EANS-News: UNIQA Insurance Group AG / UNIQA starts 2019 financial year with sound quarterly figures CNE

5/16, 7:29 AM (Source: euro adhoc)
--------------------------------------------------------------------------------
  Corporate news transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is responsible for the content of this announcement.
--------------------------------------------------------------------------------

Quarterly Report

Vienna / Austria - UNIQA starts 2019 financial year with sound quarterly figures

* Recurring premiums written stable at EUR1,504.7 million
* Retained premiums earned rise by 1.7 per cent to EUR1,231.1 million
* Combined ratio improves to 96.3 per cent
* Technical result increases by 34.8 per cent to EUR34.0 million
* Earnings before taxes of EUR42.3 million higher than previous year's adjusted
figure of EUR23.7 million
* Earnings outlook for 2019: slight growth in premiums and further improvement
in earnings before taxes compared with previous year's adjusted figure
* Plans to continue progressive dividend policy confirmed

UNIQA Insurance Group made a positive start to 2019 with earnings before taxes
of EUR42.3 million in the first quarter. The previous year's figure - adjusted
for one-time gains on disposal of EUR47.4 million from the sale of the interest
in Casinos Austria Aktiengesellschaft - was EUR23.7 million.

Premiums written (including savings portion) decreased slightly by 0.4 per cent.
By contrast, retained premiums earned rose by 1.7 per cent.

The technical result continued to develop positively, UNIQA having increased it
by 34.8 per cent to EUR34.0 million. The combined ratio in property and casualty
insurance improved from 97.4 per cent to 96.3 per cent - despite increased costs
from the long-term investment programme and increased claims due to
exceptionally large snowfalls in Austria.

Investment income fell by 28.0 per cent or EUR39.1 million year-on-year to 100.6
million. Admittedly, the previous year's figure included gains on disposal of
EUR47.4 million from the sale of the interest in Casinos Austria
Aktiengesellschaft.

In the last full year of the UNIQA 2.0 strategy programme, UNIQA is continuing
to place emphasis on optimising the existing business model and supplementing it
with deliberate investments in future-relevant innovations for its approximately
10 million customers in 18 countries. The solid result in the first three months
of 2019 is a good basis for the year as a whole and for the confirmation of the
unchanged outlook for the 2019 financial year: higher earnings before taxes than
in 2018 - where the figure was adjusted for the non-recurring effect from the
sale of the interest in Casinos Austria - and a further increase in distribution
per share to reflect the unchanged progressive dividend policy.

Today, on 16 May 2019, UNIQA will publish its report on the first quarter of
2019 as well as its Solvency and Financial Condition Report (SFCR) for 2018, in
which it will report a regulatory capital requirement (SCR ratio) of 248 per
cent (2017: 250 per cent) - a healthy figure by international standards.

Key Group figures 1-3/2019 in detail

Total premiums written by the UNIQA Group (including the savings portion of
unit- and index-linked life insurance) went down slightly by 0.4 per cent to
EUR1,530.0 million in the first quarter of 2019 (1-3/2018: EUR1,535.4 million).
The recurring premiums that this included remained virtually stable at
EUR1,504.7 million (1-3/2018: EUR1,506.3 million), while single premiums in life
insurance were reduced by 13.0 per cent to EUR25.3 million (1-3/2018: EUR29.1
million) in line with strategy. Retained premiums earned (in accordance with
IFRS) increased by 1.7 per cent to EUR1,231.1 million (1-3/2018: EUR1,210.6
million).

Premiums written in property and casualty insurance rose by 1.4 per cent to
EUR880.8 million in the first three months of 2019 (1-3/2018: EUR868.8 million).
Retained premiums earned in this segment went up by 3.7 per cent. Premiums
written in health insurance increased by 3.1 per cent to EUR288.8 million (1-3/
2018: EUR280.1 million). Retained premiums earned in health insurance rose by
2.9 per cent. In life insurance, total premiums written (including the savings
portion of unit- and index-linked life insurance) fell by 6.8 per cent to
EUR360.4 million (1-3/2018: EUR386.5 million). Retained premiums earned in life
insurance declined by 3.6 per cent.

