Vienna Insurance Group AG ($VIG)

Ladies and gentlement. As chair of the supervisory board, I hereby call to order today's 35th Annual General Meeting and warmly welcome you to the AGM held in person of Vienna Insurance Group AG, [ Vina Fasenra ], in particular, the shareholders present and the representatives. The members of the Managing Board and also the first Deputy Chair of the Supervisory Board, Dr. Simhandl as well as all the other deputies and members of the Supervisory Board. Ms. [ Dobringer ], the Audit Committee Chair; Mr. [ Sekar ] from KPMG Austria [indiscernible] appointed as auditor for the 2025 financial year. Our Notary Republic, Mr. [ Stefan ], who's going to notarize the resolutions to be passed at this AGM and drop the minutes in accordance with Section 120 of the Austrian Stock Corporation Act. The independent attorney, Dr. [ Al ], who will be available as needed to read out questions from shareholders during this AGM. The interpreters as well as the technical staff and also the entire team that will be available to assist with answering questions during this Annual General Meeting. I hereby state, the convocation was published on the electronic announcement and the information platform, EVI on the 21st of April 2026, as well as on the company's website, including the agenda and all other information required under Section 106 of the Austrian Stock Corporation Act as well as via the electronic information dissemination system, QS on the 21st of April 2026 published throughout the EU tube. The documents to be disclosed pursuant to Section 108 pairs 3 and 4 of the Stock Corporation Act were published on the company's website under 23rd and 28th of April 2026. The registration list shows that within the registration period stipulated in the Articles of Association 110,658,639 shares were registered. There were no proposals for additions or amendments to the agenda, which means that the AGM today can also discuss some pass resolutions on the agenda items announced in the invitation. In accordance with the Austrian Stock Corporation Act and the Articles of Association, today's AGM has a quorum for all items on the agenda. Attendance at today's AGM will be calculated for each vote on each agenda item and announced by me in the course of the respective vote. I will make the list of participants available for inspection with our notary public before the first the respective attendance will then also be announced after each vote together with the voting result. With regard to the holding of today's AGM on the rules of procedure established by me as Chair of this meeting. I refer you to the written documents available in your meeting folders. So I would like to point out that I also amend these rules of procedure during the meeting, if [ IDed ] appropriate for the orderly conduct of this meeting. Should this be the case, I will make an explicit announcement to this effect. If deemed appropriate, for example, if the AGM lasts longer or for other reasons, I will hand over the chairmanship of meeting to the Deputy Chair of the Supervisory Board Mr. Simhandl it is, therefore, possible that he and I will alternate sharing the AGM. In addition, I reserve the right to interrupt the meeting and also take short breaks. I would now like to turn to the agenda of the AGM, which has been published on the electronic announcement and information platform, EVI and also on the company's website as recorded in the commercial register. I note that no objections have been raised to the agenda. There are no proposals for additions or amendments I will, therefore, proceed with the agenda in the order announced. I would now like to ask Mr. Stéphane Arnaud, the Republic to read out today's agenda. Presentation of the approved annual financial statements for 2025, including the management report, the consolidated corporate governance report 2025. The consolidated financial statements for 2025, including the group management report, containing the consolidated nonfinancial report proposal for the appropriation of profits and also the report of the Supervisory Board Section 96 of the Stock Operation Act. Two, resolution on the appropriation of the net profit for the year as per the annual financial statement as of December 31, 2025. Three, resolution on the remuneration report, 2025. Four, resolution on discharging the managing board members for the financial year 2025. Five, resolution on the charging to Supervisory Board members for the financial year 2025. Six, election of the auditor and group auditor for the financial year 2027. As well as the auditor of the consolidated sustainability reporting for the financial year 2027. Seven, resolution on the increase of the maximum number of Supervisory Board members permitted by the Articles of Association by amendment of Article [ 10 to ] of the Articles of Association. Eight, resolution on the reassessment of the remuneration for the Supervisory Board members. Thank you very much to you, Mr. Stefan for reading out today's agenda. I would now to turn to the resolutions proposed by the Managing Board and Supervisory Board on the individual items on the agenda, which have been published in full on the company's website as entered in the commercial register. The documents required by law have been made available for inspection a general debate, the Q&A session will take place following the presentation given by CEO, Mr. Loger. The motions for resolutions on the individual agenda items will be read out in full as part of the voting procedure, which will then take place after the end of the general debate. I therefore assume that it is in your interest if the proposed resolutions are not read out again in full before the opening of the general debate. However, if a shareholder wishes I will ask Mr. Stefan, our Notary Republic to read them out. This is not the case. So there for, let me now move on to agenda item 1 on the agenda. I would now like to give the floor to Mr. Logan. I would like to ask him for his oral report on the 2025 financial year, which will be broadcast live on the Internet.

