5.3. Assets and liabilities held for sale and discontinued operations

Sale of Raiffeisen Life

The sale of the 75 per cent stake in the Limited Liability Company “Insurance Company “Raiffeisen Life” (Russia, Moscow; “Raiffeisen Life”) decided at the Supervisory Board meeting on 23 August 2023 was completed on 4 October 2024. The assets and liabilities that were stated by the closing date under the item “Assets and liabilities in disposal groups held for sale” were derecognised accordingly.

The profit and loss of the discontinued operation is presented in the consolidated income statement under the item “Profit/(loss) from discontinued operations (after tax)” and was previously reported in the UNIQA International segment. The profit/(loss) from discontinued operations includes the current result received by UNIQA by 4 October 2024, costs to sell of €700 thousand (2023: €216 thousand).

The currency differences recognised in other comprehensive income and attributable to discontinued operations amount to €22,082 thousand (2023: €–12,340 thousand), while the change in the remeasurement reserve for debt instruments amounts to €–976 thousand (2023: €5,205 thousand) and the changes from insurance contracts to €–9,140 thousand (2023: €4,155 thousand).

The purchase price was not paid in cash, but was realised through a transfer of debt instruments, which were measured at a fair value of €23,616 thousand at the time of closing.

Sale of the SIGAL Group

At the Supervisory Board meeting on 21 November 2024, UNIQA Insurance Group AG decided to sell the shares held in SIGAL UNIQA Group AUSTRIA sh.a. (Albania, Tirana) together with the equity investments held by it as listed below, to the founder and minority shareholder Avni Ponari:

• SIGAL LIFE UNIQA Group AUSTRIA sh.a (Albania, Tirana)
• SIGAL UNIQA Group AUSTRIA sh.a. (Kosovo, Pristina)
• SIGAL LIFE UNIQA Group AUSTRIA sh.a (Kosovo, Pristina)
• UNIQA AD Skopje (North Macedonia, Skopje)
• UNIQA Life AD Skopje (North Macedonia, Skopje)

A decision was also taken at the same time to exercise the existing option agreement to acquire a further 3.07 per cent of the shares with the other minority shareholder. Following the acquisition of these shares, 90 per cent of the shares in SIGAL UNIQA Group AUSTRIA sh.a. will be sold. The existing option agreement with the minority shareholder Avni Ponari was suspended with the signing of the sale agreement and will be cancelled once the sale is completed.

The expected sales price is around €66,500 thousand. The sale is expected to be completed in the second quarter of 2025 once all the necessary regulatory approvals have been obtained.

The assets and liabilities are recognised in the consolidated balance sheet under assets and liabilities in disposal groups held for sale. The SIGAL Group does not constitute a business line in accordance with IFRS 5 and is therefore not recognised in the profit/(loss) from discontinued operations.