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Uniqa posts 7.4% YOY rise in FY'17 pretax profit

Uniqa Insurance Group AG reported fourth-quarter 2017 pretax profit of €60.8 million, down from €76.7 million earned in the same period in 2016.

For full year 2017, the Austria-based group reported pretax profit of €242.2 million, up from €225.5 million in 2016. The property and casualty division contributed pretax profit of €83.9 million, up on a yearly basis from €57.9 million, while the health business posted a 14.2% year over year increase in pretax profit to €109.7 million. The life business, meanwhile, saw its pretax profit fall on a yearly basis to €48.7 million from €71.6 million.

Gross premiums written, including savings portion of premiums from unit- and index-life insurance, rose on a yearly basis to €5.29 billion from €5.05 billion.

Net premiums earned, including savings portion of premiums from unit- and index-life insurance, also ticked up to €5.10 billion from €4.83 billion in 2016. Net premiums earned in the group's P&C division rose 5.8% year over year to €2.50 billion, while in health insurance, net premiums reached €1.04 billion, compared to the year-ago €1.00 billion. Net premiums earned in the life segment was up 6.9% year over year to €1.57 billion.

The group's net insurance claims and benefits totaled €3.56 billion in 2017, up from €3.39 billion in 2016.

The net combined ratio for P&C stood at 97.5% in 2017, compared to 98.1% in 2016. A combined ratio below 100% means that an insurance company or division is operating at an underwriting profit.

Uniqa will pay a dividend of 51 cents per share for 2017, up from 49 cents paid for 2016. The group said it will also increase the dividend for 2018, in line with its progressive dividend policy.

Looking ahead, the group said it expects pretax earnings to increase again in 2018, but forecast no growth in gross written premiums for the year. Combined ratio is also expected to improve, assuming no extraordinary negative developments will occur and major losses caused by natural disasters will remain within the average range in 2018.