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

  • 5.372.6 5.565.3

  • 4.861.1 5.029.5

585.2

505.4

  • 3.657.1 3.694.6

  • 1.407.1 1.566.4

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

  • -728.0 2.6%

    -1.1

  • -2.0 84.6%

-5.6 -0.1

  • -6.6 18.0%

  • -0.4 214.3%

-27.3

  • -23.6 -13.3%

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

  • -664.3 0.5%

    0.1 -27.6

    0.0

    N/A

  • -34.4 24.5%

-745.2 -142.3 -31.2

  • -710.4 -4.7%

  • -168.1 18.1%

  • -38.4 23.2%

-965.5 180.0 -24.8

  • -816.8 -15.4%

  • 80.7 -55.2%

  • -32.1 29.4%

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

  • -93.9 7.0%

  • -102.9 13.5%

  • -156.8 31.9%

-28.5 -48.0 -76.8

  • -31.4 10.2%

  • -51.6 7.6%

  • -93.8 22.1%

-74.3 -40.2 -70.6

  • -64.8 -12.8%

  • -46.0 14.6%

  • -78.0 10.5%

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

  • Bloomberg:

    UQA AV

  • Reuters:

    UNIQ.VI

  • Vienna Stock Exchange: UQA

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.

This Presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company, or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements.

Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements.

All features in this Presentation are current at the time of publication but may be subject to change in the future. The Company disclaims any obligation to update or revise any statements, in particular forward-looking statements, to reflect future events or developments.

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.

In receiving any information relating to the Company (whether in written or oral form), including information in this Presentation, you will be deemed to have represented and agreed for the benefit of the Company (i) that you will only use such information for the purposes of discussions with the Company, (ii) to hold such information in strict confidence and not to disclose it (or any discussions with the Company) to any person, except as may be required by law, regulation or court order, (iii) not to reproduce or distribute (in whole or in part, directly or indirectly) any such information, (iv) that you are permitted, in accordance with all applicable laws, to receive such information, and (v) that you are solely responsible for your own assessment of the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business.

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.