UNIQA: Solvency II ratio stronger than at AXA and Allianz
Credit Report - Corporate Bonds , 21. Nov.
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With a market share of 20.8%, UNIQA is Austria's second-largest insurance company behind Vienna Insurance Group (22% market share). In 1H 2023, as in FY 2022, the Group generated around 62% of premiums in Austria. The remaining 38% are mainly generated in CEE (UNIQA International segment). The Group generates 56% of premiums in property/casualty, 25% in life and 19% in health insurance. The Central Europe sub-region (Poland, Slovakia, Czech Republic, Hungary) contributes over 70% of the profit before taxes of the UNIQA International segment. UNIQA's market share in Austria has been very stable over the years. In health insurance, UNIQA is Austria's clear market leader with a market share of just under 44%.
We see UNIQA's two subordinated green bonds as undervalued in a peer comparison.
We see UNIQA's two subordinated green bonds as undervalued in a peer comparison.