UNIQA INSURANCE GROUP AG - Earnings before taxes for 2021 are now expected to be in the range of €330 to €350 million, due to improved profitability in the core underwriting business
- For the first half of 2021 UNIQA estimates that earnings before taxes will exceed €200 million
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- Earnings before taxes for 2021 are now expected to be in the range of €330 to €350 million, due to improved profitability in the core underwriting business
- For the first half of 2021 UNIQA estimates that earnings before taxes will exceed €200 million
Following preliminary financial statements for the first half of 2021, UNIQA Insurance Group AG (UNIQA) is raising its forecast for the 2021 financial year. Contrary to previous expectations of earnings before taxes at around the same level as 2018, due to improved profitability in the core underwriting business, the Group is now expecting earnings before taxes for 2021 in the range of €330 to €350 million.
For the first half of 2021, UNIQA estimates that earnings before taxes will exceed €200 million. 'Building on our strong performance in the first quarter of 2021, the latest estimates indicate that we are also seeing higher-than-budgeted growth for the second quarter in our core markets of Austria and Central and Eastern Europe. Additional earnings drivers are excellent benefit ratios in the Retail & Corporate segment of the non-life sector (despite the storm damage claims in the first half year of 2021), strong results in Asset Management, and continued control of costs which remain well within budget. The contribution from the AXA integration is more than satisfactory and confirms our growing market and brand presence throughout the CEE region,' says Kurt Svoboda, Management Board member responsible for Finance & Risk at UNIQA Insurance Group AG.
Ambitious growth targets for the period 2021 to 2025
With its growth programme 'UNIQA 3.0 - Seeding the Future', the Group has set ambitious growth targets for the period 2021 to 2025: average annual premium growth of 3 per cent, a substantial reduction in cost ratio to 25 per cent, a sustainable combined ratio of around 93 per cent by 2025, and return on equity consistently above 9 per cent, will together form the basis for progressive dividend growth. The key pillars are an explicit focus on customers and continuing high levels of investment in the future-oriented areas of digitalisation, IT and data technologies. With the successful integration of the AXA companies in CEE, a reduction in cost ratio, the transformation of our company culture and the focus on innovations in disruptive business models, we are already on the right path.
As planned, the 2021 Half-Year Financial Report will be published on 19 August 2021.
Forward-looking statements
This press release contains statements concerning UNIQA's future development. These statements are estimates based on all the information available to us at the current time. If the assumptions on which they are based do not occur, the actual results may deviate from the results currently expected. No guarantee can therefore be given for this information.
UNIQA Group
The UNIQA Group is one of the leading insurance groups for its core markets of Austria and Central and Eastern Europe (CEE). Around 23,500 employees and exclusive sales partners serve around 15.5 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, Czechia, Hungary, Kosovo, Montenegro, Northern Macedonia, 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 16 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 July 2021 15:18:05 UTC.
