Earnings Document

Dear Shareholders,

Ladies and Gentlemen!

More than the first half of 2022 is now behind us and the media is dominated by reports about the war in Ukraine, the energy supply situation in Europe and price increases in almost all areas of life. A great deal of uncertainty exists. Whether private households or companies, in Austria or other European countries, we are all affected and feel the effects. Some, however, are more affected than

others and the goal of politics and society must be to provide the best possible support for the most vulnerable and overcome these difficult times together. This requires soli- darity, but also the will to act and assume responsibility.

In times like these, company business models become the focus of attention and are put to the test: Will the business model solve current and future problems? Has it proven itself in similar situations in the past? Does it take social and technological developments into account? Does it contribute to sustainability and climate protection? My wholehearted answer is yes to each of these questions for VIG. Our success is built on a proven, long-term business model that is developed and adapted to satisfy requirements. The results for the 1st half of 2022 confirm my conviction. Vienna Insurance Group continues to show a strong operating perfor- mance. We increased our premium volume by 11.6% to EUR 6.4 billion. This once again underscores the strengths of our local insurance companies and their successful focus on local needs. All reportable segments and lines of business show satisfying year-on-year increases in premiums.

The combined ratio, a measure of profitability that combines the claims and cost ratio, was 94.3%. The claims ratio and cost ratio both improved.

The result before taxes of EUR 277.3 million was 10.3% above the value for the same period in the previous year. In addition to the measures already taken the 1st quarter of 2022, this result includes further measures, meaning over three quarters

of the approximately EUR 165 million exposure to Russian government and corporate bonds of the VIG Group have already been provided for in the first half of the year.

The solvency ratio of 285% for the 1st half of 2022 shows that the VIG Group continues to have excellent capital resources and guarantees the stability of the Group. Despite all the uncertainty that exists concerning future develop- ments, at least the historical period of low interest rates appears to have come to an end. The interest rate/yield turnaround will likely be medium to long-term in nature. This is definitely a positive development for us as a provider of traditional life insurance.

Companies cannot influence the macroeconomic and geopolitical environment. In accordance with our management responsibilities, we have reviewed the initiatives in the "VIG 25" strategic programme and weighted them accordingly in order to counter identifiable developments at an early stage.

Yours sincerely,

Elisabeth Stadler

CONTENTS

1. Letter from the Chairwoman of the Managing Board
2. Interim management report

1. Capital markets & investor relations & share

14 Consolidated interim financial statements in accordance with IFRS

42 Additional disclosures in accordance with the Austrian Insurance Supervision Act (VAG)

Business development and economic position

ECONOMIC ENVIRONMENT

The eurozone was dominated by high inflation and the effects of the conflict in Ukraine in the 1st half of 2022, with consumption in particular suffering from the high rate of inflation. Production was confronted by high energy prices and massive ongoing supply chain problems. Only the services sector remains cautiously optimistic given the impression that pandemic restrictions are ending. Eurozone inflation reached its current high of 8.1% (YoY) in the 1st quarter of 2022. Although energy prices reduced the pressure somewhat, food and core inflation led to a further upward trend in prices.

Austria surprised particularly in the 1st quarter of 2022 recording 1.6% growth compared to the previous quarter and 9.5% growth year-on-year. This was supported by Covid- related base effects but also strong production and construction activity. Private consumption, on the other hand, also suffered from inflation. Austria is scarcely different from the rest of the eurozone in terms of inflation and its drivers and also reached a comparable high in May.

Central and EasteEurope also provided surprisingly strong figures in the 1st quarter of 2022. With the exception of Serbia, all the economies of the region recorded clear growth compared to the previous quarter. Government expenditures and investment contributed to this, as did continued good private consumption, with only the Czech Republic being an exception in this case. Foreign trade, on the other hand, was consistently negative, except for Croatia. Consumer prices in the region recorded double-digit inflation rates in May 2022, with 16% (YoY) in the Czech Republic and 8.1% (YoY) in Slo- venia defining the range of inflation. Even though the demand side - aided by a rather tight labour market, particularly in Poland and the Czech Republic - should have a somewhat greater effect on inflation in the CEE region, the main drivers of inflation were the same as in the eurozone and Austria. Several of the governments in the region introduced inflation -dampening measures (tax reductions, price restrictions, food subsidies) that help in the short term, but bear the risk of just pushing the true inflationary pressures further into the future.

1st half of 2022 at a glance

• Premiums increased by 11.6% to EUR 6,443.1 million
• Profit before taxes rose by 10.3% to EUR 277.3 million
• Combined ratio decreased to 94.3%

BUSINESS DEVELOPMENT AND FINANCIAL

PERFORMANCE INDICATORS

VIG Insurance Group wrote EUR 6,443.1 million in premiums in the 1st half of 2022, a significant increase of 11.6% compared to the same period in the previous year (1st half of 2021: EUR 5,772.9 million). All lines of business and reportable segments achieved increases in premiums compared to the 1st half of the previous year. The increases were particularly large in the other property and casualty insurance and the motor lines of business.

PREMIUM SHARE BY LINES OF BUSINESS IN THE 1ST HALF OF 2022

ABBREVIATED CONSOLIDATED INCOME STATEMENT

• The adjustments consist, among other things, of impairments of intangible assets (mainly

impairments from goodwill).

• The calculation of this key figure in the current year includes the interest for hybrid capital. The undiluted result per share equals the diluted result per share (in EUR).

Expenses for claims and insurance benefits less reinsurers' share were EUR 3,914.0 million in the first six months of 2022 (1st half of 2021: EUR 3,633.5 million) corresponding to an increase of 7.7% compared to the same period in the previous year. The increase was primarily due to an increase in business volume in all insurance lines of business.

Acquisition and administrative expenses less reinsurance commissions rose 9.4% to EUR 1,353.6 million in the 1st half of 2022, mainly as a result of higher commission expenses (1st half of 2021: EUR 1,237.1 million).

The Group result before taxes rose 10.3% in the 1st half of 2022 to EUR 277.3 million (1st half of 2021: EUR 251.4 million). This includes around EUR 126 million in measures in connection with the exposure to Russian government and corporate bonds.

The Group's combined ratio after reinsurance (not including investment income) improved compared to the same period in the previous year to 94.3% (1st half of 2021: 95.2%) due the positive technical development of the reportable segments Austria, Poland and Expanded CEE.

BREAKDOWN OF INVESTMENTS AS OF 30 JUNE 2022

Values as of 31 December 2021 in parentheses

Group investments including cash and cash equivalents were EUR 34,409.8 million as of 30 June 2022 (31 December 2021: EUR 37,266.1 million). The year-on-year decrease was primarily due to a significant decrease in the fair value of bonds in the available for sale category that was caused by current interest rate changes.

VIG Insurance Group earned a financial result of EUR 324.3 million in the 1st half of 2022 (1st half of 2021: EUR 353.6 million). This decrease of 8.3% was mainly due to provisions in connection with the exposure to Russian government and corporate bonds.