23.05.2025 |
- Premium increase of 13.2 per cent
- Consolidated profit rose by 10.9 per cent to €118.6 million
- Earnings before taxes grew by 4.1 per cent to €151.1 million
- Improvement in net combined ratio to a very healthy 88.2 per cent
- Strong solvency capital requirement (SCR) ratio of 274 per cent
The positive trend from the previous year continued in the first quarter, with premiums written rising by 12.4 per cent in the CEE region, strongly driven by Poland, and by 4.3 per cent in Austria.
“Together with an excellent technical result - our combined ratio after reinsurance fell to 88.2 per cent - the strong growth of 13.2 per cent more than compensates for the turbulence on the capital markets as a result of the customs conflict triggered by the USA and the weaker financial result associated with this,” says Andreas Brandstetter, CEO of UNIQA Insurance Group AG.
Key figures for 1 – 3/2025
Premiums written at UNIQA Insurance Group AG, including savings portions from unit-linked and index-linked life insurance, rose by 13.2 per cent to €2,472.5 million in the first three months of 2025 compared with the same period of the previous year (1 – 3/2024: €2,184.3 million). Property and casualty insurance in particular, which accounts for around 65 per cent of the Group’s total premium volume, contributed to this welcome result with extraordinarily strong growth of 17.5 per cent.
Insurance revenue – in accordance with IFRS 17 – at the UNIQA Group rose in the first quarter of 2025 by 10.3 per cent to €1,751.2 million (1 – 3/2024: €1,587.9 million). All business lines and segments contributed towards this: property and casualty insurance grew by 9.9 per cent, health insurance by 8.4 per cent and life insurance by 16.2 per cent. Insurance revenue in Austria rose by 5.2 per cent, and gained 16.5 per cent in the international companies.
UNIQA’s technical result increased by 42.2 per cent to €199.6 million (1 - 3/2024: €140.4 million).
Net investment income fell to €108.8 million in the first three months of 2025 due to the turbulence on the international financial markets (1 - 3/2024: €237.5 million).
The financial result amounted to €21.1 million (1 – 3/2024: €70.7 million) in the reporting period.
The UNIQA Group’s earnings before taxes improved by 4.1 per cent to €151.1 million (1 – 3/2024: €145.1 million).
Consolidated profit (after tax and non-controlling interests) increased considerably by 10.9 per cent to €118.6 million (1 – 3/2024: €106.9 million).
The solvency capital requirement (SCR) ratio in accordance with Solvency II, which is considered to be a measure of capitalisation, was at a high level at UNIQA at around 274 per cent as at the reporting date of 31 March 2025.
The contractual service margin increased to €5,415.9 million as at 31 March 2025 (1 January 2025: €5,345.6 million).
This balance sheet item – new since IFRS 17 – represents the profits expected from insurance contracts in future.
Results in the business lines
Property and casualty insurance
Premiums written in property and casualty insurance grew in the first three months of 2025 by 17.5 per cent to €1,616.0 million (1 – 3/2024: €1,375.7 million).
The gross combined ratio (before reinsurance) in property and casualty insurance decreased to 86.2 per cent (1 – 3/2024: 86.7 per cent) due to lower claim loads.
The net combined ratio (after reinsurance) also fell from 91.7 per cent to 88.2 per cent.
Health and life insurance
In health insurance, growth of 6.3 per cent to €411.6 million in premiums written was recorded in the first quarter of 2025 (1 – 3/2024: €387.1 million).
In life insurance, the premiums written including savings portions from unit-linked and index-linked life insurance rose by 5.6 per cent to €444.9 million in the reporting period (1 – 3/2024: €421.4 million).
New business in health and life insurance remained at a good level in the first three months of 2025.
Here you can find a video in which CFO Kurt Svoboda analyses the results for the first quarter of 2025
Business 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 earnings 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.