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UNIQA Results Due 24-May; Solid Portents From Peers

FINANCIALS

UNIQA Insurance (UQA: A-) results are due 24-May. A positive spread performance YTD after the 4Q23 NatCat events failed to recur through the Winter. Portents from peer results recently have been relatively solid, also.


  • This Austrian P&C insurance issuer is something of a “quiet” business with almost no market-moving news this quarter. Outside of the investment ramifications of German real estate on some of the peer P&C and reinsurance companies, indicators have been relatively solid in European P&C recently.
  • FY23 results were relatively solid with double-digit revenue growth but with last Winter’s NatCat events driving a flat technical result. Investment returns were, however, very strong, pushing pre-tax earnings strongly ahead.
  • UQA’s spreads are over 100bp tighter YTD and 23bp in the last month (€IG insurers -57bp and -16bp, respectively) and the equity is up around 10% YTD, tracking its SXIP peers.
  • This is a very poorly followed equity with only one contributor to consensus, so expectations are something of a mystery.
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