31. 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 are with UNIQA Insurance Group AG, which pays out all remuneration from this date.

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Remuneration for the Management Board

In € thousand

1–12/2021

1–12/2020

Fixed remuneration1)

4,675

4,377

Variable remuneration2)

806

2,217

Multi-year share-based remuneration3)

1,140

2,137

Current remuneration

6,621

8,731

1)

The fixed salary components include remuneration in kind equivalent to €103 thousand (2020: €110 thousand).

2)

The variable remuneration solely includes the deferred components from the short-term incentive (STI) of the 2017 financial year. The deferred components of the STI comprises 40% of the entitlement and is paid out after three financial years.

3)

The long-term incentive (LTI) as a variable remuneration component corresponds to a share-based payment agreement which entitles the holder to receive a cash settlement after a four-year term if agreed target values are reached.

For the 2018 financial year, anticipated payments for the deferred component of the variable remuneration (STI) in 2022 will amount to €909 thousand. For the 2019 financial year, payments of €795 thousand are expected in the year 2023. For the 2020 financial year no short-term incentive was made, due to Covid-19. For the 2021 financial year, payments of €3,822 thousand are expected to be made in the years 2022 and 2025. For the 2021 financial year, payments of €4,124 thousand will be made in subsequent years.

As part of the multi-year share-based remuneration (long-term incentive plan – LTI), payments amounting to €1,140 thousand were made to the members of the Management Board of UNIQA Insurance Group AG in 2021 from the 2017 LTI allocation. For the subsequent years 2022 to 2025, a payment of €4,334 thousand is expected for the virtual shares allocated up to 31 December 2021.

In the reporting year, a total of €1,245 thousand (2020: €1,024 thousand) was paid for pension commitments and for members of the Management Board (the premium for reinsurance amounts to €463 thousand). The amount expended on pensions in the reporting year for former members of the Management Board and their survivors was €2,043 thousand (2020: €2,084 thousand).

The remuneration of the members of the Supervisory Board for their work in the 2020 financial year was €790 thousand. Provisions of €835 thousand have been recognised for the remuneration to be paid for their work in the 2021 financial year. The amount paid out in attendance fees and cash expenditures in the financial year was €65 thousand (2020: €75 thousand). Since 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 have received 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.