Total consolidated operating expenses (cf. Group notes, no. 37) less reinsurance commissions and profit shares from reinsurance business ceded (cf. Group notes, no. 33) increased only very moderately in the 2009 financial year by 2.7% to € 1,269 million (2008: € 1,236 million). Acquisition expenses even fell by 1.4% to € 854 million (2008: € 866 million). Other operating expenses, less reinsurance commissions received, increased in 2009 to € 415 million (2008: € 370 million) due to additional expenses in the area of social capital reserves in the amount of roughly € 58 million following the lowering of the discount interest rate. In contrast to this, cost savings of roughly € 12 million were realised through the elimination of the holiday reserve.
The cost ratio of the UNIQA Group after reinsurance, i.e. the relation of total operating expenses to the Group premiums earned, including the savings portion from the unit-linked and index-linked life insurance, was 23.2% during the past year (2008: 22.6%) as a result of these developments. The cost ratio before reinsurance was 22.4% (2008: 21.9%). Adjusted for the additional expenses for social capital reserves, the cost share after reinsurance was 22.1%.
