Significant events after the reporting date
The conflict between Ukraine and Russia, which has been going on for several years, escalated at the end of February 2022. UNIQA is represented in Ukraine by two insurance companies and three real estate companies. In Russia, UNIQA holds 75 per cent of a life insurance company (the remaining 25 per cent is held by JSC Raiffeisenbank). Due to the inability as yet to assess this constantly changing situation, it is not possible to make a conclusive assessment of the future effects on UNIQA at the time of preparing the consolidated financial statements. This is a value-impacting event occurring in 2022 after the reporting date so there will be no impact on these consolidated financial statements as at 31 December 2021.
In 2021, the premiums written in Ukraine amounted to around €110 million and in Russia to around €75 million – amounting to approximately 3 per cent of UNIQA’s total premiums written. The assets attributable to the insurance companies in Ukraine amount to around €140 million as at 31 December 2021, around €90 million of which are investments. The real estate companies in Ukraine had assets of around €20 million at the end of 2021. In Russia, the assets attributable to the share held by UNIQA amount to around €250 million, with around €230 million of this attributable to investments.
Should there be a loss of control over the companies from a consolidation perspective without any consideration being received, there would be a negative effect on the consolidated income statement of the companies in Ukraine of around €95 million as at the end of 2021. The effect on the UNIQA share of the company in Russia would amount to around €43 million as at the end of 2021.
In addition, other Group companies hold investments issued by Ukrainian and Russian issuers. The carrying amount of these investments was around €200 million as at 31 December 2021.
Further developments in the situation are being monitored and appropriate measures will be implemented as necessary to keep the impact on UNIQA to a minimum.