16. Subscribed capital

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

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

The Company’s share capital was increased from €214,247,900 to €309,000,000 by issuing a total of 94,752,100 shares. Each share conveys one vote. The change in the total number of voting rights and the increase in 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 of its affiliated Austrian Group companies subscribed for 564,315 new no-par value shares. This represented a benefit of 20 per cent compared with the subscription and offer price.

The new shares have been admitted for public trading in the Prime Market segment on the Vienna Stock Market.

The costs of the capital increase have been deducted directly from the share premium at an amount of €32,691 thousand, minus tax effects.

In accordance with the resolution of the Annual General Meeting dated 27 May 2013, the Management Board is authorised to increase the Company’s share capital up to and including 30 June 2018 with the approval of the Supervisory Board by a total of up to €12,371,850 by issuing up to 12,371,850 no-par value bearer or registered shares in exchange for payment in cash or in kind, one time or several times.

In accordance with the resolution of the Annual General Meeting dated 26 May 2014, the Management Board is authorised to increase the Company’s share capital up to and including 30 June 2019 with the approval of the Supervisory Board by a total of up to €81,000,000 by issuing up to 81,000,000 no-par value bearer or registered shares in exchange for payment in cash or in kind, one time or several times.

Unrealised gains and losses from the revaluation of available-for-sale investments impacted the revaluation reserve, taking into account deferred profit participation (for life insurance) and deferred taxes.

Actuarial gains and losses from pension and severance payment provisions were posted as “actuarial gains and losses from defined benefit obligations” after deducting deferred policyholder profit participation and deferred taxes.

Capital requirements

Business performance as a result of organic growth and acquisitions influences the capital requirements of the UNIQA Group. In the context of Group management, the appropriate coverage of the solvency requirement on a consolidated basis is constantly monitored.

As at 31 December 2014, the adjusted equity amounted to €3,442,237 thousand (2013: €3,285,612 thousand). In ascertaining the adjusted equity, intangible economic assets (in particular goodwill) and equity investments in banks and insurance companies are deducted from equity and various forms of hybrid capital (in particular supplemental capital) and latent reserves in investments (in particular in land and buildings) are added.

With a statutory requirement for adjusted equity of €1,165,169 thousand (2013: €1,145,891 thousand), the statutory requirements were exceeded by €2,277,068 thousand (2013: €2,139,722  thousand), resulting in a coverage rate of 295.4 per cent (2013: 286.7 per cent). With the change to Section 81h paragraph 2 of the Insurance Supervisory Act (VAG), the volatility reserve was added as part of the available capital as of the third quarter of 2008. This increased the adjusted equity by €135,391 thousand (2013: €103,767 thousand).

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

The Management Board is also authorised until 27 November 2015 to acquire treasury shares up to a maximum of 10 per cent of the share capital, including with repeated utilisation of the 10 per cent limit, both via the Stock Exchange as well as over the counter, while also disapplying the proportionate modification rights of shareholders. In the financial year and in the previous year, none of the Company’s treasury shares were acquired over the stock exchange. At the reporting date, treasury shares can be broken down as follows:

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

Without taking into consideration the profit/(loss) from discontinued operations (after taxes), this result amounted to €1.00 per share in the 2013 financial year.

The diluted earnings per share is equal to the basic earnings per share in the financial year and in the previous year.