UNIQA
Note: This is a daily stock update and the information stands true as of 22/11/24, 09:00 CET.
Company Update:
Expert Opinion:
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Company Update:
Yesterday, the company posted encouraging and resilient numbers: Gross premiums rose 9.2% to c. €5bn in 9M24, accelerating slightly from the H1 trend. Insurance revenue was up by 10.3% to €4.9bn. All segments contributed to growth, with P&C (+10.7%), Health (+10.5%) and Life (+8.3%).
The technical result was down by 8.8% to €391m. Floods in central Europe had an impact of €82m, or 2.5 points on the Combined ratio, which remained well below 100%, at 94.4% in 9M24. Excluding reinsurance, the impact would have been €184m, or a 5.6 point impact on the Combined ratio.
The financial result increased by 64% to €182m.
Overall, net profit was up by 6.4% to €264m.
During the conference call, the company provided reassuring comments, notably on the outlook for the P&L business and on the fact they do not expect a strong rise in reinsurance cost.
The groups solvency is very high and the balance sheet is healthy. The question of the M&A will become important. The company for the first time provided details on the targets that could be acquired: Significant in size, in a country they are already in and the target could provide vertical integration.
We only recently initiated coverage of UNIQA which offers an attractive profile. Valuation is cheap and the business model is solid. We have a buy rating with a 50% upside.
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