Consolidated financial statements including group management report for the financial year 2022

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Group Annual Report 2022

Financialcalendar*

AnnualGeneralMeeting:

26May2023

Update1stquarter2023:

31May2023

Resultsfor1sthalfof2023:

30August2023

Update1stto3rdquartersof2023:

30November2023

* preliminary schedule

Key figures at a glance

Country	Premium volume	Result	Combined ratio	Employees
		before taxes
	in EUR '000	in EUR '000	in %	Number
Austria	4,138,384	249,410	92.4	4,851
Czech Republic	2,122,121	201,894	91.5	5,067
Poland	1,352,881	51,748	96.1	2,846
Extended CEE1	3,593,244	112,713	95.3	12,017
Special Markets2	846,187	49,402	93.0	3,022
Group Functions3	2,297,825	-101,236	-	1,029

Extended CEE: Albania including Kosovo, Baltic states, Bosnia-Herzegovina, Bulgaria, Croatia, Hungary, Moldova, North Macedonia, Romania, Serbia, Slovakia, Ukraine.
Special Markets: Germany, Georgia, Liechtenstein, Türkiye.
Group Functions: VIG Holding, VIG Re, Wiener Re, VIG Fund, corporate IT service providers, Asset Management, Pension Funds, and intermediate holding companies.

Profit before taxes	Combined ratio
in EUR million			in per cent
521.6			562.4
	511.3	100	95.4	95.0	94.2	94.9
500


400			80	31.7	32.2	32.7	33.4
345.9

300			60

200			40	63.7	62.8	61.5	61.6


100			20

0			0	2019	2020	2021	2022
		2022
2019	2020	2021

Claims ratio Cost ratio

		2022	2021	2020	2019
Income statement
Premiums written - gross	EUR million	12,559.2	11,002.6	10,428.5	10,399.4
Net earned premiums - retention	EUR million	10,910.9	9,705.6	9,336.6	9,317.9
Financial result incl. result from shares in at equity consolidated	EUR million	797.2	631.9	596.3	1,010.8
companies
Expenses for claims and insurance benefits - retention	EUR million	-7,912.0	-7,136.6	-7,030.6	-7,262.7
Acquisition and administrative expenses	EUR million	-2,930.5	-2,536.8	-2,328.5	-2,293.2
Result before taxes	EUR million	562.4	511.3	345.9	521.6
Net result of the period after taxes and non-controlling interests	EUR million	465.9	375.7	231.5	331.3
Combined ratio	%	94.9	94.2	95.0	95.4
Claims ratio	%	61.6	61.5	62.8	63.7
Cost ratio	%	33.4	32.7	32.2	31.7
Balance sheet
Investments1	EUR million	34,399.3	37,266.1	36,646.3	35,899.1
Shareholders' equity (including non-controlling interests)	EUR million	4,434.2	5,597.9	5,285.8	5,190.7
Underwriting provisions	EUR million	31,987.9	32,546.2	32,230.1	31,886.1
Total assets	EUR million	49,274.0	52,178.2	50,428.1	50,344.9
Operating Retuon Equity (Operating RoE)2	%	11.9	10.9	11.1	11.4
Share
Number of shares	Piece	128,000,000	128,000,000	128,000,000	128,000,000
Market capitalisation	EUR million	2,860.8	3,187.2	2,662.4	3,251.2
Average number of shares traded per day	Piece	~56,000	~51,000	~74,000	~65,000
Book value per share3	EUR	39.57	36.09	33.36	33.67
End-of-period price	EUR	22.350	24.900	20.800	25.400
High	EUR	26.850	27.050	26.350	25.850
Low	EUR	20.650	20.800	13.900	20.000
Share performance for the year (excluding dividends)	%	-10.24	19.71	-18.11	25.25
Dividend per share	EUR	1.304	1.25	0.75	1.15
Dividend yield	%	5.82	5.02	3.61	4.53
Earnings per share5	EUR	3.58	2.94	1.81	2.59
Price-earnings ratio as of 31 December		6.24	8.47	11.49	9.81
Employees
Number of employees (annual average)		28,832	25,684	25,680	25,736

Calculation differences may arise when rounded amounts and percentages are summed automatically.

Including cash and cash equivalents.
Operating RoE measures the profi tability of the Group by expressing the business operating result as a ratio of the capital employed.
The value is calculated using shareholders' equity before non-controlling interests, less the revaluation reserve and less hybrid capital.
Planned dividend.
The calculation of this fi gure considers the interest expenses for hybrid capital in 2022. The undiluted earnings per share equals the diluted earnings per share (in EUR).