In international business, premiums written in property and casualty insurance
decreased by 4.2 per cent due to factors including portfolio restructuring in
the international industrial business, which is bundled in Liechtenstein (1-3/
2019: EUR294.5 million / 1-3/2018: EUR307.4 million). Premiums written in health
insurance, on the other hand, climbed by 20.1 per cent (1-3/2019: EUR23.7
million / 1-3/2018: EUR19.7 million), while premiums written in life insurance
fell by 9.3 per cent (1-3/2019: EUR91.5 million / 1-3/2018: EUR100.9 million).
In total, UNIQA generated written premiums in international business (including
savings portions) of EUR409.7 million (down 4.3 per cent / 1-3/2018: EUR428.0
million). Retained premiums earned in international business rose by 4.1 per
cent.

In Austria, UNIQA recorded a significant increase in property and casualty
premiums of 3.8 per cent in the first quarter of 2019 on the back of continued
growth in vehicle and property insurance (1-3/2019: EUR574.9 million / 1-3/2018:
EUR553.9 million). Health insurance premiums went up by 1.8 per cent (1-3/2019:
EUR265.1 million / 1-3/2018: EUR260.4 million). Premiums written in life
insurance went down by 5.3 per cent to EUR268.6 million (1-3/2018: EUR283.6
million), with single premiums declining by 27.7 per cent. In total, UNIQA
generated growth in premiums written in Austria (including savings portions) of
1.0 per cent to EUR1,108.6 million (1-3/2018: EUR1,097.9 million). Retained
premiums earned in Austria increased by 0.3 per cent.

In contrast to retained premiums earned, the total amount of retained insurance
benefits of the UNIQA Group fell by 0.7 per cent to EUR927.0 million in the
first quarter of 2019 (1-3/2018: EUR933.8 million).

Total operating expenses less reinsurance commissions received rose by 8.4 per
cent to EUR346.6 million in the first three months of 2019 (1-3/2018: EUR319.9
million). Acquisition expenses posted an increase of 8.3 per cent to EUR226.3
million (1-3/2018: EUR208.9 million). Other operating expenses (administrative
expenses) increased by 8.5 per cent to EUR120.4 million in the first quarter of
2019 (1-3/2018: EUR110.9 million). This includes costs in connection with the
innovation and investment programme amounting to roughly EUR14 million (1-3/
2018: roughly EUR6 million).

The total cost ratio - the ratio of total operating expenses to premiums earned
including the net savings portion of the premiums from unit- and index-linked
life insurance - less reinsurance commissions received increased to 26.8 per
cent (1-3/2018: 24.9 per cent). The combined ratio after reinsurance improved by
more than one percentage point to 96.3 per cent as a result of a significantly
lower loss ratio (1-3/2018: 97.4 per cent).

Investment income contracted by EUR39.1 million or 28.0 per cent to EUR100.6
million in the first quarter of 2019 (1-3/2018: EUR139.6 million). This was
because the previous year's figure included gains on disposal from the sale of
the indirect interest in Casinos Austria Aktiengesellschaft.

The investment portfolio of the UNIQA Group (including investment property,
financial assets accounted for using the equity method and other investments)
increased as at 31 March 2019 compared with the end of the previous year to
EUR20,102.7 million (31 December 2018: EUR19,337.1 million).

UNIQA increased its technical result substantially by 34.8 per cent to EUR34.0
million in the first quarter of 2019 (1-3/2018: EUR25.2 million). This was due
primarily to the higher premium volume and lower life insurance benefits. The
operating result, on the other hand, decreased by 33.7 per cent to EUR56.1
million (1-3/2018: EUR84.5 million). This was the result of reduced investment
income - triggered by the one-time gains on disposal of EUR47.4 million in the
first quarter of 2018. This also drove earnings before taxes down by EUR28.8
million or 40.5 per cent to EUR42.3 million (1-3/2018: EUR71.1 million). The
previous year's figure - adjusted for one-time gains on disposal from the sale
of the interest in Casinos Austria Aktiengesellschaft - was EUR23.7 million.

