accordance with the requirements of the ESRS.
This responsibility includes also the selection and application of appropriate methods for non-financial reporting and the
making of assumptions and estimates for individual sustainability disclosures that are reasonable in the circumstances.
INHERENT LIMITATIONS IN THE PREPARATION OF NON-FINANCIAL REPORTING
When reporting forward-looking information, the company is obliged to prepare this forward-looking information based on
disclosed assumptions about events that could occur in the future and possible future actions by the company. Actual results
are likely to differ as expected events often do not occur as assumed.
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When determining the disclosures in accordance with the EU-Taxonomy-Regulation, the management is obliged to interpret
undefined legal terms. Undefined legal terms can be interpreted differently, also regarding the legal conformity of their
interpretation and are therefore subject to uncertainties.
RESPONSIBILITY OF THE AUDITOR OF THE CONSOLIDATED NON-FINANCIAL REPORTING
Our objectives are to plan and perform a limited assurance engagement to obtain limited assurance about whether the non-
financial reporting, including the procedures performed to determine the information to be reported and the reporting in
accordance with the EU-Taxonomy, is free from material misstatement, whether due to fraud or error, and to issue a limited
assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken based
on this non-financial reporting.
In a limited assurance engagement, we exercise professional judgement and maintain professional scepticism throughout the
assurance engagement.
Our responsibilities include:
• performing risk-related assurance procedures, including obtaining an understanding of internal controls relevant to the
engagement, to identify disclosures where material misstatements are likely to arise, whether due to fraud or error, but not
for the purpose of expressing a conclusion on the effectiveness of the Group’s internal controls;
• design and perform assurance procedures responsive to disclosures in the non-financial reporting, where material
misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
PROCEDURES - SUMMARY OF THE WORK PERFORMED
A limited assurance engagement involves performing procedures to obtain evidence about the non-financial reporting.
Our engagement does not include the assurance of prior period figures, printed interviews or other additional voluntary
information of the company, including references to websites or other additional reporting formats of the company.
The nature, timing and extent of assurance procedures selected depend on professional judgement, including the identification
of disclosures likely to be materially misstated in the non-financial reporting, whether due to fraud or error.
In conducting our limited assurance engagement on the non-financial reporting, we proceed as follows:
• We obtain an understanding of the company's processes relevant to the preparation of non-financial reporting.
• We assess whether all relevant information identified by the double materiality assessment process carried out by the
company has been included in the non-financial reporting.
• We evaluate whether the structure and presentation of the non-financial reporting is in compliance with the requirements
of the statutory provisions of the Austrian Sustainability and Diversity Improvement Act as of section 243b and 267a UGB,
including the ESRS.
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• We perform inquiries of relevant personnel and analytical procedures on selected disclosures in the non-financial
reporting.
• We perform risk-oriented assurance procedures, on a sample basis, on selected disclosures in the non-financial reporting.
• We reconcile selected disclosures in the non-financial reporting with the corresponding disclosures in the consolidated
financial statements and Group management report.
• We obtain evidence on the methods for developing estimates and forward-looking information.
• We obtain an understanding of the process to identify taxonomy-eligible and taxonomy-aligned economic activities and
the corresponding disclosures in non-financial reporting.
LIMITATION OF LIABILITY, PUBLICATION AND TERMS OF ENGAGEMENT
This limited assurance engagement is a volunatary assurance engagement. We issue this conclusion based on the assurance
contract concluded with the client, which is also based, with effect on third parties, on the „General Conditions of Contract for
the Public Accounting Professions” issued by the Chamber of Tax Advisors and Auditors. These can be viewed online on the
website of the Chamber of Tax Advisors and Auditors (currently at https://ksw.or.at/berufsrecht/mandatsverhaeltnis/). With
regard to our responsibility and liability under the contractual relationship, point 7 of the AAB 2018 applies.
Our assurance report may only be distributed to third parties together with the consolidated non-financial reporting contained
in the consolidated non-financial report section of the group management report and only in complete and unabridged form.
AUDITOR RESPONSIBLE FOR THE ASSURANCE ENGAGEMENT
The auditor responsible for the assurance engagement of the non-financial reporting is Thomas Smrekar.
Vienna, 26 March 2026
KPMG Austria GmbH
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
signed by:
Thomas Smrekar
Wirtschaftsprüfer
(Austrian Charted Accountant)
This report is a translation of the original report in German, which is solely valid.
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe 322
Management
report
to the
Annual financial statements
in accordance with the Austrian
Commercial Code (UGB)
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A VIENNA INSURANCE GROUP COMPANY
“We aim to further strengthen our leading market position in Central and Eastern Europe by building
on the local responsibility and expertise of our Group companies, as well as on close collaboration
within the Group.”
Hartwig Löger, CEO of Vienna Insurance Group
Vienna Insurance Group (VIG), headquartered in Vienna, is the leading insurance group throughout Central and Eastern Europe
(CEE). More than 50 insurance companies and pension funds in 30 countries form a Group with a long-standing tradition,
strong brands and close customer relations. Around 30,000 employees in the VIG take care of the day-to-day needs of around
33,3 million customers.
FROM FIRST MOVER TO MARKET LEADER IN CEE
VIG was one of the first European insurance groups to expand into the markets of the CEE region after the fall of the Iron
Curtain in 1989. Step by step, the Group established its presence in new markets and positioned itself as the number 1 in the
region. Vienna Insurance Group places an emphasis on Central and Eastern Europe as its home market and pursues a long-
term business strategy in its core markets. The aim is to consistently expand the market leadership in the CEE region through
long-term and profitable growth.
EXPERTISE WITH LOCAL ACCOUNTABILITY
Vienna Insurance Group offers a wide range of bespoke solutions for risk protection and prevention and continuously adapts
its services to the requirements of the dynamic environment. VIG pursues a multi-brand policy with regionally established
brands and local entrepreneurship. Ultimately, it is the individual strengths of these brands and the in-depth expertise of the
employees that enable customer proximity and drive the Group's successful development.
STRONG FINANCES AND CREDIT RATING
VIG shares have been listed on the Vienna Stock Exchange since 1994, on the Prague Stock Exchange since 2008 and on the
Budapest Stock Exchange since 2022. VIG Group holds an A+ rating with positive outlook by the internationally recognised
rating agency Standard & Poor’s. Wiener Städtische Versicherungsverein – the stable main shareholder with a long-term focus
– owns 72% of VIG's shares. The remaining shares are in free float.
Company profile 2025
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ECONOMIC ENVIRONMENT
While the effects of US tariff policy were still being strongly felt in the first and second quarters of 2025, the fourth quarter in
particular brought some positive surprises. 2025 real GDP growth was 1.5% in the euro area.
The slow recovery continued in Austria following two years of declining economic performance, culminating real GDP growth
of 0.6% for 2025. Private consumption recovered in the fourth quarter, while public consumption continued to underpin
performance. The export situation also eased in the final quarter.
The euro area closed 2025 with inflation at 2.1%. Driven by continuing high core inflation (service providers) and energy prices,
inflation in Austria rose to 3.6% for the year as a whole (2024: 2.9%).
VIG HOLDING BUSINESS DEVELOPMENT
Premiums written, net earned premiums, expenses for claims and insurance benefits, administrative expenses and
reinsurance balance had the following breakdown for property and casualty insurance in 2025 (and in the same period in 2024):
2025
2024
Direct business
Indirect
business
Total
Direct business
Indirect
business
Total
in EUR '000
Premiums written
317,087
1,503,031
1,820,118
321,820
1,407,666
1,729,486
Net earned premiums
318,168
1,470,429
1,788,597
315,592
1,392,037
1,707,629
Expenses for claims and insurance
benefits
119,693
951,686
1,071,379
243,258
944,889
1,188,147
Administrative expenses
27,102
506,087
533,189
24,935
445,531
470,466
Reinsurance balance
-148,939
-11,029
-159,968
-29,361
-10,494
-39,855
The reinsurance balance is composed of net earned reinsurance premiums, effective reinsurance claims and reinsurance
commissions.
FINANCIAL PERFORMANCE INDICATORS
Premium income
In 2025, VIG Holding generated a total premium volume of EUR 1,820.12 million, representing a year-on-year increase of 5.2%.
Direct premiums written (corporate business) decreased year-on-year by 1.5% to EUR 317.09 million. Premium income from
indirect business (assumed reinsurance) was EUR 1,503.03 million, 6.8% higher than the previous year. The value of assumed
reinsurance includes EUR 12,626,000 (EUR 27,291,000) for health insurance and EUR 5,593,000 (EUR 1,779,000) for life
insurance.
Of the premiums written, EUR 1,599.63 million (2024: EUR 1,508.13 million) were retained by VIG Holding. In 2025, reinsurers
were ceded EUR 220.49 million (2024: EUR 221.35 million). Gross earned premiums were EUR 1,788.60 million (2024:
EUR 1,707.63 million). Net earned premiums increased by EUR 65.42 million to EUR 1,570.76 million.
Expenses for claims and insurance benefits
Gross expenses for claims and insurance benefits were EUR 1,071.38 million in 2025 (2024: EUR 1,188.15 million). Of this
amount, EUR 119.69 million (2024: EUR 243.26 million) was attributable to corporate business, EUR 123.57 million less than
in the previous year.
Management report 2025
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Annual Financial Report 2025
In gross indirect business (excluding health and life insurance), expenses for claims and insurance benefits before reinsurance
increased by 1.9% to EUR 939.54 million.
After deducting reinsurance of EUR 40.87 million (2024: EUR 149.42 million), retained expenses for claims and insurance
benefits (excluding health and life insurance) were EUR 1,018.36 million (2024: EUR 1,015.64 million).
Administrative expenses
In 2025, administrative expenses were EUR 533.19 million, 13.3% higher than the previous year (2024: EUR 470.47 million).
This change was primarily due to the increase in commissions for indirect business. EUR 27.10 million of the administrative
expenses were for the corporate business and EUR 506.09 million for the reinsurance business. After reinsurance
commissions for ceded reinsurance business, EUR 516.19 million in administrative expenses remained for VIG Holding. This
was an increase of EUR 58.74 million compared to the previous year.
Combined ratio
VIG Holding’s combined ratio was 99.4% in 2025 (2024: 99.8%), and 95.5% for direct business (corporate business) (2024:
95.0%). This ratio is calculated as the sum of all insurance service expenses and income plus net payments for claims and
insurance benefits, including the net change in underwriting provisions, divided by net earned premiums for property and
casualty insurance.
Financial result
VIG Holding had a financial result of EUR 533.39 million (2024: EUR 283.13 million). Impairment of shares in affiliated
companies was EUR 11.34 million. (2024: EUR 404.55 million).
2025
2024
in EUR '000
Land and buildings
7,489
6,595
Investments in affiliated companies and participations
691,237
372,201
Other investments
85,153
60,941
Total income (net)
783,879
439,737
Other investment and interest income
27,143
52,564
Expenses for asset management
-145,422
-139,930
Interest expenses
-66,684
-60,416
Other investment expenses
-65,524
-8,824
Investment profit according to income statement
533,392
283,131
Result from ordinary activities
VIG Holding earned a result from ordinary activities of EUR 518.35 million in 2025 (2024: EUR 290.77 million).
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
Investments
As of 31 December 2025, investments, including liquid assets, were EUR 8,348.44 million (2024: EUR 7,595.66 million).
Deposits were reduced to EUR 312.08 million in 2025 (2024: EUR 403.10 million), since the structure of some of the
reinsurance contracts taken over by VIG Holding has changed. The investments at the end of 2025 were (64.6% (2024: 68.3%)
shares in affiliated companies and participations, 18.3% (2024: 12.1%) bonds (including pension funds), 0.6% (2024: 0.5%)
funds, 0.6% (2024: 0.0%) shares, 2.0% (2024: 2.1%) loans, 3.0% (2024: 2.8%) land and buildings and 10.9% (2024: 14.2%) bank
balances and cash on hand.
Detailed information is provided in the annual financial statements in chapter II. Notes to the balance sheet.
BREAKDOWN OF INVESTMENTS IN 2025
Material M&A transactions in financial year 2025
Dutch company VIG Türkiye Holding B.V. (formerly AEGON Turkey Holding BV) was incorporated into an existing Austrian 100%
VIG subsidiary as the acquiring company with retroactive effect to 1 January 2025. The transaction was used for structural
adjustment following the successful acquisition of the Central and Eastern European business of Dutch company Aegon N.V.
in financial year 2023.
In March 2025, VIG indirectly acquired a 48.82% stake in Phinance, one of the largest Polish finance brokers with a focus on
insurance brokerage, financial advice and investment and credit products. The acquisition was approved by the Polish Office
of Competition and Consumer Protection (UOKiK).
In a public auction procedure in August 2025, VIG was awarded the contract for the acquisition of 80% of the shares in
MOLDASIG S.A. and subsequently acquired a further approximately 15.2% of the company. VIG will thus have a market share
of around 30% in Moldova. The approval process in Moldova as required under competition law is currently not yet complete.
18,3% bonds (12,1% )
3,0% land and buildings (2,8%)
10,9% bank balances and cash
on hand (14,2% )
2,0% loans (2,1%)
64,6% shares in affiliated
companies and participations (68,3%)
2024 values in parantheses
0,6% shares (0,0%)
0,6% fund (0,5%)
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Annual Financial Report 2025
In October 2025, VIG submitted a voluntary public offer to acquire a majority stake in German company NÜRNBERGER
Versicherungsgruppe at a price per share of EUR 120.00. This corresponds to a total purchase price of up to EUR 1.38 billion
(based on a 100% stake). In total, VIG was thus able to secure shares amounting to approximately 99% of the share capital in
NÜRNBERGER-Beteiligungs AG as of 31.12.2025. The transaction is subject to receipt of the necessary official approvals and
is expected to close at the start of H2 2026.
In December 2025, International Finance Corporation (IFC), part of the World Bank Group, and VIG agreed that IFC will invest
in VIG’s two Ukrainian non-life insurance companies, USG and Kniazha, by means of a capital increase in each instance – in
order to promote their growth, digitalisation and product offering, strengthen resilience and play an active role in reconstruction.
This partnership comprises a participation of approximately 20% in each of the two companies. Closing is expected in H2 2026.
Underwriting provisions
Underwriting provisions were EUR 2,039.27 million as of 31 December 2025 (2024: EUR 1,887.53 million). This corresponds
to a year-on-year increase of 8.0%, which was primarily due to provisions for outstanding claims arising from indirect business.
