Hello, and welcome to the UNIQA Group Conference Results of the First Quarter 2021. My name is Sophia, and I will be your coordinator for today's event. Please note, this conference is being recorded, and for the duration of the call, your lines will be on listen only. However, we will have an opportunity for live questions. This may be done by pressing star one on your telephone keypad. You may register at any time. I will now hand you over to your host, Andreas Brandstetter, to begin today's conference. Thank you. Hello, ladies and gentlemen, and thank you for your interest in the Q1 2021 results of UNIQA Insurance Group. As you can see on the page describing a snapshot, that's page four, I think it's fair to say that we had a satisfying and very good start into this new year. In the last three months, we managed to decrease our cost ratio, which came down to something like 27.2%. Have had a very good underwriting result in P&C business. As you saw, noticed our investment result was exceptionally strong. We know that some of those positive elements are not sustainable and are not recurring. This is clear. On the other hand, this very good quarterly result also reflects our work on the longer-term strategic goals, which we presented to you in last December when we talked about UNIQA 3.0 Seeding the Future. First, well, it's good to see that the restructuring in Austria is going on. It's executed as planned. Also second, the integration of our former AXA subsidiaries in Poland, Czech Republic, and Slovakia is right on target and is extremely good and well on track. Those two factors, Austria plus CEE together, make us very confident to show to you what we promised last year, achieving an increased return on equity on a sustainable basis in the midterm. This is our very clear promise. We will manage this. Please note then we talk now about the figures that all across them include the acquisition of former AXA companies. When relevant, we will give you also an idea how the business developed without this effect of the AXA companies. Just a few comments first on the growth. As stated on those slides, the business in Austria is much robust, despite the very negative environment on the one hand. In CEE markets without AXA, we see a moderate decline driven by negative FX developments. FX-adjusted, post developments without AXA, we would have grown slightly. The multi-business and the bancassurance business are most affected by lockdowns in various other countries in Eastern Europe. Overall, I think, as far as growth is concerned, we see a very solid development in the current environment. If it's about net investment result, and Kurt will touch a little bit later, we see a very strong quarter on the capital markets, and we took advantage of this. We reduced our exposure to growth and increased, on the other hand, exposure to value on the equity side. Also on the fixed income side, we had some harvesting compared to a quite weak quarter in 2020, when we had impairments due to the COVID-19 related volatility. When it's about combined ratio, you saw a very positive development, 90.9%. A very good underwriting result this quarter. Clearly, we had some backwind from lower frequency, especially in the multi-business, which we deem non-recurring. Even without the lower frequency, we think our disciplined underwriting is showing further results. Also here, Kurt will touch it, and we'll go into more details a couple of minutes later. Earnings before tax are a very good result. We're very happy about something like EUR 112 million. From all perspectives, quite satisfying. A last comment allow me to give before I hand over to Kurt on page five. It's about the regulatory capital position, the SCR, 195% per Q1. Increasing interest rates, of course, and the improved underwriting were the main driver for the strong increase from the year-end onwards, and we feel very comfortable with the long-term target to stay clearly above the 170%, which we gave to you as our guidance for UNIQA 3.0 Seeding the Future. Having said so, I may hand over to Kurt Svoboda, who will start on page seven, introduce you the main details of our group result. Thank you, Andreas. This is Kurt Svoboda speaking. Additionally to the explanation that Andreas gave to you, for your information, these numbers, including the partial internal model of UNIQA, including the AXA companies and three of the companies, does not have any transitionals in its calculation. Jumping on page number seven, just a snapshot on the development on the premiums, a quite good growth in all lines that we have in our business. COVID effects are still negligible. Out of this, the growth even without AXA, a little bit more than 2% is very satisfying. Page number eight, jumping to the cost ratio and the cost development. The cost ratio came down, especially, AXA, because of the first positive implications of our cost program that we run all over the group. The structural effects in Austria from the provision social plan in 2020 are not yet material. We expect them to be visible at least during quarter Q3 and Q4 within this year. This has to do because we have now around 80% of our people that are affected in the social plan with a contractual basis finished. When you leave the company and the first effects we expect in the second half of the year. Here we see positive effects, especially in the material costs. Out of this, we are quite happy that this cost program shows the first effect, and we expect them to be in line for the year 2021. Synergies of AXA, maybe also a word on that. Of course, we have the first synergies within this cost ratio and the cost development that you see here. In comparison to that, what we have on integration costs, they are not material. Integration costs included in Q1 are of around EUR 11 million. The AXA synergies in the first quarter are close to EUR 2 million. A word on the combined ratio on page number nine. A very good combined ratio. I think one of the best combined ratios in UNIQA in the quarter. Lower frequency, a very good basic claim development. Basic