UNIQA Insurance Group (UQA) Q3 2025 earnings summary

Executive summary

• Group revenue for the first nine months of 2025 rose 9% to €6.411 billion, with strong growth in Austria (5%) and international markets (10%).

• Consolidated profit increased 26% to €333 million, and earnings before taxes rose 24% to €423 million, driven by strong sales productivity, cost discipline, and low natural disaster claims.

• Return on equity improved to 14.5%, and the net combined ratio improved to 91.0% from 94.4%.

• EPS increased to €1.09 (from €0.86 in 9M24), and dividend per share is set at €0.60.

• Diversified revenue streams: 56% Austria, 40% international, 5% reinsurance.

Financial highlights

• Technical result increased by 47.6% year-over-year, mainly due to favorable claims development and minimal natural catastrophe losses.

• Insurance revenue grew 8.4% year-over-year to €5,298 million.

• Net investment income was €592 million, down from €619 million in 9M24, impacted by unrealized equity losses and STRABAG sales.

• Solvency II ratio at 283%, supported by STRABAG and interest rate movements.

• Admin cost ratio improved to 14.5% (from 15.3%), reflecting efficiency gains and IT transformation.

Outlook and guidance

• Full-year 2025 profit guidance maintained at €490–510 million, with expectations to reach the upper end of the range.

• Dividend payout ratio policy remains at 50–60% with a progressive dividend per share.

• Q4 expected to be seasonally weaker in profitability and premium income.

• Premium growth anticipated to remain above GDP growth.

• No change in M&A appetite; focus remains on defined geographies, especially Eastern Europe.