The course is set for AXA integration

The Supervisory Board working group of UNIQA Versicherungen AG, which is a listed company, has set the course for reorganising the Group as part of the integration of the AXA companies based in Austria, Hungary and Liechtenstein.

The transfer to UNIQA has been planned since the takeover of the AXA Konzern Aktiengesellschaft, Austria, by key UNIQA Group shareholders at the end of 2002. In April 2003 the UNIQA Supervisory Board approved the purchase of 100% of the AXA Konzern Aktiengesellschaft share capital. Now with the signing of the conversion contract the process and schedule for integrating the AXA companies has been set.

The Group reorganisation will cover the following detailed steps:

- Merging the AXA Konzern Aktiengesellschaft as the transferring with the AXA Versicherung Aktiengesellschaft as the accepting company

-Spinning off AXA Versicherung Aktiengesellschaft to UNIQA Sachversicherung AG to take on the “property and casualty insurance” portfolio.

- Spinning off the shareholdings of AXA Versicherung Aktiengesellschaft (formerly AXA Konzern Aktiengesellschaft) to UNIQA International Versicherungs-Holding GmbH and UNIQA International Beteiligungs-Verwaltungs GmbH

- Sale of the AXA Versicherung Aktiengesellschaft “unit-linked and index-linked life insurance” portfolio to FinanceLife Lebensversicherung AG

- Sale of the total share capital of AXA Versicherung AG to UNIQA Personenversicherung AG

- Merging the AXA Versicherung Aktiengesellschaft as the transferring with UNIQA Personenversicherung AG as the accepting company (transfer of “life insurance” portfolio)

When these processes are complete all the existing insurance contracts signed with the Austrian AXA companies will be transferred to the corresponding UNIQA companies (property and casualty insurance by UNIQA property insurance, life insurance by UNIQA Personenversicherung, unit-linked life insurance by FinanceLife). The AXA companies in Hungary and Liechtenstein will then belong to UNIQA International Versicherungs-Holding or UNIQA International Beteiligungs-Verwaltung GmbH.

The specific business law resolutions will be made in mid-September. We expect the appropriate entries to be made in the company register in mid-October – and this will conclude the integration project. After the completion of the Group’s reorganisation the chairmen of the Austrian AXA companies, Franz Fuchs, David Furtwängler and Gerhard Ulmer, will leave the UNIQA Group.

All the employees of AXA Versicherungen AG will be employed by UNIQA Versicherungen AG with effect from 1^st July 2003. The relevant “take-over” contract will form the basis for this.

Mannheimer

As a result of the current situation at the German Mannheimer AG Holding UNIQA is making a prompt change to the valuation of this approximate 13% shareholding. However the devaluation incurred can be compensated by the positive developments in the capital markets in the second quarter. There is no reason at the current time to depart from the earnings projections.