The key rating factors emphasized included the impressive competitive position in Austria, the strong operational performance and growing shares in foreign markets. The successful profit improvement program that has massively increased profitability in recent years and will generate further profit growth up to 2010 was also recognized.
S&P justifies the stable outlook for the UNIQA Group based on the continued strength of its capitalization, increasing cost efficiency, strong operational performance and the growing share of profit contributed by the companies outside of Austria.
The successful niche strategy employed by UNIQA in Western Europe (Germany, Liechtenstein, Switzerland and Italy) was referred to as “healthy” diversification by S&P. The rating agency views the Eastern and South Eastern European region as the main growth region for UNIQA. Due in particular to recent investments in this region as well as the status as “Preferred Partner” of Raiffeisen, S&P expects growing premiums and profit contributions for the UNIQA Group.
S&P’s assessment of the financial strength of the UNIQA Group was based on the – also unchanged – ratings of the UNIQA core companies UNIQA Sachversicherung AG ("A"), UNIQA Personenversicherung AG ("A") and UNIQA Re AG ("A") as well as the holding company UNIQA Versicherungen AG ("A-"). S&P also confirms a stable outlook for all of these companies.