UNIQA Group: FY 2016 earnings target achieved

9 March 2017 — Vlad BOLDIJAR
The Austrian insurer UNIQA reported earnings before taxes (EBT) of EUR 225.5 million at the end of 2016, "slightly better than anticipated despite the disposal of the Italian business". At the same time, the value of premiums written dropped 3.1% to EUR 5.04 billion "as a result of the significant decrease in capital-intensive single premiums", while the dividend for 2016 is to be increased - to EUR 0.49 per share after EUR 0.47 per share in 2015.

Operating expenses increased by 8.1% to EUR 5.28 billion "due to announced investments from the innovation programme of around EUR 60 million", while the combined ratio increased to 98.1% (vs 97.9% in 2015).

UNIQA Group Austria pointed out that, the decrease in its GWP was due exclusively to the planned reduction in capital-intensive single premiums in the life insurance segment in Austria. In total, premiums in the life insurance business dropped by 15.6% to EUR 1.52 billion in 2016.

At the same time, the reduction in single premiums was partly offset by significant increases in premiums in the health insurance segment of 4.1% to EUR 1.00 billion and the property and casualty insurance segment of 3.2% to EUR 2.51 billion. "As a result of this development, recurring premiums written increased across the Group by 2.3% to EUR 4.87 billion in 2016 (2015: EUR 4.77 billion)".

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