Austrian insurer Uniqa posts 18.5 percent lower gross profit y/y in H1, to EUR 110m

Austrian insurance group Uniqa saw gross profit down 18.5 percent in the first half of the year versus the same period in the previous, on hike in business in Eastern Europe, according to the group.

The company posted 110 million euros gross profit in the first semester, versus 135 million euros in the same period in 2007.

Gross premiums written (GPW) rose 10.4 percent in the first six months, to 3.003 billion euros, versus 2.719 billion euros in the same period last year.

Uniqa's GPW in Eastern and Southeastern Europe hiked 60 percent in the first half, to 603 million euros, and represented 20.1 percent of the group's turnover, compared to a 13.9 percent contribution in the same period in 2007. The company's business in Austria inched 3.2 percent in the mentioned period, to 1.89 billion euros.

The net income from investments lowered 57.3 percent to 195 million euros.

Uniqa targets a net profit of 230 - 250 million euros this year, as capital markets are starting to stabilize and assets cannot decline.

NewsIn