UNIQA Insurance Group AG · VIE:UQA
UNIQA Insurance — FY2022 Earnings Presentation
38 slides from UNIQA Insurance's earnings presentation, Feb 23, 2023
Slide 1: UNIQA Insurance Group AG FY22 Preliminary Results
UNIQA Insurance Group AG FY22 Preliminary Results Earnings before taxes of EUR 422m demonstrate very robust operating performance in challenging 23 February 2023 times Andreas Brandstetter, CEO Kurt Svoboda, CFO/CRO
Slide 2: Agenda
UNIQA INSURANCE GROUP AG Agenda Group Results 01 Executive Summary | FY22 Preliminary Results | Outlook Appendix 02 Segments | Fixed Income Portfolio | Shareholder Information 23.02.2022 | UNIQA FY22 Preliminary Results Presentation 2
Slide 3: Group Results: Executive Summary
1.1 Group Results Executive Summary
Slide 4: Executive Summary FY22
EXECUTIVE SUMMARY Gross written premiums(a) Net combined ratio improved to increased by 4% compared to 92.9% (93.7% in FY21) FY21 Executive Summary Net investment result Net cost ratio improved to decreased to EUR 406m 27.2% (27.4% in FY21) FY22 (EUR 648m in FY21) Earnings before tax of EUR Consolid
Slide 5: Significantly improved operating performance despite strong headwinds
EXECUTIVE SUMMARY Significantly improved operating performance despite strong headwinds EURm FY21 FY22 % Growth in AT (4.3%) and CEE (3.4%) despite impacts from Gross premiums written(a) 6 358 6 605 3.9% war in Ukraine Premiums earned (retained) 5 698 5 949 4.4% Impairments of RU & UA bonds, RBI st
Slide 6: Key Financial Indicators
EXECUTIVE SUMMARY Key Financial Indicators Earnings Per Share (EUR) Regulatory Capital Position (%) ~ (240% - 250%) 1.25 248% 244% 1.03 221% 196% 0.79 0.76 170% 0.06 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 9M22 FY22e Return on Equity (%) Book Value Per Share (EUR) 14.4% 11,24 10,82 10,76 9,68 9
Slide 7: Ukraine and Russia
EXECUTIVE SUMMARY Ukraine and Russia Country overview 2022, EURm Ukraine Russia Business operations in Ukraine ongoing Premium Volume 86 57 Earnings before taxes 6 26 New business in Russia largely discontinued Market Share 8% 1% IFRS Equity(b) 36 33 Active in market since 2006 2009 UNIQA committed
Slide 8: Group Results: FY22 Preliminary Results
1.2 Group Results FY22 Preliminary Results
Slide 9: Growing P&C and Health business reflecting pricing power
FY22 PRELIMINARY RESULTS Growing P&C and Health business reflecting pricing power Gross Written Premium (a) per business line, EURm 3.9% 2.7% 6 605 1 859 6 358 150 42 93 5 565 1 577 1 597 1 572 5 373 1 476 1 531 389 105 1 492 45 47 31 113 47 1 294 362 352 373 1 290 371 1 277 326 1 226 1 168 312 325
Slide 10: Cost Ratio improved to 27.2%
FY22 PRELIMINARY RESULTS Cost Ratio improved to 27.2% Cost ratio (net) (%), Costs (EURm) -1.7% 3.8% 462 454 1 712 1 649 419 423 1 566 415 1 407 548 181 154 619 130 128 136 632 500 258 57 73 65 63 65 223 221 252 29.4% 27.2% 27.4% 27.2% 30.2% 26.8% 26.7% 26.6% 28.8% 215 226 239 806 906 214 227 686 683
Slide 11: P&C: COR at 92.9% in FY22
FY22 PRELIMINARY RESULTS P&C: COR at 92.9% in FY22 Combined ratio (net) (%) -4.1 96.4% 97.8% 93.7% 92.9% 97.1% 92.5% 92.8% 93.3% 88.4% 32.2% 34.6% 32.4% 31.8% 31.8% 32.1% 29.8% 36.5% 33.5% 64.2% 63.2% 61.3% 61.1% 65.3% 60.7% 63.5% 55.9% 54.9% 2019 2020 2021 2022 4Q21 1Q22 2Q22 3Q22 4Q22 Loss Ratio E
Slide 12: P&C: Reduced EBT contribution due to impairments
FY22 PRELIMINARY RESULTS P&C: Reduced EBT contribution due to impairments Net premiums earned EURm Investment result EURm Earnings before taxes EURm 6,5% 883 N/A -62,3% 68 839 859 49 828 806 53 55 26 25 18 -8 -52 -65 4Q21 1Q22 2Q22 3Q22 4Q22 4Q21 1Q22 2Q22 3Q22 4Q22 4Q21 1Q22 2Q22 3Q22 4Q22 • Insura
Slide 13: Health: Very strong EBT driven by investment & technical result
FY22 PRELIMINARY RESULTS Health: Very strong EBT driven by investment & technical result Cost – benefit ratio (%) Investment result EURm Earnings before taxes EURm -64,4% 108% 59 N/A 103% 75 95% 97% 97% 18% 16% 48 15% 17% 45 19% 57 27 36 32 87% 90% 21 83% 81% 76% -5 4Q21 1Q22 2Q22 3Q22 4Q22 4Q21 1Q2
Slide 14: Life: Strong result driven by lower admin costs and FX gains in CEE
