UNIQA Group Preliminary Results 2023 07.03.2024

UNIQA INSURANCE GROUP AG

Agenda

FY23 RESULTS

FY23 RESULTS

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

FY23 RESULTS

Group CSM driven by Health business

Group CSM, EURm

243

• 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.

Key Financial Indicators

Earnings Per Share (EUR)

26.5%

1.05

0.83

FY22FY23

Retuon Equity (%)

07.03.2024 | UNIQA FY23 Preliminary Results Presentation

FY23 RESULTS

Book Value Per Share (EUR) (a)

43.8%

FY23 RESULTS

Growth across all segments

• 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%).

FY23 RESULTS

Group Cost Ratio driven by investments in future business model

• 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.

FY23 RESULTS

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

• Technical result burdened by Nat Cat of EUR 107m (gross) from severe weather southeAustria 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).