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Uniqa sees 300 mln eur FY underlying pretax profit
November 14, 2013 / 7:21 AM / 4 years ago

Uniqa sees 300 mln eur FY underlying pretax profit

VIENNA, Nov 14 (Reuters) - Austrian insurer Uniqa boosted nine-month earnings before tax by 75 percent to 266 million euros ($357 million) as it made a 51.6 million euro profit from selling hotel holdings and premiums rose 8.2 percent, it said.

“Based on current assessments, Uniqa Group anticipates a profit from ordinary activities of around 300 million euros for 2013 as a whole, not including non-recurring items such as the sale of the hotel holding,” it added on Thursday.

Premiums written rose to 4.45 billion euros.

Despite a hit from flood damage, its combined ratio, a measure of profitability in the property and accident segments, improved in the period to 98.8 percent from 101.0 percent a year earlier, the company said.

Uniqa last month raised 757 million euros in a stock sale that will finance expansion in eastern Europe and boost its free float to 35.4 percent.

$1 = 0.7460 euros Reporting by Michael Shields; Editing by Georgina Prodhan

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