UNIQA Insurance Group AG · VIE:UQA
UNIQA Insurance — Q1 2022 Earnings Presentation
37 slides from UNIQA Insurance's earnings presentation, May 19, 2022
Slide 1: UNIQA Insurance Group AG 3M22 Results
UNIQA Insurance Group AG 3M22 Results Solid core business performance in uncertain environment 19 May 2022 Andreas Brandstetter, CEO Kurt Svoboda, CFO/CRO 1
Slide 2: Agenda
| UNIQA Capital Markets Day | December 14, 2020 1. Group Results − Highlights − Results − Outlook 2. Appendix − Business Performance Operating Segments − Asset Management − Shareholder Information 2
Slide 3: Group Results: Highlights
Group Results Highlights 3
Slide 4: Executive Summary 3M22
| UNIQA 3M22 Results Presentation| May 19, 2022 Executive Summary 3M22 ▪ Gross written premiums(a) (b) increased by 4.3% compared to 3M21 ▪ Net combined ratio increased to 92.8% (90.9% in 3M21) ▪ Net cost ratio decreased to 26.8% (27.2% in 3M21) ▪ Net investment result increased to EUR 170m (EUR 150
Slide 5: Snapshot 3M22
| UNIQA 3M22 Results Presentation| May 19, 2022 Snapshot 3M22 EURm 3M21 3M22 % Gross premiums written (a) 1.783 1.859 4.3% Growth in AT (3.9%) and CEE (5.6%) Premiums earned (retained) 1.418 1.473 3.9% Net investment income 150 170 12.9% Higher current income and positive FX valuation Insurance ben
Slide 6: Key Financial Indicators
| UNIQA 3M22 Results Presentation| May 19, 2022 Key Financial Indicators Earnings Per Share (EUR) Regulatory Capital Position (%) 0.35 248% 0.29 221% 208% 196% 0.17 170% 0.1 3M18 3M19 3M20 3M21 3M22 -0.04 FY18 FY19 FY20 FY21 3M22 Return on Equity (%) Book value per share (EUR) 10.82 11.24 14.3% 10.7
Slide 7: Ukraine & Russia
| UNIQA 3M22 Results Presentation| May 19, 2022 Ukraine & Russia Country overview 2021, EURm Ukraine Russia o Business in Ukraine ongoing Premium volume 110 74 o New business in Russia stopped Earnings before taxes 11 16 Market Share 7% 1% o UNIQA will stay in Ukraine & participate in reconstruction
Slide 8: Group Results: Results
Group Results Results 8
Slide 9: Growth driven mainly by P&C and Health business
| UNIQA 3M22 Results Presentation| May 19, 2022 Growth driven mainly by P&C and Health business Gross Written Premium (a) per business line EURm 14.2% 6358 4.3% 150 4.3% 5565 1.859 5309 5373 1.783 42 1.859 93 1492 1.783 113 105 35 42 1.526.0 1.517 1.531 389 35 1294 386 1,336 1,290 36 32 47 389 385 1
Slide 10: Cost ratio decreased to 26.8%
| UNIQA 3M22 Results Presentation| May 19, 2022 Cost ratio decreased to 26.8% Cost ratio (net) (%), Costs (EURm) 5.2% 3.2% 1.649 1.566 462 3.2% 1.407 419 406 397 419 1.315 384 406 619 632 181 500 130 157 130 463 150 131 157 223 65 63 63 221 252 220 58 51 49 58 27.2% 30.2% 29.4% 26.6% 25.4% 26.8% 226
Slide 11: P&C: Healthy COR at 92.8%
| UNIQA 3M22 Results Presentation| May 19, 2022 P&C: Healthy COR at 92.8% Combined ratio (net) (%) 1.9 pp 1.9 pp 97.3% 96.8% 96.4% 97.8% 94.2% 92.8% 90.9% 92.8% 93.7% 90.9% 92.5% 30.0% 32.2% 31.4% 32.2% 34.6% 32.1% 30.8% 32.1% 32.4% 30.8% 36.5% 64.2% 65.1% 60.7% 65.4% 64.2% 63.2% 60.1% 60.7% 60.1% 6
Slide 12: P&C: EBT EUR 53m reflecting solid underwriting
| UNIQA 3M22 Results Presentation| May 19, 2022 P&C: EBT EUR 53m reflecting solid underwriting Net premiums earned EURm Investment result EURm Earnings before taxes EURm 4.8% -31.6% -27.2% 77 813 806 790 795 828 49 53 36 38 26 46 13 1Q21 2Q21 3Q21 4Q21 1Q22 1Q21 2Q21 3Q21 4Q21 1Q22 1Q21 2Q21 3Q21 4Q
Slide 13: Health: Strong EBT contribution due to increased technical result
| UNIQA 3M22 Results Presentation| May 19, 2022 Health: Strong EBT contribution due to increased technical result in 3M22 Cost – benefit ratio (%) Investment result EURm Earnings before taxes EURm 107% -6.5% 21.4% 104% 99% 96% 59 75 95% 18% 16% 16% 15% 19% 48 45 41 47 32 27 89% 87% 83% 81% 25 76% 16
