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Uniqa confirms outlook as net profit falls in line with guidance
August 23, 2017 / 6:02 AM / a month ago

Uniqa confirms outlook as net profit falls in line with guidance

VIENNA, Aug 23 (Reuters) - Austrian insurer Uniqa confirmed its outlook for the year as it published half-year profit figures within a range it gave earlier this month when it warned that it would take a financial hit linked to the collapse of an Italian bank.

Uniqa said on Aug. 3 that the insolvency of Veneto Banca meant that it would have to pay up to 40 million euros ($47 million) to the company it had already sold its Italian business to, because it had guaranteed a certain income from a cooperation deal with that bank.

Publishing its half-year results on Wednesday, Uniqa said its pretax profit had risen 10 percent to 95.5 million euros in the first half of the year compared with the same period a year earlier, at the upper end of the range of 90 million to 96 million euros it gave in its announcement on Veneto Banca.

Net profit, however, fell 54 percent to 41.3 million euros, which the company said was because of the one-off effect from Italy announced earlier this month. That figure was within its predicted range of 38 million to 43 million euros.

Written premiums rose 6.6 percent, driven by a 23 percent increase recorded in its foreign business, which stretches from the Balkans to the Baltics. Premiums in Austria were flat, increasing by less than 1 percent.

$1 = 0.8503 euros Reporting by Francois Murphy; Editing by Shadia Nasralla

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