Company: UNIQA Insurance Group AG
Industry: Insurance
Country: Austria
Sector: Financials
Company type: Stock Corporation
Revenue (EUR): 7840000000
Employees: 15131

Reported EU Taxonomy activities:
Non-life insurance: underwriting of climate-related perils

EU Taxonomy KPIs (currency: EUR, units: millions)
Turnover:
totalTurnover: percentage: 100%
CapEx:
totalCapex: percentage: 100%
OpEx:
totalOpex: percentage: 100%

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Image /page/0/Picture/0 description: The image shows the UNIQA logo. The logo consists of a stylized white ribbon-like symbol on the left, followed by the word "UNIQA" in large, bold, white sans-serif letters against a blue background.

Annual Financial Report 2023 | UNIQA Group

# **living better together**

Image /page/0/Picture/3 description: A group of seven people are standing in a line against a blue background. From left to right, the first person is a woman with long dark hair, wearing a black and white patterned dress. The second person is a woman with curly hair, wearing a black top and light-colored pants. The third person is a man wearing a black button-down shirt and black pants. The fourth person is a woman with short hair and glasses, wearing a t-shirt with a picture on it, a denim jacket, and light-colored pants. The fifth person is a woman with curly hair, wearing a black button-down shirt. The sixth person is a woman with long blonde hair, wearing a black dress. The seventh person is partially visible on the right side of the image.

Image /page/0/Picture/4 description: The image shows four people standing in a row against a blue background. The image is in black and white, except for the blue background. From left to right, there is a woman with long hair wearing a black dress, a woman with short hair and glasses wearing a black dress, a woman with medium-length hair wearing a striped shirt and black pants, and a man with glasses wearing a black suit.

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| Consolidated Corporate<br>Governance Report � � � � � � � � � � � � � � � � � � � � � � � � � � � � 5 |
|-------------------------------------------------------------------------------------------------------|
| Report of the Supervisory Board � � � � � � � � � � � � 19                                            |
| (Consolidated) Non-Financial Report � � � � � � � 24                                                  |
| Group Management Report � � � � � � � � � � � � � � � � 66                                            |
| Consolidated Financial Statements � � � � � � � � 89                                                  |
| Notes to the Consolidated<br>Financial Statements � � � � � � � � � � � � � � � � � � � � � � � � 95  |
| Approval for publication � � � � � � � � � � � � � � � � � � � 220                                    |
| Declaration of the<br>legal representatives � � � � � � � � � � � � � � � � � � � � � � � � 221       |
| Auditor's Report � � � � � � � � � � � � � � � � � � � � � � � � � � � � 222                          |

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**Annual Financial Report 2023**

**4**

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## Consolidated **Corporate Governance Report**

Since 2004, UNIQA has been committed to compliance with the Austrian Code of Corporate Governance (ÖCGK) as currently amended and publishes the declaration of conformity both in the Group report and on www.uniqagroup.com in the Investor Relations section. The Austrian Code of Corporate Governance is publicly available at www.uniqagroup.com as well as at www.corporate-governance.at.

The Corporate Governance Report and the Consolidated Corporate Governance Report of UNIQA Insurance Group AG are summarised in this report in accordance with Section 267b in conjunction with Section 251(3) of the Austrian Commercial Code.

Implementation and compliance with the individual rules in the Austrian Code of Corporate Governance, with the exception of Rules 77 to 83, are evaluated annually by PwC Wirtschaftsprüfung GmbH. Rules 77 to 83 of the Austrian Code of Corporate Governance are evaluated by the law firm Schönherr Rechtsanwälte GmbH. The evaluation is carried out based mainly on the questionnaire, published by the Austrian Working Group for Corporate Governance, for the evaluation of compliance with the Code. The reports on the external evaluation in accordance with Rule 62 of the Austrian Code of Corporate Governance can also be found at www.uniqagroup.com.

The Supervisory Board is supported by Vienna Strategy HUB GmbH with self-assessments of the Supervisory Board regarding the efficiency of its activities (Rule 36 of the Austrian Code of Corporate Governance).

UNIQA also declares its continued willingness to comply with the Austrian Code of Corporate Governance as currently amended.

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## **Members of the Management Board**

| Name                                                                                                                                  | Responsible for                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Supervisory Board appointments or<br>comparable functions in other domestic<br>and foreign companies not included in the<br>consolidated financial statements                                                                                                                                                                                |
|---------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Andreas Brandstetter, Chief Executive<br>Officer (CEO)<br>* 1969, appointed 1 January 2002<br>until 30 June 2028                      | • Strategy & Transformation<br>• UNIQA Ventures<br>• New Business Areas (Health/Mavie Holding)<br>– together with Peter Eichler<br>• Group General Secretary<br>• Auditing<br>• Customers & Markets Bancassurance<br>Austria (on an interim basis from 1 January<br>2023 until 31 March 2023)<br>• Product Service<br>• Sales Service<br>• Sales Management                                                                                                                                                                                                              | • Member of the Supervisory Board of<br>STRABAG SE, Villach<br>• Member of the Supervisory Board of the<br>KHM Association of Museums, Vienna                                                                                                                                                                                                |
| Peter Eichler, Personal Insurance<br>* 1961, appointed 1 January 1998 until<br>31 December 2001 and 1 July 2020 until<br>30 June 2024 | • Product Development – Health,<br>Life & Casualty<br>• Health Inpatient Benefits<br>• Asset Management (UCM/UREM)<br>• New Business Areas (Health/Mavie Holding)<br>– together with Andreas Brandstetter                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                              |
| Wolf-Christoph Gerlach, Operations<br>* 1979, appointed 1 July 2020<br>until 30 June 2028                                             | • Applications, Contracts & Customer Service<br>• Property-Motor Vehicle/Property/<br>Casualty Insurance<br>• Life & Health Outpatient Benefits<br>• Business Organisation (incl. OPEX & GPO)<br>• Purchasing & Administration<br>• Group Service Centre (Nitra)                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                              |
| Peter Humer, Customers & Markets Austria<br>* 1971, appointed 1 July 2020<br>until 30 June 2028                                       | • Regional offices<br>• Retail Austria<br>• Product Development & Pricing for Motor<br>Vehicles and Standard Property Business<br>• Sales Service<br>• Sales Management<br>• Corporate Austria<br>• Product Development & Risk Engineering<br>for Corporate Property Insurance<br>• Affinity Business<br>• Art Insurance<br>• Digitalisation                                                                                                                                                                                                                             | • Member of the Supervisory Board of<br>Salzburg Wohnbau GmbH, Salzburg<br>• Member of the Supervisory Board<br>of "Wohnungseigentum", Tiroler<br>gemeinnützige Wohnbaugesellschaft<br>m.b.H., Innsbruck<br>• Member of the Supervisory Board of<br>Österreichische Hagelversicherung-<br>Versicherungsverein auf Gegenseitigkeit,<br>Vienna |
| Wolfgang Kindl, Customers & Markets<br>International<br>* 1966, appointed 1 July 2020<br>until 30 June 2028                           | • Retail International<br>• Product Development & Pricing for Motor<br>Vehicles and Standard Property Business<br>• Sales Service<br>• Sales Management<br>• Corporate International<br>• Product Development & Risk Engineering<br>for Corporate Property Insurance<br>• Major/International Brokers<br>• Affinity Business<br>• Bank International<br>• Product Service<br>• Sales Service<br>• Sales Management<br>• New Insurance Solutions<br>• Mergers & Acquisitions<br>• Performance & Change Management<br>International<br>• General Secretariat International |                                                                                                                                                                                                                                                                                                                                              |

**Management and monitoring functions in significant subsidiaries**

• Chairman of the Board of Directors of UNIQA Re AG, Zurich

• Member of the Supervisory Board of Valida Holding AG, Vienna

• Member of the Supervisory Board of UNIQA d.d.s., a.s., Bratislava • Member of the Supervisory Board of UNIQA d.s.s., a.s., Bratislava • President of the Board of Directors of UNIQA GlobalCare SA, Geneva

• Member of the Supervisory Board of UNIQA Biztosító Zrt., Budapest • Member of the Supervisory Board of UNIQA pojišťovna, a.s., Prague

• Chairman of the Management Board of UNIQA Österreich Versicherungen AG, Vienna • Chairman of the Supervisory Board of SIGAL UNIQA Group AUSTRIA sh.a., Tirana • Chairman of the Supervisory Board of SIGAL LIFE UNIQA Group AUSTRIA sh.a., Tirana

• Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna • Chairman of the Supervisory Board of PremiQaMed Holding GmbH, Vienna

• Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna • Member of the Supervisory Board of UNIQA Asigurari De Viata S.A., Bucharest

• Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń S.A., Warsaw • Chairman of the Supervisory Board of UNIQA Group Service Center Slovakia, spol. s r.o., Nitra

• Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna • Member of the Supervisory Board of SIGAL UNIQA Group AUSTRIA sh.a., Tirana • Member of the Supervisory Board of SIGAL LIFE UNIQA Group AUSTRIA sh.a., Tirana

• President of the Supervisory Board of CherryHUB BSC Korlátolt Felelösségü Társaság, Budapest

• Member of the Board of Directors of UNIQA GlobalCare SA, Geneva

• Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń na Życie S.A., Warsaw

• Member of the Supervisory Board of CherryHUB BSC Korlátolt Felelösségü Társaság, Budapest

• Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna 12,137 shares

• Deputy President of the Board of Directors of UNIQA Versicherung AG, Vaduz

• Member of the Supervisory Board of UNIQA penzijní společnost, a.s., Prague • Member of the Supervisory Board of UNIQA investiční společnost, a.s., Prague **Number of UNIQA shares held as at 31 December 2023**

134,479 shares

13,169 shares

10,370 shares

17,848 shares

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| Management and monitoring functions in significant subsidiaries                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Number of UNIQA<br>shares held as at<br>31 December 2023 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|
| • Chairman of the Management Board of UNIQA Österreich Versicherungen AG, Vienna<br>• Chairman of the Supervisory Board of SIGAL UNIQA Group AUSTRIA sh.a., Tirana<br>• Chairman of the Supervisory Board of SIGAL LIFE UNIQA Group AUSTRIA sh.a., Tirana<br>• Chairman of the Board of Directors of UNIQA Re AG, Zurich                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 134,479 shares                                           |
| • Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna<br>• Chairman of the Supervisory Board of PremiQaMed Holding GmbH, Vienna<br>• Member of the Supervisory Board of Valida Holding AG, Vienna<br>• Deputy President of the Board of Directors of UNIQA Versicherung AG, Vaduz<br>• Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń na Życie S.A., Warsaw<br>• Member of the Supervisory Board of UNIQA penzijní společnost, a.s., Prague<br>• Member of the Supervisory Board of UNIQA investiční společnost, a.s., Prague<br>• Member of the Supervisory Board of UNIQA d.d.s., a.s., Bratislava<br>• Member of the Supervisory Board of UNIQA d.s.s., a.s., Bratislava<br>• President of the Board of Directors of UNIQA GlobalCare SA, Geneva | 13,169 shares                                            |
| • Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna<br>• Member of the Supervisory Board of UNIQA Asigurari De Viata S.A., Bucharest<br>• Member of the Supervisory Board of CherryHUB BSC Korlátolt Felelösségü Társaság, Budapest<br>• Member of the Supervisory Board of UNIQA Biztosító Zrt., Budapest<br>• Member of the Supervisory Board of UNIQA pojišťovna, a.s., Prague<br>• Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń S.A., Warsaw<br>• Chairman of the Supervisory Board of UNIQA Group Service Center Slovakia, spol. s r.o., Nitra                                                                                                                                                                                             | 10,370 shares                                            |
| • Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 12,137 shares                                            |

- Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
- Member of the Supervisory Board of SIGAL UNIQA Group AUSTRIA sh.a., Tirana
- Member of the Supervisory Board of SIGAL LIFE UNIQA Group AUSTRIA sh.a., Tirana
- Member of the Board of Directors of UNIQA GlobalCare SA, Geneva

**Name Responsible for** 

• Strategy & Transformation • UNIQA Ventures

2023 until 31 March 2023) • Product Service • Sales Service • Sales Management

Life & Casualty • Health Inpatient Benefits • Asset Management (UCM/UREM)

Casualty Insurance

• Regional offices • Retail Austria

• Sales Service • Sales Management • Corporate Austria

• Affinity Business • Art Insurance • Digitalisation

• Retail International

• Sales Service • Sales Management • Corporate International

• Affinity Business • Bank International • Product Service • Sales Service • Sales Management • New Insurance Solutions • Mergers & Acquisitions

International

• Life & Health Outpatient Benefits • Business Organisation (incl. OPEX & GPO)

• Purchasing & Administration • Group Service Centre (Nitra)

• Product Development – Health,

• Auditing

– together with Peter Eichler • Group General Secretary

• New Business Areas (Health/Mavie Holding)

• New Business Areas (Health/Mavie Holding) – together with Andreas Brandstetter

• Applications, Contracts & Customer Service • Property–Motor Vehicle/Property/

• Product Development & Pricing for Motor Vehicles and Standard Property Business

• Product Development & Risk Engineering for Corporate Property Insurance

• Product Development & Pricing for Motor Vehicles and Standard Property Business

• Product Development & Risk Engineering for Corporate Property Insurance • Major/International Brokers

• Performance & Change Management

• General Secretariat International

• Customers & Markets Bancassurance Austria (on an interim basis from 1 January

Andreas Brandstetter, Chief Executive

\* 1969, appointed 1 January 2002

Peter Eichler, Personal Insurance \* 1961, appointed 1 January 1998 until 31 December 2001 and 1 July 2020 until

Wolf-Christoph Gerlach, Operations \* 1979, appointed 1 July 2020 until 30 June 2028

Peter Humer, Customers & Markets Austria

Wolfgang Kindl, Customers & Markets

\* 1966, appointed 1 July 2020 until 30 June 2028

International

\* 1971, appointed 1 July 2020 until 30 June 2028

Officer (CEO)

30 June 2024

until 30 June 2028

**Supervisory Board appointments or comparable functions in other domestic and foreign companies not included in the consolidated financial statements**

• Member of the Supervisory Board of

• Member of the Supervisory Board of Salzburg Wohnbau GmbH, Salzburg • Member of the Supervisory Board of "Wohnungseigentum", Tiroler gemeinnützige Wohnbaugesellschaft

• Member of the Supervisory Board of Österreichische Hagelversicherung-Versicherungsverein auf Gegenseitigkeit,

m.b.H., Innsbruck

Vienna

• Member of the Supervisory Board of the KHM Association of Museums, Vienna

STRABAG SE, Villach

• President of the Supervisory Board of CherryHUB BSC Korlátolt Felelösségü Társaság, Budapest

17,848 shares

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#### **Members of the Management Board**

| Name                                                                                                                     | Responsible for                                                                                                                                                                             | Supervisory Board appointments or<br>comparable functions in other domestic<br>and foreign companies not included in the<br>consolidated financial statements |
|--------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| René Knapp, People & Brand<br>* 1983, appointed 1 July 2020<br>until 30 June 2028                                        | • Group People<br>• People AT<br>• Brand & Communication<br>• Ethics, Sustainability & Public Affairs<br>• Works Council                                                                    | • Member of the Supervisory Board of<br>Österreichische Förderungsgesellschaft<br>der Versicherungsmathematik GmbH<br>(ÖFdV GmbH), Vienna                     |
| Erik Leyers, Data & IT<br>* 1969, appointed 1 June 2016<br>until 30 June 2024                                            | • Data Management<br>• UITS (UNIQA IT Services GmbH)<br>• UIP Project (UNIQA Insurance Platform)                                                                                            | • Member of the Supervisory Board of<br>Raiffeisen Informatik Geschäftsführungs<br>GmbH, Vienna                                                               |
| Sabine Pfeffer, Customers & Markets<br>Bancassurance Austria<br>* 1972, appointed 1 April 2023<br>until 31 December 2026 | • Product Service<br>• Sales Service<br>• Sales Management                                                                                                                                  |                                                                                                                                                               |
| Kurt Svoboda, Finance & Risk Management<br>* 1967, appointed 1 July 2011<br>until 30 June 2028                           | • Legal & Compliance<br>• Investor Relations<br>• Controlling<br>• Finance & Accounting<br>• Actuarial Services<br>• Risk Management<br>• Regulatory Affairs<br>• Reinsurance<br>• Auditing | • Member of the Supervisory Board of<br>Wiener Börse AG, Vienna                                                                                               |

Following the expiry of the Management Board mandates of Peter Eichler and Erik Leyers on 30 June 2024 (also at UNIQA Österreich Versicherungen AG), Wolf-Christoph Gerlach will take over the areas of responsibility of Erik Leyers, and René Knapp those of Peter Eichler from 1 July 2024.

#### **The work of the Management Board**

The work of the members of the Management Board of UNIQA Insurance Group AG is regulated by rules of procedure. The allocation of the responsibilities as decided by the Group Executive Board is approved by the Supervisory Board. The rules of procedure govern the obligations of the members of the Management Board to provide the Supervisory Board and each other with information and approve each other's activities. The rules of procedure also specify a list of activities that require consent from the Supervisory Board. The Management Board generally holds weekly meetings in which the members of the Management Board report on the current course of business, determine what steps should be taken and make strategic corporate decisions. In addition, there is a continuous exchange of information between the members of the Management Board regarding relevant activities and events.

The meetings of the Management Boards of UNIQA Insurance Group AG and UNIQA Österreich Versicherungen AG, which are composed of the same individuals, are usually held as joint sessions.

**Management and monitoring functions in significant subsidiaries**

• Member of the Supervisory Board, UNIQA pojišťovna, a.s., Prague

• Vice Chairman of the Board of Directors of UNIQA Re AG, Zurich • Member of the Supervisory Board of UNIQA pojišťovna, a.s., Prague

• Member of the Supervisory Board of UNIQA Biztosító Zrt., Budapest

• Member of the Management Board, UNIQA Österreich Versicherungen AG, Vienna • Member of the Supervisory Board, UNIQA Towarzystwo Ubezpieczeń S.A., Warsaw

• Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna

• Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń S.A., Warsaw • Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń na Życie S.A., Warsaw

• Member of the Supervisory Board, UNIQA Group Service Center Slovakia, spol. s r.o., Nitra

• Member of the Supervisory Board of CherryHUB BSC Korlátolt Felelösségü Társaság, Budapest

• Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna 15,000 shares

• Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna (since 1 April 2023) 1,959 shares

**Number of UNIQA shares held as at 31 December 2023**

12,743 shares

18,546 shares

The Management Board informs the Supervisory Board at regular intervals, in a timely and comprehensive manner, about all relevant questions of business development, including the risk situation and the risk management of the Group. In addition, the Chairman of the Supervisory Board is in regular contact with the CEO to discuss the company's strategy, business performance and risk management.

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| Management and monitoring functions in significant subsidiaries                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Number of UNIQA<br>shares held as at<br>31 December 2023 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|
| • Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 15,000 shares                                            |
| • Member of the Management Board, UNIQA Österreich Versicherungen AG, Vienna<br>• Member of the Supervisory Board, UNIQA Towarzystwo Ubezpieczeń S.A., Warsaw<br>• Member of the Supervisory Board, UNIQA pojišťovna, a.s., Prague<br>• Member of the Supervisory Board, UNIQA Group Service Center Slovakia, spol. s r.o., Nitra                                                                                                                                                                                                                                              | 12,743 shares                                            |
| • Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna (since 1 April 2023)                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 1,959 shares                                             |
| • Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna<br>• Vice Chairman of the Board of Directors of UNIQA Re AG, Zurich<br>• Member of the Supervisory Board of UNIQA pojišťovna, a.s., Prague<br>• Member of the Supervisory Board of CherryHUB BSC Korlátolt Felelősségű Társaság, Budapest<br>• Member of the Supervisory Board of UNIQA Biztosító Zrt., Budapest<br>• Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń S.A., Warsaw<br>• Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń na Życie S.A., Warsaw | 18,546 shares                                            |

**Name Responsible for**

• Group People • People AT

• Works Council

• Data Management

• Product Service • Sales Service • Sales Management

• Legal & Compliance • Investor Relations • Controlling

• Finance & Accounting • Actuarial Services • Risk Management • Regulatory Affairs • Reinsurance • Auditing

• Brand & Communication

• Ethics, Sustainability & Public Affairs

• UITS (UNIQA IT Services GmbH) • UIP Project (UNIQA Insurance Platform)

René Knapp, People & Brand \* 1983, appointed 1 July 2020 until 30 June 2028

Sabine Pfeffer, Customers & Markets

Kurt Svoboda, Finance & Risk Management

Erik Leyers, Data & IT \* 1969, appointed 1 June 2016 until 30 June 2024

Bancassurance Austria \* 1972, appointed 1 April 2023 until 31 December 2026

\* 1967, appointed 1 July 2011 until 30 June 2028

**Supervisory Board appointments or comparable functions in other domestic and foreign companies not included in the consolidated financial statements**

• Member of the Supervisory Board of Österreichische Förderungsgesellschaft der Versicherungsmathematik GmbH

• Member of the Supervisory Board of Raiffeisen Informatik Geschäftsführungs

• Member of the Supervisory Board of Wiener Börse AG, Vienna

(ÖFdV GmbH), Vienna

GmbH, Vienna

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## **Members of the Supervisory Board**

| Name                                                                                                                             | Supervisory Board appointments<br>in domestic and foreign<br>companies listed on the stock<br>exchange | Management and<br>monitoring functions<br>in significant<br>subsidiaries                                                                             | Number of UNIQA<br>shares held as at<br>31 December 2023 |
|----------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|
| Burkhard Gantenbein, Chairman<br>(from 6 June 2023)<br>* 1963, appointed 29 May 2017<br>until the 28th AGM (2027)                |                                                                                                        | • Chairman of the Supervisory<br>Board, UNIQA Österreich<br>Versicherungen AG, Vienna<br>(from 6 June 2023; member<br>until 6 June 2023)             | 25,250 shares                                            |
| Walter Rothensteiner, Chairman<br>(until 6 June 2023)<br>* 1953, appointed 3 July 1995<br>until the 24th AGM (2023)              |                                                                                                        | • Chairman of the Supervisory<br>Board, UNIQA Österreich<br>Versicherungen AG, Vienna<br>(until 6 June 2023)                                         |                                                          |
| Johann Strobl, 1st Vice Chairpersons<br>(from 6 June 2023)<br>* 1959, appointed 25 May 2020<br>until the 28th AGM (2027)         | • Vice Chairman of the<br>Supervisory Board, Tatra banka,<br>a. s., Bratislava                         | • Vice Chairman of the<br>Supervisory Board, UNIQA<br>Österreich Versicherungen<br>AG, Vienna (from 6 June 2023;<br>member until 6 June 2023)        |                                                          |
| Christian Kuhn, 1st Vice Chairpersons<br>(until 6 June 2023)                                                                     |                                                                                                        |                                                                                                                                                      |                                                          |
| Christian Kuhn, 2nd Vice Chairpersons<br>(from 6 June 2023)<br>* 1954, appointed 15 May 2006<br>until the 28th AGM (2027)        |                                                                                                        | • Member of the Supervisory<br>Board, UNIQA Österreich Ver-<br>sicherungen AG, Vienna (from<br>6 June 2023; Vice Chairman<br>until 6 June 2023)      |                                                          |
| Johann Strobl, 2nd Vice Chairpersons<br>(until 6 June 2023)                                                                      |                                                                                                        |                                                                                                                                                      |                                                          |
| Marie-Valerie Brunner, 3rd Vice Chairpersons<br>(from 6 June 2023)<br>* 1967, appointed 28 May 2018 until the 28th<br>AGM (2027) |                                                                                                        | • Member of the Supervisory<br>Board, UNIQA Österreich<br>Versicherungen AG, Vienna                                                                  | 1,750 shares                                             |
| Burkhard Gantenbein, 3rd Vice Chairpersons<br>(until 6 June 2023)                                                                |                                                                                                        |                                                                                                                                                      |                                                          |
| Markus Andréewitch, Member<br>* 1955, appointed 26 May 2014<br>until the 28th AGM (2027)                                         |                                                                                                        | • Member of the Supervisory<br>Board, UNIQA Österreich<br>Versicherungen AG, Vienna                                                                  |                                                          |
| Marie-Valerie Brunner, Member<br>(until 6 June 2023)                                                                             |                                                                                                        |                                                                                                                                                      |                                                          |
| Klaus Buchleitner, Member<br>*1964, appointed 23 May 2022<br>until the 28th AGM (2027)                                           |                                                                                                        | • Member of the Supervisory<br>Board, UNIQA Österreich<br>Versicherungen AG, Vienna                                                                  |                                                          |
| Anna Maria D'Hulster, Member<br>* 1964, appointed 20 May 2019<br>until the 28th AGM (2027)                                       |                                                                                                        | • Member of the Supervisory<br>Board, UNIQA Österreich<br>Versicherungen AG, Vienna                                                                  | 1,400 shares                                             |
| Elgar Fleisch, Member<br>* 1968, appointed 28 May 2018<br>until the 28th AGM (2027)                                              |                                                                                                        | • Member of the Supervisory<br>Board, UNIQA Österreich<br>Versicherungen AG, Vienna                                                                  |                                                          |
| Jutta Kath, Member<br>* 1960, appointed 30 May 2016<br>until the 28th AGM (2027)                                                 |                                                                                                        | • Member of the Supervisory<br>Board, UNIQA Österreich<br>Versicherungen AG, Vienna<br>• Member of the Board of<br>Directors, UNIQA Re AG,<br>Zurich | 3,400 shares                                             |
| Rudolf Könighofer, Member<br>* 1962, appointed 30 May 2016<br>until 20 May 2019 and 6 June 2023                                  | • Member of the Supervisory<br>Board, Raiffeisen International<br>AG, Vienna                           | • Member of the Supervisory<br>Board, UNIQA Österreich<br>Versicherungen AG, Vienna                                                                  |                                                          |
| Name                                                                                                                             | Supervisory Board appointments<br>in domestic and foreign<br>companies listed on the stock<br>exchange | Management and<br>monitoring functions<br>in significant<br>subsidiaries                                                                             | Number of UNIQA<br>shares held as at<br>31 December 2023 |
| Delegated by the Central Works Council                                                                                           |                                                                                                        |                                                                                                                                                      |                                                          |
| Sabine Andre<br>* 1966, since 20 May 2019                                                                                        |                                                                                                        |                                                                                                                                                      |                                                          |
| Irene Berger<br>* 1965, since 20 May 2020                                                                                        |                                                                                                        |                                                                                                                                                      |                                                          |
| Peter Gattinger<br>* 1976, from 10 April 2013 until 26 May 2015<br>and since 30 May 2016                                         |                                                                                                        |                                                                                                                                                      |                                                          |
| Heinrich Kames<br>* 1962, since 10 April 2013                                                                                    |                                                                                                        |                                                                                                                                                      | 56 shares                                                |
| Harald Kindermann<br>* 1969, since 26 May 2015                                                                                   |                                                                                                        |                                                                                                                                                      | 750 shares                                               |

{10}------------------------------------------------

{11}------------------------------------------------

#### **Committees of the Supervisory Board**

| Committee                                                                    | Chairpersons                                                                                     | Vice<br>Chairpersons                                                                  | Members                                                                                                                                                                                                                      | Delegated by the<br>Central Works Council           |
|------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|
| Committee for<br>Board Affairs                                               | Burkhard<br>Gantenbein (from<br>6 June 2023),<br>Walter<br>Rothensteiner<br>(until 6 June 2023)  | Johann Strobl<br>(from 6 June<br>2023),<br>Christian Kuhn<br>(until 6 June 2023)      | Marie-Valerie Brunner (since<br>6 June 2023), Burkhard Gantenbein<br>(until 6 June 2023), Christian Kuhn<br>(from 6 June 2023), Johann Strobl<br>(until 6 June 2023)                                                         |                                                     |
| Working Committee                                                            | Burkhard<br>Gantenbein (from<br>6 June 2023),<br>Walter<br>Rothensteiner<br>(until 6 June 2023)  | Johann<br>Strobl (from<br>6 June 2023),<br>Christian<br>Kuhn (until<br>6 June 2023)   | Marie-Valerie Brunner, Elgar Fleisch,<br>Burkhard Gantenbein (until<br>6 June 2023), Rudolf Könighofer (since<br>6 June 2023), Christian Kuhn (from<br>6 June 2023), Johann Strobl (until<br>6 June 2023)                    | Sabine Andre,<br>Peter Gattinger,<br>Heinrich Kames |
| Audit Committee                                                              | Anna Maria<br>D'Hulster (from<br>6 June 2023),<br>Walter<br>Rothensteiner<br>(until 6 June 2023) | Burkhard<br>Gantenbein (from<br>6 June 2023)<br>Christian Kuhn<br>(until 6 June 2023) | Marie-Valerie Brunner (since<br>6 June 2023), Anna Maria D'Hulster<br>(until 6 June 2023), Burkhard<br>Gantenbein (until 6 June 2023),<br>Jutta Kath, Christian Kuhn (since<br>6 June 2023), Johann Strobl                   | Sabine Andre,<br>Peter Gattinger,<br>Heinrich Kames |
| Investment Committee                                                         | Marie-Valerie<br>Brunner                                                                         | Christian Kuhn                                                                        | Klaus Buchleitner, Anna Maria<br>D'Hulster, Burkhard Gantenbein,<br>Jutta Kath                                                                                                                                               | Sabine Andre,<br>Peter Gattinger,<br>Heinrich Kames |
| IT Committee                                                                 | Markus<br>Andréewitch                                                                            | Jutta Kath                                                                            | Marie-Valerie Brunner<br>(until 6 March 2024), Klaus Buchleitner<br>(since 6 March 2024), Elgar Fleisch                                                                                                                      | Peter Gattinger,<br>Heinrich Kames                  |
| Digital Transformation<br>Committee                                          | Elgar Fleisch                                                                                    | Burkhard<br>Gantenbein                                                                | Markus Andréewitch, Marie-Valerie<br>Brunner (until 6 March 2024), Klaus<br>Buchleitner (since 6 March 2024),<br>Anna Maria D'Hulster, Rudolf<br>Könighofer (since 6 June 2023), Walter<br>Rothensteiner (until 6 June 2023) | Sabine Andre,<br>Peter Gattinger,<br>Heinrich Kames |
| Human Resources and<br>General Remuneration<br>Committee<br>("HR Committee") | Burkhard<br>Gantenbein                                                                           | Marie-Valerie<br>Brunner                                                              | Anna Maria D'Hulster, Elgar Fleisch                                                                                                                                                                                          | Sabine Andre,<br>Peter Gattinger                    |

#### **Publication in accordance with Rule 49 of the Austrian Code of Corporate Governance**

Group companies of UNIQA Insurance Group AG have appointed the law firm andréewitch & partner rechtsanwälte GmbH to provide consulting services on matters involving IT law. Supervisory Board member Markus Andréewitch holds a 60 per cent stake in this company. A new partner of andréewitch & partner rechtsanwälte GmbH will assume responsibility for the existing mandate from UNIQA to provide legal advice. Markus Andréewitch does not personally contribute to the advisory services. The advisory services are remunerated at arm's length. The Supervisory Board has provided its consent for the mandate to provide legal advice to continue.

{12}------------------------------------------------

## **The work and activities of the Supervisory Board and its committees**

The Supervisory Board advises the Management Board in its strategic planning and projects. It decides on the matters assigned to it by law, the Articles of Association and its rules of procedure. The Supervisory Board is responsible for supervising the management of the company by the Management Board. It is comprised of ten shareholder representatives and five employee representatives, and it convened for nine meetings in 2023. Two decisions were made by way of circular resolution. All members of the Supervisory Board attended more than half of the meetings of the Supervisory Board in the 2023 financial year either in person or virtually via telephone or video conference.

A **Committee for Board Affairs** has been appointed to handle the relationship between the company and the members of its Management Board relating to employment and salary; this committee also acts as the **Nominating and Remuneration Committee** (for the Management Board) and is composed of the members of the Executive Committee of the Supervisory Board. In 2023, the Committee discussed the remuneration of the Management Board, dealt with the preparation of the Remuneration Reports for the Management Board and the Supervisory Board in alignment with the remuneration policy established for each as well as with the succession planning of the Management Board and the Supervisory Board over several meetings.

The **Working Committee** of the Supervisory Board is only called upon to make decisions if the urgency of the matter means that the decision cannot wait until the next meeting of the Supervisory Board. It is the Chairman's responsibility to assess the urgency of the matter. The resolutions passed must be reported in the next meeting of the Supervisory Board. Generally, the Working Committee can make decisions on any issue that is the responsibility of the Supervisory Board, but this does not include issues of particular importance or matters that must be decided upon by the full Supervisory Board by law. The Working Committee did not convene for any meetings in 2023.

The **Audit Committee** of the Supervisory Board performs the duties assigned to it by law. The Audit Committee convened for three meetings, which were also attended by the statutory auditor of the (consolidated) financial statements, and there were also discussions with the auditor without the presence of the Management Board. The meetings dealt with all the documents relating to the financial statements, the Corporate Governance Report, the appropriation of profit proposed by the Management Board and the report on the audit of the risk management (all for the 2022 financial year); in addition, PwC Wirtschaftsprüfung GmbH was again proposed for selection as statutory auditor for the 2024 financial year. The planning of the 2023 audits of the companies of the consolidated group was discussed with the auditor, and the statutory auditor reported on the results of preliminary audits. In particular, the Audit Committee received quarterly reports from Internal Audit concerning audit areas and material findings based on the audits conducted and the compliance officer reported on her activities on an ongoing basis. The accounting process was monitored on the basis of specific circumstances.

The **Investment Committee** advises the Management Board with regard to its investment policy; it has no decision-making authority. The Investment Committee held four meetings during which the members discussed the capital investment strategy, questions concerning capital structure and the focus of risk management and asset liability management.

The **IT Committee** dealt with the ongoing monitoring of project progress in the implementation of the UNIQA Insurance Platform and other IT projects over the course of four meetings.

The **Digital Transformation Committee** held four meetings in 2023 in which it dealt with the digitalisation of core processes, the reduction in complexities in the product portfolio and the consolidation of digital work processes related to customers and employees.

{13}------------------------------------------------

The **Supervisory Board's Human Resources and General Remuneration Committee ("HR Committee")** held four meetings on diversity and inclusion matters, employee development and talent management issues, as well as executive remuneration schemes and employee participation programmes. The Committee also dealt intensively with the progress of the implementation of the HR strategy within the framework of UNIQA 3.0. The HR Committee's activities are closely coordinated with the Personnel Committee.

The chairs of the respective committees informed the full Supervisory Board about the meetings and their committees' work.

For information concerning the activities of the Supervisory Board and its committees, please also refer to the details in the Report of the Supervisory Board.

As the shareholder representatives are composed of the same individuals, the Supervisory Board of UNIQA Insurance Group AG meets in a joint session with the Supervisory Board of UNIQA Österreich Versicherungen AG.

#### **Independence of the Supervisory Board**

All members of the Supervisory Board elected during the Annual General Meeting have declared their independence under Rule 53 of the Austrian Code of Corporate Governance. Both Anna Maria D'Hulster and Jutta Kath also fulfil the criteria of Rule 54 of the Austrian Code of Corporate Governance, as they are neither shareholders with a stake of more than 10 per cent nor do they represent the interests of such shareholders.

A Supervisory Board member is considered independent if he or she is not in any business or personal relationship with the company or its Management Board that represents a material conflict of interest and is therefore capable of influencing the behaviour of the member concerned.

UNIQA has established the following additional criteria for determining the independence of a Supervisory Board member:

- The Supervisory Board member should not have been a member of the Management Board or a senior executive of the company or a subsidiary of the company in the past five years.
- The Supervisory Board member should not maintain or have maintained within the last year any business relationship with the company or a subsidiary of the company that is material for the Supervisory Board member concerned. This also applies to business relationships with companies in which the Supervisory Board member has a significant economic interest, but does not apply to functions performed on decision-making bodies in the Group.
- The Supervisory Board member must not have been a statutory auditor of the company or a shareholder or salaried employee of the auditing company within the last three years.
- The Supervisory Board member should not be a member of the Management Board of another company in which a Management Board member of the company is a member of the other company's Supervisory Board unless one of the companies is a member of the other company's group or holds an investment in the other company.
- The Supervisory Board member should not be a member of the Supervisory Board for longer than 15 years. This does not apply to Supervisory Board members who are shareholders with a business investment or who are representing the interests of such a shareholder.
- The Supervisory Board member should not be a close family relative (direct descendant, spouse, life partner, parent, uncle, aunt, sibling, niece or nephew) of a Management Board member or of persons who are in one of the positions described in the above points.

{14}------------------------------------------------

## **Measures to promote women on the Management Board, the Supervisory Board and in executive positions**

A community the size of ours at UNIQA lives and breathes through diversity. We value and respect each other, regardless of gender, age, origin, physical ability, religion or ideology. Our employees are just as diverse as our customers. A diverse workforce helps us to better understand our customers and better serve their different needs. For us, the guiding principle "Living better together" is only fulfilled when equal rights and equal opportunities are given in their entirety.

UNIQA is convinced that diversity, equal opportunities and inclusion promote employee loyalty to the company as well as their innovative potential and productivity. Since they lead to higher customer satisfaction and better financial results, diversity and inclusion are also a decisive factor for economic success and growth.

With Marie-Valerie Brunner, Anna Maria D'Hulster and Jutta Kath, three women are now on the Supervisory Board of UNIQA Insurance Group AG. This means that the proportion of female Supervisory Board members among the elected members (shareholder representatives) reaches the legally required 30 per cent. With Sabine Andre and Irene Berger, two women have also been delegated to the group of employee representatives on the Supervisory Board, which means that this board even has a ratio of 40 per cent female members now. In relation to the full Supervisory Board, the legal quota of women is also exceeded with a share of 33 per cent.

Since 1 April 2023, the nine members of the identical Management Boards of UNIQA Insurance Group AG and UNIQA Österreich Versicherungen AG have also included a woman, Sabine Pfeffer. This was an important step on the way towards "more women in management positions". The UNIQA Group does of course also continue to implement various accompanying measures in addition to its clear commitment to this goal. The objective is to change the framework conditions and prerequisites in such a way that the organisation becomes more permeable overall for women's careers. At 57.9 per cent (2022: 57.8 per cent), the share of women in the total workforce in the UNIQA Group remained stable at the end of 2023. This high proportion is driven primarily by the international insurance companies (62.8 per cent).

The proportion of women on the Management Boards in the Group is 26.3 per cent and therefore once again fell slightly compared to 2022 (2022: 27.1 per cent). Of a total of 523 managers in Austria, 174 are women, which corresponds to a steady share of over 33 per cent. In the UNIQA Group's international companies, 48.6 per cent of the managers are currently women. This corresponds to an increase of 1.2 percentage points compared to the previous year (47.4 per cent). As a result, the proportion of female managers in the entire UNIQA Group rose slightly in 2023 to 43.6 per cent (699 of a total of 1,604 persons) compared to the previous year (43.0 per cent).

{15}------------------------------------------------

#### **The concept of diversity**

In 2022, UNIQA published its own diversity and inclusion strategy for the first time. It serves as the basis and framework for all our activities in this area. As an integral part of our UNIQA 3.0 programme, this strategy is clearly aligned with our Guiding Principles. In addition to specific measurable goals, it also contains a bundle of initiatives that focus primarily on three key areas: equal pay for work of equal value, more women in management positions and employee inclusion.

Our overarching goal is to promote diversity and inclusion at UNIQA. We will continue to pursue the following specific priorities:

- 1. Equal pay for work of equal value
- 2. Promoting equal opportunities with the clear aim of bringing more women into management positions in the future
- 3. Generation management old and young together contribute to the success of the company
- 4. Achieving a work/life balance
- 5. Utilising internationality and cultural diversity as a strength
- 6. People with disabilities better inclusion and support
- 7. Clear commitment to non-discrimination on the basis of sexual orientation and identity

To create commitment and clear responsibilities, we drew up a Diversity & Inclusion Policy and rolled it out for the entire Group in 2023. By organising international conferences and appointing people to be responsible for the topic in the various countries, a network has been established that drives the relevant concepts forward and facilitates optimal networking throughout the Group.

#### **Equal pay for work of equal value**

A standardised annual process has been established in Austria for evaluating, analysing and developing measures concerning the pay gap. The adjusted pay gap was again below 1 per cent in 2023.

In the (core) markets of Poland, Czechia, Slovakia, Hungary and Romania, an equal pay analysis was carried out for the first time in 2023. Preparations were made to carry out the analysis in 2024 in Croatia, Serbia, Bosnia and Herzegovina, Montenegro, Bulgaria and Ukraine.

The importance of fair pay is underlined not least by the inclusion of a target for the unexplained gender pay gap in the variable component of management remuneration for 2024.

#### **More women in management positions**

Increasing the proportion of women in management positions continues to be a very high priority for UNIQA. With this goal in mind, a new assessment according to the Women's Career Index was carried out in 2023. Since the first analysis in 2020/21, this proportion has improved from 63 to 77 index points, which is already well above the target value of 70. The decisive factors behind this increase were a number of targeted measures, including the adoption and communication of the diversity and inclusion strategy and the definition of specific measurable targets, the development of guidelines for filling management positions and promotions, mandatory training for all managers on the topic of "Unconscious Mind. Inclusive Leadership", the activities of relevant networks, the UNIQA mentoring programme for women and the offer of job/top sharing and part-time management models.

In Austria, the proportion of women in all management positions increased in 2023 by almost 9 per cent, rising from 26.0 per cent to 28.3 per cent. However, the target of an increase of 5 percentage points remained unachieved at just 2.3 percentage points (on average). This target was therefore once again defined as a priority for the coming years with a focus on top management positions (Board and Board–1 levels). Differentiated approaches are being developed and pursued for UNIQA's other markets, as the starting situation varies from country to country.

{16}------------------------------------------------

#### **Inclusion, as experienced by employees**

An inclusion index was created to measure targets and developments. This indicates the extent to which UNIQA has already succeeded in creating a working environment in which appreciation, equal opportunities, fairness and belonging can be experienced. In a Group-wide survey, a score of 4.0 (on a five-point scale) was achieved. This exceeded the target of 3.8.

#### **Generation management**

Demographic change and the increasing shortage of skilled labour continue to pose a major challenge for UNIQA. We are responding to this by training our own specialists, which will be further accelerated in 2024 with the implementation of a new apprenticeship programme at our headquarters in Vienna. International mentoring and reverse mentoring programmes as well as trainee programmes in various countries are also planned.

#### **People with disabilities**

UNIQA has actively addressed the issue of disability as a career factor by taking part in the 2023 myAbility Talent Programme. In addition, structural measures were implemented in the UNIQA Tower to create an inclusive working environment for people with disabilities and chronic illnesses. Examples of this include motorised doors, barrier-free sanitary facilities and height-adjustable desks.

#### **Commitment to diversity, equality and inclusion**

We are committed to the power of diversity and leave no room for intolerance and marginalisation. This is reflected in our Diversity & Inclusion Policy, which was rolled out internationally in 2023 and will be reviewed annually.

There is now a clearly defined process and clear contact persons in the event of allegations of discrimination. This allows us to offer affected employees a low-threshold option for addressing stressful situations. In addition, a mandatory e-learning programme on the topic of equal treatment has been implemented in Austria.

Two new networks were also founded in Austria: "Gemeinsam besser Familie" (Better together family) and "Sustainability". The existing networks "Women", "People with disabilities", "Generations" and "LGBTQIA+" offer interested employees the opportunity to get involved in their respective topics.

UNIQA has also supported and emphasised numerous external initiatives in Austria, for example by supporting the Female Founders, the Minerva Award (a prize for greater diversity in business), the Meritus of Pride Biz Austria (LGBT-QIA+), the national women's football team, the Special Olympics and the Austrian Frauenhäuser (women's shelters). We also welcomed the Mentory Club (women), East meets West (LGBTQIA+) and myAbility Business Forum (people with disabilities) to the UNIQA Tower.

{17}------------------------------------------------

#### **Remuneration policy, Remuneration Report**

The Remuneration Report 2023 for the Management Board and Supervisory Board of UNIQA Insurance Group AG is prepared in accordance with Sections 78c and 98a of the Austrian Stock Corporation Act and will be submitted to the Annual General Meeting on 3 June 2024 for approval. Furthermore, the remuneration policy pursuant to Sections 78a and 98a of the Austrian Stock Corporation Act must be resubmitted to this Annual General Meeting for a vote.

#### **Risk report, directors' dealings**

A comprehensive risk report (Rules 69 and 70 of the Austrian Code of Corporate Governance) is included in the notes to the consolidated financial statements. The notifications concerning directors' dealings in the year under review (Rule 73 of the Austrian Code of Corporate Governance) can be found in the Investor Relations section of the Group website at www.uniqagroup.com.

#### **External evaluation**

Implementation of, and compliance with, the individual rules in the Austrian Code of Corporate Governance were evaluated by PwC Wirtschaftsprüfung GmbH for the 2023 financial year – with the exception of Rules 77 to 83. Rules 77 to 83 of the Austrian Code of Corporate Governance are evaluated by the law firm Schönherr Rechtsanwälte GmbH. The evaluation is carried out based mainly on the questionnaire, published by the Austrian Working Group for Corporate Governance, for the evaluation of compliance with the Code.

The evaluation by PwC Wirtschaftsprüfung GmbH and Schönherr Rechtsanwälte GmbH confirming that UNIQA complied with the rules of the Austrian Code of Corporate Governance in 2023 will be published simultaneously with the annual financial report for the 2023 financial year.

Vienna, 7 March 2024

Q. Vitor

Andreas Brandstetter Chairman of the Management Board

Peter Eichler Member of the Management Board

Wolf-Christoph Gerlach Member of the Management Board

P. Spuno

Peter Humer Member of the Management Board

Wolfgang Kindl Member of the Management Board

Th

René Knapp Member of the Management Board

u. lyy

Erik Leyers Member of the Management Board

ch

Sabine Pfeffer Member of the Management Board

Kurt Svoboda Member of the Management Board

{18}------------------------------------------------

## Report of the **Supervisory Board**

#### **Dear Shareholders, dear Ladies and Gentlemen,**

Please allow me to begin by expressing our sincere thanks on behalf of the entire Supervisory Board to my predecessor Walter Rothensteiner for his many years of successful service on our Board. Walter Rothensteiner was a member of the Supervisory Board for almost 28 years, including for 15 years as Chairman. Following his retirement in June of last year – which became necessary once he had reached the statutory age limit – we continued to focus on the key areas initiated by Walter Rothensteiner for the rest of the year.

The Supervisory Board of the UNIQA Insurance Group AG, which is also the Supervisory Board of the Group's largest subsidiary UNIQA Österreich Versicherungen AG, is made up of 15 members: ten shareholder representatives, three of whom are women, and five employee representatives, two of whom are women. Beyond the legal requirements, our Board sees its role as that of a diligent and committed sparring partner for the Management Board. As part of this role, the Supervisory Board monitors the company's performance and reputation in a constructive yet critical manner. We provide strategic momentum, seek dialogue with external guest contributors and experts and attach particular importance to a corporate culture of high ethical principles. We try to anticipate the skills that will be of particular importance for the future development of the global insurance industry and to reflect these in a complementary manner within the Supervisory Board. Yet this also means that training and ongoing professional development of the members of the Supervisory Board is a high priority, as is the way in which they collaborate with one another.

#### **1. What was particularly important to us in 2023**

Our nine meetings were focused on evaluating the implementation of our **"UNIQA 3.0 – Seeding The Future" strategic programme**, which comes to an end in December 2024. At the same time, primarily in the second half of 2023, we also worked intensively on the cornerstones for the future Group strategy from 2025 onwards, including questions related to governance and the composition of the Management Board team.

The Supervisory Board deals with a broad range of topics. While regulatory and supervisory issues are taking up more and more of our time (in addition to the obvious evaluation of operational business development), we continue to focus intensively on **three areas that are of particular importance for UNIQA's long-term development**: cultural transformation, diversity and human development, i.e. the battle for the best talent in challenging labour markets. Along these lines, we have welcomed around 6,000 new employees across the Group in the last three years alone; we are focusing on the strategic importance of the ESG concept with its broadbased impact on product design, asset management and governance; and finally, we are devoting ourselves to the costintensive and demanding process of technological and digital transformation of the company.

Walter Rothensteiner had already reported to you two years ago that we pay particularly close attention to the **quality of our cooperation within the Supervisory Board** and also with the Management Board. In 2021, we therefore appointed Professor Werner H. Hoffmann, Director of the Institute for Strategic Management at the Vienna University of Economics and Business, to provide us with professional support with the structured optimisation of cooperation within the Supervisory Board. We continued this work intensively in the 2023 financial year, including with one personnel change: at the last Annual General Meeting, Rudolf Könighofer, General Director of Raiffeisenlandesbank Burgenland, was elected to the Supervisory Board in place of Walter Rothensteiner. In this role, he is showing great commitment in contributing his many years of experience to the Supervisory Board, especially when it comes to selling Raiffeisen Versicherung products.

{19}------------------------------------------------

#### **2. Timeline and details of our main areas of focus**

In the course of 2023, the Supervisory Board was regularly informed by the Management Board about the business performance and position of UNIQA Insurance Group AG and the Group as a whole. It also supervised the Management Board's management of the business and fulfilled all the tasks assigned to the Supervisory Board by law and the Articles of Association. At the Supervisory Board meetings, the Management Board presented detailed quarterly reports and provided additional oral as well as written reports. The Supervisory Board was given timely and comprehensive information about measures requiring our approval.

Four information events and special seminars were held for the Supervisory Board in 2023, providing information on the topics of "Diversity & Inclusion", "IT Security", "ESG" and "Compliance & Regulatory".

#### **Focus of our deliberations**

The Supervisory Board held nine meetings in 2023. Our meetings focused on the Group's respective current earnings situation and the Group's further strategic development. The Supervisory Board in particular held three extraordinary meetings in the second half of the year to discuss the plans for the development of the corporate strategy from 2025 as well as governance issues. We also took two decisions by way of circular resolution: the first was on 9 May to approve the implementation of a capital measure by STRABAG SE and the second on 12 May to propose Rudolf Könighofer's election to the Supervisory Board to the Annual General Meeting.

**•** At our meeting held on **22 February**, we mainly discussed the Group's preliminary results for the 2022 financial year. The 2023 budget was also approved in accordance with the new IFRS 17 and IFRS 9 accounting standards.

- **•** The Supervisory Board meeting on **12 April** focused on the audit of the annual financial statements and consolidated financial statements for the year ended 31 December 2022 and on the reports from the Management Board with upto-date information on the performance of the Group in the first quarter of 2023. We also discussed the items on the agenda of the 24th Annual General Meeting on 6 June, in particular the proposal for the appropriation of profits, the proposal for the election of Supervisory Board members and the proposal to the Annual General Meeting to re-elect PwC Wirtschaftsprüfung GmbH as statutory auditors for the 2024 financial year. The report by auditors PwC Wirtschaftsprüfung GmbH and lawyers Schönherr Rechtsanwälte GmbH regarding compliance with the provisions of the Austrian Code of Corporate Governance (ÖCGK) in the 2022 financial year was also acknowledged.
- **•** At the meeting on **25 May**, we looked in detail at the Group's earnings in the first quarter and development in the ongoing second quarter.
- **•** The newly elected Supervisory Board was constituted on **6 June** following the Annual General Meeting. The Chairman of the Supervisory Board, Walter Rothensteiner, stepped down from the Supervisory Board as a result of reaching the statutory age limit. Walter Rothensteiner had held this position for the last eleven years. All in all, he had been a member of the Supervisory Board since 1995. Burkhard Gantenbein succeeded him as Chairman of the Supervisory Board. This event as well as the re-election of the other existing members of the Supervisory Board and Rudolf Könighofer's election to the Supervisory Board resulted in changes to the composition of the Executive Committee and the Supervisory Board committees. The Supervisory Board also approved the termination of the remaining volume of the subordinated capital debt issued in 2013 that was still outstanding after the settlement of an exchange offer, effective 31 July 2023.

{20}------------------------------------------------

- **•** We met at the registered office of our Polish insurance group company in Warsaw on **23 August** and dealt specifically with the Group's earnings situation in the first half of the year and developments in the ongoing third quarter. The sale of our 75 per cent holding in Raiffeisen Life Russia was also approved, subject to approval by the relevant authorities.
- **•** The Supervisory Board held three extraordinary meetings on **19 September, 18 October** and **10 November** to discuss the preparations for the development of a new strategic programme from the 2025 financial year onwards, in which the Supervisory Board will be closely involved. Final approval of the programme is scheduled for November 2024. We also discussed governance issues.
- **•** In addition to reporting on the Group's profits in the first three quarters and ongoing developments in the fourth quarter, our meeting on **22 November** also covered the updated forecast for the 2023 financial year. The 2024 budget put forward by the Management Board and the medium-term planning up to 2028 were also discussed. The acquisition of Warsaw-based Telemedi of Warsaw-based Telemedi, Poland's largest provider of telemedicine services, was also approved. Poland's largest provider of telemedicine services. Cost increases due to rising inflation were also approved for the project to rebuild and merge the Confraternität and Goldenes Kreuz private clinics at the site of the Confraternität private clinic. Finally, we looked at the efficiency of our activities as a Supervisory Board. The decision was also taken to further reduce the size of the Management Board, with the result that it will be made up of seven members in future instead of nine. Peter Eichler and Erik Leyers' terms of office on the Management Board are scheduled to end on 30 June 2024. In order to optimise synergies in the Management Board departments, Wolf-Christoph Gerlach will also take over Erik Leyers' responsibilities and René Knapp those of Peter Eichler. The mandates of the Management Board members were extended until June 2028, with Sabine Pfeffer's mandate running unchanged until the end of 2026 until further notice. Following the discussions at the three extraordinary meetings in September, October and November, the Management Board was finally tasked with drawing up the strategic programme from 2025 onwards.

#### **Committees of the Supervisory Board**

In addition to the Audit Committee required by law, we have set up and appointed a further six committees in order to ensure that the work of our Supervisory Board is structured effectively.

- **•** The **Committee for Board Affairs** ('Personnel Committee') corresponds with the **Executive Committee of the Supervisory Board** in terms of its composition. The Committee also performs the tasks of a **Nominating and Remuneration Committee** (for the Management Board) in parallel. The Executive Committee or the abovementioned Personnel Committee held several meetings in 2023 for intensive discussions on the progress made in implementing the UNIQA 3.0 strategic programme, as well as on issues relating to the corporate strategy's future direction. The meetings also dealt with the preparation of the remuneration reports for the Management Board and the Supervisory Board in alignment with the respective existing remuneration policies as well as remuneration matters relating to the Management Board.
- **•** The **Audit Committee** held three meetings in the 2023 financial year with representatives of the (Group) auditor PwC Wirtschaftsprüfung GmbH also present, with discussions also held with these without the Management Board present. The meeting on 12 April addressed all financial statement documentation, the proposed appropriation of profit and the statutory auditor's report on the audit of the company's risk management. In addition, the 2022 annual report of the Internal Audit department, including the audit plan for the current year and the 2022 annual activity report of the compliance officers, was presented and acknowledged. Furthermore, PwC Wirtschaftsprüfung GmbH was once again proposed for election as statutory auditor for the 2024 financial year. At the meeting held on 25 May, the statutory auditor's representatives presented the planning of the audit procedures for the UNIQA Group companies for the 2023 financial year and agreed these with the Committee. At the meeting held on 22 November, representatives of the auditor informed the Committee of the findings from its preliminary audits. In addition, the Committee received quarterly reports from Internal Audit on the areas audited by this department and any material findings that arose from these audit actions, and the Compliance Officer reported on her activities on an ongoing basis. The Committee fulfilled its remit of monitoring the accounting process.

{21}------------------------------------------------

- **•** The **Investment Committee** held four meetings during which the members discussed the capital investment strategy, questions concerning capital structure and the focus for risk management and asset liability management.
- **•** The **IT Committee** held four meetings to discuss the ongoing monitoring of progress in the implementation of the UNIQA Insurance Platform and other IT projects, in particular the project portfolio.
- **•** The **Digital Transformation Committee** held four meetings devoted to the activities of UNIQA Ventures, CHERRISK and the activities of Mavie Holding, which develops health offerings that go beyond classic insurance products. The progress of insurance products and services available digitally was also evaluated with new and agile ways of working also discussed. As in the previous year, the Committee invited several guest speakers.
- **•** The **Supervisory Board's Human Resources and General Remuneration Committee** ("HR Committee") held four meetings on diversity and inclusion matters, employee development and talent management issues, executive remuneration schemes and employee participation programmes. The Committee also dealt intensively with the progress of the HR strategy within the framework of UNIQA 3.0. The HR Committee's activities are closely coordinated with the Personnel Committee. Guest speakers were invited to the meetings to address specific HR-related topics.
- **•** The **Working Committee** did not hold any meetings in the past financial year.

The chairs of the respective committees informed the full Supervisory Board in detail about the meetings and their committees' work.

#### **3. Separate and consolidated financial statements**

The separate financial statements prepared by the Management Board, the Management Report of UNIQA Insurance Group AG, the consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRSs) and the Group Management Report for 2023 were audited by PwC Wirtschaftsprüfung GmbH. The auditor also verified that a combined non-financial report and a consolidated corporate governance report had each been prepared for the 2023 financial year. The audit raised no objections. The separate and consolidated financial statements were each awarded an unqualified audit opinion for 2023.

The Supervisory Board acknowledged and approved the findings of the audit.

The evaluation of UNIQA's compliance with the rules of the Austrian Code of Corporate Governance in the 2023 financial year was carried out by PwC Wirtschaftsprüfung GmbH, whereas compliance with Rules 77 to 83 of the Austrian Code of Corporate Governance was assessed by Schönherr Rechtsanwälte GmbH. The evaluations found that UNIQA had complied with the rules of the Austrian Code of Corporate Governance in the 2023 financial year – to the extent that they were included in UNIQA's declaration of conformity.

The Supervisory Board acknowledged the consolidated financial statements for 2023 and approved the 2023 annual financial statements of UNIQA Insurance Group AG. It also endorsed both the Management Report and the Group Management Report. The 2023 annual financial statements were thereby adopted in accordance with Section 96(4) of the Austrian Stock Corporation Act.

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The Supervisory Board reviewed and approved the proposal for the appropriation of profit submitted by the Management Board. Accordingly, a dividend distribution of €0.57 per share will be proposed to the Annual General Meeting on 3 June 2024.

This year, once again, I would like to take the opportunity on behalf of the Supervisory Board to extend my warmest thanks to all employees of UNIQA Insurance Group AG and its Group companies for their huge personal commitment in the past financial year 2023 and to wish them good health and continued success!

Vienna, April 2024

On behalf of the Supervisory Board

-J

Burkhard Gantenbein Chairman of the Supervisory Board

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# (Consolidated) **Non-financial report**

#### **About this report**

This report was prepared in accordance with the Austrian Sustainability and Diversity Improvement Act (Directive 2014/95/EU) and covers those sustainability concerns that also reflect our material sustainability topics.

The concepts described in this report correspond to the content of the 2023 Sustainability Report, which was prepared in accordance with the Global Reporting Initiative (GRI) standards. The sustainability report is published together with the Group Report on 11 April 2024. This non-financial report, which forms part of our 2023 Group Report, covers the 2023 financial year and, thus, the period running from 1 January 2023 to 31 December 2023. Where appropriate to do so, we compare our progress with the targets communicated the previous year and give an insight into our targets for next year.

UNIQA Insurance Group AG decided to prepare the nonfinancial statement as a separate non-financial report (option in accordance with Section 267a(6) and Section 243b(6) of the Austrian Commercial Code) and to summarise the non-financial report for UNIQA Insurance Group AG and the consolidated non-financial report for the Group. The basis of consolidation is disclosed under Other disclosures in the explanatory notes to the 2023 consolidated financial statements. This report includes information and data relating to UNIQA Insurance Group AG (UNIQA Group). All content and data in this report refer to the UNIQA Group and its fully consolidated Group companies. Should any content or key performance indicators not cover the entire UNIQA Group, this is clearly indicated in the report or explained in more detail in footnotes in the respective sections. The Telemedi Group, a Polish start-up, was acquired to supplement our health insurance services effective 31 December 2023. The company has 49 employees. As the company was acquired just before the financial statements, it cannot be included with corresponding ESG-related data for the 2023 financial year. In mid-2023, UNIQA withdrew completely from the Russian market and concluded the contract for the sale of its subsidiary Raiffeisen Life to the Russian insurance company Renaissance Life and now only operates in 17 countries. As UNIQA continued to assume responsibility for employees and environmental matters in the 2023 financial year, these data are included in this report.

Since UNIQA Insurance Group AG (headquartered in Vienna) does not directly operate the insurance business either domestically or abroad, measures to address environmental, social and employee concerns along with observing human rights, anti-corruption and bribery issues are drawn up at Group level and subsequently implemented in the operating Group companies. Accordingly, as regards the separate financial statements, no other modified or restricted concept is being pursued in any other way.

As in previous years, PwC Wirtschaftsprüfung GmbH Wirtschaftsprüfungsgesellschaft was commissioned to undertake the limited assurance audit in 2023. Further details on the audit outcomes can be found in the report on the independent audit of the consolidated non-financial report.

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#### **Company description**

The UNIQA Group is one of the leading insurance groups in its two core markets of Austria and Central and Eastern Europe (CEE). We offer our customers property and casualty insurance as well as life and health insurance products. As a financial services provider, our aim is to consider sustainability-related risks and include opportunities arising from ESG trends (ESG – Environment, Social, Governance). The next section illustrates our management approach. Further information on our business model can be found in the Strategy section of the Group Report. For information on how the policies are followed and issues are managed, please see the following sections.

#### **Sustainability strategy**

We carefully address those conditions that we consider conducive to a better life. To do this, we enter into dialogue with stakeholders, experts and the public, share our own approaches and play an active role. Sustainability is therefore a key part of our actions. Thanks to our clear position on this matter, we can encourage understanding and support from all our stakeholders, namely employees, customers, investors and the public.

Our sustainability strategy is designed to be holistic. It ties our economic ambitions to a clear environmental and social commitment to protecting the environment and social responsibility.

Our sustainability strategy was approved in October 2020 and is based on five pillars in addition to our People and Culture base and Governance framework:

- ESG investment policy
- ESG product policy
- Sustainable operational management
- Transparent reporting
- Stakeholder management

Our fundamental objective in 2023, as in the previous year, was to put this sustainability strategy into operation and embed it within the company by using milestone schedules. Our operational focus is on pillars 1 to 3, supported by transparent reporting (pillar 4) and stakeholder engagement (pillar 5). There is also particular focus on our climate strategy, which we pursue in accordance with recognised regulations (SBTi – Science Based Targets initiative) and as part of the memberships we have joined (NZAOA, GFA, PSI, PRI). More details can be found in the Environmental matters section.

#### **Materiality concept**

UNIQA's success is built on the fact that we understand how the world is changing and how we need to be able to respond to this. Our last materiality analysis took place in 2021 and identified those ESG issues deemed by our stakeholders and our business to be the most important. In 2021, we also conducted a new stakeholder identification process, including the associated weighting. We defined four stakeholder groups from this who are directly affected by our business activities, namely customers, employees, investors and the public.

The materiality analysis forms the basis for our sustainability approach, sustainability strategy and our reporting. The four most important material topics from a stakeholder perspective in 2021 were cyber risks, digital service and customer focus, advice and prevention for natural disasters as well as training and education of employees.

The five most important topics from UNIQA's perspective were the health and safety of employees, data security and processing, training and education, commitment to the environment as well as diversity and equal opportunity.

In the 2023 financial year, we initiated a group-wide project aimed at preparing us for the reporting requirements of the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS), where a "double materiality analysis" redefines the reporting limits. The analysis includes the initial collection and assessment of impacts, opportunities and risks along the value chain, involving key stakeholders such as NGOs and rating agencies. It will be completed in 2024 and will form the basis for our future reporting.

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#### **ESG integration**

The Supervisory Board deals with sustainability reporting each year in the advisory body of the Audit Committee. Here it decides on the sustainability strategy to be pursued. The Group Executive Board reports to the Supervisory Board on a quarterly basis, looking at progress with regard to environmental and social targets. The ESG Committee is embedded in the governance of the UNIQA Group and is responsible for advising the Group Executive Board. The Supervisory Board also undertakes training sessions every year in order to improve collective knowledge, skills and experience as regards sustainable development. The Annual General Meeting decides on the assessment of the Supervisory Board's performance when granting the annual discharge.

Our key body for sustainability agendas is the Group ESG Committee, which was formed in 2021. It consists of members of the Management Board of UNIQA Insurance Group AG and heads of key departments, meets on a quarterly basis and provides the Management Board with recommendations to help them make decisions on ESG matters. The Committee is responsible for integrating and enhancing ESG factors in insurance, investment and asset management activities, along with the strategic definition and continuous development of ESG-related ambitions for the entire UNIQA Group. Its tasks also include drafting and introducing appropriate guidelines. In addition, the Committee is responsible for supervising the implementation of the Group-wide climate strategy and environmental management, as well as supporting the implementation of strategic initiatives and projects in the subsidiaries.

The Sustainability Management team is part of the Sustainability, Ethics and Public Affairs department, which was newly created in early 2020. It is responsible for operationally managing the integration of ESG factors into the UNIQA Group's core business lines. Proposals regarding ESG integration within the company are drawn up and discussed in ESG working groups formed of ESG specialists and/or representatives of various operational units and departments.

In 2023, we started to integrate strategic ESG coordinators into the local organisational structure and governance in all the UNIQA Group's countries and regions. The aim is to establish sustainability in local structures to a greater extent and to tailor relevant initiatives, products and strategies to the countries or regions' specific circumstances.

Part of the variable remuneration for the Management Board of the UNIQA Group and managers in our Austrian core market is linked to climate-related interim targets. Linking the short-term incentive programme and sustainability performance highlights the priority given to these targets. This model will be extended from 2024 onwards to the Management Boards in other markets and will also be linked to a social objective. The Management Board of the UNIQA Group had a remuneration target in 2023 on reducing CO2 in operational management at our larger Austrian locations. This target had a weighting of 25 per cent of the annual target bonus. In addition, individual targets were set for the CEO, the CFO and the Board member responsible for ESG with regard to reducing the weighted average carbon intensity of our investment portfolio (WACI), which accounted for 20 per cent of their annual bonus. The long-term incentives (LTI) also reflected this prioritisation of ESG targets. In each case, 20 per cent of the targets were linked to reduction of the WACI and an increase in the proportion of investments that meet the Paris climate targets (in accordance with the criteria of the Science Based Targets initiative, SBTi). Similarly, a provision was introduced for managers in the Austrian core market that 5 per cent of their variable component is to be allocated in each case to CO2 reduction in operations management and to increasing the proportion of Paris target issuers in our investment portfolio, based on the WACI. We report on the progress of the key figures relevant to remuneration in the section on environmental matters.

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#### **Sustainability risks**

The UNIQA Group's core business is to protect its customers from risks, minimise these risks through effective bundling and generate profits. To ensure this, the position of Chief Financial and Risk Officer (CFRO) was created at Group level, which is also established on the management boards at the group companies to ensure that decision-making is riskbased.

In accordance with the latest amendment to the delegated act of the Solvency II Directive (2009/138/EC), sustainability risks must be taken into account in the risk management system. This Directive entered into force on 2 August 2022. Our objective in this context is to develop an appropriate and consistent approach to considering sustainability risks, apply this approach at all times and ensure it is updated regularly. The UNIQA Group's risk management actively takes sustainability factors and their impacts into account, and integrates them into the risk strategy and risk management process as well as into internal and external reports. Sustainability risks are treated as part of the general risk classification and are analysed for short, medium and longterm impacts, monitored and reported on as part of the risk management process. The occurrence of sustainability risks may have an actual or potential material adverse impact on the value of the Group's assets, liabilities, financial position or reputation. The results of the sustainability risk identification and assessment process are intended to help support management decisions as part of the UNIQA Group's product design or investment strategy.

In 2023, the UNIQA Group focused on refining its long-term climate scenarios, taking into account the experience from the previous reporting period. A quantitative approach was developed for the entire Group, analysing both the physical and transitory risks in the portfolio. The Group identified sustainability risks in the operational risk cycle at an early stage. The starting point was the implementation of upcoming changes resulting from a review of the Solvency II quantitative reporting templates. This involves reporting quantitative data on physical and transitional risks directly to the national supervisory authority and the European Insurance and Occupational Pensions Authority (EIOPA). We also improved the process for evaluating outsourcing risks throughout the Group, explicitly taking the sustainability of our outsourcing partners into account. All the relevant ESG data were integrated into our risk analysis software in 2023 to enable the daily monitoring of ESG limit utilisation rates from 2024 onwards.

The UNIQA Group's Natural Catastrophes Competence Centre (NCCC) deals with the complexity and evolution of natural disasters, especially in connection with climate change. The NCCC plays a crucial role in analysing various risk factors for the Group. This includes understanding the risk exposure that changes over time, identifying risk concentrations and calculating the expected annual losses based on specific natural hazards and locations, both individually and on an aggregated basis. An essential part of the NCCC's work is to analyse scenarios that realistically depict future events, including extreme and rare events, as well as the impacts of climate change under different temperature scenarios with a focus on floods, storms and hail. A key feature of the NCCC's approach is the use of advanced stochastic models that simulate hundreds of thousands of potential natural events. These models are not only state-of-the-art, but are also regularly refined to incorporate the latest data and methods. A unique feature of the NCCC's approach is that two thirds of these models incorporate the UNIQA Group's own historical claims data and thus offer a tailored risk perspective that differs from the non-specific assessments of general market models. The insights gained from these stochastic natural disaster models are fundamental to the Group's comprehensive natural disaster risk management strategy. The NCCC also plays a crucial role in the assessment of the Group's underwriting and reinsurance strategies, in particular through the annual stress scenario tests.

Material risks related to non-financial concerns are explained in more detail in the respective sections of this report.

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#### **Environmental matters**

This section describes the influence of environmental matters on our business activities along with the impacts of our business activities on the environment. It explains the concepts and measures in place as well as specific targets and impacts.

The following topics in particular are of material importance in terms of environmental matters: commitment to climate action, commitment to European climate targets, and advice on and prevention of natural disasters. We are tackling these challenges by supporting the transition to a low-carbon economy through our investments and insurance products. It is also our aim to structure our own operational management in an exemplary fashion, taking our environmental and social targets into account.

#### **UNIQA climate strategy**

We took our first major step towards implementing our own climate strategy in early 2019, when we approved UNIQA's decarbonisation policy to phase out coal in our investments and underwriting. To pursue more general climate targets, we acceded to the Net-Zero Asset Owner Alliance (NZAOA) in 2021 and the Green Finance Alliance in 2022, committing ourselves to more binding targets. One major success in 2023 was the validation of our interim targets for 2030 by the Science Based Targets initiative (SBTi), both for our investment portfolio and for our own operational management.

The key objectives in UNIQA's climate strategy are as follows:

- Pursuit of climate target trajectory in line with the 1.5 degrees Celsius target set under the Paris Agreement in investments and underwriting, and operational ecology in compliance with both EU climate change mitigation and climate change adaption targets
- Net-zero emissions in our business model by 2040 in Austria, and by 2050 throughout the entire Group
- Pursuit of and compliance with science-based interim targets for 2025, 2030 and 2035 based on climate target trajectory in line with the 1.5 degrees Celsius target set under the Paris Agreement
- Increase in sustainable investments to more than €2 billion by 2025
- Prevention of any negative impact on other EU environmental targets
- Compliance with minimum social standards

We define net-zero emissions as (a) the reduction of our scope 1, 2 and 3 carbon emissions to zero at best or to a residual level that is compatible with achieving net-zero emissions at global or sectoral level in corresponding scenarios or sector paths within the framework of the 1.5 degrees Celsius target; and (b) the neutralisation of all residual emissions to the net-zero target year and all greenhouse gas emissions subsequently released into the atmosphere.

#### Validation of our climate targets by the Science Based Targets initiative (SBTi)

Our interim targets to reduce CO2 in our investments and own operational management by 2030 have been successfully reviewed and validated by the Science Based Targets initiative (SBTi) since December 2023. The initiative defines and promotes targets based on scientific findings and independently verifies these targets set by companies. These science based 1.5 degrees Celsius targets are based on a simple principle: they focus on the amount of emissions that must be reduced in order to achieve the central aim of the Paris Agreement – to limit global warming to 1.5 degrees Celsius. In line with the SBTi framework, we have set interim targets for our investment portfolio for 2030 in four areas, which account for 23 per cent of our total investment volume. We are focusing on project financing and corporate loans for power generation, other long-term corporate loans, and listed stocks and corporate bonds. We will implement our Science Based Targets by 2030 with our commitment activities and decarbonisation target trajectory. The UNIQA Group has also set itself SBTi interim targets for our operational management. We are specifically committed to reducing our direct Scope 1 and indirect Scope 2 greenhouse gas emissions by 42 per cent by 2030 compared to the baseline year 2021.

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#### **Environmental matters in investment**

In our investment strategy, we are guided by the principles of sustainability, commit ourselves to the climate target trajectory in line with the 1.5 degrees Celsius target set under the Paris Agreement to achieve net-zero emissions across the Group by 2050, and actively promote decarbonisation as a company and investor. By focusing the analysis of our portfolio on CO2, we identify climate risks and opportunities at an early stage and can assess how ready our issuers are for the transformation in line with the Paris Agreement. Failure to comply with ESG criteria in our investment decisions not only has a negative impact on the environment and society, but also carries the risk of reputational damage. Targeted sustainable investments contribute to financing the transformation, reduce our exposure to ESG risks and increase sustainability-related opportunities. We engage in intensive dialogue with companies and asset managers to fulfil our role as an investor.

#### Decarbonisation strategy

As part of our membership in the United Nations Net-Zero Asset Owner Alliance (NZAOA) and the Austrian Green Finance Alliance (GFA), we are committed to the gradual decarbonisation of our portfolio in order to be optimally aligned with the climate target trajectory in line with the 1.5 degrees Celsius target set under the Paris Agreement and achieve net-zero emissions for our investments throughout the Group by 2050.

This year's successful validation of our interim climate targets by the Science Based Targets initiative (SBTi) rounds off our sustainability strategy for investments. By 2030, we aim to gradually transform our portfolio and reduce our Scope 3 emissions, which are largely generated in Scope 3.15 (Investments) by our investments. We also encourage our investors to set science-based climate targets themselves. By working with our specialist data provider ISS (Institutional Shareholder Services), we are able to carry out a detailed analysis of our investments in relation to various sustainability factors.

These data on our investees are necessary, among other things, to ensure our exclusion or phase-out strategy, which provides for the following limitations:

#### **Coal**

- First coal exclusion criteria from 2019
- No new direct investments in companies with more than 5 per cent of their revenue from the coal business from 2024
- Phase-out of existing direct investments in companies with more than 5 per cent of their revenue from the coal business by 2030
- New investment products offered will only be coal-free

#### **Oil**

- Orderly withdrawal from oil by 2030
- No new direct investments in the expansion of oil infrastructure projects from 2025
- No new direct investments in companies with more than 30 per cent of their revenue from the oil sector from 2025
- Divestment of direct investments in companies with more than 5 per cent of their revenue from the oil business by 2030

#### **Natural gas**

- Orderly withdrawal from natural gas by 2035
- No new direct investments in the expansion of natural gas infrastructure projects from 2026
- No new direct investments in companies with more than 30 per cent of their revenue from the natural gas sector from 2026
- Divestment of direct investments in companies with more than 5 per cent of their revenue from the natural gas business by 2035
- If a company has SBTi-validated targets, carries out EU taxonomy-aligned activities or publicly commits to the Paris Agreement, an exception can be made for our limits.

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#### **Nuclear energy**

- No new direct investments in the expansion of nuclear infrastructure projects from 2025
- Divestment of investments in companies with more than 5 per cent of their revenue from nuclear energy by 2035
- If a company has SBTi-validated targets, carries out EU taxonomy-aligned activities or publicly commits to the Paris Agreement, an exception can be made for our limits.

#### Carbon emission intensity

Our decarbonisation target trajectory focuses on individual issuers whose greenhouse gas emissions are calculated using the weighted average carbon emission intensity (WACI). This key indicator is calculated for companies as the sum of Scope 1 and Scope 2 emissions relative to the company's revenue, weighted by our investment volume. We are also observing Scope 3 emissions, but are not currently including them in the key indicator. Once we have meaningful reports on corporate Scope 3 emissions, we plan to take them into account.

We use the values for 2021 as the baseline to measure our activities and targets. On this basis, the UNIQA portfolio's WACI has fallen by 29 per cent from 2021 to 2023 and by 27 per cent since the previous year. This shows the improvement in the efficiency of the companies in which we are invested, with regard to their Scope 1 and Scope 2 greenhouse gas emissions in relation to their revenue. As such, we have reached our emissions reduction target of 15 per cent compared to 2021, which was set for the beginning of 2025, a year earlier. The decrease from 2022 to 2023 is mainly due to the reduction in the emission intensity of our existing investments.

|                                                                                      | 2021<br>(baseline year) | 2022 | 2023 | 2025<br>(target) |
|--------------------------------------------------------------------------------------|-------------------------|------|------|------------------|
| Weighted average carbon emission intensity<br>[Scope 1 & 2 t CO2e/€ million revenue] | 99                      | 96   | 701) | 84               |

1) The Executive Board's remuneration for 2023 was linked, among other things, to the WACI key indicator.

#### Carbon Risk Rating

The Carbon Risk Rating is an overall assessment of companies and countries on a scale of 0 to 100 for climate risk management, determined by ISS. A higher rating indicates improved carbon management. For companies, the assessment is based on more than 100 industry-specific indicators that classify the carbon risk at industry and subsector level. For states, the rating assesses the government's effectiveness in reducing greenhouse gas emissions and adapting to climate risks. The rating is weighted by investment volume. In 2023, our rating improved by 4 per cent compared with 2022, partly due to our investment decisions and partly due to an improvement in internal risk management at the companies we invested in.

#### ESG performance score

The ESG performance score monitors the ESG profile of our investments and ranges from 0 to 100, with over 50 considered "Prime" and showing above average ESG performance. The score is composed of industry-specific and cross-industry indicators with different weighting depending on the industry. The topics cover dealing with suppliers, the standard of corporate governance in the company as well as environmental aspects. The score is weighted by investment volume. Our ESG performance score remained relatively stable at the ISS Prime level of 51.6 in 2023 compared with 2022.

|                       | 2022 | 2023 |
|-----------------------|------|------|
| ESG performance score | 51.3 | 51.6 |

|                    | 2022 | 2023 |
|--------------------|------|------|
| Carbon Risk Rating | 50.2 | 52.4 |

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#### Absolute financed emissions

Absolute financed emissions provide an indication of the carbon emissions that we finance through our investments in companies and countries. The indicator is calculated by multiplying our holding in a company by its Scope 1 and Scope 2 emissions. We obtain this data from ISS. UNIQA's financed emissions increased by 7 per cent compared with 2022, but are still 21 per cent below their 2021 level. In 2023, the share of companies that have set themselves SBTi emission reduction targets in the total emissions financed by UNIQA increased to 31 per cent (compared with 24 per cent in 2022). For this reason, we expect a future reduction in our corporate portfolio's financed emissions.

**2022 2023** Financed emissions from corporate investments\* [t CO2 e] 383,746 409,714 Share of financed corporate investment emissions with targets approved by SBTi\* 24% 31%2)

\* The coverage of financed emissions from our investments in listed companies, corporate bonds (excluding collateralised debt) and corporate loans was 77 per cent for 2023.

In line with our NZAOA membership, we started monitoring other country-specific issues for government bonds in 2023 using the PCAF methodology3). The monitoring is to be used in future for NZAOA reporting and a key indicator is to be derived as a basis for future targets. We are reporting for the first time on the absolute emissions financed from government bonds for 2023.

|                                             | Volume<br>invested<br>(EUR) | Carbon<br>emissions 2023<br>(Scope 1)<br>[t CO₂e]4) |
|---------------------------------------------|-----------------------------|-----------------------------------------------------|
| Financed emissions from<br>government bonds | 6,029,700,423               | 2,088,428                                           |

The coverage of the total financed emissions from our investments in listed companies, corporate bonds (excluding collateralised debt), corporate loans and government bonds was 47 per cent for 2023. In the near future, we plan to increase this coverage by engaging in other asset classes.

2) The Executive Board's remuneration for 2023 was linked, among other things, to the SBTi percentage.

3) PCAF methodology: (investment position in government bonds (EUR)/GDP adjusted for purchasing power (EUR) \* country's Scope 1 production emissions [t CO₂e])

4) The data are taken from the UNFCCC (United Nations Framework Convention on Climate Change) database. The data cover 100 per cent of direct investments in government bonds.

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#### Sustainable investments

The UNIQA Group finances issuers that contribute to emission reduction or social projects. Depending on the asset class, we are guided by the sustainability definitions for Green, Social and Sustainability Bonds according to International Capital Market Association (ICMA) principles. Funds are included in our sustainable investments in accordance with Article 9 (dark green funds) of the EU Sustainable Financial Disclosure Regulation (SFDR) and thus represent investments with the pursuit of a sustainability goal as defined by the SFDR. Qualified investments in infrastructure projects are also included in our sustainable investments. The sustainable investment strategy is set out in the UNIQA Group Responsible Investment Standard. Investments made are regularly reviewed by the Risk Management team. UNIQA's sustainable investments increased by 67 per cent to €2.17 billion between 2021 and 2023. This enabled us to exceed our target of €2 billion for 2025 a year earlier. This target was previously set in 2021, including investments in Article 8 funds. However, due to our stricter reclassification of what we define as sustainable investments, these funds are no longer included. Nevertheless, we have achieved our target, mainly due to the significant increase in our investments in Green Bonds, which have more than doubled since 2021. In addition, the share of sustainable installations in our overall portfolio almost doubled in 2023, to 10 per cent. Our sustainable investments including Article 8 funds amounted to €1.7 billion in 2022. With Article 8 funds having been removed from our definition of sustainable investments, the figure for 2022 was €1.46 billion.

#### Principal adverse impacts

With reference to the EU Sustainable Financial Disclosure Regulation (SFDR) we monitor the diverse criteria for the negative impact of individual issuers on the environment and society – described as principal adverse impacts – and have been reporting on these indicators for the first time since mid-2023 for our investment activities. One focus area is the annual reduction of CO2e emissions. Similarly, we monitor social issues such as non-compliance with the principles of the UN Global Compact or the Organization for Economic Cooperation and Development (OECD) Guidelines for Multinational Enterprises. We do not make any new investments in companies that violate these principles. Furthermore we do not finance any companies involved in the manufacture or sales of anti-personnel landmines, cluster ammunition or chemical and biological weapons. We also do not finance any countries with no tax cooperation arrangements in place with the EU and do not make any investments in their government bonds.

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#### Engagement strategy

As part of our engagement strategy, which was launched in 2022 and expanded further in 2023, we rely on both proactive and reactive engagement in direct and indirect contact with our investees. This engagement is designed to improve the performance of our investees, especially in terms of their climate strategy and decarbonisation targets and measures. We rely on active dialogue to promote the idea of transition in order to prevent the divestment step if possible.

By proactive engagement we mean direct bilateral contact with individual companies. The focus is on those companies that together account for 65 per cent of our financed emissions. Over the next four years, we will be supporting these companies to achieve their goals in bilateral discussions with the ESG teams.

By reactive engagement we mean, on the one hand, collaborative engagement, which we have been pursuing since 2022 as part of our membership in the Climate Action 100+ (CA 100+) investor initiative. In this case, a group of international investors contact one of the 170 companies that have the highest emissions globally, to align its climate strategy and reporting with science-based climate targets.

On the other hand, we have been pursuing controversial or standards-based engagement, which is led by ISS, since 2023. ISS enables investors to engage with companies that commit serious and structural violations of normative criteria in the areas of corporate governance, human and labour rights, the environment, bribery and corruption or fail to take measures to adequately respond to these violations and to take countermeasures. These include, in particular, violations of the principles of the UN Global Compact (UNGC) and of the Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises.

As part of our engagement, we try to convince our investees to do the following:

- Implement a governance framework that defines climate risk responsibilities and supervisory duties
- Take action to reduce greenhouse gas emissions along the entire value chain in line with the Paris climate target of 1.5 degrees Celsius and set SBTi-validated targets, if not already in place
- Transparent disclosure to demonstrate the resilience of the corporate strategy with regard to different climate scenarios

We review our engagement activities on the basis of key indicators. In line with our proactive bilateral engagement strategy, we contacted two companies selected for their high share of our financed emissions and obtained an initial overview of our engagement partners' climate-relevant targets, measures and strategies in 2023. Together, these two companies represent 33 per cent of our financed emissions. As part of our membership in CA 100+, we participated in a collaborative case of engagement last year. Together with ISS, we joined 25 standards-based engagements in the 2023 reporting year. These included 15 cases of social violations and ten cases of environmental violations. In 23 cases, measures or commitments have already been adopted by the companies concerned to remedy the violation. Under our membership in the Net-Zero Asset Owner Alliance, we took part in another collaborative engagement with one of the world's largest asset managers in 2023, focussing on climate-specific issues.

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| Topic           | Target achievement in 2023                                                                                                                                                                                                                                                                                   | 2024 targets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Decarbonisation | Successful validation of the interim climate targets for our<br>portfolio by the Science Based Targets initiative (SBTi)                                                                                                                                                                                     | We will continuously improve the ESG quality of our<br>assets by aligning our portfolio more closely with the<br>obligations we have entered into with our memberships.<br>Our decarbonisation and engagement measures will<br>continue in line with our science-based targets in<br>the following year. In addition to the existing focus on<br>emissions, we will also integrate other ESG factors, such<br>as biodiversity and water, into our sustainability analysis<br>in greater depth to obtain a comprehensive overview of<br>our investments. |
|                 | Establishment of the decarbonisation target trajectory<br>for our investments taking into account the requirementsof our NZAOA and GFA memberships in order to align the analysable portfolio with the 1.5 degrees Celsius target by 2040 and achieve net-zero emissions in the investment portfolio by 2050 | By 2025, we aim to keep our target volume of €2 billion in sustainable investments as stable as possible despite potential price fluctuations and, if possible, expand them even further.                                                                                                                                                                                                                                                                                                                                                               |
|                 | Increase in sustainable investments by 49 per cent<br>compared with 2022                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Engagement      | Expansion of engagement activities with investees:<br>proactive and reactive engagement on environmental and standards-based topics                                                                                                                                                                          | We will continue our existing engagements and increase the number of engagements in 2024. Our long-term goal is to cover 65 per cent of our financed emissions through our engagements over the next four years. We plan to cover not only relevant climate issues in our bilateral engagements but also other environmental issues such as biodiversity and water, as well as governance issues.                                                                                                                                                       |

#### **Environmental matters in underwriting in the Retail segment**

As one of the leading insurers in Central and Eastern Europe, we bear equal responsibility for protecting the personal living standards of our customers and the value added processes of our company. Risk prevention and mitigation are key areas in which environmental and social impacts increasingly need to be incorporated into the advisory approach. Sustainability factors are therefore increasingly being taken into account in the underwriting process as well as products and services within our insurance business.

Every product development follows a structured, transparent process, which is laid down in our policy and our product development process standard. An internal audit process ensures that any product development in Austria is also examined and evaluated from an ESG perspective. This process was further developed and consolidated in 2023.

UNIQA Austria's life insurance is also adaptable. Thanks to highly flexible policy structures and transparent, easyto-understand cost models, it can be tailored to customers' needs. In endowment life insurance, we launched another UNIQA portfolio in category c (sustainability category according to IDD) in autumn 2023 and thus integrated a standardised product range focused on sustainability for various risk classes.

In property insurance, UNIQA Austria is focussing on important future issues such as the circular economy and alternative energies. The new "Privatschutz Wohnen & Freizeit" household and homeowner insurance launched in 2023 includes, for example, increased natural disaster relief and a module for circular economy and renewable energies.

We support contemporary medical care in health insurance in Austria, motivating our customers to live healthier lives by building medical centres, expanding our partner network LARA, offering telemedicine surgeries and trained Vital-Coaches.

UNIQA Austria has been offering a new senior citizens' casualty insurance product since 2023. In particular, it provides older customers with security in covering care costs so that their standard of living can be maintained. This contributes to more equal access to care services and reduces social inequalities in healthcare.

In the bancassurance sector in Austria, we are increasingly focused on funds that take social, ecological and ethical criteria into account when it comes to unit-linked products. We also provide special subsidies for taking out homeowner and household insurance policies with ecological elements such as photovoltaic or solar systems, as well as for motor vehicle insurance for electric vehicles.

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Likewise, we are gradually integrating sustainability into our insurance products on international markets, such as insurance coverage for electric vehicles at UNIQA Czechia and UNIQA Slovakia. UNIQA Poland addresses social needs through enhanced cover, taking into account the needs of older people in relation to specific services, as well as student insurance with a focus on diversity and psychological support.

| Topic                               | Target achievement in 2023                                                                                                                    | 2024 targets                                                                                                                                                                                                      |
|-------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Sustainability in<br>life insurance | Expansion of the UNIQA portfolio in category c<br>(sustainability category according to IDD) for endowment<br>life insurance at UNIQA Austria | Exclusively products with a focus on sustainability in<br>unit-linked life insurance from UNIQA Austria (new green<br>individual funds in categories c and b; funds in category b<br>bear the Austrian eco-label) |

### **Environmental matters in underwriting in the Corporate Business line**

At a time marked by the challenges of climate change, the role of corporate business is growing beyond the mere coverage of risks. As a facilitator for improving financial resilience, UNIQA is at the interface between the development of the industry and responsibility for sustainability. Sustainability developments have a significant impact on the insurance industry and on the insured companies. These include the increase in climate-related damage and the increased market demand for new sustainable products and product components. The UNIQA Group is responding by integrating ESG risks into the underwriting process, incorporating ESG criteria into customer analysis and disclosing the underwriting portfolio's sustainability performance. These innovations support sustainable business and new technologies.

#### **Sustainability strategy in UNIQA's corporate business**

Our sustainability strategy approach in UNIQA's corporate business comprises three main directions:

#### **1. Advice on strengthening resilience to climate-related risks**

The UNIQA Group offers companies advice to strengthen their resilience to climate risks and to overcome challenges. "First-aid measures" expand the recommendations for risk prevention.

#### **2. Decarbonisation of the underwriting portfolio**

The UNIQA Group aims to achieve net-zero emissions in the underwriting portfolio by 2040 in Austria, and by 2050 in CEE. Decarbonisation steps include the phase-out of coal (since 2019), oil (by 2030), and gas (by 2035) in corporate business.

#### **3. Development of new sustainability products and components**

UNIQA Corporate Business supports customers in their sustainable economic growth and in developing new sustainable technologies through innovative products. The focus is on the circular economy and environmental liability components in insurance solutions.

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#### Insurance-associated emissions

As a member of the Austrian Green Finance Alliance (GFA), we aim to report on our insurance-associated greenhouse gas emissions and to set targets to reduce our emissions to net-zero in Austria by 2040 and in CEE by 2050. In the 2023 reporting year, we completed the analysis of our Austrian corporate portfolio for the 2022 financial year using the Partnership for Carbon Accounting Financials (PCAF) methodology for measuring insurance-associated emissions. We also carried out the calculation for 2023 in Austria. 2022 serves as the baseline year for future target tracking. The interim targets up to 2040 and 2050 have been drawn up for the entire UNIQA Group and can be found with the emission levels for Austria in the following table:

| Topic                  | 2022<br>(Baseline) | 2023<br>(Status)  | 2025 | 2030 | 2035 | 2040 | 2045 | 2050 |
|------------------------|--------------------|-------------------|------|------|------|------|------|------|
| UNIQA<br>Austria       | 20,164*<br>t CO₂e  | 19,722*<br>t CO₂e | -5%  | -20% | -40% | -60% | -    | -    |
| UNIQA<br>International | n.a.**             | n.a.**            | -5%  | -15% | -25% | -40% | -45% | -50% |

\* The portfolio's insurance-associated emissions in the property and technology insurance (100 per cent) und motor vehicle liability insurance (30 per cent) business lines. The premium coverage of the portfolio analysed is 53 per cent of the total insurance portfolio of industrial insurance (includes property insurance, liability insurance, transport insurance, and financial lines).

\*\* Only emissions from Austria are reported in 2023. In 2024, we will in any case complete the analysis with all EU markets, which together are 85 per cent of the UNIQA International premium. Over the following years, the entire Group will gradually follow in the actual recording and detailed planning.

#### **Proxies and estimates used**

#### a) Calculation of insurance-associated emissions

Externally-sourced industry data on the business activities' carbon emission intensity (Scope 1 & 2) (according to NACE codes) were used to calculate the insurance-associated carbon emissions in the underwriting portfolio. We calculated the total amount of carbon emissions from these data, combined with our customers' business activity, revenue, and annual insurance premium, using the PCAF formula. The calculation corresponds to a PCAF data quality factor of 5.

Estimates: where public information on revenue was not available, other public sources containing the companies' financial data, including estimates, were used. Internal estimates were used for public institutions, companies with negative revenue and non-commercial companies.

#### (b) Definition of decarbonisation targets

The interim decarbonisation targets were defined taking into account:

- the local decarbonisation ambitions of the main UNIQA markets from a premium volume perspective (Austria, Poland, Czechia/Slovakia, Hungary, Romania, Croatia and Bulgaria),
- our portfolio's current industry distribution,
- major decarbonisation initiatives (such as the phasing out of fossil fuels, growth of the renewable energy business),
- the countries' nationally determined emission reduction plans for the relevant industries represented (in particular energy, heavy industry, transport and waste).

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The level of ambition for the interim targets corresponds with the decarbonisation commitments of the states represented and is reinforced by the comprehensive decarbonisation agenda at UNIQA Corporate Business.

#### ESG risk assessment

In May 2023, UNIQA Corporate Business introduced the ESG standard for the underwriting process, which integrates the corporate business' ESG risks into the process. The underwriting platform's special functions enable automated risk assessment of the submitted quotes with regard to their exposure to environmental, social and governance risks. The risk assessment is carried out by an external data provider and is based on the guidelines of the Principles for Sustainable Insurance (PSI) "Management of Environmental, Social and Governance Risks in the Non-Life Business". Of the 15,006 customers rated in the Austrian portfolio, 45 per cent were assigned at least one ESG risk. Of these, 45 per cent had at least one high environmental risk, 68 per cent at least one high social risk, and 42 per cent at least one high governance risk.

| Results of the ESG risk assessment of the Austrian portfolio*            | 2023   |
|--------------------------------------------------------------------------|--------|
| Number of customers assessed with respect to their exposure to ESG risks | 15,006 |
| Proportion of customers assessed with ESG risks allocated to them        | 45%    |
| Proportion of customers assessed with at least 1 high E risk             | 45%    |
| Proportion of customers assessed with at least 1 high S risk             | 68%    |
| Proportion of customers assessed with at least 1 high G risk             | 42%    |

\* The analysis included companies with standardised insurance products whose premiums make up 25 per cent of the entire SME portfolio. In 2024, we will also analyse Austrian portfolios of industrial insurers and portfolios of industrial insurers or EU markets.

The results are consistent with the assumption that many of the industries in our underwriting portfolio are potentially exposed to at least one of the high ESG risks. We will publish the progress made in analysing the company data in relation to ESG risks in the next sustainability report.

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#### Decarbonisation of the underwriting portfolio

We are tracking the business volumes in all our markets with companies in sectors that use coal, oil and natural gas as part of our commitment to exit the fossil fuel business. We have defined a clear timetable for this exit and see clear progress in decarbonising the portfolio, as measured by the absolute premium in Corporate Business (business lines: property, technology and liability insurance). We plan to incorporate further business lines into the analysis in 2024.

| Corporate business<br>Non-life premiums for<br>coal/gas/oil companies | 2022       | 2023       |
|-----------------------------------------------------------------------|------------|------------|
| Coal                                                                  | €6,503,758 | €4,102,667 |
| Natural gas/oil                                                       | €5,578,239 | €5,399,079 |

The decline in the coal business in Corporate Business by almost half in 2023 is due to essentially meeting the exit commitments in our Polish portfolio. We monitored all remaining coal customers in the portfolio in 2023 based on available data with regard to their commitment to climate-related targets and relevant climate strategies. We also want to conduct this analysis in 2024 for all oil and gas companies in our portfolio. With respect to the analysis of coal customers, the results of our first step (monitoring publicly available data) provide us with a clear overview of those customers that may be subject to written commitment. In accordance with our decarbonisation declaration, we are committed to exiting all portfolio items in companies that generate more than 5 per cent of their revenue from activities in the coal sector by 2030. This does not include companies that have set science-based climate targets (time horizon: 2050, including five-year interim targets) and are decarbonising their core business in line with the Paris Agreement, or projects that are in line with the Paris targets. Our customers who have published such commitments already, make up 25 per cent according to our analysis of the open data. We will work with those customers who have not yet defined their own decarbonisation pathway to obtain confirmation of their climate plans by the end of 2026. We will gradually stop extending policies for those coal customers who do not commit to emission reduction plans in line with the Paris Agreement.

#### Renewable energy business

We intend to expand our business activities with companies from the following sectors across the Group as part of our solutions for renewable energies: solar power, wind power, hydropower and biomass energy. In 2023, we increased our premium volume in renewables by 20 per cent. There are multiple UNIQA markets behind this growth, i.e. Austria, Romania and Bulgaria, where we are experiencing significant growth in the renewable energy business and technical consulting for photovoltaics.

|                                                                          | 2022        | 2023        |
|--------------------------------------------------------------------------|-------------|-------------|
| Net annual premium from insured companies in the renewable energy sector | €12,648,649 | €16,434,075 |

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| Topic                                       | Target achievement in 2023                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2024 targets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Decarbonisation<br>and ESG risk<br>analysis | Calculation of carbon emissions and ESG risk analysis of<br>the underwriting portfolio by integrating external data<br>into the front-end system for automatic ESG-related<br>calculations with each quote<br>Expansion of the underwriting process to include the<br>ESG risk assessment in the internal ESG Standard for<br>Underwriting process regulation document and the ESG<br>consultant role implemented in each business unit to<br>analyse the quotes escalated based on the ESG criteria | We plan to continue our portfolio analysis for greenhouse<br>gas emissions and ESG risks in all UNIQA International<br>markets in 2024. We will also continue to pursue the<br>decarbonisation of our portfolio with the selected key<br>figures and targets and gradually improve the data. We<br>also plan to analyse publicly available primary data on<br>carbon emissions from companies in our underwriting<br>portfolio in 2024 in order to improve the quality of the data.<br>We will also work on solutions for SMEs. |
| Engagement                                  | Continuous further development of the climate and<br>engagement strategy for UNIQA Corporate Business<br>as well as determination of key figures and targets for<br>decarbonisation of the underwriting portfolio, advice on<br>climate risks and engagement with customers                                                                                                                                                                                                                          | Education and awareness are fundamental drivers of<br>change. We are planning to hold a series of sustainability<br>events over this next year that will bring industry leaders<br>and experts together with our corporate clients.                                                                                                                                                                                                                                                                                             |

#### **Environmental matters in operational management**

An environment that is as clean and intact as possible is the basis for functioning economic systems and societies. As UNIQA, we can contribute to this by promoting sustainability and reducing negative impacts both through our business activities and in our own company. Failure to comply with environmental criteria in operational management may have negative impacts on the environment (e.g. increased carbon emissions), which may harm UNIQA's reputation. Negative impacts on the environment and society (such as breaches of social standards) and reputational risks for UNIQA may also occur in procurement. Environmental management in our own operations is therefore a key aspect of our sustainability strategy and the introduction of a certified environmental management system in Austria is one of our most important strategic ambitions.

The steps we are taking to reduce our carbon emissions are based on the application of international certifications and standards in our dealings with suppliers and on the optimisation of our internal environmental management systems. We are increasing our use of renewable energy and reducing carbon emissions by systematically conserving resources and encouraging the use of low-emission mobility options.

At group level, we successfully completed the process for calculating and validating science-based climate targets in accordance with the Science Based Targets initiative (SBTi) in 2023. These targets not only include aligning our investments with the trajectory for the 1.5 degrees Celsius target set under the Paris Agreement, but also reducing greenhouse gas emissions from our own operational management (direct Scope 1 emissions and indirect Scope 2 emissions from purchased electricity and heat). We are specifically committed to reducing our direct Scope 1 and indirect Scope 2 greenhouse gas emissions by 42 per cent by 2030 as against the baseline year 2021.

In 2024, we will conduct a comprehensive detailed survey of Scope 1 and Scope 2 emissions for our Group's own buildings. In the course of 2025, the data quality will be improved so that we can draw up a strategy to achieve our SBTi targets with action plans from 2026 onwards. By implementing this strategy, we aim to achieve net-zero emissions in Austria by 2040 and in CEE by 2050.

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Our internal environmental management strategy is underpinned by our commitment to the Paris climate targets, which we have implemented with an initial programme of operational milestones and measures in 2022 for all sales offices in Austria. This plan includes the following key pillars:

- Use exclusively ecolabel 46 certified green energy from 2024 onwards
- Increase energy efficiency in our buildings by at least 33 per cent by 2040 compared with 2019
- Expand photovoltaic capacity to at least 600 kWp by 2035
- Phase out all oil and gas heating by 2035 at the latest
- Change over to 100 per cent electric vehicles in the company fleet by 2030 at the latest

#### Introduction of an EMAS-compliant environmental management system

UNIQA actively promotes environmental protection as part of the Group's sustainability strategy and as a member of the Green Finance Alliance. To implement this commitment, an environmental management system according to EMAS (Eco-Management and Audit Scheme) will be introduced at the Austrian location by the end of 2024. EMAS improves operational environmental performance by assessing key areas such as energy efficiency, emissions and waste management. We have already collected relevant data, evaluated and implemented processes and published our environmental policy. Recycling islands were introduced to improve waste separation and recycling rates in the company. Regular audits will ensure the effectiveness of the environmental management system. We will continue our efforts to reduce our ecological footprint.

