24.11.2016,
10470 Zeichen
Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
9-month report
UNIQA on track to achieve targets set
Planned decrease in single premiums in life insurance reduces Group premiums written by 2.3 per cent to EUR 4,753.3 million\nRecurring Group premiums climb by 1.9 per cent to EUR 3,949.6 million\nRetained insurance benefits down 2.3 per cent at EUR 3,431.4 million\nCombined ratio virtually unchanged at 98.2 per cent (+0.2 pp)\nNet investment income decreases to EUR 490.1 million (-20.7 per cent) due to further deterioration in the low-interest rate environment\nEarnings before taxes down 42.9 per cent at EUR 172.2 million in line with expectations\nEarnings outlook for 2016 confirmed: up to 50 per cent lower than record earnings from 2015 due to high future investments and strained economic conditions\nUNIQA CEO Andreas Brandstetter comments on the first three quarters of 2016 as
follows: "With earnings before taxes of EUR 172.2 million after nine months, we
are in line with our expectations overall, although an unexpectedly large
number of major claims arose in property and casualty insurance in the third
quarter. At the start of the year, we already announced that earnings for the
current year would be up to 50 per cent lower than the record earnings from
2015 due to high future investments and the strained economic conditions. We
are therefore on track to achieve the targeted earnings for 2016 as a whole,
even though the challenging low interest rate environment is still putting
investment income under a great deal of pressure."
With regard to the development of claims, Brandstetter comments: "The third
quarter of 2016 was influenced by a larger than average number of major claims
in Austria and the international markets. As a result, the combined ratio in
property and casualty insurance increased slightly to 98.2 per cent in the
first nine months of the year. We are not satisfied with this figure, which is
considerably higher than we had expected. Therefore, we will continue unabated
with our efforts to achieve further improvements in this area on a sustainable
basis. Returning to the path of recent years with a steady decrease in the
combined ratio is a top priority for us."
With regard to the development of premiums, Brandstetter comments: "In the
first three quarters of 2016, recurring premiums climbed by 1.9 per cent
overall as a result of moderate growth in Austria and more substantial
increases internationally. The decline in premiums written is entirely due to
the fact that we deliberately reduced single premium business because it is not
attractive for our customers in the current interest rate environment and has a
poor return on capital for the Group. We achieved very good growth in property
and casualty insurance and also continued our solid growth in health
insurance." With regards to the anticipated development, Brandstetter says:
"For the 2016 financial year, we still expect earnings before taxes to be up to
50 per cent lower than the very good earnings for 2015. This is due firstly to
the innovation programme launched at the beginning of 2016 with significant
future investments in the redesign of the business model, the enhancement of
staff expertise and the necessary modernisation of our IT landscape. Secondly,
we do not expect the persistently difficult conditions with negative interest
rates, decreasing investment income and political uncertainty in individual
markets to improve in the medium term. We are keeping to our plan to
continuously increase the annual distribution per share in the years to come on
the basis of very sound capital resources as part of a progressive dividend
policy."
Key Group figures for first nine months of 2016 in detail
The premiums written by the UNIQA Group including the savings portion of unit-
and index-linked life insurance fell by 2.3 per cent to EUR 4,753.3 million in
the first three quarters of 2016 (1 - 9/2015: EUR 4,866.1 million) due to the
reduction in single premium business in the life insurance segment in line with
planning. While recurring Group premiums rose by 1.9 per cent to EUR 3,949.6
million (1 - 9/2015: EUR 3,876.8 million), single premiums in life insurance
fell by 18.8 per cent to EUR 803.7 million (1 - 9/2015: EUR 989.3 million).
Premiums written in health insurance climbed by 4.0 per cent to EUR 778.8
million in the period under review (1 - 9/2015: EUR 749.1 million), while in
property and casualty insurance they grew by 2.4 per cent to EUR 2,079.1
million in the first nine months of 2016 (1 - 9/2015: EUR 2,029.6 million). In
life insurance, total premiums written - including the savings portion of unit-
and index-linked life insurance - declined by 9.2 per cent to EUR 1,895.3
million (1
- 9/2015: EUR 2,087.5 million) due to the reduction of single premium business.
Premiums earned in accordance with IFRS (i.e. not including the savings portion
of unit- and index-linked life insurance) decreased by 2.1 per cent to EUR
4,219.3 million (1 - 9/2015: EUR 4,307.6 million).
The UNIQA Group's net insurance benefitsfell by 2.3 per cent to EUR 3,431.4
million in the first nine months of 2016 (1 - 9/2015: EUR 3,512.5 million) as a
result of the decline in premiums in life insurance.
