€127 million impairment of Russian bonds at 30 June 2022

When preparing the closing for the first half of 2022, UNIQA Insurance Group AG (UNIQA) identified a potential need for impairment of Russian bonds in the amount of €127 million.

The impairment concerns Russian government and corporate bonds with an aggregate acquisition cost of €156 million that are denominated in euros, US dollars and Russian roubles and are held by UNIQA in Group companies outside Russia.

Notwithstanding this impairment, UNIQA expects to post earnings before taxes in the range of €145–165 million for the first half of 2022 based on otherwise good net investment income and solid performance in its core underwriting business (first half of 2021: €216 million). The final earnings before taxes will be published in the Half-Year Financial Report 2022 on 19 August.