Risk report

43. Capitalisation

After 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 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 bonds issued in 2013 (€350.0 million 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”.

Solvency II
European Union Directive on publication obligations and solvency rules for the equity base of an insurance company.
An insurance company’s equity base.
Supplementary capital
Paid-in capital that is provided to the insurance company for a minimum of five years with a waiver of the right to cancel under the relevant agreement, and for which interest may only be paid provided that this is covered by the annual net profit.
Classification of the basic own fund components into Tier 1, Tier 2 and Tier 3 capital using the own funds list in accordance with the criteria specified in the EU implementing regulation. If a component of basic own funds is not included in the list, an entity must carry out its own assessment and decide on a classification.