Group business development
Premiums written (including savings portions from unit-linked and index-linked life insurance) increased by 8.2 per cent to €8,354.7 million
Insurance service result at €710.8 million
Combined ratio (gross) decreased from 91.1 per cent to 89.2 per cent
Combined ratio (net) improved from 93.1 per cent to 91.7 per cent
Financial result increased to €209.4 million
Earnings before taxes in 2025 by 16.9 per cent to €516.4 million
Proposed dividend for 2025 of €0.72 per share
In € million |
2025 |
2024 |
2023 |
|---|---|---|---|
Premiums written, including savings portions from unit-linked and index-linked life insurance |
8,354.7 |
7,719.9 |
7,080.1 |
Cost ratio |
31.4% |
31.2% |
31.0% |
Administrative expense ratio |
15.3% |
15.9% |
15.7% |
Combined ratio (gross before reinsurance) |
89.2% |
91.1% |
89.4% |
Combined ratio (net after reinsurance) |
91.7% |
93.1% |
92.8% |
Earnings before taxes |
516.4 |
441.9 |
426.4 |
Consolidated profit/(loss) (proportion of the profit/(loss) for the period attributable to the shareholders of UNIQA Insurance Group AG |
424.8 |
347.6 |
302.7 |
In € million |
2025 |
2024 |
2023 |
|---|---|---|---|
Premiums written |
5,044.7 |
4,587.0 |
4,133.7 |
Insurance revenue |
4,774.6 |
4,421.8 |
4,006.3 |
Insurance service expenses |
–4,257.6 |
–4,029.8 |
–3,580.8 |
Reinsurance service result |
–120.7 |
–85.8 |
–138.0 |
Insurance service result |
396.3 |
306.2 |
287.5 |
Financial result |
116.9 |
174.0 |
101.4 |
Net investment income |
203.8 |
253.6 |
173.4 |
Non-technical result |
–188.0 |
–146.9 |
–119.0 |
Cost ratio |
31.8% |
31.6% |
31.9% |
Combined ratio (gross before reinsurance) |
89.2% |
91.1% |
89.4% |
Earnings before taxes |
264.2 |
281.0 |
211.5 |
In € million |
2025 |
2024 |
2023 |
|---|---|---|---|
Premiums written |
1,609.5 |
1,514.5 |
1,378.0 |
Insurance revenue |
1,449.8 |
1,355.8 |
1,234.7 |
Release of the contractual service |
131.2 |
105.9 |
94.7 |
Insurance service expenses |
–1,333.9 |
–1,255.2 |
–1,110.3 |
Reinsurance service result |
–1.1 |
–0.9 |
–2.5 |
Insurance service result |
114.8 |
99.8 |
122.0 |
Financial result |
15.7 |
–11.5 |
–19.1 |
Net investment income |
253.9 |
200.5 |
111.7 |
Non-technical result |
–98.4 |
–77.9 |
–58.2 |
Cost ratio |
19.4% |
18.4% |
18.2% |
Earnings before taxes |
31.9 |
10.3 |
44.1 |
In € million |
2025 |
2024 |
2023 |
|---|---|---|---|
Premiums written |
1,700.4 |
1,618.4 |
1,568.3 |
Insurance revenue |
891.1 |
779.6 |
753.1 |
Release of the contractual service |
225.6 |
197.7 |
192.2 |
Insurance service expenses |
–689.0 |
–615.4 |
–600.0 |
Reinsurance service result |
–2.5 |
–9.6 |
–0.3 |
Insurance service result |
199.7 |
154.5 |
152.8 |
Financial result |
76.8 |
47.7 |
67.9 |
Net investment income |
341.1 |
295.6 |
303.7 |
Non-technical result |
–39.4 |
–29.7 |
–29.2 |
Cost ratio |
48.8% |
50.7% |
46.9% |
Earnings before taxes |
220.2 |
150.5 |
170.8 |
Changes in premiums
UNIQA’s total premium volume written increased in 2025 – taking into account the savings portions from unit-linked and index-linked life insurance – by 8.2 per cent to €8,354.7 million (2024: €7,719.9 million). The main driver for this was the solid growth in both property and casualty insurance and in health insurance. However, life insurance also contributed to this strong growth in 2025 – particularly in the international segment. The premiums for 2025 (and the comparative period) were adjusted for the premium revenues from Albania, Kosovo and North Macedonia, as these countries are no longer part of the UNIQA Group.
