Brief: Uniqa To Sell The 75% Holding in Insurance Company "Raiffeisen Life"

UNIQA Insurance AG

24/08/2023 06:46

Aug 24 (Reuters) - UNIQA INSURANCE GROUP AG  UNIQ.VI :
    * AT THE SUPERVISORY BOARD MEETING ON 23 AUGUST 2023, UNIQA 
INSURANCE GROUP AG MADE THE DECISION TO SELL THE 75 PER CENT 
HOLDING IN LIMITED LIABILITY COMPANY “INSURANCE COMPANY 
“RAIFFEISEN LIFE” (MOSCOW, RUSSIAN FEDERATION, “RAIFFEISEN 
LIFE”)
    * THIS STEP IS IN LINE WITH THE DECISION, ALREADY 
COMMUNICATED TO
THE PUBLIC ON SEVERAL OCCASIONS, TO SUSPEND  NEW BUSINESS IN
RUSSIA AND TO EXAMINE ALL OPTIONS (INCLUDING  A SALE)
    * TO PREPARE FOR THIS, THE MOST IMPORTANT POINTS OF A  SALE
OF THE
SHARES IN RAIFFEISEN LIFE TO A POTENTIAL BUYER WERE  DETERMINED
    * THE SALE IS EXPECTED TO BE COMPLETED WITHIN THE  NEXT SIX
MONTHS, SUBJECT TO ALL NECESSARY BOARD AND  REGULATORY APPROVALS
    * OUTLOOK - FOR THE 2023 FINANCIAL YEAR, UNIQA AIMS TO
CONTINUE
WITH THE  IMPROVEMENTS IN ITS CORE BUSINESS
    * OUTLOOK - HOWEVER, DUE TO THE  EXPECTED UNSTABLE
MACROECONOMIC
DEVELOPMENT, THE CURRENT  2023 FINANCIAL YEAR – AS THE 2022
FINANCIAL YEAR BEFORE IT –  WILL BE CHARACTERISED BY SIGNIFICANT
UNCERTAINTIES, PARTLY DUE  TO VOLATILE CAPITAL MARKETS, HIGH
INTEREST RATE SENSITIVITIES IN  THE INVESTMENTS, UNCERTAINTY
REGARDING THE DEVELOPMENT OF  INFLATION AND THE GENERAL TREND TO
GREATER LOSSES FROM NATURAL  CATASTROPHES
    * OUTLOOK - THESE ARE THE REASONS WHY NO OUTLOOK CAN  BE
PROVIDED
ON THE DEVELOPMENT OF RESULTS IN THE  2023 FINANCIAL YEAR.
    * OUTLOOK - THE DIVIDEND DISTRIBUTION IS BASED ON THE
COMPANY’S
PROFITS.  UNIQA CONTINUES TO PLAN FOR AN ATTRACTIVE ANNUAL
DIVIDEND  DISTRIBUTION DESPITE THE CHALLENGING ECONOMIC AND
POLITICAL  ENVIRONMENT
    * CONTINUES TO PLAN FOR AN ATTRACTIVE ANNUAL DIVIDEND
DISTRIBUTION
DESPITE THE CHALLENGING ECONOMIC AND POLITICAL ENVIRONMENT

Further company coverage:  UNIQ.VI 

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