UNIQA: Standard & Poor’s affirms rating and upgrades outlook

•   “A” rating reconfirmed for UNIQA Österreich Versicherungen AG and UNIQA Re AG, and “A–” rating for UNIQA Insurance Group AG
• Outlook for all three companies upgraded from “negative” to “stable”
• Capital adequacy and operating performance show resilience even with further impairments on Russian and Ukrainian assets

On 1 March 2023 the international ratings agency Standard & Poor’s (S&P) upgraded the outlook for UNIQA Insurance Group AG, UNIQA Österreich Versicherungen AG and UNIQA Re AG from “negative” to “stable”. S&P also reconfirmed the “A” rating for UNIQA Österreich Versicherungen AG and UNIQA Re AG, and the “A–” rating for UNIQA Insurance Group AG.

Strong performance despite difficult market conditions

S&P emphasises that despite difficult market conditions and impairments on Russian and Ukrainian bonds in 2022, UNIQA has achieved a strong technical result and operating profit. As a key contributing factor the ratings agency highlights UNIQA’s diverse business portfolio of property and casualty insurance, life insurance and health insurance in the domestic market of Austria and in Central and Eastern European (CEE) markets.

 Thanks to the Group’s high profitability, S&P anticipates that even with potential further impairments on Russian and Ukrainian assets, any material volatilities will be balanced out. S&P concludes that in their opinion, “UNIQA will sustain and expand its strong competitive position in its domestic market and in CEE markets.”

 Further information

Press release by S&P: Austria-Based UNIQA Group Outlook Revised To Stable From Negative On Strong Group Performance; Ratings Affirmed

Press release by UNIQA: UNIQA posts strong preliminary figures for 2022: earnings before taxes grew by over 10 per cent to €422 million

UNIQA: Analyst Research und Ratings