DOCSLIB.ORG

Credit Report UNIQA

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Credit Report UNIQA Erste Group Research Erste Group Research Credit Report | Corporate Bonds | Austria 11. June 2019 UNIQA Insurance Group Analyst: Peter Kaufmann, CFA Austria’s Second Largest Insurance Group [email protected] With a market share of 22%, UNIQA is the second largest insurance group Key financials in EUR mn 2016 2017 2018 in Austria behind Vienna Insurance Group. The group generates 70% of its Gross Prem. Written* 5,048 5,293 5,309 premium income in Austria. UNIQA is the clear market leader in health Net investment income 589 572 581 insurance in Austria, with a market share of 46%. The group generates Profit before taxes 226 265 295 around 30% of its premium income in CEE, where it has a presence in 15 Combined Ratio 98.1% 97.5% 96.8% Claims Ratio 65.7% 65.9% 65.4% markets. Its largest segment is property-casualty insurance (share of Cost Ratio 32.4% 31.6% 31.4% premiums written: 52%), followed by life (27%) and health insurance (21%). Solvency II Ratio 202% 250% 248% UNIQA's solvency capital ratio stood at 248% at the end of 2018 (most Source: UNIQA, Erste Group Research *incl. savings portion of premiums from unit- and recent available figure), which is very strong by European standards (see index-linked life insurance page 6). S&P most recently affirmed UNIQA's rating on 21 Dec. 2018 (see Key financials 1Q 2019 table on the left hand side). The outlook is stable. in EUR mn 1Q 2018 1Q 2019 Delta While premium income remained stable in 2018, pre-tax earnings rose Gross Prem. Written* 1,535 1,530 -0.4% Net investment income 140 101 -27.9% (+11.3% y/y). This reflected improved actuarial results and higher Profit before taxes 71 42 -40.5% investment income. The latter benefited strongly from the profit on the sale Combined Ratio 97.4% 96.3% -1.1%-pt Claims Ratio 66.3% 64.7% -1.6%-pt of a stake in Casinos Austria in the amount of EUR 47.4mn. Premium Cost Ratio 31.2% 31.6% +0.4%-pt income in the property/casualty (+5.1% y/y) and health insurance segments Source: UNIQA, Erste Group Research (+4.3% y/y) continued to grow. The combined ratio (CoR) declined by 0.7%- S&P-Ratings UNIQA Insurance Group AG points to 96.8% in 2018 vs. 2017: both the claims and the cost ratio Rating Type Rating Outlook decreased. Premium income fell only in the life insurance segment (-10.1% Financial Strength Rating A- stable y/y). The main driver of this was the single-premium business (-55.6% y/y). Issuer Credit Rating A- stable The reduction in this segment was deliberate and reflects an industry-wide Junior Subordinated BBB stable Source: UNIQA, Erste Group Research trend. Premiums written declined slightly in Q1 2019 (-0.4% y/y). Growth in Contents property/casualty (+1.4% y/y) and health insurance premiums (+3.1% y/y) Austria’s Second Largest Insurance Group .. 1 SWOT analysis ............................................ 5 partially offset the planned decrease (single premiums) in the life insurance Peer Group Comparison & Relative Value.... 6 business (-6.8% y/y). Administrative expenses increased by 8.4% y/y (inter Appendix: Cons. Income Statement & alia due to an ongoing IT investment program). The investment result Balance Sheet .............................................. 7 declined by 28% year-on-year due to the absence of the one-off gain recognized in Q1 2018 (gain from the sale of Casinos Austria stake). This affected pre-tax earnings (EUR 42.3mn; -40.5%, y/y). Thanks to a reduction Major Markets & Credit Research Gudrun Egger, CEFA (Head) in the claims ratio, the CoR declined to 96.3% (-1.1%-points). UNIQA expects premium income to grow slightly in FY 2019. An increase of Corporate Bonds Peter Kaufmann, CFA approx. 2% is expected in the property/casualty segment. Health insurance Bernadett Povazsai-Römhild, CEFA premiums are expected to grow by 3% in line with the trend. Premium Elena Statelov, CIIA income in the life insurance segment is expected to decline due to weak demand in Austria. The CoR should improve further. It is planned to lower it Prices: 11.06.2019, 14:20 Report completed: 11.06.2019, 14:30 to 95% by 2020. At the end of 2018 it was still above the median of the Report published: 11.06.2019, 14:42 European peer group. The investment result is expected to decrease compared to 2018. Adjusted for the one-off gain from the sale of the Editor: Gerald Walek, CFA Casinos Austria stake, pre-tax earnings are expected to grow in 2019. UNIQA is gradually raising its dividend in line with its progressive dividend policy (payout ratio 2018: 66.9%). Note: Past performance is not necessarily indicative of future results. We consider the group's subordinated bonds to be undervalued relative to comparable bonds. Major Markets & Credit Research Page 1 For the exclusive use of Erste Group Client (Erste Group) Erste Group Research Credit Report | Corporate Bonds | Austria 11. June 2019 The health insurance business is very important for UNIQA. In 2018 premiums earned (retained) in the segment were almost as high as in the life insurance business. 