We offer investors:
Attractive investments in shares and bonds
When UNIQA is mentioned as an investment, many people initially think of our shares. However, our bonds also represent an interesting investment option. Both UNIQA shares and our bonds are listed on the Vienna Stock Exchange. As one of the 15 stocks that pay the highest dividends on the Vienna Stock Exchange, UNIQA shares have been included in the ATX Top Dividend Index since December 2022. The ratings for our bonds were upgraded by Standard & Poor’s in November 2025, with our outstanding subordinated bonds upgraded to BBB+ and the senior bond now rated A. The outlook remains stable.
This positive rating is based on the consistent nature of our Group’s strong performance. UNIQA was also able to continue its dynamic business development in 2025, and at the same time we are well ahead of plan in implementing our new strategy. Supported by the substantial lack of natural disasters, we achieved a record result of €516 million. The insurance service result increased significantly across all business lines to a total of €711 million. The combined ratio (after reinsurance) was an outstanding 91.7 per cent. At €1.38, earnings per share were also higher than ever before. We will therefore propose a significantly higher dividend of €0.72 per share at the Annual General Meeting in June 2026.
Capital market defies difficult geopolitical conditions
2025 was characterised by geopolitical uncertainties, fluctuating interest rate expectations and pronounced exchange rate fluctuations. Despite increased volatility, the equity markets performed positively overall, while aggregate bond returns were lower than in the previous year.
Equity markets: significant price gains
The equity markets posted significant gains in 2025. The Euro Stoxx 50 recorded an increase of more than 18 per cent, while the German benchmark index, the DAX, rose by around 23 per cent. In the USA, the S&P 500 gained more than 16 per cent over the course of the year, while the Nikkei 225 climbed 26 per cent. With an increase of more than 45 per cent, the ATX recorded its highest annual gains since 2005.
Following a strong start to the year for European equities, there were increased price fluctuations in the first half of the year in particular. Stagflation concerns in the USA, changing expectations regarding the central banks’ interest rate policy and trade policy measures by the US government weighed on the markets at times. Progress in the trade conflict between the USA and China, strong corporate profits and interest rate cuts by the US Federal Reserve bolstered the stock markets as the year progressed. High valuations, particularly for US technology heavyweights, uncertainties regarding the Fed’s future interest rate path and increased market volatility slowed the upward momentum in the final quarter.
Bond markets: low returns with diverging yield performance
Conditions on the bond markets remained challenging in 2025. Government bonds only generated low returns overall. Yield performance was characterised by a clear divergence between the USA and the eurozone. In Germany, yields rose over the course of the year, particularly at the long end of the yield curve. The yield on ten-year German government bonds was around 2.7 per cent to 2.8 per cent by the end of the year. By contrast, yields fell in the USA, with yields on ten-year US Treasury bonds most recently at around 4.4 per cent to 4.5 per cent. From the perspective of euro investors, the generally positive price performance of US bonds was largely offset by the significant depreciation of the US dollar.
Monetary policy: differences in interest rate policy between Europe and the USA
The central banks pursued divergent monetary policies in 2025. The European Central Bank lowered its key interest rates several times over the course of the year and ended its cycle of interest rate cuts in June at 2.0 per cent. The US Federal Reserve, on the other hand, initially kept interest rates stable and only cut them multiple times in the second half of the year to 3.75 per cent. Political pressure on the Fed, fiscal concerns and significant fluctuations in interest rate expectations generated increased uncertainty in the financial markets, particularly in the US.
Inflation: cooling and moving closer to target
The inflation trend was moderate overall. Eurozone inflation continued to recede over the course of the year, moving closer to the ECB’s inflation target in December 2025 at around 2.0 per cent. Inflation in the USA also remained at a more moderate level during the year, though surpassing the European rates at times. Cooling inflation gave the central banks some leeway to ease monetary policy, without completely eliminating uncertainty about the future course. At 3.6 per cent in 2025, annual inflation in Austria was above the 2024 level of 2.9 per cent.
Cautiously optimistic outlook
Elevated uncertainty is likely to predominate in the capital markets in 2026. Following the significant price gains of the previous year, valuation issues, the development of corporate profits and the monetary policy stance of the central banks are now taking centre stage. Moderate global growth and declining inflation rates are generally proving accommodative, while increased valuations and fiscal risks are limiting the upside potential and are indicative of a more volatile market trend. A more stable but still challenging environment can be expected on the bond markets following the interest rate cuts of the previous year. Currency movements remain a key factor influencing the performance of international investments. A more volatile market environment is expected in 2026, with greater emphasis on underlying fundamentals.