Uniqa

Uniqa released its 1Q26 results:

- Gross Written Premiums (GWP) increased by 14.4% to €2.8bn

- Earnings before taxes rose by 5.9% to €160 million, consistent with the group’s FY26 target.

- Solvency II was 272% compared with 275% at year-end 2025

- Outlook for 2026 confirmed with earnings before taxes of €540–570 million

Our view: in property and casualty, the combined ratio deteriorated y/y, but from a demanding comparison base. At 91%, it remains consistent with our FY expectation of 91.5% - though the attritional ratio was weaker than anticipated. On the other hand, the Health division reported a significant increase in profit from 2m to 26m.

The most interesting figure in this publication, however, was the top-line performance. Following Q4, we had grown somewhat more cautious on P&C premium trends. On the contrary, they increased by 19.5% in Q1, which looks very impressive. However, this was mainly because Uniqa is developing a third-party reinsurance business, almost from scratch. We find this development quite surprising, if not concerning. Uniqa is building out a reinsurance book at a point in the cycle where prices are declining and sector leaders are voluntarily reducing volumes, finding it increasingly difficult to write business that meets their profitability thresholds...

Expert Opinion:
The good dynamic on the topline may be reassuring to investors, as the business acceleration is indeed good news. Yet the fact that they are growing fast in reinsurance, a fairly new market to Uniqa, at a time when traditional players signal tougher conditions is concerning. The level of risk is increasing at Uniqa. The rerating has been substantial, and while we still have a c11% upside, we would take chips off the table. 

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