UNIQA Insurance Group AG
FY20 Results
Goodwill impairment and restructuring charge reflected in lower EBT;
Solid underlying business performance
18 February 2020
Andreas Brandstetter, CEO Kurt Svoboda, CFO/CRO
FY20
Group Strategy & Results
Appendix: Additional Information
Highlights
Group ResultsBusiness Performance Operating SegmentsAsset ManagementShareholder Information
Executive Summary FY20
Gross written premiums(a)(b) increased 3.6% compared to FY19
One-off items in FY20:
Goodwill impairment of EUR 106m
Restructuring charge of EUR 99m
AXA integration and implementation of UNIQA 3.0 strategy: EUR 39m
Solid underlying business performance in a challenging year
Earnings before taxes at EUR 57m (EUR 241m in FY19)
Dividend proposal to the AGM: 18c per share(c)
(a) Including savings portion of premiums from unit- and index-linked life insurance
(b) Acquired AXA CEE subsidiaries included in the fourth quarter
(c) Pending regulatory approval
Snapshot FY20
EURm FY19 FY20(c) % | ||
Gross premiums written(a) Premiums earned (retained) Net investment income Insurance benefits Operating expenses (net) thereof admin costs Insurance technical result Earnings before taxes |
585.2 505.4
499.7 631.5 99.5 78.3 241.1 57.1 | 3.6% 3.5% -13.6% 1.0% 11.3% 26.4% -21.3% -76.3% |
Consolidated profit | 177.8 19.4 -89.1% | |
Cost ratio group (net) Combined ratio P&C (net) Investment yield(b) 27.2% 96.4% 2.8% 29.4% 2.2pp 97.8% 1.4pp 2.3% -0.5pp |
Including AXA CEE in 4Q; Stronggrowth in P&C and small decline in Life; Growth in Health continued
Investment income decreased
mainly due to insignificant gains
on sale of real estate and
impairments of equities and fixed
income in FY20
Costs increased on restructuring
charge, U3 project costs and AXA
CEE integration
(a) Including savings portion of premiums from unit- and index-linked life insurance
(b) Definition investment yield: annualized investment result divided by average total investments excluding self-used land and buildings
(c) Acquired AXA CEE subsidiaries included in the fourth quarter
Key Financial Indicators
Earnings per share (EUR)
Regulatory Capital Position (SCR %)
0.79
0.76
250%
248%
FY19
FY16
FY17
FY18
Operating Return on Equity (%)
FY19
FY20
FY16
FY17
FY18
Book value per share (EUR)
FY20
11.20
10.2%
10.5%
10.4%
10.6%
FY16
FY16
FY17
FY18
FY19
FY20
FY17
FY18
FY19
FY20
b) Operating ROE = (EBT excl. goodwill amortisation)/(own funds excl. revaluation reserve) 5
FY20
Group Strategy & Results
Appendix: Additional Information
Highlights
Group Results
Business Performance Operating SegmentsAsset ManagementShareholder Information
Better than expected growth in Health and P&C
Gross written premium(a) per business line EURm
3.6%
15.5%
3.6%
2017
2018
2019
2020
4Q19
1Q20
2Q20
3Q20
4Q20
FY19
FY20
P&CHealthLife - recurringLife - single
P&C +5.7% (ex AXA +0.6%): Growth in UAT (+2.0%) despite Covid-19; Underlying decline in UI (-2.8%) due to shift to non-motor
Solid Health business continued growth nearly unaffected by Covid-19 (+3.2%)
Life -0.5% (ex AXA -5.3%): Continued reduction in AT (-3.3%); In UI (-9.9% ex AXA) temporarily closure of banking channel especially visible in RU and SEE
(a) Including savings portion of premiums from unit- and index-linked life insurance
Cost ratio increased to 29.4%
Cost ratio (net) (%), Costs (EURm)
11.3% 1.566
1.566
33.7%
520
11.3%
2017
2018
2019
2020
4Q19
1Q20
2Q20
3Q20
4Q20
FY19
FY20
Acquisition related expensesOther operating expenses
Cost ratioNet commissions (a)