93% of the group's health insurance premiums are written in Austria. Growth in Austria's health insurance market has been fairly strong for several years (2018 premium volume: +4.3% y/y): growth of 3.5% is expected in 2019. Austria's property/casualty insurance market is also growing steadily (2018: +3.7% y/y). By contrast, the life insurance market has experienced declines for several years (2018: -3.5% y/y). These trends seem set to continue. Premium volume and EBT are growing since 2017 Property/casualty the largest segment Premiums written*, pre-tax earnings, EUR mn Retained premiums earned by segment, EUR mn 7,000 450 397.8 6,064 400 6,000 1,096.3 1,094.0 5,211 5,293 5,309 377.9 5,048 350 5,000 294.6 300 264.6 1,038.9 1,080.3 4,000 225.5 250 3,000 200 150 2,000 2,495.1 2,584.1 1,211 1,231 100 1,000 71.1 50 42.3 0 0 2014 2015 2016 2017 2018 Q1 2018 Q1 2019 2017 2018 Gross Prem. Written Profit before taxes P/C Health Life Source: UNIQA, Erste Group Research Source: UNIQA, Erste Group Research * incl. premiums of the savings portion from unit-linked and index- linked life insurance Insurance markets in the CEE region benefited from continued strong economic conditions in 2018. Especially the household, homeowners' and car insurance segments developed positively in the region. The latter segment is benefiting from an increase in registrations and a growing vehicle fleet. The Romanian market remains difficult, mainly due to fierce price competition in motor vehicle third party liability insurance. The Polish life insurance market is weak as well: single-premium policies are declining sharply. Overall, management expects that the insurance industry will continue to exhibit stronger momentum in the CEE region than in Austria and Western Europe in 2019. Health insurance segment in Austria provides large In the CEE region the health insurance segment earnings contribution remains of subordinate importance so far UNIQA AT: net earnings, EUR mn UNIQA International: net earnings, EUR mn 37.5 116.8 112.8 110.2 107.0 27.4 17.5 15.5 35.6 12.0 0.2 Life P/C -0.1 Health P/C Health Life 2017 2018 2017 2018 Source: UNIQA, Erste Group Research Source: UNIQA, Erste Group Research Major Markets & Credit Research Page 2 For the exclusive use of Erste Group Client (Erste Group) Erste Group Research Credit Report | Corporate Bonds | Austria 11. June 2019 Poland, the Czech Republic and Hungary are UNIQA's largest markets in the CEE region in terms of premium volume. The Czech Republic, Russia and Poland provided the largest contributions to pre-tax earnings in 2018. The low insurance density in the CEE region suggests strong long-term growth potential. Poland, Czech Republic, Hungary the most Low insurance density in CEE region provides long important CEE markets term growth potential 2018 premiums, EBT in EUR mn; UNIQA International Insurance premiums per capita in USD, 2017 segment by region (market position in brackets) 309 274 2,687 213 2,217 138 1,651 99 93 84 78 71 15 13 49 47 38 11 20.1 16.5 32 0.4 14.6 4.6 5.1 -0.5 3.2 6.1 1.7 1.9 -0.3 1.5 1.0 0.5 0.8 609 444 421 348 333 175 125 123 38 Serbia Serbia (6) Croatia (7) Croatia Albania Albania (1) Kosovo (1) Ukraine (1)Ukraine Russia (10)Russia Poland (11) Poland Bulgaria (9) Hungary (8)Hungary (4)Slovakia Romania (8) Montenegro Montenegro (3) Czech Rep. Czech Rep. (5) Western Europe Western Serbia Austria Poland Croatia North Macedonia(5)North Ukraine Bulgaria Slovakia Hungary Romania Germany Europe Ø Europe Bosnia-Herzegowina Bosnia-Herzegowina (4) Gross Prem. Written by country/region (UNIQA International) EBT by country/region (UNIQA International) Czech Republic Source: UNIQA, Erste Group Research Source: UNIQA, Erste Group Research In UNIQA's largest CEE markets Poland (96.4%), Czech Republic (92.8%) and Hungary (81.3%), the group's combined ratio stands at quite good levels. In 2018 it was particularly low in Hungary at 81.3%. In Austria the combined ratio was also reported at a very strong 91.6% in 2018. Combined ratio to decrease to 95% until 2020 Important markets CZ & HU exhibit strong CoR Combined ratio of the group since 2014 Combined ratio vs.
