Thank you very much, and good afternoon from sunny Vienna. Very happy that you're so bold to spend the afternoon of Friday the 13th voluntarily with us.

Highly appreciate this. This is just a brief confirmation of what we promised to you at Capital Markets Day in London in November of last year, as far, first, the outlook for the year 2025 was concerned, and second, as far as our general guidance for the rest of UNIQA 3.0 growing impact, meaning for the years 2026 till 2028, is concerned.

Starting with an overview on slide four very briefly, I want to remind you what we told to you and what we showed in London, meaning the broad diversification of our group. On the right part of the slide, you see basically how the distribution between our two regional markets does look like.

Still 56% of our premium are coming from Austria, whereas international business, meaning CE business, is gaining even more momentum, currently being responsible for 44% of the overall gross written premium. If then we shift to the right of the slide, you see how our three product groups are distributed.

More than 60%, as coming from the P&C business, currently having a very strong combined ratio of 91.7%, and followed both by life and health insurance, both of them counting for roughly 20%. Why I do stress this?

Because in the meantime, if you have a deeper look, you see that the distribution between international business and Austrian business is almost 50-50. If you have in mind that the profitability in those two product groups, both in life and in the P&C business, is very strong in the CE area, this means that you can expect a very strong profit contribution, especially coming from CE in the next years.

This was my first comment as far as this is concerned. Let's move to growth.

On the left part of the slide, you see that we're growing by more than 8% in the year 2025 to €8.3 billion. This growth is, and that's a trend which we saw already in the last years, coming with something like 5% from the Austrian business, a very secure, stable market, and then much more caused by our CE business where we have been growing by 10%, predominantly by Poland of 13%.

That more than 6 million of our clients are already coming and living in Poland, followed by Hungary, 12%, and then, once again, Ukraine, unbelievably, up 14%. This means Austria 5%, CE 10%, and this a kind of pattern which we saw in the last couple of years and which we expect also to be relevant for the next years, as that catch-up potential in Eastern Europe, as still is very strong.

If I then move further down on the slide, you see a combined ratio, which I mentioned, 91.7% after reinsurance. Yes, it's true, all of us know that this year 2025 basically had no, or I'd say, much less negative impact on claims side coming from NatCat as in the last years.

That's the one thing. Not forgetting that our underwriting discipline, our pricing capabilities, which were demonstrated to you in London in November, really improved a lot, and this means that we expect, also in upcoming years, constant combined ratios net which are below 93%.

Admin cost ratio also decreased due to this very strong growth down to 15.3%, which shows that we have the admin costs clearly under control, admin costs as well as the commission which we pay. All those facts together, and this you see on the right bottom of this slide, lead to a profit before tax, which are clearly above for 2024, €560 million is even above the upper part of the range which we indicated to you last year.

Our indication was a range of €490 million to €510 million, and with €560 million, we are slightly above the upper end of this range. The consolidated profit, and Kurt will come back to it in a second, was climbing up to €425 million, which is an increase to 22%, based on a very positive tax rate of 18%.

All this, and Kurt will elaborate, leads to a very strong increase of dividend. At least it's our proposal to the AGM taking place in June of more than 20% or 20% up to 72 cents per share.

If you move to slide number five, just adding to what I did not mention yet, also you can expect from us, and Kurt will touch this maybe later, also an increased participation of the external reinsurance business if it's about growth and profitability. Technical result is mentioned here increased by almost 27% to close of €700 million, which is super positive.

Financial result basically remained nearly unchanged compared to the year 2024, supported strongly by a higher ordinary income. If you then look more further down, you see a new investment yield which improved up to 4.5%, and also the average investment yield improved to 3.2%.

The total amount which we invested newly was a little bit less than €2 billion in the year 2025. Let me end by a last comment as far as the diversification of our portfolio is concerned.

Talked before about diversification as far as the premium, as far as the growth is concerned, as far as our three product groups are concerned, and I think this should give you the impression that this is a very well-balanced group. I would like to add also as far as profitability is concerned that we are not based basically on one or two pillars, but in the meantime nearly on three pillars.

