Foreword Christian Konrad

Christian Konrad, Chairman of the Supervisory Board (photo)

Christian Konrad
Chairman of the Supervisory Board

Dear shareholders, customers and business partners,

After a recovery phase in 2010, Europe’s economy still had tangible setbacks to cope with in 2011. The financial markets stood in the shadow of the European sovereign debt crisis for much of the last financial year. Despite extremely painful losses, we must continue looking to the future with a calm and positive attitude, and act accordingly.

The situation in the financial markets demonstrates that success only comes from work that is constant, sustainable and oriented towards the long term. Success comes to those who develop a clear strategy and – despite all of the setbacks – implement that strategy consistently. UNIQA is an example of how maintaining calm and resolutely carrying on can pay off.

With its strategic repositioning in the summer of 2011, UNIQA took the right steps to further develop the company on a successful basis. UNIQA relies on solid business in Austria and on growth markets in Central and Eastern Europe. The Group wants to tap into the enormous potential that this region will offer in decades to come by doubling its number of customers by 2020. Management introduced comprehensive measures that should increase results by € 400 million by 2015.

The UNIQA Group’s core operational business developed solidly in the difficult economic environment of 2011. One-time effects caused by the Group’s repositioning, as well as the write-down of Greek bonds, impacted results yet also gave the company massive relief for the future.

UNIQA has roots that go back to 1811, making it one of Europe’s oldest, tradition-rich insurance companies. The company will continue to concentrate in future on its core business: offering people security.

I would like to thank all employees, sales and business partners, as well as my colleagues on the Supervisory Board, for their work and their indispensable commitment in financial year 2011.

Vienna, April 2012

Christian Konrad
Chairman of the Supervisory Board