Berenberg Maintains Uniqa's Buy Rating Ahead of H1 Results

06:35 AM EDT, 08/14/2026 (MT Newswires) -- Berenberg reiterated its buy rating on Uniqa Insurance Group (UQA.VI), with a price target of 20 euros, ahead of the company's first-half results on Aug. 20. "[We] forecast EUR315m H1 2026E pre-tax profit, which is 6% above H1 2025's EUR296m. We also believe that at its H1 2026 results on 20 August, UNIQA could potentially lift its FY 2026 pre-tax profit outlook from currently EUR540m-570m to a higher range of, we estimate, EUR580m-600m. This would be positive for the stock, in our view, as Visible Alpha consensus is currently EUR570m and we therefore believe that a rise in the outlook would be reflected in a rise in consensus estimates," analysts said Friday, noting "relatively benign" natural catastrophes in the first half. For gross written premiums, Berenberg forecasts growth of 10%, higher than the company's target of over 6% compound annual growth rate to 2028. Meanwhile, the research firm said it estimates a combined ratio of 91.8% for the six-month period. "Our forecast is cautious as the period of higher nat-cats in CEE was, according to Allianz reports, Q1 2026 with a 3.5% combined ratio impact, while Q2 2026 was just 0.8%. In any case, our forecast is still well in line with UNIQA's target, which is to maintain its combined ratio below 93%," analysts added.