16 | Subscribed capital
Number of authorised and issued no-par shares |
131,673,000 |
119,777,808 |
of which fully paid up |
131,673,000 |
119,777,808 |
The subscribed capital and capital reserves correspond to values from the
individual financial statements of UNIQA Versicherungen AG.
Unrealised capital gains and losses from the revaluation of investments available
for sale affected the revaluation reserve, with deferred participation in
profits (for life insurance) and deferred taxes taken into consideration.
In addition to the subscribed capital, UNIQA Versicherungen AG has at its disposal
an authorised capital in the amount of €50 million. The Annual General
Meeting of 23 May 2005 extended the authorisation of the Management
Board of UNIQA Versicherungen AG to increase the share capital, with the
approval of the Supervisory Board, up to and including 30 June 2010.
The share capital was increased in the financial year in partial use of
this authorisation by €11,895,192,000 to €131,673,000,000 (2007:
€119,777,808,000).
Furthermore, the Management Board made use of its authorisation to buy
back shares in accordance with the resolution of the 9th Annual General
Meeting of 19 May 2008 and resolved on 19 May 2008 that UNIQA would
buy back its own shares. The Supervisory Board of the company confirmed
the decision of the Management Board in its meeting on 19 May 2008. In
this regard, the ongoing resale programme was ended. The programme for
the repurchase of shares entered into effect on 22 May 2008. During the
financial year, 469,650 of the companys own shares were acquired through
the stock exchange.
Capital requirement
The business development due to organic growth and acquisitions influences
the capital requirement of the UNIQA Group. In the context of Group controlling,
the appropriate coverage of the solvency requirement on a consolidated
basis is constantly monitored.
As at 31 December 2008, adjusted equity amounted to €1,694,988,000
(2007: €1,329,697,000). In ascertaining the adjusted equity, non-tangible
economic goods (especially goodwill) and participating interests in banks
and insurance companies are deducted from the equity and various forms
of hybrid capital (especially supplementary capital) and latent reserves in
investments (especially in real estate) are added. With a statutory requirement
for adjusted equity of €1,028,992,000 (2007: €973,847,000), the statutory
requirements were exceeded by €666,006,000 (2007: €355,851,000),
resulting in a coverage rate of 164.7% (2007: 136.6%). With the change
to Section 81h paragraph 2 of the Insurance Supervision Act, the volatility
reserve was added as part of the available capital as of the 3rd quarter of
2008. This increased the adjusted equity by €203,473,000.
The adjusted equity base is ascertained on the basis of consolidated financial
statements produced in accordance with Section 80b of the Insurance
Supervision Act.
Adjusted equity without deduction acc. to Section 86h
paragraph 5 of the Insurance Supervision Act |
1,694,998 |
1,520,247 |
Adjusted equity with deduction acc. to Section 86h
paragraph 5 of the Insurance Supervision Act |
1,491,525 |
1,329,697 |
At the reporting date, own shares are accounted for as follows:
Shares held by: |
|
|
UNIQA Versicherungen AG |
|
|
Acquisition costs in € 000 |
10,857 |
2,561 |
Number of shares |
819,650 |
350,000 |
Share of subscribed capital in % |
0.68 |
0.29 |
In the performance figure earnings per share, the consolidated profit is
set against the average number of ordinary shares in circulation.
Consolidated profit in € 000 |
53,308 |
247,103 |
of which accounts for ordinary shares in € 000 |
53,308 |
247,103 |
Own shares as at 31 Dec. |
819,650 |
350,000 |
Average number of shares in circulation |
121,064,534 |
119,427,808 |
Earnings per share in €1) |
0.44 |
2.07 |
Earnings before taxes per share in €1) |
0.63 |
2.67 |
Earnings per share1), adjusted for goodwill
amortisation in € |
0.53 |
2.23 |
Profit from ordinary activities per share, adjusted for
goodwill amortisation in € |
0.83 |
3.01 |
Dividend per share2) |
0.40 |
0.50 |
Dividend payment in € 0002) |
52,341 |
59,714 |
The diluted earnings per share is equal to the undiluted earnings per share
in the reporting year and in the previous year.