The reinsurers’ share was EUR 256.00 million (2024: EUR 323.83 million).
Solvency ratio
VIG Holding’s solvency ratio of 408.1% is high due to an outstanding endowment of capital resources combined with a much
lower capital requirement and also results from the Group’s function as a holding company.
NON-FINANCIAL PERFORMANCE INDICATORS
In its consolidated management report, VIG Holding reports on sustainability information at Group level. This sustainability
report can be downloaded free of charge from https://group.vig/en/investor-relations/results-reports/downloads/.
Research and development
Although VIG companies do not perform any research activities within the meaning of Section 243 (3) (2) UGB, they contribute
their expertise to the development of insurance-specific software models. VIG Holding and – for projects – VIG companies
also cooperate with Digital Impact Labs Leipzig, Plug & Play and VENPACE, a start-up initiative (investment and corporate
building) that is located in Germany and is jointly funded with other insurance companies, in order to identify technological
developments in the market more quickly and internalise them if necessary. viesure was also established for this purpose as
an internal “innovation hub” focusing mainly on Austria. Since 2022, investment has also been made in the APEX Deep Tech
Fund, which focuses on tech start-ups, and VIG offers support in identifying and researching innovations at an early stage in
order to use these in the Group’s business model to the benefit of its customers. An example of such innovation is the use of
sensors and satellite technology as an early warning system for potential forest fires. VIG Group also indirectly promotes
research activities through its participations in xista science ventures to increase basic research in Austria and invIOS to
support research into biotech and the fight against cancer. In addition, there is a multi-year cooperation agreement with the IE
School of Science & Technology in Madrid for research into technical content issues within the scope of our business model.
Other information
VIG Holding established three branch offices in financial year 2019, extending the business operations of VIG Insurance Group
into Northern Europe. The Group therefore operates branches located in Copenhagen, Oslo and Stockholm.
Please see the notes to the financial statements (I. Summary of significant accounting policies) for information on the
financial instruments used.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
RISK REPORT
ORGANISATION OF THE RISK MANAGEMENT SYSTEM
The risk management system is integrated into VIG Holding’s organisational structure. Organisational departments of central
importance to the risk management system are shown in the graph below.
Managing Board
The full Managing Board bears responsibility for the risk management system and particularly for the following topics:
• Development and promotion of the risk management system,
• Definition and communication of the risk strategy, including risk tolerances and risk appetite,
• Approval of central risk management guidelines,
• 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 main responsibilities of the department include recording, assessing and managing the overall risk profile of the Group
and calculating solvency. The department provides a Group-wide risk aggregation solution for this purpose with extensive
reporting 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.
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Internal Audit
The internal audit function required by Solvency II is exercised by the manager of this department. The internal audit
department periodically monitors operational and business processes, the internal control system of all operating
departments of the Company, including compliance with legal requirements, and the effectiveness and appropriateness of
risk management.
Compliance (incl. AML)
It coordinates and supports all companies in VIG Insurance Group and the compliance officers appointed within the
companies in fulfilling the compliance-related tasks and activities. The manager of this department also exercises the
compliance function required by Solvency II. Thus, the department is also responsible for tasks related to the compliance
function.
Group Actuarial, Planning & Controlling
The actuarial function required by Solvency II is exercised by the manager of this department. Thus, the department is
particularly responsible for the tasks related to the actuarial function. The department also handles actuarial modelling in
Prophet for the Group’s life and health insurance business and in ResQ for the Group’s 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 17. The department supports the analysis of IFRS 17 reserves, as well as actuarial cooperation and networking within
VIG Insurance Group.
The department also coordinates business planning over a three-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. Regular monthly premium reports, quarterly reports for each company (aggregated at the
country and VIG Insurance Group level) and cost reports are prepared.
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. Guidelines and limits are used to manage investments. Regular reports are also
provided for 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
on 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’s own capital market transactions, as well as the
management of the portfolio of subordinated capital bonds and other debt instruments.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
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
The department coordinates and assists all companies of VIG Insurance Group and their reinsurance departments with
reinsurance matters in the non-life business (property and casualty, third party-liability and accident insurance) by preparing
and applying guidelines. Additionally, the department administers all Group-wide reinsurance programmes in non-life
insurance lines of business. The highest goal is to establish a security network through which all companies of
VIG Insurance Group are sustainably protected against the adverse effects of natural disasters, major losses and the negative
developments of entire insurance portfolios.
Subsidiaries & Transaction Management
This department is fundamentally responsible for safeguarding the interests of the Company with respect to all participations
and for providing and processing information about participations and participation projects in a manner suited to the given
decision-making situation.
VIG IT
This department is responsible for IT management at the level of VIG Holding. It also includes the IT Governance department
and the outsourcing officer for IT matters. The department manager is both the managing director and the spokesperson for
VIG IT-DS.
Finance and Accounting
One of the department’s 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 the corresponding IFRS reporting of the
figures.
RISK PROFILE
VIG Holding’s risk profile is broken down into the 10 main risk categories below:
Market risk describes the risk of losses due to changes in market prices. Fluctuations in interest rates, share prices and
exchange rates and changes in the market value of real estate and participations can have a negative effect on the value of
investments and liabilities.
Market risk is by far VIG Holding’s most important risk exposure, in particular the equity and currency risk resulting from its
function as a holding company and thus its holding participations in insurance companies.
In addition to demographic risks, life underwriting risk also includes negative effects due to changes in cancellation behaviour
and cost risks and covers the following sub-modules: mortality, longevity, disability, costs, revision and cancellation as well as
disaster risk.
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Non-life insurance underwriting risk is the risk that insured losses and costs will be higher than income. It essentially consists
of the following components:
• Risk from extreme loss events, particularly natural disasters
• Risk from unprofitable contracts due to inappropriate premium structures
• Risk from claims that have already occurred but are not sufficiently known or reserved
• Cancellation risk (decline in the contribution margin following a sharp fall in the portfolio)
• Cost risk
Health underwriting risk is broken down into health underwriting risk by type of non-life insurance and by type of life insurance,
depending on the structure of the contract. The risk by type of life insurance is not relevant for VIG Holding. The health
underwriting risk by type of non-life insurance corresponds to the accident insurance underwritten through reinsurance and
includes the traditional non-life underwriting risks. Losses can arise from cumulative events with a large number of fatalities
and injuries, for example, but these are reinsured accordingly.
Credit risk/counterparty default risk is the risk of a loss or an unfavourable change in the value of assets and financial
instruments resulting from the 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.
Liquidity risk is the risk that necessary funds can only be provided at additional cost in order to fulfil short and long-term
payment obligations that fall due. This includes losses associated with an asset/liability mismatch, for example.
Operational risk describes the risk of losses in connection with business operations. These are caused by faulty internal
processes, inadequate controls, incorrect estimates or faulty models. Examples of operational risks are fraud by third parties,
failure of IT systems and human error.
Intangible asset risk reflects the risk of loss or an unfavourable change in the value of intangible assets.
Strategic risk includes unfavourable business performance as a result of incorrect business and investment decisions, poor
communication and implementation of corporate goals and a company’s inability to adapt to the economic environment.
Conflicting business objectives are also a strategic risk.
Reputation risk is the risk of negative changes in business due to damage to a company’s reputation or that of its brands.
Reputational damage can shake the confidence of customers, investors or the Company’s own employees in the business and
consequently lead to financial losses. Causes include incorrect advice when selling products, poor customer service,
misinformation to investors, negative media coverage – for instance, particularly in connection with sustainability or other
non-financial risks, and reputational damage that spreads from one company to another.
HANDLING OF SUSTAINABILITY RISKS
Sustainability risks are both risks to which the Company is exposed (outside-in perspective) and risks that have a potential
negative impact on society or the environment due to VIG’s business activities (inside-out perspective). These risks have
always been implicitly or, in some cases, explicitly taken into account as part of risk management.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
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 double materiality
assessment in accordance with 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, the pension funds and asset management companies regularly review this risk catalogue
for completeness as part of a standardised risk management process (“risk inventory”) 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 year under review, the sustainability risks were also identified and evaluated at VIG Holding as part of the risk inventory
and on the basis of the Group-wide risk catalogue. Overall, the analysis showed that VIG Holding’s sustainability risks are
currently at a low to medium level.
CLIMATE RISKS
Global warming is causing more frequent extreme weather events. In particular, that presents additional challenges for
insurance companies that protect their customers from the financial consequences of damage caused by natural hazards.
VIG has therefore increased its knowledge of this subject considerably in the last few years. It conducts scenario analyses to
gain an idea of how climate change will affect claims development and therefore the insurance business. Regular internal risk
analyses are also carried out on the medium and long-term effects of climate change. The analyses related to the
consequences of global warming pertain to both physical risks and transition risks
Physical risks of climate change arise directly from the consequences of climate changes, such as an increase in the global
average temperature and the associated occurrence of more frequent and more intensive natural disasters and extreme
weather events such as floods, heat waves and droughts, storms and hail.
Pursuant to the Delegated Regulation on the ESRS, for physical risks a further distinction is made between acute and chronic
risks. This classification also corresponds to the Network for Greening the Financial System (NGFS) methodology:
• Acute risks include short-term, extreme weather events such as storms, floods or heat waves.
• Chronic risks arise from long-term climate change effects such as rising average temperatures or increasing sea levels.
Transition risks in the context of climate change are economic and financial losses that can occur during the transition to a
lower-carbon and more sustainable economy. Factors that are material to the emergence of such risks include new political
and regulatory framework conditions, technological developments and changes in market sentiment among financial
stakeholders, and perceptions within society or with customers that could also entail 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, 2.0 and 3.0 degrees Celsius),
enabling 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.
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The scenario analyses show that the effects of global warming for VIG Holding in relation to floods is material for events with
a high recurrence interval. The effects for winter storm events and for hail events are not material.
REGULATORY FRAMEWORK
VIG Insurance Group is subject to (insurance) regulatory requirements in Austria and abroad. These requirements govern,
among other things:
• the capital adequacy of insurance companies and insurance groups,
• the admissibility of investments to secure underwriting provisions,
• concessions from the pension funds, insurance and asset management companies of VIG Group,
• requirements in relation to the digital operational resilience (DORA) of insurance companies and insurance groups,
• marketing activities and the sale of insurance contracts, and
• policyholder cancellation rights.
Changes to the legal framework may require reorganisation and thus result in increased costs and duplications. Different, or
subsequently different, interpretations of legal texts or contradictory specifications can also lead to increased effort on the
part of the organisation and thus increased costs.
RISKS FROM ACQUISITIONS AND MERGERS
In the past, VIG Holding has directly and indirectly acquired a number of companies in Central and Eastern Europe or acquired
participations in them, and potential acquisitions in Germany and Moldova in 2025 are not yet complete. Mergers of
subsidiaries are considered if the resulting synergy effects 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:
• the need to integrate the infrastructure of the acquired or merging company, including management information systems
and systems for risk management and controlling,
• the resolution of outstanding legal or regulatory issues and the related legal and compliance risks arising from the merger
or acquisition,
• the integration of marketing, customer service and product offerings,
• the integration of different corporate and management cultures, and
• the harmonisation of business and reporting processes and the consideration of Group requirements.
RISKS IN CONNECTION WITH THE GEOPOLITICAL SITUATION AND THE CURRENT MACROECONOMIC ENVIRONMENT
Geopolitical tensions and protectionist tendencies generally dominated economic policy in 2025. The politico-economic
direction in the US as a result of tariff increases and trade conflicts is leading to considerable uncertainties in world trade.
Although the US Federal Reserve indicated the potential for an interest rate turnaround, the first interest rate cut did not take
place until September 2025, followed by the second in October. In the euro area, the European Central Bank elected not to
continue with its interest rate cuts and signalled that interest rates will remain static for now following the period of easing, in
order to monitor further economic developments.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
There were increasing signs of subdued economic momentum in Austria in the second half of 2025. However, companies are
still very cautious about investment and global trade remains under pressure due to geopolitical tensions and a series of ever-
changing trade restrictions. At the same time, investments in technology and automation are supportive, while the continuing
shortage of skilled workers continues to pose structural challenges for many European markets.
According to the latest forecasts, global growth will be around 3.0% for 2025. The euro area is expected to achieve moderate
growth of around 1.0% to 1.2%.
For VIG, politico-economic stability in Central and Eastern Europe, monetary policy developments and 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 growing cyber and infrastructure risks are creating further uncertainty.
Tensions in the Middle East have recently become significantly more inflamed. The military escalation between the US and
Israel versus Iran significantly increases the risks in terms of energy prices, supply chains and the stability of international
financial markets, and it jeopardises the delicate economic recovery in Austria. The macroeconomic environment remains
volatile, and further developments must be monitored.
INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM IN THE ACCOUNTING PROCESS
General structure and organisation
The internal control and risk management system (ICS) plays an important role in VIG Holding and is firmly anchored in the
organisational structural and process organisation of the Company. Responsibilities are clearly defined in the ICS by ICS Group
guidelines and extend from the overall responsibility of the Managing Board to establish an effective control system and
appropriate risk management, to the responsibility of middle management to ensure adequate risk control infrastructure in
the various areas, all the way to the individual employees, who are expected to perform their work responsibly and proactively
report and/or remedy potential risks, deficiencies and sources of errors.
The ICS itself is comprised of all measures and control activities used to minimise risks – particularly for the areas of
accounting and compliance, but also for other operational risks. It extends from specially established processes,
organisational units such as accounting and controlling, all the way to guidelines, regulations and individual controls within
processes, such as automated audits or use of the “four-eyes” principle.
Important control elements in the accounting process
The documentation for the annual financial statement preparation process includes the important elements of the internal
control and risk management system that are present in the accounting process.
The controls documented there are used during the process to ensure that potential errors whose occurrence cannot be
completely ruled out in spite of the many additional functional and technical controls in existing IT systems (e.g. SAP) are
identified and corrected at an early stage in the reporting process.
This allows the following objectives of the annual financial statement process to be achieved:
• Completeness: all transactions during the reporting period are recorded in full.
• Existence: all reported assets and liabilities exist on the balance sheet date.
• Accuracy: all transactions recorded in the financial statements apply to the same period as the financial statements.
• Measurement: all asset, liability, income and expense items have been recognised at fair value in accordance with
accounting requirements.
