UNIQA expects YE gross profit between EUR 330 million and EUR 350 million

22 November 2021 — Andrei Victor
Austrian insurance Group UNIQA reported 9 months 2021 GWP worth EUR 4.83 billion, 18% more y-o-y - - as a result of the first-time consolidation of the former AXA companies in CEE, and earnings before taxes of EUR 298.7 million, 39.7% more vs. September 2020 (EUR 213.8 million).

"As in the first half of the year, our consistently excellent business performance in the first nine months of this year as well is based on a gratifying underwriting performance and the anticipated positive effects of the successful integration of the former AXA companies in CEE," said Andreas BRANDSTETTER, CEO of UNIQA Insurance Group AG.

Despite heavy costs caused by storm damage especially in the summer months - in Austria and Czechia - of approximately EUR 200 million (gross), the combined ratio improved to 94.2%. "Thanks to the excellent performance in the first nine months of the current year - the first year in which our UNIQA 3.0 corporate strategy has been implemented - we have already laid a solid foundation for our ambitious growth targets," Brandstetter continued.

Premiums written in property and casualty insurance rose by 20.7% to EUR 2.68 billion in the first nine months of 2021 (January to September 2020: EUR 2,224.6 million) while premiums written in health insurance rose by 4.1% to EUR 918.7 million. In life insurance, premiums written, including the savings portion of unit- and index-linked life insurance, increased by a total of 24.3% to EUR 1,223.2 million. "The key driver behind this performance was the first-time consolidation of the former AXA companies in Poland, Czechia and Slovakia", as UNIQA representatives mentioned in a statement.

Internationally, premiums written increased by 61.3% to EUR 1.82 billion vs. EUR 1.12 billion "the international companies thus contributed 37.8% of total Group premiums in the first three quarters of 2021 (January to September 2020: 27.6%)".

In Austria, premiums written rose by 1.8% to EUR 2.99 billion in the first nine months of 2021 (January to September 2020: EUR 2.93 billion).

The UNIQA Group's underwriting result rose by 51.4% to EUR 189.2 million in the first three quarters of 202, predominantly on account of the improved profitability in property and casualty insurance. Operating earnings grew by 49.0% to EUR 390.4 million (January to September 2020: EUR 262.0 million). The UNIQA Group's earnings before taxes increased accordingly by 39.7% to EUR 298.7.

Consolidated net profit also rose by 41.7% to EUR 235.8 million (January to September 2020: EUR 166.5 million). Earnings per share amounted to EUR 0.77 (January to September 2020: EUR 0.54).

"Thanks to improved profitability in core underwriting business, earnings before taxes are expected to amount to between EUR 330 million and EUR 350 million for 2021".

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