UNIQA Insurance Group (UQA) Q1 2025 earnings summary

Executive summary

• Gross written premiums rose 13% year-over-year to EUR 2,472m, with strong growth in both Austria (+4%) and International (+12%).

• Consolidated profit reached EUR 119 million for Q1 2025, up 10.9% year-over-year.

• Earnings before taxes increased 4% to EUR 151m.

• Return on equity improved to 16.1%, and the net combined ratio improved to 88.2%.

• Solvency capital requirement (SCR) ratio remained robust at 274%.

Financial highlights

• Insurance revenue rose 10% year-over-year to EUR 1,751m; technical result up 42% to EUR 200m.

• Net investment income declined by 54% to EUR 109m due to unrealized losses and bond sales.

• Unrealized losses of EUR 37 million from equity investments and EUR 20 million from bond sales affected P&L.

• Net combined ratio improved to 88.2% due to absence of Nat Cat events and favorable claims.

• Admin cost ratio improved to 15.4% (from 15.6%).

Outlook and guidance

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

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

• 2025 profitability target set above 2024 level, barring major natural catastrophes or market shocks.

• 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.