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Annual Financial Report 2019 According to Section 124(1) of the Austrian Stock Exchange Act Uniqa Insurance Group Ag

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Annual Financial Report 2019 According to Section 124(1) of the Austrian Stock Exchange Act Uniqa Insurance Group Ag ANNUAL FINANCIAL REPORT 2019 ACCORDING TO SECTION 124(1) OF THE AUSTRIAN STOCK EXCHANGE ACT UNIQA INSURANCE GROUP AG Rising to the challenge. Think 2 CONTENTS 3 Contents Consolidated Corporate Governance Report 4 Report of the Supervisory Board 18 Group Management Report 24 Consolidated Financial Statements 44 Segment Reporting 53 Notes to the Consolidated Financial Statements 64 Risk Report 118 Approval for publication 133 Declaration of the legal representatives 134 Audit Opinion 135 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 to an Commercial Code. the investment of assets, there are a number of contracts with companies related to individual members of the Su- Implementation and compliance with the individual rules pervisory Board in which these Supervisory Board mem- in the Austrian Code of Corporate Governance, with the bers discharge duties as members of governing bodies. If exception of Rules 77 to 83, are evaluated annually by PwC such contracts require approval by the Supervisory Board Wirtschaftsprüfung GmbH. Rules 77 to 83 of the Austrian in accordance with Section 95(5)(12) of the Austrian Stock Code of Corporate Governance are evaluated by the law Corporation Act (Rule 48 of the Austrian Code of Corpo- firm Schönherr Rechtsanwälte GmbH. The evaluation is rate Governance), the details of these contracts cannot be carried out based mainly on the questionnaire, published made public for reasons of company policy and competition by the Austrian Working Group for Corporate Governance, law. All transactions are in any case entered into and pro- for the evaluation of compliance with the Code. The reports cessed on an arm’s length basis. on the external evaluation in accordance with Rule 62 of the Austrian Code of Corporate Governance can also be found at www.uniqagroup.com. CORPORATE GOVERNANCE CORPORATE 6 Members of the Management Board Supervisory Board appointments or comparable functions in other domestic and foreign companies not included in the Number of UNIQA Name Responsible for consolidated financial statements Management and monitoring functions in significant subsidiaries shares held Andreas Brandstetter, Chief Executive Strategy & Transformation, UNIQA Ventures, Member of the Supervisory Board of Chairman of the Supervisory Board of SIGAL UNIQA Group AUSTRIA sh.a., Tirana as at 31 December 2019: Officer (CEO) New Business Areas (Health), Group General STRABAG SE, Villach Chairman of the Supervisory Board of SIGAL Life UNIQA Group AUSTRIA sh.a., Tirana 50,219 shares * 1969, appointed 1 January 2002 Secretary, Auditing, Art Insurance, Strategic President of the Board of Directors of UNIQA Re AG, Zurich until 30 June 2024 Personnel Management, Operating Personnel Management, Brand & Communication, Ethics & Sustainability, Works Council, Asset Management (UCM/UREM), Digitalisation Erik Leyers, Data & IT Data Management, UITS, UIP project, Member of the Supervisory Board of Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna as at 31 December 2019: * 1969, appointed 1 June 2016 until 30 June 2024 Group Service Centre (Nitra) Raiffeisen Informatik GmbH, Vienna Member of the Management Board of UNIQA International AG, Vienna 6,885 shares (until 26 September 2019) Member of the Executive Management of UNIQA internationale Beteiligungs-Verwaltungs GmbH, Vienna Member of the Supervisory Board of (until 18 December 2019) Raiffeisen Informatik Geschäftsführungs GmbH, Member of the Supervisory Board of UNIQA Asigurari S.A., Bucharest Vienna (since 26 September 2019) Member of the Supervisory Board of UNIQA Asigurari de Viata S.A., Bucharest Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczen´ S.A., Lodz Member of the Supervisory Board of UNIQA Biztosító Zrt., Budapest Member of the Supervisory Board of UNIQA pojišt‘ovna, a.s., Prague Chairman of the Supervisory Board of UNIQA Group Service Center Slovakia, spol. s r.o., Nitra Chairman of the Supervisory Board of sTech d.o.o., Belgrade Kurt Svoboda, Finance & Risk Management Legal & Compliance, Investor Relations, Member of the Supervisory Board of CEESEG