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Ladies and gentlemen, we warmly welcome you to the conference call of the first quarter results for 2026 of the Unica Insurance Group AG. I'm pleased to welcome CEO Andreas Brandstetter and CSRO Kurz Bogota, who will guide us through the presentation shortly. After the presentation, we will move on to a Q&A session where we allow questions in person via the audio line today. And having said that,

Hello from Vienna and thank you very much for your time and interest in the Q1 figures of Unica Insurance Group which show resilient numbers and which show again a full match with our 2028 targets and which also are a very constant roof of our diversified business model. Just reminding you of our targets for the year 2028. 6% premium CAGR 2. 7% EPS CAGR a common ratio which is below 93% net and last but not least a min cost ratio which is constantly below 15% this is what we communicated to you and if we start on slide 4 on the left part of this slide we see that all our figures of our KPRs in this first 3 months of 2026 proved that we are everywhere on track Let me briefly start with the growth, which shows on slide 5 an increase of 14.4%. As you might have seen, the growth in our home market Austria, the direct insurer business, is north of 4%, 4.2%. The growth in our international market, which means in CE, is 6.2%, so basically we are Pretty much in line, even if, as we already felt a couple of months before, we see a little bit of headwind in the Eastern European market, as far as the market growth itself is concerned. But we are quite optimistic that within the next three quarters of this year, we'll also be able to catch up and to reach our 8% growth in CEE, which, as you know, is our target line for the next year. What is special to mention here is that we have a kind of seasonal contribution of growth from our reinsurance company in Zurich. This is our external business, which will be elaborated by Kurt a little bit later, where we see a very strong increase, as I said, due to seasonality in Q1. But please don't expect us that in the next three quarters we see a similar growth coming from the external reinsurance business Most of the business volume 90% is booked in Q1, so this will slow down and which basically normalize till the year end. But as I mentioned again, quickly elaborate on this a little bit later. So we are fine with the growth on the top line. If we then move to the technical result here on the slide five, we see an increase of 5% up to 210 million euro. What we see is a kind of small decrease in the P&C profitability, even with a common ratio of 91% MET. It is very fine, it's good. Frankly spoken, we didn't have any kind of major loss coming from natural catastrophes in this Q1. And as far as the large claims is concerned, we see a side development if you compare Q1 2025 to 2021. Inrnce Grp Unsp Inrnce Grp Unsp Inrnce Grp Unsp Could assure in a couple of minutes that the strong CSM release is coming from Austria Health and Life. On the other hand, the Austrian health continues to be a main CSM new business driver with a sustainability ratio which is clear, most of 100%, even more of 120%. So a very good development as far as the Austrian health insurance business, the new business, the incoming business is concerned.

I talked already about the large claims.

I talked about the combined ratio. I think this is relevant because it's referring to more than 60% of our old business. This then leads us to the profitability. The Earning Before Taxes, an increase of almost 6%, up to 160 million. And as I stated before, following an effective tax rate of 21%. We had a little bit higher tax rate in the first three months of 2025. Unsp Grp Unsp Grp Unsp Grp Unsp