If you look on the profit before tax, you will see that in Austria we are earning, and this is an operative figure, meaning excluding dividends coming from the international business, that we earned last year something like €236 million, in Eastern Europe €246 million, basically the same amount of profit before tax, and then followed by UNIQA Re or by reinsurance in general with a very strong contribution of €142 million profit bias. I want to stop here and hand over to Kurt to provide you much more details on our P&L and balance sheet.

Yes, thank you, Andreas, and welcome, ladies and gentlemen, to the topics of the preliminary 2025 deep dive. Start on page number six on the key financial indicators.

I think I would like to focus on two topics. The first one is that we had a return on equity increase of 14.3%, reflecting the good development on the technical results and on the earnings.

Andreas already mentioned the proposal to the AGM of 72 cents per share. We are quite satisfied with the composition of the dividend streams, meaning that half of the dividend comes from Austria, half of the dividend streams comes from international, accompanied by a good portion from the UNIQA Re business internally and externally in Switzerland, a quite well-balanced funding of a dividend of 72 cents per share.

The regulatory capital position is increasing from 265% to 275% by the end of the year, knowing that some of you are questioning why this is lower than after the third quarter 2025. Two effects that I can report out here.

The first one is we use the end of the year always of looking into assumptions and on economic assumptions. In that case, we saw that especially in the health business with inflation and with further spendings, we see an increase of the best estimates of €260 million.

This is one thing of assumption changes, being very cautious on that level. The second effect was that our participation of STRABAG was super performing in the fourth quarter and with the market risk in that respect on the SCR level, we have here also an increase of that.

This is for us still a strong position. Besides that, what you don't see on the slide here is that we also had an economic position and operating capital generation of €590 million achieved 2025, meaning that half of the dividend with this is covered, the rest is for internal funding, so, in other words, also the economic growth 2025 was quite in line with that what we expected.

Moving on to page number seven, it's about the development of the group's life and health contractual service margin. What is new in our disclosure is that we show so-called operating contractual service margin, meaning without any assumption changes, economic-wise, and also on topic of model changes.

This gives us a better reflection and also for you on the development of the core business. With this, we see two elements.

The first one is that the new business generation was with €260 million well above 2024. We'll come in a minute on the split on life and on health.

With 80.9%, we are good on track with the target 2028, which lies at 90% CSM sustainability ratio. Top line, on the next page, was already mentioned by Andreas in details, the 8.2%.

Additionally to that what you heard already on markets on that growth, we can say that, especially on the life business, we have a huge growth in the international business by 7.5% 9.5%—and in Austria around 1.3%, a very dominant position in the international business. On the other hand, the health market in Austria and UNIQA, in that case, is a leading position with 6.2% is in line with that what we saw also during the year.

This is also a sustainable growth for 2026 to be expected. On the admin cost ratio, on page number nine, we see a stable trend and also a good path to achieve target 2028 by lower than 15%.

Despite that, with investments in the IT, our transformation, and the UNIQA Insurance Platform, still some first investments in artificial intelligence, and with this keep the level of the admin cost ratio by 15.3% in both segments, Austria and international, on a good path and track record. If you look on page 10 on the P&C result, I think we have to mention two things.

The first one is that we had, on the one hand, a quite good development on the basic claim, to cross additional claims by 62.9% is quite good. If we go one step deeper, we can say the basic claims, and everything around below €500,000 claims, UNIQA is reporting below 60%, which is also the driver of the high profitability in that respect.

We had, as already mentioned, a neglectable NatCat impact by 0.2%. The reinsurance result of UNIQA to also state this is, on the one hand, driven by the intro business, correct, but also in the second year, we achieved €250 million external business in Zurich, leading to a profit of €20 million, which is also part of the P&C earnings before tax.

Life, page number 11, as I mentioned before, driven by the international growth and also profitability, also here technical results with 29% better than 2024. Health, additionally to that what I said before, we can say that, especially in Q4 of the year in Austria, there was a quite high sales activity.

