€5,276 million of premiums
With €5,276 million of premiums, written including the savings portion
from unit-linked and index-linked life insurance, UNIQA is
one of the leading insurance groups in Central and Eastern Europe. The
portion of premiums from unit-linked and index-linked life insurance
amounting to €748 million is, in accordance with FAS 97 (US-GAAP),
out by the changes in the actuarial provision. The premium
excluding the savings portion from the unit-linked and indexlinked
life insurance amounts to €4,528 million.
UNIQA in Europe
The UNIQA Group offers its products and services through all distribution
channels (salaried sales force, GeneralAgencies, brokers, banks and direct
sales). UNIQA is active in all types of insurance and operates its direct
insurance business in Austria through UNIQA Personenversicherung AG,
UNIQA Sachversicherung AG, Raiffeisen Versicherung AG, FINANCE LIFE
Lebensversicherung AG, Salzburger Landes-Versicherung AG and CALL
DIRECT Versicherung AG.
The listed Group holding company, UNIQA Versicherungen AG, is responsible
for Group management, operates the indirect insurance business and
is the central reinsurer for the Groups Austrian operational companies.
addition, it carries out numerous service functions for the Austrian and
insurance subsidiaries, in order to best take advantage of
effects within all the Group companies, and to consistently implement
the Groups long-term corporate strategy. UNIQA Re AG has
in Zurich and is responsible for reinsuring the Groups
operational companies. In order to achieve maximum synergy
the international activities of the UNIQA Group are managed
centrally through Competence Centres as well as the Central Services,
and UNIQA International Versicherungs-Holding GmbH is responsible for
monitoring and analysis of the international
target markets for
acquisitions as well as for the integration of acquisitions into the Group.
Investments expanded in the Ukraine and Bulgaria
At the end of 2007, UNIQA decided to expand its investment in the
Ukrainian company Credo-Classic from 35.3% to 61.0%, thereby taking
over a majority
interest in the company. A further expansion of the investment
is planned over the medium term. Credo-Classic is the sixth-largest
property insurance company in the Ukraine a market with some of the
best prospects and fastest growth rates in Eastern Europe with a population
of over 45 million. UNIQA is active in the life insurance business in the
Ukraine with UNIQA LIFE and operates a cooperation with the Raiffeisen
Bank Aval within the framework of the Preferred Partnership.
Already at the start of 2007, UNIQA strengthened its commitment in
Bulgaria and increased its investment in the Vitosha Group to 62.5%. At
the same time, the companies were renamed to UNIQA and the cooperation
with Raiffeisen banks in Bulgaria was further intensified.
Market entrance in Albania, Macedonia and Kosovo
In December 2007, UNIQA decided to take over 45.6% of the Albanian
SIGAL Group. With a market share exceeding 28%, SIGAL is the largest
insurance company in Albania and also has a corresponding market presence
in Macedonia and Kosovo through subsidiaries and branches. UNIQA
has already been cooperating with SIGAL since March 2007, and obtained,
at the start of the cooperation, a contractually fixed option to acquire a
majority by 2010.
Within the framework of the cooperation, the first jointly developed
in the area of life and health insurance have already been
positioned on the market. The exchange of know-how should
be further intensified in the future.
Founding of a property insurance company in Serbia
In 2007, UNIQA was the first insurance company in Serbia to complete
the separation of product lines and founded its own specialised company
for property insurance. Since the start of July 2007, UNIQA neživotno
with its head office in Belgrade, has also offered motor insurance
on the Serbian market. The experience of the entire UNIQA Group was
utilised in the product design, marketing and sales measures.
In this way, the UNIQA Group has expanded its presence in Eastern and
south-eastern Europe during 2007, and the Group is now active in a total
of 20 European insurance markets.
Companies included in the IFRS consolidated financial statements
Along with UNIQA Versicherungen AG, the 2007 consolidated financial statements of the UNIQA Group include 35 domestic and 65 foreign companies. A total of 50 affiliated companies whose influence on an accurate presentation of the actual financial status of the assets, financial position and profitability was insignificant were not included in the consolidated financial statements. In addition, we included 14 domestic and two foreign companies as associates according to the equity accounting method. Ten associates were of minor importance, and their shares are recognised at market value.
The scope of consolidation of the UNIQA Group was expanded in the 2nd quarter of 2007, with the Serbian company UNIQA neivotno osiguranje a.d.o. and in the 4th quarter with UNIQA neivotno osiguranje a.d. in Montenegro, which were fully consolidated for the first time. The shares in the insurance holding company SIGAL Holding sH.A. in Albania were recognised under other shareholdings.
Details on the consolidated and associated companies are contained in the corresponding overview in the Group notes. The accounting and valuation methods used, as well as the changes in the scope of consolidation, are also explained in the Group notes.
The comprehensive risk report of the UNIQA Group is in the 2007 Group notes (cf. Group notes).
UNIQA Group business development
The following comments to the business development are divided into
two sections. The section Group business development describes the
business performance from the perspective of the Group with fully consolidated
amounts. Fully consolidated amounts are also used in the Group
management report for reporting on the development of the business
lines of property and casualty insurance, life insurance and health