03.10.2012 |
- S&P confirms "A-" ratings on the operational UNIQA core companies
- Outlook remains "stable"
The international rating agency Standard & Poor's confirmed the unchanged ratings for the operational core companies of the UNIQA Group at "A-". This includes UNIQA Personenversicherung AG, UNIQA Sachversicherung AG and UNIQA Re AG (Switzerland). S&P also confirmed the rating for the Group holding company UNIQA Versicherungen AG at "BBB+". At the same time, the outlook for all assessed companies remained "stable".
S&P based its confirmation on the very good competitive position and the strong financial flexibility of the Group. The strong market position in Austria, the successful expansion in Central and Eastern Europe (CEE) and the bancassurance partnership with the Raiffeisen Group are playing a major role thereby. S&P also emphasized the support of the core shareholders Raiffeisen Zentralbank and Austria Versicherungsverein auf Gegenseitigkeit Privatstiftung within the capital increase carried out in July 2012.
The "stable" outlook reflects the rating agency's view that the UNIQA Group will be able to defend its strong market position in Austria and continue to expanding its positions in CEE. S&P also assumes a successful implementation of the strategy programme UNIQA 2.0. The commitment and the flexibility of the core shareholders are also seen as an advantage.
S&P also praised the favourable disposal of the German Mannheimer Group and the improvement of UNIQA's risk position by reducing the PIIGS exposure. In S&P's view, these actions demonstrate the management's willingness and ability to improve the capital position of the UNIQA Group.
UNIQA Group began a long-term strategic repositioning of the Group in May 2011 and is systematically implementing this strategy programme. UNIQA Group is focusing on its core insurance business in its core markets in Austria and CEE. It intends to double the number of customers from 7.5 million in 2010 to 15 million in 2020 and increase its earnings before tax compared to 2010 by up to €400 million.
Vienna, 3. October 2012