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 a 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 two sustainability bond and repurchasing part of our subordinated debt Additionally, we have we have additions in 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 the very early [indiscernible] On top, we bought a stake in Finanze, Finanze is the largest financial broker in Poland. Which will support our growth of our Polish companies And we are currently in a pit for taking over Mosesig which is one of most of us leading non life insurance companies and the government has invited us to participate in this bid to then further develop the Moldavian insurance market. On the next slide, you see our diversification, which we have reached until today and we believe this diversification is important and supports our resilience And you see on gross written premiums, also in insurance service revenues, there is a very nice percentages divided by our countries and region.

And the same is true for the results before taxes. With having Austria with 35%, December CE was 26%. And Czech Republic with 23%. On the next slide, you see the economic forecast for our region. We feel to be currently in the right area of Europe having projected GDP growth is between 3% for next year in Poland, to 2.5% in Czech Republic comparing this with [indiscernible] in the year 2025 with 0.7% we acquired [indiscernible] environment and benefiting from internal growth and consumption of Central Eastern Europe. On the next slide, as I have mentioned, we have been able to issue a Tier two bond with principal amount of €300,000,000 an amount equivalent to the net proceeding is used for a combination of eligible green and social assets in line with VHE updated sustainability bonds framework 2025. A very strong order book of above 1,000,000,000 at peak was finally 3x oversubscribed and led to the lowest spread over of any subordinated node software VHE 195 basis points. At the same time, VHE repurchased a total volume of around 100,000,000 of subordinated notes issued in 2015 and 2017. With this, introduction, I'm happy to hand over to Vienna again.

Vienna, please.

Thank you, Peter. As Peter already mentioned, at the beginning of his presentation, we are very pleased with the solid business performance we achieved in the first three months of 2025. To summarize, the insurance service revenue increased by 8.1% to €3,100,000,000 profit before tax rose by 7.5% to €261,100,000 which is driven primarily by double digit growth rates in Poland and the extended CE segment. With Romania and Bulgaria contributing significantly to the profit growth. The net P and C combined ratio improved from 92.7% to 92.3% This reflects a lower claims ratio thanks to fewer weather related [indiscernible] And positive developments in the motor business in The Czech Republic and Poland. Our solvency ratio as of March stood at robust 271% up from 262% in Q1 last year. This was supported by increased own funds of about €10,800,000,000 driven by the positive operating performance businesses and by positive interest rate developments. The SCR remained relatively stable at close to €4,000,000,000 Please note that the dividend payment for the business year fully considered in the first quarter in line with our dividend policy. Excluding the transitional, solvency ratio stood at two fifty two Now let's move to Slide nine.

And let's have a closer look at the top line development in the first three months. 2025, starting on Page nine with the gross written premiums over Premiums were up 8.3% to overall €4,700,000,000 Here Austria and The Czech Republic both did well in the Q1 with premium growth rates of above 6%. In Poland, the extended CE and the special market segments, we saw a double digit growth rate. Apart from Poland, with plus €54,000,000 additional premium volume in the first quarter, the markets [indiscernible] Romania and the Baltic States significantly contributed to the premium growth in absolute terms. This very favorable development gets also reflected in the insurance service revenue figures, which we show on the next slide. Overall, insurance service revenue increased by 8.1 percent 3,100,000,000.0. Austria's growth of 6% was mainly driven by the non motor and health Czech Republic posted 7.3% growth and Poland was up 8.2%. Both benefiting from Sound Motor and other property business as well as growth in Life. In extended CE, nearly three quarters of the segment's EUR90 million growth came from Romania, Slovakia and The Baltics. In special markets, it was again the dynamic development into key pushing the insurance service revenue in this segment to roughly €290,000,000 up by 38% or €80,000,000 These strong developments underscore the broad based momentum across all our markets.

To summarize, we have a look at Page eleven. We had a strong start in 2025 with robust business performance for key metrics. At our AGM last Friday, [indiscernible] point €55 per share, which will be paid out tomorrow, May 28, Given our sound Q1 performance with broad written pre premium and insurance service revenue both up 8% and the profit before taxes increase of 7.5%, we remain confident in reaching our targeted profit before taxes range of €950,000,000 to €1,000,000,000 for the full year 2025. Our capitalization remained strong with a solvency ratio of 271%. The SSCR reports for the full year 2024 are available on our website. [indiscernible] And we have added two overview slides, including the sensitivities on the Slide 13 on and 14 in this presentation. I have come to the end of my presentation. And we are now welcome your questions.