FY22 PRELIMINARY RESULTS Life: Strong result driven by lower admin costs and FX gains in CEE Reserve (net) EURm Investment result EURm Earnings before taxes EURm 406.7% 83 N/A 123 15 906 14 870 106 99 13 931 13 931 13 934 52 141 129 59 107 28 93 93 16 16 -2 4Q21 1Q22 2Q22 3Q22 4Q22 4Q21 1Q22 2Q22 3Q
Slide 15: Investment Activity
FY22 PRELIMINARY RESULTS Investment Activity Net investment result of EUR 406 in FY22 (EUR 648m in FY21) Investment income, EURm 230 200 167170 179 152 183 170 Current income of EUR 603m in FY22 (EUR 521m in 160 155 157 158 145 158 149 140 141 132 150 FY21) 125 108 108 111 102 90 76 Contribution fro
Slide 16: Group Results: Outlook 2023
1.3 Group Results Outlook 2023
Slide 17: Outlook 2023
OUTLOOK Outlook 2023 Our outlook for 2023 • Significant planning uncertainty continues • Transition to IFRS 9/17 • Continued focus on UNIQA 3.0 strategy and improvements in core business Dividends • 2022: 55c per share proposal to AGM 23.02.2022 | UNIQA FY22 Preliminary Results Presentation 17
Slide 18: Appendix: Segments
Q UNIGA 2.1 Appendix Segments
Slide 19: UNIQA Austria
SEGMENTS UNIQA Austria EURm FY21 FY22 Δ yoy (a) Gross premiums written 3 916.6 4 086.4 4.3% (a) Net Premiums Earned 3 113.3 3 236.4 4.0% Savings portion included in premiums 213.2 233.0 9.3% Premiums Earned 2 900.1 3 003.3 3.6% Net Insurance Claims and Benefits -2 442.3 -2 414.3 -1.1% Net Operating
Slide 20: UNIQA Austria Segments
SEGMENTS UNIQA Austria Segments P&C Health Life EURm FY21 FY22 Δ yoy FY21 FY22 Δ yoy FY21 FY22 Δ yoy (a) Gross premiums written 1 857.6 1 973.6 6.2% 1 120.5 1 162.1 3.7% 938.5 950.6 1.3% (a) Net Premiums Earned 1 086.7 1 142.2 5.1% 1 111.1 1 163.2 4.7% 915.5 931.1 1.7% Savings portion included in pr
Slide 21: UNIQA International
SEGMENTS UNIQA International EURm FY21 FY22 Δ yoy Gross premiums written(a) 2 423.3 2 506.6 3.4% (a) Net Premiums Earned 1 671.3 1 736.9 3.9% Savings portion included in premiums 111.4 102.0 -8.5% Premiums Earned 1 559.9 1 634.9 4.8% Net Insurance Claims and Benefits -875.0 -859.6 -1.8% Net Operatin
Slide 22: UNIQA International Segments
SEGMENTS UNIQA International Segments P&C Health Life EURm FY21 FY22 Δ yoy FY21 FY22 Δ yoy FY21 FY22 Δ yoy Gross premiums written(a) 1 618.7 1 701.1 5.1% 106.0 115.3 8.7% 698.6 690.3 -1.2% (a) Net Premiums Earned 902.4 967.3 7.2% 93.4 106.6 14.2% 675.5 663.0 -1.8% Savings portion included in premium
Slide 23: UNIQA International – Country Detail
SEGMENTS UNIQA International – Country Detail GWP(a) Non-life GWP(a) Health GWP(a) Life GWP(a) Total GWP(a) EURm FY22 % to PY FY22 % to PY FY22 % to PY FY22 % to PY FX adjusted Western Europe (WE) 13.6 52% 0.2 0.0 13.8 54% 54% Western Europe (WE) 13.6 52% 0.2 0.0 13.8 54% 54.0% Czech Republic 350.4
Slide 24: UNIQA International – Country Detail
SEGMENTS UNIQA International – Country Detail Premiums earned(a) Net investment income Combined ratio P&C Cost ratio Earnings before taxes EURm FY21 FY22 FY21 FY22 FY21 FY22 FY21 FY22 FY21 FY22 Western Europe (WE) 1.5 4.7 0.1 -0.4 171.7% 103.4% 119.8% 65.9% -0.9 -0.6 Western Europe (WE) 1.5 4.7 0.1
Slide 25: Group Balance Sheet
SEGMENTS Group Balance Sheet Assets Liabilities EURm Dec 22 Dec 21 EURm Dec 22 Dec 21 A. Tangible assets 349.2 365.5 -4.5% A. Total equity 2 052.4 3 323.3 -38.2% B. Land and buildings held as financial I. Shareholder equity 2 034.0 3 303.6 -38.4% 1 299.8 1 241.9 4.7% investments B. Subordinated liab
Slide 26: Shareholder Equity (excluding minority interest)
SEGMENTS Shareholder Equity (excluding minority interest) 3,304 -1,536 +52 2,034 +383 -169 Dec 21 Valuation of financial Dividend Profit attributable Other Dec 22 instruments AFS to shareholders Significant reduction in shareholder equity in FY22: • Decrease of revaluation reserves by EUR 1,536m due
Slide 27: Group Income Statement
SEGMENTS Group Income Statement EURm 4Q21 1Q22 2Q22 3Q22 4Q22 FY21 FY22 Δ yoy (a) Gross premiums written 1 530.8 1 859.3 1 576.6 1 597.2 1 572.1 6 358.0 6 605.2 4% (a) Net Premiums Earned 1 528.9 1 559.6 1 556.8 1 594.2 1 573.6 6 022.2 6 284.2 4% Savings portion included in premiums 231.7 -86.1 -88.
