Vienna Insurance Group AG (VNRFY) Q1 2025 Earnings Call Transcript

Vienna Insurance Group AG (OTCPK:VNRFY) Q1 2025 Earnings Conference Call May 27, 2025 9:00 AM ET

Company Participants

Liane Hirner – Chief Financial Officer
Peter Höfinger – Deputy General Manager
Nina Higatzberger-Schwarz – Head, Investor Relations

Conference Call Participants

Youdish Chicooree – Autonomous Research
August Marcan – UBS
Thomas Unger – Erste Group

Operator

Ladies and gentlemen, welcome to VIG Key Figures and Updates First Quarter 2025 Conference Call and Live Webcast. I am Youssef, the Chorus Call operator. I would like to remind you that all participants will be in listen-only mode and that this conference is being recorded. [Operator Instructions] The conference must not be recorded for publication or for broadcast. At this time, it’s my pleasure to hand over to Peter Höfinger, Deputy CEO of VIG. Please go ahead.

Peter Höfinger

Thank you very much, and very warm welcome this afternoon. I’m happy to present together with my colleague, Liane Hirner, our first quarter results. We can present quite solid results in the first quarter with growth in insurance service revenue by more than 8% and profit growth before taxes of 7.5%. We also have been able to place successfully, a Tier 2 Sustainability Bond and repurchasing part of our subordinated debt. Additionally, we have — additions to Albania to our two non-life insurance company, a life insurance company, where we will realize with synergies and also exploring the life market in Albania, which is still at a very early stage. On top, we bought a stake in Phinance.

Phinance is the largest financial broker in Poland, which will support our growth of our Polish companies. And we are currently in a bid for taking over Moldasig, which is one of Moldova’s leading non-life insurance company. And the government has invited us to participate in this bid to then further develop