- Group premiums written +13.4%
- Significant premium growth in all regions: Austria +4.7%, eastern Europe +53.2%, western Europe +19.1%
- Very good development of technical results in non-life insurance with an improvement in results of € 81 million
- Lower stock market gains as a result of the volatile capital markets have negatively affected live insurance results
- Medium-term forecasts for 2010 results remain at € 430 million

UNIQA CEO Konstantin Klien said, “On the insurance side, we have really come along in leaps and bounds. Premium growth of 53.2% - with no significant consolidation effects - is not even common in eastern Europe. And with growth in Austria of 4.7%, we are clearly ahead of market forecasts. In western Europe, the reanimated life insurance business in Italy has ensured 19.1% growth. Alongside this high premium growth, we have simultaneously reduced loss and cost ratios, we were not able to fully compensate for the negative effects of the capital markets on the quarterly result. In view of high growth and after we were able to post a significantly better result than planned in the previous year, I see no reason to deviate from our medium-term forecast despite the decline in first quarter results for 2008 by 33.2%. For 2010 we expect the result to remain unchanged at € 430 million. However, the uncertainty and volatility that is currently prevailing on the capital markets makes a reliable short-term forecast of results impossible at this time.”

In the first quarter of 2008, the UNIQA Group achieved significant increases in premium growth in all regions and segments. Group premiums written (incl. savings ratios from unit-linked and index-linked life insurance) increased by 13.4% to € 1,633 million (1-3/2007: € 1,440 million), without any significant consolidation effects.

The strongest growth for the first quarter of 2008 was also registered by UNIQA group companies in eastern and south-eastern Europe - premiums written rose by 53.2% to € 288 million (1-3/2007: € 188 million), making a contribution to group premiums of 17.6% (1-3/2007: 13.0%). As a result, the business share from eastern European companies has exceeded that of group companies in western Europe, although a significant increase in premiums was also achieved there of 19.1% to € 281 million (1-3/2007: € 236 million). The overall share of international business in the first quarter of 2008 was 34.8% (1-3/2007: 29.4%).

Premium volumes in the core market of Austria also increased significantly by 4.7% to € 1,064 million (1-3/2007: € 1,016 million).

At the same time, it was possible to keep cost increases significantly below those of the premiums and, as a result, to reduce the cost ratio to 20.8% (1-3/2007: 22-6%). After insurance proceeds decreased by 0.5% to € 891 million (1-3/2007: € 896 million), the claims and proceeds ratio also went down in all segments - the (net) combined ratio was 90.1%, significantly lower than the previous year (1-3/2007: 98.8%). Despite the effects of storms Paula and Emma, property and casualty insurance significantly improved the overall technical result with a claims ratio of 59.5% (1-3/2007: 65.6%). The technical result (before investment income) increased in property and casualty insurance to € 61 million (1-3/2007: € -6 million). In health insurance, the technical result rose by € 14 million (1-3/2007: € -22 million).

Despite the excellent result in core insurance business, the result (before tax) decreased by 33.2% to € 42 million as a result of reduced income from capital investments (1-3/2007: € 63 million).

Irrespective of the negative effects of the volatile capital markets on the first quarter result for 2008, UNIQA stands by its medium-term forecast result of € 430 million for 2010.

Premium development
The life insurance class achieved the strongest growth with 29.9% to € 623 million (1-3/2007: € 479 million). In Austria, life insurance premiums increased by 8.3% to € 419 million (1-3/2007: € 387 million), whereby in particularunit and index-linkedlife insurance rose most significantly - by 48.7% to € 176 million (1-3/2007: € 118 million). Particularly pleasing was the development of life insurance in Western Europe, where premium volumes increased significantly by 96.4% to € 75 million (1-3/2007: € 38 million) - this development was driven by high growth levels in Italy. Even this growth was surpassed in the markets of eastern and south-eastern Europe where life insurance premiums rose by a staggering 138.2% to € 128 million (1-3/2007: € 54 million). As a result, 20.6% (1-3/2007: 11.2%) of life insurance premiums for the UNIQA Group come from eastern and south-eastern Europe and 32.7% (1-3/2007: 19.2%) from all international business.

In property and casualty insurance, the UNIQA Group increased premium volumes in the first three months of the current year by 6.0% to € 764 million (1-3/2007: € 721 million). While premiums in Austria grew by 2.1% to € 453 million (1-3/2007: € 443 million), they increased rapidly in the growth regions of eastern and south-eastern Europe by 19.3% to € 159 million (1-3/2007: 18.5%), thereby contributing 20.8% (1-3/2007: 18.5%) to total premiums in property and casualty insurance. Very satisfactory premium growth of 5.9% to € 153 million (1-3/2007: € 144 million) was also achieved in western European markets. As a result of this development, the international share rose to 40.8% (1-3/2007: 38.5%).

Premiums written in health insurance increased in the reporting period 2008 by 2.6% to € 245 million (1-3/2007: € 239 million). Premium volumes in Austria grew by 3.6% to € 192 million (1-3/2007: € 185 million). Internationally, premiums decreased slightly by 1.0% to € 53 million (1-3/2007: € 54 million) and therefore contributed 21.7% (1-3/2007: 22.5%) to group life insurance premiums.

Investments
The UNIQA Group’s investment portfolio as at 31 March 2008 was up € 41 million to a total of € 21,647 million (31/3/2007: € 21,606 million) compared to the same time in 2007.

Net investment income decreased in the first three months of 2008 by 66.2% to € 79 million (1-3/2007: € 233 million. The main reason for this development was primarily the weak state of the stock markets which meant that realised gains of around € 60 million were less than in the same period in the previous year and, in addition, lead to the impairment requirement for shares being increased by € 35.5 million to around € 42 million. Furthermore, the capital investment result decreased by around € 20 million due to the negative effects of the spread extension to include fixed-interest securities and, in particular, company bonds and emerging market shares. Included in revaluations of fixed-interest securities are write-downs on structured products to the amount of only € 6 million. The devaluation of the US $ compared to the euro resulted in expenses from currency fluctuations of € 109 million compared to income from existing currency hedges totalling € 96 million.