UNIQA parts with minority financial interest in Niederösterreichische Versicherung

• 13.22% share will be redeemed

UNIQA Insurance Group AG (UNIQA Group) will part with its minority financial interest of 13.22% in Niederösterreichische Versicherung AG. NÖ Versicherung intends to redeem the minority interests (25.11%) held by UNIQA Group and Raiffeisen-Holding Niederösterreich-Wien. UNIQA Group CEO Andreas Brandstetter explained the background of this step: “We will focus on our core business in the insurance industry and also orient our investments towards this as part of our long-term growth strategy, UNIQA 2.0, which was launched in 2011. While we made acquisitions in Croatia and Serbia, for example, and expanded our involvement in the private hospital sector, we have sold investments that do not directly contribute to the insurance business. For example, these include investments in hotels and media in addition to investments in casinos – even if the closure of the latter is yet to be dealt with. In the case of Niederösterreichische Versicherung, we are now selling a minority financial interest in a successful regional insurer.”

At the Annual General Meeting of Niederösterreichische Versicherung planned for 25 August, the UNIQA Group will approve an amendment to the Articles of Association that is required for the redemption of minority interests.

As a result of the redemption of and compensation for these shares, which corresponds to the disposal of the investment in economic terms, the UNIQA Group will achieve a capital gain before tax of around €37 million in 2016.