The strong performance of the reinsurance business UNIQA Re in Zurich also played a significant role. UNIQA’s broad line-up across the growth markets in CEE and its home market of Austria, as well as across property, life and health insurance, once again proved to be a key element in stability.
“The first half of the year was strong, from an operational perspective. We have succeeded in combining profitable growth with a positive trend in earnings. Our stable core business, the particularly strong performance of our investments and the absence of major natural disasters so far this year are providing us with a tailwind. This puts us well on track to achieve our target of between EUR 540 and EUR 570 million in earnings before taxes for the year 2026”, concludes Brandstetter.
Significant contributions to growth across all segments
Property and casualty insurance – the Group’s largest segment, accounting for around two-thirds of premiums – recorded strong premium growth of 16.2% to EUR 3,163 million (1 – 6/2025: EUR 2,723 million).
A significant contributor to this has been the reinsurance company UNIQA Re in Zurich, which recorded very strong external business volume in the first half of the year.
With very good technical profitability and a net combined ratio of 91.6% (1 – 6/2025: 90.5 per cent), the contribution to earnings before taxes amounted to EUR 177 million (1 – 6/2025: EUR 183 million).
Health insurance also made a significant contribution to this positive performance, with growth of 7.9% to EUR 875 million (1 – 6/2025: EUR 811 million) and a significantly higher profit of EUR 24 million (1 – 6/2025: EUR 5 million).
In life insurance, premiums written – including the savings portions from unit-linked and index-linked products – were up by 2.6% to EUR 886 million (1 – 6/2025: EUR 863 million). At the same time, the contribution to earnings before taxes improved to EUR 126 million (1 – 6/2025: EUR 108 million).
The contractual service margin increased to EUR 6,317 million (1 January 2026: EUR 5,879 million). This balance sheet item – new since IFRS 17 – represents the profits expected from insurance contracts in future.
UNIQA’s technical result fell slightly by 4.9% to EUR 360 million (1 – 6/2025: EUR 378 million).
Net investment income improved significantly by 46.7% to EUR 587 million (1 – 6/2025: EUR 400 million), while the financial result effectively doubled to EUR 176 million (1 – 6/2025: EUR 88 million).
Earnings per share rose from EUR 0.76 to EUR 0.84, with consolidated profit increasing by 11.1% to EUR 258 million. Return on equity rose to 16.3% (1 – 6/2025: 15.7 per cent). The solvency capital requirement (SCR) ratio under Solvency II remained nearly unchanged at a high 271% (31 December 2025: 275 per cent).
“The first half of 2026 shows that we are on track with our ‘UNIQA 3.0 – Growing Impact’ strategy. We have once again achieved a significant increase in both our earnings before taxes and our consolidated profit, while achieving profitable growth in premiums of a robust 12% at the same time. This combination of customer focus, growth and profitability is the foundation of our long-term success”, says Andreas Brandstetter, CEO of UNIQA Insurance Group AG.
The growth prospects in Central and Eastern Europe remain attractive. Economies in the CEE markets continue to grow at a faster pace than in the eurozone, even though the market environment has become more challenging due to intense competition. The CEE markets therefore remain a key driver of growth for the Group. In its international markets, UNIQA achieved profitable premium growth of a strong 6.9 per cent.
Business in Austria also performed very well in the first half of the year, growing at 4.2 per cent. Property and casualty insurance, in particular, showed strong momentum. Corporate business once again proved to be a key driver of growth and health insurance also continued on its growth trajectory.
Business outlook
For the 2026 financial year, UNIQA’s focus remains on strong growth coupled with attractive underwriting margins in its two core markets, Austria and CEE, as well as on the gradual, profitable expansion of its external reinsurance business. The geopolitical situation remains unstable. At the same time, an increase in weather-related damage is expected. The forecast for future business performance is therefore subject to uncertainty. Barring any exceptionally high, adverse impacts from natural disasters or capital market turmoil, UNIQA confirms its outlook for the full financial year 2026 on the basis of the excellent business performance in the first half of the year and expects earnings before taxes of between EUR 540 million and 570 million. UNIQA also remains committed to its strategy of a payout ratio of 50 to 60 per cent. On the basis of an annually increasing dividend per share, shareholders are to continue to be offered progressive and attractive participation in the company’s success.
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