Costs increased mainly driven by one-off effects: Restructuring charge & U3 strategy implementation incl. AXA integration
Commission ratio broadly stable
Investments of EUR 62m in FY20 (Investments FY19: EUR 51m) included in other operating expenses
(a) Including changes in DAC (Deferred Acquisition Costs)
P&C: COR impacted by one-off costs
Combined ratio (net) (%)
102.6%
4.8 pp
pp
96.4%
97.8%
32.2%
34.6%
64.2%
63.2%
2017
2018
2019
2020
4Q19
1Q20
2Q20
3Q20
4Q20
FY19
FY20
Loss RatioExpense Ratio
Loss ratio improved despite reserving for Covid-19 claims (roughly 70m EUR) and higher weather related losses; Lower frequency especially in motor business
One-off costs in P&C of roughly 75m EUR reflected in increased cost ratio
Underlying COR (adjusted for one-off costs) improved compared to 2019
Strategic investments (UIP, IFRS 9/17, SAP) of EUR 26m in FY20 (EUR 17m in FY19)
UNIQA Investor Relations
P&C: Lower investment result on top of one-off effects reflected in decreased EBT
Net premiums earned EURm
Investment result EURm
15.0%
-98.7%
Earnings before taxes EURm
41
4Q19
1Q20
2Q20
3Q20
4Q20
4Q19
1Q20
2Q20
3Q20
4Q20
-34
-128
GWP growth of 5.7% driven by AXA integration in 4Q; But even ex-AXA CEE P&C GWP were slightly up (+0.6%) despite COVID-19
Growth driven by motor in AT and corporate & other P&C in CEE
Impairments of equities, fixed income and participations
Negative EBT contribution reflecting restructuring charge, goodwill impairment and lower investment result
Health: Solid EBT contribution in an extraordinary year
Cost - benefit ratio (%)
Investment result EURm
Earnings before taxes EURm
4Q19
72.0%
49
1Q20
2Q20
3Q20
4Q20
4Q19
1Q20
2Q20
3Q20
4Q20
Benefit RatioCost Ratio
Healthy GWP growth (+3.2%) driven mainly by Austria; Long term growth trend not affected
Benefit ratio decreased below longer term run rate due to Covid-19
Investment result relatively stable yoy, despite low interest environment
One-off costs reflected in higher cost ratio and lower EBT in 4Q
Investment costs of EUR 16m in FY20 (EUR 14m in FY19)
UNIQA Investor Relations
Life: Goodwill impairment and amortization of
VBI weighing on 4Q
Reserve (net) EURbn
Investment result EURm
Earnings before taxes EURm
4Q19
1Q20
2Q20
3Q20
4Q20
Margin on Reserves (a)
Reserves of traditional life business on long term downward trend in AT; Increase in CEE due to AXA CEE consolidation
Investment result increased to EUR 371m (FY19: EUR 354m): In some CEE markets life policies and assets are denominated in FX (EUR and USD). Reduced FX rates lead to investment gains but are compensated by negative other result of EUR -45m in FY20 (FY19 EUR -5m)
Goodwill impairment and amortization of VBI amounted to EUR 38m in FY20
CAPEX (investment costs) of EUR 20m in FY20 (EUR 21m in FY19)
EBT contribution of EUR 45m (FY19: EUR 85m)
Investment Activity
Investment income EUR
200
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
Note: Excluding unit-linked investment income
Quarterly figures excluding Italy
2Q18
3Q18
4Q18
1Q19
2Q19
Investment allocation by asset class (a)
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
EUR 23.0bn
Dec 20
EUR 21.1bn
Dec 19
Net investment result of EUR 505m in FY20 (EUR 585m in FY19)
Current income of EUR 519m in FY20 (EUR 531m in FY19)
Contribution from participation in STRABAG: EUR 56m FY20 (EUR 57m in FY19)
Realized and unrealized losses of EUR -14m in FY20 (gains of EUR 54m in FY19); Main driver were impairments of equities and fixed income and insignificant gains on real estate in FY20
