EANS-Adhoc: UNIQA Insurance Group AG earnings target achieved; dividend
increase again in
2016
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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 solely responsible for the content of this announcement.
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annual result/Preliminary figures for 2016
09.03.2017
UNIQA Insurance Group AG: earnings target achieved; dividend increase again in
2016
- Preliminary figures for 2016: At EUR 225.5 million, earnings before taxes
(EBT) were slightly better than anticipated despite the disposal of the
Italian business. Premiums written dropped 3.1 per cent as a result of the
significant decrease in capital-intensive single premiums, while the dividend
for 2016 is to be increased again - to 49 cents per share after 47 cents per
share in 2015 in line with the progressive dividend policy
Based on the UNIQA Insurance Group's resolution in December 2016 to sell its
Italian subsidiaries, the figures for the 2015 and 2016 financial years are
adjusted for the Italian business in accordance with international accounting
standards.1)
Based on preliminary data, the UNIQA Insurance Group generated EBT of
EUR 225.5 million in the 2016 financial year. This means that earnings exceeded
the target announced in January 2016 despite the loss of Italy's contribution to
earnings, which is not taken into account in the forecast, according to which
EBT could have decreased by up to 50 per cent as against the record figure of
2015 (excl. Italy: EUR 397.8 million/incl. Italy: EUR 422.8 million) as a result
of the innovation and investment programme and interest rates that continue to
be extremely low.
At EUR 5,048.2 million in 2016, premiums written - including the savings portion
of unit- and index-linked life insurance - fell by 3.1 per cent against the
previous year (2015: EUR 5,211.0 million). This was due exclusively to the
planned reduction in capital-intensive single premiums in the life insurance
segment in Austria. The reduction in single premiums was partly offset by
significant increases in premiums in the health insurance segment of 4.1 per
cent (2016: EUR 1,003.7 million/2015: EUR 964.4 million) and the property and
casualty insurance segment of 3.2 per cent (2016: EUR 2,518.4 million/2015:
EUR 2,439.2 million). As a result of this development, recurring premiums
written increased across the Group by 2.3 per cent to EUR 4,879.0 million in
2016 (2015: EUR4,770.4 million).
In 2016 (operating) expenses increased by 8.1 per cent to EUR 1,286.4 million
(2015: EUR 1,190.4 million) due to announced investments from the innovation
programme of around EUR 60 million. As a result of this development, the
consolidated cost ratio after reinsurance climbed to 26.6 per cent (2015:
23.7 per cent) and the combined ratio increased to 98.1 per cent (2015: 97.9 per
cent). Adjusted for investments, the combined ratio is 97.1 per cent.
The UNIQA Insurance Group intends to continue its announced progressive dividend
policy. This is why the Management Board will propose to the Supervisory Board
and Annual General Meeting that a higher dividend of 49 cents per share be paid
for the financial year (2015: 47 cents).
Outlook
Despite significant future investments and persistently difficult conditions,
such as low interest rates, falling investment income and political uncertainty
in individual markets, UNIQA anticipates slight growth in premiums and earnings
for the 2017 financial year.
The progressive dividend policy with annual increases in the dividend per share
is to be continued in the future.
1. Earnings from the disposal and the business results of Italian Group
companies for 2016 are reported in the income statement as "discontinued
operations" under earnings before taxes. As a result, all of the
information in this report exludes Italy.
Note
All the figures for the 2016 financial year are based on unaudited preliminary
data. On 21 April, the final annual report with audited figures will be
published on the Group's website at www.uniqagroup.com.
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