51407 - Neptune UA KZ

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Summary of Investment Information

Project Number

51407

Company Name

Ukrainian Insurance Company Kniazha Vienna Insurance Group

Date SPI Disclosed

Dec 11, 2025

Country

Ukraine

Region

Europe

Projected Board Date

Aug 8, 2025

Environmental Category

FI-2 - Limited

Status

Pending Disbursement

Last Updated Date

Dec 11, 2025

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : Aug 8, 2025
Signed : Dec 5, 2025

Sector

General Insurance (Non-Life)

Project Description

IFC is considering an equity investment for the acquisition of up to 20% of primary shares of PJSC “Ukrainian Insurance Company Kniazha Vienna Insurance Group” (KNZ or Company), the ninth largest non-life insurer in Ukraine as of December 31, 2024.

Associated Advisory Engagement

IFC will provide the Company with technical assistance, focusing on new product development, distribution and digitalization. These initiatives will help the Company develop its insurance offering beyond motor lines, introducing innovative products such as agri-insurance, underwrite more policies, manage higher risks and reach a broader customer base, including vulnerable groups such as forcibly displaced persons. In addition, IFC will nominate a member of the Supervisory Board of the Company, who will drive, support and monitor the implementation of these strategic initiatives.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	5.72

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Equity	Equity & QE - Others

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

IFC’s expected additionality in the project relates to: i) IFC’s own account equity investment, as the new capital will help KNZ to position itself for future growth in new product lines, while preparing for stringent capital requirements; ii) Non-commercial risk mitigation, as IFC’s presence will support the sector’s resilience and development; iii) Knowledge, Innovation and Capacity Building, as IFC will use its global experience and know-how to support the Company in its strategic growth initiatives.

E&S Category Rationale / Risks and Mitigation

The Project is an equity investment in KNZ, a VIG subsidiary in Ukraine. The insurance portfolio of the Company includes non-life insurance, such as motor vehicles, property, as well as different types of third-party liabilities. The operations supported by this investment generally have low to medium environmental and social (E&S) risks. However, there may be a limited number of business activities that can carry higher E&S risks profile. These risks are expected to be manageable through appropriate mitigation measures.

The Project has been categorized as FI-2 in accordance with IFC's Sustainability Policy. The Company will be required to apply the IFC Exclusion List (where applicable), host country laws and regulations, and IFC Performance Standards, where applicable, to identify gaps in E&S mitigation measures, determine areas that require additional due diligence, and/or screen out higher risk business activities if the risks are not readily mitigated. The Project will not support operations involved in IFC Exclusion List activities and coal-related activities. In addition, the Company will be required to meet life & fire safety requirements and the requirements of IFC’s Performance Standard 2 on Labor and Working conditions and disclose its exposure to coal-related projects, if any.

The Company adheres to group-wide sustainability commitments and requirements as specified in the VIG Responsible Insurance Policy and ESG framework. KNZ follows the VIG approach and is in the process of developing ESG assessments in accordance with the EU Taxonomy and sustainability reporting requirements. Risk assessments of insured facilities and customers’ operations are conducted as part of the underwriting procedures, which detail restricted activities, risk assessment approaches, tariffication, and decision-making processes.

The assessment of E&S related risks for non-life insurance is an integral part of the general risk assessment process and among others includes evaluation of fire safety systems and practices, emergency preparedness and response plans, proximity to sensitive receptors, natural hazards, historical liabilities due to penalties, contamination and incidents.

Under this project the Company will develop a standalone Environmental and Social Management System (ESMS) with the E&S policy and procedures aligned with IFC E&S requirements. The Company will codify in the ESMS procedures their existing approach to E&S risk assessment, which is currently covered by the underwriting procedures, and enhance assessment of E&S mitigation measure implemented by customers, where needed to align with IFC Performance Standards requirements. The Company will be required to exclude insurance of operations, where E&S risk mitigation, in accordance with the IFC Performance Standards is deemed insufficient. ESMS procedures will include E&S requirements, description of responsibilities and organizational capacity, E&S risks assessment, and underwriting of E&S risks. Additionally, the Company will (i) establish and disclose an external communication mechanism and procedure for handling any ESG-related queries and requests; (ii) appoint an ESMS officer; (iii) develop and implement a staff training plan, and (iv) submit E&S risk assessments completed according to the newly adopted ESMS procedures for IFC’s review.

S.no	Title	Anticipated Completion Date
1	ESMS plan	03/30/2026
2	Formalize ESMS	07/30/2026
3	Assign ESMS Officer	03/30/2026
4	Implement ESMS and deliver ESMS implementation report	07/30/2026
5	Implement staff training	09/28/2026
6	Enhance HR procedures	06/30/2026

Contacts

For Inquiries About the Project, Contact

VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
Nina Higatzberger-Schwarz
Head of Investor Relations
+43 (0) 50 390 - 21920
nina.higatzberger@vig.com
Schottenring 30 1010 Vienna Austria
www.vig.com

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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