Thank you very much Andreas and welcome also from my side. I'm starting on page number 6, talking about key financial indicators. I would like to highlight two of them. The first one is again the dividend per share. So the upcoming General Assembly on the 9th of June, we will propose a dividend of 2 cents, which is quite a great increase in comparison to full year 24. Still, we stick to our pay iteration between 50 and 60%, also in the upcoming years. Second key financial indicator I would like to highlight is the regular capital position, 232%, so nothing new on that, but on the one hand, I would like to stress that, and you will see in the details, that we have managed to bring down the A and M gap Unsp Unsp Unsp Unsp of course, depending on economic development, but this was also a discussion point even in the future. And yes, we placed a bond that you have maybe noticed in the last couple of weeks, around 500 million euros, including refinancing of an existing bond. So that means we will have a little bit of a deterioration between Q2 and Q3 because of the buyback, but this is in a way of around 5 to 7% nothing to worry about and with this we are also ready for further M&A's and increasing the business models and strengthening our business model in the future. The group Life and Health CSM on the next page, on page 7, I think what is for us very important is we are on track to the target of 90% Inrnce Grp Unsp Inrnce Grp Unsp Inrnce Grp Inrnce Grp PNC business quarter to quarter already mentioned by Andreas about the external insurance business. So just to add in that case around 90% of the external insurance business have renewal in Q1. We could manage that with new prices and a little bit of expanding the business. We come to the across the premium of around 214 million euros. including a small portion of new business in that amount. What to expect for the rest of the year, certainly not again on a quarterly basis of 200 millions, but we are confident that the level of between 440 and 450, 70 million euros is something that is achievable in this year with the net margin of around 80 to Unsp Unsp Unsp Unsp Unsp Unsp 8% growth on the health business. Helping cost ratio patient in line, we are on track so nothing more to report on that. Cost management is only an issue and therefore to have the target in line on the Q100 is for us very important. P&T, strong fundamentals. on page number 10 I think what jumps into the eye is that the earnings before tax are lower than in 3 months 25 in comparison the compensation is a little bit higher so what's behind behind is on the one hand that we have a little bit more on major claims in 2026 this is a polish portfolio but in this case we are in line with the plans on the worries that we are here overshooting The second thing is that we used the first quarter, like many other insurance companies, to strengthen for the rest of the year because cut season is ahead of us. We have a very, very dry situation here in Austria and also in parts of the sea region. So we expect not only a hot summer but also the one or other cut event and with this we have prepared in the first quarter a little bit of research for the rest of the year. In total we can talk about 2% impact on the combined ratio on that level. So that is then comparable to the year 2025. I talked about life on page number 11. CSN released stable. We have here a new business margin between 3% especially in the unit link business and around 70% in the biometric business. So a wide range. Classical business around 4%. Still, we are losing more volume that the new business is in, but this is not only the ULKA trend, it is generally visible in the Austrian, but also in the other markets so far. Health, I talked about very strong net results driven by the inpatient tariffs and group tariffs, which are very profitable, and also the volumes in line with that of the expect. Talk about the co-markets on page 14. Very important for us is the well-balanced contribution of Austria and international business, so 71 million euros in that case from both co-markets, plus a weaker reinsurance with 36 million. There are a contribution from the external business of 9 million euros, so we are very well balanced, good diversified. And for that, for us, a clear achievement of the target. OCI and ECL is, for us, very stable. So what is important to note that, of course, yield on a 10-year Austrian government bond raised between 35 and 36. Therefore, we have also an impact on our OCI, especially on the fair value in evaluation on OCI. And on the other hand, we can also say that the expected credit loss development was also quite neutral in respect to the last year. And investment activities, nothing new to report on that. Strabag, that KBF noted or seen that we sold a portion of the non-syndicated shares, but be aware that this has an impact only With this, I would then go directly to the outlook and to our guidance for the year of 2026. As I have mentioned, targeted EBT in the range of 540 to 570 million euros. Despite the very well driven Q1, the event in the policy management between 50 and 60% and the target here shown unchanged, that's what we have reported since the last capital market update. That's the keyword, save the date for the capital market update 2026 on the trade tip in November in London. Invitation and more details tend to come, but for all of you who are interested, please take a safety tape in your calendar. With this, I end my presentation here, and now Andreas and I will be happy to take your questions. Thank you.

Thank you so much Mr. Brandstetter and Mr. Fogoda. So ladies and gentlemen, we are now happy to take your questions. So if you would like to ask a question, please click on the raise your hand button on the lower part of your screen. And if you are dialing in by phone, please press star key and number nine to raise your hand. And when it's your turn, you can unmute yourself by pressing star key and number six. And with that, we will start with Antoine. So you should be able to speak now.

Good afternoon. Thank you for taking my questions. I have three. The first one is on the P&C and what I was wondering if you could provide a little bit more details on the type of business that you're writing. You mentioned a net margin I think of 8%, but also if you could maybe expand a little bit on the profitability you expect from that business and maybe the risk that is associated with it. Then I have a second question on your Strabag stake. So you mentioned the sale in April. I was wondering if you could help us understand whether you still have the possibility to sell more shares in the future. Could you clarify how many shares, if any, you still hold outside the syndicate agreement and maybe whether there is a possibility that the syndicate agreement could be amended? And then finally a question about tax, which is not specifically related to Q1. You have a large stock of tax-loss carry-forwards. Only a fraction of those are recognized as DTAs and so on. Since they have no expiry date, I was wondering whether there is any reason why recognition would not be possible, and maybe could you help us better understand the expected timeline of their recognition. Thank you.

