EANS-News

UNIQA Insurance Group AG / UNIQA on track to achieve targets set

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9-month report

UNIQA on track to achieve targets set

* Planned decrease in single premiums in life insurance reduces Group
premiums written by 2.3 per cent to EUR 4,753.3 million

* Recurring Group premiums climb by 1.9 per cent to EUR 3,949.6
million

* Retained insurance benefits down 2.3 per cent at EUR 3,431.4
million

* Combined ratio virtually unchanged at 98.2 per cent (+0.2 pp)

* Net investment income decreases to EUR 490.1 million (-20.7 per
cent) due to further deterioration in the low-interest rate
environment

* Earnings before taxes down 42.9 per cent at EUR 172.2 million in
line with expectations

* Earnings outlook for 2016 confirmed: up to 50 per cent lower than
record earnings from 2015 due to high future investments and
strained economic conditions

UNIQA CEO Andreas Brandstetter comments on the first three quarters
of 2016 as follows: "With earnings before taxes of EUR 172.2 million
after nine months, we are in line with our expectations overall,
although an unexpectedly large number of major claims arose in
property and casualty insurance in the third quarter. At the start of
the year, we already announced that earnings for the current year
would be up to 50 per cent lower than the record earnings from 2015
due to high future investments and the strained economic conditions.
We are therefore on track to achieve the targeted earnings for 2016
as a whole, even though the challenging low interest rate
environment is still putting investment income under a great deal of
pressure."

With regard to the development of claims, Brandstetter comments: "The
third quarter of 2016 was influenced by a larger than average number
of major claims in Austria and the international markets. As a
result, the combined ratio in property and casualty insurance
increased slightly to 98.2 per cent in the first nine months of the
year. We are not satisfied with this figure, which is considerably
higher than we had expected. Therefore, we will continue unabated
with our efforts to achieve further improvements in this area on a
sustainable basis. Returning to the path of recent years with a
steady decrease in the combined ratio is a top priority for us."

With regard to the development of premiums, Brandstetter comments:
"In the first three quarters of 2016, recurring premiums climbed by