UNIQA Insurance Group (UQA) H1 2025 earnings summary

Executive summary

• Earnings before taxes rose to €296 million for H1 2025, up 7% year-over-year, with all business lines and segments contributing to growth and strong portfolio performance across Austria and international markets.

• Gross written premiums increased 10% year-over-year to €4.4bn, with insurance revenue up 8.9% to €3,499m.

• Net combined ratio improved to 90.5%, reflecting enhanced underwriting discipline and claims management.

• Return on equity was 15.7% (down from 16.3% YoY), and consolidated profit grew 5% to €233m.

• International business, especially Poland, was a key growth driver, with double-digit revenue increases.

Financial highlights

• Net investment income reached €400 million, supported by bond portfolio performance and one-off gains, but declined 8.6% year-over-year due to negative equity market developments.

• Technical result improved by 23% to €378 million, with life business delivering a technical result of €104 million and a 9% business margin.

• Health segment saw a 30% improvement in new business values year-over-year.

• New investment yields: Austria 3.6%, Switzerland 4.3%, Romania 6%, group average 4.8%.

• EPS grew 5% to €0.76; admin cost ratio improved to 14.8% (from 15.8%).

Outlook and guidance

• Full-year 2025 pre-tax profit guidance raised to €490–510 million, reflecting strong H1 performance and positive momentum.

• Premium growth anticipated to remain above GDP growth.

• Medium-term targets for 2026–2028 may be increased, pending strategic review and market conditions.

• 2025 CSM release ratio expected around 72%, with actions planned to reach 90% target in future years.

• Target payout ratio of 50–60% confirmed for shareholders.