#### Sustainability in procurement

UNIQA's Group Procurement Policy lays out our procurement model and our clear commitment to high social and environmental values, including the integrity of our suppliers and the strict prohibition of corruption and bribery. UNIQA is committed to high social and environmental standards, including the selection of suppliers who follow our value system and demonstrate a high level of integrity. Supplier registration verifies the company's master data, cost-effectiveness, certificates (e.g. ISO) and compliance with laws and conventions. Since July 2023, the UNIQA Code of Conduct has been integrated into the supplier registration process, which includes human rights, labour standards, environmental protection and the fight against corruption. The largest suppliers are assessed annually, also taking into account advanced security, data protection and ESG factors.

#### Corporate carbon footprint

Using the energy consumption figures and environmental data available for the 2023 financial year, we have once again calculated UNIQA's corporate carbon footprint (CCF). This quantifies the greenhouse gas emissions in our head offices and Austrian regional offices and includes companyspecific and other relevant emissions, measured in CO2 equivalents. The figures cover the main offices in 18 UNIQA countries (including Russia) as well as 9 regional offices in Austria and, for the first time, the 2023 report also includes roughly 55 service centres in Austria. The CCF reflects all emissions directly produced within the company (Scope 1) as well as indirect emissions resulting from bought-in electricity and heating (Scope 2). Additional indirect emissions caused by business travel (by plane and train) are also included (Scope 3.6). In 2023, we introduced changes to the process for calculating the CCF. For example, environmental data collection was switched to a professional web-based tool. This has significantly improved the process, both in terms of collecting data and monitoring the results. The transition also led to a change in the calculation, since other emission databases are used in some aspects. In order to compare 2023 with the previous year on the same basis, the 2022 CCF was recalculated using the new tool. The total carbon emissions 

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for the 2022 financial year increased by around 3 per cent as a result of the changeover. This increase is partly due to using different emission factors: in the previous year, we used emission factors from Ecoinvent, the Federal Environment Agency, VDA and the IEA, but in the new calculation, Ecoinvent emission factors were used across the board for consistency. Due to system constraints in the choice of emission factors, a higher emission factor was used for flights. The new calculation used a technology-based factor for district heating consumption (compared to a country-specific factor with the old calculation). Fuel consumption for hybrid vehicles was also included. The table below shows the original and recalculated values for 2022. The targets validated by the SBTi will be recalculated for the 2024 financial year following the future availability of data from all owner-occupied buildings, re-submitted for validation and then disclosed accordingly.

In 2023, absolute market-based greenhouse gas emissions increased by 19 per cent to 9,909 metric tons of CO2 compared with the previous year, while greenhouse gas emissions per employee fell by around 3 per cent. The increase in absolute emissions is explained by the expansion of the accounting group by a further 55 offices in Austria, which has mainly increased Scope 1 and Scope 2 emissions in heating, and by the first inclusion of the general electricity at the Warsaw office. Similarly, Scope 3 emissions in mobility increased dramatically across countries as business travel resumed after the end of the COVID-19 pandemic. In addition, refrigerant consumption was included in the CCF calculation for the first time in 2023, which increased emissions by almost 200 metric tons alone. The ongoing transition to green electricity tariffs cushioned the impact. This and the high level of greening for the new sites added to the accounting group in 2023 led to a slight reduction in carbon emissions per employee.

| Corporate carbon footprint5)                          |                        |                     | 20216)   | 20227)<br>(Old calculation) | 20228)<br>(New calculation) | 20239) |
|-------------------------------------------------------|------------------------|---------------------|----------|-----------------------------|-----------------------------|--------|
|                                                       | t CO2e                 | Heating             | 323      | 302                         | 282                         | 44     |
| Scope 1 – Direct emissions                            | t CO2e                 | Vehicles            | 4,208    | 3,599                       | 4,387                       | 4,410  |
|                                                       | t CO2e                 | Refrigerant         | n/a10)   | n/a10)                      | n/a10)                      | 197    |
|                                                       | t CO2e                 | Electricity         | 2,958    | 2,125                       | 2,324                       | 2,474  |
| Scope 2 – Indirect emissions<br>(market-based)        | t CO2e                 | District<br>heating | 2,01611) | 1,813                       | 976                         | 1,682  |
| Scope 3 – Other indirect<br>emissions                 | t CO2e                 | Flights             | 52       | 253                         | 344                         | 64     |
|                                                       | t CO2e                 | Train trips         | 28       | 32                          | 32                          | 64     |
| Total CO2 emissions<br>(market-based)                 | t CO2e                 |                     | 9,585    | 8,124                       | 8,345                       | 9,909  |
| Total CO2 emissions<br>(market-based) per employee12) | t CO2e per<br>employee |                     | 1.39     | 1.00                        | 1.01                        | 0.99   |

5) Details of the calculations and corresponding definitions of primary energy consumption can be found in the explanatory notes before the table. The figures cover the main offices in 18 UNIQA countries as well as 9 regional offices in Austria and, for the first time, the 2023 report also includes roughly 55 service centres in Austria.

7) Previous year's reporting figures. Data (with the exception of mobility and paper consumption) only relate to the figures for head offices in the following countries: Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czechia, Hungary, Kosovo, Liechtenstein, Montenegro, North Macedonia, Poland, Romania, Russia, Serbia, Slovakia, Switzerland and Ukraine. The scope for Austria was also extended by an additional nine locations (regional offices). Switzerland was also included in the reporting for 2022.

8) Figures after new calculation and revised emission factors; the figures were recalculated for the previous year. For details, see the explanations in the text before the table. For the calculation scope, please see the previous footnote.

9) Figures after new calculation and revised emission factors; for details, see the text before the table. Calculation scope as in previous year plus roughly 55 Austrian service centres in 2023.

10) Refrigerant consumption and corresponding GHG emissions were recorded for the first time for the 2023 reporting year.

11) For district heating, a more accurate source for the composition of country-specific energy sources for district heating was applied. As a result, the emission factor for 2021 has changed retrospectively, increasing total emissions from 8,678 metric tons of CO₂e to 9,585 metric tons of CO₂e.

12) Only Scope 1 and 2 emissions are considered when calculating the carbon intensity.

<sup>6)</sup> 2021 reporting figures. Data (with the exception of mobility and paper consumption) only relate to the figures for head offices in the following countries: Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czechia, Hungary, Kosovo, Liechtenstein, Montenegro, North Macedonia, Poland, Romania, Russia, Serbia, Slovakia, Switzerland and Ukraine. For the 2021 financial year, the former AXA companies have been fully integrated into the countries.

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| Topic                   | Target achievement in 2023                                                                                                             | 2024 targets                                                                                                                                                                                                            |
|-------------------------|----------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Renewable energy        | Seven photovoltaic installations with a total of around<br>230 kWp were put into operation (total output of around<br>500 kWp reached) | Addition of another approx. 600 kWp by 2035. The objective<br>is 10 per cent coverage of electricity consumption by<br>photovoltaic systems in the balance sheet at Austrian sales<br>offices in 2030.                  |
| Sustainable<br>mobility | Share of electric cars increased to 48 per cent (fleet<br>average fell to 41 g CO2/km)                                                 | We have already achieved the 2024 target (43 per cent or<br>40 g CO2/km) for the share of electric cars. For 2025 we<br>want to increase the share to about 63 per cent (reduce<br>fleet average to about 23 g CO2/km). |

#### **Social matters**

In this section, we will look at how societal and social issues affect our business activities and relationships, and vice versa. In particular, we will explain our approaches to social activities and sponsorships, customer focus and innovative services and products as well as data protection.

Negative macroeconomic trends pose a risk to UNIQA's business model. We are committed to pursuing the UNIQA 3.0 corporate strategy to improve and develop our business so that we can mitigate these risks and contribute to achieving social prosperity.

#### **Social activities and sponsorships**

We believe that every successful company has an obligation to give back to society.

As Austria's largest health insurance company, we focus on health and education, supporting physical activity, healthy nutrition and mental resilience for young and disadvantaged people. We also promote non-profit initiatives, especially in art and sport, through targeted sponsorships. UNIQA also places all kinds of emphasis on supporting general interest initiatives. Promoting the arts and sports are important focal points here in all of our markets. In the case of social activities and sponsorship, initiatives must be aligned with corporate values and ethical or sustainability-related standards in order to avoid reputational damage for UNIQA and negative impacts on society. Under the Code for Transparent Cooperation between NGOs and companies, we have been publishing our collaborative partnerships with NGOs and the associated sponsorships and donations on our website since 2020.

#### UNIQA Austria's sponsorship projects in 2023

KURIER Aid Austria educational facilities: supporting deprived children and young people from disadvantaged socioeconomic backgrounds in order to help them enjoy independent learning under their own initiative.

Mobile Caritas hospice: the Day Hospice and Mobile Caritas Hospice offer companionship, care and welfare in familiar surroundings for people in the final days of their lives.

Mountain Rescue Service (Österr. Bergrettungsdienst): supporting the 13,000 volunteer rescuers who look after and assist people when they encounter difficulties in the mountains.

One particular highlight last year was supporting the collaboration between UNIQA Stiftung and the Special Olympics Austria (SOÖ) to organise the Inclusion Days. UNIQA Austria is represented at the Special Olympics National Winter Games 2024 in Austria from 14 to 19 March 2024, this time with more than 100 employees from all over Austria. They use their volunteer days for this event to actively contribute and experience inclusion first hand.

| Topic                                   | Target achievement in 2023                                                                                                                                                                                                           | 2024 targets                                                                                                                                                                               |
|-----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Corporate<br>volunteering<br>activities | During the 2023 financial year, the UNIQA Group continued<br>to support social causes through donations, corporate<br>volunteering (UNIQA Sozialtag (volunteer day), and<br>collaboration and initiatives with UNIQA Privatstiftung. | In keeping with our strategy and implementing guidelines,<br>we will continue to put in place suitable measures and<br>initiatives and play our part in general social matters in<br>2024. |

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## **Customer focus and innovative services and products**

An insurance company must provide security: our customers expect a level of risk cover that is tailored to their individual circumstances, and we support them in preventing damage and loss with easy customer-friendly communication and rapid processing when there is a claim. As a companion who is there to support our customers, we always think and act from their perspective. Because clarity and transparency play a key role in customer satisfaction, they are given high priority in our internal sales guideline.

The growing demand for sustainable insurance solutions is strongly shaping our advisory services. Through targeted automation in the advisory process, the UNIQA Group creates a smooth connection between the digital and physical world in order to document the concerns of our customers transparently and efficiently while also making sufficient time for personal consultations. We invest specifically in sustainability training for our sales team, using a variety of training formats such as asynchronous e-learning modules and faceto-face events. We have also been able to obtain support for these measures from experts in academia and NGOs as well as from the Austrian Federal Ministry for Climate Action.

We aim to reduce our ecological footprint by expanding our customer portal myUNIQA. In 2023, around 565,000 registered customers used this innovative service. In addition, more than 21 per cent of our private customers already receive their insurance documents purely digitally by email. This allows us to make relevant savings in carbon emissions.

We also use customer complaints as an important feedback tool. We deal with requests, problems and complaints quickly using a solution-based approach in order to learn from them and improve our processes. To further simplify the handling of complaints, we are creating a common platform for the Customer Touchpoint & Case Management department and our Ombudsperson's Office, which will be finalised by the end of 2024. In the 2023 reporting year, 1,135 complaints were registered in Austria, a decrease of 11 per cent compared with the previous year (2022: 1,280).

| Topic    | Target achievement in 2023                                                                                                                                                                         | Outlook for 2024                                                                                                                                 |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| Training | Wide range of training formats to integrate sustainability<br>into the advisory approach; testing and implementation of<br>training formats with the support of experts from academia<br>and NGOs. | LIMAK university course for managers in Austria to increase<br>awareness and understanding of sustainability (tailored to<br>UNIQA as a company) |

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#### **Data protection**

Since UNIQA processes a large volume of data as an insurer and trust is one of our company's key success factors, data protection is our top priority throughout the Group. In specific terms, it involves protecting personal data and the individuals these data relate to from misuse during data collection, processing and use. We minimise data protection risks and continuously improve by using structured processes and setting clear priorities. A comprehensive approach to data protection creates trust in UNIQA as a business partner and serves as a positive selling point. Not only are we required to fulfil a range of data protection requirements, but we also have to be able to provide our customers with information about how their data are used at all times.

To optimise the integration of the new data protection regulations into our day-to-day business operations, we are actively involved in the implementation of the Austrian industry standard for data protection (ÖBS) for the Austrian Insurance Association (VVO), which was approved by the Data Protection Authority in 2022. Our strategy is to establish data protection internally as an interdisciplinary issue. In addition to implementing interfaces and joint processes for information security and risk management, we have also harmonised our policies. We divide data protection risks into four categories: "operational", "financial", "reputational" and "regulatory". Implementing and enhancing our data protection management system allows us to deal with these risks in a structured manner and set targeted priorities. This cross-functional collaboration allows the key elements of risk management and information security to be managed more efficiently and considered when handling projects.

When introducing new data processing procedures, we conduct consultations and, if necessary, data protection impact assessments that take technical, legal and process factors into account. Based on this analysis, we make decisions on how to implement new processing activities and focus on operational aspects of data protection, process improvements and the introduction of new data protection governance procedures by cross-functional teams. The continuous further development of the data protection management system remains a basic prerequisite in ensuring data protection compliance. There were 24 enquiries from customers regarding the exercising of data subject rights in 2023 in accordance with Article 15 GDPR (confirmation as to whether personal data are being processed and right to information about processing details) and three complaints from customers and third parties to the data protection authority.

| Topic                                              | Target achievement in 2023                                                                                                                                         | 2024 targets                                                                                                                                                                                              |
|----------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Implementation<br>of data protection<br>governance | Participation in the development and implementation of<br>process management for group projects to ensure data<br>protection in UNIQA International group projects | Further development of the UNIQA Governance Framework<br>for Data Governance to guarantee data protection in<br>an interdisciplinary and cross-functional manner in<br>compliance with future regulations |

{44}------------------------------------------------

#### **Cybersecurity**

As one of the largest insurance companies in Europe, the UNIQA Group has already digitalised its business processes to a large extent. This high level of digitalisation requires comprehensive measures to minimise cyber risks and ensure cybersecurity. Effective cybersecurity makes it possible to organise digital business processes and drive innovation, but at the same time harbours the risk of cyberattacks that can potentially cause considerable financial and reputational damage.

The UNIQA Group's cybersecurity strategy is agile in responding to evolving threats. Every year, the security requirements are aligned with the threat map to test their effectiveness against attack methods. Statutory provisions, including the Digital Operational Resilience Act, are considered in order to meet regulatory requirements. Internal standards and processes are improved to ensure resilience to cyberattacks while at the same time guaranteeing the integrity and confidentiality of customer data.

Action plans and projects to identify critical assets and strengthen security measures were expedited further in 2023. The business continuity method (BCM) for identifying critical assets was refined and implemented across the Group. Critical assets such as IT applications and other important features have been thoroughly investigated for potential weaknesses, vulnerabilities, and non-conformities. This allows for targeted security measures to ensure the integrity and confidentiality of these assets.

| Topic           | Target achievement in 2023                                                                                                                | 2024 targets                                                                                                                                                                                             |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Risk assessment | Group-wide implementation of the business continuity<br>method (BCM) for identifying critical assets and carrying<br>out risk assessments | Management of security issues: targeted minimisation of<br>the security risks identified by risk assessments in order<br>to eliminate the weaknesses and vulnerabilities identified<br>based on the risk |

#### **Employee matters**

Our 15,494 employees13) (2022: 15,296) are at the heart of our sustainability journey. Investing in their development, promoting diversity and introducing new working models allows us to improve our organisational capabilities and contribute towards a more sustainable and equitable future. The focus of this section is on our People strategy as well as the associated concepts and measures. Strong engagement in areas such as diversity, inclusion, education and training is essential to prevent brain drain and the loss of talent. The resulting financial and operational barriers have a negative impact not only on the UNIQA Group but also on the labour market.

In 2023, we created a strategic Group People function that is aligned with our Corporate Strategy 3.0 and our People strategy and addresses the current needs of employees as well as future challenges and opportunities. By introducing the new Group People operating model in all our core countries, we are strengthening international cooperation and developing a clear matrix organisation. Management dashboards with key performance indicators were introduced in all countries as part of strategic HR development. This enables us to monitor relevant data on employee structure and development in an efficient manner, respond flexibly to personnel changes and implement targeted measures for employee retention.

<sup>13)</sup> The employee key figures include data from the fully consolidated insurance companies in the following countries: Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czechia, Hungary, Kosovo, Liechtenstein, Montenegro, North Macedonia, Poland, Romania, Russia, Serbia, Slovakia, Switzerland and Ukraine as well as PremiQaMed. Figures as of 31 December.

{45}------------------------------------------------

We want to be one of the most attractive employers in the financial sector, true to our motto, "Living better together". This year, the first Group-wide Employee Experience survey was therefore conducted with the involvement of all local People teams. The results were made available to all line managers via online dashboards and formed the basis for developing action plans at Group and local level.

Annual personal targets are set for all employees to help them achieve the company's overarching goals. A feedback meeting between the employee and manager takes place at least once a year, followed by a meeting at the end of the year. There is currently no standardised Group-wide system, so each country applies its own process. We are planning to develop a Group-wide approach and corresponding reporting in 2024.

With respect to professional development, we attach great importance to our employees continuously learning and growing in order to provide them with access to the latest knowledge and skills. Our UNIQA academies use a mixture of experience-based learning (70 per cent), mentoring from managers and colleagues (20 per cent), and formal training and further education (10 per cent). On average, our employees invested 16.5 hours in training and education during the 2023 reporting year (2022: 14.8 hours). We have also been offering a new management development programme across the entire UNIQA Group since autumn 2022. This specifically addresses the requirements for our forward-looking UNIQA 3.0 programme and aims to transform our management into inspiring coach leaders.

We prioritize the work-life balance, personal development and health of our employees in our benefits strategy. Flexible working hours and options for working from home support a balanced lifestyle and allow employees to choose the model that suits them best. For this reason, no distinction is made between part-time and full-time employees when granting benefits. We invest in comprehensive training programmes and encourage professional development. We supplement the state's social systems and organise social events on a regular basis. This strategy reflects our commitment to sustainability and employee well-being and is continuously adapted to the needs of our workforce.

At both PremiQaMed and UNIQA Austria, risks to health and safety in the workplace are identified, assessed and addressed in accordance with the provisions of the Austrian Employee Protection Act (ASchG) and the measures recommended or specified by the responsible safety experts. Furthermore, any incidents that affect employee safety are investigated in accordance with the Employee Protection Act and appropriate steps are taken to prevent future incidents. In addition, safety officers take care of the well-being of employees.

| Topic                    | Target achievement in 2023                                                                                                                                                       | 2024 targets                                                                                                                                                                                                                                                                                                       |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Attractive<br>employer   | The new People operating model introduced as of 1 July<br>2023 and rolled out in all countries to create a strategic<br>Group function in the area now renamed from HR to People | Development of a differentiated Employee Value<br>Proposition (EVP) with local and functional variants that<br>will position the UNIQA Group as a top employer and<br>help us to attract the right people for the right roles;<br>introduction of a modern, AI-supported and dynamic<br>Group-wide careers website |
| Employee<br>satisfaction | First Group-wide employee experience survey with a<br>response rate of 75 per cent                                                                                               | Expansion of employee surveys at regular intervals<br>(quarterly) and implementation of action plans in the<br>countries                                                                                                                                                                                           |
| Reporting                | Management dashboards with strategic People Analytics<br>rolled out in all countries                                                                                             | Overview of local benefits in each country and developing<br>minimum standards for the UNIQA Group                                                                                                                                                                                                                 |

{46}------------------------------------------------

#### **Diversity and inclusion**

A community the size of ours at the UNIQA Group lives and breathes through diversity. We believe diversity can only be fully effective within an inclusive environment. If inclusion – consisting of policies, practices, ways of behaving and attitudes – is actively embraced, a diverse organisation will be able to harness its full potential.

Our "Diversity & Inclusion" (D&I) strategy published in 2022 is the basis for all our activities and is part of our UNIQA 3.0 programme for the future. It is clearly oriented towards our values, the Guiding Principles. In addition to a selection of initiatives, it also includes specific measurable targets focused on two areas, namely equal pay and women in management positions.

Equal pay for work of equal value: A standardised annual process has been established in Austria for evaluating, analysing and developing measures concerning the pay gap. With the help of this process, we have achieved a sustained reduction in the adjusted pay gap at the Austrian location (office staff) from 1.4 per cent in 2021 to 0.6 per cent in 2022 and 202314). In our core markets of Czechia, Slovakia, Poland, Hungary and Romania, an equal pay analysis was carried out for the first time in 2023, the results of which are awaiting validation.

More women in management positions15): With the aim of increasing the proportion of women in management positions in Austria, the Women's Career Index was also evaluated in the 2023 financial year. Targeted and successfully implemented measures have boosted our score from 63 to 77 index points since the first evaluation in 2020/2021. Although this is still well below the external benchmark of 81 for financial services companies, it exceeded our 2023 internal target of 70 points. The measures taken include clear communication, the definition of measurable targets, guidelines for filling management positions and promotions, participation in relevant networks, flexible working models, an established mentoring programme and the implementation of models for job sharing and shared/part-time management. Despite an increase in the proportion of women in leading positions in Austria, the target of a 5 percentage point increase remained unachieved at just 2.3 percentage points, which has prompted us to continue focusing on this issue. No specific targets have been set for other locations.

| Women in management positions*                                  | 2022  | 2023  |
|-----------------------------------------------------------------|-------|-------|
| Women in the entire workforce**                                 | 57.8% | 57.9% |
| Percentage of women among managers***                           | 43.0% | 43.6% |
| Percentage of women on the Management Boards of local companies | 27.1% | 26.3% |
| Percentage of women on the Management Board                     | 0.0%  | 11.1% |
| Percentage of women on the Supervisory Board                    | 33.3% | 33.3% |

\* Key figures as of the reporting date 31 December.

\*\* Total workforce is defined as all persons with a valid employment relationship (excluding holiday interns and temporary staff).

\*\*\* A manager is defined as a person who manages at least one employee. Board members (B-0) are not included, but levels B-1 to B-n are.

15) A manager is defined as a person who manages at least one employee. Board members (B-0) are not included, but levels B-1 to B-n are.

<sup>14)</sup> Figures only available for office staff in Austria, as of the reporting date 31 December.

{47}------------------------------------------------

Employee feedback counts: we essentially measure the success of our "Diversity & Inclusion" strategy by the way it is perceived by our employees. The UNIQA Inclusion Index is used for this16). Our goal was to increase the baseline score of 3.6 (on a 5-point scale) measured in Austria in 2021 to at least 3.8 by 2023. In Austria, the score rose to 3.9 in 2023.

Age diversity: Overall, the average age of our employees decreased slightly in 2023 compared to the previous year. Changes at management level were minimal, but the average age on the Management Boards in local companies dropped significantly.

|                                            | Age diversity amongst employees |       | Age diversity in management* |       | Age diversity of Management Board<br>members in local companies |       |
|--------------------------------------------|---------------------------------|-------|------------------------------|-------|-----------------------------------------------------------------|-------|
| as of the<br>reporting date<br>31 December | 2022                            | 2023  | 2022                         | 2023  | 2022                                                            | 2023  |
| < 30 years old                             | 14.9%                           | 15.4% | 2.2%                         | 1.4%  | 0.0%                                                            | 0.0%  |
| 30 – 50 years old                          | 57.8%                           | 58.5% | 67.9%                        | 68.9% | 66.1%                                                           | 70.2% |
| > 50 years old                             | 27.2%                           | 26.1% | 29.9%                        | 29.7% | 33.9%                                                           | 29.8% |

\* A manager is defined as a person who manages at least one employee. Board members (B-0) are not included, but levels B-1 to B-n are.

| Topic                                                   | Target achievement in 2023                                                                                                                                                                      | 2024 targets                                                                                                                                                        |
|---------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Equal pay for work<br>of equal value                    | In 2023, the adjusted gender pay gap for office staff in<br>Austria was 0.6 per cent for the second time in a row –<br>a significant decrease compared to the 1.4 per cent<br>measured in 2021. | Roll-out in all countries, identifying the main drivers of any<br>pay gaps and defining measures                                                                    |
| Proportion<br>of women in<br>management<br>positions17) | Increase in the Women's Career Index at UNIQA Austria<br>to 77 index points (internal target value: 70 index points in<br>2023).                                                                | Consistent continuation and intensification of our efforts in<br>Austria and development of country-specific approaches;<br>specific focus on the work/life balance |
| Inclusion                                               | The UNIQA Inclusion Index score increased to 3.9 (on a<br>5-point scale). The target was an increase to at least 3.8<br>(baseline year 2021: 3.6).                                              | Further action and projects on the topic of generation<br>management as well as targeted, active recruitment of<br>people with disabilities                         |

<sup>16)</sup> Index based on an internal employee survey.

<sup>17)</sup> Management function is defined as a person who manages at least one employee. Board members (B-0) are not included, but levels B-1 to B-n are.

{48}------------------------------------------------

#### **Respect for human rights**

Proper and respectful interaction with people is at the heart of our corporate culture. Our human rights policy embodies our strong commitment to key issues of human rights and ensures that they can be protected and upheld. A violation of human rights through our business activities or through projects or customers insured by us would have a serious impact on the individuals in question and would result in reputational damage and legal consequences for the UNIQA Group.

Our accession to the UN Global Compact in 2020 means we are committed to observing the United Nations' Universal Declaration of Human Rights throughout the UNIQA Group. The ten principles contained within this have been incorporated into our Group-wide UNIQA Code of Conduct.

As an insurer, we strive to protect and promote human rights among our employees, among our suppliers, in our investments (including principal adverse impacts) and in the way we deal with our customers. We implemented dedicated policies and standards in each of the abovementioned areas in order to minimise human rights risks and make the most of opportunities. Examples of this are: UNIQA Guidelines for Responsible Investments, UNIQA Corporate Business Environmental Social Governance (ESG) Standard and the corresponding assessment of ESG risks und UNIQA Diversity & Inclusion Policy.

| Topic                          | Target achievement in 2023                                                                                                                                       | 2024 targets                                                                                        |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|
| Integration of<br>human rights | Embedding the UNIQA Code of Conduct (human rights,<br>labour standards, environmental protection, anti-<br>corruption) in the registration process for suppliers | Further integration of human rights policies into all relevant<br>business lines and core processes |

#### **Combatting corruption and bribery**

At UNIQA we regard compliance with all relevant statutory regulations, internal Group policies and ethical principles to be an essential part of responsible business practice. A key factor underlying this principle is our awareness that the insurance industry is fundamentally based on trust. Compliance risks such as corruption and bribery have potential economic and legal consequences. The mere suspicion of corruption and bribery can lead to reputational damage and a loss of trust on the part of business partners and customers. Therefore, responsible behaviour is an important basis for our actions.

In addition to top-quality products and services, UNIQA also strives for the highest standards for employee conduct. That is why we set internal standards for ethical behaviour in our Code of Conduct that go beyond those of the applicable laws, and which are equally binding in all areas of the company. The Code of Conduct is communicated to all employees by the local compliance functions. Its content is also part of the mandatory annual compliance training. The Group Compliance Policy and the Group Compliance Standard describe how the compliance function is organised within the UNIQA Group and contain regulations on key compliance topics, such as preventing corruption, dealing with indications of non-compliance or tasks in connection with the topic of sustainability. The Group compliance team is responsible for creating all these regulations and implementing the compliance programme throughout the entire Group. This central unit is supported by a separate local compliance function within every insurance company of the UNIQA Group.

{49}------------------------------------------------

In the 2023 reporting year, we continued to pursue our goal of zero violations with respect to legal regulations. Despite our legal initiatives and compliance measures, there were four cases of non-compliance with laws and regulations in the reporting year that resulted in monetary penalties totalling €276,700 (2022: €19,572). In the 2023 reporting year, €445,778 in fines were also paid for two violations of laws and regulations from previous years (of which €395,778 in Hungary and €50,000 in Serbia). In the course of the reporting year, a total of nine proceedings were brought due to significant violations of applicable laws and regulations, against which appeals were lodged during the reporting period. Fines were imposed in six of these cases and non-monetary sanctions were imposed in three cases.

In contrast, as in the previous year, no confirmed breaches of anti-corruption or money laundering legislation were recorded in the 2023 reporting year. In 2022, there were proceedings due to anti-competitive behaviour, cartel and monopoly practices. In the course of settlement talks, the UNIQA Group was obliged to pay €422,330; this fine was the lowest of all the insurance companies investigated by the competition authority. There were no further legal proceedings due to anti-competitive behaviour, cartels or monopolies in 2023.

In the reporting year as in the previous year, no violations of regulations resulting in fines or sanctions or of voluntary codes of conduct were identified in connection with product and service information and labelling. In contrast to the previous year, in which one incident occurred that resulted in a warning, a total of eight incidents were registered in the reporting year, each of which resulted in a warning.

In the reporting year, the anti-corruption regulations were communicated to all members of the Supervisory Board and Management Board of the UNIQA Group, as well as to employees of UNIQA Austria. The e-learning training course on the Code of Conduct was successfully completed by 66.6 per cent of the nine members of the UNIQA Group Management Board and 88.3 per cent of UNIQA Austria employees overall. For members of the UNIQA Group Supervisory Board, the training focus in 2023 was on money laundering prevention and issuer compliance. In 2024, members of the UNIQA Group Supervisory Board will focus on anti-corruption training. In the international insurance companies18), 95.3 per cent of members of the management bodies and 76.6 per cent of employees took part in anti-corruption training.

In 2023, the EU Whistleblower Directive was transposed into several national laws. Since 2018, the UNIQA Group has had a portal where information on non-compliance in the UNIQA Group's insurance companies can be submitted. The portal was updated in 2023 and expanded to include non-insurance companies. Information can be submitted by UNIQA employees, but also by external persons, which goes beyond the legal obligation. This is of course also anonymous.

| Topic   | Target achievement in 2023                                                                                                                               | 2024 targets                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|
| Reports | Implementation of the EU Whistleblower Directive in those<br>insurance and non-insurance companies that are covered<br>by the relevant local regulations | Reports and documentation of conflicts of interest are<br>reviewed and, if necessary, amended |

<sup>18)</sup> The key figures include data from the following countries: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czechia, Hungary, Kosovo, Liechtenstein, Montenegro, North Macedonia, Poland, Romania, Russia, Serbia, Slovakia, Switzerland and Ukraine.

{50}------------------------------------------------

## **Disclosures according to the EU Taxonomy Regulation**

#### **Premiums in non-life insurance and taxonomyeligible activities**

#### Discretionary judgements and interpretation requirements

In view of the interpretations by the European Commission only at the end of December 2023 and the first application of the new provisions on taxonomy alignment, current market practice shows that not all details are sufficiently specified and that a common understanding and uniform application in the market need to be developed in order to achieve consistency and comparability.

#### Reporting principles

Under the Taxonomy Regulation, insurance companies are required to disclose an indicator in relation to their non-life insurance business. European legislators have therefore defined certain business lines of non-life insurance that are considered environmentally sustainable in relation to the environmental objective of climate change adaptation.

In non-life insurance, we carried out detailed research, according to the regulations from Annex X to the Delegated Regulation (2021/2178), on approximately 40 non-life insurance lines with respect to all premium elements, based on the premiums written, separated by direct and indirect business and before and after any reinsurance. Underwriting specialists analysed the content of insured benefits and scope of cover to establish whether they were adapted to the impacts of climate change. As a result of different cover being issued in places, the private customer business and industrial/commercial business were analysed separately and classified in relation to the insurance activity's taxonomy eligibility and conformity. The proportion of premiums in the analysed non-life insurance lines were then combined into the categories as defined in the Delegated Regulation. Similarly, the proportion of taxonomy-eligible economic activities in relation to the total non-life insurance premiums written (before reinsurance) was then determined and, for the first time, the premium was broken down into premium proportions for climate change adaptation in accordance with the draft Commission notice on the interpretation and implementation of certain legal provisions of the Disclosures Delegated Act under Article 8 of the EU Taxonomy Regulation on the reporting of Taxonomy-eligible and Taxonomy-aligned economic activities and assets (third Commission Notice). This was based on long-term loss histories resulting from recognised climate-related risks. Technical screening criteria (TSC), compliance with minimum social safeguards (MSS) and do no significant harm (DNSH) criteria laid down in the Delegated Regulation were also checked.

#### Limited data availability or documentation

The abovementioned evidence could not be documented for the private customer business, standardised SME business and active reinsurance business and therefore could not be included in the Taxonomy-aligned premium. Although both the technical screening criteria and the do no significant harm (DNSH) criteria were largely met in the context of the major customer business in a tailor-made contract for partial premiums on insurance cover for natural disasters that are also linked to climate change, the proportioning approach to taxonomy-aligned premiums was also abandoned in this customer segment due to the still insufficient assurance of all the minimum social safeguards being met.

In line with the current interpretation by the European Commission, only the part which can be applied to the cover of climate-related risks was used for the calculation of the previous year's comparative figure from the premiums. The calculation with the (split) premiums for this purpose now yields 8.51 per cent taxonomy eligibility for 2022 instead of 48.1 per cent taxonomy eligibility (see 2022 report), as shown in the previous year's report without the premium split.

The details can be found in the table below (template according to Annex X of the Delegated Regulation).

{51}------------------------------------------------

|                                                                                                                                                              | Substantial contribution to climate change adaptation |                                      |                                      |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------|--------------------------------------|--------------------------------------|--|
| Economic activities                                                                                                                                          | Absolute premiums,<br>2023<br>€                       | Proportion of premiums,<br>2023<br>% | Proportion of premiums,<br>2022<br>% |  |
| A.1. Non-life insurance and reinsurance underwriting<br>Taxonomy-aligned activities (environmentally<br>sustainable)                                         | 0.00                                                  | 0.00                                 | 0.00                                 |  |
| A.1.1 Of which reinsured                                                                                                                                     | 0.00                                                  | 0.00                                 | 0.00                                 |  |
| A.1.2 Of which stemming from reinsurance activity                                                                                                            | 0.00                                                  | 0.00                                 | 0.00                                 |  |
| A.1.2.1 Of which reinsured (retrocession)                                                                                                                    | 0.00                                                  | 0.00                                 | 0.00                                 |  |
| A.2 Non-life insurance and reinsurance underwriting<br>Taxonomy-eligible but not environmentally sustainable<br>activities (not Taxonomy-aligned activities) | 369,398,784.73                                        | 8.77                                 | 8.51                                 |  |
| B. Non-life insurance and reinsurance underwriting<br>Taxonomy-non-eligible activities                                                                       | 3,844,769,986.69                                      | 91.23                                | 91.49                                |  |
| Total (A.1 + A.2 + B.)                                                                                                                                       | 4,214,168,771.42                                      | 100.00                               | 100.00                               |  |

## **Reporting template: The underwriting KPI for non-life insurance and reinsurance undertakings**

#### **Investments and taxonomy-eligible activities**

#### **Discretionary judgements and interpretation requirements**

The Delegated Regulation (EU) 2021/2178 specifies that insurance companies must make disclosures in relation to investments. Our Taxonomy classification is conducted with the support of the external data provider ISS STOXX. Since the 2022 financial year was the first time that non-financial undertakings were included in taxonomy alignment reporting, the taxonomy alignment KPIs for the UNIQA Group's revenue and operating expenses are based exclusively on data from non-financial undertakings.

The published assessment criteria for the first two climate targets set under the EU Taxonomy Regulation were included.

The draft Commission notice on the interpretation and implementation of certain legal provisions of the Disclosures Delegated Act under Article 8 of the EU Taxonomy Regulation on the reporting of Taxonomy-eligible and Taxonomy-aligned economic activities and assets (third Commission Notice) dated 21 December 2023 was also critically reviewed.

We took note of FAQ 2 but kept to the IFRS consolidation basis in order to continue to ensure comparability with the consolidated financial statements. This legal view seems acceptable to us, as nothing to the contrary is stated in the Taxonomy Regulation itself.

#### **Reporting principles**

At the time of reporting, there are still different interpretations as to how to apply the EU Taxonomy Regulation and the associated Delegated Regulations. Our quantitative and qualitative disclosures therefore take into account what we currently know.

The calculation of the company-related KPIs in accordance with Article 8 of the Taxonomy Regulation refers to the investments of UNIQA Insurance Group AG (UIG) published in the UIG consolidated Annual Financial Report 2023. For the unconsolidated investment funds due to lack of control, FAQ 4 was noted and the IDW interpretation (IDW QA from 1 December 2023) was subsequently applied, which states that the fund wrap can be used. All further regulatory developments on this will be closely monitored.

{52}------------------------------------------------

| Do no significant harm (DNSH)       |                                      |                         |                  |                                       |                   |
|-------------------------------------|--------------------------------------|-------------------------|------------------|---------------------------------------|-------------------|
| Climate change<br>mitigation<br>Y/N | Water and marine<br>resources<br>Y/N | Circular economy<br>Y/N | Pollution<br>Y/N | Biodiversity<br>and ecosystems<br>Y/N | Minimum safeg<br> |
| Y                                   | Y                                    | Y                       | Y                | Y                                     |                   |
| Y                                   | Y                                    | Y                       | Y                | Y                                     |                   |
| Y                                   | Y                                    | Y                       | Y                | Y                                     |                   |
| Y                                   | Y                                    | Y                       | Y                | Y                                     |                   |

#### **Limited data availability or documentation**

A.2 Non-life insurance and reinsurance underwriting Taxonomy-eligible but not environmentally sustainable

B. Non-life insurance and reinsurance underwriting

activities (not Taxonomy-aligned activities) 369,398,784.73 8.77 8.51

Taxonomy-non-eligible activities 3,844,769,986.69 91.23 91.49 Total (A.1 + A.2 + B.) 4,214,168,771.42 100.00 100.00

Instead of using the balance sheet values and the various IFRS measurement methods applied to them, the taxonomy calculation was consistently measured at fair values and the indicators were calculated.

The resulting differences to the carrying amounts reported in the consolidated financial statements are mainly from the investment properties partially measured at acquisition costs in the Consolidated Statement of Financial Position and from the associated interests accounted for using the equity method.

The assets of supranational issuers, governments, central banks and holdings of unconsolidated investment funds were also excluded for the calculation of the green investment ratio (GIR). The underlying coverage amount according to Table Annex X of Delegated Regulation 2021/2178 is €17,053 million.

#### **Additional information regarding Annex X EU Taxonomy Regulation Article 8 KPIs**

All government bonds and bonds from supranational issuers were removed from the calculation in accordance with the Delegated Acts to the EU Taxonomy Regulation.

The proportion of exposures to central governments, central banks and supranational issuers was 33.16 per cent of all investments.

{53}------------------------------------------------

## **Reporting template: The proportion of the insurance or reinsurance undertaking's investments that are directed at funding, or are associated with, Taxonomy-aligned in relation to total investments**

|                                                                                                                                                                                                                                                                                                                  | %     |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|
| The weighted average value of all the investments of insurance or reinsurance undertakings that are directed at funding, or are associated with Taxonomy-aligned economic activities relative to the value of total assets covered by the KPI, with following weights for investments in undertakings per below: |       |
| Turnover-based:                                                                                                                                                                                                                                                                                                  | 10.88 |
| CapEx-based:                                                                                                                                                                                                                                                                                                     | 0.77  |
| The percentage of assets covered by the KPI relative to the total investments of insurance or reinsurance undertakings (total AuM). Excluding investments in sovereign entities.                                                                                                                                 |       |
| Coverage ratio*:                                                                                                                                                                                                                                                                                                 | 60.64 |
| Additional, complementary disclosures: Breakdown of the KPI denominator                                                                                                                                                                                                                                          |       |
| The percentage of derivatives relative to total assets covered by the KPI:                                                                                                                                                                                                                                       | 0.16  |
| The proportion of exposures to financial and non-financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:                                                                                                                                        |       |
| For non-financial undertakings:                                                                                                                                                                                                                                                                                  | 3.14  |
| For financial undertakings:                                                                                                                                                                                                                                                                                      | 8.31  |
| The proportion of exposures to financial and non-financial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:                                                                                                                  |       |
| For non-financial undertakings:                                                                                                                                                                                                                                                                                  | 1.68  |
| For financial undertakings:                                                                                                                                                                                                                                                                                      | 4.42  |
| The proportion of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:                                                                                                                                            |       |
| For non-financial undertakings:                                                                                                                                                                                                                                                                                  | 27.00 |
| For financial undertakings:                                                                                                                                                                                                                                                                                      | 16.80 |
| The proportion of exposures to other counterparties and assets over total assets covered by the KPI:                                                                                                                                                                                                             | 44.60 |
| The proportion of the insurance or reinsurance undertaking's investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned economic activities: X%             | 73.27 |
| The value of all the investments that are funding Taxonomy-eligible economic activities, but not Taxonomy-aligned relative to the value of the total assets covered by the KPI: ***                                                                                                                              |       |
| Turnover-based:                                                                                                                                                                                                                                                                                                  | 19.77 |
| CapEx-based:                                                                                                                                                                                                                                                                                                     | 17.52 |
| The value of all the investments that are funding Taxonomy-eligible economic activities, but not Taxonomy-aligned relative to the value of the total assets covered by the KPI: ***                                                                                                                              |       |
| Turnover-based:                                                                                                                                                                                                                                                                                                  | 5.39  |
| CapEx-based:                                                                                                                                                                                                                                                                                                     | 1.95  |

\* For the calculation of the % coverage ratio, neither third-party funds whose risk is attributable to customers nor unconsolidated investment funds were taken into account. We refer here to the section: Reporting principles.

\*\*\* In addition to the standard requirement, this is broken down into turnover-based % and CapEx-based %.

{54}------------------------------------------------

| The weighted average value of all the investments of insurance or reinsurance undertakings that are directed at funding, or are associated with Taxonomy-aligned economic activities, with following weights for investments in undertakings per below:                                  |                 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|
| Turnover-based:                                                                                                                                                                                                                                                                          | 1,855,767,902.  |
| CapEx-based:                                                                                                                                                                                                                                                                             | 131,372,367.-   |
| The monetary value of assets covered by the KPI. Excluding investments in sovereign entities.                                                                                                                                                                                            |                 |
| Coverage**:                                                                                                                                                                                                                                                                              | 17,053,157,854. |
|                                                                                                                                                                                                                                                                                          |                 |
| The value of derivatives as a monetary amount:                                                                                                                                                                                                                                           | 26,937,490.5    |
| The value of exposures to financial and non-financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/EU:                                                                                                                                                          |                 |
| For non-financial undertakings:                                                                                                                                                                                                                                                          | 534,753,119.    |
| For financial undertakings:                                                                                                                                                                                                                                                              | 1,417,109,388.1 |
| The value of exposures to financial and non-financial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU:                                                                                                                                    |                 |
| For non-financial undertakings:                                                                                                                                                                                                                                                          | 286,412,134.    |
| For financial undertakings:                                                                                                                                                                                                                                                              | 754,019,240.    |
| The value of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU:                                                                                                                                                              |                 |
| For non-financial undertakings:                                                                                                                                                                                                                                                          | 4,604,540,892.  |
| For financial undertakings:                                                                                                                                                                                                                                                              | 2,864,891,738.  |
| The value of exposures to other counterparties and assets:                                                                                                                                                                                                                               | 7,604,925,224.  |
| The value of insurance or reinsurance undertaking's investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned economic activities: | 12,756,783,815. |
| The value of all investments that are funding economic activities that are not Taxonomy-eligible: ****                                                                                                                                                                                   |                 |
| Turnover-based:                                                                                                                                                                                                                                                                          | 3,371,923,725.  |
| CapEx-based:                                                                                                                                                                                                                                                                             | 2,986,880,524.  |
| The value of all the investments that are funding Taxonomy-eligible economic activities, but not Taxonomy-aligned:                                                                                                                                                                       |                 |
| Turnover-based:                                                                                                                                                                                                                                                                          | 919,543,933.    |

\*\* We refer here to the UNIQUA Insurance Group's Consolidated Statement of Financial Position (Investment Property, Other Investments, Financial Assets account equity method, Investments for fundlinked life insurance) with reference to the section: Limited data availability or documentation.

\*\*\*\* In addition to the standard requirement, this is broken down into revenue-based monetary amounts and CapEx-based monetary amounts

{55}------------------------------------------------

|                                                                                                                                                      | %     | Turnover-based:                                                                                                               | 10.87 | Turnover-based:<br>1,854,468,876.52                                                                                       |
|------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------------------------------------------------------------------------------------------------------------------------------|-------|---------------------------------------------------------------------------------------------------------------------------|
| Additional, complementary disclosures: breakdown of the KPI numerator                                                                                |       | CapEx-based:                                                                                                                  | 0.76  | CapEx-based:<br>128,771,556.68                                                                                            |
| The proportion of taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a<br>and 29a of Directive 2013/34/EU: |       | The proportion of Taxonomy-aligned exposures to other counterparties and assets over total assets covered by the<br>KPI*****: |       | The value of taxonomy-aligned exposures to other counterparties and assets over total assets covered by<br>the KPI******: |
| For non-financial undertakings:                                                                                                                      |       | Turnover-based:                                                                                                               | 0.00  | Turnover-based:                                                                                                           |
| Turnover-based:                                                                                                                                      | 10.88 | CapEx-based:                                                                                                                  | 0.00  | CapEx-based:                                                                                                              |
| CapEx-based:                                                                                                                                         | 0.77  |                                                                                                                               |       |                                                                                                                           |
| For financial undertakings:                                                                                                                          |       |                                                                                                                               |       |                                                                                                                           |
| Turnover-based:                                                                                                                                      | 0.00  |                                                                                                                               |       |                                                                                                                           |
| CapEx-based:                                                                                                                                         | 0.00  |                                                                                                                               |       |                                                                                                                           |
| The proportion of taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a<br>and 29a of Directive 2013/34/EU: |       |                                                                                                                               |       |                                                                                                                           |

\*\*\*\*\* In the absence of further details from the Commission, we declare other counterparties as entities which cannot or cannot clearly be classified as reporting for the purposes of non-financial reporting. Per the taxonomy requirements, we only include reporting entities for the auditing of taxonomy-aligned economic activities. As such, the above reasoning results in zero taxonomy-aligned exposures.

|                                                                                                                   | %      |
|-------------------------------------------------------------------------------------------------------------------|--------|
| Breakdown of the KPI numerator by environmental objective                                                         |        |
| Taxonomy-aligned activities - if the do no significant harm (DNSH) and social safeguards are assessed positively: |        |
| (1) Climate change mitigation*                                                                                    |        |
| Turnover-based:                                                                                                   | 100.00 |
| CapEx-based:                                                                                                      | 100.00 |
| (2) Climate change adaptation                                                                                     |        |
| Turnover-based:                                                                                                   | 0.00   |
| CapEx-based:                                                                                                      | 0.00   |
| (3) Sustainable use and protection of water and marine resources                                                  |        |
| Turnover-based:                                                                                                   | n/a    |
| CapEx-based:                                                                                                      | n/a    |
| (4) Transition to a circular economy                                                                              |        |
| Turnover-based:                                                                                                   | n/a    |
| CapEx-based:                                                                                                      | n/a    |
| (5) Pollution prevention and control                                                                              |        |
| Turnover-based:                                                                                                   | n/a    |
| CapEx-based:                                                                                                      | n/a    |
| (6) Protection and restoration of biodiversity and ecosystems                                                     |        |
| Turnover-based:                                                                                                   | n/a    |
| CapEx-based:                                                                                                      | n/a    |

{56}------------------------------------------------

| The value of taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a<br>and 29a of Directive 2013/34/EU:                                                                                                                                                |                |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|
| For non-financial undertakings:                                                                                                                                                                                                                                                                |                |
| Turnover-based:                                                                                                                                                                                                                                                                                | 1,855,767,902. |
| CapEx-based:                                                                                                                                                                                                                                                                                   | 131,372,367.   |
| For financial undertakings:                                                                                                                                                                                                                                                                    |                |
| Turnover-based:                                                                                                                                                                                                                                                                                | 0.0            |
| CapEx-based:                                                                                                                                                                                                                                                                                   | 0.0            |
| The value of insurance or reinsurance undertaking's investments other than investments held in respect of life<br>insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are<br>associated with, Taxonomy-aligned economic activities: |                |
| Turnover-based:                                                                                                                                                                                                                                                                                | 1,854,468,876. |
| CapEx-based:                                                                                                                                                                                                                                                                                   | 128,771,556.   |
| The value of taxonomy-aligned exposures to other counterparties and assets over total assets covered by<br>the KPI*******:                                                                                                                                                                     |                |
| Turnover-based:                                                                                                                                                                                                                                                                                | 0.0            |
| CapEx-based:                                                                                                                                                                                                                                                                                   | 0.0            |
|                                                                                                                                                                                                                                                                                                |                |

**% €**

KPI\*\*\*\*\*:

\*\*\*\*\*\* In the absence of further details from the Commission, we declare other counterparties as entities which cannot or cannot clearly be classified as reporting for the purposes of non-financial reporting. Per the taxonomy requirements, we only include reporting entities for the auditing of taxonomy-aligned economic activities. As such, the above reasoning results in zero taxonomy-aligned exposures.

|                             | %    |                         |
|-----------------------------|------|-------------------------|
| a) Transitional activities: |      | b) Enabling activities: |
| Turnover-based:             | 0.01 | Turnover-based:         |
| CapEx-based:                | 0.02 | CapEx-based:            |
| a) Transitional activities: |      | b) Enabling activities: |
| Turnover-based:             | 0.00 | Turnover-based:         |
| CapEx-based:                | 0.00 | CapEx-based:            |
| a) Transitional activities: |      | b) Enabling activities: |
| Turnover-based:             | n/a  | Turnover-based:         |
| CapEx-based:                | n/a  | CapEx-based:            |
| a) Transitional activities: |      | b) Enabling activities: |
| Turnover-based:             | n/a  | Turnover-based:         |
| CapEx-based:                | n/a  | CapEx-based:            |
| a) Transitional activities: |      | b) Enabling activities: |
| Turnover-based:             | n/a  | Turnover-based:         |
| CapEx-based:                | n/a  | CapEx-based:            |
| a) Transitional activities: |      | b) Enabling activities: |
| Turnover-based:             | n/a  | Turnover-based:         |
| CapEx-based:                | n/a  | CapEx-based:            |

{57}------------------------------------------------

## **Reporting template 1 Nuclear energy and fossil gas related activities**

| Row | Nuclear energy related activities                                                                                                                                                                                                                                                                                                          |     |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----|
| 1.  | The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of<br>innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the<br>fuel cycle.                                                                                        | Yes |
| 2.  | The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations<br>to produce electricity or process heat, including for the purposes of district heating or industrial processes such as<br>hydrogen production, as well as their safety upgrades, using best available technologies. | Yes |
| 3.  | The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce<br>electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen<br>production from nuclear energy, as well as their safety upgrades.                          | Yes |
| Row | Fossil gas related activities                                                                                                                                                                                                                                                                                                              |     |
| 4.  | The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities<br>that produce electricity using fossil gaseous fuels.                                                                                                                                                              | Yes |
| 5.  | The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/<br>cool and power generation facilities using fossil gaseous fuels.                                                                                                                                                    | Yes |
| 6.  | The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation<br>facilities that produce heat/cool using fossil gaseous fuels.                                                                                                                                                       | Yes |

## **Reporting template 2 Taxonomy-aligned economic activities (denominator)**

| Row | Economic activities                                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.  | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II<br>to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI |
| 2.  | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II<br>to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI |
| 3.  | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II<br>to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI |
| 4.  | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II<br>to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI |
| 5.  | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II<br>to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI |
| 6.  | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II<br>to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI |
| 7.  | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6<br>in the denominator of the applicable KPI                                                 |
| 8.  | Total applicable KPI                                                                                                                                                                           |

 **Amount and proportion (figures in monetary amounts and percentages)**

 Turnover-based: 0.00 0.00 0.00 0.00 0.00 0.00 CapEx-based: 0.00 0.00 0.00 0.00 0.00 0.00

 Turnover-based: 48,898.89 0.00 48,898.89 0.00 0.00 0.00 CapEx-based: 222,198.61 0.00 222,198.61 0.00 0.00 0.00

 Turnover-based: 2,247,758.01 0.01 2,247,758.01 0.01 0.00 0.00 CapEx-based: 2,173,345.62 0.01 2,173,345.62 0.01 0.00 0.00

 Turnover-based: 0.00 0.00 0.00 0.00 0.00 0.00 CapEx-based: 0.00 0.00 0.00 0.00 0.00 0.00

 Turnover-based: 0.00 0.00 0.00 0.00 0.00 0.00 CapEx-based: 0.00 0.00 0.00 0.00 0.00 0.00

 Turnover-based: 0.00 0.00 0.00 0.00 0.00 0.00 CapEx-based: 0.00 0.00 0.00 0.00 0.00 0.00

 Turnover-based: 1,853,471,245.37 10.87 1,853,471,245.37 10.87 0.00 0.00 CapEx-based: 128,976,823.17 0.76 128,976,823.17 0.76 0.00 0.00

 Turnover-based: 1,855,767,902.27 10.88 1,855,767,902.27 10.88 0.00 0.00 CapEx-based: 131,372,367.40 0.77 131,372,367.40 0.77 0.00 0.00

**CCM + CCA Climate change mitigation (CCM) Climate change adaptation (CCA)**

**€ % € % € %**

{58}------------------------------------------------

#### **Non-financial report**

|                 | Amount and proportion (figures in monetary amounts and percentages) |       |                                 |       |                                 |      |
|-----------------|---------------------------------------------------------------------|-------|---------------------------------|-------|---------------------------------|------|
|                 | CCM + CCA                                                           |       | Climate change mitigation (CCM) |       | Climate change adaptation (CCA) |      |
|                 | €                                                                   | %     | €                               | %     | €                               | %    |
| Turnover-based: | 0.00                                                                | 0.00  | 0.00                            | 0.00  | 0.00                            | 0.00 |
| CapEx-based:    | 0.00                                                                | 0.00  | 0.00                            | 0.00  | 0.00                            | 0.00 |
| Turnover-based: | 48,898.89                                                           | 0.00  | 48,898.89                       | 0.00  | 0.00                            | 0.00 |
| CapEx-based:    | 222,198.61                                                          | 0.00  | 222,198.61                      | 0.00  | 0.00                            | 0.00 |
| Turnover-based: | 2,247,758.01                                                        | 0.01  | 2,247,758.01                    | 0.01  | 0.00                            | 0.00 |
| CapEx-based:    | 2,173,345.62                                                        | 0.01  | 2,173,345.62                    | 0.01  | 0.00                            | 0.00 |
| Turnover-based: | 0.00                                                                | 0.00  | 0.00                            | 0.00  | 0.00                            | 0.00 |
| CapEx-based:    | 0.00                                                                | 0.00  | 0.00                            | 0.00  | 0.00                            | 0.00 |
| Turnover-based: | 0.00                                                                | 0.00  | 0.00                            | 0.00  | 0.00                            | 0.00 |
| CapEx-based:    | 0.00                                                                | 0.00  | 0.00                            | 0.00  | 0.00                            | 0.00 |
| Turnover-based: | 0.00                                                                | 0.00  | 0.00                            | 0.00  | 0.00                            | 0.00 |
| CapEx-based:    | 0.00                                                                | 0.00  | 0.00                            | 0.00  | 0.00                            | 0.00 |
| Turnover-based: | 1,853,471,245.37                                                    | 10.87 | 1,853,471,245.37                | 10.87 | 0.00                            | 0.00 |
| CapEx-based:    | 128,976,823.17                                                      | 0.76  | 128,976,823.17                  | 0.76  | 0.00                            | 0.00 |
| Turnover-based: | 1,855,767,902.27                                                    | 10.88 | 1,855,767,902.27                | 10.88 | 0.00                            | 0.00 |
| CapEx-based:    | 131,372,367.40                                                      | 0.77  | 131,372,367.40                  | 0.77  | 0.00                            | 0.00 |

**Row Economic activities** 

8. Total applicable KPI

Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II

Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II

Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II

Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II

Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II

Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II

Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6

to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI

to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI

to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI

to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI

to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI

to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI

in the denominator of the applicable KPI

1.

2.

3.

4.

5.

6.

7.

{59}------------------------------------------------

## **Reporting template 3 Taxonomy-aligned economic activities (numerator)**

| Row | Economic activities                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.  | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II<br>to Delegated Regulation (EU) 2021/2139 in the numerator of the applicable KPI |
| 2.  | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II<br>to Delegated Regulation (EU) 2021/2139 in the numerator of the applicable KPI |
| 3.  | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II<br>to Delegated Regulation (EU) 2021/2139 in the numerator of the applicable KPI |
| 4.  | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II<br>to Delegated Regulation (EU) 2021/2139 in the numerator of the applicable KPI |
| 5.  | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II<br>to Delegated Regulation (EU) 2021/2139 in the numerator of the applicable KPI |
| 6.  | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II<br>to Delegated Regulation (EU) 2021/2139 in the numerator of the applicable KPI |
| 7.  | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6<br>in the numerator of the applicable KPI                                                 |
| 8   | Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI                                                                                   |

 **Amount and proportion (figures in monetary amounts and percentages)**

 Turnover-based: 0.00 0.00 0.00 0.00 0.00 0.00 CapEx-based: 0.00 0.00 0.00 0.00 0.00 0.00

 Turnover-based: 48,898.89 0.00 48,898.89 0.00 0.00 0.00 CapEx-based: 222,198.61 0.17 222,198.61 0.17 0.00 0.00

 Turnover-based: 2,247,758.01 0.12 2,247,758.01 0.12 0.00 0.00 CapEx-based: 2,173,345.62 1.65 2,173,345.62 1.65 0.00 0.00

 Turnover-based: 0.00 0.00 0.00 0.00 0.00 0.00 CapEx-based: 0.00 0.00 0.00 0.00 0.00 0.00

 Turnover-based: 0.00 0.00 0.00 0.00 0.00 0.00 CapEx-based: 0.00 0.00 0.00 0.00 0.00 0.00

 Turnover-based: 0.00 0.00 0.00 0.00 0.00 0.00 CapEx-based: 0.00 0.00 0.00 0.00 0.00 0.00

 Turnover-based: 1,853,471,245.37 99.88 1,853,471,245.37 99.88 0.00 0.00 CapEx-based: 128,976,823.17 98.18 128,976,823.17 98.18 0.00 0.00

 Turnover-based: 1,855,767,902.27 100.00 1,855,767,902.27 100.00 0.00 0.00 CapEx-based: 131,372,367.40 100.00 131,372,367.40 100.00 0.00 0.00

 Turnover-based: 24,497.43 0.00 24,497.43 0.00 0.00 0.00 CapEx-based: 284,170.22 0.00 284,170.22 0.00 0.00 0.00

 Turnover-based: 0.00 0.00 0.00 0.00 0.00 0.00 CapEx-based: 0.00 0.00 0.00 0.00 0.00 0.00

 Turnover-based: 86,156.69 0.00 86,156.69 0.00 0.00 0.00 CapEx-based: 86,156.69 0.00 86,156.69 0.00 0.00 0.00

 Turnover-based: 2,185,845.83 0.01 2,185,845.83 0.01 0.00 0.00 CapEx-based: 988,102.09 0.01 988,102.09 0.01 0.00 0.00

 Turnover-based: 4,728,231.66 0.03 4,728,231.66 0.03 0.00 0.00 CapEx-based: 3,406,634.82 0.02 3,406,634.82 0.02 0.00 0.00

 Turnover-based: 1,364,099.96 0.01 1,364,099.96 0.01 0.00 0.00 CapEx-based: 0.00 0.00 0.00 0.00 0.00 0.00

 Turnover-based: 911,155,101.70 5.34 911,155,101.70 5.34 0.00 0.00 CapEx-based: 327,314,956.76 1.92 327,314,956.76 1.92 0.00 0.00

 Turnover-based: 919,543,933.27 5.39 919,543,933.27 5.39 0.00 0.00 CapEx-based: 332,080,020.59 1.95 332,080,020.59 1.95 0.00 0.00

 **Amount and proportion (figures in monetary amounts and percentages)**

**CCM + CCA Climate change mitigation (CCM) Climate change adaptation (CCA)**

**€ % € % € %**

**CCM + CCA Climate change mitigation (CCM) Climate change adaptation (CCA)**

**€ % € % € %**

## **Reporting template 4 Taxonomy-eligible but not taxonomy-aligned economic activities**

| Row | Economic activities                                                                                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.  | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26<br>of Annexes I and II to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI |
| 2.  | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27<br>of Annexes I and II to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI |
| 3.  | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28<br>of Annexes I and II to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI |
| 4.  | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29<br>of Annexes I and II to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI |
| 5.  | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30<br>of Annexes I and II to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI |
| 6.  | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31<br>of Annexes I and II to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI |
| 7.  | Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 in<br>the denominator of the applicable KPI                                                 |
| 8.  | Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the<br>applicable KPI                                                                                |

{60}------------------------------------------------

| CCM + CCA |                 | Climate change mitigation (CCM) |        | Climate change adaptation (CCA) |        |      |      |
|-----------|-----------------|---------------------------------|--------|---------------------------------|--------|------|------|
|           |                 | €                               | %      | €                               | %      | €    | %    |
|           | Turnover-based: | 0.00                            | 0.00   | 0.00                            | 0.00   | 0.00 | 0.00 |
|           | CapEx-based:    | 0.00                            | 0.00   | 0.00                            | 0.00   | 0.00 | 0.00 |
|           | Turnover-based: | 48,898.89                       | 0.00   | 48,898.89                       | 0.00   | 0.00 | 0.00 |
|           | CapEx-based:    | 222,198.61                      | 0.17   | 222,198.61                      | 0.17   | 0.00 | 0.00 |
|           | Turnover-based: | 2,247,758.01                    | 0.12   | 2,247,758.01                    | 0.12   | 0.00 | 0.00 |
|           | CapEx-based:    | 2,173,345.62                    | 1.65   | 2,173,345.62                    | 1.65   | 0.00 | 0.00 |
|           | Turnover-based: | 0.00                            | 0.00   | 0.00                            | 0.00   | 0.00 | 0.00 |
|           | CapEx-based:    | 0.00                            | 0.00   | 0.00                            | 0.00   | 0.00 | 0.00 |
|           | Turnover-based: | 0.00                            | 0.00   | 0.00                            | 0.00   | 0.00 | 0.00 |
|           | CapEx-based:    | 0.00                            | 0.00   | 0.00                            | 0.00   | 0.00 | 0.00 |
|           | Turnover-based: | 0.00                            | 0.00   | 0.00                            | 0.00   | 0.00 | 0.00 |
|           | CapEx-based:    | 0.00                            | 0.00   | 0.00                            | 0.00   | 0.00 | 0.00 |
|           | Turnover-based: | 1,853,471,245.37                | 99.88  | 1,853,471,245.37                | 99.88  | 0.00 | 0.00 |
|           | CapEx-based:    | 128,976,823.17                  | 98.18  | 128,976,823.17                  | 98.18  | 0.00 | 0.00 |
|           | Turnover-based: | 1,855,767,902.27                | 100.00 | 1,855,767,902.27                | 100.00 | 0.00 | 0.00 |
|           | CapEx-based:    | 131,372,367.40                  | 100.00 | 131,372,367.40                  | 100.00 | 0.00 | 0.00 |

**Row Economic activities** 

**Row Economic activities** 

Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II

Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II

Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II

Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II

Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II

Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II

Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26

Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27

Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28

Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29

Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30

Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31

Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 in

Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the

Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6

8. Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI

of Annexes I and II to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI

of Annexes I and II to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI

of Annexes I and II to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI

of Annexes I and II to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI

of Annexes I and II to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI

of Annexes I and II to Delegated Regulation (EU) 2021/2139 in the denominator of the applicable KPI

to Delegated Regulation (EU) 2021/2139 in the numerator of the applicable KPI

to Delegated Regulation (EU) 2021/2139 in the numerator of the applicable KPI

to Delegated Regulation (EU) 2021/2139 in the numerator of the applicable KPI

to Delegated Regulation (EU) 2021/2139 in the numerator of the applicable KPI

to Delegated Regulation (EU) 2021/2139 in the numerator of the applicable KPI

to Delegated Regulation (EU) 2021/2139 in the numerator of the applicable KPI

in the numerator of the applicable KPI

the denominator of the applicable KPI

applicable KPI

1.

2.

3.

4.

5.

6.

7.

1.

2.

3.

4.

5.

6.

7.

8.

| Amount and proportion (figures in monetary amounts and percentages) |                |                                 |                |                                 |      |      |
|---------------------------------------------------------------------|----------------|---------------------------------|----------------|---------------------------------|------|------|
| CCM + CCA                                                           |                | Climate change mitigation (CCM) |                | Climate change adaptation (CCA) |      |      |
| €                                                                   | %              | €                               | %              | €                               | %    |      |
| Turnover-based:                                                     | 24,497.43      | 0.00                            | 24,497.43      | 0.00                            | 0.00 | 0.00 |
| CapEx-based:                                                        | 284,170.22     | 0.00                            | 284,170.22     | 0.00                            | 0.00 | 0.00 |
| Turnover-based:                                                     | 0.00           | 0.00                            | 0.00           | 0.00                            | 0.00 | 0.00 |
| CapEx-based:                                                        | 0.00           | 0.00                            | 0.00           | 0.00                            | 0.00 | 0.00 |
| Turnover-based:                                                     | 86,156.69      | 0.00                            | 86,156.69      | 0.00                            | 0.00 | 0.00 |
| CapEx-based:                                                        | 86,156.69      | 0.00                            | 86,156.69      | 0.00                            | 0.00 | 0.00 |
| Turnover-based:                                                     | 2,185,845.83   | 0.01                            | 2,185,845.83   | 0.01                            | 0.00 | 0.00 |
| CapEx-based:                                                        | 988,102.09     | 0.01                            | 988,102.09     | 0.01                            | 0.00 | 0.00 |
| Turnover-based:                                                     | 4,728,231.66   | 0.03                            | 4,728,231.66   | 0.03                            | 0.00 | 0.00 |
| CapEx-based:                                                        | 3,406,634.82   | 0.02                            | 3,406,634.82   | 0.02                            | 0.00 | 0.00 |
| Turnover-based:                                                     | 1,364,099.96   | 0.01                            | 1,364,099.96   | 0.01                            | 0.00 | 0.00 |
| CapEx-based:                                                        | 0.00           | 0.00                            | 0.00           | 0.00                            | 0.00 | 0.00 |
| Turnover-based:                                                     | 911,155,101.70 | 5.34                            | 911,155,101.70 | 5.34                            | 0.00 | 0.00 |
| CapEx-based:                                                        | 327,314,956.76 | 1.92                            | 327,314,956.76 | 1.92                            | 0.00 | 0.00 |
| Turnover-based:                                                     | 919,543,933.27 | 5.39                            | 919,543,933.27 | 5.39                            | 0.00 | 0.00 |
| CapEx-based:                                                        | 332,080,020.59 | 1.95                            | 332,080,020.59 | 1.95                            | 0.00 | 0.00 |

{61}------------------------------------------------

## **Reporting template 5 Taxonomy non-eligible economic activities**

| Row | Economic activities                                                                                                                                                                                                                              |                     | €                | %     |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|------------------|-------|
| 1.  | Amount and proportion of economic activity referred to in row 1 of Template 1 that<br>is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to<br>Delegated Regulation 2021/2139 in the denominator of the applicable KPI | Turnover-<br>based: | 0.00             | 0.00  |
|     |                                                                                                                                                                                                                                                  | CapEx-based:        | 0.00             | 0.00  |
| 2.  | Amount and proportion of economic activity referred to in row 1 of Template 1 that<br>is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to<br>Delegated Regulation 2021/2139 in the denominator of the applicable KPI | Turnover-<br>based: | 0.00             | 0.00  |
|     |                                                                                                                                                                                                                                                  | CapEx-based:        | 1,629,456.46     | 0.01  |
| 3.  | Amount and proportion of economic activity referred to in row 1 of Template 1 that<br>is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to<br>Delegated Regulation 2021/2139 in the denominator of the applicable KPI | Turnover-<br>based: | 398,628.22       | 0.00  |
|     |                                                                                                                                                                                                                                                  | CapEx-based:        | 853,850.86       | 0.01  |
| 4.  | Amount and proportion of economic activity referred to in row 1 of Template 1 that<br>is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to<br>Delegated Regulation 2021/2139 in the denominator of the applicable KPI | Turnover-<br>based: | 0.00             | 0.00  |
|     |                                                                                                                                                                                                                                                  | CapEx-based:        | 0.00             | 0.00  |
| 5.  | Amount and proportion of economic activity referred to in row 1 of Template 1 that<br>is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to<br>Delegated Regulation 2021/2139 in the denominator of the applicable KPI | Turnover-<br>based: | 0.00             | 0.00  |
|     |                                                                                                                                                                                                                                                  | CapEx-based:        | 0.00             | 0.00  |
| 6.  | Amount and proportion of economic activity referred to in row 1 of Template 1 that<br>is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to<br>Delegated Regulation 2021/2139 in the denominator of the applicable KPI | Turnover-<br>based: | 0.00             | 0.00  |
|     |                                                                                                                                                                                                                                                  | CapEx-based:        | 0.00             | 0.00  |
| 7.  | Amount and proportion of other taxonomy-non-eligible economic activities not<br>referred to in rows 1 to 6 in the denominator of the<br>applicable KPI                                                                                           | Turnover-<br>based: | 3,371,525,097.70 | 19.77 |
|     |                                                                                                                                                                                                                                                  | CapEx-based:        | 2,984,397,217.05 | 17.50 |
| 8.  | Total amount and proportion of taxonomy-non-eligible economic activities in the<br>denominator of the applicable KPI                                                                                                                             | Turnover-<br>based: | 3,371,923,725.92 | 19.77 |
|     |                                                                                                                                                                                                                                                  | CapEx-based:        | 2,986,880,524.37 | 17.52 |

{62}------------------------------------------------

## **Declaration of the legal representatives**

We confirm that the consolidated non-financial report of UNIQA Insurance Group AG, prepared in accordance with Section 267a(2) of the Austrian Commercial Code and the EU Taxonomy Regulation (EU Regulation 2020/852), includes such disclosures as are necessary for an understanding of the development and performance of the business, the position of the Group and the impact of its activities, and, as a minimum, address environmental, social and employee issues, respect for human rights and the fight against corruption and bribery. The disclosures include a description of the core business of UNIQA Insurance Group AG and its concepts relating to these topics, including the due diligence processes applied and the material risks. The report also includes information on the results of the implementation of these concepts and the key performance indicators.

Vienna, 15 March 2024

Q. Victor

Andreas Brandstetter Chairman of the Management Board

P. Luno

Peter Humer Member of the Management Board

![]()

Erik Leyers Member of the Management Board

Peter Eichler Member of the Management Board

Vullully

Wolfgang Kindl Member of the Management Board

Sabine Pfeffer Member of the Management Board

signature

Wolf-Christoph Gerlach Member of the Management Board

Th

René Knapp Member of the Management Board

Kurt Svoboda Member of the Management Board

{63}------------------------------------------------

## **Independent Limited Assurance Report on the (Consolidated) Non-financial Report as at 31 December 2023**

We performed a limited assurance engagement of the (consolidated) non-financial report pursuant to section 267a UGB (Austrian Company Code) (hereinafter the "consolidated non-financial report") of UNIQA Insurance Group AG, Vienna, (the "Company") for the financial year 2023.

#### **Conclusion**

Based on the procedures performed and evidence obtained, nothing has come to our attention that causes us to believe that the Company's (consolidated) non-financial report as at 31 December 2023 is not prepared, in all material aspects, in accordance with the requirements of section 267a UGB and Article 8 of the Regulation (EU) 2020/852 ("EU Taxonomy Regulation") and the Delegated Acts adopted in this regard.

## **Emphasis of matter – Uncertainties regarding the interpretation of the Delegated Acts adopted with regard to Article 8 of the EU Taxonomy Regulation**

We refer to the information provided by management in the section "Disclosures in accordance with the EU Taxonomy Regulation" of the (consolidated) non-financial report. This section describes that the EU Taxonomy Regulation and the Delegated Acts adopted in this regard contain wordings and definitions that are still subject to considerable interpretation uncertainties. Management describes how they have made the necessary interpretation of the EU Taxonomy Regulation and the Delegated Acts adopted in this regard. Due to the inherent risk that undefined legal terms can be interpreted differently, the legal conformity of the interpretation is subject to uncertainty. Our audit opinion is not modified in respect of this matter.

## **Responsibility of Management and the Supervisory Board**

Management is responsible for the preparation of the (consolidated) non-financial report in accordance with the requirements of section 267a UGB and the EU Taxonomy Regulation and the Delegated Acts adopted in this regard.

Management's responsibility includes the selection and application of appropriate methods to prepare the (consolidated) non-financial reporting (in particular the selection of key issues) as well as making assumptions and estimates related to individual sustainability disclosures which are reasonable in the circumstances. This responsibility also includes the interpretation of the wordings and definitions contained in the EU Taxonomy Regulation and the Delegated Acts adopted in this regard, and management is responsible for such internal control as it determines is necessary to enable the preparation of a (consolidated) non-financial report that is free from material misstatement, whether due to fraud or error.

The Supervisory Board is responsible for examining the (consolidated) non-financial report.

#### **Auditor's Responsibility**

Our responsibility is to express a limited assurance conclusion based on our procedures performed and evidence obtained as to whether anything has come to our attention that causes us to believe that the (consolidated) non-financial report as at 31 December 2023 is not prepared, in all material aspects, in accordance with section 267a UGB and Article 8 of the Regulation (EU) 2020/852 ("EU Taxonomy Regulation") and the Delegated Acts adopted in this regard.

We performed our engagement in accordance with the professional standards applicable in Austria with regard to KFS/PG 13 "Other assurance engagements" as well as the International Standards on Assurance Engagements (ISAE) 3000 (Revised) "Assurance engagements other than audits or reviews of historical financial information". These standards require that we comply with our ethical requirements, including rules on independence, and that we plan and perform our procedures by considering the principle of materiality to be able to express a limited assurance conclusion based on the assurance obtained.

{64}------------------------------------------------

The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement; consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.

The selection of the procedures lies in the sole discretion of the auditor and comprised, in particular, the following:

- Interviewing the relevant employees responsible for the analysis of materiality considering the concerns of external stakeholders to update the understanding of the procedure for identifying material sustainability matters
- Assessment of risks regarding the essential non-financial matters / disclosures
- Updating the overview of the policies pursued by the Company, including due diligence processes implemented with regard to environmental, social and labour matters, respect for human rights and the fight against corruption and bribery
- Updating the understanding of reporting processes by interviewing the relevant employees and inspecting selected documentations
- Evaluating the reported disclosures by performing analytical procedures regarding non-financial performance indicators, interviewing relevant employees and inspecting selected documentations
- Assessment of the process for identifying investments qualifying as Taxonomy-eligible and Taxonomy-aligned and activities qualifying as Taxonomy-eligible and Taxonomy-aligned in the underwriting business and the corresponding disclosures in the non-financial reporting by interviewing the relevant employees and inspecting selected internal documentation to assess whether the requirements of the EU Taxonomy Regulation have been adequately addressed
- Evaluating the presentation and completeness of the disclosures and non-financial information pursuant to section 267a UGB and the EU Taxonomy Regulation

The following was not part of our engagement:

- Examining the prior-year figures, forward-looking information or data from external surveys
- Examining the correct transfer of data and references from the (consolidated) financial statements to the non-financial reporting; and
- Examining the information and disclosures on the website or further references on the internet

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.

Neither an audit nor a review of financial statements is objective of our engagement. Furthermore, neither the disclosure and solution of fraud, such as e.g., embezzlement or other kinds of fraudulent acts and wrongful doings, nor the assessment of the effectiveness and profitability of the management are objectives of our engagement.

## **Restriction of Use**

Because our report is prepared solely for and on behalf of the client, it does not constitute a basis for any reliance on its contents by other third parties. Therefore, no claims of other third parties can be derived from it. We consent to the publication of our report together with the (consolidated) non-financial report. However, the publication may only take place in the complete version certified by us.

## **General Conditions of Contract**

Our report is issued based on the engagement agreed upon with you and is governed by the General Conditions of Contract for the Public Accounting Professions (AAB 2018) enclosed to this report, which also apply towards third parties.

Vienna 15 March 2024

PwC Wirtschaftsprüfung GmbH

Werner Stockreiter Austrian Certified Public Accountant

signed

{65}------------------------------------------------

## **Group Management Report**

#### **Economic environment**

Despite the largest interest rate hikes in 18 months since 1980, neither the US Federal Reserve (Fed) nor the European Central Bank (ECB) managed to get inflation entirely under control in 2023. In the USA, interest rates were raised to 5.5 per cent, the highest level since 2001. In Europe, the historic high since the introduction of the euro was reached in 2023 at 4.5 per cent.

Nevertheless, inflation has already fallen significantly as a result: to around 3.1 per cent in the USA and even below 3 per cent in the eurozone. In Austria, however, inflation remained high for the time being (annual average 2023: over 7 per cent, price increase December 2022/December 2023: 5.6 per cent). Unsurprisingly, the sharp interest rate hikes to combat inflation over the course of the year had an impact on the economy. This is particularly evident in the construction and real estate industry, where interest rates directly impact prices and order volumes. However, the industrial sector is also suffering. The German IFO business climate index stands at a subdued 84.3 points, and the gloom is also clearly noticeable in Austria, where the WIFO economic index turned from a highly positive 10.9 points in April 2023 to a clear minus towards the end of the year, reaching minus 7.9 points in October 2023. Germany and Austria will therefore end 2023 in a "mild" recession.

The labour market remained extremely robust both in the USA and throughout Europe as the weakening economy hardly affected the high demand for labour for the time being. In the eurozone, the unemployment rate even fell from 6.7 per cent to 6.4 per cent over the course of 2023, while in Austria it remained stable at 4.7 per cent (both according to ILO calculations).

A similar trend to the western EU countries also characterised the CEE countries: Hungary's economic output shrank by 0.3 per cent in 2023, while Poland and Czechia just managed to record slight growth of 0.6 per cent and 0.2 per cent, respectively. However, the inflation trend in the region proved to be a greater burden than the weak economic trend. In Hungary, inflation was still above 25 per cent in the first quarter of 2023, 20 per cent in Poland and 18 per cent in Czechia. After easing over the course of the year, average price increases for the year were still between 10.9 per cent (Czechia) and 17.7 per cent (Hungary).

The stable economic trend in the first half of 2023 while inflation remained high caused yields on the bond markets to rise for a long time, albeit with high volatility. In the course of this development, the yield on the ten-year German government bond, for example, climbed above the 3 per cent mark. Only the significant deterioration in the economic outlook and the general expectation of an interest rate cut in 2024 led to a significant rise in bond prices in the last quarter of 2023 and thus to a decline in yields: ten-year interest rates in Germany fell to below 2 per cent and those in Austria to below 2.5 per cent.

{66}------------------------------------------------

#### **UNIQA Group**

With a premium volume written (including savings portions from unit-linked and index-linked life insurance) of €7,185.6 million, the UNIQA Group is among the leading insurance groups in Central and Eastern Europe.

#### **UNIQA in Europe**

UNIQA offers its products and services via all distribution channels (hired sales force, general agencies, brokers, banks and direct sales) and covers virtually the entire range of insurance lines. UNIQA is the second-largest insurance group in Austria, with a presence in 14 countries of the CEE growth region: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czechia, Hungary, Kosovo, Montenegro, North Macedonia, Poland, Romania, Serbia, Slovakia and Ukraine. In addition, insurance companies in Switzerland and Liechtenstein are also part of the UNIQA Group.

The listed holding company UNIQA Insurance Group AG manages the Group and also operates the indirect insurance business concluded as active reinsurance with another insurance company. Moreover, UNIQA Insurance Group AG carries out numerous service functions for UNIQA Österreich Versicherungen AG and its international Group companies, in order to take best advantage of synergy effects and to implement the Group's long-term corporate strategy consistently.

#### **Property and casualty insurance**

The property and casualty insurance line includes property insurance for private individuals and companies, as well as private casualty insurance. The UNIQA Group received premiums written in property and casualty insurance in the amount of €4,214.3 million in 2023 (2022: €3,683.0 million) – which is 58.7 per cent (2022: 56.2 per cent) of total premium volume. The largest share by far in the volume of property and casualty insurance comes from private consumer business. Most property and casualty insurance policies are taken out for a limited term of up to three years. A broad spread across the different risks of a great many customers and the relatively short terms of these contracts lead to only moderate capital requirements and also make this business segment attractive as a result.

#### **Health insurance**

Health insurance in Austria includes voluntary health insurance for private customers, commercial preventive healthcare and opt-out offers for certain independent professions such as lawyers, architects and chemists. Although health insurance is still at the early stages in CEE, increased levels of prosperity in the region make the long-term growth potential even greater. Group-wide, in 2023, premiums written totalled €1,388.1 million, (2022: €1,275.9 million) – which is 19.3 per cent (2022: 19.5 per cent) of total premium volume. UNIQA is the undisputed market leader in this strategically important business line in Austria, with around 44 per cent of market share. At around 91 per cent of premiums, the overwhelming majority comes from Austria, with the remaining 9 per cent from international business.

#### **Life insurance**

Life insurance covers economic risks that stem from the uncertainty as to how long a customer will live. It includes savings products such as classic and unit-linked life insurance. There are also biometric products which hedge against risks such as occupational disability, long-term care needs or death. The life insurance business model is oriented towards the long term: policy terms are around 25 years on average. In life insurance, UNIQA reached a premium volume (including savings portions from unit-linked and index-linked life insurance) of €1,583.2 million Group-wide in 2023 (2022: €1,589.8 million) – which is 22.0 per cent (2022: 24.3 per cent) of total premium volume.

{67}------------------------------------------------

## **Companies included in the IFRS consolidated financial statements**

In addition to the annual financial statements of UNIQA Insurance Group AG, the consolidated financial statements include the financial statements of all subsidiaries in Austria and abroad as well as those of the investment funds under the Group's control. The basis of consolidation – including UNIQA Insurance Group AG – comprised 32 Austrian (2022: 31) and 61 international (2022: 59) subsidiaries as well as 4 Austrian (2022: 4) and 9 international (2022: 9) controlled pension and investment funds. The associates are 4 Austrian companies (2022: 4) that were included in the consolidated financial statements using the equity method of accounting.

Details on the consolidated companies and associates are contained in the corresponding overviews in the consolidated financial statements. The accounting and measurement methods are also described in the consolidated financial statements.

#### **Risk reporting**

UNIQA's comprehensive risk report is included in the notes to the 2023 consolidated financial statements..

#### **Corporate Governance Report**

Since 2004, UNIQA has pledged to comply with the Austrian Code of Corporate Governance. UNIQA publishes its consolidated Corporate Governance Report at www.uniqagroup.com in the Investor Relations section.

## **Consolidated non-financial statement, consolidated non-financial report**

In accordance with Section 267a(6) of the Austrian Commercial Code, UNIQA Insurance Group AG prepares its consolidated non-financial statement as a separate summarised non-financial report. The separate condensed non-financial report is prepared and signed by all legal representatives. It is submitted to the Supervisory Board for review and published together with the Group Management Report pursuant to Section 280 of the Austrian Commercial Code.

#### **Discontinued operations**

In accordance with the provisions of IFRS 5, all values attributable to the Russian business were recognised in the consolidated income statement (including the comparative period) in the profit/(loss) from discontinued operations (after tax).

{68}------------------------------------------------

## **Group business development**

- **•** Premiums written (including savings portions from unit-linked and index-linked life insurance) rose by 9.7 per cent to €7,185.6 million
- **•** Technical result at €562.2 million
- **•** Combined ratio (gross) improved from 91.7 per cent to 89.4 per cent
- **•** Financial result increased to €150.2 million
- **•** Earnings before taxes in 2023 increased by 56.6 per cent to €426.4 million
- **•** Proposed dividend of €0.57 per share for 2023

| UNIQA Group key figures<br>In € million                                                                                                        | 2023    | 2022    |
|------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|
| Premiums written, including savings portions from<br>unit-linked and index-linked life insurance                                               | 7,185.6 | 6,548.7 |
| Cost ratio                                                                                                                                     | 31.0%   | 30.9%   |
| Combined ratio (gross before reinsurance)                                                                                                      | 89.4%   | 91.7%   |
| Earnings before taxes                                                                                                                          | 426.4   | 272.3   |
| Consolidated profit/(loss) (proportion of the profit/(loss)<br>for the period attributable to the shareholders of<br>UNIQA Insurance Group AG) | 302.7   | 256.0   |

### **Changes in premiums**

UNIQA's total volume of premiums written increased in 2023. Taking into account the savings portions from unitlinked and index-linked life insurance, the volume climbed 9.7 per cent to €7,185.6 million (2022: €6,548.7 million). The main driver for this was the solid growth in both property and casualty insurance and in health insurance.

## **Premiums written, including savings portions from unit-linked and index-linked life insurance**

In € million

Image /page/68/Figure/13 description: This image is a bar chart comparing values from 2019 to 2023. In 2019, the value is 5,373. In 2020, the value is 5,565. In 2021, the value is 6,358. In 2022, the value is 6,549. In 2023, the value is 7,186.

Premiums written in property and casualty insurance grew by 14.4 per cent to €4,214.3 million in 2023 (2022: €3,683.0 million) due to index adjustments and a good sales performance. In health insurance, premiums written rose by 8.8 per cent to €1,388.1 million in the reporting period due to premium adjustments and good new business development (2022: €1,275.9 million). In life insurance, premiums written, including savings portions from unit-linked and index-linked life insurance, decreased slightly by 0.4 per cent to €1,583.2 million (2022: €1,589.8 million).

Premiums written, including savings portions from unitlinked and index-linked life insurance, at UNIQA Austria increased by 5.0 per cent to €4,290.0 million in 2023 (2022: €4,086.4 million). The UNIQA International segment saw an increase of 13.8 per cent to €2,787.9 million (2022: €2,450.0 million).

{69}------------------------------------------------

#### **Change in insurance revenue**

The insurance revenue of the UNIQA Group rose in 2023 by 12.1 per cent to €5,994.1 million (2022: €5,346.9 million). This development was primarily driven by very strong premium growth in property and casualty insurance and an interest rate-induced higher release of the contractual service margin (CSM release) in health insurance and life insurance.

The release of the contractual service margin amounted to a total of €318.9 million (2022: €314.5 million).

Insurance revenue in property and casualty insurance grew by 12.9 per cent to €4,006.3 million in 2023 (2022: €3,547.8 million).

In health insurance, insurance revenue in the reporting period rose by 8.3 per cent to €1,234.7 million (2022: €1,139.7 million). The release of the contractual service margin increased by 10.0 per cent to €94.7 million (2022: €86.1 million).

Insurance revenue in life insurance increased by 14.2 per cent to €753.1 million in 2023 (2022: €659.3 million). In contrast, the release of the contractual service margin decreased slightly by 1.9 per cent to €192.2 million (2022: €196.0 million).

#### **Change in insurance service expenses**

The insurance service expenses of the UNIQA Group rose in 2023 by 11.5 per cent to €5,291.0 million (2022: €4,744.5 million). The main drivers for this were very high burdens from natural catastrophes and major claims – primarily from the Austrian portfolio.

The overall cost ratio – the ratio of direct and indirect costs to insurance revenue – nevertheless increased only slightly to 31.0 per cent (2022: 30.9 per cent).

Insurance service expenses in property and casualty insurance increased by 10.0 per cent to €3,580.8 million (2022: €3,254.3 million). The cost ratio improved to 31.9 per cent (2022: 32.5 per cent). The combined ratio (gross before reinsurance) fell to 89.4 per cent (2022: 91.7 per cent) despite the significant impact from natural catastrophes and major claims due to the improved cost ratio and excellent technical performance in the international segment.

#### **Combined ratio (gross before reinsurance)** In per cent

Image /page/69/Figure/12 description: This bar chart compares values for 2022 and 2023. The value for 2022 is 91.7, and the value for 2023 is 89.4. The y axis ranges from 20 to 100 in increments of 20.

| Property and casualty insurance<br>In € million | 2023      | 2022      |
|-------------------------------------------------|-----------|-----------|
| Premiums written                                | 4,214.3   | 3,683.0   |
| Insurance revenue                               | 4,006.3   | 3,547.8   |
| Insurance service expenses                      | – 3,580.8 | – 3,254.3 |
| Technical result from reinsurance               | – 138.0   | – 37.6    |
| Technical result                                | 287.5     | 255.9     |
| Financial result                                | 101.4     | – 39.1    |
| Net investment income                           | 173.4     | – 23.3    |
| Non-technical result                            | – 119.0   | – 144.9   |
| Cost ratio                                      | 31.9%     | 32.5%     |
| Combined ratio (gross before reinsurance)       | 89.4%     | 91.7%     |
| Earnings before taxes                           | 211.5     | 9.5       |

{70}------------------------------------------------

| Health insurance<br>In € million          | 2023      | 2022      |
|-------------------------------------------|-----------|-----------|
| Premiums written                          | 1,388.1   | 1,275.9   |
| Insurance revenue                         | 1,234.7   | 1,139.7   |
| Release of the contractual service margin | 94.7      | 86.1      |
| Insurance service expenses                | – 1,110.3 | – 1,038.5 |
| Technical result from reinsurance         | – 2.5     | 0.6       |
| Technical result                          | 122.0     | 101.8     |
| Financial result                          | – 19.1    | – 14.3    |
| Net investment income                     | 111.7     | 18.2      |
| Non-technical result                      | – 58.2    | – 31.6    |
| Cost ratio                                | 18.2%     | 17.3%     |
| Earnings before taxes                     | 44.1      | 55.8      |

In health insurance, insurance service expenses grew by 6.9 per cent to €1,110.3 million in 2023 (2022: €1,038.5 million). The cost ratio in this segment increased to 18.2 per cent (2022: 17.3 per cent).

In life insurance, insurance service expenses rose by 32.8 per cent to €600.0 million (2022: €451.7 million). The cost ratio in life insurance increased to 46.9 per cent (2022: 46.0 per cent).

#### **Technical result from reinsurance**

The technical result from reinsurance in 2023 amounted to €–140.9 million (2022: €–38.4 million). The reason for this increase is the high burden from both natural catastrophes – especially the storms in the summer months – and major claims.

## **Technical result**

In 2023, the technical result of the UNIQA Group (see Note 5 in the consolidated financial statements) nevertheless remained at nearly the level of the previous year at €562.2 million (2022: €564.0 million).

## **Financial result**

The UNIQA Group's investment portfolio (including investment property, financial assets accounted for using the equity method and other investments) rose by €1,055.9 million to €20,431.9 million as at 31 December 2023 compared with the last reporting date (31 December 2022: €19,376.0 million).

Net investment income increased in 2023 to €588.8 million due to the excellent current income (2022: €179.8 million). The financial result increased to €150.2 million as a result (2022: €–49.9 million). Due to the recognition of the 15.7 per cent equity-accounted holding in the construction firm STRABAG SE, there was a positive contribution in the amount of €76.0 million in 2023 (2022: €99.6 million).

Net investment income from unit-linked and index-linked life insurance amounted to €306.0 million in 2023 (2022: €–492.5 million).

A detailed description of the financial result can be found in the consolidated financial statements (see Note 4 in the consolidated financial statements).

## **Non-technical result**

The non-technical result amounted to €–206.4 million in 2023 (2022: €–161.7 million). Other income rose by 22.2 per cent to €436.1 million (2022: €356.7 million), while other expenses increased by 23.9 per cent to €642.5 million (2022: €518.5 million).

{71}------------------------------------------------

#### **Earnings before taxes**

Operating profit grew by 43.6 per cent to €506.1 million due to the increased financial result (2022: €352.4 million). The UNIQA Group's earnings before taxes increased accordingly by 56.6 per cent to €426.4 million (2022: €272.3 million).

#### **Earnings before taxes**

In € million

Image /page/71/Figure/5 description: This bar chart compares values for 2022 and 2023. The value for 2022 is 272, and the value for 2023 is 426.

In property and casualty insurance, earnings before taxes increased to €211.5 million (2022: €9.5 million), while in health insurance they declined by 20.9 per cent to €44.1 million (2022: €55.8 million). Lastly, in life insurance, earnings before taxes fell by 17.5 per cent to €170.8 million (2022: €207.0 million).

Income tax expense increased in 2023 to €103.2 million (2022: €16.9 million). This increase is due to the decision not to recognise loss carryforwards, which were higher in the financial year, as deferred tax assets. In consequence, the tax burden increased to 24.2 per cent in 2023 (2022: 6.2 per cent).

The profit/(loss) for the period from continuing operations amounted to €323.1 million (2022: €255.4 million). Due to the planned sale of the Russian business, the company incurred a loss from discontinued operations (after tax) in the amount of € $-19.3$  million in 2023 (2022: €0.3 million). As a result, the profit/(loss) for the reporting period was €303.8 million (2022: €255.7 million).

Consolidated profit/(loss) (proportion of the profit/(loss) for the period attributable to the shareholders of UNIQA Insurance Group AG) increased by 18.3 per cent to €302.7 million (2022: €256.0 million). The earnings per share rose to €0.99 (2022: €0.83). The earnings per share from continuing operations was €1.05 in 2023 (2022: €0.83).

Image /page/71/Figure/10 description: The image is a bar graph comparing values for 2022 and 2023. In 2022, the value is 0.83, and in 2023, the value is 0.99. The y-axis ranges from 0.2 to 1.2.

## **Earnings per share**

In €

The return on equity (profit/(loss) for the period from continuing operations in relation to the average equity excluding non-controlling interests) increased in the reporting year to 14.1 per cent (2022: 11.6 per cent). This calculation does not take into account the effect of the planned sale of the Russian company (profit/(loss) from discontinued operations (after tax)).

On this basis, the Management Board will propose a dividend of €0.57 per share to the Supervisory Board and the Annual General Meeting (2022: €0.55 per share).

{72}------------------------------------------------

## **Dividend per share**

Image /page/72/Figure/2 description: The image is a bar chart showing values from 2019 to 2023. The y axis is labeled "In €". In 2019 the value is 0.18, in 2020 the value is 0.18, in 2021 the value is 0.55, in 2022 the value is 0.55, and in 2023 the value is 0.57.

#### **Own funds and total assets**

Total equity attributable to the shareholders of UNIQA Insurance Group AG increased by €826.9 million to €2,710.2 million in the past financial year (31 December 2022: €1,883.3 million). This was due to the increased measurement of financial instruments available for sale caused by the fall in the general interest rate level at the end of 2023. Non-controlling interests came to €19.9 million (31 December 2022: €17.7 million). Total assets amounted to €28,151.0 million at 31 December 2023 (31 December 2022: €26,641.1 million).

## **Change in contractual service margin**

The contractual service margin (CSM) declined to €5,266.3 million as at 31 December 2023 (31 December 2022: €5,411.0 million). The main reasons for this development were the ongoing release of the contractual service margin in line with the development of the insurance portfolio and the reclassification of the Russian life insurance business as a discontinued operation. In property and casualty insurance, the CSM increased slightly to €61.9 million (31 December 2022: €60.5 million) and in health insurance to €3,366.2 million (31 December 2022: €3,328.3 million). In life insurance, on the other hand, it fell to €1,838.2 million (31 December 2022: €2,022.2 million).

## **Consolidated Statement of Cash Flows**

UNIQA's net cash flow from operating activities amounted to €325.3 million in 2023 (2022: €–532.0 million). Cash flow from investment activities amounted to €41.0 million (2022: €798.3 million). Net cash flows from financing activities amounted to €–333.7 million (2022: €–188.7 million). Overall, cash and cash equivalents increased by €31.9 million to €699.5 million in the 2023 financial year (2022: €667.6 million).

{73}------------------------------------------------

#### **Employees**

In 2023, the average number of employees (full-time equivalents, or FTEs) at UNIQA rose slightly to 14,629 FTEs (2022: 14,515). This includes 3,798 FTEs (2022: 3,813) who were employed as field sales employees. The number of employees in administration was 10,831 FTEs (2022: 10,702).

In 2023, the Group had an average of 4,963 FTEs (2022: 4,787) in the Central Europe (CE) region – Poland, Slovakia, Czechia and Hungary – as well as 2,197 FTEs (2022: 2,263) in the Southeastern Europe (SEE) region – Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Montenegro, North Macedonia and Serbia – and 1,447 FTEs (2022: 1,554) in the Eastern Europe (EE) region – Romania and Ukraine. The average number of FTEs in the other markets in 2023 was 114 (2022: 150). A total of 5,908 FTEs were employed in Austria (2022: 5,761). Including the employees of the general agencies working exclusively for UNIQA, the total number of people working for the Group amounts to 21,089 (2022: 20,994).

In 2023, 50 per cent of the staff working in administrative positions at UNIQA in Austria were women (2022: 54 per cent). In sales, the ratio was 76 per cent men to 24 per cent women (2022: 78 per cent men to 22 per cent women). 16.5 per cent (2022: 16.6 per cent) of employees were working part-time. The average age in the past year was 43 years (2022: 42 years).

In Austria, almost all employees have a share in the company's success through some form of variable participation programme. There is a bonus system in place for managers and selected key employees on the one hand and a profit-sharing scheme for eligible employees on the other. In 2023, around 14 per cent of employees participated in the bonus programme for managers and selected key employees, a variable remuneration system that is linked to both the success of the company and personal performance (2022: around 12 per cent). Around 77 per cent of employees will participate in the profit-sharing scheme for 2023 (2022: around 73 per cent). The amount of the profit-sharing budget depends on the achievement of a profit target, and distributions will only take place after the company's success has been determined in the following year.

In addition, UNIQA offers young people in training the opportunity to get to know foreign cultures and make international contacts. Currently, 101 apprentices are being trained.

| Life insurance<br>In € million            | 2023    | 2022    |
|-------------------------------------------|---------|---------|
| Premiums written                          | 1,583.2 | 1,589.8 |
| Insurance revenue                         | 753.1   | 659.3   |
| Release of the contractual service margin | 192.2   | 196.0   |
| Insurance service expenses                | – 600.0 | – 451.7 |
| Technical result from reinsurance         | – 0.3   | – 1.4   |
| Technical result                          | 152.8   | 206.3   |
| Financial result                          | 67.9    | 3.4     |
| Net investment income                     | 303.7   | 185.0   |
| Non-technical result                      | – 29.2  | 14.9    |
| Cost ratio                                | 46.9%   | 46.0%   |
| Earnings before taxes                     | 170.8   | 207.0   |

{74}------------------------------------------------

## **Operating segments**

#### **UNIQA Austria**

- **•** Premiums written (including savings portions from unit-linked and index-linked life insurance) rose by 5.0 per cent to €4,290.0 million
- **•** Technical result stable at €289.4 million
- **•** Combined ratio (gross) improved from 94.5 per cent to 92.3 per cent
- **•** Financial result increased to €141.5 million
- **•** Cost ratio reduced to 24.3 per cent through consistent cost programme
- **•** Earnings before taxes at €298.5 million

| UNIQA Austria key figures<br>In € million                                                        | 2023    | 2022    |
|--------------------------------------------------------------------------------------------------|---------|---------|
| Premiums written, including savings portions from unit-linked<br>and index-linked life insurance | 4,290.0 | 4,086.4 |
| Cost ratio                                                                                       | 24.3%   | 25.2%   |
| Combined ratio (gross before reinsurance)                                                        | 92.3%   | 94.5%   |
| Earnings before taxes                                                                            | 298.5   | 180.6   |

#### Changes in premiums

Premiums written at UNIQA Austria increased by 5.0 per cent to €4,290.0 million in 2023 (2022: €4,086.4 million).

in the reporting period rose by 9.1 per cent to €1,268.0 million (2022: €1,162.1 million). However, premiums written in life insurance fell by 5.0 per cent to €902.8 million (2022: €950.6 million).

Premiums written in property and casualty insurance increased by 7.4 per cent to €2,119.2 million in 2023 (2022: €1,973.6 million). In health insurance, premiums written

| Property and casualty insurance<br>In € million | 2023      | 2022      |
|-------------------------------------------------|-----------|-----------|
| Premiums written                                | 2,119.2   | 1,973.6   |
| Insurance revenue                               | 2,118.5   | 1,970.4   |
| Insurance service expenses                      | - 1,954.4 | - 1,862.6 |
| Technical result from reinsurance               | - 38.4    | - 34.9    |
| Technical result                                | 125.8     | 72.8      |
| Financial result                                | 113.6     | 6.8       |
| Net investment income                           | 118.7     | 0.7       |
| Non-technical result                            | - 45.7    | - 39.6    |
| Cost ratio                                      | 27.2%     | 28.8%     |
| Combined ratio (gross before reinsurance)       | 92.3%     | 94.5%     |
| Earnings before taxes                           | 179.4     | 28.7      |

{75}------------------------------------------------

## **Premiums written, including savings portions from unit-linked and index-linked life insurance – UNIQA Austria**

In € million

Image /page/75/Figure/3 description: The image is a bar chart showing values from 2019 to 2023. In 2019, the value is 3,801. In 2020, the value is 3,838. In 2021, the value is 3,917. In 2022, the value is 4,086. In 2023, the value is 4,290.

#### Change in insurance revenue

The insurance revenue of the UNIQA Austria segment rose in 2023 by 8.6 per cent to €3,519.0 million (2022: €3,240.7 million).

The release of the contractual service margin decreased slightly overall by 3.4 per cent to €196.9 million (2022: €203.8 million).

Insurance revenue in property and casualty insurance grew by 7.5 per cent to €2,118.5 million in 2023 (2022: €1,970.4 million).

In health insurance, insurance revenue in the reporting period rose by 8.3 per cent to €1,119.4 million (2022: €1,033.2 million). The release of the contractual service margin increased by 9.9 per cent to €94.2 million (2022: €85.7 million).

Insurance revenue in life insurance at UNIQA Austria grew by 18.5 per cent to €281.1 million in 2023 (2022: €237.2 million). The release of the contractual service margin decreased by 12.7 per cent to €88.8 million (2022: €101.8 million).

#### Change in insurance service expenses

Insurance service expenses at UNIQA Austria increased by 9.4 per cent to €3,196.1 million in 2023 (2022: €2,921.5 million). The main drivers for this were very high burdens from natural catastrophes and major claims.

The cost ratio in the UNIQA Austria segment nevertheless decreased to 24.3 per cent (2022: 25.2 per cent).

Insurance service expenses in property and casualty insurance increased by 4.9 per cent to €1,954.4 million (2022: €1,862.6 million). The cost ratio improved to 27.2 per cent (2022: 28.8 per cent). Despite the significant impact from natural catastrophes and major claims, the combined ratio (gross before reinsurance) fell to 92.3 per cent (2022: 94.5 per cent) due to the improved cost ratio.