Effective tax |
0 |
Deferred tax |
48,346 |
Total |
48,346 |
17 | Minority interests
In revaluation reserve |
30,288 |
14,796 |
In net income for the year |
13,440 |
21,889 |
In other equity |
210,956 |
188,749 |
Total |
194,108 |
195,843 |
18 | Subordinated liabilities
Supplementary capital |
580,544 |
575,000 |
Partial debentures with a nominal value of €325 million for paid up supplementary
capital were issued by Raiffeisen Versicherung AG in December
2002 and by UNIQA Versicherungen AG, UNIQA Personenversicherung
AG and UNIQA Sachversicherung AG in July 2003 according to Section
73c paragraph 2 of the Austrian Insurance Supervision Act. The partial
debentures are valid for an unlimited time period. An ordinary or extraordinary
notice of redemption to the issuer is not possible for at least
five years. Subject to coverage in the annual net profit before the issuers
movements in reserves, the interest to July 2013 will be 5.36%, except in
the case of Raiffeisen Versicherung AG, where the interest to December
2012 will be 5.7%, plus a bonus interest payment of between 0.2% and
0.4% depending on sales profitability and the increase in premiums in
comparison to the whole market.
In December 2006 UNIQA Versicherungen AG issued bearer debentures
with a face value of €150 million for deposited supplementary capital
according to Section 73c paragraph 2 of the Austrian Insurance Supervision
Act. According to the conditions of the bearer debentures, the deposited
capital of UNIQA Versicherungen AG is agreed to remain at the companys
disposal for at least five years, with no ordinary or extraordinary cancellation
possible. Interest is applied only insofar as this is covered in the net profit for
the year of the issuer. The interest rate up to December 2016 is 5.079%.
In January 2007, UNIQA Versicherungen AG issued additional bearer debentures
with a face value of €100 million for deposited supplementary
capital according to Section 73c paragraph 2 of the Austrian Insurance
Supervisory Act. According to the conditions of the bearer debentures, the
deposited capital of UNIQA Versicherungen AG is agreed to remain at the
companys disposal for at least five years, with no ordinary or extraordinary
cancellation possible. Interest is applied only insofar as this is covered in
the net profit for the year of the issuer. The interest rate up to December
2016 is 5.342%.
19 | Unearned premiums
Property and casualty insurance |
|
|
Gross |
509,876 |
416,518 |
Reinsurers’ share |
28,705 |
7,830 |
|
481,171 |
408,688 |
Health insurance |
|
|
Gross |
13,685 |
13,467 |
Reinsurers’ share |
71 |
72 |
|
13,614 |
13,395 |
Consolidated financial statements |
|
|
Gross |
523,561 |
429,985 |
Reinsurers’ share |
28,776 |
7,902 |
Total (fully consolidated values) |
494,785 |
422,083 |
20 | Actuarial provision
Property and casualty insurance |
|
|
Gross |
42,501 |
44,727 |
Reinsurers’ share |
218 |
244 |
|
42,283 |
44,482 |
Health insurance |
|
|
Gross |
2,227,395 |
2,100,697 |
Reinsurers’ share |
1,576 |
1,708 |
|
2,225,819 |
2,098,989 |
Life insurance |
|
|
Gross |
13,331,729 |
13,021,276 |
Reinsurers’ share |
429,593 |
406,701 |
|
12,902,136 |
12,614,575 |
Consolidated financial statements |
|
|
Gross |
15,601,625 |
15,166,700 |
Reinsurers’ share |
431,387 |
408,653 |
Total (fully consolidated values) |
15,170,238 |
14,758,046 |
The interest rates used as an accounting basis were as follows:
2008 |
|
|
For actuarial provision |
4.50 bzw. 5.50 |
1.75–4.00 |
For deferred acquisition costs |
4.50 bzw. 5.50 |
4.70 |
|
|
|
2007 |
|
|
For actuarial provision |
4.50 bzw. 5.50 |
1.754.00 |
For deferred acquisition costs |
4.50 bzw. 5.50 |
4.70 |
21 | Provision for outstanding claims
Property and casualty insurance |
|
|
Gross |
1,948,996 |
1,921,373 |
Reinsurers’ share |
282,293 |
339,161 |
|
1,666,703 |
1,582,211 |
Health insurance |
|
|
Gross |
157,017 |
152,385 |
Reinsurers’ share |
621 |
702 |
|
156,396 |
151,683 |
Life insurance |
|
|
Gross |
98,937 |
117,913 |
Reinsurers’ share |
12,038 |
11,754 |
|
86,899 |
106,159 |
Consolidated financial statements |
|
|
Gross |
2,204,950 |
2,191,671 |
Reinsurers’ share |
294,952 |
351,617 |
Total (fully consolidated values) |
1,909,998 |
1,840,054 |
The provision for outstanding claims developed in the property and
casualty insurance as follows:
1. Provisions for outstanding claims as at 1 Jan. |
|
|
a. Gross |
1,921,373 |
1,770,640 |
b. Reinsurers share |
339,161 |
312,033 |
c. Retention |
1,582,211 |
1,458,607 |
2. Plus (retained) claims expenditures |
|
|
a. Losses of the current year |
1,519,780 |
1,285,246 |
b. Losses of the previous year |
130,572 |
73,252 |
c. Total |
1,389,208 |