Load more

Recommended publications
  • Safer Better Longer Patient-Driven Healthcare Opportunities for Start-Ups a Look Into the Future: the World in 2030 Interview with Peter Eichler
    safer better longer Patient-driven healthcare Opportunities for start-ups A look into the future: the world in 2030 Interview with Peter Eichler. Page 25 Impact Hub Vienna launches Mission 120. Page 37 Urbanisation, climate change and more. Page 49 UNIQA Group 2017 Sustainability Report Dear Readers, Our future My colleagues on the board and I belong to a generation that, Thirty-six-year-old Silvana Darda has been working at UNIQA in its youth, was very critical of the political views held by our for 13 years. She just recently became the mother of Emilia. parents and grandparents: we were concerned with issues such as nuclear energy, equal education opportunities for all, the im- She explained to us what sustainability means to her and how she portance of protecting the environment – think: the occupation of the would like to pass these values on to her child. Hainburger Au wetlands – or how the majority of the political parties and population dealt with Austria’s role before, during and after the Nazi regime – keyword: the Wald- Sometimes when Emilia is asleep in my arms, I lean down and gently inhale, and heim Affair. The stubbornness that we saw in the self-righteous establishment made us then thoughts come up that probably go through every mother’s mind: What will furious. We knew we were going to be totally different when we were adults. the world be like when my baby is 60 years old? When I am no longer there to pro- tect her. When she might already have grandchildren of her own.
    [Show full text]
  • UNIQA Annual Financial Report 2018
    At the forefront. Annual Financial Report 2018 according to section 124(1) of the Austrian Stock Exchange Act UNIQA Insurance Group AG 2 Contents 3 Contents Consolidated Corporate Governance Report 4 Report of the Supervisory Board 16 Group Management Report 22 Consolidated Financial Statements 42 Segment Reporting 51 Notes to the Consolidated Financial Statements 62 Risk Report 120 Approval for publication 137 Declaration of the legal representatives 138 Audit Opinion 139 4 Consolidated Corporate Governance Report CORPORATE GOVERNANCE 5 UNIQA has been committed to compliance with the UNIQA also declares its continued willingness to comply Austrian Code of Corporate Governance since 2004 and with the Austrian Code of Corporate Governance as cur- publishes the declaration of conformity both in the Group rently amended. However, UNIQA deviates from the provi- report and on www.uniqagroup.com in the Investor Rela- sions of the Code as amended with regard to the following tions section. The Austrian Code of Corporate Governance C rules (comply or explain rules), and the explanations are is also publicly available at www.uniqagroup.com and set out below. www.corporate-governance.at. Rule 49 of the Austrian Code The Corporate Governance Report and the Consolidated of Corporate Governance Corporate Governance Report of UNIQA Insurance Group AG are summarised in this report in accordance with Sec- Due to the growth of UNIQA’s shareholder structure and tion 267b in conjunction with Section 251(3) of the Austri- the special nature of the insurance business with regard an Commercial Code. to the investment of assets, there are a number of con- tracts with individual members of the Supervisory Boards Implementation and compliance with the individual rules of related companies in which these Supervisory Board in the Austrian Code of Corporate Governance, with the members discharge duties as members of governing bodies.
