Vienna Insurance Group completes Nürnberger acquisition ahead of schedule

Vienna Insurance Group (VIG) has finalized its acquisition of Nürnberger Versicherung ahead of schedule, marking a significant strategic milestone. VIG CEO Hartwig Löger expressed satisfaction with the swift completion, noting that the process, which began with exploring a majority stake in summer 2025, concluded with a public offer in October. The subsequent approval procedures in Austria, Germany, and at the EU level were navigated more quickly than typically expected for a transaction of this magnitude.

The capital markets and rating agencies have responded favorably to the deal. Standard & Poor's confirmed VIG's "A+" rating and upgraded its outlook to "positive" in October 2025, citing improved diversification, a broader earnings base, and VIG's resilience. VIG's stock price surged over 120% by year-end, earning the company the prestigious Vienna ATX award. Following the closing, Fitch Ratings elevated the financial strength rating of Nürnberger insurance companies from "A" to "A+" and the issuer default rating of Nürnberger Beteiligungs-AG from "A-" to "A", both with a "stable" outlook.

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We are pleased that we were able to complete the acquisition so quickly and look back on an exciting transaction.

The integration of Nürnberger significantly expands VIG's operations, bringing approximately 2.5 million new customers and around 3,800 employees into the group. Nürnberger boasts a robust distribution network, including about 12,000 intermediaries and a strong presence in car dealerships. In 2025, Nürnberger generated approximately 3.5 billion euros in premiums, with over 60% from life insurance, focusing on unit-linked life and disability insurance. The remaining premiums are split between property (30%) and health insurance (nearly 10%). Nürnberger also maintains a solid capital base with equity of around 2.4 billion euros.

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With Nürnberger, a particularly large ship is joining the VIG fleet.