Uniqa Insurance : Group Vorläufige Ergebnisse 2023 07.03.2024

UNIQA Insurance Group AG

FY23 Preliminary Results

March 7th, 2024

Andreas Brandstetter, CEO

Kurt Svoboda, CFO/CRO

UNIQA INSURANCE GROUP AG

Agenda

01

02

Group Results

FY23 Preliminary Results | Outlook 2024

Appendix

Segments | Investment Portfolio | Shareholder Information

07.03.2024 | UNIQA FY23 Preliminary Results Presentation

2

1.1

Group Results

FY23 Preliminary Results

FY23 RESULTS

Executive

Summary

FY23 (a)

Insurance revenue grew by 12.1% to EUR 5 994m compared to FY22

Average new investment yield increased to 4.7%, from 4.3% in FY22

Earnings before taxes increased to EUR 426m vs. EUR 272m in FY22

Proposed dividend per share of 57 cents for the FY23 vs 55 cents in FY22

Gross written premium up by 9.7% to EUR 7 186m compared to FY22

Strong P&C combined ratio (gross) of 89.4%(b)

(vs. 91.7% in FY22)

Net investment income significantly improved to EUR 589m, from EUR 180m in FY22

Profit after taxes and minorities of EUR 303m (vs. EUR 256m in FY22) (c)

07.03.2024 | UNIQA FY23 Preliminary Results Presentation

(a) All numbers in the following presentation excluding Raiffeisen Life (Russia) unless otherwise noted

(b) excluding non-attributable costs and before reinsurance 4

(c) Including Raiffeisen Life (Russia)

FY23 RESULTS

Solid FY23 result driven by high technical profitability in International, favourable NII and excellent growth

EURm	FY22	FY23	%•
Gross Written Premium	6 549	7 186	9.7%
P&L HIGHLIGHTS
Insurance Revenue	5 347	5 994	12.1%
of that, CSM release	315	319	1.4%
Technical Result	564	562	-0.3%
Financial Result	-50	150	n/a
of that, net investment income	180	589	227.4%
Non-directly attributable costs	200	261	30.3%
Earnings before taxes	272	426	56.6%
Income Taxes	-17	-103	509.4%
Profit from discont. Operations (after taxes) (a)	0	-19	n/a
Profit after taxes and minorities	256	303	18.5%
KPIs
Group cost ratio	30.9%	31.0%	0.1pp
P&C gross combined ratio	91.7%	89.4%	-2.3pp
New business margin (personal lines) (b)	4.4%	5.1%	0.7pp
∅ New investment yield (c)	4.3%	4.7%	0.4pp

Continued strength especially in P&C and Health driven by indexation and higher volumes; support from CSM release in Life

Technical result stable despite major claims, Nat Cat events and one- off charge from legal case in Austria; excellent performance in International

Net investment income much stronger in FY23 due to higher current income, no significant impairments and stable interest rates

Significant improvement YoY driven by technical profitability in International and financial result in both Austria and International

Effective tax rate back to a more normalised level of 24,2%

Including impact from discontinued operations

Improvement despite severe weather conditions in Austria, thanks to excellent performance in International and a positive run-off group result

Higher interest rates supporting yields in both Austria (3.6%) and International (6.0%) portfolios

07.03.2024 | UNIQA FY23 Preliminary Results Presentation

(a) Raiffeisen Life (Russia) shown as discontinued operations b) Including Raiffeisen Life (Russia) (c) Fixed income assets only

5

FY23 RESULTS

Group CSM driven by Health business

Group CSM, EURm

5 411	5 266	319

243

CSM	New	Assumption	Finance	FX	CSM	Reclassifi-	CSM
01.01.2023	business	Changes	income/	effects	release	cation to disc.	31.12.2023
	CSM		expenses		in period	operations

	92	192
Life
Health	106
	95
P&C
	44	32
	New Business CSM	CSM release in period

• Group CSM at 5.3bn, predominantly coming from Health (EUR 3.4b).
• 2.7% decrease in CSM is a result of higher CSM release vs. new business CSM in Life, as well as reclassification of Russian business to discontinued operations (EUR -60m).
• Group CSM release sustainability ratio below 1 driven by shortfall in Life. Health and P&C new business CSM remains at comfortable levels.