The trend on demand on health insurance and on health services is ongoing. With this, we have also the new business margin in line with that what is expected.

Health is a big contributor to the UNIQA results 2025, but also for the upcoming years. This is visible especially on page number 13, where we have the split between the business margins on the different product lines and the present value.

If you look again on the health business on the right-hand side, €133 million on new business value in relation to €106 million in the year 2025, this is what I was talking about that in combination with a good development on the sales side driving the profitability of this business, knowing that not everything goes directly to the P&L because of the contractual service margin principle. Two core markets, Austria, international, on page number 14.

I think just to stress that in both markets we had good technical results on the P&C side, combined ratio gross-wise. It's also good to see that, especially in Austria, we have a good development on the cost ratio, so that means not everything on the improvement is driven by the claims ratio.

We have also the situation that the basic claims in both segments are improving. Investment portfolio, on page number 15 and 16.

Page 15 is important that our expected credit loss model works quite confident, stable position for the year 2025. Despite that interest rate on the government bond 10 years have increased by more than 30 basis points.

Insofar we achieved, and this then visible on the next slide, higher net investment income, but anyhow according to the IFRS standards, a part of it, €209 million, is reflected in the P&L as a net financial result. Far some details on the results 2025.

Before we come to Q&A's, outlook for the year 2026. We see that UNIQA is ahead of plan, and UNIQA 3.0 growing impact is also working in a way that we announced in Capital Markets Day in London in November last year.

With this, we say with the disclaimer of, of course, capital markets and natural catastrophes in a wider sense, that the target EBT range is between €540 million and €570 million for the year 2026, with a dividend policy unchanged between 50% and 60% as a payout ratio with a progressive increase of the dividends per share. The proposal to the AGM was already stated by Andreas.

With this, I say so far thank you for your attention, and now we are open for your questions.

Hello, can you hear me?

Yes, we can hear you.

Wonderful, thank you very much. I'm sorry, I'm new to this platform.

Thank you very much for the presentation and also for the opportunity to ask a few questions. Firstly, I'd like to ask you on the outlook for 2026.

You have growth in the range of 5% to 10% on EBT level for 2026. Is the key driver here revenue growth for '26, or what are the other key drivers that you see?

Where do you expect the combined ratio to go, the technical result overall, financial result, the key components would be very helpful. Then secondly on the combined ratio in Q4 alone, from Q3 to Q4, the combined ratio went up a bit.

If you could break down what were the factors that played a role here in Q4? Then lastly, if you could talk about if you see any impact from the conflict in the Middle East on UNIQA Group, direct or indirect?

Thank you very much.

Thanks for the questions. Starting with question number one, the outlook, we see as a combination of a stable, ongoing good growth, that's correct.

Still we see that, especially in the CE markets, we do not expect anymore this huge growth in Poland for the time being. This market is on the one hand with huge potential, but that huge growth that we saw especially in Q1 and Q2 2025, we do not expect anymore.

We have other markets like Hungary, like Czech Republic, we saw also Ukraine, and Austria still ongoing, where we see a basis for our, and this is now the second driver, with this existing profitability and higher growth, we are quite confident to achieve this level between €540 to €570 million in all business lines. Your second question is very valid, the combined ratio Q3 and Q4, and generally if you look on the result Q2, 3, and Q4.

This has to do with several effects. The first one is the insurance industry, and especially we as UNIQA, we have always a peak on cost loadings in the fourth quarter.

The second thing is that we saw in Q4 that the result and the development is quite stable and also looking ahead around what's going on in the world, I think from a balance sheet management, we also took some actions to keep the company stable in the upcoming years for balance sheet managements. The third thing is that in Q4, we have always the least increase in premiums because of originarity and seasonality, especially in the international business.

These three factors are driving the Q4 development. Impact Middle East, thank you.

We can report out that we have no primary impact. Neither we have bonds or any other assets in the region of Saudi Arabia, Israel, Iran, and in the wider area.

We have also no risks that we actively are covering on the reinsurance side, also in our external part. That we can say primary effects we do not have.

