UNIQA in the 1st quarter with higher premiums and more pre-tax profit

UNIQA in the 1st quarter with higher premiums and more pre-tax profit
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Earnings before taxes (EGT) rose by 10 percent to EUR 124 million. Group profit came to EUR 101 million, after EUR 106 million in the previous year.

In the property and casualty insurance segment, premiums written increased by 9.8 percent to EUR 1.211 billion in the first quarter. Thanks to fewer severe weather and major claims and a solid run-off result, the gross combined ratio – claims and costs measured against premium income – improved to 88.7 percent. At the end of the year it was 92.9 percent.

In the health insurance segment, premiums increased by 6.2 percent to EUR 346 million and in the life insurance segment, income fell by 1.8 percent to EUR 423 million. Overall, UNIQA is satisfied with the new business. At EUR 35 million, the value of new business was at the level of the previous year.

“On a good course”

Company boss Andreas Brandstetter sees UNIQA “on the right track” again this year after a strong year in 2022. He continues to expect a solid underwriting result in Austria and in the CEE region. However, a reliable outlook for the year as a whole is not possible due to the Ukraine war and the uncertainties on the capital markets.

The results are reported for the first time according to the new accounting standard IFRS 9/17. The new rules have been in effect since the beginning of the year. In the long term, they should better reflect the development of the business and improve comparability in the industry. In order to maintain external continuity, however, UNIQA continues to report old key figures such as the premiums written.

Source: Nachrichten

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