In health insurance, insurance service expenses grew by 6.8 per cent to €1,013.6 million in 2023 (2022: €949.2 million). The cost ratio in this area increased to 14.4 per cent (2022: 14.0 per cent).

In life insurance, insurance service expenses rose by 108.8 per cent to €228.2 million due to higher allocations to provisions (2022: €109.7 million). The life insurance cost ratio in the UNIQA Austria segment nevertheless decreased to 41.5 per cent (2022: 43.8 per cent).

{76}------------------------------------------------

| Health insurance<br>In € million          | 2023      | 2022    |
|-------------------------------------------|-----------|---------|
| Premiums written                          | 1,268.0   | 1,162.1 |
| Insurance revenue                         | 1,119.4   | 1,033.2 |
| Release of the contractual service margin | 94.2      | 85.7    |
| Insurance service expenses                | – 1,013.6 | – 949.2 |
| Technical result from reinsurance         | – 1.7     | – 2.3   |
| Technical result                          | 104.1     | 81.7    |
| Financial result                          | – 1.5     | – 1.4   |
| Net investment income                     | 171.5     | – 47.1  |
| Non-technical result                      | – 34.9    | – 19.4  |
| Cost ratio                                | 14.4%     | 14.0%   |
| Earnings before taxes                     | 67.7      | 60.9    |

#### Technical result from reinsurance

The technical result from reinsurance in 2023 amounted to €–33.5 million (2022: €–27.4 million).

#### Technical result

In 2023, the technical result in the UNIQA Austria segment remained at nearly the level of the previous year at €289.4 million (2022: €291.9 million).

#### Financial result

The net investment income of UNIQA Austria increased in 2023 to €642.2 million (2022: €104.5 million). The financial result increased to €141.5 million as a result (2022: €13.5 million).

Net investment income from unit-linked and index-linked life insurance amounted to €179.6 million in 2023 (2022: €–395.3 million).

#### Non-technical result

The non-technical result amounted to €–100.9 million in 2023 (2022: €–69.6 million). Other income tripled to €18.7 million (2022: €6.0 million), while other expenses increased by 58.3 per cent to €119.7 million (2022: €75.6 million).

{77}------------------------------------------------

#### **Annual Financial Report 2023**

| Life insurance<br>In € million            | 2023    | 2022    |
|-------------------------------------------|---------|---------|
| Premiums written                          | 902.8   | 950.6   |
| Insurance revenue                         | 281.1   | 237.2   |
| Release of the contractual service margin | 88.8    | 101.8   |
| Insurance service expenses                | – 228.2 | – 109.7 |
| Technical result from reinsurance         | 6.6     | 9.9     |
| Technical result                          | 59.5    | 137.4   |
| Financial result                          | 29.3    | 8.2     |
| Net investment income                     | 352.0   | 150.9   |
| Non-technical result                      | – 20.3  | – 10.6  |
| Cost ratio                                | 41.5%   | 43.8%   |
| Earnings before taxes                     | 51.4    | 91.1    |

#### Earnings before taxes

Operating profit grew by 39.9 per cent to €329.9 million due to the increased financial result (2022: €235.8 million). Earnings before taxes in the UNIQA Austria segment increased by 65.3 per cent to €298.5 million (2022: €180.6 million).

#### **Earnings before taxes – UNIQA Austria**

In € million

Image /page/77/Figure/6 description: The image is a bar chart comparing values for 2022 and 2023. In 2022, the value is 181, and in 2023, the value is 299.

In property and casualty insurance, earnings before taxes increased to €179.4 million (2022: €28.7 million), while in health insurance they increased by 11.2 per cent to €67.7 million (2022: €60.9 million). In life insurance, on the other hand, earnings before taxes fell to €51.4 million (2022: €91.1 million).

{78}------------------------------------------------

### **UNIQA International**

- **•** Premiums written (including savings portions from unit-linked and index-linked life insurance) rose by 13.8 per cent to €2,787.9 million
- **•** Technical result improved by 37.7 per cent to €269.6 million
- **•** Combined ratio (gross) decreased from 86.1 per cent to 85.6 per cent
- **•** Financial result increased to €64.5 million
- **•** Earnings before taxes at €229.7 million due to improvement in technical result

| UNIQA International key figures<br>In € million                                                  | 2023    | 2022    |
|--------------------------------------------------------------------------------------------------|---------|---------|
| Premiums written, including savings portions from unit-linked<br>and index-linked life insurance | 2,787.9 | 2,450.0 |
| Cost ratio                                                                                       | 37.6%   | 37.7%   |
| Combined ratio (gross before reinsurance)                                                        | 85.6%   | 86.1%   |
| Earnings before taxes                                                                            | 229.7   | 91.1    |

#### Changes in premiums

Premiums written at UNIQA International increased by 13.8 per cent to €2,787.9 million in 2023 (2022: €2,450.0 million).

Premiums written in property and casualty insurance increased by 17.1 per cent to €1,988.5 million in 2023 (2022: €1,698.1 million). In health insurance, premiums written rose during the reporting period by 5.6 per cent to €120.2 million (2022: €113.8 million) and in life insurance by 6.4 per cent to €679.2 million (2022: €638.1 million).

## **Premiums written, including savings portions from unit-linked and index-linked life insurance – UNIQA Austria**

In € million

Image /page/78/Figure/13 description: The image is a bar chart showing data from 2019 to 2023. In 2019, the value is 1,561. In 2020, the value is 1,705. In 2021, the value is 2,423. In 2022, the value is 2,450. In 2023, the value is 2,788.

#### Change in insurance revenue

The insurance revenue of the UNIQA International segment rose in 2023 by 15.3 per cent to €2,429.9 million (2022: €2,107.7 million).

The release of the contractual service margin increased by 10.2 per cent to €122.0 million (2022: €110.7 million).

Insurance revenue in property and casualty insurance grew by 16.7 per cent to €1,843.3 million in 2023 (2022: €1,579.1 million).

In health insurance, insurance revenue in the reporting period rose by 8.2 per cent to €115.3 million (2022: €106.6 million). The release of the contractual service margin increased to €0.5 million (2022: €0.3 million).

Insurance revenue in life insurance in the UNIQA International segment grew by 11.6 per cent to €471.2 million in 2023 (2022: €422.1 million). The release of the contractual service margin increased by 9.8 per cent to €103.4 million (2022: €94.2 million).

{79}------------------------------------------------

| Property and casualty insurance<br>In € million | 2023      | 2022      |
|-------------------------------------------------|-----------|-----------|
| Premiums written                                | 1,988.5   | 1,698.1   |
| Insurance revenue                               | 1,843.3   | 1,579.1   |
| Insurance service expenses                      | - 1,577.0 | - 1,359.9 |
| Technical result from reinsurance               | - 112.6   | - 119.3   |
| Technical result                                | 153.8     | 99.8      |
| Financial result                                | 37.7      | 3.4       |
| Net investment income                           | 63.5      | 18.4      |
| Non-technical result                            | - 53.0    | - 40.3    |
| Cost ratio                                      | 35.6%     | 35.6%     |
| Combined ratio (gross before reinsurance)       | 85.6%     | 86.1%     |
| Earnings before taxes                           | 125.4     | 48.0      |

#### Change in insurance service expenses

Insurance service expenses in the UNIQA International segment increased by 14.3 per cent to €2,037.7 million in 2023 also due to burdens from major claims (2022: €1,783.0 million).

The cost ratio in the UNIQA International segment nevertheless decreased slightly to 37.6 per cent (2022: 37.7 per cent).

Insurance service expenses in property and casualty insurance increased by 16.0 per cent to €1,577.0 million (2022: €1,359.9 million). The cost ratio remained stable at 35.6 per cent (2022: 35.6 per cent). The combined ratio (gross before reinsurance) therefore also fell to 85.6 per cent (2022: 86.1 per cent).

In health insurance, insurance service expenses grew by 8.2 per cent to €96.6 million in 2023 (2022: €89.3 million). The cost ratio in this area decreased to 36.3 per cent (2022: 40.6 per cent).

In life insurance, insurance service expenses rose by 9.1 per cent to €364.1 million (2022: €333.8 million). The cost ratio in life insurance was 45.9 per cent (2022: 44.9 per cent).

#### Technical result from reinsurance

In 2023, the technical result from reinsurance amounted to €–122.5 million (2022: €–128.9 million).

| Health insurance<br>In € million          | 2023   | 2022   |
|-------------------------------------------|--------|--------|
| Premiums written                          | 120.2  | 113.8  |
| Insurance revenue                         | 115.3  | 106.6  |
| Release of the contractual service margin | 0.5    | 0.3    |
| Insurance service expenses                | - 96.6 | - 89.3 |
| Technical result from reinsurance         | - 0.8  | - 0.3  |
| Technical result                          | 17.9   | 17.0   |
| Financial result                          | - 0.2  | - 0.1  |
| Net investment income                     | 0.4    | 0.3    |
| Non-technical result                      | - 3.8  | - 3.0  |
| Cost ratio                                | 36.3%  | 40.6%  |
| Earnings before taxes                     | 13.9   | 13.9   |

{80}------------------------------------------------

#### Technical result

The technical result in the UNIQA International segment increased by 37.7 per cent to €269.6 million in 2023 (2022: €195.8 million).

#### Financial result

The net investment income of UNIQA International increased in 2023 to €107.7 million (2022: €14.9 million). The financial result increased to €64.5 million as a result (2022: €–17.6 million).

Net investment income from unit-linked and index-linked life insurance amounted to €126.5 million in 2023 (2022: €–97.2 million).

#### Non-technical result

The non-technical result amounted to €–69.7 million in 2023 (2022: €–54.3 million). Other income increased by 59.3 per cent to €140.9 million (2022: €88.4 million), while other expenses rose by 47.5 per cent to €210.6 million (2022: €142.7 million).

#### Earnings before taxes

Operating profit in the UNIQA International segment increased by 113.4 per cent to €264.5 million due to the excellent technical performance (2022: €123.9 million). Earnings before taxes grew by 152.1 per cent to €229.7 million (2022: €91.1 million).

| Earnings before taxes – UNIQA International |
|---------------------------------------------|
| In    million                               |

Image /page/80/Figure/11 description: This bar chart compares values for 2022 and 2023. The value for 2022 is 91, and the value for 2023 is 230.

In property and casualty insurance, earnings before taxes increased by 161.4 per cent to €125.4 million (2022: €48.0 million), while in health insurance they remained stable at €13.9 million (2022: €13.9 million). Finally, in life insurance, earnings before taxes grew to €90.4 million (2022: €29.2 million).

In the Central Europe region (CE) – Poland, Slovakia, Czechia and Hungary – earnings before taxes increased by 60.2 per cent to €200.4 million in the 2023 financial year (2022: €125.1 million). In Eastern Europe (EE) – consisting of Romania and Ukraine – they rose to €37.8 million (2022: €–5.7 million). In Southeastern Europe (SEE) – comprising Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Montenegro, North Macedonia and Serbia – the earnings before taxes grew to €33.6 million (2022: €2.0 million) in the 2023 financial year. In Western Europe (WE), earnings before taxes amounted to €0.3 million (2022: €–0.7 million).

| Life insurance<br>In € million            | 2023    | 2022    |
|-------------------------------------------|---------|---------|
| Premiums written                          | 679.2   | 638.1   |
| Insurance revenue                         | 471.2   | 422.1   |
| Release of the contractual service margin | 103.4   | 94.2    |
| Insurance service expenses                | – 364.1 | – 333.8 |
| Technical result from reinsurance         | – 9.2   | – 9.3   |
| Technical result                          | 98.0    | 79.0    |
| Financial result                          | 27.0    | – 20.9  |
| Net investment income                     | 43.8    | – 3.7   |
| Non-technical result                      | – 12.9  | – 11.0  |
| Cost ratio                                | 45.9%   | 44.9%   |
| Earnings before taxes                     | 90.4    | 29.2    |

{81}------------------------------------------------

## **Reinsurance**

| Reinsurance key figures<br>In € million | 2023      | 2022    |
|-----------------------------------------|-----------|---------|
| Insurance revenue                       | 1,124.8   | 1,015.4 |
| Insurance service expenses              | - 1,053.5 | - 938.1 |
| Technical result from reinsurance       | - 55.4    | - 5.3   |
| Technical result                        | 15.8      | 72.0    |
| Financial result                        | 60.5      | - 43.3  |
| Net investment income                   | 100.8     | - 44.8  |
| Non-technical result                    | - 0.7     | - 1.2   |
| Earnings before taxes                   | 70.3      | 24.5    |

#### Change in insurance revenue

The insurance revenue from the reinsurance segment rose in 2023 by 10.8 per cent to €1,124.8 million (2022: €1,015.4 million).

#### Change in insurance service expenses

Insurance service expenses increased by 12.3 per cent to €1,053.5 million in 2023 (2022: €938.1 million).

#### Technical result from reinsurance

The technical result from reinsurance in 2023 declined to €–55.5 million due to fewer retrocession opportunities (2022: €–5.3 million).

#### Technical result

The technical result in the reinsurance segment declined in 2023 to €15.8 million (2022: €72.0 million).

#### Financial result

Net investment income increased in 2023 to €100.8 million (2022: €–44.8 million). The financial result increased to €60.5 million (2022: €–43.3 million).

#### Non-technical result

The non-technical result amounted to €–0.7 million in 2023 (2022: €–1.2 million).

#### Earnings before taxes

Operating profit grew by 175.7 per cent to €75.7 million due to the increased financial result (2022: €27.4 million). Earnings before taxes in the reinsurance segment increased to €70.3 million (2022: €24.5 million).

{82}------------------------------------------------

## **Group Functions**

| Group functions key figures<br>In € million | 2023   | 2022   |
|---------------------------------------------|--------|--------|
| Financial result                            | 472.6  | 280.4  |
| Non-technical result                        | - 50.8 | - 32.7 |
| Earnings before taxes                       | 356.4  | 186.8  |

In the Group functions segment, the financial result rose by 68.5 per cent to €472.6 million in 2023 (2022: €280.4 million).

Earnings before taxes increased to €356.4 million in the 2023 financial year as a result (2022: €186.8 million).

The non-technical result in this segment amounted to €–50.8 million (2022: €–32.7 million).

## **Consolidation**

| Consolidation key figures<br>In € million | 2023   | 2022   |
|-------------------------------------------|--------|--------|
| Technical result                          | -12.6  | 4.4    |
| Financial result                          | -588.9 | -283.0 |
| Net investment income                     | -734.5 | -175.3 |
| Non-technical result                      | 15.7   | -3.9   |
| Earnings before taxes                     | -528.6 | -210.7 |

In the consolidation segment, the technical result amounted The non-technical result was positive at €15.7 million (2022: to €–12.6 million in 2023 (2022: €4.4 million).

The financial result fell to € $-588.9$  million in the 2023 financial year (2022: €–283.0 million). Net investment income amounted to €–734.5 million (2022: €–175.3 million).

€–3.9 million).

As a result, earnings before taxes in the consolidation segment amounted to €–528.6 million (2022: €–210.7 million).

{83}------------------------------------------------

#### **Significant events after the reporting date**

#### **SIGNA – extraordinary termination**

On 5 January 2024, UNIQA carried out an extraordinary termination of a 30-year bond issued by the SIGNA Group in 2017 with a nominal value of €74.1 million for good cause. As impairment losses were already recognised on the communicated insolvency ratio of 30 per cent as at the reporting date, no material impact on the 2024 financial year and subsequent years is expected.

#### **Outlook**

#### **Economic outlook**

We do not expect to see a prolonged process of economic contraction. GDP in Europe should grow once again by around 1.2 per cent as early as 2024 and in the USA by as much as 1.6 per cent thanks to strong demand. Growth of about 1 per cent is expected in Austria.

Due to the inflation trend, the market strongly expects the first interest rate cuts before mid-2024. Although second-round effects from the sharp wage increases could push prices up again, this effect should be largely offset by the weak economy in China. Significant price reductions on Chinese export goods are generally expected, which should create sufficient room for manoeuvre for interest rate cuts. This means that the end of high inflation is largely in sight: in 2024, the inflation rate in the USA and the eurozone should fall below 2 per cent at times, while the annual average in Austria should be around 3.5 per cent in 2024 according to the IMF. Prices in Eastern Europe are also expected to rise by a maximum of 5 to 6 per cent.

Elections in 2024 will be a particularly interesting topic. Although elections will be held in many states and regions this year, the race for the US presidency will clearly be the centre of attention. This election will set the course for global politics for a long time to come and could therefore also have an impact on economic policy.

#### **Business outlook**

For the 2024 financial year, the last year of our "UNIQA 3.0 – Seeding the Future" strategic programme, we are concentrating on further improving our core insurance business in our two home markets of Austria and CEE.

Expectations of strong growth in property and health insurance are based on both targeted sales activities and adjustments in connection with inflation and index developments.

However, we again expect pressure on earnings in the 2024 financial year due to rising expenses for insurance benefits (particularly in the areas of property and health insurance) and in the area of costs (primarily due to inflation). It is therefore crucial to maintain strict cost discipline and continuously optimise cost management.

Based on a solvency ratio of at least 170 per cent, we strive to allow our shareholders to participate progressively in the success of our company, i.e. with annually increasing dividend payments. The payout ratio will remain unchanged at up to 60 per cent.

These forecasts are subject to possible negative influences on our consolidated profit, which may result from geopolitical upheavals and the associated uncertainties for the global capital markets, from a volatile interest rate environment, from the general inflation trend and, above all, from increased claims payments as a result of natural catastrophes. In connection with this, we expect our target profitability to be at the level of 2023.

{84}------------------------------------------------

## **Information pursuant to Section 243a(1) of the Austrian Commercial Code**

- 1. The share capital of UNIQA Insurance Group AG amounts to €309,000,000 and consists of 309,000,000 no-par-value bearer shares, which each carry equal interest in the company's share capital. €285,356,365 of the share capital was fully paid in cash and €23,643,635 was paid in non-cash contributions. All shares confer the same rights and obligations.
- 2. The shares held by UNIQA Versicherungsverein Privatstiftung, Austria Versicherungsverein Beteiligungs-Verwaltungs GmbH, Collegialität Versicherungsverein Privatstiftung and RZB Versicherungsbeteiligung GmbH are linked in terms of voting rights. Reciprocal purchase option rights have been agreed among these shareholders.
- 3. Raiffeisen Bank International AG holds indirectly, via RZB – BLS Holding GmbH and RZB Versicherungsbeteiligung GmbH, a total of about 10.87 per cent (allocated in accordance with the Austrian Stock Exchange Act) of the company's share capital; UNIQA Versicherungsverein Privatstiftung holds directly and indirectly through Austria Versicherungsverein Beteiligungs-Verwaltungs GmbH a total of about 49.00 per cent (allocated in accordance with the Austrian Stock Exchange Act) of the company's share capital.
- 4. No shares with special control rights have been issued.
- 5. The employees who have share capital exercise their voting rights directly.
- 6. There are no provisions of the Articles of Association or other provisions that go beyond the statutory provisions for appointing Management Board and Supervisory Board members or for modifying the Articles of Association, with the exception of the rule that, when a Supervisory Board member turns 70 years of age, they retire from the Supervisory Board at the end of the next Annual General Meeting.
- 7. The Management Board is authorised to increase the company's equity capital up to and including 30 June 2024 with the approval of the Supervisory Board by a total of no more than €80,000,000 by issuing up to 80,000,000 no-par-value bearer or registered shares conferring voting rights in exchange for payment in cash or in kind, one time or several times. The Management Board is further authorised until 6 December 2025 to buy back up to 30,900,000 treasury shares (together with other treasury shares that the company has already acquired and still possesses) through the company and/or through subsidiaries of the company (Section 66 of the Stock Corporation Act). The company held 2,034,739 treasury shares as at 31 December 2023. 1,215,089 treasury shares are held through UNIQA Österreich Versicherungen AG. This share portfolio resulted from the merger in 2016 of BL Syndikat Beteiligungs Gesellschaft m.b.H. as the transferring company, with UNIQA Insurance Group AG as acquiring company (payment of portfolio in UNIQA shares to shareholders of BL Syndikat Beteiligungs Gesellschaft m.b.H.). This share portfolio is not to be included in the highest number of treasury shares.
- 8. Corresponding agreements with other shareholders of STRABAG SE are in place concerning the holding in this company.
- 9. No reimbursement agreements exist for the event of a public takeover offer.

{85}------------------------------------------------

## **Disclosures required under Section 243a(2) of the Austrian Commercial Code**

The internal control and risk management system at UNIQA Insurance Group AG is comprised of transparent systems that encompass all company activities and include a systematic and permanent approach, based on a defined risk strategy, with the following elements: identification, analysis, measurement, management, documentation and communication of risks, as well as the monitoring of these activities. The scope and orientation of these systems put in place were designed on the basis of company-specific requirements. Despite creating appropriate frameworks, there is always a certain residual risk because even appropriate and functional systems cannot guarantee absolute security with regard to the identification and management of risks.

#### Objectives:

- a) Identification and measurement of risks that could obstruct the goal of producing (consolidated) financial statements that comply with regulations
- b) Limiting recognised risks, for example by consulting with external specialists
- c) Review of external risks with regard to their influence on the consolidated financial statements and the corresponding reporting of these risks

The aim of the internal control system in the accounting process is to guarantee sufficient security by means of implementing controls so that, despite identified risks, proper financial statements are prepared. Along with the risks described in the Risk Report, the risk management system also analyses additional risks within internal business processes, compliance, internal reporting, etc.

#### **Organisational structure and control environment**

The company's accounting process is incorporated into the UNIQA Group accounting process. In addition to the SAP S/4 HANA accounting system, a harmonised insurance-specific IT system is also used for the company's purposes. Compliance guidelines and manuals for company organisation, accounting and consolidation exist for the purpose of guaranteeing secure processes.

#### **Identification and control of risks**

An inventory and appropriate control measures were conducted to identify existing risks. The type of controls was defined in the guidelines and instructions and coordinated with the existing authorisation concept.

The controls include both manual coordination and comparison routines, as well as the approval of system configurations for connected IT systems. New risks and control weaknesses in the accounting process are quickly reported to management so that it can undertake corrective measures. The procedure for the identification and control of risks is evaluated on a regular basis by an external independent auditor.

#### **Information and communication**

Deviations from expected results and evaluations are monitored by means of monthly reports and key figures, and they form the foundation of information provided to management on an ongoing basis. The management review that is based on this information and the approval of the processed data form the foundation of further treatment in the company's financial statements.

#### **Measures to ensure effectiveness**

Rather than being made up of static systems, the internal control and risk management system is adjusted on an ongoing basis to changing requirements and general conditions. In order to identify necessary changes, the effectiveness of all systems must be constantly monitored. The foundations for this are:

- a) Regular self-evaluations by the persons tasked with controls
- b) Evaluations of key data to validate transaction results in relation to indications that suggest control deficiencies
- c) Random tests of effectiveness by the Internal Audit department and comprehensive efficacy tests by the Internal Audit department and/or special teams

#### **Reporting to the Supervisory Board/Audit Committee**

In the context of compliance and internal control and risk management systems, the Management Board reports regularly to the Supervisory Board and the Audit Committee by means of Internal Audit department reports and the separate engagement of external auditors.

{86}------------------------------------------------

### **Proposed appropriation of profit**

The separate financial statements of UNIQA Insurance Group AG, prepared in accordance with the Austrian Commercial Code (UGB) and the Insurance Supervision Act (VAG), show a net profit of €176,789,324.96 for the 2023 financial year (2022: €171,804,370.90). The Management Board will propose to the Annual General Meeting on 3 June 2024 that this profit be used for the distribution of a dividend of €0.57 for each of the 309,000,000 entitled no-par-value bearer shares issued as of the reporting date and to carry the remaining amount forward to new account.

Vienna, 15 March 2024

Q. Viktor

Andreas Brandstetter Chairman of the Management Board

Peter Eichler Member of the Management Board

signature

Wolf-Christoph Gerlach Member of the Management Board

P. Lumo

Peter Humer Member of the Management Board

Vull Welly

Wolfgang Kindl Member of the Management Board

Th

René Knapp Member of the Management Board

u.

Erik Leyers Member of the Management Board

Sabine Pfef

Sabine Pfeffer Member of the Management Board

ludo

Kurt Svoboda Member of the Management Board

{87}------------------------------------------------

**Consolidated Financial Statements**

**Annual Financial Report 2023**

**88**

{88}------------------------------------------------

# Consolidated Financial Statements

CONSOLIDATED FINANCIAL STATEMENTS 153

**Consolidated Financial Statements**

## Consolidated Income Statement from 1 January until 31 December 2023

| In € thousand                                                                        | Notes     | 1 – 12/2023           | 1 – 12/2022<br>restated |
|--------------------------------------------------------------------------------------|-----------|-----------------------|-------------------------|
| Technical result                                                                     | 5         |                       |                         |
| Insurance revenue                                                                    |           | 5,994,136             | 5,346,897               |
| Insurance service expenses                                                           |           | – 5,290,994           | – 4,744,483             |
| Technical result from reinsurance                                                    |           | – 140,894             | – 38,366                |
|                                                                                      |           | 562,248               | 564,049                 |
| Financial result                                                                     | 4         |                       |                         |
| Net investment income                                                                |           | 1,130,271             | 1,085,814               |
| (of which interest income from the application of the effective interest method)     |           | 397,140               | 307,126                 |
| (of which changes in value based on the impairment model for expected credit losses) |           | 29,328                | 29,718                  |
| Expenses from investments                                                            |           | – 628,071             | – 1,015,659             |
| (of which changes in value based on the impairment model for expected credit losses) |           | – 60,301              | – 192,600               |
| Financial assets accounted for using the equity method                               |           | 86,632                | 109,688                 |
|                                                                                      |           | 588,831               | 179,843                 |
| Net investment income from unit-linked and index-linked life insurance               |           |                       |                         |
| Income from unit-linked and index-linked life insurance investments                  |           | 391,086               | 128,405                 |
| Expenses from unit-linked and index-linked life insurance investments                |           | – 85,050              | – 620,949               |
|                                                                                      |           | 306,036               | – 492,544               |
| Financial result from insurance contracts                                            | 5         | – 753,458             | 258,274                 |
| Financial result from reinsurance contracts                                          | 5         | 8,831                 | 4,487                   |
|                                                                                      |           | 150,240               | – 49,941                |
| Non-technical result                                                                 |           |                       |                         |
| Other income                                                                         | 22        | 436,092               | 356,741                 |
| Other expenses                                                                       | 23        | – 642,525             | – 518,461               |
|                                                                                      |           | – 206,433             | – 161,720               |
| Operating profit/(loss)                                                              |           | 506,055               | 352,388                 |
| Amortisation of VBI and impairment of goodwill                                       | 7         | – 28,259              | – 27,931                |
| Finance cost                                                                         |           | – 51,424              | – 52,129                |
| Earnings before taxes                                                                |           | 426,373               | 272,328                 |
| Income taxes                                                                         | 11        | – 103,236             | – 16,941                |
| Profit/(loss) for the period from continuing operations                              |           | 323,137               | 255,386                 |
| Profit/(loss) from discontinued operations (after tax)                               | 10        | – 19,332              | 314                     |
| Profit/(loss) for the period                                                         |           | 303,805               | 255,700                 |
| of which attributable to shareholders of UNIQA Insurance Group AG                    |           | 302,686               | 255,951                 |
| of which attributable to non-controlling interests                                   | 19        | 1,119                 | – 251                   |
| Earnings per share (in €)1)                                                          |           | 0.99                  | 0.83                    |
| Earnings per share from continuing operations                                        |           | 1.05                  | 0.83                    |
| Earnings per share from discontinued operations                                      |           | – 0.06                | 0.00                    |
| Average number of shares in circulation                                              |           | 306,965,261           | 306,965,261             |
| In € thousand                                                                        | 1-12/2023 | 1-12/2022<br>restated |                         |
| Profit/(loss) for the period                                                         | 303,805   | 255,700               |                         |
| Items not reclassified to profit or loss in subsequent periods                       |           |                       |                         |
| Remeasurement of defined benefit obligations                                         |           |                       |                         |
| Gains (losses) recognised in equity                                                  | -39,975   | 73,716                |                         |
| Gains (losses) recognised in equity – deferred tax                                   | 9,235     | -24,667               |                         |
| Measurement of equity instruments                                                    |           |                       |                         |
| Gains (losses) recognised in equity                                                  | 20,057    | -49,490               |                         |
| Gains (losses) recognised in equity – deferred tax                                   | -4,571    | 10,231                |                         |
| Other income from financial assets accounted for using the equity method             |           |                       |                         |
| Gains (losses) recognised in equity                                                  | -4,911    | 14,100                |                         |
|                                                                                      | -20,164   | 23,889                |                         |
| Items reclassified to profit or loss in subsequent periods                           |           |                       |                         |
| Currency translation                                                                 |           |                       |                         |
| Gains (losses) recognised in equity                                                  | 46,098    | -4,463                |                         |
| Measurement of debt instruments                                                      |           |                       |                         |
| Gains (losses) recognised in equity                                                  | 969,060   | -3,304,320            |                         |
| Gains (losses) recognised in equity – deferred tax                                   | -183,274  | 725,894               |                         |
| Measurement of insurance contracts                                                   |           |                       |                         |
| Gains (losses) recognised in equity                                                  | -110,483  | 2,343,683             |                         |
| Gains (losses) recognised in equity – deferred tax                                   | -20,645   | -516,351              |                         |
| Measurement of reinsurance contracts                                                 |           |                       |                         |
| Gains (losses) recognised in equity                                                  | 16,458    | -29,952               |                         |
| Gains (losses) recognised in equity – deferred tax                                   | -3,292    | 5,990                 |                         |
| Other income from financial assets accounted for using the equity method             |           |                       |                         |
| Gains (losses) recognised in equity                                                  | 5,542     | 11,348                |                         |
|                                                                                      | 719,464   | -768,171              |                         |
| of which from discontinued operations                                                | -2,980    | 13,515                |                         |
| Other comprehensive income                                                           | 699,300   | -744,282              |                         |
| Total comprehensive income                                                           | 1,003,106 | -488,582              |                         |
| of which attributable to shareholders of UNIQA Insurance Group AG                    | 1,001,839 | -491,759              |                         |
| of which attributable to non-controlling interests                                   | 1,267     | 3,177                 |                         |

1) Diluted earnings per share equate to undiluted earnings per share. This is calculated on the basis of the consolidated profit/(loss).

{89}------------------------------------------------

## Consolidated Statement of Comprehensive Income from 1 January until 31 December 2023

{90}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 155

## Consolidated Statement of Financial Position at 31 December 2023

154

In € thousand

Items not reclassified to profit or loss in subsequent periods

Items reclassified to profit or loss in subsequent periods

Other income from financial assets accounted for using the equity method

Other income from financial assets accounted for using the equity method

Remeasurement of defined benefit obligations

Measurement of equity instruments

Measurement of debt instruments

Measurement of insurance contracts

Measurement of reinsurance contracts

Currency translation

Consolidated Statement of Comprehensive Income

<sup>1</sup> – 12/2023 <sup>1</sup> – 12/2022

Profit/(loss) for the period 303,805 255,700

Gains (losses) recognised in equity – 39,975 73,716 Gains (losses) recognised in equity – deferred tax 9,235 – 24,667

Gains (losses) recognised in equity 20,057 – 49,490 Gains (losses) recognised in equity – deferred tax – 4,571 10,231

Gains (losses) recognised in equity – 4,911 14,100

Gains (losses) recognised in equity 46,098 – 4,463

Gains (losses) recognised in equity 969,060 – 3,304,320 Gains (losses) recognised in equity – deferred tax – 183,274 725,894

Gains (losses) recognised in equity – 110,483 2,343,683 Gains (losses) recognised in equity – deferred tax – 20,645 – 516,351

Gains (losses) recognised in equity 16,458 – 29,952 Gains (losses) recognised in equity – deferred tax – 3,292 5,990

Gains (losses) recognised in equity 5,542 11,348

of which from discontinued operations – 2,980 13,515 Other comprehensive income 699,300 – 744,282 Total comprehensive income 1,003,106 – 488,582 of which attributable to shareholders of UNIQA Insurance Group AG 1,001,839 – 491,759 of which attributable to non-controlling interests 1,267 3,177

restated

–20,164 23,889

719,464 – 768,171

from 1 January until 31 December 2023

| Assets<br>In € thousand                                 | Notes | 31/12/2023 | 31/12/2022<br>restated | 1/1/2022<br>restated |
|---------------------------------------------------------|-------|------------|------------------------|----------------------|
| Property, plant and equipment                           | 6     | 391,129    | 393,316                | 404,207              |
| Intangible assets                                       | 7     | 1,006,311  | 941,987                | 891,012              |
| Investments                                             |       |            |                        |                      |
| Investment property                                     | 1     | 2,411,947  | 2,372,793              | 2,280,902            |
| Financial assets accounted for using the equity method  | 2     | 813,756    | 759,463                | 656,393              |
| Other investments                                       | 3     | 17,206,175 | 16,243,738             | 19,828,628           |
|                                                         |       | 20,431,878 | 19,375,995             | 22,765,923           |
| Unit-linked and index-linked life insurance investments | 3     | 4,296,374  | 4,070,702              | 5,213,422            |
| Assets from insurance contracts                         | 5     | 87,100     | 61,418                 | 63,556               |
| Assets from reinsurance contracts                       | 5     | 494,752    | 515,299                | 236,666              |
| Receivables and other assets                            | 8     | 364,474    | 380,967                | 371,642              |
| Deferred tax assets                                     | 12    | 79,216     | 233,782                | 60,472               |
| Cash                                                    | 9     | 699,528    | 667,646                | 592,583              |
| Assets in disposal groups held for sale                 | 10    | 300,196    |                        |                      |
| Total assets                                            |       | 28,150,959 | 26,641,114             | 30,599,483           |

| Equity and liabilities<br>In € thousand                          | Notes | 31/12/2023 | 31/12/2022<br>restated | 1/1/2022<br>restated |
|------------------------------------------------------------------|-------|------------|------------------------|----------------------|
| Equity                                                           |       |            |                        |                      |
| Portion attributable to shareholders of UNIQA Insurance Group AG |       |            |                        |                      |
| Subscribed capital and capital reserves                          | 16    | 1,789,923  | 1,789,923              | 1,789,923            |
| Treasury shares                                                  | 17    | -16,614    | -16,614                | -16,614              |
| Accumulated results                                              |       | 936,893    | 109,955                | 764,043              |
|                                                                  |       | 2,710,202  | 1,883,264              | 2,537,352            |
| Non-controlling interests                                        | 19    | 19,916     | 17,749                 | 18,210               |
|                                                                  |       | 2,730,119  | 1,901,013              | 2,555,562            |
| Liabilities                                                      |       |            |                        |                      |
| Subordinated liabilities                                         | 20    | 906,729    | 1,058,631              | 1,057,559            |
| Liabilities from insurance contracts                             | 5     | 21,904,232 | 21,459,796             | 24,339,262           |
| Liabilities from reinsurance contracts                           | 5     | 23,165     | 38,313                 | 566                  |
| Financial liabilities                                            | 21    | 688,032    | 700,463                | 723,317              |
| Other provisions                                                 | 13    | 575,090    | 550,126                | 707,051              |
| Liabilities and other items classified as liabilities            | 22    | 897,679    | 899,650                | 1,102,025            |
| Deferred tax liabilities                                         | 12    | 151,134    | 33,121                 | 114,145              |
| Liabilities in disposal groups held for sale                     | 10    | 274,778    |                        |                      |
|                                                                  |       | 25,420,840 | 24,740,101             | 28,043,921           |
| Total equity and liabilities                                     |       | 28,150,959 | 26,641,114             | 30,599,483           |
|                                                                  |       |            |                        |                      |

{91}------------------------------------------------

## Consolidated Statement of Changes in Equity

Accumulated

| In € thousand                                          | Notes | Subscribed capital and capital reserves | Treasury shares | Measurement of equity and debt instruments | Remeasurement of defined benefit obligations | Measurement of insurance contracts |
|--------------------------------------------------------|-------|-----------------------------------------|-----------------|--------------------------------------------|----------------------------------------------|------------------------------------|
| At 31 December 2021 (published)                        |       | 1,789,923                               | –16,614         | 360,020                                    | –293,180                                     |                                    |
| IAS 8 restatement with regard to IFRS 17<br>and IFRS 9 |       |                                         |                 | 302,643                                    |                                              | –814,273                           |
| Restatement Other in accordance with IAS 8             |       |                                         |                 |                                            |                                              |                                    |
| At 1 January 2022 (restated)                           |       | 1,789,923                               | –16,614         | 662,663                                    | –293,180                                     | –814,273                           |
| Change in basis of consolidation                       |       |                                         |                 |                                            |                                              |                                    |
| Dividends to shareholders                              | 16    |                                         |                 |                                            |                                              |                                    |
| Total comprehensive income                             |       |                                         |                 | –2,617,015                                 | 49,048                                       | 1,799,992                          |
| Profit/(loss) for the period                           |       |                                         |                 |                                            |                                              |                                    |
| Other comprehensive income                             |       |                                         |                 | –2,617,015                                 | 49,048                                       | 1,799,992                          |
| At 31 December 2022 (restated)                         |       | 1,789,923                               | –16,614         | –1,954,352                                 | –244,132                                     | 985,719                            |
| At 31 December 2022 (published)                        |       | 1,789,923                               | –16,614         | –1,175,748                                 | –244,132                                     |                                    |
| IAS 8 restatement with regard to IFRS 17<br>and IFRS 9 |       |                                         |                 | –778,604                                   |                                              | 985,719                            |
| Restatement Other in accordance with IAS 8             |       |                                         |                 |                                            |                                              |                                    |
| At 1 January 2023                                      |       | 1,789,923                               | –16,614         | –1,954,352                                 | –244,132                                     | 985,719                            |
| Change in basis of consolidation                       |       |                                         |                 |                                            |                                              |                                    |
| Dividends to shareholders                              | 16    |                                         |                 |                                            |                                              |                                    |
| Total comprehensive income                             |       |                                         |                 | 799,941                                    | –30,739                                      | –123,413                           |
| Profit/(loss) for the period                           |       |                                         |                 |                                            |                                              |                                    |
| Other comprehensive income                             |       |                                         |                 | 799,941                                    | –30,739                                      | –123,413                           |
| At 31 December 2023                                    |       | 1,789,923                               | –16,614         | –1,154,410                                 | –274,872                                     | 862,306                            |

{92}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 157

|  | Measurement of<br>reinsurance contracts | Differences from<br>currency translation | Other accumulated<br>results | Portion attributable to<br>shareholders of UNIQA<br>Insurance Group AG | Non-controlling<br>interests | Total<br>equity |
|--|-----------------------------------------|------------------------------------------|------------------------------|------------------------------------------------------------------------|------------------------------|-----------------|
|  |                                         | -186,797                                 | 1,650,257                    | 3,303,609                                                              | 19,678                       | 3,323,286       |
|  | -6,260                                  | 26,910                                   | -278,818                     | -769,798                                                               | -1,468                       | -771,265        |
|  |                                         |                                          | 3,541                        | 3,541                                                                  |                              | 3,541           |
|  | -6,260                                  | -159,887                                 | 1,374,980                    | 2,537,352                                                              | 18,210                       | 2,555,562       |
|  |                                         |                                          | 6,502                        | 6,502                                                                  | -3,126                       | 3,376           |
|  |                                         |                                          | -168,831                     | -168,831                                                               | -513                         | -169,344        |
|  | 1,545                                   | -6,728                                   | 281,399                      | -491,759                                                               | 3,177                        | -488,582        |
|  |                                         |                                          | 255,951                      | 255,951                                                                | -251                         | 255,700         |
|  | 1,545                                   | -6,728                                   | 25,448                       | -747,710                                                               | 3,428                        | -744,282        |
|  | -4,715                                  | -166,615                                 | 1,494,050                    | 1,883,264                                                              | 17,749                       | 1,901,013       |
|  |                                         | -211,047                                 | 1,891,659                    | 2,034,041                                                              | 18,346                       | 2,052,387       |
|  | -4,715                                  | 44,432                                   | -397,545                     | -150,713                                                               | -598                         | -151,310        |
|  |                                         |                                          | -64                          | -64                                                                    |                              | -64             |
|  | -4,715                                  | -166,615                                 | 1,494,050                    | 1,883,264                                                              | 17,749                       | 1,901,013       |
|  |                                         |                                          | -6,069                       | -6,069                                                                 | 1,511                        | -4,558          |
|  |                                         |                                          | -168,831                     | -168,831                                                               | -611                         | -169,441        |
|  | 4,657                                   | 48,075                                   | 303,318                      | 1,001,839                                                              | 1,267                        | 1,003,106       |
|  |                                         |                                          | 302,686                      | 302,686                                                                | 1,119                        | 303,805         |
|  | 4,657                                   | 48,075                                   | 631                          | 699,152                                                                | 148                          | 699,300         |
|  | -58                                     | -118,540                                 | 1,622,467                    | 2,710,202                                                              | 19,916                       | 2,730,119       |

results

156

In € thousand

IAS 8 restatement with regard to IFRS 17

Change in basis of consolidation

Profit/(loss) for the period

Change in basis of consolidation

Profit/(loss) for the period

IAS 8 restatement with regard to IFRS 17

Restatement Other in accordance with IAS 8

Restatement Other in accordance with IAS 8

Dividends to shareholders 16

Dividends to shareholders 16

Consolidated Statement of Changes in Equity

Notes Subscribed capital

At 31 December 2021 (published) 1,789,923 – 16,614 360,020 – 293,180

At 31 December 2022 (published) 1,789,923 – 16,614 – 1,175,748 – 244,132

Accumulated

and

and IFRS 9 302,643 – 814,273

At 1 January 2022 (restated) 1,789,923 – 16,614 662,663 – 293,180 – 814,273

Total comprehensive income – 2,617,015 49,048 1,799,992

and IFRS 9 – 778,604 985,719

At 1 January 2023 1,789,923 – 16,614 – 1,954,352 – 244,132 985,719

Total comprehensive income 799,941 – 30,739 – 123,413

Other comprehensive income 799,941 – 30,739 – 123,413 At 31 December 2023 1,789,923 – 16,614 – 1,154,410 – 274,872 862,306

Other comprehensive income – 2,617,015 49,048 1,799,992 At 31 December 2022 (restated) 1,789,923 – 16,614 – 1,954,352 – 244,132 985,719

Treasury shares

Measurement of equity and debt instruments

Remeasurement of defined benefit obligations

Measurement of insurance contracts

capital reserves

{93}------------------------------------------------

## Consolidated Statement of Cash Flows from 1 January until 31 December 2023

| In € thousand                                                                                                                 | Notes | 1-12/2023   | 1-12/202<br>restated |
|-------------------------------------------------------------------------------------------------------------------------------|-------|-------------|----------------------|
| Profit/(loss) for the period                                                                                                  |       | 303,805     | 255,700              |
| Amortisation of VBI, impairment of goodwill and other intangible assets,<br>and depreciation of property, plant and equipment |       | 119,471     | 91,254               |
| Impairment losses/reversal of impairment losses on other investments                                                          |       | – 66,133    | 261,886              |
| Gain/(loss) on the disposal of investments                                                                                    |       | 120,502     | – 54,719             |
| Change in deferred acquisition costs                                                                                          |       | 1,979       | 1,837                |
| Change in securities at fair value through profit or loss                                                                     |       | – 220,451   | 28,670               |
| Change in other receivables                                                                                                   |       | 10,596      | – 14,857             |
| Change in other liabilities                                                                                                   |       | – 2,680     | – 197,820            |
| Change in technical provisions                                                                                                |       | 104,513     | – 804,480            |
| Change in defined benefit obligations                                                                                         |       | – 2,013     | – 8,137              |
| Change in deferred tax assets and deferred tax liabilities                                                                    |       | 19,975      | – 53,238             |
| Change in other statement of financial position items                                                                         |       | – 64,259    | – 38,141             |
| Net cash flow from operating activities                                                                                       |       | 325,304     | – 532,045            |
| of which from discontinued operations                                                                                         |       | – 102,203   | 25,037               |
| Proceeds from disposal of intangible assets and property, plant and equipment                                                 |       | 6,010       | 25,062               |
| Payments for acquisition of intangible assets and property, plant and equipment                                               |       | – 122,998   | – 165,923            |
| Payments for acquisition of consolidated companies                                                                            |       | – 24,765    |                      |
| Proceeds from disposal and maturity of other investments                                                                      |       | 7,396,012   | 5,314,519            |
| Payments for acquisition of other investments                                                                                 |       | – 6,987,634 | – 5,518,114          |
| Change in unit-linked and index-linked life insurance investments                                                             |       | – 225,672   | 1,142,720            |
| Net cash flow from investing activities                                                                                       |       | 40,953      | 798,262              |
| of which from discontinued operations                                                                                         |       | 107,668     | – 20,806             |
| Dividend payments                                                                                                             | 16    | – 169,441   | – 169,344            |
| Transactions between owners                                                                                                   |       | 0           | – 2,868              |
| Proceeds from other financing activities                                                                                      |       | 0           | 1,414,936            |
| Payments from other financing activities                                                                                      | 21    | – 164,252   | – 1,431,442          |
| Net cash flow from financing activities                                                                                       |       | – 333,693   | – 188,718            |
| Change in cash and cash equivalents                                                                                           |       | 32,564      | 77,499               |
| of which due to acquisitions of consolidated subsidiaries                                                                     |       | 2,794       |                      |
| of which from discontinued operations                                                                                         |       | 5,465       | 4,231                |
| Change in cash and cash equivalents due to movements in exchange rates                                                        |       | – 682       | – 2,436              |
| Cash and cash equivalents at beginning of year                                                                                | 9     | 667,646     | 592,583              |
| Cash and cash equivalents at end of period                                                                                    | 9     | 699,528     | 667,646              |
| Income taxes paid (net cash flow from operating activities)                                                                   |       | – 21,660    | – 128,000            |
| Interest paid (net cash flow from operating activities)                                                                       |       | – 56,339    | – 62,815             |
| Interest received (net cash flow from operating activities)                                                                   |       | 454,842     | 413,708              |
| Dividends received (net cash flow from operating activities)                                                                  |       | 65,625      | 80,313               |

{94}------------------------------------------------

## Notes to the Consolidated Financial Statements

## GENERAL INFORMATION

restated

158

In € thousand

Consolidated Statement of Cash Flows

from 1 January until 31 December 2023

Amortisation of VBI, impairment of goodwill and other intangible assets,

Notes <sup>1</sup> – 12/2023 <sup>1</sup> – 12/2022

Profit/(loss) for the period 303,805 255,700

and depreciation of property, plant and equipment 119,471 91,254 Impairment losses/reversal of impairment losses on other investments – 66,133 261,886 Gain/(loss) on the disposal of investments 120,502 – 54,719 Change in deferred acquisition costs 1,979 1,837 Change in securities at fair value through profit or loss – 220,451 28,670 Change in other receivables 10,596 – 14,857 Change in other liabilities – 2,680 – 197,820 Change in technical provisions 104,513 – 804,480 Change in defined benefit obligations – 2,013 – 8,137 Change in deferred tax assets and deferred tax liabilities 19,975 – 53,238 Change in other statement of financial position items – 64,259 – 38,141 Net cash flow from operating activities 325,304 – 532,045 of which from discontinued operations – 102,203 25,037

Proceeds from disposal of intangible assets and property, plant and equipment 6,010 25,062 Payments for acquisition of intangible assets and property, plant and equipment – 122,998 – 165,923 Payments for acquisition of consolidated companies – 24,765 – 2 Proceeds from disposal and maturity of other investments 7,396,012 5,314,519 Payments for acquisition of other investments – 6,987,634 – 5,518,114 Change in unit-linked and index-linked life insurance investments – 225,672 1,142,720 Net cash flow from investing activities 40,953 798,262 of which from discontinued operations 107,668 – 20,806

Dividend payments 16 – 169,441 – 169,344 Transactions between owners 0 – 2,868 Proceeds from other financing activities 0 1,414,936 Payments from other financing activities 21 – 164,252 – 1,431,442 Net cash flow from financing activities – 333,693 – 188,718

Change in cash and cash equivalents 32,564 77,499 of which due to acquisitions of consolidated subsidiaries 2,794 0 of which from discontinued operations 5,465 4,231 Change in cash and cash equivalents due to movements in exchange rates – 682 – 2,436 Cash and cash equivalents at beginning of year 9 667,646 592,583 Cash and cash equivalents at end of period 9 699,528 667,646

Income taxes paid (net cash flow from operating activities) – 21,660 – 128,000 Interest paid (net cash flow from operating activities) – 56,339 – 62,815 Interest received (net cash flow from operating activities) 454,842 413,708 Dividends received (net cash flow from operating activities) 65,625 80,313 UNIQA Insurance Group AG (UNIQA) is a company domiciled in Austria. The address of the company's registered office is Untere Donaustrasse 21, 1029 Vienna, Austria. The Group primarily conducts business with property and casualty, as well as health and life insurance.

UNIQA Insurance Group AG is registered in the company registry of the Commercial Court of Vienna under FN 92933t. The shares of UNIQA Insurance Group AG are listed on the prime market segment of the Vienna Stock Exchange.

UNIQA Insurance Group AG is subject to the regulatory requirements of European and Austrian supervisory authorities (Financial Market Authority, European Insurance and Occupational Pensions Authority). The requirements include in particular the quantitative and qualitative solvency requirements.

Unless otherwise stated, these consolidated financial statements are prepared in € thousand; rounding differences may occur through the use of automated calculation tools when totalling rounded amounts and percentages. The functional currency at UNIQA is the euro. UNIQA's reporting date is 31 December.

## Accounting principles

The consolidated financial statements were prepared in line with the International Financial Reporting Standards (IFRSs) as well as the provisions of the International Financial Reporting Interpretations Committee (IFRIC) as adopted by the European Union (EU) as at the reporting date. The additional requirements of Section 245a(1) of the Austrian Commercial Code and Section 138(8) of the Austrian Insurance Supervision Act were met.

## Use of judgements and estimates

CONSOLIDATED FINANCIAL STATEMENTS 159

The consolidated financial statements require the Group Management Board to make judgements, estimates and assumptions that relate to the application of accounting policies and the amounts stated for the assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and their underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recorded prospectively. Risks related to the consequences of climate change were taken into account in the measurement of assets and liabilities, such as in the context of the impairment test for assets as well as in the calculation of technical provisions.

Discretionary judgements and assumptions regarding the future which could have a significant impact on these Consolidated Financial Statements are described in the following notes:

Note 1: Investment property (assumptions used in determining fair values)

Note 2: Financial assets accounted for using the equity method (assumptions and models used in STRABAG SE's earnings estimates)

Note 3: Other investments and unit-linked and indexlinked life insurance investments (determination of fair values and calculation of expected credit losses)

Note 5: Insurance contracts (assumptions and models for the calculation of assets and liabilities from insurance and reinsurance contracts)

Note 6: Intangible assets (assumptions used in determining goodwill)

Note 11: Deferred taxes (assessment of the ability to realise deferred tax assets)

Note 12: Defined benefit plans (calculation of the present value of the defined benefit obligations)

{95}------------------------------------------------

The following table provides a summary of the measurement standards for the individual asset and liability items:

## Statement of financial position item Standard of measurement

**Standard of measurement**

| Assets                                                            |                                                                                                                                      |
|-------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------|
| Property, plant and equipment                                     | Amortised cost                                                                                                                       |
| - property, plant and equipment that constitute underlying items  | Fair value                                                                                                                           |
| Intangible assets                                                 |                                                                                                                                      |
| - with determinable useful life                                   | Amortised cost                                                                                                                       |
| - with indeterminable useful life                                 | At lower of acquisition cost or recoverable amount                                                                                   |
| Investments                                                       |                                                                                                                                      |
| Investment property                                               | Amortised cost                                                                                                                       |
| Investment properties that constitute underlying items            | Fair value                                                                                                                           |
| Investments accounted for using the equity method                 | At lower of amortised pro-rata value of the equity or recoverable amount                                                             |
| Other investments                                                 |                                                                                                                                      |
| Financial assets at fair value through profit or loss             | Fair value                                                                                                                           |
| Financial assets at fair value through other comprehensive income | Fair value                                                                                                                           |
| Financial assets at amortised cost                                | Amortised cost                                                                                                                       |
| Unit-linked and index-linked life insurance investments           | Fair value                                                                                                                           |
| Assets arising from insurance contracts                           | As per the measurement of liabilities arising from insurance contracts                                                               |
| Assets arising from reinsurance contracts                         | As per the measurement of liabilities arising from insurance contracts                                                               |
| Receivables and other assets                                      | Amortised cost                                                                                                                       |
| Deferred tax assets                                               | Undiscounted measurement applying the tax rates that are expected for the period<br>in which an asset is realised or a liability met |
| Cash                                                              | Amortised cost                                                                                                                       |
| Assets in disposal groups held for sale                           | Lower of carrying amount and fair value less cost to sell                                                                            |
| Liabilities                                                       |                                                                                                                                      |
| Subordinated liabilities                                          | Amortised cost                                                                                                                       |
| Liabilities arising from insurance contracts                      | Actuarial measurement using the relevant measurement methods in accordance<br>with IFRS 17                                           |
| Liabilities arising from reinsurance contracts                    | Actuarial measurement using the relevant measurement methods in accordance<br>with IFRS 17                                           |
| Financial liabilities                                             |                                                                                                                                      |
| - Liabilities from bonds and loans                                | Amortised cost                                                                                                                       |
| - Derivative financial instruments                                | Fair value                                                                                                                           |
| - Lease liabilities                                               | Amortised cost                                                                                                                       |
| Other provisions                                                  |                                                                                                                                      |
| - from defined benefit obligations                                | Actuarial valuation applying the projected unit credit method                                                                        |
| - other                                                           | Present value of future settlement value                                                                                             |
| Liabilities and other items classified as equity or liabilities   | At amortised cost or present value of the future settlement amount                                                                   |

{96}------------------------------------------------

## CHANGES IN SIGNIFICANT ACCOUNTING POLICIES AS WELL AS NEW AND AMENDED STANDARDS

With the exception of the following changes, the outlined accounting policies were consistently applied to all periods presented in these consolidated financial statements.

160

Assets

Intangible assets

Other investments

Investments

Liabilities

Financial liabilities

Other provisions

The following table provides a summary of the measurement standards for the individual asset and liability items:

Investments accounted for using the equity method At lower of amortised pro-rata value of the equity or recoverable amount

Assets arising from insurance contracts As per the measurement of liabilities arising from insurance contracts Assets arising from reinsurance contracts As per the measurement of liabilities arising from insurance contracts

Assets in disposal groups held for sale Lower of carrying amount and fair value less cost to sell

- from defined benefit obligations Actuarial valuation applying the projected unit credit method

Liabilities and other items classified as equity or liabilities At amortised cost or present value of the future settlement amount

- other Present value of future settlement value

Deferred tax assets Undiscounted measurement applying the tax rates that are expected for the period

Liabilities arising from insurance contracts Actuarial measurement using the relevant measurement methods in accordance with IFRS 17 Liabilities arising from reinsurance contracts Actuarial measurement using the relevant measurement methods in accordance with IFRS 17

in which an asset is realised or a liability met

Statement of financial position item Standard of measurement

- with indeterminable useful life At lower of acquisition cost or recoverable amount

Property, plant and equipment Amortised cost - property, plant and equipment that constitute underlying items Fair value

- with determinable useful life Amortised cost

Investment property Amortised cost Investment properties that constitute underlying items Fair value

Financial assets at fair value through profit or loss Fair value Financial assets at fair value through other comprehensive income Fair value Financial assets at amortised cost Amortised cost

Unit-linked and index-linked life insurance investments Fair value

Receivables and other assets Amortised cost

Cash Amortised cost

Subordinated liabilities Amortised cost

- Liabilities from bonds and loans Amortised cost - Derivative financial instruments Fair value - Lease liabilities Amortised cost

## Amendments to be applied for the first time and in the future

The Group applied the following amendments to standards with the initial application date of 1 January 2023. None of the new regulations arising from this have a significant impact on UNIQA's assets, liabilities, financial position and profit or loss.

| Amended standards |                                                                                                                                  | First-time application<br>by UNIQA |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------|------------------------------------|
|                   | Amendments to be applied for the first time                                                                                      |                                    |
| IAS 1             | Amendments to IAS 1 and to IFRS<br>Practice Statement 2:<br>Making Materiality Judgements                                        | 1 January 2023                     |
| IAS 8             | Amendments to IAS 8 Accounting<br>Policies, Changes in Accounting<br>Estimates and Errors: Definition of<br>Accounting Estimates | 1 January 2023                     |
| IAS 12            | Amendments to IAS 12 Income Taxes:<br>Deferred Tax related to Assets and<br>Liabilities arising from a Single<br>Transaction     | 1 January 2023                     |
| IAS 12            | Amendments to IAS 12 Income Taxes:<br>International Tax Reform – Pillar Two<br>Model Rules                                       | 1 January 2023                     |
|                   | Amendments to be applied in the future                                                                                           |                                    |
| IAS 1             | Amendments to IAS 1 Presentation of<br>Financial Statements: Classification of<br>Liabilities as Current or Non-current          | 1 January 2024                     |
| IFRS 16           | Amendments to IFRS 16 Leases: Lease<br>Liability in a Sale and Leaseback                                                         | 1 January 2024                     |

## International Tax Reform – Pillar Two Model Rules

As UNIQA's annual revenue exceeds the relevant threshold of €750 million, UNIQA is affected by the current and forthcoming tax regulations implementing the Pillar Two Model Rules published by the Organisation for Economic

Cooperation and Development (OECD). The aim of these regulations, which will come into force on 1 January 2024, is to ensure an effective minimum tax rate of 15 per cent for multinational groups.

UNIQA is applying the exemption from recognising and disclosing deferred tax assets and deferred tax liabilities in connection with Pillar Two income taxes.

At this time, UNIQA is carefully studying the implementation of the minimum tax rate. The current assessment is that it will not give rise to a significant additional tax burden for UNIQA.

## Standards to be applied for the first time

## IFRS 9 – Financial Instruments and IFRS 17 – Insurance Contracts

CONSOLIDATED FINANCIAL STATEMENTS 161

On 25 June 2020, the International Accounting Standards Board (IASB) published the final accounting standard for insurance contracts – IFRS 17. The date of the initial application of IFRS 17 was set for 1 January 2023. UNIQA is exercising the option for insurance companies to defer the initial application date for IFRS 9 to the initial application date for IFRS 17. IFRS 17 was transposed into EU law through the adoption of Regulation (EU) No. 2021/2036 of 19 November 2021 by the European Commission.

Due to the first application of these two accounting standards, a retrospective restatement was made of the figures for the comparative period and as at the comparative date. The impacts on the assets and liabilities in the consolidated statement of financial position as at 1 January 2022 are described and explained below.

{97}------------------------------------------------

#### **Annual Financial Report 2023**

162

| Assets<br>In € thousand                                   | Published<br>31/12/2021 | Restatements<br>IFRS 9 | Restatements<br>IFRS 17 | Other reclassifications/<br>restatements | 1/1/2022<br>restated |
|-----------------------------------------------------------|-------------------------|------------------------|-------------------------|------------------------------------------|----------------------|
| Property, plant and equipment                             | 365,493                 |                        | 38,714                  |                                          | 404,207              |
| Deferred acquisition costs and value of business in force | 1,462,087               |                        | -1,283,362              | -178,725                                 | n/a                  |
| Intangible assets                                         | 712,287                 |                        |                         | 178,725                                  | 891,012              |
| <b>Investments</b>                                        |                         |                        |                         |                                          |                      |
| Investment property                                       | 1,241,860               |                        | 1,039,042               |                                          | 2,280,902            |
| Financial assets accounted for using the equity method    | 656,393                 |                        |                         |                                          | 656,393              |
| Other investments                                         | 19,886,724              | -1,835                 |                         | -56,260                                  | 19,828,628           |
|                                                           | <b>21,784,976</b>       | <b>-1,835</b>          | <b>1,039,042</b>        | <b>-56,260</b>                           | <b>22,765,923</b>    |
| Unit-linked and index-linked life insurance investments   | 5,154,053               |                        |                         | 59,369                                   | 5,213,422            |
| Reinsurers' share of technical provisions                 | 591,671                 |                        | -591,671                |                                          | n/a                  |
| Assets from insurance contracts                           |                         |                        | 63,556                  |                                          | 63,556               |
| Assets from reinsurance contracts                         |                         |                        | 236,666                 |                                          | 236,666              |
| Receivables and other assets                              | 714,823                 | -428,082               |                         | 84,900                                   | 371,642              |
| Income tax receivables                                    | 84,900                  |                        |                         | -84,900                                  | n/a                  |
| Deferred tax assets                                       | 84,909                  | 256,039                | 110,994                 | -391,471                                 | 60,472               |
| Cash                                                      | 592,583                 |                        |                         |                                          | 592,583              |
| Total assets                                              | 31,547,783              | 254,204                | -814,143                | -388,362                                 | 30,599,483           |

| Equity and liabilities<br>In € thousand                                 | Published<br>31/12/2021 | Restatements<br>IFRS 9 | Restatements<br>IFRS 17 | Other<br>reclassifications/<br>restatements | 1/1/2022<br>restated |
|-------------------------------------------------------------------------|-------------------------|------------------------|-------------------------|---------------------------------------------|----------------------|
| Equity                                                                  |                         |                        |                         |                                             |                      |
| Portion attributable to shareholders of<br>UNIQA Insurance Group AG     |                         |                        |                         |                                             |                      |
| Subscribed capital and capital reserves                                 | 1,789,923               |                        |                         |                                             | 1,789,923            |
| Treasury shares                                                         | -16,614                 |                        |                         |                                             | -16,614              |
| Accumulated results                                                     | 1,530,299               | 270,947                | -1,040,745              | 3,541                                       | 764,043              |
|                                                                         | 3,303,609               | 270,947                | -1,040,745              | 3,541                                       | 2,537,352            |
| Non-controlling interests                                               | 19,678                  | -1,074                 | -393                    |                                             | 18,210               |
|                                                                         | 3,323,286               | 269,873                | -1,041,139              | 3,541                                       | 2,555,562            |
| Liabilities                                                             |                         |                        |                         |                                             |                      |
| Subordinated liabilities                                                | 1,057,559               |                        |                         |                                             | 1,057,559            |
| Technical provisions                                                    | 19,174,105              |                        | -19,174,105             |                                             | n/a                  |
| Technical provisions for unit-linked and<br>index-linked life insurance | 5,028,507               |                        | -5,028,507              |                                             | n/a                  |
| Liabilities from insurance contracts                                    |                         |                        | 24,339,262              |                                             | 24,339,262           |
| Liabilities from reinsurance contracts                                  |                         |                        | 563                     |                                             | 563                  |
| Financial liabilities                                                   | 723,317                 |                        |                         |                                             | 723,317              |
| Other provisions                                                        | 726,270                 |                        | -19,220                 |                                             | 707,051              |
| Liabilities and other items classified as<br>liabilities                | 1,017,197               |                        | -30,134                 | 114,962                                     | 1,102,025            |
| Income tax liabilities                                                  | 115,393                 |                        |                         | -115,393                                    | n/a                  |
| Deferred tax liabilities                                                | 382,149                 | -15,669                | 139,137                 | -391,472                                    | 114,145              |
|                                                                         | 28,224,497              | -15,669                | 226,996                 | -391,903                                    | 28,043,921           |
| Total equity and liabilities                                            | 31,547,783              | 254,204                | -814,143                | -388,362                                    | 30,599,483           |

{98}------------------------------------------------

## Property, plant and equipment

162

Assets In € thousand 

Investments

Deferred acquisition costs and value of business

Financial assets accounted for using the

Unit-linked and index-linked life insurance

Equity and liabilities In € thousand 

Portion attributable to shareholders of

Technical provisions for unit-linked and

Liabilities and other items classified as

UNIQA Insurance Group AG

Equity

Liabilities

Published 31/12/2021

Published 31/12/2021

Restatements IFRS 9

Property, plant and equipment 365,493 38,714 404,207

in force 1,462,087 – 1,283,362 – 178,725 n/a Intangible assets 712,287 178,725 891,012

Investment property 1,241,860 1,039,042 2,280,902

equity method 656,393 656,393 Other investments 19,886,724 – 1,835 – 56,260 19,828,628

investments 5,154,053 59,369 5,213,422 Reinsurers' share of technical provisions 591,671 – 591,671 n/a Assets from insurance contracts 63,556 63,556 Assets from reinsurance contracts 236,666 236,666 Receivables and other assets 714,823 – 428,082 84,900 371,642 Income tax receivables 84,900 – 84,900 n/a Deferred tax assets 84,909 256,039 110,994 – 391,471 60,472 Cash 592,583 592,583 Total assets 31,547,783 254,204 – 814,143 – 388,362 30,599,483

> Restatements IFRS 9

Subscribed capital and capital reserves 1,789,923 1,789,923 Treasury shares – 16,614 – 16,614 Accumulated results 1,530,299 270,947 – 1,040,745 3,541 764,043

Non-controlling interests 19,678 – 1,074 – 393 18,210

Subordinated liabilities 1,057,559 1,057,559 Technical provisions 19,174,105 – 19,174,105 n/a

index-linked life insurance 5,028,507 – 5,028,507 n/a Liabilities from insurance contracts 24,339,262 24,339,262 Liabilities from reinsurance contracts 563 563 Financial liabilities 723,317 723,317 Other provisions 726,270 – 19,220 707,051

liabilities 1,017,197 – 30,134 114,962 1,102,025 Income tax liabilities 115,393 – 115,393 n/a Deferred tax liabilities 382,149 – 15,669 139,137 – 391,472 114,145

Total equity and liabilities 31,547,783 254,204 – 814,143 – 388,362 30,599,483

Restatements IFRS 17

21,784,976 – 1,835 1,039,042 – 56,260 22,765,923

Restatements IFRS 17

3,303,609 270,947 – 1,040,745 3,541 2,537,352

3,323,286 269,873 – 1,041,139 3,541 2,555,562

28,224,497 – 15,669 226,996 – 391,903 28,043,921

Other

Other

reclassifications/ restatements 1/1/2022 restated

1/1/2022 restated

reclassifications/ restatements

The exercise of the measurement option in accordance with IAS 16.29A results in a reclassification of properties for own use at amortised cost to a fair value measurement. In the item "Property, plant and equipment", this leads to an appreciation in the amount of €38,714 thousand in the opening balance in accordance with IFRS 17. This only concerns those properties that are the underlying items in life and health insurance with participation features.

## Deferred acquisition costs and value of business in force

Under IFRS 17, the item "Deferred acquisition costs and value of business in force" is no longer reported separately. Instead, deferred acquisition costs in connection with insurance contracts represent a portion of insurance liabilities. Non-insurance deferred acquisition cash flows as well as the value of business in force are now contained in the item "Intangible assets".

## Intangible assets

The item "Intangible assets" contains the value of business in force (VBI) amounting to €175,028 thousand and non-insurance deferred acquisition cash flows arising in connection with contracts for the management of pension and investment funds amounting to €3,697 thousand. These were previously contained in the item "Deferred acquisition costs and value of business in force".

#### Investment property

As for the property for own use, the investment property was also reclassified for a fair value measurement in accordance with IAS 40.32B. In the item "Investment property", this leads to an appreciation in the amount of €1,039,042 thousand.

### Unit-linked and index-linked life insurance investments

Investments under investment contracts, which were recognised in the "Other investments" item under IAS 39, are allocated to the "Unit-linked and index-linked life insurance investments" category under IFRS 9. Within the framework of the transition to IFRS 9 and IFRS 17, a reevaluation was also performed for those insurance contracts that do not generate significant insurance risk and do not have any discretionary participation features. The reclassifications between insurance contracts and investment contracts performed in this regard are also reflected in the area of investments for coverage purposes in the items "Unit-linked and index-linked life insurance investments" and "Investments under investment contracts". In addition, corrections of errors in accordance with IAS 8 totalling €3,109 thousand were recognised in this regard, increasing unit-linked and index-linked life insurance investments.

### Receivables and other assets

CONSOLIDATED FINANCIAL STATEMENTS 163

The insurance receivables previously reported under "Receivables and other assets" amounting to €339,877 thousand include receivables from policyholders, insurance brokers and insurance companies. Under IFRS 17, these are no longer reported separately, but as part of the liabilities from insurance contracts. The reinsurance settlement receivables, which amount to €95,762 thousand at the transition date, are no longer reported separately under IFRS 17; rather, they are reported under assets from reinsurance contracts. Furthermore, this item now contains the previously separately reported income tax receivables, which amount to €84,900 thousand at the transition date. Other corrections of errors made in connection with financial assets in this item in accordance with IAS 8 increase receivables and other assets by €7,557 thousand.

## Other provisions

The decline in the item "Other provisions" in the amount of €19,220 thousand can be largely attributed to the fact that other provisions in connection with the insurance business are no longer recognised separately.

## Liabilities and other items classified as equity or liabilities

The re-evaluation of those insurance contracts that do not transfer significant insurance risk and do not have discretionary participation features as part of the transition to IFRS 9 and IFRS 17 led to a reclassification between insurance and investment contracts, which is reflected in an increase of €292,405 thousand in the "Liabilities and other items classified as liabilities" item. Further effects resulted from the reinsurance settlement liabilities now contained in the technical provisions in accordance with IFRS 17 as well as from the liabilities to policyholders, insurance brokers and insurance companies in the amount of €326,943 thousand. Furthermore, income tax liabilities in the amount of €115,393 thousand were reclassified to this item at the transition date. Miscellaneous corrections of errors made in connection with other liabilities in accordance with IAS 8 increased liabilities by €3,972 thousand.

## Deferred tax assets and liabilities

The restatements of items from the statement of financial position impacted deferred tax assets in the amount of

{99}------------------------------------------------

€24,438 thousand and deferred tax liabilities in the amount of €268,004 thousand.

## IFRS 9 Financial Instruments – transitional provisions

Since UNIQA's business is predominantly insurancerelated and UNIQA has not yet adopted IFRS 9 in any other version, it was permissible to defer initial application of IFRS 9 to 1 January 2023.

For the presentation of restated comparative information for the period prior to the initial application of IFRS 9, UNIQA has applied IFRS 9 using classification overlay. Accordingly, IFRS 9 was also applied to the financial assets disposed of in the course of 2022. Impairments for financial assets were determined on the basis of the IFRS 9 impairment model for expected credit losses.

In principle, IFRS 9 was applied retrospectively. The following evaluations took place based on the facts and

circumstances that existed at the date of the initial application:

- the definition of the business model in which a financial asset is held;
- the revocation of previous designations of specific financial assets that were measured at fair value through profit or loss (FVTPL); and
- the designation of specific strategic equity investments not held for trading purposes as financial assets at fair value through other comprehensive income (FVOCI).

Application of the expected credit loss model for financial assets measured at fair value through other comprehensive income and for financial assets measured at amortised cost led to the recognition of an impairment loss of €196,630 thousand under IFRS 9 on 1 January 2023.

{100}------------------------------------------------

The following tables show the effects with respect to the classification and measurement in accordance with IAS 39 as at 31 December 2022 and IFRS 9 as at 1 January 2023.

164

€24,438 thousand and deferred tax liabilities in the

IFRS 9 Financial Instruments – transitional provisions Since UNIQA's business is predominantly insurancerelated and UNIQA has not yet adopted IFRS 9 in any other version, it was permissible to defer initial applicacircumstances that existed at the date of the initial appli-

the definition of the business model in which a financial

 the revocation of previous designations of specific financial assets that were measured at fair value through

 the designation of specific strategic equity investments not held for trading purposes as financial assets at fair value through other comprehensive income (FVOCI).

Application of the expected credit loss model for financial assets measured at fair value through other comprehensive income and for financial assets measured at amortised

cost led to the recognition of an impairment loss of €196,630 thousand under IFRS 9 on 1 January 2023.

cation:

asset is held;

profit or loss (FVTPL); and

For the presentation of restated comparative information for the period prior to the initial application of IFRS 9, UNIQA has applied IFRS 9 using classification overlay. Accordingly, IFRS 9 was also applied to the financial assets disposed of in the course of 2022. Impairments for financial assets were determined on the basis of the IFRS 9 im-

In principle, IFRS 9 was applied retrospectively. The following evaluations took place based on the facts and

amount of €268,004 thousand.

tion of IFRS 9 to 1 January 2023.

pairment model for expected credit losses.

CONSOLIDATED FINANCIAL STATEMENTS 165

| Financial assets<br>In € thousand                          | Classification<br>in accordance with IAS 39<br>up to 31/12/2022 | Classification<br>in accordance with IFRS 9<br>as at 1/1/2023                        | Carrying amount<br>according to<br>IAS 39<br>as at 31/12/2022 | Carrying amount<br>according to<br>IFRS 9<br>as at 1/1/2023 |
|------------------------------------------------------------|-----------------------------------------------------------------|--------------------------------------------------------------------------------------|---------------------------------------------------------------|-------------------------------------------------------------|
| Other investments                                          |                                                                 |                                                                                      | 16,366,428                                                    | 16,243,738                                                  |
| Variable-income securities                                 | Financial assets at fair value<br>through profit or loss        | Financial assets at fair value<br>through profit or loss (mandatory)                 | 184,966                                                       | 1,066,063                                                   |
| Variable-income securities                                 | Available-for-sale financial<br>assets                          | Financial assets at fair value<br>through other comprehensive income<br>(designated) | 1,095,571                                                     | 180,195                                                     |
| Fixed-income securities                                    | Financial assets at fair value<br>through profit or loss        | Financial assets at fair value<br>through profit or loss (mandatory)                 | 224,849                                                       | 2,392,600                                                   |
| Fixed-income securities                                    | Available-for-sale financial<br>assets                          | Financial assets at fair value<br>through other comprehensive income<br>(mandatory)  | 14,093,669                                                    | 12,013,693                                                  |
| Fixed-income securities                                    | Loans and receivables                                           | Financial assets at fair value through<br>profit or loss                             | 54,172                                                        | 472                                                         |
| Derivative financial instruments                           | Financial assets at fair value<br>through profit or loss        | Financial assets at fair value through<br>profit or loss                             | 27,223                                                        | 27,223                                                      |
| Investments under investment contracts                     | Financial assets at fair value<br>through profit or loss        | Financial assets at fair value through<br>profit or loss                             | 113,430                                                       |                                                             |
| Loans and other investments                                | Loans and receivables                                           | Financial assets at amortised cost                                                   | 572,549                                                       | 563,493                                                     |
| Unit-linked and index-linked life insurance investments    |                                                                 |                                                                                      | 3,957,281                                                     | 4,070,702                                                   |
| Unit-linked and index-linked life insurance<br>investments | Financial assets at fair value<br>through profit or loss        | Financial assets at fair value through<br>profit or loss                             |                                                               |                                                             |
| Investments under investment contracts                     | Financial assets at fair value<br>through profit or loss        | Financial assets at fair value through<br>profit or loss                             | 3,957,281                                                     | 3,790,681                                                   |
|                                                            |                                                                 |                                                                                      |                                                               | 280,021                                                     |
| Total                                                      |                                                                 |                                                                                      | 20,323,709                                                    | 20,314,441                                                  |

{101}------------------------------------------------

| Financial assets at fair value through profit or loss<br>in accordance with IFRS 9<br>In € thousand | Carrying amount<br>according to<br>IAS 39<br>as at 31/12/2022 | Reclassification | Remeasurement | Carrying amount<br>according to<br>IFRS 9<br>as at 1/1/2023 |
|-----------------------------------------------------------------------------------------------------|---------------------------------------------------------------|------------------|---------------|-------------------------------------------------------------|
| Financial assets at fair value through profit or loss in accordance with IAS 39                     | 550,468                                                       |                  |               |                                                             |
| Reclassification as investments under investment contracts                                          |                                                               | -113,430         |               |                                                             |
| Other reclassifications                                                                             |                                                               | -691             |               |                                                             |
| Financial assets at fair value through profit or loss in accordance with IFRS 9                     |                                                               |                  |               | 436,346                                                     |
| Available-for-sale financial assets according to IAS 39                                             | 0                                                             |                  |               |                                                             |
| Reclassification of available-for-sale financial assets                                             |                                                               | 3,045,105        |               |                                                             |
| Financial assets at fair value through profit or loss in accordance with IFRS 9                     |                                                               |                  |               | 3,045,105                                                   |
| Loans and receivables in accordance with IAS 39                                                     | 0                                                             |                  |               |                                                             |
| Reclassification of financial assets at amortised cost                                              |                                                               | 3,743            | 1,163         |                                                             |
| Financial assets at fair value through profit or loss in accordance with IFRS 9                     |                                                               |                  |               | 4,906                                                       |
| Total                                                                                               | 550,468                                                       | 2,934,727        | 1,163         | 3,486,347                                                   |

The reclassification in the amount of €3,045,105 thousand from available-for-sale financial assets to financial assets at fair value through profit or loss concerns assets with contractual cash flows that are not solely payments of principal and interest on the outstanding principal amount ("SPPI criterion" is not met).

An amount of €3,743 thousand was reclassified from the category "Financial assets at amortised cost" and subsequently recognised at fair value in the category "Financial assets measured at fair value through profit or loss in accordance with IFRS 9". This concerns assets with contractual cash flows that are not solely payments of principal and interest on the outstanding principal amount ("SPPI criterion" is not met), which led to a remeasurement in the amount of €1,163 thousand.

IFRS 9

#### Financial assets at fair value through other comprehensive income in accordance with IFRS 9 In € thousand Carrying amount according to IAS 39 as at 31/12/2022 Reclassification Remeasurement Carrying amount according to as at 1/1/2023 Available-for-sale financial assets in accordance with IAS 39 15,189,240 Reclassification as financial assets at fair value through profit or loss – 3,045,105 Other reclassifications 544 Financial assets at fair value through other comprehensive income in accordance with IFRS 9 12,144,678 Loans and receivables in accordance with IAS 39 0 Reclassification of financial assets at amortised cost 50,901 – 1,692 Financial assets at fair value through other comprehensive income in accordance with IFRS 9 49,209 Total 15,189,240 – 2,993,660 – 1,692 12,193,888

{102}------------------------------------------------

The reclassification of €50,901 thousand out of the category "Financial assets measured at amortised cost" to "Financial assets measured at fair value through other comprehensive income" relates to assets with contractual cash flows that represent solely payments of principal and interest on the outstanding principal amount ("SPPI

166

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss in accordance with IAS 39 550,468

Available-for-sale financial assets according to IAS 39 0

Loans and receivables in accordance with IAS 39 0

The reclassification in the amount of €3,045,105 thousand from available-for-sale financial assets to financial assets at fair value through profit or loss concerns assets with contractual cash flows that are not solely payments of principal and interest on the outstanding principal

Financial assets at fair value through other comprehen-

Financial assets at fair value through other comprehensive income in

Financial assets at fair value through other comprehensive income in

Available-for-sale financial assets in accordance with IAS 39 15,189,240

Loans and receivables in accordance with IAS 39 0

Reclassification as financial assets at fair value through profit or loss – 3,045,105 Other reclassifications 544

amount ("SPPI criterion" is not met).

sive income in accordance with IFRS 9 In € thousand

Reclassification as investments under investment contracts – 113,430 Other reclassifications – 691

Reclassification of available-for-sale financial assets 3,045,105

Carrying amount according to IAS 39 as at 31/12/2022

Financial assets at fair value through profit or loss in accordance with IFRS 9 436,346

Financial assets at fair value through profit or loss in accordance with IFRS 9 3,045,105

Financial assets at fair value through profit or loss in accordance with IFRS 9 4,906 Total 550,468 2,934,727 1,163 3,486,357

accordance with IFRS 9 12,144,678

accordance with IFRS 9 49,209 Total 15,189,240 – 2,993,660 – 1,692 12,193,888

Reclassification of financial assets at amortised cost 50,901 – 1,692

Reclassification of financial assets at amortised cost 3,743 1,163

Reclassification Remeasurement Carrying amount

An amount of €3,743 thousand was reclassified from the category "Financial assets at amortised cost" and subsequently recognised at fair value in the category "Financial assets measured at fair value through profit or loss in accordance with IFRS 9". This concerns assets with contractual cash flows that are not solely payments of principal and interest on the outstanding principal amount ("SPPI criterion" is not met), which led to a remeasurement in the

Reclassification Remeasurement Carrying amount

according to IFRS 9 as at 1/1/2023

amount of €1,163 thousand.

Carrying amount according to IAS 39 as at 31/12/2022

according to IFRS 9 as at 1/1/2023

in accordance with IFRS 9 In € thousand

criterion" is met).

CONSOLIDATED FINANCIAL STATEMENTS 167

These assets were recognised at fair value in the category "Financial assets at fair value through other comprehensive income" in accordance with IFRS 9. This led to a remeasurement in the amount of €–1,692 thousand).

| Financial assets at amortised cost<br>in accordance with IFRS 9<br>In € thousand         | Carrying amount<br>according to<br>IAS 39<br>as at 31/12/2022 | Reclassification | Remeasurement | Carrying amount<br>according to<br>IFRS 9<br>as at 1/1/2023 |
|------------------------------------------------------------------------------------------|---------------------------------------------------------------|------------------|---------------|-------------------------------------------------------------|
| Loans and receivables in accordance with IAS 39                                          | 626,721                                                       |                  |               |                                                             |
| Reclassification as financial assets at fair value through profit or loss                |                                                               | –3,743           |               |                                                             |
| Reclassification as financial assets at fair value through other comprehensive<br>income |                                                               | –50,901          |               |                                                             |
| Other reclassifications                                                                  |                                                               | –8,536           |               |                                                             |
| Reclassifications as loans and receivables                                               |                                                               |                  | –47           |                                                             |
| Financial assets at amortised cost<br>in accordance with IFRS 9                          |                                                               |                  |               | 563,493                                                     |
| Total                                                                                    | 626,721                                                       | –63,180          | –47           | 563,493                                                     |

Financial assets at amortised cost were subjected for the first time to an impairment for expected credit losses within the framework of the transitional provisions of IFRS 9. This remeasurement led to a reduction in the carrying amount of these assets amounting to €47 thousand.

Corrections of errors of €8,536 thousand were recognised in the "Loans and receivables" category in accordance with IAS 8.

| Unit-linked and index-linked life insurance investments<br>in accordance with IFRS 9<br>In € thousand | Carrying amount<br>according to<br>IAS 39<br>as at 31/12/2022 | Reclassification | Remeasurement | Carrying amount<br>according to<br>IFRS 9<br>as at 1/1/2023 |
|-------------------------------------------------------------------------------------------------------|---------------------------------------------------------------|------------------|---------------|-------------------------------------------------------------|
| Financial assets at fair value through profit or loss in accordance with IAS 39                       | 3,957,281                                                     |                  |               |                                                             |
| Reclassification from investments under investment contracts                                          |                                                               | 113,430          | – 9           |                                                             |
| Unit-linked and index-linked life insurance investments<br>in accordance with IFRS 9                  |                                                               |                  |               | 4,070,701                                                   |
| Total                                                                                                 | 3,957,281                                                     | 113,430          | – 9           | 4,070,701                                                   |

{103}------------------------------------------------

#### Corrections of errors

In the initial application of IFRS 9 and IFRS 17, errors were identified in the "Receivables and other assets", "Liabilities and other items classified as equity or liabilities" and "Other investments" items and corrections in accordance with IAS 8 were made. The errors were identified during work on the inclusion of companies not previously included in the integrated financial statement preparation process. This resulted in restatements of the opening balances for the 2022 financial year, which are described in the section "Standards to be applied for the first time".

#### IMPACT OF RUSSIA'S ATTACK ON UKRAINE

The Russian attack on Ukraine in early 2022 had impacts on UNIQA at various levels, some of which continue to apply.

Persistently high inflation and a further rise in key interest rates also generally had a significant impact on the global financial markets and national economies in 2023.

In the 2023 financial year, UNIQA recognised changes in value on Russian bonds in the amount of €+8.2 million (2022: €–100.7 million), which were recognised on the basis of the impairment model in accordance with IFRS 9 for expected credit losses. This change in value relates to Russian government and corporate bonds with an amortised cost in the amount of €59.7 million (2022: €54.3 million), which are denominated in euros, US dollars and Russian roubles and are held via UNIQA in group companies outside Russia. In the context of Ukrainian government bonds, there were changes in value in the 2023 financial year that were recognised based on the impairment model in accordance with IFRS 9 for expected credit losses in the amount of €+2.5 million (2022: €–43.7 million).

{104}------------------------------------------------

## SEGMENT REPORTING

168

Corrections of errors

In the initial application of IFRS 9 and IFRS 17, errors were identified in the "Receivables and other assets", "Liabilities and other items classified as equity or liabilities" and "Other investments" items and corrections in accordance with IAS 8 were made. The errors were identified during work on the inclusion of companies not previously included in the integrated financial statement preparation process. This resulted in restatements of the opening balances for the 2022 financial year, which are described in the section "Standards to be applied for the first time".

IMPACT OF RUSSIA'S ATTACK ON UKRAINE

ply.

The Russian attack on Ukraine in early 2022 had impacts on UNIQA at various levels, some of which continue to ap-

Persistently high inflation and a further rise in key interest rates also generally had a significant impact on the global financial markets and national economies in 2023.

In the 2023 financial year, UNIQA recognised changes in value on Russian bonds in the amount of €+8.2 million (2022: €–100.7 million), which were recognised on the basis of the impairment model in accordance with IFRS 9 for expected credit losses. This change in value relates to Russian government and corporate bonds with an amortised cost in the amount of €59.7 million (2022: €54.3 million), which are denominated in euros, US dollars and Russian roubles and are held via UNIQA in group companies outside Russia. In the context of Ukrainian government bonds, there were changes in value in the 2023 financial year that were recognised based on the impairment model in accordance with IFRS 9 for expected credit losses in the

amount of €+2.5 million (2022: €–43.7 million).

The accounting policies for the reportable segments are in line with the consolidated accounting policies. Earnings before taxes for the segments were determined taking the following components into consideration: summation of the IFRS profits/(losses) in the individual companies, taking the elimination of net investment income in the respective segment and impairment of goodwill into consideration.

All other consolidation effects (profit/(loss) for the period of associates, elimination of intercompany profits/(losses) and other cross-segment effects) are included in "Consolidation". The segment profit/(loss) thus obtained is reported to the Management Board of UNIQA Insurance Group AG for managing the Group in the following operating segments:

UNIQA Austria – includes the Austrian insurance business.

UNIQA International – includes all international primary insurance companies and international service companies as well as investment management companies and pension funds. This segment is divided on a regional basis into the following main areas:

- Central Europe (CE Poland, Slovakia, Czechia and Hungary)
- Eastern Europe (EE Romania and Ukraine)

CONSOLIDATED FINANCIAL STATEMENTS 169

- Southeastern Europe (SEE Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Montenegro, North Macedonia and Serbia)
- Western Europe (WE Liechtenstein and Switzerland)
- Administration

Due to the planned sale of the Limited Liability Company "Insurance Company "Raiffeisen Life" (Moscow, Russia) (referred to below as "Raiffeisen Life"), the earnings components attributable to the company have been reclassified to profit/(loss) from discontinued operations in accordance with the provisions of IAS 8 for the 2023 financial year and the comparative year 2022 and are therefore not included in earnings before taxes.

Reinsurance – includes UNIQA Re AG (Zurich, Switzerland) and the reinsurance business of UNIQA Insurance Group AG.

Group functions – includes the remaining items for UNIQA Insurance Group AG (net investment income and administrative costs) as well as all other remaining Austrian and international service companies.

