Remuneration of the Management Board and Supervisory Board

The members of the Management Board of UNIQA Insurance Group AG received remuneration of €3.4 million in 2018.

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

In the 2018 financial year, the members of the Management Board of UNIQA Insurance Group AG received variable remuneration and multi-year share-based payments amounting to €1.7 million. Payments (STI) in the amount of €0.4 million are expected to be made in subsequent years for the 2017 financial year. For the 2018 financial year, payments (STI) in the amount of €1.6 million are expected to be made in the years 2019 and 2022. As part of the multi-year share-based payment (LTI), payments of €0.5 million were made to the members of the Management Board of UNIQA Insurance Group AG in 2018. For the subsequent years 2019 to 2022, a payment of €2.1 million is expected for the virtual shares allocated up to 31 December 2018.

The members of the Management Board who are also members of the Management Board of UNIQA Österreich Versicherungen AG received variable remuneration of €0.2 million for their work for UNIQA Österreich Versicherungen AG.

In addition to the above-mentioned 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 2017 financial year amounted to €481,875. Provisions of €739,375 have been set aside for the remuneration to be paid for work completed in 2018. In 2018, a total of €67,400 was paid to cover attendance fees and out-of-pocket expenses (2017: €61,400). Given the raised requirements and the increasing time necessary for activities in the Audit Committee and in the other committees of the Supervisory Board, the remuneration components for committee functions performed have been increased. This explains the rise from €543,275 in 2017 to €806,775 in 2018.

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:

Burkhard Gantenbein received Supervisory Board remuneration (including attendance fees) of €18,000 for his activities on the Supervisory Boards of UNIQA Österreich Versicherungen AG and UNIQA International AG in addition to the Supervisory Board remuneration of UNIQA Insurance Group AG. Besides Supervisory Board remuneration (including attendance fees) from UNIQA Insurance Group AG, Jutta Kath also received Supervisory Board remuneration of 19,200 Swiss francs for her work on the Supervisory Board of UNIQA Re AG.

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.