claims in UNIQA are defined with a range of up to EUR 500,000, especially in the retail business. We have an actually good development on the weather-related losses, because in that case we have not seen significant impact. COVID-19 loss ratio impact is still visible, but we see also a tendency that it goes up to the old normality. Still, of course, we have here a sort of a headwind in that case. We had also some bigger claims, but our reinsurance cover was quite good, and in that case, we got also a good reinstatement premium out of these bigger claims. Of course, we do not see that this is a sustainable ongoing development over the next quarters, but we see also that our portfolio management was quite good. Please also note that this quarter does not reflect any court decisions that we have regarding business interruption cases. This still has to come. Page number 11 is the next page I would like to elaborate. We have on the health business, besides the good development also on the growth side, also our decisions taken to allocate substantially to the premium refund. This was one action that we took in Q1, and on the other hand, we experienced also lower claims. In that case, we have been careful and have also potentially reserved for IBNR in terms of upcoming services that we have to pay to our customers. Page 12 on the life business. Those are the positive effects coming from the AXA portfolio. In that case, also the CEE life business was the driver of the good development of the life business in UNIQA. Also, in that case, bancassurance had a negative impact because COVID-19 and the closing on point of sales, in that case, was against the expected growth. Coming at least then to the investment activities, page 13. We talked about and you have heard about our trading efforts that we have. We took the opportunity, especially in the first three months, that we changed our approach in our internal funds, and to change from technical equity positions to more sustainable ones. With this, we got trading effects of more than EUR 15 million. This is, of course, something that we do not expect ongoing on this amount. We also take into account that STRABAG in the first quarter had a negative impact according to their business model. Still STRABAG is also in line with their plans, and we do not expect any deviations from that what we had in the previous years. Far my explanations to the operational development of the first quarter and for outlook, Andreas will give you a few more words. Thank you, Kurt. The main elements about the outlook you find on page 15. To summarize what you heard from Kurt now, we may say that this was a very good quarter without any doubt, and was a quite satisfying start into the new year. I would like to mention five points. First, the top line, as you saw, is getting the expected boost from our acquisition last year. As we see, our already existing core business is stable in a quite challenging environment. Second, excellent combined ratio. We are on the right long-term trend, this is for sure, and we are more confident than before to reach commitment and, of course, long-term goals. Third, cost management on track. Fourth, AXA integration, as was shown before, is delivering against our targets. Well, last but not least, five, this all together gives us confidence to not just reach this year's target, but even more important, also to keep what we promised on the Capital Markets Day to you last year. We know that it might seem a little bit conservative not to increase our outlook after the strong first quarter. We are aware about this, but please also accept that we need to wait and see how our business is going to develop in Q2 over the next weeks and months. To change the outlook already after the first quarter, according to our opinion, might be premature, and we should wait for this. About our targets, I would like to confirm them. UNIQA 3.0 will deliver on top-line CAGR of something like 3%. We'll have a cost ratio on the long-term perspective below 25%. We want to have our combined ratio net constantly to be at around 93%. We want to deliver to you an ROE of 8%-10%, and most importantly, a good increasing dividend per share with a payout ratio of 50%-60%. Thank you so much for listening to us. On the end, I will hand over back to the operator, and we are now very happy to answer your questions. Thank you. If you would like to ask a live question at this time. Please press star one on your telephone keypad and you will be prompted for your turn. Again, that is star one at this time if you want ask a question. We have our first caller. A question coming to the line of Michael Haid at Commerzbank. When you're ready, please proceed. Thank you very much. Good afternoon to everyone. Two questions. First, the combined ratio, of course, 90.9%, excellent combined ratio. Can you provide a breakdown into the various components of the combined ratio? Obviously, as you mentioned, weather-related losses were very low. Frequency benefits probably more significant. Also, you mentioned some more cautious reserving due to uncertainty about future loss experience once COVID-19 is behind us. Can you shed a little bit more light on what you expect there? Second question, the Solvency II ratio, 195%, up from 170% at YE. It is well above your target. You want to be above 170%. How do you look at the Solvency II ratio with respect to capital distribution measures via dividends? Thank you, Michael. Let me start with the second one. The movement in Q1 was driven by two elements. First of all, of course, we had around 35 basis points better interest rate curve, which is then for Solvency II, and this is according to our long-term business, especially in the health business, where we have on purpose this allocation helping us in that respect. Secondly, is not to forget the excellent technical result also reduced the release capital and therefore also an impact on that side. Talking about excess capital and talking about, I think, the usage of excess capital we had mentioned earlier. We do not see a sustainable increase of interest rates over the next couple of quarters. I think when we can argue that this interest rate environment stays like it is, then this is a good opportunity and a good position also from a macroeconomic perspective. For us too early to talk about excess capital and how we bring this into working capital. On the other end, Michael, I think we have all known that excess capital doesn't automatically mean free cash flows. Also on that, we have to take care what this means for internal and external funding. I can give you more guidance on that, at least in the conference call in August or then in September. Your second question is about combined ratio. 