UNIQA Insurance Group AG Investor Presentation 9M17 Results 1. - - PowerPoint PPT Presentation

Investor Presentation

UNIQA Insurance Group AG

9M17 Results

• 1. Highlights
• 2. Economic Capital and Embedded Value 2016
• 3. Strategic initiatives
• 4. 9M17 results
• 5. Appendix

UNIQA Investor Relations 2

UNIQA at a glance

Key financials EURm Diversification by regions and products (GWP(b)(c) FY16) UNIQA’s geographical footprint

2012(a) 2013 2014 2015 2016(e) Gross written premiums(b) 5,543 5,886 6,064 6,325 5,048 Premiums earned (retained)(b) 5,274 5,641 5,839 6,102 4,443 Profit on ordinary activities (adjusted for one-off items)(a) 204 308 378 423 225 Consolidated net profit 127 285 290 331 148 Combined ratio (net) (P&C) 101.3% 99.8% 99.6% 97.8% 98.1% Return on Equity(d) 8.7% 11.9% 9.9% 10.9% 4.7% UNIQA Austria UNIQA International

28% 72% 20% 50%

Life P&C Health

30%

(a) Excluding Mannheimer Group in 2012 (b) Including savings portion of premiums from unit- and index-linked life insurance, (c) Excluding consolidation and UNIQA Reinsurance, (d) adjusted, annualized, (e) UNIQA signed contract to sell Italian operations on Dec 2, therefore FY16 IFRS figures excluding Italy

UNIQA Investor Relations 3

0.98 0.61 0.79 0.48 0.37 9M13 9M14 9M15 9M16 9M17 161% 150% 182% 215% 214% FY13 FY14 FY15 FY16 6M17 14.6% 15.6% 17.2% 10.0% 9.4% FY13 FY14 FY15 FY16 9M17 8.98 10.00 10.20 10.34 10.12 FY13 FY14 FY15 FY16 9M17

Key Financial Indicators

UNIQA Investor Relations

Earnings per share (EUR) Economic Capital Ratio (%) Operating Return on Equity (%) Book value per share (EUR)

4

Sheet „Share Charts“ Shareholder‘s

b) Operating ROE = (EBT excl. goodwill amortisation)/(own funds excl. revaluation reserve)

Market leading position in Austria Strategic bancassurance partnership with Raiffeisen Growth potential in CEE Dividend capacity Clearly defined strategy

UNIQA is very well positioned

UNIQA Investor Relations 5

€

Market leading position in Austria

Market shares in Austria(a) Austria GWP(b) by distribution channel

17.6% 20.9% Overall 47.0% Health Life 22.3% P&C 2 1 2 2

• Relatively concentrated insurance market; Top 4 players with almost 70% market share overall; Stable market structure
• Positive long-term growth trend for Health; Growing demand for private health care insurance
• Strong macroeconomic fundaments; High GDP per capita; Solid public finance

(a) Source: Austrian Insurance Association – based on GWP b) FY 2016 GWP including savings portion from unit- and index-linked life insurance, excluding single premiums

UNIQA Investor Relations 6

Bank

20%

Direct and others 4% Brokers and multi agencies

26%

Own employees and exclusive agencies

50%

~1,700 Own sales force ~ 910 Exclusive agents

Strategic partnership with Raiffeisen banking group in AT & CEE

Business model based on products tailored to banking requirements, excellent process quality and high level sales support including sustainable incentive schemes, sales support/training and POS-tools Austria

• Distribution via local Raiffeisen banks through the brand Raiffeisen Versicherung Austria based on new

cooperation agreements since January 2013, recently extended until 2022 with automatic renewal

• Highest customer reach through leading retail network with c.2,000 outlets and c.2.8m customers
• Raiffeisen Versicherung is an integral part of the Raiffeisen banking group‘s online strategy

CEE

• Distribution via Raiffeisen Bank International based on strengthened strategic preferred partnership for

CEE countries since June 2013

• Raiffeisen Bank International with ~2,700 outlets and c.14.5m customers in CEE. Top 5 market position in

10 countries

UNIQA Investor Relations 7

Secular and profitable growth opportunity in CEE

Broad CEE platform with 15 core markets

Central Europe (CE) Clients: 3.0m GWP: EUR 866m Share of GWP: 63.5% Eastern Europe (EE) Clients: 0.8m GWP: EUR 165m Share of GWP: 12.1% South Eastern Europe (SEE) Clients: 2.0m GWP: EUR 275m Share of GWP: 20.2% Russia Clients: 0.2m GWP: EUR 58m Share of GWP: 4.2%

Source: Company information

Austria in 1955 – 1972 Austria in 1977 – 1984

Insurance density

8

461 414 338 300 276 146 129 111 103 101 94 69 46 39 28 DE HR BG ME 2.174 1.955 HU AT 6.640 CH IT 2.581 2.371 EU CZ SK PL RU RO RS BA MK KS AL UA

Annual insurance spending p.c. in EURO, Bosnia excluding Republika Srpska EU, DE, IT, CH: figures FY 2015;: HU, BG, RS, MK, UA, RO: figures FC from Q3 2016 Source: Regional Supervisory Authorities & Associations

UNIQA Investor Relations

Free surplus generation covering progressive dividend policy

UNIQA Investor Relations 9

23 13 93 191 128

• 9

35 46 63 43

14 48 139 254 171

• 100

100 200 300 400 2012 2013 2014 2015 2016

Health & Life P&C

• Less capital intensive new

business in life (reduction of guarantees)

• Reduction in one-off

commission payments

• In-force measures to push

transfer from VIF

• Improving combined ratio will

contribute higher free surplus generation from P&C business in the future Life and health free surplus generation

Surplus in €M

Dividend payment

In €M 110 120 130 140 150 50 100 150 200 2012 2013 2014 2015 2016

Strategy

UNIQA Investor Relations 10

Targeted financial results

UNIQA will be able to ensure attractive financial results

UNIQA Investor Relations 11

“Each year increasing DPS”

in 2016–2020

<95%

in 2020 COR

>170%

from 2016 ECR

2%

p.a. GWP

<24%

in 2020 NCR2

Net cost reduction and Combined Ratio improvement will provide attractive returns

