Vienna Insurance Group Half year financial report 2024

Dear Shareholders,

Ladies and Gentlemen!

We are the leading insurance group in Central and EasteEurope. Around 32 million customers in

30 countries rely on our insurance solutions, and around 30,000 employees work for VIG. It was 200 years ago that the foundation was laid for the sustainable and successful development of our Group. Our capital strength, our broad-based insurance portfolio in CEE and our strong sales activ-

ities are key reasons for the Group's excellent performance over many years. Combined with our conservative investment and reinsurance management approach, these factors also enable us to consistently exploit growth opportunities in the long term and to live up to our responsibility - because being in a leading position means a high level of responsibility indeed.

This responsibility applies not only in respect of customers and employees, but also society: Insurance companies are important investors for the economy and make a valuable contribution to a sustainable and modesociety. In order to be able to fulfil this task and to be successful in business, a healthy social and ecological environment is essential. Sustainability is therefore in everyone's interest. As a Group, we have once again significantly expanded the sustainability activities coordinated by the Group Sustainability Office over the past few months. In addition, a dedicated team is responsible for collecting and preparing the necessary data for the extended sustainability reporting (ESRS) starting with the 2024 financial year.

We have also expanded the cooperation and collaboration within our Group. We highly value the variety and diversity of our Group, which offer enormous potential in terms of innovation and problem-solving. Our CO3 department, which stands for communication, collaboration and cooperation, strengthens communication and the transfer of knowledge between all companies and colleagues with the support of digital tools. This enables us to identify potential for improvement and synergies and tap into new areas of growth more effectively.

All these measures support our long-term success and strengthen the Group's resilience. The current results clearly confirm this: In the first half of 2024, VIG generated insurance service revenue of around EUR 5.9 billion, which is equivalent to an increase of 10.0% compared to the same period of the previous year. The Group result before taxes increased to EUR 481.0 million in the first half of the year. Based on this strong development, we are able to confirm our outlook for the 2024 financial year and expect the result before taxes to be at the upper end of the planned range of EUR 825 to EUR 875 million.

All of this gives us confidence for the future. Our stated goal is to further expand our market leadership. In doing so, we act as a reliable and responsible partner in our region.

Hartwig Löger

CONTENTS

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

1. Capital markets & investor relations & share

15 Consolidated interim financial statements in accordance with IFRS

Business development and economic position

ECONOMIC ENVIRONMENT

Political uncertainties in Europe and elsewhere are weighing on the growth prospects of the eurozone, which are more restrained even without a trend toward right-wing populist parties - as recently seen in France. A general rise in risk premiums in the eurozone confirms this uncertainty, which negatively affects growth. In June 2024, sentiment indica- tors, particularly in industry, were again weaker. The main drivers of this development are a decline in export orders and a further decline in production. However, real wage increases should continue to bolster consumption. In this en- vironment, real GDP growth in the 2st quarter of 2024 of 0.3% (according to Eurostat flash estimate) compared to the previous quarter (1st quarter of 2024: also 0.3%) was regarded as positive. Inflation fell slightly to 2.5% in the 2nd quarter of 2024, compared with 2.6% in the 1st quarter of 2024. This is mainly due to the fact that food and energy prices have not increased as sharply. In the area of services, however, prices have remained stable, driven by tourism in particular.

In Austria, consumer spending and expenditure for investments in gross fixed assets remained below expectations in the first two quarters of 2024. As a result, real GDP in Austria grew by only 0.1% compared to the previous quarter (after a decline of 1.3% in the 2nd quarter of 2023). Inflation in the 2nd quarter of 2024 was still 3.3% compared to the previous year. This is partly due to lower fuel and food prices, which were still at 4.1% in the 1st quarter of 2024, and due to the higher price level in the gastronomy sector.

Private consumption played a key role in the fundamentally solid development of GDP growth in the 1st quarter of 2024 in Central and EasteEurope (CEE). However, investment has also fallen in this region, particularly in light of current negotiations on the multiannual financial framework, which also includes EU subsidies relevant to investment. In general, sentiment indicators have developed more positively in the 1st half of 2024 than in 2023. However, the Economic Sentiment Indicator for the region shows a noticeable recovery only in consumption, which has also weakened in recent months.