90.9 is a quite excellent development. What I can say to you is the composition of this combined ratio is of 14% acquisition and admin costs, around 16% is about commission ratio, and about 60% is the loss ratio. The loss ratio you can divide into an impact of 7% that we had out of peak claims, which is in relation to other quarters, a little bit higher. Another impact is that we had only 0.7% from the nat cat, which means the remaining part is something according to, we call them traditional claims or basic claims. This level, we know from previous information that the company always targets between 2% and 2.5% to have a so-called best estimate level available. This is what we have with this combined ratio again, meaning we are quite well reserved, and even with this, 90.5% was possible to achieve. Thank you very much. Is it fair to assume that the frequency benefits are around one, maybe two percentage points in the combined ratio? It's fair to say 2%, correct. The other point, I think it's also fair to say that the COVID-19 impact is still between 2% also. Thank you very much. Fantastic. Thank you. At this time, I will give one more reminder if you would like to ask a live question please press star one on your telephone keypad and you will be prompted for your turn. Again, that is star one. We have our next question from Thomas Unger of Erste Group. When you're ready, please go ahead. Good afternoon. Thank you also for taking my question. I have a few, if that's okay. First, I would like to ask on the investment results. Obviously, you recorded some substantial realized and unrealized gains in the quarter. Around what level do you see the financial results currently sustainable? Is it around EUR 100 million to EUR 110 million per quarter, also for the coming quarters then? On the solvency ratio, you've mentioned the interest rates curve changes as the main contributor to the 25 percentage point increase quarter-on-quarter. Can you give the breakdown how much exactly relates to the interest rate curve and how much to the technical results in Q1 with the changes quarter-on-quarter? Lastly, the line amortization of goodwill in the P&L with the minus EUR 12.6 million for the quarter. Is there a one-off in that line as well, or is that the run rate that we can use to project the coming quarters? Lastly, on the operating expenses, the level without one-offs now seems to be around EUR 400 million-EUR 420 million for net operating expenses. It appeared that way in Q4 and now it's in Q1. Do you expect an improvement from this level already in 2021, so in the coming quarters towards the end of the year? Or is that the level that we can project for the coming quarters in 2021? Thank you. Okay, Thomas. Thank you. I take the first one, investment result. Of course, what we want to state is that in the first quarter, we have no impairments. That means it wasn't a favorable quarter for the financial industry and also for our portfolio. Giving you a guidance, I would at the moment state that everything between around EUR 130 million is a sustainable quarterly investment result that you can take into consideration. Of course, not knowing if there are capital impact on, I don't know, from the U.S. American development or from the topics in Israel or Turkey. With no more developments, I would give you the guidance. Your second question about Solvency II ratio and the composition of the improvement. The improvement was exactly 25 basis points. When we divide it into what effect comes from the interest rate shift and what comes from the technical result, it's about exactly 18% comes from interest rate shift, 18, and the rest, 7%, comes from the technical result. The goodwill topic is something that is relating to our integration of AXA and the composition of the purchase price allocation. We decided to divide our purchase price allocation into a so-called fixed goodwill, which is the classical goodwill as intangible visible. The other thing is that we created a so-called value of business in-force, especially for the life and pension business in Poland, Czech Republic, and Slovakia. This is depreciated over the lifetime of the contract, which is an average around 11 and a half years. This is the impact of a yearly depreciation of this VBI, and this is shown under goodwill. It is something that we planned and that we knew and was in forward days. Just for you, the technical information in the AXA world accounted as acquisition costs. The last question, if I got it right, is about when do we expect the first impact on the cost side. Significantly, we expect them, as I stated, in Q3 and in Q4. In Austria and in CEE. This has to do with laying off of people in Austria and the social plan. Anyhow, we have many people that are leaving the company still by middle of the year, others at the end of the year. The most significant things we will see in Q3 and in Q4. The run rate is going to be visible in 2022. Very good. Thank you very much. Before I return the call to your presenters, we'll ask for one more call for questions. Again, that is star one for live questions at this time. We have no further questions coming through. I'll return the event over to your speakers for any closing remarks. Ladies and gentlemen, thank you very much for your interest in our Q1 figures. Seek us, stay healthy, have a good afternoon, and goodbye. 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