Focus of the meetings

During the past financial year, the Supervisory Board was regularly informed of the business development and the situation of the Group and the company by the Management Board. It also supervised the Management Board‘s conduct of business. In the Supervisory Board meetings held in 2006, the Management Board presented detailed quarterly reports and provided additional oral and written reports to the Supervisory Board. The Supervisory Board was given timely and comprehensive information about those measures requiring its approval.

Focus of the meetings

The meetings focussed on the Group‘s earnings situation and its further strategic development. The Supervisory Board had five meetings in 2006. One decision was made by circulating it in writing. In the meeting on 15 March 2006, the Supervisory Board mainly discussed the companies‘ preliminary results for 2005 and the progress of expansion measures in Ukraine and Serbia. The Supervisory Board also made a decision concerning the implementation of the changes to the code of corporate governance (as amended in January 2006). The meeting of the Supervisory Board on 24 April 2006, focussed on a discussion of the annual financial statements and the Group’s consolidated financial statements as at 31 December 2005, as well as the report of the Management Board about the development of the Group in the first quarter of 2006. The changes in the Supervisory Board that took place at the annual general meeting required a reorganisation of the Supervisory Board which took place on 15 May 2006. In the meeting of the Supervisory Board held on 12 September 2006, the Supervisory Board essentially dealt with company trends in the first half of 2006. Aside from covering the earnings of the company in the first three quarters of 2006, the Supervisory Board discussed at its meeting on 28 November 2006 the business plan for 2007, and measures to further strengthen the capital structure of the company and approved the issuance of supplementary capital amounting to € 250 million.

Committees of the Supervisory Board

To facilitate the work of the Supervisory Board and to improve its efficiency, additional committees were set up in addition to the mandatory financial audit committee. The Working Committee mainly talked about the development of the Group‘s earnings, the company‘s long-term strategy and discussed possible acquisition projects. They had four meetings in 2006, and made four decisions by circulating them in writing. The Committee for Board Affairs met twice to deal with the legal employment formalities of the members of the Management Board. The Investment Committee had three meetings about the capital investment strategy and questions of the capital structure. In its meeting, the Audit Committee concentrated on all audit documents and the Management Board‘s proposed appropriation of earnings, and reported to the Supervisory Board. The various chairmen of the committees informed the members of the Supervisory Board about the meetings and their committee‘s work.

Financial statements and consolidated financial statements

The financial statements prepared by the Management Board and the management report of UNIQA Versicherungen AG, as well as the consolidated financial statements prepared according to the International Financial Reporting Standards (IFRS) and the Group management report for the year 2006, were audited by KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft and given an unqualified audit opinion. The Supervisory Board noted the results of the audit with approval.

The Supervisory Board consented to the consolidated financial statements and the financial statements of UNIQA Versicherungen AG and agreed to the Group management report and the management report. The 2006 financial statements were thereby adopted in accordance with Section 125 of the Stock Corporation Law.

The proposed appropriation of earnings submitted by the Management Board to the Supervisory Board was examined and approved by the Supervisory Board. On this basis, a dividend distribution of 35 cents per share will be proposed at the annual general meeting on 21 May 2007.

The Supervisory Board thanks the Management Board and all staff members for their commitment and the work they have done.

Vienna, April 2007

On behalf of the Supervisory Board

Christian Konrad