- Premiums written increased by 9.1 per cent to around €7.8 billion
- Net consolidated profit up by 14.9 per cent to €348 million
- Earnings before taxes rose by 3.6 per cent to €442 million
- Net combined ratio increased slightly to 93.1 per cent due to storm “Boris”
- Proposed dividend increased by 5 per cent to €0.60 per share
In 2024, the UNIQA Group achieved a strong result despite high claim payments as a result of extraordinary natural catastrophes. Net consolidated profit (up 14.9 per cent to €348 million), earnings before taxes (up 3.6 per cent to €442 million) and premiums written (up 9.1 per cent to €7.8 billion) all grew significantly. Premium revenues increased in all segments: thanks to very good sales performance by plus 11 per cent in property and casualty insurance, plus 10 per cent in health insurance and plus 3.3 per cent in life insurance.
“In Austria, we grew by 4.6 per cent, driven strongly by property and casualty insurance and health insurance. In Central and Eastern Europe, premiums increased by 13.9 per cent, primarily due to strong growth in property and casualty insurance and in life insurance,” says Andreas Brandstetter, CEO of UNIQA Insurance Group AG. Poland, the largest market in Central and Eastern Europe, once again proved to be a strong growth driver with an increase in premiums of almost 22 per cent.
The high payments for storm damages were largely due to dramatic flooding in September, which by itself was responsible for €222 million gross or €85 million after reinsurance. This had an impact on the net combined ratio (combined ratio after relief from external reinsurance partners) in property and casualty insurance – a key figure that indicates the ratio of total insurance service expenses to insurance revenue. Accordingly, it rose slightly from 92.8 per cent (2023), but is still a very good 93.1 per cent.
Preliminary consolidated key figures for 2024 in detail
UNIQA Insurance Group AG prepares its financial statements in accordance with the new accounting standards IFRS 9 and IFRS 17, which have been applied since 1 January 2023. 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 9.1 per cent to €7,839.7 million in 2024 (2023: €7,185.7 million).
The UNIQA Group’s insurance sales – insurance revenue in accordance with IFRS 17 – rose by 9.4 per cent to €6,557.2 million in 2024 (2023: €5,994.1 million). All business lines and segments contributed to this: in 2024, property and casualty insurance increased by 10.4 per cent, health insurance by 9.8 per cent and life insurance by 3.5 per cent. Insurance revenue in Austria rose in 2024 by 5.7 per cent to €3,720.0 million (2023: €3,519.0 million), in the international companies by 13.4 per cent to €2,755.0 million (2023: €2,429.9 million).
Insurance service expenses in the UNIQA Group rose in 2024 by 11.5 per cent to €5,900.4 million (2023: €5,291.0 million).
At €560.5 million, the UNIQA Group’s technical result in 2024 remained almost at the previous year’s level (2023: €562.2 million).
Net investment income increased in 2024 to €749.7 million due to the excellent current income (2023: €588.8 million). The financial result increased to €210.2 million as a result (2023: €150.2 million).
The UNIQA Group’s earnings before taxes improved to €441.9 million (2023: €426.4 million). The financial result made a particularly positive contribution to this in 2024.
Consolidated profit/(loss) (the proportion of net profit/(loss) for the period attributable to the shareholders of UNIQA Insurance Group AG) increased by 14.9 per cent to €347.6 million (2023: €302.7 million).
The return on equity (profit/(loss) for the year from continuing operations in relation to the average equity excluding non-controlling interests) increased in the reporting year to 12.4 per cent (2023: 13.2 per cent).
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 265 per cent as at 31 December 2024 (2023: 255 per cent).
Results in the business lines
Property and casualty insurance
Premiums written in property and casualty insurance grew in 2024 by 11.0 per cent to €4,678.3 million (2023: €4,214.3 million). The decisive factor was the consistently strong sales performance along with index adjustments.
Despite the high burden due to flooding, the gross combined ratio in property and casualty insurance only increased slightly from 89.4 per cent to 91.1 per cent in the reporting period. The net combined ratio (after deduction of reinsurance) also increased slightly from 92.8 per cent to 93.1 per cent.
Health and life insurance
In health insurance, premiums written rose by 10.0 per cent to €1,526.5 million in the reporting period due to premium adjustments and good new business development (2023: €1,388.1 million).
In life insurance, premiums written including savings portions from unit-linked and index-linked life insurance rose in 2024 by 3.3 per cent to €1,634.9 million (2023: €1,583.3 million).
The UNIQA Group’s new business CSM margin (in health and life insurance) amounted to 9.9 per cent in 2024 with a new business CSM value of €236 million.
The contractual service margin as at 31 December 2024 increased to €5,345.6 million (31 December 2023: €5,266.3 million). This balance sheet item – new since IFRS 17 – represents the profits expected from insurance contracts in future.
Outlook
In December of the previous year, we presented our new strategic programme “UNIQA 3.0 - Growing Impact” for the years 2025 to 2028. During this period, we want to grow premiums written by an average of 5 per cent per year, increase our net result by an average of 6 per cent, maintain our pay-out ratio within the range of 50 to 60 per cent and offer our shareholders a dividend per share that increases every year.
For the 2025 financial year, our focus remains on improving our core underwriting business and profitability in Austria as well as on profitable growth in our CEE markets. Our expectations of strong growth above GDP are based on both targeted sales activities and restatements in connection with inflation and index developments.
Due to the unstable geopolitical and economic conditions and the trend towards increasing damage caused by natural catastrophes, any forecast for future business development carries inherent uncertainty. Subject to significant negative influences from natural catastrophes and distortions on the capital market, our target profitability for the year 2025 is nonetheless above the 2024 level.
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.
Further details and publications are also available from UNIQA Investor Relations.