Total assets under management (excluding unit-and index-linked AuM) increased due to AXA CEE integration and higher revaluation reserves
Real estate at amortized costs in IFRS balance sheet; Market value according to external appraisals significantly above book value
FY20
Group Strategy & Results
Appendix: Additional Information
HighlightsGroup ResultsBusiness Performance Operating SegmentsAsset ManagementShareholder Information
Outlook FY21
High uncertainty in regards to Covid-19 situation and macro outlook
After nearly 1 year Covid-19 crisis no extraordinary increase in lapse ratio; up to now insurance business more stable than initially expected
For 2021 UNIQA expects EBT to be roughly at the level of 2018
Dividends:
2020: Proposal to the AGM 18c per share(a)
2021: Payout ratio 50%-60%
The outlook assumes that there will not be any further extraordinary negative developments and that major losses caused by natural disasters will remain within the average range in 2021
(a) Pending regulatory approval
UNIQA 3.0
Delivering significant impact
Key KPI Targets 2025
4Q20 KPIs for acquired AXA CEE subsidiaries
in EUR million P&C Life Total | |
Gross premiums written(a) Premiums earned (retained) Insurance benefits Operating expenses (net) Net investment income | 146.2 65.9 212.1 101.5 62.7 164.2 -53.1 -39.4 -92.5 -28.8 -36.2 -65.0 1.4 2.5 3.9 |
OPERATING RESULT 18.1 7.5 25.6 | |
Amortisation of goodwill | -2.8 -14.8 -17.6 |
EARNINGS BEFORE TAXES 15.3 -7.4 7.9 |
Operating result in Life business includes EUR 2.8m from pension business and EUR 3.7m from investment fund
(a) Including savings portion of premiums from unit- and index-linked life insurance
FY20
Group Strategy & Results
Appendix: Additional Information
HighlightsGroup Results
Business Performance Operating Segments
Asset ManagementShareholder Information
UNIQA Austria
EURm FY19 FY20 Δ yoy | |
Gross premiums written(a) | 3.800.8 3.837.5 1.0% |
Reins urers ' s hare Change due to premiums earned | -742.6 -758.3 -1.2 -2.6 2.1% >100% |
Net Premiums Earned(a) | 3.057.0 3.076.7 0.6% |
Savings portion included in premiums | -211.7 -207.0 -2.2% |
Premiums Earned | 2.845.4 2.869.7 0.9% |
Net Insurance Claims and Benefits | -2.417.3 -2.383.7 -1.4% |
Expenditure for claims Change in actuarial reserves Policyholder participation | -2.371.5 -2.191.5 -7.6% 37.8 -83.6 -87.4 -104.9 N/A 25.5% |
Net Operating Expenses | -635.7 -719.3 13.2% |
Net Commissions Acquisition related expenses Other operating expenses | -190.6 -178.8 -266.3 -190.2 -0.2% -200.6 12.2% -328.6 23.4% |
Allocated investment income | 300.1 294.2 -2.0% |
other technical result | -11.0 -8.4 -23.6% |
INSURANCE TECHNICAL RESULT 0 | 81.4 52.4 -35.6% |
Net Investment Income | 424.1 160.8 -62.1% |
Allocated investment income | -300.1 -294.2 -2.0% |
other non-technical result | -9.9 -7.9 -19.9% |
OPERATING RESULT 0 | 195.5 -89.0 N/A |
Amortisation of goodwill | -1.8 -1.8 0.0% |
Financing costs | -25.1 -28.3 12.7% |
EARNINGS BEFORE TAXES | 168.6 -119.1 N/A |
(a) Including savings portion of premiums from unit- and index-linked life insurance
UNIQA Austria Segments
P&C | Health | Life | |
EURm | FY19 FY20 Δ yoy | FY19 FY20 Δ yoy | FY19 FY20 Δ yoy |
Gross premiums written(a) | 1.760.7 1.796.1 2.0% | 1.056.3 1.089.6 3.2% | 983.9 951.8 -3.3% |
Reins urers ' s hare Change due to premiums earned | -709.8
| -5.6 -0.1
| -27.3
0.0 -0.2 N/A |
Net Premiums Earned(a) | 1.049.8 1.066.1 1.5% | 1.050.6 1.082.7 3.1% | 956.6 927.9 -3.0% |