    [Show full text]
  • Winter in Prague Tuesday 5 December to Friday 8 December 2017
    emerging europe conference Winter in Prague Tuesday 5 December to Friday 8 December 2017 Our 2017 event held over 4 informative and jam-packed days, will continue the success of the previous five years and host almost 3,000 investor meetings, with over 160 companies representing 17 countries, covering multiple sectors. For more information please contact your WOOD sales representative: WOOD & Company Save Warsaw +48 222 22 1530 the Date! Prague +420 222 096 452 conferences 2017 London +44 20 3530 0611 [email protected] Participating companies in 2016 - by country Participating companies in 2016 - by sector Austria Hungary Romania Turkey Consumer Financials Healthcare TMT Atrium ANY Banca Transilvania Anadolu Efes Aegean Airlines Alior Bank Georgia Healthcare Group Asseco Poland AT&S Budapest Stock Exchange Bucharest Stock Exchange Arcelik AmRest Alpha Bank Krka AT&S CA Immobilien Magyar Telekom Conpet Bizim Toptan Anadolu Efes Athex Group (Hellenic Exchanges) Lokman Hekim CME Conwert MOL Group Electrica Cimsa Arcelik Banca Transilvania Cyfrowy Polsat S.A. Erste Bank OTP Bank Fondul Proprietatea Coca-Cola Icecek Astarta Bank Millennium Industrials Luxoft Immofinanz Wizz Air Hidroelectrica Dogan Holding Atlantic Grupa BGEO Aeroflot Magyar Telekom PORR Nuclearelectrica Dogus Otomotiv Bizim Toptan Bank Zachodni WBK Cimsa O2 Czech Republic RHI Kazakhstan OMV Petrom Ford Otosan CCC Bucharest Stock Exchange Ciech Orange Polska Uniqa Insurance Group Steppe Cement Romgaz Garanti Coca-Cola Icecek Budapest Stock Exchange Dogus Otomotiv OTE Vienna
    [Show full text]
  • Presentation Uniqa 8.17
    UNIQA Insurance Group AG – at a glance The UNIQA Group is one of the leading insurance groups in its core markets in Austria and Central and Eastern Europe. UNIQA has around 40 companies in 18 countries and serves about 10,1 million customers. With UNIQA and Raiffeisen Versicherung, the Group has the two strongest insurance brands in Austria and is well positioned in the CEE markets. The history of UNIQA dates back more than 200 years to the establishment of Salzburger LandesVersicherung AG in 1811. Since then, business has developed into a Europe-wide insurance provider. The first steps towards becoming an insurer outside of Austria were made in 1991. UNIQA Österreich Versicherungen AG is the largest insurance company in the Austrian market with a market share of more than 21.per cent. Around 37 percent of the customers come from the home market and more than two thirds of the premiums are generated in Austria. We are the undisputed market leader in health insurance in Austria, with a 47 per cent market share. UNIQA operates in 15 markets in the CEE growth region: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czechia, Hungary, Kosovo, Northern Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia and Ukraine. The UNIQA Group also includes insurance companies in Switzerland and Liechtenstein. Already 63 per cent of the customers and more than 28 percent of the premiums arise out of the international business of the UNIQA Group. Through the partnership with the Raiffeisen banks in Austria and the CEE region, UNIQA also have access to a dense sales network in our core markets, which gives us an edge over the competition.
