Vienna (APA) – UNIQA listed group made more profit in the first three quarters with a stable income. Consolidated profit before tax increased by 17.1 percent to 212.4 million euros. This included an extraordinary capital gain of € 47.4 million from the sale of indirect investments in casinos in Austria, UNIQA announced on Wednesday.
The profit forecast has been confirmed: UNIQA expects that pre-tax profits will improve again throughout 2018. As part of a progressive dividend policy, it still intends to continue to increase the annual payment per share in the coming years. In terms of revenue, it is expected to expect a “roughly stable total premium”. In property / accident insurance, UNIQA expects a premium increase of 4 percent – slightly more than recently, and still accounts for 3 percent in health insurance. Life insurance is expected to shrink due to a deliberate reduction in single premiums. As for investment income, UNIQA does not expect a further decline in 2018 compared with 2017, since the effects of low interest rate conditions are already largely reflected in lower investment income in recent years.
In the first nine months, investment income rose by 13.6% to € 447.2 million. The main reason for the strong growth was the sale of indirect investments in Casinos Austria Aktiengesellschaft, of which the UNIQA Group received a capital gain of EUR 47.4 million in the first quarter of 2018.
The total premiums of the Group were stable at 4.04 billion euros. The calculated current premium income, including savings, increased by 3.1 percent to 3.96 billion euros. Income insurance for victim property increased more than expected, increasing by 4.7 percent to 2.15 billion euros. In life insurance, the planned return of a one-time business – mainly in Poland – declined by 11 percent to about 1.1 billion Euros. The premium volume of health insurance increased by 4.4 percent and amounted to about 818 million euros.
Despite the increased provision for expected losses, the combined ratio — losses and costs in terms of revenue — decreased to 96.6 percent due to a more expensive situation compared to 97.1 percent in the same period last year.
As of September 30, the investment portfolio fell slightly to 19.4 billion Euros compared with the previous reporting date after 19.9 billion Euros. Consolidated net profit increased in the first nine months by 45.3 percent to 166.2 million euros compared to the same period last year. The average number of employees decreased slightly from 12,797 to 12,775 employees.
~ ISIN AT0000821103 WEB http://www.uniqagroup.com ~ APA045 2018-11-21 / 08: 05