UNIQA posted strong 9 months results despite COVID-19 pandemic

25 November 2020 — Andrei Victor
Austrian insurance group UNIQA announced its 9 months uderwriting result almost doubled to EUR 124.9 million vs. 3Q2019, despite the company had to pay out "over EUR 70 million in additional insurance benefits from January to September for business interruptions and cancelled events due to COVID-19".

Combined ratio remained stable at 95.9%,, while the earnings before taxes totaled EUR 214 million (-0.4% y-o-y): "EBT of EUR 159 million was generated in the three months from July to September alone, making this quarter one of the most successful in the company's history".

In terms of GWP, the premiums written remained almost at the 3Q2019 level: EUR 4.09 billion, -0.1% y-o-y. Per insurance classes, premiums written in property and casualty insurance rose by 1.0% to EUR 2.22 billion, while in health insurance rose by 3.2% to EUR 882.8 million. In life insurance, premiums written decreased by a total of 5.3% to EUR 983.8 million.

Per branches, in international business, premiums written declined by 3.9% y-o-y to EUR 1.12 billion contributing with 27.6% of total Group premiums. On Austrian market, UNIQA's GWP rose by 1.1% y-o-y to EUR 2.93 billion.

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