• Ownership: rights and obligations are properly recognised.
• Disclosure: all financial statement items are correctly presented and disclosed.
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The financial statement process includes the aggregation of all data from accounting and upstream processes for the annual
financial statements. The financial statements are submitted to the appropriate department manager for review and further
consultation with the Managing Board. The Managing Board provides final approval of the financial statements. The auditor
takes the internal control system into account during the financial statement audit to the extent that it is relevant to preparation
of the annual financial statements.
Effectiveness and controls
To ensure the effectiveness of the internal control system, VIG Holding established an annual evaluation and documentation
process for the ICS with the professional assistance of external auditors. This process identifies, analyses, assesses,
documents and reports risks and controls existing for VIG Holding to the Managing Board, particularly those in the areas of
accounting and compliance.
Optimisation measures are introduced into the control environment based on the findings, and their implementation is also
monitored and reported by the responsible units. The results of this process are also used later by the internal audit
department as a basis for its subsequent audit of the accounting process and the control environment established there.
DISCLOSURES IN ACCORDANCE WITH SECTION 243A AND SECTION 243 (3) (3) UGB
Detailed information on the disclosures in accordance with Section 243a and Section 243 (3) (3) UGB is available in chapter V.
Other disclosures.
DISCLOSURES ON OUTSOURCING IN ACCORDANCE WITH SECTION 156 (1) (1) IN CONJUNCTION WITH
SECTION 109 VAG
VIG Holding
For VIG Holding, it was decided to outsource IT services to internal and external IT service providers. twinformatics GmbH
provides IT services for the Austrian VIG insurance companies (including VIG Holding) and concludes any necessary sub-
outsourcing in compliance with the legal and regulatory requirements and after consultation with the VIG insurance companies
in Austria.
Since 01/01/2023, IT services for VIG Group (including VIG Holding) have also been provided by VIG IT-Digital Solutions GmbH
(hereinafter referred to as “VIG IT-DS”). VIG IT-DS was founded by VIG Holding in order to further strengthen the policy of
providing IT services throughout the Group and to have these services provided by a company that focuses on this area. A
outsourcing agreement approved by the FMA was also concluded with VIG IT-DS, in which the final responsibility of VIG IT-DS
(with twinformatics as an essential sub-service provider) for all VIG solutions (SAP NewGL, IFRS 9/17, ReadSoft and some
smaller supporting applications) was agreed. In addition to these outsourcing agreements, VIG Holding has not outsourced
any critical or important functions or business activities.
OUTLOOK
Economic outlook
Further increases in real wages in a robust labour market are set to make private consumption a key driver of growth in the
euro area. Investment is likely to be underpinned by low key interest rates in the long term and fiscal measures. In this context,
the German spending package and the EU’s decision to exempt defence spending from fiscal rules are of particular note. The
analysts from Erste Group expect German real GDP growth to accelerate significantly in 2026. By contrast, momentum is
waning in Spain and one-off effects in Ireland are abating. For the euro area as a whole, real GDP growth is expected to be
slightly lower at 1.2%.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
In Austria, the analysts from Erste Group expect real GDP growth of 1.0% in 2026, fuelled primarily by German fiscal measures.
The effects are expected to be reflected in exports and investments.
In the CEE region, real GDP growth is expected to accelerate further to 2.7% in 2026. 2026 is the last year in which funds from
the Recovery and Resilience Facility (RRF) can be used. In Poland, Romania and Slovenia, around half of the RRF grants are
yet to be disbursed. Consumer sentiment is also expected to continue its positive trajectory in the majority of CEE countries,
with projected GDP growth in the region ranging from 1.0% for Romania, which is strongly affected by weaker private demand
and budget consolidation, to 4.0% for Poland, which has frequently headed the field.
While the analysts at Erste Group initially viewed the continuation of the US Administration’s erratic trade policy as the biggest
risk to growth in 2026, the focus has shifted towards the conflict in Iran and the impact of rising energy prices, which is
currently hard to predict. As a result, the increasing competitiveness of Chinese suppliers in the high-tech sector and the
general avoidance of Chinese overcapacity on European markets add to the sum of potential risks.
Erste Group’s initial response in relation to the potential effects of persistently higher energy prices is to predict inflation of
2.2% for the euro area in 2026. Lower wage settlements and the fading of base effects for energy prices are essential factors
when it comes to limiting the inflation rate in Austria to a forecasted value of 2.5%. Inflation is expected to reach 3.5% for the
CEE region in 2026; here too, the risk lies in the prospect of persistently higher energy prices.
Outlook for VIG Insurance Group
Vienna Insurance Group with its approximately 30,000 employees, as the market leader in Central and Eastern Europe, is
excellently positioned to take full advantage of the opportunities in this dynamic region and the associated growth potential.
With the new evolve
28
Group strategy, VIG is focusing consistently on growth, increased revenue and continuously increasing
dividends. One important element of this long-term growth strategy is the planned acquisition of German company
NÜRNBERGER Beteiligungs-AG. With this transaction, VIG will strengthen its diversification beyond the core region of Central
and Eastern Europe and at the same time significantly expand its presence on the German market. Closing is expected in
H2 2026.
The objectives for 2028 include:
• a substantial increase in premiums written to at least EUR 20 billion with the aim of further consolidating market
leadership in Central and Eastern Europe,
• a significant increase in profit before taxes to at least EUR 1.5 billion,
• a consistently attractive net combined ratio of max. 91%,
• an operating return on equity of at least 17%, and
• a sustainably strong capital base with a solvency ratio in a range of between 150% and 200%.
This clear picture of the growth trajectory for the next three years will be adapted accordingly following the granting of
regulatory approval for the NÜRNBERGER acquisition, which is expected to happen at the end of 2026.
The Group remains committed to ensuring that shareholders participate in the success of the Company. The dividend policy
specifies the previous year’s dividend as the minimum dividend and sets out a continuous increase in the dividend per share
depending on the operating result. The dividend proposal for financial year 2025 is EUR 1.73, which corresponds to an increase
of 11.6% and is thus the minimum dividend for financial year 2026.
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Vienna Insurance Group’s decentralised business model has proven its worth in the challenging geopolitical and
macroeconomic environment of recent years, and the Group believes it is well positioned operationally in view of the
continuing volatile conditions. The Group’s diversification across markets and lines of business, the consistent customer focus
of its companies and its capital strength provide a strong basis for continuing its successful course. In this environment,
without factoring in the planned Nürnberger acquisition, the management aims to achieve profit before taxes within a range
of between EUR 1.25 and EUR 1.30 billion for financial year 2026.
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
Outlook for VIG Holding
VIG Holding has set a goal for financial year 2026 of increasing its premium volume from international reinsurance and cross-
border corporate business. VIG Holding will continue to pursue its strategic programme, optimise its processes on an ongoing
basis and aim to further increase its earning power.
Appropriate measures will continue to be implemented and coordinated to achieve these goals.
In addition, the Group’s attractiveness as an employer with an international background will be increased and sustainable
business operations for people and the environment will be further expanded.
Vienna, 23 March 2026
The Managing Board:
Hartwig Löger
General Manager (CEO),
Chairman of the Managing Board
Peter Höfinger
Deputy General Manager,
Deputy Chairman of the Managing Board
Liane Hirner
CFRO, Member of the Managing Board
Gerhard Lahner
COO, Member of the Managing
Board
Gábor Lehel
CIO, Member of the Managing
Board
Christoph Rath
Member of the Managing Board
Harald Riener
Member of the Managing Board
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Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
340
Annual
financial
statements
in accordance with the Austrian
Commercial Code (UGB)
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BALANCE SHEET AS OF 31 DECEMBER 2025
Assets
31.12.2025
31.12.2024
in EUR
in EUR '000
A. Intangible assets
34,674,540.17
26,569
I. Other intangible assets
34,674,540.17
26,569
B. Investments
8,433,324,738.82
7,599,451
I. Land and buildings
247,142,530.12
211,099
II. Investments in affiliated companies and participations
5,774,511,225.02
5,554,439
1. Shares in affiliated companies
5,364,537,234.85
5,160,057
2. Bonds and other securities of affiliated companies and loans to affiliated companies
384,809,196.98
369,216
3. Participations
25,164,793.19
25,165
III. Other investments
2,099,587,872.82
1,430,813
1. Shares and other non-fixed-interest securities
100,905,970.42
39,280
2. Bonds and other fixed-interest securities
1,310,293,784.97
705,900
3. Mortgage receivables
1,748,000.01
1,842
4. Other loans
984,930.16
970
5. Bank deposits
685,655,187.26
682,821
IV. Deposits on assumed reinsurance business
312,083,110.86
403,100
C. Receivables
448,038,057.03
446,949
I. Receivables from direct insurance business
156,866,879.12
124,177
1. from policyholders
4,611,111.29
7,416
2. from insurance intermediaries
12,436.85
13
3. from insurance companies
152,243,330.98
116,748
II. Receivables from reinsurance business
52,332,325.09
104,291
III. Other receivables
238,838,852.82
218,482
D. Pro rata interest
47,284,463.65
30,331
E. Other assets
240,790,230.89
403,054
I. Tangible assets (not incl. land and buildings)
4,745,099.40
3,748
II. Current bank balances and cash on hand
227,196,006.23
399,307
III. Other assets
8,849,125.26
0
F. Deferred charges
16,988,914.21
18,611
Total ASSETS
9,221,100,944.77
8,524,966
Annual financial statements
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
342
BALANCE SHEET AS OF 31 DECEMBER 2025
Liabilities and shareholders' equity
31.12.2025
31.12.2024
in EUR
in EUR '000
A. Shareholders' equity
4,483,409,601.75
4,167,668
I. Share capital
Par value
132,887,468.20
132,887
II. Capital reserves
Committed reserves
2,267,232,422.07
2,267,232
III. Retained earnings
Free reserves
1,570,000,000.00
1,315,000
IV. Risk reserve
62,143,399.00
59,752
V. Net retained profits
451,146,312.48
392,795
of which brought forward
194,395,125.51
217,647
B. Subordinated liabilities
1,388,446,000.00
1,214,413
I. Hybrid bond
300,000,000.00
300,000
II. Supplementary capital bond
1,088,446,000.00
914,413
C. Underwriting provisions – retention
2,039,268,078.62
1,887,533
I. Unearned premiums
143,709,618.21
136,654
1. Gross
172,475,438.70
163,256
2. Reinsurers' share
-28,765,820.49
-26,602
II. Mathmatical reserve
20,207,321.16
18,127
1. Gross
20,207,321.16
18,127
III. Liability for incurred claims
1,811,841,246.59
1,688,714
1. Gross
2,039,073,986.39
1,985,946
2. Reinsurers' share
-227,232,739.80
-297,232
IV. Provision for profit-unrelated premium refunds
15,349,803.66
10,815
1. Gross
15,349,803.66
10,815
V. Equalisation provision
41,321,089.00
27,369
VI. Miscellaneous underwriting provisions
6,839,000.00
5,854
1. Gross
6,839,000.00
5,854
D. Non-underwriting provisions
218,279,213.60
162,811
I. Provision for severance pay
478,658.00
660
II. Provision for pensions
67,826,647.00
67,888
III. Tax provisions
12,081,545.75
6,553
IV. Other provisions
137,892,362.85
87,711
E. Other liabilities
1,091,030,036.33
1,091,905
I. Liabilities from direct insurance business
136,764,033.51
125,792
1. to policyholders
7,369,322.36
6,946
2. to insurance intermediaries
5,200,636.80
638
3. to insurance companies
124,194,074.35
118,208
II. Liabilities from reinsurance business
183,636,276.84
125,627
III. Bond liabilities (excl. supplementary capital)
503,835,616.55
503,836
IV. Liabilities to banks
152,922,787.68
227,965
V. Other liabilities
113,871,321.75
108,685
F. Deferred charges
668,014.47
636
Total LIABILITIES AND SHAREHOLDERS' EQUITY
9,221,100,944.77
8,524,966
343
Annual Financial Report 2025
INCOME STATEMENT FOR THE FINANCIAL YEAR FROM 1 JANUARY TO 31 DECEMBER 2025
Underwriting account
2025
2024
in EUR
in EUR '000
1. Net earned premiums
1,570,759,349.11
1,505,339
Premiums written
1,599,630,009.25
1,508,134
Gross
1,820,118,175.13
1,729,486
Ceded reinsurance premiums
-220,488,165.88
-221,352
Change in unearned premiums
-28,870,660.14
-2,795
Gross
-31,521,037.21
-21,857
Reinsurers' share
2,650,377.07
19,062
2. Investment income from underwriting business
17,427,894.33
34,709
3. Other underwriting income
109,024.65
1,870
4. Expenses for claims and insurance benefits
-1,030,506,441.28
-1,038,730
Payments for claims and insurance benefits
-910,124,767.44
-905,494
Gross
-1,021,779,170.83
-992,136
Reinsurers' share
111,654,403.39
86,642
Change in provision for outstanding claims
-120,381,673.84
-133,236
Gross
-49,599,414.62
-196,011
Reinsurers' share
-70,782,259.22
62,775
5. Increase in underwriting provisions
-3,065,061.51
-1,009
Mathematical reserve
-2,080,061.51
0
Gross
-2,080,061.51
0
Other underwriting provisions
-985,000.00
-1,009
Gross
-985,000.00
-1,009
6. Reduction of underwriting provisions
0.00
784
Mathematical reserve
0.00
784
Gross
0.00
784
7. Expenses for profit-unrelated premium refunds
-4,534,550.66
-6,532
Gross
-4,534,550.66
-6,532
8. Administrative expenses
-516,191,752.65
-457,449
Acquisition expenses
-527,288,275.22
-464,867
Other administrative expenses
-5,900,990.11
-5,599
Reinsurance commissions and profit commissions from reinsurance cessions
16,997,512.68
13,017
9. Other underwriting expenses
-10,083,365.59
-4,671
10. Change to equalisation provision
-13,951,676.00
-1,534
Underwriting result
9,963,420.40
32,778
Group management report | Consolidated financial statements | Management report | Annual financial statements | Service information
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
344
INCOME STATEMENT FOR THE FINANCIAL YEAR FROM 1 JANUARY TO 31 DECEMBER 2025
2025
2024
in EUR
in EUR '000
Underwriting result
9,963,420.40
32,778
Non-underwriting account:
1. Income from investments and interest income
839,131,308.85
913,164
Income from participations
493,547,733.19
450,087
Income from land and buildings
14,639,028.10
13,764
Income from other investments
83,052,412.89
67,442
Income from appreciations
215,966,897.45
328,458
Income from the disposal of investments
4,782,135.71
848
Other investment and interest income
27,143,101.51
52,564
2. Expenses for investments and interest expenses
-305,739,790.85
-630,033
Expenses for asset management
-145,421,826.79
-139,930
Depreciation of investments
-25,248,224.00
-415,000
Interest expenses
-66,684,447.35
-60,417
Losses from the disposal of investments
-2,860,982.82
-5,863
Other investment expenses
-65,524,309.89
-8,824
3. Investment income transferred to the underwriting account
-17,427,894.33
-34,709
4. Other non-underwriting income
15,542,061.06
33,491
5. Other non-underwriting expenses
-23,118,241.63
-23,922
6. Result from ordinary activities
518,350,863.50
290,770
8. Taxes on income
-4,208,635.53
11,163
8. Profit for the period
514,142,227.97
301,933
9. Transfer to reserves
-257,391,041.00
-126,784
Transfer to free reserves
-255,000,000.00
-125,000
Transfer to risk reserve
-2,391,041.00
-1,784
10. Profit for the year
256,751,186.97
175,148
11. Retained profits brought forward
194,395,125.51
217,647
Net retained profits
451,146,312.48
392,795
345
Annual Financial Report 2025
NOTES TO THE FINANCIAL STATEMENTS FOR 2025
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements as of 31 December 2025 were prepared in accordance with the accounting provisions of the Austrian
Commercial Code (UGB) and the special provisions of the Austrian Insurance Supervision Act (VAG), as amended, and in
accordance with Austrian generally accepted accounting principles and the general standard of presenting a true and fair
view of the net assets, financial position and results of operations of the Company. Measurement was performed assuming
the Company would continue as a going concern.