Total operating expensesless reinsurance commissions received rose by 1.7 per
cent to EUR 1,015.0 million in the first nine months of 2016 (1 - 9/2015: EUR
998.5 million). Acquisition expenses posted a decrease of 0.8 per cent to EUR
702.7 million (1 - 9/2015: EUR 708.5 million). Other operating expenses
(administration costs) climbed by 7.8 per cent in the first three quarters of
2016 to EUR 312.4 million (1 - 9/2015: EUR 289.9 million) as a result of
expenses relating to the innovation and investment programme.
As expected, theGroup cost ratiorose to 22.4 per cent (1 - 9/2015: 21.4 per
cent) as a result of the decrease in premiums and the increase in investments.
The combined ratioafter reinsurance increased slightly to 98.2 per cent (1 - 9/
2015: 98.0 per cent) due to higher than average expenses from major claims in
the third quarter.
Net investment incomefell by 20.7 per cent to EUR 490.1 million in the first
three quarters of 2016 (1 - 9/2015: EUR 618.0 million), partly due to negative
exchange rate effects. The comparative figure for the previous year was
influenced by positive measurement results and the reorganisation of the
strategic investment policy in 2015, whereas in the first nine months of 2016,
it was curbed by further intensification of the low-interest rate environment.
The investmentof the UNIQA Group (including unit- and index-linked life
insurance investments) increased as against the end of the previous year to EUR
30,584.9 million as at 30 September 2016 (31 December 2015: EUR 29,416.1
million).
The technical result of the UNIQA Group declined by 50.7 per cent to EUR 74.4
million in the first three quarters of 2016 (1 - 9/2015: EUR 151.0 million).
Operating earnings declined by 32.3 per cent to EUR 230.6 million (1 - 9/2015:
EUR 340.4 million), chiefly as a result of the decline in the investment
result. The UNIQA Group's earnings before taxes amounted to EUR 172.2 million
(1 - 9/ 2015: EUR 301.9 million). These earnings include extraordinary income
before taxes of EUR 37 million from the sale of our minority financial
investment in Niederösterreichische Versicherung AG, investments of around EUR
30 million as part of our innovation programme, and a EUR 30 million increase
in expenses from major claims compared to the previous year.
Consolidated profit(net profit for the period attributable to the shareholders
of UNIQA Insurance Group AG) decreased in line with planning by 39.3 per cent
to EUR 148.8 million (1 - 9/2015: EUR 245.0 million). Earnings per
shareamounted to EUR 0.48 (1 - 9/2015: EUR 0.79).
The UNIQA Group's equityposted an increase of 6.8 per cent since the beginning
of the year and amounted to EUR 3,367.9 million as at 30 September 2016 (31
December 2015: EUR 3,152.7 million).
The average number of employeesat the UNIQA Group decreased to 13,908 in the
first nine months of 2016 (1 - 9/2015: 14,038).
Outlook for 2016
At the beginning of 2016, UNIQA launched the biggest innovation programme in
the company's history and will invest around EUR 500 million in the redesign of
the business model, the necessary build-up of staff expertise and the required
IT systems over the next ten years. A good portion of these considerable future
investments will take effect in 2016. In combination with the persistently
difficult conditions - such as ongoing low interest rates, sinking investment
income and political uncertainty in individual markets - UNIQA expects earnings
before taxes in the 2016 financial year to be up to 50 per cent lower than the
very good earnings for 2015. Despite the investments and the challenging
economic environment, UNIQA intends to continuously increase the annual
distribution per share in the years to come as part of a progressive dividend
policy.
Forward-looking statements
This press release contains statements concerning UNIQA's future development.
These statements present estimates which were reached on the basis of all of
the information available to us at the present time. If the assumptions on
which they are based do not occur, the actual results may deviate from the
results currently expected. As a result, no liability is accepted for this
information.
UNIQA The UNIQA Group is one of the leading insurance groups in its core
markets of Austria and Central and Eastern Europe (CEE). 21,300 employees and
exclusive sales partners serve more than 10 million customers in 19 countries.
UNIQA is the second-largest insurance group in Austria with a market share of
around 22 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
Italy, Switzerland and Liechtenstein.
end of announcement euro adhoc
company: UNIQA Insurance Group AG
Untere Donaustraße 21
A-1029 Wien
phone: 01/211 75-0
mail: investor.relations@uniqa.at
WWW:
http://www.uniqagroup.com
sector: Insurance
ISIN: AT0000821103
indexes: WBI, ATX Prime, ATX
stockmarkets: official market: Wien
language: English
Digital press kit:
http://www.ots.at/pressemappe/220/aom
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Bildnachweis
1.
Hans Christian Schwarz : Ab 1.1.2017 Landesdirektor Uniqa Oberösterreich : Fotocredit: Uniqa
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