EANS-News: UNIQA Insurance Group AG UNIQA remains on track in the third
quarter 2015
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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9-month report
UNIQA remains on track in the third quarter 2015
· Premiums written (including savings portion) increased by 8.3 per cent
to EUR 4,866.1 million
· Combined ratio improved from 99.0 per cent to 98.0 per cent
· Group cost ratio reduced from 22.7 per cent to 21.4 per cent
· EBT of EUR 301.9 million (+9.7 per cent)
· Consolidated net profit rose by 29.6 per cent to EUR 245.0 million
In the first nine months of 2015, UNIQA Insurance Group AG (UNIQA Group)
generated an operating profit of EUR 340.4 million (+10.6 per cent; 1-9/2014:
EUR 307.9 million). Profit from ordinary activities (EBT) amounted to EUR 301.9
million (+9.7 per cent; 1-9/2014: EUR 275.2 million). Consolidated net profit
(after taxes and minority interests) amounted to EUR 245.0 million (+29.6 per
cent; 1-9/2014: EUR 189.1 million).
Andreas Brandstetter, CEO of UNIQA Insurance Group AG: "Our strong earnings
performance was due particularly to positive performance in health insurance and
a significant rise in profitability in international business. In addition to
this we were able to reduce the cost ratio and have also improved the combined
ratio despite the negative impact of the hailstorms in the third quarter. In
view of the challenges posed by the continuing low interest rate environment,
which will particularly affect net investment income in life insurance, as well
as the weak economic situation in parts of Europe, we are continuing to focus on
our core business and in the process are concentrating on continuously improving
our insurance operating business. We are keeping to our ambitious earnings
outlook for 2015."
Key Group figures 1-9/2015
Premiums written by UNIQA Group, including the savings portion of unit- and
index-linked life insurance, increased by 8.3 per cent to EUR 4,866.1 million in
the first nine months of 2015 (1-9/2014: EUR 4,492.6 million). This increase is
primarily attributable to very strong growth in single premium business in life
insurance in the first three months of the year - particularly in bank-based
sales in Italy - and good development in the area of health insurance. While
recurring premiums rose by 0.2 per cent across all business areas, single
premiums in life insurance climbed by 58.5 per cent. Premiums in property and
casualty insurance rose only slightly to EUR 2,029.6 million (+0.3 per cent;
1-9/
2014: EUR 2,024.2 million) as a result of restraint in the highly competitive
vehicle business in CEE. Premiums written in life insurance were up 19.6 per
cent at EUR 2,087.5 million (1-9/2014: EUR 1,744.8 million), while premium
income
in health insurance increased by 3.5 per cent to EUR 749.1 million (1-9/2014:
EUR 723.6 million).
Retained premiums earned (in accordance with IFRS, not including the savings
portion of unit- and index-linked life insurance) increased by 10.4 per cent to
EUR 4,307.6 million (1-9/2014: EUR 3,900.7 million).
The UNIQA Group's net insurance benefits increased by 10.6 per cent to
EUR 3,512.5 million in the first nine months of 2015 (1-9/2014: EUR 3,175.5
million) primarily as a result of the substantial increase in premiums in life
insurance. This figure includes costs of EUR 28.6 million resulting from the
hailstorms in the third quarter.
Total operating expenses less reinsurance commissions increased by 3.0 per cent
to EUR 998.5 million compared with the same period of the previous year (1-9/
2014: EUR 969.1 million). Despite the strong premium growth, operating expenses
for acquisition only rose by 4.3 per cent to EUR 708.5 million (1-9/2014:
EUR 679.2 million). From January to September 2015, other operating expenses
(administrative expenses) remained exactly the same as in the previous year at
EUR 289.9 million.
The Group cost ratio (after reinsurance) improved by 1.3 percentage points from
22.7 per cent to 21.4 per cent. However, the cost ratio will increase again
somewhat by the end of the year when premium growth levels off as planned and
expected.
The combined ratio (after reinsurance) improved by 1.0 percentage points to 98.0
per cent despite the negative impact of the hailstorms (1-9/2014: 99.0 per
cent).
Net investment income climbed by 2.8 per cent to EUR 618.0 million in the first
nine months of 2015 (1-9/2014: EUR 601.5 million). This is chiefly due to lower
losses from the disposal of investments and continued reorganisation of the
strategic investment policy.
The investment portfolio of UNIQA Group (including unit- and index-linked life
insurance investments) increased by 1.8 per cent as against the end of the
previous year to EUR 29,740.6 million as at 30 September 2015 (31 December 2014:
EU R29,212.7 million).
UNIQA Group's profit from ordinary activities amounted to EUR 301.9 million, up
9.7 per cent compared to the same period of the previous year (1-9/2014:
EUR 275.2 million).
Consolidated net profit (after taxes and minority interests) increased by 29.6
per cent to EUR 245.0 million (1-9/2014: EUR 189.1 million). Earnings per share
amounted to EUR 0.79 (1-9/2014: EUR 0.61). The return on equity after taxes and
minority interests rose to 10.6 per cent in the first three quarters of 2015 (1-
9/2014: 8.7 per cent).
UNIQA Group's equity increased by 0.6 per cent to EUR 3,081.9 million (31
December 2014: EUR 3,063.5 million). The solvency ratio (Solvency I) remained
stable at 295.1 per cent (31 December 2014: 295.4 per cent).
The number of employees at the UNIQA Group fell to 14,038 (1-9/2014: 14,451).
Outlook
For 2015, the UNIQA Group has set itself the target of increasing its profit on
ordinary activities to between EUR 425 million and EUR 450 million. This assumes
that the capital market environment will be stable, that economic development
will improve moderately and that losses caused by natural disasters will remain
within a normal range.
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.
UNIQA
The UNIQA Group is one of the leading insurance groups in its core markets of
Austria and Central and Eastern Europe (CEE). 22,000 employees and exclusive
sales partners serve more than 10 million customers in 19 countries. UNIQA is
the second-largest insurance group in Austria with a market share of around 22%.
UNIQA operates in 15 markets in the CEE growth region: Albania, Bosnia and
Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Kosovo, Macedonia,
Montenegro, Poland, Romania, Russia, Serbia, Slovakia, and Ukraine. The UNIQA
Group also includes insurance companies in Italy, Switzerland and Liechtenstein.
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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company: 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