{105}------------------------------------------------

| Operating segments                                                        |             | UNIQA Austria           |             | UNIQA International     |             | Reinsurance             |  |
|---------------------------------------------------------------------------|-------------|-------------------------|-------------|-------------------------|-------------|-------------------------|--|
| In € thousand                                                             | 1 – 12/2023 | 1 – 12/2022<br>restated | 1 – 12/2023 | 1 – 12/2022<br>restated | 1 – 12/2023 | 1 – 12/2022<br>restated |  |
| Technical result                                                          |             |                         |             |                         |             |                         |  |
| Insurance revenue                                                         | 3,518,985   | 3,240,743               | 2,429,881   | 2,107,706               | 1,124,805   | 1,015,423               |  |
| Insurance service expenses                                                | – 3,196,072 | – 2,921,463             | – 2,037,736 | – 1,782,984             | – 1,053,495 | – 938,133               |  |
| of which insurance benefits                                               | – 2,440,873 | – 2,191,589             | – 1,217,631 | – 1,081,086             | – 1,012,434 | – 902,861               |  |
| Technical result from reinsurance                                         | – 33,502    | – 27,384                | – 122,512   | – 128,919               | – 55,497    | – 5,311                 |  |
|                                                                           | 289,411     | 291,897                 | 269,632     | 195,803                 | 15,812      | 71,980                  |  |
| Financial result                                                          |             |                         |             |                         |             |                         |  |
| Net investment income                                                     |             |                         |             |                         |             |                         |  |
| Income from investments                                                   | 887,641     | 745,807                 | 187,668     | 151,475                 | 129,036     | 56,135                  |  |
| Expenses from investments                                                 | – 274,052   | – 669,851               | – 79,941    | – 136,829               | – 28,194    | – 100,905               |  |
| Financial assets accounted for using the equity                           |             |                         |             |                         |             |                         |  |
| method                                                                    | 28,581      | 28,581                  | 0           | 291                     | 0           | 0                       |  |
|                                                                           | 642,170     | 104,537                 | 107,727     | 14,937                  | 100,842     | – 44,770                |  |
| Net investment income from unit-linked and<br>index-linked life insurance |             |                         |             |                         |             |                         |  |
| Income from unit-linked and index-linked life<br>insurance investments    | 211,114     | 35,749                  | 179,972     | 92,656                  | 0           | 0                       |  |
| Expenses from unit-linked and index-linked life<br>insurance investments  | – 31,559    | – 431,054               | – 53,492    | – 189,895               | 0           | 0                       |  |
|                                                                           | 179,555     | – 395,305               | 126,481     | – 97,239                | 0           | 0                       |  |
| Financial result from insurance contracts                                 | – 689,250   | 306,157                 | – 188,265   | 51,073                  | – 42,865    | 1,423                   |  |
| Financial result from reinsurance contracts                               | 8,996       | – 1,857                 | 18,597      | 13,629                  | 2,561       | 55                      |  |
|                                                                           | 141,471     | 13,532                  | 64,539      | – 17,600                | 60,538      | – 43,292                |  |
| Non-technical result                                                      |             |                         |             |                         |             |                         |  |
| Other income                                                              | 18,742      | 6,031                   | 140,879     | 88,450                  | 4,330       | 1,872                   |  |
| Other expenses                                                            | – 119,678   | – 75,616                | – 210,590   | – 142,742               | – 4,995     | – 3,112                 |  |
|                                                                           | – 100,937   | – 69,585                | – 69,711    | – 54,293                | – 666       | – 1,240                 |  |
|                                                                           |             |                         |             |                         |             |                         |  |
| Operating profit/(loss)                                                   | 329,945     | 235,845                 | 264,460     | 123,911                 | 75,685      | 27,448                  |  |
| Amortisation of VBI and impairment of goodwill                            | 0           | 0                       | – 28,259    | – 27,931                | 0           | 0                       |  |
| Finance cost                                                              | – 31,441    | – 55,222                | – 6,527     | – 4,877                 | – 5,367     | – 2,901                 |  |
| Earnings before taxes                                                     | 298,504     | 180,622                 | 229,675     | 91,104                  | 70,318      | 24,547                  |  |
| Combined ratio (property and casualty insurance,<br>before reinsurance)1) | 92 %        | 95 %                    | 86 %        | 86 %                    | 93 %        | 90 %                    |  |
| Cost ratio (before reinsurance)2)                                         | 24 %        | 25 %                    | 38 %        | 38 %                    | 4 %         | 3 %                     |  |

| Impairment by segment         |             | UNIQA Austria           | UNIQA International |                         | Reinsurance |                         |  |
|-------------------------------|-------------|-------------------------|---------------------|-------------------------|-------------|-------------------------|--|
| In € thousand                 | 1 – 12/2023 | 1 – 12/2022<br>restated | 1 – 12/2023         | 1 – 12/2022<br>restated | 1 – 12/2023 | 1 – 12/2022<br>restated |  |
| Investments                   |             |                         |                     |                         |             |                         |  |
| Impairments                   | -44,068     | -63,434                 | -9,391              | -30,154                 | -2,131      | -6,913                  |  |
| Reversal of impairment losses | 8,849       | 16,789                  | 6,793               | 11,639                  | 3,061       | 1,294                   |  |

<sup>1)</sup> Ratio of directly attributable insurance service expenses to insurance revenue (before reinsurance) <sup>2)</sup> Share of the directly and indirectly attributable costs plus commissions on insurance revenue (before reinsurance)

- Share of the directly and indirectly attributable costs plus commissions on insurance revenue (before reinsurance)

{106}------------------------------------------------

#### **Consolidated Financial Statements**

CONSOLIDATED FINANCIAL STATEMENTS 171

| Group functions |                       | Consolidation |                       | Group      |                       |
|-----------------|-----------------------|---------------|-----------------------|------------|-----------------------|
| 1-12/2023       | 1-12/2022<br>restated | 1-12/2023     | 1-12/2022<br>restated | 1-12/2023  | 1-12/2022<br>restated |
| 0               | 0                     | -1,079,534    | -1,016,975            | 5,994,136  | 5,346,897             |
| 0               | 0                     | 996,309       | 898,096               | -5,290,994 | -4,744,483            |
| 0               | 0                     | 976,308       | 883,981               | -3,694,631 | -3,291,554            |
| 0               | 0                     | 70,618        | 123,247               | -140,894   | -38,366               |
| 0               | 0                     | -12,608       | 4,368                 | 562,248    | 564,049               |
| 745,448         | 779,814               | -819,522      | -647,418              | 1,130,271  | 1,085,814             |
| -277,252        | -502,169              | 31,368        | 394,095               | -628,071   | -1,015,659            |
| 4,389           | 2,784                 | 53,662        | 78,032                | 86,632     | 109,688               |
| 472,584         | 280,429               | -734,492      | -175,291              | 588,831    | 179,843               |
| 0               | 0                     | 0             | 0                     | 391,086    | 128,405               |
| 0               | 0                     | 0             | 0                     | -85,050    | -620,949              |
| 0               | 0                     | 0             | 0                     | 306,036    | -492,544              |
| 0               | 0                     | 166,922       | -100,379              | -753,458   | 258,274               |
| 0               | 0                     | -21,322       | -7,341                | 8,831      | 4,487                 |
| 472,584         | 280,429               | -588,893      | -283,011              | 150,240    | -49,941               |
| 234,937         | 216,438               | 37,205        | 43,949                | 436,092    | 356,741               |
| -285,749        | -249,177              | -21,512       | -47,813               | -642,525   | -518,461              |
| -50,812         | -32,739               | 15,692        | -3,864                | -206,433   | -161,720              |
| 421,772         | 247,691               | -585,808      | -282,506              | 506,055    | 352,388               |
| 0               | 0                     | 0             | 0                     | -28,259    | -27,931               |
| -65,335         | -60,926               | 57,246        | 71,797                | -51,424    | -52,129               |
| 356,437         | 186,764               | -528,561      | -210,709              | 426,373    | 272,328               |
| n/a             | n/a                   | n/a           | n/a                   | 89%        | 92%                   |
| n/a             | n/a                   | n/a           | n/a                   | 31%        | 31%                   |

| Group functions |                         | Consolidation |                         | Group       |                         |
|-----------------|-------------------------|---------------|-------------------------|-------------|-------------------------|
| 1 – 12/2023     | 1 – 12/2022<br>restated | 1 – 12/2023   | 1 – 12/2022<br>restated | 1 – 12/2023 | 1 – 12/2022<br>restated |
| -4,710          | -92,100                 | 0             | 0                       | -60,301     | -192,600                |
| 10,625          | 3                       | 0             | -7                      | 29,328      | 29,718                  |

 

170

In € thousand

Technical result

Financial result

Net investment income

index-linked life insurance

Non-technical result

In € thousand

Investments

Financial assets accounted for using the equity

Income from unit-linked and index-linked life

Expenses from unit-linked and index-linked life

Net investment income from unit-linked and

Combined ratio (property and casualty insurance,

1) Ratio of directly attributable insurance service expenses to insurance revenue (before reinsurance) 2) Share of the directly and indirectly attributable costs plus commissions on insurance revenue (before reinsurance)

Operating segments UNIQA Austria UNIQA International Reinsurance

restated

Insurance revenue 3,518,985 3,240,743 2,429,881 2,107,706 1,124,805 1,015,423 Insurance service expenses – 3,196,072 – 2,921,463 – 2,037,736 – 1,782,984 – 1,053,495 – 938,133 of which insurance benefits – 2,440,873 – 2,191,589 – 1,217,631 – 1,081,086 – 1,012,434 – 902,861 Technical result from reinsurance – 33,502 – 27,384 – 122,512 – 128,919 – 55,497 – 5,311

Income from investments 887,641 745,807 187,668 151,475 129,036 56,135 Expenses from investments – 274,052 – 669,851 – 79,941 – 136,829 – 28,194 – 100,905

method 28,581 28,581 0 291 0 0

insurance investments 211,114 35,749 179,972 92,656 0 0

insurance investments – 31,559 – 431,054 – 53,492 – 189,895 0 0

Financial result from insurance contracts – 689,250 306,157 – 188,265 51,073 – 42,865 1,423 Financial result from reinsurance contracts 8,996 – 1,857 18,597 13,629 2,561 55

Other income 18,742 6,031 140,879 88,450 4,330 1,872 Other expenses – 119,678 – 75,616 – 210,590 – 142,742 – 4,995 – 3,112

Operating profit/(loss) 329,945 235,845 264,460 123,911 75,685 27,448 Amortisation of VBI and impairment of goodwill 0 0 – 28,259 – 27,931 0 0 Finance cost – 31,441 – 55,222 – 6,527 – 4,877 – 5,367 – 2,901 Earnings before taxes 298,504 180,622 229,675 91,104 70,318 24,547

before reinsurance)1) 92 % 95 % 86 % 86 % 93 % 90 % Cost ratio (before reinsurance)2) 24 % 25 % 38 % 38 % 4 % 3 %

Impairment by segment UNIQA Austria UNIQA International Reinsurance

Impairments – 44,068 – 63,434 – 9,391 – 30,154 – 2,131 – 6,913 Reversal of impairment losses 8,849 16,789 6,793 11,639 3,061 1,294

restated

1– 12/2023 1 – 12/2022

1 – 12/2023 1 – 12/2022

289,411 291,897 269,632 195,803 15,812 71,980

642,170 104,537 107,727 14,937 100,842 – 44,770

179,555 – 395,305 126,481 – 97,239 0 0

141,471 13,532 64,539 – 17,600 60,538 – 43,292

– 100,937 – 69,585 – 69,711 – 54,293 – 666 – 1,240

1 – 12/2023 1 – 12/2022

restated

1 – 12/2023 1 – 12/2022

restated

restated

1 – 12/2023 1 – 12/2022

restated

1 – 12/2023 1 – 12/2022

{107}------------------------------------------------

## Classified by business line

| Property and casualty insurance<br>In € thousand       | UNIQA Austria |                       | UNIQA International |                       | Reinsurance |                       |
|--------------------------------------------------------|---------------|-----------------------|---------------------|-----------------------|-------------|-----------------------|
|                                                        | 1-12/2023     | 1-12/2022<br>restated | 1-12/2023           | 1-12/2022<br>restated | 1-12/2023   | 1-12/2022<br>restated |
| <b>Technical result</b>                                |               |                       |                     |                       |             |                       |
| Insurance revenue                                      | 2,118,482     | 1,970,364             | 1,843,347           | 1,579,077             | 1,099,964   | 989,062               |
| Insurance service expenses                             | -1,954,355    | -1,862,579            | -1,576,997          | -1,359,891            | -1,022,625  | -892,580              |
| Technical result from reinsurance                      | -38,366       | -34,941               | -112,562            | -119,339              | -60,578     | -9,977                |
|                                                        | 125,762       | 72,844                | 153,789             | 99,847                | 16,761      | 86,506                |
| <b>Financial result</b>                                |               |                       |                     |                       |             |                       |
| <b>Net investment income</b>                           |               |                       |                     |                       |             |                       |
| Income from investments                                | 145,808       | 168,725               | 118,207             | 98,681                | 128,767     | 55,839                |
| Expenses from investments                              | -27,602       | -168,442              | -54,724             | -80,597               | -28,194     | -100,905              |
| Financial assets accounted for using the equity method | 451           | 451                   | 0                   | 291                   | 0           | 0                     |
|                                                        | 118,657       | 734                   | 63,483              | 18,375                | 100,573     | -45,066               |
| Financial result from insurance contracts              | -13,963       | 8,305                 | -44,421             | -28,652               | -42,793     | 1,350                 |
| Financial result from reinsurance contracts            | 8,922         | -2,273                | 18,647              | 13,670                | 2,496       | 518                   |
|                                                        | 113,616       | 6,767                 | 37,708              | 3,393                 | 60,275      | -43,198               |
| <b>Non-technical result</b>                            |               |                       |                     |                       |             |                       |
| Other income                                           | 10,664        | 3,267                 | 21,173              | 17,170                | 4,322       | 1,765                 |
| Other expenses                                         | -56,320       | -42,817               | -74,173             | -57,500               | -4,944      | -2,893                |
|                                                        | -45,656       | -39,550               | -53,000             | -40,330               | -621        | -1,128                |
| <b>Operating profit/(loss)</b>                         | 193,722       | 40,060                | 138,497             | 62,910                | 76,415      | 42,180                |
| Amortisation of VBI and impairment of goodwill         | 0             | 0                     | -6,982              | -10,442               | 0           | 0                     |
| Finance cost                                           | -14,273       | -11,394               | -6,129              | -4,500                | -5,367      | -2,901                |
| Earnings before taxes                                  | 179,449       | 28,666                | 125,386             | 47,968                | 71,048      | 39,279                |

{108}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 173

|           | Group functions       |            | Consolidation         |            | Group                 |
|-----------|-----------------------|------------|-----------------------|------------|-----------------------|
| 1-12/2023 | 1-12/2022<br>restated | 1-12/2023  | 1-12/2022<br>restated | 1-12/2023  | 1-12/2022<br>restated |
| 0         | 0                     | -1,055,525 | -990,666              | 4,006,268  | 3,547,836             |
| 0         | 0                     | 973,211    | 860,750               | -3,580,765 | -3,254,299            |
| 0         | 0                     | 73,469     | 126,655               | -138,036   | -37,601               |
| 0         | 0                     | -8,844     | -3,261                | 287,467    | 255,936               |
| 517,020   | 533,263               | -520,864   | -492,764              | 388,937    | 363,744               |
| -125,432  | -243,709              | 8,641      | 194,916               | -227,312   | -398,738              |
| 1,693     | 44                    | 9,665      | 10,861                | 11,810     | 11,647                |
| 393,281   | 289,598               | -502,558   | -286,987              | 173,435    | -23,347               |
| 0         | 0                     | 20,434     | -1,271                | -80,742    | -20,267               |
| 0         | 0                     | -21,375    | -7,353                | 8,689      | 4,562                 |
| 393,281   | 289,598               | -503,498   | -295,611              | 101,383    | -39,052               |
| 39,441    | 42,776                | 29,160     | 11,920                | 104,760    | 76,898                |
| -60,848   | -58,508               | -27,518    | -60,128               | -223,804   | -221,846              |
| -21,408   | -15,732               | 1,641      | -48,208               | -119,044   | -144,948              |
| 371,874   | 273,866               | -510,702   | -347,079              | 269,806    | 71,936                |
| 0         | 0                     | 0          | 0                     | -6,982     | -10,442               |
| -65,421   | -60,873               | 39,844     | 27,692                | -51,346    | -51,978               |
| 306,453   | 212,992               | -470,858   | -319,387              | 211,478    | 9,517                 |

 

UNIQA Austria UNIQA International Reinsurance

restated

1 – 12/2023 1 – 12/2022

restated

1 – 12/2023 1 – 12/2022

125,762 72,844 153,789 99,847 16,761 86,506

118,657 734 63,483 18,375 100,573 – 45,066

113,616 6,767 37,708 3,393 60,275 – 43,198

– 45,656 – 39,550 – 53,000 – 40,330 – 621 – 1,128

1 – 12/2023 1 – 12/2022

restated

Insurance revenue 2,118,482 1,970,364 1,843,347 1,579,077 1,099,964 989,062 Insurance service expenses – 1,954,355 – 1,862,579 – 1,576,997 – 1,359,891 – 1,022,625 – 892,580 Technical result from reinsurance – 38,366 – 34,941 – 112,562 – 119,339 – 60,578 – 9,977

Income from investments 145,808 168,725 118,207 98,681 128,767 55,839 Expenses from investments – 27,602 – 168,442 – 54,724 – 80,597 – 28,194 – 100,905

method 451 451 0 291 0 0

Financial result from insurance contracts – 13,963 8,305 – 44,421 – 28,652 – 42,793 1,350 Financial result from reinsurance contracts 8,922 – 2,273 18,647 13,670 2,496 518

Other income 10,664 3,267 21,173 17,170 4,322 1,765 Other expenses – 56,320 – 42,817 – 74,173 – 57,500 – 4,944 – 2,893

Operating profit/(loss) 193,722 40,060 138,497 62,910 76,415 42,180 Amortisation of VBI and impairment of goodwill 0 0 – 6,982 – 10,442 0 0 Finance cost – 14,273 – 11,394 – 6,129 – 4,500 – 5,367 – 2,901 Earnings before taxes 179,449 28,666 125,386 47,968 71,048 39,279

172

Classified by business line

Technical result

Financial result

Non-technical result

Net investment income

Financial assets accounted for using the equity

Property and casualty insurance In € thousand

{109}------------------------------------------------

| Health insurance<br>In € thousand                         | UNIQA Austria |                       | UNIQA International |                       | Reinsurance |                       |
|-----------------------------------------------------------|---------------|-----------------------|---------------------|-----------------------|-------------|-----------------------|
|                                                           | 1-12/2023     | 1-12/2022<br>restated | 1-12/2023           | 1-12/2022<br>restated | 1-12/2023   | 1-12/2022<br>restated |
| Technical result                                          |               |                       |                     |                       |             |                       |
| Insurance revenue                                         | 1,119,423     | 1,033,168             | 115,313             | 106,577               | 1,929       | -1,052                |
| Insurance service expenses                                | -1,013,562    | -949,205              | -96,640             | -89,299               | -1,174      | -793                  |
| Technical result from reinsurance                         | -1,734        | -2,300                | -796                | -274                  | -494        | 0                     |
|                                                           | 104,127       | 81,663                | 17,877              | 17,004                | 261         | -1,845                |
| Financial result                                          |               |                       |                     |                       |             |                       |
| Net investment income                                     |               |                       |                     |                       |             |                       |
| Income from investments                                   | 291,641       | 250,205               | 504                 | 336                   | 0           | 0                     |
| Expenses from investments                                 | -132,080      | -309,204              | -75                 | -61                   | 0           | 0                     |
| Financial assets accounted for using the equity<br>method | 11,923        | 11,923                | 0                   | 0                     | 0           | 0                     |
|                                                           | 171,484       | -47,076               | 429                 | 275                   | 0           | 0                     |
| Financial result from insurance contracts                 | -172,973      | 45,251                | -685                | -376                  | -36         | -4                    |
| Financial result from reinsurance contracts               | 4             | 440                   | 56                  | 22                    | 6           | -358                  |
|                                                           | -1,485        | -1,386                | -200                | -80                   | -30         | -362                  |
| Non-technical result                                      |               |                       |                     |                       |             |                       |
| Other income                                              | 5,805         | 837                   | 4,533               | 3,663                 | 0           | 0                     |
| Other expenses                                            | -40,751       | -20,249               | -8,315              | -6,644                | 0           | -167                  |
|                                                           | -34,946       | -19,412               | -3,781              | -2,981                | 0           | -167                  |
|                                                           |               |                       |                     |                       |             |                       |
| Operating profit/(loss)                                   | 67,696        | 60,865                | 13,896              | 13,944                | 231         | -2,374                |
| Finance cost                                              | -3            | 0                     | 0                   | -1                    | 0           | 0                     |
| Earnings before taxes                                     | 67,693        | 60,865                | 13,896              | 13,943                | 231         | -2,374                |

{110}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 175

|  | Group functions |                       | Consolidation |                       | Group      |                       |
|--|-----------------|-----------------------|---------------|-----------------------|------------|-----------------------|
|  | 1-12/2023       | 1-12/2022<br>restated | 1-12/2023     | 1-12/2022<br>restated | 1-12/2023  | 1-12/2022<br>restated |
|  | 0               | 0                     | -1,915        | 1,052                 | 1,234,749  | 1,139,745             |
|  | 0               | 0                     | 1,124         | 782                   | -1,110,251 | -1,038,515            |
|  | 0               | 0                     | 509           | 3,193                 | -2,514     | 620                   |
|  | 0               | 0                     | -282          | 5,028                 | 121,984    | 101,850               |
|  | 143,912         | 200,648               | -124,796      | -127,139              | 311,262    | 324,049               |
|  | -112,929        | -230,928              | 16,649        | 196,459               | -228,436   | -343,734              |
|  | 0               | 0                     | 16,976        | 25,944                | 28,899     | 37,867                |
|  | 30,983          | -30,280               | -91,171       | 95,264                | 111,725    | 18,182                |
|  | 0               | 0                     | 42,837        | -77,379               | -130,857   | -32,509               |
|  | 0               | 0                     | 0             | -75                   | 67         | 29                    |
|  | 30,983          | -30,280               | -48,334       | 17,810                | -19,065    | -14,298               |
|  | 180,644         | 162,743               | -2,447        | -1,316                | 188,535    | 165,927               |
|  | -197,654        | -171,587              | -30           | 1,074                 | -246,750   | -197,573              |
|  | -17,010         | -8,844                | -2,477        | -242                  | -58,215    | -31,647               |
|  | 13,973          | -39,124               | -51,093       | 22,596                | 44,704     | 55,906                |
|  | -564            | -15                   | 0             | -114                  | -567       | -130                  |
|  | 13,409          | -39,139               | -51,093       | 22,482                | 44,137     | 55,776                |

 

UNIQA Austria UNIQA International Reinsurance

restated

1 – 12/2023 1 – 12/2022

restated

1 – 12/2023 1 – 12/2022

104,127 81,663 17,877 17,004 261 – 1,845

171,484 – 47,076 429 275 0 0

–1,485 – 1,386 – 200 – 80 – 30 – 362

– 34,946 – 19,412 – 3,781 – 2,981 0 – 167

1 – 12/2023 1 – 12/2022

restated

Insurance revenue 1,119,423 1,033,168 115,313 106,577 1,929 – 1,052 Insurance service expenses – 1,013,562 – 949,205 – 96,640 – 89,299 – 1,174 – 793 Technical result from reinsurance – 1,734 – 2,300 – 796 – 274 – 494 0

Income from investments 291,641 250,205 504 336 0 0 Expenses from investments – 132,080 – 309,204 – 75 – 61 0 0

method 11,923 11,923 0 0 0 0

Financial result from insurance contracts –172,973 45,251 – 685 – 376 – 36 – 4 Financial result from reinsurance contracts 4 440 56 22 6 – 358

Other income 5,805 837 4,533 3,663 0 0 Other expenses – 40,751 – 20,249 – 8,315 – 6,644 0 – 167

Operating profit/(loss) 67,696 60,865 13,896 13,944 231 – 2,374 Finance cost – 3 0 0 – 1 0 0 Earnings before taxes 67,693 60,865 13,896 13,943 231 – 2,374

174

Health insurance In € thousand 

Technical result

Financial result

Non-technical result

Net investment income

Financial assets accounted for using the equity

{111}------------------------------------------------

| Life insurance<br>In € thousand                                           |             | UNIQA Austria           |             | UNIQA International     |             | Reinsurance             |  |
|---------------------------------------------------------------------------|-------------|-------------------------|-------------|-------------------------|-------------|-------------------------|--|
|                                                                           | 1 – 12/2023 | 1 – 12/2022<br>restated | 1 – 12/2023 | 1 – 12/2022<br>restated | 1 – 12/2023 | 1 – 12/2022<br>restated |  |
| Technical result                                                          |             |                         |             |                         |             |                         |  |
| Insurance revenue                                                         | 281,080     | 237,211                 | 471,221     | 422,052                 | 22,913      | 27,414                  |  |
| Insurance service expenses                                                | – 228,155   | – 109,678               | – 364,100   | – 333,794               | – 29,697    | – 44,760                |  |
| Technical result from reinsurance                                         | 6,597       | 9,857                   | – 9,155     | – 9,306                 | 5,574       | 4,666                   |  |
|                                                                           | 59,522      | 137,391                 | 97,966      | 78,952                  | – 1,210     | – 12,681                |  |
| Financial result                                                          |             |                         |             |                         |             |                         |  |
| Net investment income                                                     |             |                         |             |                         |             |                         |  |
| Income from investments                                                   | 450,192     | 326,877                 | 68,957      | 52,459                  | 270         | 296                     |  |
| Expenses from investments                                                 | – 114,370   | – 192,205               | – 25,141    | – 56,172                | 0           | 0                       |  |
| Financial assets accounted for using the equity<br>method                 | 16,207      | 16,207                  | 0           | 0                       | 0           | 0                       |  |
|                                                                           | 352,029     | 150,879                 | 43,815      | – 3,713                 | 270         | 296                     |  |
| Net investment income from unit-linked and<br>index-linked life insurance |             |                         |             |                         |             |                         |  |
| Income from unit-linked and index-linked life<br>insurance investments    | 211,114     | 35,749                  | 179,972     | 92,656                  | 0           | 0                       |  |
| Expenses from unit-linked and index-linked life<br>insurance investments  | – 31,559    | – 431,054               | – 53,492    | – 189,895               | 0           | 0                       |  |
|                                                                           | 179,555     | – 395,305               | 126,481     | – 97,239                | 0           | 0                       |  |
| Financial result from insurance contracts                                 | – 502,314   | 252,601                 | – 143,160   | 80,101                  | – 36        | 77                      |  |
| Financial result from reinsurance contracts                               | 69          | – 24                    | – 106       | – 62                    | 59          | – 104                   |  |
|                                                                           | 29,339      | 8,151                   | 27,030      | – 20,912                | 293         | 269                     |  |
| Non-technical result                                                      |             |                         |             |                         |             |                         |  |
| Other income                                                              | 2,273       | 1,927                   | 115,172     | 67,616                  | 7           | 107                     |  |
| Other expenses                                                            | – 22,607    | – 12,550                | – 128,102   | – 78,598                | – 52        | – 53                    |  |
|                                                                           | – 20,334    | – 10,622                | – 12,930    | – 10,982                | – 44        | 55                      |  |
| Operating profit/(loss)                                                   | 68,527      | 134,920                 | 112,067     | 47,058                  | – 961       | – 12,358                |  |
| Amortisation of VBI and impairment of goodwill                            | 0           | 0                       | – 21,277    | – 17,490                | 0           | 0                       |  |
| Finance cost                                                              | – 17,165    | – 43,828                | – 398       | – 375                   | 0           | 0                       |  |
| Earnings before taxes                                                     | 51,362      | 91,092                  | 90,392      | 29,193                  | – 961       | – 12,358                |  |

{112}------------------------------------------------

#### **Consolidated Financial Statements**

CONSOLIDATED FINANCIAL STATEMENTS 177

| Group functions |                       | Consolidation |                       | Group     |                       |
|-----------------|-----------------------|---------------|-----------------------|-----------|-----------------------|
| 1-12/2023       | 1-12/2022<br>restated | 1-12/2023     | 1-12/2022<br>restated | 1-12/2023 | 1-12/2022<br>restated |
| 0               | 0                     | -22,094       | -27,361               | 753,119   | 659,316               |
| 0               | 0                     | 21,974        | 36,563                | -599,978  | -451,669              |
| 0               | 0                     | -3,361        | -6,601                | -344      | -1,384                |
| 0               | 0                     | -3,482        | 2,601                 | 152,797   | 206,263               |
| 84,515          | 45,903                | -173,862      | -27,514               | 430,072   | 398,021               |
| -38,891         | -27,532               | 6,078         | 2,720                 | -172,324  | -273,188              |
| 2,696           | 2,740                 | 27,020        | 41,227                | 45,923    | 60,174                |
| 48,320          | 21,112                | -140,764      | 16,433                | 303,670   | 185,007               |
| 0               | 0                     | 0             | 0                     | 391,086   | 128,405               |
| 0               | 0                     | 0             | 0                     | -85,050   | -620,949              |
| 0               | 0                     | 0             | 0                     | 306,036   | -492,544              |
| 0               | 0                     | 103,651       | -21,729               | -541,859  | 311,050               |
| 0               | 0                     | 53            | 86                    | 75        | -104                  |
| 48,320          | 21,112                | -37,060       | -5,210                | 67,923    | 3,409                 |
| 14,852          | 10,920                | 10,492        | 33,345                | 142,797   | 113,916               |
| -27,247         | -19,082               | 6,036         | 11,241                | -171,972  | -99,042               |
| -12,395         | -8,162                | 16,528        | 44,586                | -29,175   | 14,875                |
| 35,925          | 12,949                | -24,013       | 41,977                | 191,545   | 224,547               |
| 0               | 0                     | 0             | 0                     | -21,277   | -17,490               |
| 649             | -39                   | 17,402        | 44,219                | 489       | -73                   |

 

UNIQA Austria UNIQA International Reinsurance

restated

1 – 12/2023 1 – 12/2022

restated

1 – 12/2023 1 – 12/2022

59,522 137,391 97,966 78,952 – 1,210 – 12,681

352,029 150,879 43,815 – 3,713 270 296

179,555 – 395,305 126,481 – 97,239 0 0

29,339 8,151 27,030 – 20,912 293 269

– 20,334 – 10,622 – 12,930 – 10,982 – 44 55

1– 12/2023 1 – 12/2022

restated

Insurance revenue 281,080 237,211 471,221 422,052 22,913 27,414 Insurance service expenses – 228,155 – 109,678 – 364,100 – 333,794 – 29,697 – 44,760 Technical result from reinsurance 6,597 9,857 – 9,155 – 9,306 5,574 4,666

Income from investments 450,192 326,877 68,957 52,459 270 296 Expenses from investments – 114,370 – 192,205 – 25,141 – 56,172 0 0

method 16,207 16,207 0 0 0 0

insurance investments 211,114 35,749 179,972 92,656 0 0

insurance investments – 31,559 – 431,054 – 53,492 – 189,895 0 0

Financial result from insurance contracts – 502,314 252,601 – 143,160 80,101 – 36 77 Financial result from reinsurance contracts 69 – 24 – 106 – 62 59 – 104

Other income 2,273 1,927 115,172 67,616 7 107 Other expenses – 22,607 – 12,550 – 128,102 – 78,598 – 52 – 53

Operating profit/(loss) 68,527 134,920 112,067 47,058 – 961 – 12,358 Amortisation of VBI and impairment of goodwill 0 0 – 21,277 – 17,490 0 0 Finance cost – 17,165 – 43,828 – 398 – 375 0 0 Earnings before taxes 51,362 91,092 90,392 29,193 – 961 – 12,358

176

Life insurance In € thousand 

Technical result

Financial result

Net investment income

index-linked life insurance

Non-technical result

Financial assets accounted for using the equity

Net investment income from unit-linked and

Income from unit-linked and index-linked life

Expenses from unit-linked and index-linked life

{113}------------------------------------------------

## UNIQA International – classified by region

| In € thousand             | Technical result<br>1-12/2023 | 1-12/2022<br>restated | Net investment income<br>1-12/2023 | 1-12/2022<br>restated | Earnings before taxe<br>1-12/2023 | 1-12/2022<br>restated |
|---------------------------|-------------------------------|-----------------------|------------------------------------|-----------------------|-----------------------------------|-----------------------|
| Central Europe (CE)       | 208,882                       | 167,716               | 73,493                             | 21,426                | 200,359                           | 125,065               |
| Poland                    | 90,101                        | 67,486                | 37,870                             | 20,139                | 82,262                            | 40,565                |
| Slovakia                  | 25,829                        | 43,562                | 8,022                              | -988                  | 32,209                            | 44,600                |
| Czechia                   | 71,983                        | 66,957                | 23,177                             | -771                  | 87,942                            | 66,818                |
| Hungary                   | 20,969                        | -10,290               | 4,423                              | 3,046                 | -2,054                            | -26,919               |
| Eastern Europe (EE)       | 29,347                        | 4,597                 | 20,256                             | 2,441                 | 37,757                            | -5,706                |
| Romania                   | 19,022                        | -9,667                | 7,336                              | 5,111                 | 20,266                            | -10,100               |
| Ukraine                   | 10,326                        | 14,263                | 12,920                             | -2,670                | 17,491                            | 4,393                 |
| Southeastern Europe (SEE) | 36,456                        | 17,653                | 17,394                             | -1,211                | 33,639                            | 2,012                 |
| Albania                   | 12,138                        | 2,273                 | -3,013                             | -417                  | 8,083                             | -804                  |
| Bosnia and Herzegovina    | 5,464                         | 2,157                 | 2,053                              | 2,114                 | 4,915                             | 4,371                 |
| Bulgaria                  | 5,464                         | 8,223                 | 3,367                              | -2,518                | 5,671                             | 5,595                 |
| Kosovo                    | 2,294                         | -584                  | 502                                | 359                   | 2,531                             | -456                  |
| Croatia                   | 4,657                         | 10,575                | 7,566                              | -6,367                | 5,813                             | -1,489                |
| Montenegro                | 2,907                         | -1,411                | 890                                | 814                   | 3,824                             | -355                  |
| North Macedonia           | 4,434                         | -4,466                | 979                                | 531                   | 3,999                             | -5,550                |
| Serbia                    | -903                          | 886                   | 5,051                              | 4,273                 | -1,197                            | 700                   |
| Western Europe (WE)       | 671                           | 552                   | 177                                | -645                  | 334                               | -741                  |
| Liechtenstein             | 671                           | 552                   | 177                                | -645                  | 334                               | -741                  |
| Other                     | 0                             | 0                     | -1,454                             | -1,216                | -9,893                            | -9,410                |
| Administration            | 0                             | 0                     | 0                                  | 0                     | -25,943                           | -9,277                |
| Consolidation             | -5,724                        | 5,286                 | -2,139                             | -5,858                | -6,580                            | -10,839               |
| Total                     | 269,632                       | 195,803               | 107,727                            | 14,937                | 229,675                           | 91,104                |

The breakdown of UNIQA International by region is based UNIQA International segment are recognised in the “Conon the IFRS profits/(losses) of the individual companies in the segment. Consolidation effects within the

solidation” line.

{114}------------------------------------------------

**Consolidated Financial Statements**

CONSOLIDATED FINANCIAL STATEMENTS 179

178

In € thousand

UNIQA International – classified by region

The breakdown of UNIQA International by region is based on the IFRS profits/(losses) of the individual companies in

the segment. Consolidation effects within the

Technical result Net investment income Earnings before taxes

Central Europe (CE) 208,882 167,716 73,493 21,426 200,359 125,065 Poland 90,101 67,486 37,870 20,139 82,262 40,565 Slovakia 25,829 43,562 8,022 – 988 32,209 44,600 Czechia 71,983 66,957 23,177 – 771 87,942 66,818 Hungary 20,969 – 10,290 4,423 3,046 – 2,054 – 26,919 Eastern Europe (EE) 29,347 4,597 20,256 2,441 37,757 – 5,706 Romania 19,022 – 9,667 7,336 5,111 20,266 – 10,100 Ukraine 10,326 14,263 12,920 – 2,670 17,491 4,393 Southeastern Europe (SEE) 36,456 17,653 17,394 – 1,211 33,639 2,012 Albania 12,138 2,273 – 3,013 – 417 8,083 – 804 Bosnia and Herzegovina 5,464 2,157 2,053 2,114 4,915 4,371 Bulgaria 5,464 8,223 3,367 – 2,518 5,671 5,595 Kosovo 2,294 – 584 502 359 2,531 – 456 Croatia 4,657 10,575 7,566 – 6,367 5,813 – 1,489 Montenegro 2,907 – 1,411 890 814 3,824 – 355 North Macedonia 4,434 – 4,466 979 531 3,999 – 5,550 Serbia – 903 886 5,051 4,273 – 1,197 700 Western Europe (WE) 671 552 177 – 645 334 – 741 Liechtenstein 671 552 177 – 645 334 – 741 Other 0 0 – 1,454 – 1,216 – 9,893 – 9,410 Administration 0 0 0 0 – 25,943 – 9,277 Consolidation – 5,724 5,286 – 2,139 – 5,858 – 6,580 – 10,839

Total 269,632 195,803 107,727 14,937 229,675 91,104

solidation" line.

restated

1 – 12/2023 1 – 12/2022

restated

UNIQA International segment are recognised in the "Con-

1 – 12/2023 1 – 12/2022

restated

1 – 12/2023 1 – 12/2022

{115}------------------------------------------------

#### Consolidated Statement of Financial Position – classified by business line

|             | In € thousand                                           | Property and casualty insurance |                        | Health insurance |                        |
|-------------|---------------------------------------------------------|---------------------------------|------------------------|------------------|------------------------|
|             |                                                         | 31/12/2023                      | 31/12/2022<br>restated | 31/12/2023       | 31/12/2022<br>restated |
| Assets      |                                                         |                                 |                        |                  |                        |
|             | Property, plant and equipment                           | 159,898                         | 155,624                | 79,017           | 80,478                 |
|             | Intangible assets                                       | 692,778                         | 634,717                | 32,983           | 9,342                  |
| Investments |                                                         |                                 |                        |                  |                        |
|             | Investment property                                     | 202,980                         | 206,620                | 872,672          | 859,743                |
|             | Financial assets accounted for using the equity method  | 110,365                         | 100,548                | 271,618          | 254,440                |
|             | Other investments                                       | 5,430,890                       | 5,128,652              | 3,653,594        | 3,315,168              |
|             |                                                         | 5,744,235                       | 5,435,820              | 4,797,885        | 4,429,350              |
|             | Unit-linked and index-linked life insurance investments | 0                               | 0                      | 0                | 0                      |
|             | Assets from insurance contracts                         | 307,935                         | 29,898                 | 3,046            | 816                    |
|             | Assets from reinsurance contracts                       | 484,042                         | 503,070                | 1,173            | 2,669                  |
|             | Receivables and other assets                            | 212,621                         | 209,148                | 80,509           | 85,688                 |
|             | Deferred tax assets                                     | 60,303                          | 103,441                | 640              | – 9,623                |
|             | Cash                                                    | 275,001                         | 365,409                | 191,500          | 79,861                 |
|             | Assets in disposal groups held for sale                 | 140                             | 0                      | 4                | 0                      |
|             | Total assets by business line                           | 7,936,954                       | 7,437,127              | 5,186,757        | 4,678,581              |
| Liabilities |                                                         |                                 |                        |                  |                        |
|             | Subordinated liabilities                                | 906,729                         | 1,058,631              | 0                | 0                      |
|             | Liabilities from insurance contracts                    | 4,690,541                       | 3,961,235              | 3,645,926        | 3,317,475              |
|             | Liabilities from reinsurance contracts                  | 16,606                          | 24,128                 | 3,164            | 2,374                  |
|             | Financial liabilities                                   | 638,393                         | 655,524                | 34,305           | 58,564                 |
|             | Other provisions                                        | 276,281                         | 268,394                | 259,696          | 242,260                |
|             | Liabilities and other items classified as liabilities   | 384,704                         | 370,529                | 191,661          | 114,482                |
|             | Deferred tax liabilities                                | 109,555                         | 8,103                  | 9,850            | 7,325                  |
|             | Liabilities in disposal groups held for sale            | 18,258                          | 0                      | 31               | 0                      |
|             | Total liabilities by business line                      | 7,041,067                       | 6,346,543              | 4,144,635        | 3,742,480              |

{116}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 181

|            | Life insurance         |                                                   | Consolidation                |              | Group                  |
|------------|------------------------|---------------------------------------------------|------------------------------|--------------|------------------------|
| 31/12/2023 | 31/12/2022<br>restated | 31/12/2023                                        | 31/12/2022<br>restated       | 31/12/2023   | 31/12/2022<br>restated |
| 152,214    | 157,213                | 0                                                 | 0                            | 391,129      | 393,316                |
| 280,551    | 297,928                | 0                                                 | 0                            | 1,006,311    | 941,987                |
| 1,336,295  | 1,306,430              | 0                                                 | 0                            | 2,411,947    | 2,372,793              |
| 431,773    | 404,476                | 0                                                 | 0                            | 813,756      | 759,463                |
| 8,549,352  | 8,354,323              | – 427,661                                         | – 554,404                    | 17,206,175   | 16,243,738             |
| 10,317,419 | 10,065,229             | – 427,661                                         | – 554,404                    | 20,431,878   | 19,375,995             |
| 4,296,374  | 4,070,702              | 0                                                 | 0                            | 4,296,374    | 4,070,702              |
| 81,158     | 30,705                 | – 305,039                                         | 0                            | 87,100       | 61,418                 |
| 23,937     | 11,427                 | – 14,400                                          | – 1,867                      | 494,752      | 515,299                |
| 78,261     | 86,132                 | – 6,917                                           | 0                            | 364,474      | 380,967                |
| 18,272     | 139,965                | 0                                                 | 0                            | 79,216       | 233,782                |
| 233,027    | 222,375                | 0                                                 | 0                            | 699,528      | 667,646                |
| 300,051    | 0                      | 0                                                 | 0                            | 300,196      | 0                      |
| 15,781,264 | 15,081,676             | – 754,017                                         | – 556,271                    | 28,150,959   | 26,641,114             |
| 264,312    | 382,399                | – 264,312                                         | – 382,398                    | 906,729      | 1,058,631              |
| 13,872,407 | 14,189,653             | – 304,642                                         | – 8,567                      | 21,904,232   | 21,459,796             |
| 23,026     | 24,305                 | – 19,630                                          | – 12,494                     | 23,165       | 38,313                 |
| 32,035     | 2,047                  | – 16,702                                          | – 15,673                     | 688,032      | 700,463                |
| 39,113     | 41,519                 | 0                                                 | – 2,046                      | 575,090      | 550,126                |
| 475,305    | 570,207                | – 153,992                                         | – 155,567                    | 897,679      | 899,650                |
| 31,729     | 17,693                 | 0                                                 | 0                            | 151,134      | 33,121                 |
| 256,489    | 0                      | 0                                                 | 0                            | 274,778      | 0                      |
| 14,994,416 | 15,227,823             | – 759,278                                         | – 576,745                    | 25,420,840   | 24,740,101             |
|            |                        | Consolidated equity and non-controlling interests |                              | 2,730,118.7  | 1,901,012.6            |
|            |                        |                                                   | Total equity and liabilities | 28,150,958.8 | 26,641,113.7           |

The amounts indicated for each business line have been restated to eliminate amounts resulting from internal transactions. Therefore, the balance of business line assets and business line liabilities does not allow conclusions to be drawn with regard to the equity allocated to the respective segment.

180

In € thousand

Assets

Investments

Liabilities

Consolidated Statement of Financial Position – classified by business line

Property and casualty insurance Health insurance

Property, plant and equipment 159,898 155,624 79,017 80,478 Intangible assets 692,778 634,717 32,983 9,342

Investment property 202,980 206,620 872,672 859,743 Financial assets accounted for using the equity method 110,365 100,548 271,618 254,440 Other investments 5,430,890 5,128,652 3,653,594 3,315,168

Unit-linked and index-linked life insurance investments 0 0 0 0 Assets from insurance contracts 307,935 29,898 3,046 816 Assets from reinsurance contracts 484,042 503,070 1,173 2,669 Receivables and other assets 212,621 209,148 80,509 85,688 Deferred tax assets 60,303 103,441 640 – 9,623 Cash 275,001 365,409 191,500 79,861 Assets in disposal groups held for sale 140 0 4 0 Total assets by business line 7,936,954 7,437,127 5,186,757 4,678,581

Subordinated liabilities 906,729 1,058,631 0 0 Liabilities from insurance contracts 4,690,541 3,961,235 3,645,926 3,317,475 Liabilities from reinsurance contracts 16,606 24,128 3,164 2,374 Financial liabilities 638,393 655,524 34,305 58,564 Other provisions 276,281 268,394 259,696 242,260 Liabilities and other items classified as liabilities 384,704 370,529 191,661 114,482 Deferred tax liabilities 109,555 8,103 9,850 7,325 Liabilities in disposal groups held for sale 18,258 0 31 0 Total liabilities by business line 7,041,067 6,346,543 4,144,635 3,742,480

31/12/2023 31/12/2022

restated

5,744,235 5,435,820 4,797,885 4,429,350

31/12/2023 31/12/2022

restated

As consolidated figures are shown in the following presentations, consistent reconciliation with the individual business lines in the business line's statement of financial position is not possible.

{117}------------------------------------------------

#### FINANCIAL INSTRUMENTS

Financial assets and financial liabilities are recognised and measured in the statement of financial position according to the rules of IFRS 9. Financial assets are recognised for the first time on the settlement date.

They are derecognised when the contractual rights to cash flows from an asset expire or the rights to receive the cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred.

|                                                               |  | At 31 December 2023 |             | At 31 December 2022 |             |
|---------------------------------------------------------------|--|---------------------|-------------|---------------------|-------------|
| In € thousand                                                 |  | Carrying<br>amounts | Fair values | Carrying<br>amounts | Fair values |
| Financial assets                                              |  |                     |             |                     |             |
| Properties that constitute underlying items                   |  |                     |             |                     |             |
| Property, plant and equipment                                 |  | 80,270              | 80,270      | 84,039              | 84,039      |
| Investment property                                           |  | 1,381,864           | 1,381,864   | 1,368,759           | 1,368,759   |
| Investments                                                   |  |                     |             |                     |             |
| Investment properties that do not constitute underlying items |  | 1,030,083           | 1,562,673   | 1,004,035           | 1,579,528   |
| Financial assets accounted for using the equity method        |  | 813,756             | 748,238     | 759,463             | 703,064     |
| Other investments                                             |  | 17,206,175          | 17,206,169  | 16,243,738          | 16,221,096  |
| Financial assets at fair value through profit or loss         |  | 3,581,719           | 3,581,719   | 3,486,357           | 3,486,357   |
| Financial assets at fair value                                |  |                     |             |                     |             |
| through other comprehensive income                            |  | 13,024,182          | 13,024,182  | 12,193,888          | 12,193,888  |
| Financial assets at amortised cost                            |  | 600,273             | 600,267     | 563,493             | 540,851     |
| Unit-linked and index-linked life insurance investments       |  | 4,296,374           | 4,296,374   | 4,070,702           | 4,070,702   |
| Receivables and other assets                                  |  | 364,474             | 364,474     | 380,967             | 380,967     |
| Cash                                                          |  | 699,528             | 699,528     | 667,646             | 667,646     |
| Financial liabilities                                         |  |                     |             |                     |             |
| Subordinated liabilities                                      |  | 906,729             | 832,781     | 1,058,631           | 922,001     |
| Financial liabilities                                         |  | 688,032             | 612,584     | 700,463             | 582,728     |
| Bond liabilities                                              |  | 596,536             | 521,088     | 596,032             | 478,296     |
| Derivative financial instruments                              |  | 6,673               | 6,673       | 11,645              | 11,645      |
| Lease liabilities                                             |  | 84,823              | 84,823      | 92,787              | 92,787      |
| Liabilities and other items classified as liabilities         |  | 897,679             | 897,679     | 899,650             | 899,650     |

#### Investments

#### 1. Investment property

Land and buildings, including buildings on third-party land, which are held as long-term investments to earn rentals or for capital appreciation or both and which do not constitute underlying items in life and health insurance are generally measured using the cost model. These investment properties are amortised on a straight-line basis over a useful life of 15 to 80 years and are recognised under the item "Net investment income".

The exercise of the measurement option in accordance with IAS 40.32A results in a transition from investment property recognised at amortised cost to a fair value

measurement. This only concerns those properties that are the underlying items in life and health insurance with participation features.

The fair value is determined using reports prepared by independent experts. These expert reports are prepared based on the income approach. It requires making assumptions about the future, principally concerning the discount rate, the exit yield, the expected utilisation (vacancy rate), the development of future rental charges and the condition of the land and buildings. Property value, location, usable area and usage category for the property are also taken into account.

{118}------------------------------------------------

For this reason, all measurements of the fair value for the land and buildings come under Level 3 of the hierarchy in accordance with IFRS 13. The valuation techniques respond to the underlying assumptions and parameters.

182

In € thousand

Financial assets

Investments

Financial liabilities

Investments

1. Investment property

Land and buildings, including buildings on third-party land, which are held as long-term investments to earn rentals or for capital appreciation or both and which do not constitute underlying items in life and health insurance are generally measured using the cost model. These investment properties are amortised on a straight-line basis over a useful life of 15 to 80 years and are recognised

The exercise of the measurement option in accordance with IAS 40.32A results in a transition from investment property recognised at amortised cost to a fair value

under the item "Net investment income".

FINANCIAL INSTRUMENTS

Properties that constitute underlying items

Financial assets at fair value

Financial assets and financial liabilities are recognised and measured in the statement of financial position according to the rules of IFRS 9. Financial assets are recogThey are derecognised when the contractual rights to cash flows from an asset expire or the rights to receive the cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are trans-

measurement. This only concerns those properties that are the underlying items in life and health insurance with

The fair value is determined using reports prepared by independent experts. These expert reports are prepared based on the income approach. It requires making assumptions about the future, principally concerning the discount rate, the exit yield, the expected utilisation (vacancy rate), the development of future rental charges and the condition of the land and buildings. Property value, location, usable area and usage category for the property are

participation features.

also taken into account.

Fair values Carrying

amounts

Fair values

ferred.

Carrying amounts

At 31 December 2023 At 31 December 2022

Property, plant and equipment 80,270 80,270 84,039 84,039 Investment property 1,381,864 1,381,864 1,368,759 1,368,759

Investment properties that do not constitute underlying items 1,030,083 1,562,673 1,004,035 1,579,528 Financial assets accounted for using the equity method 813,756 748,238 759,463 703,064 Other investments 17,206,175 17,206,169 16,243,738 16,221,096 Financial assets at fair value through profit or loss 3,581,719 3,581,719 3,486,357 3,486,357

through other comprehensive income 13,024,182 13,024,182 12,193,888 12,193,888 Financial assets at amortised cost 600,273 600,267 563,493 540,851 Unit-linked and index-linked life insurance investments 4,296,374 4,296,374 4,070,702 4,070,702 Receivables and other assets 364,474 364,474 380,967 380,967 Cash 699,528 699,528 667,646 667,646

Subordinated liabilities 906,729 832,781 1,058,631 922,001 Financial liabilities 688,032 612,584 700,463 582,728 Bond liabilities 596,536 521,088 596,032 478,296 Derivative financial instruments 6,673 6,673 11,645 11,645 Lease liabilities 84,823 84,823 92,787 92,787 Liabilities and other items classified as liabilities 897,679 897,679 899,650 899,650

nised for the first time on the settlement date.

For instance, any reduction in the discount rate applied would result in an increase in the values ascertained for the land and buildings if the other assumptions and parameters remained unchanged.

Conversely, any reduction in the expected utilisation or the expected rental charges would, for instance, result in a decrease in the values ascertained for the land and buildings if the other assumptions and parameters remained unchanged. The measurement-related assumptions and parameters are ascertained at each reporting date based on the best estimate by management with due consideration of the prevailing market conditions.

CONSOLIDATED FINANCIAL STATEMENTS 183

| Historical cost and fair values<br>In € thousand | Land and buildings used by<br>third parties measured<br>at amortised cost | Land and buildings used by<br>third parties measured<br>at fair value | Total     |
|--------------------------------------------------|---------------------------------------------------------------------------|-----------------------------------------------------------------------|-----------|
| At 31 December 2021 restated                     | 1,990,893                                                                 | 0                                                                     | 1,990,893 |
| Reclassifications and value adjustments from     |                                                                           |                                                                       |           |
| initial application of IFRS 17                   | –572,470                                                                  | 1,380,504                                                             | 808,034   |
| At 1 January 2022 restated                       | 1,418,424                                                                 | 1,380,504                                                             | 2,798,927 |
| Currency translation                             | –11,967                                                                   | 0                                                                     | –11,967   |
| Additions                                        | 124,476                                                                   | 3,543                                                                 | 128,018   |
| Disposals                                        | –9,060                                                                    | –41,201                                                               | –50,261   |
| Additions from fair value increases              | 0                                                                         | 25,914                                                                | 25,914    |
| Reclassifications                                | 210                                                                       | 0                                                                     | 210       |
| At 31 December 2022 restated                     | 1,522,082                                                                 | 1,368,759                                                             | 2,890,841 |
| At 1 January 2023                                | 1,522,082                                                                 | 1,368,759                                                             | 2,890,841 |
| Currency translation                             | 26,238                                                                    | 0                                                                     | 26,238    |
| Change in basis of consolidation                 | –419                                                                      | 0                                                                     | –419      |
| Additions                                        | 32,077                                                                    | 6,360                                                                 | 38,437    |
| Disposals                                        | –70,443                                                                   | –4,433                                                                | –74,876   |
| Additions from fair value increases              | 0                                                                         | 46,154                                                                | 46,154    |
| Disposals from fair value reductions             | 0                                                                         | –34,977                                                               | –34,977   |
| Reclassifications                                | 14,482                                                                    | 0                                                                     | 14,482    |
| At 31 December 2023                              | 1,524,016                                                                 | 1,381,864                                                             | 2,905,880 |

{119}------------------------------------------------

184

| Accumulated depreciation and<br>impairment losses |
|---------------------------------------------------|
| In € thousand                                     |

Land and buildings used by third parties measured at amortised cost

## Land and buildings used by third parties measured

at fair value

Total

| At 31 December 2021 restated                          | – 749,034 | – 749,034 |
|-------------------------------------------------------|-----------|-----------|
| Reclassifications from initial application of IFRS 17 | 231,008   | 231,008   |
| At 1 January 2022 restated                            | – 518,026 | – 518,026 |
| Currency translation                                  | 2,778     | 2,778     |
| Depreciation                                          | – 30,103  | – 30,103  |
| Disposals                                             | 27,303    | 27,303    |
| At 31 December 2022 restated                          | – 518,047 | – 518,047 |
| At 1 January 2023                                     | – 518,047 | – 518,047 |
| Currency translation                                  | – 1,812   | – 1,812   |
| Change in basis of consolidation                      | 250       | 250       |
| Depreciation                                          | – 31,538  | – 31,538  |
| Disposals                                             | 63,840    | 63,840    |
| Reclassifications                                     | – 6,624   | – 6,624   |

| Carrying amounts<br>In € thousand | Property and<br>casualty insurance | Health insurance | Life insurance | Total     |
|-----------------------------------|------------------------------------|------------------|----------------|-----------|
| At 31 December 2022 restated      | 206,620                            | 859,743          | 1,306,430      | 2,372,793 |
| At 31 December 2023               | 202,980                            | 872,672          | 1,336,295      | 2,411,947 |

| Fair values<br>In € thousand | Property and<br>casualty insurance | Health insurance | Life insurance | Total     |
|------------------------------|------------------------------------|------------------|----------------|-----------|
| At 31 December 2022          | 507,203                            | 936,157          | 1,504,926      | 2,948,286 |
| At 31 December 2023          | 503,592                            | 959,261          | 1,481,684      | 2,944,537 |

For land and buildings used by third parties that are recognised at fair value, the following sensitivities result from the calculations in the partial internal model that have been coordinated with Solvency II:

| Sensitivities of land and buildings used by third parties measured at fair value<br>In € thousand | 31/12/2023 | 31/12/2022 |
|---------------------------------------------------------------------------------------------------|------------|------------|
| Fair value                                                                                        | 1,381,864  | 1,368,751  |
| Rental income – 5 %                                                                               | 1,326,089  | 1,311,162  |
| Rental income + 5 %                                                                               | 1,437,639  | 1,421,884  |
| Capitalisation rate – 100 bp                                                                      | 1,391,578  | 1,377,634  |
| Capitalisation rate + 100 bp                                                                      | 1,372,252  | 1,359,852  |
| Land prices – 5 %                                                                                 | 1,367,624  | 1,350,157  |
| Land prices + 5 %                                                                                 | 1,396,104  | 1,386,868  |

{120}------------------------------------------------

## 2. Financial assets accounted for using the equity method

184

Accumulated depreciation and

Land and buildings used by third parties measured at amortised cost

At 31 December 2021 restated –749,034 – 749,034 Reclassifications from initial application of IFRS 17 231,008 231,008 At 1 January 2022 restated – 518,026 – 518,026 Currency translation 2,778 2,778 Depreciation – 30,103 – 30,103 Disposals 27,303 27,303 At 31 December 2022 restated –518,047 – 518,047 At 1 January 2023 – 518,047 – 518,047 Currency translation – 1,812 – 1,812 Change in basis of consolidation 250 250 Depreciation – 31,538 – 31,538 Disposals 63,840 63,840 Reclassifications – 6,624 – 6,624 At 31 December 2023 – 493,933 – 493,933

> Property and casualty insurance

> Property and casualty insurance

At 31 December 2022 restated 206,620 859,743 1,306,430 2,372,793 At 31 December 2023 202,980 872,672 1,336,295 2,411,947

At 31 December 2022 507,203 936,157 1,504,926 2,948,286 At 31 December 2023 503,592 959,261 1,481,684 2,944,537

Fair value 1,381,864 1,368,759 Rental income – 5 % 1,326,089 1,311,162 Rental income + 5 % 1,437,639 1,421,884 Capitalisation rate – 100 bp 1,391,578 1,377,634 Capitalisation rate + 100 bp 1,372,252 1,359,852 Land prices – 5 % 1,367,624 1,350,157 Land prices + 5 % 1,396,104 1,386,868

Land and buildings used by third parties measured at fair value

Health insurance Life insurance Total

Health insurance Life insurance Total

31/12/2023 31/12/2022

Total

impairment losses In € thousand 

Carrying amounts In € thousand 

Fair values In € thousand 

For land and buildings used by third parties that are recognised at fair value, the following sensitivities result from the calculations in the partial internal model that have

Sensitivities of land and buildings used by third parties measured at fair value In € thousand

been coordinated with Solvency II:

Investments in associates are accounted for using the equity method. They are initially recognised at acquisition cost, which also includes transaction costs. After initial recognition, the consolidated financial statements include the Group's share in profit/(loss) for the period and in changes in other comprehensive income until the significant influence ends.

At each reporting date, UNIQA reviews whether there are any indications that the investments in associates are impaired. If this is the case, then the impairment loss is recorded as the difference between the participation carrying amount of the associate and the corresponding recoverable amount and recognised separately in profit/(loss) for the period. An impairment loss is reversed in the event of an advantageous change in the estimates used to determine the recoverable amount.

CONSOLIDATED FINANCIAL STATEMENTS 185

| Reconciliation of condensed financial information<br>In € thousand | STRABAG SE |           | Associated companies not<br>material on a stand-alone basis |                           |
|--------------------------------------------------------------------|------------|-----------|-------------------------------------------------------------|---------------------------|
|                                                                    | 20231)     | 2022      | 2023                                                        | 2022                      |
| Net assets at 1 January                                            | 4,380,642  | 3,767,752 | 229,761                                                     | 205,165                   |
| Change in basis of consolidation                                   |            | 0         | 0                                                           | – 862                     |
| Purchase of treasury shares                                        | –108,214   |           |                                                             |                           |
| Dividends                                                          | –199,642   | –205,200  | –4,000                                                      | –568                      |
| Profit/(loss) after taxes                                          | 473,454    | 651,706   | 27,313                                                      | 25,986                    |
| Other comprehensive income                                         | 3,382      | 166,384   | 249                                                         | 41                        |
| Net assets at 31 December                                          | 4,549,621  | 4,380,642 | 253,323                                                     | 229,761                   |
| Shares in associated companies                                     | 15.71 %    | 15.29 %   | Various investment amount                                   | Various investment amount |
| Carrying amount                                                    | 714,772    | 669,584   | 98,984                                                      | 89,880                    |

1) Estimate for 31 December 2023 based on financial information as at 30 July 2023 on STRABAG SE available as at the reporting date

As at the reporting date 31 December 2023, UNIQA held a 15.7 per cent stake in STRABAG SE (31 December 2022: 15.3 per cent). UNIQA treats STRABAG SE as an associate due to contractual arrangements. As part of the accounting using the equity method, an assessment of the share in STRABAG SE was made, based on the financial information published at 30 June 2023, for the period up until 31 December 2023.

The fair value of the shares is based on the stock market price at 31 December 2023 and amounts to €649,254 thousand (2022: 613,184 thousand).

## Condensed statement of comprehensive income

| In € thousand                | 1 – 6/2023 | 1 – 6/2022 |
|------------------------------|------------|------------|
| Revenue                      | 7,684,366  | 7,246,353  |
| Depreciation                 | -263,788   | -261,045   |
| Interest income              | 56,695     | 22,814     |
| Interest expenses            | -30,155    | -16,573    |
| Income taxes                 | -37,274    | -26,110    |
| Profit/(loss) for the period | 76,614     | 43,760     |
| Other comprehensive income   | 27,117     | 111,397    |
| Total comprehensive income   | 103,731    | 155,157    |

1) STRABAG SE Semi-Annual Report 2023 as published in August 2023

STRABAG SE1)

{121}------------------------------------------------

| Condensed statement of            |            | STRABAG SE1 |  |
|-----------------------------------|------------|-------------|--|
| financial position                |            |             |  |
| In € thousand                     | 30/6/2023  | 31/12/2022  |  |
| Cash and cash equivalents         | 2,265,415  | 2,701,849   |  |
| Other current assets              | 5,221,900  | 4,689,813   |  |
| Current assets                    | 7,487,315  | 7,391,662   |  |
| Non-current assets                | 5,456,459  | 5,292,097   |  |
| Total assets                      | 12,943,774 | 12,683,759  |  |
| Current financial liabilities     | 353,679    | 300,869     |  |
| Other current liabilities         | 6,187,787  | 6,163,885   |  |
| Current liabilities               | 6,541,466  | 6,464,754   |  |
| Non-current financial liabilities | 612,880    | 656,332     |  |
| Other non-current liabilities     | 1,568,786  | 1,537,430   |  |
| Non-current liabilities           | 2,181,666  | 2,193,762   |  |
| Total liabilities                 | 8,723,132  | 8,658,516   |  |
| Net assets                        | 4,220,642  | 4,025,243   |  |

1) STRABAG SE Semi-Annual Report 2023 as published in August 2023

All other financial assets accounted for using the equity method are negligible from the perspective of the Group when considered individually and are stated in aggregate form.

The most recently published financial statements of the associates have been used for the purpose of the accounting using the equity method and restated to reflect any material transactions between the relevant reporting date and 31 December 2023.

| Condensed information on<br>associated companies not<br>material on a stand-alone<br>basis<br>In € thousand | 1 – 12/2023 | 1 – 12/2022 |
|-------------------------------------------------------------------------------------------------------------|-------------|-------------|
| Group's share of profit from continuing<br>operations                                                       | 10,609      | 10,121      |
| Group's share of other comprehensive<br>income                                                              | 100         | 16          |
| Group's share of total comprehensive<br>income                                                              | 10,709      | 10,138      |

{122}------------------------------------------------

## 3. Other investments and unit-linked and index-linked life insurance investments

186

Condensed statement of

Cash and cash equivalents 2,265,415 2,701,849 Other current assets 5,221,900 4,689,813 Current assets 7,487,315 7,391,662 Non-current assets 5,456,459 5,292,097 Total assets 12,943,774 12,683,759

Current financial liabilities 353,679 300,869 Other current liabilities 6,187,787 6,163,885 Current liabilities 6,541,466 6,464,754 Non-current financial liabilities 612,880 656,332 Other non-current liabilities 1,568,786 1,537,430 Non-current liabilities 2,181,666 2,193,762 Total liabilities 8,723,132 8,658,516 Net assets 4,220,642 4,025,243

All other financial assets accounted for using the equity method are negligible from the perspective of the Group when considered individually and are stated in aggregate

The most recently published financial statements of the associates have been used for the purpose of the accounting using the equity method and restated to reflect any material transactions between the relevant reporting date

operations 10,609 10,121

income 100 16

income 10,709 10,138

1) STRABAG SE Semi-Annual Report 2023 as published in August 2023

STRABAG SE1)

30/6/2023 31/12/2022

1 – 12/2023 1 – 12/2022

financial position

In € thousand

form.

basis In € thousand 

and 31 December 2023.

Condensed information on associated companies not material on a stand-alone

Group's share of profit from continuing

Group's share of other comprehensive

Group's share of total comprehensive

The classification and measurement of financial assets under IFRS 9 is based on the business model and the SPPI criterion ("Solely Payments of Principal and Interest").

At UNIQA, financial assets are classified into the following categories:

CONSOLIDATED FINANCIAL STATEMENTS 187

| Other investments<br>At 31 December 2023<br>In € thousand            | Fixed-income<br>securities | Variable-income<br>securities | Loans and<br>other<br>investments | Derivative<br>financial<br>instruments | Total      |
|----------------------------------------------------------------------|----------------------------|-------------------------------|-----------------------------------|----------------------------------------|------------|
| Financial assets at fair value through profit or loss                | 2,272,009                  | 1,292,910                     | 951                               | 15,850                                 | 3,581,711  |
| Mandatory                                                            | 2,272,009                  | 1,292,910                     | 951                               | 15,850                                 | 3,581,711  |
| Financial assets at fair value through other<br>comprehensive income | 12,835,537                 | 188,646                       | 0                                 | 0                                      | 13,024,183 |
| Mandatory                                                            | 12,835,537                 | 0                             | 0                                 | 0                                      | 12,835,537 |
| Designated                                                           | 0                          | 188,646                       | 0                                 | 0                                      | 188,646    |
| Financial assets at amortised cost                                   | 0                          | 0                             | 600,273                           | 0                                      | 600,273    |
| Total                                                                | 15,107,546                 | 1,481,556                     | 601,224                           | 15,850                                 | 17,206,173 |

| Other investments<br>At 31 December 2022<br>In € thousand            | Fixed-income<br>securities | Variable-income<br>securities | Loans and<br>other<br>investments | Derivative<br>financial<br>instruments | Total      |
|----------------------------------------------------------------------|----------------------------|-------------------------------|-----------------------------------|----------------------------------------|------------|
| Financial assets at fair value through profit or loss                | 2,392,600                  | 1,066,063                     | 472                               | 27,223                                 | 3,486,357  |
| Mandatory                                                            | 2,392,600                  | 1,066,063                     | 472                               | 27,223                                 | 3,486,357  |
| Financial assets at fair value through other<br>comprehensive income | 12,013,693                 | 180,195                       | 0                                 | 0                                      | 12,193,888 |
| Mandatory                                                            | 12,013,693                 | 0                             | 0                                 | 0                                      | 12,013,693 |
| Designated                                                           | 0                          | 180,195                       | 0                                 | 0                                      | 180,195    |
| Financial assets at amortised cost                                   | 0                          | 0                             | 563,493                           | 0                                      | 563,493    |
| Total                                                                | 14,406,293                 | 1,246,257                     | 563,965                           | 27,223                                 | 16,243,738 |

A reclassification of financial assets is only possible if the business model in which a financial asset is held has changed. Such changes of the business model are expected by UNIQA only in very rare cases. Reclassifications are to be performed prospectively in these cases.

## Financial assets at fair value through profit or loss (mandatory):

Financial assets must be measured at fair value through profit or loss if they

 are held within the framework of an "other" business model in accordance with IFRS 9; or

 the contractual cash flows of the asset do not represent solely payments of principal and interest on the outstanding principal ("SPPI criterion" is not met).

All unit-linked and index-linked life insurance investments are assigned to an "other" business model and are therefore required to be classified and measured at fair value through profit or loss.

All value changes are recorded in profit/(loss) for the period.

{123}------------------------------------------------

| Unit-linked and index-linked life insurance<br>investments<br>At 31 December 2023<br>In € thousand | Fixed-income<br>securities | Variable<br>income<br>securities | Loans and<br>other<br>investments | Derivative<br>financial<br>instruments | Investments<br>under<br>investment<br>contracts | Total     |
|----------------------------------------------------------------------------------------------------|----------------------------|----------------------------------|-----------------------------------|----------------------------------------|-------------------------------------------------|-----------|
| Financial assets at fair value through profit or loss                                              | 1,817,816                  | 2,020,661                        | 175,458                           | 0                                      | 282,439                                         | 4,296,374 |
| Total                                                                                              | 1,817,816                  | 2,020,661                        | 175,458                           | 0                                      | 282,439                                         | 4,296,374 |
| Unit-linked and index-linked life insurance<br>investments<br>At 31 December 2022<br>In € thousand | Fixed-income<br>securities | Variable<br>income<br>securities | Loans and<br>other<br>investments | Derivative<br>financial<br>instruments | Investments<br>under<br>investment<br>contracts | Total     |
| Financial assets at fair value through profit or loss                                              | 1,785,930                  | 1,875,060                        | 129,686                           | 4                                      | 280,021                                         | 4,070,700 |
| Total                                                                                              | 1,785,930                  | 1,875,060                        | 129,686                           | 4                                      | 280,021                                         | 4,070,700 |

## Financial assets (required to be) measured at fair value through other comprehensive income

Financial assets are required to be recognised at fair value through other comprehensive income if they are

- held as part of a "hold-and-sell" business model in accordance with IFRS 9, and
- the contractual cash flows of the asset represent solely payments of principal and interest on the outstanding principal ("SPPI criterion" is met).

Financial assets at fair value through other comprehensive income are initially measured at fair value plus directly attributable transaction costs. The subsequent measurement takes place at fair value. Changes in market value are generally recognised in other comprehensive income. Changes resulting from the effective interest method and foreign currency translation differences are recognised in profit/(loss) for the period. Expenses and income from impairments of the model for expected credit losses are

recognised both in profit/(loss) for the period and in other comprehensive income. In the case of derecognition of financial assets, the accumulated other comprehensive income is reclassified to profit/(loss) for the period.

## Financial assets at fair value through other comprehensive income (designated)

For equity instruments, an irrevocable option exists at the date of addition to reclassify them as at fair value through other comprehensive income ("FVOCI option"). This option can be exercised individually for each equity instrument.

UNIQA applies the FVOCI option for selected strategic participations and equity investments.

All value changes are recorded in other comprehensive income. A reclassification of value changes recorded in other comprehensive income to profit/(loss) for the period is not permitted upon derecognition.

| Financial assets at fair value through other<br>comprehensive income                                                         |  | Fair value | Recognised dividend<br>income | Cumulative gains/losses<br>on disposal |            |            |            |
|------------------------------------------------------------------------------------------------------------------------------|--|------------|-------------------------------|----------------------------------------|------------|------------|------------|
| In € thousand                                                                                                                |  | 31/12/2023 | 31/12/2022                    | 31/12/2023                             | 31/12/2022 | 31/12/2023 | 31/12/2022 |
| Equity instruments designated at fair value through<br>other comprehensive income1)                                          |  | 188,646    | 180,195                       | 7,135                                  | 4,995      |            |            |
| Equity instruments derecognised during the reporting period and<br>measured at fair value through other comprehensive income |  | 0          | 2,454                         |                                        |            | 0          | 73         |

1) These mainly comprise shares in Raiffeisen Bank International AG.

{124}------------------------------------------------

## Financial assets at amortised cost

188

investments

investments

At 31 December 2023 In € thousand 

At 31 December 2022 In € thousand 

Unit-linked and index-linked life insurance

Unit-linked and index-linked life insurance

through other comprehensive income

principal ("SPPI criterion" is met).

Financial assets at fair value through other

Equity instruments derecognised during the reporting period and

Equity instruments designated at fair value through

1) These mainly comprise shares in Raiffeisen Bank International AG.

comprehensive income

In € thousand

cordance with IFRS 9, and

Financial assets (required to be) measured at fair value

Financial assets are required to be recognised at fair value

held as part of a "hold-and-sell" business model in ac-

 the contractual cash flows of the asset represent solely payments of principal and interest on the outstanding

Financial assets at fair value through other comprehensive income are initially measured at fair value plus directly attributable transaction costs. The subsequent measurement takes place at fair value. Changes in market value are generally recognised in other comprehensive income. Changes resulting from the effective interest method and foreign currency translation differences are recognised in profit/(loss) for the period. Expenses and income from impairments of the model for expected credit losses are

through other comprehensive income if they are

Fixed-income securities

Fixed-income securities

other comprehensive income1) 188,646 180,195 7,135 4,995

measured at fair value through other comprehensive income 0 2,454 0 73

Variableincome securities

Variableincome securities

ment.

Financial assets at fair value through profit or loss 1,817,816 2,020,661 175,458 0 282,439 4,296,374 Total 1,817,816 2,020,661 175,458 0 282,439 4,296,374

Financial assets at fair value through profit or loss 1,785,930 1,875,060 129,686 4 280,021 4,070,702 Total 1,785,930 1,875,060 129,686 4 280,021 4,070,702

Loans and other investments

Loans and other investments

sive income (designated)

Derivative financial instruments

Derivative financial instruments

recognised both in profit/(loss) for the period and in other comprehensive income. In the case of derecognition of financial assets, the accumulated other comprehensive income is reclassified to profit/(loss) for the period.

Financial assets at fair value through other comprehen-

For equity instruments, an irrevocable option exists at the date of addition to reclassify them as at fair value through other comprehensive income ("FVOCI option"). This option can be exercised individually for each equity instru-

UNIQA applies the FVOCI option for selected strategic

All value changes are recorded in other comprehensive income. A reclassification of value changes recorded in other comprehensive income to profit/(loss) for the period is

income

Cumulative gains/losses

on disposals

Fair value Recognised dividend

31/12/2023 31/12/2022 31/12/2023 31/12/2022 31/12/2023 31/12/2022

participations and equity investments.

not permitted upon derecognition.

Investments under investment contracts

Investments under investment contracts

Total

Total

Financial assets are measured at amortised cost if they

- are held as part of a "hold" business model in accordance with IFRS 9, and
- the contractual cash flows of the asset represent solely payments of principal and interest on the outstanding principal ("SPPI criterion" is met).

Financial assets at amortised cost are initially recognised at acquisition cost plus directly attributable transaction costs. Changes resulting from the effective interest method, currency translation differences and impairments are recorded in profit/(loss) for the period.

## Business model criterion

To assess the relevant business models, UNIQA focuses in particular on the strategic management of the investments. As an insurance company, UNIQA holds financial assets mainly to finance liabilities from insurance contracts.

Under other investments, UNIQA divides the business models into "hold-and-sell" and "hold". Financial assets under other investments are mainly allocated to the "holdand-sell" business model. Only other investments without the intention to sell, such as time deposits and loans, are allocated to the "hold" business model.

## SPPI criterion

When the SPPI criterion is reviewed, the characteristics of the contractual cash flows are analysed. To analyse the cash flows, UNIQA uses both the specific contracts (such as securities prospectuses) and (semi-)automated IT support from external information systems. External information systems are usually relied upon for exchangetraded securities such as government bonds and corporate bonds because these exchanges record the characteristics of the contractual cash flows in standardised databases.

## Determination of fair value – significant estimates

CONSOLIDATED FINANCIAL STATEMENTS 189

A range of accounting policies and disclosures requires the determination of the fair value of financial and non-financial assets and liabilities. UNIQA has defined a control framework with regard to the determination of fair value. This includes a measurement team, which bears general responsibility for monitoring all major measurements of fair value, including Level 3 fair values, and reports directly to the responsible member of the Management Board.

A review of the major unobservable inputs and the measurement adjustments is carried out regularly. If information from third parties (e.g. price quotations from brokers or price information services) is used to determine fair values, the evidence obtained from third parties is examined in order to determine whether it meets the requirements of IFRSs. The level in the fair value hierarchy to which these measurements are attributable is also tested. Major items in the measurement are reported to the Investment Committee.

As far as possible, UNIQA uses data that are observable on the market when determining the fair value of an asset or a liability. Based on the inputs used in the valuation techniques, the fair values are assigned to different levels in the fair value hierarchy:

- Level 1: quoted prices (unadjusted) on active markets for identical assets and liabilities. At UNIQA, these primarily involve quoted shares, quoted bonds and quoted investment funds.
- Level 2: measurement parameters that are not quoted prices included in Level 1 but which can be observed for the asset or liability either directly (i.e. as a price) or indirectly (i.e. derived from prices), or are based on prices from markets that have been classified as inactive. The parameters that can be observed here include, for example, exchange rates, yield curves and volatilities. At UNIQA, these include in particular quoted bonds that do not fulfil the conditions under Level 1, along with structured products.
- Level 3: measurement parameters for assets or liabilities that are not based or are only partly based on observable market data. The measurement here primarily involves application of the discounted cash flow method, comparative procedures with instruments for which there are observable prices and other procedures. As there are no observable parameters here in many cases, the estimates used can have a significant impact on the result of the

{125}------------------------------------------------

measurement. At UNIQA, it is primarily other equity investments, private equity and hedge funds as well as structured products that do not fulfil the conditions under Level 2 that are assigned to Level 3.

If the inputs used to determine the fair value of an asset or a liability can be assigned to different levels of the fair value hierarchy, the entire fair value measurement is assigned to the respective level of the fair value hierarchy that corresponds to the lowest input significant for the measurement overall.

UNIQA recognises reclassifications between different levels of the fair value hierarchy at the end of the reporting period in which the change occurred.

The measurement processes and methods are as follows:

## Financial instruments measured at fair value

For the measurement of investments, the procedures best suited for the establishment of the corresponding value are applied. The following standard valuation techniques are applied for financial instruments which come under Levels 2 and 3:

- Market approach
- The measurement method in the market approach is based on prices or other applicable information from market transactions which involve identical or comparable assets and liabilities.
- Income approach
- The income approach corresponds to the method whereby the future (expected) payment flows or earnings are inferred on a current amount.

{126}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 191

## Valuation techniques and inputs in the determination of fair values

190

measurement. At UNIQA, it is primarily other equity investments, private equity and hedge funds as well as structured products that do not fulfil the conditions unFinancial instruments measured at fair value

Levels 2 and 3:

Market approach

Income approach

ble assets and liabilities.

are inferred on a current amount.

For the measurement of investments, the procedures best suited for the establishment of the corresponding value are applied. The following standard valuation techniques are applied for financial instruments which come under

 The measurement method in the market approach is based on prices or other applicable information from market transactions which involve identical or compara-

The income approach corresponds to the method

whereby the future (expected) payment flows or earnings

If the inputs used to determine the fair value of an asset or a liability can be assigned to different levels of the fair value hierarchy, the entire fair value measurement is assigned to the respective level of the fair value hierarchy that corresponds to the lowest input significant for the

UNIQA recognises reclassifications between different levels of the fair value hierarchy at the end of the reporting

The measurement processes and methods are as follows:

der Level 2 that are assigned to Level 3.

period in which the change occurred.

measurement overall.

| Assets                                                                                    | Price method      | Input factors                                                                                            | Price model                                                                                                            |
|-------------------------------------------------------------------------------------------|-------------------|----------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------|
| Investment property<br>Land and buildings used by third parties<br>measured at fair value | Theoretical price | Long-term rent attainable, operating costs, capitalisation rate, useful life of the property, land value | Expert opinion                                                                                                         |
| Fixed-income securities                                                                   |                   |                                                                                                          |                                                                                                                        |
| Listed bonds                                                                              | Listed price      | Listed prices                                                                                            | -                                                                                                                      |
| Unlisted bonds                                                                            | Theoretical price | CDS spread, yield curves                                                                                 | Discounted cash flow                                                                                                   |
| Variable-income securities                                                                |                   |                                                                                                          |                                                                                                                        |
| Listed shares/investment funds                                                            | Listed price      | Listed prices                                                                                            | -                                                                                                                      |
| Private equities                                                                          | Theoretical price | Certified net asset values                                                                               | Net asset value method                                                                                                 |
| Hedge funds                                                                               | Theoretical price | Certified net asset values                                                                               | Net asset value method                                                                                                 |
| Infrastructure financing                                                                  | Theoretical price | CDS spread, yield curves                                                                                 | Discounted cash flow                                                                                                   |
| Other shares                                                                              | Theoretical value | WACC,<br>(long-term) revenue growth rate,<br>(long-term) profit margins,<br>control premium              | Expert opinion                                                                                                         |
| Derivative financial instruments                                                          |                   |                                                                                                          |                                                                                                                        |
| Equity basket certificate                                                                 | Theoretical price | CDS spread, yield curves,<br>volatilities (FX, cap/floor, swaption,<br>constant maturity swap, shares)   | Black-Scholes Monte Carlo N-DIM                                                                                        |
| CMS floating rate note                                                                    | Theoretical price | CDS spread, yield curves,<br>volatilities (FX, cap/floor, swaption,<br>constant maturity swap, shares)   | LIBOR market model, Hull-White-<br>Garman-Kohlhagen Monte Carlo                                                        |
| CMS spread certificate                                                                    | Theoretical price | CDS spread, yield curves,<br>volatilities (FX, cap/floor, swaption,<br>constant maturity swap, shares)   | Contract-specific model                                                                                                |
| FX (binary) option                                                                        | Theoretical price | CDS spread, yield curves,<br>volatilities (FX, cap/floor, swaption,<br>constant maturity swap, shares)   | Black-Scholes-Garman-Kohlhagen<br>Monte Carlo N-DIM                                                                    |
| Option (inflation, OTC, OTC FX options)                                                   | Theoretical price | CDS spread, yield curves,<br>volatilities (FX, cap/floor, swaption,<br>constant maturity swap, shares)   | Black-Scholes Monte Carlo N-DIM,<br>contract-specific model,<br>inflation market model NKIS                            |
| Structured bonds                                                                          | Theoretical price | CDS spread, yield curves,<br>volatilities (FX, cap/floor, swaption,<br>constant maturity swap, shares)   | Black-Scholes-Garman-Kohlhagen<br>Monte Carlo N-DIM, LMM                                                               |
| Swap, cross currency swap                                                                 | Theoretical price | CDS spread, yield curves,<br>volatilities (FX, cap/floor, swaption,<br>constant maturity swap, shares)   | Black-Scholes-Garman-Kohlhagen<br>Monte Carlo N-DIM, Black-76 model<br>LIBOR market model, contract-<br>specific model |
| Swaption, total return swaption                                                           | Theoretical price | CDS spread, yield curves,<br>volatilities (FX, cap/floor, swaption,<br>constant maturity swap, shares)   | Basis point volatility,<br>contract specific model                                                                     |
| Investments under investment contracts                                                    |                   |                                                                                                          |                                                                                                                        |
| Listed shares/investment funds                                                            | Listed price      | Listed prices                                                                                            | -                                                                                                                      |
| Unlisted investment funds                                                                 | Theoretical price | Certified net asset values                                                                               | Net asset value method                                                                                                 |

{127}------------------------------------------------

#### Measurement hierarchy

#### Assets and liabilities measured at fair value

|                                                                      | Level 1    |                        | Level 2    |                        | Level 3    |                        | Total      |                        |
|----------------------------------------------------------------------|------------|------------------------|------------|------------------------|------------|------------------------|------------|------------------------|
| In € thousand                                                        | 31/12/2023 | 31/12/2022<br>restated | 31/12/2023 | 31/12/2022<br>restated | 31/12/2023 | 31/12/2022<br>restated | 31/12/2023 | 31/12/2022<br>restated |
| Properties that constitute underlying items                          |            |                        |            |                        |            |                        |            |                        |
| Property, plant and equipment                                        | 0          | 0                      | 0          | 0                      | 80,270     | 84,039                 | 80,270     | 84,039                 |
| Investment property                                                  | 0          | 0                      | 0          | 0                      | 1,381,864  | 1,368,759              | 1,381,864  | 1,368,759              |
| Total                                                                | 0          | 0                      | 0          | 0                      | 1,462,134  | 1,452,798              | 1,462,134  | 1,452,798              |
| Financial assets at fair value through profit or loss                |            |                        |            |                        |            |                        |            |                        |
| Variable-income securities                                           | 549,697    | 506,052                | 960        | 476                    | 742,253    | 559,534                | 1,292,910  | 1,066,063              |
| Fixed-income securities                                              | 908,227    | 1,057,148              | 12,880     | 25,070                 | 1,350,901  | 1,310,381              | 2,272,009  | 2,392,600              |
| Loans and other investments                                          | 0          | 0                      | 0          | 0                      | 951        | 472                    | 951        | 472                    |
| Derivative financial instruments                                     | 0          | 0                      | 12,558     | 23,942                 | 3,292      | 3,281                  | 15,850     | 27,223                 |
| Total                                                                | 1,457,924  | 1,563,201              | 26,398     | 49,489                 | 2,097,397  | 1,873,667              | 3,581,719  | 3,486,357              |
| Financial assets at fair value through other<br>comprehensive income |            |                        |            |                        |            |                        |            |                        |
| Variable-income securities                                           | 119,495    | 100,227                | 87         | 88                     | 69,064     | 79,880                 | 188,646    | 180,195                |
| Fixed-income securities                                              | 8,690,234  | 7,461,796              | 3,823,036  | 4,234,736              | 322,266    | 317,161                | 12,835,537 | 12,013,693             |
| Total                                                                | 8,809,729  | 7,562,023              | 3,823,123  | 4,234,824              | 391,330    | 397,040                | 13,024,182 | 12,193,888             |
|                                                                      | Level 1    |                        | Level 2    |                        | Level 3    |                        | Total      |                        |
| In € thousand                                                        | 31/12/2023 | 31/12/2022<br>restated | 31/12/2023 | 31/12/2022<br>restated | 31/12/2023 | 31/12/2022<br>restated | 31/12/2023 | 31/12/2022<br>restate  |
| Financial liabilities                                                |            |                        |            |                        |            |                        |            |                        |
| Derivative financial instruments                                     | 0          | 0                      | 0          | 0                      | 6,673      | 11,645                 | 6,673      | 11,645                 |
| Total                                                                | 0          | 0                      | 0          | 0                      | 6,673      | 11,645                 | 6,673      | 11,645                 |

#### Fair values of assets and liabilities measured at amortised cost

|                             |                             | Level 1    |                     | Level 2    |                     | Level 3    |                     | Total      |                     |
|-----------------------------|-----------------------------|------------|---------------------|------------|---------------------|------------|---------------------|------------|---------------------|
| In € thousand               |                             | 31/12/2023 | 31/12/2022 restated | 31/12/2023 | 31/12/2022 restated | 31/12/2023 | 31/12/2022 restated | 31/12/2023 | 31/12/2022 restated |
| Investment property         |                             | 0          | 0                   | 0          | 0                   | 1,562,673  | 1,579,528           | 1,562,673  | 1,579,528           |
| Loans and other investments | Loans and other investments | 0          | 0                   | 453,950    | 442,752             | 146,318    | 44,456              | 600,267    | 487,208             |
|                             | Fixed-income securities     | 0          | 0                   | 0          | 53,644              | 0          | 0                   | 0          | 53,644              |
|                             | Total                       | 0          | 0                   | 453,950    | 496,395             | 146,318    | 44,456              | 600,267    | 540,851             |
|                             |                             | Level 1    |                     | Level 2    |                     | Level 3    |                     | Total      |                     |
| In € thousand               |                             | 31/12/2023 | 31/12/2022          | 31/12/2023 | 31/12/2022          | 31/12/2023 | 31/12/2022          | 31/12/2023 | 31/12/2022          |
| Financial liabilities       |                             |            |                     |            |                     |            |                     |            |                     |
|                             | Bond liabilities            | 521,088    | 478,296             | 0          | 0                   | 0          | 0                   | 521,088    | 478,296             |
|                             | Lease liabilities           | 0          | 0                   | 0          | 0                   | 84,823     | 92,787              | 84,823     | 92,787              |
|                             | Total                       | 521,088    | 478,296             | 0          | 0                   | 84,823     | 92,787              | 605,911    | 571,083             |
|                             | Subordinated liabilities    | 832,781    | 922,001             | 0          | 0                   | 0          | 0                   | 832,781    | 922,001             |

{128}------------------------------------------------

## Transfers between Levels 1 and 2

192

In € thousand

Measurement hierarchy

Properties that constitute underlying items

Financial assets at fair value through other

comprehensive income

In € thousand

In € thousand

In € thousand

Financial liabilities

Loans and other investments

Financial liabilities

Financial assets at fair value through profit or loss

Assets and liabilities measured at fair value

Level 1 Level 2 Level 3 Total

Property, plant and equipment 0 0 0 0 80,270 84,039 80,270 84,039 Investment property 0 0 0 0 1,381,864 1,368,759 1,381,864 1,368,759 Total 0 0 0 0 1,462,134 1,452,798 1,462,134 1,452,798

Variable-income securities 549,697 506,052 960 476 742,253 559,534 1,292,910 1,066,063 Fixed-income securities 908,227 1,057,148 12,880 25,070 1,350,901 1,310,381 2,272,009 2,392,600 Loans and other investments 0 0 0 0 951 472 951 472 Derivative financial instruments 0 0 12,558 23,942 3,292 3,281 15,850 27,223 Total 1,457,924 1,563,201 26,398 49,489 2,097,397 1,873,667 3,581,719 3,486,357

Variable-income securities 119,495 100,227 87 88 69,064 79,880 188,646 180,195 Fixed-income securities 8,690,234 7,461,796 3,823,036 4,234,736 322,266 317,161 12,835,537 12,013,693 Total 8,809,729 7,562,023 3,823,123 4,234,824 391,330 397,040 13,024,182 12,193,888

Level 1 Level 2 Level 3 Total

Derivative financial instruments 0 0 0 0 6,673 11,645 6,673 11,645 Total 0 0 0 0 6,673 11,645 6,673 11,645

Level 1 Level 2 Level 3 Total

Investment property 0 0 0 0 1,562,673 1,579,528 1,562,673 1,579,528

Loans and other investments 0 0 453,950 442,752 146,318 44,456 600,267 487,208 Fixed-income securities 0 0 0 53,644 0 0 0 53,644 Total 0 0 453,950 496,395 146,318 44,456 600,267 540,851

Bond liabilities 521,088 478,296 0 0 0 0 521,088 478,296 Lease liabilities 0 0 0 0 84,823 92,787 84,823 92,787 Total 521,088 478,296 0 0 84,823 92,787 605,911 571,083 Subordinated liabilities 832,781 922,001 0 0 0 0 832,781 922,001

restated

restated

31/12/2023 31/12/2022

31/12/2023 31/12/2022

31/12/2023 31/12/2022

restated

restated

restated

31/12/2023 31/12/2022

31/12/2023 31/12/2022

31/12/2023 31/12/2022

Level 1 Level 2 Level 3 Total

31/12/2023 31/12/2022 31/12/2023 31/12/2022 31/12/2023 31/12/2022 31/12/2023 31/12/2022

restated

restated

restated

31/12/2023 31/12/2022

31/12/2023 31/12/2022

31/12/2023 31/12/2022

restated

restated

restated

restated

31/12/2023 31/12/2022

31/12/2023 31/12/2022

31/12/2023 31/12/2022

Fair values of assets and liabilities measured at amortised cost

In the reporting period transfers from Level 1 to Level 2 were made in the amount of €535,582 thousand (2022: €2,061,673 thousand) and from Level 2 to Level 1 in the amount of €951,190 thousand (2022: €170,531 thousand). These are attributable primarily to changes in trading frequency and trading activity.

CONSOLIDATED FINANCIAL STATEMENTS 193

## Measurement hierarchy in unit-linked and index-linked life insurance investments Assets and liabilities measured at fair value

|                                                            |                                   | Level 1   |                                   | Level 2 |                                   | Level 3 |                                   | Total     |
|------------------------------------------------------------|-----------------------------------|-----------|-----------------------------------|---------|-----------------------------------|---------|-----------------------------------|-----------|
| In € thousand                                              | 31/12/2023 31/12/2022<br>restated |           | 31/12/2023 31/12/2022<br>restated |         | 31/12/2023 31/12/2022<br>restated |         | 31/12/2023 31/12/2022<br>restated |           |
| Financial assets at fair value through profit or loss      |                                   |           |                                   |         |                                   |         |                                   |           |
| Unit-linked and index-linked life insurance<br>investments | 2,543,877                         | 2,412,766 | 583,929                           | 551,736 | 886,130                           | 826,180 | 4,013,935                         | 3,790,681 |
| Investments under investment contracts                     | 277,915                           | 275,112   | 679                               | 899     | 3,845                             | 4,010   | 282,439                           | 280,021   |
| Total                                                      | 2,821,791                         | 2,687,877 | 584,607                           | 552,635 | 889,975                           | 830,190 | 4,296,374                         | 4,070,702 |

## Level 3 financial instruments

The following table shows the changes to the fair values of financial instruments whose valuation techniques are not based on observable inputs.

|                                                                |  | Fixed-income securities |                  | Other   |                  | Other<br>investments<br>Total |                  | Unit-linked and index<br>linked life insurance<br>investments |                  |
|----------------------------------------------------------------|--|-------------------------|------------------|---------|------------------|-------------------------------|------------------|---------------------------------------------------------------|------------------|
| In € thousand                                                  |  | 2023                    | 2022<br>restated | 2023    | 2022<br>restated | 2023                          | 2022<br>restated | 2023                                                          | 2022<br>restated |
| At 1 January                                                   |  | 1,627,541               | 1,594,269        | 643,166 | 359,100          | 2,270,708                     | 1,953,369        | 830,190                                                       | 937,524          |
| Reclassification as assets in disposal groups<br>held for sale |  | -6,328                  | 0                | 0       | 0                | -6,328                        | 0                | 0                                                             | 0                |
| Transfers from Level 3 to Level 1                              |  | -1,607                  | -12,218          | 0       | 0                | -1,607                        | -12,218          | 0                                                             | 0                |
| Transfers from Level 3 to Level 2                              |  | -4,495                  | -5,339           | 0       | 0                | -4,495                        | -5,339           | -294                                                          | 0                |
| Transfers to Level 3                                           |  | 9,820                   | 31,373           | 96      | 35,484           | 9,917                         | 66,858           | 0                                                             | 301              |
| Gains and losses recognised in profit or loss                  |  | 38,389                  | -65,112          | -14,111 | 28,367           | 24,278                        | -36,746          | 39,362                                                        | -115,601         |
| Gains and losses recognised in<br>other comprehensive income   |  | -20,425                 | -67,566          | 1,738   | 44,774           | -18,687                       | -22,792          | 0                                                             | 0                |
| Additions                                                      |  | 167,696                 | 259,488          | 228,045 | 221,616          | 395,741                       | 481,104          | 93,721                                                        | 66,227           |
| Disposals                                                      |  | -143,932                | -105,462         | -44,660 | -71,642          | -188,592                      | -177,104         | -73,431                                                       | -58,171          |
| Changes from currency translation                              |  | 6,507                   | -1,892           | 1,286   | -344             | 7,793                         | -2,236           | 427                                                           | -94              |
| Change in basis of consolidation                               |  | 0                       | 0                | 0       | 25,812           | 0                             | 25,812           | 0                                                             | 0                |
| At 31 December                                                 |  | 1,673,168               | 1,627,541        | 815,560 | 643,166          | 2,488,728                     | 2,270,708        | 889,975                                                       | 830,190          |

{129}------------------------------------------------

#### Sensitivities

194

#### Fixed-income securities

The main unobservable input in the measurement of fixed-income securities is the specific credit spread. In order to be able to measure these securities in a discounted cash flow model, the spreads are determined using a selection of reference securities with comparable characteristics. For the fixed-income securities in Level 3, an increase in the discount rate by 100 basis points results in a 4.6 per cent reduction in value (2022: 9.7 per cent). A reduction in the discount rate by 100 basis points results in a 3.6 per cent increase in value (2022: 8.5 per cent).

#### Other

Other securities under Level 3 mainly comprise private equity funds and other equity investments. Private equity funds are measured based on the net asset values which are determined by the fund manager using specific unobservable inputs for all underlying portfolio positions. This is done in accordance with the International Private Equity and Venture Capital Valuation (IPEV) Guidelines.

#### Securities lending transactions

Securities loaned within the framework of securities lending continue to be recognised in the statement of financial position, as the significant opportunities and risks are not transferred through the lending. In return, UNIQA receives collateral in the form of securities, which are accordingly not recognised in the statement of financial position. As at the reporting date, the carrying amount of the financial assets lent in the category "Fixed-income

securities measured at fair value through other comprehensive income" from securities lending transactions amounted to €526,158 thousand (2022: €530,299 thousand). The equivalent value of the collateral received is €571,583 thousand (2022: €591,932 thousand). The components of these transactions recognised in profit or loss are reported under "Net investment income".

#### Carrying amounts for loans and 31/12/2023 31/12/2022 other investments In € thousand restated

| Loans                          |         |         |
|--------------------------------|---------|---------|
| Mortgage loans                 | 3,967   | 5,238   |
| Other loans                    | 125,106 | 108,403 |
| Total                          | 129,072 | 113,641 |
| Other investments              |         |         |
| Bank deposits                  | 453,950 | 442,752 |
| Securities account receivables | 18,202  | 7,572   |
| Total                          | 472,151 | 450,324 |
| Total sum                      | 601,224 | 563,965 |
|                                |         |         |

Changes in value recognised based on the impairment model in accordance with IFRS 9 for expected credit losses for loans and other investments in the category "Financial assets at amortised cost" amount to €–32 thousand (2022: –16 thousand).

| Contractual maturities of loans<br>In € thousand |                     | 31/12/2023  | 31/12/2022 restated |             |
|--------------------------------------------------|---------------------|-------------|---------------------|-------------|
|                                                  | Carrying<br>amounts | Fair values | Carrying<br>amounts | Fair values |
| Up to 1 year                                     | 55,889              | 50,271      | 35,563              | 30,079      |
| More than 1 year and up to 5 years               | 72,373              | 65,098      | 6,163               | 8,973       |
| More than 5 years up to 10 years                 | 753                 | 678         | 69,009              | 62,650      |
| More than 10 years                               | 57                  | 51          | 2,906               | 2,510       |
| Total                                            | 129,072             | 116,097     | 113,641             | 104,212     |

The measurement is based on the creditworthiness of the debtors. The carrying amounts for bank deposits correspond to the fair values due to their short-term nature.

{130}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 195

## 4. Net investment income

securities measured at fair value through other comprehensive income" from securities lending transactions amounted to €526,158 thousand (2022: €530,299 thousand). The equivalent value of the collateral received is €571,583 thousand (2022: €591,932 thousand). The components of these transactions recognised in profit or loss

Mortgage loans 3,967 5,238 Other loans 125,106 108,403 Total 129,072 113,641

Bank deposits 453,950 442,752 Securities account receivables 18,202 7,572 Total 472,151 450,324 Total sum 601,224 563,965

Changes in value recognised based on the impairment model in accordance with IFRS 9 for expected credit losses for loans and other investments in the category "Financial assets at amortised cost" amount to €–32 thou-

31/12/2023 31/12/2022 restated

amounts

Fair values

Fair values Carrying

31/12/2023 31/12/2022

restated

are reported under "Net investment income".

Carrying amounts for loans and

other investments In € thousand 

Other investments

sand (2022: –16 thousand).

Carrying amounts

Up to 1 year 55,889 50,271 35,563 30,079 More than 1 year and up to 5 years 72,373 65,098 6,163 8,973 More than 5 years up to 10 years 753 678 69,009 62,650 More than 10 years 57 51 2,906 2,510 Total 129,072 116,097 113,641 104,212

Loans

194

Sensitivities

Other

Fixed-income securities

The main unobservable input in the measurement of fixed-income securities is the specific credit spread. In order to be able to measure these securities in a discounted cash flow model, the spreads are determined using a selection of reference securities with comparable characteristics. For the fixed-income securities in Level 3, an increase

in the discount rate by 100 basis points results in a 4.6 per cent reduction in value (2022: 9.7 per cent). A reduction in the discount rate by 100 basis points results in a

3.6 per cent increase in value (2022: 8.5 per cent).

Securities lending transactions

Contractual maturities of loans In € thousand

Other securities under Level 3 mainly comprise private equity funds and other equity investments. Private equity funds are measured based on the net asset values which are determined by the fund manager using specific unobservable inputs for all underlying portfolio positions. This is done in accordance with the International Private Equity and Venture Capital Valuation (IPEV) Guidelines.

Securities loaned within the framework of securities lending continue to be recognised in the statement of financial position, as the significant opportunities and risks are not transferred through the lending. In return, UNIQA receives collateral in the form of securities, which are accordingly not recognised in the statement of financial position. As at the reporting date, the carrying amount of the financial assets lent in the category "Fixed-income

The measurement is based on the creditworthiness of the debtors. The carrying amounts for bank deposits correspond to the fair values due to their short-term nature.

| Classified by business line                                                     | Property and casualty insurance |                    | Health insurance |                    | Life insurance |                    | Total     |                    |
|---------------------------------------------------------------------------------|---------------------------------|--------------------|------------------|--------------------|----------------|--------------------|-----------|--------------------|
| In € thousand                                                                   | 1-12/2023                       | 1-12/2022 restated | 1-12/2023        | 1-12/2022 restated | 1-12/2023      | 1-12/2022 restated | 1-12/2023 | 1-12/2022 restated |
| Investment property                                                             | 7,026                           | 21,672             | 19,975           | 46,733             | 57,727         | 96,057             | 84,727    | 164,462            |
| Financial assets accounted for using the equity method                          | 11,810                          | 11,647             | 28,899           | 37,867             | 45,923         | 60,174             | 86,632    | 109,688            |
| Variable-income securities                                                      | 13,563                          | -21,067            | 45,082           | 4,779              | 31,223         | -32,650            | 89,869    | -48,937            |
| At fair value through profit or loss                                            | 6,998                           | -22,687            | 44,788           | 4,139              | 30,946         | -33,708            | 82,733    | -52,256            |
| At fair value through other comprehensive income                                | 6,565                           | 1,620              | 294              | 640                | 277            | 1,058              | 7,135     | 3,318              |
| Fixed-income securities                                                         | 151,111                         | -10,807            | 20,055           | -60,618            | 161,974        | 65,050             | 333,140   | -6,374             |
| At fair value through profit or loss                                            | 55,631                          | -24,004            | 53,165           | -39,886            | 33,116         | -86,834            | 141,913   | -150,723           |
| of which mandatory                                                              | 55,631                          | -24,004            | 53,165           | -39,886            | 33,116         | -86,834            | 141,913   | -150,723           |
| At fair value through other comprehensive income                                | 95,479                          | 13,322             | -33,111          | -20,731            | 128,859        | 151,883            | 191,227   | 144,473            |
| of which mandatory                                                              | 95,479                          | 13,322             | -33,111          | -20,731            | 128,859        | 151,883            | 191,227   | 144,473            |
| At amortised cost                                                               | 0                               | -124               | 0                | 0                  | 0              | 0                  | 0         | -124               |
| Loans and other investments                                                     | 13,862                          | 3,547              | 6,319            | 882                | 13,791         | 2,617              | 33,971    | 7,046              |
| At fair value through profit or loss                                            | -557                            | -95                | 0                | 0                  | 0              | 0                  | -557      | -95                |
| At amortised cost                                                               | 14,418                          | 3,642              | 6,319            | 882                | 13,791         | 2,617              | 34,528    | 7,141              |
| Derivative financial instruments                                                | 10,133                          | -902               | 1,136            | -6,833             | 2,318          | 2,105              | 13,587    | -5,630             |
| Investment administration expenses, interest paid and other investment expenses | -34,068                         | -27,437            | -9,741           | -4,628             | -9,286         | -8,345             | -53,095   | -40,411            |
| Total                                                                           | 173,435                         | -23,347            | 111,725          | 18,182             | 303,670        | 185,007            | 588,831   | 179,843            |

{131}------------------------------------------------

| Classified by type of income                                                    | Current income/expenses | Gains/losses from disposals and changes in value |           | Total              |           |                    |
|---------------------------------------------------------------------------------|-------------------------|--------------------------------------------------|-----------|--------------------|-----------|--------------------|
| In € thousand                                                                   | 1–12/2023               | 1–12/2022 restated                               | 1–12/2023 | 1–12/2022 restated | 1–12/2023 | 1–12/2022 restated |
| Financial assets at fair value through profit or loss                           | 120,909                 | 125,601                                          | 116,767   | -334,305           | 237,676   | -208,704           |
| Variable-income securities                                                      | 27,875                  | 50,818                                           | 54,858    | -103,074           | 82,733    | -52,256            |
| Fixed-income securities                                                         | 87,993                  | 89,731                                           | 53,920    | -240,454           | 141,913   | -150,723           |
| Mandatory                                                                       | 87,993                  | 89,731                                           | 53,920    | -240,454           | 141,913   | -150,723           |
| Loans and other investments                                                     | 29                      | 14                                               | -586      | -109               | -557      | -95                |
| Derivative financial instruments                                                | 5,013                   | -14,962                                          | 8,574     | 9,332              | 13,587    | -5,630             |
| Financial assets at fair value through other comprehensive income               | 362,403                 | 307,292                                          | -164,040  | -159,500           | 198,363   | 147,792            |
| Variable-income securities                                                      | 7,135                   | 4,995                                            | 0         | -1,677             | 7,135     | 3,318              |
| Designated                                                                      | 7,135                   | 4,995                                            | 0         | -1,677             | 7,135     | 3,318              |
| Fixed-income securities                                                         | 355,268                 | 302,297                                          | -164,040  | -157,824           | 191,227   | 144,473            |
| Mandatory                                                                       | 355,268                 | 302,297                                          | -164,040  | -157,824           | 191,227   | 144,473            |
| Financial assets at amortised cost                                              | 41,872                  | 4,828                                            | -7,344    | 2,188              | 34,528    | 7,017              |
| Fixed-income securities                                                         | 0                       | -124                                             | 0         | 0                  | 0         | -124               |
| Loans and other investments                                                     | 41,872                  | 4,953                                            | -7,344    | 2,188              | 34,528    | 7,141              |
| Investment property                                                             | 94,189                  | 79,753                                           | -9,462    | 84,709             | 84,727    | 164,462            |
| Financial assets accounted for using the equity method                          | 86,632                  | 109,688                                          | 0         | 0                  | 86,632    | 109,688            |
| Investment administration expenses, interest paid and other investment expenses | -53,095                 | -40,411                                          |           |                    | -53,095   | -40,411            |
| Total                                                                           | 652,911                 | 586,751                                          | -64,080   | -406,908           | 588,831   | 179,843            |

The currency gains reported in net investment income amount to €5,064 thousand (2022: €18,449 thousand).

Current income from fixed-income securities measured at fair value through other comprehensive income includes current interest income according to the effective interest method in the amount of €355,268 thousand (2022: €302,297 thousand). In the category “Financial assets at amortised cost”, these amount to €41,872 thousand (2022: €4,828 thousand).

{132}------------------------------------------------

## Impairment – significant estimates

196

Classified by type of income Current

In € thousand 1 – 12/2023 1 – 12/2022

Investment administration expenses, interest paid and other investment

The currency gains reported in net investment income amount to €5,064 thousand (2022: €18,449 thousand).

Current income from fixed-income securities measured at fair value through other comprehensive income includes current interest income according to the effective interest

income/expenses

Financial assets at fair value through profit or loss 120,909 125,601 116,767 – 334,305 237,676 – 208,704 Variable-income securities 27,875 50,818 54,858 – 103,074 82,733 – 52,256 Fixed-income securities 87,993 89,731 53,920 – 240,454 141,913 – 150,723 Mandatory 87,993 89,731 53,920 – 240,454 141,913 – 150,723 Loans and other investments 29 14 – 586 – 109 – 557 – 95 Derivative financial instruments 5,013 – 14,962 8,574 9,332 13,587 – 5,630 Financial assets at fair value through other comprehensive income 362,403 307,292 – 164,040 – 159,500 198,363 147,792 Variable-income securities 7,135 4,995 0 – 1,677 7,135 3,318 Designated 7,135 4,995 0 – 1,677 7,135 3,318 Fixed-income securities 355,268 302,297 – 164,040 – 157,824 191,227 144,473 Mandatory 355,268 302,297 – 164,040 – 157,824 191,227 144,473 Financial assets at amortised cost 41,872 4,828 – 7,344 2,188 34,528 7,017 Fixed-income securities 0 – 124 0 0 0 – 124 Loans and other investments 41,872 4,953 – 7,344 2,188 34,528 7,141 Investment property 94,189 79,753 – 9,462 84,709 84,727 164,462 Financial assets accounted for using the equity method 86,632 109,688 0 0 86,632 109,688

expenses – 53,095 – 40,411 – 53,095 – 40,411 Total 652,911 586,751 – 64,080 – 406,908 588,831 179,843

€4,828 thousand).

restated

Gains/losses from disposals and changes in value

restated

1 – 12/2023 1 – 12/2022

method in the amount of €355,268 thousand (2022: €302,297 thousand). In the category "Financial assets at amortised cost", these amount to €41,872 thousand (2022:

Total

restated

1 – 12/2023 1 – 12/2022

Expected credit losses are calculated using the 3-stage model for debt instruments measured at amortised cost or at fair value through other comprehensive income. Financial instruments measured at fair value through profit or loss and equity instruments measured at fair value through other comprehensive income ("FVOCI option") are not subject to the impairment model.

To determine the expected credit losses, UNIQA uses a credit deterioration model in which the amount of the risk provision to be recognised is based on the change in the default risk of a financial instrument following its addition. The risk provision is also recognised for expected losses and therefore represents a prospective impairment in the amount of the present value of the expected credit losses. The expected credit losses are determined as at the measure-ment date as the difference between the discounted contractual cash flows and the risk-weighted cash flows. The scenario-based risk weighting of the cash flows is carried out using the probability of default and the loss given default. The model that UNIQA uses to determine expected credit losses aims to come up with an undistorted, scenario-weighted amount. It does this by taking into account the time value of money as well as data on current economic conditions and their future forecasts that are available at the measurement date without unreasonable time and cost. The probabilities of default also include forward-looking information and take the macroeconomic development of the unemployment rate into account as well as the high-yield spreads.

The probability of default is the probability that debtors will be unable to meet their payment obligations, either within the next twelve months or over the entire remaining term. The loss given default corresponds to the expectation of how much the loss of a financial asset will be in the event of default.

UNIQA obtains most of the data used to calculate the probability of default and the loss given default from external data sources. The probability of default is determined at issuer level, and the loss given default is allocated on the basis of long-term averages of individual classes of financial instruments. In cases where specific input data is not completely available from external data sources (e.g. financial assets that are not externally rated), the risk parameters were allocated on the basis of benchmarks of comparable instruments and expert assessments.

The time value of money (which is needed to determine the expected credit losses) is the effective interest rate of the respective financial asset, determined at the time when the financial asset was acquired.

CONSOLIDATED FINANCIAL STATEMENTS 197

The expected credit loss of a financial instrument is determined based on the assigned impairment level on the measurement date either as the present value of the expected defaults over the next twelve months or as the present value of the expected defaults over the entire remaining term.

At each measurement date, all financial assets within the scope of the impairment model are assigned to an impairment level.

The expected credit loss of a financial instrument is determined based on the assigned impairment level on the measurement date.

For Level 1 financial instruments, an impairment is recognised in the amount of the 12-month expected credit loss (12-month ECL). The 12-month ECL represents a portion of the total expected credit losses (lifetime ECLs) that result from default events on a financial instrument that are possible within twelve months after the reporting period. Financial instruments for which no significant increase in the credit risk was determined on the measurement date as well as financial instruments first recognised on the measurement date are assigned to Level 1. Furthermore, instruments with a low default risk (investment grade) are regularly assigned to Level 1 of the impairment model. UNIQA makes use of the option of not analysing a significant increase in credit risk for instruments with a low default risk (investment grade – in UNIQA's model up to the equivalent of a rating level of BBB-) on the measurement date.

For Level 2 financial instruments, an impairment is recognised in the amount of the present value of the expected credit losses over the entire remaining term. Financial instruments for which a significant increase in the credit risk was identified on the measurement date are assigned to Level 2.

For Level 3 financial instruments, an impairment is recognised in the amount of the present value of the expected credit losses over the entire maturity. Financial instruments viewed as having diminished creditworthiness on the measurement date are assigned to Level 3.

{133}------------------------------------------------

UNIQA assesses a significant increase in credit risk overall on the basis of quantitative and qualitative criteria. To make this quantitative assessment, the probability-ofdefault curve over the lifetime at the measurement date is compared with the forward-looking probability-of-default curve over the lifetime at the time of initial recognition. A significant increase in credit risk is normally assumed whenever there is a relative doubling of the probability of default since the date of purchase. If a significant increase in credit risk is determined on the measurement date, an allocation to “Level 2” is made. As a backstop for the identification of a significant increase in the credit risk of a financial instrument, contractual cash flows are assumed to be overdue at more than 30 days.

In the overall assessment, a qualitative evaluation of the level allocation for Level 1 or Level 2 is also carried out based on external market indicators and by subject matter experts. In the qualitative assessment, particular consideration is given to factors such as a significant change in contractual terms, a borrower's ability to repay their other exposures, as well as external factors with a potentially significant influence on the borrower's ability to repay.

An allocation to "Level 3" (credit-impaired financial assets) of the impairment model is made if one or more events with an adverse effect on the expected future cash flows of the financial asset occur. Among others, UNIQA considers the following events to be indicators:

- significant financial difficulties on the part of the issuer or borrower;
- default of or overdue contractual cash flows;
- financial concessions by lenders;
- increased likelihood of insolvency or restructuring proceedings;
- disappearance of an active market due to the financial difficulties of the financial asset; and
- financial assets with a large discount that already reflects the credit losses incurred.

In addition, a financial instrument is assigned to Level 3 if contractual cash flows are more than 90 days in default. To assess whether a financial asset is credit-impaired, the indicators are considered both individually and collectively.

## Expected credit losses on fixed-income securities measured at fair value through other comprehensive income

Changes in value recognised on the basis of the impairment model in accordance with IFRS 9 for expected credit losses in the category "Financial assets measured at fair value through other comprehensive income" amount to €–30,642 thousand (2022: €–162,866 thousand).

{134}------------------------------------------------

| Change in impairment                                        |         | Stage 1 |        | Stage 2 |         | Stage 3 |         | Total   |
|-------------------------------------------------------------|---------|---------|--------|---------|---------|---------|---------|---------|
| In € thousand                                               | 2023    | 2022    | 2023   | 2022    | 2023    | 2022    | 2023    | 2022    |
| At 1 January                                                | 21,514  | 4,096   | 14,726 | 2,930   | 160,390 | 0       | 196,630 | 7,026   |
| Reclassification as assets in disposal groups held for sale | -15,728 |         | -8,970 |         | -4,808  |         | -29,506 |         |
| Increase due to acquisition or founding                     | 3,665   | 3,923   | 0      | 0       | 0       | 0       | 3,665   | 3,923   |
| Changes due to transfer between stages                      | 880     | 352     | -857   | 105     | -23     | -457    | 0       | 0       |
| Transfers from Stage 1                                      | -122    | 177     | 122    | 280     | 0       | -457    | 0       | 0       |
| Transfers from Stage 2                                      | 980     | 176     | -980   | -176    | 0       | 0       | 0       | 0       |
| Transfers from Stage 3                                      | 23      | 0       | 0      | 0       | -23     | 0       | 0       | 0       |
| Decrease due to derecognition                               | -1,862  | -432    | -1,878 | -344    | -6,813  | 0       | -10,553 | -776    |
| Changes due to risk parameters                              | -2,345  | 16,977  | 459    | 15,186  | 39,415  | 157,921 | 37,530  | 190,084 |
| Changes from currency translation                           | -612    | -3,404  | -182   | -3,150  | -452    | 2,926   | -1,246  | -3,628  |
| At 31 December                                              | 5,512   | 21,514  | 3,299  | 14,726  | 187,710 | 160,390 | 196,521 | 196,630 |

1) The shares of profit/(loss) attributable to the discontinued operations are included in this presentation to enable a reconciliation with the level as at 31 December 2022. A reconciliation to consolidated profit/(loss) is not possible on an item-by-item basis because the shares attributable to the discontinued operations are not included in consolidated profit/(loss) for the comparative period in accordance with the provisions of IFRS 5.

