UNIQA INSURANCE GROUP AG In September S&P affirmed their 'A-' long-term issuer credit and financial strength ratings on UNIQA's operating holding company UNIQA Insurance Group AG. Due to UNIQA's announcement on Nov. 19, 2019, that it is examining a potential merger of UNIQA Insurance Group AG with UNIQA Österreich Versicherungen AG and UNIQA International AG Standard & Poor's announced to place UNIQA on CreditWatch positive. If the company receives shareholder and regulatory approval to merge the entities, S&P expects to upgrade UNIQA Insurance Group AG by one notch.
Main reasons:
- Standard & Poor's sees the potential to equalize the ratings on UNIQA Insurance Group AG with the ratings on the group's core operating subsidiary UNIQA Österreich Versicherungen AG.
- Standard & Poor's expects that the merger would have only very limited operational impact on the group's balance sheet strength, while UNIQA would streamline its corporate structure and group governance process.
UNIQA Group
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, Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia and Ukraine. The UNIQA Group also includes insurance companies in Switzerland and Liechtenstein.
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UNIQA Insurance Group AG published this content on 26 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 November 2019 09:47:02 UTC
