Uniqa Expects Loss of € 300m

Companies ♦ Published: November 3, 2011; 09:33 ♦ (Vindobona)

The Austrian insurance group is writing down all of its Greek government bonds at fair value in the third quarter and will therefore not break even in profit on ordinary activities as originally anticipated.

Uniqa Expects Loss of € 300m / Picture: © Uniqa

Because all of the details regarding the write-down for Greece are not fixed, and the announcement of the referendum has again given rise to uncertainty, Uniqa has decided to write down all of its Greek bonds, not at the ‘haircut-value’ of 50% of nominal value fixed by Brussels, but rather at the fair value as at 30 September 2011 (about 35% of the nominal value).