Thank you very much, Mr. Chair, ladies and gentlemen, dear shareholders of Vienna Insurance Group. Members of the Supervisory Board, dear colleagues. It's a great pleasure for me to be able to welcome you to our AGM of CC Insurance Group on the financial year 2025 held here at the [indiscernible]. This is literally what this venue looked like a couple of days ago when our visions on contest was held here. It was literally the center, the heart of European pop music. The song contest which may resonate even a bit. Well, of course, you can discuss everybody's taste in music. This is up for debate, but I have been asked not to come in the winner song [ Bangora from Bulgaria ] or to give a musical performance. But still, I would like to try to build a bridge to move from the ESC to Vienna Insurance Group. And what you see here is an overview of those countries where Vienna Insurance Group operates and these countries also participated in the [ Eurovision ] in some context. So if we were to build a bridge from the [ ENC to CEE ] to say our core market, Central and Eastern Europe of our insurance group, then tries participated in the finals of the ESC and all, it was actually 21 countries that are marked year on the map of our country portfolio of Vienna Insurance Group. And I do believe that this is quite remarkable, and it speaks to the great diversity of our regions of the regions where Vienna Insurance Group has been operating. And if we have a look at our current map, you will be able to see that we operate in 30 countries, and we have more than 50 insurance companies, asset management companies, pension funds included, and that is a remarkable, a significant and a very sound approach that we have been taking in the CEE region and also in some special markets. And also, you will be able to see the number of clients we have, 36 million customers that we have, and we service them in the 30 countries where we operate. And the core market is the CEE market. And here, we have managed to consolidate our leading market position. Let's have a look at the financial year 2025. And there is no doubt, and later on, I'm going to give you a more detailed presentation. It was a year full of many highlights. A brief overview. First off, we managed for the first time in the history of our group to increase the profit before taxes to more than EUR 1 billion. And we have announced our interest in 2024 to acquire NÜRNBERGER and this week prior to the AGM. The closing place, which is something we take great pride in. So this week, the acquisition of NÜRNBERGER has been validated. So far, the largest acquisition of any single company in the history of our group. Also, on a very pleasing note, in 2025, Standard & Poor raised our rating from A+ once a year. Now there is a positive outlook. So A+ with a positive outlook. So also this speaks to our strong market position, and it is an acknowledgment for the development over the previous years. And down below, on a brief note, and this is something that is very interesting to you as shareholders. And apart from the fact that we celebrated our 20th anniversary in the prime market and also in the ATX, which means that since 1994, we have been listed at the Vienna Stock Exchange. But also, we were able to report an all-time high as regards the VIG share price at EUR 67.20 this was a highly dynamic development and also that meant that our share price more than doubled to EUR 121.4. Actually, this was an increase by 121%. Here at this chart, you will be able to see that the ATX performed a very strong, and the share price of Vienna Insurance Group recorded an all-time high of 67.2%. So clearly, an overperformance. And it is great for me to be able to report this to you because yesterday evening, and some of you were present at this event. I have the great opportunity and honor on behalf of all our employees and also this is a responsibility of Investor Relations. The entire team headed by [ Mina Higasberge Schwartz ], and I have the great honor to accept the ATX stock market price. I would like to thank everybody, especially our IR team. They have been doing a great job. The supplies goes to you. Now moving on to the development in 2025. I already mentioned and showed you the math. And I would like to pick out a couple of highlights. Of our activities aimed at strengthening our operations in that region. I would like to start with Poland in yellow. Now in 2025, at the beginning, that is we managed to acquire a acquisition in the largest financial company organization, Finance in Poland and this meant that our for further organic growth was strengthened. And this meant that in a very large significant market in the CEE region, namely in Poland, we now have an excellent starting for future organic growth. In Ukraine, we mentioned, and of course, we sincerely regret that the straight full war is still going on ranging, but with close cooperation with IFC, which is a member of the World Bank Group, we managed to increase their participation in our companies in order to be able to have a sound international basis for future reconstruction in order to be able to have a sound position there later on. At the same time, we managed to cooperate with global partners. Thus, we created the