1,211,994 |
3. Less (retained) losses paid |
|
|
a. Losses of the current year |
801,099 |
642,759 |
b. Losses of the previous year |
520,701 |
453,194 |
c. Total |
1,321,800 |
1,095,953 |
4. Foreign currency translation |
14,216 |
7,615 |
5. Change in consolidation scope |
35,604 |
1,720 |
6. Other changes |
4,305 |
1,771 |
7. Provisions for outstanding claims as at 31 Dec. |
|
|
a. Gross |
1,948,996 |
1,921,373 |
b. Reinsurers share |
282,293 |
339,161 |
c. Retention |
1,666,703 |
1,582,211 |
22 | Provision for premium refunds
Property and casualty insurance |
|
|
Gross |
33,568 |
33,271 |
Reinsurers’ share |
65 |
365 |
|
33,502 |
32,906 |
Health insurance |
|
|
Gross |
66,006 |
81,103 |
Reinsurers’ share |
0 |
0 |
|
66,006 |
81,103 |
Life insurance |
|
|
Gross |
58,568 |
323,653 |
Reinsurers’ share |
-259 |
100 |
|
58,827 |
323,553 |
Consolidated financial statements |
|
|
Gross |
41,006 |
438,027 |
Reinsurers’ share |
325 |
465 |
Total (fully consolidated values) |
40,681 |
437,562 |
of which profit-unrelated (retention) |
45,911 |
47,865 |
of which profit-related (retention) |
5,229 |
389,696 |
a) Provision for profit-unrelated premium refunds |
46,135 |
48,231 |
of which property and casualty insurance |
25,768 |
25,957 |
of which health insurance |
19,477 |
22,199 |
of which life insurance |
890 |
75 |
|
|
|
b) Provision for profit-related premium refunds
and/or policyholder profit participation |
211,545 |
271,588 |
of which property and casualty insurance |
7,800 |
7,315 |
of which health insurance |
46,529 |
58,904 |
of which life insurance |
157,216 |
205,370 |
|
|
|
Deferred profit participation |
216,675 |
118,208 |
Total (fully consolidated values) |
41,006 |
438,027 |
a) Provision for profit-unrelated premium refunds,
profit-related premium refunds and policyholder
profit participation |
|
|
As at 1 Jan. |
319,819 |
387,165 |
Changes for: |
|
|
other changes |
62,139 |
67,346 |
As at 31 Dec. |
257,680 |
319,819 |
|
|
|
b) Deferred profit participation |
|
|
As at 1 Jan. |
118,208 |
413,510 |
Changes for: |
|
|
fluctuation in value, securities available for sale |
22,961 |
348,570 |
revaluations affecting income |
357,844 |
53,268 |
As at 31 Dec. |
216,675 |
118,208 |
The latent profit sharing was changed to an asset item in financial year
2008. 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).
23 | Actuarial provisions
24 | Technical provisions held on account and at risk of life insurance policyholders
Gross |
2,579,997 |
2,412,937 |
Reinsurers’ share |
382,480 |
346,868 |
Total |
2,197,518 |
2,066,069 |
As a general rule, the valuation of the technical provisions for unit- and
index-linked life insurance policies corresponds to the investments in unit-
and index-linked life insurance policies reported at current market values.
The reinsurers share is offset by deposits payable in the same amount. 25 | Liabilities from loans
Liabilities under issued debenture bonds |
|
|
UNIQA Versicherungen AG, Vienna |
|
|
4.00%, €150 million, bond 2004/2009 |
150,000 |
150,000 |
|
|
|
Loan liabilities |
39,053 |
35,900 |
up to 1 year |
27 |
88 |
more than 1 year up to 5 years |
10,483 |
6,969 |
more than 5 years |
28,543 |
28,842 |
Total |
189,053 |
185,900 |
26 | Provisions for pensions and similar commitments
Provisions for pensions |
316,784 |
383,543 |
Provision for severance payments |
119,693 |
125,998 |
Total |
436,478 |
509,541 |
As at 1 Jan. |
509,541 |
542,418 |
Changes from foreign currency translation |
246 |
15 |
Withdrawal for pension payments |
60,867 |
29,705 |
Expenditure in the financial year |
11,950 |
3,187 |
As at 31 Dec. |
436,478 |
509,541 |
Active special policyholders with direct assurances to pension benefits,
including members of the Management Board and leading executives in
accordance with Section 80 paragraph 1 of the Stock Corporation Act, as
well as active employees with direct assurances to pension benefits according
to the trade association recommendation for in-house and field sales
staff who approved the offer to transfer existing vested pension rights to
ÖPAG Pensionskassen AG on the basis of concluded works agreements, are
included in a contribution-based pension fund. The corresponding transfer
amounts (the assurance cover) were paid to the ÖPAG Pensionskassen AG
in 2008 in accordance with Section 48 of the Pension Fund Act. For the
purpose of guaranteeing the level of the pension fund pension according
to the previous direct assurances to pension benefits, those entitled to
vested rights have a claim to payment of a (one-time) final pension fund
contribution at the time of pension eligibility. No contributions are made
for the benefit phase.
