19. Subordinated liabilities

UNIQA Insurance Group AG has cancelled the bond issued in 2006 with a total nominal amount of € 150 million as well as the bond issued in 2007 with a total nominal amount of € 100 million effective 30. December 2016, and therefore at the first possible cancellation date in accordance with the bond terms and conditions. The interest rate for the bond issued in 2006 until December 2016 was 5.079 per cent, and the interest rate for the bond issued in 2007 until December 2016 was 5.342 per cent.

In July 2013, UNIQA Insurance Group AG successfully placed a supplementary capital bond to the value of € 350 million with institutional investors in Europe. The bond has a maturity period of 30 years and may only be cancelled after 10 years. The coupon amounts to 6.875 per cent per annum during the first 10 years, after which variable interest applies. The supplementary capital bond meets the requirements for equity netting as Tier 2 capital under the Solvency II regime. The issue was also aimed at replacing older supplementary capital bonds from Austrian insurance groups and at bolstering UNIQA’s capital resources and capital structure in preparation for Solvency II and optimising these over the long term. The supplementary capital bond has been listed on the Luxembourg Stock Exchange since the end of July 2013. The issue price was set at 100 per cent.

In July 2015, UNIQA Insurance Group AG successfully placed a subordinated capital bond (Tier 2) to the value of € 500 million with institutional investors in Europe. The bond is eligible for netting as Tier 2 capital under Solvency II. The bond is scheduled for repayment after a period of 31 years and subject to certain conditions, and can only be cancelled by UNIQA after 11 years have elapsed and under certain conditions. The coupon amounts to 6.00 per cent per annum during the first 11 years, after which variable interest applies. The bond has been listed on the Vienna Stock Exchange since July 2015. The issue price was set at 100 per cent.