22. Provision for premium refunds


 

31 Dec. 2010
€ 000

31 Dec. 2009
€ 000

Property and casualty

 

 

Gross

38,784

34,792

Reinsurers' share

–33

–99

 

38,751

34,693

Health

 

 

Gross

61,454

62,476

Reinsurers' share

0

0

 

61,454

62,476

Life

 

 

Gross

113,929

146,885

Reinsurers' share

0

0

 

113,929

146,885

In the consolidated financial statements

 

 

Gross

214,167

244,153

Reinsurers' share

–33

–99

Total (fully consolidated values)

214,134

244,054

of which profit-unrelated (retention)

49,439

47,489

of which profit-related (retention)

164,695

196,565

Gross

31 Dec. 2010
€ 000

31 Dec. 2009
€ 000

a)

Provision for profit-unrelated premium refunds

49,472

47,588

 

of which property and casualty insurance

31,024

27,110

 

of which health insurance

16,578

20,252

 

of which life insurance

1,869

226

 

 

 

 

b)

Provision for profit-related premium refunds and /or policyholder profit participation

217,463

187,277

 

of which property and casualty insurance

7,760

7,682

 

of which health insurance

44,876

42,224

 

of which life insurance

164,827

137,372

 

 

 

 

 

Deferred profit participation

–52,767

9,287

Total (fully consolidated values)

214,167

244,153

Gross

2010
€ 000

2009
€ 000

a)

Provision for profit-unrelated premium refunds,
profit-related premium refunds and policyholder profit participation

 

 

 

As at 1 Jan.

234,866

257,680

 

Changes due to:

 

 

 

Other changes

32,069

–22,815

As at 31 Dec.

266,934

234,866

 

 

 

 

b)

Deferred profit participation

 

 

 

As at 1 Jan.

9,287

–216,675

 

Changes due to:

 

 

 

fluctuation in value, securities available for sale

–105,922

186,504

 

actuarial gains and losses on defined benefit plans

–8,712

–2,004

 

revaluations affecting income

52,580

41,461

As at 31 Dec.

–52,767

9,287

The latent profit sharing was changed to an asset item in the financial year 2010. On the basis of the business model used in life insurance and the management rules applied in the Group, this asset item will be reduced against the technical liabilities over the term of the policy. The appropriateness of the entire technical liability will also be regularly checked under a discounted cashflow model (“liability adequacy test”).

© 2011 BY UNIQA GROUP AUSTRIA