    [Show full text]
  • Deliver. UNIQA Group at a Glance
    GROUP REPORT 2013 / UNIQA GROUP Deliver. UNIQA Group at a glance Group key figures 2013 2012 Change Figures in € million Premiums written 5,157.6 4,864.2 +6.0% Savings portion of premiums from unit- and index-linked life insurance (gross before reinsurance) 727.9 679.0 +7.2% Premiums written including the savings portion from unit- and index-linked life insurance 5,885.5 5,543.1 +6.2% of which property and casualty insurance 2,590.5 2,545.9 +1.8% of which health insurance 937.6 909.1 +3.1% of which life insurance 2,357.4 2,088.1 +12.9% of which recurring premiums 1,674.6 1,554.6 +7.7% of which single-premium business 682.8 533.5 +28.0% Premiums written including the savings portion from unit- and index-linked life insurance 5,885.5 5,543.1 +6.2% of which UNIQA Austria 2,806.7 2,708.2 +3.6% of which Raiffeisen Insurance 878.5 819.4 +7.2% of which UNIQA International 2,162.4 1,942.8 +11.3% of which reinsurance 1,633.1 1,280.0 +27.6% of which Group functions and consolidation -1,595.1 -1,207.2 +32.1% Premiums earned (net)1) 4,935.9 4,623.9 +6.7% of which property and casualty insurance 2,438.8 2,394.4 +1.9% of which health insurance 936.1 903.0 +3.7% of which life insurance 1,560.9 1,326.5 +17.7% Savings portion of premiums from unit- and index-linked life insurance (net after reinsurance 702.3 649.9 +8.1% Premiums earned (net) including the savings portion of premiums from unit- and index-linked life insurance 5,638.2 5,273.8 +6.9% Net insurance benefits -3,955.3 -3,758.5 +5.2% of which property and casualty insurance -1,633.8 -1,638.8 -0.3%
    [Show full text]
  • GROUP REPORT 2015 / UNIQA GROUP 2015 Th Group Re FUTU in Po Rt K 20 15 /UNIQ a Gr RE Th Ou in P K
    UNIQA Group is one of the leading insurance groups in its two core markets: Group Report 2015 / UNIQA Group Austria and Central and Eastern Europe (CEE). 2015 About 21,000 employees and exclusive sales partners serve about 10 million customers across 19 countries. Commanding a market share of more than 21 per cent, UNIQA is the second largest insurance group in Austria. In the growth region CEE, UNIQA is present in 15 markets: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Kosovo, Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia and Ukraine. In addition, insurance companies in Italy, Switzerland, and Liechtenstein are also part of the UNIQA Group. Think Balanced portfolio FUTURE. 42% 42% Life insurance Property and casualty insurance 16% Health insurance Think GROUP REPORT 2015 / UNIQA GROUPGROUP REPORT 2015 UNIQA Group is one of the leading insurance groups in its two core markets: Austria and Central and Eastern Europe (CEE). About 21,000 employees and exclusive sales partners serve about 10 million customers across 19 countries. Commanding a market share of more than 21 per cent, UNIQA is the second largest insurance group in Austria. In the growth region CEE, UNIQA is present in 15 markets: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Kosovo, Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia and Ukraine. In addition, insurance companies in Italy, Switzerland, and Liechtenstein are also part of the UNIQA Group. Balanced portfolio 42% 42% Life
    [Show full text]
  • Highlights 2008
    Group Report 2008 UNIQA Versicherungen AG Highlights 2008 Premium volume again exceeds previous year: ` 5,825 million (+10,4%) Flexibility Number of insurance policies further increased: Imprint 14.7 million (+12.0%) Processes Owner and publisher UNIQA grows ahead of the market in operational business UNIQA Versicherungen AG and Products Untere Donaustrasse 21 (UNIQA Tower) Eastern expansion remains on track – solid organic growth 1029 Vienna Austria Respect Market position in Romania considerably strengthened Commercial registry no.: 92933t by the acquisition of UNITA – the sixth-largest property Data processing register: 0055506 Customers insurer in the country Investor Relations and Markets UNIQA Versicherungen AG UNIQA Versicherungen UNIQA Versicherungen AG Result diminished by financial market crisis: Stefan Glinz Profit on ordinary activities `90 million Untere Donaustrasse 21 1029 Vienna Dividend: 40 cents per share Austria Tel.: (+43) 1 211 75 3773 Group Fax: (+43) 1 211 75 793773 and Profit E-mail: [email protected] Quality Staff The insurance of a Contents www.uniqagroup.com Integrity and Partners new generation 2 Forewords The UNIQA Group Austria is one of the leading insurance 4 Strategy Information groups in Central Europe. It unites Austrian identity with a Profitable International Growth UNIQA’s Group Report is published in German and English and can be European format. 10 Customers & Markets downloaded as a PDF file from the investor relations area on our Group website. A Cut Above in Service Quality Group Report 2008 Solid Values The annual reports of the UNIQA Group’s Austrian insurance companies can Under the umbrella of the publicly listed company UNIQA 14 Processes & Products also be downloaded at this address.
