For 2002 a further improvement of the insurance business is expected, based on an easing of the situation in the non-life market and the strict implementation of the profit improvement programme. S&P hence assumes that if the targets are reached, the UNIQA rating in future will be "stable", despite a continuation of the difficult competitive situation and negative background conditions.

UNIQA Versicherungen AG is the only Austrian insurance group which presents itself voluntarily for this rating process via a detailed annual check by Standard & Poor's and which has an independent rating in this form. The test procedure is much more extensive and intensive than for the "pi" ratings which are based on generally published information.

"In a period which is very difficult for the insurance business, with many companies being down-rated, the confirmation of our rating is very good news, and a clear confirmation that we are following the right course", says Dr. Konstantin Klien, Chairman of UNIQA. Standard & Poor's specifically notes in its rating the progress made in the cost reduction programme started by the Group already at the beginning of 2001, which applies across the entire group and reflects the profit-oriented strategy of the management in the Group's core business.

Standard & Poor's also note the following additional major rating factors:

• The central strategic role of the concern
• The very strong position of the Group on the Austrian market., the largest Group, the second largest life assurer, the largest health insurer and the fourth largest property insurer.
• The strong improvement in the operating result – especially the clear improvement of the combined ratio in the property sector due to the implementation of the profit-oriented strategy and a slight improvement in the still difficult market situation, in conjunction with the  implementation according to plan of the profit improvement programme.
• The strong capitalisation of the UNIQA Group – which is particularly important when the stock markets are going through difficult times