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. Since 1 July 2020 all employment contracts of the members of the Management Board have been with UNIQA Insurance Group AG, which has paid out all remuneration since this date.

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Remuneration for the Management Board

In € thousand

1 – 12/2022

1 – 12/2021

Fixed remuneration¹⁾

4,734

4,675

Variable remuneration²⁾

4,161

806

Multi-year share-based remuneration³⁾

1,722

1,140

Current remuneration

10,616

6,621

1)	The fixed salary components include remuneration in kind equivalent to € 100 thousand (2021: € 103 thousand).
2)	Variable remuneration comprises the deferred component of the short-term incentive (STI) for the 2018 financial year and the portion of the entitlement for the 2021 financial year that will be paid out immediately.
3)	The long-term incentive (LTI) as a variable remuneration component corresponds to a share-based paymen agreement which entitles the holder to receive a cash settlement after a four-year term if agreed target values are reached.

For the 2019 financial year, anticipated payments for the deferred component of the variable remuneration (STI) in 2023 will amount to € 795 thousand. For the 2020 financial year no short-term incentive was made, due to Covid-19. For the 2021 financial year, payments of € 1,239 thousand are expected in the year 2025. For the 2022 financial year, payments of € 4,490 thousand are expected to be made in the years 2023 and 2026. For the 2022 financial year, payments of € 4,649 thousand will be made in subsequent years.

As part of the multi-year share-based remuneration (long-term incentive plan – LTI), payments amounting to € 1,722 thousand were made to the members of the Management Board of UNIQA Insurance Group AG in 2022 from the 2018 LTI allocation. For the subsequent years 2023 to 2026, a payment of € 3,836 thousand is expected for the virtual equities allocated up to 31 December 2022.

In the reporting year, a total of € 1,059 thousand (2021: € 1,245 thousand) was paid for pension commitments and reinsurance for members of the Management Board (the premium for reinsurance amounts to € 279 thousand). The amount expended on pensions in the reporting year for former members of the Management Board and their survivors was € 1,964 thousand (2021: € 2,043 thousand).

The remuneration of the members of the Supervisory Board for their work in the 2021 financial year was € 835 thousand. Provisions of € 1,152 thousand have been recognised for the remuneration to be paid for their work in the 2022 financial year. The amount paid out in attendance fees and cash expenditures in the financial year was € 72 thousand (2021: € 65 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.