The Board of UNIQA Versicherungen AG, a listed company, has approved the commencement of business in Ukraine and Serbia. Both markets have been screened intensively over the past few months to determine their potential and consider the possible entry options.

According to UNIQA Chairman, Konstantin Klien, "The Board's decision means that both these markets are now officially target countries of the UNIQA Group. Our entry options for each market will only be decided over the coming weeks and months. I assume, however, that UNIQA will be represented in one way or another in both countries by mid-2006 at the latest."

Entry into these two countries will reinforce the UNIQA Group's commitment to Eastern and South-eastern Europe. Again according to Klien, "In addition to showing economic potential, we believe convergence towards EU standards to be gathering pace in both countries. Our entry into Serbia and Montenegro supplements our operations in Bosnia-Herzegovina and Croatia. Ukraine is also a logical next step, having established ourselves in Bulgaria and Romaniathis year."

In Eastern and South-eastern Europe, UNIQA already operates in Poland, the Czech Republic, Slovakia, Hungary, Croatia, Slovenia, Bosnia-Herzegovina, Bulgaria and Romania. Co-operation with local companies belonging to Raiffeisen International under "preferred partnership" arrangements is an important way of bringing in business for UNIQA. In Western Europe, UNIQA is represented with Group companies in Germany, Liechtenstein, Switzerland and Italy, as well as on its home market, Austria.