EANS-Adhoc: UNIQA Insurance Group AG UNIQA on track for a significant rise in
EBT in 2014 as a whole after robust development in the first nine months-EBT
target for 2015 adjusted to between EUR 425 million and EUR 450 million
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Financial Figures/Balance Sheet/9-month report
26.11.2014
UNIQA on track for a significant rise in EBT in 2014 as a whole after robust
development in the first nine months-EBT target for 2015 adjusted to between
EUR 425 million and EUR 450 million
· After a robust development in the first three quarters of 2014, UNIQA
generates EBT of EUR 275.2 million (+3.3 per cent)
· UNIQA specifies outlook for 2014 as a whole ("significant increase in
comparison to 2013") with EBT forecast of EUR 370 - 380 million (+20 per cent)
and consolidated net profit of EUR 275 - 285 million
· UNIQA adjusts the original EBT target for 2015("up to EUR 550
million") in line with the economic environment and currently anticipates a
double-digit percentage increase in EBT in 2015 compared to 2014 to a level of
EUR 425 - 450 million
The UNIQA Insurance Group (UNIQA) improved its earnings before tax (EBT) by 3.3
per cent to EUR 275.2 million (1-9/2013: EUR 266.3 million) in a challenging
economic environment in the first three quarters of 2014. Adjusted for the non-
recurring effect (in the amount of EUR 51.6 million) from the sale of the hotel
group in 2013 and despite the complete write-off of EUR 35.4 million on Hypo
Alpe-Adria-Bank International bonds, EBT rose by more than 28 per cent. This
increase in earnings was attributable to a 5.3 per cent rise in retained
premiums earned in accordance with IFRS (i.e. not including the savings portion
of unit- and index-linked life insurance), a EUR 30.3 million (-9.9 per cent)
reduction in administrative expenses, an improved technical profit of EUR 120.0
million (+94.1 per cent) and a 4.3 per cent increase in net investment income to
EUR 586.2 million.
Outlook for 2014
Despite the subdued economy, for 2014 as a whole UNIQA anticipates an increase
in retained premiums earned in accordance with IFRS of around 4 per cent
compared to 2013, a further improvement in the cost ratio to a little over 23
per cent, stable investment income and EBT of between EUR 370 million and
EUR 380 million. This represents an increase of more than 20 per cent in
comparison to the EBT of EUR 305.6 million generated in 2013. UNIQA expects to
generate a consolidated profit (after taxes and minority interests) of EUR 275
million to EUR 285 million in 2014. The outlook for 2014 assumes that there will
be no negative developments on the capital markets and no extraordinary large
losses caused by natural disasters in the remaining weeks of the year.
In line with the dividend policy, UNIQA intends to distribute between 40 and 50
per cent of the consolidated profit as a dividend again for the 2014 financial
year.
Targets for 2015
In light of the fact that economic growth has slowed considerably in large parts
of Europe in recent months and the economic forecasts for 2015 were recently
lowered further, UNIQA now anticipates weaker growth for the coming year than
originally expected. Growth is also held back by the very low interest rate
level, which decreased further over the course of 2014 and is not expected to
see a turnaround in the near future, either. Combined with increasing
geopolitical tensions, UNIQA believes that this results in an unusually high
degree of uncertainty with regard to the medium-term economic development in
Europe.
This unstable environment prompted UNIQA to revise its planning in comparison to
the original targets, which had specified an increase in EBT to up to EUR 550
million for the 2015 financial year. UNIQA currently still expects double-digit
percentage growth in the profit on ordinary activities to a level of EUR 425
million to EUR 450 million, moderate growth in premiums and a further
improvement in the cost ratio in 2015 as against 2014.
In the medium term, UNIQA will increasingly focus on managing costs, improving
efficiency and further increasing the profitability of its core insurance
business.
Financial report for1st - 3rd quarter of 2014
In light of the specified outlook, UNIQA will publish its financial report for
the 1st - 3rd quarter of 2014 on the Group website www.uniqagroup.comon 26
November 2014, a day earlier than originally announced in the financial
calendar.
Key data for the first three quarters of 2014
Change
1-9/2014 1-9/2013 in %
Figures in
millions of
euros unless
otherwise
stated
Premiums
written
including the
savings portion
from unit- and
index-linked
life insurance 4,492.6 4,447.3 +1.0
Premiums earned
including the
savings portion
from unit- and
index-linked
life insurance 4,271.0 4,201.3 +1.7
Retained
premiums earned
in accordance
with IFRS 3,900.7 3,703.5 +5.3
... of which
property and
casualty
insurance 1,869.8 1,834.1 +1.9
... of which
health
insurance 718.5 701.8 +2.4
... of which
life insurance 1,312.4 1,167.7 +12.4
Retained
insurance
benefits1) -3,175.5 -2,960.1 +7.3
Operating
expenses2) -953.9 -968.9 -1.6
Cost ratio
(after
reinsurance) 22.3% 23.1% -
Combined ratio
(after
reinsurance) 98.9% 98.8% -
Net investment
income 586.2 561.8 +4.3
Technical
result 120.0 61.8 +94.1
Profit on
ordinary
activities 275.2 266.3 +3.3
Consolidated
net profit 189.1 209.7 -9,9
Investments3) 29,119.3 26,883.2 +8,3
Total equity
including non-
controlling
interests 3,197.7 2,002.4 59.7
1) Including expenses for profit-sharing and premium refunds
2) Less reinsurance commissions and profit shares from reinsurance business
ceded.
3) Including owner-occupied land and buildings, land and buildings held as
financial investments, shares in associated companies, unit- and index-linked
life insurance investments and liquid funds.
Forward-looking statements
This press release contains statements referring to the future development of
the UNIQA Group. These statements present estimates 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 deviate
from the results currently expected. As a result, no liability is accepted for
this information.
Further inquiry note:
UNIQA Insurance Group AG
Norbert Heller
Tel.: +43 (01) 211 75-3414
mailto:norbert.heller@uniqa.at
end of announcement euro adhoc
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issuer: UNIQA Insurance Group AG
Untere Donaustraße 21
A-1029 Wien
phone: 01/211 75-0
mail: investor.relations@uniqa.at
WWW: http://www.uniqagroup.com
sector: Insurance
ISIN: AT0000821103
indexes: WBI, ATX Prime, ATX
stockmarkets: official market: Wien
language: English