UNIQA Insurance Group (UQA) H2 2024 earnings summary

Executive summary

• Gross written premiums rose 9.1% to nearly EUR 8 billion, with strong growth across all segments and robust performance in Austria and CEE.

• Net consolidated profit increased 14.9% to EUR 348 million, and earnings before taxes grew 4% to EUR 442 million.

• EPS grew 15% year-over-year; a dividend of EUR 0.60 per share is proposed, up from EUR 0.57.

• The group is launching the 'Growing Impact' (3.0) strategy program, focusing on growth and impact through 2028.

• Despite high claims from natural disasters, strong sales and premium growth were achieved.

Financial highlights

• Profit before tax exceeded EUR 440 million, with consolidated profit up 15% and return on equity at 12.4%.

• Net investment income increased by 27% to EUR 750 million, mainly driven by STRABAG participation and positive equity performance.

• Combined ratio net at 93.1%, up 0.3 percentage points year-over-year, reflecting the impact of nat cat event "Boris".

• Solvency II ratio reached 265%, well above the 180%-230% target range.

• Dividend proposal of EUR 0.60 per share (up EUR 0.03), with a payout ratio of 53%-54%.

Outlook and guidance

• 2025 profitability is targeted to exceed 2024, with a profit before tax target above EUR 500 million and a dividend proposal of EUR 0.60 per share.

• Strategic plan targets 5% annual premium growth and 6% net profit growth through 2028.

• Focus remains on technical excellence, especially in P&C, and maintaining a progressive dividend policy with a 50%-60% payout ratio.

• Forecasts are subject to uncertainty due to geopolitical and natural disaster risks.