Savings portion included in premiums | 0.0 0.0 N/A | 0.0 0.0 N/A | -211.7 -207.0 -2.2% |
Premiums Earned | 1.049.8 1.066.1 1.5% | 1.050.6 1.082.7 3.1% | 744.9 720.9 -3.2% |
Net Insurance Claims and Benefits | -688.3 -698.6 1.5% | -918.7 -916.9 -0.2% | -810.3 -768.2 -5.2% |
Expenditure for claims Change in actuarial reserves Policyholder participation | -660.8
| -745.2 -142.3 -31.2
| -965.5 180.0 -24.8
|
Net Operating Expenses | -297.4 -353.7 18.9% | -153.3 -176.9 15.3% | -185.1 -188.8 2.0% |
Net Commissions Acquisition related expenses Other operating expenses | -87.8 -90.7 -118.9
| -28.5 -48.0 -76.8
| -74.3 -40.2 -70.6
|
Allocated investment income | 0.0 0.0 N/A | 86.4 88.7 2.7% | 213.7 205.5 -3.8% |
other technical result | -5.8 -4.7 -19.7% | 0.8 1.2 56.9% | -6.0 -5.0 -16.9% |
INSURANCE TECHNICAL RESULT | 58.4 9.1 -84.5% | 65.7 78.9 20.1% | -42.7 -35.5 -16.8% |
Net Investment Income | 33.7 -196.1 N/A | 101.2 95.1 -6.1% | 289.1 261.9 -9.4% |
Allocated investment income | 0.0 0.0 N/A | -86.4 -88.7 2.7% | -213.7 -205.5 -3.8% |
other non-technical result | -9.0 -7.0 -22.3% | -0.6 -0.6 9.8% | -0.3 -0.3 -4.5% |
OPERATING RESULT | 83.1 -194.1 N/A | 80.0 84.6 5.8% | 32.4 20.5 -36.7% |
Amortisation of goodwill | 0.0 0.0 N/A | 0.0 0.0 N/A | -1.8 -1.8 0.0% |
Financing costs | 0.0 -3.2 N/A | 0.0 0.0 -44.0% | -25.1 -25.1 -0.1% |
EARNINGS BEFORE TAXES | 83.1 -197.3 N/A | 80.0 84.6 5.8% | 5.5 -6.3 N/A |
UNIQA International
EURm FY19 FY20 Δ yoy | |
Gross premiums written | 1.561.2 1.705.4 9.2% |
Reinsurers' share Change due to premiums earned | -454.4 -24.2 -469.8 3.4% -35.1 45.1% |
Net Premiums Earned | 1.082.6 1.200.5 10.9% |
Savings portion included in premiums | -98.1 -97.1 -1.0% |
Premiums Earned | 984.5 1.103.4 12.1% |
Net Insurance Claims and Benefits | -541.6 -608.1 12.3% |
Expenditure for claims Change in actuarial reserves Policyholder participation | -546.8 -655.7 19.9% 23.7 -18.4 54.2 >100% -6.6 -64.1% |
Net Operating Expenses | -414.9 -466.4 12.4% |
Net Commissions Acquisition related expenses Other operating expenses | -186.1 -39.7 -189.1 -188.4 1.2% -47.9 20.4% -230.1 21.7% |
Allocated investment income | 31.1 27.9 -10.5% |
other technical result | -19.5 -15.9 -18.2% |
INSURANCE TECHNICAL RESULT 0 | 39.7 40.9 2.8% |
Net Investment Income | 61.6 106.1 72.3% |
Allocated investment income | -31.1 -27.9 -10.5% |
other non-technical result | 7.9 -17.6 N/A |
OPERATING RESULT 0 | 78.1 101.4 29.8% |
Amortisation of goodwill | -57.4 -123.9 >100% |
Financing costs | -4.7 -4.5 -4.5% |
EARNINGS BEFORE TAXES | 16.0 -27.0 N/A |
(a) Including savings portion of premiums from unit- and index-linked life insurance
UNIQA International Segments
EURm
Gross premiums written
Reins urers ' s hare
Change due to premiums earned Net Premiums Earned
Savings portion included in premiums Premiums Earned
Net Insurance Claims and Benefits
Expenditure for claims
Change in actuarial reserves Policyholder participation Net Operating Expenses Net Commissions Acquisition related expenses Other operating expenses
Allocated investment income other technical result
INSURANCE TECHNICAL RESULT Net Investment Income
EARNINGS BEFORE TAXES
Allocated investment income other non-technical result OPERATING RESULT Amortisation of goodwill Financing costs
Life
FY19
FY20
Δ yoy
409.8
434.9 6.1%
-8.7 0.5
-11.4 31.7%
0.1 -89.8%
423.5 5.5%
326.4 7.5%
-179.8 15.9%
401.6 -98.1 303.5 -155.1
-97.1 -1.0%
-166.5
-234.1 40.6%
22.0 -10.7
55.7 >100%
-1.3 -87.8%
-157.9
-169.6 7.4%
-100.7
-90.9 -9.7%
-7.5 -49.7
-9.0 20.2%
-69.7 40.2%
