Thank you very much and welcome everybody to UNIQA's results on half-year 2026 based on a new set of slides which should, on the one hand, give you as auditorium more transparency, more information and service about UNIQA Insurance Group AG. I start on the page number 4 which gives, from our perspective, the situation which is, especially for us in the insurance industry at the moment, the most important one.

It's about interest rate environment. It is visible that all over Europe we have a quite impressive increase about on the interest rates which, on the one hand, gave us in the result a boost, especially in the ordinary income, but also on the other hand, as IFRS 17 is a very economic-driven accounting scheme, also on the topic of special discountings and topics on the evaluation.

Inflation is a never-ending story, especially in our CEE region. Austria yesterday reported an inflation of about 2.8 percentage points.

All in all, we see inflation as manageable and in our results and in our business at the moment not as a risk, but still, according to energy prices, global development, this is an ongoing topic, especially for the next couple of months. Climate and NatCat, I think, is something that everybody can itself feel and see what's going on in terms of the heat, about the dry situation, especially here in eastern parts of Austria and generally all over Europe with fires and with the heat wave across Europe.

The positive thing is for us that we can report that in the first half-year we had negligible impact on NatCat and weather-related claims, about €22 million, which is accordingly to the previous years negligible. On the other hand, and this as a message upfront, we do not believe that this stays at this level and therefore we took actions in this balance sheet for the half-year to be prepared for higher losses in the second half-year, but I come to that later on.

I move on to the group results on page number 6, pointing out the growth by 12 percentage points including all business, primary business and reinsurance business including UNIQA Re and reinsurance. Primary business itself is in line with that what was expected.

I also refer on that later on. Profitability with a nice RoE of 16%, return on risk by around 18%, more or less stable to the comparable period in 2025, and a solid solvency position that makes us ready for further improvement of our business and also our growth.

If we come to page number 7 and look about earnings before taxes, I would like to draw your attention on two topics. On the one hand, we have a 10% increase on the EBT which was, at a first glance, driven only by the financial result because technical result and other results is going down.

This is, from a perspective on the balance sheet purely looking, correct, but if you take into consideration that what I stated by talking about climate change, we took actions in the first half-year that we are prepared for balancing out the higher losses maybe or also development negatively on the capital markets in the second half of 2026. These measures that we took, they are, on the one hand, allocated to the technical result, P&C reserves, health reserves, but also on the other hand on the other result.

If we make it on a comparable basis, we have an improvement as well in the technical result as also in the other result. Therefore, please take the technical result not as an operative one, take this as an accounting one which is impacted by measures that we took in the first half-year.

Good is the development of the admin cost ratio, stable by 14.8 percentage points. Page 8, talking about the growth, gave us, on the one hand, in the business lines, and now here we are on the topic of the primary business, a 7.1% CAGR between '21 and '25.

We can report out that we have, especially in the international business, a catch-up as Poland has developed in the second quarter quite impressively and tremendously. Maybe you remember that we have a very soft market in Poland in the first quarter 2026 which gave us the position that we grew below the market and could not improve our growth like it was the case in '25.

Especially the month May and June have been very positive, especially also for us. We grew above the market.

We could achieve so far a growth in Poland by 6.6%. We are above the market.

The market growth at the moment was 3.3%, UNIQA was 5.4%, and therefore we are very confident to achieve in total in our international business the 8% by the end of the year in 2026. The CSMs in health and in life are on track.

This is on page number 9. We show you here the distinction between operative and non-operative topics, especially when we talk about new business.

We are quite positive with that what we achieved in the first half-year 2026. Business lines performance on page number 12, we have a combined ratio which is 91.6%, and I can tell you that this is also in that case impacted by the measures that I talked about.

If you carve out those measures I'm talking about, the information I can give you is that combined ratio was net basis below 90%. Another thing that drove first half-year very positively was the run-off.

You see it here on page 12, 3.9% impact coming from better settlement of major big claims from the past. We do, in that case, also not believe that this goes on in the second half, also here a smoothing out by the end of the year is to be expected.

