UNIQA Q1 EBT more than doubled to EUR 73.9 million

Austrian insurer UNIQA announced its Q1 premiums increased by 1.6% y-o-y to EUR 1.53 billion while the EBT more than doubled increasing by 122.9% to EUR 73.9 million.

Premiums written in property and casualty insurance climbed by 6.5% y-o-y to EUR 868.8 million, while in health insurance the same indicator rose by 3.9% to EUR 280.1 million. In life insurance, total premiums written including the savings portion of unit- and index-linked life insurance - driven by the planned reduction of single premiums in international business (Poland) - declined by 9.4% to EUR 386.5 million.

In international business, premiums written in property and casualty insurance climbed by an impressive 11.3% to EUR 307.4 million and those in health insurance by 23.7% to EUR 19.7 million, while life insurance premiums written fell by 25.0% to EUR 100.9 million, due to the planned decrease in single premiums, especially in Poland. Overall, UNIQA generated written premiums in international business including savings portions of EUR 428.0 million, 0.3% more y-o-y.

In Austria (GWP of EUR 1.09 billion, 2.3% more y-o-y), UNIQA recorded a significant increase in property and casualty premiums of 4.6% to EUR 553.9 million, while health insurance premiums moved up by 2.6% to EUR 260.4 million. Premiums written in life insurance fell by 2.0% to EUR 283.6 million.

The Group cost ratio improved by one percentage point to 24.9% (1-3/2017: 25.9 per cent), while the combined ratio improved to 97.4% (vs. 97.7% a year before).

Investment income rose by 89.3% y-o-y to EUR 143.4 million, while the underwriting result fell by 40.2% y-o-y to EUR 24.2 million. In contrast, operating earnings increased by 81.6% to EUR 87.2 million while earnings before taxes was up by 122.9% to EUR 73.9 million.

Consolidated net profit (net profit for the period attributable to the shareholders of UNIQA Insurance Group AG) increased by 87.0% to EUR 54.4 million (vs. EUR 29.1 million), while earnings per share amounted to EUR 0.18 (vs. EUR 0.09).

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