11.04.2024 | 2 Images

UNIQA: Capital requirement ratio improves to 255 per cent

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Annual Report, Solvency Capital Report and Sustainability Report for 2023 published

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“The 2023 financial year was another successful one for UNIQA. As a Group, we were able to achieve significant growth in premiums written of around 10 per cent and further increase our result to €426 million – despite extreme weather events, particularly in Austria”, summarises Kurt Svoboda, CFO/CRO UNIQA Insurance Group AG. He further highlights that 2023 saw very positive performance by the companies in the CEE region, which made a substantial contribution of around 50% to increased profitability.

“For the 2024 financial year, we are concentrating on further improving our core insurance business in our two home markets of Austria and CEE”, adds Svoboda. “Based on a solvency ratio of at least 170 per cent, we strive to allow our shareholders to participate progressively in the success of our company, i.e. with annually increasing dividend payments. The payout ratio will remain unchanged at up to 60 per cent.”

With the switch to the new accounting standards IFRS 17 and IFRS 9 as at 1 January 2023, UNIQA has also restated the earnings targets for 2024 accordingly. Premium growth of greater than 4 per cent, a total cost ratio of below 32.5 per cent, a combined ratio in property and casualty insurance of under 92 per cent, a return on equity of more than 14 per cent, a solvency ratio of over 170 per cent and customer satisfaction of 4.5 stars or better are anticipated. The dividend is expected to be at least €0.57.

Premiums written increased by 10 per cent in 2023, earnings before taxes rose to €426 million

Premiums written increased by 9.7 per cent in 2023 to €7185.6 million, and earnings before taxes exceeded expectations at €426.4 million. The combined ratio improved significantly to 89.4 per cent, with the very good technical performance of the international business playing an important role.

Special attention was paid to the health ecosystem in 2023. “Over the next few years, €245 million will be invested in our private hospitals, in our own network of doctors, in telemedicine as well as in occupational pensions and 24/7 care at home”, explains Svoboda. The Mavie brand focuses on innovative services and products that go beyond traditional insurance. The portfolio is broad and ranges from home blood or microbiome tests to psychosocial coaching for employees of corporate clients and 24-hour care at home.

More details can be found in the Annual Report 2023 entitled “living better together” and in the Solvency Capital Report 2023, both published today.

Capital requirement ratio improves to 255 per cent

As at 31 December 2023, UNIQA had a strong regulatory solvency capital requirement (SCR) ratio in accordance with Solvency II of 255 per cent, which was stable compared to the previous year (2022: 246 per cent). The Group’s Solvency and Financial Condition Report will be published on 17 May 2024.

The SCR ratio, for which UNIQA is not making use of any transitional provisions, is based on own funds of €5,941 million (2022: €5,607 million) versus the equity requirement of €2,328 million (2022: €2,284 million). Tier 1 capital (core capital), which is regarded as particularly secure, currently accounts for 86 per cent of UNIQA’s own funds.

Sustainability Report 2023 published

The Sustainability Report 2023 details the economic, environmental and social impact of all the Group’s activities during the 2023 financial year. Highlights from the “Environment” section are summarised below, and extensive details on “Social” and “Governance” can be found in the report.

UNIQA is committed to supporting the 1.5-degree target set by the Paris Climate Agreement and is a member of some important associations and initiatives in Austria and further afield.

Renowned organisation has confirmed interim targets for reducing greenhouse gas emissions

In 2023, the medium and long-term targets for the core areas of investment and own operations management were derived on a scientific basis, and reviewed and confirmed by the Science Based Targets initiative (SBTi), an initiative of leading environmental and climate protection organisations. This represents a significant step towards optimising the alignment of the portfolio and the CO2 emissions of the company’s own operations with a 1.5-degree climate target pathway, making UNIQA the only Austrian insurance company whose interim targets have been successfully validated. There is also currently no other company in the entire Austrian financial sector whose 1.5 °C interim targets have been recognised by SBTi. 

Clear targets for the reduction of insurance-related emissions 

As a member of the Austrian Green Finance Alliance (GFA), we believe it is particularly important to set clear targets for the reduction of our insurance-related greenhouse gas emissions in order to reduce them to net zero. Using the PCAF methodology (Partnership for Carbon Accounting Financials) to measure insurance-related emissions, we were able to analyse our Austrian corporate portfolio and carry out the calculation for Austria as a first step.

Introduction of an EMAS environmental management system

Seven completed EMAS environmental audits and the introduction of the EMAS environmental management system at the sales locations in Austria should make UNIQA an EMAS-certified company by the end of 2024.

Acting responsibly together 

By joining the “Net-Zero Asset Owner Alliance” (NZAOA) of the United Nations, UNIQA has committed to converting its investment portfolio to net-zero greenhouse gas emissions by 2050. In 2023, the UNIQA Group reported to the NZAOA for the first time and thus contributed to the annual progress report.

2023 Sustainability Report


Business outlook

For the 2024 financial year, the last year of our “UNIQA 3.0 – Seeding the Future” strategic programme, we are concentrating on further improving our core insurance business in our two home markets of Austria and CEE.

Expectations of strong growth in property and health insurance are based on both targeted sales activities and restatements in connection with inflation and index developments.

However, we continue to anticipate high expenses in the 2024 financial year for benefits in property and health insurance as well as in the general cost area due to inflation. It is therefore crucial to maintain strict cost discipline and continuously optimise cost management.

Based on a solvency ratio of at least 170 per cent, we strive to allow our shareholders to participate progressively in the success of our company, i.e. with annually increasing dividend payments. The payout ratio will remain unchanged at up to 60 per cent.

These forecasts are subject to possible negative influences on our consolidated profit, which may result from geopolitical upheavals and the associated uncertainties for the global capital markets, from a volatile interest rate environment, from the general inflation trend and, above all, from increased claims payments as a result of natural catastrophes. In connection with this, we expect our target profitability to be at the level of 2023.

Clause regarding predictions about the future

This press release contains statements which refer to the future development of UNIQA. These statements present estimations which were reached on the basis of all of the information available to us at the present time. If the assumptions on which they are based do not occur, the actual results may vary from the results currently expected. As a result, no guarantee can be provided for the information given.


The UNIQA Group is one of the leading insurance companies in its core markets of Austria and Central and Eastern Europe (CEE). More than 21,000 employees and exclusive sales partners serve more than 17 million customers across 17 countries. UNIQA is the second largest insurance group in Austria with a market share of about 21 per cent. In the CEE growth region, UNIQA is present in 14 markets: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Kosovo, Montenegro, North Macedonia, Poland, Romania, Serbia, Slovakia and Ukraine. In addition, insurance companies in Switzerland and Liechtenstein are also part of the UNIQA Group.


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Kurt Svoboda, Member of the Board, UNIQA Insurance Group AG, UNIQA Österreich
2 400 x 3 600 © UNIQA/Natascha Unkart & Isabelle Köhler
Kurt Svoboda, Member of the Board, UNIQA Insurance Group AG, UNIQA Österreich
3 600 x 2 403 © UNIQA/Natascha Unkart & Isabelle Köhler


03  Klaus Kraigher, Spokesman
Klaus Kraigher

UNIQA Insurance Group AG
Untere Donaustraße 21
A-1029 Wien 
Mobil: +43 664 8231997