When we talk about the international life business, we are now on page number 13. We can see here a very positive trend, especially what the earnings before tax is and the premium.

The international business has, at the moment, higher importance in the life business than the Austrian business. This has to do with prolongations that are and also expiring contracts in Austria, and therefore focus on the international business with a very high new business margin and a satisfying CSM development which is then visible on page 14.

The health business I'm talking about, page number 15, has an improvement in earnings before tax of up to €24 million. This has to do, on the one hand, with a better financial result.

By the way, on the financial result, but I come to that in a minute, also on the CSM level, STRABAG and higher ordinary income is visible, but also on the other hand, the technical results excluding actions and measurements that we took for the second half of the year is very positive for us. The new business margin I'm talking about, 7.8%, is visible on page number 16 in the upper right-hand corner and gives us a confident new business CSM by €73 million.

Also here, the non-operative economic variance by around €280 million is quite high. When we talk about market performance itself, looking on Austria, page number 19, on the one hand, we are quite happy that the balance between the Austrian and the international contribution by both earnings before taxes and the technical result is well-balanced.

This is also for us also key because this gives us a solid basis for the dividend stream by the end of the year. Combined ratio in both segments are below plan and gave us also room for taking actions for the second half of the year.

An international country deep dive on page 21, I would like to give on Poland. I explained to you that we have a growth of about 6.6% on premiums.

I can also give you an information that we have a very solid and good P&C combined ratio in Poland leading to a quite good technical result of €47 million, and we expect that Poland, especially in the second half of the year, will contribute much more than in the first half-year. Especially when we talk about growth, again, I mentioned before that we grew by 5.4% in Poland.

This is by more than 90% driven by the volume effect, from the 5.4%, 4.6% is coming from volume effects and only 0.7% is coming from pricing effects. This means the market is back, and we as with our USP in the pricing can also in that case take our advantage on volumes and on new business.

The investment performance, Chapter 3.2 on page 22, is visible that, on the one hand, we could improve because of the interest rate situation our other comprehensive income by close to €1 billion. Interest rates on a 10-years Austrian government bond have reached favorable 3.1 percentage points, and this leads, next page you can see this, to new investment yields which is more in line with that what was about in the last quarters, 4.3%, and the average investment yield by 3.3 percentage points.

Yes, we took also actions to improve the business. We sold some bonds out of duration purposes, and with this, bought new bonds with higher duration and higher ordinary income for the future.

The bridge between the net investment income and the net financial result, you see on the left-hand side. Why is that that big at UNIQA?

This has to do with the accounting treatment as variable fee approach and therefore the high impact from the fair value over the underlying item in health and in the life business. Cash and financial leverage is new information that will give especially on the half-year two things.

I would like to report out on page 26, is, on the one hand, that the cash remittances to the group is especially in line what was the target for '25 and also for the rest of UNIQA 3.0, and also the diversification of the cash remittance to the group is in line between Austria, UNIQA Re, and international business. Dividend streams and also our commitment to a progressive dividend in the future is in line with the funding of it.

This brings me on page number 28, the outlook and the guidance for the rest of the year. I can imagine that some of you are thinking about, okay, with a result of €327 million and the guidance of 400 €540 to €570 million, what does this mean for the second half of the year?

Is there anything to expect because of less performance than in the first half? What I can tell you is, continuing that what I said in the beginning, we live in a situation that, especially here in Europe, we have high volatility.

This comes from global impacts, especially coming from capital markets, and therefore, we are cautious, believing that the impact, the positive impact on interest rates and also on bond and equity market in the second half of the year '26 is the same as it was in the first half-year, and for that we want to be prepared. The second thing is we have now more or less at the end of August, but still not the end of the season where NatCat events can have big hits in especially countries like Austria, Hungary, Slovakia, Czech Republic, and also for that we want to be prepared.

