UNIQA reported double digit increase in its H1 pre-tax profit

24 August 2017 — Vlad BOLDIJAR
Austrian UNIQA announced "a sound growth in all sectors" in 1H2017, with GWP up by 6.6% to EUR 2.79 billion, earnings before taxes increasing by 10.2% to EUR 95.5 million and improving combined ratio after reinsurance to 96.8%.

The consolidated net profit declined by 54.3% to EUR 41.3 million.

"We are on the right path: The premium volume, combined ratio and cost ratio developed positively. In the first half of 2017, we generated satisfactory earnings before taxes of EUR 95.5 million - 10.2% more than in the previous year. There is a fly in the ointment, however, because we have to make a purchase price adjustment in connection with the sale of our Italian Group companies as a result of the insolvency of the Italian Veneto Banca. The resulting non-recurring negative effect on earnings from discontinued operations reduces consolidated net profit in the first half of 2017 to EUR 41.3 million. Nevertheless, and after the storm damage in the summer, we are currently still expecting a slight year-on-year improvement in earnings before taxes in the 2017 financial year and intend to slightly increase the dividend per share again in 2017", said Andreas BRANDSTETTER, CEO UNIQA Insurance Group.

According to the announcement, premiums written in health insurance were up by 3.4% y-o-y to EUR 522.5 million, life insurance increased by 9.1% y-o-y to EUR 834.4 million, while the value of property and casualty insurance increased by 6.4% to EUR 1.44 billion.

In international business, premiums written grew by a considerable 23.2% to EUR 837.1 million, while on Austrian market, the same indicator totaled EUR 1.93 billion (vs. EUR 1.92 billion in 1H2016).

"On the basis of the strong performance in the first half of the year, UNIQA expects premiums written to grow by at least 3% in 2017", the Austrian insurer said in its financial report for the first half of 2017.

Read the full Report here.

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