With a premium volume written (including the savings portion of unit- and index-linked life insurance) of € 5,982.8 million, the UNIQA Group is one of the leading insurance groups in Central and Eastern Europe. The savings portion of unit- and index-linked life insurance in the amount of € 633.9 million is offset against the changes in actuarial provisions in accordance with FAS 97 (US-GAAP). Adjusted for the savings portion of unit- and index-linked life insurance, the premium volume amounted to € 5,348.8 million.
UNIQA in Europe
The UNIQA Group offers its products and services via all distribution channels (hired sales force, general agencies, brokers, banks and direct sales) and covers the entire range of insurance sectors.
The listed holding company, UNIQA Versicherungen AG, manages the Group and handles the indirect insurance business. It also performs numerous service functions for the Austrian and international insurance subsidiaries with a view to taking best advantage of synergy effects within all the Group companies and consistently implementing the Group’s long-term corporate strategy.
UNIQA International Versicherungs-Holding AG manages the international activities of the Group. This company is also responsible for the ongoing monitoring and analysis of the international target markets and for acquisitions and post-merger integration.
Companies included in the IFRS Consolidated Financial Statements
The 2011 Consolidated Financial Statements of the UNIQA Group include 53 Austrian companies (including UNIQA Versicherungen AG) and 83 international companies. A total of 40 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 consolidation. In addition, nine Austrian companies were recognised at equity as associated companies. Fifteen associates were of minor importance; the equity interests in these companies are recognised at fair value.
In 2011, the scope of consolidation primarily expanded to include the life insurance companies in Albania, Kosovo and Macedonia, as well as a number of property companies. Details on the consolidated and associated companies can be found in the corresponding overview in the Notes to the Consolidated Financial Statements. The accounting and valuation methods are also described in the Notes to the Consolidated Financial Statements.
The comprehensive risk report of the UNIQA Group can be found in the Notes to the Consolidated Financial Statements 2011.
Business development of the UNIQA Group
The following discussion of the Group’s business development is 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 “property and casualty insurance”, “health insurance” and “life insurance” business segments.