2008 |
|
Technical rate of interest |
6.00% |
Valorisation of wages and salaries |
3.00 % |
Valorisation of pensions |
2.00 % |
Employee turnover rate |
dependent on years of service |
Accounting principles |
AVÖ 2008 P – Pagler & Pagler / employees |
|
|
2007 |
|
Technical rate of interest |
5.00% |
Valorisation of wages and salaries |
3.00 % |
Valorisation of pensions |
2.00 % |
Employee turnover rate |
dependent on years of service |
Accounting principles |
AVÖ 1999 P – Pagler & Pagler / employees |
Current service cost |
14,371 |
16,929 |
Interest cost |
25,447 |
24,434 |
Actuarial profit and loss |
51,738 |
44,737 |
Income and expenditures from budget changes |
29 |
188 |
Total |
11,950 |
3,187 |
Under the contribution-orientated company pension scheme, the employer
pays the fixed amounts into company pension funds. The employer has
satisfied its obligation by making these contributions.
Contributions to company pension funds |
1,318 |
1,134 |
27 | Other provisions
Other provisions1) with a high probability
of utilisation (more than 90%) |
|
|
in up to 1 year |
73,701 |
72,351 |
in more than 1 year up to 5 years |
4,532 |
3,735 |
in more than 5 years |
9,310 |
10,408 |
|
87,543 |
86,494 |
Other provisions1) with a lower probability
of consumption (less than 90%) |
|
|
in up to 1 year |
64,736 |
55,629 |
in more than 1 year up to 5 years |
3,618 |
1,621 |
in more than 5 years |
274 |
327 |
|
68,628 |
57,577 |
Total |
156,171 |
144,071 |
28 | Payables and other liabilities
I. Reinsurance liabilities |
|
|
1. Deposits held under reinsurance business ceded |
817,323 |
761,805 |
2. Accounts payable under reinsurance operations |
51,934 |
34,975 |
|
869,258 |
796,780 |
II. Other liabilities |
|
|
Liabilities under insurance business |
|
|
Liabilities under direct insurance business |
|
|
to policyholders |
128,245 |
139,318 |
to intermediaries |
93,026 |
123,603 |
to insurance companies |
8,515 |
8,791 |
|
229,786 |
271,712 |
Liabilities to credit institutions |
4,071 |
3,582 |
Other liabilities |
333,272 |
445,484 |
of which for taxes |
48,821 |
46,379 |
of which for social security |
10,370 |
10,381 |
of which from fund consolidation |
142,560 |
260,874 |
Total other liabilities |
567,129 |
720,778 |
|
|
|
Subtotal |
1,436,387 |
1,517,558 |
of which liabilities with a remaining term of |
|
|
up to 1 year |
766,578 |
885,731 |
more than 1 year up to 5 years |
6,997 |
9,053 |
more than 5 years |
662,812 |
622,774 |
|
1,436,387 |
1,517,558 |
III. Other liabilities |
|
|
Deferred income |
11,122 |
9,483 |
|
|
|
Total payables and other liabilities |
1,447,509 |
1,527,041 |
The item Deferred income basically comprises the balance of the deferred
income regarding the indirect business settlement. 29 | Liabilities from income tax
Liabilities from income tax |
|
|
of which liabilities with a remaining term of |
57,294 |
41,618 |
up to 1 year |
2,423 |
3,853 |
more than 1 year up to 5 years |
54,871 |
37,281 |
more than 5 years |
0 |
483 |
30 | Deferred tax liabilities
Actuarial items |
172,747 |
142,052 |
Untaxed reserves |
25,895 |
27,385 |
Shares in affiliated companies |
28,425 |
28,425 |
Investments |
2,702 |
120,952 |
Other |
15,072 |
14,101 |
Total |
244,841 |
332,916 |
of which not affecting income |
6,891 |
55,238 |
|