27.04.2012 |
The information in this press release is not intended for publication in or tansmission to or within the United States of America, Australia, Canada or Japan.
- UNIQA is planning a capital increase of €500 million as an intermediate step towards the intended Re-IPO in 2013
- UNIQA is planning a new Group structure in preparation for Re-IPO, subject to regulatory approval
- Profit on ordinary activities in 2011 negatively impacted by one-off effects; underlying business remains robust
Due to volatility in the capital markets, it is difficult to predict whether capital markets conditions will be favourable at the time of UNIQA's Re-IPO in 2013. To be able to take advantage of current growth opportunities in Central and Eastern Europe (CEE), UNIQA plans to take the intermediate step of conducting a capital increase in the amount of €500 million this year. The resolutions necessary to do this were passed at the meeting of the Supervisory Board on the evening of 26 April 2012. This capital increase will be offered to existing shareholders. The two core shareholders, Raiffeisen Zentralbank Österreich AG (RZB) and Austria Privatstiftung, will fully exercise their subscription rights.
The planned capital increase aims at strengthening UNIQA's capital structure. The increase in the solvency ratio will create the basis for the planned growth: UNIQA intends to buy the European Bank for Reconstruction and Development (EBRD)'s minority shares in the UNIQA subsidiaries in Croatia, Poland and Hungary. Negotiations are being held with EBRD. Furthermore, UNIQA expects more opportunities for acquisitions that will allow the company to expand its position in existing markets, as a few competitors whose focus is not on CEE are ostensibly beginning to withdraw from the region.
UNIQA continues to view a Re-IPO as a central component of its growth strategy. Preparations are underway. The most important part will be the streamlining of the Group, creating a new, market-friendly Group structure. Subject to regulatory approval, Austria Versicherungsverein auf Gegenseitigkeit Privatstiftung and Collegialität Versicherung auf Gegenseitigkeit plan to bring in their holdings in UNIQA Personenversicherung AG in the total amount of 36.6 per cent as investment contribution in kind into the publicly listed "UNIQA Versicherungen AG" holding company. In addition, UNIQA Sachversicherung AG and Call Direct Versicherung AG will be merged with UNIQA Personenversicherung AG to make a new "UNIQA Austria", which will be 100 per cent owned by the publicly listed holding. The Supervisory Board also passed the resolutions required for this at their meeting on the evening of 26 April 2012.
2011 Results:
The UNIQA Group's operational core business developed solidly in the difficult economic environment of 2011. Recurring premiums- including savings portions of unit- and index-linked life insurance - climbed by 4.7 per cent to €5,381.1 million (2010: EUR 5,140.5 million), and in the growth markets of Eastern Europe by as much as 7.7 per cent to EUR 1,095.3 million (2010: EUR 1,017.0 million). Premiums earned - excluding the savings portion of unit- and index-linked life insurance - fell slightly by 0.6 per cent to €5,348.8 million (2010: EUR 5,379.1 million).
The Group cost ratio after reinsurance increased due to CEE growth and one-time expenses. This increase is attributable primarily to one-time expenses associated with the repositioning of the UNIQA Group to the amount of €130.5 million at an above-average rate to 27.1 per cent (2010: 22.6 per cent). Adjusted for one-time expenses, the cost ratio amounted to 24.8 per cent.
The combined ratio after reinsurance in the property and casualty insurance lines fell slightly due to the improved level of claims to 105.1 per cent (2010: 105.4 per cent). Adjusted for one-time expenses for repositioning the Group, the combined ratio after reinsurance sank to 101.0 per cent.
Investments including unit- and index-linked life insurance fell slightly in 2011 by 0.7 per cent to €24,601.1 million (31 Dec. 2010: EUR 24,778.7 million). Net income from capital investments fell due to write-downs of Greek bonds in the amount of €348 million net and the overall negative developments in the financial markets by 74.0 per cent to €226.6 million (2010: €872.3 million).
Profit on ordinary activities in 2011 amounted to €-325.6 million (2010: €141.8 million) in 2011. These results include significant one-time effects: Write-downs of Greek bonds to the amount of €348 million net and one-time expenses associated with the repositioning of the UNIQA Group - including write-downs of investments - to the amount of €175.8 million. On the other hand, the results contain a positive effect from a change in the reinsurance strategy in the amount of €40 million. Adjusted for one-time effects, the positive profit on ordinary activities would be €158.2 million. The Group results amounted to €-245.6 million (2010: €42.3 million).
The Management Board will propose to the Supervisory Board and the Annual General Meeting on 29 May 2012 that there be no dividend for the 2011 financial year.
Legal notices
This announcement contains statements which refer to the future development of the UNIQA Group. These statements are appraisals that are made based on all information available to us at the current point in time. Should the assumptions underlying this information not come to pass, the actual results could vary from the results currently expected. For this reason, we cannot accept liability for these statements.
This information neither contains an offer, nor is it a request or an invitation to make an offer to purchase or to issue shares in UNIQA Versicherungen AG. A public offer of shares in UNIQA Versicherungen AG may only be made in Austria after publishing a prospectus compiled in accordance with the conditions of the Capital Market Act. Any purchase order relating to shares in UNIQA Versicherungen AG that are received before the beginning of a public offer shall be rejected. If a public offering is to take place in Austria, a prospectus shall be prepared in accordance with the Capital Market Act and be made available at no cost at the headquarters of the company during normal working hours.
This information may not be sent, directly or indirectly, to the United States of America (including its territories, protectorates, states and the District of Columbia). This information is neither an offer nor a part of an offer to purchase or issue shares, nor is it a request to make an offer to purchase or issue securities in the United States of America. The shares mentioned herein of UNIQA Versicherungen AG (the "shares") may not be offered or sold in the United States of America, unless they are registered or exempt from the duty to register in accordance with the US-American Securities Act of 1933 in its current version (the "Securities Act"). The shares are not and shall not be registered in accordance with the Securities Act and shall not be offered or sold in the United States of America, except as the basis of an applicable exception from the duty to register.
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Vienna, 27. April 2012