Secondary effects we cannot exclude. That means a longer ongoing war will have impact on inflation, will have impact on energy prices, and then maybe also on the potential growth in the one or other country in Europe, also on capital markets.

We see at the moment also the stock markets in Europe interest-wise, not in the US, going down. This is nothing in our hands.

Secondary effects we cannot exclude, but with this, we have so far also in Q1 no visible effects to report.

Super. Thank you very much, appreciate it.

Hello?

Hi, good afternoon. Thanks for taking my questions.

I have one on the combined ratio and two on solvency. On the combined ratio, if I look at just the 2H number for your prior-year development reserve release, it seems that you had some reserve strengthening.

Could you just talk a bit about was it any particular lines of business, was it overall, and just a bit more detail on that? Second one on solvency, a very quick one.

Can you just give the breakdown of the own funds and SCR that comprise the 275%? Then finally again on solvency, just what happened in 4Q?

It seems to be down eight points. Can you just talk about the moving parts in the last quarter of the year?

Thank you.

Yes, hi, August. Starting with your first question, combined ratio releases and run-offs, that's correct, we had 2024 higher run-offs than we had in 2025.

This has to do with Boris on the one hand and closing some Boris claims still in 2024, which was not the case for 2025. Second is that we had in 2025 some line of businesses, especially in Austria, and where we did the last step on restructuring.

You remember maybe that we explained on the Capital Markets Day the restructuring phase on transport, on accident, and on liability in Austria. This was done in 2025 in the last quarter.

Impact-wise, in total, we talk here about €20 to €25 million for all of the business lines. With this, we have then the normal run-off portfolio and also run-off impact that led us to the situation that with 91% roughly the combined ratio net basis is in line with this what we expected.

On the Solvency II, August, I heard your third questions, but I try again to give you an update on that. What we did in Q4 was, on the one hand, we updated our non-economic assumptions on the own funds, and that brought us to a higher best estimate on €260 million, and with this less own funds.

Secondly is that STRABAG was performing extremely good in 2025, and as our STRABAG shares valued on the Solvency II with equity position, we had to have more market risk for that. Those two elements brought us to a situation where the increase in relation to 2024 was a little bit less than it's expected.

If you compare it to the third quarter 2025, we had in that case lost eight percentage points out of these two elements.

Just on the solvency one, I asked quickly, do you have the numbers on what the full-year own funds and full-year SCRR?

Yes, of course, August. You can write own funds UNIQA by the end of the year 7,308, and the SCR 2,657 in million euros.

Thank you so much.

Thank you, and good afternoon, and thank you for the opportunity. A first question on the life new business, because you delivered quite a strong NBV number in Q4 in health, but also in life, which is quite a significant upturn from previous quarters.

I think actually the life NBV increased by almost 30% in Q4, mainly from savings and protection, and I was wondering if you could give us some indication on what were the drivers behind this performance. Maybe could you provide also an update on the planned product launches that you referred to previously.

That's the first question on the life new business. Then coming back on P&C, you flagged a tough comparison base looking into 2026.

You mentioned Poland. I think also maybe reinsurance was quite strong in the first quarter of last year.

I was wondering if you could give us an indication on the outcome of the January renewals in both primary insurance and reinsurance, and the implications in terms of premiums and profitability specifically in the first half of the year, because yeah, the growth slowed down a little bit in Q4 in P&C. Then finally, a quick question on the tax rate, which was particularly low in Q4.

I was wondering if that's probably a one-off, I guess, but maybe there was an element that you would flag that could change the long-term outlook for the tax rate. Thank you.

Thank you, Antoine. Starting with the first question, the driver for the good growth in the health business especially, and also in life, in Q4.

We started by starting Q3, especially in Austria, on the health business, a growth initiative where we, and I think this is also then part of your second questions, we launched new products, especially on the outpatient tariff, meaning that we have now four products in place and not only one. We have here different customer approaches from the light one or from a cheaper one up to a very expensive product.

With this, we get more customers and more on the broader way of selling the products. This was reflecting also the growth in Q4.

