olivLaw · European equity research
UNIQA Insurance Group AG UQA.VI
Austria · Wiener Börse · ISIN AT0000821103 · Vertical: Listed companies from Austria
UNIQA Insurance Group AG is a European insurance group offering non-life, health and life insurance and services in Austria and in Central and Eastern Europe, with Poland, Czechia and Slovakia as main markets. The group had about 15866 employees at the end of 2025 and is running its strategy 'UNIQA 3.0 – Growing Impact' for 2025 to 2028, which makes it relevant to investors following profitable growth in the region.
At the close of 05 Nov 2026, UNIQA Insurance Group AG (UQA.VI) stock was 17.98 EUR (−0.99% on the day), with market capitalisation 5.5 bn EUR, P/E 13.0 on diluted EPS of 1.38 EUR over the last 12 months, dividend yield 3.34%, beta 0.70, 52-week range 12.80–18.80 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 55.6
- strong (55–70)
- Bollinger (20, 2)
- 16.47 – 18.16
- in the upper half of the band · %B 0.90 · band width 9.7%
- SMA 50 / 200
- 17.75 / 16.96
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.06 / -0.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.3% | +0.4% | +3.0 pp | — |
| 3 months | −1.5% | −3.3% | +1.7 pp | — |
| 6 months | +5.8% | +4.0% | +1.8 pp | — |
| Year to date | +16.3% | +8.1% | +8.2 pp | — |
| 1 year | +40.9% | +10.7% | +30.2 pp | +5.4% |
| 3 years | +133.5% | +50.1% | +83.4 pp | +8.1% |
| 5 years | +114.0% | +43.6% | +70.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 6.9, median 7.5, max 11.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 302.7 m | 347.6 m | 424.8 m |
| Net income YoY | unavailable | +14.9% | +22.2% |
| Diluted EPS | 0.99 | 1.13 | 1.38 |
| Diluted EPS YoY | unavailable | +14.1% | +22.1% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 659.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 3.2 bn EUR
- Total assets
- 29.0 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 13.9%
- ROA
- 1.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 506.1 m | 516.2 m | 594.2 m | esef· 22 Apr 2026verified |
| Interest expense | 51.4 m | 48.4 m | 44.4 m | esef· 22 Apr 2026verified |
| Pre-tax income | 426.4 m | 441.9 m | 516.4 m | esef· 22 Apr 2026verified |
| Income tax | 103.2 m | 93.7 m | 93.1 m | esef· 22 Apr 2026verified |
| Net income | 302.7 m | 347.6 m | 424.8 m | esef· 22 Apr 2026verified |
| Diluted EPS | 0.99 | 1.13 | 1.38 | esef· 22 Apr 2026verified |
| Weighted average diluted shares | 307.0 m | 307.0 m | 307.0 m | esef· 22 Apr 2026verified |
| Dividend per share | 0.55 | 0.57 | 0.60 | esef· 22 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 699.5 m | 637.1 m | 659.8 m | esef· 22 Apr 2026verified |
| Property, plant & equipment, net | 391.1 m | 380.2 m | 404.6 m | esef· 22 Apr 2026verified |
| Total assets | 28.2 bn | 28.5 bn | 29.0 bn | esef· 22 Apr 2026verified |
| Total liabilities | 25.4 bn | 25.6 bn | 25.9 bn | esef· 22 Apr 2026verified |
| Equity | 2.7 bn | 2.9 bn | 3.2 bn | esef· 22 Apr 2026verified |
| Shares outstanding at year end | 305.7 m | 307.6 m | 307.9 m | esef· 22 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 325.3 m | 580.7 m | 1.1 bn | esef· 22 Apr 2026verified |
| Investing cash flow | 41.0 m | -488.0 m | -795.9 m | esef· 22 Apr 2026verified |
| Financing cash flow | -333.7 m | -153.7 m | -317.4 m | esef· 22 Apr 2026verified |
| Dividends paid | 169.4 m | 177.6 m | 184.7 m | esef· 22 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.5 bn EUR
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.16 – 30.67 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E16.13 – 30.67 (Mid 23.52)25 companies used · median multiple 17.0x · quartiles 11.7x – 22.2x1AST.VI, ACAG.VI, AMAG.VI, ANDR.VI, BMAG.VI, CPI.VI, DOC.VI, ETS.VI, EVN.VI, FAA.VI, FACC.VI, FQT.VI, MMK.VI, OMV.VI, POS.VI, POST.VI, PYT.VI, ROS.VI, SBO.VI, STR.VI, SWUT.VI, TKA.VI, VER.VI, VOE.VI, WIE.VI
- Dividend discount (DDM)8.16 – 11.13 (Mid 9.42)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 13.4x | 100 (on a fixed band) | 27% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 13.0x | 63 (vs peers) | 45% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.3% | 48 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial48/100 · 1/2 factors with a value
- Valuation· partial63/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
UNIQA Insurance Group AG (UQA.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 14.3%.
