Premium development
In 2012, the premium volume written in the health insurance segment increased by 3.3 per cent year-on-year to € 909.2 million (2011: € 880.1 million). In Austria, where UNIQA is the clear market leader in the health insurance segment, premiums of € 835.4 million were generated, up 2.6 per cent on the previous year (2011: € 813.8 million).
In Western Europe, premiums written increased by 2.0 per cent to € 41.9 million (2011: € 41.1 million). In the growth markets of CEE, premiums in the health insurance segment increased to a significantly larger extent, rising by 26.6 per cent to € 31.9 million (2011: € 25.2 million). All in all, this meant that the international share of health insurance premiums written in 2012 was 8.1 per cent (2011: 7.5 per cent).
Premium volume written in health insurance
Figures in € million
In 2012, retained premiums earned in the health insurance segment (in accordance with IFRS) rose by 3.3 per cent to € 903.0 million at the end of the year (2011: € 873.9 million).
|
Health insurance |
2012 |
2011 |
2010 |
|
Figures in € million |
|
|
|
|
Premiums written |
909.1 |
880.1 |
846.6 |
|
Share Central and Eastern Europe |
3.5 % |
2.9 % |
2.0 % |
|
Share Western Europe |
4.6 % |
4.7 % |
4.6 % |
|
International share |
8.1 % |
7.5 % |
6.5 % |
|
Premiums earned (net) |
903.0 |
873.9 |
843.0 |
|
Net investment income |
92.6 |
–9.4 |
108.1 |
|
Insurance benefits (net) |
–756.5 |
–738.1 |
–714.8 |
|
Benefit and loss ratio (after reinsurance) |
83.8 % |
84.5 % |
84.8 % |
|
Operating expenses less reinsurance commission |
–138.6 |
–143.4 |
–124.1 |
|
Cost ratio (after reinsurance) |
15.3 % |
16.4 % |
14.7 % |
|
Profit/loss on ordinary activities |
103.1 |
–18.0 |
112.2 |
|
Net profit/loss |
81.7 |
–13.5 |
82.6 |
|
Consolidated profit/loss |
57.3 |
–18.3 |
37.6 |
Development of insurance benefits
In 2012, retained insurance benefits increased marginally by 2.5 per cent to € 756.5 million (2011: € 738.1 million). As premiums earned rose to a greater extent, the benefit and loss ratio after reinsurance fell by 0.7 percentage points year-on-year to 83.8 per cent (2011: 84.5 per cent).
In Austria, insurance benefits rose by 2.0 per cent to € 711.8 million (2011: € 697.7 million). The figure for the Western European markets increased by 6.8 per cent to € 27.3 million (2011: € 25.5 million). In the Central and Eastern European countries, insurance benefits also increased by 17.4 per cent to € 17.4 million as a result of the sharp rise in premium revenues (2011: € 14.8 million).
Operating expenses
Total operating expenses in the health insurance segment less reinsurance commission and profit shares from reinsurance business ceded decreased by 3.3 per cent to € 138.6 million (2011: € 143.4 million). Acquisition costs increased by 11.6 per cent to € 88.4 million (2011: € 79.2 million), while other operating expenses fell by 21.7 per cent to € 50.2 million (2011: € 64.1 million). As a result of this development, the cost ratio in the health insurance segment declined to 15.3 per cent (2011: 16.4 per cent).
In Austria, operating expenses decreased by 5.3 per cent to € 115.4 million (2011: € 121.8 million), while the figure for the Western European markets rose by 2.6 per cent to € 15.4 million (2011: € 15.0 million). Operating expenses in the CEE region increased by 19.1 per cent to € 7.7 million (2011: € 6.5 million).
Investment result
In 2012, net investment income in the health insurance segment increased to € 92.6 million (2011: minus € 9.4 million). The investment volume in the health insurance sector declined by 14.9 per cent to € 2,492.2 million in 2012 (31 December 2011: € 2,927.6 million).
Profit/loss on ordinary activities, net profit/loss, consolidated net profit/loss
The profit/loss on ordinary activities in the health insurance segment amounted to € 103.1 million in the year under review (2011: minus € 18.0 million). The net profit/loss for the period amounted to € 81.7 million (2011: minus € 13.5 million), while the consolidated net profit/loss after taxes and minority interests amounted to € 57.3 million (2011: consolidated net loss of € 18.3 million).