This article first appeared on GuruFocus .
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Revenue Growth:Increased by more than 8% to EUR8.3 billion in 2025.
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Profit Before Tax:EUR560 million, above the upper range of EUR490 million to EUR510 million.
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Consolidated Profit:EUR425 million, a 22% increase with a tax rate of 18%.
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Dividend Proposal:Increase of more than 20% to EUR0.72 per share.
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Combined Ratio:91.7% after reinsurance.
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Admin Cost Ratio:Decreased to 15.3%.
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Technical Result:Increased by almost 27% to over EUR700 million.
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New Investment Yield:Improved to 4.5%.
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Average Investment Yield:Improved to 3.2%.
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Return on Equity:Increased to 14.3%.
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Regulatory Capital Position:Increased from 265 to 275.
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Economic Capital Generation:EUR590 million achieved in 2025.
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New Business Generation:EUR260 million, well above 2024.
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Health Market Growth in Austria:6.2%.
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PNC Gross Claims Ratio:62.9%.
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External Reinsurance Business Profit:EUR20 million.
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Life Technical Result:29% better than 2024.
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Health New Business Value:EUR133 million in 2025.
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Net Financial Result:EUR209 million reflected in the P&L.
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Release Date: March 13, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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UNIQA Insurance Group AG ( WBO:UQA ) reported a strong growth of over 8% in 2025, reaching EUR8.3 billion in gross written premiums.
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The company achieved a combined ratio of 91.7%, indicating strong underwriting discipline and pricing capabilities.
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Profit before tax exceeded expectations, reaching EUR560 million, above the upper range of the previous guidance.
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The company proposed a significant dividend increase of over 20%, up to EUR0.72 per share.
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UNIQA's international business, particularly in Central and Eastern Europe (CEE), showed strong growth and profitability, contributing significantly to the overall results.
Negative Points
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The solvency ratio decreased by 8 percentage points in Q4 2025 due to non-economic assumption changes and market risk from STRABAG's performance.
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The combined ratio increased slightly in Q4 compared to Q3, driven by seasonal cost loadings and balance sheet management actions.
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The company anticipates slower growth in Poland, a key market, compared to the high growth rates seen in early 2025.
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The tax rate was particularly low at 18% in Q4, attributed to one-off factors, and is not expected to be sustainable in the long term.
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Potential secondary effects from geopolitical tensions in the Middle East could impact inflation, energy prices, and economic growth in Europe.
Q & A Highlights
Q: What are the key drivers for the expected growth in EBIT for 2026, and what factors contributed to the increase in the combined ratio in Q4 2025? A: Kurt Svoboda, Member of the Management Board, Finance & Risk Management, explained that the growth is driven by stable ongoing growth, particularly in CEE markets, and existing profitability. The combined ratio increase in Q4 was due to peak cost loadings, balance sheet management actions, and seasonal factors affecting premium increases.
Q: Can you provide details on the reserve strengthening observed in the second half of 2025 and the breakdown of own funds and SCR for solvency? A: Kurt Svoboda noted that reserve strengthening was related to specific lines of business in Austria, with a total impact of EUR20-25 million. The own funds at year-end were EUR7,308 million, and the SCR was EUR2,657 million.
Q: What drove the strong new business value in life and health insurance in Q4, and what are the expectations for product launches? A: The growth was driven by new product launches in health insurance, particularly outpatient tariffs, and sales initiatives. A new life insurance product is expected to launch in Q2 2026, offering higher flexibility and targeting both retail and bank channels.
Q: How did the January renewals impact primary and reinsurance premiums and profitability, particularly in Poland? A: Poland saw significant growth in PNC, especially in motor insurance, with a 13.4% increase in premiums and positive technical results. Renewals reflected a 6% premium increase, and the reinsurance market is softening, with no major impacts expected.
Q: Can you provide an update on the adoption of the full internal model for solvency and explain the health variances observed in Q4? A: The full internal model is planned for 2028, with ongoing discussions with the Austrian regulator. Health variances were driven by premium adjustments related to indexation and medical inflation.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
