Operator

Ladies and gentlemen, we warmly welcome you to the conference call of the first quarter results for 2026 of the UNIQA Insurance Group AG. I'm pleased to welcome CEO, Andreas Brandstetter; and CFO/CRO, Kurt Svoboda, who will guide us through the presentation shortly. [Operator Instructions] And having said that, I'm handing over to you, Mr. Brandstetter.

Andreas Brandstetter
Chairman of the Management Board, CEO & CIO

Hello from Vienna, and thank you very much for your time and interest in the Q1 figures of UNIQA Insurance Group, which show resilient numbers and which show again a full match with our 2028 targets, and which also are a very constant proof of our diversified business model.

Just reminding you of our targets for the year 2028: first, a 6% premium CAGR; second, a 7% EPS CAGR, a combined ratio, which is below 93% net; and last but not least, admin cost ratio, which is constantly below 15%. This is what we communicated to you. And if we start on Slide 4, on the left part of the slide, we see that all our figures of our KPIs in the first 3 months 2026 prove that we are everywhere on track.

Let me briefly start with the growth, which shows on Slide 5, an increase of 14.4%. As you might have seen, the growth in our home market, Austria, direct insure business is north of 4%, 4.2%. The growth