VIG lifts half-year profit by around a fifth – solvency declines due to Nürnberger consolidation

Decline in the solvency ratio

At the same time, the group's solvency ratio declined compared with the end of 2025. VIG attributed this decline essentially to the simplified inclusion of Nürnberger Beteiligungs-AG, which had not yet been fully consolidated at the reporting date. "Der Rückgang sei im Wesentlichen auf eine vereinfachte Berücksichtigung der Nürnberger Beteiligungs-AG zurückzuführen, die zum Stichtag noch nicht voll konsolidiert war", the group explained.

Nürnberger Beteiligungs-AG is part of the Nürnberger insurance group, whose full integration into the VIG group has been carried out step by step since the acquisition of the majority stake. As long as subsidiaries are not fully consolidated, they are included in regulatory metrics such as the solvency ratio only in simplified form, which can cause the ratio to decline temporarily.

Background: Nürnberger consolidation

The group expects the full consolidation of Nürnberger Beteiligungs-AG in the further course of the financial year. VIG had already completed the acquisition of the majority stake in Nürnberger Versicherung in previous years and classifies the takeover as a strategically important step to strengthen its German business.

On the capital markets, the half-year results were received overall positively. Analysts pointed out that the profit increase exceeded expectations but assessed the decline in the solvency ratio as temporary and technically driven. The stock initially traded higher following the release of the figures.

For the second half of the year, the company announced that it would advance the integration process of Nürnberger Versicherung and stabilise the solvency ratio through full consolidation. In addition, premium income in the CEE markets is to be further expanded.

Outlook for the full year

VIG chief Hartwig Löger sees the group well positioned despite the short-term decline in solvency. He pointed to the strong growth in the first half of the year and the diversification across several countries, which cushions the risk of individual markets.

Overall, the half-year result underscores the position of the Vienna Insurance Group as one of the leading insurance groups in the CEE region. According to the company's own statements, the combination of organic growth and the ongoing integration of Nürnberger Versicherung is expected to support the group in the coming quarters as well.