olivLaw · European equity research
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe VIG.VI
Austria · Wiener Börse · ISIN AT0000908504 · Vertical: Listed companies from Austria
Vienna Insurance Group is the leading insurance group in Central and Eastern Europe, operating through many local companies under a decentralised model. In 2025 it reported insurance service revenue of 13195.975 mn EUR, and its 2026 plan targets a result before taxes between 1.25 and 1.30 bn EUR, excluding the Nürnberger acquisition.
At the close of 05 Nov 2026, VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe (VIG.VI) stock was 73.10 EUR (+0.55% on the day), with market capitalisation 9.4 bn EUR, P/E 11.3 on diluted EPS of 6.46 EUR over the last 12 months, dividend yield 2.12%, beta 0.67, 52-week range 43.75–74.20 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 64.1
- strong (55–70)
- Bollinger (20, 2)
- 63.97 – 74.11
- in the upper half of the band · %B 0.90 · band width 14.7%
- SMA 50 / 200
- 69.46 / 66.42
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.10 / 0.60
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.6% | +0.4% | +11.2 pp | — |
| 3 months | −0.3% | −3.3% | +3.0 pp | — |
| 6 months | +9.9% | +4.0% | +6.0 pp | — |
| Year to date | +8.8% | +8.1% | +0.7 pp | — |
| 1 year | +67.1% | +10.7% | +56.4 pp | +5.4% |
| 3 years | +185.5% | +50.1% | +135.5 pp | +8.1% |
| 5 years | +175.8% | +43.6% | +132.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 6.3, median 8.3, max 10.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 626.3 m | 834.9 m |
| Net income YoY | unavailable | +33.3% |
| Diluted EPS | 4.83 | 6.46 |
| Diluted EPS YoY | unavailable | +33.7% |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.4 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 7.3 bn EUR
- Total assets
- 54.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 12.0%
- ROA
- 1.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Interest expense | 82.2 m | 85.1 m | esef· 29 Apr 2026verified |
| Pre-tax income | 881.8 m | 1.2 bn | esef· 29 Apr 2026verified |
| Income tax | 234.3 m | 303.0 m | esef· 29 Apr 2026verified |
| Net income | 626.3 m | 834.9 m | esef· 29 Apr 2026verified |
| Diluted EPS | 4.83 | 6.46 | esef· 29 Apr 2026verified |
| Dividend per share | 1.54 | 1.55 | esef· 29 Apr 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 1.7 bn | 1.4 bn | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 629.1 m | 641.6 m | esef· 29 Apr 2026verified |
| Goodwill | 1.2 bn | 1.2 bn | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 696.9 m | 708.4 m | esef· 29 Apr 2026verified |
| Total assets | 51.2 bn | 54.3 bn | esef· 29 Apr 2026verified |
| Equity | 6.6 bn | 7.3 bn | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 129.7 m | 129.2 m | esef· 29 Apr 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 9.4 bn EUR
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 75.52 – 143.56 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E75.52 – 143.56 (Mid 110.08)25 companies used · median multiple 17.0x · quartiles 11.7x – 22.2x1AST.VI, ACAG.VI, AMAG.VI, ANDR.VI, BMAG.VI, CPI.VI, DOC.VI, ETS.VI, EVN.VI, FAA.VI, FACC.VI, FQT.VI, MMK.VI, OMV.VI, POS.VI, POST.VI, PYT.VI, ROS.VI, SBO.VI, STR.VI, SWUT.VI, TKA.VI, VER.VI, VOE.VI, WIE.VI
- Dividend discount (DDM)outside the aggregate21.08 – 28.75 (Mid 24.32)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 11.3x | 78 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.4% | 34 (on a fixed band) | 38% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial34/100 · 1/2 factors with a value
- Valuation· partial78/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe (VIG.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 12.3%.
The estimated value range is 75.52–143.56 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 110.08 EUR, the price of 73.10 EUR leaves a potential of 50.6% (value / price − 1) and a margin of safety of 33.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 11.3x
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for VIG.VI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Vienna Insurance Group is the leading insurance group in Central and Eastern Europe, operating through many local companies under a decentralised model. In 2025 it reported insurance service revenue of 13195.975 mn EUR, and its 2026 plan targets a result before taxes between 1.25 and 1.30 bn EUR, excluding the Nürnberger acquisition.
SWOT
Strengths
- Leading market position in Central and Eastern Europe, with a broad customer base and established regional brands.
- Decentralised operating model that allows products to be adapted to local conditions.
- Solid capital base and a prudent investment and reinsurance policy focused on security.
Weaknesses
- Dependence on regional markets could expose the group to local economic volatility.
- A structure with multiple brands and companies may create additional administrative costs.
- Results depend heavily on local company performance, which can make consolidation more difficult.
Opportunities
- Economic growth in Central and Eastern Europe and the need for protection in the region could support premium expansion.
- The Nürnberger acquisition could bring geographic diversification and access to the German market.
- Synergies between companies in the same country could reduce costs through shared back offices.
Threats
- High inflation and rising claims costs could weigh on profitability margins.
- Regulatory changes, including Solvency II and the Insurance Recovery and Resolution Directive, could raise capital requirements.
