VIG combined ratio improves to 92.3% in first quarter

By Ryan Hewlett

May 27 - (The Insurer) - Vienna Insurance Group (VIG) has reported a net combined ratio of 92.3% for the first quarter of 2025, nd confirmed that it expects profit before tax for the full year to be at the upper end of its target range.

• Gross written premiums increased 8.3% to 4.65 billion euros ($5.29 billion)

• Insurance service revenue grew 8.1% to 3.14 billion euros

• Profit before taxes rose 7.5% to 261.1 million euros

• Net combined ratio improved 0.4pp to 92.3%

The combined ratio improved 0.4 percentage points year on year reflecting measures taken during the quarter to improve the group’s claims ratio and the lower impact from natural disasters.

Gross written premiums increased by 8.3% to 4.65 billion euros ($5.29 billion) with growth registered across all lines of business.

The highest growth rates were reported in VIG’s special markets unit (Germany, Georgia, Liechtenstein and Turkey), which saw GWP increase 25.4% in the first quarter.

In addition, Poland saw GWP growth of 13% and its extended central and eastern Europe segment grew 10.3%, with Romania, the Baltic states, Slovakia and Hungary driving growth the most.

Insurance service revenue increased by 8.1% to 3.14 billion euros in the first quarter, with all lines of business recording positive performance.

Group profit before tax rose 7.5% year on year to 261.1 million in the first quarter, driven primarily by the Poland and Extended CEE segments.

VIG said the “strong performance” in the first quarter has allowed the carrier to confirm its ambition of achieving profit before tax within a range of 950 million euros and 1 billion euros for the financial year 2025.