GWP of UNIQA Insurance Group rose by 6.5% to EUR 1,980 million in the first quarter of 2023 compared to the same period of the previous year.
UNIQA continues to expect solid and resilient profit contributions from the core underwriting business both in Austria and in CEE. It is not possible to provide a reliable outlook for the entire financial year, however, due to the war in Ukraine and the continuing uncertainties on the capital markets. UNIQA is therefore still not issuing a profit forecast for the year as a whole.
This positive development is due primarily to strong growth in property and casualty insurance across all countries as well as rising premiums in health insurance.
The remarkable growth as well as the comparatively low claim load in the area of major losses and storm damage result in a strong technical result of EUR 133 million.
At EUR 124 million, net investment income is significantly above expectations, primarily due to an improvement in current income.
Earnings before taxes amount to EUR 124 million in the first quarter of 2023 and result in a consolidated profit (share of profit for the period attributable to the shareholders of UNIQA Insurance Group AG) of EUR 101 million.
The solvency capital requirement (SCR) ratio according to Solvency II, which is considered to be an indicator for capitalisation, was 253 per cent at UNIQA as at 31 March 2023.
This represents an increase of a further 7 percentage points compared to the reporting date of 31 December 2022.
The premiums written in property and casualty insurance grew by 9.8% on the previous year to EUR 1,211 million in the first three months of 2023. The gross combined ratio in property and casualty insurance was a very encouraging 88.7% due to low major losses and storm damage and solid settlement results.
In health insurance, growth of 6.2% to EUR 346 million was recorded in premiums written in the first quarter of 2023. In life insurance, premiums written decreased slightly in the first quarter of 2023 by 1.8% to EUR 423 million.
New business in health and life insurance continues to be at a very good level and was at the same levels as the previous year with a new business margin of 4.4% and a new business value of EUR 35 million.
The contractual service margin was EUR 5,642 million and increased by 5.7%. This new balance sheet item represents the profits expected in future from contracts in the long-term business in life and health insurance.