In other words, if such major events happen in the second half of the year, UNIQA is prepared to balance that out and achieve that what we proposed to you and to the capital markets, that means the target range of €540 to €570 million. If this is not the case, and we, and especially for the population of these countries, can avoid things like I'm talked before, UNIQA will report, especially then in Q3, what this means for a new outlook and the guidance for the year 2026.

Still at the moment, for us, it is too early in that case. The rest, I think, is known, and for that, I would like to close here my explanation about the half-years and now happy to take your questions.

Thank you.

Good afternoon, everyone. Thank you for taking my questions.

I have three. Firstly, I'd like to come back to P&C because I'd like to better assess your underlying performance.

Thank you for sharing that below 90% net combined ratio restated for the balance sheet strengthening. There was also the run-off ratio which had a favorable impact this first half.

I think historically you had a ratio which was closer to maybe -3%, and you did mention that it should come back most likely in H2. I was wondering if you could maybe confirm that a good number for a medium-term perspective would be that -3% that I just mentioned.

Also, in some of your slides, you mentioned increased basic claims in P&C. I was wondering if you could provide more details on these in what line of business.

It seems to be mainly driven by Austria, but maybe I'm wrong on this. I was wondering if you could maybe specify if it's more related to frequency or maybe severity or any additional information on this would be helpful.

Then, two other questions, but on the life and health side this time. Firstly, the technical results declined in both life and health.

I think I understood from your comments that this was also related to the measures, technical measures, that you implemented in the first half. Just wanted to confirm that the spread between the CSM release and the technical result in life and health was related to those measures.

Last question, on the life new business, it increased quite substantially in Austria, and in the past, you mentioned product launches or product launch projects that could support sales in Austria. I was wondering if that was what drove the new business during the first half.

Thank you.

Thank you, Antoine. Talking about the first topic about P&C run-off, basic claims and about clops.

Yes, it is the case that we had run-off of about 3.9% as it's stated in the document. I can tell you that normally we calculate with a run-off of about on average between 1.5% and 2 percentage points.

Why this was the reason in the first half-year that it was more, there have been one-offs, that much more one-offs that we have been in the past, about 1.5 percentage points. This has to do with lines of business like property.

This has to do with countries Poland, Czech Republic and not Austria. This has to do with a fronting claim that we had in Austria in the first quarter.

Fronting is treated in the accounting scheme, especially in IFRS, as gross, and you see then the net results like it is in the reinsurance and therefore is also visible in the run-off treatment. It's more or less not a frequency, it's more that the severity as you stated.

On the other hand, but basic claims Antoine, I can tell you that the basic claim ratio in UNIQA for the first half-year is in line it was in the history, 40 53% to 54 percentage points defined as all claims excluding weather-related, excluding NatCats and excluding major claims above €500,000. Second question was of about the technical result in life and in health as it declined.

Yes, you're correct. Especially in the health business, we took care especially on two aspects.

A, maybe you know that in Austria the health insurance companies offering inpatient and outpatient tariffs or ambulant tariffs, and especially those ambulant tariffs are seen as a voucher system. An ambulant tariff or a tariff like that works also, but not 100%, in a way that you have a limit which you can take as a benefit out of your premiums if you go to private doctors, if you go and get new, I don't know, glasses or lenses, things like that, but you have a limitation on that.

People know exactly how their limitations look like, and they are reaching in their invoices, especially for those things, in the first half-year. That was another reason why you see here more business, more claims, in that case, also more services for our customers.

We expect this to be better in the second half of the year as those limits have already been achieved. In the life business, we took more or less no actions.

This is the real situation out of the CSM. What we had in the life business in the second half of the year stand-alone basis was a recognition of an additional provision related to unit-linked legal cases in Poland.

Third topic, you talked about the new business in Austria. Yes, you're right.

We are quite happy with the new business margin in Austria, we are not happy with the premium volume. The new business comes from a better unit-linked product and from a better unit-linked profitability, and this is the reason why we have, in that case, a quite nice new business margin.

Thank you very much.

I maybe take the following question from Mr. Huttner because he was

No, hey, sorry, I'm panicking. Right, I thought yeah, no, seriously the instructions were a little bit slow.

