UNIQA INSURANCE GROUP AG - "A" ratings for UNIQA Österreich Versicherungen AG and reinsurer UNIQA Re AG (Zurich) confirmed; "A-" rating for the listed UNIQA Insurance Group AG confirmed as well; each with a stable outlook.
- Customer-oriented approach, bancassurance, and successful AXA integration emphasized positively
- S&P expects profitability to be maintained, and results and capital position to remain robust
- "A" ratings for UNIQA Österreich Versicherungen AG and reinsurer UNIQA Re AG (Zurich) confirmed; "A-" rating for the listed UNIQA Insurance Group AG confirmed as well; each with a stable outlook.
- Customer-oriented approach, bancassurance, and successful AXA integration emphasized positively
- S&P expects profitability to be maintained, and results and capital position to remain robust
The international rating agency Standard & Poor's (S&P) confirms UNIQA's strong rating in its current report. " In our opinion, the group will continue to leverage its longstanding relationships with retail clients, small and midsize enterprises, and bancassurance cooperations to further cement its market standing in Austria and CEE," write the analysts.
Customer-oriented approach and bancassurance
The rating experts identify the customer-oriented approach and the banking cooperation (primarily Raiffeisen) in the product distribution (bancassurance) as main reasons for the Group's competitiveness.
Successful integration
S&P also mentions the successful integration of the former AXA companies, which further improved UNIQA's standing in Poland, the Czech Republic, and Slovakia. Analysts expect this trend to continue.
Robust results and strong capitalization expected
The rating agency expects UNIQA to maintain its profitability in 2023-2025 despite geopolitical and macroeconomic challenges. A robust result and strong capital position are expected in the medium term, driven by underwriting and cost discipline.
Further expansion expected
The rating agency recognizes that UNIQA has built up a well-established market position and a broad and diverse product portfolio in the Austrian and CEE insurance markets through a focused organic and inorganic growth strategy. The analysts conclude: "We believe the group will continue successfully expanding in 2023-2025, driven by organic growth of CEE entities, ongoing synergy effects, and resilient core operations in Austria."
Ratings confirmed
S&P has therefore once again confirmed the "A" ratings for UNIQA Österreich Versicherungen AG and UNIQA Re AG and the "A-" rating for UNIQA Insurance Group AG, all with a stable outlook.
The full Standard & Poor's rating report is available for download as a PDF.
UNIQA Group
The UNIQA Groupis one of the leading insurance companies in its core markets of Austria and Central and Eastern Europe (CEE). Around 21,000 employees and exclusive sales partners serve more than 16 millioncustomers across 18 countries. UNIQA is the second largest insurance group in Austria with a market share of about 21 per cent. In the CEE growth region, UNIQA is present in 15 markets. In addition, insurance companies in Switzerland and Liechtenstein are also part of the UNIQA Group.
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UNIQA Insurance Group AG published this content on 15 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2023 14:46:10 UTC.