• n key initiatives

13.5%

• perating ROE1

average in 2017–2020 Key initiatives 2016–2020 Operating KPIs

1: Operating ROE = (EBT excl. goodwill amortisation)/(own funds excl. revaluation reserve); 2: Net cost ratio – changed target after sale of Italian operations

UNIQA Investor Relations 12

Investments assigned to initiatives

Significant investments to advance UNIQA’s business model started in 2016

56% 23% 21% Core IT Digitisation Operational Excellence

Investments 2016-2020 Σ € 330M

2016–2020 2021–2025 Total Investment Thereof Expensed Total Investment Thereof Expensed Operational Excellence € 70M € 60M

• Digitisation

€ 75M € 65M

• Core IT

€ 185M € 115M € 150M– 200M € 100M– 115M Sum total € 330M € 240M € 150M– 200M € 100M– 115M

First year of capital expenditure program 2016: EUR 55m through P&L Capital expenditure program in 9M17: EUR 25m through P&L

• 1. Highlights
• 2. Economic Capital and Embedded Value 2016
• 3. Strategic initiatives
• 4. 9M17 results
• 5. Appendix

UNIQA Investor Relations 13

Very solid capital position as strong basement

14

2017 Q2 2,640 5,658 2017 Q1 2,575 5,596 Economic Capital Requirement Own Funds

In EUR mn

ECR-ratio

217% 214% Economic capital position

2017 Q2 2,608 5,575 2017 Q1 2,658 5,439

In EUR mn

SCR-ratio

205% 214% Regulatory SII capital position

Solvency Capital Requirement Own Funds

ECR SCR Internal Model Yes, P&C business No Sovereign Risk charge Yes (full loading) No Volatility Adjustments Yes (static) Yes (static) Transitionals1 No No Matching Adjustment No No

Measures used

1 Applies to major transitionals on interest rate or technical provision

100 110 120 130 140 150 160 170 180 190 200 210 220 215% 150% Q2 2017 214% 214% Q1 2017 205% 217% 2016 2014 202% 182% 2015 155% 161% 153% 2013 194% 2012 103%

Development of ECR-ratio

SCR ratio ECR ratio

Diverging movements between regulatory SCR and ECR comes from first time exclusion of Italian business units in the regulatory SCR calculation (ECR already recognised the sale since Q4/2016)

UNIQA Investor Relations

Group ECR Results

Details on Economic Capital Ratio

31% 25% 44% 8% 77% 2% 8% 5% 13% 12% 7% 64% 4% Non-Life Health SLT Life CEE WEM AT EEM SEM Non-Life underwriting Life underwriting Default risk Market risk Health SLT / CAT

15

5.382

Tier 1 unrestr. 82,7% Tier 2 17,3% Tier 3 0,1%

ECR 2.509 OpRisk 162 Tax Adj. 462 Basic ECR 2.809 Diversi- fication 856 Counter- party default 258 Health CAT & SLT 153 Non-life under- writing (PIM) 471 Life under- writing 448 Market risk 2.335 +115% Own funds 177

• 348
• 32

32

• 349

59

• 40

17

• 33
• 12
• 340

ECR strongly reduced

• Reduction in almost all risk modules,

driven by sale of Italian business

• Strongest reduction in Market Risk

due to risk charge on government bonds

• Improved diversification effect

Eligible own funds further increased

• Strong operating earnings in Life and

Health more than compensate for reduction of EUR 250mn in Tier1 restricted capital and negative economic variance from lower interest rates

ECR split by LoB ECR split by Region1 ECR split by Risk Module

Change vs. 2015

1 Region WEM includes internal risk transfer to UNIQA Re and business in Liechtenstein

ECR development by Risk Module

In EUR mn UNIQA Investor Relations

16

Management Summary

Free Surplus (MCEV) and Capital (ECR) Generation 2016

57 23 36 57 76 86 33 52 52 59 NB-Strain 56 Release of Required Capital 58 1 Transfer from VIF to FS 143 Net FS Generation, after AT merger / IT sale 128 AT merger / IT sale 19 Net FS Generation, before AT merger / IT sale 109 NB-RC 36

MCEV Free Surplus Generation 2016

in EUR mn

FS Generation

• Lower Free Surplus

Generation in 2016 than in prior year due to lower release of required capital

• Transfer from VIF improved

(2015: EUR 134mn)

Capital Generation

• Overall Capital generation

amounts to EUR 578mn, strongly driven by operating earnings

• Negative economic earnings

driven by lower interest rates, almost compensated by positive performance on non- fixed income instruments

• Additional free surplus

generated by ECR reduction

• f EUR 348mn mainly driven

by sales of Italian business

Life Health

ECR Capital Generation 2016

in EUR mn 578 151 250 5,382 Own Funds 2016 Capital Generation Own Funds 2015 5,205 Foreseeable Dividend Payback Tier 1 restricted

UNIQA Investor Relations

Moderate sensitivities despite no dynamic VA

17

Impact of sensitivities on ECR-ratio

215% 135%

203% No VA UFR -100bps 200% Credit spread +100bps Earth quake 213% Equity -30% 176% FX -10% 209% FX +10% 220% 206% Interest rates -50 bps 198% Interest rates +50 bps 230% Base Value 215%

Change in ECR-ratio

∆ to base value +15%-p

• 16%-p
• 8%-p

+5%-p

• 5%-p
• 39%-p
• 2%-p
• 15%-p
• 12%-p
• Interest rate sensitivities: stress applied to non negative, liquid part of the curve only, extrapolation to UFR 4.2%
• Equity sensitivity: a general decrease of 30% in the value of all equities.
• Currency sensitivities: a rise/fall of exchange rates by 10% uniformly across all currencies.
• Credit spread sensitivity: a widening of credit spreads by 100bps, no dynamic increase of volatility adjustment assumed.
• Nat-Cat sensitivity: assumed earthquake with epicentre in Austria and return period of 250 years.
• UFR sensitivity: UFR set to 3.2%. Estimated impact on ECR quota with UFR set to 4.05%: -2%-p and with UFR set to 3.65%: -8%-p
• No VA sensitivity: yield curve without volatility adjustment.

