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Uniqa Cuts 2015 Goal On Deteriorating Growth; Shares Fall - Bloomberg

local time. Deteriorating growth forecasts, geopolitical tensions and falling investing interest rates result in an unusually high degree of uncertainty with regard to the medium-term economic development, the Vienna-based insurer said. Uniqa, which competes with market leader Vienna Insurance Group AG (VIG) in Austria and eastern Europe, raised 757 million euros from a share sale last year with the prospect of doubling its client base by 2020. Chief Executive Officer Andreas Brandstetter, who reduced costs to increase profitability, said he plans to reach this goal without large, risky acquisitions. Gross domestic product growth in eastern Europe will average 1.2 percent in 2014 and 1.7 percent in 2015, the International Monetary Fund said last month. It cut its growth forecast from 1.6 percent and 2.5 percent in April, citing a prolonged slowdown in the euro area and the conflict between Russia and Ukraine. The environment which we have now is the basis for our medium-term perspective, Brandstetter said in a telephone interview. Were neither counting on macroeconomics to improve nor on the interest rate level http://leonardfsfu.wordpress.com/2014/11/22/obama-unveils-u-s-immigration-reform-setting-up-fight-with-republicans-yahoo-news/ to turn to the positive. Uniqa, operating in 15 eastern European countries, said it expects pretax profit to reach 370 million euros to 380 million euros this year, an increase of more than 20 percent compared with 2013. Pretax profit rose to http://reubentbwe.blogs.experienceproject.com 93.7 million euros from 69.7 million euros in the the third quarter while premiums increased to 1.25 billion euros from 1.2 billion euros, the company said.
More: http://www.bloomberg.com/news/2014-11-26/uniqa-cuts-2015-goal-on-deteriorating-growth-shares-fall.html

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