30. Remuneration for the Management Board and Supervisory Board

The members of the Management Board of UNIQA Insurance Group AG assume a dual operational role in their function, as they also hold the Management Board function at UNIQA Österreich Versicherungen AG. This identical composition of the Management Board in both companies enables efficient control of the UNIQA Group. From 1 July 2020 all employment contracts of the members of the Management Board will be with UNIQA Insurance Group AG, which will pay out all remuneration from this date. The remuneration components for the first half of the year for those members of the Management Board who will also be members of the Management Board of the company from 1 July 2020 relate to their Management Board functions at UNIQA Österreich Versicherungen AG and the former UNIQA International AG, which has been merged with UNIQA Österreich Versicherungen AG.

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Remuneration for the Management Board

In € thousand

1–12/2020

1–12/2019

Fixed remuneration1)

4,377

1,574

Variable remuneration2)

2,217

1,141

Multi-year share-based remuneration3)

2,137

468

Current remuneration

8,731

3,183

1)

The fixed salary components include remuneration in kind equivalent to 110 thousand (2019: 35 thousand).

2)

The Short-Term Incentive (STI) comprises a variable remuneration component which is paid beginning with the 2017 financial year, partly in the following year and partly after three years (the “deferred component”).

3)

The Long-Term Incentive (LTI) corresponds to a share-based remuneration agreement first introduced in 2013, with the beneficiary entitled to receive a cash settlement following a four-year term.

For the 2017 financial year, expected payments of €806 thousand will be made for variable remuneration (STI) in subsequent years. For the 2018 financial year, payments of €909 thousand are expected to be made in the year 2022. For the 2019 financial year, payments of €795 thousand are expected to be made in the year 2023. For the 2020 financial year, no short-term incentive due to Covid-19 was made.

As part of the multi-year long-term incentive plan (LTI), payments of €2,137 thousand were made to the members of the Management Board of UNIQA Insurance Group AG in 2020. For the subsequent years 2021 to 2024, a payment of €2,894 thousand is expected for the virtual shares allocated up to 31 December 2020.

For pension commitments and to cover these commitments for the members of the Management Board €1,024 thousand were paid in the reporting year (2019: €359 thousand). Of the pension reinsurance amounting to €244 thousand, €184 thousand will be paid in 2021. No compensation payments were made in the current financial year. The amount expended on pensions in the reporting year for former members of the Management Board and their survivors was €2,084 thousand (2019: €2,766 thousand).

The remuneration of the members of the Supervisory Board for their work in the 2019 financial year was €745 thousand. Provisions of €790 thousand have been recognised for the remuneration to be paid for work completed in 2020. The amount paid out in attendance fees and cash expenditures in the financial year was €75 thousand (2019: €72 thousand). From 14 April 2020, the members of the Supervisory Board of UNIQA Insurance Group AG who are also members of the Supervisory Board of UNIQA Österreich Versicherungen AG will receive their daily allowances and remuneration exclusively from UNIQA Insurance Group AG despite their dual function. These daily allowances and remunerations therefore also cover the Supervisory Board activities at UNIQA Österreich Versicherungen AG.

Reinsurance
An insurance company insures part of its risk via another insurance company.