Independent Limited Assurance Report on the Combined Non-financial Report pursuant to Section 267a UGB
We performed a limited assurance engagement of the combined non-financial report pursuant to section 267a UGB (Austrian Company Code) (hereinafter the “combined non-financial report”) of UNIQA Insurance Group AG (the “Company”), Vienna, for the financial year 2021.
Based on the procedures performed and evidence obtained, nothing has come to our attention that causes us to believe that the Company’s combined non-financial report is not prepared, in all material aspects, in accordance with the requirements of section 267a UGB and the “EU Taxonomy Regulation” (Regulation (EU) No. 2020/852).
Responsibility of Management and the Supervisory Board
Management is responsible for the preparation of the combined non-financial report in accordance with the requirements of section 267a UGB and the “EU Taxonomy Regulation” (Regulation (EU) No. 2020/852).
Management’s responsibility includes the selection and application of appropriate methods to prepare the combined non-financial reporting (in particular the selection of key issues) as well as making assumptions and estimates related to individual sustainability disclosures which are reasonable in the circumstances, and for such internal control as of a combined non-financial report that is free from material misstatement, whether due to fraud or error.
The Supervisory Board is responsible for examining the combined non-financial report.
Our responsibility is to express a limited assurance conclusion based on our procedures performed and evidence obtained as to whether anything has come to our attention that causes us to believe that the Company’s combined non-financial report is not prepared, in all material aspects, in accordance with the legal requirements of section 267a UGB and the “EU Taxonomy Regulation” (Regulation (EU) No. 2020/852).
We performed our engagement in accordance with the professional standards applicable in Austria with regard to KFS/PG 13 “Other assurance engagements”, KFS/PE28 “Selected issues in connection with the assurance of non-financial statements and non-financial reports pursuant to sections 243b UGB and 267a UGB as well as sustainability reports” and the International Standards on Assurance Engagements (ISAE) 3000 (Revised) “Assurance engagements other than audits or reviews of historical financial information”. These standards require that we comply with our ethical requirements, including rules on independence, and that we plan and perform our procedures by considering the principle of materiality to be able to express a limited assurance conclusion based on the assurance obtained.
Our report is issued based on the engagement agreed upon with you and is governed by the General Conditions of Contract (AAB) 2018, issued by the Austrian Chamber of Tax Advisers and Auditors (https://www.ksw.or.at/desktopdefault.aspx/tabid-209/), which also apply towards third parties. As provided under section 275 para. 2 UGB (liability provision regarding the audit of financial statements of small and medium-sized companies), our responsibility and liability towards the Company and any third parties arising from the assurance engagement are limited to a total of EUR 2 million.
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement; consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.
The selection of the procedures lies in the sole discretion of the auditor and comprised, in particular, the following:
- Evaluating the overall presentation of the disclosures and non-financial information
- Critical assessment of the Company’s analysis of materiality considering the concerns of external stakeholders by interviewing the responsible employees and inspecting relevant documents
- Obtaining an overview of the policies pursued by the Company, including due diligence processes implemented as well as the processes used to ensure an accurate presentation in the combined non-financial report by interviewing the Company’s management and inspecting internal guidelines, procedural instructions and management systems in connection with non-financial matters/disclosures
- Obtaining an understanding of reporting processes by interviewing the relevant employees and inspecting selected documentations
- Evaluating the reported disclosures by performing analytical procedures regarding non-financial performance indicators, interviewing relevant employees and inspecting selected documentations
- Critical appraisal of the disclosures in accordance with the requirements of the “EU Taxonomy Regulation” (Regulation (EU) No. 2020/852)
- Examining the combined non-financial report regarding its completeness in accordance with the requirements of section 267a UGB and the “EU Taxonomy Regulation” (Regulation (EU) No. 2020/852)
The engagement and, in particular, all interviews as well as procedures were performed by virtual means due to the ongoing COVID-19 pandemic and the coronavirus containment measures. Data was exchanged via platforms provided by us as well as via e-mail and mail. Interviews were conducted via telephone as well as via video conferencing.
The following is not part of our engagement:
- Examining the processes and internal controls particularly regarding their design, implementation and effectiveness
- Performing procedures at individual locations as well as measurements or individual evaluations to check the reliability and accuracy of data received
- Examining the prior-year figures, forward-looking information or data from external surveys
- Examining the correct transfer of data and references from the (consolidated) financial statements to the non-financial reporting; and
- Examining the information and disclosures on the website or further references on the internet
Neither an audit nor a review of financial statements is objective of our engagement. Furthermore, neither the disclosure and solution of criminal acts, as e.g. embezzlement or other kinds of fraud, and wrongful doings, nor the assessment of the effectiveness and profitability of the management are objectives of our engagement.
Restriction of Use
Because our report is prepared solely for and on behalf of the client, it does not constitute a basis for any reliance on its contents by other third parties. Therefore, no claims of other third parties can be derived from it.
9 March 2022
PwC Wirtschaftsprüfung GmbH
Austrian Certified Public Accountant
We draw attention to the fact that the English translation of this report is presented for the convenience of the reader only and that the German wording is the only legally binding version.