Dividend per share

Premiums by line of business

in EUR

1.50

1.15

1.00

1.25 1.30

Health	Motor own damage
6.6% (6.7%)	13.5% (13.2%)

Life - single premium 7.1% (8.2%)

0.75

0.50

2019 2020 2021 2022

MTPL

16.1% (15.2%)

Life - regular premium 24.4% (25.0%)

Dividend		Other property and casualty

Proposed dividend	Values for 2021 in parentheses	32.3% (31.7%)

Four good reasons to invest in VIG:

1 Broad portfolio with growth potential

• Insurance solutions in the property/casualty, life and health business across approx. 30 countries

• Over 30 years of M&A experience in the CEE region

• Organic and inorganic grown initiatives to further expand VIG's leading market position

2 Financial stability

• "A+" rating with stable outlook from Standard & Poor's • Solvency ratio of 280% in 2022

• Continuous dividend distribution every year since 1994

3 Proven management principles ensure customer proximity

• Local entrepreneurship for taking quick, flexible action on the market

• Multi-channel distribution to exploit all sales opportunities • Multi-brand policy for ensuring broad appeal

in relation to target groups

• Conservative investment and reinsurance policies create trust

4 Sustainability as an integral part of our business model with own strategy since 2017

• Innovative products and services that offer social and environmental added value for as many parts of the population as possible

• Consideration of environmental and social criteria for investments and underwriting

• Diversity strategy promotes inclusion and equal opportunity

More information is available in the Sustainability Report 2022 or at www.vig.com/corporate-responsibility

EUR 3.58

Earnings per share

Top result in a challenging environment

Dividend per share of

EUR 1.30

A dividend of EUR 1.30 per share will be proposed at the Annual General Meeting under the dividend policy which foresees a distribution of 30% to 50% of Group net profits to shareholders.

Solvency ratio of 280%

VIG continues to have excellent capital resources.

EUR 829.2 million

in green bonds

VIG takes social and environmental criteria into account in its investment strategy.

~72%

Wiener Städtische Versicherungsverein

Shareholder

structure

Breakdown of identified

shares, May 2022

(Source: Investor Update)

~28%

Free float

More information on VIG shares and the contact information for the Investor Relations department is available on the VIG website at www.vig.com/investor-relations

MORE GROWTH AND MORE SOLIDARITY

Dear Shareholders,

Ladies and Gentlemen!

Looking back on 2022, I look back on a year in which we have all been concerned by the war in Europe. We all saw the news of the past year and are aware that media generally focuses on events that are decidedly less positive. In addition there was the catastrophic earthquake that hit south-east Türkiye and various regions of Syria. It is for this very reason that, in my message to you, I want to look in particular at what has gone well, including at what we are able to influence what affirms our trajectory so far and what gives us confidence in what is to come.

Embodying solidarity

We live a strong sense of solidarity within our Group. The employees in our companies have shown exceptional proof of their solidarity with their Ukrain- ian colleagues and their families. I would like to express my profound respect for all of our employees - especially those in Ukraine, who continue to be there for our customers. Not forgetting those in all other companies who are

involved in numerous aid initiatives. For instance, we have set up the VIG Family Fund, which will contribute to rebuilding Ukraine in the medium and long term.

We also responded immediately to

the devastating earthquake that struck Türkiye and Syria in early 2023, providing emergency aid in the form of financial support.

Great potential in the CEE region, Resilience through diversity

VIG is the largest insurance group in Central and EasteEurope, and we want to expand our leading position. We believe in the long-term potential that our home region has to offer and in the continued strong economic growth in the CEE region, which is above that of WesteEurope. We have the economic strength and necessary stability for overcoming challenges. Whereas our Polish companies were impacted to a greater extent by the subdued economy during the reporting period, the Austrian and Czech markets performed very well indeed. The Romanian market has also shown itself to be more attractive, as a result of the withdrawal of a competitor from the market. In all of our markets, we want to support our stakeholders as a reliable partner and to keep growing. To do this, we place great importance on diversity within the Group as this is what makes us innovative and flexible and ensures that we can be close to our customers.

Key figures 2022

Result before taxes: EUR 562.4 million (+10.0%)

Group premiums EUR 12.6 billion (+14.1%)

Combined ratio: 94.9%

Successful acquisitions from Aegon

In 2022, we were able to achieve our goal of expanding our market leadership in Central and EasteEurope thanks to our acquisition of the companies in Hungary and Türkiye that were previously owned by the Dutch Aegon Group. This acquisition makes us the market leader in Hungary, where the Group not only grew by 1,000 employees, 1.5 mil-

lion customers and EUR 311 million in premium volume, but also benefits from new opportunities in Asset Management and the Pension Funds >

VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe

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Disclaimer

Vienna Insurance Group AG published this content on 25 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2023 10:10:04 UTC.