S&P continues to rate UNIQA's business risk profile as strong, emphasising UNIQA's strong position in Austria and its good position in CEE, which has improved further following the acquisition of the AXA companies in the region. In addition, S&P assumes that UNIQA will successfully continue to grow in the next few years in view of its strong competitive position, well-established sales capacity and diversified business portfolio - despite challenging conditions due to the coronavirus pandemic and a weak economy.
According to S&P, UNIQA Insurance Group AG's financial risk profile continues to be strong. The rating agency emphasises UNIQA's sound capital adequacy here. They remain at the outstanding "AAA" level in the S&P capital model, even after the AXA acquisition. Accordingly, UNIQA's sound risk profile benefits from a balanced, diversified and stable investment portfolio and a conservative reinsurance protection strategy. In S&P's view, UNIQA pursues a conservative investment strategy, reflected by the fact that UNIQA's investments have a credit rating of "A" on average.
S&P rates UNIQA's liquidity as exceptional, and accordingly expects the Group to be able to withstand any severe liquidity stress. S&P considers that UNIQA will sustain its capital and earnings assessment at least at a very strong level over for the next two years.