The insurer mentioned it expects rising premium income and strong development in the technical core business this year. "However, it is currently impossible to provide a solid assessment of capital market developments and thus a stable forecast regarding net investment income. UNIQA is therefore still not issuing a profit forecast for the year as a whole".
The UNIQA Group's technical result decreased by 10.8% to EUR 168.8 million (vs. 1 - 9/2021: EUR 189.2 million), mainly due to an increase in acquisition costs.
The operating profit fell by 11.5% to EUR 345.4 million (1 - 9/2021: EUR 390.4 million).
At the same time, the Group Earnings before taxes of EUR 275 million only slightly below the previous year's level (-7.8%, 1 - 9/2021: EUR 298.7 million).
Consolidated profit/(loss) (proportion of the net profit for the period attributable to the shareholders of UNIQA Insurance Group AG) increased, however, by 3.0% to EUR 242.9 million (1 - 9/2021: EUR 235.8 million). Earnings per share amounted to EUR 0.79 (1 - 9/2021: EUR 0.77).
"We have achieved sound results in the first nine months despite complex economic conditions. At EUR 275 million, the earnings before taxes are only slightly below the previous year's level, despite the high depreciation and impairment losses on Russian bonds from the first half ofthe year, high charges from major claims and natural catastrophes, and the sharp rise in inflation," said Andreas Brandstetter, CEO of the UNIQA Insurance Group.
The combined ratio increased slightly to 94.4% (1 - 9/2021: 94.2%) due to high claims burdens from major losses and severe weather, as did the overall cost ratio to 26.7% (1 - 9/2021: 26.4%) due to inflation. "Our core business is resilient and energetic, both in Austria and in international markets. We were able to absorb the effects of inflation for the most part through high cost discipline. Our 'UNIQA 3.0 - Seeding the Future' growth programme is on schedule, and our subsidiaries in CEE are developing well following the integration of the ex-AXA companies", Brandstetter added.
At the international level, the GWP rose overall in the first nine months of 2022 by 3.5% to EUR 1.88 billion. In Austria, the same indicator increased by 5.0% to EUR 3.14 billion. This meant that the international companies contributed a total of 37.5% to total Group premiums overall.