UNIQA profit rises 9.7% y-o-y in 3Q and keeps its outlook for 2015

27 November 2015 — Vlad BOLDIJAR
Austrian insurer UNIQA expects a full year pretax profit in the range of EUR 425 to 450 million, after announcing EUR 301.9 million in the first nine months (9.7% up y-o-y). The consolidated net profit rose by 29.6% to EUR 245.0 million and premiums written increased 8.3% to EUR 4.87 billion. At the same time, the combined ratio improved to 98.0% from 99.0% last year, the company said in a statement.

"Our strong earnings performance was due particularly to positive performance in health insurance and a significant rise in profitability in the international business", Andreas BRANDSTETTER, CEO of UNIQA Insurance Group.

In terms of premiums, the increase "is primarily attributable to very strong growth in single premium business in life insurance in the first three months of the year - particularly in bank-based sales in Italy - and good development in the area of health insurance", the Austrian insurer declared in a statement.

Per insurance classes, premiums in property and casualty insurance rose only slightly to EUR 2.03 billion (up by 0.3% y-o-y) "as a result of restraint in the highly competitive vehicle business in CEE", while life premiums were up 19.6% to EUR 2.09 billion, premium income in health insurance increasing by 3.5% to EUR 749.1 million.

For 2015, the UNIQA Group has set the target on increasing its profit on ordinary activities to between EUR 425 million and EUR 450 million. According to the Group, this assumes that the capital market environment will be stable, that economic development will improve moderately and that losses caused by natural disasters will remain within a normal range. "We are keeping to our ambitious earnings outlook for 2015", said Andreas BRANDSTETTER.

Read the full press release here.

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