16. Subscribed capital

The subscribed capital and capital reserves correspond to values from the individual financial statements of UNIQA Insurance Group AG.

In the 2012 financial year, the share capital was increased to € 190,604,265 by means of a cash capital increase of € 47,619,048. The subscription price was € 10.50 per share. The cost of the capital increase, less tax effects, amounting to € 7,244 thousand was deducted directly from the capital reserves.

In order to create a streamlined Group structure that is conducive to stock exchange activities in preparation for the re-IPO, Austria Versicherungsverein auf Gegenseitigkeit Privatstiftung (Austria Privatstiftung) and Collegialität contributed their shareholdings in UNIQA Österreich Versicherungen AG to UNIQA Insurance Group AG, which is listed on the stock exchange, as part of a non-cash capital increase in September 2012. These companies received 23,643,635 new shares with voting rights in return.

On 9 October 2013, the Management Board of UNIQA Insurance Group AG, with the approval of the UNIQA Supervisory Board, set the offer and subscription price and the number of shares to be issued in connection with the capital increase (re-IPO). The offer and subscription price was set at € 8.00 per share, whereby a total of 94,752,100 shares (including 6,650,000 over-allotment shares) were placed with investors.

The company’s share capital was increased from € 214,247,900 to € 309,000,000 by the issue of a total of 94,752,100 shares. Each share grants one vote. The change in the number of voting rights and the increase of the share capital took effect on 22 October 2013.

As part of the capital increase (re-IPO) in October 2013, employees of UNIQA Insurance Group AG and its affiliated Group companies in Austria subscribed for a total of 564,315 new no-par value bearer shares at a discount of 20 per cent to the offer and subscription price.

The new shares are admitted for trading in the prime market segment of official trading at the Vienna Stock Exchange.

The cost of the capital increase, less tax effects, amounting to € 32,691 thousand was deducted directly from the capital reserves.

According to a resolution made by the Annual General Meeting on 27 May 2013, the Management Board is authorised, with the approval of the Supervisory Board, to increase the share capital by a total of up to € 12,371,850 through the issue of up to 12,371,850 bearer or registered shares with voting rights in return for cash contributions or contributions in kind on one or more occasions up to and including 30 June 2018.

Unrealised capital gains and losses from the revaluation of investments available for sale affected the revaluation reserve, with deferred participation in profits (for life insurance) and deferred taxes taken into consideration.

Actuarial profit and loss from pension and severance payment provisions was posted as “actuarial profit and loss from performance-based pension commitments” after deducting deferred policyholder profit participation and deferred taxes.

Capital requirement

The business development due to organic growth and acquisitions influences the capital requirement of the UNIQA Group. In the context of Group controlling, the appropriate coverage of the solvency requirement on a consolidated basis is constantly monitored.

As at 31 December 2013, the adjusted equity amounted to € 3,290,202 thousand (2012: € 2,446,817 thousand). In ascertaining the adjusted equity, non-tangible economic goods (especially goodwill) and shares in banks and insurance companies are deducted from the equity and various forms of hybrid capital (especially supplemental capital) and latent reserves in investments (especially in real estate) are added.

With a statutory requirement for adjusted equity of € 1,145,891 thousand (2012: € 1,132,671 thousand), the statutory requirements were exceeded by € 2,144,311 thousand (2012: € 1,314,146 thousand), resulting in a coverage rate of 287.1 per cent (2012: 216.0 per cent). With the change to Section 81h paragraph 2 of the Insurance Supervisory Act, the volatility reserve was added as part of the available capital as of the 3rd quarter of 2008. This increased the adjusted equity by € 103,767 thousand (2012: € 142,564 thousand).

The adjusted equity base is ascertained on the basis of the available consolidated financial statements (produced in accordance with Section 80b of the Insurance Supervisory Act).

Until 27 November 2015, the Management Board is also authorised to purchase treasury shares amounting to no more than 10 per cent of the share capital, and again utilising the 10 per cent limit, both via the stock exchange and over the counter disapplying the shareholders’ proportional right of amendment. During the financial year and in the previous year, none of the company’s own shares were acquired through the stock exchange. At the reporting date, own shares are accounted for as follows:

In the figure for “earnings per share”, the consolidated profit is set against the average number of ordinary shares in circulation.

The diluted earnings per share are equal to the undiluted earnings per share in the financial year and in the previous year.