29.5 0.6 20.7
27.1 -8.3%
13.3 >100%
99.9%
35.9 -29.5
71.8 -27.1
-8.3%
13.1 40.2
-20.3 41.9
N/A
>100%
-13.0%
-0.4 -0.2
-36.0 -0.2
39.6
5.7
-85.6%
(a) Including savings portion of premiums from unit- and index-linked life insurance
in EURm | GWP(a) Non-life GWP(a) Health GWP(a) Life GWP(a) Total | ||||||||
FY20 % to PYFY20 % to PYFY20 % to PYFY20 % to PYFX adjusted | |||||||||
Western Europe (WE) (b) | 8.0 | -2% | 0.0 | 0.0 8.0 | -2% | -2% | |||
Western Europe (WE) | 8.0 | -2% | 0.0 | 0.0 8.0 | -2% | -2% | |||
Czech Republic Hungary Poland Slovakia | 241.9 132.4 260.0 93.5 | 2% -6% -3% -2% | 14.0 5.8 0.3 0.1 | 1% -11% -28% 1% | 46.6 76.1 21.1 39.7 | 2% 1% -8% 8% | 302.5 214.3 281.3 133.3 | 2% -4% -4% 1% | 5% 5% 0% 1% |
Central Europe (CE) | 727.8 | -2% | 20.2 | -3% | 183.5 | 2% | 931.4 | -1% | 3% |
Romania Ukraine | 76.7 53.6 | -3% 5% | 0.1 27.1 | -71% 18% | 17.1 18.6 | -3% -38% | 93.9 99.3 | -3% -5% | -2% 2% |
Eastern Europe (EE) | 130.3 | 0% | 27.1 | 17% | 35.7 | -25% | 193.1 | -4% | 0% |
Albania Bosnia-Herzegovina Bulgaria Croatia Montenegro North Macedonia Serbia Kosovo | 28.3 13.3 31.0 45.0 10.9 13.2 26.4 10.6 | -13% 4% -9% -8% -6% 1% -14% 7% | 3.0 1.2 9.1 7.9 0.8 0.3 6.0 1.6 | 43% 12% 18% -14% 11% -33% 7% -25% | 5.0 17.2 14.7 23.4 1.9 3.0 14.5 1.1 | -14% -7% -40% -11% -2% 23% -10% -4% | 36.4 31.8 54.8 76.3 13.6 16.4 46.8 13.3 | -11% -2% -17% -10% -4% 4% -11% 1% | -10% -2% -17% -8% -4% 4% -11% 1% |
Southeastern E. (SEE) | 178.7 | -8% | 30.0 | 3% | 80.8 | -16% | 289.5 | -9% | -9% |
Russia | 1.6 | -24% | 0.6 | -57% | 69.1 | -19% | 71.4 | -19% | -8% |
Russia (RU) | 1.6 | -24% | 0.6 | -57% | 69.1 | -19% | 71.4 | -19% | -8% |
0.0 | 0.0 | 0.0 | 0.0 | ||||||
UNIQA International | 1.192.6 11% 77.9 5% 434.9 6% 1.705.4 9% | -1% |
(a) Including savings portion of premiums from unit- and index-linked life insurance
(b) As of 2017 Switzerland is presented as a banch of Liechtenstein and will not be presented separately in the future
in EURm | Premiums earned (a)Net investment incomeCombined ratio P&C Cost ratio Earnings before taxesFY20 FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20 FY19 | |||||||||
Western Europe (WE) (b) | 1.2 | 1.2 | 0.1 | 0.0 | 223.7% | 241.7% | 114.8% | 172.4% | -0.8 | -1.6 |
Western Europe (WE) 1.2 | 1.2 | 0.0 | 0.0 | 223.7% | 241.7% | 114.8% | 172.4% | -0.5 | -1.4 | |
Czech Republic Hungary Poland Slovakia | 203.6 141.7 160.9 95.0 | 200.3 140.7 168.8 95.4 | 5.9 6.0 13.6 3.2 | 7.4 4.8 9.5 3.3 | 90.5% 65.4% 103.7% 96.2% | 92.7% 72.9% 94.9% 95.9% | 29.0% 21.6% 37.8% 43.7% | 29.7% 23.7% 35.7% 39.7% | 23.5 8.6 6.0 5.4 | 22.5 6.3 15.0 5.2 |
Central Europe (CE) 601.2 | 605.3 | 28.6 | 25.0 | 92.1% | 91.0% | 31.9% | 31.5% | 43.6 | 49.0 | |
Romania Ukraine | 53.7 84.9 | 55.2 90.4 | 4.9 10.6 | 4.3 1.1 | 102.3% 89.6% | 102.6% 91.5% | 46.4% 52.3% | 65.0% 52.7% | -58.2 14.2 | -31.9 6.7 |
Eastern Europe (EE) 138.7 | 145.7 | 15.5 | 5.5 | 95.5% | 96.7% | 50.0% | 57.3% | -44.1 | -25.2 | |
Albania Bosnia-Herzegovina Bulgaria Croatia Montenegro North Macedonia Serbia Kosovo | 31.4 27.7 37.7 54.9 10.2 14.4 37.0 11.5 | 34.4 28.9 47.9 56.5 10.8 13.6 39.5 11.7 | 0.7 2.5 1.1 11.7 0.7 0.3 4.0 0.3 | 0.4 4.8 1.5 14.0 0.8 0.4 3.6 0.2 | 79.1% 94.1% 91.6% 104.1% 91.7% 97.0% 100.8% 104.0% | 90.2% 96.0% 93.7% 94.3% 95.3% 103.7% 91.8% 100.6% | 46.7% 41.0% 55.6% 38.3% 45.5% 50.9% 45.5% 40.8% | 47.5% 39.6% 41.7% 37.0% 47.5% 50.5% 38.7% 45.1% | 0.2 1.7 -14.9 1.8 1.0 0.6 -20.2 0.1 | 1.2 1.4 -15.7 8.1 0.5 -0.5 2.0 0.3 |