    [Show full text]
  • UNIQA Insurance Group AG Company Presentation
    UNIQA Insurance Group AG Company presentation September 2013 Proposed Offering Structure Issuer • UNIQA Insurance Group AG • Offering comprises primary shares from a capital increase Type of offer and • The core shareholders will waive their subscription rights distribution • Public offering in Austria and private placement to qualified institutional investors outside Austria including Rule 144A in the US Offer structure • Approximately €700 - 800m in primary shares Listing location • Official Market on the Vienna Stock Exchange • Strengthening of balance sheet and Economic Capital ratio Use of proceeds • Continue implementing strategic plans under the UNIQA 2.0 program • Retain strategic flexibility for mid to long-term growth Lock-up • Customary 6 month lock-up for company and core shareholders • Joint Global Coordinators: Deutsche Bank, Morgan Stanley, Raiffeisen Centrobank Syndicate • Co-Bookrunners: Barclays, Berenberg, UBS 08/09/2013 14:25 12dld0274_Client Pitchbook template_New.pptx 1 Experienced and dedicated management team with a new approach since 2011 Andreas Brandstetter CEO, 44 • 16 years in insurance • CEO since 2011 • Education: Political science, business administration Hannes Bogner Wolfgang Kindl CFO, 54 CEO UNIQA International, 47 • 19 years in insurance • 17 years in insurance • CFO since 1998 • Board member since 2011 • Education: Business administration, • Education: Business administration, certified accountant focus on insurance Hands-on management style Kurt Svoboda Thomas Münkel CRO, 46 COO, 53 • 17 years in
    [Show full text]
  • AXA Has Completed the Sale of Its Operations in Central and Eastern
    Paris, October 15, 2020 AXA has completed the sale of its operations1 in Central and Eastern Europe for Euro 1.0 billion AXA announced today that it has completed the sale of its Life & Savings, Property & Casualty and Pension businesses in Poland, Czech Republic and Slovakia to UNIQA Insurance Group AG (“UNIQA”), for a total cash consideration of Euro 1.0 billion. The completion of the transaction is expected to result in a positive impact of +2 points on AXA Group’s Solvency II ratio in 4Q20. ABOUT THE AXA GROUP FOR MORE INFORMATION: The AXA Group is a worldwide leader in insurance and asset management, with 160,000 empl oyees Investor Relations: +33.1.40.75.48.42 serving 108 million clients in 57 countries. In 2019, IFRS revenues amounted to Euro 103.5 billion and Andrew Wallace-Barnett: +33.1.40.75.46.85 underlying earnings to Euro 6.5 billion. AXA had Euro 969 billion in assets under managemen t as of François Boissin: +33.1.40.75.39.82 December 31, 2019. Aayush Poddar: +33.1.40.75.59.17 The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS Mikaël Malaganne: +33.1.40.75.73.07 (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is Mathias Schvallinger: +33.1.40.75.39.20 also quoted on the OTC QX platform under the ticker symbol AXAHY. Shuqi Ye: +33.1.40.75.58.44 The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
    [Show full text]
  • UNIQA Insurance Group AG Solvency Capital and Embedded Value 2019
    UNIQA Insurance Group AG Solvency Capital and Embedded Value 2020 8 April 2021 Kurt Svoboda, CFRO EXECUTIVE SUMMARY Solvency Capital Embedded Value New Business Life, Health & Solvency Unrestricted Value Pension Fund Capital Ratio1 Tier 1 Capital MCEV2 EUR 170% 74% -5.3% 111m Impact ex-AXA Free Surplus Standard & 3 New Business on Solvency Generation Poor’s rating Margin Capital Ratio EUR A- -26% 126m 3.6% ▪ Significant impacts on MCEV and NBV values as a result of ▪ Decrease of capital position driven by ex-AXA acquisition adding ex-AXA entities and interest rate environment in 2020 ▪ Inclusion of the ex-AXA entities leads to the following uplifts as at 2020 Q4: MCEV +862m, NBV +46m ▪ Solvency position stays in internal ambition zone of minimum 170% ▪ Downward pressure on MCEV and NBV from a decline in interest rates in 2020 and COVID-19 environment ▪ Quality of capital in own funds remains strong ▪ Higher Free Surplus Generation mainly due to acquired ex- AXA business 1 Audit on Solvency & Financial Condition Report (SFCR) ongoing 2 As % of adjusted opening Life, Health & Pension Fund MCEV. The purchased ex-AXA entities are included in the adjusted opening MCEV 2 3 Annualized ex-AXA contribution for 2020 CONTENT I. Group Solvency Capital ▪ Risk Strategy ▪ Results ▪ Sensitivities and other analysis II. Market Consistent Embedded Value ▪ Results ▪ Sensitivities and other analysis III. Appendix ▪ SCR Methodology ▪ MCEV Methodology ▪ Assumptions ▪ Glossary & Disclaimer 3 I. GROUP CAPITAL REQUIREMENT Risk Strategy Key Elements of our Risk Ambition Strategy 170% ▪ Ambition is to have SCR Ratio above 170% Action ▪ We focus on underwriting risks and take Take measures to market/credit risks only to the extent reduce risk necessary 135% ▪ Target market risk share of total SCR is below 65% Recovery ▪ The target rating for UNIQA Group is Immediately increase category “A” by Standard & Poor’s solvency 100% Regulatory plan 4 I.
