to our Online Press Center for media and journalists with our latest press releases and downloads.
If you would like to receive our latest press releases automatically, just sign up for our mailing list here:
An exclusive service for media journalists
Via the Press Center, you have access to our press releases and press download area. Utilization of the prepared content is free of charge. With the use of our Online Press Center, you offer an undertaking to only use the content and materials on offer for the purpose of your professional editorial and journalistic activities. Unless subject to a different agreement, basically the photographic material, data and information have been released solely for employment by journalists and press employees.
Right of use and purpose
Within the framework of a simple right of use, the content may only be used for the stated purpose to which the respective materials relate. As a rule, content may be downloaded free of charge and used within the scope of reporting for purposes comprised by press releases, articles in the print media, film and television reports, and publications in the online, mobile and multi-media. Additional utilization for commercial purposes of any description, or private advantage, in particular for advertising, is not permitted and expressly forbidden.
Content and material may be processed and altered, as long as its clear recognition is guaranteed and no changes are made to the content that might possibly result in a meaning other than that originally intended. The content may not be used in a form that distorts its meaning and alienation of the material is not permitted. This does not apply for separately marked content which due to legal restrictions must not be changed.
The right of use is limited to the period during which the content is available in the Press Center and in spatial terms, to the geographical area of the activities of our company. Use of the content in an objectionable or illegal context is not permitted and must desist.
Transfer and duplication
The transfer and/or duplication of the content to/for third parties is not allowed unless absolutely essential within the scope of the stated purpose. The electronic storage of pictorial data, data transfers and all other forms of duplication are only permitted in the course of standard production procedures and during employment that is lawful and in accordance with the intended use. You, or a third party, are forbidden to employ, store or download content as part of a service that is similar to, or replaces, that which we offer.
Copyright, personal rights and legal notice
All content, as well as the design itself, is protected by copyright and personal rights, registered trademark rights and other statutes in connection with intellectual property rights.
All the content contained in the Press Center such as copy, photographs, videos, audio files, documents and other content offered in the system are the property of our company, its licensers or external owners, who provide content and are named in the system. When photographs, films or other images are employed, the name of our company and if existent the proven copyright notice, and/or the name of the photographer or agency are to be given. This shall also apply to electronic publications.
We accept guarantee for the rights of third parties only in case of compliant handling.
Provision of service and content
We make every reasonable effort to ensure the constant provision of services and functions. However, we accept no liability for the availability of content, or access to the Online Press Center and its functionality.
The content provided is prepared without a warranty. We exclude all guarantees of completeness, satisfactory quality and suitability of the content on offer for a certain purpose. In addition, we retain the right to alter all the content contained in the Online Press Center without prior notice.
Content may contain links to other websites. We have no control over the web sites of third party providers and are not responsible for their content or any losses or damages that you may incur from the use of such third party provider websites.
Registration and access
Information that is employed within the scope of entry to the press mailing list or a registration for a press log-in must be made on the basis of correct and current data, correspond with the truth and be complete. If necessary, the information should be updated.
(You are obliged to maintain the secrecy of the access data provided to you and to provide immediate notice in the case of its loss. The security of this user identification is your responsibility. You shall be liable for any use of the services an content on offer and all actions undertaken with your user identification until you have informed us of its loss and/or supposed improper use.)
We retain the right to refuse acceptance into the press mailing list at our own discretion, to block registration to the press login and to refuse access to and/or the use of the services and content on offer.
Should you prepare a report on the basis of the content provided, we would be very pleased if you would send us a free, specimen example of the publication to the following address or a link via e-mail.
UNIQA Group Communication
Untere Donaustraße 21
We trust that our press service will provide your work with the best possible support and look forward to your report.
UNIQA Insurance Group AG (UNIQA) delivered a strong performance at the start of 2021. Growth, the underwriting result (€62.5 million) and investment income (€150.1 million) all developed extremely positively. “The Group’s successful business performance in the first three months of the year shows that we are on the right track with our UNIQA 3.0 strategy programme. We have clearly achieved our growth targets with an increase of 13 per cent in premiums written, while at the same time maintaining a solid cost ratio. We are also benefiting from our underwriting discipline, from less weather damage than in recent years and, of course, from the recovery on the stock markets. We are therefore very confident that we will achieve our plans for the 2021 financial year, which include an EBT figure on par with 2018,” said Andreas Brandstetter, CEO of UNIQA Insurance Group AG.
Total premiums written by the UNIQA Group (including savings portions) increased by 13.0 per cent to €1,782.7 million in the first quarter of 2021. Premiums written by the UNIQA Austria segment increased by 1.3 per cent to €1,152.0 million in the first quarter of 2021. In the UNIQA International segment, premiums written increased by 46.7 per cent to €627.0 million due to the first-time consolidation of the AXA companies. This growth in premiums in the first quarter of 2021 contrasts with a significantly lower increase in the total amount of retained insurance benefits of the UNIQA Group of 7.7 per cent to €1,024.2 million. The combined ratio after reinsurance improved to 90.9 per cent as a result of a lower claim frequency, particularly in vehicle insurance.
First milestones set in “UNIQA 3.0 – Seeding the Future” growth programme
Under “UNIQA 3.0 – Seeding the Future”, UNIQA has set itself ambitious growth targets for the years 2021 to 2025. Average annual premium growth of 3 per cent, a considerable reduction in the cost ratio to 25 per cent, a combined ratio that is consistently below 93 per cent by 2025 and a return on equity that is consistently above 9 per cent form the basis of progressive dividend growth on par with levels seen before the COVID-19 pandemic. This is underpinned by explicit customer focus and by maintaining high investments in digitalisation, IT and data. The first milestones have already been set with the successful integration of the AXA companies in CEE (in Poland the legal merger has already been completed after closing within just five months), a reduction in the cost ratio, the transformation of the corporate culture and the focus on innovations in disruptive business models.