The amounts for Level 1 include financial assets totalling €11,648,054 thousand (2022: €10,279,856 thousand) for which the level allocation was applied based on the

198

UNIQA assesses a significant increase in credit risk overall on the basis of quantitative and qualitative criteria. To make this quantitative assessment, the probability-ofdefault curve over the lifetime at the measurement date is compared with the forward-looking probability-of-default curve over the lifetime at the time of initial recognition. A significant increase in credit risk is normally assumed whenever there is a relative doubling of the probability of default since the date of purchase. If a significant increase in credit risk is determined on the measurement date, an allocation to "Level 2" is made. As a backstop for the identification of a significant increase in the credit risk of a financial instrument, contractual cash flows are assumed to

flows of the financial asset occur. Among others, UNIQA

significant financial difficulties on the part of the issuer

increased likelihood of insolvency or restructuring pro-

disappearance of an active market due to the financial

financial assets with a large discount that already reflects

In addition, a financial instrument is assigned to Level 3 if contractual cash flows are more than 90 days in default. To assess whether a financial asset is credit-impaired, the indicators are considered both individually and collectively.

Expected credit losses on fixed-income securities measured at fair value through other comprehensive

Changes in value recognised on the basis of the impairment model in accordance with IFRS 9 for expected credit losses in the category "Financial assets measured at fair value through other comprehensive income" amount to €–30,642 thousand (2022: €–162,866 thousand).

considers the following events to be indicators:

default of or overdue contractual cash flows;

financial concessions by lenders;

the credit losses incurred.

difficulties of the financial asset; and

or borrower;

ceedings;

income

In the overall assessment, a qualitative evaluation of the level allocation for Level 1 or Level 2 is also carried out based on external market indicators and by subject matter experts. In the qualitative assessment, particular consideration is given to factors such as a significant change in contractual terms, a borrower's ability to repay their other exposures, as well as external factors with a potentially significant influence on the borrower's ability to repay.

An allocation to "Level 3" (credit-impaired financial assets) of the impairment model is made if one or more events with an adverse effect on the expected future cash

be overdue at more than 30 days.

exemption for instruments with a low default risk (investment grade).

CONSOLIDATED FINANCIAL STATEMENTS 199

| Ratings       |  | Stage 1    |            | Stage 2 |         | Stage 3 |         | Total      |            |
|---------------|--|------------|------------|---------|---------|---------|---------|------------|------------|
| In € thousand |  | 2023       | 2022       | 2023    | 2022    | 2023    | 2022    | 2023       | 2022       |
| AAA           |  | 3,373,108  | 3,199,359  | 0       | 0       | 0       | 0       | 3,373,108  | 3,199,359  |
| AA            |  | 3,480,002  | 3,722,111  | 0       | 0       | 0       | 0       | 3,480,002  | 3,722,111  |
| A             |  | 4,337,210  | 3,945,132  | 0       | 0       | 0       | 0       | 4,337,210  | 3,945,132  |
| BBB           |  | 2,222,397  | 2,400,406  | 0       | 0       | 0       | 0       | 2,222,397  | 2,400,406  |
| BB            |  | 300,283    | 311,582    | 6,209   | 13,605  | 0       | 0       | 306,492    | 325,188    |
| B             |  | 132,038    | 148,105    | 16,447  | 9,723   | 0       | 0       | 148,484    | 157,828    |
| ≤ CCC         |  | 50,779     | 24,565     | 18,148  | 41,876  | 72,955  | 70,602  | 141,882    | 137,043    |
| Not rated     |  | 281,980    | 340,016    | 38,610  | 192,091 | 229,839 | 254,315 | 550,429    | 786,422    |
| Total         |  | 14,177,796 | 14,091,275 | 79,414  | 257,296 | 302,794 | 324,917 | 14,560,004 | 14,673,489 |

| Maximum default risk  |            | Stage 1    |         | Stage 2  |           | Stage 3   |            | Total      |  |
|-----------------------|------------|------------|---------|----------|-----------|-----------|------------|------------|--|
| In € thousand         | 2023       | 2022       | 2023    | 2022     | 2023      | 2022      | 2023       | 2022       |  |
| Carrying value        | 12,651,834 | 11,638,578 | 67,726  | 218,858  | 115,976   | 156,257   | 12,835,537 | 12,013,693 |  |
| Gross carrying amount | 14,177,796 | 14,091,275 | 79,414  | 257,296  | 302,794   | 324,917   | 14,560,004 | 14,673,489 |  |
| Impairment            | – 5,512    | – 21,514   | – 3,299 | – 14,726 | – 187,710 | – 160,390 | – 196,521  | – 196,630  |  |

{135}------------------------------------------------

#### Concentration risk per country Carrying amounts

| Carrying amounts |  |
|------------------|--|
|------------------|--|

| In € thousand                            | 2023       | 2022       |
|------------------------------------------|------------|------------|
| France                                   | 1,356,642  | 1,427,121  |
| Poland                                   | 1,417,056  | 1,191,554  |
| Austria                                  | 1,317,895  | 1,129,150  |
| Germany                                  | 787,875    | 821,043    |
| Spain                                    | 599,796    | 503,563    |
| Belgium                                  | 655,774    | 521,704    |
| USA                                      | 518,232    | 562,680    |
| Czechia                                  | 568,812    | 490,963    |
| Netherlands                              | 483,742    | 422,514    |
| Italy                                    | 454,888    | 366,456    |
| Romania                                  | 354,999    | 334,703    |
| Ireland                                  | 304,066    | 272,740    |
| Slovakia                                 | 228,520    | 263,843    |
| United Kingdom                           | 281,231    | 262,001    |
| Russia                                   | 61,567     | 261,910    |
| Hungary                                  | 317,332    | 256,967    |
| Other countries under € 200 million each | 3,127,110  | 2,924,781  |
| Total                                    | 12,835,537 | 12,013,693 |

{136}------------------------------------------------

## 5. Insurance contracts

200

In € thousand

Concentration risk per country Carrying amounts

France 1,356,642 1,427,121 Poland 1,417,056 1,191,554 Austria 1,317,895 1,129,150 Germany 787,875 821,043 Spain 599,796 503,563 Belgium 655,774 521,704 USA 518,232 562,680 Czechia 568,812 490,963 Netherlands 483,742 422,514 Italy 454,888 366,456 Romania 354,999 334,703 Ireland 304,066 272,740 Slovakia 228,520 263,843 United Kingdom 281,231 262,001 Russia 61,567 261,910 Hungary 317,332 256,967 Other countries under € 200 million each 3,127,110 2,924,781 Total 12,835,537 12,013,693

2023 2022

Insurance and reinsurance contracts along with investment contracts with a discretionary participation feature are recognised in accordance with the accounting provisions for insurance contracts (IFRS 17). Transitional provisions, judgements and estimates as well as significant accounting policies in connection with this accounting standard, which came into force on 1 January 2023, are explained below.

## Transitional provisions

As at the transition date to IFRS 17, a large part of UNIQA's insurance portfolio consists of contracts where the conclusion of the contract sometimes dates back decades. IFRS 17 basically stipulates that the standard must be applied fully retrospectively. This means that the items in the statement of financial position should be determined as if the new accounting policy had always been applied. Full retrospective application requires at least an annual roll-up of the contractual service margin over the entire term of the contract, since its inception.

Full retrospective application of IFRS 17 is not practicable for UNIQA for the following reasons:

- The required contract master data and data on transactions concerning the contracts are not available retrospectively with the necessary granularity.
- The determination of expected future cash flows and their adjustment in the event of non-economic changes in assumptions (e.g. mortality assumptions) is not possible retrospectively, as even in that case no better knowledge would be available ("without hindsight").
- The same applies to the determination of the required allocation of costs attributable to the insurance portfolio.
- For contracts with participation features, economic assumptions and historical IFRS 17 specifics such as the financing component are not available for stochastic modelling prior to initial application.
- In the long-term property and casualty insurance business, the historical parameters for determining the technical provisions can only be determined with disproportionate effort and a subdivision into cohorts is not possible due to the lack of historical information for tacit renewals.

If the full retrospective application of IFRS 17 is not practicable, which is the case for UNIQA, there are two alternatives available:

modified retrospective approach; and

CONSOLIDATED FINANCIAL STATEMENTS 201

fair value approach.

The aim of the modified retrospective approach is to achieve the best possible approximation to a full retrospective application. Under the fair value approach, the contractual service margin of a group of insurance contracts at the transition date is determined as the difference between the fair value in accordance with IFRS 13 and the corresponding fulfilment cash flows determined under IFRS 17. UNIQA uses both approaches.

The choice of the appropriate approach for determining the IFRS 17 opening balance is made at the level of portfolios of insurance contracts. To make this choice, it must be determined for all groups in the portfolio whether the contracts are onerous at initial recognition or whether there is no significant probability that they could become onerous.

In connection with the modified retrospective approach, IFRS 17 allows several modifications to the full retrospective application, of which the following are applied at UNIQA. These modifications can be applied if the required detailed information from prior periods is not available. Due to the lack of availability of contract information in the required granularity, UNIQA is applying the modification IFRS 17.C10, which allows the omission of a subdivision of contract groups by underwriting years.

Application of the modified retrospective approach for contracts without discretionary participation features:

- UNIQA applies the modifications IFRS 17.C12– C14 for contracts without discretionary participation features. Those deal with the determination of the expected future cash flows, their interest, the risk adjustment and the insurance acquisition cash flows for the initial recognition of groups of insurance contracts. Based on these modifications, a contractual service margin or loss component is determined at the date of initial recognition of groups of insurance contracts.
- The modifications IFRS 17.C15 and IFRS 17.C16 are applied to adjust the carrying amount of the contractual service margin or loss component from the date of initial recognition to the date of transition to IFRS 17.
- For portfolios containing contracts with different underwriting years, UNIQA applies the modification IFRS 17.C18(b). This results in the cumulative revaluation reserve being determined as nil at the transition date, provided the OCI option in accordance with IFRS 17.88(b) applies.

{137}------------------------------------------------

For contracts with discretionary participation features, the provisions of IFRS 17.C17 can be applied, which require the contractual service margin to be determined from the following portfolio information:

- the differences between the fair value of the underlying items and the fulfilment cash flows at the date of the transition to IFRS 17;
- an adjustment for amounts charged by the company to the policyholders before that date;
- adjustments for the changes in the risk adjustment before that date;
- adjustment of the carrying amount of the contractual service margin from the date of initial recognition to the date of transition to IFRS 17.

If this results in a loss component, this must be determined as nil in accordance with IFRS 17.C17(e).

For insurance contracts with direct participation features, the cumulative amount from the underlying items recognised at fair value through other comprehensive income was recognised in other comprehensive income at the transition date in accordance with IFRS 17 C24(c) and C18(b)ii.

Central parameters in connection with the fair value approach are, on the one hand, the solvency capital requirement and, on the other hand, the selection of a suitable capitalisation rate. The solvency capital requirements correspond to those under Solvency II (for companies in EU countries) as well as the corresponding local regulations. When determining the contractual service margin using the fair value approach, the appropriate profit margin to be realised is decisive. To determine this, the present value of the expected costs of holding sufficient capital to cover the own funds that the buyer must manage during the remaining term of the portfolio is calculated. For this purpose, the target own funds is defined for each future year.

The profit margin that the buyer requires is then defined as the present value of the future costs of holding the additional capital for the remaining life of the portfolio. To determine the present value, the capitalisation rates corresponding to those used in the impairment test for goodwill as at 31 December 2021 are applied. Acquisition cash flows incurred before the transition date are not taken into account in the fair value approach and are therefore not recognised in subsequent periods under insurance revenue or insurance service expenses.

## Judgements and estimates

## Judgements

Information on judgements that have a material effect on the amounts reported in the Consolidated Financial Statements is provided below:

- Identification of insurance contracts, reinsurance contracts and investment contracts with discretionary participation features: assessment of whether a significant insurance risk is transferred and the contracts thus fall within the scope of IFRS 17, or whether there are any contracts with direct participation features.
- Determination of the level of aggregation: identification of portfolios of insurance contracts as well as determination of groups of contracts that are onerous at initial recognition and groups of contracts that at initial recognition have no significant possibility of becoming onerous subsequently.
- Variable fee approach: assessment of the applicability of the variable fee approach for contracts with direct participation features.
- Premium allocation approach: applicability of the premium allocation approach for long-term contracts.
- Estimates of future cash flows: estimates of expected cash flows in connection with the fulfilment of the contract.
- Insurance acquisition cash flows: determination of whether the insurance acquisition cash flows can be directly allocated.
- Interest rate assumptions: determination of the yield curves to be used for discounting.
- Measurement: determination of the method for calculating the risk adjustment for non-financial risk and the coverage units provided.
- Transitional provisions: determination whether sufficient reasonable and supportable information is available to perform a full or modified retrospective application.

{138}------------------------------------------------

## Assumptions and estimates

202

For contracts with discretionary participation features, the provisions of IFRS 17.C17 can be applied, which require the contractual service margin to be determined

Judgements and estimates

ments is provided below:

ous subsequently.

ipation features.

rectly allocated.

curves to be used for discounting.

coverage units provided.

tract.

tion.

Information on judgements that have a material effect on the amounts reported in the Consolidated Financial State-

 Identification of insurance contracts, reinsurance contracts and investment contracts with discretionary participation features: assessment of whether a significant insurance risk is transferred and the contracts thus fall within the scope of IFRS 17, or whether there are any

 Determination of the level of aggregation: identification of portfolios of insurance contracts as well as determination of groups of contracts that are onerous at initial recognition and groups of contracts that at initial recognition have no significant possibility of becoming oner-

 Variable fee approach: assessment of the applicability of the variable fee approach for contracts with direct partic-

 Premium allocation approach: applicability of the premium allocation approach for long-term contracts. Estimates of future cash flows: estimates of expected cash flows in connection with the fulfilment of the con-

 Insurance acquisition cash flows: determination of whether the insurance acquisition cash flows can be di-

Interest rate assumptions: determination of the yield

 Transitional provisions: determination whether sufficient reasonable and supportable information is available to perform a full or modified retrospective applica-

 Measurement: determination of the method for calculating the risk adjustment for non-financial risk and the

contracts with direct participation features.

Judgements

 the differences between the fair value of the underlying items and the fulfilment cash flows at the date of the

an adjustment for amounts charged by the company to

adjustments for the changes in the risk adjustment be-

 adjustment of the carrying amount of the contractual service margin from the date of initial recognition to the

If this results in a loss component, this must be determined as nil in accordance with IFRS 17.C17(e).

For insurance contracts with direct participation features, the cumulative amount from the underlying items recognised at fair value through other comprehensive income was recognised in other comprehensive income at the transition date in accordance with IFRS 17 C24(c) and

Central parameters in connection with the fair value approach are, on the one hand, the solvency capital requirement and, on the other hand, the selection of a suitable capitalisation rate. The solvency capital requirements correspond to those under Solvency II (for companies in EU countries) as well as the corresponding local regulations. When determining the contractual service margin using the fair value approach, the appropriate profit margin to be realised is decisive. To determine this, the present value of the expected costs of holding sufficient capital to cover the own funds that the buyer must manage during the remaining term of the portfolio is calculated. For this purpose, the target own funds is defined for each future year.

The profit margin that the buyer requires is then defined as the present value of the future costs of holding the additional capital for the remaining life of the portfolio. To determine the present value, the capitalisation rates corresponding to those used in the impairment test for goodwill as at 31 December 2021 are applied. Acquisition cash flows incurred before the transition date are not taken into account in the fair value approach and are therefore not recognised in subsequent periods under insurance revenue or

insurance service expenses.

from the following portfolio information:

the policyholders before that date;

date of transition to IFRS 17.

transition to IFRS 17;

fore that date;

C18(b)ii.

Changes in the key assumptions listed below could materially change the fulfilment cash flows in the following financial year. However, these changes would lead to an adjustment of the contractual service margin and would not affect the carrying amount of the insurance contracts, unless the changes result from onerous contracts or do not relate to future benefits:

- Property and casualty insurance contracts: assumptions related to claims development and claims frequency.
- Health and life insurance contracts: assumptions for estimates of future cash flows related to mortality, longevity, disability or morbidity, customer behaviour (lapse) and profit participation rate.

The assumptions regarding discount rates and the development of costs have an influence on all the lines of insurance business.

Significant assumptions and estimates in connection with calculating the fulfilment cash flows, the contractual service margin and the investment component are explained below.

## Fulfilment cash flows

Fulfilment cash flows comprise:

- estimates of future cash flows;
- discounting to reflect the time value of money and the financial risks related to the future cash flows;
- a risk adjustment for non-financial risk.

The objective of an estimate of future cash flows is to determine the expected value of a range of scenarios that reflects the full range of possible outcomes. The cash flows from each scenario are discounted and weighted by the estimated probability of that outcome to derive an expected present value. UNIQA applies stochastic modelling if the cash flows are influenced by complex underlying factors and they therefore do not react linearly to changes in the economic environment. This is the case, for example, with contracts with participation features. If this is not the case, a deterministic calculation is used.

The estimates of future cash flows incorporate, in an unbiased way, all reasonable and supportable information available without undue cost or effort about the amount, timing and uncertainty of those future cash flows. The information is based on company-specific data provided that the estimates are consistent with observable market data

and the assumptions adequately consider future scenarios. When estimating the cash flows, UNIQA takes into account current expectations of future events that might affect those cash flows. Expectations of future changes in legislation that would change or discharge the present obligation or create new obligations under the existing insurance contract are not taken into account until the change in legislation is substantively enacted.

CONSOLIDATED FINANCIAL STATEMENTS 203

Cash flows within the boundary of an existing insurance contract relate directly to the fulfilment of the contract, including those cash flows for which UNIQA can decide the amount or maturity at its own discretion. These cash flows include premiums, insurance benefits, insurance acquisition cash flows and other costs incurred to fulfil the contract.

Insurance acquisition cash flows result from the sale of insurance contracts and are directly attributable to the portfolio to which the contract belongs. Other costs recognised in the cash flows are:

- claims handling costs;
- policy administration and maintenance costs, including recurring commissions; and
- asset management costs.

Insurance acquisition cash flows and other costs also include fixed and variable overheads directly attributable to fulfilling insurance contracts. Such overheads are allocated to groups of contracts using methods that are systematic and rational, and are consistently applied to all costs that have similar characteristics.

Acquisition cash flows and administrative costs are distributed using the premiums written to the respective group of insurance contracts. Claims handling costs are distributed using the actual claims for the respective group of insurance contracts.

Insurance contracts in one group can affect or be affected by the cash flows to policyholders of contracts in a different group (mutualisation). This is the case, for example, when the policyholders share the returns on the same specified pool of underlying items with policyholders of other contracts and the guarantee agreement of one group leads to a reduction in the share of the returns of another group.

Mutualisation affects the measurement of the fulfilment cash flows for the groups concerned. The fulfilment cash flows for a group include all payments arising from the

{139}------------------------------------------------

terms of existing contracts to policyholders of contracts in other groups and exclude payments to policyholders in the group that have been included in the fulfilment cash flows of another group.

The contract boundaries determine which future cash flows are to be included in the measurement of a group of insurance contracts. Cash flows are within the boundary of an insurance contract if they result from substantive rights and obligations that exist during a specific period in which the Group can compel the policyholder to pay the premium or in which UNIQA has a substantive obligation to provide the policyholders with insurance contract services.

## Significant assumptions incorporated into calculating future cash flows

## Property and casualty insurance

Future cash flows from premiums are estimated using contract data taking future lapses by policyholders into account. The lapse rate is derived from experience in previous years at product group level.

Loss or cost ratios and associated payment patterns are derived from past experience to estimate future cash flows from future service and costs. Where necessary, judgements are also made as to the extent to which past trends can also be expected in the future, as well as whether new trends should be taken into account.

Reserves for incurred claims that have not yet been settled, including incurred claims that have not yet been reported, are usually estimated using generally accepted statistical triangular methods (such as chain ladder or Bornhuetter-Ferguson) on the basis of the years in which they occurred. These methods assume that past experience provides a sufficiently good indication of claims payments in the future. Other best practice methods (such as methods based on loss frequency and loss amount) are only used in exceptional cases. The selection of the appropriate method for the respective sub-portfolio is a significant judgement. From the claims payments determined in this way, the future cash flows are finally estimated using settlement patterns also derived from past experience.

#### Health insurance and life insurance

The best estimate assumptions described below are determined based on past, present and expected developments. These are reviewed and updated at least once a year.

## *Profit participation assumptions*

The policyholder's assumed profit participation for the corresponding life insurance business is derived for each economic scenario using the management rules. The profit participation is calculated in accordance with the profit participation regulations applicable by law.

#### *Cost assumptions*

Cost assumptions are based on the directly attributable actual costs incurred in the years prior to the measurement date. Future additional costs are taken into account in the cost allocation, whereas extraordinary costs are eliminated. The expected cost trend during the projection period is based on the portfolio development, taking into account differences in administrative expenses depending on relevant contract features, such as higher administrative expenses for contracts subject to premiums compared to premium-free contracts.

#### *Lapse assumptions*

The lapse rate is based on an analysis of previous lapse rates and the average of comparable financial years. The lapse rate for new products is based on similar products from the past.

#### *Commission assumptions*

The commission estimates are based on the applicable commission agreements.

#### *Mortality and disability assumptions*

Mortality and disability assumptions are based on the best estimate of future events. Past developments and external demographic forecasts are used here.

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## *Interest rate assumptions*

204

vices.

future cash flows

Property and casualty insurance

ous years at product group level.

trends should be taken into account.

of another group.

terms of existing contracts to policyholders of contracts in other groups and exclude payments to policyholders in the group that have been included in the fulfilment cash flows

Health insurance and life insurance

*Profit participation assumptions*

*Cost assumptions*

to premium-free contracts.

*Commission assumptions*

commission agreements.

*Mortality and disability assumptions*

demographic forecasts are used here.

*Lapse assumptions*

from the past.

participation regulations applicable by law.

The best estimate assumptions described below are determined based on past, present and expected developments. These are reviewed and updated at least once a year.

The policyholder's assumed profit participation for the corresponding life insurance business is derived for each economic scenario using the management rules. The profit participation is calculated in accordance with the profit

Cost assumptions are based on the directly attributable actual costs incurred in the years prior to the measurement date. Future additional costs are taken into account in the cost allocation, whereas extraordinary costs are eliminated. The expected cost trend during the projection period is based on the portfolio development, taking into account differences in administrative expenses depending on relevant contract features, such as higher administrative expenses for contracts subject to premiums compared

The lapse rate is based on an analysis of previous lapse rates and the average of comparable financial years. The lapse rate for new products is based on similar products

The commission estimates are based on the applicable

Mortality and disability assumptions are based on the best estimate of future events. Past developments and external

The contract boundaries determine which future cash flows are to be included in the measurement of a group of insurance contracts. Cash flows are within the boundary of an insurance contract if they result from substantive rights and obligations that exist during a specific period in which the Group can compel the policyholder to pay the premium or in which UNIQA has a substantive obligation to provide the policyholders with insurance contract ser-

Significant assumptions incorporated into calculating

Future cash flows from premiums are estimated using contract data taking future lapses by policyholders into account. The lapse rate is derived from experience in previ-

Loss or cost ratios and associated payment patterns are derived from past experience to estimate future cash flows from future service and costs. Where necessary, judgements are also made as to the extent to which past trends can also be expected in the future, as well as whether new

Reserves for incurred claims that have not yet been settled, including incurred claims that have not yet been reported, are usually estimated using generally accepted statistical triangular methods (such as chain ladder or Bornhuetter-Ferguson) on the basis of the years in which they occurred. These methods assume that past experience provides a sufficiently good indication of claims payments in the future. Other best practice methods (such as methods based on loss frequency and loss amount) are only used in exceptional cases. The selection of the appropriate method for the respective sub-portfolio is a significant judgement. From the claims payments determined in this way, the future cash flows are finally estimated using settlement patterns also derived from past experience.

All cash flows are discounted using the adjusted risk-free yield curve, which reflects the characteristics of the cash flows and the liquidity characteristics of the insurance contracts. The risk-free base rates for all relevant currencies are calculated using swap and government bond market data. The underlying market data sources and the parameters required for the interpolation and extrapolation of the risk-free base curves are harmonised with those of EIOPA. The risk-free curve, including adjustments, is extrapolated to a final forward interest rate after the last liquid market data point. The ultimate forward rate reflects long-term real interest rate and inflation expectations and is updated in accordance with the EIOPA parameters.

The risk-free yield curve is adjusted by an illiquidity premium to reflect the liquidity characteristics of the insurance contracts. Illiquidity adjustments are determined by calculating risk-adjusted spreads on government and corporate bonds within the portfolio of the respective entity. Cash flows that fluctuate based on the yields of the underlying items are adjusted to account for the effects of this volatility using risk-neutral modelling techniques and discounted using the risk-free interest rates including the illiquidity adjustment.

## *Assumptions regarding cash flows to be paid to policyholders*

Insurance contracts without direct participation features often give rise to cash flows to policyholders over which the entity has some discretion. To determine how to identify a change in discretionary cash flows, the basis on which commitments under the contract are to be determined shall be specified at inception of the contract. A change in the discretionary cash flows is regarded as relating to future service, and the carrying amount of the contractual service margin is adjusted accordingly.

## Risk adjustment for non-financial risk

CONSOLIDATED FINANCIAL STATEMENTS 205

Risk adjustment is the amount that would be required as consideration for bearing the uncertainty about the amount and timing of the cash flows that arises from nonfinancial risk. This reflects the risk compensation effect of insurance contracts issued, which is in line with the consideration required and reflects the degree of risk aversion.

In property and casualty insurance, the risk adjustment is determined using the confidence level method. In health insurance and life insurance, the cost of capital method is applied.

For proportional reinsurance contracts in property and casualty insurance, the risk adjustment for non-financial risk is derived from that of the primary insurance. The basis for this is the ratio between gross and net liability for incurred claims.

## Confidence level technique

The probability distribution of all expected future cash flows is estimated and the risk adjustment for non-financial risk is calculated as the difference between the median of the future cash flows and the value-at-risk, measured with a percentile of 75 per cent.

## Cost of capital approach

The risk adjustment for non-financial risk is determined using a cost of capital rate applied to the required principal for all future years. The resulting capital requirements are discounted using a risk-free yield curve adjusted to include a premium for the illiquidity. The required principal is determined by estimating the probability distribution of all future present values of the cash flows and determining the capital required to meet the contractual obligations with a confidence level of 99.5 per cent over the term of the contracts. The cost of capital rate is the additional consideration that investors would demand for exposure to nonfinancial risk. The cost of capital rate is 6 per cent (2022: 6 per cent)

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### Contractual service margin

The contractual service margin is a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit from a group of insurance contracts that UNIQA will recognise as it provides insurance contract services in the future.

An amount of the contractual service margin for a group of insurance contracts is recognised in profit or loss in each period to reflect the insurance contract services provided under the group of insurance contracts in that period.

## Identifying the coverage units

The number of coverage units in a group of insurance contracts is the quantity of insurance contract services provided by the contracts in the group.

These services include:

- insurance coverage (coverage for an insured event);
- investment-related services (for insurance contracts with direct participation features): concerns the management of underlying items on behalf of the policyholder; and
- investment-return services (for insurance contracts without direct participation features).

The amount recognised in profit or loss is based on the number of coverage units in a group. This number is determined by considering for each contract the quantity of the benefits provided under the contract and its expected coverage period. The coverage units are reviewed once a year and adjusted if necessary.

#### Basis for determining the coverage units

| Life insurance products                                 |                                                                                                      |
|---------------------------------------------------------|------------------------------------------------------------------------------------------------------|
| Endowment assurance                                     | Sum insure                                                                                           |
| Risk insurance                                          | Sum insure                                                                                           |
| Unit-linked and index-linked life insurance             | Sum insure                                                                                           |
| Pension insurance                                       | Liability for remaining coverage for investment services and<br>pension for insurance benefits       |
| Insurance contracts with participation features         | Liability for remaining coverage except for pension                                                  |
| Reinsurance                                             | Reinsurance premium                                                                                  |
| Property and casualty insurance products (all products) | Premiums written adjusted for inflation                                                              |
| Health insurance products                               | Number of existing insurance contracts<br>adjusted for inflation and weighted by annual net premiums |

{142}------------------------------------------------

For unit-linked and index-linked life insurance, the sum insured represents both insurance benefits and investment benefits – the risk portion is allocated to insurance benefits, while the liability for remaining coverage is allocated to investment benefits.

In life insurance, the time value of money is taken into account when identifying the coverage units.

UNIQA does not make use of the risk mitigation option provided for in IFRS 17.B115.

## Investment component

206

Contractual service margin

The contractual service margin is a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit from a group of insurance contracts that UNIQA will recognise as it provides insurance contract services in the future.

Identifying the coverage units

These services include:

and adjusted if necessary.

and

Endowment assurance Sum insured Risk insurance Sum insured Unit-linked and index-linked life insurance Sum insured Pension insurance Liability for remaining coverage for investment services and

Insurance contracts with participation features Liability for remaining coverage except for pensions Reinsurance Reinsurance premiums

Property and casualty insurance products (all products) Premiums written adjusted for inflation

Health insurance products Number of existing insurance contracts

vided by the contracts in the group.

The number of coverage units in a group of insurance contracts is the quantity of insurance contract services pro-

 insurance coverage (coverage for an insured event); investment-related services (for insurance contracts with direct participation features): concerns the management of underlying items on behalf of the policyholder;

investment-return services (for insurance contracts

The amount recognised in profit or loss is based on the number of coverage units in a group. This number is determined by considering for each contract the quantity of the benefits provided under the contract and its expected coverage period. The coverage units are reviewed once a year

pension for insurance benefits

adjusted for inflation and weighted by annual net premiums

without direct participation features).

An amount of the contractual service margin for a group of insurance contracts is recognised in profit or loss in each period to reflect the insurance contract services provided under the group of insurance contracts in that period.

Basis for determining the coverage units

Life insurance products

For the identification of investment components, the amount is to be determined that an insurance contract requires UNIQA to repay to a policyholder in all circumstances, regardless of whether an insured event occurs. Investment components may not be recognised in insurance revenue or insurance service expenses.

In life insurance, the investment component during the coverage period results from the lower of the surrender value and the contractually determined amount of the insurance benefit. At the end of the coverage period, the investment component is calculated with the maturity benefit.

## Applicable accounting policies

Insurance contracts are contracts through which a significant insurance risk is assumed. Investment contracts are contracts that do not transfer a significant insurance risk and that do not include discretionary participation features. They fall under the scope of IFRS 9 (Financial Instruments).

UNIQA holds both inward and outward reinsurance contracts. The carrying amount of the portfolios from inward reinsurance contracts (assumed reinsurance) is shown together with the carrying amount of the primary insurance contract portfolios.

Insurance contracts can be divided into contracts with direct participation features and contracts without participation features. Insurance contracts with direct participation features are those for which, at inception:

 the contractual terms specify that the policyholder participates in a share of a clearly identified pool of underlying items;

 the entity expects to pay to the policyholder an amount equal to a substantial share of the fair value returns on the underlying items; and

CONSOLIDATED FINANCIAL STATEMENTS 207

 the entity expects a substantial proportion of any change in the amounts to be paid to the policyholder to vary with the changes in fair value of the underlying items.

For insurance contracts that meet the aforementioned criteria, the variable fee approach must be applied. Whether the aforementioned criteria are met is assessed at inception of the contract and may not be reassessed at a later date unless the contract is modified. In addition, the variable fee approach is applied in health insurance long-term business as well as in unit-linked and index-linked life insurance.

All other insurance contracts and reinsurance contracts held are classified as insurance contracts without direct participation features and are measured accordingly using the general measurement model or, if the conditions are met, the premium allocation approach.

## Level of aggregation and approach

## Insurance contracts

For measurement purposes, insurance contracts are aggregated into groups. A group of insurance contracts is determined by identifying portfolios of insurance contracts subject to similar risks and managed together. The defined portfolios are subdivided as follows:

- a group of contracts that are onerous at initial recognition;
- a group of contracts that at initial recognition have no significant possibility of becoming onerous subsequently; and
- a group of the remaining contracts in the portfolio.

The aforementioned groups are further subdivided by underwriting years, as only contracts sold within one year may be included in the same group.

In respect of the obligation to form annual cohorts, which prevents contracts issued more than one year apart from each other from being included together in a group of insurance contracts, an option was established as part of the transposition of IFRS 17 into EU law. According to this option, the European Commission allows users in the EU to not apply the requirement under IFRS 17.22 for certain contracts. UNIQA makes use of this option and applies it in connection with participating contracts. For these

{143}------------------------------------------------

contracts, new business is presented in the cohort of the transition date.

Primary insurance contracts and inward reinsurance contracts are recognised at the earliest of the following dates:

- the beginning of the coverage period of the group of contracts;
- the date when the first payment from a policyholder in the group becomes due; and
- for a group of onerous contracts, when the group becomes onerous.

The group of insurance contracts is established at initial recognition and no subsequent reassessment of the composition of the groups is permitted. If the recognition criteria are met, the contract is allocated to an existing group of insurance contracts or, if the contract may not be allocated to the existing groups, a new group is formed.

#### Reinsurance contracts held

The grouping of reinsurance contracts held (outward reinsurance) is based on the same principles as for primary insurance, with the exception that reinsurance contracts cannot be onerous. 

A group of reinsurance contracts is recognised at the following dates:

- proportional reinsurance contracts: at initial recognition of any underlying insurance contract;
- non-proportional reinsurance contracts: at the beginning of the coverage period of the group. However, if a group of onerous underlying insurance contracts is recognised, recognition is at that date, provided the related reinsurance contract was in force at or before that date.

Reinsurance contracts in property and casualty insurance are mostly non-proportional contracts.

The separation between assets and liabilities from insurance and reinsurance contracts is carried out in accordance with IFRS 17.78, which stipulates that portfolios of insurance and reinsurance contracts that are assets must be presented separately from those that are liabilities.

## Insurance acquisition cash flows

Insurance acquisition cash flows are allocated to the groups of insurance contracts using a systematic method, if direct allocation to the group is possible, otherwise at portfolio level. To take changes in assumptions into account, the inputs are reviewed for the allocation method applied at the end of each reporting period.

When applying the premium allocation approach, UNIQA does not make use of the option to recognise insurance acquisition cash flows as expenses for insurance contracts with a duration of up to one year.

## Contract boundaries

All the future cash flows within the boundary of each contract in the group are included in the measurement of a group of insurance contracts. Whether the cash flows are within the contract boundary is determined as follows:

#### Insurance contracts (including assumed reinsurance)

Cash flows are within the boundary of an insurance contract if they arise from substantive rights and obligations that exist during the reporting period in which the policyholder is compelled to pay the premiums or in which UNIQA has a substantive obligation to provide the policyholder with insurance contract services.

A substantive obligation to provide insurance contract services ends when:

- UNIQA has the practical ability to reassess the risks of the particular policyholder and, as a result, can set a price or level of benefits that fully reflects those risks; or
- if these criteria are not met for an individual contract but are met for a portfolio and the pricing of the premiums for the coverage period to date does not take into account the risks that relate to future periods.

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## Reinsurance contracts

208

transition date.

tracts;

comes onerous.

the group becomes due; and

Reinsurance contracts held

of any underlying insurance contract;

are mostly non-proportional contracts.

cannot be onerous.

lowing dates:

contracts, new business is presented in the cohort of the

Insurance acquisition cash flows

with a duration of up to one year.

Contract boundaries

vices ends when:

Insurance acquisition cash flows are allocated to the groups of insurance contracts using a systematic method, if direct allocation to the group is possible, otherwise at portfolio level. To take changes in assumptions into account, the inputs are reviewed for the allocation method

When applying the premium allocation approach, UNIQA does not make use of the option to recognise insurance acquisition cash flows as expenses for insurance contracts

All the future cash flows within the boundary of each contract in the group are included in the measurement of a group of insurance contracts. Whether the cash flows are within the contract boundary is determined as follows:

Insurance contracts (including assumed reinsurance) Cash flows are within the boundary of an insurance contract if they arise from substantive rights and obligations that exist during the reporting period in which the policyholder is compelled to pay the premiums or in which UNIQA has a substantive obligation to provide the policy-

A substantive obligation to provide insurance contract ser-

 UNIQA has the practical ability to reassess the risks of the particular policyholder and, as a result, can set a price or level of benefits that fully reflects those risks; or if these criteria are not met for an individual contract but are met for a portfolio and the pricing of the premiums for the coverage period to date does not take into account

holder with insurance contract services.

the risks that relate to future periods.

applied at the end of each reporting period.

Primary insurance contracts and inward reinsurance contracts are recognised at the earliest of the following dates:

the beginning of the coverage period of the group of con-

the date when the first payment from a policyholder in

The group of insurance contracts is established at initial recognition and no subsequent reassessment of the composition of the groups is permitted. If the recognition criteria are met, the contract is allocated to an existing group of insurance contracts or, if the contract may not be allocated to the existing groups, a new group is formed.

The grouping of reinsurance contracts held (outward reinsurance) is based on the same principles as for primary insurance, with the exception that reinsurance contracts

A group of reinsurance contracts is recognised at the fol-

proportional reinsurance contracts: at initial recognition

 non-proportional reinsurance contracts: at the beginning of the coverage period of the group. However, if a group of onerous underlying insurance contracts is recognised, recognition is at that date, provided the related reinsurance contract was in force at or before that date.

Reinsurance contracts in property and casualty insurance

The separation between assets and liabilities from insurance and reinsurance contracts is carried out in accordance with IFRS 17.78, which stipulates that portfolios of insurance and reinsurance contracts that are assets must be presented separately from those that are liabilities.

for a group of onerous contracts, when the group be-

Cash flows are within the contract boundaries if they arise from substantive rights and obligations that exist during the reporting period in which UNIQA is compelled to make payments to the reinsurer or in which UNIQA has the right to receive services from the reinsurer.

The right to receive services from the reinsurer ends when:

- the reinsurer has the practical ability to reassess the assumed risks and, as a result, can set a price or level of benefits that fully reflects those risks; or
- has a substantive right to cancel the coverage.

The contract boundaries are reassessed at the end of each reporting period.

## Measurement

## Contracts that are not measured using the premium allocation approach

## *Insurance contracts – initial measurement*

UNIQA measures a group of insurance contracts at initial recognition as the sum of the fulfilment cash flows and the contractual service margin. The fulfilment cash flows include estimates of future cash flows, an adjustment reflecting the time value of money and financial risks, and a risk adjustment for non-financial risk.

The risk adjustment for non-financial risk is derived separately from the other estimates and represents the compensation for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risk.

The contractual service margin for a group of insurance contracts depicts the unearned profit that UNIQA will generate with the future provision of services. If there is a net cash inflow on initial recognition, a contractual service margin is recognised to avoid profit recognition. The fulfilment cash flows are compensated by the recognition of the contractual service margin and thus lead to a liability for remaining coverage of zero at initial recognition.

If there is a net outflow of funds, the contracts are onerous. This amount is recognised in profit or loss and shown as a loss component of the liability for remaining coverage. The reversal of the loss component is shown as an expense reduction in the "insurance service expenses" item.

The provisions relating to initial recognition also apply to the variable fee approach. The differences between the general measurement model and the variable fee approach only arise in subsequent measurement and concern the adjustment of the contractual service margin and determination of insurance finance income or expenses.

#### *Insurance contracts – subsequent measurement*

CONSOLIDATED FINANCIAL STATEMENTS 209

Since UNIQA also prepares interim financial statements applying IAS 34, the accounting option regarding the treatment of accounting estimates made in interim financial statements must be observed. An entity has an accounting option to change the treatment of accounting estimates made in previous interim financial statements when applying IFRS 17 in subsequent interim financial statements and in the annual reporting period. UNIQA applies the year-to-date approach, i.e. the treatment of accounting estimates in previous interim financial statements is changed and thus the annual result is not affected by estimates in interim financial statements.

The measurement of the fulfilment cash flows is based on current estimates of future cash flows, current discount rates and current estimates of the risk adjustment for nonfinancial risk at each reporting date. The change in the fulfilment cash flows is recognised as follows:

- In the event of changes relating to future service, the contractual service margin is adjusted. If the fulfilment cash flows increase, the contractual service margin is reduced; if they decrease, the contractual service margin is increased. If an increase in the fulfilment cash flows exceeds the amount of the contractual service margin, this is reversed in full and the excess amount is recognised as a loss in the insurance service expenses. If, over time, there is a reduction in the fulfilment cash flows, this is recognised as income in the insurance service result until the accumulated losses have been made up. A contractual service margin is again created for the excess.
- In the event of a change relating to current and past service, the change is recognised in profit or loss under insurance service expenses.
- Effects of changes in connection with financial assumptions are recognised through profit or loss under insurance finance income or, in cases where the OCI option is applied, divided between insurance finance income and other comprehensive income.

The contractual service margin of a group of contracts measured using the general measurement model is

{145}------------------------------------------------

calculated at the end of the financial year from the opening balance adjusted for:

- the contractual service margin of any new contracts;
- the interest accreted on the carrying amount of the contractual service margin during the reporting period (applying the discount rate determined at the date of initial recognition);
- the changes in fulfilment cash flows relating to future service;
- the effect of any currency exchange differences; and
- the amount recognised as insurance revenue because of the transfer of insurance contract services.

The aforementioned changes in fulfilment cash flows that relate to future service include:

- experience adjustments arising from premiums received in the period that relate to future service, and related cash flows (such as insurance acquisition cash flows);
- changes in estimates of the present value of the future cash flows in the liability for remaining coverage, except for the effect of the time value of money and the effect of financial risk;
- differences between any investment component in life insurance expected to become payable in the period and the actual investment component that becomes payable in the period; and
- changes in the risk adjustment for non-financial risk that relate to future service.

Because a change in discretionary cash flows is considered as a future service, the carrying amount of the contractual service margin is changed.

For insurance contracts measured using the variable fee approach, there are differences in the adjustment of the contractual service margin with regard to subsequent measurement compared to the general measurement model.

A contract with direct participation features exists if UNIQA has the obligation to pay the policyholder an amount equal to the fair value of the underlying items as well as a variable fee that is retained in exchange for the future service provided by the insurance contract. The variable fee comprises the share to which UNIQA is entitled depending on the varying underlying items.

The contractual service margin of a group of contracts measured using the variable fee approach is calculated at the end of the financial year from the opening balance adjusted for:

- the contractual service margin of any new contracts;
- the change in the amount of UNIQA's share of the fair value of the underlying items unless the decrease in the amount of the company's share exceeds the carrying amount of the contractual service margin and a loss component would therefore have to be recognised or adjusted;
- the changes in the fulfilment cash flows relating to future service unless the increase in the fulfilment cash flows would exceed the carrying amount of the contractual service margin and therefore a loss component would have to be recognised or adjusted;
- the effect of any currency exchange differences; and
- the amount recognised as insurance revenue because of the transfer of insurance contract services.

The components to be considered in determining the changes in the fulfilment cash flows related to future service are the same as in the general measurement model, but are measured using current discount rates, and also include the change in the effect of the time value of money and financial risks not arising from the underlying items.

#### *Loss component*

After a loss has been recognised on onerous insurance contracts and a loss component of the liability for remaining coverage has been established, subsequent changes in fulfilment cash flows must be allocated on a systematic basis between the loss component of the liability for remaining coverage and the liability for remaining coverage, excluding the loss component.

Changes in the fulfilment cash flows to be taken into account in the systematic allocation include:

- estimates of the present value of future cash flows for claims and expenses released from the liability for remaining coverage because of incurred insurance service expenses;
- changes in the risk adjustment for non-financial risk recognised in profit or loss because of the release from risk; and
- insurance finance income or expenses.

The systematic allocation is calculated as the share of the loss component divided by the present value of future cash outflows plus the risk adjustment for non-financial risk. In addition, the variable fee approach takes into account

{146}------------------------------------------------

the company's share of the change in the fair values of the underlying items divided by the expected claims and expenses.

The systematic allocation shall result in the total amounts allocated to the loss component being equal to zero by the end of the coverage period of a group of contracts.

Any subsequent decreases in the fulfilment cash flows due to changes in the estimated future cash flows relating to future service as well as any subsequent increases in the company's share of the fair value of the underlying items do not result in a split between the liability for remaining coverage with a loss component and the liability for remaining coverage without a loss component. An allocation to the loss component shall only be made until that component has been reduced to zero.

## *Reinsurance contracts held*

For the measurement of the reinsurance cession, the general measurement model is applied, but with some modifications.

#### *Initial measurement*

210

ing balance adjusted for:

recognition);

financial risk;

in the period; and

relate to future service.

service margin is changed.

model.

service;

calculated at the end of the financial year from the open-

the end of the financial year from the opening balance ad-

 the changes in the fulfilment cash flows relating to future service unless the increase in the fulfilment cash flows would exceed the carrying amount of the contractual service margin and therefore a loss component would have

 the effect of any currency exchange differences; and the amount recognised as insurance revenue because of

The components to be considered in determining the changes in the fulfilment cash flows related to future service are the same as in the general measurement model, but are measured using current discount rates, and also include the change in the effect of the time value of money and financial risks not arising from the underlying items.

After a loss has been recognised on onerous insurance contracts and a loss component of the liability for remaining coverage has been established, subsequent changes in fulfilment cash flows must be allocated on a systematic basis between the loss component of the liability for remaining coverage and the liability for remaining coverage, ex-

Changes in the fulfilment cash flows to be taken into ac-

 estimates of the present value of future cash flows for claims and expenses released from the liability for remaining coverage because of incurred insurance service

 changes in the risk adjustment for non-financial risk recognised in profit or loss because of the release from risk;

The systematic allocation is calculated as the share of the loss component divided by the present value of future cash outflows plus the risk adjustment for non-financial risk. In addition, the variable fee approach takes into account

count in the systematic allocation include:

insurance finance income or expenses.

the transfer of insurance contract services.

 the contractual service margin of any new contracts; the change in the amount of UNIQA's share of the fair value of the underlying items unless the decrease in the amount of the company's share exceeds the carrying amount of the contractual service margin and a loss component would therefore have to be recognised or ad-

justed for:

justed;

*Loss component*

expenses;

and

cluding the loss component.

to be recognised or adjusted;

 the contractual service margin of any new contracts; the interest accreted on the carrying amount of the contractual service margin during the reporting period (applying the discount rate determined at the date of initial

the changes in fulfilment cash flows relating to future

 the effect of any currency exchange differences; and the amount recognised as insurance revenue because of

The aforementioned changes in fulfilment cash flows that

 experience adjustments arising from premiums received in the period that relate to future service, and related cash flows (such as insurance acquisition cash flows); changes in estimates of the present value of the future cash flows in the liability for remaining coverage, except for the effect of the time value of money and the effect of

 differences between any investment component in life insurance expected to become payable in the period and the actual investment component that becomes payable

changes in the risk adjustment for non-financial risk that

Because a change in discretionary cash flows is considered as a future service, the carrying amount of the contractual

For insurance contracts measured using the variable fee approach, there are differences in the adjustment of the contractual service margin with regard to subsequent measurement compared to the general measurement

A contract with direct participation features exists if UNIQA has the obligation to pay the policyholder an amount equal to the fair value of the underlying items as well as a variable fee that is retained in exchange for the future service provided by the insurance contract. The variable fee comprises the share to which UNIQA is enti-

tled depending on the varying underlying items.

The contractual service margin of a group of contracts measured using the variable fee approach is calculated at

the transfer of insurance contract services.

relate to future service include:

The present value of estimated future cash flows for the group of reinsurance contracts held is measured using assumptions consistent with those of the underlying insurance contracts. In addition, the reinsurer's default risk, including the effects of collateral and losses from disputes, is taken into account. The default risk is measured at every reporting date and any changes are recognised in profit or loss.

An amount corresponding to the amount of risk being transferred to the reinsurer is recognised as the risk adjustment for non-financial risk.

The requirements related to determining the contractual service margin on initial recognition are modified to reflect the fact that for a group of reinsurance contracts held there is no unearned profit but instead a net cost or net gain on purchasing the reinsurance.

On initial recognition, the contractual service margin therefore represents any net cost or net gain, measured as follows:

- the fulfilment cash flows;
- the amount derecognised at that date of any asset or liability previously recognised;

 any cash flows arising at the date of initial recognition; and

CONSOLIDATED FINANCIAL STATEMENTS 211

- any income from the recognition of a loss-recovery component.
- However, if the net cost relates to events that occurred before the purchase of the group of reinsurance contracts held, this cost is recognised immediately in profit or loss as an expense.

## *Subsequent measurement*

The carrying amount of the contractual service margin at the end of the reporting period is measured as the carrying amount determined at the start of the reporting period, adjusted for:

- the effect of any new contracts added to the group;
- interest accreted on the carrying amount of the contractual service margin, measured at historical interest rates;
- recognition of revenue from the coverage of onerous primary insurance contracts (loss-recovery component);
- reversals of a loss-recovery component to the extent those reversals are not changes in the fulfilment cash flows of the group of reinsurance contracts held;
- changes in the fulfilment cash flows, measured at the discount rates applicable at initial recognition, to the extent that the change relates to future service unless the change results from a change in the fulfilment cash flows from onerous primary insurance contracts;
- the effect of any currency exchange differences arising on the contractual service margin; and
- reversal through profit or loss of the contractual service margin because of services received in the period.

A loss-recovery component can only be recognised if the reinsurance contract held is concluded at the same time as or before the recognition of the underlying onerous insurance contracts. The amount for the loss-recovery component, which adjusts the contractual service margin and is recognised in profit or loss, is determined as follows:

Multiplying the reported profit or loss from the underlying insurance contracts by the percentage of claims on the underlying insurance contracts that are expected to be reimbursed by the reinsurer.

{147}------------------------------------------------

## Contracts measured using the premium allocation approach

The measurement is carried out using the premium allocation approach if the following criteria are met:

- if the coverage period of each contract in the group is one year or less (taking the specific contract boundaries into account); or
- if it can be expected that the measurement of the liability for remaining coverage would not differ materially from the one that would be produced applying the general measurement model. This criterion is not met if at the inception of the group significant variability in the fulfilment cash flows is expected that would affect the measurement of the liability for remaining coverage during the period before a claim is incurred.

These criteria are predominantly applicable in the area of property and casualty insurance. If the criteria are not met, the general measurement model is used.

For contracts with an average term of one to three years, the premium allocation approach is applied. This approach was developed through sensitivity analyses by comparing the amount of the liability for remaining coverage calculated using the general measurement model and the premium allocation approach.

For contracts with an average term of more than three years, an estimate must be made regarding the stability of the liability for remaining coverage. This estimate is made using a calculation model in which non-financial assumptions (risk adjustment for non-financial risk, cost, loss ratio and lapse rate) and financial assumptions (interest rate) are stressed after one year. The difference of the liability for remaining coverage in each stressed scenario as well as the basic scenario is compared to a defined threshold.

All reinsurance contracts in property and casualty insurance are measured using the premium allocation approach, for the following reasons:

- The majority of reinsurance contracts are based on claim years with a duration of one year; and
- for contracts based on the underwriting year, a concept was created that addresses the contract term and the variability of the fulfilment cash flows. All contracts have an average term of up to three years.

In health insurance, there are only one-year reinsurance contracts, which is why measurement using the premium allocation approach is permissible.

The reinsurance contracts in life insurance are measured using the premium allocation approach if the contracts have a contract boundary of up to one year and the coverage period is also a maximum of one year.

For the initial recognition of insurance and reinsurance contracts measured using the premium allocation approach, the carrying amount of the liability for remaining coverage corresponds to the premiums received minus the insurance acquisition cash flows.

In subsequent measurement of insurance and reinsurance contracts measured using the premium allocation approach, the carrying amount of the liability for remaining coverage is increased by the premiums received in the period plus any amounts relating to the amortisation of insurance acquisition cash flows. The carrying amount is reduced by the amount recognised as insurance revenue for services provided in the reporting period and for insurance acquisition cash flows in the reporting period. Discounting of the liability for remaining coverage is not carried out, as the contracts do not have a significant financing component.

The liability for remaining coverage is increased through profit or loss if it is determined during the coverage period that a group of contracts is onerous. The loss to be recognised is calculated as the difference between the carrying amount of the liability for remaining coverage determined using the premium allocation approach and the (discounted) fulfilment cash flows that relate to remaining coverage determined using the general measurement approach.

The liability for incurred claims is measured using the fulfilment cash flows relating to claims incurred. The estimates of future cash flows are discounted.

{148}------------------------------------------------

## *Reinsurance contracts held*

212

approach

account); or

Contracts measured using the premium allocation

tion approach if the following criteria are met:

the period before a claim is incurred.

the premium allocation approach.

proach, for the following reasons:

years with a duration of one year; and

average term of up to three years.

old.

met, the general measurement model is used.

The measurement is carried out using the premium alloca-

In health insurance, there are only one-year reinsurance contracts, which is why measurement using the premium

The reinsurance contracts in life insurance are measured using the premium allocation approach if the contracts have a contract boundary of up to one year and the cover-

For the initial recognition of insurance and reinsurance contracts measured using the premium allocation approach, the carrying amount of the liability for remaining coverage corresponds to the premiums received minus the

In subsequent measurement of insurance and reinsurance contracts measured using the premium allocation approach, the carrying amount of the liability for remaining coverage is increased by the premiums received in the period plus any amounts relating to the amortisation of insurance acquisition cash flows. The carrying amount is reduced by the amount recognised as insurance revenue for services provided in the reporting period and for insurance acquisition cash flows in the reporting period. Discounting of the liability for remaining coverage is not carried out, as the contracts do not have a significant financ-

The liability for remaining coverage is increased through profit or loss if it is determined during the coverage period that a group of contracts is onerous. The loss to be recognised is calculated as the difference between the carrying amount of the liability for remaining coverage determined using the premium allocation approach and the (discounted) fulfilment cash flows that relate to remaining coverage determined using the general measurement ap-

The liability for incurred claims is measured using the fulfilment cash flows relating to claims incurred. The esti-

mates of future cash flows are discounted.

allocation approach is permissible.

insurance acquisition cash flows.

ing component.

proach.

age period is also a maximum of one year.

 if the coverage period of each contract in the group is one year or less (taking the specific contract boundaries into

 if it can be expected that the measurement of the liability for remaining coverage would not differ materially from the one that would be produced applying the general measurement model. This criterion is not met if at the inception of the group significant variability in the fulfilment cash flows is expected that would affect the measurement of the liability for remaining coverage during

These criteria are predominantly applicable in the area of property and casualty insurance. If the criteria are not

For contracts with an average term of one to three years, the premium allocation approach is applied. This approach was developed through sensitivity analyses by comparing the amount of the liability for remaining coverage calculated using the general measurement model and

For contracts with an average term of more than three years, an estimate must be made regarding the stability of the liability for remaining coverage. This estimate is made using a calculation model in which non-financial assumptions (risk adjustment for non-financial risk, cost, loss ratio and lapse rate) and financial assumptions (interest rate) are stressed after one year. The difference of the liability for remaining coverage in each stressed scenario as well as the basic scenario is compared to a defined thresh-

All reinsurance contracts in property and casualty insurance are measured using the premium allocation ap-

The majority of reinsurance contracts are based on claim

 for contracts based on the underwriting year, a concept was created that addresses the contract term and the variability of the fulfilment cash flows. All contracts have an

In principle, the same accounting methods are used for the measurement of reinsurance contracts as for primary insurance contracts.

Where groups of onerous primary insurance contracts are covered by a reinsurance cession, a loss-recovery component is established and the carrying amount of the liability for remaining coverage from reinsurance is adjusted.

### Derecognition of insurance contracts

Insurance contracts are derecognised when the obligation specified in the insurance contract expires or is discharged or cancelled. Derecognition also occurs in the event of modifications to the contract in the following cases:

- The modified contract terms would have meant that at initial recognition
	- the modified contract would not have fallen within the scope of IFRS 17;
	- various components would have had to be separated from the host insurance contract, resulting in a different insurance contract;
	- the modified contract would have had a substantially different contract boundary; or
	- the modified contract would have been included in a different group of contracts.
- There is a change in the contract category with or without direct participation features.
- Due to the contract modifications, the criteria for applying the premium allocation approach are no longer met.

For contract modifications that do not result in derecognition, the changes in cash flows are treated as changes in estimated fulfilment cash flows. Exercising a right included in the terms of a contract is not a modification.

## Disclosure

CONSOLIDATED FINANCIAL STATEMENTS 213

Disclosures in the consolidated balance sheet are made at portfolio level. The carrying amounts of the portfolios, depending on whether they represent an asset or a liability, are added up and accordingly disclosed separately. These disclosure criteria must also be applied to the reinsurance contracts held, which must also be reported separately from primary insurance. The respective carrying amounts of inward reinsurance are included in the primary insurance.

The amounts presented in consolidated profit or loss and in other comprehensive income are to be disaggregated into an insurance service result, comprising insurance revenue and insurance service expenses, and insurance finance income or expenses. Investment components may not be presented in insurance revenue or insurance service expenses.

The balances of reinsurance held are also recognised in profit or loss and in other comprehensive income separately from the primary insurance amounts. In contrast to primary insurance, there is an option to report the insurance service result for the reinsurance as a single amount. UNIQA makes use of this option.

All the changes in the risk adjustment of non-financial risk can be shown in the insurance service result. Disaggregation of the changes into an insurance service result and insurance finance income or expenses is not required. UNIQA makes use of this option.

{149}------------------------------------------------

## Insurance revenue: contracts that are not measured using the premium allocation approach

Insurance revenue represents the amount of consideration for the provision of services under insurance contracts and constitutes the change in the liability for remaining coverage. The expected consideration must cover the following items:

- The claims expected for the reporting period at the beginning of the year and expenses allocated to the contracts. Amounts allocated to the loss component of the liability for remaining coverage, repayments of investment components, insurance acquisition cash flows and transaction-based taxes collected on behalf of third parties (e.g. insurance tax) are excluded from this.
- Change in the risk adjustment for non-financial risk. This does not include changes that relate to future service (adjustments to the carrying amount of the contractual service margin) or amounts allocated to the loss component of the liability for remaining coverage.
- Amount of the contractual service margin recognised in profit or loss for the services provided in the period.
- Experience adjustments for premium receipts that relate to current and past service.
- The portion of the premium that relates to recovering insurance acquisition cash flows. The allocation is carried out pro rata temporis to the reporting period to be allocated. Assuming that insurance contracts are priced in such a way that the insurance acquisition cash flows are earned back, the same amount is also recognised as an insurance service expense.

## Insurance revenue: contracts measured using the premium allocation approach

With the premium allocation approach, the insurance revenue of a period corresponds to the amount of the expected premium receipts in that period. To allocate the service provided under the insurance contract to the current period, the expected premium receipts are allocated on the basis of the passage of time.

#### Insurance service expenses

Insurance service expenses are recognised in profit or loss as soon as they are incurred and include:

- incurred claims and other incurred insurance service expenses
- amortisation of insurance acquisition cash flows
- loss components as well as reversals of these loss components
- adjustments to the liability for incurred claims (except those adjustments arising from discounting)
- Insurance service expenses shall not include any investment components.

#### Insurance service result from reinsurance held

The insurance service result includes the amounts reimbursed by the reinsurer, the premiums allocated to the period, and any gains or losses from the change in the lossrecovery component.

#### Insurance finance income or expenses

Changes in the carrying amount resulting from the effect of changes in the time value of money and financial risk must be reported under insurance finance income or expenses.

Insurance finance income or expenses also includes changes in the underlying items.

For both the general measurement model and the variable fee approach, the OCI option in accordance with IFRS 17.88(b) is applied where the respective allocated financial instruments on the asset side are also measured through other comprehensive income. This option is exercised at the level of the portfolio of insurance contracts. The amounts not recognised in other comprehensive income are determined by a systematic allocation over the duration of the group of insurance contracts and recognised in profit or loss.

{150}------------------------------------------------

For contracts measured using the general measurement model as well as the premium allocation approach, the discount rate determined at initial recognition ("locked-in yield curve") is applied.

214

Insurance revenue: contracts that are not measured us-

Insurance service expenses

penses

nents

penses.

ment components.

recovery component.

as soon as they are incurred and include:

Insurance service expenses are recognised in profit or loss

incurred claims and other incurred insurance service ex-

loss components as well as reversals of these loss compo-

adjustments to the liability for incurred claims (except

Insurance service expenses shall not include any invest-

Changes in the carrying amount resulting from the effect of changes in the time value of money and financial risk must be reported under insurance finance income or ex-

Insurance finance income or expenses also includes

fee approach, the OCI option in accordance with

For both the general measurement model and the variable

IFRS 17.88(b) is applied where the respective allocated financial instruments on the asset side are also measured through other comprehensive income. This option is exercised at the level of the portfolio of insurance contracts. The amounts not recognised in other comprehensive income are determined by a systematic allocation over the duration of the group of insurance contracts and recog-

amortisation of insurance acquisition cash flows

those adjustments arising from discounting)

Insurance service result from reinsurance held The insurance service result includes the amounts reimbursed by the reinsurer, the premiums allocated to the period, and any gains or losses from the change in the loss-

Insurance finance income or expenses

changes in the underlying items.

nised in profit or loss.

Insurance revenue represents the amount of consideration for the provision of services under insurance contracts and constitutes the change in the liability for remaining coverage. The expected consideration must cover

 The claims expected for the reporting period at the beginning of the year and expenses allocated to the contracts. Amounts allocated to the loss component of the liability for remaining coverage, repayments of investment components, insurance acquisition cash flows and transaction-based taxes collected on behalf of third par-

ties (e.g. insurance tax) are excluded from this. Change in the risk adjustment for non-financial risk. This does not include changes that relate to future service (adjustments to the carrying amount of the contractual service margin) or amounts allocated to the loss component of the liability for remaining coverage. Amount of the contractual service margin recognised in profit or loss for the services provided in the period. Experience adjustments for premium receipts that relate

 The portion of the premium that relates to recovering insurance acquisition cash flows. The allocation is carried out pro rata temporis to the reporting period to be allocated. Assuming that insurance contracts are priced in such a way that the insurance acquisition cash flows are earned back, the same amount is also recognised as an in-

Insurance revenue: contracts measured using the pre-

With the premium allocation approach, the insurance revenue of a period corresponds to the amount of the expected premium receipts in that period. To allocate the service provided under the insurance contract to the current period, the expected premium receipts are allocated

to current and past service.

surance service expense.

mium allocation approach

on the basis of the passage of time.

ing the premium allocation approach

the following items:

For contracts measured using the general measurement model and for which changes in the assumptions related to financial risks have a substantial effect on the amounts paid to policyholders, the allocation is made on the basis of a constant rate over the remaining duration of the group of contracts.

For contracts measured using the variable fee approach, the amounts recognised in in profit or loss correspond to the amount recognised in profit or loss for the underlying items.

The tables below show the changes in net assets and liabilities from insurance contracts. After the presentation of the change in the liability for remaining coverage and the provision for unsettled claims from primary insurance and reinsurance, the change in the measurement components of contracts that are not measured using the premium allocation approach is presented for primary insurance and reinsurance contracts.

CONSOLIDATED FINANCIAL STATEMENTS 215

The shares of profit/(loss) attributable to the discontinued operations are included in the tables below to enable a reconciliation with the level as at 31 December 2022. A reconciliation to consolidated profit/(loss) is not possible on an item-by-item basis because the shares attributable to the discontinued operations are not included in consolidated profit/(loss) for the comparative period in accordance with the provisions of IFRS 5.

{151}------------------------------------------------

#### Analysis of remaining coverage and incurred claims

#### Property and casualty insurance

|                                                                                               | Liabilities for remaining coverage |                   | Liabilities for incurred claims |                                                                                         |                     | Total      |
|-----------------------------------------------------------------------------------------------|------------------------------------|-------------------|---------------------------------|-----------------------------------------------------------------------------------------|---------------------|------------|
|                                                                                               |                                    |                   | Contracts not<br>under PAA      |                                                                                         | Contracts under PAA |            |
| In € thousand                                                                                 | Excluding loss<br>component        | Loss<br>component |                                 | Estimates of Risk adjustment<br>present value of for non-financial<br>future cash flows |                     |            |
| At 1 January 2023                                                                             | 782,842                            | 24,508            | 672,998                         | 2,379,269                                                                               | 63,153              | 3,922,770  |
| Opening assets                                                                                | -41,360                            | 0                 | 0                               | 10,855                                                                                  | 607                 | -29,898    |
| Opening liabilities                                                                           | 824,203                            | 24,508            | 672,998                         | 2,368,414                                                                               | 62,546              | 3,952,668  |
| Changes in profit or loss and OCI                                                             |                                    |                   |                                 |                                                                                         |                     |            |
| Insurance revenue                                                                             |                                    |                   |                                 |                                                                                         |                     |            |
| Contracts under full retrospective approach                                                   | -385,657                           |                   |                                 |                                                                                         |                     | -385,657   |
| Contracts under the modified<br>retrospective approach                                        | -18,397                            |                   |                                 |                                                                                         |                     | -18,397    |
| Contracts under the fair value approach                                                       | -84,733                            |                   |                                 |                                                                                         |                     | -84,733    |
| Other contracts                                                                               | -3,517,480                         |                   |                                 |                                                                                         |                     | -3,517,480 |
|                                                                                               | -4,006,268                         |                   |                                 |                                                                                         |                     | -4,006,268 |
| Insurance service expenses                                                                    |                                    |                   |                                 |                                                                                         |                     |            |
| Incurred claims and other insurance service<br>expenses                                       | 724,970                            | -18,950           | 267,799                         | 2,304,171                                                                               | 30,887              | 3,308,877  |
| Amortisation of insurance acquisition cash flows                                              | 427,421                            | 0                 | 0                               | 0                                                                                       | 0                   | 427,421    |
| Changes that relate to future service<br>(losses and reversal of losses on onerous contracts) | 0                                  | 24,102            | 0                               | 0                                                                                       | 0                   | 24,102     |
| Changes that relate to past service<br>(adjustments to liabilities for incurred claims)       | 0                                  | 0                 | -26,102                         | -133,825                                                                                | -19,707             | -179,634   |
|                                                                                               | 1,152,390                          | 5,151             | 241,697                         | 2,170,346                                                                               | 11,180              | 3,580,765  |
| Insurance service result                                                                      | -2,853,877                         | 5,151             | 241,697                         | 2,170,346                                                                               | 11,180              | -425,503   |
| Finance result from insurance contracts                                                       | 20,927                             | 696               | 16,969                          | 156,799                                                                                 | 0                   | 195,391    |
| Effects of changes in foreign exchange rates                                                  | 3,227                              | -10               | 829                             | 58,437                                                                                  | 2,249               | 64,733     |
| Total                                                                                         | -2,829,723                         | 5,837             | 259,495                         | 2,385,582                                                                               | 13,430              | -165,380   |
| Cash flows                                                                                    |                                    |                   |                                 |                                                                                         |                     |            |
| Premiums received                                                                             | 4,145,486                          | 0                 | 0                               | 0                                                                                       | 0                   | 4,145,486  |
| Claims and other insurance service expenses paid,<br>including investment components          | -751,331                           | 1                 | -167,994                        | -2,093,537                                                                              | 0                   | -3,012,861 |
| Insurance acquisition cash flows                                                              | -506,620                           | 0                 | 0                               | 0                                                                                       | 0                   | -506,620   |
| Total                                                                                         | 2,887,535                          | 1                 | -167,994                        | -2,093,537                                                                              | 0                   | 626,005    |
| Reclassification as assets and liabilities in<br>disposal groups held for sale                | 18                                 | 0                 | 0                               | -143                                                                                    | 0                   | -125       |
| At 31 December 2023                                                                           | 840,672                            | 30,346            | 764,498                         | 2,671,171                                                                               | 76,583              | 4,383,270  |
| Closing assets                                                                                | -4,341                             | 0                 | 0                               | 1,217                                                                                   | 16                  | -3,109     |
| Closing liabilities                                                                           | 845,013                            | 30,346            | 764,498                         | 2,669,955                                                                               | 76,567              | 4,386,379  |

{152}------------------------------------------------

## 2022 Property and casualty insurance

216

In € thousand

Insurance revenue

Analysis of remaining coverage and incurred claims

2023 Liabilities for remaining coverage Liabilities for incurred claims Total

At 1 January 2023 782,842 24,508 672,998 2,379,269 63,153 3,922,770 Opening assets – 41,360 0 0 10,855 607 – 29,898 Opening liabilities 824,203 24,508 672,998 2,368,414 62,546 3,952,668

Contracts under full retrospective approach – 385,657 – 385,657

retrospective approach – 18,397 – 18,397 Contracts under the fair value approach – 84,733 – 84,733 Other contracts – 3,517,480 – 3,517,480

expenses 724,970 – 18,950 267,799 2,304,171 30,887 3,308,877 Amortisation of insurance acquisition cash flows 427,421 0 0 0 0 427,421

(losses and reversal of losses on onerous contracts) 0 24,102 0 0 0 24,102

(adjustments to liabilities for incurred claims) 0 0 – 26,102 – 133,825 – 19,707 – 179,634

Insurance service result – 2,853,877 5,151 241,697 2,170,346 11,180 – 425,503 Finance result from insurance contracts 20,927 696 16,969 156,799 0 195,391 Effects of changes in foreign exchange rates 3,227 – 10 829 58,437 2,249 64,733 Total – 2,829,723 5,837 259,495 2,385,582 13,430 – 165,380

Premiums received 4,145,486 0 0 0 0 4,145,486

including investment components – 751,331 1 – 167,994 – 2,093,537 0 – 3,012,861 Insurance acquisition cash flows – 506,620 0 0 0 0 – 506,620 Total 2,887,535 1 – 167,994 – 2,093,537 0 626,005

disposal groups held for sale 18 0 0 – 143 0 – 125 At 31 December 2023 840,672 30,346 764,498 2,671,171 76,583 4,383,270 Closing assets – 4,341 0 0 1,217 16 – 3,109 Closing liabilities 845,013 30,346 764,498 2,669,955 76,567 4,386,379

Loss component

Excluding loss component

Contracts not

under PAA Contracts under PAA

Estimates of present value of future cash flows

– 4,006,268 – 4,006,268

1,152,390 5,151 241,697 2,170,346 11,180 3,580,765

Risk adjustment for non-financial

risk

Property and casualty insurance

Changes in profit or loss and OCI

Contracts under the modified

Insurance service expenses

Incurred claims and other insurance service

Claims and other insurance service expenses paid,

Reclassification as assets and liabilities in

Changes that relate to future service

Changes that relate to past service

Cash flows

Liabilities for remaining coverage Liabilities for incurred claims Total

Liabilities for incu

CONSOLIDATED FINANCIAL STATEMENTS 217

ed claims To

|                                                                                               |                                    |                   | Contracts not<br>under PAA      |                                                                                                 | Contracts under PAA                                                                             |            |
|-----------------------------------------------------------------------------------------------|------------------------------------|-------------------|---------------------------------|-------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------|------------|
| In € thousand                                                                                 | Excluding loss<br>component        | Loss<br>component |                                 | Estimates of Risk adjustment<br>present value of for non-financial<br>future cash flows         |                                                                                                 | risk       |
| At 1 January 2022                                                                             | 458,894                            | 15,818            | 801,192                         | 2,397,046                                                                                       | 58,973                                                                                          | 3,731,922  |
| Opening assets                                                                                | -162                               | 0                 | 0                               | 114                                                                                             | 1                                                                                               | -47        |
| Opening liabilities                                                                           | 459,056                            | 15,818            | 801,192                         | 2,396,932                                                                                       | 58,972                                                                                          | 3,731,969  |
| Changes in profit or loss and OCI                                                             |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Insurance revenue                                                                             |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Contracts under full retrospective approach                                                   | -1,503,977                         |                   |                                 |                                                                                                 |                                                                                                 | -1,503,977 |
| Contracts under the modified                                                                  |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| retrospective approach                                                                        | -22,984                            |                   |                                 |                                                                                                 |                                                                                                 | -22,984    |
| Contracts under the fair value approach                                                       | -258,485                           |                   |                                 |                                                                                                 |                                                                                                 | -258,485   |
| Other contracts                                                                               | -1,765,520                         |                   |                                 |                                                                                                 |                                                                                                 | -1,765,520 |
|                                                                                               | -3,550,966                         |                   |                                 |                                                                                                 |                                                                                                 | -3,550,966 |
| Insurance service expenses                                                                    |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Incurred claims and other insurance service                                                   |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| expenses                                                                                      | 632,577                            | -13,761           | 219,012                         | 2,106,564                                                                                       | 24,268                                                                                          | 2,968,661  |
| Amortisation of insurance acquisition cash flows                                              | 416,028                            | 0                 | 0                               | 0                                                                                               | 0                                                                                               | 416,028    |
| Changes that relate to future service<br>(losses and reversal of losses on onerous contracts) |                                    | 21,781            |                                 |                                                                                                 |                                                                                                 | 21,781     |
| Changes that relate to past service                                                           |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| (adjustments to liabilities for incurred claims)                                              | 87                                 |                   | -34,587                         | -96,404                                                                                         | -19,600                                                                                         | -150,504   |
|                                                                                               | 1,048,693                          | 8,020             | 184,425                         | 2,010,160                                                                                       | 4,668                                                                                           | 3,255,966  |
| Insurance service result                                                                      | -2,502,274                         | 8,020             | 184,425                         | 2,010,160                                                                                       | 4,668                                                                                           | -295,001   |
| Finance result from insurance contracts                                                       | -24,850                            | 618               | -109,354                        | -174,468                                                                                        | 0                                                                                               | -308,053   |
| Effects of changes in foreign exchange rates                                                  | -6,276                             | 52                | -3,341                          | -9,063                                                                                          | -488                                                                                            | -19,115    |
| Total                                                                                         | -2,533,400                         | 8,690             | 71,731                          | 1,826,629                                                                                       | 4,180                                                                                           | -622,169   |
| Cash flows                                                                                    |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Premiums received                                                                             | 3,809,626                          | 0                 | 0                               | 0                                                                                               | 0                                                                                               | 3,809,626  |
| Claims and other insurance service expenses paid,<br>including investment components          | -632,472                           | 0                 | -199,925                        | -1,844,406                                                                                      | 0                                                                                               | -2,676,804 |
| Insurance acquisition cash flows                                                              | -319,806                           | 0                 | 0                               | 0                                                                                               | 0                                                                                               | -319,806   |
| Total                                                                                         | 2,857,348                          | 0                 | -199,925                        | -1,844,406                                                                                      | 0                                                                                               | 813,017    |
| Reclassification as assets and liabilities in<br>disposal groups held for sale                | 0                                  | 0                 | 0                               | 0                                                                                               | 0                                                                                               | 0          |
| At 31 December 2022                                                                           | 782,843                            | 24,508            | 672,998                         | 2,379,269                                                                                       | 63,153                                                                                          | 3,922,770  |
| Closing assets                                                                                | -41,360                            | 0                 | 0                               | 10,855                                                                                          | 607                                                                                             | -29,898    |
| Closing liabilities                                                                           | 824,203                            | 24,508            | 672,998                         | 2,368,414                                                                                       | 62,546                                                                                          | 3,952,668  |
| Health insurance<br>2023                                                                      | Liabilities for remaining coverage |                   | Liabilities for incurred claims |                                                                                                 |                                                                                                 | Total      |
|                                                                                               |                                    |                   | Contracts not<br>under PAA      |                                                                                                 | Contracts under PAA                                                                             |            |
| In € thousand                                                                                 | Excluding loss<br>component        | Loss<br>component |                                 | Estimates of Risk adjustment<br>present value of for non-financial<br>future cash flows<br>risk |                                                                                                 |            |
| At 1 January 2023                                                                             | 2,988,502                          | 591               | 302,175                         | 24,990                                                                                          | 402                                                                                             | 3,316,659  |
| Opening assets                                                                                | -1,214                             | 0                 | 0                               | 387                                                                                             | 11                                                                                              | -816       |
| Opening liabilities                                                                           | 2,989,716                          | 591               | 302,175                         | 24,603                                                                                          | 390                                                                                             | 3,317,476  |
| Changes in profit or loss and OCI                                                             |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Insurance revenue                                                                             |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Contracts under full retrospective approach                                                   | -5,152                             |                   |                                 |                                                                                                 |                                                                                                 | -5,152     |
| Contracts under the modified<br>retrospective approach                                        | -1,496                             |                   |                                 |                                                                                                 |                                                                                                 | -1,496     |
| Contracts under the fair value approach                                                       | -1,090,882                         |                   |                                 |                                                                                                 |                                                                                                 | -1,090,882 |
| Other contracts                                                                               | -137,219                           |                   |                                 |                                                                                                 |                                                                                                 | -137,219   |
|                                                                                               | -1,234,749                         |                   |                                 |                                                                                                 |                                                                                                 | -1,234,749 |
| Insurance service expenses                                                                    |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Incurred claims and other insurance service<br>expenses                                       | 142,895                            | – 102             | 924,719                         | 81,230                                                                                          | 472                                                                                             | 1,149,214  |
| Amortisation of insurance acquisition cash flows                                              | 24,583                             | 0                 | 0                               | 0                                                                                               | 0                                                                                               | 24,583     |
| Changes that relate to future service<br>(losses and reversal of losses on onerous contracts) | 0                                  | – 184             | 0                               | 0                                                                                               | 0                                                                                               | – 184      |
| Changes that relate to past service<br>(adjustments to liabilities for incurred claims)       | 0                                  | 0                 | – 67,103                        | 4,075                                                                                           | – 334                                                                                           | -63,362    |
|                                                                                               | 167,478                            | – 286             | 857,617                         | 85,305                                                                                          | 139                                                                                             | 1,110,251  |
| Insurance service result                                                                      | – 1,067,272                        | – 286             | 857,617                         | 85,305                                                                                          | 139                                                                                             | -124,498   |
| Finance result from insurance contracts                                                       | 233,731                            | 4                 | 56                              | 910                                                                                             | 0                                                                                               | 234,702    |
| Effects of changes in foreign exchange rates                                                  | – 53                               | 0                 | 7                               | – 72                                                                                            | – 5                                                                                             | -124       |
| Total                                                                                         | – 833,594                          | – 283             | 857,680                         | 86,143                                                                                          | 134                                                                                             | 110,080    |
| Cash flows                                                                                    |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Premiums received                                                                             | 1,393,481                          | 0                 | 0                               | 0                                                                                               | 0                                                                                               | 1,393,481  |
| Claims and other insurance service expenses paid,<br>including investment components          | – 146,170                          | 0                 | – 877,917                       | – 78,266                                                                                        | 0                                                                                               | -1,102,353 |
| Insurance acquisition cash flows                                                              | – 74,809                           | 0                 | 0                               | 0                                                                                               | 0                                                                                               | – 74,809   |
| Total                                                                                         | 1,172,502                          | 0                 | – 877,917                       | – 78,266                                                                                        | 0                                                                                               | 216,319    |
| Reclassification as assets and liabilities in<br>disposal groups held for sale                | – 446                              | 0                 | 0                               | 0                                                                                               | 0                                                                                               | – 446      |
| At 31 December 2023                                                                           | 3,326,965                          | 308               | 281,937                         | 32,866                                                                                          | 535                                                                                             | 3,642,612  |
| Closing assets                                                                                | – 4,048                            | 0                 | 0                               | 1,144                                                                                           | 69                                                                                              | -2,830     |
| Closing liabilities                                                                           | 3,331,013                          | 308               | 281,937                         | 31,722                                                                                          | 466                                                                                             | 3,645,446  |
| Health insurance<br>2022                                                                      | Liabilities for remaining coverage |                   | Liabilities for incurred claims |                                                                                                 | Total                                                                                           |            |
|                                                                                               |                                    |                   | Contracts not<br>under PAA      | Contracts under PAA                                                                             |                                                                                                 |            |
| In € thousand                                                                                 | Excluding loss<br>component        | Loss<br>component |                                 | Estimates of Risk adjustment<br>present value of for non-financial<br>future cash flows<br>risk |                                                                                                 |            |
| At 1 January 2022                                                                             | 3,326,528                          | 57                | 284,009                         | 18,938 415                                                                                      | 3,629,947                                                                                       |            |
| Opening assets                                                                                | -46                                | 0                 | 0                               | 2 0                                                                                             | -44                                                                                             |            |
| Opening liabilities                                                                           | 3,326,574                          | 57                | 284,009                         | 18,936 415                                                                                      | 3,629,991                                                                                       |            |
| Changes in profit or loss and OCI                                                             |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Insurance revenue                                                                             |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Contracts under full retrospective approach                                                   | -37,656                            |                   |                                 |                                                                                                 | -37,656                                                                                         |            |
| Contracts under the modified<br>retrospective approach                                        | -11,170                            |                   |                                 |                                                                                                 | -11,170                                                                                         |            |
| Contracts under the fair value approach                                                       | -1,012,378                         |                   |                                 |                                                                                                 | -1,012,378                                                                                      |            |
| Other contracts                                                                               | -79,498                            |                   |                                 |                                                                                                 | -79,498                                                                                         |            |
|                                                                                               | -1,140,702                         |                   |                                 |                                                                                                 | -1,140,702                                                                                      |            |
| Insurance service expenses                                                                    |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Incurred claims and other insurance service<br>expenses                                       | 117,877                            | -252              | 869,042                         | 57,512 357                                                                                      | 1,044,537                                                                                       |            |
| Amortisation of insurance acquisition cash flows                                              | 24,467                             | 0                 | 0                               | 0 0                                                                                             | 24,467                                                                                          |            |
| Changes that relate to future service<br>(losses and reversal of losses on onerous contracts) | 0                                  | 774               | 0                               | 0 0                                                                                             | 774                                                                                             |            |
| Changes that relate to past service<br>(adjustments to liabilities for incurred claims)       | 0                                  | 0                 | -23,496                         | -6,019 -325                                                                                     | -29,840                                                                                         |            |
|                                                                                               | 142,343                            | 523               | 845,547                         | 51,493 32                                                                                       | 1,039,938                                                                                       |            |
| Insurance service result                                                                      | -998,359                           | 523               | 845,547                         | 51,493 32                                                                                       | -100,764                                                                                        |            |
| Finance result from insurance contracts                                                       | -450,447                           | 11                | 17                              | -17 0                                                                                           | -450,435                                                                                        |            |
| Effects of changes in foreign exchange rates                                                  | 1,616                              | 0                 | -25                             | -2,625 -45                                                                                      | -1,079                                                                                          |            |
| Total                                                                                         | -1,447,189                         | 534               | 845,540                         | 48,851 -13                                                                                      | -552,277                                                                                        |            |
| Cash flows                                                                                    |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Premiums received                                                                             | 1,244,141                          | 0                 | 0                               | 0 0                                                                                             | 1,244,141                                                                                       |            |
| Claims and other insurance service expenses paid,<br>including investment components          | -121,788                           | 0                 | -827,373                        | -42,800 0                                                                                       | -991,961                                                                                        |            |
| Insurance acquisition cash flows                                                              | -13,191                            | 0                 | 0                               | 0 0                                                                                             | -13,191                                                                                         |            |
| Total                                                                                         | 1,109,163                          | 0                 | -827,373                        | -42,800 0                                                                                       | 238,989                                                                                         |            |
| Reclassification as assets and liabilities in<br>disposal groups held for sale                | 0                                  | 0                 | 0                               | 0 0                                                                                             | 0                                                                                               |            |
| At 31 December 2022                                                                           | 2,988,502                          | 591               | 302,175                         | 24,990 402                                                                                      | 3,316,659                                                                                       |            |
| Closing assets                                                                                | -1,214                             | 0                 | 0                               | 387 11                                                                                          | -816                                                                                            |            |
| Closing liabilities                                                                           | 2,989,716                          | 591               | 302,175                         | 24,603 390                                                                                      | 3,317,475                                                                                       |            |
| Life insurance<br>2023                                                                        | Liabilities for remaining coverage |                   | Liabilities for incurred claims |                                                                                                 |                                                                                                 | Total      |
|                                                                                               |                                    |                   | Contracts not<br>under PAA      | Contracts under PAA                                                                             |                                                                                                 |            |
| In € thousand                                                                                 | Excluding loss<br>component        | Loss<br>component |                                 |                                                                                                 | Estimates of Risk adjustment<br>present value of for non-financial<br>future cash flows<br>risk |            |
| At 1 January 2023                                                                             | 13,780,604                         | 12,634            | 363,247                         | 2,454                                                                                           | 10                                                                                              | 14,158,945 |
| Opening assets                                                                                | -38,464                            | 0                 | 8,917                           | -1,158                                                                                          | 0                                                                                               | -30,705    |
| Opening liabilities                                                                           | 13,819,068                         | 12,634            | 354,329                         | 3,612                                                                                           | 10                                                                                              | 14,189,653 |
| Changes in profit or loss and OCI                                                             |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Insurance revenue                                                                             |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Contracts under the modified<br>retrospective approach                                        | -99,511                            | 0                 | 0                               |                                                                                                 |                                                                                                 | -99,511    |
| Contracts under the fair value approach                                                       | -384,487                           | 0                 | 0                               |                                                                                                 |                                                                                                 | -384,487   |
| Other contracts                                                                               | -269,090                           | -31               | 0                               |                                                                                                 |                                                                                                 | -269,121   |
|                                                                                               | -753,088                           | -31               | 0                               |                                                                                                 |                                                                                                 | -753,119   |
| Insurance service expenses                                                                    |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Incurred claims and other insurance service                                                   |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| expenses                                                                                      | 211,907                            | -2,954            | 251,013                         | 4,017                                                                                           | 2                                                                                               | 463,985    |
| Amortisation of insurance acquisition cash flows                                              | 77,502                             | -177              | 0                               | 0                                                                                               | 0                                                                                               | 77,325     |
| Changes that relate to future service<br>(losses and reversal of losses on onerous contracts) | 0                                  | -2,486            | 0                               | 1                                                                                               | 0                                                                                               | -2,485     |
| Changes that relate to past service                                                           |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| (adjustments to liabilities for incurred claims)                                              | 0                                  | 0                 | 59,924                          | 1,229                                                                                           | 0                                                                                               | 61,153     |
|                                                                                               | 289,409                            | -5,617            | 310,937                         | 5,247                                                                                           | 2                                                                                               | 599,978    |
| Investment components                                                                         | -1,164,762                         | 0                 | 1,164,762                       | 0                                                                                               | 0                                                                                               | 0          |
| Insurance service result                                                                      | -1,628,442                         | -5,648            | 1,475,699                       | 5,247                                                                                           | 2                                                                                               | -153,141   |
| Finance result from insurance contracts                                                       | 399,252                            | 235               | 759                             | 110                                                                                             | 0                                                                                               | 400,357    |
| Effects of changes in foreign exchange rates                                                  | 12,444                             | 298               | 3,392                           | 122                                                                                             | 0                                                                                               | 16,258     |
| Total                                                                                         | -1,216,746                         | -5,114            | 1,479,851                       | 5,480                                                                                           | 2                                                                                               | 263,473    |
| Cash flows                                                                                    |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Premiums received                                                                             | 1,558,731                          | 122               | 0                               | 0                                                                                               | 0                                                                                               | 1,558,852  |
| Claims and other insurance service expenses paid,<br>including investment components          | -340,804                           | 0                 | -1,441,891                      | -4,442                                                                                          | 0                                                                                               | -1,787,137 |
| Insurance acquisition cash flows                                                              | -146,230                           | 0                 | 0                               | 0                                                                                               | 0                                                                                               | -146,230   |
| Total                                                                                         | 1,071,697                          | 122               | -1,441,891                      | -4,442                                                                                          | 0                                                                                               | -374,514   |
| Reclassification as assets and liabilities in<br>disposal groups held for sale                | -240,967                           | -517              | -15,175                         | 0                                                                                               | 0                                                                                               | -256,658   |
| At 31 December 2023                                                                           | 13,394,589                         | 7,125             | 386,032                         | 3,492                                                                                           | 12                                                                                              | 13,791,250 |
| Closing assets                                                                                | -106,124                           | 3                 | 24,869                          | 95                                                                                              | 0                                                                                               | -81,158    |
| Closing liabilities                                                                           | 13,500,713                         | 7,122             | 361,163                         | 3,397                                                                                           | 12                                                                                              | 13,872,407 |
| Life insurance                                                                                | Liabilities for remaining coverage |                   | Liabilities for incurred claims |                                                                                                 |                                                                                                 | Total      |
| 2022                                                                                          |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
|                                                                                               |                                    |                   | Contracts not<br>under PAA      |                                                                                                 | Contracts under PAA                                                                             |            |
| In € thousand                                                                                 | Excluding loss<br>component        | Loss<br>component |                                 | Estimates of Risk adjustment<br>present value of for non-financial<br>future cash flows         |                                                                                                 |            |
|                                                                                               |                                    |                   |                                 |                                                                                                 | risk                                                                                            |            |
| At 1 January 2022                                                                             | 16,575,000                         | 5,773             | 331,499                         | 1,551                                                                                           | 13                                                                                              | 16,913,837 |
| Opening assets                                                                                | -83,453                            | 29                | 19,960                          | 0                                                                                               | 0                                                                                               | -63,465    |
| Opening liabilities                                                                           | 16,658,453                         | 5,745             | 311,540                         | 1,551                                                                                           | 13                                                                                              | 16,977,302 |
| Changes in profit or loss and OCI                                                             |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Insurance revenue                                                                             |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Contracts under the modified<br>retrospective approach                                        | -185,983                           | 0                 | 0                               |                                                                                                 |                                                                                                 | -185,983   |
| Contracts under the fair value approach                                                       | -353,604                           | 0                 | 0                               |                                                                                                 |                                                                                                 | -353,604   |
| Other contracts                                                                               | -166,633                           | 0                 | 0                               |                                                                                                 |                                                                                                 | -166,633   |
|                                                                                               | -706,220                           | 0                 | 0                               |                                                                                                 |                                                                                                 | -706,220   |
| Insurance service expenses                                                                    |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Incurred claims and other insurance service<br>expenses                                       | 253,296                            | -4,084            | 214,186                         | 2,742                                                                                           | 2                                                                                               | 466,142    |
| Amortisation of insurance acquisition cash flows                                              | 55,360                             | 0                 | 0                               | 0                                                                                               | 0                                                                                               | 55,360     |
| Changes that relate to future service<br>(losses and reversal of losses on onerous contracts) | 0                                  | 10,852            | 0                               | 0                                                                                               | 0                                                                                               | 10,852     |
| Changes that relate to past service<br>(adjustments to liabilities for incurred claims)       | 1,258                              | 0                 | -63,212                         | 713                                                                                             | -4                                                                                              | -61,245    |
|                                                                                               | 309,914                            | 6,768             | 150,974                         | 3,456                                                                                           | -2                                                                                              | 471,110    |
| Investment components                                                                         | -1,960,677                         | 0                 | 1,960,677                       | 0                                                                                               | 0                                                                                               | 0          |
| Insurance service result                                                                      | -2,356,983                         | 6,768             | 2,111,651                       | 3,456                                                                                           | -2                                                                                              | -235,110   |
| Finance result from insurance contracts                                                       | -1,886,060                         | 195               | 48,059                          | 16                                                                                              | 0                                                                                               | -1,837,790 |
| Effects of changes in foreign exchange rates                                                  | 8,247                              | -101              | -2,048                          | 892                                                                                             | -1                                                                                              | 6,989      |
| Total                                                                                         | -4,234,795                         | 6,861             | 2,157,663                       | 4,363                                                                                           | -3                                                                                              | -2,065,911 |
| Cash flows                                                                                    |                                    |                   |                                 |                                                                                                 |                                                                                                 |            |
| Premiums received                                                                             | 1,767,921                          | 0                 | 0                               | 0                                                                                               | 0                                                                                               | 1,767,921  |
| Claims and other insurance service expenses paid,<br>including investment components          | -198,005                           | 0                 | -2,125,916                      | -3,460                                                                                          | 0                                                                                               | -2,327,381 |
| Insurance acquisition cash flows                                                              | -129,517                           | 0                 | 0                               | 0                                                                                               | 0                                                                                               | -129,517   |
| Total                                                                                         | 1,440,399                          | 0                 | -2,125,916                      | -3,460                                                                                          | 0                                                                                               | -688,977   |
| Reclassification as assets and liabilities in<br>disposal groups held for sale                | 0                                  | 0                 | 0                               | 0                                                                                               | 0                                                                                               | 0          |
| At 31 December 2022                                                                           | 13,780,604                         | 12,634            | 363,247                         | 2,454                                                                                           | 10                                                                                              | 14,158,949 |
| Closing assets                                                                                | -38,464                            | 0                 | 8,917                           | -1,158                                                                                          | 0                                                                                               | -30,705    |
| Closing liabilities                                                                           | 13,819,068                         | 12,634            | 354,329                         | 3,612                                                                                           | 10                                                                                              | 14,189,653 |

{153}------------------------------------------------

{154}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 219

218

2023

Health insurance

Changes in profit or loss and OCI

Contracts under the modified

Insurance service expenses

Incurred claims and other insurance service

Claims and other insurance service expenses paid,

Reclassification as assets and liabilities in

Changes that relate to future service

Changes that relate to past service

Cash flows

Insurance revenue

In € thousand Excluding loss

component

Liabilities for remaining coverage Liabilities for incurred claims Total

– 1,234,749 – 1,234,749

167,478 – 286 857,617 85,305 139 1,110,251

Contracts under PAA

Risk adjustment for non-financial

risk

Estimates of present value of future cash flows

Contracts not under PAA

Loss component

At 1 January 2023 2,988,502 591 302,175 24,990 402 3,316,659 Opening assets – 1,214 0 0 387 11 – 816 Opening liabilities 2,989,716 591 302,175 24,603 390 3,317,475

Contracts under full retrospective approach – 5,152 – 5,152

retrospective approach – 1,496 – 1,496 Contracts under the fair value approach – 1,090,882 – 1,090,882 Other contracts – 137,219 – 137,219

expenses 142,895 – 102 924,719 81,230 472 1,149,214 Amortisation of insurance acquisition cash flows 24,583 0 0 0 0 24,583

(losses and reversal of losses on onerous contracts) 0 – 184 0 0 0 – 184

(adjustments to liabilities for incurred claims) 0 0 – 67,103 4,075 – 334 – 63,361

Insurance service result – 1,067,272 – 286 857,617 85,305 139 – 124,498 Finance result from insurance contracts 233,731 4 56 910 0 234,702 Effects of changes in foreign exchange rates – 53 0 7 – 72 – 5 – 124 Total – 833,594 – 283 857,680 86,143 134 110,080

Premiums received 1,393,481 0 0 0 0 1,393,481

including investment components – 146,170 0 – 877,917 – 78,266 0 – 1,102,354 Insurance acquisition cash flows – 74,809 0 0 0 0 – 74,809 Total 1,172,502 0 – 877,917 – 78,266 0 216,319

disposal groups held for sale – 446 0 0 0 0 – 446 At 31 December 2023 3,326,965 308 281,937 32,866 535 3,642,612 Closing assets – 4,048 0 0 1,144 69 – 2,834 Closing liabilities 3,331,013 308 281,937 31,722 466 3,645,446

{155}------------------------------------------------

{156}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 221

220

2023

Life insurance

Changes in profit or loss and OCI

Contracts under the modified

Insurance service expenses

Incurred claims and other insurance service

Claims and other insurance service expenses paid,

Reclassification as assets and liabilities in

Changes that relate to future service

Changes that relate to past service

Cash flows

Insurance revenue

In € thousand Excluding loss

component

Liabilities for remaining coverage Liabilities for incurred claims Total

– 753,088 – 31 0 – 753,119

289,409 – 5,617 310,937 5,247 2 599,978

Contracts under PAA

Risk adjustment for non-financial

risk

Estimates of present value of future cash flows

Contracts not under PAA

Loss component

At 1 January 2023 13,780,604 12,634 363,247 2,454 10 14,158,949 Opening assets – 38,464 0 8,917 – 1,158 0 – 30,705 Opening liabilities 13,819,068 12,634 354,329 3,612 10 14,189,653

retrospective approach – 99,511 0 0 – 99,511 Contracts under the fair value approach – 384,487 0 0 – 384,487 Other contracts – 269,090 – 31 0 – 269,121

expenses 211,907 – 2,954 251,013 4,017 2 463,985 Amortisation of insurance acquisition cash flows 77,502 – 177 0 0 0 77,325

(losses and reversal of losses on onerous contracts) 0 – 2,486 0 1 0 – 2,485

(adjustments to liabilities for incurred claims) 0 0 59,924 1,229 0 61,153

Investment components – 1,164,762 0 1,164,762 0 0 0 Insurance service result – 1,628,442 – 5,648 1,475,699 5,247 2 – 153,141 Finance result from insurance contracts 399,252 235 759 110 0 400,357 Effects of changes in foreign exchange rates 12,444 298 3,392 122 0 16,258 Total – 1,216,746 – 5,114 1,479,851 5,480 2 263,473

Premiums received 1,558,731 122 0 0 0 1,558,852

including investment components – 340,804 0 – 1,441,891 – 4,442 0 – 1,787,137 Insurance acquisition cash flows – 146,230 0 0 0 0 – 146,230 Total 1,071,697 122 – 1,441,891 – 4,442 0 – 374,514

disposal groups held for sale – 240,967 – 517 – 15,175 0 0 – 256,658 At 31 December 2023 13,394,589 7,125 386,032 3,492 12 13,791,250 Closing assets – 106,124 3 24,869 95 0 – 81,158 Closing liabilities 13,500,713 7,122 361,162 3,397 12 13,872,407

{157}------------------------------------------------

## Analysis of remaining coverage and incurred claims for reinsurance contracts

| Property and casualty insurance<br>2023                    |                                         | Asset for remaining coverage |   | Asset for incurred claims  |                                                                                         | Total    |  |
|------------------------------------------------------------|-----------------------------------------|------------------------------|---|----------------------------|-----------------------------------------------------------------------------------------|----------|--|
|                                                            |                                         |                              |   | Contracts not<br>under PAA | Contracts under PAA                                                                     |          |  |
| In € thousand                                              | Excluding loss<br>recovery<br>component | Loss-recovery<br>component   |   |                            | Estimates of Risk adjustment<br>present value of for non-financial<br>future cash flows | risk     |  |
| At 1 January 2023                                          |                                         |                              |   |                            |                                                                                         |          |  |
| Opening assets                                             | 116,907                                 | 1,302                        | 0 | 355,207                    | 12,145                                                                                  | 485,562  |  |
| Opening liabilities                                        | -24,098                                 | 0                            | 0 | 6,213                      | 376                                                                                     | -17,509  |  |
| Changes in profit or loss and OCI                          |                                         |                              |   |                            |                                                                                         |          |  |
| Result from reinsurance contracts                          | -222,398                                | 574                          | 0 | 83,999                     | 34                                                                                      | -137,791 |  |
| Effect of changes in non-performance risk of<br>reinsurers | 0                                       | 0                            | 0 | -245                       | 0                                                                                       | -245     |  |
| Finance result from reinsurance contracts                  | -23                                     | 1,287                        | 0 | 22,121                     | 0                                                                                       | 23,384   |  |
| Effects of changes in foreign exchange rates               | 1,655                                   | -280                         | 0 | 7,739                      | 376                                                                                     | 9,490    |  |
| Total                                                      | -220,766                                | 1,581                        | 0 | 113,615                    | 410                                                                                     | -105,161 |  |
| Cash flows                                                 |                                         |                              |   |                            |                                                                                         |          |  |
| Premiums paid                                              | 200,771                                 | 0                            | 0 | 0                          | 0                                                                                       | 200,771  |  |
| Claims and other insurance service expenses                |                                         |                              |   |                            |                                                                                         |          |  |
| recovered                                                  | 3,078                                   | 101                          | 0 | -116,914                   | 0                                                                                       | -113,735 |  |
| Total                                                      | 203,849                                 | 101                          | 0 | -116,914                   | 0                                                                                       | 87,036   |  |
| At 31 December 2023                                        |                                         |                              |   |                            |                                                                                         |          |  |
| Closing assets                                             | 116,743                                 | 2,983                        | 0 | 351,769                    | 12,547                                                                                  | 484,042  |  |
| Closing liabilities                                        | -16,753                                 | 0                            | 0 | 140                        | 8                                                                                       | -16,606  |  |

{158}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 223

## Property and casualty insurance 2022

222

2023

Cash flows

Property and casualty insurance

Changes in profit or loss and OCI

Effect of changes in non-performance risk of

Claims and other insurance service expenses

In € thousand Excluding loss

Analysis of remaining coverage and incurred claims for reinsurance contracts

recovery component

Loss-recovery component

At 1 January 2023 116,907 1,302 0 355,207 12,145 485,562 Opening assets 141,005 1,302 0 348,994 11,769 503,070 Opening liabilities – 24,098 0 0 6,213 376 – 17,509

Result from reinsurance contracts – 222,398 574 0 83,999 34 – 137,791

reinsurers 0 0 0 – 245 0 – 245 Finance result from reinsurance contracts – 23 1,287 0 22,121 0 23,384 Effects of changes in foreign exchange rates 1,655 – 280 0 7,739 376 9,490 Total – 220,766 1,581 0 113,615 410 – 105,161

Premiums paid 200,771 0 0 0 0 200,771

recovered 3,078 101 0 – 116,914 0 – 113,735 Total 203,849 101 0 – 116,914 0 87,036 At 31 December 2023 99,990 2,983 0 351,908 12,555 467,437 Closing assets 116,743 2,983 0 351,769 12,547 484,042 Closing liabilities – 16,753 0 0 140 8 – 16,606