1st half of 2024 at a glance

• Gross written premiums increased by 7.9% to EUR 7,886.8 million
• Insurance service revenue increased by 10.0% to EUR 5,919.0 million
• Result before taxes rose by 3.9% to EUR 481.0 million
• Net combined ratio improved to 93.3%
• Contractual service margin (CSM) at EUR 5,633.3 million

BUSINESS DEVELOPMENT AND FINANCIAL

PERFORMANCE INDICATORS

Gross written premiums

Vienna Insurance Group achieved gross written premiums in the amount of EUR 7,886.8 million in the 1st half of 2024, which represents a significant increase of 7.9% (1st half of 2023: EUR 7,306.7 million). All reportable segments achieved increases in gross written premiums compared to the first half of the previous year. The development of the Extended CEE (+11.5%), Special Markets (+32.0%) and Austria (+6.5%) segments was particularly positive.

Insurance service revenue - issued business

The insurance service revenue issued business, hereinafter referred to as "Insurance service revenue", in the first six months of 2024 amounted to EUR 5,919.0 million (1st half of 2023: EUR 5,380.4 million) and was thus 10.0% higher than the same period of the previous year. The increase resulted primarily from the growth in the property and casualty insurance (Premium Allocation Approach).

Result before taxes

The Group result before taxes rose to EUR 481.0 million in the 1st half of 2024 (1st half of 2023: EUR 462.9 million). The rise of 3.9% originates predominately from the significantly higher results in the segments Extended CEE, Poland and Austria.

ABBREVIATED CONSOLIDATED INCOME STATEMENT

*The value consists of impairments of goodwill as well as intangible assets.

Net combined ratio

The calculation of the net combined ratio is the Insurance service expenses for issued business less Insurance service expenses from reinsurance held divided by the Insurance service revenue from issued business less Insurance service revenue from reinsurance held in property and casualty insurance.

The net combined ratio improved to 93.3% in the first six months of 2024 (1st half of 2023: 94.0%), which is primarily due to the positive development in the Special Markets segment.

Operating retuon equity (Operating RoE)

Operating retuon equity measures the profitability of the Insurance Group. This ratio is calculated by dividing the an- nualised business operating result in the first half of the year by the average shareholders' equity less unrealised gains and losses.

In the 1st half of 2024, the Group achieved an operating retuon equity of 16.2% (31 December 2023: 15.1%).

*adjusted by non-controlling interests

Contractual service margin (CSM)

The contractual service margin (CSM) includes the unre- alised profits originally priced into the insurance contract, which is reported as a separate component of the technical provisions. As of 30 June 2024 the CSM amounted to EUR 5,633.3 million (31 December 2023: EUR 5,797.2 million) and mainly stems from long-term life and health insurance. This represents a decline of 2.8% compared with the same period in the previous year which, despite an increase in new business CSM, the release of the CSM was unable to compensate for.

Total capital investment portfolio

The total capital investment portfolio was EUR 43,065.6 million on 30 June 2024 (31 December 2023: EUR 42,586.1 million). The increase of 1.1% compared to the same period in the previous year is primarily due to the increase in cash and cash equivalents, mainly as a result of the positive cash flow from operating activities and investing activities.

SPLIT OF THE CAPITAL INVESTMENTS HELD AT OWN RISK AS OF 30 JUNE 2024

Other investments 9.3% (7.8%)

Shares 3.3% (3.3%)

Loans 2.0% (2.1%)

Affiliated companies 1.6% (1.7%)

Values as of 31 December 2023 in parentheses

In the notes to the consolidated financial statements the risk-bearing portfolio consists of cash and cash equivalents, financial assets, investments in associates, investment property as well as owner-occupied property. As of 30 June 2024 the portfolio amounted to EUR 35,369.4 million (31 December 2023: EUR 35,288.7 million) and corresponds to the total capital investment portfolio minus the financial instruments for unit- and index-linked life insurance plus owner-occupied property. As owner-occupied property a value of EUR 468.8 million was reported as of 30 June 2024 (31 December 2023: EUR 471.0 million).

BUSINESS DEVELOPMENT AND FINANCIAL PERFORMANCE INDICATORS BY REPORTABLE SEGMENT

Austria

In the Austria segment, insurance service revenue in the 1st half of 2024 amounted to EUR 1,749.6 million (1st half of 2023: EUR 1,642.1 million). This corresponds to an increase of 6.5%, which is based on the positive development in the non-life insurance line of business (Premium Allocation Approach).

The result before taxes rose to EUR 199.1 million in the 1st half of 2024 (1st half of 2023: EUR 192.2 million). The increase of 3.6% was primarily due to the increase in revenue.

