UNIQA 4Q 19 - PBT beat despite higher costs, FY 20 guidance in line with consensus
4Q 19 PBT of EUR 80.9 mn came ahead of our and consensus expectations (RCBe EUR 52 mn, cons. 72 mn), mainly driven by significantly stronger investment income, while the cost and combined ratio underperformed our forecasts. UNIQA also published its FY 20 guidance, expecting a flat PBT compared to FY 19 (EUR 295.7 mn), current consensus stands at EUR 300 mn. Overall, we see the results as neutral, despite the earnings beat due to the lower operating metrics and guidance for FY 20 in line with market expectations. Management will recommend a FY 19 dividend of EUR 0.54 per share in line with RCBe (EUR 0.54) and cons. of EUR 0.55.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.
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