prerequisite for reinsurance in case of war risk, so we made a very important contribution to be able to take efforts in terms of reconstruction. Once there is space, a small country, Moldova. But in 2025, we achieved the acquisition of Moldasig, which means literally that we have a leading market position, supporting the country of all over and to pushing the country, leaving the country towards Europe. And as a European [ vest ] from within Europe, we have been giving a strong signal towards the social development for the country towards the EU Europe. Albania, for example, many insurance companies have been withdrawing from this country. We did quite the opposite. We established a new company, Vienna Life. Also, we are investing in the future growth of these markets. The same goes for Montenegro, also old country, with the support of our Serbian companies, we set up nonlife company. Now in this area, we have been taking many activities. And this is something we were hoping for, of course, a positive future development of these regions. Germany so far, a very small inter-risk company in Barton, a very small but highly profitable company, and we have been cooperating with this company to achieve the acquisition of NÜRNBERGER, but more about this later on. Many other activities in 2025 have managed to further consolidate our market position in our core region of CEE. As you can see here, at the end of 2025, roughly 18% is our market share, the market share that we hold. This means that we are the leading market, the market leader in this country. outperforming our peers and also on an international scale. Something that is very important for us, and that is literally the backbone and the strength of our group. Why? have we've been able to continuously pullup growth and increased results. The reason is very simple from the beginning onwards. We've always focused on the diversification of our company. Let us have a look at the premium results by line of business. The picture is quite balanced, for example, in the motor business. And still, but more about that later on, there is great [ puts ] in health insurance, also life here performs quite well by regions, by segments, by countries, Austria still continues to be very strong. Austria is still developing quite strong above market. And still, when it comes to the development of the international markets Republic, Poland and also the extended countries as well as the special markets, we continue to perform very strong here. Special markets, for example, account for a 10% share. And it's quite pleasing to see that the profit before taxes also shows us a very balanced picture. And this is, of course, something that is very interesting for you as shareholders in the long term. Austria's still quite strong, 37%. We can say only 37% in the light of Austria sound development, which means that the other countries also recorded a very strong performance, very pleasing. Key financial ratios of 2025. Let me start by showing you the gross written premiums, we managed to push this up by 7.1% to EUR 16.3 billion. That is really an amount, that is quite significant even by an international comparison even excluding the acquisition of NÜRNBERGER. Insurance service revenue which is the new KPI under IFRS an increase of 8.7% to EUR 13.2 billion. And I've already mentioned the profit before taxes, an increase of 31.7%, which is quite remarkable to EUR 1.16 billion. That is the combined ratio very pleasing. We improved this. If you see a minus here, that means that this is an improvement to 19.1%. The challenge in that regard is that the underwriting, the technical result, of course, has to be profitable, operating return on equity. Also very strong increase to 2.5 percentage points in comparison with the previous year to 18.7%. And also, the solvency ratio was increased once again to 296%, which means that we are well capitalized, which means that we will be able to invest further. And here, the acquisition of NÜRNBERGER has not even been included. This is a time line speaking to the significant increase in our results. And when Elizabeth [ Stable ] together with Mr. [ Darin ] and also France folks. So the structure was a bit different, but still, they announced record results in 2022. Many of you had the opportunity to listen to that announcement. That was a great announcement. And for the first time on the balance of IFRS [ 17 and 9 ] new balance sheet structure, EUR 585.7 million in terms of profit before taxes were announced. At that time, the foundation was laid. The Managing Board team of VIG at that time, laid the foundation to create a stable foundation, a strong regional positioning. And when the new managing team came into place. We had a great basis to operate on and in 2023. We increased the profit before taxes to EUR 772 million in 2024. It was EUR 882 million. And this buy it, great difficulties. Remember, the NatCat, the storm worries and great losses for our group. And at that time, in 2024, the great diligent and precautionary reinsurance strategy by [ German Peter Hofinger ] paid its worth. And this literally saved us despite this great or these heavy losses, really, we were able to achieve a great profit before taxes. But once again, in 2025, we