Asset for remaining coverage Asset for incurred claims Total

Estimates of present value of future cash flows

Contracts under PAA

Risk adjustment for non-financial

risk

Contracts not under PAA

| Asset for remaining coverage | Asset for incurred claims | Total |
|------------------------------|---------------------------|-------|
|------------------------------|---------------------------|-------|

|                                                            | In € thousand | Excluding loss<br>recovery<br>component | Loss-recovery<br>component | Contracts not<br>under PAA | Contracts under PAA                                   |                                              |          |
|------------------------------------------------------------|---------------|-----------------------------------------|----------------------------|----------------------------|-------------------------------------------------------|----------------------------------------------|----------|
|                                                            |               |                                         |                            |                            | Estimates of<br>present value of<br>future cash flows | Risk adjustment<br>for non-financial<br>risk |          |
| At 1 January 2022                                          |               | -132,013                                | 0                          | 0                          | 375,713                                               | 11,736                                       | 255,437  |
| Opening assets                                             |               | -131,544                                | 0                          | 0                          | 375,699                                               | 11,736                                       | 255,891  |
| Opening liabilities                                        |               | -468                                    | 0                          | 0                          | 14                                                    | 0                                            | -454     |
| Changes in profit or loss and OCI                          |               |                                         |                            |                            |                                                       |                                              |          |
| Result from reinsurance contracts                          |               | -186,517                                | -1,024                     | 0                          | 149,388                                               | 639                                          | -37,514  |
| Effect of changes in non-performance risk of<br>reinsurers |               | 0                                       | 0                          | 0                          | -87                                                   | 0                                            | -87      |
| Finance result from reinsurance contracts                  |               | 0                                       | 372                        | 0                          | -26,682                                               | 0                                            | -26,309  |
| Effects of changes in foreign exchange rates               |               | 3,213                                   | 1,953                      | 0                          | -3,741                                                | -230                                         | 1,195    |
| Total                                                      |               | -183,304                                | 1,302                      | 0                          | 118,878                                               | 409                                          | -62,716  |
| Cash flows                                                 |               |                                         |                            |                            |                                                       |                                              |          |
| Premiums paid                                              |               | 433,469                                 | 0                          | 0                          | 0                                                     | 0                                            | 433,469  |
| Claims and other insurance service expenses<br>recovered   |               | -1,244                                  | 0                          | 0                          | -139,384                                              | 0                                            | -140,628 |
| Total                                                      |               | 432,225                                 | 0                          | 0                          | -139,384                                              | 0                                            | 292,841  |
| At 31 December 2022                                        |               | 116,908                                 | 1,302                      | 0                          | 355,207                                               | 12,145                                       | 485,562  |
| Closing assets                                             |               | 141,005                                 | 1,302                      | 0                          | 348,994                                               | 11,769                                       | 503,070  |
| Closing liabilities                                        |               | -24,098                                 | 0                          | 0                          | 6,213                                                 | 376                                          | -17,509  |

{159}------------------------------------------------

## Life insurance

#### Asset for remaining coverage Asset for incurred claims Total

t for incurred claims

| 2023 |
|------|
|      |

224

|                                                                                |                                         |                            | Contracts not<br>under PAA | Contracts under PAA                                                                     |      |          |
|--------------------------------------------------------------------------------|-----------------------------------------|----------------------------|----------------------------|-----------------------------------------------------------------------------------------|------|----------|
| In € thousand                                                                  | Excluding loss<br>recovery<br>component | Loss-recovery<br>component |                            | Estimates of Risk adjustment<br>present value of for non-financial<br>future cash flows | risk |          |
| At 1 January 2023                                                              |                                         |                            |                            |                                                                                         |      |          |
| Opening assets                                                                 | 10,350                                  | 0                          | 0                          | 237                                                                                     | 1    | 10,589   |
| Opening liabilities                                                            | – 27,111                                | 0                          | 98                         | 8,212                                                                                   | 0    | – 18,800 |
|                                                                                |                                         |                            |                            |                                                                                         |      |          |
| Result from reinsurance contracts                                              | – 30,597                                | 0                          | 263                        | 29,936                                                                                  | 0    | – 398    |
| Effect of changes in non-performance risk of<br>reinsurers                     | 1                                       | 0                          | 2                          | 52                                                                                      | 0    | 55       |
| Finance result from reinsurance contracts                                      | 128                                     | 0                          | 0                          | 95                                                                                      | 0    | 223      |
| Effects of changes in foreign exchange rates                                   | – 542                                   | 0                          | 9                          | 662                                                                                     | 0    | 129      |
| Total                                                                          | – 31,010                                | 0                          | 273                        | 30,745                                                                                  | 0    | 8        |
|                                                                                |                                         |                            |                            |                                                                                         |      |          |
| Premiums paid                                                                  | 41,562                                  | 0                          | 0                          | – 1                                                                                     | 0    | 41,562   |
| Claims and other insurance service expenses<br>recovered                       | – 166                                   | 0                          | – 316                      | – 28,869                                                                                | 0    | – 29,351 |
| Total                                                                          | 41,396                                  | 0                          | – 316                      | – 28,870                                                                                | 0    | 12,211   |
|                                                                                |                                         |                            |                            |                                                                                         |      |          |
| Reclassification as assets and liabilities in<br>disposal groups held for sale | 1,691                                   | 0                          | – 6                        | 0                                                                                       | 0    | 1,685    |
| At 31 December 2023                                                            |                                         |                            |                            |                                                                                         |      |          |
| Closing assets                                                                 | 2,513                                   | 0                          | 50                         | 6,973                                                                                   | 1    | 9,537    |
| Closing liabilities                                                            | – 7,196                                 | 0                          | 0                          | 3,352                                                                                   | 0    | – 3,845  |
| At 1 January 2023                                                              | -16,760                                 | 0                          | 98                         | 8,449                                                                                   | 1    | -8,211   |

{160}------------------------------------------------

Life insurance

| Asset for remaining coverage | Asset for incurred claims | Total |
|------------------------------|---------------------------|-------|
|------------------------------|---------------------------|-------|

CONSOLIDATED FINANCIAL STATEMENTS 225

| 2022 |  |
|------|--|

Asset for remaining coverage Asset for incurred claims Total

Estimates of present value of future cash flows

Contracts under PAA

Risk adjustment for non-financial

risk

Contracts not under PAA

224

2023

Cash flows

Life insurance

Changes in profit or loss and OCI

Effect of changes in non-performance risk of

Claims and other insurance service expenses

Reclassification as assets and liabilities in

In € thousand Excluding loss

recovery component

Loss-recovery component

At 1 January 2023 –16,760 0 98 8,449 1 – 8,212 Opening assets 10,350 0 0 237 1 10,589 Opening liabilities – 27,111 0 98 8,212 0 – 18,800

Result from reinsurance contracts – 30,597 0 263 29,936 0 – 398

reinsurers 1 0 2 52 0 55 Finance result from reinsurance contracts 128 0 0 95 0 223 Effects of changes in foreign exchange rates – 542 0 9 662 0 129 Total – 31,010 0 273 30,745 0 8

Premiums paid 41,562 0 0 – 1 0 41,562

recovered – 166 0 – 316 – 28,869 0 – 29,351 Total 41,396 0 – 316 – 28,870 0 12,211

disposal groups held for sale 1,691 0 – 6 0 0 1,685 At 31 December 2023 – 4,683 0 50 10,325 1 5,692 Closing assets 2,513 0 50 6,973 1 9,537 Closing liabilities – 7,196 0 0 3,352 0 – 3,845

|                                                                             |                                   |                         | Contracts not under PAA                                           |                      | Contracts under PAA |         |  |
|-----------------------------------------------------------------------------|-----------------------------------|-------------------------|-------------------------------------------------------------------|----------------------|---------------------|---------|--|
| In € thousand                                                               | Excluding loss recovery component | Loss-recovery component | Estimates of present value of for non-financial future cash flows | Risk adjustment risk |                     |         |  |
| At 1 January 2022                                                           |                                   |                         |                                                                   |                      |                     |         |  |
| Opening assets                                                              | -27,020                           | 0                       | 94                                                                | 7,002                | 1                   | -19,923 |  |
| Opening liabilities                                                         | -26,836                           | 0                       | 19                                                                | 7,002                | 1                   | -19,814 |  |
|                                                                             | -184                              | 0                       | 75                                                                | 0                    | 0                   | -109    |  |
| Changes in profit or loss and OCI                                           |                                   |                         |                                                                   |                      |                     |         |  |
| Result from reinsurance contracts                                           | -29,961                           | 0                       | 0                                                                 | 28,598               | 0                   | -1,363  |  |
| Effect of changes in non-performance risk of reinsurers                     | 2                                 | 0                       | 0                                                                 | -22                  | 0                   | -21     |  |
| Finance result from reinsurance contracts                                   | 0                                 | 0                       | 0                                                                 | -145                 | 0                   | -146    |  |
| Effects of changes in foreign exchange rates                                | -58                               | 0                       | -13                                                               | -32                  | 0                   | -103    |  |
| Total                                                                       | -30,018                           | 0                       | -13                                                               | 28,398               | 0                   | -1,633  |  |
| Cash flows                                                                  |                                   |                         |                                                                   |                      |                     |         |  |
| Premiums paid                                                               | 40,305                            | 0                       | 0                                                                 | 0                    | 0                   | 40,305  |  |
| Claims and other insurance service expenses recovered                       | -28                               | 0                       | 17                                                                | -26,950              | 0                   | -26,961 |  |
| Total                                                                       | 40,277                            | 0                       | 17                                                                | -26,950              | 0                   | 13,344  |  |
| Reclassification as assets and liabilities in disposal groups held for sale | 0                                 | 0                       | 0                                                                 | 0                    | 0                   | 0       |  |
| At 31 December 2022                                                         |                                   |                         |                                                                   |                      |                     |         |  |
| -16,760                                                                     | 0                                 | 98                      | 8,449                                                             | 1                    | -8,212              |         |  |
| Closing assets                                                              | 10,351                            | 0                       | 0                                                                 | 237                  | 1                   | 10,589  |  |
| Closing liabilities                                                         | -27,111                           | 0                       | 98                                                                | 8,212                | 0                   | -18,800 |  |

{161}------------------------------------------------

### Analysis by measurement component – contracts not measured according to the premium allocation approach

| Property and casualty<br>insurance<br>2023          | In € thousand | Estimates of<br>present value of<br>future cash<br>flows | Risk adjustment<br>for non-financial<br>risk | CSM                                                      |                                              |                    |           | Total    |
|-----------------------------------------------------|---------------|----------------------------------------------------------|----------------------------------------------|----------------------------------------------------------|----------------------------------------------|--------------------|-----------|----------|
|                                                     |               |                                                          |                                              | Contracts under<br>modified<br>retrospective<br>approach | Contracts<br>under<br>fair value<br>approach | Other<br>contracts | Total CSM |          |
| At 1 January 2023                                   |               | 787,984                                                  | 42,926                                       | 14,478                                                   | 29,504                                       | 16,510             | 60,491    | 891,400  |
| Opening assets                                      |               | 0                                                        | 0                                            | 0                                                        | 0                                            | 0                  | 0         | 0        |
| Opening liabilities                                 |               | 787,984                                                  | 42,926                                       | 14,478                                                   | 29,504                                       | 16,510             | 60,491    | 891,400  |
| Changes in profit or loss and<br>OCI                |               |                                                          |                                              |                                                          |                                              |                    |           |          |
| Changes that relate to current<br>services          |               | 20,075                                                   | -15,906                                      | -3,075                                                   | -9,528                                       | -19,402            | -32,005   | -27,836  |
| CSM recognised for services<br>provided             |               | 0                                                        | 0                                            | -3,075                                                   | -9,528                                       | -19,402            | -32,005   | -32,005  |
| Change in risk adjustment for<br>non-financial risk |               |                                                          |                                              |                                                          |                                              |                    |           |          |
| for risk expired                                    |               | 0                                                        | -15,906                                      | 0                                                        | 0                                            | 0                  | 0         | -15,906  |
| Experience adjustments                              |               | 20,075                                                   | 0                                            | 0                                                        | 0                                            | 0                  | 0         | 20,075   |
| Changes that relate to future<br>services           |               | -32,075                                                  | 25,564                                       | 809                                                      | -5,314                                       | 33,795             | 29,289    | 22,777   |
| Contracts initially recognised in<br>the year       |               | -58,894                                                  | 29,556                                       | 0                                                        | 0                                            | 45,760             | 45,760    | 16,423   |
| Changes in estimates that do not<br>adjust the CSM  |               | 5,093                                                    | 1,262                                        | 0                                                        | 0                                            | 0                  | 0         | 6,354    |
| Changes in estimates that adjust<br>the CSM         |               | 21,726                                                   | -5,254                                       | 809                                                      | -5,314                                       | -11,965            | -16,471   | 0        |
| Changes that relate to past<br>services             |               | -21,363                                                  | -1,525                                       | 0                                                        | 0                                            | 0                  | 0         | -22,888  |
| Changes in the liability for<br>incurred claims     |               | -21,363                                                  | -1,525                                       | 0                                                        | 0                                            | 0                  | 0         | -22,888  |
| Insurance service result                            |               | -33,364                                                  | 8,133                                        | -2,266                                                   | -14,843                                      | 14,393             | -2,716    | -27,946  |
| Finance result from insurance<br>contracts          |               | 35,666                                                   | 0                                            | 1,116                                                    | 67                                           | 2,253              | 3,436     | 39,103   |
| Effects of changes in foreign<br>exchange rates     |               | 2,059                                                    | 70                                           | 269                                                      | 116                                          | 340                | 724       | 2,853    |
| Total                                               |               | 4,362                                                    | 8,203                                        | -882                                                     | -14,660                                      | 16,986             | 1,444     | 14,010   |
| Cash flows                                          |               |                                                          |                                              |                                                          |                                              |                    |           |          |
| Premiums received                                   |               | 357,587                                                  |                                              |                                                          |                                              |                    |           | 357,587  |
| Claims and other insurance<br>service expenses paid |               | -304,095                                                 |                                              |                                                          |                                              |                    |           | -304,095 |
| Insurance acquisition cash flows                    |               | -26,868                                                  |                                              |                                                          |                                              |                    |           | -26,868  |
| Total                                               |               | 26,624                                                   |                                              |                                                          |                                              |                    |           | 26,624   |
| At 31 December 2023                                 |               | 818,970                                                  | 51,130                                       | 13,595                                                   | 14,844                                       | 33,496             | 61,935    | 932,034  |
| Closing liabilities                                 |               | 818,970                                                  | 51,130                                       | 13,595                                                   | 14,844                                       | 33,496             | 61,935    | 932,034  |

{162}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 227

| Property and casualty<br>insurance<br>2022          | Estimates of Risk adjustment<br>present value of for non-financial<br>future cash flows | CSM                                                      |                                              |                    |           | Total   |          |
|-----------------------------------------------------|-----------------------------------------------------------------------------------------|----------------------------------------------------------|----------------------------------------------|--------------------|-----------|---------|----------|
| In € thousand                                       | risk                                                                                    | Contracts under<br>modified<br>retrospective<br>approach | Contracts<br>under<br>fair value<br>approach | Other<br>contracts | Total CSM |         |          |
| At 1 January 2022                                   |                                                                                         |                                                          |                                              |                    |           |         |          |
| Opening assets                                      | 855,202                                                                                 | 50,874                                                   | 15,172                                       | 30,552             | 0         | 45,724  | 951,800  |
| Opening liabilities                                 | -3                                                                                      | 0                                                        | 0                                            | 0                  | 0         | 0       | -3       |
|                                                     | 855,205                                                                                 | 50,874                                                   | 15,172                                       | 30,552             | 0         | 45,724  | 951,803  |
| Changes in profit or loss and<br>OCI                |                                                                                         |                                                          |                                              |                    |           |         |          |
| Changes that relate to current<br>services          | 58,980                                                                                  | -14,287                                                  | -2,058                                       | -21,343            | -9,094    | -32,494 | 12,199   |
| CSM recognised for services<br>provided             | 0                                                                                       | 0                                                        | -2,058                                       | -21,343            | -9,094    | -32,494 | -32,494  |
| Change in risk adjustment for<br>non-financial risk |                                                                                         |                                                          |                                              |                    |           |         |          |
| for risk expired                                    | 0                                                                                       | -14,287                                                  | 0                                            | 0                  | 0         | 0       | -14,287  |
| Experience adjustments                              | 58,980                                                                                  | 0                                                        | 0                                            | 0                  | 0         | 0       | 58,980   |
| Changes that relate to future<br>services           | -36,370                                                                                 | 11,587                                                   | 764                                          | 20,577             | 25,206    | 46,546  | 21,763   |
| Contracts initially recognised in<br>the year       | -7,891                                                                                  | 18,682                                                   | 0                                            | 0                  | 19,720    | 19,720  | 30,511   |
| Changes in estimates that do not<br>adjust the CSM  | -3,405                                                                                  | -5,343                                                   | 0                                            | 0                  | 0         | 0       | -8,748   |
| Changes in estimates that adjust<br>the CSM         | -25,073                                                                                 | -1,753                                                   | 764                                          | 20,577             | 5,485     | 26,826  | 0        |
| Changes that relate to past<br>services             | -29,489                                                                                 | -5,098                                                   | 0                                            | 0                  | 0         | 0       | -34,587  |
| Changes in the liability for<br>incurred claims     | -29,489                                                                                 | -5,098                                                   | 0                                            | 0                  | 0         | 0       | -34,587  |
| Insurance service result                            | -6,879                                                                                  | -7,798                                                   | -1,294                                       | -766               | 16,112    | 14,052  | -625     |
| Finance result from insurance<br>contracts          | -134,768                                                                                | 0                                                        | 601                                          | -9                 | 590       | 1,183   | -133,585 |
| Effects of changes in foreign<br>exchange rates     | -2,509                                                                                  | -150                                                     | -2                                           | -273               | -193      | -468    | -3,127   |
| Total                                               | -144,156                                                                                | -7,948                                                   | -694                                         | -1,048             | 16,510    | 14,767  | -137,337 |
| Cash flows                                          |                                                                                         |                                                          |                                              |                    |           |         |          |
| Premiums received                                   | 380,354                                                                                 |                                                          |                                              |                    |           |         | 380,354  |
| Claims and other insurance<br>service expenses paid | -284,549                                                                                |                                                          |                                              |                    |           |         | -284,549 |
| Insurance acquisition cash flows                    | -18,868                                                                                 |                                                          |                                              |                    |           |         | -18,868  |
| Total                                               | 76,937                                                                                  |                                                          |                                              |                    |           |         | 76,937   |

At 31 December 2022 787,984 42,926 14,478 29,504 16,510 60,491 891,400 Closing liabilities 787,984 42,926 14,478 29,504 16,510 60,491 891,400

226

Property and casualty

Changes in profit or loss and

Changes that relate to current

CSM recognised for services

Change in risk adjustment for

Changes that relate to future

Contracts initially recognised in

Changes in estimates that do not

Changes in estimates that adjust

Changes that relate to past

Changes in the liability for

Finance result from insurance

Effects of changes in foreign

Claims and other insurance

Cash flows

non-financial risk

Estimates of present value of future cash flows

In € thousand Contracts under

Risk adjustment for non-financial

risk

insurance 2023

OCI

Analysis by measurement component – contracts not measured according to the premium allocation approach

modified retrospective approach

At 1 January 2023 787,984 42,926 14,478 29,504 16,510 60,491 891,400 Opening assets 0 0 0 0 0 0 0 Opening liabilities 787,984 42,926 14,478 29,504 16,510 60,491 891,400

services 20,075 – 15,906 – 3,075 – 9,528 – 19,402 – 32,005 – 27,836

provided 0 0 – 3,075 – 9,528 – 19,402 – 32,005 – 32,005

for risk expired 0 – 15,906 0 0 0 0 – 15,906 Experience adjustments 20,075 0 0 0 0 0 20,075

services – 32,075 25,564 809 – 5,314 33,795 29,289 22,777

the year – 58,894 29,556 0 0 45,760 45,760 16,423

adjust the CSM 5,093 1,262 0 0 0 0 6,354

the CSM 21,726 – 5,254 809 – 5,314 – 11,965 – 16,471 0

services – 21,363 – 1,525 0 0 0 0 – 22,888

incurred claims – 21,363 – 1,525 0 0 0 0 – 22,888 Insurance service result –33,364 8,133 – 2,266 – 14,843 14,393 – 2,716 – 27,946

contracts 35,666 0 1,116 67 2,253 3,436 39,103

exchange rates 2,059 70 269 116 340 724 2,853 Total 4,362 8,203 – 882 – 14,660 16,986 1,444 14,010

Premiums received 357,587 357,587

service expenses paid – 304,095 – 304,095 Insurance acquisition cash flows – 26,868 – 26,868 Total 26,624 26,624 At 31 December 2023 818,970 51,130 13,595 14,844 33,496 61,935 932,034 Closing liabilities 818,970 51,130 13,595 14,844 33,496 61,935 932,034

Contracts under fair value approach

CSM Total

Total CSM

Other contracts

{163}------------------------------------------------

| Health insurance<br>2023                                                | Estimates of<br>present value of<br>future cash<br>flows | Risk adjustment<br>for non-financial<br>risk | CSM                                                      |                                              |                    |           | Total      |
|-------------------------------------------------------------------------|----------------------------------------------------------|----------------------------------------------|----------------------------------------------------------|----------------------------------------------|--------------------|-----------|------------|
| In € thousand                                                           |                                                          |                                              | Contracts under<br>modified<br>retrospective<br>approach | Contracts<br>under<br>fair value<br>approach | Other<br>contracts | Total CSM |            |
| At 1 January 2023                                                       | -93,137                                                  | 54,184                                       | 0                                                        | 3,328,049                                    | 269                | 3,328,317 | 3,289,364  |
| Opening assets                                                          | 0                                                        | 0                                            | 0                                                        | 0                                            | 0                  | 0         | 0          |
| Opening liabilities                                                     | -93,137                                                  | 54,184                                       | 0                                                        | 3,328,049                                    | 269                | 3,328,317 | 3,289,364  |
| Changes in profit or loss and<br>OCI                                    |                                                          |                                              |                                                          |                                              |                    |           |            |
| Changes that relate to current<br>services                              | 53,559                                                   | -738                                         | 0                                                        | -94,566                                      | -112               | -94,679   | -41,858    |
| CSM recognised for services<br>provided                                 | 0                                                        | 0                                            | 0                                                        | -94,566                                      | -112               | -94,679   | -94,679    |
| Change in risk adjustment for<br>non-financial risk<br>for risk expired | 0                                                        | -738                                         | 0                                                        | 0                                            | 0                  |           | -738       |
| Experience adjustments                                                  | 53,559                                                   | 0                                            | 0                                                        | 0                                            | 0                  |           | 53,559     |
| Changes that relate to future<br>services                               | -132,716                                                 | 287                                          | 0                                                        | 132,540                                      | -84                | 132,456   | 27         |
| Contracts initially recognised in<br>the year                           | -108,418                                                 | 2,302                                        | 0                                                        | 106,110                                      | 7                  | 106,117   | 0          |
| Changes in estimates that do not<br>adjust the CSM                      | 23                                                       | 5                                            | 0                                                        | 0                                            | 0                  |           | 27         |
| Changes in estimates that adjust<br>the CSM                             | -24,320                                                  | -2,020                                       | 0                                                        | 26,430                                       | -91                | 26,340    | 0          |
| Changes that relate to past<br>services                                 | -67,293                                                  | -206                                         | 0                                                        | 0                                            | 0                  | 0         | -67,499    |
| Changes in the liability for<br>incurred claims                         | -67,293                                                  | -206                                         |                                                          |                                              |                    |           | -67,499    |
| Insurance service result                                                | -146,450                                                 | -658                                         | 0                                                        | 37,974                                       | -196               | 37,778    | -109,330   |
| Finance result from insurance<br>contracts                              | 233,719                                                  | 0                                            | 0                                                        | 1                                            | 12                 | 13        | 233,732    |
| Effects of changes in foreign<br>exchange rates                         | -78                                                      | 1                                            | 0                                                        | 121                                          | 1                  | 122       | 45         |
| Total                                                                   | 87,191                                                   | -657                                         | 0                                                        | 38,095                                       | -183               | 37,913    | 124,447    |
| Cash flows                                                              |                                                          |                                              |                                                          |                                              |                    |           |            |
| Premiums received                                                       | 1,242,506                                                |                                              |                                                          |                                              |                    |           | 1,242,506  |
| Claims and other insurance<br>service expenses paid                     | -1,002,940                                               |                                              |                                                          |                                              |                    |           | -1,002,940 |
| Insurance acquisition cash flows                                        | -44,319                                                  |                                              |                                                          |                                              |                    |           | -44,319    |
| Total                                                                   | 195,248                                                  | 0                                            | 0                                                        | 0                                            | 0                  | 0         | 195,248    |
| At 31 December 2023                                                     | 189,302                                                  | 53,527                                       | 0                                                        | 3,366,144                                    | 86                 | 3,366,230 | 3,609,058  |

Closing assets 0 0 0 0 0 0 0 Closing liabilities 189,302 53,527 0 3,366,144 86 3,366,230 3,609,058

{164}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 229

| Health insurance<br>2022                                                       | In € thousand                                            | Estimates of<br>present value of<br>future cash<br>flows | Risk adjustment<br>for non-financial<br>risk                | CSM                                                         |                                              |                    |             | Total      |
|--------------------------------------------------------------------------------|----------------------------------------------------------|----------------------------------------------------------|-------------------------------------------------------------|-------------------------------------------------------------|----------------------------------------------|--------------------|-------------|------------|
|                                                                                |                                                          |                                                          |                                                             | Contracts under<br>modified<br>retrospective<br>approach    | Contracts<br>under<br>fair value<br>approach | Other<br>contracts | Total CSM   |            |
| At 1 January 2022                                                              |                                                          | 686,600                                                  | 64,210                                                      | 0                                                           | 2,846,258                                    | 0                  | 2,846,258   | 3,597,068  |
| Opening assets                                                                 |                                                          | 0                                                        | 0                                                           | 0                                                           | 0                                            | 0                  | 0           | 0          |
| Opening liabilities                                                            |                                                          | 686,600                                                  | 64,210                                                      | 0                                                           | 2,846,258                                    | 0                  | 2,846,258   | 3,597,068  |
| Changes in profit or loss and<br>OCI                                           |                                                          |                                                          |                                                             |                                                             |                                              |                    |             |            |
| Changes that relate to current<br>services                                     |                                                          | 21,177                                                   | -1,007                                                      | 0                                                           | -86,005                                      | -55                | -86,060     | -65,890    |
| CSM recognised for services<br>provided                                        |                                                          | 0                                                        | 0                                                           | 0                                                           | -86,005                                      | -55                | -86,060     | -86,060    |
| Change in risk adjustment for<br>non-financial risk<br>for risk expired        |                                                          | 0                                                        | -1,007                                                      | 0                                                           | 0                                            | 0                  | 0           | -1,007     |
| Experience adjustments                                                         |                                                          | 21,177                                                   | 0                                                           | 0                                                           | 0                                            | 0                  | 0           | 21,177     |
| Changes that relate to future<br>services                                      |                                                          | -605,543                                                 | -8,776                                                      | 0                                                           | 614,160                                      | 321                | 614,482     | 162        |
| Contracts initially recognised in<br>the year                                  |                                                          | -82,745                                                  | 2,445                                                       | 0                                                           | 80,591                                       | 151                | 80,742      | 442        |
| Changes in estimates that do not<br>adjust the CSM                             |                                                          | -270                                                     | -10                                                         | 0                                                           | 0                                            | 0                  | 0           | -280       |
| Changes in estimates that adjust<br>the CSM                                    |                                                          | -522,528                                                 | -11,211                                                     | 0                                                           | 533,569                                      | 171                | 533,740     | 0          |
| Changes that relate to past<br>services                                        |                                                          | -23,253                                                  | -243                                                        | 0                                                           | 0                                            | 0                  | 0           | -23,496    |
| Changes in the liability for<br>incurred claims                                |                                                          | -23,253                                                  | -243                                                        | 0                                                           | 0                                            | 0                  | 0           | -23,496    |
| Insurance service result                                                       |                                                          | -607,619                                                 | -10,026                                                     | 0                                                           | 528,155                                      | 267                | 528,422     | -89,223    |
| Finance result from insurance<br>contracts                                     |                                                          | -404,318                                                 | 0                                                           | 0                                                           | -46,102                                      | 2                  | -46,100     | -450,418   |
| Effects of changes in foreign<br>exchange rates                                |                                                          | 256                                                      | -1                                                          | 0                                                           | -263                                         | 0                  | -263        | -7         |
| Total                                                                          |                                                          | -1,011,681                                               | -10,027                                                     | 0                                                           | 481,791                                      | 269                | 482,059     | -539,649   |
| Cash flows                                                                     |                                                          |                                                          |                                                             |                                                             |                                              |                    |             |            |
| Premiums received                                                              |                                                          | 1,177,669                                                |                                                             |                                                             |                                              |                    |             | 1,177,669  |
| Claims and other insurance<br>service expenses paid                            |                                                          | -909,805                                                 |                                                             |                                                             |                                              |                    |             | -909,805   |
| Insurance acquisition cash flows                                               |                                                          | -35,921                                                  |                                                             |                                                             |                                              |                    |             | -35,921    |
| Life insurance<br>2023                                                         | In € thousand                                            | Estimates of<br>present value of<br>future cash<br>flows | Risk adjustment<br>for non-financial<br>risk                | CSM                                                         |                                              |                    |             | Total      |
|                                                                                |                                                          |                                                          |                                                             | Contracts<br>under<br>modified<br>retrospective<br>approach | Contracts<br>under<br>fair value<br>approach | Other<br>contracts | Total CSM   |            |
| At 1 January 2023                                                              |                                                          | 12,045,698                                               | 74,460                                                      | 264,338                                                     | 1,685,587                                    | 72,237             | 2,022,162   | 14,142,320 |
| Opening assets                                                                 |                                                          | -82,257                                                  | 3,978                                                       | 0                                                           | 37,095                                       | 5,659              | 42,754      | -35,524    |
| Opening liabilities                                                            |                                                          | 12,127,955                                               | 70,481                                                      | 264,338                                                     | 1,648,492                                    | 66,578             | 1,979,408   | 14,177,844 |
| Changes in profit or loss and OCI                                              |                                                          |                                                          |                                                             |                                                             |                                              |                    |             |            |
| Changes that relate to current services                                        |                                                          | -89,946                                                  | -6,219                                                      | -35,886                                                     | -130,681                                     | -25,657            | -192,224    | -288,389   |
| CSM recognised for services provided                                           |                                                          | 0                                                        | 0                                                           | -35,886                                                     | -130,681                                     | -25,657            | -192,224    | -192,224   |
| Change in risk adjustment for non-<br>financial risk for risk expired          |                                                          | 0                                                        | -6,219                                                      | 0                                                           | 0                                            | 0                  |             | -6,219     |
| Experience adjustments                                                         |                                                          | -89,946                                                  | 0                                                           | 0                                                           | 0                                            | 0                  |             | -89,946    |
| Changes that relate to future services                                         |                                                          | -61,108                                                  | 16,746                                                      | 31,763                                                      | -98,046                                      | 125,871            | 59,589      | 15,227     |
| Contracts initially recognised in the<br>year                                  |                                                          | -100,245                                                 | 8,380                                                       | 0                                                           | 2,936                                        | 89,998             | 92,934      | 1,069      |
| Changes in estimates that do not<br>adjust the CSM                             |                                                          | 2,000                                                    | -214                                                        | 0                                                           | 0                                            | 0                  |             | 1,786      |
| Changes in estimates that adjust the<br>CSM                                    |                                                          | 37,137                                                   | 8,579                                                       | 31,763                                                      | -100,982                                     | 35,873             | -33,345     | 12,371     |
| Changes that relate to past services                                           |                                                          | 123,759                                                  | -3,332                                                      | 0                                                           | 0                                            | 0                  | 0           | 120,427    |
| Changes in the liability for incurred<br>claims                                |                                                          | 123,759                                                  | -3,332                                                      | 0                                                           | 0                                            | 0                  | 0           | 120,427    |
| Insurance service result                                                       |                                                          | -27,295                                                  | 7,195                                                       | -4,123                                                      | -228,727                                     | 100,214            | -132,635    | -152,735   |
| Finance result from insurance<br>contracts                                     |                                                          | 392,374                                                  | 0                                                           | 1,854                                                       | 2,425                                        | 4,025              | 8,304       | 400,679    |
| Effects of changes in foreign exchange<br>rates                                |                                                          | 15,356                                                   | -262                                                        | -1,019                                                      | 940                                          | 90                 | 11          | 15,105     |
| Total                                                                          |                                                          | 380,435                                                  | 6,933                                                       | -3,287                                                      | -225,362                                     | 104,330            | -124,320    | 263,049    |
| Cash flows                                                                     |                                                          |                                                          |                                                             |                                                             |                                              |                    |             |            |
| Premiums received                                                              |                                                          | 1,545,836                                                |                                                             |                                                             |                                              |                    |             | 1,545,836  |
| Claims and other insurance service<br>expenses paid                            |                                                          | -1,768,915                                               |                                                             |                                                             |                                              |                    |             | -1,768,915 |
| Insurance acquisition cash flows                                               |                                                          | -137,795                                                 | 0                                                           | 0                                                           | 0                                            | 0                  | 0           | -137,795   |
| Total                                                                          |                                                          | -360,874                                                 | 0                                                           | 0                                                           | 0                                            | 0                  | 0           | -360,874   |
| Reclassification as assets and liabilities<br>in disposal groups held for sale |                                                          | -195,735                                                 | -1,260                                                      | -59,325                                                     | 0                                            | -338               | -59,663     | -256,658   |
| At 31 December 2023                                                            |                                                          | 11,869,525                                               | 80,132                                                      | 201,726                                                     | 1,460,225                                    | 176,229            | 1,838,179   | 13,787,836 |
| Closing assets                                                                 |                                                          | -311,604                                                 | 16,022                                                      | 0                                                           | 143,030                                      | 71,886             | 214,916     | -80,666    |
| Closing liabilities                                                            |                                                          | 12,181,128                                               | 64,111                                                      | 201,726                                                     | 1,317,194                                    | 104,343            | 1,623,263   | 13,868,502 |
| Life insurance<br>2022                                                         | Estimates of<br>present value of<br>future cash<br>flows | Risk adjustment<br>for non-financial<br>risk             |                                                             |                                                             |                                              | CSM                | Total       |            |
| In € thousand                                                                  |                                                          |                                                          | Contracts<br>under<br>modified<br>retrospective<br>approach | Contracts<br>under<br>fair value<br>approach                | Other<br>contracts                           | Total CSM          |             |            |
| At 1 January 2022                                                              | 15,145,110                                               | 131,504                                                  | 354,631                                                     | 1,281,196                                                   | 0                                            | 1,635,827          | 16,912,441  |            |
| Opening assets                                                                 | – 240,344                                                | 12,568                                                   | 8,230                                                       | 156,081                                                     | 0                                            | 164,311            | – 63,464    |            |
| Opening liabilities                                                            | 15,385,454                                               | 118,935                                                  | 346,401                                                     | 1,125,115                                                   | 0                                            | 1,471,516          | 16,975,905  |            |
| Changes in profit or loss and OCI                                              |                                                          |                                                          |                                                             |                                                             |                                              |                    |             |            |
| Changes that relate to current services                                        | 15,542                                                   | – 12,887                                                 | – 64,174                                                    | – 152,589                                                   | – 6,317                                      | – 223,081          | – 220,426   |            |
| CSM recognised for services provided                                           | 0                                                        | 0                                                        | – 64,174                                                    | – 152,589                                                   | – 6,317                                      | – 223,081          | – 223,081   |            |
| Change in risk adjustment for non<br>financial risk for risk expired           | 0                                                        | – 12,887                                                 | 0                                                           | 0                                                           | 0                                            |                    | – 12,887    |            |
| Experience adjustments                                                         | 15,542                                                   | 0                                                        | 0                                                           | 0                                                           | 0                                            |                    | 15,542      |            |
| Changes that relate to future services                                         | – 509,650                                                | – 43,098                                                 | – 44,311                                                    | 560,091                                                     | 77,581                                       | 593,361            | 40,612      |            |
| Contracts initially recognised in the<br>year                                  | – 65,209                                                 | 7,039                                                    | 0                                                           | 6,758                                                       | 61,740                                       | 68,498             | 10,328      |            |
| Changes in estimates that do not<br>adjust the CSM                             | – 908                                                    | – 412                                                    | 0                                                           | 0                                                           | 0                                            |                    | – 1,320     |            |
| Changes in estimates that adjust the<br>CSM                                    | – 443,533                                                | – 49,725                                                 | – 44,311                                                    | 553,333                                                     | 15,841                                       | 524,863            | 31,605      |            |
| Changes that relate to past services                                           | – 61,760                                                 | – 1,452                                                  | 0                                                           | 0                                                           | 0                                            | 0                  | – 63,212    |            |
| Changes in the liability for incurred<br>claims                                | – 61,760                                                 | – 1,452                                                  | 0                                                           | 0                                                           | 0                                            |                    | – 63,212    |            |
| Insurance service result                                                       | – 555,869                                                | – 57,437                                                 | – 108,485                                                   | 407,501                                                     | 71,264                                       | 370,280            | – 243,026   |            |
| Finance result from insurance<br>contracts                                     | – 1,833,824                                              | 0                                                        | 7,872                                                       | 1,634                                                       | 829                                          | 10,335             | – 1,823,490 |            |
| Effects of changes in foreign exchange<br>rates                                | 829                                                      | 393                                                      | 10,319                                                      | – 4,744                                                     | 145                                          | 5,720              | 6,942       |            |
| Total                                                                          | – 2,388,865                                              | – 57,044                                                 | – 90,293                                                    | 404,391                                                     | 72,237                                       | 386,335            | – 2,059,574 |            |
| Cash flows                                                                     |                                                          |                                                          |                                                             |                                                             |                                              |                    |             |            |
| Premiums received                                                              | 1,610,947                                                |                                                          |                                                             |                                                             |                                              |                    | 1,610,947   |            |
| Claims and other insurance service<br>expenses paid                            | – 2,185,261                                              |                                                          |                                                             |                                                             |                                              |                    | – 2,185,261 |            |
| Insurance acquisition cash flows                                               | – 136,234                                                |                                                          |                                                             |                                                             |                                              |                    | – 136,234   |            |
| Total                                                                          | – 710,547                                                | 0                                                        | 0                                                           | 0                                                           | 0                                            | 0                  | – 710,547   |            |
| Reclassification as assets and liabilities<br>in disposal groups held for sale | 0                                                        | 0                                                        | 0                                                           | 0                                                           | 0                                            | 0                  | 0.00        |            |
| At 31 December 2022                                                            | 12,045,698                                               | 74,460                                                   | 264,338                                                     | 1,685,587                                                   | 72,237                                       | 2,022,162          | 14,142,320  |            |
| Closing assets                                                                 | – 82,257                                                 | 3,978                                                    | 0                                                           | 37,095                                                      | 5,659                                        | 42,754             | – 35,524    |            |
| Closing liabilities                                                            | 12,127,955                                               | 70,481                                                   | 264,338                                                     | 1,648,492                                                   | 66,578                                       | 1,979,408          | 14,177,844  |            |

Total 231,944 0 0 0 0 0 231,944 At 31 December 2022 – 93,137 54,183 0 3,328,049 269 3,328,317 3,289,364 Closing assets 0 0 0 0 0 0 0 Closing liabilities – 93,137 54,183 0 3,328,049 269 3,328,317 3,289,364

228

2023

OCI

Health insurance

Changes in profit or loss and

Changes that relate to current

CSM recognised for services

Change in risk adjustment for

Changes that relate to future

Contracts initially recognised in

Changes in estimates that do not

Changes in estimates that adjust

Changes that relate to past

Changes in the liability for

Finance result from insurance

Effects of changes in foreign

Claims and other insurance

Cash flows

non-financial risk

Estimates of present value of future cash flows

In € thousand Contracts under

Risk adjustment for non-financial

risk

modified retrospective approach

At 1 January 2023 – 93,137 54,184 0 3,328,049 269 3,328,317 3,289,364 Opening assets 0 0 0 0 0 0 0 Opening liabilities – 93,137 54,184 0 3,328,049 269 3,328,317 3,289,364

services 53,559 – 738 0 – 94,566 – 112 – 94,679 – 41,858

provided 0 0 0 – 94,566 – 112 – 94,679 – 94,679

for risk expired 0 – 738 0 0 0 – 738 Experience adjustments 53,559 0 0 0 0 53,559

services – 132,716 287 0 132,540 – 84 132,456 27

the year – 108,418 2,302 0 106,110 7 106,117 0

adjust the CSM 23 5 0 0 0 27

the CSM – 24,320 – 2,020 0 26,430 – 91 26,340 0

services – 67,293 – 206 0 0 0 0 – 67,499

incurred claims – 67,293 – 206 – 67,499 Insurance service result – 146,450 – 658 0 37,974 – 196 37,778 – 109,330

contracts 233,719 0 0 1 12 13 233,732

exchange rates – 78 1 0 121 1 122 45 Total 87,191 – 657 0 38,095 – 183 37,913 124,447

Premiums received 1,242,506 1,242,506

service expenses paid – 1,002,940 – 1,002,940 Insurance acquisition cash flows – 44,319 – 44,319 Total 195,248 0 0 0 0 0 195,248 At 31 December 2023 189,302 53,527 0 3,366,144 86 3,366,230 3,609,058 Closing assets 0 0 0 0 0 0 0 Closing liabilities 189,302 53,527 0 3,366,144 86 3,366,230 3,609,058

Contracts under fair value approach

CSM Total

Total CSM

Other contracts

{165}------------------------------------------------

{166}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 231

230

2023

Life insurance

Changes in profit or loss and OCI

Change in risk adjustment for non-

Contracts initially recognised in the

Changes in estimates that do not

Changes in estimates that adjust the

Changes in the liability for incurred

Effects of changes in foreign exchange

Claims and other insurance service

Reclassification as assets and liabilities

Finance result from insurance

Cash flows

Estimates of present value of future cash flows

In € thousand Contracts

Risk adjustment for non-financial

risk

At 1 January 2023 12,045,698 74,460 264,338 1,685,587 72,237 2,022,162 14,142,320 Opening assets – 82,257 3,978 0 37,095 5,659 42,754 – 35,524 Opening liabilities 12,127,955 70,481 264,338 1,648,492 66,578 1,979,408 14,177,844

Changes that relate to current services – 89,946 – 6,219 – 35,886 – 130,681 – 25,657 – 192,224 – 288,389 CSM recognised for services provided 0 0 – 35,886 – 130,681 – 25,657 – 192,224 – 192,224

financial risk for risk expired 0 – 6,219 0 0 0 – 6,219 Experience adjustments – 89,946 0 0 0 0 – 89,946 Changes that relate to future services – 61,108 16,746 31,763 – 98,046 125,871 59,589 15,227

year – 100,245 8,380 0 2,936 89,998 92,934 1,069

adjust the CSM 2,000 – 214 0 0 0 1,786

CSM 37,137 8,579 31,763 – 100,982 35,873 – 33,345 12,371 Changes that relate to past services 123,759 – 3,332 0 0 0 0 120,427

claims 123,759 – 3,332 0 0 0 0 120,427 Insurance service result – 27,295 7,195 – 4,123 – 228,727 100,214 – 132,635 – 152,735

contracts 392,374 0 1,854 2,425 4,025 8,304 400,679

rates 15,356 – 262 – 1,019 940 90 11 15,105 Total 380,435 6,933 – 3,287 – 225,362 104,330 – 124,320 263,049

Premiums received 1,545,836 1,545,836

expenses paid – 1,768,915 – 1,768,915 Insurance acquisition cash flows – 137,795 0 0 0 0 0 – 137,795 Total – 360,874 0 0 0 0 0 – 360,874

in disposal groups held for sale – 195,735 – 1,260 – 59,325 0 – 338 – 59,663 – 256,658 At 31 December 2023 11,869,525 80,132 201,726 1,460,225 176,229 1,838,179 13,787,836 Closing assets – 311,604 16,022 0 143,030 71,886 214,916 – 80,666 Closing liabilities 12,181,128 64,111 201,726 1,317,194 104,343 1,623,263 13,868,502

under modified retrospective approach

Contracts under fair value approach

CSM Total

Total CSM

Other contracts

{167}------------------------------------------------

The following table shows the insurance revenue per business line, broken down into contracts that are measured in accordance with the premium allocation approach and

those that are not measured in accordance with the premium allocation approach.

Profitable contracts issued Onerous contracts issued Total

| Insurance revenue                                                   | Long-term property and casualty insurance |           | Health insurance |           | Life insurance |         | Total     |           |
|---------------------------------------------------------------------|-------------------------------------------|-----------|------------------|-----------|----------------|---------|-----------|-----------|
| In € thousand                                                       | 2023                                      | 2022      | 2023             | 2022      | 2023           | 2022    | 2023      | 2022      |
| Contracts not measured under the PAA                                | 377,156                                   | 332,279   | 1,092,981        | 1,044,918 | 728,589        | 643,285 | 2,198,726 | 2,020,482 |
| Amounts relating to changes in the liability for remaining coverage | 359,518                                   | 329,314   | 1,090,901        | 1,044,443 | 656,645        | 587,241 | 2,107,063 | 1,960,998 |
| CSM recognised for services provided                                | 32,005                                    | 32,494    | 94,679           | 86,060    | 192,224        | 195,973 | 318,907   | 314,527   |
| Change in risk adjustment for non-financial risk for risk expired   | 18,356                                    | 17,305    | 939              | 1,206     | 6,957          | 13,421  | 26,253    | 31,932    |
| Expected incurred claims and other insurance service expenses       | 259,111                                   | 273,625   | 954,773          | 915,755   | 488,418        | 399,297 | 1,702,302 | 1,588,676 |
| Experience adjustments                                              | 50,046                                    | 5,891     | 40,510           | 41,422    | -30,954        | -21,450 | 59,602    | 25,863    |
| Recovery of insurance acquisition cash flows                        | 17,638                                    | 2,964     | 2,081            | 475       | 71,944         | 56,045  | 91,662    | 59,484    |
| Contracts measured under the PAA                                    | 3,629,112                                 | 3,215,558 | 141,768          | 94,827    | 24,530         | 16,031  | 3,795,410 | 3,326,415 |
| Total insurance revenue                                             | 4,006,268                                 | 3,547,836 | 1,234,749        | 1,139,745 | 753,119        | 659,316 | 5,994,136 | 5,346,897 |

The following tables summarise the effects on the measurement components of contracts recognised for the first time in the period that are not measured using the premium allocation approach.

## Effects of insurance contracts recognised for the first time in the period

| Property and casualty insurance             |           |           |           |           |           |           |
|---------------------------------------------|-----------|-----------|-----------|-----------|-----------|-----------|
| In € thousand                               | 2023      | 2022      | 2023      | 2022      | 2023      | 2022      |
| Estimates of present value of cash outflows | 172,959   | 78,268    | 173,545   | 203,977   | 346,504   | 282,245   |
| Insurance acquisition cash flows            | 9,772     | 9,374     | 7,234     | 6,217     | 17,006    | 15,591    |
| Claims and other cash outflows              | 163,187   | 68,894    | 166,311   | 197,760   | 329,498   | 266,654   |
| Estimates of present value of cash inflows  | – 234,182 | – 101,112 | – 171,216 | – 189,024 | – 405,397 | – 290,136 |
| Risk adjustment for non-financial risk      | 15,463    | 3,123     | 14,094    | 15,559    | 29,556    | 18,682    |
| CSM                                         | 45,760    | 19,720    | 0         | 0         | 45,760    | 19,720    |
| Losses recognised on initial recognition    | 0         | 0         | 16,423    | 30,511    | 16,423    | 30,511    |

{168}------------------------------------------------

## Effects of insurance contracts recognised for the first time in the period

#### Profitable contracts issued Onerous contracts issued Total

**Onerous contracts issued**

Profitable contracts issued Onerous contracts issued Total

CONSOLIDATED FINANCIAL STATEMENTS 233

## Health insurance

those that are not measured in accordance with the pre-

Health insurance Life insurance Total

Profitable contracts issued Onerous contracts issued Total

mium allocation approach.

232

The following table shows the insurance revenue per business line, broken down into contracts that are measured in accordance with the premium allocation approach and

Insurance revenue Long-term property and

The following tables summarise the effects on the measurement components of contracts recognised for the first time in the period that are not measured using the pre-

Amounts relating to changes in the liability

Change in risk adjustment for non-

Expected incurred claims and other

mium allocation approach.

Effects of insurance contracts recognised for the first time in the period

Property and casualty insurance

casualty insurance

In € thousand 2023 2022 2023 2022 2023 2022 2023 2022 Contracts not measured under the PAA 377,156 332,279 1,092,981 1,044,918 728,589 643,285 2,198,726 2,020,482

for remaining coverage 359,518 329,314 1,090,901 1,044,443 656,645 587,241 2,107,063 1,960,998 CSM recognised for services provided 32,005 32,494 94,679 86,060 192,224 195,973 318,907 314,527

financial risk for risk expired 18,356 17,305 939 1,206 6,957 13,421 26,253 31,932

insurance service expenses 259,111 273,625 954,773 915,755 488,418 399,297 1,702,302 1,588,676 Experience adjustments 50,046 5,891 40,510 41,422 – 30,954 – 21,450 59,602 25,863 Recovery of insurance acquisition cash flows 17,638 2,964 2,081 475 71,944 56,045 91,662 59,484

Contracts measured under the PAA 3,629,112 3,215,558 141,768 94,827 24,530 16,031 3,795,410 3,326,415 Total insurance revenue 4,006,268 3,547,836 1,234,749 1,139,745 753,119 659,316 5,994,136 5,346,897

In € thousand 2023 2022 2023 2022 2023 2022 Estimates of present value of cash outflows 172,959 78,268 173,545 203,977 346,504 282,245 Insurance acquisition cash flows 9,772 9,374 7,234 6,217 17,006 15,591 Claims and other cash outflows 163,187 68,894 166,311 197,760 329,498 266,654 Estimates of present value of cash inflows – 234,182 – 101,112 – 171,216 – 189,024 – 405,397 – 290,136 Risk adjustment for non-financial risk 15,463 3,123 14,094 15,559 29,556 18,682 CSM 45,760 19,720 0 0 45,760 19,720 Losses recognised on initial recognition 0 0 16,423 30,511 16,423 30,511

| In € thousand                               | 2023        | 2022        | 2023 | 2022    | 2023        | 2022        |
|---------------------------------------------|-------------|-------------|------|---------|-------------|-------------|
| Estimates of present value of cash outflows | 978,254     | 956,464     | 0    | 5,408   | 978,254     | 961,872     |
| Insurance acquisition cash flows            | 49,110      | 40,980      | 0    | 71      | 49,110      | 41,051      |
| Claims and other cash outflows              | 929,144     | 915,484     | 0    | 5,337   | 929,144     | 920,821     |
| Estimates of present value of cash inflows  | – 1,086,673 | – 1,039,480 | 0    | – 5,136 | – 1,086,673 | – 1,044,616 |
| Risk adjustment for non-financial risk      | 2,302       | 2,275       | 0    | 170     | 2,302       | 2,445       |
| CSM                                         | 106,117     | 80,742      | 0    | 0       | 106,117     | 80,742      |
| Losses recognised on initial recognition    | 0           | 0           | 0    | 442     | 0           | 442         |

## Effects of insurance contracts recognised for the first time in the period

period

## Life insurance

| In € thousand                               | 2023     | 2022     | 2023   | 2022    | 2023     | 2022     |
|---------------------------------------------|----------|----------|--------|---------|----------|----------|
| Estimates of present value of cash outflows | 855,373  | 741,306  | 8,919  | 94,744  | 864,292  | 836,050  |
| Insurance acquisition cash flows            | 152,663  | 109,663  | 181    | 20,415  | 152,844  | 130,070  |
| Claims and other cash outflows              | 702,711  | 631,643  | 8,737  | 74,328  | 711,448  | 705,972  |
| Estimates of present value of cash inflows  | -956,647 | -816,008 | -7,890 | -85,251 | -964,537 | -901,259 |
| Risk adjustment for non-financial risk      | 8,340    | 6,205    | 40     | 835     | 8,380    | 7,039    |
| CSM                                         | 92,934   | 68,498   | 0      | 0       | 92,934   | 68,498   |
| Losses recognised on initial recognition    | 0        | 0        | 1,069  | 10,328  | 1,069    | 10,328   |

{169}------------------------------------------------

The following table shows the expected release of the contractual service margin recognised in profit or loss. Only contracts already existing at the reporting date are

recognised. It is therefore not possible to infer the contractual service margin recognised in profit or loss in future financial statements from the development shown.

| Contractual service margin<br>in € thousand | 2024    | 2025    | 2026    | 2027    | 2028 – 2032 | from 2033 | Total     |
|---------------------------------------------|---------|---------|---------|---------|-------------|-----------|-----------|
| 31 December 2023                            |         |         |         |         |             |           |           |
| Insurance contracts                         |         |         |         |         |             |           |           |
| Long-term property and casualty insurance   | 23,364  | 10,117  | 6,837   | 5,311   | 14,645      | 1,661     | 61,934    |
| Health insurance                            | 94,273  | 91,874  | 89,830  | 88,000  | 415,815     | 2,586,439 | 3,366,230 |
| Life insurance                              | 184,170 | 158,134 | 141,500 | 126,350 | 469,446     | 758,578   | 1,838,179 |
| Total                                       | 301,806 | 260,126 | 238,168 | 219,661 | 899,906     | 3,346,678 | 5,266,344 |

| Contractual service margin<br>in € thousand | 2023    | 2024    | 2025    | 2026    | 2027 – 2031 | from 2032 | Total     |
|---------------------------------------------|---------|---------|---------|---------|-------------|-----------|-----------|
| 31 December 2022                            |         |         |         |         |             |           |           |
| Insurance contracts                         |         |         |         |         |             |           |           |
| Long-term property and casualty insurance   | 21,629  | 10,379  | 6,315   | 5,986   | 14,020      | 2,161     | 60,497    |
| Health insurance                            | 86,657  | 85,063  | 83,614  | 82,337  | 393,359     | 2,597,289 | 3,328,317 |
| Life insurance                              | 202,841 | 175,405 | 152,866 | 135,054 | 491,694     | 864,302   | 2,022,162 |
| Total                                       | 311,127 | 270,847 | 242,795 | 223,377 | 899,073     | 3,463,752 | 5,410,970 |

{170}------------------------------------------------

Health insurance Life insurance Total

CONSOLIDATED FINANCIAL STATEMENTS 235

## Financial result including amounts recognised in other comprehensive

234

The following table shows the expected release of the contractual service margin recognised in profit or loss. Only contracts already existing at the reporting date are

Contractual service margin in € thousand

Contractual service margin in € thousand

31 December 2023 Insurance contracts

31 December 2022 Insurance contracts recognised. It is therefore not possible to infer the contractual service margin recognised in profit or loss in future financial statements from the development shown.

2024 2025 2026 2027 2028 – 2032 from 2033 Total

2023 2024 2025 2026 2027 – 2031 from 2032 Total

Long-term property and casualty insurance 23,364 10,117 6,837 5,311 14,645 1,661 61,935 Health insurance 94,273 91,874 89,830 88,000 415,815 2,586,439 3,366,230 Life insurance 184,170 158,134 141,500 126,350 469,446 758,578 1,838,179 Total 301,806 260,126 238,168 219,661 899,906 3,346,678 5,266,344

Long-term property and casualty insurance 21,629 10,379 6,315 5,986 14,020 2,161 60,491 Health insurance 86,657 85,063 83,614 82,337 393,359 2,597,289 3,328,317 Life insurance 202,841 175,405 152,866 135,054 491,694 864,302 2,022,162 Total 311,127 270,847 242,795 223,377 899,073 3,463,752 5,410,970

| In € thousand                                                                                          | 2023     | 2022     | 2023     | 2022     | 2023     | 2022       | 2023      | 202        |
|--------------------------------------------------------------------------------------------------------|----------|----------|----------|----------|----------|------------|-----------|------------|
| Net investment income including amounts recognised in other comprehensive income                       |          |          |          |          |          |            |           |            |
| Interest income from financial assets not measured at fair value through profit or loss                | 130,964  | 86,194   | 66,433   | 47,318   | 199,743  | 173,613    | 397,140   | 307,126    |
| Impairment loss (net) for financial assets                                                             | 5,964    | -105,432 | -31,804  | -20,188  | -4,834   | -37,262    | -30,674   | -162,882   |
| Other net investment income                                                                            | 36,507   | -4,109   | 77,096   | -8,948   | 108,761  | 48,656     | 222,365   | 35,599     |
| Amounts recognised in oci                                                                              | 431,725  | -583,679 | 154,931  | -587,766 | 402,461  | -2,182,365 | 989,117   | -3,353,810 |
| Total                                                                                                  | 605,160  | -607,026 | 266,656  | -569,584 | 706,131  | -1,997,358 | 1,577,948 | -3,173,968 |
| Net investment income from unit-linked and index-linked life insurance                                 |          |          |          |          |          |            |           |            |
| Ordinary income                                                                                        |          |          |          |          | 5,525    | 9,061      | 5,525     | 9,061      |
| Other net investment income from unit-linked and index-linked life insurance                           |          |          |          |          | 300,511  | -501,605   | 300,511   | -501,605   |
| Total                                                                                                  |          |          |          |          | 306,036  | -492,544   | 306,036   | -492,544   |
| Financial result from insurance contracts including amounts recognised in other comprehensive income   |          |          |          |          |          |            |           |            |
| Changes in the fair value of the underlying items of contracts with direct participation features      |          |          | -220,441 | 448,319  | -383,698 | 1,749,180  | -604,140  | 2,197,499  |
| Accrued interest                                                                                       | -57,580  | -16,830  | -782     | -349     | -11,071  | -6,294     | -69,433   | -23,474    |
| Effects of changes in interest rates and other financial assumptions                                   | -137,393 | 341,352  | -14,288  | 2,465    | -6,715   | 93,356     | -158,396  | 437,173    |
| Effects of changes in foreign exchange rates                                                           | -34,834  | -2,485   | 121      | -14      | 2,742    | -6,742     | -31,971   | -9,240     |
| Total                                                                                                  | -229,808 | 322,037  | -235,391 | 450,421  | -398,742 | 1,829,500  | -863,940  | 2,601,958  |
| Financial result from reinsurance contracts including amounts recognised in other comprehensive income |          |          |          |          |          |            |           |            |
| Accrued interest                                                                                       | 5,854    | 2,488    | 36       | 15       | 86       | -27        | 5,976     | 2,476      |
| Other financial result arising from reinsurance contracts                                              | 16,449   | -25,857  | 15       | -16      | 37       | -27        | 16,500    | -25,900    |
| Effect of changes in non-performance risk of reinsurers                                                | -6       | 16       |          |          | -1       | 1          | -7        | 17         |
| Effects of changes in foreign exchange rates                                                           | 2,801    | 90       | 30       | 13       | -11      | -2,162     | 2,820     | -2,058     |
| Total                                                                                                  | 25,098   | -23,262  | 80       | 13       | 111      | -2,216     | 25,289    | -25,465    |
| Total                                                                                                  | 400,450  | -308,251 | 31,345   | -119,151 | 613,536  | -662,617   | 1,045,332 | -1,090,019 |
| Net investment income including amounts recognised in other comprehensive income                       |          |          |          |          |          |            |           |            |
| of which recognised in profit or loss                                                                  | 173,435  | -23,347  | 111,725  | 18,182   | 303,670  | 185,007    | 588,831   | 179,843    |
| of which recognised in oci                                                                             | 431,725  | -583,679 | 154,931  | -587,766 | 402,461  | -2,182,365 | 989,117   | -3,353,810 |
| Net investment income from unit-linked and index-linked life insurance                                 |          |          |          |          |          |            |           |            |
| of which recognised in profit or loss                                                                  |          |          |          |          | 306,036  | -492,544   | 306,036   | -492,544   |
| Financial result from insurance contracts including amounts recognised in other comprehensive income   |          |          |          |          |          |            |           |            |
| of which recognised in profit or loss                                                                  | -80,742  | -20,266  | -130,857 | -32,509  | -541,859 | 311,050    | -753,458  | 258,275    |
| of which recognised in oci                                                                             | -149,065 | 342,303  | -104,534 | 482,930  | 143,117  | 1,518,451  | -110,483  | 2,343,683  |
| Financial result from reinsurance contracts including amounts recognised in other comprehensive income |          |          |          |          |          |            |           |            |
| of which recognised in profit or loss                                                                  | 8,689    | 4,562    | 67       | 29       | 75       | -104       | 8,831     | 4,487      |
| of which recognised in oci                                                                             | 16,408   | -27,824  | 14       | -16      | 36       | -2,112     | 16,458    | -29,952    |

Long-term property and casualty insurance

{171}------------------------------------------------

The following table shows the development of other comprehensive income in connection with insurance and reinsurance contracts measured using the modified retrospective approach or the fair value transition method.

## Development of other comprehensive income from debt instruments measured at fair value through other comprehensive income

| In € thousand            | 2023     | 2022     |
|--------------------------|----------|----------|
| At 1 January             | 624,613  | 832,817  |
| Net change in fair value | -234,230 | -208,204 |
| At 31 December           | 390,383  | 624,613  |

Underlying items for contracts with direct participation features are determined from the perspective of the individual Group companies and not from the Group perspective. Their composition and the corresponding fair values are shown in the following table.

| Fair values of the underlying items | In € thousand | Fair value Health |           | Fair value Life |            | Fair value Unit-linked and index-linked life insurance |           | Total      |            |
|-------------------------------------|---------------|-------------------|-----------|-----------------|------------|--------------------------------------------------------|-----------|------------|------------|
|                                     |               | 2023              | 2022      | 2023            | 2022       | 2023                                                   | 2022      | 2023       | 2022       |
| Participations                      |               | 704,146           | 712,302   | 1,391,921       | 2,555,041  | 0                                                      | 0         | 2,096,067  | 3,267,343  |
| Equity securities                   |               | 712,770           | 552,493   | 208,588         | 156,887    | 3,039,505                                              | 2,846,971 | 3,960,863  | 3,556,352  |
| Fixed income funds                  |               | 1,133,523         | 1,087,289 | 464,614         | 755,594    | 379,863                                                | 373,572   | 1,978,000  | 2,216,456  |
| Property                            |               | 591,019           | 588,666   | 792,429         | 787,275    | 0                                                      | 0         | 1,383,448  | 1,375,941  |
| Government bonds                    |               | 973,133           | 800,126   | 4,252,280       | 4,000,059  | 49,217                                                 | 35,915    | 5,274,630  | 4,836,100  |
| Corporate bonds                     |               | 716,324           | 793,876   | 2,434,491       | 2,139,944  | 369,675                                                | 398,912   | 3,520,490  | 3,332,732  |
| Cash                                |               | 0                 | 0         | 15,430          | 10,226     | 167,076                                                | 122,461   | 182,507    | 132,687    |
| Other                               |               | 113,549           | 64,619    | 159,209         | 86,393     | 8,939                                                  | 13,387    | 281,698    | 164,399    |
| Total                               |               | 4,944,465         | 4,599,371 | 9,718,964       | 10,491,420 | 4,014,276                                              | 3,791,219 | 18,677,705 | 18,882,009 |

{172}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 237

The following table contains a maturity analysis of the insurance and reinsurance contracts, which reflects the time bands in which the undiscounted net cash flows are expected to occur.

236

The following table shows the development of other comprehensive income in connection with insurance and reinsurance contracts measured using the modified retrospective approach or the fair value transition method.

In € thousand 2023 2022 At 1 January 624,613 832,817 Net change in fair value – 234,230 – 208,204 At 31 December 390,383 624,613

Underlying items for contracts with direct participation features are determined from the perspective of the individual Group companies and not from the Group perspective. Their composition and the corresponding fair values

> Fair value Health

In € thousand 2023 2022 2023 2022 2023 2022 2023 2022 Participations 704,146 712,302 1,391,921 2,555,041 0 0 2,096,067 3,267,343 Equity securitities 712,770 552,493 208,588 156,887 3,039,505 2,846,971 3,960,863 3,556,352 Fixed income funds 1,133,523 1,087,289 464,614 755,594 379,863 373,572 1,978,000 2,216,456 Property 591,019 588,666 792,429 787,275 0 0 1,383,448 1,375,941 Government bonds 973,133 800,126 4,252,280 4,000,059 49,217 35,915 5,274,630 4,836,100 Corporate bonds 716,324 793,876 2,434,491 2,139,944 369,675 398,912 3,520,490 3,332,732 Cash 0 0 15,430 10,226 167,076 122,461 182,507 132,687 Other 113,549 64,619 159,209 86,393 8,939 13,387 281,698 164,399 Total 4,944,465 4,599,371 9,718,964 10,491,420 4,014,276 3,791,219 18,677,705 18,882,009

Fair value Life Fair value

Total

Unit-linked and indexlinked life insurance

Development of other comprehensive income from debt instruments measured at fair value through other comprehensive income

are shown in the following table.

Fair values of the underlying items

| Maturity analysis                            | Estimates of undiscounted net cash flows |            |           |           |           |                      |             |
|----------------------------------------------|------------------------------------------|------------|-----------|-----------|-----------|----------------------|-------------|
| In € thousand                                | 1 year or less                           | 1–2 years  | 2–3 years | 3–4 years | 4–5 years | more than<br>5 years | Total       |
| 31 December 2023                             |                                          |            |           |           |           |                      |             |
| Insurance contracts                          | –2,102,011                               | –1,012,214 | –844,859  | –686,389  | –639,356  | –24,406,144          | –29,690,973 |
| Long-term property and casualty<br>insurance | –1,332,974                               | –570,009   | –365,866  | –268,312  | –196,798  | –1,372,455           | –4,106,413  |
| Health insurance                             | 241,711                                  | 213,745    | 237,823   | 228,486   | 210,602   | –8,898,180           | –7,765,814  |
| Life insurance                               | –1,010,748                               | –655,951   | –716,816  | –646,563  | –653,160  | –14,135,509          | –17,818,746 |
| Reinsurance contracts                        | 142                                      | 17         | 12        | 11        | 8         | 52                   | 243         |
| Long-term property and casualty              |                                          |            |           |           |           |                      |             |
| insurance                                    | 59                                       | 17         | 12        | 11        | 8         | 52                   | 159         |
| Health insurance                             | 69                                       | 0          | 0         | 0         | 0         | 0                    | 70          |
| Life insurance                               | 14                                       | 0          | 0         | 0         | 0         | 0                    | 14          |
| 31 December 2022                             |                                          |            |           |           |           |                      |             |
| Insurance contracts                          | –1,911,133                               | –974,780   | –796,173  | –782,674  | –742,960  | –25,475,011          | –30,682,731 |
| Long-term property and casualty              |                                          |            |           |           |           |                      |             |
| insurance                                    | –1,222,917                               | –531,245   | –345,678  | –255,370  | –275,016  | –1,276,080           | –3,906,304  |
| Health insurance                             | 181,322                                  | 210,454    | 224,673   | 214,147   | 201,059   | –8,336,812           | –7,305,157  |
| Life insurance                               | –869,538                                 | –653,989   | –675,168  | –741,451  | –669,004  | –15,862,119          | –19,471,269 |
| Reinsurance contracts                        | 13,433                                   | 702        | 319       | 189       | 131       | 538                  | 15,313      |
| Long-term property and casualty              |                                          |            |           |           |           |                      |             |
| insurance                                    | 4,865                                    | 716        | 332       | 201       | 141       | 588                  | 6,843       |
| Health insurance                             | 70                                       | 1          | 0         | 0         | 0         | 0                    | 72          |
| Life insurance                               | 8,499                                    | –15        | –13       | –12       | –10       | –50                  | 8,399       |

{173}------------------------------------------------

The following tables show the claims development in property and casualty insurance and in health insurance (similar to non-life technique).

## Gross

238

| In € million                                    | 2014   | 2015   | 2016   | 2017   | 2018   | 2019   | 2020   | 2021   | 2022   | 2023   | Total |
|-------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|-------|
| Estimates of undiscounted gross claims payments |        |        |        |        |        |        |        |        |        |        |       |
| At the end of the claims                        |        |        |        |        |        |        |        |        |        |        |       |
| year                                            | 1,506  | 1,465  | 1,507  | 1,660  | 1,871  | 1,827  | 1,881  | 2,112  | 2,371  | 2,666  |       |
| 1 year later                                    | 1,481  | 1,495  | 1,571  | 1,740  | 1,831  | 1,952  | 1,825  | 2,181  | 2,292  |        |       |
| 2 years later                                   | 1,477  | 1,497  | 1,584  | 1,729  | 1,903  | 1,936  | 1,809  | 2,174  |        |        |       |
| 3 years later                                   | 1,468  | 1,503  | 1,574  | 1,843  | 1,920  | 1,972  | 1,790  |        |        |        |       |
| 4 years later                                   | 1,467  | 1,503  | 1,669  | 1,873  | 1,962  | 1,956  |        |        |        |        |       |
| 5 years later                                   | 1,463  | 1,602  | 1,689  | 1,918  | 1,950  |        |        |        |        |        |       |
| 6 years later                                   | 1,533  | 1,603  | 1,728  | 1,905  |        |        |        |        |        |        |       |
| 7 years later                                   | 1,546  | 1,617  | 1,715  |        |        |        |        |        |        |        |       |
| 8 years later                                   | 1,550  | 1,597  |        |        |        |        |        |        |        |        |       |
| 9 years later                                   | 1,554  |        |        |        |        |        |        |        |        |        |       |
| Cumulative gross<br>claims payments             | –1,484 | –1,499 | –1,545 | –1,717 | –1,764 | –1,745 | –1,573 | –1,812 | –1,675 | –1,271 |       |
| Gross liabilities – claims                      |        |        |        |        |        |        |        |        |        |        |       |
| years from 2014 to 2023                         | 71     | 98     | 170    | 188    | 186    | 211    | 217    | 362    | 617    | 1,395  | 3,514 |
| Gross liabilities – claims years before 2014    |        |        |        |        |        |        |        |        |        |        | 607   |
| Discounting effect                              |        |        |        |        |        |        |        |        |        |        | – 588 |
| Gross liability for incurred claims             |        |        |        |        |        |        |        |        |        |        | 3,533 |

#### Net

| In € million                                  | 2014   | 2015   | 2016   | 2017   | 2018   | 2019   | 2020   | 2021   | 2022   | 2023   | Total |       |
|-----------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|-------|-------|
| Estimates of undiscounted net claims payments |        |        |        |        |        |        |        |        |        |        |       |       |
| At the end of the claims                      |        |        |        |        |        |        |        |        |        |        |       |       |
| year                                          | 1,492  | 1,452  | 1,479  | 1,655  | 1,762  | 1,797  | 1,857  | 1,969  | 2,312  | 2,615  |       |       |
| 1 year later                                  | 1,467  | 1,480  | 1,554  | 1,736  | 1,706  | 1,918  | 1,797  | 2,012  | 2,236  |        |       |       |
| 2 years later                                 | 1,468  | 1,481  | 1,567  | 1,725  | 1,791  | 1,903  | 1,780  | 2,002  |        |        |       |       |
| 3 years later                                 | 1,460  | 1,487  | 1,558  | 1,837  | 1,797  | 1,941  | 1,765  |        |        |        |       |       |
| 4 years later                                 | 1,459  | 1,487  | 1,650  | 1,864  | 1,844  | 1,922  |        |        |        |        |       |       |
| 5 years later                                 | 1,455  | 1,580  | 1,668  | 1,908  | 1,832  |        |        |        |        |        |       |       |
| 6 years later                                 | 1,524  | 1,582  | 1,701  | 1,897  |        |        |        |        |        |        |       |       |
| 7 years later                                 | 1,537  | 1,595  | 1,689  |        |        |        |        |        |        |        |       |       |
| 8 years later                                 | 1,541  | 1,575  |        |        |        |        |        |        |        |        |       |       |
| 9 years later                                 | 1,544  |        |        |        |        |        |        |        |        |        |       |       |
| Cumulative net claims                         |        |        |        |        |        |        |        |        |        |        |       |       |
| payments                                      | -1,473 | -1,478 | -1,536 | -1,715 | -1,651 | -1,716 | -1,549 | -1,685 | -1,638 | -1,240 |       |       |
| Net liabilities – claims                      |        |        |        |        |        |        |        |        |        |        |       |       |
| years from 2014 to 2023                       | 71     | 97     | 153    | 182    | 181    | 206    | 216    | 317    | 598    | 1,375  | 3,395 | 3,395 |
| Net liabilities – claims years                |        |        |        |        |        |        |        |        |        |        |       |       |
| before 2014                                   |        |        |        |        |        |        |        |        |        |        | 56    |       |
| Discounting effect                            |        |        |        |        |        |        |        |        |        |        | -57   |       |
| Net liability for incurred claims             |        |        |        |        |        |        |        |        |        |        | 3,380 |       |

{174}------------------------------------------------

## Other non-current assets

238

Gross

At the end of the claims

Cumulative gross

Net

Gross liabilities – claims

At the end of the claims

Cumulative net claims

Net liabilities – claims

Net liabilities – claims years

The following tables show the claims development in property and casualty insurance and in health insurance

In € million 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total

year 1,506 1,465 1,507 1,660 1,871 1,827 1,881 2,112 2,371 2,666

claims payments –1,484 –1,499 –1,545 –1,717 –1,764 –1,745 –1,573 –1,812 –1,675 –1,271

years from 2014 to 2023 71 98 170 188 186 211 217 362 617 1,395 3,514 Gross liabilities – claims years before 2014 607 Discounting effect – 588 Gross liability for incurred claims 3,533

In € million 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total

year 1,492 1,452 1,479 1,655 1,762 1,797 1,857 1,969 2,312 2,615

payments –1,473 – 1,478 – 1,536 – 1,715 – 1,651 – 1,716 – 1,549 – 1,685 – 1,638 – 1,240

years from 2014 to 2023 71 97 153 182 181 206 216 317 598 1,375 3,395

before 2014 564 Discounting effect – 579 Net liability for incurred claims 3,380

1 year later 1,467 1,480 1,554 1,736 1,706 1,918 1,797 2,012 2,236

2 years later 1,468 1,481 1,567 1,725 1,791 1,903 1,780 2,002

3 years later 1,460 1,487 1,558 1,837 1,797 1,941 1,765

4 years later 1,459 1,487 1,650 1,864 1,844 1,922

5 years later 1,455 1,580 1,668 1,908 1,832

6 years later 1,524 1,582 1,701 1,897

7 years later 1,537 1,595 1,689

8 years later 1,541 1,575

9 years later 1,544

1 year later 1,481 1,495 1,571 1,740 1,831 1,952 1,825 2,181 2,292

2 years later 1,477 1,497 1,584 1,729 1,903 1,936 1,809 2,174

3 years later 1,468 1,503 1,574 1,843 1,920 1,972 1,790

4 years later 1,467 1,503 1,669 1,873 1,962 1,956

5 years later 1,463 1,602 1,689 1,918 1,950

6 years later 1,533 1,603 1,728 1,905

7 years later 1,546 1,617 1,715

8 years later 1,550 1,597

Estimates of undiscounted net claims payments

9 years later 1,554

(similar to non-life technique).

Estimates of undiscounted gross claims payments

## 6. Property, plant and equipment

Property, plant and equipment are generally accounted for using the cost model.

Gains on the disposal of property, plant and equipment are recorded under the item "Other non-technical income", while losses are recorded under "Other non-technical expenses".

If the use of a property changes and an owner-occupied property becomes an investment property, the property is reclassified as investment land and buildings with the carrying amount at the date of the change.

Property, plant and equipment are depreciated on a straight line basis over a useful life for buildings of 15 to 80 years and for technical systems and operating and office equipment of 2 to 20 years. Depreciation methods, useful lives and residual values are reviewed on every reporting date and adjusted if necessary. Depreciation of property, plant and equipment is recognised in profit/(loss) for the period after cost sharing in the technical result and other non-insurance service expenses.

The exercise of the measurement option in accordance with IAS 16.29A in connection with initial application of IFRS 17 resulted in a transition from the cost model to fair value measurement for those properties that constitute underlying items in life and health insurance with participation features. Investment property is measured using the same model.

## Leases

CONSOLIDATED FINANCIAL STATEMENTS 239

There are around 1,700 contracts throughout the entire Group which fall within the scope of the standard and for which UNIQA is lessee. Nearly all contracts are simple standard contracts. They mainly relate to real estate and in part to operating and office equipment. A significant portion of the capitalised rights of use consists of a small number of contracts concluded for an indefinite period. For these contracts, estimates were made on the basis of the most probable assumptions regarding the term and the exercise of termination options. The terms on which the calculation of these contracts is based are up to 50 years. The average term of the remaining contracts is between three and five years.

The discount rate used to determine the liability consists of the risk-free interest rate adjusted for country risk, creditworthiness and a repayment factor.

Leases with a contractual term of less than twelve months and low value assets were not recognised. Leases where the underlying asset value does not exceed a new value of €5 thousand and those with a contract term of less than twelve months were not recognised.

{175}------------------------------------------------

| Historical cost<br>In € thousand                                               | Land and<br>buildings for<br>own use<br>measured at<br>amortised cost | Land and<br>buildings for<br>own use<br>measured at<br>fair value | Usage rights<br>from land and<br>buildings for<br>own use | Other property,<br>plant and<br>equipment | Usage rights<br>from other<br>property, plant<br>and equipment | Total   |
|--------------------------------------------------------------------------------|-----------------------------------------------------------------------|-------------------------------------------------------------------|-----------------------------------------------------------|-------------------------------------------|----------------------------------------------------------------|---------|
| At 31 December 2021 restated                                                   | 367,988                                                               | 0                                                                 | 125,328                                                   | 257,051                                   | 3,703                                                          | 754,070 |
| Reclassifications and value adjustments from<br>initial application of IFRS 17 | -67,864                                                               | 79,876                                                            | 0                                                         | 0                                         | 0                                                              | 12,012  |
| At 1 January 2022 restated                                                     | 300,124                                                               | 79,876                                                            | 125,328                                                   | 257,051                                   | 3,703                                                          | 766,083 |
| Currency translation                                                           | -2,007                                                                | 0                                                                 | -2,235                                                    | -886                                      | -80                                                            | -5,208  |
| Change in basis of consolidation                                               | 0                                                                     | 0                                                                 | 0                                                         | -824                                      | 0                                                              | -824    |
| Additions                                                                      | 1,877                                                                 | 0                                                                 | 23,049                                                    | 31,342                                    | 594                                                            | 56,862  |
| Disposals                                                                      | -471                                                                  | 0                                                                 | -18,395                                                   | -33,031                                   | -320                                                           | -52,217 |
| Additions from fair value increases                                            | 0                                                                     | 4,163                                                             | 0                                                         | 0                                         | 0                                                              | 4,163   |
| Disposals from fair value reductions                                           | 0                                                                     | 0                                                                 | 0                                                         | 0                                         | 0                                                              | 0       |
| Reclassifications                                                              | -14                                                                   | 0                                                                 | 0                                                         | -100                                      | 0                                                              | -114    |
| At 31 December 2022 restated                                                   | 299,509                                                               | 84,039                                                            | 127,748                                                   | 253,553                                   | 3,897                                                          | 768,744 |
| At 1 January 2023                                                              | 299,509                                                               | 84,039                                                            | 127,748                                                   | 253,553                                   | 3,897                                                          | 768,744 |
| Currency translation                                                           | 2,366                                                                 | 0                                                                 | 1,734                                                     | 1,192                                     | 96                                                             | 5,389   |
| Change in basis of consolidation                                               | 0                                                                     | 0                                                                 | 0                                                         | 829                                       | 0                                                              | 829     |
| Additions                                                                      | 9,871                                                                 | 91                                                                | 7,172                                                     | 30,938                                    | 484                                                            | 48,556  |
| Disposals                                                                      | -767                                                                  | 0                                                                 | -2,222                                                    | -20,724                                   | -251                                                           | -23,963 |
| Additions from fair value increases                                            | 0                                                                     | 0                                                                 | 0                                                         | 0                                         | 0                                                              | 0       |
| Disposals from fair value reductions                                           | 0                                                                     | -3,860                                                            | 0                                                         | 0                                         | 0                                                              | -3,860  |
| Reclassifications                                                              | -14,482                                                               | 0                                                                 | 0                                                         | -71                                       | 0                                                              | -14,553 |
| Reclassifications held for sale                                                | 0                                                                     | 0                                                                 | -891                                                      | -636                                      | 0                                                              | -1,527  |
| At 31 December 2023                                                            | 296,497                                                               | 80,270                                                            | 133,542                                                   | 265,081                                   | 4,226                                                          | 779,616 |

| Accumulated depreciation and<br>impairment losses<br>In € thousand | Land and<br>buildings for<br>own use<br>measured at<br>amortised cost | Land and<br>buildings for<br>own use<br>measured at<br>fair value | Usage rights<br>from land and<br>buildings for<br>own use | Other property,<br>plant and<br>equipment | Usage rights<br>from other<br>property, plant<br>and equipment | Total    |
|--------------------------------------------------------------------|-----------------------------------------------------------------------|-------------------------------------------------------------------|-----------------------------------------------------------|-------------------------------------------|----------------------------------------------------------------|----------|
| At 31 December 2021 restated                                       | -171,192                                                              |                                                                   | -26,559                                                   | -189,328                                  | -1,362                                                         | -388,441 |
| Reclassifications from initial application of IFRS 17              | 26,566                                                                |                                                                   | 0                                                         | 0                                         | 0                                                              | 26,566   |
| At 1 January 2022 restated                                         | -144,626                                                              |                                                                   | -26,559                                                   | -189,328                                  | -1,362                                                         | -361,875 |
| Currency translation                                               | 1,169                                                                 |                                                                   | -55                                                       | 359                                       | 2                                                              | 1,476    |
| Depreciation                                                       | -6,695                                                                |                                                                   | -14,316                                                   | -16,262                                   | -1,106                                                         | -38,379  |
| Disposals                                                          | 244                                                                   |                                                                   | 3,067                                                     | 19,861                                    | 178                                                            | 23,351   |
| At 31 December 2022 restated                                       | -149,908                                                              |                                                                   | -37,862                                                   | -185,370                                  | -2,289                                                         | -375,428 |
| At 1 January 2023                                                  | -149,908                                                              |                                                                   | -37,862                                                   | -185,370                                  | -2,289                                                         | -375,428 |
| Currency translation                                               | -1,096                                                                |                                                                   | -330                                                      | -783                                      | -65                                                            | -2,274   |
| Depreciation                                                       | -6,448                                                                |                                                                   | -14,062                                                   | -18,579                                   | -960                                                           | -40,049  |
| Disposals                                                          | 358                                                                   |                                                                   | 1,181                                                     | 19,651                                    | 187                                                            | 21,376   |
| Reclassifications                                                  | 6,624                                                                 |                                                                   | 0                                                         | 0                                         | 0                                                              | 6,624    |
| Reclassifications held for sale                                    | 0                                                                     |                                                                   | 675                                                       | 590                                       | 0                                                              | 1,265    |
| At 31 December 2023                                                | -150,470                                                              |                                                                   | -50,398                                                   | -184,492                                  | -3,127                                                         | -388,487 |

{176}------------------------------------------------

| Carrying amounts<br>In € thousand | Land and<br>buildings for<br>own use<br>measured at<br>amortised cost | Land and<br>buildings for<br>own use<br>measured at<br>fair value | Usage rights<br>from land and<br>buildings for<br>own use | Other property,<br>plant and<br>equipment | Usage rights<br>from other<br>property, plant<br>and equipment | Total   |
|-----------------------------------|-----------------------------------------------------------------------|-------------------------------------------------------------------|-----------------------------------------------------------|-------------------------------------------|----------------------------------------------------------------|---------|
| At 1 January 2022 restated        | 155,498                                                               | 79,876                                                            | 98,769                                                    | 67,723                                    | 2,341                                                          | 404,207 |
| At 31 December 2022 restated      | 149,601                                                               | 84,039                                                            | 89,886                                                    | 68,183                                    | 1,608                                                          | 393,316 |
| At 31 December 2023               | 146,027                                                               | 80,270                                                            | 83,144                                                    | 80,589                                    | 1,099                                                          | 391,125 |

CONSOLIDATED FINANCIAL STATEMENTS 241

The carrying amounts for land and buildings for own use are broken down as shown in the table below:

240

Historical cost In € thousand 

initial application of IFRS 17

Reclassifications and value adjustments from

Accumulated depreciation and

impairment losses In € thousand 

Land and buildings for own use measured at amortised cost

Land and buildings for own use measured at amortised cost

Land and buildings for own use measured at fair value

– 67,864 79,876 0

Land and buildings for own use measured at fair value

At 31 December 2021 restated –171,192 – 26,559 – 189,328 – 1,362 – 388,441 Reclassifications from initial application of IFRS 17 26,566 0 0 0 26,566 At 1 January 2022 restated – 144,626 – 26,559 – 189,328 – 1,362 – 361,875 Currency translation 1,169 – 55 359 2 1,476 Depreciation – 6,695 – 14,316 – 16,262 – 1,106 – 38,379 Disposals 244 3,067 19,861 178 23,351 At 31 December 2022 restated –149,908 – 37,862 – 185,370 – 2,289 – 375,428 At 1 January 2023 – 149,908 – 37,862 – 185,370 – 2,289 – 375,428 Currency translation – 1,096 – 330 – 783 – 65 – 2,274 Depreciation – 6,448 – 14,062 – 18,579 – 960 – 40,049 Disposals 358 1,181 19,651 187 21,376 Reclassifications 6,624 0 0 0 6,624 Reclassifications held for sale 0 675 590 0 1,265 At 31 December 2023 – 150,470 – 50,398 – 184,492 – 3,127 – 388,487

Usage rights from land and buildings for own use

Other property, plant and equipment

Usage rights from other property, plant and equipment

At 31 December 2021 restated 367,988 0 125,328 257,051 3,703 754,070

At 1 January 2022 restated 300,124 79,876 125,328 257,051 3,703 766,083 Currency translation – 2,007 0 – 2,235 – 886 – 80 – 5,208 Change in basis of consolidation 0 0 0 – 824 0 – 824 Additions 1,877 0 23,049 31,342 594 56,862 Disposals – 471 0 – 18,395 – 33,031 – 320 – 52,217 Additions from fair value increases 0 4,163 0 0 0 4,163 Disposals from fair value reductions 0 0 0 0 0 0 Reclassifications – 14 0 0 – 100 0 – 114 At 31 December 2022 restated 299,509 84,039 127,748 253,553 3,897 768,744 At 1 January 2023 299,509 84,039 127,748 253,553 3,897 768,744 Currency translation 2,366 0 1,734 1,192 96 5,389 Change in basis of consolidation 0 0 0 829 0 829 Additions 9,871 91 7,172 30,938 484 48,556 Disposals – 767 0 – 2,222 – 20,724 – 251 – 23,963 Additions from fair value increases 0 0 0 0 0 0 Disposals from fair value reductions 0 – 3,860 0 0 0 – 3,860 Reclassifications – 14,482 0 0 – 71 0 – 14,553 Reclassifications held for sale 0 0 – 891 – 636 0 – 1,527 At 31 December 2023 296,497 80,270 133,542 265,081 4,226 779,616

Usage rights from land and buildings for own use

Other property, plant and equipment

Usage rights from other property, plant and equipment

0 0 12,012

Total

Total

| Carrying amounts<br>In € thousand | Property and<br>casualty insurance | Health insurance | Life insurance | Total   |
|-----------------------------------|------------------------------------|------------------|----------------|---------|
| At 31 December 2022 restated      | 96,333                             | 30,132           | 107,174        | 233,640 |
| At 31 December 2023               | 96,056                             | 28,429           | 101,813        | 226,290 |

The fair values of the land and buildings for own use are derived from expert reports and are comprised as follows:

| Fair values<br>In € thousand | Property and<br>casualty insurance | Health insurance | Life insurance | Total   |
|------------------------------|------------------------------------|------------------|----------------|---------|
| At 31 December 2022          | 196,553                            | 41,178           | 147,015        | 384,746 |
| At 31 December 2023          | 175,724                            | 41,271           | 147,902        | 364,898 |

Other property, plant and equipment refers mainly to technical systems and operating and office equipment.

| Amounts recognised in consolidated<br>financial statements<br>In € thousand                         | 2023    | 2022    |
|-----------------------------------------------------------------------------------------------------|---------|---------|
| Amounts recognised in the consolidated income<br>statement                                          |         |         |
| Interest on lease liabilities                                                                       | 869     | 924     |
| Expenses relating to short-term leases                                                              | 413     | 455     |
| Expenses relating to leases of low-value assets,<br>excluding short-term leases of low-value assets | 3,691   | 5,972   |
| Amounts recognised in the consolidated<br>statement of cash flows                                   |         |         |
| Cash outflows for leases                                                                            | -15,552 | -16,506 |

{177}------------------------------------------------

## 7. Intangible assets

#### Goodwill

242

#### Ascertainment and allocation of goodwill

For the purpose of the impairment test, UNIQA has allocated the goodwill to the cash-generating units (CGUs) below, which coincide with the countries in which UNIQA operates. Exceptions to this are the SIGAL Group, where the three countries Albania, Kosovo and North Macedonia were combined into one CGU due to their similar development and organisational links, and the Telemedi Group (acquired in the fourth quarter of 2023), which is based in Poland but is not a joint CGU with the insurance group in Poland:

- UNIQA Austria
- Albania/Kosovo/North Macedonia as subgroup of the SIGAL Group (SEE)
- Bulgaria (SEE)
- Poland (CE)
- Telemedi Group
- Czechia (CE)
- Hungary (CE)

## Goodwill by CGU In € thousand

31/12/2023 31/12/2022

| In € thousand                                                    |         |         |
|------------------------------------------------------------------|---------|---------|
| Albania/Kosovo/North Macedonia as subgroup of<br>the SIGAL Group | 20,973  | 19,026  |
| Bulgaria                                                         | 5,411   | 5,411   |
| Poland                                                           | 43,998  | 40,790  |
| Telemedi Group                                                   | 10,108  | 0       |
| Czechia                                                          | 233,647 | 239,650 |
| Hungary                                                          | 13,970  | 13,340  |
| UNIQA Austria                                                    | 37,737  | 37,737  |
| Other                                                            | 2,386   | 2,472   |
| Total                                                            | 368,229 | 358,426 |

#### Impairment test for goodwill

The impairment test was performed during the preparation of the financial statements. In order to test the impairment for goodwill, the recoverable amount of the CGUs is determined. Impairment is recognised when the recoverable amount of a CGU is less than its value to be covered, consisting of goodwill and the proportional net assets. The impairment of goodwill is recognised in profit/(loss) for the period under the item "Amortisation of VBI and impairment of goodwill".

## Determination of the recoverable amount – significant estimates

The recoverable amount of the CGUs with goodwill allocated is calculated on the basis of value in use by applying generally accepted measurement principles by means of the dividend discount method. The budget projections (detailed planning phase) of the CGUs, the estimate of the long-term net profits achievable by the CGUs and longterm growth rates (perpetuity) are used as the starting point for determination of the capitalised value.

The capitalised value is determined by discounting the future profits with a suitable capitalisation rate after assumed retention to strengthen the capital base. In the process, the capitalised values are separated by the three business lines, which are then totalled to yield the value for the CGU.

#### Cash flow forecast (multi-phase model)

Phase 1: five-year company planning

The detailed company planning generally encompasses a period of five years. The company plans used for the calculation are the result of a structured and standardised management dialogue. This includes an integrated reporting and documentation process and takes into account empirical values from previous planning periods as well as UNIQA's sustainability strategy and associated climaterelated aspects. The plans are formally approved by the Group Management Board and also include material assumptions regarding the combined ratio, capital earnings, market shares and the like.

#### Phase 2: perpetuity growth rate

The last year of the detailed planning phase is used as the basis for determining cash flows in phase 2. The perpetuity growth rate is based on medium-term growth forecasts of the respective national economy. The underlying growth assumptions depend on the geographical location and range from 1 to 4 per cent. Various studies and statistical analyses were used as sources to provide a basis for determining the growth rates in order to consistently and realistically reflect the market situation and macroeconomic development. The reference sources include our own research, as well as country risks, growth rate estimations and multiples published by Damodaran (NYU Stern).

#### Determining the capitalisation rate

The assumptions with regard to risk-free interest rate, market risk premium and business line betas made for determining the capitalisation rate are consistent with the

{178}------------------------------------------------

parameters used in the UNIQA planning and controlling process. They are based on the capital asset pricing model.

242

Goodwill

Poland:

UNIQA Austria

SIGAL Group (SEE) Bulgaria (SEE) Poland (CE) Telemedi Group Czechia (CE) Hungary (CE)

Goodwill by CGU In € thousand 

Albania/Kosovo/North Macedonia as subgroup of

Impairment test for goodwill

of VBI and impairment of goodwill".

7. Intangible assets

Ascertainment and allocation of goodwill

For the purpose of the impairment test, UNIQA has allocated the goodwill to the cash-generating units (CGUs) below, which coincide with the countries in which UNIQA operates. Exceptions to this are the SIGAL Group, where the three countries Albania, Kosovo and North Macedonia were combined into one CGU due to their similar development and organisational links, and the Telemedi Group (acquired in the fourth quarter of 2023), which is based in Poland but is not a joint CGU with the insurance group in

Albania/Kosovo/North Macedonia as subgroup of the

the SIGAL Group 20,973 19,026 Bulgaria 5,411 5,411 Poland 43,998 40,790 Telemedi Group 10,108 0 Czechia 233,647 239,650 Hungary 13,970 13,340 UNIQA Austria 37,737 37,737 Other 2,386 2,472 Total 368,229 358,426

The impairment test was performed during the preparation of the financial statements. In order to test the impairment for goodwill, the recoverable amount of the CGUs is determined. Impairment is recognised when the recoverable amount of a CGU is less than its value to be covered, consisting of goodwill and the proportional net assets. The impairment of goodwill is recognised in profit/(loss) for the period under the item "Amortisation

31/12/2023 31/12/2022

Determination of the recoverable amount –

The recoverable amount of the CGUs with goodwill allocated is calculated on the basis of value in use by applying generally accepted measurement principles by means of the dividend discount method. The budget projections (detailed planning phase) of the CGUs, the estimate of the long-term net profits achievable by the CGUs and longterm growth rates (perpetuity) are used as the starting point for determination of the capitalised value.

The capitalised value is determined by discounting the future profits with a suitable capitalisation rate after assumed retention to strengthen the capital base. In the process, the capitalised values are separated by the three business lines, which are then totalled to yield the value for the

The detailed company planning generally encompasses a period of five years. The company plans used for the calculation are the result of a structured and standardised management dialogue. This includes an integrated reporting and documentation process and takes into account empirical values from previous planning periods as well as UNIQA's sustainability strategy and associated climaterelated aspects. The plans are formally approved by the Group Management Board and also include material assumptions regarding the combined ratio, capital earnings,

The last year of the detailed planning phase is used as the basis for determining cash flows in phase 2. The perpetuity growth rate is based on medium-term growth forecasts of the respective national economy. The underlying growth assumptions depend on the geographical location and range from 1 to 4 per cent. Various studies and statistical analyses were used as sources to provide a basis for determining the growth rates in order to consistently and realistically reflect the market situation and macroeconomic development. The reference sources include our own research, as well as country risks, growth rate estimations and multiples published by Damodaran (NYU Stern).

Cash flow forecast (multi-phase model) Phase 1: five-year company planning

market shares and the like.

Phase 2: perpetuity growth rate

Determining the capitalisation rate

The assumptions with regard to risk-free interest rate, market risk premium and business line betas made for determining the capitalisation rate are consistent with the

significant estimates

CGU.

In order to depict the economic situation of income values as accurately as possible, considering the volatility on the markets, the capitalisation rate was calculated as follows: a uniform, risk-free interest rate according to the Svensson method (a 30-year spot rate for German federal bonds) was used as a base interest rate.

The beta factor was determined on the basis of the monthly betas over the last ten years for a defined peer group. The betas for the non-life, life and health insurance business lines were determined using the revenues in the relevant business lines of the individual peer group companies. The health insurance business line, which is strongly focused on the Austrian market, is operated in a manner similar to life insurance. A uniform beta factor for personal insurance is therefore used in relation to the health and life insurance lines.

In Austrian measurement practice, the market risk premium is derived at the reporting date from the implied market return based on capital market data. The growth factor is derived in the same manner as the growth in the profit from ordinary activities in the impairment test.

CONSOLIDATED FINANCIAL STATEMENTS 243

An additional country risk premium was defined in accordance with Professor Damodaran's models. The basic principles for calculation of the country risk premium in accordance with the Damodaran method are as follows: the spread of credit default swap spreads in a rating class of "risk-free" US government bonds is determined starting from the rating of the country concerned (Moody's). Then the spread is adjusted by the amount of the volatility difference between equity and bond markets.

The calculation also factored in the inflation differential for countries outside the eurozone. In general, the inflation differential represents inflation trends in different countries and is used as a key indicator in assessing competitiveness. In order to calculate the inflation differential, the deviation of the inflation forecast for the country of the CGU in question in relation to the inflation forecast for a risk-free environment (Germany, in this case) was used. This is adjusted annually in the detailed planning by the expected inflation, and is subsequently applied for perpetuity with the value of the last year of the detailed planning phase.

| Capitalisation rate 2023                                        |  | Discount factor       |                  | Discount factor perpetuity |                  |
|-----------------------------------------------------------------|--|-----------------------|------------------|----------------------------|------------------|
| In per cent                                                     |  | Property/<br>casualty | Life &<br>health | Property/<br>casualty      | Life &<br>health |
| Albania/Kosovo/North Macedonia as subgroup of the SIGAL Group1) |  | 14.2 – 15.2           | 14.5 – 15.5      | 13.4 – 15.7                | 13.7 – 16.7      |
| Bulgaria                                                        |  | 10.0                  | 10.3             | 10.5                       | 10.7             |
| Austria                                                         |  | 8.7                   | 8.7              | 8.7                        | 8.7              |
| Poland                                                          |  | 12.3                  | 12.6             | 9.9                        | 10.2             |
| Czechia                                                         |  | 10.1                  | 10.4             | 9.0                        | 9.3              |
| Hungary                                                         |  | 14.0                  | 14.3             | 12.0                       | 12.3             |

1) The discount rate ranges listed for the SIGAL Group relate to the spread over the respective countries grouped under these headings.

| Capitalisation rate 2022                                        | Discount factor   |               | Discount factor perpetuity |               |
|-----------------------------------------------------------------|-------------------|---------------|----------------------------|---------------|
| In per cent                                                     | Property/casualty | Life & health | Property/casualty          | Life & health |
| Albania/Kosovo/North Macedonia as subgroup of the SIGAL Group1) | 11.8 – 13.9       | 12.1 – 14.1   | 14.5 – 17.1                | 14.8 – 17.1   |
| Bulgaria                                                        | 9.1               | 9.3           | 11.1                       | 11.1          |
| Austria                                                         | 9.0               | 9.3           | 9.0                        | 9.3           |
| Poland                                                          | 16.9              | 17.1          | 10.3                       | 10.3          |
| Czechia                                                         | 10.7              | 11.0          | 9.3                        | 9.6           |
| Hungary                                                         | 17.7              | 17.9          | 12.8                       | 13.0          |

1) The discount rate ranges listed for the SIGAL Group relate to the spread over the respective countries grouped under these headings.

{179}------------------------------------------------

#### Sensitivity analyses

In order to substantiate the results of the calculation and estimation of the value in use, sensitivity analyses with regard to the capitalisation rate and the main value drivers are performed.

These analyses show that sustained surpluses on the part of the individual CGUs are highly dependent on the actual development of these assumptions within the individual national or regional economies (GDP, insurance density, purchasing power parities particularly in the CEE markets) as well as the associated implementation of the individual profit goals. The biggest factor of uncertainty for the forecasts and the associated assessment of the future market situation is the further impact of the war in Ukraine and the consequences of the current phase of high interest rates.

In the event that the insurance markets develop very differently from the assumptions made in those business plans and forecasts, impairment losses may have to be recognised on the goodwill carried.

A sensitivity analysis shows that only a combination of an interest rate increase of 100 bp and a simultaneous change in cash flows of –10 per cent would result in a shortfall in the value in use of €28.5 million for the CGU Poland and €3.2 million for the CGU Czechia. However, a change in only one of these two parameters does not result in a shortfall in the value in use.

#### Other intangible assets

Other intangible assets include both purchased and internally developed software, which is depreciated on a straight-line basis over its useful economic life of 2 to 20 years.

Costs that are incurred at the research stage for internally developed software are recognised through profit or loss for the period in which they were incurred. Costs that are incurred in the development phase are deferred provided that it is foreseeable that the software will be completed, there is the intention and ability for future internal use, and this will result in a future economic benefit.

The amortisation of other intangible assets is reported in the profit/(loss) for the period after cost sharing in the technical result and other non-insurance service expenses.

#### Measurement of non-financial assets

The carrying amounts of UNIQA's non-financial assets – excluding deferred tax assets – are reviewed at every reporting date to determine whether there is an indication of impairment. If this is the case, the recoverable amount of the asset is estimated. The goodwill and intangible assets under development are tested for impairment when a triggering event occurs. If there is none, an annual test is done.

Impairment losses on goodwill are not reversed. In the case of other assets, an impairment loss is reversed only to the extent that it does not increase the carrying amount of the asset above the carrying amount that would have been determined net of depreciation or amortisation had no impairment loss been recognised.

## Value of business in force and non-insurance deferred acquisition costs

The values of life, property and casualty insurance policies in accordance with IFRS 17 as well as pension fund contracts relate to expected future margins from purchased operations. They are recognised at their fair value at the acquisition date. The redemption of the current value of business in force follows the progression of the estimated gross margins. The amortisation of the value of business in force is recognised in the profit/(loss) for the period under "Amortisation of VBI and impairment of goodwill".

Deferred acquisition costs not related to contracts are accounted for in accordance with IFRS 15. These are essentially contracts for the management of pension and investment funds. They recognise costs that would not have been incurred if the contract had not been concluded. The amortisation is carried out pro rata temporis over the term of the underlying contracts.