Thank you, Anton. So, first of all, thank you for that. So, I see really a snapshot of what they're doing here. So we're doing here a niche business in the reinsurance side, so that's not comparable to what the most known reinsurers like Vuri333 or others are doing in that case. So we are also working here on an MGA basis and on a business which is based on property and the whole account quota share. We have no intermediaries between, so that means we have direct access to the network and to our partners out of our expertise that we have built up in Zurich. The portfolio is spread between North America, which is the major part, more than 30%, Grp Inrnce Grp Unsp Unsp Grp Unsp Grp Unsp Grp Unsp Unsp Unsp Unsp Unsp Unsp Unsp Unsp Unsp Unsp Not a topic, because the company's operative-wise great performing. Full books for the next, I would say, eight to ten years. And with the position that we are able to sell down a little bit more for us. A very good participation, especially the return on the risk and the return on the investment is for us key. Grp Grp Grp Grp Grp Grp Grp Grp Grp Grp Grp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Inrnce Grp Unsp Thank you very much.

Thank you very much for your question, Antoine. And then we will move on with the person from the telephone. So Rob Stribish will be the next one.

Hello, good afternoon. Hope you can hear me. Thanks a lot for the presentation. I actually have three questions. First one is related to the health segment. Could you provide more insights on the growth and what's the split there between volume and pricing components? Second question is related to Poland where you mentioned some one-off event and I was just wondering if this is related to harsher winter conditions or is there something else in the equation? And last question is related to your recent refinancing. Given your very strong solvency position, it's not exactly clear if you really needed this issue. But still, I was doing now some back of the envelope calculations. And I see that you must be sitting on a cash flow of over 1 billion euros. Can we interpret this as a signal that Unica is now ready for some large M&A project? Thank you.

So I tried to answer especially the first question in my speech, but happy to do it again. So the volume driven effect was 2.5% and the pricing driven effect was 5.5%. The claim, correct, that was mentioned somewhere, that we have in Poland noted nothing to do with Here we have a situation which is quite uncommon on the insurance market, especially to me. So we have one claim in two countries which has the same basics. So the thing is that we have on the one hand a property claim in Poland between Unica Poland and an insurance customer on the corporate side. which was a property claim. And on the other hand, the other party who is embedded in that case made with us a liability against us in Czech Republic. So in that case we have in Poland an impact that you are here assuming that has to do with house region, that is not the case. And we have for the same event a liability claim, which is visible in Czech Republic, and therefore you can now say it's a double counting, it's not a double counting in the way of accounting, but it will sort out either the one or the other post or its cost, and we talk about a low fidget million number in that case. Third question, Aarog. I think, yes, you're right. You know our answers. We are always preparing for, to be ready for M&A activities. I think all of you, most of you know, not only in the insurance business, also in the health business, but in the vertical business. And to prepare for that, the tier two notes and this transaction was done, that's correct. Thank you so much.

So, ladies and gentlemen, before we move on with the last person in the queue, so it's Michael Hutner, please be reminded that it's still possible to ask questions. Just raise a virtual hand or press star key nine.

I had four questions only one because I couldn't understand and I'm really sorry my hearing is going so it's not good but you mentioned the figure for the benefit of unwinding the double counting as it were this Poland check claim and I didn't hear the figure the benefit of if it's settled one way or the other my second question is you mentioned at the beginning Mr. Bancetta the benefit the optimism on the 8% growth. I just wondered if you could give us a little bit more granularity on that. Then, I saw yesterday that Vienna had made lots of little acquisitions, I think, Moldova, Bulgaria, Romania, and I think you've recovered some write-downs on some Russian bonds, so clearly there seems to be a wind of optimism regarding Russia and Ukraine. I just wondered if or when the war does stop, what's the potential upside for you? And then the final question is on the external reinsurance profit. So, 9 million is the figure I heard. For the full year, do we multiply by 4 or is it higher? Thank you.