were able to increase this by almost 32% to the EUR 1.1 billion, as I explained before. And that shows you how strong, how stable due to the diversification strategy we have been taking our group is. Let us have a detailed look how is this allocated to the individual regions. And that is what I deem to be extremely positive. The strong development of profit before taxes is not just fit by one company or buy a handful of company but across the board by all the regions, by all the countries. And you see that Austria has contributed to this. For the most part, the CEOs of the individual country companies are present here. Also the Czech Republic, very strong extended CEE Poland, we should not forget the Slovak Republic is very strong. Vladimir [ Bakes ] is here today. Welcome to user and also in the special markets without NÜRNBERGER, that is in all the regions, a continuous increase overall, when it comes to the development of profit before taxes. Insurance service revenue on the basis of IFRS 17, you will be able to see that in all the regions we were successful. If we have a look at the gross written premiums by segment, this is the KPI that we still use. And you will be able to see that we increased the premium by 7.1% in all of the countries, in all of the segments, and that supports the resilient basis that we have laid. When we break this down by line of business, once again, diversification is still very important in this [indiscernible], you will be able to see that in all of the lines of business, whether it is motor third-party liability Motor own damage, other P&C, Life NTL were increased in 2025, and that once again emphasizes the strength of our group without going into too much detail, I can show you that our strategic partner with Este Group has been excellent. We have been cooperating with them for several years. As Group has been a key partner in Austria, but also in Hungary, Slovakia, the Czech Republic, also in Romania, and we have seen a considerable boost in growth here. we have seen growth of being above average in a 2-digit figure, both in life, which has been boosted significantly with our cooperation with the banks also thanks to growth in P&C. We have seen disproportionate growth there. This is also benefited from promoting digital sales channels, George and Austria as well as other channels of similar nature in other countries. Here, you can see our combined ratio 90.1%. This is an excellent ratio in all of our countries and all of our companies we have seen a positive development over the last year. This is an excellent and very stable foundation for our company. And this is also confirmation for the path we have taken. Here you see the operating return on equity, operating ROE, 18.7% for 2025. This is also an excellent figure, and this has been very well received by the capital markets. Solvency ratio has continued at a very high level. you can see, we saw a significant increase in 2025 and a year-on-year comparison. This also provides an excellent foundation, not just for the acquisition of enduring as we've said, but also to provide stable capital inflow for further expansions in Central and Eastern Europe and other types of investments elsewhere. Here we see a very positive investment growth. This was also marked by a 4.3% increase in this area as well, 2025 to EUR 38 million. All of this together brings us to the Managing Board, the dividend proposal, and this is, of course, a main focal area of this AGM. And we would like to present this today at our Annual General Meeting for our shareholders. We have decided to increase last year's dividend from EUR 1.55 to EUR 1.73 per share. This is a double-digit increase over the last year. And once again, this underscores our understanding of our dividend policy. On one hand, we want to provide certainty to our shareholders. We want to maintain a secure foundation of the previous year. We want to say that, that is a minimum benchmark for moving forward into the next year. And you can see how we have increased our dividend proposal in the last several years, and this certainly underscores the strength of our dividend policy. So the out look for 2026 is very positive. Thanks to the excellent level of diversification we've achieved. This has also confirmed to the disproportionate growth we've seen throughout our regions. We are active in the right countries and in the right regions in the right markets. Unfortunately, we do not have numbers that are hot off the presses, but I can present to you the following figures. When you look at the CEE region, this is Central Eastern Europe within the European Union, we see GDP growth, which is nearly twice the figure that we have for the rest of the EU. This is for 2026. It is also very interesting to point out that we are very active in the smaller countries in the Western Balance in Montenegro, Albania, et cetera, because growth there is even higher above 3%. Here, once again, we recognize the value of our market activities in those areas. And once again, we believe that this will lay the foundation for further growth not just for 2026. But also, as I said, into the near future, we believe that the most recent result was truly excellent because we had very few NatCats in 2025. In 