{180}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 245

| Historical cost<br>In € thousand | Goodwill | Value of<br>business<br>in force | Intangible<br>assets under<br>development | Other<br>intangible<br>assets | Internally<br>developed<br>software | Total     |
|----------------------------------|----------|----------------------------------|-------------------------------------------|-------------------------------|-------------------------------------|-----------|
| At 1 January 2022                | 359,714  | 213,813                          | 105,818                                   | 466,482                       | 12,642                              | 1,158,466 |
| Currency translation             | 6,374    | –712                             | 12                                        | –1,793                        | –66                                 | 3,814     |
| Change in basis of consolidation | –930     | 0                                | –8                                        | 0                             | 0                                   | –930      |
| Additions                        | 0        | 3,863                            | 49,531                                    | 60,544                        | 109                                 | 114,044   |
| Disposals                        | –47      | –2,084                           | –3,864                                    | –28,807                       | –2,538                              | –37,349   |
| Reclassifications                | 0        | 0                                | –1,877                                    | 1,781                         | 0                                   | –96       |
| At 31 December 2022              | 365,111  | 214,880                          | 149,611                                   | 498,207                       | 10,147                              | 1,237,957 |
| At 1 January 2023                | 365,111  | 214,880                          | 149,611                                   | 498,207                       | 10,147                              | 1,237,957 |
| Currency translation             | –219     | 7,791                            | 62                                        | 1,274                         | –7                                  | 8,902     |
| Change in basis of consolidation | 10,022   | 0                                | 241                                       | 11,000                        | 5,598                               | 26,868    |
| Additions                        | 0        | 3,510                            | 7,227                                     | 99,434                        | 3,077                               | 113,248   |
| Disposals                        | 0        | –1,488                           | –1,816                                    | –1,055                        | 0                                   | –4,355    |
| Reclassifications                | 0        | 0                                | –145,460                                  | 138,064                       | 7,397                               | 0         |
| Reclassifications held for sale  | 0        | 0                                | 0                                         | –3,668                        | 0                                   | –3,668    |
| At 31 December 2023              | 374,915  | 224,692                          | 9,865                                     | 743,255                       | 26,211                              | 1,378,936 |

| Accumulated amortisation and<br>impairment losses | Goodwill | Value of<br>business | Intangible<br>assets under | Other<br>intangible | Internally<br>developed | Total     |
|---------------------------------------------------|----------|----------------------|----------------------------|---------------------|-------------------------|-----------|
| In € thousand                                     |          | in force             | development                | assets              | software                |           |
| At 1 January 2022                                 | – 6,686  | – 35,063             | – 893                      | – 219,707           | – 5,109                 | – 267,458 |
| Currency translation                              | 0        | 222                  | 0                          | 1,222               | 75                      | 1,519     |
| Additions from amortisation                       | 0        | – 25,226             | 0                          | – 30,465            | – 626                   | – 56,317  |
| Disposals                                         | 0        | 0                    | 0                          | 25,206              | 1,080                   | 26,286    |
| At 31 December 2022                               | – 6,686  | – 60,067             | – 893                      | – 223,744           | – 4,580                 | – 295,970 |
| At 1 January 2023                                 | – 6,686  | – 60,067             | – 893                      | – 223,744           | – 4,580                 | – 295,970 |
| Currency translation                              | 0        | – 2,715              | 0                          | – 1,261             | 13                      | – 3,962   |
| Change in basis of consolidation                  | 0        | 0                    | 0                          | 0                   | 0                       | 0         |
| Additions from amortisation                       | 0        | – 28,912             | 0                          | – 43,749            | – 843                   | – 73,504  |
| Additions from impairment                         | 0        | 0                    | – 2,950                    | 0                   | 0                       | – 2,950   |
| Disposals                                         | 0        | 0                    | 893                        | 573                 | 0                       | 1,466     |
| Reclassifications held for sale                   | 0        | 0                    | 0                          | 2,294               | 0                       | 2,294     |
| At 31 December 2023                               | – 6,686  | – 91,694             | – 2,950                    | – 265,888           | – 5,410                 | – 372,627 |

| Carrying amounts<br>In € thousand | Goodwill | Value of<br>business<br>in force | Intangible<br>assets under<br>development | Other<br>intangible<br>assets | Internally<br>developed<br>software | Total     |
|-----------------------------------|----------|----------------------------------|-------------------------------------------|-------------------------------|-------------------------------------|-----------|
| At 1 January 2022                 | 353,028  | 178,750                          | 104,925                                   | 246,774                       | 7,533                               | 891,011   |
| At 31 December 2022               | 358,426  | 154,813                          | 148,719                                   | 274,463                       | 5,567                               | 941,987   |
| At 31 December 2023               | 368,229  | 132,999                          | 6,915                                     | 477,368                       | 20,801                              | 1,006,311 |

Intangible assets under development and other intangible assets mainly comprise software. The impairment of other intangible assets relates to the development of software that can no longer be used.

244

Sensitivity analyses

are performed.

interest rates.

ognised on the goodwill carried.

shortfall in the value in use.

Other intangible assets

20 years.

In order to substantiate the results of the calculation and estimation of the value in use, sensitivity analyses with regard to the capitalisation rate and the main value drivers

The amortisation of other intangible assets is reported in the profit/(loss) for the period after cost sharing in the technical result and other non-insurance service expenses.

The carrying amounts of UNIQA's non-financial assets – excluding deferred tax assets – are reviewed at every reporting date to determine whether there is an indication of impairment. If this is the case, the recoverable amount of the asset is estimated. The goodwill and intangible assets under development are tested for impairment when a triggering event occurs. If there is none, an annual test is

Impairment losses on goodwill are not reversed. In the case of other assets, an impairment loss is reversed only to the extent that it does not increase the carrying amount of the asset above the carrying amount that would have been determined net of depreciation or amortisation had no im-

Value of business in force and non-insurance deferred

The values of life, property and casualty insurance policies in accordance with IFRS 17 as well as pension fund contracts relate to expected future margins from purchased operations. They are recognised at their fair value at the acquisition date. The redemption of the current value of business in force follows the progression of the estimated gross margins. The amortisation of the value of business in force is recognised in the profit/(loss) for the period under

"Amortisation of VBI and impairment of goodwill".

Deferred acquisition costs not related to contracts are accounted for in accordance with IFRS 15. These are essentially contracts for the management of pension and investment funds. They recognise costs that would not have been incurred if the contract had not been concluded. The amortisation is carried out pro rata temporis over the term

Measurement of non-financial assets

pairment loss been recognised.

of the underlying contracts.

acquisition costs

done.

These analyses show that sustained surpluses on the part of the individual CGUs are highly dependent on the actual development of these assumptions within the individual national or regional economies (GDP, insurance density, purchasing power parities particularly in the CEE markets) as well as the associated implementation of the individual profit goals. The biggest factor of uncertainty for the forecasts and the associated assessment of the future market situation is the further impact of the war in

Ukraine and the consequences of the current phase of high

In the event that the insurance markets develop very differently from the assumptions made in those business plans and forecasts, impairment losses may have to be rec-

A sensitivity analysis shows that only a combination of an interest rate increase of 100 bp and a simultaneous change in cash flows of –10 per cent would result in a shortfall in the value in use of €28.5 million for the CGU Poland and €3.2 million for the CGU Czechia. However, a change in only one of these two parameters does not result in a

Other intangible assets include both purchased and internally developed software, which is depreciated on a straight-line basis over its useful economic life of 2 to

Costs that are incurred at the research stage for internally developed software are recognised through profit or loss for the period in which they were incurred. Costs that are incurred in the development phase are deferred provided that it is foreseeable that the software will be completed, there is the intention and ability for future internal use,

and this will result in a future economic benefit.

{181}------------------------------------------------

#### Other current assets

#### 8. Receivables and other assets

| In € thousand                                         | 31/12/2023 | 31/12/2022<br>restated |
|-------------------------------------------------------|------------|------------------------|
| Other receivables                                     |            |                        |
| Receivables from services                             | 158,385    | 173,049                |
| Income tax receivables                                | 91,609     | 102,626                |
| Other social security and<br>tax reimbursement claims | 8,684      | 34,975                 |
| Remaining receivables                                 | 105,796    | 70,317                 |
|                                                       | 364,474    | 380,967                |
| of which receivables with values<br>not yet impaired  |            |                        |
| up to 3 months overdue                                | 1,210      | 447                    |
| more than 3 months overdue                            | 14,600     | 17,623                 |

| Impairments          |         | Other receivables |  |
|----------------------|---------|-------------------|--|
| In € thousand        | 2023    | 2022              |  |
| At 1 January         | –20,057 | –6,001            |  |
| Allocation           | –602    | –15,167           |  |
| Reversal             | 259     | 1,295             |  |
| Currency translation | 10      | –184              |  |
| At 31 December       | –20,389 | –20,057           |  |

#### 9. Cash

Cash in foreign currencies is measured at the exchange rate in effect on the reporting date. The item "Cash and cash equivalents" in the consolidated statement of cash flows corresponds to the "Cash" item in the consolidated statement of financial position.

## 10. Assets and liabilities held for sale and discontinued operations

At the Supervisory Board meeting on 23 August 2023, UNIQA Insurance Group AG decided to sell its 75% stake in the Limited Liability Company "Insurance Company "Raiffeisen Life" (Moscow, Russia – "Raiffeisen Life"). The expected sale price for the stake held by UNIQA is around €24.0 million. The sale is expected to be completed in the first quarter of 2024 once all the necessary regulatory approvals have been obtained.

The sale of the company is classified as a discontinued operation. The assets and liabilities associated with the discontinued operations are presented in the consolidated statement of financial position under the assets and

liabilities in disposal groups held for sale. The profit and loss of the discontinued operation is presented in the consolidated income statement under the item "Profit/(loss) from discontinued operations (after tax)" and has been reported until now in the UNIQA International segment. In addition to the current result, the profit/(loss) from discontinued operations includes a fair value impairment of €18.3 million and costs to sell of €216 thousand.

The following table shows the assets and liabilities in disposal groups held for sale:

| In € thousand                           | 31/12/2023 |
|-----------------------------------------|------------|
| Property, plant and equipment           | 262        |
| Intangible assets                       | 1,374      |
| Investments                             | 192,474    |
| Assets from insurance contracts         | 142        |
| Assets from reinsurance contracts       | 1,105      |
| Receivables and other assets            | 4,573      |
| Deferred tax assets                     | 87,308     |
| Cash                                    | 12,957     |
| Assets in disposal groups held for sale | 300,196    |

| In € thousand                                         | 31/12/2023 |
|-------------------------------------------------------|------------|
| Liabilities from insurance contracts                  | 168,204    |
| Liabilities from reinsurance contracts                | 486        |
| Financial liabilities                                 | 242        |
| Other provisions                                      | 18,420     |
| Liabilities and other items classified as liabilities | 1,540      |
| Deferred tax liabilities                              | 85,886     |
| Liabilities in disposal groups held for sale          | 274,778    |

If an operation is classified as a discontinued operation, the consolidated statement of comprehensive income as well as the data relating to it for the comparative year is restated so that it were as if the operation had been discontinued from the start of the comparative year.

{182}------------------------------------------------

In € thousand

246

In € thousand

Other receivables

not yet impaired

In € thousand

9. Cash

operations

statement of financial position.

provals have been obtained.

Other social security and

of which receivables with values

Other current assets

8. Receivables and other assets

31/12/2023 31/12/2022

Receivables from services 158,385 173,049 Income tax receivables 91,609 102,626

tax reimbursement claims 8,684 34,975 Remaining receivables 105,796 70,317

up to 3 months overdue 1,210 447 more than 3 months overdue 14,600 17,623

Impairments Other receivables

At 1 January – 20,057 – 6,001 Allocation – 602 – 15,167 Reversal 259 1,295 Currency translation 10 – 184 At 31 December – 20,389 – 20,057

Cash in foreign currencies is measured at the exchange rate in effect on the reporting date. The item "Cash and cash equivalents" in the consolidated statement of cash flows corresponds to the "Cash" item in the consolidated

10. Assets and liabilities held for sale and discontinued

The sale of the company is classified as a discontinued operation. The assets and liabilities associated with the discontinued operations are presented in the consolidated statement of financial position under the assets and

At the Supervisory Board meeting on 23 August 2023, UNIQA Insurance Group AG decided to sell its 75% stake in the Limited Liability Company "Insurance Company "Raiffeisen Life" (Moscow, Russia – "Raiffeisen Life"). The expected sale price for the stake held by UNIQA is around €24.0 million. The sale is expected to be completed in the first quarter of 2024 once all the necessary regulatory ap-

restated

liabilities in disposal groups held for sale. The profit and loss of the discontinued operation is presented in the consolidated income statement under the item "Profit/(loss) from discontinued operations (after tax)" and has been reported until now in the UNIQA International segment. In addition to the current result, the profit/(loss) from discontinued operations includes a fair value impairment of €18.3 million and costs to sell of €216 thousand.

The following table shows the assets and liabilities in dis-

Property, plant and equipment 262 Intangible assets 1,374 Investments 192,474 Assets from insurance contracts 142 Assets from reinsurance contracts 1,105 Receivables and other assets 4,573 Deferred tax assets 87,308 Cash 12,957 Assets in disposal groups held for sale 300,196

31/12/2023

31/12/2023

Liabilities from insurance contracts 168,204 Liabilities from reinsurance contracts 486 Financial liabilities 242 Other provisions 18,420 Liabilities and other items classified as liabilities 1,540 Deferred tax liabilities 85,886 Liabilities in disposal groups held for sale 274,778

If an operation is classified as a discontinued operation, the consolidated statement of comprehensive income as well as the data relating to it for the comparative year is restated so that it were as if the operation had been discon-

tinued from the start of the comparative year.

posal groups held for sale:

In € thousand

In € thousand

364,474 380,967

2023 2022

## <sup>1</sup> – 12/2023 <sup>1</sup> – 12/2022 restated

| Technical result                                                                     |         |          |
|--------------------------------------------------------------------------------------|---------|----------|
| Insurance revenue                                                                    | 30,760  | 50,991   |
| Insurance service expenses                                                           | -19,281 | -22,531  |
| Technical result from reinsurance                                                    | 990     | -1,850   |
|                                                                                      | 12,468  | 26,611   |
| Financial result                                                                     |         |          |
| Net investment income                                                                |         |          |
| Income from investments                                                              | 40,026  | 100,914  |
| (of which interest income from the application of the effective interest method)     | 15,783  | 21,343   |
| (of which changes in value based on the impairment model for expected credit losses) | 23,702  | 77,528   |
| Expenses from investments                                                            | -22,410 | -112,133 |
| (of which changes in value based on the impairment model for expected credit losses) | -21,851 | -111,023 |
|                                                                                      | 17,615  | -11,219  |
| Financial result from insurance contracts                                            | -32,665 | -11,868  |
| Financial result from reinsurance contracts                                          | 21      | 13       |
|                                                                                      | -15,029 | -23,073  |
| Non-technical result                                                                 |         |          |
| Other income                                                                         | 17,604  | 19,238   |
| Other expenses                                                                       | -15,039 | -22,776  |
|                                                                                      | 2,565   | -3,539   |
| Operating profit/(loss)                                                              | 4       | -1       |
| Amortisation of VBI and impairment of goodwill                                       | 0       | -49      |
| Finance cost                                                                         | -24     | -30      |
| Earnings before taxes                                                                | -20     | -80      |
| Income taxes                                                                         | -806    | 394      |
| Current profit/(loss) from discontinued operations (after tax)                       | -826    | 314      |
| Amortisation and disposal costs                                                      | -18,505 | 0        |
|                                                                                      |         |          |
| Profit/(loss) from discontinued operations (after tax)                               | -19,332 | 314      |
| of which attributable to shareholders of UNIQA Insurance Group AG                    | -19,125 | 235      |
| of which attributable to non-controlling interests                                   | 207     | 78       |

The currency translation differences recognised in other comprehensive income relating to the discontinued operations amount to €12,340 thousand (2022: €– 8,421 thousand), the change in the revaluation reserve for debt instruments amounts to € $-5,205$  thousand (2022: €– 110 thousand) and the changes from insurance contracts amount to €–4,155 thousand (2022: €–4,984 thousand).

#### Taxes

#### 11. Income tax

CONSOLIDATED FINANCIAL STATEMENTS 247

| Income tax<br>In € thousand | 1-12/2023 | 1-12/2022<br>restated |
|-----------------------------|-----------|-----------------------|
| Actual tax – reporting year | 28,981    | 57,159                |
| Actual tax – previous year  | 8,713     | 8,287                 |
| Deferred tax                | 65,543    | -48,505               |
| Total                       | 103,236   | 16,941                |

An expected Group tax rate of 24 per cent (2022: 25 per cent) was generally applied in all segments. In January 2022, a decision was taken in Austria to reduce the corporate tax rate to 24 per cent in 2023 and to 23 per cent from 2024. Consequently, the reduced tax rates were taken into account for the calculation of deferred taxes – depending on the maturity. National tax regulations in conjunction with life insurance profit participation may lead to a different calculated income tax rate.

| Reconciliation statement<br>In € thousand  | 1 – 12/2023 1 – 12/2022<br>restated |         |
|--------------------------------------------|-------------------------------------|---------|
| Earnings before taxes                      | 426,373                             | 272,328 |
| Expected tax expenses1)                    | 102,329                             | 68,082  |
| Adjusted by tax effects from               |                                     |         |
| Tax-free investment income                 | -21,901                             | -31,263 |
| Amortisation of goodwill                   | 0                                   | 18      |
| Tax-neutral consolidation effect           | -908                                | 3,270   |
| Other non-deductible expenses/             |                                     |         |
| other tax-exempt income                    | 2,431                               | -11,312 |
| Changes in tax rates                       | 5,041                               | -15,442 |
| Deviations in tax rates                    | -29,703                             | -4,435  |
| Tax deducted at source                     | 1,255                               | 3,792   |
| Taxes for previous years                   | 8,713                               | -1,318  |
| Lapse/impairment of loss carryforwards and |                                     |         |
| other                                      | 35,980                              | 5,550   |
| Income tax expenses                        | 103,236                             | 16,941  |
| Average effective tax burden               |                                     |         |
| (in per cent)                              | 24.2                                | 6.2     |

1) Earnings before taxes multiplied by the corporate income tax rate

#### Group taxation

In Austria, UNIQA exercises the option of forming a group of companies for tax purposes. There are three taxable groups of companies with the parent groups UNIQA Insurance Group AG, PremiQaMed Holding GmbH and R-FMZ Immobilienholding GmbH.

The group members are generally charged, or relieved by, the corporation tax amounts attributable to them by the

{183}------------------------------------------------

parent groups through the distribution of their tax burden in the tax group. Losses from foreign group members are also included within the scope of taxable profits. The tax realisation for these losses is accompanied by a future tax obligation to pay income taxes at an unspecified point in time. A corresponding provision is therefore formed for future subsequent taxation of foreign losses.

#### 12. Deferred taxes

The calculation of deferred taxes is based on the specific tax rates of each country, which were between 9 and 24 per cent in the financial year (2022: between 9 and 25 per cent).

The deferred tax assets and deferred tax liabilities stated in the consolidated statement of financial position performed as follows:

## Net deferred tax In € thousand

| In € thousand |
|---------------|
|               |

| At 1 January 2022 restated                       | –53,673  |
|--------------------------------------------------|----------|
| Changes recognised in profit/(loss)              | 52,224   |
| Changes recognised in other comprehensive income | 201,097  |
| Foreign exchange differences                     | 1,014    |
| At 31 December 2022 restated                     | 200,662  |
| At 1 January 2023                                | 200,662  |
| Changes recognised in profit/(loss)              | –65,543  |
| Changes recognised in other comprehensive income | –202,546 |
| Changes due to changes in basis of consolidation | –3,135   |
| Reclassifications held for sale                  | –1,422   |
| Foreign exchange differences                     | 65       |
| At 31 December 2023                              | –71,918  |

Changes recorded in other comprehensive income essentially relate to measurements of financial instruments and insurance and reinsurance contracts as well as remeasurements of defined benefit obligations.

The differences between the tax carrying amounts and the carrying amounts in the IFRS consolidated statement of financial position have the following effect:

| In € thousand                                                |  | 31/12/2023 | 31/12/2022<br>restated |
|--------------------------------------------------------------|--|------------|------------------------|
| Deferred tax assets                                          |  |            |                        |
| Technical items                                              |  | 89,939     | 180,791                |
| Investments                                                  |  | 333,565    | 980,930                |
| Actuarial gains and losses on defined benefit<br>obligations |  | 42,590     | 33,832                 |
| Loss carried forward                                         |  | 2,816      | 1,629                  |
| Other items                                                  |  | 64,188     | 146,655                |
| Total                                                        |  | 533,098    | 1,343,836              |
| Netting effect                                               |  | -453,882   | -1,110,053             |
| Total after netting                                          |  | 79,216     | 233,782                |
| Deferred tax liabilities                                     |  |            |                        |
| Technical items                                              |  | 218,995    | 302,957                |
| Investments                                                  |  | 96,070     | 716,927                |
| Other items                                                  |  | 289,951    | 123,290                |
| Total                                                        |  | 605,016    | 1,143,174              |
| Netting effect                                               |  | -453,882   | -1,110,053             |
| Total after netting                                          |  | 151,134    | 33,121                 |
| Net deferred tax                                             |  | -71,918    | 200,662                |

The temporary differences in connection with shares in subsidiaries and associates for which no deferred tax liabilities were recognised amounted to €1,741,860 thousand (2022: €1,604,193 thousand).

An assessment of the ability to realise deferred tax assets for tax losses not yet used, tax credits not yet used and deductible temporary differences requires an estimate of the amount of future taxable profits. The resulting forecasts are based on business plans that are prepared, reviewed and approved using a uniform procedure throughout the company. Especially convincing evidence regarding the value and future chance of realisation of deferred tax assets is required under internal Group policies if the relevant Group company has suffered a loss in the current or a prior period.

The deferred tax assets presented include €2,816 thousand (2022: €1,629 thousand) attributable to tax loss carryforwards. Deferred tax assets from loss carryforwards in the amount of €2,816 thousand (2022: €1,853 thousand) were not recognised, as a realisation of these in the near future cannot be assumed, taking maturities into account.

{184}------------------------------------------------

The tax loss carryforwards of €598,912 thousand (2022: €279,414 thousand) are forfeited as follows, with "more than 5 years" also including tax loss carryforwards with no forfeit date of €460,086 thousand (2022: €245,217 thousand).

248

parent groups through the distribution of their tax burden in the tax group. Losses from foreign group members are also included within the scope of taxable profits. The tax realisation for these losses is accompanied by a future tax obligation to pay income taxes at an unspecified point in time. A corresponding provision is therefore formed for

In € thousand

Deferred tax assets

Deferred tax liabilities

prior period.

Actuarial gains and losses on defined benefit

sand (2022: €1,604,193 thousand).

31/12/2023 31/12/2022

Technical items 89,939 180,791 Investments 333,565 980,930

obligations 42,590 33,832 Loss carried forward 2,816 1,629 Other items 64,188 146,655 Total 533,098 1,343,836 Netting effect – 453,882 – 1,110,053 Total after netting 79,216 233,782

Technical items 218,995 302,957 Investments 96,070 716,927 Other items 289,951 123,290 Total 605,016 1,143,174 Netting effect – 453,882 – 1,110,053 Total after netting 151,134 33,121 Net deferred tax – 71,918 200,662

The temporary differences in connection with shares in subsidiaries and associates for which no deferred tax liabilities were recognised amounted to €1,741,860 thou-

An assessment of the ability to realise deferred tax assets for tax losses not yet used, tax credits not yet used and deductible temporary differences requires an estimate of the amount of future taxable profits. The resulting forecasts are based on business plans that are prepared, reviewed and approved using a uniform procedure throughout the company. Especially convincing evidence regarding the value and future chance of realisation of deferred tax assets is required under internal Group policies if the relevant Group company has suffered a loss in the current or a

The deferred tax assets presented include €2,816 thousand (2022: €1,629 thousand) attributable to tax loss carryforwards. Deferred tax assets from loss carryforwards in the amount of €2,816 thousand (2022: €1,853 thousand) were not recognised, as a realisation of these in the near future cannot be assumed, taking maturities into account.

restated

The calculation of deferred taxes is based on the specific tax rates of each country, which were between 9 and 24 per cent in the financial year (2022: between 9 and

The deferred tax assets and deferred tax liabilities stated in the consolidated statement of financial position per-

At 1 January 2022 restated –53,673 Changes recognised in profit/(loss) 52,224 Changes recognised in other comprehensive income 201,097 Foreign exchange differences 1,014 At 31 December 2022 restated 200,662 At 1 January 2023 200,662 Changes recognised in profit/(loss) – 65,543 Changes recognised in other comprehensive income – 202,546 Changes due to changes in basis of consolidation – 3,135 Reclassifications held for sale – 1,422 Foreign exchange differences 65 At 31 December 2023 – 71,918

Changes recorded in other comprehensive income essentially relate to measurements of financial instruments and insurance and reinsurance contracts as well as remeasure-

The differences between the tax carrying amounts and the carrying amounts in the IFRS consolidated statement of

ments of defined benefit obligations.

financial position have the following effect:

future subsequent taxation of foreign losses.

12. Deferred taxes

25 per cent).

formed as follows:

Net deferred tax In € thousand 

| In € thousand       | 31/12/2023 | 31/12/2022 |
|---------------------|------------|------------|
| Up to 1 year1)      | 30,697     | 2,870      |
| 2 to 5 years2)      | 73,615     | 7,366      |
| More than 5 years3) | 494,601    | 269,178    |
| Total               | 598,912    | 279,414    |

1) Loss carryforwards for which no deferred tax assets have been recognised amount to € 29,891 thousand at 31 December 2023 (31 December 2022: € 1,247 thousand).

2) Loss carryforwards for which no deferred tax assets have been recognised amount to € 65,894 thousand at 31 December 2023 (31 December 2022: € 2,836 thousand).<sup>3</sup>

) Loss carryforwards for which no deferred tax assets have been recognised amount to € 482,192 thousand at 31 December 2023 (31 December 2022: € 262,538 thousand).

The tax loss carryforwards include both loss carryforwards on which deferred tax assets have been recognised and loss carryforwards on which no deferred tax assets have been recognised.

The tax loss carryforwards are broken down into the following countries:

| In € thousand | 31/12/2023 | 31/12/2022 |
|---------------|------------|------------|
| Austria       | 442,613    | 226,808    |
| Poland        | 89,822     | 2,486      |
| Hungary       | 35,769     | 18,117     |
| Ukraine       | 14,127     | 14,291     |
| Serbia        | 13,080     | 13,439     |
| Liechtenstein | 3,346      | 4,118      |
| Bulgaria      | 155        | 155        |
| Total         | 598,912    | 279,414    |

### Social capital

## 13. Defined benefit plans

CONSOLIDATED FINANCIAL STATEMENTS 249

There are individual contractual pension obligations, individual contractual bridge payments, and pension allowances in accordance with association recommendations.

The calculation of defined benefit obligations is carried out annually using the projected unit credit (PUC) method. If the calculation results in a potential asset, the asset recognised is limited to the present value of any economic benefit available in the form of future refunds from the plan or reductions in future contributions to the plan. Any valid minimum funding requirements are included in the calculation of the present value of the economic benefit.

Remeasurement of net liabilities from defined benefit plans are recognised directly in other comprehensive income. The remeasurement includes the actuarial gains and losses, the income from plan assets (not including projected interest income) and the effect of any asset ceiling. Net interest expenses (income) on net liabilities (assets) from defined benefit plans are calculated for the reporting period by applying the discount rate. The discount rate was used to measure the defined benefit obligation at the start of the annual reporting period. This discount rate is applied to net liabilities (assets) from defined benefit plans on this date. Any changes in net liabilities (assets) from defined benefit plans resulting from contribution and benefit payments over the course of the reporting period are taken into account. Net interest expenses and other expenses for defined benefit plans are recognised through profit or loss in profit/(loss) for the period.

If a plan's defined benefits are changed or a plan is curtailed, the resulting change in the benefit relating to past service costs or the gain or loss on the curtailment is recognised directly in profit/(loss) for the period. Gains and losses from the settlement of a defined benefit plan are recognised at the date of the settlement. The defined benefit obligations are presented under "Other provisions" in the statement of financial position.

#### Pension entitlements

Individuals who hold an individual contractual agreement are generally entitled to a pension when they reach the age of 60 or 65, subject to certain conditions. The amount of the pension generally depends on the number of their years of service and their last salary before leaving their active employment. In the event of death, the spouse of

{185}------------------------------------------------

the individual entitled to the claim receives a pension at 60 per cent, 50 per cent or 40 per cent depending on the policy. The pensions are suspended for any period in which a termination benefit is paid, and their value is generally guaranteed. The pensions that are based on individual policies or on association recommendations are financed through provisions. The final pension contribution which guarantees a fixed cash value for when the beneficiary begins their retirement is set aside during the contribution phase and transferred to the pension fund at the time of retirement. The financing is specified in the pension fund's business plan, in the works council agreement and in the pension fund contract.

#### Termination benefit entitlements

In the case of employees of Austrian companies whose employment began prior to 31 December 2002 and lasted three years without interruption, the employee is entitled to termination benefits when the employment is terminated, unless the employee resigns, leaves without an important reason or is dismissed.

| Defined benefit obligations<br>In € thousand                                     | Defined benefit<br>obligations for<br>pensions | Plan assets at<br>fair value | Net defined<br>benefit<br>obligations for<br>pensions | Termination<br>benefits | Total defined<br>benefit<br>obligations |
|----------------------------------------------------------------------------------|------------------------------------------------|------------------------------|-------------------------------------------------------|-------------------------|-----------------------------------------|
| At 1 January 2023                                                                | 375,356                                        | – 90,733                     | 284,624                                               | 99,059                  | 383,683                                 |
| Current service costs                                                            | 11,848                                         | 0                            | 11,848                                                | 6,088                   | 17,936                                  |
| Interest expense/income                                                          | 13,519                                         | – 1,395                      | 12,124                                                | 3,198                   | 15,322                                  |
| Past service costs and gains or losses from settlements                          | – 433                                          | 0                            | – 433                                                 | 0                       | – 433                                   |
| Components of defined benefit obligations recognised in<br>profit/(loss)         | 24,934                                         | – 1,395                      | 23,538                                                | 9,286                   | 32,824                                  |
| Return on plan assets recognised in other comprehensive income                   | 0                                              | 1,141                        | 1,141                                                 | – 1                     | 1,141                                   |
| Actuarial gains and losses that arise from changes in demographic<br>assumptions | 170                                            | 0                            | 170                                                   | – 201                   | – 31                                    |
| Actuarial gains and losses that arise from changes in financial<br>assumptions   | 33,564                                         | 0                            | 33,564                                                | 7,287                   | 40,851                                  |
| Actuarial gains and losses that arise from experience adjustments                | – 3,446                                        | 0                            | – 3,446                                               | 1,460                   | – 1,985                                 |
| Other comprehensive income                                                       | 30,288                                         | 1,141                        | 31,429                                                | 8,546                   | 39,975                                  |
| Changes from currency translation                                                | 115                                            | 0                            | 115                                                   | 0                       | 115                                     |
| Payments                                                                         | – 16,320                                       | 621                          | – 15,699                                              | – 9,823                 | – 25,521                                |
| Contribution to plan assets                                                      | 0                                              | – 8,027                      | – 8,027                                               | 0                       | – 8,027                                 |
| Transfer in                                                                      | – 57                                           | 61                           | 4                                                     | 139                     | 143                                     |
| Transfer out                                                                     | – 9,459                                        | 9,310                        | – 149                                                 | 0                       | – 149                                   |
| At 31 December 2023                                                              | 404,856                                        | – 89,021                     | 315,835                                               | 107,208                 | 423,043                                 |

{186}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 251

| Defined benefit obligations<br>In € thousand                                     | Defined benefit<br>obligations for<br>pensions | Plan assets at<br>fair value | Net defined<br>benefit<br>obligations for<br>pensions | Termination<br>benefits | Total defined<br>benefit<br>obligations |
|----------------------------------------------------------------------------------|------------------------------------------------|------------------------------|-------------------------------------------------------|-------------------------|-----------------------------------------|
| At 1 January 2022                                                                | 453,764                                        | – 96,329                     | 357,434                                               | 108,493                 | 465,927                                 |
| Current service costs                                                            | 19,224                                         | 0                            | 19,224                                                | 4,079                   | 23,303                                  |
| Interest expense/income                                                          | 4,229                                          | – 876                        | 3,354                                                 | 379                     | 3,733                                   |
| Past service costs and gains or losses from settlements                          | – 2,395                                        | 4                            | – 2,391                                               | 0                       | – 2,391                                 |
| Components of defined benefit obligations recognised in<br>profit/(loss)         | 21,058                                         | – 872                        | 20,186                                                | 4,458                   | 24,645                                  |
| Return on plan assets recognised in other comprehensive income                   | 0                                              | 5,734                        | 5,734                                                 | 0                       | 5,734                                   |
| Actuarial gains and losses that arise from changes in demographic<br>assumptions | – 16                                           | 0                            | – 16                                                  | – 37                    | – 52                                    |
| Actuarial gains and losses that arise from changes in financial<br>assumptions   | – 74,661                                       | 0                            | – 74,661                                              | – 11,343                | – 86,004                                |
| Actuarial gains and losses that arise from experience adjustments                | 1,592                                          | 0                            | 1,592                                                 | 5,014                   | 6,606                                   |
| Other comprehensive income                                                       | – 73,085                                       | 5,734                        | – 67,351                                              | – 6,365                 | – 73,716                                |
| Changes from currency translation                                                | – 28                                           | 0                            | – 28                                                  | 0                       | – 28                                    |
| Payments                                                                         | – 18,245                                       | 646                          | – 17,599                                              | – 7,362                 | – 24,961                                |
| Contribution to plan assets                                                      | 0                                              | – 7,688                      | – 7,688                                               | 0                       | – 7,688                                 |
| Transfer in                                                                      | 941                                            | – 980                        | – 38                                                  | 5                       | – 33                                    |
| Transfer out                                                                     | – 9,049                                        | 8,757                        | – 292                                                 | 1,266                   | 974                                     |
| Change in basis of consolidation                                                 | 0                                              | 0                            | 0                                                     | – 1,437                 | – 1,437                                 |
| At 31 December 2022                                                              | 375,356                                        | – 90,733                     | 284,624                                               | 99,059                  | 383,683                                 |

250

the individual entitled to the claim receives a pension at 60 per cent, 50 per cent or 40 per cent depending on the policy. The pensions are suspended for any period in which a termination benefit is paid, and their value is generally guaranteed. The pensions that are based on individual policies or on association recommendations are financed through provisions. The final pension contribution which guarantees a fixed cash value for when the beneficiary begins their retirement is set aside during the contribution phase and transferred to the pension fund at the time of retirement. The financing is specified in the pension fund's business plan, in the works council agreement

Termination benefit entitlements

portant reason or is dismissed.

Plan assets at fair value

Defined benefit obligations for pensions

At 1 January 2023 375,356 – 90,733 284,624 99,059 383,683 Current service costs 11,848 0 11,848 6,088 17,936 Interest expense/income 13,519 – 1,395 12,124 3,198 15,322 Past service costs and gains or losses from settlements – 433 0 – 433 0 – 433

profit/(loss) 24,934 – 1,395 23,538 9,286 32,824

Return on plan assets recognised in other comprehensive income 0 1,141 1,141 – 1 1,141

assumptions 170 0 170 – 201 – 31

assumptions 33,564 0 33,564 7,287 40,851 Actuarial gains and losses that arise from experience adjustments – 3,446 0 – 3,446 1,460 – 1,985 Other comprehensive income 30,288 1,141 31,429 8,546 39,975

Changes from currency translation 115 0 115 0 115 Payments – 16,320 621 – 15,699 – 9,823 – 25,521 Contribution to plan assets 0 – 8,027 – 8,027 0 – 8,027 Transfer in – 57 61 4 139 143 Transfer out – 9,459 9,310 – 149 0 – 149 At 31 December 2023 404,856 – 89,021 315,835 107,208 423,043

In the case of employees of Austrian companies whose employment began prior to 31 December 2002 and lasted three years without interruption, the employee is entitled to termination benefits when the employment is terminated, unless the employee resigns, leaves without an im-

> Net defined benefit obligations for pensions

Termination benefits

Total defined benefit obligations

and in the pension fund contract.

Components of defined benefit obligations recognised in

Actuarial gains and losses that arise from changes in demographic

Actuarial gains and losses that arise from changes in financial

Defined benefit obligations In € thousand

{187}------------------------------------------------

The plan assets for the defined benefit obligations are comprised as follows:

| In per cent                        |        | 31/12/2023 |        | 31/12/2022 |  |
|------------------------------------|--------|------------|--------|------------|--|
|                                    | Listed | Unlisted   | Listed | Unlisted   |  |
| Bonds – euro                       | 21.5   | 3.9        | 18.3   | 0.0        |  |
| Corporate bonds – euro             | 11.3   | 1.1        | 11.0   | 0.0        |  |
| Equities – euro                    | 10.2   | 0.1        | 10.7   | 0.0        |  |
| Equities – non-euro                | 13.9   | 0.2        | 11.7   | 0.0        |  |
| Equities – emerging markets        | 4.1    | 0.1        | 4.7    | 0.0        |  |
| Alternative investment instruments | 8.9    | 12.6       | 23.6   | 3.2        |  |
| Land and buildings                 | 0.0    | 5.2        | 0.0    | 5.5        |  |
| Cash                               | 3.5    | 3.4        | 6.6    | 4.8        |  |
| Total                              | 73.5   | 26.5       | 86.5   | 13.5       |  |

| Weighted average duration<br>in years | Pensions | Termination<br>benefits |
|---------------------------------------|----------|-------------------------|
| 31 December 2023                      | 10.8     | 6.0                     |
| 31 December 2022                      | 11.3     | 6.3                     |

The essential risks from the benefit plan are limited to the investment risk, the interest rate risk, life expectancy as well as salary risk.

Contributions to plan assets are expected for the coming year in the amount of € 5,019 thousand.

The measurement of the defined benefit obligations is based on the following actuarial calculation parameters:

| Calculation factors applied<br>In per cent | 2023             | 2022             |
|--------------------------------------------|------------------|------------------|
| Discount rate in<br>termination benefits   | 3.0              | 3.5              |
| Discount rate in<br>pensions               | 3.2              | 3.7              |
| Valorisation of remuneration               |                  |                  |
| for 2023                                   |                  | 8.1              |
| for 2024                                   | 8.0              | 6.6              |
| for 2025                                   | 5.4              | 4.5              |
| for 2026                                   | 4.5              |                  |
| for subsequent years                       | 3.7              | 3.3              |
| Valorisation of pensions                   |                  |                  |
| for 2023                                   |                  | 10.2             |
| for 2024                                   | 8.2              | 7.7              |
| for 2025                                   | 4.7              | 4.4              |
| for 2026                                   | 3.5              |                  |
| for subsequent years                       | 2.4              | 2.4              |
|                                            | dependent on     | dependent on     |
| Employee turnover rate                     | years of service | years of service |
|                                            | AVÖ 2018 P –     | AVÖ 2018 P –     |
|                                            | salaried         | salaried         |
| Calculation principles                     | employees        | employees        |

{188}------------------------------------------------

The sensitivity of the defined benefit obligations on changes in the weighted actuarial calculation parameters is:

| Sensitivity analysis<br>In per cent |       | Pensions | Termination benefits |      |
|-------------------------------------|-------|----------|----------------------|------|
|                                     | 2023  | 2022     | 2023                 | 2022 |
| Remaining life expectancy           |       |          |                      |      |
| Change in DBO (+1 year)             | 0.8   | 2.6      |                      |      |
| Change in DBO (–1 year)             | –0.9  | –2.8     |                      |      |
| Discount rate                       |       |          |                      |      |
| Change in DBO (+1 percentage point) | –11.3 | –8.9     | –5.8                 | –4.4 |
| Change in DBO (–1 percentage point) | 13.9  | 10.7     | 6.5                  | 4.9  |
| Future salary increase rate         |       |          |                      |      |
| Change in DBO (+0.75 %)             | 10.9  | 4.8      | 6.2                  | 4.7  |
| Change in DBO (–0.75 %)             | –9.1  | –4.0     | –5.7                 | –4.4 |
| Future pension increase rate        |       |          |                      |      |
| Change in DBO (+0.25 %)             | 16.1  | 12.5     |                      |      |
| Change in DBO (–0.25 %)             | –13.1 | –10.4    |                      |      |

## 14. Defined contribution plans

Obligations for contributions to defined contribution plans are recognised as expenses through profit or loss as soon as the associated work is performed. Prepaid contributions are recognised as assets if an entitlement to refund or reduction of future payments arises. The defined contribution plan is financed largely by UNIQA.

#### Pension entitlements

252

In per cent

Corporate bonds –

Equities – emerging

Alternative investment

comprised as follows:

The plan assets for the defined benefit obligations are

31/12/2023 31/12/2022

Bonds – euro 21.5 3.9 18.3 0.0

euro 11.3 1.1 11.0 0.0 Equities – euro 10.2 0.1 10.7 0.0 Equities – non-euro 13.9 0.2 11.7 0.0

markets 4.1 0.1 4.7 0.0

instruments 8.9 12.6 23.6 3.2 Land and buildings 0.0 5.2 0.0 5.5 Cash 3.5 3.4 6.6 4.8 Total 73.5 26.5 86.5 13.5

Contributions to plan assets are expected for the coming

The measurement of the defined benefit obligations is based on the following actuarial calculation parameters:

for 2023 8.1 for 2024 8.0 6.6 for 2025 5.4 4.5

for subsequent years 3.7 3.3

for 2023 10.2 for 2024 8.2 7.7 for 2025 4.7 4.4

for subsequent years 2.4 2.4

dependent on years of service

AVÖ 2018 P – salaried employees

for 2026 4.5

for 2026 3.5

year in the amount of €5,019 thousand.

Calculation factors applied In per cent

Discount rate in termination benefits

Discount rate in pensions

Valorisation of remuneration

Valorisation of pensions

Employee turnover rate

Calculation principles

Listed Unlisted Listed Unlisted

Weighted average duration

31 December 2023 10.8 6.0 31 December 2022 11.3 6.3

The essential risks from the benefit plan are limited to the investment risk, the interest rate risk, life expectancy as

Pensions Termination

benefits

in years

well as salary risk.

2023 2022

3.0 3.5

3.2 3.7

dependent on years of service

AVÖ 2018 P – salaried employees Board members, special policyholders and active employees in Austria are subject to a basic defined contribution pension fund scheme. The beneficiaries are also entitled to a final pension fund contribution which guarantees them a fixed cash value when they begin their retirement. Since the first pension to be paid out to the beneficiaries has a fixed benefit amount, this commitment is to be classified as a defined benefit in the contribution phase. The works council agreement states the extent to which a final pension fund contribution is provided to the beneficiary's individual assurance cover account in the event of a transfer to the old-age pension or of an incapacity to work or the death of a participant. UNIQA has no obligations during the benefit phase.

#### Contributions to company pension funds

Under the defined contribution company pension scheme, the employer pays the fixed amounts into company pension funds. The contributions to the company pension funds amounted to €5,019 thousand (2022: €4,924 thousand). The employer has satisfied their obligation by making these contributions.

## 15. Employees

CONSOLIDATED FINANCIAL STATEMENTS 253

| Personnel expenses<br>In € thousand                                                                                       | 1 – 12/2023 | 1 – 12/2022 |
|---------------------------------------------------------------------------------------------------------------------------|-------------|-------------|
| Salaries                                                                                                                  | 591,248     | 529,999     |
| Expenses for termination benefits                                                                                         | 9,286       | 4,458       |
| Pension expenses                                                                                                          | 23,538      | 20,186      |
| Expenditure on mandatory social security<br>contributions as well as income-based charges and<br>compulsory contributions | 152,858     | 137,494     |
| Other social expenditures                                                                                                 | 14,431      | 8,337       |
| Total                                                                                                                     | 791,362     | 700,474     |
| of which sales                                                                                                            | 132,114     | 130,223     |
| of which administration                                                                                                   | 653,174     | 569,711     |
| of which retirees                                                                                                         | 6,074       | 540         |

| Average number of employees¹⁾ | 31/12/2023 | 31/12/2022 |
|-------------------------------|------------|------------|
| Total                         | 14,629     | 14,515     |
| of which sales                | 3,798      | 3,813      |

of which administration 10,831 10,702 1) The presentation does not include the average number of salaried employees in the discontinued operation.

{189}------------------------------------------------

## Equity

254

## 16. Subscribed capital and capital reserves

The share capital is comprised of 309,000,000 no-par value bearer shares. Capital reserves include unallocated capital reserves, which primarily result from share premiums.

A dividend of €0.55 per share was paid on 19 June 2023. This corresponds to a distribution amounting to €168,831 thousand. Subject to the approval of the Annual General Meeting, a dividend payment in the amount of €0.57 per share is planned for the financial year, which equates to a distribution in the amount of €174,970 thousand.

## 17. Treasury shares

| Treasury shares                    | 31/12/2023 | 31/12/2022 |
|------------------------------------|------------|------------|
| UNIQA Insurance Group AG           |            |            |
| Number of shares                   | 819,650    | 819,650    |
| Cost in € thousand                 | 10,857     | 10,857     |
| Share of subscribed capital in %   | 0.27       | 0.27       |
| UNIQA Österreich Versicherungen AG |            |            |
| Number of shares                   | 1,215,089  | 1,215,089  |
| Cost in € thousand                 | 5,756      | 5,756      |
| Share of subscribed capital in %   | 0.39       | 0.39       |
| Total                              | 2,034,739  | 2,034,739  |

## Authorisations of the Management Board

In accordance with the resolution of the Annual General Meeting dated 20 May 2019, the Management Board is authorised to increase the company's share capital up to and including 30 June 2024 with the approval of the Supervisory Board by a total of up to €80,000,000 by issuing up to 80,000,000 no-par value bearer or registered shares in exchange for payment in cash or in kind, one time or several times.

In accordance with the resolution of the Annual General Meeting dated 6 June 2023, the Group Management Board was again authorised to acquire, with the approval of the Supervisory Board, treasury shares for a period of 30 months from 6 June 2023. The proportion of the share capital represented by newly acquired shares, together with the proportion of other treasury shares that the company has already acquired and still holds, may not exceed 10 per cent of the share capital. The authorisation to acquire treasury shares also includes the acquisition of shares in the company by subsidiaries of the company.

The treasury shares held via UNIQA Österreich Versicherungen AG stem from the merger of BL Syndikat Beteiligungs Gesellschaft m.b.H., the transferor, with UNIQA Insurance Group AG, the transferee, in 2016. These shares held are not to be counted towards the 10 per cent limit.

## 18. Capital management

Capital management takes place with due regard to the regulatory and statutory requirements. After Solvency II came into force on 1 January 2016, the definitions and methods used to calculate available own funds, as well as risk capital requirements and management standards, were replaced by Solvency II standards.

The eligible own funds comprise the consolidated Tier 1 capital, which essentially consisted of the subscribed share capital including the allocated share premium account and the reconciliation reserve. The Tier 2 capital consists entirely of subordinated liabilities. Tier 3 own fund items are mainly net deferred tax assets.

In the context of Group management, the appropriate coverage of the solvency capital requirement in accordance with Solvency II on a consolidated basis is constantly monitored. Active capital management is implemented in order to ensure that the individual Group companies and the Group as a whole have a reasonable capital base at all times. Aside from the five-year planning, another objective of active capital management is also to actively guarantee UNIQA's financial capacity, including under difficult economic conditions, in order to safeguard the continued existence of the insurance business.

In addition to the regulatory requirements to meet solvency capital/minimum capital requirements, UNIQA has also set itself a target capitalisation for the Group in the form of a solvency capital ratio – i.e. the eligible own funds in relation to the solvency capital requirement – of at least 170 per cent. The solvency capital ratio is managed using strategic measures which result in a reduction in the capital requirements and/or increase the amount of existing capital.

UNIQA also takes the potential impact on the rating by recognised rating agencies into account in the capital management process. Standard & Poor's (S&P) currently applies a credit rating of “A–” to UNIQA Insurance Group AG. UNIQA Österreich Versicherungen AG and UNIQA Re AG each have a rating of "A". The supplementary capital bond issued in 2015 (initially: €500.0 million, open amount remaining: €326.3 million, Tier 2, first call

{190}------------------------------------------------

date: 27 July 2026), the bond issued in 2020 (€200.0 million, Tier 2, first call date: 9 July 2025) and the bond issued in 2021 (€375.0 million, Tier 2, first call date: 9 June 2031) are rated "BBB" by S&P.

## 19. Non-controlling interests

CONSOLIDATED FINANCIAL STATEMENTS 255

Non-controlling interests are measured at the acquisition date with their proportionate share in the identifiable net assets of the acquired entity.

Changes in the share in a subsidiary that do not result in a loss of control are recognised directly as equity transactions with non-controlling interests.

| Share of equity<br>In € thousand | SIGAL Group1) | Raiffeisen Life Insurance<br>Company LLC3) | Non-controlling interests<br>that are not material on a<br>stand-alone basis | Total  |
|----------------------------------|---------------|--------------------------------------------|------------------------------------------------------------------------------|--------|
| At 1 January 2022                | 5,192         | 8,330                                      | 4,688                                                                        | 18,210 |
| Profit/(loss) for the period     | -1,313        | 166                                        | 897                                                                          | -25    |
| Other comprehensive income       | 211           | 3,366                                      | -149                                                                         | 3,422  |
| Other changes in equity          | -269          | 0                                          | -3,369                                                                       | -3,638 |
| At 31 December 2022              | 3,820         | 11,862                                     | 2,067                                                                        | 17,749 |
| At 1 January 2023                | 3,820         | 11,862                                     | 2,067                                                                        | 17,749 |
| Profit/(loss) for the period     | 1,800         | -310                                       | -371                                                                         | 1,119  |
| Other comprehensive income       | 10            | -745                                       | 883                                                                          | 142    |
| Other changes in equity          | 1,194         | -10                                        | -283                                                                         | 90     |
| At 31 December 2023              | 6,823         | 10,797                                     | 2,296                                                                        | 19,916 |

## In € thousand

#### Company LLC<sup>3)</sup> SIGAL Group<sup>1)</sup> Raiffeisen Life Insurance Non-controlling interests that are not material on a stand-alone basis

#### 31/12/2023 31/12/2022 31/12/2023 31/12/2022 31/12/2023 31/12/2022 31/12/2023 31/12/2022

|  | Assets                  |        |        |        |         |        |        |         |         |
|--|-------------------------|--------|--------|--------|---------|--------|--------|---------|---------|
|  | Current assets          | 495    | 458    | 1,143  | 703     | 489    | 669    | 2,127   | 1,830   |
|  | Non-current assets      | 21,909 | 18,854 | 70,728 | 99,044  | 15,158 | 12,895 | 107,795 | 130,792 |
|  | Cash                    | 494    | 373    | 3,239  | 2,475   | 769    | 618    | 4,502   | 3,467   |
|  |                         | 22,897 | 19,684 | 75,110 | 102,222 | 16,417 | 14,182 | 114,425 | 136,089 |
|  | Liabilities             |        |        |        |         |        |        |         |         |
|  | Current liabilities     | 855    | 843    | 429    | 265     | 761    | 743    | 2,045   | 1,851   |
|  | Non-current liabilities | 15,219 | 15,021 | 63,885 | 90,095  | 13,361 | 11,372 | 92,464  | 116,489 |
|  |                         | 16,074 | 15,864 | 64,314 | 90,360  | 14,121 | 12,115 | 94,509  | 118,340 |
|  | Net assets              | 6,823  | 3,820  | 10,797 | 11,862  | 2,296  | 2,067  | 19,916  | 17,749  |

1) Albania/Kosovo/North Macedonia as subgroup of the SIGAL Group

254

Equity

ums.

sand.

times.

17. Treasury shares

UNIQA Insurance Group AG

UNIQA Österreich Versicherungen AG

Authorisations of the Management Board

16. Subscribed capital and capital reserves The share capital is comprised of 309,000,000 no-par value bearer shares. Capital reserves include unallocated capital reserves, which primarily result from share premi-

A dividend of €0.55 per share was paid on 19 June 2023. This corresponds to a distribution amounting to

The treasury shares held via UNIQA Österreich Versicherungen AG stem from the merger of BL Syndikat Beteiligungs Gesellschaft m.b.H., the transferor, with UNIQA Insurance Group AG, the transferee, in 2016. These shares held are not to be counted towards the 10 per cent limit.

Capital management takes place with due regard to the regulatory and statutory requirements. After Solvency II came into force on 1 January 2016, the definitions and methods used to calculate available own funds, as well as risk capital requirements and management standards,

The eligible own funds comprise the consolidated Tier 1 capital, which essentially consisted of the subscribed share capital including the allocated share premium account and the reconciliation reserve. The Tier 2 capital consists entirely of subordinated liabilities. Tier 3 own fund items are

In the context of Group management, the appropriate coverage of the solvency capital requirement in accordance with Solvency II on a consolidated basis is constantly monitored. Active capital management is implemented in order to ensure that the individual Group companies and the Group as a whole have a reasonable capital base at all times. Aside from the five-year planning, another objective of active capital management is also to actively guarantee UNIQA's financial capacity, including under difficult economic conditions, in order to safeguard the continued ex-

In addition to the regulatory requirements to meet solvency capital/minimum capital requirements, UNIQA has also set itself a target capitalisation for the Group in the form of a solvency capital ratio – i.e. the eligible own funds in relation to the solvency capital requirement – of at least 170 per cent. The solvency capital ratio is managed using strategic measures which result in a reduction in the capital requirements and/or increase the amount of existing

UNIQA also takes the potential impact on the rating by recognised rating agencies into account in the capital management process. Standard & Poor's (S&P) currently applies a credit rating of "A–" to UNIQA Insurance Group AG. UNIQA Österreich Versicherungen AG and UNIQA Re AG each have a rating of "A". The supplementary capital bond issued in 2015 (initially: €500.0 million, open amount remaining: €326.3 million, Tier 2, first call

18. Capital management

were replaced by Solvency II standards.

mainly net deferred tax assets.

istence of the insurance business.

capital.

€168,831 thousand. Subject to the approval of the Annual General Meeting, a dividend payment in the amount of €0.57 per share is planned for the financial year, which equates to a distribution in the amount of €174,970 thou-

Treasury shares 31/12/2023 31/12/2022

Number of shares 819,650 819,650 Cost in € thousand 10,857 10,857 Share of subscribed capital in % 0.27 0.27

Number of shares 1,215,089 1,215,089 Cost in € thousand 5,756 5,756 Share of subscribed capital in % 0.39 0.39 Total 2,034,739 2,034,739

In accordance with the resolution of the Annual General Meeting dated 20 May 2019, the Management Board is authorised to increase the company's share capital up to and including 30 June 2024 with the approval of the Supervisory Board by a total of up to €80,000,000 by issuing up to 80,000,000 no-par value bearer or registered shares in exchange for payment in cash or in kind, one time or several

In accordance with the resolution of the Annual General Meeting dated 6 June 2023, the Group Management Board was again authorised to acquire, with the approval of the Supervisory Board, treasury shares for a period of

30 months from 6 June 2023. The proportion of the share capital represented by newly acquired shares, together with the proportion of other treasury shares that the company has already acquired and still holds, may not exceed 10 per cent of the share capital. The authorisation to acquire treasury shares also includes the acquisition of shares in the company by subsidiaries of the company.

<sup>1)</sup> Albania/Kosovo/North Macedonia as subgroup of the SIGAL Group <sup>2)</sup> The condensed financial information corresponds to the amounts before intercompany eliminations.

3) The sale of Raiffeisen Life Insurance Company LLC was classified as a discontinued operation as at the reporting date.

{191}------------------------------------------------

## Financial liabilities

#### 20. Subordinated liabilities

In July 2013, UNIQA Insurance Group AG successfully placed a supplementary capital bond to the value of €350 million with institutional investors in Europe. The bond had a maturity period of 30 years and could only be terminated after ten years. The supplementary capital bond met the requirements for equity netting as Tier 2 capital under the Solvency II regime. Part of the bond – a nominal amount of €201.3 million – was refinanced on the capital market in December 2021 via a buy-back and new issue. The remaining portion of €148.7 million was repaid on the first termination date in July 2023.

In July 2015, UNIQA Insurance Group AG successfully placed a subordinated capital bond (Tier 2) to the value of €500 million with institutional investors in Europe. The bond is eligible for netting as Tier 2 capital under Solvency II. The bond is scheduled for repayment after a period of 31 years and subject to certain conditions, and can only be cancelled by UNIQA after eleven years have elapsed and under certain conditions. The coupon equals 6.00 per cent per annum during the first eleven years. After that a variable interest rate applies. The bond has been listed on the Vienna Stock Exchange since July 2015. The issue price was set at 100 per cent.

In July 2020 a subordinated bond was also issued in the amount of €200 million at an issue price of 99.507 per cent of the nominal amount. With a term of 15.25 years, it can be terminated for the first time at any time between 9 July 2025 and 9 October 2025, subject to certain conditions. The annual interest rate is fixed at 3.25 per cent for the first 5.25 years. After that a variable interest rate applies. The bond is eligible for netting as Tier 2 capital under Solvency II. By issuing a green bond, UNIQA has committed to finance or refinance suitable assets in accordance with the Green Bond Framework at the same level as the issue proceeds. The bond issue has been listed on the Vienna Stock Exchange since July 2020.

UNIQA repurchased subordinated bonds with a total nominal value of €375 million in December 2021. The buyback relates to €201.3 million subordinated bonds placed in 2013 and €173.7 million subordinated bonds placed in 2015. At the same time, a new subordinated bond with a nominal amount of €375 million was placed. This bond is scheduled for repayment after a period of 20 years subject to certain conditions and can be cancelled by UNIQA for the first time at any time between 9 June 2031 and 9 December 2031, under certain conditions. The interest rate is fixed at 2.375 per cent per annum over the first ten years. A variable interest rate applies after this period. The issue price was set at 99.316 per cent of the nominal amount. The subordinated bond is eligible as Tier 2 basic own funds in accordance with the regulatory requirements. By issuing a green bond, UNIQA has committed to making investments in accordance with the Green Bond Framework at the same level as the issue proceeds.

{192}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 257

## 21. Financial liabilities

UNIQA repurchased subordinated bonds with a total nominal value of €375 million in December 2021. The buyback relates to €201.3 million subordinated bonds placed in 2013 and €173.7 million subordinated bonds placed in 2015. At the same time, a new subordinated bond with a nominal amount of €375 million was placed. This bond is scheduled for repayment after a period of 20 years subject to certain conditions and can be cancelled by UNIQA for the first time at any time between 9 June 2031 and 9 December 2031, under certain conditions. The interest rate is fixed at 2.375 per cent per annum over the first ten years. A variable interest rate applies after this period. The issue price was set at 99.316 per cent of the nominal amount. The subordinated bond is eligible as Tier 2 basic own funds in accordance with the regulatory requirements. By issuing a green bond, UNIQA has committed to making investments in accordance with the Green Bond Framework

at the same level as the issue proceeds.

256

Financial liabilities

20. Subordinated liabilities

In July 2013, UNIQA Insurance Group AG successfully placed a supplementary capital bond to the value of €350 million with institutional investors in Europe. The bond had a maturity period of 30 years and could only be terminated after ten years. The supplementary capital bond met the requirements for equity netting as Tier 2 capital under the Solvency II regime. Part of the bond – a nominal amount of €201.3 million – was refinanced on the capital market in December 2021 via a buy-back and new issue. The remaining portion of €148.7 million was repaid

In July 2015, UNIQA Insurance Group AG successfully placed a subordinated capital bond (Tier 2) to the value of €500 million with institutional investors in Europe. The bond is eligible for netting as Tier 2 capital under Solvency II. The bond is scheduled for repayment after a period of 31 years and subject to certain conditions, and can only be cancelled by UNIQA after eleven years have elapsed and under certain conditions. The coupon equals 6.00 per cent per annum during the first eleven years. After that a variable interest rate applies. The bond has been listed on the Vienna Stock Exchange since July 2015. The

In July 2020 a subordinated bond was also issued in the

99.507 per cent of the nominal amount. With a term of 15.25 years, it can be terminated for the first time at any time between 9 July 2025 and 9 October 2025, subject to certain conditions. The annual interest rate is fixed at 3.25 per cent for the first 5.25 years. After that a variable interest rate applies. The bond is eligible for netting as Tier 2 capital under Solvency II. By issuing a green bond, UNIQA has committed to finance or refinance suitable assets in accordance with the Green Bond Framework at the same level as the issue proceeds. The bond issue has been listed on the Vienna Stock Exchange since July 2020.

on the first termination date in July 2023.

issue price was set at 100 per cent.

amount of €200 million at an issue price of

In July 2020 UNIQA Insurance Group AG issued a senior bond in the amount of €600 million at an issue price of 99.436 per cent of the nominal amount. It has a term of ten years at a nominal interest rate of 1.375 per cent.

| Carrying amounts<br>In € thousand |  | Long term |           | Short term |        | Total   |           |
|-----------------------------------|--|-----------|-----------|------------|--------|---------|-----------|
|                                   |  | 2023      | 2022      | 2023       | 2022   | 2023    | 2022      |
| Subordinated liabilities          |  | 896,322   | 1,043,909 | 10,408     | 14,721 | 906,729 | 1,058,631 |
| Financial liabilities             |  |           |           |            |        |         |           |
| Bond liabilities                  |  | 596,536   | 596,032   | 0          | 0      | 596,536 | 596,032   |
| Derivative financial instruments  |  | 6,549     | 11,645    | 124        | 0      | 6,673   | 11,645    |
| Lease liabilities                 |  | 75,588    | 86,717    | 9,235      | 6,070  | 84,823  | 92,787    |
| Total                             |  | 678,673   | 694,393   | 9,360      | 6,070  | 688,032 | 700,463   |

| Changes in financial lia-<br>bilities<br>In € thousand                                  | Subordinated<br>liabilities | Bond liabilities | Loan liabilities | Provisions for<br>derivative<br>business | Lease liabilities | Financial<br>liabilities<br>Total | Changes in<br>financial<br>liabilities |
|-----------------------------------------------------------------------------------------|-----------------------------|------------------|------------------|------------------------------------------|-------------------|-----------------------------------|----------------------------------------|
| At 1 January 2022                                                                       | 1,057,559                   | 599,490          | 0                | 21,843                                   | 101,984           | 723,317                           | 1,780,876                              |
| Proceeds from other financing<br>activities                                             | 0                           | 0                | 1,414,936        | 0                                        | 0                 | 1,414,936                         | 1,414,936                              |
| Payments from other financing<br>activities                                             | 0                           | 0                | – 1,414,936      | 0                                        | – 16,506          | – 1,431,442                       | – 1,431,442                            |
| Currency translation                                                                    | 0                           | 0                | 0                | 5                                        | – 376             | – 371                             | – 371                                  |
| Change in basis of consolidation                                                        | 0                           | 0                | 0                | – 626                                    | 0                 | – 626                             | – 626                                  |
| Other changes                                                                           | 1,072                       | – 3,458          | 0                | – 9,577                                  | 7,685             | – 5,351                           | – 4,279                                |
| of which interest expenses                                                              | 42,223                      | 9,012            | 0                | 0                                        | 924               | 9,937                             | 52,160                                 |
| of which interest payments<br>(presented as net cash flow from<br>operating activities) | – 45,207                    | – 8,250          | 0                | 0                                        | – 924             | – 9,174                           | – 54,381                               |
| At 31 December 2022                                                                     | 1,058,631                   | 596,032          | 0                | 11,645                                   | 92,787            | 700,463                           | 1,759,094                              |
| At 1 January 2023                                                                       | 1,058,631                   | 596,032          | 0                | 11,645                                   | 92,787            | 700,463                           | 1,759,094                              |
| Proceeds from other financing<br>activities                                             | 0                           | 0                | 0                | 0                                        | 0                 | 0                                 | 0                                      |
| Payments from other financing<br>activities                                             | – 148,700                   | 0                | 0                | 0                                        | – 15,552          | – 15,552                          | – 164,252                              |
| Reclassifications held for sale                                                         | 0                           | 0                | 0                | 0                                        | – 242             | – 242                             | – 242                                  |
| Other changes                                                                           | – 3,202                     | 504              | 0                | – 4,972                                  | 7,831             | 3,363                             | 162                                    |
| of which interest expenses                                                              | 41,907                      | 9,072            | 0                | 0                                        | 869               | 9,941                             | 51,847                                 |
| of which interest payments<br>(presented as net cash flow from<br>operating activities) | – 43,457                    | – 8,250          | 0                | 0                                        | – 869             | – 9,119                           | – 52,576                               |
| At 31 December 2023                                                                     | 906,729                     | 596,536          | 0                | 6,673                                    | 84,823            | 688,032                           | 1,594,762                              |

{193}------------------------------------------------

## 22. Liabilities and other items classified as equity or liabilities

| In € thousand                                               |  | 31/12/2023 | 31/12/2022<br>restated |
|-------------------------------------------------------------|--|------------|------------------------|
| Other liabilities                                           |  |            |                        |
| Personnel-related obligations                               |  | 110,672    | 105,417                |
| Liabilities from services                                   |  | 129,121    | 125,737                |
| Liabilities from investment contracts                       |  | 291,725    | 288,856                |
| Income tax liabilities                                      |  | 48,067     | 78,415                 |
| Other tax liabilities (without income tax)                  |  | 62,418     | 70,139                 |
| Deposits from reinsurers on assumed reinsurance<br>business |  | 85,431     | 93,783                 |
| Other liabilities                                           |  | 170,246    | 137,304                |
|                                                             |  | 897,679    | 899,650                |
| of which liabilities with a maturity of                     |  |            |                        |
| up to 1 year                                                |  | 668,629    | 680,964                |
| more than 1 year and up to 5 years                          |  | 15,891     | 6,086                  |
| more than 5 years                                           |  | 213,159    | 212,600                |
|                                                             |  | 897,679    | 899,650                |

## Other non-technical income and expenses

## 23. Other income

| In € thousand                              | 1 – 12/2023 | 1 – 12/2022<br>restated |
|--------------------------------------------|-------------|-------------------------|
| Property and casualty insurance            | 104,760     | 76,898                  |
| Health insurance                           | 188,535     | 165,927                 |
| Life insurance                             | 142,797     | 113,916                 |
| Total                                      | 436,092     | 356,741                 |
| Of which:                                  |             |                         |
| Revenues from medical services             | 178,693     | 162,638                 |
| Revenues from pension and investment funds | 72,072      | 70,508                  |
| Other income                               | 185,328     | 123,595                 |

Revenues from medical services are almost always realised at the time of purchase.

Pension and investment fund revenues include fees charged by the funds to fund holders for managing the fund's assets. These are time-period-related benefits that concern the period of one year.

## 24. Other expenses

| In € thousand                                                                   | 1 – 12/2023 1 – 12/2022 restated |         |
|---------------------------------------------------------------------------------|----------------------------------|---------|
| Property and casualty insurance                                                 | 223,804                          | 221,846 |
| Health insurance                                                                | 246,750                          | 197,573 |
| Life insurance                                                                  | 171,972                          | 99,042  |
| Total                                                                           | 642,525                          | 518,461 |
| Of which:                                                                       |                                  |         |
| Expenses for the provision of medical services                                  | 169,868                          | 153,786 |
| Expenses of pension and investment funds                                        | 19,061                           | 17,039  |
| Expenses not directly attributable to insurance<br>companies and other expenses | 453,596                          | 347,636 |

{194}------------------------------------------------

## Other disclosures

258

liabilities

Other liabilities

In € thousand

22. Liabilities and other items classified as equity or

Personnel-related obligations 110,672 105,417 Liabilities from services 129,121 125,737 Liabilities from investment contracts 291,725 288,856 Income tax liabilities 48,067 78,415 Other tax liabilities (without income tax) 62,418 70,139

business 85,431 93,783 Other liabilities 170,246 137,304

up to 1 year 668,629 680,964 more than 1 year and up to 5 years 15,891 6,086 more than 5 years 213,159 212,600

Deposits from reinsurers on assumed reinsurance

of which liabilities with a maturity of

31/12/2023 31/12/2022

restated

Other non-technical income and expenses

<sup>1</sup> – 12/2023 <sup>1</sup> – 12/2022

Property and casualty insurance 104,760 76,898 Health insurance 188,535 165,927 Life insurance 142,797 113,916 Total 436,092 356,741

Revenues from medical services 178,693 162,638 Revenues from pension and investment funds 72,072 70,508 Other income 185,328 123,595

Revenues from medical services are almost always realised

In € thousand <sup>1</sup> – 12/2023 <sup>1</sup> – 12/2022

Property and casualty insurance 223,804 221,846 Health insurance 246,750 197,573 Life insurance 171,972 99,042 Total 642,525 518,461

Expenses for the provision of medical services 169,868 153,786 Expenses of pension and investment funds 19,061 17,039

companies and other expenses 453,596 347,636

Expenses not directly attributable to insurance

Pension and investment fund revenues include fees charged by the funds to fund holders for managing the fund's assets. These are time-period-related benefits that

restated

restated

23. Other income

at the time of purchase.

24. Other expenses

Of which:

concern the period of one year.

In € thousand

Of which:

897,679 899,650

897,679 899,650

## 25. Group holding company

UNIQA's Group holding company is UNIQA Insurance Group AG. In addition to its duties as Group holding company, this company also performs the duties of a reinsurer.

## 26. Remuneration for the Management Board and Supervisory Board

The members of the Management Board of UNIQA Insurance Group AG assume a dual operational role in their function, as they also hold the Management Board function at UNIQA Österreich Versicherungen AG. This identical composition of the Management Board in both companies enables efficient control of the UNIQA Group. Since 1 July 2020 all employment contracts of the members of the Management Board have been with UNIQA Insurance Group AG, which has paid out all remuneration since this

# date. Remuneration of the Management 1–12/2023 1–12/2022
Board
In € thousand

| Fixed remuneration1)                  | 4,858 | 4,734  |
|---------------------------------------|-------|--------|
| Variable remuneration2)               | 3,586 | 4,161  |
| Multi-year share-based remuneration3) | 1,327 | 1,722  |
| Current remuneration                  | 9,771 | 10,616 |

1) The fixed salary components include remuneration in kind equivalent to € 81 thousand (2022: € 100 thousand).

2) The variable remuneration includes the deferred components from the short-term incentive (STI) of the 2019 financial year as well as the immediately paid out part of the remuneration from financial year 2022. 3) The long-term incentive (LTI) as a variable remuneration component corresponds to a share-based pay-

ment agreement which entitles the holder to receive a cash settlement after a four-year term if agreed target values are reached.

For the 2020 financial year no short-term incentive was made, due to Covid-19. For the 2021 financial year, payments of €1,102 thousand are expected in 2025. For the 2022 financial year, payments of €1,102 thousand are expected in 2026. For the 2023 financial year, payments of €4,258 thousand are expected to be made in the subsequent years 2024 and 2027.

As part of the multi-year share-based remuneration (longterm incentive plan (LTI), payments amounting to €1,327 thousand were made to the members of the Management Board of UNIQA Insurance Group AG in 2023 from the 2019 LTI allocation. For the subsequent years 2024 to 2027, a payment of €5,590 thousand is expected for the virtual shares allocated up to 31 December 2023.

CONSOLIDATED FINANCIAL STATEMENTS 259

For pension commitments and pension liability insurance to cover these commitments for the members of the Management Board, a total of €896 thousand was paid in the reporting year (2022: €1,059 thousand). The pension liability insurance premium amounts to €332 thousand (2022: €279 thousand). The amount expended on pensions in the reporting year for former members of the Management Board and their surviving dependents was €2,147 thousand (2022: €1,964 thousand).

The remuneration of the members of the Supervisory Board for their work in the 2022 financial year was €1,152 thousand. Provisions of €1,180 thousand have been recognised for the remuneration to be paid for their work in the 2023 financial year. Daily allowances and cash expenses that were paid out in the financial year totalled €148 thousand (2022: €72 thousand). Since 14 April 2020, the members of the Supervisory Board of UNIQA Insurance Group AG who are also members of the Supervisory Board of UNIQA Österreich Versicherungen AG have received their daily allowances and remuneration exclusively from UNIQA Insurance Group AG despite their dual function. These daily allowances and remunerations therefore also cover the Supervisory Board activities at UNIQA Österreich Versicherungen AG.

{195}------------------------------------------------

## 27. Share-based payment agreement with cash settlement

A share-based remuneration programme has been in place for the members of the Management Boards of UNIQA Insurance Group AG and UNIQA Österreich Versicherungen AG since the 2013 financial year. As part of this programme, UNIQA virtual shares are granted conditionally for each financial year on the basis of allocation values defined in the service contract, based on the average price of UNIQA ordinary shares in the period of six months prior to the start of the performance period. Cash payments subject to agreed limits are provided for at the end of a performance period of four years for the individual annual tranches or depending on certain performance targets.

The selected key performance targets aim to ensure a relative market-based performance measurement and an absolute performance measurement depending on UNIQA's company-specific targets. The performance targets, including performance periods up to 2022, comprised the total shareholder return (TSR) of UNIQA ordinary shares compared to the TSR of the shares in the companies on the DJ EURO STOXX TMI Insurance, the net combined ratio (CoR) in UNIQA's property and casualty insurance segment and the return on risk capital (RoRC: the return on economically required capital), with these targets each weighted equally by one-third to determine overall target achievement.

Under IFRS 9/17, which will apply from the 2023 financial year, the CoR target will no longer be shown. For performance periods from 2023 onwards, two ESG targets were therefore included in the LTI programmes instead of the CoR target. These are the "Weighted Average Carbon Intensity" (WACI), which aims to reduce the average emissions intensity of the companies in UNIQA's asset portfolio, and the "Science Based Target Initiative" (SBTi), which aims to increase the proportion of companies in UNIQA's asset portfolio that have undertaken commitments to reduce emissions. Only direct investments by UNIQA in the relevant companies in the asset portfolio are involved here. The two ESG targets are each weighted at 20per cent to determine overall target achievement. The TSR and RoRC targets will be reduced from one-third each to 30per cent each.

A transitional regulation applies to the LTI programme for 2020, 2021 and 2022. The annual target achievement(s) of the CoR target (until 2022) and the annual target achievement(s) of the two ESG targets from 2023 (within the four-year overall performance period) are determined and

an average of these three key figures is calculated, which is weighted by one-third to determine the overall target achievement. The TSR and RoRC targets each have an unchanged weighting of one-third.

The programme stipulates annual investments in UNIQA shares with a holding period also of four years in each case.

The cash settlement is calculated as follows for each tranche of shares: payment =  $A \times B \times C$ 

A = number of virtual shares awarded for the performance period.

B = average price of the UNIQA ordinary share in the period of six months before the end of the performance period.

C = degree of target achievement at the end of the performance period for the targets mentioned above. The maximum target achievement is 200 per cent.

The fair value on the date that share-based payment awards are granted is recognised as expense over the period in which the unconditional entitlement to the award is obtained. The fair value is based on expectations with respect to achievement of the defined key performance targets. Changes in measurement assumptions result in an adjustment of the recognised provision amounts affecting income. Obligations from share-based remuneration are stated under "Other provisions".

As at 31 December 2023 a total of 1,215,805 virtual shares (2022: 1,167,795 shares) were relevant for the measurement. The fair value of share-based remuneration (excluding non-wage labour costs) at the reporting date amounts to €5,590 thousand (2022: 4,420 thousand).

{196}------------------------------------------------

## 28. Relationships with related companies and persons

Companies in the UNIQA Group maintain various relationships with related companies and persons.

260

ment

achievement.

30per cent each.

27. Share-based payment agreement with cash settle-

an average of these three key figures is calculated, which is weighted by one-third to determine the overall target achievement. The TSR and RoRC targets each have an un-

The programme stipulates annual investments in UNIQA shares with a holding period also of four years in each case.

A = number of virtual shares awarded for the performance

B = average price of the UNIQA ordinary share in the period of six months before the end of the performance pe-

C = degree of target achievement at the end of the performance period for the targets mentioned above. The maxi-

The fair value on the date that share-based payment awards are granted is recognised as expense over the period in which the unconditional entitlement to the award is obtained. The fair value is based on expectations with respect to achievement of the defined key performance targets. Changes in measurement assumptions result in an adjustment of the recognised provision amounts affecting income. Obligations from share-based remuneration are

As at 31 December 2023 a total of 1,215,805 virtual shares (2022: 1,167,795 shares) were relevant for the measurement. The fair value of share-based remuneration (excluding non-wage labour costs) at the reporting date amounts

to €5,590 thousand (2022: 4,420 thousand).

The cash settlement is calculated as follows for each

changed weighting of one-third.

tranche of shares: payment = A × B × C

mum target achievement is 200 per cent.

stated under "Other provisions".

period.

riod.

A share-based remuneration programme has been in place for the members of the Management Boards of UNIQA Insurance Group AG and UNIQA Österreich Versicherungen AG since the 2013 financial year. As part of this programme, UNIQA virtual shares are granted conditionally for each financial year on the basis of allocation values defined in the service contract, based on the average price of UNIQA ordinary shares in the period of six months prior to the start of the performance period. Cash payments subject to agreed limits are provided for at the end of a performance period of four years for the individual annual tranches or depending on certain performance targets.

The selected key performance targets aim to ensure a relative market-based performance measurement and an absolute performance measurement depending on UNIQA's company-specific targets. The performance targets, including performance periods up to 2022, comprised the total shareholder return (TSR) of UNIQA ordinary shares compared to the TSR of the shares in the companies on the DJ EURO STOXX TMI Insurance, the net combined ratio (CoR) in UNIQA's property and casualty insurance segment and the return on risk capital (RoRC: the return on economically required capital), with these targets each weighted equally by one-third to determine overall target

Under IFRS 9/17, which will apply from the 2023 financial year, the CoR target will no longer be shown. For performance periods from 2023 onwards, two ESG targets were therefore included in the LTI programmes instead of the CoR target. These are the "Weighted Average Carbon Intensity" (WACI), which aims to reduce the average emissions intensity of the companies in UNIQA's asset portfolio, and the "Science Based Target Initiative" (SBTi), which aims to increase the proportion of companies in UNIQA's asset portfolio that have undertaken commitments to reduce emissions. Only direct investments by UNIQA in the relevant companies in the asset portfolio are involved here. The two ESG targets are each weighted at 20per cent to determine overall target achievement. The TSR and RoRC targets will be reduced from one-third each to

A transitional regulation applies to the LTI programme for 2020, 2021 and 2022. The annual target achievement(s) of the CoR target (until 2022) and the annual target achievement(s) of the two ESG targets from 2023 (within the four-year overall performance period) are determined and

Related companies refer to companies which exercise either a controlling or a significant influence on UNIQA. The group of related companies also includes the non-consolidated subsidiaries, associates and joint ventures of UNIQA.

Related persons include the members of management holding key positions along with their close family members. This covers in particular the members of management in key positions at those companies which exercise either a controlling or a significant influence on UNIQA, along with their close family members.

CONSOLIDATED FINANCIAL STATEMENTS 261

| Transactions and balances with<br>related companies<br>In € thousand | Companies with<br>significant<br>influence on<br>UNIQA Group | Affiliated<br>but not<br>consolidated<br>companies | Associated<br>companies of<br>UNIQA Group | Other related<br>parties | Total     |
|----------------------------------------------------------------------|--------------------------------------------------------------|----------------------------------------------------|-------------------------------------------|--------------------------|-----------|
| Transactions in 2023                                                 |                                                              |                                                    |                                           |                          |           |
| Premiums                                                             | 1,031                                                        | 64                                                 | 45                                        | 11,153                   | 12,293    |
| Income from investments                                              | 8,823                                                        | 343                                                | 33,012                                    | 2,117                    | 44,295    |
| Expenses from investments                                            | -5                                                           | -68                                                | 0                                         | -325                     | -398      |
| Other income                                                         | 198                                                          | 6,868                                              | 1,375                                     | 356                      | 8,797     |
| Other expenses                                                       | -2,477                                                       | -12,297                                            | -1,242                                    | -12,962                  | -28,978   |
| At 31 December 2023                                                  |                                                              |                                                    |                                           |                          |           |
| Investments                                                          | 180,469                                                      | 462                                                | 813,756                                   | 40,631                   | 1,035,318 |
| Cash                                                                 | 289,872                                                      | 0                                                  | 0                                         | 42,909                   | 332,781   |
| Receivables and other assets                                         | 68                                                           | 8,017                                              | -6                                        | 1,264                    | 9,343     |
| Liabilities and other items classified as liabilities                | 44                                                           | 5,839                                              | 0                                         | 81                       | 5,964     |

| In € thousand                                         | Companies with<br>significant<br>influence on<br>UNIQA Group | Affiliated<br>but not<br>consolidated<br>companies | Associated<br>companies of<br>UNIQA Group | Other related<br>parties | Total   |
|-------------------------------------------------------|--------------------------------------------------------------|----------------------------------------------------|-------------------------------------------|--------------------------|---------|
| Transactions in 2022                                  |                                                              |                                                    |                                           |                          |         |
| Premiums                                              | 1,001                                                        | 43                                                 | 398                                       | 17,853                   | 19,295  |
| Income from investments                               | 2,985                                                        | 0                                                  | 31,557                                    | 595                      | 35,137  |
| Expenses from investments                             | –249                                                         | –12,000                                            | 0                                         | –358                     | –12,607 |
| Other income                                          | 181                                                          | 6,340                                              | 1,568                                     | 254                      | 8,342   |
| Other expenses                                        | –1,616                                                       | –9,285                                             | –3,439                                    | –16,996                  | –31,336 |
| At 31 December 2022                                   |                                                              |                                                    |                                           |                          |         |
| Investments                                           | 141,978                                                      | 13,524                                             | 759,463                                   | 58,216                   | 973,181 |
| Cash                                                  | 357,930                                                      | 0                                                  | 0                                         | 61,538                   | 419,468 |
| Receivables and other assets                          | 0                                                            | 2,164                                              | 0                                         | 1,188                    | 3,352   |
| Liabilities and other items classified as liabilities | 0                                                            | 3,125                                              | 1                                         | 3,808                    | 6,934   |

{197}------------------------------------------------

## Transactions with related personsIn € thousand 1–12/2023 1–12/2022

- 12/2023 1 - 12/2022

| In € thousand                                      |         |         |
|----------------------------------------------------|---------|---------|
| Premiums                                           | 542     | 799     |
| Salaries and short-term benefits 1)                | -11,193 | -10,235 |
| Pension expenses                                   | -1,963  | -2,121  |
| Compensation on termination of employment contract | -286    | -172    |
| Expenditures for share-based payments              | -3,058  | -1,187  |
| Other income                                       | 342     | 293     |
| Other expenses                                     | -199    | -130    |

1) This item includes fixed and variable Management Board remuneration and remuneration of the Supervisory Board.

## 29. Other financial obligations and contingent liabilities

## Options to purchase granted

There is also the possibility to acquire the company shares held by the minority shareholders through exercising a mutual option between UNIQA and the minority shareholders in the SIGAL Group in accordance with previously agreed purchase price formulas. The exercise period was set from 1 July 2023 to 30 June 2024 in accordance with the current shareholders' agreement.

In addition, there is an option to acquire further shares in the Telemedi Group. A description of this can be found under "Basis of consolidation".

## 30. Expenses for the auditor of the financial statements

The statutory auditor fees in the financial year were €2,159 thousand (2022: €2,752 thousand); of which €538 thousand (2022: €712 thousand) is attributable to the annual audit, €1,564 thousand (2022: €2,030 thousand) to other auditing services and €57 thousand (2022: €10 thousand) to other general services.

## 31. Consolidation principles

#### Subsidiaries

Subsidiaries are entities controlled by UNIQA. A company is considered to be controlled if:

- UNIQA is able to exercise power over the relevant entity,
- UNIQA is exposed to fluctuating returns from the participation and
- the level of returns can be influenced due to the power exercised.

The financial statements of subsidiaries are included in the consolidated financial statements from the date control begins until the date control ends.

## Loss of control

If UNIQA loses control over a subsidiary, the subsidiary's assets and liabilities and all associated non-controlling interests and other equity components are deleted from the accounts. Any resulting profit or loss is recognised in profit/(loss) for the period. Any retained interest in the former subsidiary is measured at fair value at the date of the loss of control.

## Investment in associates

Associates are all the entities over which UNIQA has significant influence but does not exercise control or joint control over their financial and operating policies. This is generally the case as soon as there is a voting share of between 20 and 50 per cent or a comparable significant influence is guaranteed legally or in practice via other contractual regulations. Inclusion in the basis of consolidation is based on the proportionate equity (equity method).

## Pension and investment funds

Controlled pension and investment funds are included in the consolidation unless the relevant fund volumes were considered to be immaterial when viewed separately and as a whole. A fund is regarded as controlled if:

- UNIQA determines the relevant activities of the fund, such as the definition of the investment strategy and short- and medium-term investment decisions,
- UNIQA has the risk of and the rights to variable successes of the fund in the form of distributions and participates in the performance of the fund assets and
- the determining power over the relevant activities is exercised in the interest of UNIQA by determining the investment objectives and the individual investment decisions.
- 

{198}------------------------------------------------

## Basis of consolidation 31/12/2023 31/12/2022

262

sory Board.

ties

Transactions with related persons In € thousand

Compensation on termination of employment

Options to purchase granted

the current shareholders' agreement.

€10 thousand) to other general services.

31. Consolidation principles

is considered to be controlled if:

trol begins until the date control ends.

Subsidiaries

ipation and

exercised.

Loss of control

der "Basis of consolidation".

Premiums 542 799 Salaries and short-term benefits 1) – 11,193 – 10,235 Pension expenses – 1,963 – 2,121

contract – 286 – 172 Expenditures for share-based payments – 3,058 – 1,187 Other income 342 293 Other expenses – 199 – 130 1) This item includes fixed and variable Management Board remuneration and remuneration of the Supervi-

29. Other financial obligations and contingent liabili-

There is also the possibility to acquire the company shares held by the minority shareholders through exercising a mutual option between UNIQA and the minority shareholders in the SIGAL Group in accordance with previously agreed purchase price formulas. The exercise period was set from 1 July 2023 to 30 June 2024 in accordance with

In addition, there is an option to acquire further shares in the Telemedi Group. A description of this can be found un-

30. Expenses for the auditor of the financial statements The statutory auditor fees in the financial year were €2,159 thousand (2022: €2,752 thousand); of which €538 thousand (2022: €712 thousand) is attributable to the annual audit, €1,564 thousand (2022: €2,030 thousand) to other auditing services and €57 thousand (2022:

Subsidiaries are entities controlled by UNIQA. A company

 UNIQA is able to exercise power over the relevant entity, UNIQA is exposed to fluctuating returns from the partic-

the level of returns can be influenced due to the power

The financial statements of subsidiaries are included in the consolidated financial statements from the date con-

1 – 12/2023 1 – 12/2022

If UNIQA loses control over a subsidiary, the subsidiary's assets and liabilities and all associated non-controlling interests and other equity components are deleted from the accounts. Any resulting profit or loss is recognised in profit/(loss) for the period. Any retained interest in the former subsidiary is measured at fair value at the date of

Associates are all the entities over which UNIQA has significant influence but does not exercise control or joint control over their financial and operating policies. This is generally the case as soon as there is a voting share of between 20 and 50 per cent or a comparable significant influence is guaranteed legally or in practice via other contractual regulations. Inclusion in the basis of consolidation is based on the proportionate equity (equity method).

Controlled pension and investment funds are included in the consolidation unless the relevant fund volumes were considered to be immaterial when viewed separately and

 UNIQA determines the relevant activities of the fund, such as the definition of the investment strategy and short- and medium-term investment decisions, UNIQA has the risk of and the rights to variable successes of the fund in the form of distributions and partic-

ipates in the performance of the fund assets and the determining power over the relevant activities is exercised in the interest of UNIQA by determining the investment objectives and the individual investment deci-

as a whole. A fund is regarded as controlled if:

the loss of control.

Investment in associates

Pension and investment funds

sions.

31/12/2023 31/12/202

| Consolidated companies                    |    |    |
|-------------------------------------------|----|----|
| Austria                                   | 32 | 31 |
| Other countries                           | 61 | 59 |
| Associates                                |    |    |
| Austria                                   | 4  | 4  |
| Other countries                           | 0  | 0  |
| Consolidated pension and investment funds |    |    |
| Austria                                   | 4  | 4  |
| Other countries                           | 9  | 9  |

Shares in non-consolidated subsidiaries and associated companies not accounted for using the equity method are allocated to the category "Variable-income securities" as "Financial assets at fair value through profit or loss" and recognised under "Other investments".

## Transactions eliminated on consolidation

Intragroup balances and transactions and all income and expenses from intragroup transactions are eliminated when consolidated financial statements are prepared.

## Business combinations

If the Group has obtained control, it accounts for business combinations in line with the acquisition method. The consideration transferred for the acquisition and the identifiable net assets acquired are measured at fair value. Any profit from an acquisition at a price below the fair value of the net assets is recognised directly in profit/(loss) for the period. Transaction costs are recognised as expenses immediately.

The consideration transferred does not include any amounts associated with the fulfilment of pre-existing relationships. Such amounts are generally recognised in profit/(loss) for the period.

Any contingent obligation to pay consideration is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not revalued, and a settlement is accounted for within equity. Otherwise, later changes in the fair value of the contingent consideration are recognised in the profit/(loss) for the period.

## 32. Basis of consolidation

CONSOLIDATED FINANCIAL STATEMENTS 263

## Initial consolidation

UNIQA Real Estate Beteiligungsverwaltung International GmbH (Vienna) was included in the consolidated financial statements for the first time in the second quarter of 2023 and DOROS Immobilien GmbH (Vienna) in the fourth quarter.

## Restructuring processes

In the third quarter, PremiaFIT GmbH (Vienna) was split and incorporated into PremiQaMed Holding GmbH (Vienna) and PremiQaMed Immobilien GmbH (Vienna).

## Acquisitions

On 30 November 2023, UNIQA acquired 65.4 per cent of the shares in Telemedi Sp. z o.o. (Poland, Warsaw) and 100 per cent of the capital shares in each of its subsidiaries Telemedicin Sp. z o.o. (Poland, Warsaw), Przychodnia24 sp. z o.o. (Poland, Warsaw) and Telemedico Spain SL (Spain, Madrid) (referred to jointly as the "Telemedi Group" below). Together with the 10.4 per cent already held, UNIQA now holds 75.8 per cent of the capital shares. An "option agreement" was concluded with the minority shareholder for the acquisition of the remaining 24.2 per cent with an exercise period of two or three years, according to which the capital shares can be acquired in accordance with an agreed purchase price formula. However, the structure of this means that for the purposes of consolidated accounting in accordance with IAS/IFRS provisions, the Group is already included 100 per cent and no minority interests need to be reported. Future payments resulting from the option agreement are recognised as current expenses in the exercise period in accordance with IAS/IFRS provisions – as 100% have already been recognised in the consolidated financial statements.

The Telemedi Group constitutes a business operation within the meaning of IFRS 3. The companies were acquired in order to expand the portfolio in the healthcare sector.

The companies are recognised in the "Group functions" segment and in the health insurance business line.

{199}------------------------------------------------

## Assets and liabilities from business

## combinations at acquisition date In € thousand

264

| Property, plant and equipment                         | 2      |
|-------------------------------------------------------|--------|
| Intangible assets                                     | 16,972 |
| Investments                                           | 3      |
| Receivables and other assets                          | 1,890  |
| Cash                                                  | 2,794  |
| Total assets                                          | 21,661 |
| Liabilities and other items classified as liabilities | 1,249  |
| Deferred tax liabilities                              | 3,143  |
| Total liabilities                                     | 4,392  |
| Net identifiable assets acquired                      | 17,268 |

## Preliminary differential amount In € thousand

| Transferred of consideration                   | 27,376 |
|------------------------------------------------|--------|
| Net identifiable assets acquired at fair value | 17,268 |
| Preliminary differential amount                | 10,108 |

## Consideration transferred In € thousand

| Contractually agreed purchase price                   | 27,376 |
|-------------------------------------------------------|--------|
| Price paid1)                                          | 27,376 |
| Acquired bank balances                                | -2,794 |
| Consideration transferred less acquired bank balances | 24,583 |

1) The acquisition price was settled in full through the transfer of cash.

No revenue or earnings were contributed to UNIQA's profit/(loss) for the period in the 2023 financial year. If the acquisition had already taken place on 1 January 2023, profit/(loss) for the period (the share attributable to the shareholders of UNIQA Insurance Group AG) would amount to around €304,252 thousand and earnings per share would remain unchanged due to the low earnings contribution. Other non-technical income would amount to €447,591 thousand if the acquisition had already taken place on 1 January 2023 due to the revenue contribution of the Telemedi Group.

#### Deconsolidation

Vitosha Auto OOD (Bulgaria, Sofia) was deconsolidated in the fourth quarter of 2023.

{200}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 265

| Company                                                                                           | Type of consolidation | Location                            | Equity interest at<br>31/12/2023<br>in per cent | Equity interest at<br>31/12/2022<br>in per cent |
|---------------------------------------------------------------------------------------------------|-----------------------|-------------------------------------|-------------------------------------------------|-------------------------------------------------|
| Domestic insurance companies                                                                      |                       |                                     |                                                 |                                                 |
| UNIQA Insurance Group AG (Group Holding Company)                                                  |                       | Vienna                              |                                                 |                                                 |
| UNIQA Österreich Versicherungen AG                                                                | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| Foreign insurance companies                                                                       |                       |                                     |                                                 |                                                 |
| Limited Liability Company "Insurance Company<br>"Raiffeisen Life"                                 | Fully consolidated    | Russia, Moscow                      | 75.0                                            | 75.0                                            |
| SIGAL LIFE UNIQA Group AUSTRIA sh.a                                                               | Fully consolidated    | Kosovo, Pristina                    | 86.9                                            | 86.9                                            |
| SIGAL LIFE UNIQA Group AUSTRIA sh.a.                                                              | Fully consolidated    | Albania, Tirana                     | 86.9                                            | 86.9                                            |
| SIGAL LIFE UNIQA Group AUSTRIA sh.a.                                                              | Fully consolidated    | Albania, Tirana                     | 86.9                                            | 86.9                                            |
| SIGAL UNIQA Group AUSTRIA sh.a.                                                                   | Fully consolidated    | Kosovo, Pristina                    | 86.9                                            | 86.9                                            |
| UNIQA AD Skopje                                                                                   | Fully consolidated    | North Macedonia, Skopje             | 86.9                                            | 86.9                                            |
| UNIQA Asigurari de Viata S.A.                                                                     | Fully consolidated    | Romania, Bucharest                  | 100.0                                           | 100.0                                           |
| UNIQA Asigurari S.A.                                                                              | Fully consolidated    | Romania, Bucharest                  | 100.0                                           | 100.0                                           |
| UNIQA Biztosító Zrt.                                                                              | Fully consolidated    | Hungary, Budapest                   | 100.0                                           | 100.0                                           |
| UNIQA Insurance Company,<br>Private Joint Stock Company                                           | Fully consolidated    | Ukraine, Kyiv                       | 100.0                                           | 100.0                                           |
| UNIQA Insurance plc                                                                               | Fully consolidated    | Bulgaria, Sofia                     | 99.9                                            | 99.9                                            |
| UNIQA Life AD Skopje                                                                              | Fully consolidated    | North Macedonia, Skopje             | 86.9                                            | 86.9                                            |
| UNIQA Life Insurance plc                                                                          | Fully consolidated    | Bulgaria, Sofia                     | 99.8                                            | 99.8                                            |
| UNIQA LIFE Private Joint Stock Company                                                            | Fully consolidated    | Ukraine, Kyiv                       | 100.0                                           | 100.0                                           |
| UNIQA neživotno osiguranje a.d.                                                                   | Fully consolidated    | Serbia, Belgrade                    | 100.0                                           | 100.0                                           |
| UNIQA neživotno osiguranje a.d.                                                                   | Fully consolidated    | Montenegro, Podgorica               | 100.0                                           | 100.0                                           |
| UNIQA osiguranje d.d.                                                                             | Fully consolidated    | Croatia, Zagreb                     | 100.0                                           | 100.0                                           |
| UNIQA osiguranje d.d.                                                                             | Fully consolidated    | Bosnia and Herzegovina,<br>Sarajevo | 100.0                                           | 100.0                                           |
| UNIQA pojišťovna, a.s.                                                                            | Fully consolidated    | Czechia, Prague                     | 100.0                                           | 100.0                                           |
| UNIQA Re AG                                                                                       | Fully consolidated    | Switzerland, Zurich                 | 100.0                                           | 100.0                                           |
| UNIQA Towarzystwo Ubezpieczeń na Życie S.A.                                                       | Fully consolidated    | Poland, Warsaw                      | 100.0                                           | 100.0                                           |
| UNIQA Towarzystwo Ubezpieczeń S.A.                                                                | Fully consolidated    | Poland, Warsaw                      | 99.7                                            | 99.7                                            |
| UNIQA Versicherung AG                                                                             | Fully consolidated    | Liechtenstein, Vaduz                | 100.0                                           | 100.0                                           |
| UNIQA životno osiguranje a.d.                                                                     | Fully consolidated    | Serbia, Belgrade                    | 100.0                                           | 100.0                                           |
| UNIQA životno osiguranje a.d.                                                                     | Fully consolidated    | Montenegro, Podgorica               | 100.0                                           | 100.0                                           |
| Group domestic service companies                                                                  |                       |                                     |                                                 |                                                 |
| Ecosyslab GmbH<br>(formerly: Assistance Beteiligungs-GesmbH)                                      | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| call us Assistance International GmbH                                                             | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| Mavie Holding GmbH                                                                                | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| Real Versicherungsvermittlung GmbH                                                                | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| UNIQA Capital Markets GmbH                                                                        | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| UNIQA IT Services GmbH                                                                            | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| UNIQA Real Estate Beteiligungsverwaltung<br>International GmbH (initial consolidation: 30/6/2023) | Fully consolidated    | Vienna                              | 100.0                                           | 0.0                                             |
| UNIQA Real Estate Finanzierungs GmbH                                                              | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| UNIQA Real Estate Management GmbH                                                                 | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| Valida Holding AG                                                                                 | Equity method         | Vienna                              | 40.1                                            | 40.1                                            |
| Versicherungsmarkt-Servicegesellschaft m.b.H.                                                     | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| Group foreign service companies                                                                   |                       |                                     |                                                 |                                                 |
| CherryHUB BSC Kft.                                                                                | Fully consolidated    | Hungary, Budapest                   | 100.0                                           | 100.0                                           |
| Przychodnia24 sp. z o.o.<br>(initial consolidation: 31/12/2023)                                   | Fully consolidated    | Poland, Warsaw                      | 100.0                                           | 0.0                                             |
| SEE Digital d.o.o. (formerly: sTech d.o.o.)                                                       | Fully consolidated    | Serbia, Belgrade                    | 100.0                                           | 100.0                                           |
| Telemedi Sp. z o.o. (initial consolidation: 31/12/2023)                                           | Fully consolidated    | Poland, Warsaw                      | 100.0                                           | 0.0                                             |
| Company                                                                                           | Type of consolidation | Location                            | Equity interest at<br>31/12/2023<br>in per cent | Equity interest at<br>31/12/2022<br>in per cent |
| UNIQA GlobalCare SA                                                                               | Fully consolidated    | Switzerland, Geneva                 | 100.0                                           | 100.0                                           |
| UNIQA Group Service Center Slovakia, spol. s r.o.                                                 | Fully consolidated    | Slovakia, Nitra                     | 100.0                                           | 100.0                                           |
| UNIQA Pénzügyi és Szolgáltató Kft.<br>(formerly: UNIQA Ingatlanhasznosító Kft.)                   | Fully consolidated    | Hungary, Budapest                   | 100.0                                           | 100.0                                           |
| UNIQA investiční společnost, a.s.                                                                 | Fully consolidated    | Czechia, Prague                     | 100.0                                           | 100.0                                           |
| UNIQA Management Services, s.r.o.                                                                 | Fully consolidated    | Czechia, Prague                     | 100.0                                           | 100.0                                           |
| UNIQA Polska S.A.                                                                                 | Fully consolidated    | Poland, Warsaw                      | 100.0                                           | 100.0                                           |
| UNIQA Raiffeisen Software Service Kft.                                                            | Fully consolidated    | Hungary, Budapest                   | 60.0                                            | 60.0                                            |
| UNIQA Software Service S.R.L.                                                                     | Fully consolidated    | Romania, Cluj-Napoca                | 100.0                                           | 100.0                                           |
| Vitosha Auto OOD (deconsolidation: 1/10/2023)                                                     | Fully consolidated    | Bulgaria, Sofia                     | 0.0                                             | 99.9                                            |
| Financial and strategic domestic shareholdings                                                    |                       |                                     |                                                 |                                                 |
| PremiaFIT GmbH (division: 1/7/2023)                                                               | Fully consolidated    | Vienna                              | 0.0                                             | 100.0                                           |
| PremiQaMed Ambulatorien GmbH                                                                      | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| PremiQaMed Beteiligungs GmbH                                                                      | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| PremiQaMed Holding GmbH                                                                           | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| PremiQaMed Privatkliniken GmbH                                                                    | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| Speedinvest Co-Invest UVG GmbH & Co KG                                                            | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| STRABAG SE                                                                                        | Equity method         | Villach                             | 15.7                                            | 15.7                                            |
| UNIQA Beteiligungs-Holding GmbH                                                                   | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| UNIQA Erwerb von Beteiligungen<br>Gesellschaft m.b.H.                                             | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| UNIQA Leasing GmbH                                                                                | Equity method         | Vienna                              | 25.0                                            | 25.0                                            |
| UNIQA Ventures GmbH                                                                               | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| Real estate companies                                                                             |                       |                                     |                                                 |                                                 |
| "Hotel am Bahnhof" Errichtungs GmbH & Co KG                                                       | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| Asena LLC                                                                                         | Fully consolidated    | Ukraine, Kyiv                       | 100.0                                           | 100.0                                           |
| AVE-PLAZA LLC                                                                                     | Fully consolidated    | Ukraine, Kharkiv                    | 100.0                                           | 100.0                                           |
| Black Sea Investment Capital LLC                                                                  | Fully consolidated    | Ukraine, Kyiv                       | 100.0                                           | 100.0                                           |
| City One Park Sp. z o.o.                                                                          | Fully consolidated    | Poland, Warsaw                      | 100.0                                           | 100.0                                           |
| Design Tower GmbH                                                                                 | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| DIANA-BAD Errichtungs- und Betriebs GmbH                                                          | Equity method         | Vienna                              | 33.0                                            | 33.0                                            |
| DOROS Immobilien GmbH<br>(initial consolidation: 1/10/2023)                                       | Fully consolidated    | Vienna                              | 100.0                                           | 0.0                                             |
| EZL Entwicklung Zone<br>Lassallestraße GmbH & Co. KG                                              | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| Floreasca Tower SRL                                                                               | Fully consolidated    | Romania, Bucharest                  | 100.0                                           | 100.0                                           |
| IPM International Property Management Kft.                                                        | Fully consolidated    | Hungary, Budapest                   | 100.0                                           | 100.0                                           |
| Light Investment Cotroceni SRL                                                                    | Fully consolidated    | Romania, Bucharest                  | 100.0                                           | 100.0                                           |
| Maraton Park Sp. z o.o.                                                                           | Fully consolidated    | Poland, Warsaw                      | 100.0                                           | 100.0                                           |
| Praterstraße Eins Hotelbetriebs GmbH                                                              | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| PremiQaMed IMS GmbH<br>(formerly: PremiQaMed Immobilien GmbH)                                     | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| Pretium Ingatlan Kft.                                                                             | Fully consolidated    | Hungary, Budapest                   | 100.0                                           | 100.0                                           |
| Renaissance Plaza d.o.o.                                                                          | Fully consolidated    | Serbia, Belgrade                    | 100.0                                           | 100.0                                           |
| R-FMZ Immobilienholding GmbH                                                                      | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| Software Park Kraków Sp. z o.o.                                                                   | Fully consolidated    | Poland, Warsaw                      | 100.0                                           | 100.0                                           |
| Treimorfa Hotel Sp. z o.o.                                                                        | Fully consolidated    | Poland, Krakow                      | 92.5                                            | 92.5                                            |
| Treimorfa Project Sp. z o.o.                                                                      | Fully consolidated    | Poland, Krakow                      | 92.5                                            | 92.5                                            |
| UNIQA Linzer Straße 104 GmbH & Co KG                                                              | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| UNIQA Plaza Irodaház és Ingatlankezelő Kft.                                                       | Fully consolidated    | Hungary, Budapest                   | 100.0                                           | 100.0                                           |
| UNIQA poslovni centar korzo d.o.o.                                                                | Fully consolidated    | Croatia, Rijeka                     | 100.0                                           | 100.0                                           |
| UNIQA Real Estate CZ, s.r.o.                                                                      | Fully consolidated    | Czechia, Prague                     | 100.0                                           | 100.0                                           |
| Company                                                                                           | Type of consolidation | Location                            | Equity interest at<br>31/12/2023<br>in per cent | Equity interest at<br>31/12/2022<br>in per cent |
| UNIQA Real Estate Polska Sp. z o.o.                                                               | Fully consolidated    | Poland, Warsaw                      | 100.0                                           | 100.0                                           |
| UNIQA Real Estate Property Holding GmbH                                                           | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| UNIQA Real III, spol. s r.o.                                                                      | Fully consolidated    | Slovakia, Bratislava                | 100.0                                           | 100.0                                           |
| UNIQA Real s.r.o.                                                                                 | Fully consolidated    | Slovakia, Bratislava                | 100.0                                           | 100.0                                           |
| UNIQA Retail Property GmbH                                                                        | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| UNIQA Szolgáltató Kft.                                                                            | Fully consolidated    | Hungary, Budapest                   | 100.0                                           | 100.0                                           |
| UNIQA-Invest Kft.                                                                                 | Fully consolidated    | Hungary, Budapest                   | 100.0                                           | 100.0                                           |
| Zablocie Park B Sp. z o.o.                                                                        | Fully consolidated    | Poland, Warsaw                      | 100.0                                           | 100.0                                           |
| Zablocie Park Sp. z o.o.                                                                          | Fully consolidated    | Poland, Warsaw                      | 100.0                                           | 100.0                                           |
| Pension and investment funds                                                                      |                       |                                     |                                                 |                                                 |
| SSG Valluga Fund                                                                                  | Fully consolidated    | Ireland, Dublin                     | 100.0                                           | 100.0                                           |
| UNIQA Capital Partners S.A. SICAV-RAIF –<br>Infrastructure Equity Select                          | Fully consolidated    | Luxembourg, Munsbach                | 100.0                                           | 100.0                                           |
| UNIQA Capital Partners S.A. SICAV-RAIF –<br>Private Debt Select                                   | Fully consolidated    | Luxembourg, Munsbach                | 100.0                                           | 100.0                                           |
| UNIQA Capital Partners S.A. SICAV-RAIF –<br>Private Equity Select                                 | Fully consolidated    | Luxembourg, Munsbach                | 100.0                                           | 100.0                                           |
| UNIQA Corporate Bond                                                                              | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| UNIQA d.d.s., a.s.                                                                                | Fully consolidated    | Slovakia, Bratislava                | 100.0                                           | 100.0                                           |
| UNIQA d.s.s., a.s.                                                                                | Fully consolidated    | Slovakia, Bratislava                | 100.0                                           | 100.0                                           |
| UNIQA Eastern European Debt Fund                                                                  | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| UNIQA Emerging Markets Debt Fund                                                                  | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |
| UNIQA penzijní společnost, a.s.                                                                   | Fully consolidated    | Czechia, Brno                       | 100.0                                           | 100.0                                           |
| UNIQA Powszechne Towarzystwo Emerytalne S.A.                                                      | Fully consolidated    | Poland, Warsaw                      | 100.0                                           | 100.0                                           |
| UNIQA Towarzystwo Funduszy Inwestycyjnych S.A.                                                    | Fully consolidated    | Poland, Warsaw                      | 100.0                                           | 100.0                                           |
| UNIQA World Selection                                                                             | Fully consolidated    | Vienna                              | 100.0                                           | 100.0                                           |

264

Assets and liabilities from business combinations at acquisition date In € thousand

Preliminary differential amount In € thousand

Property, plant and equipment 2 Intangible assets 16,972 Investments 3 Receivables and other assets 1,890 Cash 2,794 Total assets 21,661 Liabilities and other items classified as liabilities 1,249 Deferred tax liabilities 3,143 Total liabilities 4,392 Net identifiable assets acquired 17,268 Consideration transferred In € thousand

of the Telemedi Group.

the fourth quarter of 2023.

