18.01.2016,
9115 Zeichen
Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
Strategic management decisions
UNIQA launches largest investment programme in the company's history
2015: UNIQA on track for record result\n2016: launch of the largest investment and innovation programme in the\n company's history amounting to around EUR500 million
Digital transformation drives innovation and new business models\nAmended earnings forecast for 2016 due to investments and challenging\n conditions - Intention for a sustainably progressive dividend policy with
annual increases of the dividend per share up to 2020
2015: best annual result in the company's history
UNIQA CEO Andreas Brandstetter delivers a positive summary of the progress
so far of the "UNIQA 2.0" growth strategy launched in 2011. "In the last five
years, we have rigorously pursued and largely achieved our ambitious targets,"
Brandstetter says. "Since the economic capital ratio according to Solvency II
(EIOPA standard formula) has been strengthened step by step over the last years
to over 180 per cent, UNIQA now has a healthy, strong equity base and high
operating profitability. Following the re-IPO in 2013, we have created a
corporate structure fit for the capital market and continuously increased the
number of customers from 7.5 million in 2011 to more than 10 million today,"
says Brandstetter on the significant momentum of development in recent years.
As a result of this strategy programme set to run until 2020, UNIQA generated
the best nine-month result in the company's history at the end of the third
quarter with EBT of EUR301.9 million. "In the 2015 financial year, we expect to
achieve the best result in the company's history," says Brandstetter, giving a
forecast of financial year 2015 results.
UNIQA launches EUR500 million investment and innovation programme
Brandstetter sees digitalisation as a key driver of new business models
converging from the "new and old economy" and one of the biggest challenges
UNIQA will have to face in the future. The diversity of convergent product and
service offers emerging in recent years is leading in particular to fundamental
changes in customer expectations and behaviour. This disruptive development of
a new market environment sets UNIQA the challenge of rethinking the own
business model and the underlying products and processes from the customers'
perspective. "The digitalisation and digital networking of existing offers,
which UNIQA has successfully promoted in recent years, are the first steps in
the right direction, but they will be far from sufficient," says Brandstetter,
pointing to examples such as the "SafeLiner" in car insurance or the
VitalCoaches and medical call centre in healthcare. "We have to bring our
offering much closer to where our customers intuitively expect security and
associated services," says the UNIQA CEO. "In order to trigger the necessary
innovation boost, we are launching the largest innovation programme in the
company's history and will invest around EUR500 million in our future over the
next few years. The investments, a good portion of which will be made in 2016,
will largely go on the redesign of the business model, the necessary build-up
of staff expertise and the required IT systems," Brandstetter specifies. "In
the core business, we are transforming ourselves from a provider of insurance
products into an integrated service provider that meets customers in their
'needs environment'," says the UNIQA CEO. In the future, this may be the
application-controlled 'smart home', the self-driving car or any form of
free-time activity that aims at a healthy, better and longer life. An essential
requirement for this is the best possible convergence of new technology with
the already close-knit network of local UNIQA advisors. The Supervisory Board's
approval of this innovation programme is not just based on UNIQA's comfortable
economic situation and the fact that Austria's leading insurer can afford these
considerable investments. "We actually have to make this investment right now,
because we will thus meet the necessary requirement of being able to continue
on our ambitious growth trajectory in the future," says Brandstetter,
explaining why a large portion of the EUR500 million programme will already
take effect in 2016. "The insurance industry is faced with enormous challenges
and drastic upheaval. Only those who invest now can actively shape the future."
Low interest environment remains a challenge
The second major challenge is the persistent phase of low interest rates,
which threatens to erode key parts of the business model of the entire
insurance sector in the medium term, Brandstetter continues. It is difficult to
predict what new conditions these developments, unheard of in the history of
the industry, will create in the medium term: "New phenomena, such as negative
interest on sovereign bonds, are already making a considerable impact on our
investment result," says the UNIQA CEO on the urgency of responding to the
current capital market environment. Operating excellence in the core business
must therefore be further optimised in parallel with the far-reaching
investments in the future. "We have implemented a range of programmes in order
to exploit new alternative investments, manage our capital even more actively,
adapt our current product portfolio to market conditions and continue lowering
the cost ratio in the medium term through the ongoing optimisation of our
processes."
Outlook for 2016
A good portion of the considerable future investments will take effect in
2016 and is thus reflected in the short term by an altered earnings forecast.
In combination with the persistently difficult conditions, such as the
still-moderate economic outlook, ongoing low interest rates, sinking investment
income and political uncertainty in individual markets in particular, UNIQA
expects significantly reduced earnings in the 2016 financial year compared to
2015. Preliminary figures for 2015 will be published at the beginning of March
2016.
Continuation of the progressive dividend policy with annual dividend
increases
UNIQA has distributed a higher dividend per share every year since 2012.
With dividend payments of 25 cents per share for the 2012 financial year, 35
cents for 2013 and 42 cents for 2014, the UNIQA share has evolved into a
progressive dividend stock. "Despite the considerable investments in the future
and the challenging economic environment, we intent to still continuously
increase the annual distribution per share in the years to come," Brandstetter
says of his plan to continue the progressive dividend policy.
In addition, Brandstetter presents shareholders with the prospect of the
further consistent continuation of the growth trajectory started in 2011: "Our
target of increasing customer numbers to around 15 million by 2020 remains
valid," says the UNIQA CEO. With a planned average operating ROE of 13.5 per
cent (2017-2020) and further increases in the economic capital ratio according
to Solvency II (currently more than 180 per cent according to EIOPA standard
formula), UNIQA is to retain its high level of profitability at the same time
as a comfortable equity base in the years to come. "On the basis of our strong
economic position, we will finance both the future investments of around EUR500
million and our sustainably progressive dividend policy not by selling assets
but from our operating cash flow," says Brandstetter. "We will thus come a
significant step closer to achieving our target of becoming the best insurance
group in Central and Eastern Europe by 2020."
Forward-looking statements This press release contains statements referring
to the future development of the UNIQA Group. These statements present
estimates which were reached on the basis of all of the information available
to us at the present time. If the assumptions on which they are based do not
occur, the actual results may deviate from the results currently expected. As a
result, no liability is accepted for this information
UNIQA The UNIQA Group is one of the leading insurance groups in its core
markets of Austria and Central and Eastern Europe (CEE). 22,000 employees and
exclusive sales partners serve more than 10 million customers in 19 countries.
UNIQA is the second-largest insurance group in Austria with a market share of
around 22%. UNIQA operates in 15 markets in the CEE growth region: Albania,
Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Kosovo,
Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, and Ukraine.
The UNIQA Group also includes insurance companies in Italy, Switzerland and
Liechtenstein.
end of announcement euro adhoc
company: UNIQA Insurance Group AG
Untere Donaustraße 21
A-1029 Wien
phone: 01/211 75-0
mail: investor.relations@uniqa.at
WWW:
http://www.uniqagroup.com
sector: Insurance
ISIN: AT0000821103
indexes: WBI, ATX Prime, ATX
stockmarkets: official market: Wien
language: English
Digital press kit:
http://www.ots.at/pressemappe/220/aom
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