Group Embedded Value (GEV) at the UNIQA Group increased in 2007 by 15.7% to € 2,517.6 million (2006: € 2,175.4 million). Before the deduction of minorities, Group Embedded Value (GEV) for 2007 was € 3,078.6 million, which was 13.5 % more than the figure in the previous year (2006: € 2,712.8 million).

Consequently, the UNIQA Group has successfully increased Group Embedded Value in the past two year by around 34%.

Taking into account dividend payments, interest on Group Embedded Value for 2007 generated a respectable 17.7% (2006: 17.3%). This high increase was largely driven by the Group’s positive results and a higher value in-force business (VIF) in the life and health insurance due to higher interest, the higher market value of the STRABAG SE holding and positive effects from profitable new life and health insurance business in Austria and abroad.

As at 31 December 2007, theGroup Embedded Value per share was € 21.0 compared to € 18.2 in 2006.

The value of the new life and health insurance business in 2007 (new business value – NBV) was € 59.1 million, 23.1% higher than the same figure in the previous year (2006: € 48.0). With an annual premium equivalent (APE) in 2007 of € 265.3 million (2006: € 237.3 million), this results in a margin of 22.3% (2006: 20.2%).

Minorities taken into account in the UNIQA Group’sGroup Embedded Value result primarily from the direct participation of the Austria Versicherungsverein auf Gegenseitigkeit Privatstiftung and the Collegialität Versicherung auf Gegenseitigkeit in UNIQA Personenversicherung AG as well as from various minority shareholdings in foreign group companies.

The embedded value is an indicator of the economic value of the existing insurance portfolio and serves as additional information for shareholders and the financial community. The new business expected in the future does not enter into this perspective and therefore represents an additional contribution to the company value. In accordance with international guidelines, the embedded value is composed of the net assets from life, health, property and casualty insurance as well as the cash value of future income from the existing life and health insurance policy portfolio.

The embedded value of the UNIQA Group Austria was created on the basis of the principles defined by the CFO forum and audited and confirmed by Deloitte & Touche.