The net combined ratio increased in the first six months of 2024, mainly due to a higher claims ratio due to a negative claims development in other property and casualty insurance and increased net impact of weather related claims, and amounted to 92.1% (1st half of 2023: 90.4%).

Czech Republic

In the Czech Republic segment, insurance service revenue in the first six months of the current year amounted to EUR 1,029.6 million (1st half of 2023: EUR 999.7 million). This represents an increase of 3.0%, which is mainly due to the positive development of both motor insurance and other property and casualty insurance.

The result before taxes was EUR 97.2 million in the 1st half of 2024, corresponding to a year-on-year decrease of 15.0% (1st half of 2023: EUR 114.3 million), which is primarily due to the decrease in the life insurance result and the increase in the net combined ratio.

In the 1st half of 2024, the net combined ratio increased to 94.6% primarily as a result of the claims development in motor insurance and other property and casualty insurance (1st half of 2023: 93.3%).

Poland

In the 1st half of 2024 the insurance service revenue in the Poland segment totalled EUR 667.3 million (1st half of 2023: EUR 585.6 million). Compared to the same period in the previous year, this represents an increase of 14.0%, which is primarily due to the positive development of other property and casualty insurance.

The result before taxes increased in the first six months of the current year by 23.4% to EUR 41.4 million (1st half of 2023: EUR 33.5 million). This is mainly due to the significantly higher volume in non-life insurance and the increased profitability in life insurance.

In the 1st half of 2024, the net combined ratio of 94.8% remained stable at the same level as in the previous year (1st half of 2023: 94.8%).

Extended CEE

The Extended CEE reportable segment includes the countries of Albania including Kosovo, Baltic states, Bosnia- Herzegovina, Bulgaria, Croatia, Hungary, Moldova, North Macedonia, Romania, Serbia, Slovakia and Ukraine.

The insurance service revenue was EUR 1,731.5 million in the first six months of 2024 and therefore 14.5% higher than the comparable value for the same period in the previous year (1st half of 2023: EUR 1,511.7 million). The increase is mainly due to Romania, Slovakia, the Baltic States, Bulgaria and Hungary. In particular, motor insurance and other property and casualty insurance achieved growth.

In the 1st half of 2024, a result before taxes amounting to EUR 122.5 million was achieved in the segment Extended CEE (1st half of 2023: EUR 104.0 million). The significant 17.8% increase compared to the same period in the previous year is primarily due to the very good performance of the Romanian insurance companies and the better combined ratio in the Baltic states.

Compared to the same period in the previous year, the net combined ratio improved to 95.7% (1st half of 2023: 96.4%). This is primarily the result of the lower cost rate in the Baltic states, which was due to over-proportionately high premium growth in motor insurance and other property and casualty insurance.

INSURANCE SERVICE REVENUE

• Extended CEE: Albania incl. Kosovo, Baltics, Bosnia-Herzegovina, Bulgaria, Croatia, Hungary,

Moldova, North Macedonia, Romania, Serbia, Slovakia, Ukraine

• Special Markets: Georgia, Germany, Liechtenstein, Türkiye

• Group functions: VIG Holding, VIG Re, Wiener Re, VIG Fund, corporate IT service providers, asset management company and intermediate holding companies

RESULT BEFORE TAXES

• Extended CEE: Albania incl. Kosovo, Baltics, Bosnia-Herzegovina, Bulgaria, Croatia, Hungary,

Moldova, North Macedonia, Romania, Serbia, Slovakia, Ukraine

• Special Markets: Georgia, Germany, Liechtenstein, Türkiye

• Group functions: VIG Holding, VIG Re, Wiener Re, VIG Fund, corporate IT service providers, asset management company and intermediate holding companies

Special Markets

The Special Markets reportable segment includes the countries Germany, Georgia, Liechtenstein and Türkiye.

In the first six months of 2024, the insurance service revenue increased from EUR 356.1 million in the 1st half of 2023 to EUR 432.8 million, which represents an increase of 21.5% and is attributable to a higher premium volume particularly in motor insurance and other property and casualty insurance in Türkiye.

Compared to the same period in the previous year, the result before taxes fell by 2.8% and amounted to EUR 32.0 million in the 1st half of 2024 (1st half of 2023: EUR 32.9 million). In contrast to the 1st half of 2023, the accounting method for hyperinflationary economies was used in Türkiye in the current reporting period. This had a significant impact on the result in the amount of EUR 29.5 million. In contrast, the combined ratio developed very positively.

