UNIQA Insurance Group AG · VIE:UQA
UNIQA Insurance — 9M 2022 Earnings Presentation
38 slides from UNIQA Insurance's earnings presentation, Nov 17, 2022
Slide 1: UNIQA Insurance Group AG 9M22 Results
UNIQA Insurance Group AG 9M22 Results Earnings before taxes of EUR 275m Impairments and inflation weighing on strong underlying results 17 November 2022 Kurt Svoboda, CFO/CRO 1
Slide 2: Agenda
01 Group Results 02 Appendix ▪ Executive Summary ▪ Segments ▪ 9M22 Results ▪ Fixed Income Portfolio ▪ Outlook ▪ Shareholder Information 17.11.2022 | 9M22 Result Presentation 2
Slide 3: Group Results: Executive Summary
Group Results Executive Summary 3
Slide 4: Executive Summary 9M22
EXECUTIVE SUMMARY Gross written premiums(a) (b) increased by 4.3% compared to 9M21 Net combined ratio slight increase to 94.4% (94.2% in 9M21) Executive Summary Net cost ratio slightly up at 26.7% (26.4% in 9M21) 9M22 Net investment result decreased to EUR 369m (EUR 418m in 9M21) Earnings before tax
Slide 5: Snapshot 9M22
EXECUTIVE SUMMARY Snapshot 9M22 EURm 9M21 9M22 % (a) Growth in AT (5.0%) and CEE (3.5%) despite impacts Gross premiums written 4.827 5.033 4.3% from war in Ukraine Premiums earned (retained) 4.257 4.459 4.7% Impairments of Russian bonds & RBI, partly offset by Net investment income 418 369 -11.7% r
Slide 6: Key Financial Indicators
EXECUTIVE SUMMARY Key Financial Indicators Earnings Per Share (EUR) Regulatory Capital Position (%) 0.77 0.79 248% 244% 221% 196% 0.54 0.54 0.54 170% 9M18 9M19 9M20 9M21 9M22 FY18 FY19 FY20 FY21 9M22 Return on Equity (%) Book Value Per Share (EUR) 10.82 11.24 10.76 12.6% 9.68 9.3% 7.9% 5.95 5.4% 0.6
Slide 7: Ukraine and Russia
EXECUTIVE SUMMARY Ukraine and Russia Country overview 2021, EURm Ukraine Russia o Business operations in Ukraine ongoing Premium volume 110 74 Earnings before taxes 11 16 o New business in Russia discontinued Market Share 7% 1% IFRS Equity 41 29 o UNIQA committed to staying in Ukraine long term Acti
Slide 8: Group Results: 9M22 Results
Group Results 9M22 Results 8
Slide 9: Growing P&C and Health business reflecting pricing power
9M22 RESULTS Growing P&C and Health business reflecting pricing power Gross Written Premium (a) per business line, EURm 14.2% 6358 5.3% 4.3% 150 1.859 5.033 5565 4.827 5309 5373 42 134 93 1492 103 113 105 1.577 1.597 1.517 1.530.9 389 1294 45 47 1.103 1,336 1,290 32 47 1.121 1226 362 352 374 371 326
Slide 10: Cost Ratio increased to 26.7%
9M22 RESULTS Cost Ratio increased to 26.7% Cost ratio (net) (%), Costs (EURm) 5.2% 1.649 10.2% 1.566 6.0% 462 1.258 1.407 419 423 1.187 415 1.315 619 384 632 181 394 500 130 128 136 438 463 131 223 57 185 221 252 65 63 65 220 49 158 26.4% 26.7% 29.4% 25.9% 27.2% 27.4% 30.2% 25.4% 26.8% 26.7% 26.6% 6
Slide 11: P&C: COR at 94.4% in 9M22