Consolidated net profit (net profit for the period attributable to the
shareholders of UNIQA Insurance Group AG) decreased accordingly by 39.9 per cent
to EUR32.2 million (1-3/2018: EUR53.6 million). Earnings per share amounted to
EUR0.10 (1-3/2018: EUR0.17).

As at 31 March 2019, equity attributable to the shareholders of UNIQA Insurance
Group AG increased to EUR3,172.5 million (31 December 2018: EUR2,972.1 million).

The average number of employees at the UNIQA Group rose slightly to 12,851 in
the first three months of the year (1-3/2018: 12,810).

Outlook

For the 2019 financial year as a whole, UNIQA is expecting growth in property
and casualty premiums of approximately 2 per cent and a rise in health insurance
premiums of around 3 per cent. In view of the persistently low interest rates
and the subdued demand for long-term pension products, the company is expecting
a continuation of declining life insurance premiums. In 2019 as a whole, UNIQA
is expecting moderate growth in total premium volume of around 1 per cent.

UNIQA is anticipating a decline in investment income in 2019 due to the non-
recurring effect from the sale of Casinos Austria Aktiengesellschaft in 2018.

In property and casualty insurance, UNIQA is continuing to strive for increased
profitability in its actuarial core business in 2019 and on this basis a further
increase in the combined ratio compared with 2018.

Overall, UNIQA is anticipating an improvement in earnings before taxes for the
2019 financial year compared with the figure for 2018, which was adjusted for
the non-recurring effect from the Casinos Austria sale. UNIQA is still intending
to increase the annual distribution per share again in the coming year as part
of a progressive dividend policy.

Dates

On 16 May UNIQA will publish its Solvency and Financial Condition Report (SFCR)
at www.uniqagroup.com.
The 20th Annual General Meeting of UNIQA Insurance Group AG will be held on 20
May. CEO Andreas Brandstetter's speech will be broadcast live at
www.uniqagroup.com from 10:00 and will be available as a recording after the end
of the Annual General Meeting.

Forward-looking statements
This press release contains statements concerning UNIQA's future development.
These statements present estimates that 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 deviate from the results
currently expected. As a result, no liability is accepted for this information.

UNIQA
The UNIQA Group is one of the leading insurance groups in its core markets of
Austria and Central and Eastern Europe (CEE). Around 20,000 employees and
exclusive sales partners serve over 10.1 million customers in 18 countries.
UNIQA is the second-largest insurance group in Austria with a market share of
more than 21 per cent. UNIQA operates in 15 markets in the CEE growth region:
Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary,
Kosovo, Montenegro, Northern Macedonia, Poland, Romania, Russia, Serbia,
Slovakia and Ukraine. The UNIQA Group also includes insurance companies in
Switzerland and Liechtenstein.

Further inquiry note:
UNIQA Insurance Group AG

Norbert Heller, Media 
Tel.: +43 (01) 211 75-3414
E-mail: norbert.heller@uniqa.at

Michael Oplustil, Investor Relations
Tel.: +43 (01) 211 75-3236    
E-mail: michael.oplustil@uniqa.at

end of announcement                         euro adhoc
--------------------------------------------------------------------------------

issuer:       UNIQA Insurance Group AG
              Untere Donaustraße 21
              A-1029 Wien
phone:        01/211 75-0
FAX:          
mail:         investor.relations@uniqa.at
WWW:          http://www.uniqagroup.com
ISIN:         AT0000821103
indexes:      WBI, ATX
stockmarkets: Wien
language:     English

EAX0001    2019-05-16/07:29

Ad-hoc-Mitteilung übermittelt durch euro adhoc.
Für den Inhalt ist der Emittent verantwortlich.