UNIQA Investor Relations

UNIQA follows a clear steering approach

UNIQA Investor Relations 18

Execute re-capitalisation if required Solvency steering rules Consider returning capital to shareholders Min. Max. ECR 100% 135% 155%

170%

190%

• Solid capital base as

prerequisite in current market – ECR target set at 170%

• Clearly defined risk

ambition and shareholder promise

• Strict management of

capital adequacy across all levels of the

• rganisation

Regulatory Plan Recovery Opportunity Consider/apply measures to de-risk Caution Target

Group Embedded Value

Results

• GEV changed by +7.3% to EUR 5,068mn
• Value increase mainly driven by increases in the value of in-force business
• Lower Life & Health MCEV due to the sale of the Italian business and the reallocation of participations from covered to non-covered

business in Austria

• Increase in VIF is mainly driven by development in Austria due to lower mortality assumptions for the Term life business as well as

lower claims ratio and updated lapse assumptions for the health business

• Return on GEV amounts to EUR 441mn or 9.6%

19

941 Group Embeded Value 5,068 P&C ANAV 1,993 Life & Health MCEV 3,075 Value of in-force 2,107 Adjusted Net Asset Value 27 (456) 539 260 343 (197)

Group Embedded Value 2016

+7.3%

MCEV Performance

194 214 441 128 Life&Health Free Surplus Generation Return on GEV 2016 2015 In EUR mn

5.3% 9.6%

Change vs 2015

** As % of adjusted opening GEV or opening L&H MCEV as a %*

8.1% 4.3%

In EUR mn UNIQA Investor Relations

Group Embedded Value

New Business Value

• Positive development in Austria from lower mortality assumptions for the Term life business and further development of the capital

efficient product approach

• Lower PVNBP compared to 2015 due to sale of the Italian business

20

New Business Value Present Value of NB Premiums

2016 2,156 2015 3,032 Single Premium Recurring Premium 2,018 1,139 137 1,893 93 73 2016 2015

In EUR mn In EUR mn

Split by region

+2.4% +4.3%

NBM

NBV

PVNBP split by LoB

41% 12% 3% 17% 26% Unit linked Health Term Guaranteed savings & annuities Capital efficient products ** Excludes Italy * *

New Business Margin

As a % of PVNBP 2016 2015 Austria CEE Total Austria CEE Italy Total NBV 75 17 93 38 16 19 73 PVNBP 1,834 322 2,156 1,825 272 936 3,032 % of PVNBP 4.1% 5.4% 4.3% 2.1% 6.0% 2.0% 2.4% In EUR mn UNIQA Investor Relations

• 1. Highlights
• 2. Strategic initiatives
• 3. 9M17 results
• 4. Appendix

UNIQA Investor Relations 21

Strategic initiatives

UNIQA Investor Relations 22

First success reflected in reduced loss ratio in 2016

23

4%

p.a. GWP growth in 2016– 2020

~2%

GWP growth in Austria Portfolio management Claims management Pricing retail/SME Corporate business Product innovation Anti fraud

<95%

COR

6-7%

GWP growth in CEE

~28%

NCR P&C 2016–2020 “Further increase P&C profitability and ensure differentiated growth” Targets 2020

UNIQA Investor Relations

97.1% 31.2% 3.7% 6.3% 9M17 5.7%

New traditional product reduces capital intensity

UNIQA Investor Relations 24

• Modular product incl. biometric options
• Higher flexibility for customers (e.g.

surrender values)

• Clear and transparent in the interest of

consumer protection Our new traditional product Product details Customer Benefit

• Based on a traditional concept
• Guarantee on savings portion of the

premium, 0% interest rate guarantee

• Reduced cost base incl. commission
• Terminal bonus distributed at maturity
• f the contract

Technical Details

Guarantees in portfolio will decrease significantly

UNIQA Investor Relations 25

Austria: Actuarial reserve fund by guarantees Development until 2020

Reserve fund in €BN 2.6 2.4 2.2 2.0 12 8 4 2020 2019 2018 2017 2016 2015 2014 1.00–1.50% 2.25–2.5% 2.75–3.00% 0% 1.75–2.00% >3.00% Average guarantee

• Av. guarantee in %
• Reduction of actuarial

reserve funds from € 10.9BN to € 8.6BN mainly due to

‒ Stop of prolongations ‒ Product strategy shift

• Maturing1 of 38% of

reserves with ≥3% guaranteed interest

• Average guarantees to

drop to 2.20% in 2020

1: Or other forms of termination

Successful new business will be visible in NBV

UNIQA Investor Relations 26

€ 30M–35M p.a.

new business value Targets 2020 Management rules Inforce business New business

50–70 bps

margin on reserves1

€ 2.6BN2

GWP

16%2

NCR Life 2016–2020 “Reduce capital requirements and increase profitability”

1: Definition of margin on reserves: annualised operating result divided by average technical reserves 2: Still including Italy

9M17 € 1.2BN 28bps 20.0%

Profitable growth demonstrated over the last decade

UNIQA Investor Relations 27

1,000 500 CAGR +2.8% 998 878 846 820 961 938 909 832 799 781 765 742 717 2011 2007 2005 2003 2009 2015 2013

Profitable growth (Group figures)

5 10 3 2 1 2.8 2.7 2.6 2.5 3.0 2.8 2.6 2.5 2.3 2.2 2.1 1.5 2011 1.4 2007 2013 2015 2009 2005 2003 GWP in €M

• Tech. reserves in €BN

Margin on reserves in %

Long-term profitability supported by Austrian market specifics:

• Ability to adjust

premiums based

• n cost

development

• Agreed prices for

health services through joint nego- tiations with health- care providers

• Continuously low

lapse rate

• Stable cash contri-

butor to the Group

3.8 4.0 4.1 4.6 3.3 3.3 3.2 3.1 3.2 3.1 3.0 2.9 3.1 3 6 2007 2013 2015 2009 2003 2005 2011 Lapse rate in %

1 1: Accounting change regarding Swiss Group contract with CERN (TPA)

Sustainable earnings and cash flow contribution expected to continue

UNIQA Investor Relations 28

Brand Sales Value proposition Health value chain integration

2.5–3%

p.a. GWP growth 2016–2020

350–450 bps

margin on reserves1

€ 25M–30M

new business value

14%

NCR Targets 2020 Health 2016–2020

• “Remain market leader in profitable

health business”

• “Sustainable cash flow generation”

1: Definition of margin on reserves: annualised operating result divided by average technical reserves