9M22 RESULTS P&C: COR at 94.4% in 9M22 Combined ratio (net) (%) -4.0 0.2 97.3% 97.1% 97.8% 92.8% 93.3% 96.8% 96.4% 92.5% 94.2% 94.4% 93.7% 32.2% 31.8% 32.1% 29.8% 31.4% 32.2% 34.6% 31.0% 31.2% 32.4% 36.5% 65.1% 65.3% 63.5% 60.7% 63.2% 63.2% 65.4% 64.2% 63.2% 55.9% 61.3% 3Q21 4Q21 1Q22 2Q22 3Q22 9M21
Slide 12: Investment Activity
9M22 RESULTS Investment Activity 230 200 179 183 Net investment result of EUR 369 in 9M22 167170 160 155 152 170 (EUR 418m in 9M21) 158 157 158 145 149 132 150 140 141 125 108 108 111 Current income of EUR 405m in 9M22 102 90 76 (EUR 377m in 9M21) 41 Contribution from participation in STRABAG: EUR 6
Slide 13: Group Results: Outlook
Group Results Outlook 13
Slide 14: Outlook for 2022 and 2023, Dividends
OUTLOOK ▪ Our outlook for 2022: ▪ Resilient top line ▪ Continued uncertainty around the war in Ukraine, inflation & interest rates ▪ Our outlook for 2023: ▪ Significant planning uncertainty due to exogenous factors ▪ Transition to IFRS 9/17 ▪ Continued focus on UNIQA 3.0 strategy and improvements in
Slide 15: Appendix: Segments
Appendix Segments 15
Slide 16: UNIQA Austria
SEGMENTS UNIQA Austria EURm 9M21 9M22 Δ yoy Gross premiums written(a) 2.991.3 3.140.1 5.0% Net Premiums Earned(a) 2.321.3 2.419.3 4.2% Savings portion included in premiums 154.6 173.5 12.2% Premiums Earned 2.166.8 0.0 2.245.8 0.0 3.6% N/A Net Insurance Claims and Benefits -1.813.0 -1.937.1 6.8% Net
Slide 17: UNIQA Austria Segments
SEGMENTS UNIQA Austria Segments P&C Health Life EURm 9M21 9M22 Δ yoy 9M21 9M22 Δ yoy 9M21 9M22 Δ yoy Gross premiums written(a) 1.452.2 1.542.8 6.2% 837.6 875.8 4.6% 701.4 721.4 2.9% Net Premiums Earned(a) 807.6 841.7 4.2% 830.1 871.3 5.0% 683.7 706.3 3.3% Savings portion included in premiums 0.0 0.0
Slide 18: UNIQA International
SEGMENTS UNIQA International EURm 9M21 9M22 Δ yoy Gross premiums written(a) 1.822.3 1.885.7 3.5% Net Premiums Earned(a) 1.236.4 1.293.8 4.6% Savings portion included in premiums 81.6 78.4 -3.9% Premiums Earned 1.154.9 1.215.4 5.2% Net Insurance Claims and Benefits -645.1 -642.0 -0.5% Net Operating E
Slide 19: UNIQA International Segments
SEGMENTS UNIQA International Segments P&C Health Life EURm 9M21 9M22 Δ yoy 9M21 9M22 Δ yoy 9M21 9M22 Δ yoy Gross premiums written(a) 1.224.3 1.282.9 4.8% 81.0 87.7 8.3% 517.0 515.0 -0.4% Net Premiums Earned(a) 670.2 719.1 7.3% 67.3 78.9 17.4% 499.0 495.8 -0.6% Savings portion included in premiums 0.
Slide 20: UNIQA International – country detail
SEGMENTS UNIQA International – country detail in EURm GWP(a) Non-life GWP(a) Health GWP(a) Life GWP (a) Total GWP(a) 9M22 % to PY 9M22 % to PY 9M22 % to PY 9M22 % to PY FX adjusted Western Europe (WE) 10.3 39.4% 0.1 N/A N/A N/A 10.5 41.4% 41.0% Western Europe (WE) 10.3 39.4% 0.1 N/A N/A N/A 10.5 41.
