Remuneration of the Management Board and Supervisory Board

The members of the Management Board receive their remuneration exclusively from UNIQA Insurance Group AG, the Group holding company.

The breakdown of the total Management Board remuneration among the individual members of the Management Board was as follows:

In 2018, it is expected that the members of the Management Board of the UNIQA Insurance Group AG will be paid variable remuneration (STI) in the amount of €1.7 million for the 2017 financial year. As part of the long-term incentive (LTI) 2013–2016, a total of €382,673 was paid out in 2017. Payments in the amount of €693,786 are expected to be made in 2018 to cover the 2014 allocation of a long-term incentive (LTI) with a term to 2017.

In addition to the abovementioned employee benefits, the following pension fund contributions were made for the existing pension commitments to the members of the Management Board during the financial year. The compensation payments arise if a member of the Management Board steps down before the age of 65 because pension entitlements are generally funded in full until the age of 65 to avoid over-financing.

The remuneration paid to the members of the Supervisory Board for their work in the 2016 financial year amounted to €470,000. Provisions of €481,875 have been set aside for the remuneration to be paid for work completed in 2017. In 2017, employee representatives were paid total €61,400 to cover attendance fees and out-of-pocket expenses (2016: €77,000).

The breakdown of the total remuneration (including attendance fees and out-of-pocket expenses to employee representatives) paid to the individual members of the Supervisory Board was as follows:

Former members of the Supervisory Board did not receive any remuneration.

The disclosures in accordance with Section 239(1) of the Austrian Commercial Code in conjunction with Section 80b of the Austrian Insurance Supervision Act must be included in the notes to the consolidated financial statements for the financial statements to be in accordance with IFRSs and to release the Company from the requirement to prepare financial statements in accordance with the Austrian Commercial Code. The disclosures are defined more broadly for the separate financial statements in accordance with the provisions of the Austrian Commercial Code. The separate financial statements include not only the remuneration for the decision-making functions (Management Board) of UNIQA Insurance Group AG, but also the remuneration paid to the Management Boards of the subsidiaries if such remuneration is based on a contract with UNIQA Insurance Group AG.