    [Show full text]
  • UNIQA Group Report 2018
    Group Report 2018 / UNIQA Group 2018 At the forefront. Think GROUP / UNIQA REPORT GROUP 2018 Think safer, better, longer living. UNIQA Group is one of the leading insurance groups in its two core markets: Austria and Central and Eastern Europe (CEE). Around 19,000 employees and exclusive sales partners serve 10.1 million customers across 16 countries. Commanding a market share of around 22 per cent, UNIQA is the second largest insurance group in Austria. In the CEE growth region, UNIQA is present in 15 markets: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Kosovo, Montenegro, North Macedonia, Poland, Romania, Russia, Serbia, Slovakia and Ukraine. Balanced … in the core markets of Austria portfolio … and CEE 27% 71% Life insurance UNIQA 52% Austria Property and casualty insurance 29% UNIQA 21% International Health insurance Premium distribution Think UNIQA Group at a glance Consolidated key figures In € million 2018 2017 Change Premiums written 4,989.0 4,811.7 +3.7% Savings portions from unit-linked and index-linked life insurance (before reinsurance) 320.5 481.6 –33.5% Premiums written including savings portions from unit-linked and index-linked life insurance 5,309.5 5,293.3 +0.3% of which property and casualty insurance 2,774.4 2,639.7 +5.1% of which health insurance 1,086.4 1,042.0 +4.3% of which life insurance 1,448.6 1,611.6 –10.1% of which recurring premiums 1,335.8 1,357.7 –1.6% of which single premiums 112.7 254.0 –55.6% Premiums written including savings portions from unit-linked and index-linked
    [Show full text]
  • Network Member Fact Sheet
    Network Member Fact Sheet Insurable Poolable Capabilities Minimum lives to offer Minimum lives to offer Country Network Member Parent Primary Contact a local group contract pooling A D L M P A D L M P A D L M P Albania SIGAL UNIQA Group AUSTRIA (Albania) Uniqa Insurance Group AG Merjemaj , Milena 12 12 x x x x x x x x Anguilla Sagicor Anguilla Sagicor Life Inc. Kellman, Sandra 5 5 x x x x x x x x x Antigua Sagicor Antigua Sagicor Life Inc. Kellman, Sandra 5 5 x x x x x x x x x Argentina HSBC Seguros de Vida Argentina S.A. HSBC Fuentes, Matias 10 10 x x x x x x Aruba Sagicor Aruba Sagicor Life Inc. Kellman, Sandra 5 5 x x x x x x x x x Australia AMP Australia AMP Limited Georges, Harry 200 200 x x x x Austria UNIQA Österreich Versicherungen AG Uniqa Insurance Group AG Huger , Robert 10 10 and min. 20k € x x x x x x x x x Barbados Sagicor Barbados Sagicor Life Inc. Kellman, Sandra 5 5 x x x x x x x x x Belgium AG Insurance Ageas N.V./S.A. Moreau, Michel 10 (review per case) 50 x x x x x x x x x Belize Sagicor Belize Sagicor Life Inc. Kellman, Sandra 5 5 x x x x x x x x x Bosnia and Herzegovina UNIQA Bosnia / Herzegovina Uniqa Insurance Group AG Fazlibegović, Faris 5 5 x x x x x x x x Brazil Care Plus The British United Provident Association Limited Abdalla, Caio 3 200 x x Brazil Icatu Seguros Icatu Seguros Rodrigues, Cibelle 2 2 x x x x x x x Bulgaria UNIQA Bulgaria Uniqa Insurance Group AG Vezev , Martin 5 5 x x x x x x x x Canada Manulife The Manufacturers Life Insurance Company Wilson, Randy 2 35 x x x x x x x Caribbean Nations Sagicor Life Inc.
    [Show full text]