Slide 21: UNIQA International – country detail
SEGMENTS UNIQA International – country detail in EURm Premiums earned (a) Net investment income Combined ratio P&C Cost ratio Earnings before taxes 9M21 9M22 9M21 9M22 9M21 9M22 9M21 9M22 9M21 9M22 Western Europe (WE) 1.1 3.1 0.1 -0.3 172.8% 93.6% 124.5% 41.9% -0.7 -0.1 Western Europe (WE) 1.1 3.1 0
Slide 22: Group Balance Sheet
SEGMENTS Group Balance Sheet Assets Liabilities EURm Sep 22 Dec 21 EURm Sep 22 Dec 21 A. Tangible assets 347.2 365.5 -5.0% A. Total equity 1.845.6 3.323.3 -44.5% B. Land and buildings held as financial I. Shareholder equity 1.826.2 3.303.6 -44.7% investments 1.232.1 1.241.9 -0.8% B. Subordinated lia
Slide 23: Shareholder equity (excluding minority interest)
SEGMENTS Shareholder equity (excluding minority interest) 3,304 -1,591 1,826 +39 -169 +243 Dec 21 Valuation of financial Dividend Profit attributable Other Sep 22 instruments AFS to shareholders o Significant reduction in shareholder equity in 9M22: o Decrease of revaluation reserves by EUR 1,591m d
Slide 24: Group Income Statement
SEGMENTS Group Income Statement EURm 3Q21 4Q21 1Q22 2Q22 3Q22 9M21 9M22 Δ yoy Gross premiums written(a) 1.517.2 1.530.8 1.859.3 1.576.6 1.597.2 4.827.2 5.033.1 4.3% Net Premiums Earned(a) 1.510.0 1.528.9 1.559.6 1.556.8 1.594.2 4.493.2 4.710.7 4.4% Savings portion included in premiums 396.2 231.7 -8
Slide 25: Group Operating Segments
SEGMENTS Group Operating Segments P&C Health Life EURm 9M21 9M22 Δ yoy 9M21 9M22 Δ yoy 9M21 9M22 Δ yoy Gross premiums written(a) 2.685.3 2.832.2 5.5% 918.7 963.6 4.9% 1.223.2 1.237.4 1.2% Net Premiums Earned(a) 2.397.7 2.550.4 6.4% 902.6 949.6 5.2% 1.193.0 1.210.6 1.5% Savings portion included in pr
Slide 26: Other Segments
SEGMENTS Other Segments Consolidation Reinsurance Group Functions EURm 9M21 9M22 Δ yoy 9M21 9M22 Δ yoy 9M21 9M22 Δ yoy Gross premiums written -1.126.9 -1.119.2 -0.7% 1.140.6 1.126.6 -1.2% 0.0 0.0 N/A Net Premiums Earned 9.6 3.6 -62.9% 925.9 994.0 7.4% 0.0 0.0 N/A Savings portion included in premiums
Slide 27: P&C: Reduced EBT contribution due to impairments and higher COR
SEGMENTS P&C: Reduced EBT contribution due to impairments and higher COR Net premiums earned EURm Investment result EURm Earnings before taxes EURm 8.6% 839 883 828 813 806 N/A 53 55 89.0% 49 13 26 25 3Q21 4Q21 1Q22 2Q22 3Q22 3Q21 4Q21 1Q22 2Q22 3Q22 -8 -8 3Q21 4Q21 1Q22 2Q22 3Q22 -65 -52 o Insuranc
Slide 28: Health: Very strong EBT driven by investment & technical result
SEGMENTS Health: Very strong EBT driven by investment & technical result Cost – benefit ratio (%) Investment result EURm Earnings before taxes EURm 74.2% 42.2% 104% 59 75 96% 95% 97% 97% 16% 15% 15% 17% 48 19% 45 57 32 36 27 25 81% 87% 83% 76% 81% 16 3Q21 4Q21 1Q22 2Q22 3Q22 3Q21 4Q21 1Q22 2Q22 3Q22
Slide 29: Life: Strong result driven by lower admin costs and FX gains in CEE
