EANS-News

UNIQA Insurance Group AG / UNIQA after first three months of 2018: premiums up, improved earnings

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Quarterly Report

Vienna, Austria - UNIQA after first three months of 2018: premiums up, improved
earnings


* Recurring premiums written rise 4.1 per cent to EUR1,506.3 million
* Total group premiums written rise 1.6 per cent to EUR1,535.4 million
* Combined ratio improves to 97.4 per cent
* One-time gains on disposal from sale of indirect interest in Casinos Austria
of EUR47.6 million
* Earnings before taxes up 122.9 per cent to EUR73.9 million
* Strong capitalisation with solvency capital requirement ratio (SCR ratio in
accordance with Solvency II) of 250 per cent as at end of 2017
* Earnings outlook for 2018: further improvement in earnings before taxes
compared with previous year
* Plans to continue progressive dividend policy confirmed


UNIQA Insurance Group AG (UNIQA) grew in the first three months of 2018 in line
with its strategy. Premiums written including savings portions increased by 1.6
per cent, while earnings before taxes more than doubled (+122.9 per cent) to
EUR73.9 million. This includes one-time gains on disposal from the sale of
interest in Casinos Austria Aktiengesellschaft of EUR47.6 million. UNIQA CEO
Andreas Brandstetter commented on the result: "The extraordinary income
generated by the sale of the casino shares more than doubled our result before
taxes. We will use this opportunity to make provisions for upcoming storm
damage. For this reason, we are saving about half of the earnings from the sale
as a safety buffer for future claims."

Premiums written, especially in property and casualty insurance, increased by
more than 6.5 per cent, even more strongly than expected and in line with
UNIQA's strategic requirements. It is also pleasing that this significant growth
was borne by both core markets: Austria (+4.6 per cent) and CEE (+11.3 per
cent). By contrast, premiums written in life insurance fell by 9.4 per cent in
line with strategy. This was due primarily to the wide-spread avoidance of new
single-premium contracts, which decreased by 55 per cent year-on-year. The
health insurance business was very stable, developing as expected in line with
the long-term trend (+3.9 per cent).

In addition to its premium growth, UNIQA also further improved its operative