The measurement methods that were previously used were also used in financial year 2025.
The precautionary principle was satisfied in that only profits that had been realised as of the balance sheet date were reported
and all identifiable risks and impending losses were recorded in the balance sheet.
Figures are generally shown in thousands of euros (EUR ‘000). Calculation differences may arise when rounded amounts are
summed automatically. Figures from the previous year are indicated as such or shown in brackets.
Intangible assets were reported at cost less amortisation based on a useful life of four to fifteen years.
Land is measured at cost, buildings at cost less depreciation and any write-downs. As a rule, repair costs for residential
buildings are spread over 15 years starting as of 2016.
Equities and other non-fixed interest securities and shares in affiliated companies are valued according to the strict lower-of-
cost-or-market principle (strenges Niederstwertprinzip). Bonds, other fixed-income securities and participations are valued
using the less strict lower-of-cost-or-market principle (gemildertes Niederstwertprinzip) provided for in Section 149 (1) VAG.
Valuation using the less strict lower-of-cost or market principle resulted in write-downs of EUR 4,594,000 (EUR 6,407,000) not
being performed.
The Company takes into account the overall risk position of the Company and the investment strategy provided for this
purpose when making investments in fixed-interest securities, real estate, participations and shares. The risk inherent in the
specified categories and the market were taken into account when determining exposure volumes and limits.
The investment strategy is laid down in the form of investment guidelines that are continuously monitored for compliance by
the corporate risk controlling and internal audit departments. The corporate risk controlling department reports regularly to
the tactical and strategic investment committee. The internal audit department reports regularly to the Managing Board.
As a rule, investments are generally low-risk. The strategic investment committee decides on potential high-risk investments
based on the inherent risk of each individual investment after performing a full analysis of all related risks and liquidity at risk,
and considering all assets currently in the portfolio and the effects of the individual investments on the overall risk position.
All known financial risks are assessed regularly and specific limits or reserves are used to limit exposure. Security price risk
is reviewed periodically using value-at-risk and stress tests. Default risk is measured using both internal and external rating
systems.
An important goal of investment and liquidity planning is to maintain adequate amounts of liquid, value-protected financial
investments. Liquidity planning therefore takes into account the trend in insurance benefits and the majority of investment
income is generally reinvested.
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
346
As of 31 December 2025, there were 15 currency futures contracts in the currencies RON, CZK and PLN with a maturity on
20 May 2026. The transactions are being used to hedge future dividends in foreign currency. The 14 currency futures contracts
with a negative market value on the reporting date form a provision for impending losses totalling EUR 3,182,000
(EUR 400,000).
The remaining currency futures contract had a positive market value of EUR 72,000 (EUR 1,457,000) as of the reporting date.
Amounts denominated in foreign currencies are converted to euro using the appropriate mean rate of exchange.
As a rule, mortgage receivables and other loans, including those to affiliated companies and companies in which a
participation is held, are measured at the nominal value of the outstanding receivables. Discounts deducted from loan principal
are spread over the term of the loan and shown under deferred income.
Specific valuation allowances of adequate size are formed for doubtful receivables and deducted from their nominal values.
Tangible assets (not including land and buildings) are measured at cost less accumulated depreciation. Low-cost assets are
fully written off in the year of purchase.
Unearned premiums were essentially calculated by prorating over time after applying a deduction for expenses (15%) of
EUR 8,787,000 (EUR 8,978,000).
The provision for outstanding claims for direct business is calculated for claims reported by the balance sheet date by
individually assessing claims that have not yet been settled and adding lump-sum safety margins for large unexpected losses.
Lump-sum provisions based on past experience are formed for claims incurred but not reported. Recourse claims of
EUR 10,370,000 (EUR 1,945,000) were included. The provisions for profit-unrelated premium refunds relate to premium refunds
in certain insurance classes that are contractually guaranteed to policyholders in the event that there are no claims or a low
level of claims. This provision is formed at the individual policy level.
Indirect business includes assumed property and casualty insurance as well as health and life insurance business. In indirect
business, liability for incurred claims and the liability for remaining coverage are primarily based on reports from assignors as
of the 31 December 2025 balance sheet date. The reported amounts were increased where this was considered necessary in
light of past experience.
Underwriting items for assumed reinsurance business and associated retrocessions are included immediately in the annual
financial statements.
The equalisation provision is calculated in accordance with the directive of the Austrian Federal Minister of Finance, BGBl.
(Federal Gazette) No. 315/2015. The calculation has been performed for direct and indirect business combined since financial
year 2016.
Provisions for severance pay, pensions, and anniversary bonuses are calculated on the basis of the principles for the
calculation of pension insurance of the Actuarial Association of Austria (AVÖ), AVÖ 2018-P (Employees), assuming a wage
growth rate of:
– Wage growth rate (2026): 3.3% (4.0%)
– Wage growth rate (2027): 3.0% (3.0%)
– Wage growth rate (2028): 2.5% (2.5%)
– Wage growth rate (from 2029): 2.0% p.a. (2.0%)
347
Annual Financial Report 2025
and a discount rate of 1.99% (1.73%) p.a. for the severance provision, 2.21% (1.98%) for the pension provision and 2.15%
(1.89%) for the anniversary bonus provision. The discount rate used was based on the seven-year average interest rate as
published by the German Bundesbank. The severance pay, pension and anniversary bonus obligations were valued using the
projected unit credit method. The retirement age used to calculate the provisions for anniversary bonuses and severance pay
is the statutory minimum retirement age as stipulated in the Austrian General Social Security Act (ASVG) (2004 reform),
subject to a maximum age of 63 years. The retirement age used to calculate the provision for pensions is based on each
individual agreement, or the statutory minimum retirement age as stipulated in the Austrian General Social Security Act (ASVG)
(2004 reform). The following percentages were used for employee turnover based on age: <31 4.0%, 31–35 2.0%, 36–40 2.0%,
41–50 1.5%, 51–55 0.5% and 56–65 0%. The severance entitlement used to calculate the provision for severance obligations
is based on each individual agreement or on the collective agreement. The following percentages were used for employee
turnover based on age: <30 5.5%, 30–39 2.0%, 40–50 1.5%, 51–59 1.0% and 60–65 0.5%.
EUR 3,844,000 (EUR 3,623,000) in provisions have been formed for direct pension obligations. A portion of the direct benefits
equal to EUR 267,000 (EUR 266,000) will be administered as an occupational group insurance plan after an insurance contract
has been concluded in accordance with Sections 93–98 VAG, so that the provision will equal the overall obligation less the
outsourced plan assets.
The provision for severance obligations required under Austrian commercial law for 2025 was EUR 2,845,000 (EUR 2,741,000).
The amount earmarked for satisfying the outsourced severance pay obligations that was held by the outside insurance
company was EUR 2,367,000 (EUR 2,081,000). The difference of EUR 479,000 (EUR 660,000) between the size of the
severance pay provisions to be formed under Austrian commercial law and the deposit held by the outside insurance company
is reported under provisions for severance pay in the balance sheet.
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
348
II. NOTES TO THE BALANCE SHEET
The book values of intangible assets, land and buildings, investments in affiliated companies and ownership interests have
changed as follows:
Intangible
assets
Land and
buildings
Shares in
affiliated
companies
Bonds and other
securities of
affiliated
companies and
loans to
affiliated
companies
Participations
in EUR '000
As of 31 December 2024
26,569
211,099
5,160,057
369,216
25,165
Additions
13,080
43,194
90,335
11,125
0
Disposals
0
0
83,544
1,500
0
Appreciation
0
0
209,026
5,968
0
Depreciation
4,974
7,150
11,336
0
0
As of 31 December 2025
34,675
247,143
5,364,537
384,809
25,165
Intangible assets with a value of EUR 5,572,000 (EUR 6,349,000) were acquired from affiliated companies during the financial
year. The value of developed and undeveloped properties was EUR 27,874,000 (EUR 27,874,000) as of 31 December 2025.
The carrying amount of self-used property was EUR 23,451,000 (EUR 24,170,000).
The investments have the following carrying amounts and fair values:
Items under § 144 Abs. 2 VAG
Book Value
Fair value
Book Value
Fair value
2025
2025
2024
2024
in EUR '000
Land and buildings
247,143
655,193
211,099
626,236
thereof appraisal reports 2020
1,785
11,820
thereof appraisal reports 2021
3,167
9,940
thereof appraisal reports 2022
22,728
138,470
thereof appraisal reports 2023
27,258
47,049
28,984
52,049
thereof appraisal reports 2024
33,148
205,706
154,435
413,957
thereof appraisal reports 2025
186,737
402,438
Shares in affiliated companies
5,364,537
10,434,196
5,160,057
9,518,558
Bonds and other securities of affiliated companies and loans to affiliated
companies
384,809
401,157
369,216
380,024
Participations
25,165
42,620
25,165
33,268
Shares and other non-fixed-interest securities
100,906
105,788
39,280
39,940
Bonds and other fixed-interest securities
1,310,294
1,321,306
705,900
705,084
Mortgage receivables
1,748
1,695
1,842
1,765
Other loans
985
366
970
489
Bank balances
685,655
688,208
682,821
683,310
Deposits receivables
312,083
312,083
403,100
403,100
Total
8,433,325
13,962,612
7,599,451
12,391,774
Hidden reserves rose by EUR 736,965,000 to a total of EUR 5,529,288,000 (EUR 4,792,323,000).
349
Annual Financial Report 2025
The fair values of land and buildings were determined in accordance with the recommendations of the Austrian Association
of Insurance Companies. The values are based on appraisal reports.
The fair values of shares in affiliated companies and interests in companies in which a participation is held correspond to
available market values. If no such value exists, the purchase price is used as the fair value, if necessary reduced by any write-
downs, or a proportionate share of the publicly reported equity capital, whichever is greater. To test for impairment, the
individual book values are first compared with the fair value or a proportionate share of the equity capital of the affiliated
company. The fair values of interests in affiliated companies are either based on valuation reports obtained from external
parties or internal valuations.
Stock exchange values were used as far as possible for the fair value of shares and other non-fixed interest securities, and of
bonds and other fixed interest securities (including those from affiliated companies). The Company uses purchased software
to calculate the fair value of securities that do not have public market or stock market values based on discounted cash flows.
The remaining investments were valued at their nominal values, reduced by write-downs where necessary.
Recognised mathematical models (discounted cash flows) were used to calculate the market values of mortgage loans and
other loans.
Other loans not secured by insurance contracts are loans of EUR 985,000 (EUR 970,000) to the Republic of Austria. Other loans
do not include any loans (EUR 0) with remaining terms of up to one year.
The subordinated liabilities balance sheet item consists of the bonds listed in the table below, which were issued in the form
of securities.
Name
2025
2024
in EUR '000
RT1 Schuldverschreibung 2021
300,000
300,000
Supplementary capital bond 2015–2046
154,446
214,413
Supplementary capital bond 2017–2047
134,000
200,000
Schuldverschreibung 2022–2042
500,000
500,000
Schuldverschreibung 2025–2045
300,000
Total
1,388,446
1,214,413
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
350
The following balance sheet items are attributable to affiliated companies and companies in which a participation is held:
Affiliated companies
Companies in which an ownership
interest is held
2025
2024
2025
2024
in EUR '000
Mortgage receivables
1,748
1,842
0
0
Deposits receivables
312,083
403,100
0
0
Receivables from direct insurance business
7,193
7,384
0
0
Receivables from reinsurance business
5,559
25,527
0
0
Other receivables
200,831
193,605
0
0
Liabilities from direct insurance business
4,881
8,335
0
0
Liabilities from reinsurance business
178,048
119,490
0
0
Other liabilities
12,189
13,646
0
0
The change in personnel provisions was recognised in personnel expenses. Interest expenses for personnel provisions of
EUR 1,233,000 (EUR 1,861,000) are reported under investment and interest expenses.
Other provisions of EUR 137,892,000 (EUR 87,711,000) consist of IT provisions of EUR 56,793,000 (EUR 46,500,000),
provisions for unused holiday time of EUR 4,340,000 (EUR 3,798,000), provisions for variable salary components of
EUR 10,436,000 (EUR 10,252,000), provisions for customer support and marketing of EUR 2,277,000 (EUR 1,197,000),
provisions for anniversary bonuses of EUR 1,864,000 (EUR 1,634,000) and provisions in relation to acquisitions of
EUR 64,200,000 (EUR 0).
The amount shown under other liabilities includes EUR 7,621,000 (EUR 7,788,000) in tax liabilities and EUR 791,000
(EUR 750,000) in social security liabilities.