This was one driver of the health business in Q4. The second driver was of course initiatives in the sales side, especially in topic of advertisement.

This helped us also to boost the new business margin in relation with the volumes. The life business is something that we have a product in place where we will come out, I think, in Q2 this year will be a new product for the Austrian market, especially with a higher flexibility, and this gives us also the security that in both channels, retail and also on the bank side, we have a higher productivity and portfolios in the life business.

Not to forget that in the international business, we have the markets of Czech Republic and Slovakia, where life business was booming and especially of short-term life business. This is also valid for Poland.

Here we have also for '26 huge potential that is a part of our plans. These are your first two questions in terms of life, health, and new products.

P&C, you ask about the situation in Poland and the impact of 2026, and also the renewals on the reinsurance side internally and externally, I understood. Starting with Poland, yes, with huge growth in Poland, especially in the first quarter, more than 20%, especially on the motor business.

When you look in Poland in total, P&C we achieved 13.4% growth and, which is much more important, Antoine, that we have also here a very positive insurance technical results achieved. That means it's not only volume, it's also that this volume is profitable.

This has to do with our flexible pricing. This has to do with our multichannel approach over different ways.

We see Poland still as a growth market because the country itself has a huge potential and is also booming economic-wise. Do we see the same growth rates like last year?

No, that's not the case, but profitability-wise, yes. Renewals, we came out with a renewal by end of the year, which was a like-to-like basis around 6% premium increase for the internal reinsurance, and this was a little bit reflecting the good profitability on the P&C side, especially on NatCat.

We have been quite 7% 7% increase, and also quite fast covered. External-wise, we are not impacted by that because the business started quite young.

What we also have is that we have here different renewal phases. The next renewal phases where we are participating is the July one.

In that case also see new prices where we can benefit because of higher prices. Generally reinsurance market is softening still, and we see no big impact so far.

Coming back to the question number one today, maybe secondary effects then over the year, depending on the global situation. Tax rate, last question, 18%, that's correct.

This has to do with loss carried forward that we could use by active deferred taxes covered. Is this sustainable over the next years?

I would say not in that way, but a tax rates on an average of 20% is something that you can count and calculate.

Okay. Thank you very much.

Hello, can you hear me now?

Finally. Thanks a lot for the presentation and opportunity to ask questions.

Some things that I wanted to ask were just answered, but I would just like to go back to the life book in Austria. Perhaps you mentioned this, but I was having some issues with the connection.

Was this increase in insurance revenues in Q4 solely driven by the release in CSM, or was there any other factor if that's something that you could elaborate on, please? Thank you.

No, it was not a release factor, Rok, in Q4 that we have. It was a volume-driven topic coming from the international business.

As said before, it was a mix between Czech Republic, Poland, and also not to forget Croatia. Okay.

Thank you very much.

Yes, good afternoon. Thank you for the opportunity to ask follow-up questions.

I've got a few. Maybe on solvency, I was wondering if you could give us a quick update on the planned adoption of the full internal model.

I think it was planned for 2026, but maybe an update on this question. Then a question on the health variances, because there was a negative economic variance of circa €200 million in Q4, and a positive non-economic variance of about €100 million in the quarter.

I was wondering if you could give us some precisions on those two points. Thank you.

Good. On the full internal model, I can report that 2026 would be great, Antoine, but we are going for 2028 for the approval of the full ideal model.

We are at the moment with Austrian regulator discussing, and in a good line, of testing the model, talking about best estimates and also how to embed the operational risk. Far, we see no big topics, and also no topics in terms of that it is postponed.

With this, we see also that we are in line with this. Impact for the full-term model so far I cannot state the model is not stable enough, update will follow.

On the health side, you ask about the variations. The non-economic variations have been the premium adjustments on the health side.

This has to do with the product itself. It's about indexation.

Indexation in the health business is an important part because of medicine inflation, and this has been the non-economic variance that you talk about.

Okay. Thank you.

Very kind. Just adding, all of us wish you a great weekend.

Stay safe and healthy. Bye-bye.