Southeastern E. (SEE) 224.8 | 243.4 | 21.2 25.7 94.6% | 94.4% | 45.1% | 41.6% | -29.7 | -2.8 | |||
Russia | 70.3 | 87.1 | 37.5 | 6.6 | 19.1% | 18.8% | 20.2 | 19.5 | ||
Russia (RU) 70.3 | 87.1 | 37.5 | 6.6 | 49.0% | 77.5% | 19.1% | 18.8% | 20.2 | 19.5 | |
UI Administration | 0.0 | 0.0 | -0.7 | -1.2 | -24.5 | -23.1 | ||||
UNIQA International 1.200.5 1.082.6 106.1 61.6 93.3% 95.0% 38.8% 38.3% -27.0 16.0 |
(b)
(a) Including savings portion of premiums from unit- and index-linked life insurance
(b) As of 2017 Switzerland is presented as a banch of Liechtenstein and will not be presented separately in the future
Group Balance Sheet
LiabilitiesAssets
EURm
Dec 20
Dec 19
A. Tangible assets
364.7
351.8 3.7%
B. Land and buildings held as financial investments
1.137.4 7.2%
C. Intangible assets
1.586.5 31.8%
1.219.2 2.090.9
D. Shares in associated companies
677.9
642.4 5.5%
E. Investments
20.422.1
18.844.9 8.4%
F. Investments held on account and at risk of life insurance policyholders
5.218.1
4.680.4 11.5%
G. Share of reinsurance in technical provisions
514.3
350.0 46.9%
H. Share of reinsurance in technical provisions held on account and at risk of life insurance policyholders
0.1
0.1 0.0%
I. Receivables, including receivables under insurance business
546.7 25.1%
J. Receivables from income tax
48.7 21.4%
K. Deferred tax assets
5.2 64.1%
L. Liquid funds
479.6 33.6%
28.673.8 11.3%
Total assets
684.2 59.1 8.6 640.7 31.900.1
EURm
Dec 20
Dec 19
A. Total equity
I. Shareholder equity
3.445.7 3.423.3
3.365.8 2.4% 3.365.8 1.7%
B. Subordinated liabilities
870.1 23.0%
C. Technical provisions
17.791.0 7.9%
1.069.9 19.198.8
D. Technical provisions held on account and at risk of life insurance policyholders
5.115.5
4.646.2 10.1%
E. Financial liabilities
693.6
75.5 818.7%
F. Other provisions
685.7 23.6%
G. Payables and other liabilities
803.1 23.8%
H. Liabilities from income tax
60.7 53.4%
847.2 994.2 93.1
I. Deferred tax liabilities
442.1
375.7 17.7%
Total equity and liabilities
31.900.1
28.673.8 11.3%
Shareholders' equity (excluding minority interest)
EURm
Valuation of financial instruments AFS
Dec 19
DividendProfit attributable to shareholders
Other
Dec 20
Shareholders' equity increased in FY20:
Increase of revaluation reserves mainly due to lower interest rates
Dividend payment in amount of EUR 55m
Group Income Statement
EURm 4Q19 1Q20 2Q20 3Q20 4Q20 4Q19 4Q20 Δ yoy | |
Gross premiums written(a) 1.276.8 1.578.3 1.249.5 1.263.4 1.474.1 | 5.372.6 5.565.3 3.6% |
Reinsurers' share Change due to premiums earned -44.5 71.2 -56.9 -188.8 -42.3 52.9 -35.3 55.3 -56.1 39.5 -175.3 -26.4 -190.5 8.7% -41.1 55.9% | |
Net Premiums Earned(a) 1.303.5 1.332.6 1.260.1 1.283.4 1.457.6 | 5.170.8 5.333.7 3.1% |
Savings portion included in premiums -84.8 -76.0 -76.9 -70.0 -81.2 -309.8 -304.1 -1.8% | |
Premiums Earned 1.218.8 1.256.6 1.183.2 1.213.4 1.376.3 | 4.861.1 5.029.5 3.5% |
Net Insurance Claims and Benefits -867.3 -950.6 -889.4 -865.4 -989.2 | -3.657.1 -3.694.6 1.0% |
Expenditure for claims Change in actuarial reserves Policyholder participation -811.8 -1.043.0 -793.0 59.2 -23.0 -10.0 -37.9 -3.1 -32.3 -785.5 -46.5 -22.1 -964.8 -3.611.0 -3.586.3 -0.7% 29.4 -33.7 62.6 -115.5 -30.1 -148.2% -125.9 9.1% | |
Net Operating Expenses -388.5 -379.0 -335.4 -332.4 -519.6 | -1.407.1 -1.566.4 11.3% |
Net Commissions Acquisition related expenses Other operating expenses -180.7 -63.6 -144.2 -188.4 -50.9 -139.7 -160.5 -48.8 -126.1 -168.8 -48.3 -115.3 -164.8 -104.3 -250.5 -686.4 -221.0 -499.7 -682.5 -0.6% -252.3 14.2% -631.5 26.4% | |
