EANS-Adhoc: UNIQA Insurance Group AG Insolvency of Veneto Banca triggers
contractual guarantee and leads to a decline in net profit for the period in the
?discontinued operations? of ? 33.4 million
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Disclosed inside information pursuant to article 17 Market Abuse Regulation
(MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution.
The issuer is responsible for the content of this announcement.
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Financial Figures/Balance Sheet
03.08.2017
Wien - In December 2016 UNIQA Insurance Group AG (UNIQA) sold its Italian
subsidiaries to the Italian mutual insurance company Società Reale Mutua di
Assicurazioni. In the course of the transaction a contractual was issued, which
guaranteed up to EUR 40 million for the sales cooperation with Veneto Banca,
which is valid until 2019. In the context of the insolvency of Veneto Banca, it
has now been made public that Banca Intesa will take over part of Veneto Banca's
operations but will probably not adopt the sales cooperation. As a result, UNIQA
Insurance Group AG (UNIQA) will probably be required to make the contractually
assured payments in full. UNIQA reserves the right to take further legal
measures.
Due to this one-off negative effect on the result from discontinued operations,
UNIQA expects to record net profit in a range between EUR 38 million and EUR 43
million in the first half of 2017 as compared to the previous year's figure of
EUR 91.3 million. Earnings before taxes are expected to increase from EUR 86.6
million in the first half of 2016 to between EUR 90 million and EUR 96 million
in the first half of 2017.
UNIQA will publish its results for the second quarter and the first half of 2017
on 23 August as planned.
The outlook for the 2017 financial year is being confirmed: UNIQA anticipates a
slight year-on-year improvement in earnings before taxes compared to 2016 (EUR
225.5 million). UNIQA also plans to slightly increase its dividend per share for
2017 compared with the previous year.
Further inquiry note:
UNIQA Insurance Group AG
Gregor Bitschnau
Tel: +43 (01) 211 75-3440
Mobile: +43 664 88915564
E-Mail:gregor.bitschnau@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
FAX:
mail: investor.relations@uniqa.at
WWW: http://www.uniqagroup.com
ISIN: AT0000821103
indexes: ATX, WBI
stockmarkets: Wien
language: English