The estimated value range is 12.15–20.90 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 16.47 EUR, the price of 17.98 EUR leaves a potential of -8.4% (value / price − 1) and a margin of safety of -9.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 13.4x
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for UQA.VI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
UNIQA Insurance Group AG is a European insurance group offering non-life, health and life insurance and services in Austria and in Central and Eastern Europe, with Poland, Czechia and Slovakia as main markets 1. The group had about 15866 employees at the end of 2025 1 and is running its strategy 'UNIQA 3.0 – Growing Impact' for 2025 to 2028 1, which makes it relevant to investors following profitable growth in the region.
SWOT
Strengths
- Strong market position in Austria and a consolidated regional presence in Central and Eastern Europe, with multiple distribution channels.
- Diversification across property and casualty, health and life insurance, complemented by healthcare services through the MavieMed group.
- A clearly defined medium-term strategy with emphasis on profitability and operational efficiency.
Weaknesses
- Dependence on the Austrian market could limit exposure to other regions, depending on local economic developments.
- Technical results can be affected by unusual losses, and management acknowledges that the target profitability is conditional on the absence of major shocks.
- Changes in staffing and the reduction of presence in some southeastern European countries could generate transition costs.
Opportunities
- Economic growth and EU fund support in Central and Eastern Europe could open opportunities for profitable growth.
- Insurance products with sustainability components and an expanded range of unit-linked life products could attract new customers.
- Improved efficiency and underwriting processes could support better margins in the core technical business.
Threats
- Extreme weather events and natural catastrophes could increase and affect results, especially in property and casualty insurance.
- Geopolitical instability and volatility in financial markets could affect the return on the investment portfolio.
- Changes in central bank leadership and fiscal problems in some countries could create pressure on capital markets.
Risks
- Natural catastrophe losseshigh
Losses from extreme weather events could increase and significantly affect the group's technical results.
- Capital market volatilitymedium
An environment of geopolitical and monetary uncertainty could lead to losses in the investment portfolio.
- Dependence on Austriamedium
Concentration of activity in the Austrian market could expose the group to local economic and regulatory developments.
- Sustainability reporting riskslow
CSRD reporting requirements and internal controls over sustainability data could lead to errors or additional costs.
- Strategy executionmedium
Achieving the objectives of the UNIQA 3.0 programme could depend on the pace of growth in Central and Eastern European markets.
Investment thesis
What would need to be true (bull case)
- If EU fund support and economic growth in Central and Eastern Europe are sustained, the group could benefit from higher demand for insurance.
- If the efficiency programme and the improvement of the core business in Austria deliver results, technical margins could rise.
- Diversification across property and casualty, health, life insurance and healthcare services could reduce the sensitivity of results to a single segment.
What would break the thesis
- If natural catastrophe losses keep rising, the group's technical results could be significantly affected.
- If capital markets become more volatile, investment returns could fall and weigh on profit.
- If growth in Central and Eastern Europe is slower than expected, the profitability targets could be difficult to reach.
What to watch
- Development of core insurance profitability in Austria2026
- Technical results and the impact of natural catastrophe lossesnext annual report
- Profitable growth in Central and Eastern European markets2027
- Progress of the UNIQA 3.0 – Growing Impact strategic programme2028
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
UNIQA offers property and casualty, health and life insurance and services to private and corporate customers through several distribution channels, including employed field staff, general agencies, brokers, banks and direct sales 1. Beyond insurance, the group is active in Austrian healthcare through the MavieMed group, which provides inpatient and outpatient care 1. The geographic structure is dominated by Austria, followed by Central and Eastern Europe, where the group has significant staff 1.
Operational management is handled by a management board, while oversight rests with the supervisory board and its committees 1. The company describes a process assessing the professional qualification and personal reliability of persons who lead it or hold key functions 1.
For 2026, management focuses on improving the core technical insurance business and profitability in Austria, as well as profitable growth in Central and Eastern European markets 1.
Segments
Insurance in Austria
Austria is the largest market by employee count, and the stated goal for 2026 is improving core insurance profitability in this country 1. The activity covers property and casualty, health and life insurance, distributed through all channels 1.
Insurance in Central and Eastern Europe
This region includes Poland, Slovakia, Czechia and Hungary with significant headcount, as well as Bosnia and Herzegovina, Bulgaria, Croatia, Montenegro, Serbia, Romania and Ukraine 1. Management aims for profitable growth in these markets, supported by EU funding programmes for investment 1.