All right, then I can start. Michael, thank you for your questions. Andreas here. Maybe about the Ukrainian-Russian question. As far as market ranking is concerned, somewhere between number two and number four, with a very composite book in the retail business. Having more than one million clients in Ukraine, predominantly also before the war in the western part of the country. I think we confidently report out that we show a constant growth as far as GWP is concerned. We are able to keep the number of risks, meaning we keep our clients there. So the renewal rate is quite high. The customer satisfaction is quite high. And even if all of us in this call, frankly spoken, will not be able now to give a clear Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp and on the corporate segment because we expect, of course, as all of us, a lot of investment coming from various parts of this world flowing into Ukraine. This is why we are so strongly committed there and this is why we are standing really close to Ukraine. In practice, we are also very happy that within a quite short period of time we managed to Unsp Unsp Unsp Unsp Unsp Unsp Unsp So yeah, you could look at our figures and say now, okay, we've seen 2% growth in the first three months, and now we always propose and say that 8% CAGR international price is our target. It's true. But what we see then, and we can state this, we see a clear speed up of the growth in April. We see further in the first two months of May. And that's coming from our two largest markets in CE, that's coming from Poland. We have more than 7 million clients in Poland. And it's coming also from Czech and Slovakia. And this gives us confidence that by the year end, it's absolutely realistic to be a 3-8% GWV growth in the international business. I hope that's fine for you, Markus.

Sure. Remaining two questions, Michael, was about the value of the Poland slash Czech Republic claim. I always say, for compliance reasons, I can't tell you the exact number, but I can tell you it's between 10 and 20 million euros, which is impacting us in that respect. And your last question was about the margin on the reinsurance business. Inrnce Grp Unsp-Adr

So that would be about $40 million, is that right?

8% from $450 million is a little bit around $30 to $35 million.

$50 million, yeah. And the permanent claims, the cheque claims, just so I understand, you booked it twice and it might be resolved to become just one, is that right?

That's right.

Ah, OK, brilliant. Sorry, sorry. And the figure you gave is the current amount of the claim?

Thank you so much for your questions, Michael.

And in the meantime, we have received no further questions or virtual hands, but I can see, Michael, you want to have a follow-up, so you can go on, but you're still unmuted.

Oh, I'm still unmuted. Can you hear me? Yes. Yeah, fantastic. Thank you. Sorry about that. Really silly questions. I think you gave a number, but on the deal front, the feeling I have is you're closer to identifying some kind of potential deal. Is that fair? The figures sounded more precise than before. That's why I asked. The second question is on the health profit. So you explained that they jumped... I didn't quite understand. This is a special kind of contract where you suddenly... Is it a volume effect? And so the bigger contribution than your normal contract where the profit is kind of spread over 20 years or something. Thank you.

Thank you, Michael, about the M&A. So I think what was not the case is that we have identified some concrete targets in our region, which are basically up to sale. So we don't see this. Of course, as you know, we keep our eyes open and try to be actively monitoring what's going on. But for the moment, we can exclude following up our discussion, which we had last year on Capital Market Day. What we exclude is that we enter new markets, other markets outside of Eastern Europe and Austria. We think that here are USP and we think that those markets are providing enough growth for the next years. What we are evaluating all the time are, as we call them, not only horizontal acquisitions, meaning that we aim to buy other insurance companies in the region. Inrnce Grp Unsp Inrnce Grp Unsp And following Quip's explanation, we are ready to invest because we understand that not only organic growth, but also underground growth in this meat acquisition will be relevant and important for us in the upcoming years. If there is any news about the horizon, we will give you further information on this.

The second question Michael was about the strengthening or the increase on the technical assault in the health business. So there are three elements. The first one is we have to take into consideration the development of the interest rates and the impact on the CSM. You know about that. And the second thing is, the good thing is that we have less benefits in Q1 2036 in comparison to 25. Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp Unsp Grp and also from group tariffs because we're dividing the retail tariffs and retail contracts and group contracts and the group contracts have a very high profitability, also speaking the highest profitability within the health business.

Very clear, thank you.

Thank you so much, so bye now. There are no further questions and we therefore come to the end of today's conference call. Thank you everyone for your shown interest and also a big thank you to you Mr. Brandstetter and Mr. Fogura for your presentation and your time. But before we close the call, I hand back to you Mr. Brandstetter once again for your closing remarks.

Which are very short. Many thanks to all of you in this call. Thank you for your interest in UNIQA, for your time.

Wish you a great weekend. All the best. Bye bye.