Vienna Insurance Grp Ord

Ladies and gentlemen, welcome to the today's VIG conference call and live webcast. I am Matilde, the chorus call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Mr. Hartwig Müller. Please go ahead.

Yes, very warm welcome from Ringtoon in Vienna and thanks for joining our call with information to the main topics we have prepared for you. So we already last week announced the outstanding performance of our group for Q1 to Q3. So today we have the chance to deepen the information about this very successful first three quarters of this year and which was also announced that we already raised the outlook for our profit before taxes for this year 2025 to 1.1 to 1.15 billion and Liane Hirner, our CFO, will then give more details to the topic of the results of the first three quarters. The second big topic, and we know that there is big expectation also from your side, that we today are ready to give you first information about our interest in Nürnberger and we also released information that the public purchase offer which ended on the 21st of November this year had an acceptance rate of 98.38% so out of that Gerhard Lanner he is responsible board member of VIG for this project he also will give some information in detail about this topic. Myself, I will then follow with information about the new strategic program in the name of Evolve28, which will be the new strategy for 26 to 28, and which will not only further strengthen our group, but mainly will focus also on the long-term profitable growth Today I will offer you the structure, the main topics, and I have to excuse that the targets to this strategic program will be approved by the supervisory board next week, so we will come to the detailed targets back to you as soon as possible after the approval of next week. We also are happy and glad that Peter Höfinger, Deputy CEO of Vienna Insurance Group, is also attending this meeting and is also ready for questions from your side after our presentation. Saying this, I hand over now for the first topic about the performance to our CFRO, Liane Hirner. Please go on.

Thank you, Hartwig. Let's start on slide four with the key figures over the first three quarters this year, which highlight the ongoing strong performance of VIG. Insurance service revenue of $9.7 billion is up by 8.6%. Here, both P&C and Life & Health show top-line growth of more than 8% each, And I will go into more details on that on slide six in terms of the individual market developments. Profit before taxes is pre-announced last week and despite the goodwill impairment taken already at half-year for Hungary increased by 31% to 872.8 million. Main driver for this outstanding profit before taxes growth in the third quarter was an excellent technical result in P&C, supported by low net combined ratio. The biggest contributor to this more than 200 million additional pre-tax profit in absolute terms was Czech Republic, followed by Austria in the special market segment. VIG's P&C net combined ratio improved to 92.1%, driven by favorable weather conditions. Our strong capitalization is reflected in a solvency ratio of 286%. Compared to the solvency ratio at heart, we are 278%. The SBR of roughly 4.1 billion remains fairly stable, mainly due to the slightly higher capital requirements for non-life, life, and health insurance, reflecting the increased business volumes. The own funds of VHG of about 11.7 billion increased by almost 4% or more than 400 million euros in the third quarter. This is driven by operating earnings and the positive development also on the capital markets, resulting in higher market values of our investments. The 4-in-0 ratio, excluding transitional measures, stands at equally very strong 267% and increased also compared to the half year. It is clearly above our warranty target range of 150 to 200%, which does not consider transitional measures, and this also underpins the capital strength and the resilience of our group. Now, on the next slide, we show the gross written premium development by segments. Premiums overall increased by 8.6% to 12.5 billion euros. Double-digit growth rates were recorded in Poland, plus 13.5%, and the special market segment, plus 18.4%. The strongest contribution in absolute terms is coming from the extended CE segment, plus 314 million euros. where especially Romania, Hungary, Slovakia, and the Baltics made up for close to three-quarters of the additional premiums. Special markets, mainly driven by Turkey, as well as Austria, Poland, and the Czech Republic, all increased their premium volumes by more than 130 million each. In IFRS terms, this relates or translates into a very solid insurance service revenue development, which is shown on slide six. Here, in line with gross recent premiums, insurance service revenue also increased by 8.6% to 9.7 billion euros. I would like to draw your attention to the extended CE segment. Insurance service revenues of overall 2.87 billion euros already exceeds the level of Austria. Again, it's the market in the extended CE segment, for example, Baltics, Slovakia, Romania, and Bulgaria, performing extremely well. In the special market segment, it's the dynamic business in Turkey. Despite hyperinflation, which accounts for the significant increase. This segment also includes Germany, Georgia, and Liechtenstein, with Germany and our live and non-live companies in the risk there, contributing 140 million in insurance service revenue. Last but not least, Austria, Czech Republic, and Poland, all three with solid growth rates and strong performance also in the first three quarters this year. The dynamic top-line development of our group, supported by Benin weather-related claims, translated in the third quarter into an exceptionally strong increase of our profit before taxes. On slide 7, you will find a short summary of the results development and the figure for the next weather-related claims recorded in the first three quarters. Compared to the about 338 million in last year, in the first nine months last year, which were related to storm Boris, we recorded only 160 million of weather-related claims so far this year, thanks really to the absence of the severe lab cut events. As already mentioned by Hasek, the strong performance of our group so far this year provides us with the confidence to raise the target range for the group profit before taxes between €1.1 billion to €1.15 billion for the whole year 2025. Finally, I would also like to highlight the rating upgrade by Standard & Poor's, confirming VIG's excellent A-plus rating and raising the outlook to positive. This was driven by our progress in broader diversification and followed the announcement of our intention to acquire a controlling stake in Nuremberg, which was very positively received by Standard & Pulse. With this, I hand over to Gerhard, who will now share his insights to Nuremberg with you. Gerhard, please go ahead.