Slide 14: Life: EBT increased on back of higher investment result
| UNIQA 3M22 Results Presentation| May 19, 2022 Life: EBT increased on back of higher investment result Reserve (net) EURbn Investment result EURm Earnings before taxes EURm 48.5% 240.7% 123 66 16.031 16.018 15.982 15.906 99 14.870 82 78 94 93 93 67 28 49 40 16 8 12 1Q21 2Q21 3Q21 4Q21 1Q22 1Q21 2Q2
Slide 15: Investment Activity
| UNIQA 3M22 Results Presentation| May 19, 2022 Investment Activity Net investment result of EUR 170m in 3M22 Investment income EUR (EUR 150m in 3M21) 230 200 167170 179 155 152 183 170 Current income of EUR 102m in 3M22 145 158 160 149 157 140 141 132 125 150 (EUR 85m in 3M21) 108 102 108 111 90 76
Slide 16: Group Results: Outlook
Group Results Outlook 16
Slide 17: Outlook FY22
| UNIQA 3M22 Results Presentation| May 19, 2022 Outlook FY22 ▪ For 2022 UNIQA expects the following trends: ▪ Resilient top line ▪ Combined ratio and cost ratio approximately at the same level as in 2021 ▪ Reduced financing costs ▪ Continued very high uncertainty around Russia’s invasion, inflation
Slide 18: Appendix: Business Performance Operating Segments
Appendix Business Performance Operating Segments 18
Slide 19: UNIQA Austria
| UNIQA 3M22 Results Presentation| May 19, 2022 UNIQA Austria EURm 3M21 3M22 Δ yoy Gross premiums written(a) 1.152.0 1.197.1 3.9% Net Premiums Earned(a) 780.8 799.6 2.4% Savings portion included in premiums -51.1 -58.0 13.5% Premiums Earned 729.7 0.0 741.6 0.0 1.6% N/A Net Insurance Claims and Benef
Slide 20: UNIQA Austria Segments
| UNIQA 3M22 Results Presentation| May 19, 2022 UNIQA Austria Segments P&C Health Life EURm 3M21 3M22 Δ yoy 3M21 3M22 Δ yoy 3M21 3M22 Δ yoy Gross premiums written(a) 606.4 642.9 6.0% 285.8 294.9 3.2% 259.7 259.3 -0.2% Net Premiums Earned(a) 254.0 262.8 3.5% 272.9 282.4 3.5% 253.9 254.4 0.2% Savings
Slide 21: UNIQA International
| UNIQA 3M22 Results Presentation| May 19, 2022 UNIQA International EURm 3M21 3M22 Δ yoy Gross premiums written 627.0 662.2 5.6% Net Premiums Earned 394.6 423.7 7.4% Savings portion included in premiums -25.5 -28.1 10.4% Premiums Earned 369.1 395.6 7.2% Net Insurance Claims and Benefits -201.5 -210.
Slide 22: UNIQA International Segments
| UNIQA 3M22 Results Presentation| May 19, 2022 UNIQA International Segments P&C Health Life EURm 3M21 3M22 Δ yoy 3M21 3M22 Δ yoy 3M21 3M22 Δ yoy Gross premiums written 447.3 459.3 2.7% 23.2 31.1 34.2% 156.5 171.8 9.8% Net Premiums Earned 223.7 232.0 3.7% 19.9 26.6 33.9% 151.0 165.1 9.3% Savings por
Slide 23: UNIQA International – country deep dive
| UNIQA 3M22 Results Presentation| May 19, 2022 UNIQA International – country deep dive in EURm GWP(a) Non-life GWP(a) Health GWP(a) Life GWP(a) Total GWP(a) Total 3M22 % to PY 3M22 % to PY 3M22 % to PY 3M22 % to PY FX adjusted Western Europe (WE) 4.4 9% 0.0 0.0 4.4 9% 0% Western Europe (WE) 4.4 9%
Slide 24: UNIQA International – country deep dive
| UNIQA 3M22 Results Presentation| May 19, 2022 UNIQA International – country deep dive in EURm Premiums earned (a) Net investment income Combined ratio P&C Cost ratio Earnings before taxes 3M21 3M22 3M21 3M22 3M21 3M22 3M21 3M22 3M21 3M22 Western Europe (WE) 0.2 0.6 0.1 0.0 N/A 89.0% N/A N/A -0.3 -
Slide 25: Group Balance Sheet
| UNIQA 3M22 Results Presentation| May 19, 2022 Group Balance Sheet Assets Liabilities EURm March 22 Dec 21 EURm March 22 Dec 21 A. Tangible assets 360.9 365.5 -1.3% A. Total equity 2.667.0 3.323.3 -19.7% B. Land and buildings held as financial investments 1.231.0 1.241.9 -0.9% I. Shareholder equity