9M17 3.7% 397bps 15.2%

• Standardization of products and

processes

• Centralization of back office

functions: Planned reduction in AT from 2,800 to 2,500 until 2020

• Near shoring in Nitra (SK)
• As a result, sales functions are

able to increase their focus on client coverage and servicing

• Group architecture for products

and processes enables efficient IT core implementation

UNIQA Investor Relations 29

Schematic TOM target picture

OE1 OE2 Products Processes IT System Products Processes IT System Group Products Processes IT System

As-Is

TOM (UAT): Improve efficiency relentlessly

Products Processes IT System

Target

Group Standard OE 1 specific OE 2 specific Group Standard OE 1 specific OE 2 specific OE 1 specific OE 2 specific Group Layer Core

30

​Functional scope of UIP

Core IT: Modernization of core and cross systems

​Regional scope of UIP

• All Core Systems are in scope
• All relevant cross systems in scope (Partner

Management, Commission, Collection and Disbursement)

• All big UNIQA countries are covered
• Focus on countries with high need for action
• Further rollouts to other countries possible
• Currently not in scope

Further countries

• Starting with unit-linked life

product for Bancassurance in AT

• Stepwise implementation for rest
• f Life, P&C, Health insurance
• Interim solution for big markets
• Migration to UIP Platform after AT

has finished

• Earlier Migration in case of urgent

business need PL RO HU CZ SK AT

UNIQA Investor Relations

31

Roadmap to new UNIQA Insurance Platform

• Platform for further development of core

business  Modern product portfolio  Next level of efficiency

• Seize market trends

 Changed customer expectations  New distribution models  Digitalization  Data analytics (1) Replacement of end-of-life systems  e.g. systems which require skills no longer available on the job market (2) Getting again in control of the overly complex system landscape  16 programming languages  Variety and quality of applications (3) Strengthening security in operations

Roadmap and major milestones of UIP

Start rollout in

remaining UI countries P&C in 2 countries Start Implemen- tation Go-live Life AT Finalization UI

2029 2026 2022 2021 2018 2018

Finalization AT

UNIQA Investor Relations

UNIQA strives to become one of the leading digital insurers in Austria and CEE

UNIQA Investor Relations

Sales increase External focus Digital Customer Digital Insurer Digital Operations Internal focus Cost reduction Digitise customer experience Digitise

• perations

Our digital path1

• Foster UNIQA’s innovation culture
• Sequentially build up capabilities to

digitise

‒ Customer experience ‒ Operations

• Enhancement of analytical abilities as a

foundation

• Accompanied by conscious investments

in “digital bets”

• Ambition reflected in new organisational

set-up

Enhance digital capabilities and analytics !

32

Investments of € 75M agreed for UNIQA’s digital transformation until 2020

1: Based on Accenture’s digital framework

• 1. Highlights
• 2. Economic Capital and Embedded Value 2016
• 3. Strategic initiatives
• 4. 9M17 results
• 5. Appendix

UNIQA Investor Relations 33

EURm 9M16 9M17 % Gross premiums written(a) 3,812.3 4,043.9 6.1% Premiums earned (retained) 3,332.4 3,473.0 4.2% Net investment income 419.4 393.6

• 6.2%

Insurance benefits 2,582.1 2,659.0 3.0% Operating expenses (net) 934.5 942.7 0.9% thereof admin costs 290.1 297.2 2.4% Insurance technical result 57.8 97.9 69.4% Earnings before taxes 148.9 181.4 21.8% Consolidated profit 148.8 114.4

• 23.1%

Cost ratio group (net) 26.0% 24.5%

• 1.5pp

Combined ratio P&C (net) 98.3% 97.1%

• 1.2pp

Investment yield(b) 2.7% 2.6%

• 0.1pp

Snapshot 9M17

UNIQA Investor Relations

(a) Including savings portion of premiums from unit- and index-linked life insurance (b) Definition investment yield: annualized investment result divided by average total investments excluding self-used land and buildings.

34

Growth above expectations in CEE (P&C and single-Life) and AT (P&C and Health) Despite increasing local NatCats EBT increased on improved insurance technical result & reduced financing costs despite lower investment result Improved COR despite weather related losses Impairment on fixed income securities and FX losses only partially compensated by harvesting Costs well under control Sheet „ “

1,938 2,048 755 784 1,003 1,005 117 207 3,812 4,044

6.1%

9M16 9M17 2,419 2,419 2,439 2,518 903 926 964 1,004 1,559 1,405 1,367 1,357 241 275 441 169 5,122 5,026 5,211 5,048

• 3.1%

2013 2014 2015 2016

Continued growth above expectations in all business lines

UNIQA Investor Relations

Gross written premium(a) per business line EURm

(a) Including savings portion of premiums from unit- and index-linked life insurance

35 583 581 816 626 607 250 248 270 253 261 315 354 361 331 313 40 52 65 77 64 1,188 1,236 1,512 1,287 1,245 4.8% 3Q16 4Q16 1Q17 2Q17 3Q17

P&C Health Life - recurring Life - single

• Robust growth of P&C business (+5.7%) driven by motor and other P&C in AT, corporate business/fronting in Ukraine and

motor in CEE (total P&C AT +3.7%, CEE +6.3%)

• Health business continued solid growth (+3.7%)
• Life grew 8.3% in 9M17: Strong unit linked single premium business in PL overcompensating expected reduction of

traditional life business in AT Sheet „Charts “

Cost Ratio decreased to 24.5%

UNIQA Investor Relations 36 160 162 176 159 158 49 63 54 53 45 95 127 100 102 94 304 352 331 315 297

• 2.2%

25.4% 28.4% 25.9% 24.1% 23.6%

3Q16 4Q16 1Q17 2Q17 3Q17

Acquisition related expenses Other operating expenses

479 493 165 152 290 297 935 943

0.9%

26.0% 24.5%

9M16 9M17

Cost ratio

625 614 632 642 221 226 212 228 448 361 346 417 1,294 1,200 1,190 1,286 8.1%

26.4% 24.8% 23.7% 26.6%

2013 2014 2015 2016

Net commissions (a)

Cost ratio (net) (%), Costs (EURm)

• Net commissions and admin expenses increased ytd, but at clearly slower pace than premium volume
• Acquisition related expenses further reduced in 3Q17; Mid-term downward trend reflecting strict cost control
• Investments of EUR 24.6m in 9M17 (Investments 9M16: EUR 29.6m)

(a) Including changes in DAC (Deferred Acquisition Costs)