2025, we are expecting profit before taxes to come into a corridor of EUR 1.25 billion to EUR 1.3 billion. Allow me also now to outline our strategic framework titled Evolve 28. I'm going to do this really in just a rough sketch from 2026, 2028, we have drawn up a 3-year strategic program with key objectives. This program was developed over an entire year in close cooperation with our regional partners. And this is based on the individual responsibility of all of our CEOs we spent an entire year drawing up this program to ensure that it would be supported by our regions, and it would also benefit our regions. We also wanted to increase the local identification with this group. We have 4 elements of our strategic program. As you can see on the slide, at the very top, we have our group programs, what are these? Here, the focus is on the key elements of our group these are programs where the entire group can be responsible for the success or failure of these. We also have country portfolios and company strategies. This is a supporting pillar in the next 3 years, each company has its own strategy within a common structural framework. I will come back to that in a moment. So once again, we do not have a one-size-fits-all strategy for 30 countries. We have a strategic framework where each company can position itself in accordance to the market environment that they find themselves in. We have this with collaboration, communication and cooperation. This is our CO3 pillar. We decided to name this CO3, we wanted to make sure that it's had a very positive connotation, particularly as a play on CO2. And at the very bottom, the foundation of our strategy are the values and principles. This is what underpins our strategy. Allow me to reiterate that all of these strategic programs would be -- would provide us with enough food for thought and discussion to fill an entire day's agenda. The first program, which we put at the very top of our list is sustainability. Of course, this has a pride of place. This was also extremely important in our VIG 2025 strategic program. This is something that we have had to permeate our entire group and this is something that we want to boost to greater effectiveness from 2026 to 2028 that we have very clear objectives in this framework to achieve sustainability, not just from an ecological point of view, but also from a social part of view. We want to make sure that these are very deeply in tried in our strategy. These are very important pillars for our evolve 28 program, and they will be continued into the future. Capital management has been introduced as a pilot program in a number of countries. This is a program that will be introduced to all of our countries and all of our regions. We want to improve our internal capital management and internal capital flow. We want to create the right preconditions to make sure that the streams are flowing properly in order to provide the optimal foundation for our dividend policy. Banking cooperation, as I've already mentioned, this is symbolized by one of our key strategic partnerships with Erste Group. Erste Group is also extremely active in expanding in CEE. We know that Erste Group has recently acquired the Santander Bank in Poland. So we are working hand-in-hand with Erste Group in that context. In addition, we have also taken apart ourselves to reach out to banks. This is in countries where Erste Group is not active or not yet active. Right now, we have already made some forays into some of these markets. AI. This is a very key topic. And I'm looking now to [ Hobactala ] because last year, His objective was to gather more information on this issue. We have many more activities involving many use cases, many other programs have been developed in our countries. We have a plethora of opportunities at hand in our group. And in the context of our group project program, we are working together with all of our partners to develop activities and future activities and to scale these across the group. Data governance is one idea, and this extends into our joint data processing foundations. There are many measures and activities that tie into artificial intelligence and its use in our group. Once again, we can go into a little bit more detail on that if you have any questions later in the Q&A period. Diversification is extremely important. We have seen a great deal of potential when it comes to health, of course, health insurance as a classic product, but other services that are already present and available in digital formats. And these are things that we can grow. We see a great deal of demand for these products. But just in Austria, I'm no longer politically active, but I can say how long and varying discussions about reforms have gone on in Austria, but there are the preconditions in other countries where we, as a private insurance company will have to step up to the plate. And we will be able to make significant contribution on that front as well. I don't want to go into too much detail here. I don't want to go beyond alloted speaking time, so to speak, but we have country portfolios and company strategies. We have created in-depth analysis of the markets. We also wanted to examine the current trends and modern digital solutions. We have done