Uniqa - 2020 Durchbruch oder flop?

“Taking into account the negative developments on the capital markets and other COVID-19 repercussions, earnings before taxes in the second quarter alone were highly satisfactory at EUR 69 million,” said Brandstetter. Over the first half of the year, earnings before taxes amounted to EUR 55.4 million in total owing to the negative result in the first quarter (minus EUR 14 million). The renewed strong contribution by the Group’s international subsidiaries in CEE was very gratifying at EUR 46 million.

“UNIQA has a sound capital position among its international peers, and this remained stable in the first half of the year in spite of the effects of COVID-19,” said Brandstetter of the strong equity situation. At 204%, the solvency capital ratio is currently well in excess of the defined target corridor of 155% to 190%.

The acquisition of the AXA subsidiaries in Poland, Czech Republic and Slovakia is proceeding according to plan. The EU Commission has since approved the purchase without imposing any conditions. The financing for the acquisition was secured at the start of July 2020, partly by placing a senior bond and a tier 2 green bond. Regulatory approval in the countries concerned is still pending before the transaction can close, which is scheduled for the fourth quarter. After the acquisition is complete, UNIQA will grow by around five million customers, 2,100 employees and EUR 800 million in premiums per year, rising from number seven to number five in Central and Eastern Europe.

A reliable forecast for 2020 as a whole is not possible at this time on account of the uncertainty still entailed by COVID-19.

Key Group figures – January to June 2020 in detail
Premiums written by the UNIQA Group, including the savings portion of unit- and index-linked life insurance, rose slightl