With a premium volume written (including the savings portion of unit- and index-linked life insurance) of € 5,543.1 million, UNIQA is one of the leading insurance groups in CEE. The savings portion of unit- and index-linked life insurance in the amount of € 679.0 million is offset against the changes in actuarial provisions in accordance with FAS 97 (U.S. GAAP). Adjusted for the savings portion of unit- and index-linked life insurance, the premium volume written amounted to € 4,864.2 million.
UNIQA 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 its indirect insurance business. It also performs 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.
Capital increase implemented
In July 2012, UNIQA implemented a cash capital increase with a volume of € 500 million, placing a total of 47,619,048 new shares. The subscription price was € 10.50 per share. The share capital of UNIQA Versicherungen AG increased to € 190,604,265 as a result.
The proceeds from the cash capital increase strengthen UNIQA’s capital base and solvency and, together with the planned improvements from the implementation of the UNIQA 2.0 strategic programme and the cash inflow from the planned re-IPO, will provide the foundations for leveraging the sustainable growth opportunities that are available in the CEE region in particular.
UNIQA establishes a capital-market-friendly Group structure
In preparation for its planned re-IPO, UNIQA streamlined its Group structure in 2012 to make it more capital-market-friendly. UNIQA Sachversicherung AG and CALL DIRECT Versicherung AG were merged with UNIQA Personenversicherung AG as the acquiring entity, which was simultaneously renamed UNIQA Österreich Versicherungen AG.
Prior to this change in the company’s legal form, Austria Versicherungsverein auf Gegenseitigkeit Privatstiftung and Collegialität Versicherung auf Gegenseitigkeit contributed their direct shareholding in UNIQA Personenversicherung AG, which totalled around 36.61 per cent, to the listed holding company UNIQA Versicherungen AG. In return for the contribution of their shares, they received 23,643,635 new shares of UNIQA Versicherungen AG. On 11 September 2012, the Supervisory Board approved the Management Board resolution and authorised the issue of the new shares, and hence the increase in the share capital to € 214,247,900.
UNIQA Österreich Versicherungen AG is now a wholly owned subsidiary of the listed holding company. From the 4th quarter of 2012 on, UNIQA Österreich Versicherungen AG’s profit is therefore included in full in UNIQA’s consolidated profit, as minority interests will no longer be deducted.
Companies included in the IFRS Consolidated Financial Statements
UNIQA’s Consolidated Financial Statements for 2012 include 57 Austrian companies (including UNIQA Versicherungen AG) and 72 international companies. A total of 33 affiliated companies whose influence on the presentation of a true and fair view of the net assets, financial position and results of operation was immaterial were not included in consolidation. In addition, nine Austrian companies were recognised at equity as associates. 13 associates were of minor importance; the equity interests in these companies are recognised at fair value.
In 2012, UNIQA completed the sale of Mannheimer AG Holding, including its subsidiaries Mannheimer Versicherung AG, Mannheimer Krankenversicherung AG and mamax Lebensversicherung AG and the associated real estate holdings. In accordance with IFRS 5, the figures of the Mannheimer Group in Germany are no longer included in the following information on UNIQA’s business development (separate presentation as result of discontinued operations).
UNIQA also acquired the minority interests held by the European Bank for Reconstruction and Development (EBRD) in the subsidiaries in Croatia (20 per cent), Poland (30 per cent) and Hungary (15 per cent).
Details on the consolidated and associated companies can be found in the corresponding overview in the Notes to the Consolidated Financial Statements. The accounting policies are also described in the Notes to the Consolidated Financial Statements.
Risk report
UNIQA’s comprehensive risk report can be found in the Notes to the 2012 Consolidated Financial Statements.
UNIQA’s business development
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.
