UNIQA 1Q 20 - PBT loss as expected, higher costs & equity impairments
As previously announced in an ad-hoc release 1Q results of UNIQA were severely impacted by Covid-19 related effects from equities impairments (EUR 33 mn) and additional reserves in P&C, however also higher commission costs and costs related to the AXA CEE acquisition contributed to the negative PBT of EUR 13.9 mn which is broadly in line with RCBe of EUR 15.6 mn. Top line growth of 3.2% was better than expected (RCBe +1.9%) while BVPS decreased by EUR 1 to EUR 9.8 per share due to negative valuation effects recognized in OCI of EUR 331 mn. The solvency ratio was still solid at 1Q with 204%. UNIQA confirmed its guidance of possibly negative earnings for FY 20 and expects a yoy decrease in premiums.UNIQA Versicherungen is a provider of insurance products and related services. Co.operates in three business segments: property and casualty insurance, life insurance and health insurance. Co. provides property and casualty insurance; personal insurance, including health, accident and life insurance. Co. is also a direct marketer of accident, life and health insurance products, including online sales. Co.develops solutions for unit-linked products for the whole group.Co. provides its products and services through sales channels, including brokers and general agencies, banks and direct sales.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.