5.3. Assets and liabilities held for sale and discontinued operations

Sale of Raiffeisen Life

The sale of the 75 per cent holding in the Limited Liability Company “Insurance Company “Raiffeisen Life” (Russia, Moscow; “Raiffeisen Life”) was completed on 4 October 2024.

Profit/(loss) from discontinued operations (after tax)

In € thousand

1 – 12/2025

1 – 12/2024

Insurance service result

 

 

Insurance revenue

0

11,381

Insurance service expenses

0

–6,461

Reinsurance service result

0

0

 

0

4,921

Financial result

 

 

Net investment income

 

 

Income from investments

0

16,647

(of which interest income from the application of the effective interest method)

0

7,057

(of which changes in value based on the impairment model for expected credit losses)

0

9,417

Expenses from investments

0

–5,214

(of which changes in value based on the impairment model for expected credit losses)

0

–4,986

 

0

11,433

Financial result from insurance contracts

0

–2,850

Financial result from reinsurance contracts

0

0

 

0

8,583

Non-technical result

 

 

Other income

0

9,230

Other expenses

0

–10,638

 

0

–1,409

Operating profit/(loss)

0

12,095

Finance cost

0

–10

Earnings before taxes

0

12,086

Income taxes

0

–2,269

Current profit/(loss) from discontinued operations (after tax)

0

9,816

Amortisation and disposal costs

0

–7,534

Profit/(loss) from discontinued operations (after tax)

0

2,282

of which attributable to shareholders of UNIQA Insurance Group AG

0

–172

of which attributable to non-controlling interests

0

2,454

The currency differences recognised in other comprehensive income and attributable to discontinued operations amounted to €22,082 thousand for 2024, while the change in the revaluation reserve for debt instruments amounted to €–976 thousand and the changes from insurance contracts to €–9,140 thousand.

Sale of the SIGAL Group

On 17 June 2025, the sale of the shares in SIGAL UNIQA Group AUSTRIA sh.a. (Albania, Tirana) including its subsidiaries SIGAL LIFE UNIQA Group AUSTRIA sh.a. (Albania, Tirana), SIGAL UNIQA Group AUSTRIA sh.a. (Kosovo, Pristina), SIGAL LIFE UNIQA Group AUSTRIA sh.a. (Kosovo, Pristina), UNIQA AD Skopje (North Macedonia, Skopje) and UNIQA Life AD Skopje (North Macedonia, Skopje) was finalised.

The assets and liabilities that were stated by the closing date under the item “Assets and liabilities in disposal groups held for sale” were derecognised accordingly.

Net assets sold

In € thousand

17/6/2025

Property, plant and equipment

16,010

Intangible assets

22,294

Investments

157,650

Unit-linked and index-linked life insurance investments

5,715

Assets from insurance contracts

607

Assets from reinsurance contracts

12,182

Receivables and other assets

5,766

Deferred tax assets

4,295

Cash

3,863

Total assets

228,380

Subordinated liabilities

1,067

Liabilities from insurance contracts

123,375

Liabilities from reinsurance contracts

2,997

Financial liabilities

2,210

Other provisions

3,376

Liabilities and other items classified as liabilities

5,859

Deferred tax liabilities

4,315

Total liabilities

143,198

Net assets sold

85,182

Less recyclable other comprehensive income

–10,980

Shareholding of minority shareholder

–5,319

UNIQA proportion of net assets sold

68,883

Effects on consolidated equity

In € thousand

17/6/2025

Agreed purchase price

66,500

Net assets sold

–68,883

Transaction costs

–1,078

Reclassification of the obligation for an option agreement to consolidated equity

5,010

Effects on consolidated equity

1,550

The purchase price includes cash and cash equivalents totalling €3,863 thousand that were sold with the subsidiaries. Also, as contractually agreed, €30.0 million of the purchase price was paid at the time of closing, with the remainder to be paid over a period of four years.

At the time of disposal, cumulative gains of €10,980 thousand were reclassified from other comprehensive income to the consolidated income statement.

Revaluation reserve
Unrealised gains and losses resulting from the difference between the fair value and amortised cost are recorded directly in equity in the items “Measurement of equity and debt instruments”, “Remeasurement of defined benefit obligations” and “Measurement of insurance and reinsurance contracts” after deduction of deferred taxes.
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