Uniqa Insurance : with significantly higher results in the first half of 2023

• Growth in premiums written by 7.9 per cent to €3.7 billion
• Increase in insurance revenue by 10.7 per cent to €2.9 billion
• Significant growth in earnings before taxes at €216 million
• Sale of the subsidiary Raiffeisen Life in Moscow: withdrawal from Russia

The UNIQA Insurance Group AG is once again able to present strong figures for the first half of 2023, with premium growth of 7.9 per cent to €3.7 billion and a significant increase in earnings before taxes to €216 million. "The continuation in the very good operating performance both in Austria and especially in our international markets is the crucial factor. The financial result is also above expectations. Even though the moderate loss developments in the first half of 2023 played a role too, we do see that claims increased due to the severe weather in the summer months of July and August", says Andreas Brandstetter, CEO UNIQA Insurance Group.

UNIQA is selling its 75 per cent share in the Russian company Raiffeisen Life to the Russian insurance company Renaissance Life, along with AO Raiffeisenbank, which belongs to the Raiffeisen Bank International Group and owns the remaining 25 per cent of the shares. Wolfgang Kindl, Management Board Member for Customers & Markets International: "We largely halted any new business operations in Russia right after the war began and also refrained from making any further investments. Working together with our joint venture partner AO Raiffeisenbank, we examined all options in this environment last year, which is also a complex one from a legal point of view. We are now taking the final logical step by selling our Russian subsidiary, which is responsible for significantly less than one per cent of Group revenue and has therefore played a minor role in our portfolio. This means we are withdrawing from Russia." The sale is subject to the procedures and restrictions imposed by the Russian authorities and is also subject to all regulatory approvals. The parties have agreed to keep the acquisition price confidential.

Key figures for 1 - 6/2023

UNIQA Insurance Group AG prepares its financial statements in accordance with the new IFRS 9 and IFRS 17, which have been applied since 1 January 2023. The comparative values for 2022 are also stated in accordance with IFRS 9 and 17. Even though the premiums written are not part of the IFRS 9/17 reporting, they are still stated.

Premiums written at UNIQA Insurance Group AG, including savings portions from unit-linked and index-linked life insurance, rose by 7.9 per cent to €3,707.3 million in the first six months of 2023 compared with the same period of the previous year (1 - 6/2022: €3,436.0 million). Above all, property and casualty insurance and health insurance contributed to this very pleasing growth.

The insurance revenue in accordance with IFRS 17 at the UNIQA Group rose in the first two quarters of 2023 by 10.7 per cent to €2,919.6 million (1 - 6/2022: €2,637.0 million). All business lines and segments contributed towards this, with property and casualty insurance increasing by 13.1 per cent, health insurance by 6.5 per cent and life insurance by 6.1 per cent. Insurance revenue in Austria rose by 8.1 per cent, and gained 13.2 per cent in the international companies.

UNIQA's technical result was maintained at a good level of €267.7 million (1 - 6/2022: €298.7 million).

Net investment income rose to €324.8 million in the first half of 2023 (1 - 6/2022: €-116.9 million) - driven above all by the considerably lower impairments compared to the previous year. The financial result increased as a result and was above expectations at €72.7 million.

The UNIQA Group's earningsbefore taxes improved significantly to €215.9 million (1 - 6/2022: €91.4 million). Consolidated profit/(loss) (the proportion of net profit/(loss) for the period attributable to the shareholders of UNIQA Insurance Group AG) increased by 97.2 per cent to €171.6 million (1 - 6/2022: €87.0 million).

The solvency capital requirement (SCR) ratio according to Solvency II - considered to be an indicator for capitalisation - was at a high level of 244 per cent at UNIQA as of the key reporting date of 30 June 2023.

Results in the business lines

Property and casualty insurance

Premiums written in property and casualty insurance grew by 11.7 per cent to €2,188.8 million in the first six months of 2023 (1 - 6/2022: €1,960.0 million).

The gross combined ratio in property and casualty insurance improved further from an already good level of 90.4 per cent to 89.2 per cent in the first half of 2023. This was attributable to strong growth, good settlement results and low claims burdens from major losses and natural catastrophes.

Health and life insurance

In health insurance, growth of 8.7 per cent to €693.8 million was recorded in premiums written in the first six months of 2023(1 - 6/2022: €638.3 million).

In life insurance, premiums written (including savings portions from unit-linked and index-linked life insurance) decreased slightly in the reporting period by 1.5 per cent to €824.7 million (1 - 6/2022: €837.6 million).

New business in health and life insurance remained at a healthy level in the first half of 2023. The new business margin was 4.5 per cent with a new business value of €52.2 million.

The contractual service margin (CSM) increased to €5,997.1 million as at 30 June 2023 (31 December 2022: €5,414.0 million).

This balance sheet item - which has been new since IFRS 17 - represents the profits expected in future from contracts in the long-term business in life and health insurance.

Outlook

For the 2023 financial year, UNIQA aims to continue with the improvements in its core business. However, due to the expected unstable macroeconomic development, the current 2023 financial year - just like the 2022 financial year - will be characterised by significant uncertainties, partly due to volatile capital markets, high interest rate sensitivities in the investments, uncertainty regarding the development of inflation and the generally increasing losses from natural catastrophes. These are the reasons why no outlook can be provided on the development of results in the 2023 financial year. The dividend distribution is based on the company's profits. UNIQA continues to plan for an attractive annual dividend distribution despite the challenging economic and political environment.

Please see the Half-Year Financial Report 2023 and the corresponding presentation for further information and details; both of these are available in the Investor Relations area on the UNIQA website.

Clause regarding predictions about the future

This communication contains statements which refer to the future development of UNIQA. These statements present estimations which were reached on the basis of all of the information available to us at the present time. If the assumptions on which they are based do not occur, the actual results may vary from the results currently expected. As a result, no guarantee can be provided for the information given.