- S&P upgrades long-term rating of UNIQA Insurance Group AG to “A-”
- Rating for UNIQA Österreich Versicherungen AG and UNIQA Re AG raised to “A”
- Outlook still “stable”
After strengthening its capital structure with the recently completed Re-IPO, the rating agency Standard & Poor’s (S&P) has upgraded its ratings for UNIQA. S&P has raised its rating for the holding company UNIQA Insurance Group AG from “BBB+” to “A-”. UNIQA Österreich Versicherungen AG and UNIQA Re AG were upgraded from “A-” to “A”. At the same time the rating for the subordinated debt issued in summer 2013 was also upgraded one notch to “BBB”. In light of the proceeds of 757 million euros from the capital increase, S&P highlighted UNIQA’s improved financial and capital strength and is still assuming a positive trend in earnings for the years 2013 to 2015.
S&P’s outlook for all rated companies is “stable”. The rating agency therefore anticipates that UNIQA will continue to improve its capital and earnings strength while optimising its risk and income profile in the investment area. S&P expects UNIQA to continue the positive trend in underwriting, bottom-line earnings in accordance with its strategic goals.