UNIQA Insurance Group (UQA) H1 2024 earnings summary

Executive summary

• Earnings before taxes rose 19% to €277.5m in H1 2024, driven by strong premium growth and investment income across all segments.

• Insurance revenue increased 10.4% to €3,211.6m; gross written premium up 8.8% to €4,071.3m.

• Combined ratio improved to 87.3% from 87.7%, reflecting strong underwriting and favorable claims development.

• Net investment income surged 41% to €438m, supported by higher interest rates and favorable equity markets.

• Dividend of €0.57 per share paid in June 2024.

Financial highlights

• Profit for the period rose 25.7% to €223.9m; EPS increased to €0.72; book value per share up 38% to €8.79.

• Return on equity at 16.3%, down from 18.5% year-over-year.

• Group cost ratio slightly improved to 31.3%; P&C combined ratio at 87.3%.

• Regulatory solvency ratio at 266%, well above the 170% target.

• Equity stood at €2,699m as of 30 June 2024.

Outlook and guidance

• Profitability for 2024 targeted in line with FY23 result, with cautious outlook due to ongoing Nat Cat season and macroeconomic risks.

• Strategic update to be announced after 9M24 results at Capital Markets Day in late autumn.

• Cost ratio expected to continue decreasing as a strategic target, with ongoing IT and digitalization investments.