The net combined ratio in the 1st half of 2024 improved to 92.7%, mainly due to very positive claims development in Türkiye (1st half of 2023: 98.6%).

Group Functions

The Group Functions reportable segment includes VIG Holding (including the branches in NortheEurope), VIG Re (in- cluding the branches in Germany and France), Wiener Re, VIG Fund, corporate IT service providers, one asset management company and intermediate holding companies.

In the 1st half of 2024, insurance service revenue amounted to EUR 895.6 million which, due to the increase in intragroup reinsurance business at VIG Holding and the increased focus of VIG Re on business outside the Group, was 12.2% above the value of the same period in the previous year (1st half of 2023: EUR 798.3 million).

In the first six months of the current year the segment Group Functions reported a loss of EUR 11.2 million (1st half of 2023: loss of EUR 14.0 million).

SIGNIFICANT RELATED PARTIES

Information on related parties is provided in the notes to the consolidated financial statements of this report starting on page 50.

Expected development and risks of the Group

SIGNIFICANT RISKS AND UNCERTAINTIES

In accordance with the strategic orientation of Vienna Insurance Group, the general VIG risk profile did not change in the 1st half of 2024. Market risks and underwriting risks continue to be significant risks for the 2nd half of 2024. Further information on the significant business risks to which VIG is exposed is available in the risk report section in the VIG Insurance Group Annual Report 2023 and the Solvency and Financial Condition Report for 2023.

Despite the overall positive economic outlook, financial year 2024 will continue to be characterised by uncer- tainties. Besides the geopolitical situation, and in particular the war in Ukraine, the course of which remains un- predictable, a major conflict in the Middle East could also have a similar impact on the economy. Although the central banks had largely managed to get inflation under control as of the 2nd half of 2024, the target of 2% is still a long way off. Furthermore, upcoming political decisions, in particular in the USA, could bring greater fluctuations in the stock and bond markets. These uncertainties and associated knock-on effects on the capital market and insurance industry are the most significant uncertainties for VIG for the 2nd half of 2024.

Even though there were no above-average extreme weather events in the 1st half of 2024, VIG Insurance Group expects the intensity and frequency of severe weather events to continue increasing due to climate change. VIG therefore continues to focus on the topics of climate change and sustainability.

Furthermore, VIG continues to focus strongly on cyber risk, which will become even more important in the future due to the rapid progress of digitalisation. Indeed, the worldwide CrowdStrike IT outage that occurred outside the reporting period (but only affected VIG to a negligible extent) demonstrates the vulnerability of and dependency on IT systems.

The VIG Insurance Group regulatory solvency ratio was 269% on 31 December 2023. Despite the fact that the European Central Bank (ECB) lowered its key interest rates for the first time at the beginning of June 2024 by 0.25 percentage points after ten increases previously, the risk-free euro yield curve still rose compared to the end of 2023. For this reason, continued solid solvency is expected for the 1st half of 2024. The final solvency ratio for 30 June 2024 had not yet been finalised at the time the report was prepared.

The Group's excellent level of regulatory capital and A+ rating with stable outlook that was reaffirmed by Standard & Poor's on 16 July 2024 demonstrate its high resilience.

VIG Insurance Group will maintain its current investment policy of holding a conservative, security-oriented asset allocation.

EXPECTED DEVELOPMENT - OUTLOOK

ECONOMIC OUTLOOK

Sentiment in the eurozone is dampened by higher risk premiums due to political uncertainty, declining export orders and lower production levels. Supported by real wage increases for 2024 as a whole, consumption is the only factor that should have a stabilising effect. The analysts of Erste Group expect real GDP growth of 0.7% in 2024 compared to the previous year for the eurozone. Wage increases remain robust and so do not leave much room for expectations of a sustained reduction in core inflation. A noticeable decline in inflation is not expected until the 1st half of 2025. Inflation is forecast at 2.4% for 2024.

In view of the weaker growth in the first two quarters of 2024, Erste Group reduced its estimate for Austrian GDP growth in 2024 from 0.4% to 0.2%. Private consumption is expected to rise by 1.0% in 2024. However, investment is forecast to decline by 1.4% and foreign trade is not expected to be able to make a positive contribution either. In line with the current trend, inflation is expected to reach 3.4% in 2024.

