Premium development
In comparison to the previous year, premiums written in health insurance increased by 3.3% to € 937 million (2008: € 907 million). In Austria, where UNIQA claimed market leadership in health insurance again in 2009, the premium volume in grew over the previous year by 3.4% to reach € 773 million (2008: € 748 million). In the WEM region, premiums written remained at the level of the previous year at € 150 million (2008: € 151 million). In the countries of Eastern and South Eastern Europe, the premiums in health insurance grew by 68.3% to already reach € 14 million (2008: € 8 million). Overall, the international share in the total health insurance premiums in 2009 was 17.5% (2008: 17.6%).
In 2009, the retained premiums earned in health insurance (according to IFRS) rose by 3.1% to reach € 934 million at the end of the year (2008: € 906 million).
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|
Health |
2009 |
2008 |
2007 |
2006 |
2005 |
|
Premiums written |
937 |
907 |
871 |
852 |
808 |
|
International share |
17.5% |
17.6% |
16.9% |
17.0% |
14.2% |
|
Premiums earned (net) |
934 |
906 |
869 |
849 |
812 |
|
Net investment income |
94 |
14 |
134 |
114 |
101 |
|
Insurance benefits (net) |
–812 |
–783 |
–776 |
–772 |
–739 |
|
Other operating expenses less reinsurance commissions |
–129 |
–133 |
–128 |
–135 |
–130 |
|
Cost ratio (net after reinsurance) |
13.8% |
14.7% |
14.7% |
15.9% |
16.0% |
|
Profit on ordinary activities |
85 |
3 |
96 |
54 |
41 |
|
Net profit |
65 |
–1 |
72 |
35 |
35 |
Developments in insurance benefits
The retained insurance benefits increased in 2009 by 3.7% to € 812 million (2008: € 783 million). The loss ratio after reinsurance rose slightly to 86.9% (2008: 86.4%). In Austria, insurance benefits grew by 4.0% to € 667 million (2008: € 641 million). The insurance benefits in the international markets increased by just 2.2% in 2009, totalling € 145 million (2008: € 142 million).
Operating expenses
Total operating expenses in health insurance less reinsurance commissions and profit shares from reinsurance business ceded fell in 2009 in by 3.2% to € 129 million (2008: € 133 million). Acquisition expenses declined by 8.9% to € 79 million (2008: € 87 million) despite the increased premium volume. Other operating expenses grew by 7.3% to € 50 million (2008: € 46 million). As a result of this development, the cost ratio in health insurance decreased further in 2008 to 13.8% (2008: 14.7%).
Investment results
The net investment income less financing costs rose in 2009 by € 80 million to € 94 million (2008: € 14 million). In the health insurance segment, capital investments grew by 5.9% to € 2,424 million (2008: € 2,288 million).
Profit on ordinary activities, net profit
Due to good capital market developments, the profit on ordinary activities in health insurance rose steeply in the reporting year by € 82 million to € 85 million (2008: € 3 million). Net profit increased in 2009 to € 65 million (2008: € –1 million).
