07.03.2024 | 5 Images

Strong year for UNIQA: premiums written increased by 10 per cent in 2023, earnings before taxes up to €426 million


Kurt Svoboda, CFO/CRO (left) and Andreas Brandstetter, CEO UNIQA Insurance Group, announced strong premium growth and increased earnings at the presentation of the preliminary 2023 financial results.

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  • Combined ratio improved from 91.7 per cent to 89.4 per cent
  • Increased proposed dividend of €0.57 per share

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  • Combined ratio improved from 91.7 per cent to 89.4 per cent
  • Increased proposed dividend of €0.57 per share

UNIQA Insurance Group AG (UNIQA) announced strong premium growth and increased earnings at the presentation of the preliminary 2023 financial results: premiums written increased by 9.7 per cent to €7,185.6 million, while earnings before taxes exceeded expectations at €426.4 million. Andreas Brandstetter, CEO UNIQA Insurance Group: “In the past year 2023, we made substantial payments for weather-related claims, mainly due to the storms in July and August. We were also affected by significant major claims. Nevertheless, 2023 was another successful financial year: We were once again able to grow noticeably as a Group and further increase our earnings. Our companies in the CEE region are developing particularly well and are making a substantial contribution to our increased profitability”.

UNIQA invests in health ecosystem

According to Brandstetter, the expanded “health ecosystem” is particularly important: “1.4 million customers already entrust us with their health in Austria, and we are the market leader in health insurance with around 44 per cent. By investing substantially in the health ecosystem under the Mavie brand, we have one big goal: to help our 17 million customers with the most important topic of all – their health – in all situations in life." Mavie focuses on innovative services and products beyond classic insurance. The portfolio is broad and ranges from home tests for blood or microbiomes to psychosocial coaching for employees of corporate clients and 24-hour home care. "Fortunately, Austrians are generally living longer and longer. We are trying to offer innovative health and prevention services with Mavie, so that they can also enjoy this on a personal level and, at the same time, don’t overburden the healthcare system," emphasises Brandstetter.

Preliminary consolidated key figures for 2023 in detail

UNIQA Insurance Group AG prepares its financial statements in accordance with the new IFRS 9 and IFRS 17, which have been applied since 1 January 2023. The comparative values for 2022 are also stated in accordance with IFRS 9 and 17. Premiums written that are not part of IFRS 9/17 reporting will still be stated.

UNIQA Insurance Group AG’s premiums written, including savings portions from unit-linked and index-linked life insurance, continued to develop positively, increasing by 9.7 per cent to €7,185.6 million in 2023 (2022: €6,548.7 million).

The UNIQA Group’s insurance sales – the insurance revenuein accordance with IFRS 17 – increased by 12.1 per cent to €5,994.1 million in 2023 (2022: €5,346.9 million). All business lines and segments contributed to this: property and casualty insurance grew by 12.9 per cent in 2023, health insurance by 8.3 per cent and life insurance by 14.2 per cent. In Austria, insurance revenue increased by 8.6 per cent to €3,519.0 million in 2023 (2022: €3,240.7 million), in the international companies by 15.3 per cent to €2,429.9 million (2022: € 2,107.7 million).

The UNIQA Group’s insurance service expenses increased by 11.5 per cent to €5,291.0 million in 2023 (2022: €4,744.5 million).

At €562.2 million, the UNIQA Group’s technical result in 2023 remained almost at the previous year’s level (2022: €564.0 million).

The net investment income rose to €588.8 million in 2023 (2022: €179.8 million). The financial result therefore increased to €150.2 million (2022: €–49.9 million).

The UNIQA Group’s earnings before taxes improved to €426.4 million (2022: €421.7 million in accordance with IFRS 4*). The international business, which no longer includes Russia, makes a particularly positive contribution to this.

Consolidated profit/(loss) (the proportion of net profit/(loss) for the period attributable to the shareholders of UNIQA Insurance Group AG) increased by 18 per cent to €302.7 million (2022: €256.0 million).

The return on equity (profit/(loss) for the year from continuing operations in relation to average equity excluding non-controlling interests) rose to 14.1 per cent in the reporting year (2022: 11.6 per cent). This calculation does not take into account the effect of the planned sale of the Russian company (profit/(loss) from discontinued operations (after tax)).

UNIQA’s solvency capital requirement ratio in accordance with Solvency II, which serves as an indicator of capitalisation, was at a high level of around 255 per cent as at 31 December 2023 (2022: 246 per cent).

Results in the business lines

Property and casualty insurance

Premiums written in property and casualty insurance grew by 14.4 per cent to €4,214.3 million in 2023 (2022: €3,683.0 million). This was due to the good sales performance and index adjustments.

Despite the high burden of weather-related claims, primarily due to the storms last July and August, and significant major claims, the gross combined ratio in property and casualty insurance improved from 91.7 per cent to 89.4 per cent in the reporting period. The excellent technical result in the international business plays an important role here.

Health and life insurance

In health insurance, premiums written increased by 8.8 per cent to €1,388.1 million in the reporting period (2022: €1,275.9 million). The positive trend of new business is also largely responsible for this growth.

In life insurance, premiums written including the savings portion of unit-linked and index-linked life insurance fell slightly by 0.4 per cent to €1,583.2 million in 2023 (2022: €1,589.8 million).

UNIQA Group’s new business margin (in health and life insurance as well as in pension business) amounted to 5.1 per cent in 2023 with a new business value of €160 million.

The contractual service margin decreased to €5,266.3 million as of 31 December 2023 (31 December 2022: €5,411.0 million). This balance sheet item – new since IFRS 17 – represents the profits expected from insurance contracts in future.

Business outlook

For the 2024 financial year, the last of our “UNIQA 3.0 – Seeding the Future” strategic programme, we are focusing on further improving our core underwriting business in our two home markets of Austria and CEE.

Expectations of strong growth in property and health insurance are based on both targeted sales activities and restatements in connection with inflation and index developments.

However, we continue to expect significant expenses in the 2024 financial year, which will be incurred for benefits in property and health insurance and in the general cost area, due to inflation. It is therefore crucial to maintain strict cost discipline and continuously optimise cost management.

Based on a solvency ratio of at least 170 per cent, we strive to enable our shareholders to participate progressively in the success of our company by annually increasing dividend payments. The payout ratio will remain at up to 60 per cent.

These forecasts are subject to possible negative influences on our consolidated profit, which may result from geopolitical upheavals and the associated uncertainties for the global capital markets, from a volatile interest rate environment, the general inflation trend and, above all, from increased claims payments as a result of natural catastrophes. In connection with this, we expect our target profitability to stay at the level of 2023.

Clause regarding predictions about the future

This press release contains statements which refer to the future development of UNIQA. These statements present estimations which were reached on the basis of all of the information available to us at the present time. If the assumptions on which they are based do not occur, the actual results may vary from the results currently expected. This is why no guarantee can be provided for the information given.

UNIQA CFO Kurt Svoboda explains details of the 2023 financial year: https://youtu.be/9BFOd6OPJ2A

* The previous year’s result adjusted in accordance with IFRS 9/17 amounted to €272.3 million.

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10 Stoyan Angelov - EN
Stoyan Angelov

UNIQA Insurance Group AG
Untere Donaustraße 21
A-1029 Vienna
Phone: +43 1 211 75 - 2028
E-mail: investor.relations@uniqa.at