UNIQA Insurance Group AG · VIE:UQA

UNIQA Insurance — UNIQA Group — Investor Presentation (April 2014)

16 slides from UNIQA Insurance's investor presentation, Apr 10, 2014

  1. Slide 1: UNIQA Group Embedded Value 2013

    UNIQA Group Group Embedded Value 2013 10 April 2014 Kurt Svoboda, CRO

  2. Slide 2: Introduction: Group Market Consistent Embedded Value

    Introduction Group Market Consistent Embedded Value  Disclosure of Group Embedded Value (GEV) results:  UNIQA discloses GEV results 2013 on the basis of the Market Consistent Embedded Value©(a) (MCEV) principles  Includes MCEV using bottom-up, market consistent methodology for main Life and Healt

  3. Slide 3: Introduction: Methodology

    Introduction Methodology  MCEV for conventional life businesses in Austria and Italy are based on stochastic cashflow projections using market consistent capital market scenarios. Projections allow for management actions (e.g. profit participation or asset allocation); single risk free deterministi

  4. Slide 4: Introduction: Methodology (continued)

    Introduction Methodology (continued)  GEV allows for consolidation adjustments and minority interests  Goodwill and value of business in force (VBI) eliminated in respect of businesses included in the scope of the MCEV calculations  MCEV defined as: Free Surplus (FS), plus Required Capital (RC),

  5. Slide 5: Highlights

    Highlights Figures presented after minority interest  GEV of € 4,217mn or +45%  Return on Group Embedded Value of € 658mn (+23.2%)  Extended Scope of MCEV calculations by Raiffeisen Life Insurance Russia  Improvement of New Business Value to € 58mn and a margin of 2.2% (2012: 1.5%), with an outs

  6. Slide 6: Summary of 2013 results after minority interest

    Summary of 2013 results after minority interest GEV influenced by strong operating earnings Group Embedded Value (after minorities, in € millions)  GEV increased Life & Health Prop. And Casualty Total Change (after minority 2013 2012 2013 2012 2013 2012 over period interest) by 45% to €4,217m Free

  7. Slide 7: Return on restated and adjusted GEV

    Return on restated and adjusted GEV Return on GEV (after minorities, € in millions) 2013 2012 GEV as at 31 December previous year, reported 2,876 1,467 GEV as at 31 December previous year, restated 2,900 1,545 Opening Adjustments (65) (8) GEV as at 31 December previous year, restated and adjusted 2,

  8. Slide 8: New business value

    New business value Improvement in a challenging environment New business value (€ in millions) Before minorities After minorities 2013 2012(a) Change 2013 2012(a) Change Value of new business 61 43 40.2% 58 41 39.7% Annual premium equivalent (APE) 267 260 257 252 New business margin (as % APE) 22,8%

  9. Slide 9: Analysis of change

    Analysis of change Life and health after minority interest (€ in millions)  Restatement and 23 2.689 opening adjustments mainly include extension of scope by Raiffeisen 438 Life Russia and capital and dividend flows 101 Assumptions & Variance  Ongoing positive development of 134 Roll Forward opera

  10. Slide 10: Economic assumptions 2013

    Economic assumptions 2013  MCEV calculations use reference rates based on swap rates as at 31 December 2013 including a liquidity premium. The liquidity premium is derived from observable market data and based on the approach used for internal risk capital calculations  The 2013 calibration of the

  11. Slide 11: Sensitivities

    Sensitivities Life and health after minority interests (€ in millions) Change in market consistent embedded value Change in new business value Base value 2,689 100% 58 100% EV change by economic factors Risk free yield curve -100bp (271) (10)% (15) (26)% Risk free yield curve +100bp 134 5% 9 16% Equ

  12. Slide 12: ANAV

    ANAV Reconciliation of IRFS equity to ANAV (€ in millions) 2013 2012(a) Consolidated IFRS equity 2,789.9 2,017.6 Goodwill and value of business in force for MCEV companies (162.3) (167.3) Differences in valuation of assets and liabilities (93,1) (148.2) Adjusted net asset value before minority inter

  13. Slide 13: Regional analysis

    Regional analysis Results split by regions Austria, Italy and CEE Embedded value 2013 by region (after minorities, € in millions) 2013 2012(a)  Positive development of Austria Italy CEE Total Austria Italy CEE Total PVFP in all regions. Free surplus 264 33 38 334 296 34 30 359 Austria outstanding d

  14. Slide 14: Regional analysis: VNB split by region

    Regional analysis VNB split by regions Austria, Italy and CEE Value of new business 2013 by region (after minorities, € in millions) 2013 2012(a) Austria Italy CEE Total Austria Italy CEE Total Value of new business 32 4 22 58 11 3 27 41 Annual premium equivalent (APE) 118 70 70 257 126 58 68 252 Ne

  15. Slide 15: Key figures

    Key figures Implied Discount Rate / Internal Rate of Return / Free Surplus Generation Implied Discount Rate 2013 Internal Rate of Return 2013 in %, based on inforce business in %, based on new business  Compared to 2012:  Group IDR reduces due to lower FOG  Group IRR increases because of improved

  16. Slide 16: Disclaimer

    Disclaimer Cautionary statement regarding forward looking statements  This presentation contains forward-looking statements  Forward-looking statements involve inherent risks and uncertainties, and it might not be possible to achieve the predictions, forecasts, projections and other outcomes descr

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