Property and casualty

In the property and casualty insurance segment, UNIQA again enjoyed successful growth in 2012, increasing its premiums written by 5.6 per cent to € 2,545.9 million (2011: € 2,409.8 million). The premium volume in Austria increased by 2.5 per cent to € 1,438.9 million (2011: € 1,403.4 million).

Growth also continued unabated in the CEE region. Premiums written increased by 5.7 per cent to € 904.1 million (2011: € 855.2 million), thereby accounting for 35.5 per cent (2011: 35.5 per cent) of Group premiums written in the property and casualty segment.

The premium volume written in the Western European markets increased by 34.1 per cent to € 202.9 million as a result of the strong growth in Italy (2011: € 151.3 million). Western Europe accounted for 8.0 per cent (2011: 6.3 per cent) of Group premiums. All in all, international markets were responsible for 43.5 per cent of Group premiums written in the property and casualty segment (2011: 41.8 per cent).

Premium volume written in property and casualty insurance

Figures in € million

Details on the premium volume written in the most important risk classes can be found in the Notes to the Consolidated Financial Statements (Note 31).

Retained premiums earned (in accordance with IFRS) in the property and casualty insurance segment totalled € 2,394.4 million in the year under review (2011: € 2,254.6 million), representing an increase of 6.2 per cent.

Owing to an increase in the number of major claims and claims due to natural disasters, the total amount of retained insurance benefits increased by 6.9 per cent to € 1,638.8 million in 2012 (2011: € 1,533.4 million).

In Austria, insurance benefits in the property and casualty insurance segment rose by 9.9 per cent to € 1,026.5 million (2011: € 934.2 million), while the figure for the Western European markets increased by 28.3 per cent to € 118.8 million (2011: € 92.6 million). By contrast, insurance benefits in the Central and Eastern European countries declined by 2.6 per cent to € 493.6 million (2011: € 506.5 million).

As a result of this development, the net loss ratio (retained insurance benefits as a proportion of premiums earned) fell slightly by 0.4 percentage points to 68.4 per cent (2011: 68.0 per cent). The gross loss ratio (before reinsurance) at year-end 2012 was 66.6 per cent (2011: 65.8 per cent).

The net loss ratio in Austria amounted to 72.2 per cent in the year under review (2011: 67.4 per cent), while the figure for CEE declined to 59.8 per cent thanks to the positive development of claims (2011: 64.5 per cent). The Western European companies recorded a net loss ratio of 80.7 per cent for 2012 (2011: 110.9 per cent).

Total operating expenses in the property and casualty insurance segment less reinsurance commission and profit shares from reinsurance business ceded decreased by 5.4 per cent to € 786.8 million (2011: € 831.3 million). Although acquisition costs increased by 10.7 per cent to € 546.6 million (2011: € 493.7 million), other operating expenses fell by 28.9 per cent to € 240.2 million (2011: € 337.6 million).

In Austria, operating expenses in the property and casualty insurance segment fell by 15.6 per cent to € 418.5 million (2011: € 495.5 million); in Central and Eastern Europe, they increased by 5.6 per cent to € 315.4 million (2011: € 298.7 million), while the figure for the Western European markets rose by 42.5 per cent to € 52.9 million (2011: € 37.1 million).

The cost ratio in the property and casualty insurance segment (after reinsurance) declined to 32.9 per cent in the past financial year as a result of this development (2011: 36.9 per cent).

In 2012, the net combined ratio fell to 101.3 per cent (2011: 104.9 per cent), while the combined ratio before reinsurance improved to 98.1 per cent (2011: 101.2 per cent).

Net investment income increased by 114.8 per cent to € 85.3 million in the past financial year (2011: € 39.7 million). Investments in property and casualty insurance rose by 5.8 per cent to € 3,564.2 million (2011: € 3,367.8 million).

The profit/loss on ordinary activities in the life insurance segment improved to minus € 12.2 million in 2012 (2011: minus € 133.0 million). The net profit/loss for the period amounted to minus € 9.9 million (2011: minus € 63.0 million). The consolidated net profit/loss after taxes and minority interests amounted to minus € 15.5 million (2011: minus € 63.1 million).