Uniqa
Note: This is a daily stock update and the information stands true as of 23/05/25, 09:00 CET.
Company Update:
Expert Opinion:
Uniqa is a very solid Austrian company with leadership positions in the Austrian health sector and gaining momentum in Easter Europe and notably Poland. But the share price run has been terrific and our reduce rating is simply predicated on the valuation that in our opinion matches its good fundamentals. Could Uniqa be involved in consolidation in the European sector? As it is controlled by a foundation there are more chances for them acquiring something than being acquired. Our expert would take profits on the name following the strong run and as upside now appears more limited.
For daily updates, subscribe to our newsletter and for detailed information, reach out to us at sales@alphavalue.eu
Company Update:
Strong topline beat: Gross written premiums (GWP) rose 13.2% year-on-year to €2,472.5m, accelerating from the +9.1% growth recorded in FY24. However, the acceleration was largely driven by UNIQA Re expanding its external reinsurance business, which may not be sustainable over the full year. Strong momentum continued in the CEE region with premiums up 12%, while growth was more moderate in the more mature Austrian market, at 4%, in line with recent trends.
Profitability was also better than expected with another improvement in P&C’s combined ratio to 88.2% (+3.5pp).
On the negative side, the Net investment income fell by 54% to €109m, impacted by significant equity losses, and the financial result decreased 70% to €21.1m.
Solvency 2 ratio stands at 274% which leads us to believe there could potential be capital release to shareholders even though the company consistently said they were keen on keeping some additional capital as a buffer.
Expert Opinion:
Uniqa is a very solid Austrian company with leadership positions in the Austrian health sector and gaining momentum in Easter Europe and notably Poland. But the share price run has been terrific and our reduce rating is simply predicated on the valuation that in our opinion matches its good fundamentals. Could Uniqa be involved in consolidation in the European sector? As it is controlled by a foundation there are more chances for them acquiring something than being acquired. Our expert would take profits on the name following the strong run and as upside now appears more limited.
For daily updates, subscribe to our newsletter and for detailed information, reach out to us at sales@alphavalue.eu
Subscribe to our blog
