After Solvency II came into force on 1 January 2016, the definitions and methods used to calculate available own funds, as well as risk capital requirements and management standards, were replaced by Solvency II standards.
Standard and Poor’s model
UNIQA also takes the potential impact on the rating by recognised rating agencies into account in the capital management process. S&P currently applies a credit rating of “A–” to UNIQA Insurance Group AG. In the S&P capital model, however, UNIQA achieves significant surplus coverage for the current level. UNIQA assumes that it will secure its surplus coverage of the AA level at a minimum in the long term and will also improve the rating in line with the corporate strategy as a result.
UNIQA Österreich Versicherungen AG and UNIQA Re AG each have a rating of “A”. The supplementary capital bonds issued in 2013 (€350.0 million Tier 2, first call date: 31 July 2023) and subordinated capital bond issued in 2015 (€500.0 million Tier 2, first call date: 27 July 2026) are rated “BBB” by S&P. The agency rates the outlook for all companies as “stable”.