Q1 2026 Vienna Insurance Group Wiener Versicherung Gruppe AG Earnings Call Transcript
Key Points
- Vienna Insurance Group AG (VNRFY) reported a strong start to 2026 with insurance service revenues growing by more than 9% and profit before tax increasing by around 19%.
- The company successfully finalized a cooperation in Ukraine with DFC to ensure against war risks, supporting economic resilience in the region.
- Vienna Insurance Group AG (VNRFY) received all necessary approvals ahead of schedule for the acquisition of Nurnberger, enhancing their portfolio diversification geographically and by product line.
- The company strengthened its position in Central Eastern Europe through partnerships with IFC, including a 10% stake acquisition in their Romanian pension fund, Carpathia Pensii.
- The solvency ratio stood at a robust 290%, indicating strong capitalization and financial flexibility.
- The Turkish motor business faced challenges with higher claims frequency, leading to tariff adjustments and a decline in premiums.
- The integration of Nurnberger requires a significant finance transformation project, including a shift from German GAAP to IFRS, which is expected to take several months.
- Despite the overall growth, the motor business in Poland remains flat due to fierce pricing competition.
- The net investment result remained stable and did not increase at the same rate as revenue, partly due to market volatility and changes in the interest rate curve.
- The company faces a complex integration process with Nurnberger, involving multiple public interest entities and requiring significant IT system updates.
Ladies and gentlemen, welcome to the VIG key figures and update firs-quarter 2026 conference call and live webcast. I am [Matilde], the course call operator. (Operator Instructions)
At this time, it's my pleasure to hand over to Peter Hoefinger, Deputy CEO. Please go ahead.
Good afternoon and welcome to our first-quarter call. We had quite a solid start in the year '26 with insurance service revenues growing more than 9% and our profit before tax with around 19% growth.
We also had changes in our Management Board. On one hand side, we are enlarging our Management Board due to the expansion of our group. Mrs. Judit Havasi and Ms. Sonja Raus are joining us. These are managers which are ready for some time in our group and well experienced. Mr. Riener will succeed Mrs. Havasi as CEO in DONAU Insurance. Mr. Gerard Lahner, our group CEO has been appointed Second Deputy CEO, and that is new Management Board has been
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