SEGMENTS Life: Strong result driven by lower admin costs and FX gains in CEE Reserve (net) EURbn Investment result EURm Earnings before taxes EURm -76.1% 29.1% 66 15.982 15.906 123 14.870 106 52 99 13.931 13.931 82 129 59 107 94 93 93 28 16 16 3Q21 4Q21 1Q22 2Q22 3Q22 3Q21 4Q21 1Q22 2Q22 3Q22 3Q21 4
Slide 30: Appendix: Fixed Income Portfolio
Appendix Fixed Income Portfolio 30
Slide 31: Fixed income portfolio
FIXED INCOME PORTFOLIO Fixed income portfolio Overall composition Rating distribution Dec 21 EUR 16.0bn 29% 1% 4% Governent Bonds EU 25% 26% 26% 17% Covered Bonds 22% 20% 17% 15% Corporates 49% 8% 18% Government Bonds Non-EU 4% 4% 4% Financials 11% AAA AA A BBB <BBB Not rated Other Sep 22 Dec 21 By
Slide 32: Fixed income portfolio: Government and government related
FIXED INCOME PORTFOLIO Fixed income portfolio: Government and government related Overall composition EUR 8.0bn Rating distribution 32.7% 2% Rest of Europe 3%3% 3% Austria 6% Rest of World 32% Poland 9% Belgium France 23.1% 6% 22.0% Europa Slovakia 12% 10% Ireland 13% Supranational Organisations Ital
Slide 33: Fixed income portfolio: Corporates including financials
FIXED INCOME PORTFOLIO Fixed income portfolio: Corporates including financials Overall composition EUR 3.1bn Rating distribution 5% United States of America 43.6% 6% 19% Rest of Europe 6% Austria 6% France 5% Germany 18% United Kingdom 13% Rest of World Europa 26.3% 10% 11% Netherlands Italy 17.0% 3
Slide 34: Fixed income portfolio: Corporates thereof financials
FIXED INCOME PORTFOLIO Fixed income portfolio: Corporates thereof financials Overall composition EUR 0.4bn Rating distribution 55.4% United States of America 2%4% 5% Austria 3% Germany 11% Rest of World 47% 1% France Netherlands 15% United Kingdom 11% Switzerland Rest of Europe 17.7% 17% 12.8% 10.6%
Slide 35: Fixed income portfolio: Covered bonds
FIXED INCOME PORTFOLIO Fixed income portfolio: Covered bonds Overall composition EUR 1.2bn Rating distribution Rest of Europe 70.9% 0% 3% 1% 7% 14% Austria 2% France 7% Germany 7% 17% United Kingdom Australia 12% Netherlands Spain Rest of World 31% Belgium Norway 23.2% 13% 5% P&C Health 3.4% 1.9% 0.
Slide 36: Appendix: Shareholder Information
Appendix Shareholder Information 36
Slide 37: Shareholder Information and contacts
SHAREHOLDER INFORMATION Shareholder Information and contacts Dividend per share / Pay out ratio General Information 38% 45% 44% 102% 91% 67% 32% 285% 54% UNIQA Insurance Group AG Listed on the Vienna Stock Exchange since 1999 0.55 0.53 309m common shares 0.49 0.51 0.47 ISIN: AT0000821103 0.42 - Bloo
Slide 38: Disclaimer
SHAREHOLDER INFORMATION Disclaimer This Presentation is being provided for information purposes to selected recipients only and does not constitute or form part of, and should not be construed as an offer or invitation or recommendation to, purchase or sell or subscribe for, or any solicitation of a
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