UNIQA Insurance Group (UQA) Q1 2025 earnings summary

Executive summary

• Premiums grew 13.2% year-over-year to EUR 2,472.5 million, with strong growth in Austria (+4%) and international markets (+12%), and consolidated profit reached EUR 119 million, up 10.9% year-over-year.

• Return on equity improved to 16.1%, and the net combined ratio improved to 88.2% from 91.7% year-over-year.

• Earnings before taxes increased 4% to EUR 151 million, and EPS grew 11% year-over-year; a 60 cent dividend per share is proposed.

• Solvency ratio increased to 274%, reflecting a strong capital position.

• Growth balanced between international (40%) and Austrian (60%) business.

Financial highlights

• Insurance revenue rose 10.3% year-over-year to EUR 1,751.2 million, and technical result surged 42% to EUR 200 million.

• Net investment income declined 54% to EUR 108.8 million due to realized and unrealized losses on equity portfolios and bond sales.

• Financial result dropped 70% to EUR 21.1 million, impacted by capital market turbulence.

• Admin cost ratio improved to 15.4% (from 15.6%), and new investment yield rose to 4.8%.

• Unrealized losses of EUR 37 million from equity investments and EUR 20 million from bond sales impacted Q1 results.

Outlook and guidance

• EPS growth target of at least 6% for 2025, with optimism to outperform if no major NATCAT or market deterioration occurs.

• Dividend proposal of 60 cents per share for 2024, up from 57c in FY23.

• Strategic plan “UNIQA 3.0” targets 5% annual premium growth and 6% earnings growth through 2028.

• Top line growth guidance may be upgraded at half-year if current trends persist.

• Forecasts subject to uncertainty from geopolitical and economic instability and natural catastrophe risk.