Chairman of the Management Board of UNIQA Österreich Versicherungen AG, Vienna as at 31 December 2019: * 1967, appointed 1 July 2011 until 30 June 2024 Controlling, Finance & Accounting, Actuarial Aktiengesellschaft, Vienna Member of the Management Board of UNIQA International AG, Vienna 16,097 shares Services, Risk Management, Regulatory Affairs, Member of the Supervisory Board of Wiener Member of the Executive Management of UNIQA internationale Beteiligungs-Verwaltungs GmbH, Vienna Reinsurance, Auditing Börse AG, Vienna (until 18 December 2019) Member of the Supervisory Board of UNIQA Asigurari S.A., Bucharest (until 24 July 2019) Member of the Supervisory Board of UNIQA Asigurari de Viata S.A., Bucharest (until 24 July 2019) President of the Board of Directors of UNIQA Versicherung AG, Vaduz Vice President of the Board of Directors of UNIQA Re AG, Zurich The work of the Management Board The Management Board of UNIQA Insurance Group AG meets, whenever possible, every 14 days as the The work of the members of the Management Board of Group Executive Board together with the respec- UNIQA Insurance Group AG is regulated by the rules of tive chairmen of the Management Boards of UNIQA procedure. The division of the business responsibilities Österreich Versicherungen AG (acting concurrently as as decided by the Group Executive Board is approved by CFO / CRO of UNIQA Insurance Group AG) and UNIQA the Supervisory Board. The rules of procedure govern International AG, along with the member of the Man- the obligations of the members of the Management Board agement Board of UNIQA Österreich Versicherungen AG to provide the Supervisory Board and each other with responsible for Raiffeisen bank sales in Austria and, until information and approve each other’s activities. The rules 31 January 2019, with Mark-Alexander Bockelmann, of procedure also specify a list of activities that require member of the Management Board of UNIQA Österreich consent from the Supervisory Board. The Management Versicherungen AG and UNIQA International AG respon- Board generally holds meetings every two weeks in which sible for digitalisation, each of whom has an advisory vote. the members of the Management Board report on the cur- From 1 January 2020, all members of the Management rent course of business, determine what steps should be Boards of UNIQA Österreich Versicherungen AG and taken and make strategic corporate decisions. The meet- UNIQA International AG will participate in the meet- ings of the Management Boards for UNIQA Österreich ings of UNIQA Insurance Group AG with an advisory Versicherungen AG and UNIQA International AG are vote (Group Executive Board). The Management Boards usually scheduled in between the meetings of UNIQA of UNIQA Insurance Group AG, UNIQA Österreich Insurance Group AG. In addition, there is a continuous Versicherungen AG and UNIQA International AG repre- exchange of information between the members of the sent in their entirety the future Management Board of the Management Board regarding relevant activities and company emerging from the planned new Group struc- events. ture as of 1 January 2020. CORPORATE GOVERNANCE 7 Supervisory Board appointments or comparable functions in other domestic and foreign companies not included in the Number of UNIQA Name Responsible for consolidated financial statements Management and monitoring functions in significant subsidiaries shares held Andreas Brandstetter, Chief Executive Strategy & Transformation, UNIQA Ventures, Member of the Supervisory Board of Chairman of the Supervisory Board of SIGAL UNIQA Group AUSTRIA sh.a., Tirana as at 31 December 2019: Officer (CEO) New Business Areas (Health), Group General STRABAG SE, Villach Chairman of the Supervisory Board of SIGAL Life UNIQA Group AUSTRIA sh.a., Tirana 50,219 shares * 1969, appointed 1 January 2002 Secretary, Auditing, Art Insurance, Strategic President of the Board of Directors of UNIQA Re AG, Zurich until 30 June 2024 Personnel Management, Operating Personnel Management, Brand & Communication, Ethics & Sustainability, Works Council, Asset Management (UCM/UREM), Digitalisation Erik Leyers, Data & IT Data Management, UITS, UIP project, Member of the Supervisory Board of Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna as at 31 December 2019: * 1969, appointed 1 June 2016 until 30 June 2024 Group Service Centre (Nitra)
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