Can you remind us what the confidence for your growth outlook? You're maintaining 8% for the CEE in non-life, and half-year was 7%.

We only have six months now to catch up, which means we need 9% second half, a feeling for that. I'm sure you said this on the call, but I couldn't hear, how much was the prudency addition and reserves in Q2?

It feels like it would have been a huge number. There were no NatCats, but my guess is we're looking at around €100 million, but I'm not sure.

The third one is on the deal outlook. I know you can't discuss individuals, but is there a feeling that now things have become a little bit more affordable, there's more likelihood of a deal coming up?

Then last point, and I think you did highlight it, you said you've decided not to raise the guidance, let me put the question in a more kind of positive or negative way, what would stop you raising the guidance in Q3? Thank you.

Yes, Michael. The line was not that good, but I think I can anticipate what your questions have been.

If I'm not correct, then please tell me. The first question was about how are we confident to achieve the 8% full-year growth in the CEE non-life as at the moment we have 7%?

Still, Michael, two elements. The first one is, I repeat again, Poland, and the second one is about Czech Republic and Slovakia.

Coming back to Poland, we have the Poland at the moment 6.6% growth which is for us a good sign because we have been half of this in the first quarter of 2026. We see now that the market is not anymore softening, and we see here that our new business is increasing on a weekly basis.

We have caught up also the market position because in Q1 and in April and May, we have been growing below the market. Since June, July, and also I guess in August, we are now ahead of the market, which in total gives us a favorable situation half-year 2026, Michael, UNIQA 5.4% growth, market

Should I do it again?

Yeah.

Okay. Just I read it again.

By the way, this is the reason why we are in Poland quite confident that this contributes to the seven and to the 8% by the end of the year. The second market is Czech Republic and Slovakia.

We do a lot of portfolio restructuring in this market. We have now, by the half-year, a growth of 7.1 percentage points, and we see that this will also go up to 7.5%, close to 8%.

With a half of a billion premium volume in Czech Republic and Slovakia that this will achieve more than the €1 billion. This is the second driver, Michael, why we are confident to achieve the 8% by the end of the year.

This is the answer to your first question. Your second questions is about what do we see as a budget for the Cat event for the second half of the year?

You're not far away from that what you stated with the €100 million. If you just remind Boris was of around €85 million, therefore, we see also a position in that way to be ready to compensate especially in the second half of the year if it comes.

Your third question is about your impact on the measurements in the first half-year. I can tell you we had topics of around €80 million impacting the technical result of UNIQA in the first half-year, distributed about health, distributed in P&C, distributed into external reinsurance business.

Your last question, Michael, is what can hinder us in terms of increasing the outlook by the end of the year? The only thing that hindering us is if one of those elements I explained in the beginning of my explanation comes true.

If there is a Cat event in Europe in the next couple of weeks, then yes. If there is a negative impact on the capital market or on the equity market within the next weeks out of US, Iran, Europe, whatever you name, this can have impact on UNIQA.

Again, this is why we want to have here security and safeguarding for the rest of the year. If this is not the case, Michael, we will certainly come up and give you new guidance.

Lovely. Thank you.

Yes, indeed. Thank you for taking my follow-up question.

I wanted to come back on the Solvency II ratio. You have lowered sensitivity to the interest rates quite significantly.

This was already visible in Q1. I was wondering if you could share some of the actions that you took to make this possible.

Thank you.

Antoine. We took ALM approach, that means longer assets, on the one hand.

Second thing is, we restructured the model, especially when we look about full internal model of UNIQA. The third thing was that, especially also the profitability of our products and in the health business with higher increases of indexation was better reflected in our calculations than in the past.

With this, we feel now comfortable, and yes, you're right, we have now minimized the volatility on the movements, 50 or 100 basis points, which gives us more comfort, especially in the personal lines movements on interest rates.

Thank you.

Thank you, and also thank you for participating in UNIQA's H1 half-year 2026 results. I wish you a nice remaining summer and all the best.

Thank you.