Today, on 20 May 2021, UNIQA will publish its results for the first quarter of 2021 as well as its Solvency and Financial Condition Report (SFCR) for 2020.
Key Group figures from January to March 2021 in detail
Total premiums written by the UNIQA Group, including the savings portion of unit- and index-linked life insurance, increased by 13.0 per cent to €1,782.7 million in the first quarter of 2021 (January to March 2020: €1,578.3 million) due to the first-time consolidation of the AXA companies in Poland, Czechia and Slovakia. While recurring premiums grew by 12.7 per cent to €1,748.1 million (January to March 2020: €1,551.7 million), single premiums in life insurance rose by 29.9 per cent to €34.6 million (January to March 2020: €26.6 million). Retained premiums earned (in accordance with IFRS) increased by 12.8 per cent to €1,417.5 million (January to March 2020: €1,256.6 million).
Premiums written in property and casualty insurance grew by 15.4 per cent to €1,053.9 million in the first three months of 2021 (January to March 2020: €913.3 million). Premiums written in health insurance rose by 1.8 per cent to €309.0 million in the reporting period (January to March 2020: €303.6 million). In life insurance, premiums written, including the savings portion of unit- and index-linked life insurance, posted growth of 16.2 per cent to a total of €419.9 million in the first three months of 2021 (January to March 2020: €361.4 million).
UNIQA Austria’s premium volume written, including the savings portion of unit- and index-linked life insurance, increased by 1.3 per cent to €1,152.0 million in the first quarter of 2021 (January to March 2020: €1,137.0 million). Premiums written in international Group companies rose at a much stronger rate of 46.7 per cent to €627.0 million due to the first-time consolidation of the AXA companies (January to March 2020: €427.4 million).
The total amount of retained insurance benefits of the UNIQA Group increased much less than premiums by 7.7 per cent to €1,024.2 million in the first quarter of 2021 (January to March 2020: €950.6 million).
Total operating expenses rose by 7.1 per cent to €405.8 million in the first three months of 2021 (January to March 2020: €379.0 million).Acquisition expenses less reinsurance commissions received posted an increase of 4.0 per cent to €248.9 million (January to March 2020: €239.3 million). Other operating expenses (administration costs) climbed by 12.3 per cent to €156.9 million in the first quarter of 2021 (January to March 2020: €139.7 million) as a result of the first-time consolidation of the AXA companies. This includes costs in connection with the innovation and investment programme amounting to roughly €11 million (January to March 2020: roughly €12 million).
The total cost ratio – the ratio of total operating expenses to premiums earned including the net savings portion of the premiums from unit- and index-linked life insurance – less reinsurance commissions received decreased to 27.2 per cent (January to March 2020: 28.4 per cent). The combined ratio after reinsurance improved to 90.9 per cent as a result of a lower claim frequency, particularly in vehicle insurance (January to March 2020: 97.8 per cent).
Investment income increased by 67.4 per cent to €150.1 million in the first quarter of 2021 (January to March 2020: €89.7 million). The drivers behind this performance were higher purchase prices from shares and also fixed-income securities. Accounting for the 14.3 per cent interest in the construction group STRABAG SE using the equity method resulted in a negative contribution to earnings of €–18.7 million in the first quarter of 2021 (January to March 2020: €–18.7 million).
The investment portfolio of the UNIQA Group (including investment property, financial assets accounted for using the equity method and other investments) decreased slightly as at 31 March 2021 compared with the end of the previous year to €21,858.4 million (31 December 2020: €22,319.2 million).
The UNIQA Group’s underwriting result was €62.5 million in the first quarter of 2021 (January to March 2020: €–0.9 million). Operating earnings were €142.4 million (January to March 2020: €1.6 million). The UNIQA Group’s earnings before taxes amounted to €112.1 million (January to March 2020: €–13.9 million).
Consolidated net profit (net profit for the period attributable to the shareholders of UNIQA Insurance Group AG) rose to €89.4 million (January to March 2020: €–13.2 million). Earnings per share amounted to €0.29 (January to March 2020: €–0.04).
As at 31 March 2021, equity attributable to the shareholders of UNIQA Insurance Group AG decreased to €3,300.8 million (31 December 2020: €3,450.1 million). The Solvency II ratio was 195 per cent as at 31 March 2021.
Due to the first-time consolidation of the AXA companies, the average number of employees at the UNIQA Group rose to 14,817 in the first three months of 2021 (January to March 2020: 13,052).
UNIQA still expects earnings before taxes for the 2021 financial year to be at around the same level as in 2018.
As announced, the Annual General Meeting will be held in Vienna on 31 May 2021. Given the current legal restrictions on assemblies, UNIQA will hold the Annual General Meeting virtually.
This press release contains statements concerning UNIQA’s future development. These statements are estimates based on all the information available to us at the current time. If the assumptions on which they are based do not occur, the actual results may deviate from the results currently expected. No guarantee can therefore be given for this information.
UNIQA GroupThe UNIQA Group is one of the leading insurance groups for its core markets of Austria and Central and Eastern Europe (CEE). Around 23,500 employees and exclusive sales partners serve around 15.5 million customers in 18 countries. UNIQA is the second-largest insurance group in Austria with a market share of more than 21 per cent. UNIQA operates in 15 markets in the CEE growth region: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czechia, Hungary, Kosovo, Montenegro, Northern Macedonia, Poland, Romania, Russia, Serbia, Slovakia and Ukraine. The UNIQA Group also includes insurance companies in Switzerland and Liechtenstein.
© UNIQA Group 2021