5.3. Assets and liabilities held for sale and discontinued operations
Sale of Raiffeisen Life
The sale of the 75 per cent holding in the Limited Liability Company “Insurance Company “Raiffeisen Life” (Russia, Moscow; “Raiffeisen Life”) was completed on 4 October 2024.
In € thousand |
||
Insurance service result |
|
|
Insurance revenue |
0 |
11,381 |
Insurance service expenses |
0 |
–6,461 |
Reinsurance service result |
0 |
0 |
|
0 |
4,921 |
Financial result |
|
|
Net investment income |
|
|
Income from investments |
0 |
16,647 |
(of which interest income from the application of the effective interest method) |
0 |
7,057 |
(of which changes in value based on the impairment model for expected credit losses) |
0 |
9,417 |
Expenses from investments |
0 |
–5,214 |
(of which changes in value based on the impairment model for expected credit losses) |
0 |
–4,986 |
|
0 |
11,433 |
Financial result from insurance contracts |
0 |
–2,850 |
Financial result from reinsurance contracts |
0 |
0 |
|
0 |
8,583 |
Non-technical result |
|
|
Other income |
0 |
9,230 |
Other expenses |
0 |
–10,638 |
|
0 |
–1,409 |
Operating profit/(loss) |
0 |
12,095 |
Finance cost |
0 |
–10 |
Earnings before taxes |
0 |
12,086 |
Income taxes |
0 |
–2,269 |
Current profit/(loss) from discontinued operations (after tax) |
0 |
9,816 |
Amortisation and disposal costs |
0 |
–7,534 |
Profit/(loss) from discontinued operations (after tax) |
0 |
2,282 |
of which attributable to shareholders of UNIQA Insurance Group AG |
0 |
–172 |
of which attributable to non-controlling interests |
0 |
2,454 |
The currency differences recognised in other comprehensive income and attributable to discontinued operations amounted to €22,082 thousand for 2024, while the change in the revaluation reserve for debt instruments amounted to €–976 thousand and the changes from insurance contracts to €–9,140 thousand.
Sale of the SIGAL Group
On 17 June 2025, the sale of the shares in SIGAL UNIQA Group AUSTRIA sh.a. (Albania, Tirana) including its subsidiaries 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) and UNIQA Life AD Skopje (North Macedonia, Skopje) was finalised.
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.
In € thousand |
17/6/2025 |
|---|---|
Property, plant and equipment |
16,010 |
Intangible assets |
22,294 |
Investments |
157,650 |
Unit-linked and index-linked life insurance investments |
5,715 |
Assets from insurance contracts |
607 |
Assets from reinsurance contracts |
12,182 |
Receivables and other assets |
5,766 |
Deferred tax assets |
4,295 |
Cash |
3,863 |
Total assets |
228,380 |
Subordinated liabilities |
1,067 |
Liabilities from insurance contracts |
123,375 |
Liabilities from reinsurance contracts |
2,997 |
Financial liabilities |
2,210 |
Other provisions |
3,376 |
Liabilities and other items classified as liabilities |
5,859 |
Deferred tax liabilities |
4,315 |
Total liabilities |
143,198 |
Net assets sold |
85,182 |
Less recyclable other comprehensive income |
–10,980 |
Shareholding of minority shareholder |
–5,319 |
UNIQA proportion of net assets sold |
68,883 |
In € thousand |
17/6/2025 |
|---|---|
Agreed purchase price |
66,500 |
Net assets sold |
–68,883 |
Transaction costs |
–1,078 |
Reclassification of the obligation for an option agreement to consolidated equity |
5,010 |
Effects on consolidated equity |
1,550 |
The purchase price includes cash and cash equivalents totalling €3,863 thousand that were sold with the subsidiaries. Also, as contractually agreed, €30.0 million of the purchase price was paid at the time of closing, with the remainder to be paid over a period of four years.
At the time of disposal, cumulative gains of €10,980 thousand were reclassified from other comprehensive income to the consolidated income statement.