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Uniqa Gains Most in Two Years as Net Rises and Outlook Confirmed

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Aug. 27 (Bloomberg) -- Uniqa Insurance Group AG, Austria’s second-biggest insurer, rose the most in two years after its quarterly net income more than doubled on higher insurance premiums.

The shares climbed as much as 6.9 percent to 10.95 euros, the steepest intraday gain since August 2011. Uniqa traded 5.3 percent higher at 10.78 euros at 11:23 a.m. in Vienna. The number of shares trading hands was double the average three-month daily volume.

Second-quarter net income rose to 74.6 million euros ($99.5 million) from 26.9 million euros a year earlier, the Vienna-based company said today in a statement on its website. Gross premiums rose 6.7 percent to 1.2 billion euros.

Uniqa reiterated that profit from its ordinary activities will increase this year. The company is planning to sell new stock by the end of next year.

To contact the reporter on this story: Jonathan Tirone in Vienna at jtirone@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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