Uniqa reports 92% drop in net profit, blames restructuring costs

UNIQA Insurance AG

18/02/2021 10:08

BERLIN, Feb 18 (Reuters) - Austrian insurer Uniqa  UNIQ.VI 
on Thursday reported a 91.6% drop in net profit in 2020, citing
non-recurring restructuring and takeover expenses.
    Uniqa said it had earned consolidated net profit of 19.4
million euros ($23.41 million) last year, compared with 232.4
million euros a year earlier.
    It said earnings before tax dropped 76.3% to 57 million
euros, with 243 million euros in non-recurring expenses from
restructuring and acquisitions of eastern European AXA companies
weighing.
     Total premiums written rose 3.6% last year to 5.56 billion
euros.
    The company said it will cut between 600 and 700 jobs in
eastern Europe this year, in addition to the 600 layoffs in
Austria announced in November. It proposed a dividend of 18
cents per share.
    Pre-tax earnings in 2021 should be at the same level as
2018, it added, assuming that the current COVID-19 situation and
its economic impact do not deteriorate further over the year.

($1 = 0.8286 euros)

 (Reporting by Alexandra Schwarz-Goerlich
Writing by Riham Alkousaa, editing by Thomas Escritt)
 ((Riham.Alkousaa@thomsonreuters.com;))