UNIQA's 2018 net profit improved by EUR 70 million to EUR 243 million

27 February 2019 — Andrei Victor
Austrian group UNIQA - announced its FY 2018 business increased by 0.3% y-o-y to EUR 5.31 billion. "The solid growth in P&C insurance and health insurance compensated for the decline in life insurance premiums caused by the planned decrease in single premiums in international business", the company pointed out in a statement.

The insurer mentioned its technical result increased significantly by 26.7% in to EUR 140.2 million, operating result increased by 8.5% y-o-y to EUR 350.1 million, earnings before taxes rose by 11.3% to EUR 294.6 million while the net profit for the period was up by 27.5% to EUR 235.1 million. At the same time, consolidated net profit (net profit for the period attributable to the shareholders of UNIQA Insurance Group AG) increased by more than EUR 70 million or 41.6% to EUR 243.3 million. As a result, earnings per share increased to EUR 0.79 (2017: EUR 0.56).

"2018 was a solid year for us in several respects. We expanded and obtained new customers in the 18 countries in which we operate. We further improved our combined ratio to 96.8%, due to comparatively low expenses for weather damage among other reasons and increased consolidated net profit by more than EUR 70 million to EUR243 million", said Andreas BRANDSTETTER, UNIQA CEO .

Per insurance lines, premiums written in property and casualty insurance climbed significantly by 5.% to EUR 2.77 billion, while the health insurance expanded by 4.3% to EUR 1.09 billion. In life insurance, total premiums written including the savings portion of unit- and index-linked life insurance - "driven by the strategic reduction of less-profitable single premiums in international business" - declined by 10.1% to EUR 1.44 billion.

The company emphasized its FY 2018 international business totaled EUR 1.56 billion, down by 2.7% y-o-y, the negatibe dynamic being strongly influenced by the 23.5% negative rate reported in life insurance to EUR 419.7 million "due to the planned decrease in single premiums, especially in Poland".

On Austrian market, UNIQA reported total GWP of EUR 3.73 billion, up by 2.1% y-o-y due the "significant increase in property and casualty premiums of 5.0% to EUR 1.70 billion in 2018, while health insurance premiums moved up by 3.0% to EUR 1.01 billion. Premiums written in life insurance fell by 3.1% to EUR 1.02 billion".

For the 2019 financial year, UNIQA is expecting growth in property and casualty premiums of approximately 2%and a rise in premiums in health insurance of around 3%. In contrast, a continuation of declining premiums in life insurance is expected. In 2019 as a whole, UNIQA is expecting a slight increase in total premium volume.

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