UNIQA Insurance Group (UQA) H2 2025 earnings summary

Executive summary

• Achieved over 8% revenue growth in 2025, reaching EUR 8.36 billion, with all customer segments and regions contributing, especially strong international performance in Poland, Hungary, and Ukraine.

• Profit before tax for 2025 reached EUR 560 million, exceeding previous guidance, with consolidated profit up 22% to EUR 425 million and a favorable tax rate of 18%.

• Return on equity improved to 14.3% (from 12.4% in FY24), and net combined ratio improved to 91.7% (from 93.1%).

• Proposed dividend increase of over 20% to EUR 0.72 per share, with balanced contributions from Austria, international, and reinsurance segments.

• The first year of the 'UNIQA 3.0 - Growing Impact 2025-2028' strategy program exceeded original forecasts.

Financial highlights

• Gross written premiums reached EUR 8,355 million, up 8.2% year-over-year.

• Technical result rose by nearly 37% to over EUR 700 million; financial result remained stable, supported by higher ordinary income.

• Net investment income increased 6.5% to EUR 799 million.

• Combined ratio improved to 91.7% after reinsurance, reflecting underwriting discipline and lower NatCat claims.

• Admin cost ratio decreased to 15.3%, showing effective cost control despite IT and AI investments.

Outlook and guidance

• 2026 EBT target range set at EUR 540–570 million, with continued dividend payout policy of 50–60%.

• Growth in CEE expected to moderate, with Poland's exceptional growth in early 2025 not anticipated to repeat, but other markets like Hungary and Czech Republic remain strong.

• Premium growth in 2026 expected to exceed GDP in core markets.

• Combined ratios expected to remain below 93% in coming years.

• Focus remains on strengthening core insurance, increasing profitability in Austria, and accelerating growth in CEE.