26. 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 of the Management Board

In € thousand

1–12/2023

1–12/2022

Fixed remuneration¹⁾

4,858

4,734

Variable remuneration²⁾

3,586

4,161

Multi-year share-based remuneration³⁾

1,327

1,722

Current remuneration

9,771

10,616

1)	The fixed salary components include remuneration in kind equivalent to € 81 thousand (2022: € 100 thousand).
2)	The variable remuneration includes the deferred components from the short-term incentive (STI) of the 2019 financial year as well as the immediately paid out part of the remuneration from financial year 2022.
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 2020 financial year no short-term incentive was made, due to Covid-19. For the 2021 financial year, payments of € 1,102 thousand are expected in 2025. For the 2022 financial year, payments of € 1,102 thousand are expected in 2026. For the 2023 financial year, payments of € 4,258 thousand are expected to be made in the subsequent years 2024 and 2027.

As part of the multi-year share-based remuneration (long-term incentive plan (LTI), payments amounting to € 1,327 thousand were made to the members of the Management Board of UNIQA Insurance Group AG in 2023 from the 2019 LTI allocation. For the subsequent years 2024 to 2027, a payment of € 5,590 thousand is expected for the virtual shares allocated up to 31 December 2023.

For pension commitments and pension liability insurance to cover these commitments for the members of the Management Board, a total of € 896 thousand was paid in the reporting year (2022: € 1,059 thousand). The pension liability insurance premium amounts to € 332 thousand (2022: € 279 thousand). The amount expended on pensions in the reporting year for former members of the Management Board and their surviving dependents was € 2,147 thousand (2022: € 1,964 thousand).

The remuneration of the members of the Supervisory Board for their work in the 2022 financial year was € 1,152 thousand. Provisions of € 1,180 thousand have been recognised for the remuneration to be paid for their work in the 2023 financial year. Daily allowances and cash expenses that were paid out in the financial year totalled € 148 thousand (2022: € 72 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.