Slide 28: Group Operating Segments
SEGMENTS Group Operating Segments P&C Health Life EURm FY21 FY22 Δ yoy FY21 FY22 Δ yoy FY21 FY22 Δ yoy (a) Gross premiums written 3 489.5 3 686.0 5.6% 1 226.5 1 277.3 4.1% 1 642.0 1 641.9 0.0% (a) Net Premiums Earned 3 203.9 3 408.9 6.4% 1 213.3 1 269.5 4.6% 1 605.0 1 605.8 0.0% Savings portion incl
Slide 29: Other Segments
SEGMENTS Other Segments Consolidation Reinsurance Group Functions EURm FY21 FY22 Δ yoy FY21 FY22 Δ yoy FY21 FY22 Δ yoy (a) Gross premiums written -1 451.4 -1 449.0 -0.2% 1 469.5 1 461.3 -0.6% 0.0 0.0 N/A (a) Net Premiums Earned 8.3 2.7 -68.0% 1 229.2 1 308.3 6.4% 0.0 0.0 N/A Savings portion included
Slide 30: Appendix: Fixed Income Portfolio
2.2 Appendix Fixed Income Portfolio
Slide 31: Fixed Income Portfolio
FIXED INCOME PORTFOLIO Fixed Income Portfolio Overall composition Rating distribution 29% 27% 1% 25% 26% 4% 21% 20% 17% Governent Bonds EU 16% 17% Covered Bonds 49% Dec 21 Corporates 7% 4% 4% 4% EUR 16.0bn Government Bonds Non-EU 18% Financials AAA AA A BBB <BBB Not rated Other Dec 22 Dec 21 11% Seg
Slide 32: Fixed Income Portfolio: Government and government related
FIXED INCOME PORTFOLIO Fixed Income Portfolio Government and government related Overall composition EUR 7.9bn Rating distribution 3% 2% Rest of Europe 3% 32,6% 3% 33% Austria 6% Rest of World 9% Poland 24,3% 6% Belgium 21,6% 14% 10% France 12% 13,5% 25% P&C 4,1% 3,8% Health Life 64% 11% AAA AA A BBB
Slide 33: Fixed Income Portfolio: Corporates including financials
FIXED INCOME PORTFOLIO Fixed Income Portfolio Corporates including financials Overall composition EUR 3.3bn Rating distribution 5% United States of America 7% 17% 42,0% Rest of Europe 6% Austria France 6% Germany 5% 20% United Kingdom Rest of World 28,8% Europa 13% Netherlands 11% 9% Italy 15,8% 34%
Slide 34: Fixed Income Portfolio: Corporates thereof financials
FIXED INCOME PORTFOLIO Fixed Income Portfolio Corporates thereof financials Overall composition EUR 0.4bn Rating distribution 2% 5% United States of America 5% 4% Austria 53,2% Germany 10% 47% Rest of World France 1% Netherlands 15% United Kingdom Switzerland 12% Rest of Europe 20,0% 22% 12,5% 10,6%
Slide 35: Fixed Income Portfolio: Covered bonds
FIXED INCOME PORTFOLIO Fixed Income Portfolio Covered bonds Overall composition EUR 1.1bn Rating distribution 1% 3% 0% 8% 14% Rest of Europe 1% Austria 71,4% France 8% Germany United Kingdom 8% 16% Australia Netherlands Spain 11% Rest of World Belgium 31% Norway 17% 22,4% 5% P&C Health 3,6% 2,0% 0,6
Slide 36: Appendix: Shareholder Information
2.3 Appendix Shareholder Information
Slide 37: Shareholder Information and Contacts
SHAREHOLDER INFORMATION Shareholder Information and Contacts General Information Dividend per share / Pay out ratio UNIQA Insurance Group AG Listed on the Vienna Stock Exchange since 1999 38% 45% 44% 102% 91% 67% 32% 285% 54% 44% 309m common shares 0.55 0.55 ISIN: AT0000821103 0.51 0.53 0.47 0.49 Bl
Slide 38: Disclaimer
DISCLAIMER 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 any offer to p