Ladies and gentlemen, we will now begin the question and answer session. The first question comes from Yudish Shirochet from Autonomous Research.

Good afternoon, everyone. Can you hear me?

Yes, we can hear you.

All right. Thank you, Johan.

So my I'll kick start with two questions. Firstly, just on your guidance, judging from your pre tax profits, seems quite a solid start to the year, but you have maintained your full year guidance unchanged. So I was just wondering, that just because it's too early in the year? Or is that a reflection of of some increased uncertainty or maybe some slowdown that we should be aware of further down the line? That's my first question. My second question is solvency actually. Just looking at your most recent sensitivities, it seems that your sensitivity to increase of 50 basis points in your incorporate bond spreads is now minus 6% and but last year, I think it was closer to 15%. So I was just wondering what what has driven this change, please? Thank you.

So I'm happy to answer your question. The first one regarding to the guidance. We guidance remains unchanged. Usually, our first quarter or we start with a good first quarter and also we did that in the last year. There is no increase of uncertainties But for the moment, it's too early and we stay with our outlook as presented.

All right.

Thank you. Yes. The second question was regarding solvency. [indiscernible] [indiscernible] spread of corporate bonds 50 basis points compared to last year. This year, you would have to add spread corporate bonds and spread government bonds This was shown in one figure last year. 14.9% minus and this year we split it, so you can see 5.55% downward sensitivity for corporate bonds and 8.96% downward sensitivity for corporate bonds.

Okay. That makes sense. Right. Okay. That makes sense. Thank you very Somehow unchanged.

Okay, great. Thank you very much.

Welcome.

The next question comes from Auguste Marcan, UBS. Please go ahead.

Hi, Leon. Hi, Peter. Congrats on a solid set of results.

My first question is on P and C. How are you seeing pricing versus inflation trends in your major geographies? And how do you see it developing in near medium term? Any color there would be helpful. Then my second question is on your strategic plan, your current strategic plan since this year. Are there any updates, any plans on an update for the market or anything there? And then my final question is on excess capital. Again, you're still trending well above your target range. Now you have a bit more debt than you did before as well. So that also helps. Any thoughts about how do you see your capital Do you see potential for inorganic growth, the distributions, anything you can tell me here would be helpful. Thank you.

Thank you. Thank you for questions. I will take the first two questions. The first question is rate increases versus inflation. You have to separate between Austria and Central Eastern Europe. In Central Eastern Europe, we have annual contracts. Therefore, we are adopting our contracts also to the claim costs and needs. And therefore, we are reflecting quite pretty the inflation and are able to increase with inflation In Austria, specifically in the retail book, we have long term contracts with indexes indexes which are not CPI but for example, in the household property, it's a construction price index or in CASCO business, it's a repair cost index. Which is generally higher than the CPI. We are having here the effect that indexation is always at the inception, at the original inception date of the policy Therefore, quite a large part of our books. Gets inflated with the inflation rate last year increased this year whereas the inflation in Austria is quite stable, even maybe a bit lower than last year. If I come to your second question, which is more about the topic about our strategy. You know that we are currently still having our strategy VHE25 are in the middle of the process making our new strategy for the next three years.

As soon as there is something to deliver and to inform, we're happy to do so. I would expect this to be in the second half of the year. [indiscernible] Thank you. Your last question related to capital position of VIG. Have a very solid solvency ratio, I already mentioned, which been positively influenced by the interest rate development. So our capital is well above the target range that we published between 100200%. As Peter started in his presentation, our M and A activities are are ongoing. So we have explained some other M and A activities in Albania, in Poland and in Moldova, So the active capital or the capital is used for inorganic growth and also for organic growth So the growth rates in the gross written pre and insurance service revenue both amounted to 8% in the the first quarter twenty twenty five, also [indiscernible] capital.

This would Ladies and gentlemen, The next question comes from Thomas Wougner, Aste Group. Please go ahead.

