Foreword by the CEO

We are a team of around 15,000 people who work as service providers for more than 18 million customers in 14 European markets – from Switzerland and Liechtenstein in the west to admirable Ukraine in the east. In 2025 alone, around 1,900 new colleagues decided to start their careers at UNIQA or switch to us from another employer. We are very pleased about this and would like to congratulate them all for standing out among 80,000 applicants. At 4.1 stars (out of a possible 5), our employees’ Engagement Index is just as high as the Satisfaction Index, which also stands at 4.1 stars (out of 5).

This attractiveness of our brand as an employer also has a positive impact on our customers’ satisfaction with our products and services, which is a high 4.6 stars (out of 5) across the Group. All of this ultimately resulted in an increase in earnings before taxes (EBT) of around 17 per cent to €516 million (previous year: €442 million).

I would like to emphasise three particularly positive factors:

1. the growth in our premiums written of 8.2 per cent, comprising 5 per cent growth in Austria and 10 per cent in our international markets;

2. the significant improvement in the insurance service result by 27 per cent to €711 million (€560 million in the previous year);

3. the stable financial result of €209 million and, in particular, the increase in net investment income of €50 million to just under €800 million. Our investments generated an average return of 3.2 per cent (2.9 per cent at the end of 2024). In 2025, we reinvested around €1.9 billion at a slightly higher return of 4.5 per cent.

This EBT places us beyond the range of €490 million to €510 million forecast in August 2025, which had already been revised upward. Our relevant key figures have also improved again compared to the previous year: the combined ratio (net) to 91.7 per cent, the cost ratio to 15.3 per cent and the operating contractual service margin sustainability ratio to 81.1 per cent.

With a tax rate of 18 per cent, which is around 2 percentage points below the long-term average, our net income amounts to €425 million (€348 million in the previous year), which translates to growth in earnings per share (EPS) of around 22 per cent to €1.38 (€1.13 in the previous year) and a return on equity of 14.3 per cent. The regulatory solvency ratio is now 275 per cent, an increase of 11 percentage points compared to the end of 2024.

“The attractiveness of our brand as an employer is instrumental to ensuring the satisfaction of our customers with our products and services.”

We are therefore pleased to be able to propose a 20 per cent higher dividend of €0.72 per share at the Annual General Meeting on 9 June (previous year: €0.60). This amount corresponds to a payout ratio of 52 per cent and is within the target range of 50 to 60 per cent promised to you.

How can this gratifying 2025 financial year be put into context?

2025 was the first year of our “UNIQA 3.0 – Growing Impact” strategic programme, which runs until 2028.

First and foremost, we are pleased by the confirmation that our shared company is broadly diversified – evident, for example, in the well-distributed pre-tax earnings contributions of the Austrian operating business at €236 million (already net of dividends from the international companies), the international segment at €246 million and reinsurance at €142 million.

“The robustness of our business allowed us to revise our targets upwards in the course of the year.”

Our product groups also reflect this diversity in their pre-tax results: €264 million comes from property and casualty insurance, which accounts for around 61 per cent of our portfolio with a premium volume of around €5.1 billion and an excellent combined ratio (net) of 91.7 per cent in 2025, a year with few adverse weather events. €252 million comes from personal insurance, i.e. life and health insurance, whose premium volume of around €3.3 billion accounts for 39 per cent of our total business volume. Our contractual service margin (CSM), i.e. the sum of our expected profits over the contract terms, rose by 11 per cent to around €5.8 billion, while the operating CSM sustainability ratio improved to 81.1 per cent (previous year: 77.9 per cent), as mentioned above.

We are very pleased that Standard & Poor’s raised our ratings in November 2025, with the ratings of UNIQA Österreich Versicherungen AG, our reinsurance company UNIQA RE AG in Zurich and our Polish subsidiary moving up to A+ and the rating of UNIQA Insurance Group AG rising to A. These upgrades are a clear recognition of our accomplishments in recent years.

Moreover, we came to the conclusion in the course of 2025 that the robustness of our business allowed us to revise our targets upwards. We are working with great energy, creativity and determination to take the momentum from the first year of “UNIQA 3.0 – Growing Impact” into the years 2026 to 2028. In this spirit, we wish to …

1. increase our premiums written by an average of 6 per cent per year, rather than 5 per cent;

2. keep the combined ratio (net) consistently below 93 per cent, not just 94 per cent;

3. generate a sustainable return on equity of at least 13 per cent, rather than 12 per cent; and

4. increase earnings per share (EPS) on average by at least 7 per cent annually, rather than 6 per cent.

And all this with a solvency ratio of at least 180 per cent, allowing us to propose an annually increasing dividend per share to the Annual General Meeting that remains within the attractive payout ratio range of 50 to 60 per cent.

For the current financial year, i.e. for 2026, we expect earnings before taxes (EBT) to increase in the range of €540 to €570 million. In addition to volatility on the capital market as a consequence of geopolitical uncertainties and tensions, we anticipate slower growth in the insurance markets in Central and Eastern Europe, stronger competition in the corporate business and higher burdens from natural catastrophes than in 2025.

We see great potential in the medium term in the focused use of artificial intelligence, which will very quickly become an indispensable part of the everyday lives of our current and future customers. It will also revolutionise the way people buy insurance and generate additional growth opportunities for us.

“We will continue to work with great enthusiasm, determination and optimism to further improve on the success of our shared group of companies.”

Growth will also come in the medium term from the healthcare segment. Under the Mavie brand name, we already offer our occupational healthcare services, medical concierge services, personalised health diagnostics, telemedicine and occupational medicine to more than 1,000 corporate customers in ten countries – eight more than a year ago. Additional important contributors in the healthcare segment are the services of our hospital group Mavie Med with locations in Vienna, Graz, Salzburg and Wörgl, which is currently investing €265 million in the federal capital, as well as those of cura domo, Austria’s largest private agency for 24/7 care at home.

On behalf of all our employees, we would like to thank you once again this year for your trust and your interest in UNIQA! Despite all the geopolitical instability and growing burdens from climate change, which may unfortunately be receiving less media attention of late but is continuing unabated, we promise you that we will work with great enthusiasm, determination and optimism to further improve on the success of our shared group of companies – buoyed by what is by far the strongest insurance brand in Austria and by the dedication of a performance-driven community of almost 15,000 employees!

Andreas Brandstetter
on behalf of the Management Board