this for each country, we have written our strategic implications for the next several years. We know exactly how we want to proceed and what we expect from our activities by 2028. We have also asked our local CEOs to draw their objectives and to underpin these with corresponding KPIs. CO3, once again, this is meant symbolically. This gives us an opportunity as a group, and this was, of course, called by [ Hans ] warm intelligence, so to speak. We want to make sure that we can draw on the broad-based expertise in our group. And we have a great deal of this in many of our countries, we have 30,000 employees. And we went to draw on this warm intelligence to boost the communication, collaboration and cooperation. We want to benefit from best practices. And be able to create added value on that basis values and principles. Again, this is just -- these pictures are meant only symbolically these are not models or actors or actresses, -- these are examples. There's the woman on the left to personify diversity and plurality. She is active as an artist. We have a gentleman here representing [indiscernible]. He's a pastry chef, we have a broad range of products and languages and counters that we cover. Diversity is something that we live and breathe every single day throughout our group. And this is a core value and how we approach our business. We know that responsibility plays an important role particularly on a regional point of view, we cannot decide top down from Vienna, what is taking place and what should be done in Poland, Ukraine and what have you. It is extremely important for the local CEOs and managers to shoulder that responsibility. This is also key for sustainability reasons. We have a transition plan as well. This comes under the heading of sustainability, and we want to be a pioneer on that front. Two, we have laid the groundwork for long-term responsibility for the climate on one hand, but also when it comes to social issues, and it is important to make sure that everybody throughout our group understands that we all showed a responsibility for the success of these objectives. Excellence is extremely important. This is an important objective for all of us. It's important for us to develop excellent products and services. and to reflect this tool market as a whole and also to embody these within our group. When you are shareholders or our customers, you, of course, have witnessed our passion and how we approach the issue of insurance and the passion for further developing our company. This has also been defined on the basis of financial objectives to 2028. We want to make sure that our gross written premiums come to or exceed EUR 20 billion. So we will be able to do this aside from the acquisition of NÜRNBERGER, I will come to that in a minute. By 2028, we want to make sure that our profit before taxes comes to at least EUR 1.5 billion, again, this is even before we've integrated NÜRNBERGER into our group. The operating ROE is something that we want to -- ROE. We want to keep that at a very high level at 17%. We want to make sure that our combined ratio remains at 91% at the very most. The foundation for our very strong solvency ratio should be maintained despite NÜRNBERGER and perhaps other acquisitions that are already in the pipeline that will further boost our growth. We want to make sure that this remains in the corridor of 150% to 200%. We want to keep a very close eye on that as well. So these are the important quantitative targets for 2025 that we have defined within our strategy program moving forward. Now let me come to NÜRNBERGER. This is something that we have finalized this week but we were going to continue to evaluate this moving forward. Just a few key facts on NÜRNBERGER. NÜRNBERGER Insurance is an unbelievably strong brand in Germany. It has a long tradition, 150 years. 5 years ago, we were able to celebrate our 20th anniversary of our company, but 140 years is nothing to sneeze at. And this is a company that is active throughout Germany, even though NÜRNBERGER is a city in Bavaria. Of course, as many people say it is located in Franconia, and the Franconian region of Bavaria, but it is extremely active throughout Germany. This is something that I'd like to emphasize. They have over 2.5 million customers and they enjoy an excellent rating. They have even been upgraded this week to a plus by Fitch. The background for that is not just the integrative foundation for integrating NÜRNBERGER into our group as an independent company in Germany with a very strong brand, but also the very successful begin to the transformation and financial reform process that NÜRNBERGER has undergone. It has recently experienced some turbulence, but it's positive year 2025 has contributed to this positive outlook. And we see this as a confirmation of our own approach. And based on all of these criteria Fitch has decided to upgrade their rating to A+, they have a very strong own funds basis that will bolster our own strength. We were talking about the diversification of our group. This was an important strategy. This is one of the ideas that led us to consider NÜRNBERGER. We thought that it would be an excellent fit. They are extremely strong in life insurance. And you could see here that in the