UNIQA Insurance Group has published report about positive developments of the companies in CEE, which made a substantial contribution of around 50% to its increased profitability.
A premium growth of 4%, a total cost ratio of 32.5%, a combined ratio in property and casualty insurance of 92%, a return on equity of 14%, a solvency ratio of 170%.
The premiums written rose by 9.7% to EUR 7,185.6 million in 2023, and earnings before taxes were above expectations at EUR 426.4 million.
The combined ratio improved significantly to 89.4%, with the very good underwriting development of international business playing an important role in this.
Special attention focused on the health ecosystem. Over the next few years, EUR 245 million will be invested in private hospitals, a proprietary network of doctors, telemedicine, occupational health care, and 24-hour home care.
UNIQA experienced another successful financial year in 2023. The group achieved approximately 10% growth in premiums written and increased their earnings to EUR 426 million, despite severe storm events, particularly in Austria.
For the 2024 financial year, we are concentrating on further improving our core insurance business in two home markets of Austria and CEE
Kurt Svoboda, CFO/CRO UNIQA Insurance Group
UNIQA updated its earnings target calculations for 2024 in alignment with the new IFRS 17 and IFRS 9 accounting standards, effective January 1, 2023.
UNIQA maintains a robust and stable regulatory capital ratio under Solvency II, standing at 255% compared to 246% in the previous year.
The regulatory capital ratio, for which UNIQA does not make use of any transitional provisions, results from the ratio of the equity capital of EUR 5,941 million and the equity capital requirement of EUR 2,328 million. The share of particularly safe Tier 1 capital currently accounts for 86% of UNIQA’s own funds.
Expectations of strong growth in property and health insurance are based on targeted sales activities as well as adjustments related to inflation and index developments.
In the 2024 financial year UNIQA continue to expect high expenses for services in property and health insurance as well as – due to inflation – in the general cost area.
It is therefore crucial to maintain strict cost discipline and continuously make optimizations in cost management.
These forecasts may be negatively impacted by geopolitical upheavals and the resulting uncertainties in global capital markets, volatile interest rates, general inflation trends, and especially increased claims payments due to natural catastrophes.
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