UNIQA Insurance Group (UQA) H2 2023 earnings summary

Executive summary

• FY23 insurance revenue rose 12.1% to €5,994.1m and premiums written increased 9.7% to €7,185.6m; earnings before taxes reached €426.4m.

• Profit attributable to shareholders rose 18% to €302.7m; stronger investment income and International performance supported earnings despite weather and major claims.

Financial highlights

• Technical result was €562.2m vs. €564.0m; CSM release was €319m vs. €315m.

• Net investment income rose to €588.8m from €179.8m; ordinary investment income reached €736m vs. €670m, and realized and unrealized gains and losses were -€6m vs. -€276m.

• Financial result improved to €150.2m from -€49.9m; EBT was €426.4m vs. €421.7m in 2022 under IFRS 4.

• Personal-lines new business margin rose to 5.1% from 4.4%.

Outlook and guidance

• FY24 profitability targeted at the FY23 level; focus remains on core underwriting in Austria and CEE.

• Strong property and health growth expected, supported by sales initiatives and inflation- and index-related adjustments; cost discipline and optimisation remain priorities.

• Strategy update for 2025 onward scheduled for the autumn Capital Markets Day.