Andreas Brandstetter, CEO UNIQA Insurance Group
We are still on the right track in CEE and Austria following an excellent 2022 financial year: the first quarter of 2023 saw earnings before taxes of €124 million, up by around 10 per cent, and premium growth of 6.5 per cent to just under €2 billion. The outstanding performance in the core underwriting business, supported by better-than-expected net investment income, are the main contributors to our encouraging business development.
In the first quarter of 2023, the UNIQA Insurance Group is preparing its financial statements for the first time in accordance with the new accounting standards IFRS 17 and IFRS 9 with these having been applied since 1 January 2023. This will result in increased transparency and better comparability of the business development of insurance companies over the long term.
Consolidated key figures for the first quarter of 2023
The premiums written of UNIQA Insurance Group AG rose by 6.5 per cent to €1,980 million in the first quarter of 2023 compared to the same period of the previous year. This positive development is due primarily to strong growth in property and casualty insurance across all countries as well as rising premiums in health insurance.
The remarkable growth as well as the comparatively low claim load in the area of major losses and storm damage result in a strong technical result of €133 million.
At €124 million, net investment income is significantly above expectations, primarily due to an improvement in current income.
Earnings before taxes amount to €124 million in the first quarter of 2023 and result in a consolidated profit (share of profit for the period attributable to the shareholders of UNIQA Insurance Group AG) of €101 million.
The solvency capital requirement (SCR) ratio according to Solvency II, which is considered to be an indicator for capitalisation, was 253 per cent at UNIQA as at 31 March 2023. This represents an increase of a further 7 percentage points compared to the reporting date of 31 December 2022.
Results in the business lines
Property and casualty insurance
The premiums written in property and casualty insurance grew by 9.8 per cent on the previous year to €1,211 million in the first three months of 2023. The gross combined ratio in property and casualty insurance was a very encouraging 88.7 per cent due to low major losses and storm damage and solid settlement results.
Health and life insurance
In health insurance, growth of 6.2 per cent to €346 million was recorded in premiums written in the first quarter of 2023. In life insurance, premiums written decreased slightly in the first quarter of 2023 by 1.8 per cent to €423 million.
New business in health and life insurance continues to be at a very good level and was at the same levels as the previous year with a new business margin of 4.4 per cent and a new business value of €35 million.
The contractual service margin was €5,642 million and increased by 5.7 per cent. This new balance sheet item represents the profits expected in future from contracts in the long-term business in life and health insurance.
UNIQA continues to expect solid and resilient profit contributions from the core underwriting business both in Austria and in CEE. It is not possible to provide a reliable outlook for the entire financial year, however, due to the war in Ukraine and the continuing uncertainties on the capital markets. UNIQA is therefore still not issuing a profit forecast for the year as a whole.
Further information on IFRS 9 and 17 can be found in the Investor Relations section of UNIQA’s website.
Clause regarding predictions about the future
This communication contains statements that refer to the future development of UNIQA. These statements present estimations that 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. As a result, no guarantee can be provided for the information given.
The Annual General Meeting will be held on 6 June 2023 in Vienna, as announced.