Premiums written including savings portions from unit-linked and index-linked life insurance
In € million
Premiums written in property and casualty insurance grew in 2025 by 10.0 per cent to €5,044.7 million (2024: €4,587.0 million) due to index adjustments and good sales performance. In health insurance, premiums written in the reporting period rose by 6.3 per cent to €1,609.5 million (2024: €1,514.5 million) due to premium adjustments and strong new business development. In life insurance, premiums written, including the savings portions from unit-linked and index-linked life insurance, increased by 5.1 per cent to €1,700.4 million (2024: €1,618.4 million).
The premium volume written by UNIQA Austria – including savings portions from unit-linked and index-linked life insurance – increased in 2025 by 4.8 per cent to €4,702.9 million (2024: €4,488.3 million). In the UNIQA International segment, the premium volume written increased by 9.8 per cent to €3,353.8 million (2024: €3,054.8 million).
Change in insurance revenue
The UNIQA Group’s insurance revenue rose by 8.5 per cent in 2025 to €7,115.5 million (2024: €6,557.2 million).
The release of the contractual service margin (CSM) amounted to €380.4 million (2024: €336.8 million).
Insurance revenue in property and casualty insurance grew in 2025 by 8.0 per cent to €4,774.6 million (2024: €4,421.8 million).
In health insurance, insurance revenue rose in the reporting period by 6.9 per cent to €1,449.8 million (2024: €1,355.8 million). The release of the contractual service margin increased by 23.9 per cent to €131.2 million (2024: €105.9 million).
In life insurance, insurance revenue increased in 2025 by 14.3 per cent to €891.1 million (2024: €779.6 million). The release of the contractual service margin rose by 14.1 per cent to €225.6 million (2024: €197.7 million).
Change in insurance service expenses
The UNIQA Group’s insurance service expenses increased in 2025 by 6.4 per cent to €6,280.6 million (2024: €5,900.4 million).
The overall cost ratio – the ratio of direct and indirect costs to insurance revenue – nevertheless increased only marginally to 31.4 per cent (2024: 31.2 per cent). The administrative cost ratio in 2025 was 15.3 per cent (2024: 15.9 per cent).
In property and casualty insurance, insurance service expenses increased by 5.7 per cent to €4,257.6 million (2024: €4,029.8 million). The cost ratio rose to 31.8 per cent (2024: 31.6 per cent). The combined ratio (gross before reinsurance) fell to 89.2 per cent (2024: 91.1 per cent) due to the virtual absence of natural disasters. The combined ratio (net after reinsurance) decreased to 91.7 per cent (2024: 93.1 per cent).
Combined ratio (gross before reinsurance)
In per cent
In health insurance, insurance service expenses grew in 2025 by 6.3 per cent to €1,333.9 million (2024: €1,255.2 million). The cost ratio increased in this segment to 19.4 per cent (2024: 18.4 per cent).
In life insurance, insurance service expenses rose by 12.0 per cent to €689.0 million (2024: €615.4 million). The cost ratio decreased in life insurance to 48.8 per cent (2024: 50.7 per cent).
Reinsurance service result
The reinsurance service result in 2025 amounted to €–124.2 million (2024: €–96.3 million).
Insurance service result
The UNIQA Group’s insurance service result (see Note 5 in the consolidated financial statements) increased significantly in 2025 to €710.8 million (2024: €560.5 million).
Financial result
The UNIQA Group’s investment portfolio (including investment property, financial assets accounted for using the equity method and other investments) increased as at 31 December 2025 by €338.1 million to €21,063.6 million compared with the last reporting date (31 December 2024: €20,725.5 million).
Net investment income rose in 2025 to €798.8 million (2024: €749.7 million) due to the excellent current income. The financial result decreased as a result to €209.4 million (2024: €210.2 million). Due to the recognition of the equity-accounted investment in the construction firm STRABAG SE, there was a positive contribution to earnings in 2025 of €206.5 million (2024: €119.7 million).
Net investment income from unit-linked and index-linked life insurance in 2025 amounted to €209.8 million (2024: €333.0 million).
A detailed description of the financial result can be found in the consolidated financial statements (see Note 4 in the consolidated financial statements).
Non-technical result
The non-technical result in 2025 was €–325.9 million (2024: €–254.5 million). Other income rose by 6.5 per cent to €452.9 million (2024: €425.2 million), while other expenses increased by 14.6 per cent to €778.8 million (2024: €679.6 million).
