Vienna Insurance Group reported a 20.7% increase in first-half profit before taxes to €641.5 million, driven by a 5.4% rise in gross written premiums to €9.03 billion. The insurer’s insurance service revenue under IFRS 17 grew 7.1% to €6.85 billion, while the property and casualty net combined ratio improved to 91.4% from 91.9% a year earlier.
The company’s total capital investment result rose 26.4% to €373.5 million, with interest revenue increasing 8.9% to €580.9 million. Impairment losses declined 85.5% to €5.8 million, and the insurer’s Solvency II ratio stood at 272% as of June 30, supported by own funds of €13.41 billion against a Solvency Capital Requirement of €4.93 billion.
Geographic diversification continued to underpin results. Extended Central and Eastern Europe delivered a 98% surge in profit before taxes to €194.4 million, excluding a prior-year goodwill impairment in Hungary, while Austria contributed €227.5 million in profit, up 11.2%. Poland’s profit fell 12.8% to €54.6 million due to technical reserve strengthening, and Czechia’s profit declined 5.9% to €108.2 million amid rising motor claims frequency. Special markets, including Germany and Türkiye, reported a 35.4% increase in profit to €51.9 million despite a 1.6% drop in gross written premiums.
Product lines showed broad-based growth, with motor MTPL premiums up 5.6% to €1.31 billion, Casco rising 6.2% to €1.11 billion, and other property insurance increasing 6.6% to €3.42 billion. Health insurance premiums grew 8.8% to €573.2 million, while life products expanded 10.7% for unit- and index-linked policies and 18.2% for life without profit participation.
The insurer’s investment portfolio totaled €39.1 billion as of June 30, with 72.2% allocated to bonds, of which 74.7% were rated A or higher. Government bonds accounted for 58.5% of the bond portfolio, followed by financials at 17.7% and corporates at 16.8%. Cash and deposits represented 9.5% of total investments, loans 7.3%, equities 5.0%, and property 3.4%.
Vienna Insurance Group confirmed its full-year 2026 profit before taxes guidance of €1.25 billion to €1.30 billion, excluding the NÜRNBERGER acquisition. The insurer’s shares traded at €64.40 at the time of the presentation, down from an all-time high of €73.30 on August 6, 2026, with a market capitalization of €8.24 billion.
The NÜRNBERGER acquisition, completed in May 2026, was highlighted as a strategic move to expand in Germany. The deal’s first-time consolidation took effect on July 1, 2026, following a seven-month execution period from signing to closing. Vienna Insurance Group’s CEO Hartwig Löger was elected Chairman of NÜRNBERGER’s Supervisory Board in July 2026, with Gerhard Lahner serving as Deputy Chairman.
Macroeconomic context provided by the Vienna Institute for International Economic Comparisons (wiiw) forecast EU-CEE GDP growth of 2.2% in 2026, 2.4% in 2027, and 2.7% in 2028, while the euro area was projected to grow 0.7%, 1.0%, and 1.5% over the same periods.
