With €6,224 million in premiums written, including the savings portion of unit-linked and index-linked life insurance, UNIQA is one of the leading insurance groups in Central and Eastern Europe. The savings portion of premiums from unit-linked and index-linked life insurance amounting to €845 million is, in accordance with FAS 97 (US-GAAP), balanced out by the changes in the actuarial provision. Premium volume excluding the savings portion from the unit-linked and index-linked life insurance amounts to €5,379 million.
UNIQA in Europe
The UNIQA Group offers its products and services through all distribution channels (salaried sales force, general agencies, 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 Group's Austrian operational companies. In addition, it carries out numerous service functions for the Austrian and international insurance subsidiaries in order to take best advantage of synergy effects within all the Group companies and to consistently implement the Group’s long-term corporate strategy. UNIQA Re AG has its headquarters in Zürich and is responsible for reinsuring the Group’s international operational companies. In order to achieve maximum synergy effects, the international activities of the UNIQA Group are managed centrally through Competence Centers as well as the Group’s Central Services, and UNIQA International Versicherungs-Holding GmbH is responsible for ongoing monitoring and analysis of the international target markets for acquisitions as well as for integration of acquisitions into the Group.
Companies included in the IFRS consolidated financial statements
Along with UNIQA Versicherung AG, the 2010 consolidated financial statements of the UNIQA Group include 48 domestic and 82 foreign companies. A total of 37 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, UNIQA included ten domestic companies as associates according to the equity accounting method. Fifteen associates were of minor importance, and shares held in these companies are recognised at market value.
The scope of the fully consolidated group was not significantly changed in 2010. Details on the consolidated and associated companies are contained in the corresponding overview in the Group notes. The accounting and valuation methods are also described in the notes to the consolidated financial statements.
The comprehensive risk report of the UNIQA Group is in the notes to the consolidated financial statements 2010.
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 segments of “property and casualty insurance”, “health insurance” and “life insurance”.