Sheet „Charts “

71.1% 62.2% 65.9% 64.4% 67.4% 29.7% 35.2% 31.8% 31.5% 30.3% 100.8% 97.4% 97.7% 95.9% 97.8%

• 3.0

3Q16 4Q16 1Q17 2Q17 3Q17

Loss Ratio Expense Ratio

P&C: Underwriting improved – COR decreased to 97.1%

UNIQA Investor Relations

• In 3Q17 increased loss ratio due to increased seasonal weather related losses in AT; 9M17 loss ratio decrerased as a

result of portfolio sanitation both in AT and CEE

• Investments decreased slightly to EUR 8.6m in 9M17 (EUR 9.6m in 9M16)
• P&C cost ratio flattish compared to 9M16

37

66.9% 65.9% 31.4% 31.2% 98.3% 97.1%

• 1.2

9M16 9M17

66.8% 69.0% 67.5% 65.7% 33.6% 30.6% 30.4% 32.4% 100.3% 99.5% 97.9% 98.1%

2013 2014 2015 2016

Combined ratio (net) (%)

Sheet „Charts “

pp pp

28

• 8

27 20 16

• 44.7%

3Q16 4Q16 1Q17 2Q17 3Q17 599 594 611 643 630 5.1% 3Q16 4Q16 1Q17 2Q17 3Q17 56 24 26 29 22

• 61.4%

3Q16 4Q16 1Q17 2Q17 3Q17

P&C: EBT slightly decreased ytd due to one-

• ff gain on disposal in 3Q16

UNIQA Investor Relations

• Strong growth in CEE: Driven by motor business in CZ, SK, HU and non-motor business in UA, RO and CE
• Net investment result lower q-o-q due to one-off gain on disposal of Niederösterreichische Versicherung (EUR 37.2m) in

3Q16

• Financing costs decreased due to call of subordinated bonds in the amount of EUR 250m at YE16
• Insurance technical result increased on better COR in 9M17
• Earnings before tax of EUR 62.6m in 9M17; Ytd -4.9% due to one-off gain in 3Q16

Net premiums earned EURm Investment result EURm Earnings before taxes EURm

38

Sheet „Charts “

Health: Strong EBT contribution on improved underwriting and solid investment result in 3Q17

UNIQA Investor Relations

Cost – benefit ratio (%) Investment result EURm Earnings before taxes EURm

39 85% 81% 83% 87% 82% 15% 20% 18% 15% 14% 100% 101% 101% 101% 95% 3Q16 4Q16 1Q17 2Q17 3Q17 Benefit Ratio Cost Ratio 23 51

• 1

45 36 55.2% 3Q16 4Q16 1Q17 2Q17 3Q17 23 47

• 1

42 47 102.0 % 3Q16 4Q16 1Q17 2Q17 3Q17

• Long term growth trend continued; GWP up 3.7% ytd
• Improved insurance technical result of EUR 31.6m: Seasonal low in benefits in 3Q17
• Investments of EUR 6.4m in 9M17 (EUR 8.4m in 9M16)
• Solid investment result and underwriting result above longer term average led to another strong EBT contribution from

Health business of EUR 46.6m in 3Q17 Sheet „Charts “

20,312 16,224 15,970 15,803 15,775 31 48 19 11 28 3Q16 4Q16 1Q17 2Q17 3Q17 Margin on Reserves (a)

Life: Decreased earnings before tax reflecting lower net investment result in 9M17

UNIQA Investor Relations

• Reserves of traditional life business in AT on declining trend in line with expectations
• Growing top line (+8.3%) driven by single unit-linked business in Poland (EUR 126.3m in 9M17)
• Cost ratio improved on growing top-line; Investments of EUR 11.6m in 9M17 (EUR 9.6m in 9M16)
• Technical result stable, but lower net investment result led to slightly lower ytd EBT contribution

Reserve (net) EURbn Investment result EURm Earnings before taxes EURm

40 88 94 51 84 102 16.5% 3Q16 4Q16 1Q17 2Q17 3Q17 11 37 7 24 117.2 % 3Q16 4Q16 1Q17 2Q17 3Q17

Sheet „Charts “

(a) Definition margin on reserves: Annualized operating result divided by average technical reserves (b) Excluding Italy

82.1% 6.6% 5.5% 2.1% 3.7%

Bonds Real estate Cash Equities & Alternatives Participations 135 191 209 281 218 142 190 182 108 145 167 170 76 158 161 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 UNIQA Investor Relations

Investment Activity

Note: Excluding unit-linked investment income Quarterly figures excluding Italy

Investment income EUR Investment allocation by asset class

41

Sheet „Investment“

• Net investment result of EUR 393.6m in 9M17

(EUR 419.4m in 9M16)

• Current income of EUR 377.7m in 9M17 (EUR

391.2m in 9M16)

• Contribution from participation in STRABAG:

EUR +15.0m in 9M17 (EUR +3.6m in 9M16)

• Realized and unrealized gains of EUR 15.9m in 9M17

(EUR 28.2m in 9M16); Impairments and FX losses (USD) mitigated by realized and unrealized gains on equities and fixed income securities

• Total assets under management (excluding unit-and

index linked) slightly down compared to YE16 reflecting decreasing traditional life back book in Austria

• Real estate at amortized costs in IFRS balance sheet;

Market value according to external appraisals significantly above book value

EUR 20.6bn Dec 16 EUR 20.4bn Sep 17

80.1% 6.2% 6.5% 3.3% 4.0%

Outlook

UNIQA Investor Relations 42

• Overall growth of ~4% in GWP expected for FY17:
• P&C growth above 4% driven by both Austria and CEE
• Health growth on long term trend of around 3%
• Life: Recurring premium business forecasted to slightly decrease in AT.

In CEE UNIQA expects significant growth in life insurance in FY17, driven by the single premium business in Poland.