Healthcare services in Austria
The MavieMed group in Austria provides inpatient and outpatient healthcare services and is the only non-insurance activity mentioned in the report 1.
Market context
The annual report describes the 2026 economic outlook: global growth of about 3 percent, a weaker pace in the euro area at roughly 1 to 1.2 percent, and better prospects for Central and Eastern Europe, where Poland could exceed 3 percent 1. The company warns that the Federal Reserve and high US public debt could influence financial markets 1.
In capital markets, UNIQA expects ten-year German government bond yields around 2.5 to 3 percent and anticipates a difficult year for equities with moderate gains and higher volatility 1.
Trends
- Growth in Central and Eastern Europetailwind
EU funds and investment in the region could support economic growth and demand for insurance in Poland, Hungary and Czechia 1.
- Extreme weather and natural catastrophesheadwind
Management expects weather-related losses to continue increasing, which could weigh on the technical results of insurers 1.
- Geopolitical and monetary uncertaintymixed
Geopolitical instability, leadership changes at the Federal Reserve and possible rate cuts could influence yields and the value of investments 1.
- AI-driven investment cyclemixed
Heavy technology investment could support equity markets, but high valuations of some stocks pose a risk to the investment portfolio 1.
Competitive position
The annual report does not explicitly name UNIQA's competitors, so the list below remains limited to what is mentioned in the source provided 1.
The group's competitive position rests on a strong home market in Austria and its presence in Central and Eastern Europe, where it aims to grow profitably 1.
- Other insurers active in Central and Eastern Europe
The source does not name specific competitors, so this point cannot be completed from the report.
- Insurers in Austria
The report does not identify local competitors, so no market shares or relative positions can be assigned.
- Private healthcare providers
The MavieMed group operates in healthcare, but the source does not indicate other providers it is compared with.
- Banks with integrated insurance
The banking channel is mentioned as a distribution route, but the source does not name competing or partner banks.
News & filings
In the press
- VIDEO Omul care își face asigurare de viață, persoane cu responsabilități. Radu Brăgărea, Vicepreședinte Directorat Uniqa Asigurări de Viață: E nevoie de educație pentru consumator și de sprijin din partea autorităților - Profit Financial.ForumProfit.ro · 22 Oct 2026 · RO
- Despăgubirile plătite de UNIQA pentru daunele provocate de incendii în randul IMM-urilor s-au dublat în primele 9 luniProfit.ro · 21 Oct 2026 · RO
- DOCUMENT Hidroelectrica își asigură șefii. A primit ofertă de la Uniqa. Buget de peste 8 milioane de leiProfit.ro · 19 Oct 2026 · RO
- EXCLUSIV UNIQA se extinde în RomâniaProfit.ro · 13 Oct 2026 · RO
- Premieră în România: clauză de asigurare pentru acte de bullying, inclusă în asigurarea de locuință de la Uniqa AsigurăriProfit.ro · 24 Sept 2026 · RO
- Despăgubiri mai mari pentru îmbolnăviri și călătorii. Creștere a primelor brute subscrise de UniqaProfit.ro · 23 Sept 2026 · RO
- Uniqa România: vânzările au crescut cu 8% în primul semestru, la 84 de milioane de euroEconomedia · 23 Sept 2026 · RO
- UNIQA anunță o creștere de 8% a primelor brute subscrise, în primul semestru din 2026Financial Intelligence (RO) · 23 Sept 2026 · RO
- Companiile UNIQA Asigurări şi UNIQA Asigurări de Viaţă au încheiat T1/2026 cu un volum al subscrierilor cumulat de 43 mil. euro, în creştere cu 6%. Profitul net a scăzut cu 20%, până la 4,2 mil. euroZiarul Financiar · 17 Jun 2026 · RO
- Mihaela Stroia, Preşedinte Directorat UNIQA Asigurări de Viaţă: Oamenii au devenit foarte atenţi în a-şi proteja veniturilor şi stilul de viaţă, pentru că ne-am obişnuit cu un anumit nivel, iar bunăstarea populaţiei a crescut în ultimii 25-30 de aniZiarul Financiar · 04 Jun 2026 · RO
- Andreea Vlasie, UNIQA Asigurări: Am crescut foarte mult anul trecut pe segmentul asigurărilor de viaţă, peste 40%. Ne îndreptăm atenţia şi către IMM-uriZiarul Financiar · 04 Jun 2026 · RO
- Ce carte îţi recomandă Mihaela Stroia, CEO, UNIQA Asigurări de Viaţă, companie de asigurări aflată în top 10 cele mai mari din RomâniaZiarul Financiar · 25 May 2026 · RO
Annual reports (ESEF)
- Annual report 202522 Apr 2026
- Annual report 202415 Apr 2025
- Annual report 202315 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / UNIQA Insurance Group AG · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.