May 22, 2020 / 6:01 AM / 6 days ago

Uniqa reports Q1 loss due to coronavirus provisions, expenses for storm "Sabine"

VIENNA, May 22 (Reuters) - Austrian insurer Uniqa reported its first quarterly net loss since the financial crisis as it built provisions in connection with the coronavirus pandemic and due to expenses after February’s storm “Sabine” and an earthquake in Albania.

The group said on Friday it booked a net loss of 13.2 million euros ($14.4 million) for the January-March period after a profit of 32.2 million in the previous year’s period.

Provisions in connection with the coronavirus pandemic amounted to 37.5 million euros. Written premiums rose 3.2%, driven by solid growth in its health, property and casualty insurances.

Uniqa stuck to its April assessment according to which it might make a pre-tax loss in 2020 because of the coronavirus pandemic. ($1 = 0.9154 euros) (Reporting by Kirsti Knolle Editing by Scot W. Stevenson)

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