UNIQA Insurance Group AG reported a 10% year-over-year increase in earnings before tax to €327 million for the first half of 2026, driven by growth across its Central and Eastern European markets. The insurer's return on equity remained steady at 16%, while group premiums rose 12% across all segments, including primary insurance and reinsurance.
The Property & Casualty segment posted a combined ratio of 91.6%, with the net ratio below 90% after adjustments. Administrative costs held stable at 14.8%, while the new investment yield averaged 4.3% and the overall investment yield stood at 3.3%. Health business margins improved, contributing €73 million in new business CSM and €24 million in EBT growth.
UNIQA's Polish operations achieved 6.6% growth, outpacing the 3.3% market expansion, with a technical result of €47 million. The company strengthened reserves by €80 million in the first half, citing prudent balance-sheet measures. Weather-related claims had a minimal impact of €22 million, while runoff effects in Property & Casualty added 3.9%, boosted by one-off settlements in Poland and the Czech Republic.
Shares of UNIQA fell 4.61% to €17.17 following the results, extending declines from the prior close of €18.00. The stock remains 8.1% below its 52-week high of €18.68 and 42.7% above its low of €12.04. Analyst targets range from €19.06 to €23.39.
Full-year guidance for 2026 was maintained at €540-570 million in EBT, requiring €213-243 million in the second half. UNIQA set aside €100 million in catastrophe reserves for the remainder of the year. Growth targets include 8% for CEE non-life business, 6.6% in Poland, and 7.5-8% in the Czech Republic and Slovakia, with premium volumes expected to exceed €1 billion.
Chief Financial and Risk Officer Kurt Svoboda noted elevated market volatility in Europe and emphasized that the second half would likely mirror the first in terms of support. He also clarified that the technical result should be viewed as an accounting measure, impacted by first-half adjustments, rather than an operational indicator.