- International sanctions and geopolitical risks in the region could limit certain activities.
Risks
- Geopolitical riskhigh
Regional tensions and international sanctions could affect operations and investments, especially in countries close to conflict zones.
- Inflation and claims costshigh
Rising prices could increase claims costs and reduce margins if tariffs are not adjusted quickly enough.
- Integration riskmedium
Acquiring a large German company could involve integration difficulties and unexpected costs.
- Regulatory changesmedium
New Solvency II requirements and recovery and resolution rules could increase compliance and capital costs.
- Cyber risklow
DORA imposes strict IT security measures, and a major incident could affect operations and reputation.
Investment thesis
What would need to be true (bull case)
- If economic growth in the region continues, demand for insurance could keep rising, supporting the group's development.
- The Nürnberger acquisition could accelerate diversification and open access to a larger and more mature market.
- A growth-oriented dividend policy could attract investors who seek steady income over time.
What would break the thesis
- If inflation stays high, claims costs could outpace premium growth and reduce results.
- Dependence on Central and Eastern European markets could expose the group to local economic or political shocks.
- Integrating a large acquisition could delay strategic targets and create additional costs.
What to watch
- Result before taxes for 2026 against the 1.25 to 1.30 bn EUR guidance2026
- Closing of the Nürnberger acquisition and regulatory approvalssecond half of 2026
- Development of inflation and claims costs in Central and Eastern Europe2026
- Application of the new Solvency II framework2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group operates through a decentralised structure, with around 50 insurance companies and pension funds in 30 countries, based on the principle of local entrepreneurship. It serves around 33,300,000 customers with motor, property, health and life products, distributed through multiple channels. The holding itself has no retail or SME business, which is carried out by local companies.
Investments are guided by security, and the reinsurance policy combines group-level bundling with the international reinsurance market. The evolve28 strategy focuses on growth, higher earnings and a rising dividend, and the planned acquisition of Nürnberger Beteiligungs-AG would extend its presence in Germany.
The group employs around 30,000 people and aims to strengthen synergies between companies in the same country through shared back offices and closer cooperation.
Segments
Extended CEE
This segment includes Albania, the Baltic states, Bosnia-Herzegovina, Bulgaria, Croatia, Hungary, Moldova, North Macedonia, Romania, Serbia, Slovakia and Ukraine, and is one of the key growth areas of the group.
Special Markets
This segment covers Germany, Georgia, Liechtenstein and Türkiye, and is the main platform for diversification beyond the core region, especially once the Nürnberger acquisition closes, expected in the second half of 2026.
Austria, Czech Republic, Poland
These are the core markets of the group, where it operates with established regional brands and products adapted to local conditions.
Market context
The group is active in Central and Eastern Europe, where average real GDP growth reached 2.3% in 2025 and average inflation was 4.1%. The euro area grew 1.5% in the same year, while the economic environment remained volatile.
Motor third party liability insurance is mandatory in almost all group countries, which limits scope for action but ties the market to local vehicle development. The revised Solvency II framework, applicable from January 2027, could change the capital required.
Trends
- Revised Solvency IImixed
The new framework aims at capital calculations closer to real risks and introduces liquidity risk management plans, which could change the capital required by the group.
- High inflation in CEEheadwind
Rising prices, especially for services and energy, could raise claims costs and pressure margins if they are not offset by pricing.
- Regional economic growthtailwind
Stable private consumption and investment in Central and Eastern Europe support demand for insurance, especially in faster-growing countries such as Poland and Croatia.
- Sustainability and digital resilience rulesmixed
Simplified CSRD and CSDDD requirements and the application of DORA add reporting and cyber security obligations, which could increase compliance costs.
Competitive position
The group competes with local and regional insurers in each country, as well as with European groups active in Central and Eastern Europe. Its advantages are its broad presence, local brands and strong capital base.
The proposed German acquisition could change the group's competitive position in a new market, where competition is more intense and the distribution structure differs from the core markets.
- Allianz SE
European insurance group with significant presence in Central and Eastern Europe, a direct competitor in property and motor insurance.
- Generali
Italian insurer with extensive regional activity, competing on life and general insurance products.
- UNIQA Insurance Group
Austrian group with operations in Central and Eastern Europe, competing directly in the same regional markets.
- Talanx
German insurance group with international activity, relevant mainly for the German market into which the group plans to expand.
News & filings
In the press
- Vienna Insurance Group: Profitul înainte de impozitare a crescut cu 20,7%, la 641,5 milioane de euro, în primul semestru din 2026Economedia · 26 Aug 2026 · RO
- Vienna Insurance Group a raportat un profit în creştere cu 20,7%, în primele şase luniFinancial Intelligence (RO) · 26 Aug 2026 · RO
- Asigurările din România avansează cu două cifre, susținute de trendul global. Raport Allianz. Evoluție pozitivă și pentru Vienna Insurance GroupCapital.ro · 28 May 2026 · RO
- Vienna Insurance Group raportează un profit brut de 310,3 milioane euro în primul trimestru din 2026Agerpres · 28 May 2026 · RO
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202529 Apr 2026
- Annual report 202429 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.