• Combined Ratio to improve compared to 98.1% in FY16
• Net investment result will decrease compared to FY16
• Earnings before tax will slightly increase compared to FY16
• In line with progressive dividend policy DPS shall increase in FY17
• Economic capital ratio will stay above 190% (upper bound of target range)

The outlook assumes that there will not be any extraordinary negative developments and that major losses caused by natural disasters will remain within the average range in 2017

• 1. Highlights
• 2. Economic Capital and Embedded Value 2016
• 3. Strategic initiatives
• 4. 9M17 results
• 5. Appendix

UNIQA Investor Relations 43

UNIQA International – country deep dive

UNIQA Investor Relations 44

„UI Countries “

in EURm 9M17 % to PY 9M17 % to PY 9M17 % to PY 9M17 % to PY FX adjusted Western Europe (WE) (b) 25.1 44% 10.2 19% 0.0 35.3 36% 36% Western Europe (WE) 25.1 44% 10.2 19% 0.0 35.3 36% 36% Czech Republic 145.2 10% 7.1 8% 32.0 0% 184.3 8% 6% Hungary 90.0 15% 3.5 21% 63.2 5% 156.8 11% 9% Poland 194.5 3% 0.4 N/A 149.8 353% 344.7 55% 52% Slovakia 71.7 10% 0.4 27% 24.4 2% 96.5 8% 8% Central Europe (CE) 501.4 8% 11.4 17% 269.5 80% 782.3 25% 24% Romania 66.7

• 15%

0.1

• 41%

9.1 9% 75.8

• 13%
• 12%

Ukraine 36.8 67% 5.6 15% 11.0 63% 53.4 59% 66% Eastern Europe (EE) 103.5 3% 5.7 14% 20.1 33% 129.2 7% 9% Albania 21.3 12% 1.5

• 9%

4.2 30% 26.9 13% 10% Bosnia-Herzegovina 9.8

• 2%

0.0 12.0

• 1%

21.7

• 2%
• 2%

Bulgaria 21.2 6% 3.5 24.0 8% 48.8 16% 15% Croatia 30.2 1% 5.8 51% 19.4

• 18%

55.4

• 4%
• 5%

Montenegro 7.0

• 5%

0.5

• 15%

1.4 5% 8.8

• 4%
• 4%

Macedonia 8.6

• 3%

0.2

• 1%

0.9 16% 9.7

• 1%
• 1%

Serbia 19.2 6% 3.2

• 1%

10.4

• 4%

32.8 2% 1% Kosovo 5.8

• 9%

1.5

• 32%

0.5

• 17%

7.8

• 15%
• 15%

Southeastern E. (SEE) 123.0 3% 16.2 39% 72.7

• 3%

212.0 3% 2% Russia 0.5 1690% 2.5 117% 55.9 41% 58.9 45% 26% Russia (RU) 0.5 1690% 2.5 117% 55.9 41% 58.9 45% 26% 0.0 0.0 0.0 0.0 UNIQA International 753.5 7% 46.0 27% 418.2 50% 1,217.7 20% 18% GWP(a) Non-life GWP(a) Health GWP(a) Life GWP(a) Total

(a) Including savings portion of premiums from unit- and index-linked life insurance (b) As of 2017 Switzerland is presented as a banch of Liechtenstein and will not be presented separately in the future

UNIQA International – country deep dive

UNIQA Investor Relations 45

(b)

„UI Countries “

in EURm 9M17 9M16 9M17 9M16 9M17 9M16 9M17 9M16 9M17 9M16 Western Europe (WE) (b) 11.3 10.1

• 0.6

0.2 135.7% 93.0% 24.2% 26.5% 0.2 1.3 Western Europe (WE) 11.3 10.1

• 0.6

0.2 135.7% 93.0% 24.2% 26.5% 0.2 1.3 Czech Republic 121.1 114.1 5.3 5.7 96.0% 97.4% 30.5% 33.8% 10.8 8.3 Hungary 104.1 96.0 3.0 2.9 83.1% 89.1% 23.5% 30.5% 2.1

• 0.7

Poland 254.1 127.1 9.1 11.0 97.7% 109.4% 17.7% 33.3% 8.3 6.6 Slovakia 65.6 62.6 3.7 3.0 96.9% 97.2% 36.7% 36.6% 4.6 4.9 Central Europe (CE) 544.9 399.8 21.1 22.6 95.0% 100.9% 23.9% 33.3% 25.8 19.1 Romania 48.7 46.0 2.9 1.9 102.5% 88.3% 46.8% 31.7%

• 2.6
• 2.8

Ukraine 35.3 27.7 3.2 6.3 95.9% 101.5% 53.1% 66.5% 3.7 6.2 Eastern Europe (EE) 84.1 73.8 6.2 8.2 100.3% 92.3% 49.4% 44.8% 1.2 3.3 Albania 22.6 20.6 0.5 0.6 80.8% 62.1% 49.9% 41.7% 1.8 3.9 Bosnia-Herzegovina 19.3 19.1 1.8 1.9 97.2% 100.5% 36.7% 33.4% 0.7 0.5 Bulgaria 37.6 33.1 0.7 1.1 98.4% 115.6% 31.3% 29.1% 1.1 0.5 Croatia 39.1 41.0 10.0 8.3 95.2% 102.9% 38.5% 38.3% 3.4 5.0 Montenegro 7.7 7.5 0.5 0.5 96.4% 101.3% 45.9% 48.7% 0.1

• 0.1

Macedonia 8.3 8.1 0.3 0.3 102.9% 99.9% 57.9% 50.0% 0.3 0.5 Serbia 26.6 30.9 0.8 3.7 92.1% 85.8% 37.7% 37.4% 1.0 1.1 Kosovo 7.3 8.2 0.1 0.0 81.0% 102.3% 45.5% 49.7% 0.8

• 0.8

Southeastern E. (SEE) 168.4 168.4 14.7 16.4 92.1% 92.8% 39.7% 37.8% 9.2 10.7 Russia 55.7 39.8 8.5

• 1.9

16.5% 20.6% 7.2 3.9 Russia (RU) 55.7 39.8 8.5

• 1.9

59.0% 24.6% 16.5% 20.6% 7.2 3.9 UI Administration 0.0 0.0

• 2.0
• 0.2
• 13.3
• 11.8

UNIQA International 864.3 691.9 47.9 45.2 96.3% 99.2% 30.1% 36.5% 30.3 26.4 Premiums earned (a) Net investment income Combined ratio P&C Cost ratio Earnings before taxes

(a) Including savings portion of premiums from unit- and index-linked life insurance (b) As of 2017 Switzerland is presented as a banch of Liechtenstein and will not be presented separately in the future

