Vienna Insurance Q1 Pretax Profit Rises 19%, Combined Ratio Improves

Vienna Insurance Q1 Financial Results

Austria-based insurer Vienna Insurance reported a 19% rise in Q1 pretax profit to EUR 310.3 million. Insurance service revenue grew 9% year-over-year, and gross written premiums increased 4% across all segments. The company completed acquisitions in Germany and Moldova, expanding its market presence.

Outlook and Strategy

Vienna Insurance confirms its 2026 profit before taxes outlook of EUR 1.25-1.30 billion, excluding Nürnberger. Robust capitalization supports targeted expansion and strategic positioning. The company sees ongoing expansion in Moldova and Montenegro.

Result Drivers

Pretax profit growth was driven by Special Markets, Poland, Extended CEE, and Austria. Extended CEE benefited from Romania, Hungary, Bulgaria, Serbia, and Ukraine. The net combined ratio improved, mainly due to better performance in North Macedonia, Serbia, Croatia, Ukraine, Bulgaria, Romania, and the Baltic states.

Key Details

Q1 combined ratio stood at 91.8%, solvency ratio at 290%. The average analyst rating is 'buy' with a median 12-month price target of EUR 70.25 (12.2% above the last close). The stock trades at 8x forward earnings, down from 9x three months ago.