As of the balance sheet date, available but not yet drawn capital commitments from private equity and private debt
investments, and from loans amount to a total of EUR 24,195,000 (EUR 16,945,000).
The following disclosures are provided for off-balance sheet contingent liabilities: VIG Holding has assumed guarantees of
EUR 617,044,000 (EUR 612,082,000). Of this amount, EUR 384,000,000 (EUR 384,000,000), the majority, relates to “Additional
equity capital”, which in December 2019 was committed to its subsidiary Wiener Städtische Versicherung AG Vienna
Insurance Group in the amount of EUR 350,000,000, in December 2022 to its subsidiary VIG RE zajist’ovna, a.s. in the amount
of EUR 22,000,000, and since 2023 to its subsidiary BTA Baltic Insurance Company in the amount of EUR 2,000,000 and to its
subsidiary Vienna-Life Lebensversicherung AG in the amount of EUR 10,000,000. In the course of the sale of shares in Doverie
by ATBIH to IFC in December 2022, a put option was agreed whereby both ATBIH and VIG granted IFC the right to sell the
shares again in the period from the 6th anniversary to the 10th anniversary. The fair value of the contingent liability arising
from this option is EUR 33,044,000. In 2024, a guarantee bond was issued to the subsidiary VIG HU GmbH for a loan of
EUR 150,000,000 taken out by VIG HU GmbH; a letter of comfort in the amount of up to EUR 50,000,000 was also issued.
Liabilities arising from the use of off-balance sheet tangible assets amounted to EUR 2,829,000 (EUR 2,595,000) for the
following financial year and EUR 15,017,000 (EUR 13,777,000) for the following five years.
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Annual Financial Report 2025
III. NOTES TO THE INCOME STATEMENT
Premiums written, net earned premiums, expenses for claims and insurance benefits, administrative expenses and
reinsurance balance had the following breakdown for property and casualty insurance in 2025:
Gross
Premiums
written
Net earned
premiums
Expenses for
claims and
insurance
benefits
Administrative
expenses
Reinsurance
balance
in EUR '000
Direct business
Fire and fire business interruption insurance
264,061
266,637
103,286
19,653
-126,670
Liability insurance
3,388
3,734
-218
503
-2,310
Marine, aviation and transport insurance
7,822
7,842
3,042
1,392
-2,127
Other non-life insurance
41,816
39,954
13,583
5,555
-17,831
Total direct business
317,087
318,168
119,693
27,102
-148,939
(Previous year values)
321,820
315,592
243,258
24,935
-29,361
Indirect business
Marine, aviation and transport insurance
0
0
18
1
18
Other insurance
1,484,813
1,451,697
939,519
499,040
-11,047
Total indirect business
1,484,813
1,451,697
939,537
499,040
-11,029
(Previous year values)
1,378,595
1,362,975
921,800
434,884
-10,494
Total direct and indirect business
1,801,900
1,769,865
1,059,230
526,142
-159,968
(Previous year values)
1,700,415
1,678,567
1,165,058
459,819
-39,855
The reinsurance balance is composed of net earned reinsurance premiums, effective reinsurance claims and reinsurance
commissions.
The run-off result for property and casualty insurance was EUR 97,199,000 (EUR 36,929,000) for financial year 2025.
In indirect business, premiums written of EUR 12,626,000 (EUR 27,291,000) for health insurance and EUR 5,593,000
(EUR 1,779,000) for life insurance were assumed. The reinsurance balance from the assumed health and life insurance
business was EUR 0 (EUR 0).
The result from indirect business was EUR 28,005,000 (EUR 37,109,000). The net earned premiums of EUR 1,470,429,000
(EUR 1,392,037,000) from indirect business were included in the income statement at the same time.
Of the income from participations, land and buildings and other investments shown in the income statement, affiliated
companies accounted for the following amounts:
2025
2024
in EUR '000
Income from participations
489,982
446,994
Income from other investments
18,558
18,306
Income from land and buildings
861
783
In the financial year, distributions totalling EUR 1,050,000 (EUR 310,000) were made from the funds in portfolio. The deposit
interest income for indirect business was transferred to the underwriting account. Losses from disposals of investments were
EUR 2,861,000 (EUR 5,863,000) in financial year 2025.
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
352
The expenses for insurance claims and benefits, administrative expenses, other insurance service expenses and investment
expenses include:
2025
2024
in EUR '000
Wages and salaries
42,705
40,332
Expenses for severance benefits and payments to company pension plans
714
533
Expenses for retirement provisions
2,816
-861
Expenses for statutory social contributions and income-related contribution and mandatory contributions
8,668
8,295
Other social security expenses
347
294
Commissions of EUR 19,227,000 (EUR 17,459,000) were incurred for direct insurance business in financial year 2025.
A summary of auditing fees is provided in the notes to the consolidated financial statements of VIENNA INSURANCE
GROUP AG Wiener Versicherung Gruppe, Vienna.
No deferred income taxes were recognised on temporary differences between the results under commercial law and taxable
earnings. The tax rate selected for deferred taxes would be 20.7% (20.7%) based on the terms and conditions of the tax
allocation agreement with the parent company.
Deferred taxes
31.12.2025
31.12.2024
in EUR '000
Shares in affiliated companies
32,030
40,688
Investments
3,932
1,766
Tangible assets (not incl. land and buildings) and inventories
37
52
Valuation reserve
-17,958
-18,362
Subordinated liabilities
6,539
5,400
Underwriting provision – retention
130,202
115,852
Long-term personnel provisions
37,580
38,694
Other provisions
78,852
26,603
Temporary differences (no subject to tax)
271,214
210,693
353
Annual Financial Report 2025
IV. MATERIAL PARTICIPATIONS
Company
Direct interest
in capital (%)
Equity capital
(EUR '000)
Share of
Capital
(EUR '000)
Net income /
loss
(in EUR '000)
Share of profit
for the year
(EUR '000)
Last annual
financial
statements
Affiliated companies
"Compensa Vienna Insurance Group", akcine
draudimo bendrove, Vilnius
100.00
70,374
70,374
6,714
6,714
2024
"VIENNA LIFE INSURANCE" - "VIENNA SIGURIM
JETE" JSC, Tirana
75.00
4,628
3,471
-206
-155
2024
ASIGURAREA ROMANEASCA - ASIROM VIENNA
INSURANCE GROUP S.A., Bukarest
88.77
84,087
74,645
5,084
4,513
2024
ATBIH GmbH, Wien
68.97
227,682
157,026
58,525
40,363
2024
BCR Asigurari de Viata Vienna Insurance Group S.A.,
Bukarest
93.98
45,243
42,518
6,624
6,225
2024
BTA Baltic Insurance Company AAS, Riga
100.00
85,186
85,186
7,745
7,745
2024
Beesafe Spolka z Ogranziczona Odpowiedzialnoscia,
Warschau
77.27
4,114
3,179
648
501
2024
Compania de Asigurari "DONARIS VIENNA
INSURANCE GROUP" Societate pe Actiuni, Chisinau
100.00
9,031
9,031
1,353
1,353
2024
CARPATHIA Pensii-Societate de Administrare a
Fondurilor de Pensii private S.A., Floresti
100.00
14,706
14,706
4,734
4,734
2024
Ceská podnikatelská pojist'ovna, a.s., Vienna
Insurance Group, Prag
100.00
164,047
164,047
48,713
48,713
2025
Compensa Life Vienna Insurance Group SE, Tallinn
100.00
84,763
84,763
8,888
8,888
2024
Compensa Towarzystwo Ubezpieczen Spolka Akcyjna
Vienna Insurance Group, Warschau
86.52
248,162
214,715
48,691
42,129
2025
DONAU Versicherung AG Vienna Insurance Group,
Wien
74.24
128,827
95,641
18,190
13,504
2025
ELVP Beteiligungen GmbH, Wien
100.00
65,183
65,183
1,964
1,964
2024
Foreign limited liability company
"InterInvestUchastie", Minsk
99.95
215
215
5
5
2024
GLOBAL ASSISTANCE D.O.O. BEOGRAD, Belgrad
50.00
466
233
90
45
2024
GLOBAL ASSISTANCE SERVICES SRL, Bukarest
40.00
337
135
30
12
2024
GLOBAL ASSISTANCE SERVICES s.r.o., Prag
100.00
540
540
39
39
2024
GLOBAL ASSISTANCE SLOVAKIA s.r.o., Bratislava
40.00
129
52
35
14
2024
GLOBAL ASSISTANCE, a.s., Prag
60.00
6,354
3,812
1,736
1,042
2024
Global Assistance Ellatasszervezö Korlatold
Felelössegü Tarsasag, Budapest
40.00
493
197
180
72
2024
Global Assistance Polska Spolka z ograniczona
odpowiedzialnoscia, Warschau
30.77
743
229
64
20
2024
Global Services Bulgaria JSC, Sofia
50.00
603
302
186
93
2024
INSURANCE ONE-SHAREHOLDER JOINT-STOCK
COMPANY BULSTRAD VIENNA INSURANCE GROUP
EAD, Sofia
100.00
107,282
107,282
26,389
26,389
2024
INTERSIG VIENNA INSURANCE GROUP Sh.A., Tirana
89.98
9,514
8,561
1,648
1,483
2024
Insurance Company Vienna osiguranje d.d., Vienna
Insurance Group, Sarajevo
100.00
11,200
11,200
803
803
2024
Stock Company for Insurance and Reinsurance
MAKEDONIJA Skopje - Vienna Insurance Group,
Skopje
95.71
31,678
30,318
-198
-190
2024
InterRisk Towarzystwo Ubezpieczen Spolka Akcyjna
Vienna Insurance Group, Warschau
100.00
96,521
96,521
22,270
22,270
2025
InterRisk Versicherungs-AG Vienna Insurance Group,
Wiesbaden
100.00
72,670
72,670
27,350
27,350
2024
Joint Stock Insurance Company WINNER LIFE -
Vienna Insurance Group Skopje, Skopje
100.00
5,962
5,962
778
778
2024
KOMUNALNA poistovna, a.s. Vienna Insurance Group,
Bratislava
100.00
60,709
60,709
4,079
4,079
2024
KOOPERATIVA poist'ovna, a.s. Vienna Insurance
Group, Bratislava
94.37
417,373
393,861
53,378
50,371
2024
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
354
Company
Direct interest
in capital (%)
Equity capital
(EUR '000)
Share of
Capital
(EUR '000)
Net income /
loss
(in EUR '000)
Share of profit
for the year
(EUR '000)
Last annual
financial
statements
Affiliated companies
KUPALA Belarusian-Austrian Closed Joint Stock
Insurance Company, Minsk
52.34
20,174
10,559
3,058
1,601
2024
Kooperativa, pojist'ovna, a.s. Vienna Insurance
Group, Prag
95.84
803,149
769,750
190,423
182,504
2025
LVP Holding GmbH, Wien
100.00
639,195
639,195
23,302
23,302
2024
OMNIASIG VIENNA INSURANCE GROUP S.A.,
Bukarest
99.54
173,874
173,079
28,288
28,159
2024
Private Joint Stock Company "Insurance Company
"USG", Kiew
7.07
12,489
884
493
35
2024
PRIVATE JOINT-STOCK COMPANY "UKRAINIAN
INSURANCE COMPANY "KNIAZHA VIENNA
INSURANCE GROUP", Kiew
90.56
9,023
8,171
3
3
2024
Private Joint-Stock Company "INSURANCE COMPANY
"KNIAZHA LIFE VIENNA INSURANCE GROUP", Kiew
97.94
6,144
6,017
628
615
2024
RISK CONSULT Sicherheits- und Risiko-
Managementberatung Gesellschaft m.b.H., Wien
90.00
2,080
1,872
692
623
2024
Ray Sigorta Anonim Sirketi, Istanbul
12.67
86,548
10,967
49,357
6,254
2024
SIA "Global Assistance Baltic", Riga
33.33
260
87
10
3
2024
SIGMA VIENNA INSURANCE GROUP Sh.A., Tirana
89.05
15,454
13,762
2,920
2,600
2024
VIE Global Services GmbH, Wien
25.00
n/a new
establishment
2025
VIG AM Real Estate, a.s., Prag
100.00
700
700
66
66
2024
VIG HU GmbH, Wien
100.00
-31,579
-31,579
-131,379
-131,379
2024
VIG IT - Digital Solutions GmbH, Wien
100.00
7,013
7,013
97
97
2024
VIG Magyarország Befektetesi Zartköröen Müködö
Reszvenytarsasag, Budapest
55.00
375,215
206,368
-323,679
-178,023
2024
VIG Management Service SRL, Bukarest
52.08
9,056
4,717
594
309
2024
VIG Poland/Romania Holding B.V., Amsterdam
100.00
56,441
56,441
10,435
10,435
2024
VIG RE zajist'ovna, a.s., Prag
55.00
383,184
210,751
38,016
20,909
2025
VIG Services Ukraine, LLC, Kiew
6.98
1,173
82
114
8
2024
VIG-CZ Real Estate GmbH, Wien
90.00
147,755
132,980
115
104
2024
Vienna Insurance Group Polska Spolka z ograniczona
odpowiedzialnoscia, Warschau
51.43
14,414
7,413
87
45
2024
Vienna International Underwriters GmbH, Wien
100.00
764
764
111
111
2024
Vienna Life Towarzystwo Ubezpieczen Na Zycie
Spolka Akcyjna Vienna Insurance Group, Warschau
81.61
110,830
90,452
1,448
1,182
2025
Vienna-Life Lebensversicherung AG Vienna Insurance
Group, Bendern
100.00
15,075
15,075
-317
-317
2024
WIENER STÄDTISCHE OSIGURANJE akcionarsko
drustvo za osiguranje Beograd, Belgrad
100.00
49,953
49,953
11,673
11,673
2024
WIENER STÄDTISCHE VERSICHERUNG AG Vienna
Insurance Group, Wien
90.82
841,579
764,322
115,392
104,799
2025
Wiener Osiguranje Vienna Insurance Group a.d.,
Banja Luka
100.00
9,434
9,434
136
136
2024
Akcionarsko drustvo za zivotno osiguranje Wiener
Städtische Podgorica, Vienna Insurance Group,
Podgorica
100.00
6,910
6,910
931
931
2024
Wiener osiguranje Vienna Insurance Group dionicko
drustvo za osiguranje, Zagreb
97.82
72,826
71,237
3,850
3,766
2024
twinformatics GmbH, Wien
20.00
4,225
845
429
86
2024
Beteiligungen
Erste Asset Management GmbH, Wien
0.76
272,378
2,067
83,593
634
2024
Wiener Börse AG, Wien
8.50
208,981
17,765
46,404
3,945
2024
355
Annual Financial Report 2025
V. OTHER DISCLOSURES
The share capital amounts to EUR 132,887,468.20. It is divided into 128,000,000 no-par value ordinary bearer shares with
voting rights, with each share representing an equal portion of the share capital. The number of shares issued remains
unchanged.