UNIQA International with a strong footprint to leverage potential in CEE

Insurance penetration 2015(b) UNIQA GWP CAGR(d) (2006–15) UNIQA GWP (FY2015, EURm) Austria Poland Czech Republic Hungary Slovakia Romania Ukraine Croatia Bulgaria Serbia Albania Bosnia-Herzegovina Kosovo Montenegro Macedonia Russia

(a) Market position life insurance (b) Defined as country premiums over GDP (c) Russia: GWP CAGR 2009-2015 (d) Local currency; local GAAP Source: UNIQA GWP based on Company information; other based on Supervisory Authorities / Countries, Business Monitor

UNIQA market share UNIQA Rank 189 27 49 12 12 13 32 49 57 88 52 92 113 213 274 3.919 148.5%(c) 13.1% 80.8% 9.7% 10.8% 15.0% 29.0% 3.5% 22.3% 23.9% 5.2% 7.9% 0.9% 7.0% 4.5% 1.5% 7(a) 5 2 1 3 5 8 6 11 2 2 10 5 8 1 5 22.24% 2.92% 8.93% 16.14% 16.45% 12.76% 31.42% 7.42% 5.97% 7.68% 4.57% 4.69% 5.21% 6.72% 4.33% 2.10% 1.3% 2.1% 1.6% 1.5% 2.3% 1.0% 2.0% 2.3% 2.6% 1.1% 1.2% 2.9% 2.7% 3.0% 3.1% 5.7%

46 UNIQA Investor Relations

Change vs. 2015

Group ECR Results

UNIQA Group market risk profile

47

349 1,250 Property risk 598 Equity risk 405 Interest rate risk

• Conc. risk

108 Curreny risk 349 Spread risk 2,335 Diversific. ECR market risk total

• 724
• 400

59 3

• 218

37

• 340

230

• 46

ECR market risk profile and development

Market risk declined substantially

• Risk reduction was driven by the sale of the Italian insurance business, which had a particularly strong effect on spread and concentration risks,

declining to 41% and 4% respectively as percentages of the overall market risk share.

• Italian government bonds were the main driver of concentration risk in 2015 (2016: Austrian government bonds).
• Equity risk increased primarily due to the strong share price performance of Strabag.
• Apart from the sale of the Italian companies, the call of two long dated callable bonds was also a significant factor in reducing spread risk

(roughly a EUR 150mn risk reduction).

9% 10% 11% 45% 41% 15% 20% 10% 13% 11% 11% 4% Concentration risk Currency risk Spread risk Property risk Equity risk Interest rate risk 2016 2,335 2015 2,674

In EUR mn UNIQA Investor Relations

IFRS reconciliation to own funds

IFRS reconciliation

• Goodwill, value of business in force, deferred acquisition costs and intangible assets are valued at zero according to Solvency II.
• Other revalued assets include property (appraisal value instead of amortized cost), participations (market value instead of IFRS book value) and loans.
• Gross technical provisions and the reinsurer’s share of the technical provisions are revalued to discounted best estimate reserves.
• Subordinated liabilities are subject to eligibility restrictions, depending on their quality (“Tiering”). All of UNIQA‘s subordinated liabilities are included in eligible
• wn funds.
• Foreseeable dividends have to be subtracted from eligible own funds according to Solvency II.

IFRS reconciliation (EUR mn)

48 Position 2016 2015 IFRS total equity 3,213 3,175

• Goodwill
• 295
• 429
• Intangible assets and VBI
• 62
• 63
• Deferred acquisition costs (DAC)
• 1,135
• 980

+ Revaluation (after deferred taxes) 2,919 2,566 Revaluation of assets 1,266 851 Revaluation of technical provisions 1,653 1,714 + Subordinated liabilities 929 1,096

• Foreseeable dividends
• 151
• 145
• Capping of minority interests
• 36
• 14

Economic own funds to cover ECR 5,382 5,205 UNIQA Investor Relations

Group Embedded Value

Life & health analysis of change

Restatement and opening adjustments include:

• Capital and dividend flows (EUR
• 128mn)
• Foreign exchange variance (EUR 6mn)
• Merger of Austrian business (EUR -5mn)

Ongoing positive development of operating earnings resulted in an increase of EUR 387mn

• Lower Term mortality assumptions for

life Austria

• Lower claims ratio and updated lapse

assumptions for health Austria Negative economic variance due to lower interest rates in Eurozone Closing adjustments include:

• the sale of the Italian business
• the reallocation of Austrian participations

from covered to non-covered business 49

316 255 113 126

Economic Variance Other Operating Earnings

387 280 Assumptions and Variance 107 Rollforward

New Business Value MCEV as at 31-12-2015, restated & adjusted

3,145

Restatement & Adjustments MCEV as at 31-12-2015 reported

3,272 3,075

MCEV as at 31-12-2016 Other non

• perating variance

and closing Adjustments

Free surplus 494

• 99

394

• 92

968

• 223
• 106

941 Required capital 931

• 25

906 36

• 933

184

• 165

27 Value of in-force business 1,847

• 2

1,845 169 352

• 215
• 45

2,107 GEV / MCEV 3,272

• 126

3,145 113 387

• 255
• 316

3,075 UNIQA Investor Relations

Group Embedded Value

Life & health sensitivities

in EUR mn Change in Embedded Value Change in New Business Value 2016 * 2015 2016 * 2015 Base value 3,075 100% 3,272 100% 93 100% 73 100% EV change by economic factors Risk free yield curve -100bp

• 317
• 10%
• 316
• 10%
• 4
• 4%
• 7
• 9%

Risk free yield curve -50bp

• 89
• 3%
• 134
• 4%

n/a n/a

• 4
• 5%

Risk free yield curve +50bp 32 1% 92 3% n/a n/a

• 1
• 2%

Risk free yield curve +100bp 90 3% 141 4%

• 15
• 16%
• 6
• 9%

Equity and property market values -10%

• 124
• 4%
• 129
• 4%

0% 0% Equity and property implied volatilities +25%

• 11

0%

• 2

0%

• 1
• 1%

0% Swaption implied volatilities +25%

• 33
• 1%
• 105
• 3%
• 4
• 4%
• 15
• 21%

EV change by non-economic factors Maintenance expenses -10% 58 2% 70 2% 6 7% 7 10% Lapse rates -10% 67 2% 74 2% 13 14% 13 18% Mortality for assurances -5% 40 1% 65 2% 3 4% 5 6% Mortality for annuities -5%