Deconsolidation

1) The acquisition price was settled in full through the transfer of cash.

Contractually agreed purchase price 27,376 Price paid1) 27,376 Acquired bank balances – 2,794 Consideration transferred less acquired bank balances 24,583

No revenue or earnings were contributed to UNIQA's profit/(loss) for the period in the 2023 financial year. If the acquisition had already taken place on 1 January 2023, profit/(loss) for the period (the share attributable to the shareholders of UNIQA Insurance Group AG) would amount to around €304,252 thousand and earnings per share would remain unchanged due to the low earnings contribution. Other non-technical income would amount to €447,591 thousand if the acquisition had already taken place on 1 January 2023 due to the revenue contribution

Vitosha Auto OOD (Bulgaria, Sofia) was deconsolidated in

Transferred of consideration 27,376 Net identifiable assets acquired at fair value 17,268 Preliminary differential amount 10,108

Telmedicin sp. z o.o (initial consolidation: 31/12/2023) Fully consolidated Poland, Warsaw 100.0 0.0

{201}------------------------------------------------

UNIQA Real Estate Inlandsholding GmbH Fully consolidated Vienna 100.0 100.0

{202}------------------------------------------------

#### **Consolidated Financial Statements**

CONSOLIDATED FINANCIAL STATEMENTS 267

266

UNIQA Pénzügyi és Szolgáltató Kft. (formerly: UNIQA Ingatlanhasznosító Kft.)

UNIQA Erwerb von Beteiligungen

Gesellschaft m.b.H.

Real estate companies

DOROS Immobilien GmbH (initial consolidation: 1/10/2023)

EZL Entwicklung Zone Lassallestraße GmbH & Co. KG

PremiQaMed IMS GmbH

(formerly: PremiQaMed Immobilien GmbH)

Financial and strategic domestic shareholdings

Company Type of consolidation Location Equity interest at

UNIQA GlobalCare SA Fully consolidated Switzerland, Geneva 100.0 100.0 UNIQA Group Service Center Slovakia, spol. s r.o. Fully consolidated Slovakia, Nitra 100.0 100.0

UNIQA investiční společnost, a.s. Fully consolidated Czechia, Prague 100.0 100.0 UNIQA Management Services, s.r.o. Fully consolidated Czechia, Prague 100.0 100.0 UNIQA Polska S.A. Fully consolidated Poland, Warsaw 100.0 100.0 UNIQA Raiffeisen Software Service Kft. Fully consolidated Hungary, Budapest 60.0 60.0 UNIQA Software Service S.R.L. Fully consolidated Romania, Cluj-Napoca 100.0 100.0 Vitosha Auto OOD (deconsolidation: 1/10/2023) Fully consolidated Bulgaria, Sofia 0.0 99.9

PremiaFIT GmbH (division: 1/7/2023) Fully consolidated Vienna 0.0 100.0 PremiQaMed Ambulatorien GmbH Fully consolidated Vienna 100.0 100.0 PremiQaMed Beteiligungs GmbH Fully consolidated Vienna 100.0 100.0 PremiQaMed Holding GmbH Fully consolidated Vienna 100.0 100.0 PremiQaMed Privatkliniken GmbH Fully consolidated Vienna 100.0 100.0 Speedinvest Co-Invest UVG GmbH & Co KG Fully consolidated Vienna 100.0 100.0 STRABAG SE Equity method Villach 15.7 15.3 UNIQA Beteiligungs-Holding GmbH Fully consolidated Vienna 100.0 100.0

UNIQA Leasing GmbH Equity method Vienna 25.0 25.0 UNIQA Ventures GmbH Fully consolidated Vienna 100.0 100.0

"Hotel am Bahnhof" Errichtungs GmbH & Co KG Fully consolidated Vienna 100.0 100.0 Asena LLC Fully consolidated Ukraine, Kyiv 100.0 100.0 AVE-PLAZA LLC Fully consolidated Ukraine, Kharkiv 100.0 100.0 Black Sea Investment Capital LLC Fully consolidated Ukraine, Kyiv 100.0 100.0 City One Park Sp. z o.o. Fully consolidated Poland, Warsaw 100.0 100.0 Design Tower GmbH Fully consolidated Vienna 100.0 100.0 DIANA-BAD Errichtungs- und Betriebs GmbH Equity method Vienna 33.0 33.0

Floreasca Tower SRL Fully consolidated Romania, Bucharest 100.0 100.0 IPM International Property Management Kft. Fully consolidated Hungary, Budapest 100.0 100.0 Light Investment Cotroceni SRL Fully consolidated Romania, Bucharest 100.0 100.0 Maraton Park Sp. z o.o. Fully consolidated Poland, Warsaw 100.0 100.0 Praterstraße Eins Hotelbetriebs GmbH Fully consolidated Vienna 100.0 100.0

Pretium Ingatlan Kft. Fully consolidated Hungary, Budapest 100.0 100.0 Renaissance Plaza d.o.o. Fully consolidated Serbia, Belgrade 100.0 100.0 R-FMZ Immobilienholding GmbH Fully consolidated Vienna 100.0 100.0 Software Park Kraków Sp. z o.o. Fully consolidated Poland, Warsaw 100.0 100.0 Treimorfa Hotel Sp. z o.o. Fully consolidated Poland, Krakow 92.5 92.5 Treimorfa Project Sp. z o.o. Fully consolidated Poland, Krakow 92.5 92.5 UNIQA Linzer Straße 104 GmbH & Co KG Fully consolidated Vienna 100.0 100.0 UNIQA Plaza Irodaház és Ingatlankezelő Kft. Fully consolidated Hungary, Budapest 100.0 100.0 UNIQA poslovni centar korzo d.o.o. Fully consolidated Croatia, Rijeka 100.0 100.0 UNIQA Real Estate CZ, s.r.o. Fully consolidated Czechia, Prague 100.0 100.0 UNIQA Real Estate GmbH Fully consolidated Vienna 100.0 100.0 UNIQA Real Estate Inlandsholding GmbH Fully consolidated Vienna 100.0 100.0

Fully consolidated Vienna 100.0

31/12/2023 in per cent

Fully consolidated Hungary, Budapest 100.0 100.0

Fully consolidated Vienna 100.0 0.0

Fully consolidated Vienna 100.0 100.0

Fully consolidated Vienna 100.0 100.0

Equity interest at 31/12/2022 in per cent

100.0

{203}------------------------------------------------

#### 33. Foreign currency translation

Functional currency and reporting currency The items included in the financial statements for each operating subsidiary are measured based on the currency that corresponds to the currency of the primary economic environment in which the subsidiary operates (functional currency). The consolidated financial statements are pre-

## Transactions in foreign currencies

pared in euros, UNIQA's reporting currency.

Transactions in foreign currencies are translated into the functional currency of the Group entity at the exchange rate on the date of the transaction or, in the case of remeasurement, at the time of measurement.

Monetary assets and liabilities denominated in a foreign currency on the reporting date are translated into the functional currency at the closing rate. Non-monetary assets and liabilities measured at fair value in a foreign currency are translated at the rate valid on the date the fair value is calculated. Currency translation differences are generally recognised in profit/(loss) for the period. Nonmonetary items recognised in a foreign currency at historical cost are stated with the historical exchange rate. This does not give rise to a currency translation difference.

#### Foreign operations

Assets and liabilities from foreign operations, including the goodwill and fair value adjustments that result from the acquisition, are translated into euros at the closing rate on the reporting date. Currency translation differences are reported in other comprehensive income and recognised in equity as a part of the accumulated profits in the item "Differences from currency translation" if the foreign exchange difference is not attributable to noncontrolling interests.

Income and expenses from foreign operations are translated at the monthly closing rates.

| Major exchange<br>rates                          |            | EUR closing rates |           | EUR average rates |
|--------------------------------------------------|------------|-------------------|-----------|-------------------|
|                                                  | 31/12/2023 | 31/12/2022        | 1-12/2023 | 1-12/2022         |
| Swiss franc (CHF)                                | 0.9260     | 0.9847            | 0.9727    | 1.0041            |
| Czech koruna (CZK)                               | 24.7240    | 24.1160           | 23.9821   | 24.5624           |
| Hungarian forint (HUF)                           | 382.8000   | 400.8700          | 382.1354  | 391.2708          |
| Croatian kuna (HRK)                              |            | 7.5345            |           | 7.5380            |
| Polish złoty (PLN)                               | 4.3395     | 4.6808            | 4.5355    | 4.6799            |
| Bosnia and Herzegovina<br>convertible mark (BAM) | 1.9558     | 1.9558            | 1.9558    | 1.9558            |
| Romanian leu (RON)                               | 4.9756     | 4.9495            | 4.9513    | 4.9352            |
| Bulgarian lev (BGN)                              | 1.9558     | 1.9558            | 1.9558    | 1.9558            |
| Ukrainian hryvnia (UAH)                          | 42,2079    | 39.5070           | 39.9184   | 34.4811           |
| Serbian dinar (RSD)                              | 117.1717   | 117.3320          | 117.2366  | 117.4747          |
| Russian rouble (RUB)                             | 100.5506   | 76.0765           | 91.5682   | 73.2991           |
| Albanian lek (ALL)                               | 103.9600   | 114.6000          | 108.8938  | 118.9138          |
| Macedonian denar<br>(MKD)                        | 61.4805    | 61.5351           | 61.5257   | 61.6167           |
| Great Britain Pound<br>(GBP)                     | 0.8691     | 0.8869            | 0.8702    | 0.8537            |
| US dollar (USD)                                  | 1.1050     | 1.0666            | 1.0816    | 1.0563            |
| Japanese yen (JPY)                               | 156.3300   | 140.6600          | 152.2131  | 137.5423          |

Since the euro has been introduced in Croatia, no exchange rate is recognised for the 2023 financial year.

## Significant events after the reporting date

## SIGNA – extraordinary termination

On 5 January 2024, UNIQA carried out an extraordinary termination of a 30-year bond issued by the SIGNA Group in 2017 with a principal amount of €74.1 million for good cause. As impairment losses were already recognised on the communicated insolvency ratio of 30 per cent as at the reporting date, no material impact on the 2024 financial year and subsequent years is expected.

{204}------------------------------------------------

## Risk report

268

33. Foreign currency translation

Functional currency and reporting currency

pared in euros, UNIQA's reporting currency.

measurement, at the time of measurement.

Transactions in foreign currencies

Foreign operations

controlling interests.

lated at the monthly closing rates.

The items included in the financial statements for each operating subsidiary are measured based on the currency that corresponds to the currency of the primary economic environment in which the subsidiary operates (functional currency). The consolidated financial statements are preMajor exchange

Bosnia and Herzegovina

Macedonian denar

Great Britain Pound

EUR closing rates EUR average rates

31/12/2023 31/12/2022 1 – 12/2023 1 – 12/2022

Swiss franc (CHF) 0.9260 0.9847 0.9727 1.0041 Czech koruna (CZK) 24.7240 24.1160 23.9821 24.5624 Hungarian forint (HUF) 382.8000 400.8700 382.1354 391.2708 Croatian kuna (HRK) 7.5345 7.5380 Polish złoty (PLN) 4.3395 4.6808 4.5355 4.6799

convertible mark (BAM) 1.9558 1.9558 1.9558 1.9558 Romanian leu (RON) 4.9756 4.9495 4.9513 4.9352 Bulgarian lev (BGN) 1.9558 1.9558 1.9558 1.9558 Ukrainian hryvnia (UAH) 42,2079 39.5070 39.9184 34.4811 Serbian dinar (RSD) 117.1717 117.3320 117.2366 117.4747 Russian rouble (RUB) 100.5506 76.0765 91.5682 73.2991 Albanian lek (ALL) 103.9600 114.6000 108.8938 118.9138

(MKD) 61.4805 61.5351 61.5257 61.6167

(GBP) 0.8691 0.8869 0.8702 0.8537 US dollar (USD) 1.1050 1.0666 1.0816 1.0563 Japanese yen (JPY) 156.3300 140.6600 152.2131 137.5423

Since the euro has been introduced in Croatia, no exchange rate is recognised for the 2023 financial year.

On 5 January 2024, UNIQA carried out an extraordinary termination of a 30-year bond issued by the SIGNA Group in 2017 with a principal amount of €74.1 million for good cause. As impairment losses were already recognised on the communicated insolvency ratio of 30 per cent as at the reporting date, no material impact on the 2024 financial

Significant events after the reporting date

SIGNA – extraordinary termination

year and subsequent years is expected.

rates

Transactions in foreign currencies are translated into the functional currency of the Group entity at the exchange rate on the date of the transaction or, in the case of re-

Monetary assets and liabilities denominated in a foreign currency on the reporting date are translated into the functional currency at the closing rate. Non-monetary assets and liabilities measured at fair value in a foreign currency are translated at the rate valid on the date the fair value is calculated. Currency translation differences are generally recognised in profit/(loss) for the period. Nonmonetary items recognised in a foreign currency at historical cost are stated with the historical exchange rate. This does not give rise to a currency translation difference.

Assets and liabilities from foreign operations, including the goodwill and fair value adjustments that result from the acquisition, are translated into euros at the closing rate on the reporting date. Currency translation differences are reported in other comprehensive income and recognised in equity as a part of the accumulated profits in the item "Differences from currency translation" if the foreign exchange difference is not attributable to non-

Income and expenses from foreign operations are trans-

## 34. Risk strategy

## Principles

UNIQA's strategic objectives are directly linked to the company's risk strategy. The cornerstones of the risk strategy are based on the business strategy and the risks it entails. A clear definition of the risk preference creates the foundation for all business policy decisions.

## Organisation

UNIQA's core business is to relieve customers of risk, pool the risk to reduce it and thereby generate profit for the company. The focus is on understanding risks and their particular features. To ensure a strong focus on risk, UNIQA has created a separate risk function on the Group's Management Board with a Group Chief Risk Officer (CRO) who is also acting concurrently as Group Chief Financial Officer (CFO). In the Group companies, the Chief Risk Officer is also a part of the Management Board. This ensures that decision-making is risk-based in all relevant bodies. UNIQA has established processes that make it possible to identify, analyse and manage risks.

The risk profile is regularly validated at all levels of the hierarchy and discussions are held in specially instituted committees with the members of the Management Board. Internal and external sources are consulted to obtain a complete picture of the risk situation. UNIQA regularly checks for new threats both in the Group and in the subsidiaries.

## Risk-bearing capacity and risk appetite

UNIQA assumes risk in full awareness of its risk-bearing capacity. This is defined as the capacity to absorb potential losses from extreme events so that medium- and longterm objectives are not jeopardised.

The Solvency Capital Requirement (SCR) is at the centre of risk-related decisions. The SCR corresponds to a company-specific risk assessment based on a partial internal model for market risks and non-life risks, as well as on the standard model according to Solvency II for the other risk categories. As such, it corresponds to the regulatory risk calculations under the Solvency II framework. Based on this approach, we aim to achieve a solvency capital ratio above 170 per cent. Immediate steps will be taken to improve the capital position if the marginal value falls below 135 per cent.

Non-quantifiable risks, in particular operational risk, litigation risk and strategic risk are identified and assessed as part of the risk assessment process. This assessment is then used as the basis for implementing any necessary risk mitigation measures.

CONSOLIDATED FINANCIAL STATEMENTS 269

UNIQA's risk strategy specifies the risks the company intends to assume and those it plans to avoid. Within the scope of the strategy process, risk appetite is defined based on UNIQA's risk-bearing capacity. This risk appetite is then used to determine tolerances and limits, which provide a sufficient early warning system for the company to initiate prompt corrective action in the event of any deviation from targets. UNIQA counters risks that fall outside the defined risk appetite, such as reputational risk, with proactive measures, transparency and careful assessment.

## Opportunities

Risk also means opportunity. UNIQA regularly analyses trends and risks that influence society and thus the customers and UNIQA itself. Employees throughout the company are involved in order to recognise and analyse trends at an early stage, produce suitable action plans and develop innovative approaches.

## 35. Risk management system

The focus of risk management with management structures and defined processes is the attainment of UNIQA's and its Group companies' strategic goals.

UNIQA's Risk Management Guidelines form the basis for a uniform standard at various company levels. The guidelines are approved by the CFO/CRO and the Group Executive Board and describe the minimum requirements in terms of organisational structure and process structure.

In addition to the Group Risk Management Guidelines, similar guidelines have also been prepared and approved for the Group companies. The Risk Management Guidelines at company level were approved by the Management Board of the UNIQA Group companies and are consistent with UNIQA's Risk Management Guidelines.

{205}------------------------------------------------

## Organisational structure (governance)

The detailed setup of the process and organisational structure of risk management is set out in UNIQA's Risk Management Guidelines. They reflect the principles embodied in the concept of "three lines" and the clear differences between the individual "lines".

## First line: risk management within the business activity

Those responsible for business activities must develop and put into practice an appropriate risk control environment to identify and monitor the risks that arise in connection with the business and processes.

## Second line: supervisory functions including risk management functions

The risk management function and the supervisory functions, such as controlling, must monitor business activities without encroaching on operational activities.

#### Third line: internal audit

This enables an independent review of the formation and effectiveness of the entire internal control system, which comprises risk management and compliance (e.g. internal auditing).

{206}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 271

Image /page/206/Figure/1 description: The image shows a diagram of the UNIQA risk management structure. The diagram is organized vertically, with the UNIQA Holding Management Board at the top, followed by UNIQA Holding CFO/CRO, Group Risk Committee, Group Risk Management, UNIQA Insurance Business Unit (CRO, RM), and Local Risk Committees at the bottom. Arrows connect the boxes, indicating the flow of information and authority. Each box contains a list of responsibilities or functions. The UNIQA Holding Management Board is responsible for active risk management, approving the UNIQA risk management strategy, approving risk limits, and making decisions regarding risk transfer and mitigation. The UNIQA Holding CFO/CRO is responsible for functional management of the UNIQA risk management unit, chairing the UNIQA Risk Management Committee, shaping the risk management strategy, monitoring the overall risk situation, and providing appropriate structures for risk management and reporting. The Group Risk Committee is responsible for defining the risk management strategy, preparing and monitoring risk-bearing capacity and risk limits, defining capital allocation, and approving model changes. The Group Risk Management is responsible for defining the UNIQA risk management process, conducting the uniform risk management process, coordinating the calculation of solvency capital requirements, defining minimum standards for risk management processes, ensuring effective reporting of risk management information, and preparing and monitoring risk limits. The UNIQA Insurance Business Unit (CRO, RM) is responsible for conducting the uniform UNIQA risk management process, preparing and maintaining minimum standards for risk management processes, preparing and monitoring risk limits, and monitoring overall risk management performance. The Local Risk Committees are not described in detail.

timely reporting

The relevant responsibilities are shown accordingly in the overview above. In addition, the Supervisory Board at UNIQA Insurance Group AG receives comprehensive risk reports at Supervisory Board meetings.

#### Risk management process

270

Organisational structure (governance)

tween the individual "lines".

The detailed setup of the process and organisational structure of risk management is set out in UNIQA's Risk Management Guidelines. They reflect the principles embodied in the concept of "three lines" and the clear differences beFirst line: risk management within the business activity Those responsible for business activities must develop and put into practice an appropriate risk control environment to identify and monitor the risks that arise in connection

Second line: supervisory functions including risk man-

The risk management function and the supervisory functions, such as controlling, must monitor business activities

This enables an independent review of the formation and effectiveness of the entire internal control system, which comprises risk management and compliance (e.g. internal

without encroaching on operational activities.

with the business and processes.

agement functions

auditing).

Third line: internal audit

UNIQA's risk management process delivers periodic information about the risk profile and enables the top management to make the decisions for the long-term achievement of objectives.

The process concentrates on risks relevant to the company and is defined for the following risk categories:

- market risk/asset-liability management risk (ALM risk);
- credit risk/default risk;
- liquidity risk;
- concentration risk;
- underwriting risk (property and casualty insurance, health and life insurance);
- operational risk;
- emerging risk;
- reputational risk;
- contagion risk; and
- strategic risk.

{207}------------------------------------------------

A Group-wide, standardised risk management process regularly identifies, evaluates and reports on risks to UNIQA and its Group companies within these risk categories.

Sustainability risks or ESG risks include risks related to the sustainability factors of environment, social/employee and governance ("ESG"). They are not considered as a separate risk category, but are taken into account as part of the existing ten risk categories. Climate change represents the central sustainability risk with respect to the environmental sustainability factor. Climate-related risks arise in the form of physical risks and transition risks.

Physical risks arise from the increase in extreme weather events such as floods, earthquakes, storms and heat waves, as well as the rise in average temperature. Transition risks on the other hand are adjustment risks that arise from the transition to a low-carbon economy. These include e.g. risks associated with the change in climate policy, the renewal of technologies and the change in market preferences. In addition to the effect of physical risks on the frequency and amount of claims, there may be further effects from transition risks on UNIQA's assets, liabilities, financial position and profit or loss, particularly in connection with the capital investment strategy pursued.

Risk identification is the starting point for the risk management process, systematically recording all major risks and describing them in as much detail as possible. In order to conduct as complete a risk identification as possible, different approaches are used in parallel, and all risk categories, subsidiaries, processes and systems are included.

The risk categories of market risk, underwriting risks and default risk are evaluated at UNIQA by means of quantitative methods either based on the Solvency II standard approach or the partial internal model (for non-life or market risks). Furthermore, risk drivers are identified for the results from the standard approach and analysed to assess whether the risk situation is adequately represented (in accordance with the Company's Own Risk and Solvency Assessment (ORSA)). All other risk categories are evaluated quantitatively or qualitatively with their own risk scenarios.

### 36. Activities and objectives in 2023

Based on external and internal developments, activities in 2023 focused on the following:

rising inflation

sustainability (ESG)

security & resilience management

#### Rising inflation

The global macroeconomy experienced turbulence in 2023 due to a variety of factors such as the conflict between Russia and Ukraine and rising inflation. Central banks such as the European Central Bank (ECB) responded to this situation by raising interest rates. The financial markets reacted sensitively to these interest rate adjustments, and the value of both bonds and equities fell. With regard to UNIQA, inflation had a negative impact on the best estimate reserves in long-term business lines. Rising costs due to inflation and the more attractive alternative investment opportunities increased the lapse risk. Various inflation scenarios were analysed, highlighting potentially significant effects. Effective loss minimisation techniques were developed and implemented. UNIQA adjusted the reserves on a quarterly basis and created special inflation reserves in some regions.

#### Sustainability (ESG)

In the area of sustainability, UNIQA focused its main objectives on complying with regulatory requirements and further developing risk management activities. For one thing, work was carried out on the development of longterm climate scenarios. Physical and transitory climate risks in the UNIQA Group were analysed. Early identification of sustainability risks and raising awareness of ESG risks in the organisation were other focal points. UNIQA also worked on integrating ESG data into its IT risk analysis software to enable daily monitoring of ESG-related key figures.

#### Security & resilience management

Companies are increasingly facing a range of security risks, including data theft, ransomware attacks and potential power outages. In 2023, in addition to preventive measures in the areas of information security and physical security, UNIQA placed particular emphasis on preparing for the possible effects of an energy crisis. Action plans have already been developed as part of this focal area and employees have been trained accordingly. In 2023, these action plans were prepared for all of UNIQA's other operationally important sites internationally. The plans include both preventive and reactive measures to prepare UNIQA in the best possible way for large-scale power outages, announced power outages or brownouts.

## 37. Challenges and priorities in risk management for 2024

Sustainability (ESG)

{208}------------------------------------------------

In recent years, UNIQA has created a solid foundation for managing sustainability risks. There are several areas of emphasis for 2024. Early identification of sustainability risks will continue to be a key approach. The aim is to recognise and address potential causes in operational risk management at an early stage and to continuously monitor industry regulations and best practices. UNIQA will adapt its risk management strategies with the latest information on new sustainability guidelines and regulations. The development of climate scenarios will be expanded. This will also include quantitative estimates for areas that have not yet been fully analysed. A comprehensive understanding of the effects of different climate scenarios will enable UNIQA to be better prepared for long-term climate-related risks. Implementation of changes in legislation is essential for sustainability risk management. UNIQA will disclose new key indicators for physical and transitory risks and perform a materiality analysis to review regulatory requirements and their financial implications. The goal here is to further develop limit monitoring through additional automation of data analysis. This will enable a more comprehensive assessment of sustainability risks and promote responsible investment practices.

#### Full internal model

272

narios.

A Group-wide, standardised risk management process regularly identifies, evaluates and reports on risks to UNIQA and its Group companies within these risk categories.

security & resilience management

inflation reserves in some regions.

Security & resilience management

nounced power outages or brownouts.

37. Challenges and priorities in risk management

Sustainability (ESG)

figures.

for 2024

Sustainability (ESG)

The global macroeconomy experienced turbulence in 2023 due to a variety of factors such as the conflict between Russia and Ukraine and rising inflation. Central banks such as the European Central Bank (ECB) responded to this situation by raising interest rates. The financial markets reacted sensitively to these interest rate adjustments, and the value of both bonds and equities fell. With regard to UNIQA, inflation had a negative impact on the best estimate reserves in long-term business lines. Rising costs due to inflation and the more attractive alternative investment opportunities increased the lapse risk. Various inflation scenarios were analysed, highlighting potentially significant effects. Effective loss minimisation techniques were developed and implemented. UNIQA adjusted the reserves on a quarterly basis and created special

In the area of sustainability, UNIQA focused its main objectives on complying with regulatory requirements and further developing risk management activities. For one thing, work was carried out on the development of longterm climate scenarios. Physical and transitory climate risks in the UNIQA Group were analysed. Early identification of sustainability risks and raising awareness of ESG risks in the organisation were other focal points. UNIQA also worked on integrating ESG data into its IT risk analysis software to enable daily monitoring of ESG-related key

Companies are increasingly facing a range of security risks, including data theft, ransomware attacks and potential power outages. In 2023, in addition to preventive measures in the areas of information security and physical security, UNIQA placed particular emphasis on preparing for the possible effects of an energy crisis. Action plans have already been developed as part of this focal area and employees have been trained accordingly. In 2023, these action plans were prepared for all of UNIQA's other operationally important sites internationally. The plans include both preventive and reactive measures to prepare UNIQA in the best possible way for large-scale power outages, an-

Rising inflation

Sustainability risks or ESG risks include risks related to the sustainability factors of environment, social/employee and governance ("ESG"). They are not considered as a separate risk category, but are taken into account as part of the existing ten risk categories. Climate change represents the central sustainability risk with respect to the environmental sustainability factor. Climate-related risks arise in

Physical risks arise from the increase in extreme weather events such as floods, earthquakes, storms and heat waves, as well as the rise in average temperature. Transition risks on the other hand are adjustment risks that arise from the transition to a low-carbon economy. These include e.g. risks associated with the change in climate policy, the renewal of technologies and the change in market preferences. In addition to the effect of physical risks on the frequency and amount of claims, there may be further effects from transition risks on UNIQA's assets, liabilities, financial position and profit or loss, particularly in connection

the form of physical risks and transition risks.

with the capital investment strategy pursued.

36. Activities and objectives in 2023

2023 focused on the following:

 rising inflation sustainability (ESG)

Risk identification is the starting point for the risk management process, systematically recording all major risks and describing them in as much detail as possible. In order to conduct as complete a risk identification as possible, different approaches are used in parallel, and all risk categories, subsidiaries, processes and systems are included.

The risk categories of market risk, underwriting risks and default risk are evaluated at UNIQA by means of quantitative methods either based on the Solvency II standard approach or the partial internal model (for non-life or market risks). Furthermore, risk drivers are identified for the results from the standard approach and analysed to assess whether the risk situation is adequately represented (in accordance with the Company's Own Risk and Solvency Assessment (ORSA)). All other risk categories are evaluated quantitatively or qualitatively with their own risk sce-

Based on external and internal developments, activities in

Due to the many challenges in 2023– both for UNIQA and the Financial Market Authority – the decision was taken to temporarily suspend any ambition to obtain regulatory approval for the full internal model by 2024. In 2024, the project will focus on implementing the full internal model in the defined lines of business, as originally planned. However, there will be no regulatory review or approval activities. An alternative date for the application of the full internal model is currently unknown. For the time being, UNIQA will only use the model for internal purposes.

#### Cyber risk

The increasing dependence on digital technologies and the associated cyber threats is proving to be a constantly growing risk for UNIQA. As a result, UNIQA has developed a holistic cyber security strategy that includes various measures.

These include regular reviews of the IT infrastructure, implementation of two-factor authentication (2FA), introduction of a security information and event management system (SIEM) and training for employees. Despite these measures, UNIQA is aware that cyber risks are extremely dynamic and require continuous monitoring and adjustments.

### Capital market environment and inflation

CONSOLIDATED FINANCIAL STATEMENTS 273

Inflation and its impact on insurance companies in 2024 is a topic of particular importance. In view of the developments in interest rates, credit spreads and similar factors, UNIQA and its products will continue to be significantly affected by this. The topic of inflation will also be very important for as long as the observed inflation rates remain high. It is therefore necessary to identify the potential impact of all these risks on the various business lines at an early stage and take appropriate steps. Overall, inflation in 2024 will require UNIQA to plan carefully, adapt and be flexible in order to meet customer needs and still remain profitable.

## 38. Risk profile

UNIQA's risk profile is very heavily influenced by the life and health insurance portfolios of UNIQA Österreich Versicherungen AG. This situation means that market risk plays a central role in UNIQA's risk profile.

The Group companies in Central Europe operate in the property and casualty business lines as well as in the life and health insurance business lines. In the CEE region, the property and casualty sectors are the most dominant.

This structure is important to UNIQA because it offers a high level of diversification from the life and health insurance lines that dominate in the Austrian companies.

The distinctive risk features of the regions are also reflected in the risk profiles determined by using the internal measurement approach.

{209}------------------------------------------------

#### Market and credit risk

The strength of the market and credit risks depends on the structure of the capital investment and its allocation to the different asset categories. The table below shows investments classified by asset category.

| Asset allocation<br>In € thousand   | 31/12/2023 | 31/12/2022 |
|-------------------------------------|------------|------------|
| Fixed-income securities             | 13,296,476 | 12,442,409 |
| Real estate assets                  | 2,411,947  | 2,372,793  |
| Pension fund                        | 1,808,177  | 1,928,801  |
| Equity investments and other stocks | 1,022,366  | 882,288    |
| Shares and equity funds             | 1,276,852  | 1,156,693  |
| Time deposits                       | 520,399    | 461,531    |
| Other investments                   | 95,660     | 131,479    |
| Total                               | 20,431,878 | 19,375,995 |

However, the market and credit risks not only have an impact on the value of investments, but also influence the level of technical liabilities. Thus, there is – particularly in life insurance – a dependence between the (price) growth of assets and liabilities from insurance contracts. UNIQA manages the income expectations and risks of assets and liabilities arising from insurance contracts as part of the asset liability management (ALM) process. The objective is to ensure sufficient liquidity while retaining the greatest possible security and balanced risk in order to achieve a return on capital that is sustainably higher than the guaranteed performance of the technical liabilities. To do this, assets and liabilities are allocated to different accounting groups.

The following two tables show the main accounting groups generated by the various product categories.

| Assets<br>In € thousand                                                                 | 31/12/2023 | 31/12/2022 |
|-----------------------------------------------------------------------------------------|------------|------------|
| Long-term life insurance contracts with<br>guaranteed interest and profit participation | 10,515,489 | 10,248,697 |
| Long-term unit-linked and index-linked life<br>insurance contracts                      | 4,291,320  | 4,067,603  |
| Long-term health insurance contracts                                                    | 5,046,235  | 4,568,680  |
| Short-term property and casualty insurance<br>contracts                                 | 5,884,178  | 5,552,889  |
| Total                                                                                   | 25,737,221 | 24,437,868 |
| In   € thousand                                                                         |            |            |
| Long-term life insurance contracts with<br>guaranteed interest and profit participation | 9,865,889  | 10,507,775 |
| Long-term unit-linked and index-linked life<br>insurance contracts                      | 3,919,669  | 3,659,386  |
| Long-term health insurance contracts                                                    | 3,644,153  | 3,317,023  |
| Short-term property and casualty insurance<br>contracts                                 | 3,915,834  | 3,437,208  |
| Total                                                                                   | 21,345,545 | 20,921,392 |

These values refer to the following items:

- Land and buildings for own use
- Investment property
- Financial assets accounted for using the equity method
- Other investments
- Unit-linked and index-linked life insurance investments Cash

#### Net liabilities of insurance and reinsurance contracts In € thousand 31/12/2023 31/12/2022

These values refer to the following items:

- Liabilities arising from insurance contracts
- Assets arising from insurance contracts
- Liabilities arising from reinsurance contracts
- Assets arising from reinsurance contracts

Furthermore, the net liabilities from insurance and reinsurance contracts are shown in the following two tables, broken down by region and, for property and casualty insurance, by business line.

#### Net liabilities of insurance and reinsurance contracts (by region) In € thousand 31/12/2023 31/12/2022

| Austria (AT)                                     | 17,993,912 | 17,692,028 |
|--------------------------------------------------|------------|------------|
| Central Europe (CE)                              | 2,691,031  | 2,349,497  |
| Eastern Europe (EE)                              | 133,674    | 133,862    |
| Russia (RU)                                      | 0          | 259,455    |
| Southeastern Europe (SEE)                        | 725,709    | 695,670    |
| Western Europe (WE)                              | -198,782   | -209,121   |
| Net liabilities in disposal groups held for sale | 0          | 0          |
| Total                                            | 21,345,545 | 20,921,392 |

{210}------------------------------------------------

## Net liabilities from insurance and reinsurance contracts in property and casualty insurance (by business line) In € thousand

274

Market and credit risk

Asset allocation In € thousand 

groups.

Assets In € thousand 

ments classified by asset category.

The strength of the market and credit risks depends on the structure of the capital investment and its allocation to the different asset categories. The table below shows invest-

Fixed-income securities 13,296,476 12,442,409 Real estate assets 2,411,947 2,372,793 Pension fund 1,808,177 1,928,801 Equity investments and other stocks 1,022,366 882,288 Shares and equity funds 1,276,852 1,156,693 Time deposits 520,399 461,531 Other investments 95,660 131,479 Total 20,431,878 19,375,995

However, the market and credit risks not only have an impact on the value of investments, but also influence the level of technical liabilities. Thus, there is – particularly in life insurance – a dependence between the (price) growth of assets and liabilities from insurance contracts. UNIQA manages the income expectations and risks of assets and liabilities arising from insurance contracts as part of the asset liability management (ALM) process. The objective is to ensure sufficient liquidity while retaining the greatest possible security and balanced risk in order to achieve a return on capital that is sustainably higher than the guaranteed performance of the technical liabilities. To do this, assets and liabilities are allocated to different accounting

The following two tables show the main accounting groups

guaranteed interest and profit participation 10,515,489 10,248,697

insurance contracts 4,291,320 4,067,603 Long-term health insurance contracts 5,046,235 4,568,680

contracts 5,884,178 5,552,889 Total 25,737,221 24,437,868

generated by the various product categories.

Long-term life insurance contracts with

Long-term unit-linked and index-linked life

Short-term property and casualty insurance

31/12/2023 31/12/2022

These values refer to the following items:

Financial assets accounted for using the equity method

Unit-linked and index-linked life insurance investments

guaranteed interest and profit participation 9,865,889 10,507,775

insurance contracts 3,919,669 3,659,386 Long-term health insurance contracts 3,644,153 3,317,023

contracts 3,915,834 3,437,208 Total 21,345,545 20,921,392

31/12/2023 31/12/2022

31/12/2023 31/12/2022

Land and buildings for own use

Net liabilities of insurance and

Long-term life insurance contracts with

Long-term unit-linked and index-linked life

Short-term property and casualty insurance

surance, by business line.

Net liabilities of insurance and reinsurance contracts (by region) In € thousand

These values refer to the following items:

 Liabilities arising from insurance contracts Assets arising from insurance contracts Liabilities arising from reinsurance contracts Assets arising from reinsurance contracts

Furthermore, the net liabilities from insurance and reinsurance contracts are shown in the following two tables, broken down by region and, for property and casualty in-

Austria (AT) 17,993,912 17,692,028 Central Europe (CE) 2,691,031 2,349,497 Eastern Europe (EE) 133,674 133,862 Russia (RU) 0 259,455 Southeastern Europe (SEE) 725,709 695,670 Western Europe (WE) – 198,782 – 209,121 Net liabilities in disposal groups held for sale 0 0 Total 21,345,545 20,921,392

Investment property

Other investments

reinsurance contracts In € thousand 

Cash

31/12/2023 31/12/2022

| Property insurance<br>(fire and household insurance) | 604,160   | 882,889   |
|------------------------------------------------------|-----------|-----------|
| Liability insurance                                  | 910,313   | 554,304   |
| Motor TPL insurance                                  | 1,363,982 | 1,149,232 |
| Other motor insurance                                | 305,368   | 476,401   |
| Credit insurance                                     | 26,813    | -12,314   |
| Legal expense insurance                              | 145,994   | 150,275   |
| Technology insurance                                 | 87,971    | -50,130   |
| Transport insurance                                  | 61,073    | -51,697   |
| Casualty insurance                                   | 346,721   | 303,343   |
| Other forms of insurance                             | 63,438    | 34,905    |
| Total                                                | 3,915,834 | 3,437,208 |

31/12/2023 31/12/2022

The market and credit risk is broken down into interest rate, credit spread, equity, currency and market concentration risk.

The interest rate risk arises on all asset and liability items of the statement of financial position whose value fluctuates as a result of changes in risk-free yield curves or associated volatility. Given the high proportion of interestbearing securities in the assets, interest rate risk forms an important part of market risk. The interest rate risk is actively managed as part of the ALM-based investment strategy.

The following table shows the maturity structure of fixedincome securities.

| Exposure by term<br>In € thousand | 31/12/2023 | 31/12/2022 |
|-----------------------------------|------------|------------|
| Up to 1 year                      | 598,058    | 546,464    |
| More than 1 year up to 3 years    | 1,612,605  | 1,678,491  |
| More than 3 years up to 5 years   | 1,906,495  | 1,894,720  |
| More than 5 years up to 7 years   | 1,750,013  | 1,858,520  |
| More than 7 years up to 10 years  | 2,219,369  | 1,809,533  |
| More than 10 years up to 15 years | 1,645,037  | 1,886,347  |
| More than 15 years                | 3,564,899  | 2,768,334  |
| Total                             | 13,296,476 | 12,442,409 |

Since the interest rate risk is particularly relevant in life insurance as a result of the long-term liabilities, the focus below is placed on this business line.

The difference between the change in assets and the change in technical provisions resulting from a change in interest rates is used as the basis for managing the interest rate risk and/or the duration gap. During the annual ALM process, it is determined from a strategic point of view which budgets for interest rate risk can be accepted at the operating company level.

CONSOLIDATED FINANCIAL STATEMENTS 275

The discount rate that may be used in the costing when

#### Average technical discount rates, core business by region and currency In per cent EUR USD Local currency

| In per cent               |     |     |     |
|---------------------------|-----|-----|-----|
| Austria (AT)              | 2.0 | 0.0 | 0.0 |
| Central Europe (CE)       | 2.6 | 0.0 | 3.4 |
| Eastern Europe (EE)       | 3.2 | 3.3 | 2.8 |
| Southeastern Europe (SEE) | 2.7 | 3.2 | 2.1 |
| Russia (RU)               | 2.4 | 2.4 | 3.8 |

As these interest rates are guaranteed by the insurance company, the financial risk lies in not being able to generate these returns. Since conventional life insurance business predominantly invests in interest-bearing securities, the unpredictability of long-term interest rate trends is the most significant financial risk for a life insurance company. Investment and reinvestment risk arises from the fact that premiums received in the future must be invested to achieve the rate of return guaranteed when a policy is written. However, it is entirely possible that no appropriate securities will be available at the time the premium is received. Likewise, future income must be reinvested to achieve a return equivalent to at least the original discount rate. For this reason, UNIQA has already decided to only offer products in its key markets that are based on a low or zero discount rate. One example of this in Austria is the sale of deferred pension products with a discount rate of 0 per cent.

The credit spread risk refers to the risk of changes in the price of asset or liability items in the statement of

{211}------------------------------------------------

financial position, as a consequence of changes in credit risk premiums or associated volatility, and is ascertained for individual securities in accordance with their rating and duration. When investing in securities, UNIQA chooses securities with a wide variety of ratings, taking into consideration the potential risks and returns.

The following table shows the credit quality of those fixedincome securities that are neither overdue nor written down, based on their ratings.

## Exposure by rating In € thousand

31/12/2023 31/12/2022

| In € thousand |            |            |
|---------------|------------|------------|
|               |            |            |
| AAA           | 2,877,848  | 2,534,616  |
| AA            | 3,050,482  | 3,070,791  |
| A             | 3,950,222  | 3,376,771  |
| BBB           | 2,080,646  | 2,038,529  |
| BB            | 326,587    | 341,657    |
| B             | 146,374    | 135,688    |
| ≤ CCC         | 97,577     | 84,315     |
| Not rated     | 766,739    | 860,041    |
| Total         | 13,296,476 | 12,442,409 |

Equity risk arises from movements in the value of equities and similar investments as a result of fluctuations in international stock markets, and therefore stems in particular from the asset categories "Equity investments and other stocks" and "Equities". The effective equity weighting is controlled by hedging with the selective use of derivative financial instruments.

Foreign currency risk is caused by fluctuations in exchange rates and associated volatility. Given the international nature of the insurance business, UNIQA invests in securities denominated in different currencies, thus following the principle of ensuring matching liabilities with assets in the same currency to cover liabilities at the coverage fund or company level. Despite the selective use of derivative financial instruments for hedging purposes, it is not always possible on cost grounds or from an investment point of view to achieve complete and targeted currency matching between the assets and liabilities. The following tables show a breakdown of assets and liabilities by currency.

#### Currency risk 31/12/2023

31/12/2023

| In € thousand | Assets     | Provisions and<br>liabilities |
|---------------|------------|-------------------------------|
| EUR           | 21,724,086 | 20,411,232                    |
| USD           | 381,305    | 105,642                       |
| CZK           | 1,591,706  | 1,560,529                     |
| HUF           | 387,532    | 348,028                       |
| PLN           | 2,932,817  | 2,193,485                     |
| RON           | 284,354    | 159,770                       |
| Other         | 849,159    | 642,154                       |
| Total         | 28,150,959 | 25,420,840                    |

| Currency risk | 31/12/2022 |                               |
|---------------|------------|-------------------------------|
| In € thousand | Assets     | Provisions and<br>liabilities |
| EUR           | 21,137,033 | 20,720,469                    |
| USD           | 265,277    | 99,411                        |
| CZK           | 1,464,542  | 938,734                       |
| HUF           | 300,700    | 260,664                       |
| PLN           | 2,336,113  | 1,845,561                     |
| RON           | 281,042    | 159,188                       |
| Other         | 856,407    | 716,075                       |
| Total         | 26,641,114 | 24,740,101                    |

In addition to figures from the established market and credit risk models (MCEV, SCR, etc.), stress tests and sensitivity analyses are used to measure and manage market and credit risk and their components.

The following tables show the most important market risks in the form of key sensitivity figures, along with their impact on equity and profit/(loss) for the period. Depending on the measurement principle to be applied, any future losses from the measurement at fair value may result in different fluctuations in profit/(loss) for the period or in other comprehensive income. The key figures are calculated theoretically on the basis of actuarial principles and do not take into consideration any diversification effects between the individual market risks or countermeasures taken in the various market scenarios.

Sensitivities for other investments are determined by simulating each scenario for each individual item, keeping all other parameters constant in each case.

{212}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 277

## Financial assets

276

financial position, as a consequence of changes in credit risk premiums or associated volatility, and is ascertained for individual securities in accordance with their rating and duration. When investing in securities, UNIQA chooses securities with a wide variety of ratings, taking into consideration the potential risks and returns.

The following table shows the credit quality of those fixedincome securities that are neither overdue nor written

AAA 2,877,848 2,534,616 AA 3,050,482 3,070,791 A 3,950,222 3,376,771 BBB 2,080,646 2,038,529 BB 326,587 341,657 B 146,374 135,688 ≤ CCC 97,577 84,315 Not rated 766,739 860,041 Total 13,296,476 12,442,409

Equity risk arises from movements in the value of equities and similar investments as a result of fluctuations in international stock markets, and therefore stems in particular from the asset categories "Equity investments and other stocks" and "Equities". The effective equity weighting is controlled by hedging with the selective use of derivative

Foreign currency risk is caused by fluctuations in exchange rates and associated volatility. Given the international nature of the insurance business, UNIQA invests in securities denominated in different currencies, thus following the principle of ensuring matching liabilities with assets in the same currency to cover liabilities at the coverage fund or company level. Despite the selective use of derivative financial instruments for hedging purposes, it is not always possible on cost grounds or from an investment point of view to achieve complete and targeted currency matching between the assets and liabilities. The following tables show a breakdown of assets and liabilities by cur-

31/12/2023 31/12/2022

In € thousand

In € thousand

Currency risk 31/12/2023

EUR 21,724,086 20,411,232 USD 381,305 105,642 CZK 1,591,706 1,560,529 HUF 387,532 348,028 PLN 2,932,817 2,193,485 RON 284,354 159,770 Other 849,159 642,154 Total 28,150,959 25,420,840

Currency risk 31/12/2022

EUR 21,137,033 20,720,469 USD 265,277 99,411 CZK 1,464,542 938,734 HUF 300,700 260,664 PLN 2,336,113 1,845,561 RON 281,042 159,188 Other 856,407 716,075 Total 26,641,114 24,740,101 In addition to figures from the established market and credit risk models (MCEV, SCR, etc.), stress tests and sensitivity analyses are used to measure and manage market

and credit risk and their components.

taken in the various market scenarios.

other parameters constant in each case.

The following tables show the most important market risks in the form of key sensitivity figures, along with their impact on equity and profit/(loss) for the period. Depending on the measurement principle to be applied, any future losses from the measurement at fair value may result in different fluctuations in profit/(loss) for the period or in other comprehensive income. The key figures are calculated theoretically on the basis of actuarial principles and do not take into consideration any diversification effects between the individual market risks or countermeasures

Sensitivities for other investments are determined by simulating each scenario for each individual item, keeping all

Assets Provisions and

Assets Provisions and

liabilities

liabilities

down, based on their ratings.

Exposure by rating In € thousand 

financial instruments.

rency.

31/12/2023

|  |  |  | Sensitivity analysis – market risks |  |
|--|--|--|-------------------------------------|--|
|--|--|--|-------------------------------------|--|

| In € thousand                       | Income statement | Equity    |           |          |
|-------------------------------------|------------------|-----------|-----------|----------|
|                                     | + 50 bp          | – 50 bp   | + 50 bp   | – 50 bp  |
| Interest rate change                | – 42,244         | 43,712    | – 532,142 | 588,781  |
| Change in share price               |                  | – 25 %    |           | – 25 %   |
|                                     | 0                | – 299,929 | 0         | – 44,490 |
| Movements in exchange rates – PLN   | + 10 %           | – 10 %    | + 10 %    | – 10 %   |
|                                     | 166,002          | – 166,002 | 37,262    | – 37,262 |
| Movements in exchange rates – CZK   | + 10 %           | – 10 %    | + 10 %    | – 10 %   |
|                                     | 66,266           | – 66,266  | 3,827     | – 3,827  |
| Movements in exchange rates – USD   | + 10 %           | – 10 %    |           |          |
|                                     | 17,664           | – 40,511  | 0         | 0        |
| Movements in exchange rates – HUF   | + 10 %           | – 10 %    | + 10 %    | – 10 %   |
|                                     | 16,309           | – 16,309  | 8,570     | – 8,570  |
| Credit spread risk government bonds | + 50 bp          | – 50 bp   | + 50 bp   | – 50 bp  |
|                                     | – 997            | 0         | – 408,959 | 0        |
| Credit spread risk corporate bonds  | + 50 bp          | – 50 bp   | + 50 bp   | – 50 bp  |
|                                     | – 37,468         | 0         | – 131,000 | 0        |

| Reference interest rates incl. illiquidity adjustment |  | EUR (AT)   |            | CZK (CZ)   |            | HUF (HU)   |            | PLN (PL)   |            |
|-------------------------------------------------------|--|------------|------------|------------|------------|------------|------------|------------|------------|
| In per cent                                           |  | 31/12/2023 | 31/12/2022 | 31/12/2023 | 31/12/2022 | 31/12/2023 | 31/12/2022 | 31/12/2023 | 31/12/2022 |
| 1 year                                                |  | 3.45 %     | 3.34 %     | 5.34 %     | 6.86 %     | 6.33 %     | 14.00 %    | 5.28 %     | 6.84 %     |
| 5 years                                               |  | 2.41 %     | 3.29 %     | 3.56 %     | 5.40 %     | 5.75 %     | 10.01 %    | 5.18 %     | 7.18 %     |
| 10 years                                              |  | 2.48 %     | 3.25 %     | 3.53 %     | 4.95 %     | 5.81 %     | 8.95 %     | 5.43 %     | 7.09 %     |
| 15 years                                              |  | 2.56 %     | 3.18 %     | 3.57 %     | 4.84 %     | 6.03 %     | 8.85 %     | 5.40 %     | 6.79 %     |
| 20 years                                              |  | 2.50 %     | 2.93 %     | 3.58 %     | 4.70 %     | 6.03 %     | 8.35 %     | 5.20 %     | 6.36 %     |
| 25 years                                              |  | 2.53 %     | 2.85 %     | 3.58 %     | 4.55 %     | 5.89 %     | 7.84 %     | 4.98 %     | 5.96 %     |

| Interest rate risk    |              |               | 31/12/2023 |              |               | 31/12/2022 |
|-----------------------|--------------|---------------|------------|--------------|---------------|------------|
| In € thousand         | Fixed-income | Variable-rate | Total      | Fixed-income | Variable-rate | Total      |
| Financial Instruments |              |               |            |              |               |            |
| Assets                | 13,816,955   | 1,808,177     | 15,625,133 | 12,990,520   | 1,928,801     | 14,919,321 |
| Total                 | 13,816,955   | 1,808,177     | 15,625,133 | 12,990,520   | 1,928,801     | 14,919,321 |

Swaption volatilities are a measure of the volatility of interest rate movements that are relevant for the measurement of non-current liabilities and are shown in the table below.

| Swaption<br>volatility |  | EUR        |            | CZK        |            |
|------------------------|--|------------|------------|------------|------------|
| In basis points        |  | 31/12/2023 | 31/12/2022 | 31/12/2023 | 31/12/2022 |
| Expiry 5/term 5        |  | 89.83      | 105.74     | 122.79     | 58.88      |
| Expiry 5/term 10       |  | 87.22      | 100.53     | 110.41     | 61.41      |
| Expiry 10/term 5       |  | 81.08      | 91.86      | 64.46      | 80.42      |
| Expiry 10/term 10      |  | 75.49      | 84.04      | 66.94      | 79.97      |

{213}------------------------------------------------

| Equities index  | EUR (EURO STOXX 50) |            | CZK (PX)   |            |
|-----------------|---------------------|------------|------------|------------|
| In index points | 31/12/2023          | 31/12/2022 | 31/12/2023 | 31/12/2022 |
|                 | 4,521.65            | 3,793.62   | 14.29      | 18.10      |

#### Equities volatility EUR

| In per cent | 31/12/2023 | 31/12/2022 |
|-------------|------------|------------|
| 1 year      | 15.97%     | 23.18%     |
| 5 years     | 21.13%     | 24.19%     |
| 10 years    | 24.52%     | 25.97%     |

In life insurance the interest rate assumptions are the crucial influencing factor on the liability adequacy test and deferred acquisition costs. The impact of the implied new funds assumption (including reinvestment) is therefore stated below.

In non-life insurance, the provision for unsettled claims is formed based on reported claims and applying accepted statistical methods. One crucial assumption here is that the pattern of claims observed from the past can be sensibly extrapolated for the future. Additional adjustments need to be made in cases where this assumption is not possible.

The calculation of claim provisions is associated with uncertainty based on the time required to process claims. In addition to the normal chance risk, there are also other factors that may influence the future processing of the claims that have already occurred. In particular, the reserving process for court damages in property and casualty insurance should be mentioned here. A reserve estimate is prepared here for these damages based on expert assessment, although this estimate can be exposed to high levels of volatility specifically with major damage at the start of the process for collecting court costs.

The partial internal model in property and casualty insurance is a suitable instrument for quantifying the volatility involved in processing. Pursuant to analysis of these model results, it was determined that a deviation of 5 per cent from the basic provision calculated may represent a realistic scenario. Based on the current provision for unsettled claims of €3,865.7 million (excluding additional provisions such as provisions for claim settlement) in the Group on a gross basis, this would mean an increase in claims incurred by €193.3 million.

In health insurance (similar to life technique), since 1 July 2021 only tariffs with a discount rate of 0.5 per cent are being sold. Together with measures to reduce the assumed interest rate in the portfolio, an average discount rate of approx. 2.5 per cent was achieved as at 31 December 2023. A reduction in the capital earnings by 100 bp (based on 2022 investment results) would reduce the earnings before taxes by €48.8 million.

## Liquidity risk

Ongoing liquidity planning takes place in order to ensure that UNIQA is able to meet its payment obligations over the next twelve months.

Obligations with a term of more than twelve months are covered by investments with matching maturities as far as possible within the framework of the ALM process and the strategic guidelines. In addition, a majority of the securities portfolio is listed in liquid markets and can be sold quickly and without significant markdowns if cash is required.

{214}------------------------------------------------

Notional amount1) Coupon payments Total

Notional amount1) Coupon payments Total

| Financial liabilities<br>at 31 December 2023 |  | Bond liabilities   |                    |         | Loan liabilities | Derivative<br>financial<br>instruments | Lease liabilities | Total   |
|----------------------------------------------|--|--------------------|--------------------|---------|------------------|----------------------------------------|-------------------|---------|
| In € thousand                                |  | Notional<br>amount | Coupon<br>payments | Total   |                  | Contractual maturities                 |                   |         |
| 2024                                         |  | 0                  | 8,250              | 8,250   | 0                | 124                                    | 13,350            | 21,724  |
| 2025                                         |  | 0                  | 8,250              | 8,250   | 0                | 0                                      | 11,991            | 20,241  |
| 2026                                         |  | 0                  | 8,250              | 8,250   | 0                | 0                                      | 9,816             | 18,066  |
| 2027                                         |  | 0                  | 8,250              | 8,250   | 0                | 0                                      | 8,400             | 16,650  |
| 2028                                         |  | 0                  | 8,250              | 8,250   | 0                | 0                                      | 7,606             | 15,856  |
| > 2029                                       |  | 600,000            | 16,500             | 616,500 | 0                | 6,549                                  | 33,822            | 656,871 |

CONSOLIDATED FINANCIAL STATEMENTS 279

| Financial liabilities<br>at 31 December 2022 |                    | Bond liabilities   |         |   | Loan liabilities       | Derivative<br>financial<br>instruments | Lease liabilities | Total   |
|----------------------------------------------|--------------------|--------------------|---------|---|------------------------|----------------------------------------|-------------------|---------|
| In € thousand                                | Notional<br>amount | Coupon<br>payments | Total   |   | Contractual maturities |                                        |                   |         |
| 2023                                         | 0                  | 8,250              | 8,250   | 0 | 0                      | 0                                      | 12,897            | 21,147  |
| 2024                                         | 0                  | 8,250              | 8,250   | 0 | 0                      | 0                                      | 11,745            | 19,995  |
| 2025                                         | 0                  | 8,250              | 8,250   | 0 | 0                      | 0                                      | 10,724            | 18,974  |
| 2026                                         | 0                  | 8,250              | 8,250   | 0 | 0                      | 0                                      | 8,153             | 16,403  |
| 2027                                         | 0                  | 8,250              | 8,250   | 0 | 0                      | 0                                      | 7,081             | 15,331  |
| > 2028                                       | 600,000            | 24,750             | 624,750 | 0 | 11,645                 | 0                                      | 42,354            | 678,749 |

## Subordinated liabilitiesContractual maturities at 31 December 2023In € thousand

| 2024   | 0       | 34,984 | 34,984  |
|--------|---------|--------|---------|
| 2025   | 200,000 | 34,984 | 234,984 |
| 2026   | 326,300 | 28,484 | 354,784 |
| 2027   | 0       | 8,906  | 8,906   |
| 2028   | 0       | 8,906  | 8,906   |
| > 2029 | 375,000 | 26,719 | 401,719 |

1) Contractual maturities based on the first possible termination date

## Subordinated liabilities

278

In index points

fore stated below.

sible.

Equities index EUR (EURO STOXX 50) CZK (PX)

In life insurance the interest rate assumptions are the crucial influencing factor on the liability adequacy test and deferred acquisition costs. The impact of the implied new funds assumption (including reinvestment) is there-

In non-life insurance, the provision for unsettled claims is formed based on reported claims and applying accepted statistical methods. One crucial assumption here is that the pattern of claims observed from the past can be sensibly extrapolated for the future. Additional adjustments need to be made in cases where this assumption is not pos-

The calculation of claim provisions is associated with uncertainty based on the time required to process claims. In addition to the normal chance risk, there are also other factors that may influence the future processing of the claims that have already occurred. In particular, the reserving process for court damages in property and casualty insurance should be mentioned here. A reserve estimate is prepared here for these damages based on expert assessment, although this estimate can be exposed to high levels of volatility specifically with major damage at the start of

The partial internal model in property and casualty insurance is a suitable instrument for quantifying the volatility involved in processing. Pursuant to analysis of these model results, it was determined that a deviation of 5 per cent from the basic provision calculated may represent a realistic scenario. Based on the current provision for unsettled claims of €3,865.7 million (excluding additional provisions such as provisions for claim settlement) in the Group on a gross basis, this would mean an increase in

the process for collecting court costs.

claims incurred by €193.3 million.

31/12/2023 31/12/2022 31/12/2023 31/12/2022 4,521.65 3,793.62 14.29 18.16 Equities volatility EUR

1 year 15.97 % 23.18 % 5 years 21.13 % 24.19 % 10 years 24.52 % 25.97 %

In health insurance (similar to life technique), since 1 July 2021 only tariffs with a discount rate of 0.5 per cent are being sold. Together with measures to reduce the assumed interest rate in the portfolio, an average discount rate of approx. 2.5 per cent was achieved as at 31 December 2023. A reduction in the capital earnings by 100 bp (based on 2022 investment results) would reduce the earnings be-

Ongoing liquidity planning takes place in order to ensure that UNIQA is able to meet its payment obligations over

Obligations with a term of more than twelve months are covered by investments with matching maturities as far as possible within the framework of the ALM process and the strategic guidelines. In addition, a majority of the securities portfolio is listed in liquid markets and can be sold quickly and without significant markdowns if cash is re-

31/12/2023 31/12/2022

In per cent

fore taxes by €48.8 million.

the next twelve months.

Liquidity risk

quired.

| Contractual maturities at 31 December 2022 |
|--------------------------------------------|
| In € thousand                              |

| 2023   | 148,700 | 45,207 | 193,90 |
|--------|---------|--------|--------|
| 2024   | 0       | 34,984 | 34,98  |
| 2025   | 200,000 | 34,984 | 234,98 |
| 2026   | 326,300 | 28,484 | 354,78 |
| 2027   | 0       | 8,906  | 8,90   |
| > 2028 | 375,000 | 35,625 | 410,62 |

1) Contractual maturities based on the first possible termination date

{215}------------------------------------------------

#### Concentration risks

UNIQA strives to keep concentration risks as low as possible.

These could arise, for example, from the transfer of insurance business to individual reinsurance companies to an inappropriate extent. This can have a material influence on UNIQA's result in case of late payment (or non-payment) by an individual reinsurer. UNIQA controls such risks with an internal reinsurance company that is responsible for selecting external reinsurance parties, taking into account strict guidelines for avoiding material concentration risks.

However, concentration risk can also arise among other things from the composition of balance sheet items reported in the assets. Throughout the investment period, the company continuously checks to ensure that the investment volumes in securities of individual issuers do not exceed certain limits in relation to the total investment volume, defined according to the respective credit rating.

#### Underwriting risks

The underwriting risks are subdivided into non-life insurance, health insurance and life insurance.

The underwriting risk in non-life insurance is broken down into the three risk categories of premium, reserve and catastrophe risk.

Premium risk is defined as the risk that future benefits and expenses in connection with insurance operations will exceed the premiums collected for the insurance concerned. Such a loss may also be caused in insurance operations by exceptionally significant, but rare loss events, known as major claims or shock losses. Natural catastrophes represent a further threat from events that are infrequent but that nevertheless cause substantial losses. This risk includes financial losses caused by natural hazards, such as floods, storms, hail or earthquakes. In contrast to major individual claims, insurance companies in this case refer to cumulative losses.

Reserve risk refers to the risk that technical provisions recognised for claims that have already occurred will turn out to be inadequate. The loss in this case is referred to as settlement loss. The claim reserve is calculated using actuarial methods. External factors, such as changes in the amount or frequency of claims, legal decisions, repair and/or handling costs, can lead to differences compared with the estimate.

To counter and actively manage these risks, UNIQA runs a number of processes integrated into its insurance operations. For example, a Group Policy specifies that new products may only be launched if they satisfy certain profitability criteria. Major claims and losses from natural catastrophes are appropriately managed by means of special risk management in the underwriting process (primarily in corporate activities) and by the provision of suitable reinsurance capacity.

In connection with claim reserves, guidelines also specify the procedures to be followed by local units when recognising such reserves in accordance with IFRSs. A quarterly monitoring system and an internal review process safeguard the quality of the reserves recognised in the whole of the Group.

An essential element in risk assessment and further risk management is the use of the non-life partial model. This risk model uses stochastic simulations to quantify the risk capital requirement for each risk category at both company and Group levels.

The health insurance business is operated primarily in Austria. As a result, risk management in this line focuses mainly on Austria.

Health insurance is a loss insurance which is calculated under consideration of biometric risks and is operated in Austria mainly according to the similar to life technique.

The main techniques for risk mitigation in health insurance are the adjustment of future profit participations and the premium adjustment, which is carried out in compliance with legal and contractual framework conditions. These measures are crucial for the underlying risk models and contain detailed information and regulations, particularly with regard to profit participation. In practice, conventional risk-mitigation techniques are also relevant here.

For health insurance they include:

- prudent setting of the discount rate at a level that is expected to be earned in the long term;
- risk selection, i.e. a targeted pre-selection of prospective customers for insurance products, for example through health checks;
- careful selection of the termination rate probabilities (death and lapse) in order to calculate adequate premiums for the benefits to be expected;

{216}------------------------------------------------

- the consideration of premium adjustment clauses in various health insurance products in order to be able to adjust premiums in line with changes in the calculation principles in case of changes in the expected values; and
- where necessary, reinsurance solutions are applied to partial portfolios.

ble.

tion risks.

Underwriting risks

and catastrophe risk.

refer to cumulative losses.

with the estimate.

Concentration risks

UNIQA strives to keep concentration risks as low as possi-

To counter and actively manage these risks, UNIQA runs a number of processes integrated into its insurance operations. For example, a Group Policy specifies that new products may only be launched if they satisfy certain profitability criteria. Major claims and losses from natural catastrophes are appropriately managed by means of special risk management in the underwriting process (primarily in corporate activities) and by the provision of suitable re-

In connection with claim reserves, guidelines also specify the procedures to be followed by local units when recognising such reserves in accordance with IFRSs. A quarterly monitoring system and an internal review process safeguard the quality of the reserves recognised in the whole of

An essential element in risk assessment and further risk management is the use of the non-life partial model. This risk model uses stochastic simulations to quantify the risk capital requirement for each risk category at both com-

The health insurance business is operated primarily in Austria. As a result, risk management in this line focuses

Health insurance is a loss insurance which is calculated under consideration of biometric risks and is operated in Austria mainly according to the similar to life technique.

The main techniques for risk mitigation in health insurance are the adjustment of future profit participations and the premium adjustment, which is carried out in compliance with legal and contractual framework conditions. These measures are crucial for the underlying risk models and contain detailed information and regulations, particularly with regard to profit participation. In practice, conventional risk-mitigation techniques are also relevant

prudent setting of the discount rate at a level that is ex-

 risk selection, i.e. a targeted pre-selection of prospective customers for insurance products, for example through

 careful selection of the termination rate probabilities (death and lapse) in order to calculate adequate premi-

insurance capacity.

pany and Group levels.

mainly on Austria.

here.

health checks;

For health insurance they include:

pected to be earned in the long term;

ums for the benefits to be expected;

the Group.

These could arise, for example, from the transfer of insurance business to individual reinsurance companies to an inappropriate extent. This can have a material influence on UNIQA's result in case of late payment (or non-payment) by an individual reinsurer. UNIQA controls such risks with an internal reinsurance company that is responsible for selecting external reinsurance parties, taking into account strict guidelines for avoiding material concentra-

However, concentration risk can also arise among other things from the composition of balance sheet items reported in the assets. Throughout the investment period, the company continuously checks to ensure that the investment volumes in securities of individual issuers do not exceed certain limits in relation to the total investment volume, defined according to the respective credit rating.

The underwriting risks are subdivided into non-life insur-

The underwriting risk in non-life insurance is broken down into the three risk categories of premium, reserve

Premium risk is defined as the risk that future benefits and expenses in connection with insurance operations will exceed the premiums collected for the insurance concerned. Such a loss may also be caused in insurance operations by exceptionally significant, but rare loss events, known as major claims or shock losses. Natural catastrophes represent a further threat from events that are infrequent but that nevertheless cause substantial losses. This risk includes financial losses caused by natural hazards, such as floods, storms, hail or earthquakes. In contrast to major individual claims, insurance companies in this case

Reserve risk refers to the risk that technical provisions recognised for claims that have already occurred will turn out to be inadequate. The loss in this case is referred to as settlement loss. The claim reserve is calculated using actuarial methods. External factors, such as changes in the amount or frequency of claims, legal decisions, repair and/or handling costs, can lead to differences compared

ance, health insurance and life insurance.

In addition to these conventional risk mitigation techniques, an ongoing process for managing portfolios has been established. This process is carried out annually by determining and evaluating the need for rate adjustments. The effectiveness of the risk mitigation techniques described for the health business is assessed by comparing invoiced and actual benefits as well as by calculating contribution margin calculations.

In life insurance, the underwriting risk is generally defined as the risk of loss or adverse developments affecting the value of insurance liabilities. It is divided into the categories of mortality, longevity, disability-morbidity, lapse, expense, revision and catastrophe risk.

The mortality risk depends on possible fluctuations in mortality rates due to an increase in deaths which would have an adverse effect on the expected benefits to pay on risk insurance policies.

Longevity risk refers to the adverse effects of random fluctuations in mortality rates due to a decline in the mortality rate. The insurer is thereby exposed to the risk that the anticipated life expectancy in the calculation of the premium will be exceeded in reality and that the expenditure for pension payments will be higher than planned.

The disability-morbidity risk is caused by possible adverse fluctuations in disability, sickness and morbidity rates compared to what they were at the time the premium was calculated.

The lapse risk arises from the fluctuations in policy cancellation, termination, renewal, capital selection and surrender rates of insurance policies. Overall, it represents the uncertainty regarding customer behaviour.

The expense risk refers to adverse effects due to fluctuations in the administrative costs of insurance and reinsurance contracts.

The revision risk results from fluctuations in the revision rates for annuities due to changes in the legal environment.

The catastrophe risk results from significant uncertainty in relation to pricing and the assumptions made in the creation of provisions for extreme/exceptional events. The most relevant risk in this context is an immediate dramatic increase in mortality rates: in this case, death benefits in the risk portfolio could not be fully financed by the risk premium collected.

CONSOLIDATED FINANCIAL STATEMENTS 281

In the context of life insurance, the main techniques for risk mitigation are the adjustment of future profit participations or a corresponding premium adjustment as well as additional reinsurance policies, which are carried out in compliance with legal and contractual framework conditions. These measures are crucial for the underlying risk models and contain detailed information and regulations, particularly with regard to profit participation. In practice, profitable new business supports the risk-bearing capacity of the existing portfolio, whereby careful risk selection (e.g. health checks) and cautiously chosen calculation principles for premiums are essential cornerstones when designing products. By including premium adjustment clauses, the potential to reduce risk can be improved, especially in the risk and occupational disability portfolio.

## Operational risk

Operational risk includes losses that are caused by insufficient or failed internal processes, as well as losses caused by systems, human resources or external events.

The operational risk includes legal risk, but not reputation or strategic risk. Legal risk is the risk of uncertainty due to lawsuits or uncertainty in the applicability or interpretation of contracts, laws or other legal requirements. At UNIQA, legal risks are monitored on an ongoing basis, and reports are made to the Group Management Board. UNIQA's risk management process also defined the risk process for operational risks in terms of methodology, workflow and responsibilities. The risk manager is responsible for compliance throughout all Group companies.

A distinctive feature of operational risk is that it can surface in all processes and departments. This is why operational risk is identified and evaluated in every operational company at a very broad level within UNIQA. Risks are identified with the help of a standardised risk catalogue that is regularly checked for completeness.

According to international standards, UNIQA – as a financial service provider – forms part of the critical infrastructure of key importance to the national community. If this infrastructure were to fail or become impaired, it would

{217}------------------------------------------------

cause considerable disruption to public safety and security or lead to other drastic consequences.

As a rule, emergencies, crises and disasters are unexpected events for which it is impossible to plan, although systems and processes can be put in place to deal with such events. The systems and processes must then be treated as a special responsibility of management and must be dealt with professionally, efficiently and as quickly as possible.

UNIQA has implemented a business continuity management system covering the issues of crisis prevention, crisis management and business recovery (including business emergency plans). The UNIQA BCM model is based on international rules and standards and is developed on a continuous basis.

#### Emerging risk

Emerging risk refers to newly arising or changing risks that are difficult to quantify and can have a significant impact on an organisation. Among the main drivers of the changing risk landscape are new economic, technological, socio-political and ecological developments and the increasing interdependencies between them, which may lead to a growing concentration of risk. In addition, a changing business environment – the further development of regulatory rules, the increased expectations of stakeholders and the shift in risk perception – must be taken into account.

#### Reputational risk

Reputational risk describes the risk of loss that arises because of possible damage to the company's reputation, because of a deterioration in prestige, or because of a negative overall impression caused by negative perception by customers, business partners, shareholders or supervisory agencies. Reputational risks that occur in the course of core processes such as claim processing or advising and service quality are identified, evaluated and managed as operational risks in the Group companies.

#### Contagion risk

Group risk management analyses whether the reputation risk observed in the Group or in another unit may occur, and whether the danger of "contagion" within the Group is possible. The analyses performed guard against contagion risk.

#### Strategic risk

Strategic risk refers to the risk that results from management decisions or insufficient implementation of management decisions that may influence current or future income or solvency. This includes the risk that arises from management decisions that are inadequate because they ignore a changed business environment. Like operational and reputational risks, strategic risks are evaluated on an ongoing basis.

The following table shows a sensitivity analysis of changes in the most significant underwriting risks and market risks with their impact on assets and technical provisions in accordance with Solvency II. The sensitivities stated are based on calculations for the purposes of the company's Own Risk and Solvency Assessment. The technical provisions in accordance with Solvency II amount to €3,890 thousand in property and casualty insurance and to €14,524 thousand in life insurance.

{218}------------------------------------------------

| Sensitivity analysis                        |                  | 31/12/2023            |                  | 31/12/2023            |
|---------------------------------------------|------------------|-----------------------|------------------|-----------------------|
| In € thousand                               | Impact on assets | Impact on liabilities | Impact on assets | Impact on liabilities |
| Underwriting risks                          |                  |                       |                  |                       |
| Property and casualty insurance             |                  |                       |                  |                       |
| Ultimate losses (+1%)                       |                  | 28,613                |                  | 22,467                |
| Ultimate losses (-1%)                       |                  | -48,866               |                  | -31,399               |
| Life insurance                              |                  |                       |                  |                       |
| Mortality (-5%)                             |                  | -74,410               |                  | -23,540               |
| Costs (+10%)                                |                  | 128,829               |                  | 114,502               |
| Lapse rates (+10%)                          |                  | 121,944               |                  | 145,859               |
| Lapse rates (-10%)                          |                  | -102,951              |                  | -78,987               |
| Market risks                                |                  |                       |                  |                       |
| Interest rate change (+50 bp)               | -569,508         | -652,077              | -452,718         | -508,805              |
| Interest rate change (-50 bp)               | 598,120          | 768,084               | 564,702          | 670,922               |
| Share price change (-25%)                   | -1,205,798       | -712,628              | -639,003         | -485,622              |
| Exchange rate change (€-10%)                | -411,845         | -174,352              | -416,803         | -96,233               |
| Credit spread risk corporate bonds (+50 bp) | -187,450         | 7,172                 | -151,613         | -20,137               |

## 39. Reinsurance

282

tinuous basis.

Emerging risk

taken into account.

Reputational risk

cause considerable disruption to public safety and security

agencies. Reputational risks that occur in the course of core processes such as claim processing or advising and service quality are identified, evaluated and managed as

Group risk management analyses whether the reputation risk observed in the Group or in another unit may occur, and whether the danger of "contagion" within the Group is possible. The analyses performed guard against contagion

Strategic risk refers to the risk that results from management decisions or insufficient implementation of management decisions that may influence current or future income or solvency. This includes the risk that arises from management decisions that are inadequate because they ignore a changed business environment. Like operational and reputational risks, strategic risks are evaluated on an

The following table shows a sensitivity analysis of changes in the most significant underwriting risks and market risks with their impact on assets and technical provisions in accordance with Solvency II. The sensitivities stated are based on calculations for the purposes of the company's Own Risk and Solvency Assessment. The technical provisions in accordance with Solvency II amount to €3,890 thousand in property and casualty insurance and to

€14,524 thousand in life insurance.

operational risks in the Group companies.

Contagion risk

Strategic risk

ongoing basis.

risk.

As a rule, emergencies, crises and disasters are unexpected events for which it is impossible to plan, although systems and processes can be put in place to deal with such events. The systems and processes must then be treated as a special responsibility of management and must be dealt with professionally, efficiently and as quickly as possible.

UNIQA has implemented a business continuity management system covering the issues of crisis prevention, crisis management and business recovery (including business emergency plans). The UNIQA BCM model is based on international rules and standards and is developed on a con-

Emerging risk refers to newly arising or changing risks that are difficult to quantify and can have a significant impact on an organisation. Among the main drivers of the changing risk landscape are new economic, technological, socio-political and ecological developments and the increasing interdependencies between them, which may lead to a growing concentration of risk. In addition, a changing business environment – the further development of regulatory rules, the increased expectations of stakeholders and the shift in risk perception – must be

Reputational risk describes the risk of loss that arises because of possible damage to the company's reputation, because of a deterioration in prestige, or because of a negative overall impression caused by negative perception by customers, business partners, shareholders or supervisory

or lead to other drastic consequences.

The Group Management Board determines, directly and indirectly, the strategic contents of its reinsurance policy with its decisions regarding risk and capital policy. The structure of the purchasing of external reinsurance is linked to the risk management process, thus enabling the risk capital to be relieved.

Reinsurance structures support the continuous optimisation of the required risk capital and the management of the use of this risk capital. Great importance is attached to the maximum use of diversification effects. Continuous analysis of reinsurance purchasing for efficiency characteristics is an essential component of internal risk management processes.

UNIQA Re AG in Zurich, Switzerland, is responsible for the operational implementation of these tasks. It is responsible for and guarantees the implementation of the reinsurance policy issued by the Group Management Board. UNIQA Re AG is available to all Group companies as the risk carrier for their reinsurance needs. The assessment of the exposure of the portfolios assumed by the Group companies is of central importance. Periodic risk assessments have been performed for years in the interest of a value-based management of the capital commitment.

Extensive data are used to assess risk capital requirements for the units in question and their reinsurance programmes are structured in a targeted manner.

CONSOLIDATED FINANCIAL STATEMENTS 283

For the property and casualty insurer, promises of performance for protection against losses resulting from natural hazards frequently represent by far the greatest stress on risk capital due to the volatile nature of such claims and the conceivable amount of catastrophic damages. UNIQA has set up a specialised unit in order to deal with this problem. Exposure is constantly monitored and evaluated at the country and Group levels in cooperation with internal and external authorities. UNIQA substantially eases the pressure on its risk capital through the targeted utilisation of all applicable diversification effects and the launch of an efficient retrocession programme.

UNIQA Re AG has assumed almost all of the UNIQA Group's required reinsurance business ceded in the reporting period. Only in exceptional cases, such as the purchase of facultative reinsurance, is a portion of the necessary cessions given directly to external reinsurance companies. The Group assumes reasonable deductibles in the retrocession programmes based on risk- and value-based approaches.

{219}------------------------------------------------

## Approval for publication

These consolidated financial statements were prepared by the Management Board as at the date of signing and approved for publication.

Vienna, 15 March 2024

Q. Vitor

Andreas Brandstetter Chairman of the Management Board Member of the Management Board

Sumr ther

Peter Humer Member of the Management Board

Peter Eichler

Wolf-Christoph Gerlach Member of the Management Board

Wolfgang Kindl Member of the Management Board

signature

René Knapp Member of the Management Board

Erik Leyers Member of the Management Board

Sabine Pfeffer Member of the Management Board

Kurt Svoboda Member of the Management Board

{220}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS 285

standards, give a true and fair view of the financial position, financial performance and cash flows of the Group, and that the Group management report describes the relevant risks and uncertainties which the Group faces.

## Declaration of the legal representatives

Pursuant to Section 82(4) of the Austrian Stock Exchange Act, the Management Board of UNIQA Insurance Group AG hereby confirms, that, to the best of our knowledge, the consolidated financial statements, which were prepared in accordance with the relevant accounting

Vienna, 15 March 2024

284

proved for publication.

Vienna, 15 March 2024

Andreas Brandstetter

Peter Humer

Erik Leyers

Chairman of the Management Board

Member of the Management Board

Member of the Management Board

Approval for publication

These consolidated financial statements were prepared by the Management Board as at the date of signing and ap-

Peter Eichler

Wolfgang Kindl

Sabine Pfeffer

Member of the Management Board

Member of the Management Board

Member of the Management Board

Wolf-Christoph Gerlach

René Knapp

Kurt Svoboda

Member of the Management Board

Member of the Management Board

Member of the Management Board

Andreas Brandstetter

Peter Eichler Member of the Management Board

Wolf-Christoph Gerlach Member of the Management Board

Luur ther

Chairman of the Management Board

Peter Humer Member of the Management Board

Wolfgang Kindl Member of the Management Board

signature

René Knapp Member of the Management Board

Erik Leyers Member of the Management Board

Sabine Pfeffer Member of the Management Board

Kurt Svoboda Member of the Management Board

{221}------------------------------------------------

## Auditor's Report

## **Report on the Consolidated Financial Statements**

## Audit Opinion

We have audited the consolidated financial statements of UNIQA Insurance Group AG, Vienna, and its subsidiaries (the Group), which comprise the consolidated balance sheet as at 31 December 2023, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of cash flows and the consolidated statement of changes in equity for the financial year then ended, and the notes to the consolidated financial statements.

In our opinion, the accompanying consolidated financial statements comply with legal requirements and give a true and fair view of the financial position of the Group as at 31 December 2023, and of its financial performance and cash flows for the financial year then ended in accordance with International Financial Reporting Standards as adopted by the EU (IFRSs) and the additional regulations of section 245a Austrian Company Code and the supplementary provisions of section 138 para. 8 Austrian Insurance Supervision Act.

## Basis for Opinion

We conducted our audit in accordance with Regulation (EU) No. 537/2014 (hereinafter EU Regulation) and Austrian Generally Accepted Standards on Auditing. Those standards require the application of the International Standards on Auditing (ISAs). Our responsibilities under those provisions and standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements" section of our report. We are independent of the Group in accordance with Austrian Generally Accepted Accounting Principles and professional requirements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained until the date of the auditor's report is sufficient and appropriate to provide a basis for our opinion by this date.

## Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the financial year. These matters were addressed in the context of our audit

of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have structured key audit matters as follows:

- Description
- Audit approach and key observations
- Reference to related disclosures

## 1. Measurement of goodwill as well as of other intangible assets

Description

Goodwill in the amount of EUR 368,229k as well as intangible assets still under development in the amount of EUR 6,915k, which mainly relate to software development in the course of the renewal of the Group-wide IT systems, are tested for impairment at least once a year and additionally whenever there is an indication for impairment.

The impairment tests carried out for this purpose require the Management Board to make discretionary decisions, estimates and assumptions, which particularly includes budgeted cash flows in the individual cash-generating units, future market conditions, growth rates and capital costs. Changes in these assumptions as well as in the methods used may have a material impact on measurement.

Audit approach and key observations

#### We:

- evaluated the implemented processes and work flows regarding measurement as well as tested selected key controls,
- compared the accounting and measurement methods with the accounting provisions of IAS 38 and IAS 36,
- examined whether the calculation method of the impairment test is appropriate and assessed the significant discretionary decisions and assumptions,
- verified the derivation of the capital costs and juxtaposed it to a calculation we made ourselves and
- compared the company planning approved by the Management Board and Supervisory Board with the cash flows included in the impairment test.

{222}------------------------------------------------

The accounting and measurement methods applied are in accordance with IFRSs. We consider the underlying assumptions and measurement parameters to be plausible and reasonable.

Reference to related disclosures

286

Audit Opinion

nancial statements.

ance Supervision Act.

Basis for Opinion

date.

Key Audit Matters

Auditor's Report

**Report on the Consolidated Financial Statements**

We have audited the consolidated financial statements of UNIQA Insurance Group AG, Vienna, and its subsidiaries (the Group), which comprise the consolidated balance sheet as at 31 December 2023, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of cash flows and the consolidated statement of changes in equity for the financial year then ended, and the notes to the consolidated fiof the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a sep-

1. Measurement of goodwill as well as of other intangi-

Goodwill in the amount of EUR 368,229k as well as intangible assets still under development in the amount of EUR 6,915k, which mainly relate to software development in the course of the renewal of the Group-wide IT systems, are tested for impairment at least once a year and additionally whenever there is an indication for impairment.

The impairment tests carried out for this purpose require the Management Board to make discretionary decisions, estimates and assumptions, which particularly includes budgeted cash flows in the individual cash-generating units, future market conditions, growth rates and capital costs. Changes in these assumptions as well as in the methods used may have a material impact on measure-

 evaluated the implemented processes and work flows regarding measurement as well as tested selected key con-

 compared the accounting and measurement methods with the accounting provisions of IAS 38 and IAS 36, examined whether the calculation method of the impairment test is appropriate and assessed the significant dis-

verified the derivation of the capital costs and juxtaposed

 compared the company planning approved by the Management Board and Supervisory Board with the cash

We have structured key audit matters as follows:

arate opinion on these matters.

 Audit approach and key observations Reference to related disclosures

Audit approach and key observations

cretionary decisions and assumptions,

it to a calculation we made ourselves and

flows included in the impairment test.

Description

ble assets Description

ment.

We:

trols,

In our opinion, the accompanying consolidated financial statements comply with legal requirements and give a true and fair view of the financial position of the Group as at 31 December 2023, and of its financial performance and cash flows for the financial year then ended in accordance with International Financial Reporting Standards as adopted by the EU (IFRSs) and the additional regulations of section 245a Austrian Company Code and the supplementary provisions of section 138 para. 8 Austrian Insur-

We conducted our audit in accordance with Regulation (EU) No. 537/2014 (hereinafter EU Regulation) and Austrian Generally Accepted Standards on Auditing. Those standards require the application of the International Standards on Auditing (ISAs). Our responsibilities under those provisions and standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements" section of our report. We are independent of the Group in accordance with Austrian Generally Accepted Accounting Principles and professional requirements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained until the date of the auditor's report is sufficient and appropriate to provide a basis for our opinion by this

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the financial year. These matters were addressed in the context of our audit

Refer to chapter "Use of discretionary decisions and estimates" under General information in the notes as well as "7. Intangible assets" in the notes to the consolidated financial statements

## 2. Measurement of the contractual service margin at the transition date to IFRS 17 Description

The International Financial Reporting Standard on Insurance Contracts (IFRS 17) is effective for annual reporting periods beginning on or after 1 January 2023 (date of initial application). In principle, IFRS 17 is applicable retrospectively as of the transition dated 1 January 2022.

UNIQA has measured its insurance portfolio at the transition date mainly applying the modified retrospective approach or the fair value approach. Insurance contracts, assets and deferred acquisition costs are identified and measured as if IFRS 17 had always been applied, with differences to existing amounts recognised in equity.

The reduction of consolidated equity at the transition date amounting to EUR 771,265k mainly results from the firsttime recognition of the contractual service margin due to initial application of IFRS 17.

Audit approach and key observations

We:

- compared the accounting and measurement methods with the accounting provisions of IFRS 17,
- evaluated the appropriateness of the calculation methods at the transition date and examined the significant discretionary decisions and assumptions especially regarding the availability of historical data and the appropriateness of permissible simplifications,
- verified the completeness and appropriateness of the data for calculating the contractual service margin at the transition date.

The accounting and measurement methods applied are in accordance with IFRSs. We consider the underlying

assumptions and measurement parameters to be plausible and reasonable.

KONZERNABSCHLUSS 287

Reference to related disclosures

Refer to chapter "Insurance contracts – transition options" under General information in the notes to the consolidated financial statements and to the "Consolidated Statement of Changes in Equity".

## 3. Measurement of liabilities from insurance contracts in life insurance and health insurance pursuant to the variable fee approach (VFA) Description

UNIQA mainly applies the variable fee approach for measuring insurance contracts in life insurance and health insurance. This approach is applied to insurance contracts if defined criteria are met. Differences to the general measurement model only arise in subsequent measuring.

Contracts that involve profit participation in life insurance and health insurance are not divided into annual cohorts, using the option provided by EU law.

Insurance contracts in life insurance and health insurance are initially measured by an estimation of future cash flows connected to the fulfilment of the contract. In doing so, significant discretionary decisions especially regarding non-financial assumptions such as mortality, longevity, invalidity or morbidity, customer behaviour (cancellation) or development of medical costs are to be considered.

As a second step, cash flows are discounted in order to reflect the time value of money and the financial risks. In a third step a risk adjustment is calculated to take into account non-financial risks. The contractual service margin is calculated at the time of initial recognition and represents the as of yet unrealised profit for a group of insurance contracts. The contractual service margin for the life insurance and health insurance business amounts to EUR 5,204,409k as at 31 December 2023.

Based on defined coverage units, an amount of the contractual service margin is recognised in each period in profit or loss for a group of insurance contracts. The reversal of the contractual service margin in the reporting period amounts to EUR 286,903kand is recognised in the position non-technical income.

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Audit approach and key observations

We:

288

- compared the accounting and measurement methods with the accounting provisions of IFRS 17,
- examined the requirements for applying the variable fee approach as well as the option provided by EU law not to consider annual cohorts for insurance contracts in life insurance and health insurance,
- verified the underlying assumptions for calculating the estimate of future cash flows,
- verified the approach for determining interest rates for discounting cash flows as well as for determining the risk adjustment,
- compared the determined coverage units with the requirements of IFRS 17 and verified the appropriate reversal of the contractual service margin,
- examined the initial and subsequent measurement of liabilities from insurance contracts by verifying the calculation logic and the system environment in the newly implemented subsidiary ledger and
- verified the accuracy and measurement of additional significant closing entries not included in the subsidiary ledger.

The accounting and measurement methods applied are in accordance with IFRSs. We consider the underlying assumptions and measurement parameters to be plausible and reasonable.

Reference to related disclosures

Refer to chapter "Insurance contracts – use of judgements and estimates" under General information in the notes to the consolidated financial statements as well as the table "Non-technical income".

#### Other Information

Management is responsible for the other information. The other information comprises the information included in the Group Report 2023, but does not include the consolidated financial statements, the management report for the Group and our auditor's report thereon.

We obtained the corporate governance report and the nonfinancial report prior to the date of this auditor's report; with the rest of the Group Report 2023 expected to be made available to us after that date.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditor's report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

## Responsibilities of Management and the Audit Committee for the Consolidated Financial Statements

Management is responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU (IFRSs) and the additional regulations of section 245a Austrian Company Code and the supplementary provisions of section 138 para. 8 Austrian Insurance Supervision Act, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The Audit Committee is responsible for overseeing the Group's financial reporting process.

## Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in

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accordance with the EU Regulation and with Austrian Generally Accepted Standards on Auditing, which require the application of ISAs, will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with the EU Regulation and with Austrian Generally Accepted Standards on Auditing, which require the application of ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit.

## We also:

Our opinion on the consolidated financial statements does not cover the other information and we do not express any

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially

If, based on the work we have performed on the other information that we obtained prior to the date of this auditor's report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and the Audit Committee for the Consolidated Financial Statements Management is responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU (IFRSs) and the additional regulations of section 245a Austrian Company Code and the supplementary provisions of section 138 para. 8 Austrian Insurance Supervision Act, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud

In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no real-

The Audit Committee is responsible for overseeing the

Auditor's Responsibilities for the Audit of the Con-

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance,

but is not a guarantee that an audit conducted in

form of assurance conclusion thereon.

misstated.

or error.

istic alternative but to do so.

Group's financial reporting process.

solidated Financial Statements

288

We:

Audit approach and key observations

insurance and health insurance,

estimate of future cash flows,

adjustment,

ledger.

and reasonable.

compared the accounting and measurement methods

 examined the requirements for applying the variable fee approach as well as the option provided by EU law not to consider annual cohorts for insurance contracts in life

verified the underlying assumptions for calculating the

 verified the approach for determining interest rates for discounting cash flows as well as for determining the risk

 compared the determined coverage units with the requirements of IFRS 17 and verified the appropriate re-

 examined the initial and subsequent measurement of liabilities from insurance contracts by verifying the calculation logic and the system environment in the newly im-

 verified the accuracy and measurement of additional significant closing entries not included in the subsidiary

The accounting and measurement methods applied are in accordance with IFRSs. We consider the underlying assumptions and measurement parameters to be plausible

Refer to chapter "Insurance contracts – use of judgements and estimates" under General information in the notes to the consolidated financial statements as well as the table

Management is responsible for the other information. The other information comprises the information included in the Group Report 2023, but does not include the consolidated financial statements, the management report for the

We obtained the corporate governance report and the nonfinancial report prior to the date of this auditor's report; with the rest of the Group Report 2023 expected to be

versal of the contractual service margin,

plemented subsidiary ledger and

Reference to related disclosures

Group and our auditor's report thereon.

made available to us after that date.

"Non-technical income".

Other Information

with the accounting provisions of IFRS 17,

- identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risks of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
- evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
- evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial

statements represent the underlying transactions and events in a manner that achieves fair presentation.

KONZERNABSCHLUSS 289

 obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Audit Committee with a statement that we have complied with all relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, on measures taken to eliminate identified threats or on applied safeguards.

From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

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## Report on Other Legal and Regulatory Requirements

Comments on the Management Report for the Group Pursuant to Austrian Generally Accepted Accounting Principles, the management report for the Group is to be audited as to whether it is consistent with the consolidated financial statements and as to whether the management report for the Group was prepared in accordance with the applicable legal regulations.

Management is responsible for the preparation of the management report for the Group in accordance with Austrian Generally Accepted Accounting Principles and the provisions of the Austrian Insurance Supervision Act.

We conducted our audit in accordance with Austrian standards on auditing for the audit of the management report for the Group.

## Opinion

In our opinion, the management report for the Group was prepared in accordance with the applicable legal regulations, comprising the details in accordance with section 243a UGB, and is consistent with the consolidated financial statements.

#### Statement

Based on the findings during the audit of the consolidated financial statements and due to the obtained understanding concerning the Group and its circumstances no material misstatements in the management report for the Group came to our attention.

Vienna

15 March 2024

Additional Information in Accordance with Article 10 of the EU Regulation

We were elected as statutory auditor at the ordinary general meeting dated 23 May 2022. We were appointed by the Supervisory Board on 20 December 2022. Besides that, we were elected as auditor for the following financial year by the ordinary general meeting on 6 June 2023 and appointed by the Supervisory Board on 22 December 2023. We have audited the Company for an uninterrupted period since 31 December 2013.

We confirm that the audit opinion in the "Report on the Consolidated Financial Statements" section is consistent with the additional report to the Audit Committee referred to in Article 11 of the EU Regulation.

We declare that no prohibited non-audit services (Article 5 para. 1 of the EU Regulation) were provided by us and that we remained independent of the audited company in conducting the audit.

#### Responsible Engagement Partner

Responsible for the proper performance of the engagement is Werner Stockreiter*,* Austrian Certified Public Accountant*.*

PwC Wirtschaftsprüfung GmbH

Werner Stockreiter Austrian Certified Public Accountant

signed

This report is a translation of the original report in German, which is solely valid. Publication and sharing with third parties of the consolidated financial statements together with our auditor's report is only allowed if the consolidated financial statements and the management report for the Group are identical with the German audited version. This auditor's report is only applicable to the German and complete consolidated financial statements with the management report for the Group. For deviating versions, the provisions of section 281 para. 2 UGB apply.

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**Consolidated Financial Statements**

KONZERNABSCHLUSS 291

290

Report on Other Legal and Regulatory Requirements Comments on the Management Report for the Group Pursuant to Austrian Generally Accepted Accounting Principles, the management report for the Group is to be audited as to whether it is consistent with the consolidated financial statements and as to whether the management report for the Group was prepared in accordance with the

Additional Information in Accordance with Article 10

We were elected as statutory auditor at the ordinary general meeting dated 23 May 2022. We were appointed by the Supervisory Board on 20 December 2022. Besides that, we were elected as auditor for the following financial year by the ordinary general meeting on 6 June 2023 and appointed by the Supervisory Board on 22 December 2023. We have audited the Company for an uninterrupted period

We confirm that the audit opinion in the "Report on the Consolidated Financial Statements" section is consistent with the additional report to the Audit Committee re-

We declare that no prohibited non-audit services (Article 5 para. 1 of the EU Regulation) were provided by us and that we remained independent of the audited company in

Responsible for the proper performance of the engagement is Werner Stockreiter*,* Austrian Certified Public Ac-

ferred to in Article 11 of the EU Regulation.

of the EU Regulation

since 31 December 2013.

conducting the audit.

countant*.*

PwC Wirtschaftsprüfung GmbH

Werner Stockreiter Austrian Certified Public Accountant

signed

This report is a translation of the original report in German, which is solely valid. Publication and sharing with third parties of the consolidated financial statements together with our auditor's report is only allowed if the consolidated financial statements and the management report for the Group are identical with the German audited version. This auditor's report is only applicable to the German and complete consolidated financial statements with the management report for

the Group. For deviating versions, the provisions of section 281 para. 2 UGB apply.

Responsible Engagement Partner

Management is responsible for the preparation of the management report for the Group in accordance with Austrian Generally Accepted Accounting Principles and the provisions of the Austrian Insurance Supervision Act.

We conducted our audit in accordance with Austrian standards on auditing for the audit of the management re-

In our opinion, the management report for the Group was prepared in accordance with the applicable legal regulations, comprising the details in accordance with section 243a UGB, and is consistent with the consolidated finan-

Based on the findings during the audit of the consolidated financial statements and due to the obtained understanding concerning the Group and its circumstances no material misstatements in the management report for the

applicable legal regulations.

port for the Group.

cial statements.

Group came to our attention.

Statement

Vienna

15 March 2024

Opinion

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#### **Imprint**

## **Owner and publisher**

UNIQA Insurance Group AG Commercial registry no.: 92933t

#### **Concept, advice, editorial work and design**

Male Huber Friends GmbH/www.mhfriends.at **Translation and linguistic consulting** ASI GmbH/www.asint.at **Photos** Dragos Constantin/STUDIO S, Sanela Babić/ Vienna Paint Studios GmbH, Sabine Wehinger **Printed by** Gerin Druck GmbH **Editorial deadline** 2 April 2024

#### **Contact**

UNIQA Insurance Group AG Investor Relations Untere Donaustrasse 21, 1029 Vienna, Austria Phone: (+43) 01 21175-3773 E-mail: investor.relations@uniqa.at

uniqagroup.com

#### **UNIQA Group**

@UNIQA Insurance Group @uniqagroup @uniqa

#### **UNIQA Austria**

 @uniqa.at @uniqa.at

#### **Information**

UNIQA's Group Report is published in German and English and can be downloaded as a PDF file from the Investor Relations section on our Group website. The interactive online version is also available at reports.uniqagroup.com.

This is a translation of the German Group Report of UNIQA Group. In case of any divergences, the German original is legally binding.

#### **Clause regarding predictions about the future**

This report contains statements which refer to the future development of the UNIQA Group. These statements present estimations which were reached on the basis of all of the information available to us at the present time. If the assumptions on which they are based do not occur, the actual events may vary from the results currently expected. As a result, no guarantee can be provided for the information given.

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uniqagroup.com

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