The Managing Board is not aware of any restrictions on voting rights or the transfer of shares. Employees who hold shares
exercise their voting rights without a proxy during General Meetings.
The Managing Board must have at least three and no more than eight members. The Supervisory Board has at least three and
at most twelve members (shareholder representatives). The Wiener Städtische Versicherungsverein, which directly and
indirectly holds around 72.47% (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’s voting shares. General Meeting resolutions are
adopted by a simple majority, unless a different majority is required by law or the articles of association.
No shares have special rights of control. See the section indicated above for information on the rights of the shareholder
Wiener Städtische Versicherungsverein.
As of the balance sheet date, the Company was not party to any material agreements that would come into effect, change or
terminate if control of the Company were to change due to a takeover bid, in particular, no agreements that would affect
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.
Pursuant to Section 169 AktG, the Managing Board is authorised until no later than 22 May 2030 to increase the Company’s
share capital – also in multiple tranches – by a nominal value of up to EUR 66,443,734.10 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 terms of the shares, the exclusion
of shareholder pre-emption rights, and other terms and conditions of the share issue are decided by the Managing Board,
subject to Supervisory Board approval. Preferred shares without voting rights may also be issued, with rights equivalent to
those of existing preferred shares. The issue prices of common and preferred shares may differ.
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 Section 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 31,145,500.36, in a total nominal amount of up to EUR 2,000,000,000.00, also under exclusion of pre-emptive subscription
rights, on one or more occasions in the time until 22 May 2030.
The share capital has consequently been raised in accordance with Section 159 (2) (1) AktG by a contingent capital increase
of up to EUR 31,145,500.36 through the issue of up to 30,000,000 bearer ordinary shares. The contingent capital increase will
only be implemented to the extent that holders of convertible bonds issued on the basis of the General Meeting resolution of
23 May 2025 exercise the subscription or exchange rights they were granted. The Managing Board has not adopted any
resolutions to date concerning the issuance of convertible bonds based on 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 Section 174 (2) AktG in the total nominal amount of up to
EUR 2,000,000,000.00, also in multiple tranches and also under exclusion of pre-emptive subscription rights, in the time until
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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 General Meeting of 23 May 2025 authorised the Managing Board to acquire as own shares on one or more occasions
bearer ordinary shares with a total value of up to 10% of the share capital in accordance with Sections 65 (1) (4) and (8), (1a)
and (1b) AktG to the maximum extent permissible by law during a period of 30 months following the date the General Meeting
resolution was adopted. The amount paid upon repurchase of the Company’s 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 (Section 5 (2) and (3) of the Austrian Takeover Act (Übernahmegesetz)).
The General Meeting of 26 May 2023 authorised the Managing Board for a period of five years from the date of the resolution
to use the acquired own shares, while excluding shareholder pre-emption rights,
• for issuing shares to employees and senior management of the Company or to employees, senior management and
members of the Managing Board of affiliated companies;
• for servicing convertible bonds issued based on the resolution adopted by the General Meeting of 23 May 2025; and
• for sales in a manner permitted by law other than via the stock market or by means of a public offer.
The written report on the reasons for exclusion of shareholder pre-emption rights was submitted to the General Meeting. The
Managing Board has not made use of these authorisations to date. The Group held none of its own shares on the balance
sheet date.
On 2 March 2015 the Company issued a subordinated bond with a nominal value of EUR 400,000,000.00 and a maturity of
31 years. The Company can call the bond in full for the first time on 2 March 2026 and on each following coupon date. The
subordinated bond bears interest at a fixed rate of 3.75% p.a. during the first eleven years of its term and variable interest after
that. The subordinated bond satisfies the tier 2 requirements of Solvency II and is listed on the Luxembourg Stock Exchange.
On 21 April 2023, the first early partial redemption of the subordinated bonds took place. Approximately 46%
(EUR 185.6 million) was bought back. On 3 April 2025, a further approximately EUR 60 million was bought back, with the
remaining outstanding volume of the bonds amounting to EUR 154.4 million.
A EUR 200,000,000.00 subordinated bond with a term of 30 years was privately issued with international institutional investors
on 6 April 2017. The subordinated bond can be called for the first time after 10 years by VIG Holding and satisfies the tier 2
requirements of Solvency II. Inclusion for trading in the Third Market of the Vienna Stock Exchange took place on 13 April 2017.
Until 13 April 2027, the interest rate will be 3.75% per year. Thereafter, the bond is subject to variable interest rates. There was
an early redemption of approximately EUR 66 million on 3 April 2025, leaving an outstanding volume of bonds of approximately
EUR 134 million.
In June 2021, a subordinated bond with a total volume of EUR 300,000,000.00 and an unlimited term was placed privately as
a restricted tier 1 instrument and was signed entirely by the principal shareholder of VIG Holding, Wiener Städtische
Versicherungsverein. The subordinated bond bears interest at a fixed rate of 3.2125% p.a. during the first ten years and variable
interest after that.
357
Annual Financial Report 2025
A tier 2 subordinated bond with a total nominal value of EUR 500,000,000.00 was placed on 8 June 2022. The subordinated
bond has a term of 20 years and VIG Holding can call it for the first time after 10 years. 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 bonds are traded on the Vienna Stock Exchange.
A tier 2 subordinated bond with a total nominal value of EUR 300,000,000.00 was placed on 2 April 2025. This is VIG’s second
bond with a sustainability format. The bond has a term of 20 years and VIG Holding can call it for the first time after 10 years.
It complies with the Tier 2 requirements according to Solvency II and qualifies as capital in accordance with the requirements
of rating agency S&P. The 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 bonds are traded on the Vienna Stock Exchange.
Senior sustainability bond
On 18 March 2021, a senior subordinated bond with a total nominal value of EUR 500,000,000.00 and a term of 15 years was
issued for the first time. VIG Holding can call the bond in full for the first time on 26 December 2035 and any following day
until maturity. The senior sustainability bond bears interest at a fixed rate of 1.00% p.a. until the end of the term. The bond is
listed on the Vienna Stock Exchange. The total net proceeds could be made available for green and social projects within the
first year following issuance.
THE SUPERVISORY BOARD HAD THE FOLLOWING MEMBERS IN FINANCIAL YEAR 2025:
Chairman:
Rudolf Ertl (until 30 June 2025)
Peter Thirring (since 1 July 2025)
Deputy Chairman:
Rudolf Ertl (since 1 July 2025)
Martin Simhandl
Robert Lasshofer
Members:
Martina Dobringer
András Kozma
Vratislav Kulhánek
Hana Machačová
Peter Mihók
Katarína Slezáková
Ágnes Svoób
Gertrude Tumpel-Gugerell
Changes during the financial year:
In 2024, the Supervisory Board elected Rudolf Ertl as Chairman of the Supervisory Board for a 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 until
the Annual General Meeting, which decides on the discharge for financial year 2027. In 2025, with effect from 1 July 2025 or
from the entry of the change to the articles of association in the commercial register and for the entire remaining period of
office until the Annual General Meeting, which will make a resolution on discharge for financial year 2027, the Supervisory
Board elected Rudolf Ertl as Deputy Chairman of the Supervisory Board. Martin Simhandl was elected as a further Deputy
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358
Chairman of the Supervisory Board in the event of Rudolf Ertl being indisposed. Robert Lasshofer was elected to act as another
Deputy Chairman of the Supervisory Board in the event of Martin Simhandl also being indisposed.
THE MANAGING BOARD HAD THE FOLLOWING MEMBERS IN FINANCIAL YEAR 2025:
Chairman of the Managing Board:
Hartwig Löger
Deputy Chairman of the Managing Board:
Peter Höfinger
Members:
Liane Hirner
Gerhard Lahner
Gábor Lehel
Harald Riener
Deputy member:
Christoph Rath (until 31 December 2025)
Change 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.
The average number of employees, including the Managing Board, was 361 (344). They were employed in the insurance
business, resulting in personnel expenses of EUR 55,251,000 (EUR 48,592,000).
There were no loans outstanding to members of the Managing Board and members of the Supervisory Board as of
31 December 2025 (EUR 0).
No guarantees were outstanding for members of the Managing Board or Supervisory Board as of 31 December 2025.
In 2025, the total expenses for severance pay and pensions of EUR 3,530,000 (EUR -328,000) included severance pay and
pension expenses of EUR 10,041,000 (EUR 60,000) for Managing Board members and senior management in accordance with
Section 80 (1) of the Austrian Stock Corporation Act (AktG).
The Managing Board manages the Company and is also responsible for management of the Group. In some cases,
responsibility is also assumed for additional duties in affiliated or associated companies.
The members of the Managing Board received EUR 7,800,000 (EUR 6,951,000) from the Company during the reporting period
for their services. The members of the Managing Board received EUR 25,000 (EUR 25,000) in the reporting year for their
services as a manager or employee of affiliated companies.
Former members of the Managing Board received EUR 2,261,000 (EUR 2,175,000).
The members of the Supervisory Board received EUR 877,000 (EUR 902,000) in compensation for their services to the
Company in 2025.
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Annual Financial Report 2025
The Company is a group member within the meaning of Section 9 of the Austrian Corporate Income Tax Act (KStG) of the
Wiener Städtische Versicherungsverein, Vienna group of companies.
The taxable earnings of group members are attributed to the head of the tax group.
The head of the tax group has entered into agreements with each group member governing the allocation of positive and
negative tax amounts for the purpose of allocating corporate income tax charges according to origin. If positive income is
attributed to the parent company, the tax allocation equals 23% (23%) of the attributed positive income. If negative income is
attributed to the parent company, the negative tax allocation equals 20.7% (20.7%) of the current tax loss.
A receivable of EUR 168,660,000 (EUR 163,981,000) is owed by the parent company.
The Company is included in the consolidated financial statements prepared by Wiener Städtische Versicherungsverein, which
has its registered office in Vienna. The consolidated financial statements have been disclosed and are available for inspection
at the business premises of this Company located at Schottenring 30, 1010 Vienna.
VI. GLOBAL MINIMUM TAX
EU member states have agreed on the Europe-wide implementation of the Global Anti-Base Erosion (GloBE) rules (Pillar Two)
in the international tax reforms set out by the OECD. The EU directive provides that profits from multinational groups of
companies or large domestic groups with consolidated sales of at least EUR 750 million will in future be subject to a tax rate
of at least 15%. The directive was transposed into Austrian law with the Minimum Taxation Reform Act published on
30 December 2023.
The amendments to the UGB relate to the accounting and reporting of deferred taxes in line with the amendment to IAS 12 for
IFRS accounting. With regard to deferred taxes, the technical guidance on the amendments to IAS 12 was published by the
IASB on 23 May 2023. Based on this, an exemption from the recognition of deferred tax assets and liabilities in accordance
with the requirements of global minimum taxation shall be regulated until further notice. This exception to the accounting also
applies to the UGB and is applied accordingly by VIG.
On the basis of the fully consolidated Austrian companies of VIG Group, the Safe Harbour Rules have been complied with as
of 31 December 2025. The actual taxes also include the new primary supplementary tax introduced since 31 December 2023
for business units located abroad.
VII. BANK-TO-BANK EXEMPTION (“ZWISCHENBANKBEFREIUNG“)
No provision was established in connection with the proceedings currently before the European Court of Justice regarding the
status of the Austrian regulation under Section 6 (1) (28) UStG (bank-to-bank exemption; “Zwischenbankbefreiung“) as
prohibited state aid. The reasons for this are that neither the judgement of the European Court of Justice nor the subsequent
actions of the European Commission and the Austrian authorities have been confirmed. In addition, it is not possible to
appropriately calculate the provision. It is currently unclear whether the service provider or the recipient of the tax-exempt
services under Section 6 (1) (28) of the Austrian act on value added tax (Umsatzsteuergesetz; UStG) has the relevant
“advantage” in respect of the aid. It is also unclear how temporal effects and any input tax deduction will impact the amount
of this “advantage”.
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
360
VIII. SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE
Significant events up to 23 March 2026 were taken into consideration. On this date, the present Annual Report was authorised
for publication by the Managing Board.
Termination and repayment of 2015 subordinated bonds
VIG has decided to terminate the subordinated bonds with a maturity of 2046 (2015 bonds) and a total nominal amount of
EUR 154,446,000 still outstanding with effect from 2 March 2026 and to repay the bonds at their repayment amount of 100%
of their nominal value plus all interest (exclusively) accrued up to the repayment date. All relevant approvals have been granted
by the Financial Market Authority.
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PROPOSED APPROPRIATION OF PROFITS
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe (VIG Holding) ended financial year 2025 with net retained
profits of EUR 451,146,312.48. The following appropriation of profits will be proposed in the Annual General Meeting:
The 128 million shares will receive a dividend of EUR 1.73 per share. For this dividend, 28 May 2026 was agreed as the
payment date, 27 May 2026 as the record date and 26 May 2026 as the ex-dividend date.
A total distribution of EUR 221,440,000.00 has therefore been approved. The net retained profit of financial year 2025 of
EUR 229,706,312.48 remaining after the distribution is to be carried forward to the new account.
Vienna, 23 March 2026
The Managing Board:
Hartwig Löger
General Manager (CEO),
Chairman of the Managing Board
Peter Höfinger
Deputy General Manager,
Deputy Chairman of the Managing Board
Liane Hirner
CFRO, Member of the Managing Board
Gerhard Lahner
COO, Member of the Managing
Board
Gábor Lehel
CIO, Member of the Managing
Board
Christoph Rath
Member of the Managing Board
Harald Riener
Member of the Managing Board
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REPORT ON THE FINANCIAL STATEMENTS
Audit opinion
We have audited the financial statements of
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe, Wien,
which comprise the Balance Sheet as of 31 December 2025, the Income Statement for the year then ended, and the Notes to
the financial statements.
