Vienna Insurance Group (VIG) reported a 15.8% year-over-year increase in net profit to €473.4 million for the first half of 2026, driven by a 5.4% rise in cross-written premiums to €9 billion. Profit before taxes advanced 20.7% to €640 million, while insurance service revenue grew 7.1% to €6.8 billion.
The insurer’s net combined ratio improved by 0.5 percentage points to 91.4%, including a 3.6 percentage point discounting impact. Operating return on equity stood at 17.8%, and annualized earnings per share reached €7.28. Total capital investment results rose 26.4% to €373.5 million, with net weather-related claims totaling €81 million compared to €73 million in the same period last year.
VIG’s investments held at its own risk increased by €1 billion to €39.1 billion. The contractual service margin for life and health rose 1.3%, with a €299 million margin release and €252 million in new business contributions at a 9% margin. The sustainability ratio improved to 84% from 80% in H1 2025.
The acquisition of Nürnberger Group, closed on May 18 with 99.2% ownership, contributed to a decline in VIG’s solvency ratio. Including transitional measures, the ratio fell to 272% from 296% at year-end 2025, while excluding transitional measures it dropped to 258%. Without Nürnberger, the ratio remained at 296%. The solvency capital requirement rose by €873 million, primarily due to increased market risk, including equity risk.
VIG maintained its full-year 2026 profit before taxes guidance of €1.25 billion to €1.3 billion, excluding Nürnberger. The insurer’s stock price held steady at $14.97, with a market capitalization of $10.61 billion. Key valuation metrics included a P/E ratio of 11, a PEG ratio of 0.33, and a beta of 0.44, reflecting minimal volatility. VIG also highlighted its 21-year dividend track record.
Regional performance showed diversification, with Poland, Extended CEE, and special markets accounting for 40% of total profits in 2025, up from 18% in 2020. The portfolio split, excluding Nürnberger, remained weighted toward non-life insurance at 78%, with life at 14% and health at 8%.