Slide 26: Shareholders' equity (excluding minority interest)
| UNIQA 3M22 Results Presentation| May 19, 2022 Shareholders‘ equity (excluding minority interest) EURm 3.304 -770 2.657 +106 +17 0 Dec 21 Valuation of financial Dividend Profit attributable Other Mar 22 instruments AFS to shareholders Severe reduction of shareholders’ equity in 3M22: ▪ Decrease of
Slide 27: Group Income Statement
| UNIQA 3M22 Results Presentation| May 19, 2022 Group Income Statement EURm 1Q21 2Q21 3Q213Q21 3Q214Q21 3Q211Q22 3M21 3M22 Δ yoy Gross premiums written(a) 1.782.7 1.527.3 1.517.2 1.530.8 1.859.3 1.782.7 1.859.3 4.3% Net Premiums Earned(a) 1.494.1 1.489.1 1.510.0 1.528.9 1.559.6 1.494.1 1.559.6 4.4%
Slide 28: Group Operating Segments
| UNIQA 3M22 Results Presentation| May 19, 2022 Group Operating Segments P&C Health Life EURm 3M21 3M22 Δ yoy 3M21 3M22 Δ yoy 3M21 3M22 Δ yoy Gross premiums written(a) 1.053.9 1.102.3 4.6% 309.0 326.0 5.5% 419.9 431.0 2.7% Net Premiums Earned(a) 790.4 828.0 4.8% 294.4 309.4 5.1% 409.3 422.2 3.1% Sav
Slide 29: Other Segments
| UNIQA 3M22 Results Presentation| May 19, 2022 Other Segments Consolidation Reinsurance Group Functions EURm 3M21 3M22 Δ yoy 3M21 3M22 Δ yoy 3M21 3M22 Δ yoy Gross premiums written -474.5 -442.8 -6.7% 478.2 442.9 -7.4% 0.0 0.0 N/A Net Premiums Earned 1.4 2.2 62.7% 317.4 334.1 5.2% 0.0 0.0 N/A Saving
Slide 30: Appendix: Asset Management
Appendix Asset Management 30
Slide 31: Fixed Income portfolio
| UNIQA 3M22 Results Presentation| May 19, 2022 Fixed Income portfolio Overall composition Rating distribution Dec 21 EUR 16.0bn 28%29% 1% 4% Governent Bonds EU 27% 26% 17% 20% 20% Covered Bonds 17% 17% Corporates 49% 18% Government Bonds Non-EU 4% 4% 4% 4% Financials AAA AA A BBB <BBB Not rated 11%
Slide 32: Fixed income portfolio: Government and government related
| UNIQA 3M22 Results Presentation| May 19, 2022 Fixed income portfolio: Government and government related Overall composition EUR 9.7bn Rating distribution Rest of Europe 32.8% 3%3% 2% 3% Austria 6% Rest of World 32% Poland 27.2% 10% Belgium France 6% Europa Slovakia 12% 11% Ireland 19.4% 12% Supran
Slide 33: Fixed income portfolio: Corporates including financials
| UNIQA 3M22 Results Presentation| May 19, 2022 Fixed income portfolio: Corporates including financials Overall composition EUR 3.2bn Rating distribution 4% 4% United States of America 4% 5% Rest of Europe 43.7% 21% Austria 5% France Germany 14% 18% United Kingdom Rest of World Europa 28.6% 12% 12%
Slide 34: Fixed income portfolio: Corporates thereof financials
| UNIQA 3M22 Results Presentation| May 19, 2022 Fixed income portfolio: Corporates thereof financials Overall composition EUR 0.6bn Rating distribution 2%5% United States of America 5% Austria 51.5% 5% Germany 41% Rest of World 12% France 1% Netherlands 16% United Kingdom 13% Switzerland Rest of Eur
Slide 35: Fixed income portfolio: Covered bonds
| UNIQA 3M22 Results Presentation| May 19, 2022 Fixed income portfolio: Covered bonds Overall composition EUR 1.6bn Rating distribution Rest of Europe 65.2% 0% 3% 1% 8% 15% Austria 1% 6% France Germany 7% United Kingdom 16% Australia 14% Netherlands Spain Rest of World 29% Belgium Norway 28.3% 13% 5
Slide 36: Appendix: Shareholder Information
Appendix Shareholder Information 36
Slide 37: Shareholder Information and contacts
| UNIQA 3M22 Results Presentation| May 19, 2022 Shareholder Information and contacts Dividend per share / Pay out ratio General Information UNIQA Insurance Group AG Listed on the Vienna Stock Exchange since 1999 309m common shares 38% 45% 44% 102% 91% 67% 32% 285% 54% 0.55 ISIN: AT0000821103 0.53 0.
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