Impact of Russia’s attack on Ukraine

The Russian attack on Ukraine in early 2022 had impacts on UNIQA at various levels, some of which continue to apply.

Persistently high inflation and a further rise in key interest rates also generally had a significant impact on the global financial markets and national economies in 2023.

In the 2023 financial year, UNIQA recognised changes in value on Russian bonds in the amount of €+ 8.2 million (2022: €–100.7 million), which were recognised on the basis of the impairment model in accordance with IFRS 9 for expected credit losses. This change in value relates to Russian government and corporate bonds with an amortised cost in the amount of € 59.7 million (2022: € 54.3 million), which are denominated in euros, US dollars and Russian roubles and are held via UNIQA in group companies outside Russia. In the context of Ukrainian government bonds, there were changes in value in the 2023 financial year that were recognised based on the impairment model in accordance with IFRS 9 for expected credit losses in the amount of €+ 2.5 million (2022: €–43.7 million).