07.03.2024 | UNIQA FY23 Preliminary Results Presentation

6

Key Financial Indicators

Earnings Per Share (EUR)

26.5%

1.05

0.83

FY22FY23

Return on Equity (%)

	2.5pp
11.6%	14.1%
FY22	FY23

07.03.2024 | UNIQA FY23 Preliminary Results Presentation

FY23 RESULTS

Book Value Per Share (EUR) (a)

43.8%

	8.83
6.14
FY22	FY23
Regulatory Capital Position (%) (a)
	246%	~ 255%
196%
170%			170% target
			solvency level

FY20	FY21	FY22	FY23
			(a) Including Raiffeisen Life (Russia)	7

FY23 RESULTS

Growth across all segments

Insurance revenue per business line, EURm
Property and Casualty	Health	Life
12.9%	8.3%	14.2%

3 548	4 006
FY22	FY23

1 140	1 235

FY22FY23

659	753

FY22

FY23

• P&C up by 12.9%, thereof Austria (+7.5%) and International (+16.7%), driven by new business and indexation; underwriting policy remains prudent.
• Health up by 8.3% driven predominantly by the Austrian portfolio (+8.3%); international portfolio up as well (+8.2%).
• Life up by 14.2% due to higher release of expected directly attributable expenses (mainly acquisition expenses), as well as release of expected claims. Growth mainly driven by Austria (+18.5%).

07.03.2024 | UNIQA FY23 Preliminary Results Presentation

8

FY23 RESULTS

Group Cost Ratio driven by investments in future business model

Group Cost Ratio (gross)(%), Costs (EURm)

	12.3%
1 653	1 857
261
200	1 596
1 453

30.9%	31.0%

FY22

FY23

Cost ratio (gross) per segment (%), Costs (EURm)

Property and Casualty

Health

	10.9%		14.4%
	1 279		225
1 153	197
137	59
105
	42
1 048	1 142	155	166
		17.3%	18.2%
32.5%	31.9%
FY22	FY23	FY22	FY23
Non directly attributable costs	Directly attributable costs

Life

16.4%

353

30465

53

250288

46.0%46.9%

FY22FY23

Cost ratio

• Cost increase of 12% in FY23 reflecting continued investments in Human Resources, Digitalization and IT, as well as transformation projects in International.
• High inflation maintains pressure on both personnel and material costs.
• Cost basis in life remains persistently high, despite new business volumes remaining below target.

07.03.2024 | UNIQA FY23 Preliminary Results Presentation

9

FY23 RESULTS

P&C: robust result driven by high technical performance in International; increasing regional Nat Cat in AT

Earnings before taxes drivers, EURm

P&C Combined ratio (gross) (%)

-31

(a)

Discounted

-2.3pp

121

3.0%2.6%

91.7%

89.4%

Undiscounted

-3.4pp

95.1%

91.7%

FY23	287.47	101.38	-177.37
FY22	255.94	-39.05	-207.37
Delta	31.53	140.43	30.00

FY22

FY23

FY22

FY23

• NatCat impact from total Combined ratio

• Technical result burdened by Nat Cat of EUR 107m (gross) from severe weather southern Austria over the summer (impact of 2.6% in the CoR).
• A total of EUR 186m (gross/net) of weather-related losses across the Group (impact of 4.6% in the CoR).
• Significantly stronger financial result due to improved net investment income from stable (higher) interest rates and reduced market volatility.
• Excellent technical performance in International, with a YE23 gross combined ratio of 85.6% vs. 86.3% at YE22; prudent underwriting policy partially offsetting inflation pressures and weather-related claims.
• Total P&L discounting effect of EUR 42m in FY23 (net discounting effect of EUR 90m less EUR 48m unwinding).

07.03.2024 | UNIQA FY23 Preliminary Results Presentation

(a) Including re-insurance; excluding non-attributable costs 10