slide, they are extremely strong in the biometrics. And in Germany, they even occupy a leading position in disability insurance. This is an area in Austria that is in the insurance realm to only a very small degree. And here, we see enormous potential both in Austria and in CEE. So once again, this lays the foundation for even greater diversification and growth potential, thanks to the acquisition of NÜRNBERGER. NÜRNBERGER will be seen as a competent center for this type of expertise. And this is something that we have seen only confirmed on the German market, and this will give us a positive boost moving forward. What are the next steps? This week, we've been able to achieve the closing. This is much faster than many people had originally expected. The team led by [ Gerhard Lahner ] from our Managing Board and [ Claudie Ungava ] and [ Victory fit ] have all contributed to this amazing feat in achieving this very rapid closing, please, I think they deserve a round of plus. Thank you to you and your team. NÜRNBERGER will be holding its AGM on the second of June. And here, we will be taking our first steps toward integrating NÜRNBERGER into our group. We will see a reconstitution of the Supervisory Board. Gerhard Lahner will be assuming responsibilities on behalf of VIG there, we will do everything in our power to implement IFRS. Currently, they are drawing up their accounts according to the German laws. And we will harmonize their accounting practices and financial porting practices to those of the VIG group. We will also be evaluating the strategic implications for Germany. This will be extremely important for that enormous market. That is right on Austria's doorstep. And this will be added as an addendum to evolve 28. We hope that we will be able to finalize this by the fall of this year so that we can clearly define what NÜRNBERGER means for our further growth. And we want to be -- achieve more clarity and our objectives, both on bank but also for our group. One very important factor, and I think that we have been able to draw on their very positive experiences in Austria, we have plans for an IT transformation strategy. We had an excellent project in Austria called MOVE, and this will be implemented in the near future in NÜRNBERGER. We want to be able to create the appropriate framework based on our experiences in Austria. We also want to be able to cooperate between Germany and Austria more closely. Once again, here, you can see the extreme diversity in our group. We have a diversity of countries, a diversity of cultures, but also diversity of brands. We have many companies that have a very strong regional brand, not just the [ static ] in Austria or [ do now ], for example, Corporativa in Slovakia or Compensa in Poland and [ Acedomin ] Romania and so many more. NÜRNBERGER is an excellent fit because it has a very strong regional brand with a very long tradition, and they will be able to complement our group excellently. They have wonderful expertise that will only bolster our footprint. NÜRNBERGER will be able to integrate wonderfully into the broad diversity of our brands and our insurance companies across the region. Allow me just to look ahead past 2026, you may have heard of the decision taken by the Supervisory Board in this most recent meeting, the decision was taken to make some changes to the Managing Board of VIG that will be effective as of the first of July. I can anticipate the results of that decision. Here you see that we will be expanding to 8 positions. Also due to the needs that the integration of NÜRNBERGER will entail. And I'm very happy to show you a photograph of our new management team. This is the Managing Board that will be ready to go as of the first of July. And we will be focusing on ensuring the group's success for 2026. You see that there is a colleague who is present here, responsible for 2025. And he will be here and you'll be able to take your questions. Harald Riener is here. He decided to take the opportunity as the CEO of Donau to be here. He has excellent experience, wide-ranging experience in the group also for Donau. He's well worked in marketing issues. He also has wide-ranging experience in other areas. In Austria -- outside of Austria and Italy, for example, he has done great work in Croatia, for example. He's also been very active in Poland and has been able to drive the excellent results that we've achieved in Poland. I would like to thank Harald. Don't be celebrating too soon. Of course, we still have some weeks ahead, but I would like to thank you for all that you have done for the Vienna Insurance Group. Thank you very much, Harald. So again, I'm not here to [ Bangaranga ], Bulgaria's winning song at the SE. But once again, I will be here to answer any questions you may have in the Q&A period. Thank you very much for your support, and we are very happy to lead this company on your behalf.

Thank you very much, Mr. Loger, our CEO, for your remarks. This terminates the live webcast of the Annual General Meeting. The recording of Mr. Loger's presentation as well as the supporting documents will be available online following the Annual General Meeting. [Statements in English on this transcript were spoken by an interpreter present on the live call.]