UNIQA Insurance Group AG
FY23 Preliminary Results
March 7th, 2024
Andreas Brandstetter, CEO
Kurt Svoboda, CFO/CRO
UNIQA INSURANCE GROUP AG
Agenda
01
02
Group Results
FY23 Preliminary Results | Outlook 2024
Appendix
Segments | Investment Portfolio | Shareholder Information
07.03.2024 | UNIQA FY23 Preliminary Results Presentation | 2 |
1.1
Group Results
FY23 Preliminary Results
FY23 RESULTS
Executive
Summary
FY23 (a)
Insurance revenue grew by 12.1% to EUR 5 994m compared to FY22
Average new investment yield increased to 4.7%, from 4.3% in FY22
Earnings before taxes increased to EUR 426m vs. EUR 272m in FY22
Proposed dividend per share of 57 cents for the FY23 vs 55 cents in FY22
Gross written premium up by 9.7% to EUR 7 186m compared to FY22
Strong P&C combined ratio (gross) of 89.4%(b)
(vs. 91.7% in FY22)
Net investment income significantly improved to EUR 589m, from EUR 180m in FY22
Profit after taxes and minorities of EUR 303m (vs. EUR 256m in FY22) (c)
07.03.2024 | UNIQA FY23 Preliminary Results Presentation
(a) All numbers in the following presentation excluding Raiffeisen Life (Russia) unless otherwise noted
(b) excluding non-attributable costs and before reinsurance 4
(c) Including Raiffeisen Life (Russia)
FY23 RESULTS
Solid FY23 result driven by high technical profitability in International, favourable NII and excellent growth
EURm | FY22 | FY23 | %• |
Gross Written Premium | 6 549 | 7 186 | 9.7% |
P&L HIGHLIGHTS | |||
Insurance Revenue | 5 347 | 5 994 | 12.1% |
of that, CSM release | 315 | 319 | 1.4% |
Technical Result | 564 | 562 | -0.3% |
Financial Result | -50 | 150 | n/a |
of that, net investment income | 180 | 589 | 227.4% |
Non-directly attributable costs | 200 | 261 | 30.3% |
Earnings before taxes | 272 | 426 | 56.6% |
Income Taxes | -17 | -103 | 509.4% |
Profit from discont. Operations (after taxes) (a) | 0 | -19 | n/a |
Profit after taxes and minorities | 256 | 303 | 18.5% |
KPIs | |||
Group cost ratio | 30.9% | 31.0% | 0.1pp |
P&C gross combined ratio | 91.7% | 89.4% | -2.3pp |
New business margin (personal lines) (b) | 4.4% | 5.1% | 0.7pp |
∅ New investment yield (c) | 4.3% | 4.7% | 0.4pp |
Continued strength especially in P&C and Health driven by indexation and higher volumes; support from CSM release in Life
Technical result stable despite major claims, Nat Cat events and one- off charge from legal case in Austria; excellent performance in International
Net investment income much stronger in FY23 due to higher current income, no significant impairments and stable interest rates
Significant improvement YoY driven by technical profitability in International and financial result in both Austria and International
Effective tax rate back to a more normalised level of 24,2%
Including impact from discontinued operations
Improvement despite severe weather conditions in Austria, thanks to excellent performance in International and a positive run-off group result
Higher interest rates supporting yields in both Austria (3.6%) and International (6.0%) portfolios
07.03.2024 | UNIQA FY23 Preliminary Results Presentation | (a) Raiffeisen Life (Russia) shown as discontinued operations b) Including Raiffeisen Life (Russia) (c) Fixed income assets only | 5 |
FY23 RESULTS
Group CSM driven by Health business
Group CSM, EURm
5 411 | 5 266 | 319 |
243
CSM | New | Assumption | Finance | FX | CSM | Reclassifi- | CSM |
01.01.2023 | business | Changes | income/ | effects | release | cation to disc. | 31.12.2023 |
CSM | expenses | in period | operations |
92 | 192 | |
Life | ||
Health | 106 | |
95 | ||
P&C | ||
44 | 32 | |
New Business CSM | CSM release in period |
- 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.
07.03.2024 | UNIQA FY23 Preliminary Results Presentation | 6 |
Key Financial Indicators
Earnings Per Share (EUR)
26.5%
1.05
0.83
FY22FY23
Return on Equity (%)
2.5pp | |
11.6% | 14.1% |
FY22 | FY23 |
07.03.2024 | UNIQA FY23 Preliminary Results Presentation
FY23 RESULTS
Book Value Per Share (EUR) (a)
43.8%
8.83 | |||
6.14 | |||
FY22 | FY23 | ||
Regulatory Capital Position (%) (a) | |||
246% | ~ 255% | ||
196% | |||
170% | 170% target | ||
solvency level | |||
FY20 | FY21 | FY22 | FY23 | |
(a) Including Raiffeisen Life (Russia) | 7 |
FY23 RESULTS
Growth across all segments
Insurance revenue per business line, EURm | ||
Property and Casualty | Health | Life |
12.9% | 8.3% | 14.2% |
3 548 | 4 006 |
FY22 | FY23 |
1 140 | 1 235 |
FY22FY23
659 | 753 |
FY22 | FY23 |
- 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%).
07.03.2024 | UNIQA FY23 Preliminary Results Presentation | 8 |
FY23 RESULTS
Group Cost Ratio driven by investments in future business model
Group Cost Ratio (gross)(%), Costs (EURm)
12.3% | |
1 653 | 1 857 |
261 | |
200 | 1 596 |
1 453 | |
30.9% | 31.0% |
FY22 | FY23 |
Cost ratio (gross) per segment (%), Costs (EURm)
Property and Casualty | Health |
10.9% | 14.4% | ||
1 279 | 225 | ||
1 153 | 197 | ||
137 | 59 | ||
105 | |||
42 | |||
1 048 | 1 142 | 155 | 166 |
17.3% | 18.2% | ||
32.5% | 31.9% | ||
FY22 | FY23 | FY22 | FY23 |
Non directly attributable costs | Directly attributable costs |
Life
16.4%
353
30465
53
250288
46.0%46.9%
FY22FY23
Cost ratio
- 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.
07.03.2024 | UNIQA FY23 Preliminary Results Presentation | 9 |
FY23 RESULTS
P&C: robust result driven by high technical performance in International; increasing regional Nat Cat in AT
Earnings before taxes drivers, EURm | P&C Combined ratio (gross) (%) |
-31
(a)
Discounted
-2.3pp
121
3.0%2.6%
91.7% | 89.4% |
Undiscounted
-3.4pp
95.1% | 91.7% |
FY23 | 287.47 | 101.38 | -177.37 |
FY22 | 255.94 | -39.05 | -207.37 |
Delta | 31.53 | 140.43 | 30.00 |
FY22 | FY23 | FY22 | FY23 |
- NatCat impact from total Combined ratio
- Technical result burdened by Nat Cat of EUR 107m (gross) from severe weather southern Austria 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).
07.03.2024 | UNIQA FY23 Preliminary Results Presentation | (a) Including re-insurance; excluding non-attributable costs 10 |
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UNIQA Insurance Group AG published this content on 07 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 March 2024 06:31:04 UTC.