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Uniqa Q1 profit up 87% YOY

Uniqa Insurance Group AG reported an 87% year-over-year increase in net profit for the first quarter, driven by a one-time gain of €47.4 million from the sale of the group's indirect interest in Casinos Austria Aktiengesellschaft.

The Austrian group reported first-quarter consolidated net profit attributable to shareholders of the group of €54.4 million, up from €29.1 million in the year-ago period. EPS for the quarter was 18 cents, compared to 9 cents a year earlier.

CEO Andreas Brandstetter said the group will save roughly half of the earnings from the sale of the Casinos Austria Aktiengesellschaft shares to make provisions for future claims.

Net investment income rose 89.3% on a yearly basis to €143.4 million from €75.8 million.

Total group premiums written, including the savings portion of unit- and index-linked life insurance, ticked up year over year to €1.54 billion from €1.51 billion.

Premiums written in property and casualty insurance rose particularly in central and eastern Europe, climbing 6.5% to €868.8 million, while premiums written in health insurance amounted to €280.1 million, up from the year-ago €269.7 million. Total premiums written in life insurance, including the savings portion of unit- and index-linked life insurance, fell by 9.4% on a yearly basis to €386.5 million, driven by the planned reduction of single premiums in the group's international business in Poland.

Premiums earned, including the net savings portion of the premiums from unit- and index-linked life insurance, was unchanged year over year at €1.28 billion. Retained premiums earned, in accordance with International Financial Reporting Standards, rose 4.6% to €1.21 billion. The group's retained insurance benefits rose 8.9% to €934.9 million.

The group cost ratio — the ratio of total operating expenses to premiums earned including the net savings portion of the premiums from unit- and index-linked life insurance — less reinsurance commissions received improved to 24.9% from 25.9% a year earlier. The combined ratio after reinsurance also improved, to 97.4% from 97.7%.

For 2018, Uniqa said it expects growth in property and casualty premiums of at least 2%, as well as a rise in health insurance premiums of at least 3%.