2. Financial assets accounted for using the equity method

Investments in associates are accounted for using the equity method. They are initially recognised at acquisition cost, which also includes transaction costs. After initial recognition, the consolidated financial statements include the Group’s share in profit/(loss) for the period and in changes in other comprehensive income until the significant influence ends.

At each reporting date, UNIQA reviews whether there are any indications that the investments in associates are impaired. If this is the case, then the impairment loss is recorded as the difference between the participation carrying amount of the associate and the corresponding recoverable amount and recognised separately in profit/(loss) for the period. An impairment loss is reversed in the event of an advantageous change in the estimates used to determine the recoverable amount.

As at the reporting date 31 December 2023, UNIQA held a 15.7 per cent stake in STRABAG SE (31 December 2022: 15.3 per cent). UNIQA treats STRABAG SE as an associate due to contractual arrangements. As part of the accounting using the equity method, an assessment of the share in STRABAG SE was made, based on the financial information published at 30 June 2023, for the period up until 31 December 2023.

The fair value of the shares is based on the stock market price at 31 December 2023 and amounts to € 649,254 thousand (2022: 613,184 thousand).

All other financial assets accounted for using the equity method are negligible from the perspective of the Group when considered individually and are stated in aggregate form.

The most recently published financial statements of the associates have been used for the purpose of the accounting using the equity method and restated to reflect any material transactions between the relevant reporting date and 31 December 2023.