Earnings before taxes
Operating profit grew by 15.1 per cent to €594.2 million (2024: €516.2 million) due to the increase in the insurance service result. The UNIQA Group’s earnings before taxes rose accordingly by 16.9 per cent to €516.4 million (2024: €441.9 million).
Earnings before taxes
In € million
In property and casualty insurance, earnings before taxes decreased to €264.2 million (2024: €281.0 million), while health insurance saw an increase by 208.8 per cent to €31.9 million (2024: €10.3 million). Finally, in life insurance, earnings before taxes rose by 46.3 per cent to €220.2 million (2024: €150.5 million).
Income tax expense decreased in 2025 to €93.1 million (2024: €93.7 million). Consequently, the tax burden fell in 2025 to 18.0 per cent (2024: 21.2 per cent).
Profit/(loss) for the period from continuing operations totalled €423.3 million (2024: €348.2 million). Due to the sale of the Russian company in 2024, the profit/(loss) from discontinued operations (after tax) in 2025 amounted to €0.0 million (2024: €2.3 million). The profit/(loss) for the period therefore amounted to €423.3 million in the reporting period (2024: €350.5 million).
The consolidated profit (share of the profit/(loss) for the period attributable to the shareholders of UNIQA Insurance Group AG) increased by 22.2 per cent to €424.8 million (2024: €347.6 million). Earnings per share rose to €1.38 (2024: €1.13). Earnings per share from continuing operations in 2025 amounted to €1.38 (2024: €1.13).
Earnings per share
In €
The return on equity (return on equity after taxes and non-controlling interests) rose slightly in the reporting year to 14.3 per cent (2024: 12.4 per cent).
On this basis, the Management Board will propose a dividend of €72 per share to the Supervisory Board and the Annual General Meeting (2024: €60 per share).
Dividend per share
In €
Own funds and total assets
The equity attributable to the shareholders of UNIQA Insurance Group AG rose in the past financial year by €174.0 million to €3,063.8 million (31 December 2024: €2,889.7 million). Non-controlling interests amounted to €101.0 million (31 December 2024: €51.7 million). The Group’s total assets as at 31 December 2025 came to €29,047.9 million (31 December 2024: €28,532.1 million).
Change in contractual service margin
The contractual service margin increased as at 31 December 2025 to €5,879.3 million (31 December 2024: €5,345.6 million). In property and casualty insurance, the CSM dropped to €70.1 million (31 December 2024: €93.9 million) and in health insurance it rose to €3,919.8 million (31 December 2024: €3,501.0 million). In life insurance, it rose to €1,889.3 million (31 December 2024: €1,750.6 million).
Consolidated statement of comprehensive income
The profit/(loss) for the period in 2025 amounted to €423.3 million (2024: €350.5 million). Due to effects from the assessment of government and corporate bonds in particular, other comprehensive income fell to €–87.9 million in the reporting period (2024: €9.4 million). Accordingly, total comprehensive income amounted to €335.4 million (2024: €359.8 million).
Consolidated statement of cash flows
UNIQA’s net cash flow from operating activities in 2025 was €1,137.7 million (2024: €580.7 million). Cash flow from investing activities amounted to €–795.9 million (2024: €–488.0 million). Net cash flows from financing activities amounted to €–317.4 million (2024: €–153.7 million). Cash and cash equivalents increased overall in 2025 by €22.6 million to €659.8 million (2024: €637.1 million).
Employees
The average number of employees (full-time equivalents, or FTEs) at UNIQA fell in 2025 to 14,959 FTEs (2024: 15,131). This includes 3,616 FTEs (2024: 3,797) who were employed as field sales employees. The number of employees in administration was 11,342 FTEs (2024: 11,333).
In 2025, the Group had an average of 5,273 FTEs (2024: 5,059) in the Central Europe (CE) region – Czechia, Hungary, Poland and Slovakia – as well as 1,733 FTEs (2024: 2,232) in the Southeastern Europe (SEE) region – Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Montenegro, North Macedonia and Serbia – and 1,533 FTEs (2024: 1,494) in the Eastern Europe (EE) region – Romania and Ukraine. The employees of the SIGAL Group, which was sold in the second quarter of 2025, are recognised on a pro rata basis up to the date of sale. The average number of FTEs in the other markets in 2025 was 83 (2024: 81). A total of 6,336 FTEs were employed in Austria (2024: 6,265).