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of
31 December 2025 and its financial performance for the year then ended, in accordance with Austrian Generally Accepted
Accounting Principles as well as other legal or regulatory requirements for insurance companies.
Basis for our opinion
We conducted our audit in accordance with Regulation (EU) No. 537/2014 ("EU Regulation") and Austrian Standards on
Auditing. These standards require the audit to be conducted in accordance with International Standards on Auditing (ISAs).
Our responsibilities under those standards are further described in the "Auditor’s Responsibilities" section of our report. We
are independent of the Company, in accordance with Austrian company law and professional regulations, and we have fulfilled
our other responsibilities under those relevant ethical requirements. We believe that the audit evidence we have obtained up
to the date of the auditor’s report is sufficient and appropriate to provide a basis for our audit opinion on this date.
Our liability as auditors is guided under Section 266 VAG in conjunction with Section 275 UGB (Austrian Commerical Code)
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements. These matters were addressed in the context of our audit of the financial statements as a whole, however, we do
not provide a separate opinion thereon.
Recoverability of investments in affiliated insurance companies
Refer to notes chapter “I. Summary of significant accounting policies”, “II. Notes to the balance sheet” and “IV. Significant
participations”
Risk for the financial statements
Investments in affiliated insurance companies represent a significant part of VIENNA INSURANCE GROUP AG Wiener
Versicherung Gruppe assets.
In previous years certain investments in affiliated insurance companies were written down due to sustained impairments. For
the financial year it has to be verified whether any changes in market, economic or legal conditions require a reversal of
impairments or additional write downs.
To assess the recoverability or value recovery, the book values are compared with the proportionate equity and fair values of
the companies. The determination of the fair values is complex and based on discretionary factors. Those factors include in
particular the expected future cash flows of the subsidiary, which are primarily based on past experience as well as on the
management's assessment of the expected market environment and the future business development. Other factors are the
assumed long-term growth rate as well as the underlying region-specific costs of capital.
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Our audit approach
We have carried out the following main audit procedures in connection with the recoverability of investments in affiliated
insurance companies:
– We have compared the respective book values with the proportionate shareholders’ equity and the fair values of the
companies.
– We have assessed the appropriateness of key assumptions, of discretionary decisions and of the valuation method
applied for investments in affiliated companies.
– We have reconciled the expected future cash flows used in the calculation in samples with the strategic business planning
approved by the management. We used analytical procedures to verify the plausibility of the detailed planning for future
years.
– Furthermore, we have dealt with the key planning assumptions and reconciled the assumptions regarding the market
development with general and sector-specific market expectations.
– We have analysed the consistency of planning data using information from prior periods.
– Given that minor changes in the applied cost of capital rate significantly impact the determined fair value, we have,
together with our valuation specialists, assessed the determination of the applied cost of capital rate and comprehended
the derivation of the underlying parameters.
Other information
Management is responsible for other information. Other information is all information provided in the annual report, other than
the financial statements, the management report and the auditor’s report.
Our opinion on the financial statements does not cover other information and we do not provide any kind of assurance thereon.
In conjunction with our audit, it is our responsibility to read this other information and to assess whether, based on knowledge
gained during our audit, it contains any material inconsistencies with the financial statements or any apparent material
misstatement of fact.
If on the basis of our work on the other information obtained we conclude that there is a material misstatement of fact in other
information, we must report that fact. We have nothing to report in this regard.
Responsibilities of management and audit committee for the financial statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with Austrian
Generally Accepted Accounting Principles and other legal or regulatory requirements for insurance companies and for such
internal controls as management determines are necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
Management is also responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting, unless management either intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The audit committee is responsible for overseeing the Company’s financial reporting process.
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Auditor’s responsibilities
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our audit opinion. Reasonable
assurance represents a high level of assurance, but provides no guarantee that an audit conducted in accordance with the AP
Regulation and Austrian Standards on Auditing (and therefore ISAs), will always detect a material misstatement, if any.
Misstatements may result from fraud or error and are considered material if, individually or in aggregate, they could reasonably
be expected to influence the economic decisions of users based on the financial statements.
As part of an audit in accordance with EU Regulation and with Austrian Standards on Auditing, we exercise professional
judgment and maintain professional scepticism throughout the audit.
Moreover:
– We identify and assess the risks of material misstatements in the financial statements, whether due to fraud or error, we
design and perform audit procedures responsive to those risks and obtain sufficient and appropriate audit evidence to
serve as a basis for our audit opinion. The risk of not detecting material misstatements resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the
override of internal control.
– We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.
– We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
– We conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our audit report to the respective note in the financial statements. If such disclosures are not
appropriate, we will modify our audit opinion. Our conclusions are based on the audit evidence obtained up to the date of
our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
– We evaluate the overall presentation, structure and content of the financial statements, including the notes, and whether
the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
– We communicate with the audit committee regarding, amongst other matters, the planned scope and timing of our audit
as well as significant findings, including any significant deficiencies in internal control that we identify during our audit.
– We communicate with the audit committee that we have complied with the relevant professional requirements in respect
of our independence, that we will report any relationships and other events that could reasonably affect our independence
and, where appropriate, the related safeguards.
– From the matters communicated with the audit committee, we determine those matters that were of most significance
in the audit i.e. key audit matters. We describe these key audit matters in our auditor’s report unless laws or other legal
regulations preclude public disclosure about the matter or when in very rare cases, we determine that a matter should not
be included in our audit report because the negative consequences of doing so would reasonably be expected to outweigh
the public benefits of such communication.
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REPORT ON OTHER LEGAL REQUIREMENTS
Management report
In accordance with Austrian company law, the management report is to be audited as to whether it is consistent with the
financial statements and prepared in accordance with legal requirements.
Management is responsible for the preparation of the management report in accordance with Austrian company law and other
legal or regulatory requirements for insurance companies.
We have conducted our audit in accordance with generally accepted standards on the audit of management reports as applied
in Austria.
Opinion
In our opinion, the management report is consistent with the financial statements and has been prepared in accordance with
legal requirements. The disclosures pursuant to Section 243a UGB are appropriate.
Statement
Based on our knowledge gained in the course of the audit of the financial statements and our understanding of the Company
and its environment, we did not note any material misstatements in the management report.
Additional Information in accordance with Article 10 AP Regulation
We were elected as auditors at the Annual General Meeting on 24 May 2024 and were appointed by the supervisory board on
25 June 2024 to audit the financial statements of the company for the financial year ending on 31 December 2025.
On 23 May 2025 we were elected as auditors for the financial year ending on 31 December 2026 and were appointed by the
supervisory board on 3 June 2025 to audit the financial statements.
We have been auditors of the Vienna Insurance Group, without interruption, since the financial statements of
31 December 2013.
We declare that our opinion expressed in the “Report on the Financial Statements” section of our report is consistent with our
additional report to the audit committee, in accordance with Article 11 AP Regulation.
We declare that we have not provided any prohibited non-audit services (Article 5 Paragraph 1 AP Regulation) and that we
have ensured our independence throughout the course of the audit, from the audited Company.
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
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ENGAGEMENT PARTNER
The engagement partner for the audit is Mr Thomas Smrekar.
Vienna, 26 March 2026
KPMG Austria GmbH
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
signed by:
Thomas Smrekar Auditor
(Austrian Chartered Accountant)
This report is a translation of the original report in German, which is solely valid. The financial statements, together with our
auditor’s opinion, may only be published if the financial statements and the management report are identical with the audited
version attached to this report. Section 281 (2) UGB (Austrian Commercial Code) apply to any alternative versions.
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Annual Financial Report 2025
We declare to the best of our knowledge that the annual financial statements of VIENNA INSURANCE GROUP AG
Wiener Versicherung Gruppe prepared in accordance with the requirements of Austrian commercial law and the Austrian
Insurance Supervision Act (VAG) give a true and fair view of the Company’s net assets, financial position and results of
operations, the management report presents the business development, performance and position of the Company so as to
give a true and fair view of its net assets, financial position and results of operations, and the management report provides a
description of the principal risks and uncertainties to which the Company is exposed.
Vienna, 23 March 2026
The Managing Board:
Hartwig Löger
General Manager (CEO),
Chairman of the Managing Board
Peter Höfinger
Deputy General Manager,
Deputy Chairman of the Managing Board
Liane Hirner
CFRO, Member of the Managing Board
Gerhard Lahner
COO, Member of the Managing
Board
Gábor Lehel
CIO, Member of the Managing
Board
Christoph Rath
Member of the Managing Board
Harald Riener
Member of the Managing Board
Declaration by the Managing Board
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
368
The Supervisory Board and its committees, Chair and Deputy Chairs periodically monitored in detail
the management of the Company and the activities of the Managing Board in connection with its
management and monitoring of the Group. This purpose was served by detailed presentations and
discussions during meetings of the Supervisory Board and its committees as well as by detailed
discussions on individual topics with Managing Board members who provided comprehensive
explanations and evidence relating to management, the financial position of the Company and that
of the Group. Among other things, the strategy, business development (overall and in individual
countries), risk management, the internal control system, internal audit, compliance function and
actuarial function activities and reinsurance, both at the VIG Holding and Group level, and other
important topics for the Company and VIG Insurance Group were discussed during these meetings.
VIG Holding is committed to social responsibility and the importance of having employees drive
forward performance, innovation and expertise. In accordance with the Solvency II requirements, starting in 2016 non-financial
aspects must be part of the performance expectations for variable remuneration of Managing Board Members. Goal fulfilment
for Managing Board Members also depended on both financial and non-financial criteria in financial year 2025. Detailed
information on the principles underlying the remuneration system is available in the remuneration policy and 2025
remuneration report.
The Supervisory Board has formed five committees from its Members. Information on the responsibilities and composition
of these committees is available on the Company’s website and in the 2025 consolidated corporate governance report. One
Annual General Meeting and five Supervisory Board meetings distributed across the financial year were held in 2025. One
resolution of the Supervisory Board was passed by circular resolution. In addition, four meetings of the Audit Committee
(Accounts Committee) were held and two resolutions of the Audit Committee were passed by circular resolution. The financial
statement and consolidated financial statement auditor, KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungs-
gesellschaft, FN 269873y (KPMG), attended three Audit Committee meetings and four Supervisory Board meetings in 2025,
including the Supervisory Board meeting that addressed the audit of the 2024 annual financial statements and the 2024
consolidated financial statements as well as formal approval of the 2024 annual financial statements, and also attended the
Annual General Meeting. KPMG also informed the Audit Committee about the planning and procedure used to audit the
financial statements and consolidated financial statements for 2025. Three meetings of the Committee for Managing Board
Matters (Human Resources Committee) were held in 2025. The Committee for Urgent Matters (Working Committee) met twice
in 2025. The Nomination Committee and the Strategy Committee did not meet in 2025; strategic issues were dealt with by the
full Supervisory Board. Detailed information on meeting attendance by Supervisory Board members in financial year 2025 is
available in the 2025 Corporate Governance Report.
No agenda items were discussed in Supervisory Board meetings in financial year 2025 without the participation of members
of the Managing Board.
In order to ensure the effectiveness and efficiency of its activities and procedures, the Supervisory Board performed a self-
evaluation of its procedures. The Supervisory Board’s evaluation of its activities found that its organisational structure and
procedures were satisfactory in terms of efficiency and in compliance with the law. It found no need for change or desire for
change in the practices followed to date.
KPMG was elected as auditor and Group auditor for financial year 2025 by proposal and motion of the Supervisory Board and
the Annual General Meeting on 24 May 2024, and therefore KPMG carried out these tasks for financial year 2025.
The Audit Committee mainly dealt with the following topics in 2025:
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Annual Financial Report 2025
By inspecting relevant documents, meeting with the Managing Board and engaging in discussions with the auditor of the
(consolidated) financial statements, the Audit Committee was able to monitor the accounting process, the sustainability
reporting process and the procedure used for auditing the financial statements and consolidated financial statements, and
found no facts or circumstances providing grounds for objection. The Audit Committee also reviewed the possibilities of
providing recommendations or suggestions to ensure the reliability of the accounting process and the sustainability reporting
process and, based on the comprehensive information and documents obtained by the Audit Committee during its review,
found that the processes that had been established were adequate.
The Audit Committee also dealt with the VIG Holding and VIG Group ORSA reports in 2025 and reported on them to the
Supervisory Board. The Audit Committee monitored the effectiveness of the internal control system, internal audit and the risk
management system, including where the sustainability reporting is concerned, by obtaining descriptions of the processes
and organisation of these systems from the Managing Board, the (consolidated) financial statements auditor and the
individuals directly responsible for these areas and deemed them to be effective. The Audit Committee reported on these
monitoring activities to the full Supervisory Board and stated that no deficiencies had been identified. The Supervisory Board
was also given the opportunity during Supervisory Board meetings to verify the functional adequacy of the existing control
and auditing systems.
In addition, the audit plan and its implementation and the quarterly reports prepared by the internal audit department were
debated by the Audit Committee and the Supervisory Board and discussed with the head of the internal audit department and
the Group internal audit department.
The Audit Committee examined the Solvency and Financial Condition Reports (SFCRs) at both the solo and Group levels and
reported its findings to the Supervisory Board. No facts or circumstances were found that would have provided grounds for
objection.
In 2025, the Audit Committee dealt with the selection of the auditor for the financial statements and consolidated financial
statements for financial year 2026 and the auditor for consolidated sustainability reporting (consolidated non-financial
statement) for financial year 2026. It was determined that there were no grounds for exclusion of KPMG or circumstances
that would give rise to concerns about impartiality, and that sufficient protective measures had been taken to ensure an
independent and impartial audit.
The Audit Committee reported to the Supervisory Board on the findings of these investigations and proposed KPMG to the
Supervisory Board and subsequently to the Annual General Meeting for election as auditor of the financial statements and
consolidated financial statements. The General Meeting selected KPMG as auditor of the financial statements and
consolidated financial statements for 2026. Furthermore, the Annual General Meeting selected KPMG as the auditor for the
consolidated sustainability report (consolidated non-financial statement).
During one meeting of the Audit Committee, the members of the Committee consulted with the (consolidated) financial
statements auditor on the specification of two-way communications and audit planning.
