9.1. Subordinated liabilities

In July 2015, UNIQA Insurance Group AG successfully placed a subordinated capital bond (Tier 2) to the value of €500 million with institutional investors in Europe. The bond is eligible for netting as Tier 2 capital under Solvency II. The bond is scheduled for repayment after a period of 31 years and subject to certain conditions, and can only be cancelled by UNIQA after eleven years have elapsed and under certain conditions. The coupon equals 6.00 per cent per annum during the first eleven years. After that, a variable interest rate applies. The bond has been listed on the Vienna Stock Exchange since July 2015. The issue price was set at 100 per cent. In December 2021, a principal amount of €173.7 million of the subordinated bond was repurchased on the capital market. The remaining outstanding principal amount is €326.3 million.

In July 2020, a subordinated bond was also issued in the amount of €200 million at an issue price of 99.507 per cent of the nominal value. With a term of 15.25 years, it could be terminated for the first time at any time between 9 July 2025 and 9 October 2025, subject to certain conditions. The annual interest rate amounted to 3.25 per cent for the first 5.25 years, after which the interest rate would have been variable. The bond was eligible as Tier 2 capital under Solvency II. By issuing a green bond, UNIQA committed to finance or refinance suitable assets in accordance with the Green Bond Framework at the same level as the issue proceeds. The subordinated bond with a volume of €200 million was repaid in full in July 2025.

UNIQA placed a subordinated bond with a nominal value of €375 million in December 2021. This bond was issued to refinance higher-interest bonds issued in previous years. It is scheduled for repayment after a period of 20 years subject to certain conditions and can be cancelled by UNIQA for the first time at any time between 9 June 2031 and 9 December 2031, under certain conditions. The interest rate is 2.375 per cent for the first ten years, after which a variable interest rate applies. The issue price was set at 99.316 per cent of the nominal amount. The subordinated bond is eligible as Tier 2 basic own funds in accordance with the regulatory requirements. By issuing a green bond, UNIQA has committed to making investments in accordance with the Green Bond Framework at the same level as the issue proceeds.