1. Group European Embedded Value
The disclosure of the Embedded Value serves as additional information to the financial statements and provides information about the contribution of the existing life and health insurance business to the company value. The new business expected in the future does not enter into this calculation and therefore represents an additional contribution to the company value. The European Embedded Value determined on the principles developed by the CFO Forum encompasses the adjusted net asset value of the life, health and property and casualty business and the present value of future profits from the existing Austrian insurance portfolio in the life and health insurance.

In determining the present value of future profits of the Austrian life insurance business, the new regulations regarding the minimum profit allocation to life insurance contracts, which are expected to enter into effect as of 1 January 2007, have already been completely taken into account.

The UNIQA Group European Embedded Value as of 31 December 2005 was € 2.41 billion. The value as of 31 December 2005 encompasses the present value of the portfolio and the net asset value of the Austrian life and health insurance business as well as the net asset value of the property and casualty business and the foreign life and health insurance business, which was not included in the calculations. The Embedded Value of the non-domestic life- and health insurance business is intended to be included in 2006.

The UNIQA Group European Embedded Value as of 31 December 2005 has increased by app. 11 % compared to the respective value as of 31. December 2004. This despite the fact, that the increase in technical reserves in the life insurance business, which was caused by the first time application of new mortality tables, has been fully reflected in 2005.

The UNIQA Group European Embedded Value includes minority interests in the amount of € 0,515 billion, which result largely from the direct participation of the Austria Versicherungsverein Stiftung and Collegialität VaG in UNIQA Personenversicherung AG as well as from various minority shareholdings (mainly of the EBRD in Eastern European operations of UNIQA). Of this amount, € 0.313 billion correspond to the adjusted net asset value included in the Group European Embedded Value and € 0.202 billion to the value of the covered insurance business.

The present value of the new business written in the year 2005 in the Austrian life and health insurance business is € 53.6 million and is included in the Group European Embedded Value.

The plausibility of the approach chosen and the consistency of the determination of the Embedded Value with the European Embedded Value Principles of the CFO Forum were reviewed and confirmed by B&W Deloitte.

2. Increased Earnings Programme 2007 – 2010
As part of the consistent implementation of the earnings-oriented corporate strategy, UNIQA has developed an Increased Earnings Programme for the 2007 – 2010 period. The goal of this programme is a sustained increase in the group results before tax by approximately € 200 million during this period. The emphasis is on achieving a cost-, claim- and profit structure that is comparable with international benchmark companies. This Increased Earnings Programme is the basis for UNIQA's medium-term company planning.

Based on the unchanged profit expectations for 2006 of app. € 230 million before taxes, this corresponds to a profit goal of approximately € 430 million in the year 2010, whereby an evenly spread profit development over this time period is targeted. The Increased Earnings Programme is based on numerous measures and action plans defined to secure the sustained achievement of this ambitious goal.

Cautionary Note Regarding Forward-Looking Statements
This information contains forward-looking statements about the future development of UNIQA Group Austria. These statements reflect assumptions, which are based on all information currently available to us. Should these underlying assumptions fail to materialize, actual results may differ from the currently expected results. UNIQA therefore does not assume any guarantee for the forward-looking statements.