31 | Premiums written
Property and casualty insurance |
2,363,371 |
2,157,697 |
Health insurance |
947,151 |
907,375 |
Life insurance |
1,626,169 |
1,393,344 |
Total (fully consolidated values) |
4,936,692 |
4,458,416 |
Of which written in: |
|
|
Austria |
3,005,433 |
3,036,834 |
other member states of the EU and other signatory
states of the Treaty on the European Economic Area |
1,684,410 |
1,271,167 |
other countries |
246,849 |
150,415 |
Total (fully consolidated values) |
4,936,692 |
4,458,416 |
Property and casualty insurance |
38,107 |
40,052 |
Health insurance |
420 |
384 |
Life insurance |
27,144 |
29,037 |
Total (fully consolidated values) |
65,672 |
69,473 |
Total (fully consolidated values) |
5,002,364 |
4,527,889 |
Direct business |
|
|
Fire and business interruption insurance |
198,175 |
179,233 |
Household insurance |
177,946 |
166,501 |
Other property insurance |
223,432 |
203,727 |
Motor TPL insurance |
594,114 |
554,404 |
Other motor insurance |
448,189 |
373,768 |
Casualty insurance |
259,533 |
240,664 |
Liability insurance |
229,254 |
219,831 |
Legal expenses insurance |
54,084 |
49,568 |
Marine, aviation and transport insurance |
108,659 |
102,136 |
Other insurance |
69,985 |
67,865 |
Total |
2,363,371 |
2,157,697 |
|
|
|
Indirect business |
|
|
Marine, aviation and transport insurance |
2,856 |
2,407 |
Other insurance |
35,252 |
37,645 |
Total |
38,107 |
40,052 |
|
|
|
Total direct and indirect business
(fully consolidated values) |
2,401,479 |
2,197,749 |
Property and casualty insurance |
149,660 |
307,547 |
Health insurance |
1,461 |
1,397 |
Life insurance |
79,833 |
79,505 |
Total (fully consolidated values) |
230,954 |
388,449 |
The decrease in issued reinsurance premiums is due to the termination of
the quota agreements on 31 December 2007. 32 | Premiums earned
Property and casualty insurance |
2,213,783 |
1,858,355 |
Gross |
2,363,326 |
2,160,721 |
Reinsurers share |
149,542 |
302,366 |
Health insurance |
946,419 |
905,623 |
Gross |
947,882 |
907,028 |
Reinsurers' share |
1,463 |
1,405 |
Life insurance |
1,570,170 |
1,342,399 |
Gross |
1,649,961 |
1,421,897 |
Reinsurers' share |
79,791 |
79,498 |
Total (fully consolidated values) |
4,730,372 |
4,106,377 |
posted immediately |
10,004 |
10,457 |
posted after up to 1 year |
28,022 |
29,512 |
posted after more than 1 year |
0 |
0 |
Property and casualty insurance |
38,026 |
39,969 |
posted immediately |
420 |
384 |
posted after up to 1 year |
0 |
0 |
posted after more than 1 year |
0 |
0 |
Health insurance |
420 |
384 |
posted immediately |
3,859 |
4,131 |
posted after up to 1 year |
23,285 |
24,906 |
posted after more than 1 year |
0 |
0 |
Life insurance |
27,144 |
29,037 |
Total (fully consolidated values) |
65,590 |
69,391 |
Property and casualty insurance |
327 |
7,880 |
Health insurance |
33 |
52 |
Life insurance |
4,667 |
1,391 |
Total (fully consolidated values) |
4,308 |
9,218 |
33 | Income from fees and provisions
Property and casualty insurance |
13,626 |
59,842 |
Health insurance |
116 |
106 |
Life insurance |
5,657 |
11,478 |
Total (fully consolidated values) |
19,399 |
71,426 |
34 | Net investment income
The exceptionally high income from shares in associated companies resulted
in the financial year from capital gains (€115,140,000), in the previous year from capital gains (€72,937,000) and gains from dilution
(€211,416,000) during the capital increases and floatation of STRABAG SE.