The Audit Committee also received the 2025 annual financial statements, management report, 2025 consolidated corporate
governance report from the Managing Board and reviewed and carefully examined them. The Managing Board’s proposed
appropriation of profits was also reviewed with respect to capital adequacy and its effects on the solvency and financial
position of the Company during the course of this examination. The Audit Committee also audited the 2025 consolidated
financial statements and the Group management report, including the consolidated non-financial statement (sustainability
report). In addition, the auditor’s reports prepared by (consolidated) financial statements auditor KPMG for the 2025 annual
financial statements and management report and the 2025 consolidated financial statements and Group management report,
including the consolidated non-financial statement (sustainability report), were reviewed and examined by the Audit
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VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
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Committee. As a result of this examination, a unanimous resolution was adopted to recommend to the Supervisory Board that
the annual financial statements be accepted. The Supervisory Board found no grounds for objection.
The (consolidated) financial statements auditor provided the Audit Committee with an additional report in accordance with
Article 11 of the Audit Regulation (EU) that explained the results of the financial statements audit and consolidated financial
statements audit. This additional report prepared by the financial statements auditor was also provided to the Supervisory
Board.
The Audit Committee also reviewed and monitored the independence of the auditor of the financial statements and
consolidated financial statements, and after reviewing suitable documents and supporting records submitted to the
Committee, particularly with respect to the appropriateness of the fee and the additional services provided to the Company,
was satisfied with the auditor’s independent status. The Audit Committee dealt with non-audit services and, when reviewing
and monitoring the independence of the auditor of the financial statements and consolidated financial statements, was unable
to identify any circumstances that would cast doubt on its independence and impartiality.
The Supervisory Board dealt with the following topics in particular:
The audit results and the resolutions adopted by the Audit Committee were reported to the Supervisory Board in its next
meeting.
The Supervisory Board discussed and approved the “evolve28” VIG Group strategy for 2026–2028. In 2025, the Managing
Board of VIG Holding informed the members of the Supervisory Board of material sustainability and IT security matters. The
transition plan (consolidated transition plan for climate protection) was one of the items discussed in the reporting year. In
the plan, VIG commits to achieving interim objectives by 2030. The VIG sustainability programme was also explained. Regular
reports are also provided on compliance, IT security and data protection. The Supervisory Board, acting both in its entirety and
via the Audit Committee, took the opportunity to discuss sustainability considerations.
The 2025 annual financial statements together with the management report and 2025 consolidated corporate governance
report, the 2025 consolidated financial statements together with the Group management report, including the consolidated
non-financial statement (sustainability report), as well as the Managing Board’s proposed appropriation of profits were dealt
with and examined in detail by the full Supervisory Board. The proposed appropriation of profits was checked, in particular, to
ensure that it was reasonable when capital requirements were taken into account. The proposal complies with applicable legal
requirements and proactively considers the macroeconomic and financial situation and its impact on the Company’s solvency
and financial position. The proposal is in line with the continuously pursued prudent and sustainable capital planning to ensure
a solid solvency and liquidity position in the long term.
The Managing Board and Supervisory Board prepared a remuneration report for financial year 2025.
In 2025, the Supervisory Board appointed Mr Christoph Rath, formerly a Deputy Member of the Managing Board of VIG Holding,
as a full member effective 1 January 2026.
In addition, the auditor’s reports prepared by (consolidated) financial statements auditor KPMG for the 2025 annual financial
statements and management report and the 2025 consolidated financial statements and Group management report, including
the consolidated non-financial statement (sustainability report), were reviewed and examined by the Supervisory Board.
KPMG’s audit of the 2025 annual financial statements and management report and the 2025 consolidated financial
statements and Group management report, including the consolidated non-financial statement (sustainability report), did not
lead to any reservations. KPMG determined that the annual financial statements comply with statutory requirements and give
a true and fair view of the net assets and financial position of the Company as of 31 December 2025, and of the results of
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Annual Financial Report 2025
operations of the Company for financial year 2025 in accordance with Austrian generally accepted accounting principles. The
management report is consistent with the annual financial statements. The disclosures pursuant to Section 243a UGB
(Austrian Commercial Code) are appropriate. KPMG further determined that the consolidated financial statements also
comply with statutory requirements and give a true and fair view of the net assets and financial position of the Group as of
31 December 2025, and of the results of operations and cash flows of the Group for financial year 2025 in accordance with
IFRS as adopted by the EU and Section 138 of the Austrian Insurance Supervision Act (VAG) in combination with Section 245a
of the Austrian Commercial Code (UGB). The Group management report, including the consolidated non-financial statement
(sustainability report), is in line with the consolidated financial statements. In addition, in accordance with Section 269 (3)
UGB, KPMG found that the 2025 consolidated corporate governance report had been prepared. The final results of the review
by the Supervisory Board also provided no grounds for objection. The Supervisory Board stated that it had nothing to add to
the auditor’s reports for the financial statements and consolidated financial statements.
After thorough examination, the Supervisory Board therefore adopted a unanimous resolution to approve the 2025 annual
financial statements prepared by the Managing Board, not to raise any objections to the management report, the 2025
consolidated financial statements and Group management report, including the consolidated non-financial statement
(sustainability report), the 2025 consolidated corporate governance report and to agree with the appropriation of profits
proposed by the Managing Board.
The 2025 annual financial statements have therefore been approved in accordance with Section 96 (4) of the Austrian Stock
Corporation Act (AktG).
The Supervisory Board proposes to the General Meeting that it approves the Managing Board’s proposed appropriation of
profits and formally approves the actions of the Managing Board and Supervisory Board.
Vienna, April 2026
The Supervisory Board:
Dr. Peter Thirring (Chairman)
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Service
information
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Annual Financial Report 2025
LIST OF ABBREVIATIONS
Abbreviation
Full company name
Alfa (Hungary)
Alfa Vienna Insurance Group Biztosító Zrt.
Alfa VIG Pension Fund
Alfa VIG Pénztárszolgáltató Zrt.
AML
Anti-Money Laundering
Apex Deep Tech Fund
APEX Ventures GmbH
Asirom
Asigurarea Românească - ASIROM Vienna Insurance Group S.A.
BCR Life
BCR Asigurări de Viaţă Vienna Insurance Group S.A.
Beesafe
BEESAFE SPÓŁKA Z OGRANICZONA ODPOWIEDZIALNOSCIA
BP
Basis for Preparation
BTA Baltic
BTA Baltic Insurance Company AAS
Bulstrad Life
"BULSTRAD LIFE VIENNA INSURANCE GROUP" EAD
Bulstrad Non-Life
INSURANCE ONE-SHAREHOLDER JOINT-STOCK COMPANY BULSTRAD VIENNA INSURANCE GROUP EAD
Carpathia Pensii
CARPATHIA PENSII-SOCIETATE DE ADMINISTRARE A FONDURILOR DE PENSII PRIVATE S.A.
CO
2
Carbon Dioxide
Compensa Life (Poland)
1)
VIENNA LIFE TOWARZYSTWO UBEZPIECZEŃ NA ŻYCIE SPÓŁKA AKCYJNA VIENNA INSURANCE GROUP
Compensa Life (Estonia)
1
Compensa Life Vienna Insurance Group SE
Compensa Non-Life (Lithuania)
1
"Compensa Vienna Insurance Group", ADB
Compensa Non-Life (Poland)
1
Compensa Towarzystwo Ubezpieczeń S.A. Vienna Insurance Group
ČPP
Česká podnikatelská pojišťovna, a.s., Vienna Insurance Group
Digital Impact Labs Leipzig
Digital Impact Labs Leipzig GmbH
Donaris
Compania de Asigurări "DONARIS VIENNA INSURANCE GROUP" Societate pe Actiuni
Donau Versicherung
DONAU Versicherung AG Vienna Insurance Group
EFRAG
European Financial Reporting Advisory Group
Erste Group
Erste Group Bank AG
GHG
Greenhouse Gas
GloBE
Global Anti-Base Erosion
GOV
Governance
GPIH
Joint Stock Company Insurance Company GPI Holding
InterRisk
InterRisk Towarzystwo Ubezpieczeń S.A. Vienna Insurance Group
InterRisk Life
InterRisk Lebensversicherungs-AG Vienna Insurance Group
InterRisk Non-Life
InterRisk Versicherungs-AG Vienna Insurance Group
Intersig
INTERSIG VIENNA INSURANCE GROUP Sh.A.
invIOS
invIOs GmbH
IRAO
Joint Stock Company International Insurance Company IRAO
IRO
Impacts, Risks and Opportunities
Kniazha
PRIVATE JOINT-STOCK COMPANY "UKRAINIAN INSURANCE COMPANY "KNIAZHA VIENNA INSURANCE GROUP"
Kniazha Life
PRIVATE JOINT-STOCK COMPANY "INSURANCE COMPANY "KNIAZHA LIFE VIENNA INSURANCE GROUP"
Komunálna
KOMUNÁLNA poisťovňa, a.s. Vienna Insurance Group
Kooperativa (Slovakia)
1
KOOPERATIVA poisťovňa, a.s. Vienna Insurance Group
Kooperativa (Czech Republic)
1
Kooperativa pojišťovna, a.s., Vienna Insurance Group
Kooperativa Pension Fund
KOOPERATIVA, d.s.s., a.s.
KPMG
KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
Health
Health insurance
Life
Life insurance
Makedonija Osiguruvanje
Stock Company for Insurance and Reinsurance MAKEDONIJA Skopje - Vienna Insurance Group
MDR-P
Minimum Disclosure Requirement - Policies
n/a
not applicable
NAT-CAT
Natural Catastrophe
Nürnberger
NÜRNBERGER Beteiligungs-AG
Omniasig
OMNIASIG VIENNA INSURANCE GROUP S.A.
ORSA
Own Risk and Solvency Assessment
Österreichisches Verkehrsbüro AG
Österreichisches Verkehrsbüro Aktiengesellschaft
PAC Doverie
Pension Assurance Company Doverie AD
Service information
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374
Abbreviation
Full company name
Plug and Play
Plug and Play Austria GmbH
Ray Sigorta
Ray Sigorta A.Ş.
S&P
Standard & Poor’s Financial Services LLC, New York City
Property/Casualty
Property and casualty insurance
Seesam
Seesam Insurance AS
Sigma Interalbanian
Sigma Interalbanian Vienna Insurance Group Sh.a
TUW "TUW"
Towarzystwo Ubezpieczeń Wzajemnych „TUW"
Union Biztosító
UNION Vienna Insurance Group Biztosító Zrt.
VENPACE
INSHIFT GmbH & Co. KG
Vienna Life (Poland)
1
Vienna Life Towarzystwo Ubezpieczeń na Życie S.A. Vienna Insurance Group
Vienna osiguranje (Bosnia and Herzegovina)
1
Insurance Company Vienna osiguranje d.d., Vienna Insurance Group
Vienna PTE
VIENNA POWSZECHNE TOWARZYSTWO EMERYTALNE SPÓŁKA AKCYJNA VIENNA INSURANCE GROUP
Vienna-Life (Liechtenstein)
1
Vienna-Life Lebensversicherung AG Vienna Insurance Group
Viennalife (Türkiye)
VİENNALİFE EMEKLİLİK VE HAYAT ANONİM ŞİRKETİ
viesure
viesure innovation center GmbH
VIG Fund
VIG FUND, a.s.
VIG Holding
2
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
VIG IT-DS
VIG IT - Digital Solutions GmbH
VIG Re
VIG RE zajišťovna, a.s.
VIG, VIG-Group, VIG-insurance group
All consolidated group companies.
VIG/C-QUADRAT
VIG/C-QUADRAT TOWARZYSTWO FUNDUSZY INVESTYCYJNYCH SPÓŁKA AKCYJNA
Wiener Osiguranje (Bosnia and Herzegovina)
1
Wiener Osiguranje Vienna Insurance Group ad
Wiener Osiguranje (Croatia)
1
Wiener osiguranje Vienna Insurance Group dioničko društvo za osiguranje
Wiener Re
WIENER RE akcionarsko društvo za reosiguranje
Wiener Städtische
WIENER STÄDTISCHE VERSICHERUNG AG Vienna Insurance Group
Wiener Städtische Osiguranje (Serbia)
1
WIENER STÄDTISCHE OSIGURANJE akcionarsko drustvo za osiguranje
Wiener Städtische Versicherungsverein
Wiener Städtische Versicherungsverein - Vermögensverwaltung
Winner Life
Joint Stock Insurance Company WINNER LIFE - Vienna Insurance Group
xista science ventures
xista science ventures Management GmbH
1
Country names in parentheses are added if there is more than one company with the same abbreviated name and it is not clear from the context which one is intended. The context is assumed to be
clear, for example, if the name is used in a description of activities taking place within a country.
2
Used when referring to the listed individual company.
375
Annual Financial Report 2025
NOTICE
This annual report includes forward-looking statements
based on current assumptions and estimates that were
made by the management of VIENNA INSURANCE GROUP
AG Wiener Versicherung Gruppe to the best of its knowledge.
Disclosures using the words “expected”, “target” or similar
formulations are an indication of such forward-looking state-
ments. Forecasts related to the future development of the
Company are estimates made on the basis of information
available as of the date this annual report went to press. Ac-
tual results may differ from the forecasts if the assumptions
underlying the forecast prove to be wrong or if unexpectedly
large risks occur.
Rounding differences may occur when rounded amounts or
percentages are added.
The annual report was prepared with the greatest possible
care to ensure the accuracy and completeness of the infor-
mation in all parts. However, rounding, typesetting and print-
ing errors cannot be completely ruled out.
ADDRESS
VIENNA INSURANCE GROUP AG
Wiener Versicherung Gruppe
Schottenring 30
1010 Vienna
Tel.: +43 (0) 50 390 22000
WEBSITE – ONLINE REPORT
The annual report is available in German and English and can
also be downloaded as a PDF file in both languages from our
website (group.vig) under Investor Relations.
Service tip
Online annual report
On the VIG Insurance Group website you will find an online
version of the annual report optimised for both the internet
and mobile devices. All sections can be downloaded as PDF
files. You can also download the most important tables as
Excel files. Other functions such as links within the report
and
a comparison with the previous year create trans
parency
and take you directly to the information you require. The
online version also allows you to search the report quickly
and conveniently using the full
-
text search function. The
search results are presented on an overview page, sorted by
relevance. The search term is highlighted in colour both there
and on the report page.
In case of doubt, the German version is authoritative.
Editorial deadline: 23 March 2026
Annual Financial Report 2025