Premium development
In comparison to the previous year, premiums written in health insurance increased by 3.5% to €970 million (2009: €937 million). In Austria, where UNIQA was once again the clear market leader in health insurance in 2010, premium volume was up by 2.3% from €791 million (2009: € 773 million). In the WEM region, the premiums written increased by as much as 8.3% to € 162 million (2009: € 150 million). In the countries of Eastern and South Eastern Europe, the premiums in health insurance grew by 16.4% to reach €17 million (2009: € 14 million). Overall, the international share in the total health insurance premiums in 2010 was 18.4% (2009: 17.5%).
In 2010, the retained premiums earned in health insurance (according to IFRS) rose by 3.5% to reach € 966 million at the end of the year (2009: € 934 million).
|
Health insurance |
2010 |
2009 |
2008 |
2007 |
2006 |
|
Premiums written |
970 |
937 |
907 |
871 |
852 |
|
International share |
18.4% |
17.5% |
17.6% |
16.9% |
17.0% |
|
Premiums earned (net) |
966 |
934 |
906 |
869 |
849 |
|
Net investment income |
127 |
94 |
14 |
134 |
114 |
|
Insurance benefits (net) |
–839 |
–812 |
–783 |
–776 |
–772 |
|
Other operating expenses less reinsurance commissions |
–141 |
–126 |
–133 |
–128 |
–135 |
|
Cost ratio (net after reinsurance) |
14.6% |
13.5% |
14.7% |
14.7% |
15.9% |
|
Profit on ordinary activities |
112 |
88 |
3 |
96 |
54 |
|
Net profit |
83 |
67 |
–1 |
72 |
35 |
Development of insurance benefits
The retained insurance benefits increased in 2010 by 3.4% to € 839 million (2009: € 812 million). The loss ratio after reinsurance thus remained stable compared to the previous year at 86.9% (2009: 86.9%). In Austria, insurance benefits grew by 2.3% to € 682 million (2009: € 667 million). The insurance benefits in the international markets increased by 8.5% in 2010, totalling €157 million (2009: € 145 million).
Operating expenses
Total operating expenses in health insurance less reinsurance commissions and profit shares from reinsurance business ceded rose in 2010 in by 12.3% to €141 million (2009: € 126 million). Acquisition expenses increased by 13.0% to €89 million (2009: €79 million). Other operating expenses increased by 11.1% to € 52 million (2009: € 47 million). As a result of this development, the cost ratio in health insurance increased to 14.6% (2009: 13.5%).
Investment results
Net investment income less financing costs rose in 2010 by 34.7% to € 127 million (2009: € 94 million). In the health insurance segment, capital investments grew by 9.2% to €2,648 million (2009: € 2,424 million).
Profit on ordinary activities, net profit
Profit on ordinary activities in health insurance could be increased again in the reporting year by 26.7% to € 112 million (2009: €88 million). Net profit for 2010 was up by 22.4 % to €83 million (2009: € 67 million).