The updating of the value adjustment concerns both appreciation and
depreciation of financial assets, excluding assets held for trading and
financial assets at fair value through profit or loss. Interest income from
impaired assets amounts to €55,097,000 (2007: €42,415,000). The net
investment income of €227,596,000 includes realised and unrealised profits and losses amounting to €642,868,000, which includes currency losses
of €64,089,000. In addition, positive currency effects amounting to
€58,656,000 were recorded directly under equity. The effects are mainly
the result of investments in USD and GBP.
35 | Other income
a) Other actuarial income |
19,585 |
13,247 |
Property and casualty insurance |
14,849 |
10,858 |
Health insurance |
448 |
516 |
Life insurance |
4,288 |
1,874 |
b) Other non-actuarial income |
43,518 |
22,263 |
Property and casualty insurance |
32,818 |
16,461 |
Health insurance |
737 |
530 |
Life insurance |
9,963 |
5,272 |
of which |
|
|
services rendered |
13,009 |
7,619 |
changes in exchange rates |
22,586 |
4,350 |
other |
7,924 |
10,294 |
c) Other income |
16,905 |
1,621 |
From foreign currency conversion |
1,211 |
1,629 |
From other1) |
15,693 |
9 |
Total (fully consolidated values) |
80,008 |
37,131 |
1) This item contains an income of €5,010,000 from the derecognition of the deferred difference due to
the initial consolidation of Asena CJSC.
|
36 | Insurance benefits
37 | Operating expenses
Property and casualty insurance |
|
|
a) Acquisition costs |
|
|
Payments |
507,717 |
455,648 |
Change in deferred acquisition costs |
11,145 |
10,356 |
b) Other operating expenses |
257,395 |
220,234 |
|
753,967 |
665,527 |
Health insurance |
|
|
a) Acquisition costs |
|
|
Payments |
87,879 |
86,806 |
Change in deferred acquisition costs |
1,232 |
816 |
b) Other operating expenses |
47,614 |
43,301 |
|
134,262 |
129,290 |
Lebensversicherung |
|
|
a) Acquisition costs |
|
|
Payments |
270,769 |
269,870 |
Change in deferred acquisition costs |
15,715 |
7,492 |
b) Other operating expenses |
82,094 |
69,909 |
|
368,577 |
332,287 |
Total (fully consolidated values) |
1,256,805 |
1,127,104 |
38 | Other expenses
a) Other actuarial expenses |
59,121 |
58,586 |
Property and casualty insurance |
21,016 |
20,119 |
Health insurance |
1,440 |
2,773 |
Life insurance |
36,665 |
35,694 |
b) Other non-actuarial expenses |
28,247 |
26,875 |
Property and casualty insurance |
21,757 |
24,316 |
Health insurance |
354 |
513 |
Life insurance |
6,136 |
2,047 |
of which |
|
|
services rendered |
3,882 |
1,391 |
exchange rate losses |
4,416 |
6,703 |
motor vehicle registration |
7,445 |
6,603 |
other |
12,504 |
12,178 |
c) Other expenses |
12,048 |
1,107 |
For foreign currency translation |
7,991 |
469 |
For other |
4,056 |
638 |
Total (fully consolidated values) |
99,416 |
86,569 |
39 | Tax expenditure
Actual tax in reporting year |
61,735 |
33,052 |
Actual tax in previous year |
5,586 |
9,600 |
Deferred tax |
32,680 |
47,811 |
Total (fully consolidated values) |
23,470 |
71,263 |
A. Profit from ordinary activities |
90,217 |
340,256 |
B. Anticipated tax expenditure
(A. * Group tax rate) |
23,283 |
85,206 |
Adjusted by tax effects from |
|
|
1. Tax-free investment income |
8,222 |
7,191 |
2. Other |
8,409 |
6,752 |
Amortisation of goodwill |
91 |
4,622 |
Non-deductible expenses /
other tax-exempt income |
2,559 |
3,446 |
Changes / deviations in tax rates |
0 |
6,028 |
Deviations in tax rates |
11,194 |
6,336 |
Taxes previous years |
5,586 |
9,600 |
Lapse of loss carried forward and other |
151 |
1,364 |
C. Income tax expenditure |
23,470 |
71,263 |
Average effective tax burden in % |
26.0 |
20.9 |
The corporate income tax rate applicable to all Group segments was 25%,
as expected. To the extent that the minimum taxation is applied in life
insurance at an assumed profit participation of 85%, this leads to a different
corporate tax rate. |