Allocated investment income 81.3 81.7 81.3 80.1 79.0 | 331.2 322.1 -2.8% |
other technical result -7.5 -9.7 -1.0 -8.5 6.9 | -28.6 -12.4 -56.7% |
INSURANCE TECHNICAL RESULT 36.8 -0.9 38.7 87.1 -46.6 | 99.5 78.3 -21.3% |
Net Investment Income 148.6 89.7 125.4 182.7 107.6 | 585.2 505.4 -13.6% |
Allocated investment income -81.3 -81.7 -81.3 -80.1 -79.0 | -331.2 -322.1 -2.8% |
other non-technical result -5.8 -5.5 1.0 -13.1 3.7 | 1.3 -13.9 -1141.2% |
OPERATING RESULT 98.3 1.6 83.8 176.6 -14.4 | 354.9 247.6 -30.2% |
Amortisation of goodwill -57.3 -0.6 -0.6 -0.6 -123.9 | -59.2 -125.8 112.7% |
Financing costs -14.7 -14.9 -13.8 -17.6 -18.4 | -54.6 -64.8 18.5% |
EARNINGS BEFORE TAXES 26.3 -13.9 69.4 158.4 -156.8 | 241.1 57.1 -76.3% |
(a) Including savings portion of premiums from unit- and index-linked life insurance
Group Operating Segments
EURm
Gross premiums written(a)
Reins urers ' s hare
Change due to premiums earned Net Premiums Earned(a)
Savings portion included in premiums Premiums Earned
Net Insurance Claims and Benefits
Expenditure for claims
Change in actuarial reserves Policyholder participation Net Operating Expenses Net Commissions Acquisition related expenses Other operating expenses
Allocated investment income other technical result
INSURANCE TECHNICAL RESULT Net Investment Income
EARNINGS BEFORE TAXES
Allocated investment income other non-technical result OPERATING RESULT Amortisation of goodwill Financing costs
Life
FY19
FY20
Δ yoy
1.394.9
1.387.5
-0.5%
-26.1
-26.2 0.4%
0.5
-0.2
N/A
1.361.1 -0.6%
1.057.0 -0.2%
-956.4 -2.1%
1.369.4 -309.8 1.059.6 -977.3
-304.1 -1.8%
-1.143.0
-1.061.7 -7.1%
202.3 -36.6
139.7 -31.0%
-34.4 -6.1%
-358.1
-370.7 3.5%
-176.0 -47.6 -134.4
-149.0 -15.4%
-54.9 15.3%
-166.8 24.1%
243.3
232.6 -4.4%
-2.3 -34.9
2.5 -35.1
0.6%
354.1 -243.3
371.3 -232.6
4.9%
-4.4%
11.2 87.2
-20.3 83.4
N/A
-4.4%
-2.2 -0.2
-30.6%
-37.8 -0.2
84.8
45.5
-46.4%
(a) Including savings portion of premiums from unit- and index-linked life insurance
Other Segments
EURm
Gross premiums written
Reins urers ' s hare
Change due to premiums earned Net Premiums Earned
Savings portion included in premiums Premiums Earned
Net Insurance Claims and Benefits
Expenditure for claims
Change in actuarial reserves Policyholder participation Net Operating Expenses Net Commissions Acquisition related expenses Other operating expenses
Allocated investment income other technical result
INSURANCE TECHNICAL RESULT Net Investment Income
EARNINGS BEFORE TAXES
Allocated investment income other non-technical result OPERATING RESULT Amortisation of goodwill Financing costs
(a) Including savings portion of premiums from unit- and index-linked life insurance
FY20
Group Strategy & Results
Appendix: Additional Information
HighlightsGroup ResultsBusiness Performance Operating Segments
Asset Management
Shareholder Information
Fixed income portfolio
Overall composition
Rating distribution
Governent Bonds EU
Covered Bonds
Corporates
Government Bonds Non-EU
Financials
Other
AAADec 20
AADec 19
By segment
A
BBB
<>Not rated
Dec 20
Fixed income portfolio
Government and government related
Overall composition EUR 11.6bn
Rating distribution
Italy
By segment
Rest of EuropeAustria
Rest of WorldPoland
Belgium
France
Europa
Slovakia
Ireland
Supranational Organisations
30.1%
29.7%
Fixed income portfolio Corporates including financials
Overall composition EUR 3.7bn
Rating distribution
Fixed income portfolio Corporate thereof financials
Overall composition EUR 0.8bn
Rating distribution
Fixed income portfolio
