02.06.2005 |
The international rating agency Standard & Poor's has confirmed its evaluation of the UNIQA Group's financial strength as being unchanged at "A" level. Standard & Poor's justify the company's improved prospects of a "STABLE" classification by its tangible progress concerning operative performance as a consequence of a successful cost-reduction programme, the bettering of the technical results in property insurance and the picking-up of the capital markets. Stable prospects are also reflected by the expectation that the Group will continue to benefit from the strong performance of the individual companies and that high dividends will keep on enhancing the liquidity of the holding.
The financial strength of the UNIQA Group originates from the strong capitalization and liquidity of the Group's direct insurers and their improved profits. S & P consider the capitalization at group level to be sufficient to cover further acquisitions as well to support organic growth. S & P expect UNIQA to extend its presence in Central Europe selectively and turn its attention to appropriate integration of the recently acquired companies. The rating agency further assumes that UNIQA's shareholders would support possible larger acquisitions with the corresponding amount of new capital.
UNIQA CEO Konstantin Klien: "I regard this confirmation of the UNIQA Group's financial strength and improved prospects as encouragement for us to continue going in a direction that aims clearly at sustainable enhancement of value."
A change in the generally valid criteria for holdings and/or holding-like companies made simultaneously with S & P's rating process has the consequence that ratings of companies which are more like holdings are generally below group level, particularly as a result of subordination effects.This also applies to UNIQA Versicherungen AG with its "A-" rating. Standard & Poor's emphasizes that this does not reflect a change for the worse in the financial risk profile of the company concerned, but may be traced back solely to the application of the new criteria for holding companies.
S & P's change in the criteria is also going to lead to a change in the rating structure within the UNIQA Group, which will in future be related to the operative central companies which determine UNIQA's financial strength, in order to demonstrate the financial strength of the Group in this way as well.
Vienna, 2. June 2005