14.04.2016, 9340 Zeichen



Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement.
Financial Figures/Balance Sheet
UNIQA: capital ratios and risk position improve - earnings increase
· Group embedded value rises by 13.2 per cent · Profitability of new business in life and health increase considerably · Economic capital ratio (ECR) at strong 182.2 per cent according to internal steering approach in 2015 · 2015 annual report - best year in the company's history · Earnings before taxes: EUR 422.8 million · Premiums written increased by 4.3 per cent to EUR6,325.1 million · Combined ratio improved to 97.8 per cent
To mark the presentation of the annual report and the final figures for 2015, UNIQA has also published the Group embedded value, capital ratios and risk position of the past financial year today.
The market-consistent embedded value of the UNIQA Group after minority interests improved by 13.2 per cent to EUR 4,725,3 million in the year under review (2014: EUR 4,174,5 million). The market-consistent embedded value, which is calculated on the basis of international guidelines, represents the value of the insurance policy portfolio and is composed of the net assets for life, health, property and casualty insurance as well as the current value of future income from the existing life and health insurance portfolio.
The present value in the life and health insurance sector (value of in-force business/VIF) rose by 17.3 per cent to EUR 1,847,1 million (2014: EUR 1,573,8 million).
UNIQA CFO/CRO Kurt Svoboda commented: "For UNIQA, the embedded value remains a key analysis and management tool as defined in value-oriented management, particularly in the current economic environment and the requirements laid down in Solvency II. In addition to what is certainly a positive development in a difficult environment, we are particularly pleased that the earnings strength of our new products has seen another increase. Good capital ratios are also a basis for our progressive dividend policy."
The new business margin - a key figure for profitability - improved to 2.4 per cent (2014: 1.7 per cent). For CEE, it remained at a high profit level of 6.0 per cent in 2015 (2014: 5.9 per cent). Development in Italy was particularly encouraging, where a new product generation made a significant contribution to an improvement in profitability to 2.0 per cent (2014: 0.6 per cent).
Capital ratios remain high
The economic capital ratio of the UNIQA Group, which serves as an indicator of capitalisation, was at a sound level of 182.2 per cent at 31 December 2015 based on the internal management approach. This represents a year-on-year improvement by more than 30 percentage points. In addition to the subordinated loan of EUR 500 million issued in the past year, operating improvements relating to costs, expected future benefits and profitable new business in particular had a positive effect on capitalisation. "Over the course of 2015, UNIQA achieved the capital strength it had planned in the medium term and exceeded the internal target of 170 per cent for the first time. Furthermore, government bonds that could be measured on a risk-free basis in accordance with Solvency II are still backed with risk capital at UNIQA. We are also particularly cautious in the asset classes for which the EIOPA standard approach provides for relief we do not make use of. The current annual result and our healthy equity position are giving us the strength to make necessary investments in our future in order to remain fit to market in the long term." The regulatory capital ratio in accordance with Solvency II (EIOPA standard approach) is 195 per cent as at 31 December 2015. This is around 13 percentage points above the economic capital ratio managed internally, predominantly based on backing with government bonds, which is taken into account in the internal UNIQA approach.
The economic capital ratio, for which UNIQA does not use transitional provisions and which represents the relation of economic capital of EUR 5,205,2 million (2014: EUR 4,080,0 million) and the economic capital requirements of EUR 2,856,9 million (2014: EUR 2,722,3 million). The ratio is calculated using the internal capital approach. Economic capital combines tier 1 capital (core capital) and tier 2 capital (subordinated capital), while the economic capital requirements represent the theoretical loss in the event of an extreme stress scenario.
The market-consistent embedded value and the economic capital ratio of the UNIQA Group were audited in full by B & W Deloitte GmbH, Cologne.
Final Key Group figures for 2015
Premiums written - including the savings portion of unit- and index-linked life insurance - increased by 4.3 per cent to EUR 6,325.1 million (2014: EUR 6,064.4 million).
Retained premiums earned in accordance with IFRS (i.e. not including the savings portion of unit- and index-linked life insurance) grew by 6.0 per cent to EUR 5,633.5 million (2014: EUR 5,312.9 million).
Retained insurance benefits increased by 5.1 per cent to EUR 4,607.6 million (2014: EUR 4,383.7 million), growing somewhat slower than premiums earned. Life insurance benefits saw significant growth of 12.3 per cent from EUR 1,879.6 million to EUR 2,111.2 million), as provisions for future benefits increased significantly as a result of higher premium income in life insurance.
Operating expenses less reinsurance commissions and profit shares from reinsurance business ceded developed positively. In 2015, expenses remained on a par with the previous year at EUR 1,298.7 million (2014: EUR 1,299.1 million). Administrative expenses declined by 3.5 per cent to EUR373.1 million (2014: EUR 386.6 million) due to the consistent implementation of cost management as part of the UNIQA 2.0 strategy programme. Acquisition expenses increased by 1.3 per cent to EUR 950.4 million (2014: EUR 938.6 million), considerably less than premium income.
The consolidated cost ratio after reinsurance improved to 21.3 per cent (2014: 22.2 per cent) as a result of unchanged costs concurrent with increased premiums.
The combined ratio in property and casualty insurance after reinsurance improved to 97.8 per cent (2014: 99.6 per cent) and was below 100 per cent in all three operating segments (UNIQA Österreich: 93.9 per cent; Raiffeisen Versicherung Österreich: 82.7 per cent; UNIQA International: 99.1 per cent).
Investments, including investments held on account and at risk of life insurance policyholders, increased by EUR 391.1 million as against the end of the last reporting period to EUR 29,416.1 million (31 December 2014: EUR 29,024.9 million). Net investment income decreased by 6.4 per cent to EUR831.1 million (2014: EUR 888.2 million). The ongoing low interest rates had a particularly negative impact here.
The technical result of the UNIQA Group increased significantly by 56.5 per cent to EUR 199.9 million in 2015 (2014: EUR 127.7 million).
Operating profit increased by 10.4 per cent to EUR 494.1 million (2014: EUR
447.6 million).


Earnings before taxes was very gratifying, primarily due to the good performance in the property and casualty insurance and health insurance segments, and increased by 11.9 per cent to EUR 422.8 million (2014: EUR 377.9 million). However, the low interest rates had a negative impact on the life insurance segment.
Consolidated profit amounted to EUR 331.1 million (2014: EUR 289.9 million). Earnings per share climbed to EUR 1.07 (2014: EUR 0.94). The return on equity after taxes and minority interests amounted to 10.6 per cent in the reporting year (2014: 9.9 per cent).
The UNIQA Group's equity increased by 2.3 per cent or EUR 70.5 million to EUR 3,152.7 million (31 December 2014: EUR 3,082.2 million).
The number of customers served by the UNIQA Group companies in 19 markets was more than 10 million at the end of 2015.
Forward-looking statements This press release contains statements concerning UNIQA's future development. 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 per cent. 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

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