Assuming a moderate global recovery and with the support of private consumption, Erste Group expects GDP growth of 2.4% for CEE in 2024. At 3.4% and 3.8% respectively, Croatia and Serbia come in at the upper end of the scale, whereas the Czech Republic, with only 1.0% GDP growth, is at the lower end of the scale. The main risks for the region lie in the further development of the eurozone, with Ger- many playing a major role here. Although disinflationary trends were already strong in 2023, the region started 2024 with the highest inflation rates in the EU. Inflation rates are expected to continue to fall in 2024. Overall, the inflation rate is expected to be 3.7% for the region, with Romania (5.2%), Serbia (4.4%) and Hungary (4.2%) expected to significantly exceed this figure.

OUTLOOK FOR VIENNA INSURANCE GROUP

Vienna Insurance Group with its approximately 30,000 em- ployees, as the market leader in Central and EasteEurope, is excellently positioned to take full advantage of the opportunities in this region and the associated long-term growth potential. Based on the trends and developments in the insurance business it is relying on the VIG 25 strategic programme that was developed together with the CEOs of the VIG insurance companies for the financial years up to the end of 2025. In addition to creating sustainable value and reaching the sustainability objectives in the six spheres of impact (asset management, underwriting, operations, em- ployees, customers and society) the expansion of the leading market position in Central and EasteEurope is a core objective of the programme with the ambition to achieve at least the top 3 market position in each CEE market, with

the exception of Slovenia. A big step in this direction was the successful take-over of the companies in Poland, Romania, Türkiye and Hungary that were formerly part of the Dutch Aegon-Group. With this VIG advanced to number 1 in the Hungarian market.

The solvency ratio of VIG Group continues to be defined within a range of 150% to 200% without taking into account transitional measures for underwriting provisions used by some individual Group companies.

Vienna Insurance Group has been able to manage the impacts of the challenging geopolitical and macroeconomic environment very well so far and continues to focus on the success factors of continuity, stability and diversity. VIG's management confirms the positive outlook for the 2024 financial year despite the volatile environment and expects the result before taxes to be at the upper end of the planned range of EUR 825 to EUR 875 million, bases on the excellent half-year results development.

Current topics

Changes in the VIG Managing Board

At its meeting in March 2024, the Supervisory Board of VIG resolved to appoint Christoph Rath as Deputy Member of the Managing Board of VIG with effect from 1 September 2024. Christoph Rath was Chief Financial Officer (CFO) of the Czech companies Kooperativa Pojišťovna and Ceská Podnikatelská Pojišťovna. Prior to that, he held various management positions at VIG, including as a Managing Board member in Serbia and Bulgaria.

Weather-related claims

In total, gross weather-related claims were around EUR 123 million in the 1st half of 2024 (1st half of 2023: gross around EUR 256 million). VIG Insurance Group retained around EUR 112 million after reinsurance (1st half of 2023: EUR 98 million).

Annual General Meeting 2024

The 33rd Annual General Meeting of the Vienna Insurance Group was held on 24 May 2024 in the Wiener Stadthalle. A dividend of EUR 1.40 per share proposed by the Managing Board and Supervisory Board was approved during the Annual General Meeting. The dividend yield is 5.3%. As the terms of office of Supervisory Board members were expiring, elections to the Supervisory Board of VIG were held. Rudolf Ertl, Martina Dobringer, András Kozma, Robert Lasshofer, Peter Mihók, Katarina Slezáková and Gertrude Tumpel-Gugerell were re-elected. Vratislav Kulhánek, Hana Machačová, Martin Simhandl and Ágnes Svoób were newly elected to the Supervisory Board. Peter Thirring was already elected to the Supervisory Board at last year's Annual General Meeting. The Supervisory Board thus continues to consist of 12 members. The terms of office of all Supervisory Board members run until the Annual General Meeting 2028. The CVs of all Supervisory Board members can be found online at group.vig/supervisory-board.

Merger in North Macedonia completed

In North Macedonia, Vienna Insurance Group is the largest insurance group in the country with a well-diversified product portfolio and a broad distribution structure. On 1 July 2024, the VIG insurance companies Winner Non-Life and Makedonija Osiguruvanje merged. The two non-life insurance companies will in future operate under the brand name Makedonija Osiguruvanje. VIG is thus represented by a life and non-life insurance company in North Macedonia with Winner Life and Makedonija Osiguruvanje.

VIG joins forces in Poland

Vienna Insurance Group is concentrating its market presence in Poland from currently six to three insurance com- panies. On 1 July 2024, the non-life insurance companies Compensa and Wiener merged. The two non-life insurance companies will operate under the Compensa brand in the future. InterRisk continues to operate independently on the Polish market. The three life insurance companies Compensa