“International Financial Reporting Standards” (IFRS)

As a publicly listed company, UNIQA is obligated to prepare its consolidated financial statements according to internationally accepted accounting principles. These consolidated financial statements and Group management report, therefore, do not follow the accounting principles according to the Insurance Supervisory Act, rather the “International Financial Reporting Standards” (IFRS) and the “International Accounting Standards” (IAS) in the versions applicable to this reporting period. No early application of modified standards was performed.

Since 2005, UNIQA Versicherungen AG has applied IFRS 4, published in 2004, for insurance contracts. This standard demands that the methods of accounting and valuation be largely unaltered with regard to the technical items.

The present Group financial statements were therefore prepared, as in previous years, in compliance with IFRS 4 and in accordance with the regulations of the US Generally Accepted Accounting Principles (US-GAAP). For balancing the accounts and evaluation of the insurance-specific entries of life insurance with profit sharing, FAS 120 was observed; FAS 60 was applied for specific items in health, property and casualty insurance, and FAS 113 for reinsurance. Unit-linked life insurance, for which the policyholder bears the investment risk, was accounted for in accordance with FAS 97.