Covered bonds
Overall composition EUR 2.1bn
Rating distribution
FY20
Group Strategy & Results
HighlightsGroup ResultsBusiness Performance Operating Segments
Shareholder structure
Current shareholder structure
0.7%
UNIQA Versicherungsverein Privatstiftung
Free Float
Raiffeisen Bank International
Collegialität Versicherungsverein Privatstiftung
Treasury shares
Shareholder information and contacts
Dividend per share / Pay out ratio
General information
41% 38% 45% 44% 102% 91% 67% 24% 0.25 0.51 0.53 0.47 0.42 0.49 0.35 0.18 2012 2013 2014 2015 2016 2017 2018 2019 | UNIQA Insurance Group AG Listed on the Vienna Stock Exchange since 1999 309m common shares ISIN: AT0000821103
Contact details Investor Relations Michael Oplustil, Stefan Glinz, Tiana Majstorovic Untere Donaustrasse 21, 1029 Vienna Phone.: (+43) 1 21175-3236 E-mail:investor.relations@uniqa.at |
(a) Proposal to the Annual General Meeting
Disclaimer
This Presentation is being provided for information purposes to selected recipients only and does not constitute or form part of, and should not be construed as an offer or invitation or recommendation to, purchase or sell or subscribe for, or any solicitation of any offer to purchase or subscribe for any securities in UNIQA Insurance Group AG, a stock Corporation organised under Austrian law (the "Company"), in any jurisdiction. Neither the Presentation, nor any part of it nor anything contained or referred to in it, nor the fact of its distribution, should form the basis of or be relied on, in connection with, or act as an inducement in relation to, a decision to purchase or subscribe for or enter into any contract or make any other commitment whatsoever in relation to any such securities.
The information contained in this Presentation has been provided by the Company and has not been verified independently. Unless otherwise stated, the Company is the source of information.
No reliance may be placed for any purpose whatsoever on the information or opinions contained in the Presentation or on its completeness, accuracy of fairness. No representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its respective directors, officers, employees, agents or advisers as to the accuracy, completeness or fairness of the information or opinions contained in the Presentation and no responsibility or liability is accepted by any of them for any such information or opinions. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in this Presentation and nothing in this Presentation is or should be relied on as a promise or representation as to the future.
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Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements.
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Statements contained in this Presentation regarding past events or performance should not be taken as a guarantee of future events or performance.
Prospective recipients should not treat the contents of this Presentation as advice relating to legal, taxation or investment matters, and are to make their own assessments concerning such matters and other consequences of a potential investment in the Company and its securities, including the merits of investing and related risks.
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UNIQA Investor Relations
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UNIQA Insurance Group AG published this content on 17 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 February 2021 08:50:05 UTC.