Yes. Hello. Good afternoon. Thank you. Also appreciate taking my question. I'd be interested in your expectations for the combined ratio. Was it 2092.3% in Q1. Do you expect, I mean, presumably you would expect weather related claims to go up in the coming quarter or in the coming quarters. Do you expect any positive developments on the cost ratio It increased a bit year over year while the claims ratio was quite a bit better than last year in Q1. And staying with the combined ratio, if you could just maybe talk a little bit about the individual segments and their development in Q1? I know you touched very briefly on Czech Republic and Poland. Maybe you can go into some more detail. On the regions. Thank you.

Okay. Thank you for question. Combined ratio 92 you know it's the first quarter, you know that principal in the first quarter, there is low weather related claims activity The same is true for this first quarter. If there would be something like a nat cat season in our region, then it lies ahead of us. I would expect that we will stay in the region of our combined ratio where we are today. There will be a certain smoothing out of the cost ratio over the year. And let's see how the nat cat and weather related claims will develop But if it would be not something very unexpected, one can expect that we will be in this range of the combined ratio. To go more into details, of the region, We see and you see by our figures that we are able from the beginning of the year to have again an attractive growth dynamic in Poland. We had the mergers and the reduction of complexity last year. [indiscernible] The growth ratio, which we are showing here is clearly a sign that we are again very much focused on the market development. Market development is very much supported by other property.

As GDP grows in Poland is like outperforming and there is a large economic activity there where we are benefiting I mentioned, I think, Czech Republic where we also do have a decent growth property as well as in motor business, We are growing quite significantly in [indiscernible] In Romania, on one hand side, we are growing in motor business, CASCO, motor TPL, but also in property. Also in Romania, we see a favorable economic environment currently there? Also driven by a certain number of repatriation of Romanian citizens back to Romania the last years. And a certain increase of [indiscernible] [indiscernible] investment Maybe to have a word about Bulgaria. In Bulgaria, we are growing with 9.9% Over here, it is mainly driven by property business, Also Bulgaria does have nice GDP growth, which is supporting our premium growth there. Again, generally, we are able [indiscernible] reflect in our [indiscernible] of our claims costs, so there is a certainty automatic driver of the premium growth by inflation adaptation But on the other hand side, the markets which you mentioned, we also have an increase of number of I hope this gave you a bit more details.

Very The next question comes from Thomas Cheezer, Holt AM. Please go ahead.

Good afternoon to everyone. Hi. I would have a question related to the interest rate environment. So it's quite recent topic on the bond markets. Globally that loan rates are going up. And would be curious on your opinion how is it affecting VIG currently and whether course, it's more happening maybe in The U. S. And Japan, but might have an effect also on the European rates and German rates are also higher due to the fiscal situation. So generally, can you mention a little bit how is it affecting? Is it benefiting the IG or not? What is the kind of a sweet spot of loan grades for your business in your mind? And whether the current market rates we are seeing it will continue to support the financial profits of the company or not?

Okay.

Thank you.

Thank you. I'm happy to take your question regarding interest rate developments. For BAG interest rate developments of our countries are relevant. [indiscernible] It's the main yield curve. And in the first quarter, we saw an increase So this had a positive effect on our results also on on the solvency ratio. [indiscernible] [indiscernible] The interest rate environment outside our markets markets are not do not have an huge impact on our business. Does answer your question?

Yes, maybe that part I would ask again is whether what do you think what's an optimal level of euro interest rates for your business?

In optimal, I didn't catch your question. Optimal level?

Optimal level of long euro rates for your business Or is this current environment is kind of optimal for VIG or higher rates would be more beneficial or not?

For us, low interest rate environment as for every insurance group, I think, is not the best situation. But as it is currently, and smoothly increasing interest [indiscernible] positive and is something that we would be happy. But on the other hand, as we saw in the past years, we could manage very well order interest sensitivities that we saw in the last year's in various crisis times. So any good be quite well matched. And very well diversified.

So this makes our group very resilient also in this respect.

Okay. Thank you.

That was the last question. I would now like to turn the conference back over to Nina for closing remarks.

Thank you. Thanks to everyone listening in and for your question and interest. We will publish the half year results of Vienna Insurance Group on the August 27. If you have any questions in the meantime, please do not hesitate to contact the Investor Relations team. We are happy to help. You and goodbye.

Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call and thank you for participating in the conference. You may now disconnect your lines. Goodbye.