As a publicly listed company, UNIQA is obligated ...
As a publicly listed company, UNIQA is obligated to prepare its consolidated
financial statements according to internationally accepted accounting principles.
In accordance with Section 245a of the Austrian Business Code, the
company has prepared the consolidated financial statements exclusively
in agreement with the International Financial Reporting Standards (IFRS),
as applied within the European Union. 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 prepared therefore, 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.
The disclosures required according to IFRS 7 as of 1 January 2007, are included
for the first time in this report. In addition to the presentation of
securities in “Held to maturity”, “Available for sale”, “At fair value through
profit or loss” and “Derivative financial instruments (held for trading)” as
already performed in previous years, the additional disclosures for securities
available for sale are reported for the following investment categories,
which were utilised for the internal risk report:
- Shares in affiliated companies
- Shares
- Equity funds
- Debenture bonds not capital guaranteed
- Other variable-yield securities
- Participating interests and other investments
- Fixed interest securities
Under receivables including receivables under reinsurance operations, there
is additional information on overdue receivables with values that have not
yet been corrected.
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