• 10

0%

• 6

0% 0% 0% Additional sensitivity Removal of liquidity premium

• 84
• 3%
• 151
• 5%

n/a n/a

• 2
• 2%

UFR = 3.2%

• 175
• 6%
• 176
• 5%
• 10
• 11%
• 14
• 19%

50

• Interest rate sensitivity

similar to prior year

• Estimated impact on EV

from UFR down to 4.05%: -26mn

• Estimated impact on EV

from UFR down to 3.65%: -96mn

• Non-economic

sensitivities remain at less material level compared to changes in economic factors

** Excludes Italy

UNIQA Investor Relations

22% 15% 63%

P&C Health Life

46% 19% 13% 12% 8% 2% Governent Bonds EU Covered Bonds Corporates Government Bonds Non-EU Financials Other 46% 18% 11% 11% 11% 2% Governent Bonds EU Covered Bonds Corporates Government Bonds Non-EU Financials Other UNIQA Investor Relations

Fixed income portfolio

Overall composition Rating distribution

Dec16 EUR 16.5bn Sep 17 EUR 16.1bn

By segment

51 20% 30% 24% 14% 7% 4% 19% 32% 23% 14% 8% 3% AAA AA A BBB <BBB Not rated June 17 Dec 16

Sheet „MRM Data “

19% 11% 70%

P&C Health Life

UNIQA Investor Relations

Fixed income portfolio Government and government related

Overall composition EUR 9.4bn Rating distribution By segment

52 10.6% 39.7% 27.6% 12.9% 9.0% 0.2% AAA AA A BBB Non Investment grade Not rated 33% 13% 9% 8% 7% 7% 6% 4% 4% 4% 2%

Rest of Europe Austria Poland

Europe

France Belgium Rest of World Ireland Slovakia Supranational Organisations Italy

Sheet „MRM Data “

UNIQA Investor Relations

Fixed income portfolio Corporates including financials

Overall composition EUR 3.2bn Rating distribution By segment

66% 14% 20% 53 22% 12% 17% 10% 9% 7% 10% 6% 4% 2% United States of America Austria Rest of Europe France United Kingdom Rest of World Germany World Netherlands Italy 34% 20% 46%

P&C Health Life

2.8% 12.2% 31.9% 29.7% 9.1% 14.2% AAA AA A BBB Non Investment grade Not rated

Sheet „MRM Data “

UNIQA Investor Relations

Fixed income portfolio Corporate thereof financials

Overall composition EUR 1.3bn Rating distribution By segment

54 22% 29% 14% 7% 6% 7% 6% 4% 4% Austria United States of America France Rest of World United Kingdom Netherlands Germany Italy Rest of Europe 29% 14% 57%

P&C Health Life

6.1% 16.4% 36.5% 18.1% 11.4% 11.5% AAA AA A BBB Non Investment grade Not rated

Sheet „MRM Data “

UNIQA Investor Relations

Fixed income portfolio Covered bonds

Overall composition EUR 3.1bn Rating distribution By segment

55 17% 17% 10% 10% 9% 9% 7% 8% 6% 4% 3% Austria France Germany Rest of Europe United Kingdom Netherlands Rest of World Australia Belgium Spain Italy 18% 19% 63%

P&C Health Life

68.1% 23.7% 5.3% 1.1% 0.0% 1.9% AAA AA A BBB Non Investment grade Not rated

Sheet „MRM Data “

• This presentation (the "Presentation"), and the information contained therein, is not directed to, or intended for viewing, release, distribution, publication or use by (directly or indirectly,

in whole or in part), any person or entity that is a citizen of, or resident or located in, the United States, Australia, Canada or Japan or any jurisdiction where applicable laws prohibit its viewing, release, distribution, publication or use.

• This Presentation is being provided for information purposes to selected recipients only and does not constitute or form part of, and should not be construed as an offer or invitation or

recommendation to, purchase or sell or subscribe for, or any solicitation of any offer to purchase or subscribe for any securities in UNIQA Insurance Group AG, a stock corporation

• rganised under Austrian law (the "Company"), in any jurisdiction. Neither the Presentation, nor any part of it nor anything contained or referred to in it, nor the fact of its distribution,

should form the basis of or be relied on, in connection with, or act as an inducement in relation to, a decision to purchase or subscribe for or enter into any contract or make any other commitment whatsoever in relation to any such securities.

• The contents of this Presentation and any information relating to the Company received (whether in written or oral form) are confidential and may not be copied, distributed, published
• r reproduced, directly or indirectly, in whole or in part, or disclosed or distributed by recipients to any other person.
• The information contained in this Presentation has been provided by the Company and has not been verified independently. Unless otherwise stated, the Company is the source of

information.

• No reliance may be placed for any purpose whatsoever on the information or opinions contained in the Presentation or on its completeness, accuracy of fairness. No representation or

warranty, express or implied, is made or given by or on behalf of the Company or any of its respective directors, officers, employees, agents or advisers as to the accuracy, completeness or fairness of the information or opinions contained in the Presentation and no responsibility or liability is accepted by any of them for any such information or opinions. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in this Presentation and nothing in this Presentation is or should be relied on as a promise or representation as to the future.

• This Presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith

and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company, or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements.

• All features in this Presentation are current at the time of publication but may be subject to change in the future. The Company disclaims any obligation to update or revise any

statements, in particular forward-looking statements, to reflect future events or developments.

• Statements contained in this Presentation regarding past events or performance should not be taken as a guarantee of future events or performance.
• Prospective recipients should not treat the contents of this Presentation as advice relating to legal, taxation or investment matters, and are to make their own assessments concerning

such matters and other consequences of a potential investment in the Company and its securities, including the merits of investing and related risks.

• In receiving any information relating to the Company (whether in written or oral form), including information in this Presentation, you will be deemed to have represented and agreed for

the benefit of the Company (i) that you will only use such information for the purposes of discussions with the Company, (ii) to hold such information in strict confidence and not to disclose it (or any discussions with the Company) to any person, except as may be required by law, regulation or court order, (iii) not to reproduce or distribute (in whole or in part, directly or indirectly) any such information, (iv) that you are permitted, in accordance with all applicable laws, to receive such information, and (v) that you are solely responsible for your

• wn assessment of the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future

performance of the Company's business.

Disclaimer

UNIQA Investor Relations