Premium development
UNIQA’s international premium volume (including the savings portion of unit- and index-linked life insurance) increased by 7.0 per cent to € 1,977.0 million in 2012 thanks to the good performance in CEE and Western Europe (2011: € 1,848.4 million). The international share of Group premiums rose to 35.7 per cent as a result (2011: 33.4 per cent).
Including the savings portion of unit- and index-linked life insurance (after reinsurance), premiums earned increased by 8.0 per cent to € 1,803.0 million (2011: € 1,669.2 million). However, retained premiums earned (in accordance with IFRS) declined by 1.4 per cent to € 1,510.7 million (2011: € 1,532.1 million).
International premium volume written
Figures in € million
In Central Europe (CE) – Poland, Slovakia, the Czech Republic and Hungary – premiums written decreased by 1.0 per cent to € 859.5 million (2011: € 868.3 million). In the Eastern Europe (EE) region – consisting of Romania and Ukraine – the premium volume written increased strongly by 26.6 per cent to € 199.5 million in 2012 (2011: € 157.6 million). Southeastern Europe (SEE) – Albania, Bosnia and Herzegovina, Bulgaria, Kosovo, Croatia, Macedonia, Montenegro and Serbia – again enjoyed encouraging premium growth of 3.3 per cent to € 193.5 million in 2012 (2011: € 187.4 million). The strongest premium growth was generated in the Russian market (RU), where premiums increased by 60.6 per cent to € 43.0 million (2011: € 26.8 million).
All in all, the Group’s premiums in CEE increased by 4.5 per cent to € 1,295.5 million (2011: € 1,240.1 million). Recurring premiums enjoyed even more positive development in 2012, rising by 8.0 per cent to € 1,183.4 million (2011: € 1,095.3 million). However, single-premium business declined strongly, particularly in Poland, falling by 22.6 per cent to € 112.1 million (2011: € 144.8 million). In 2012, the share of Group premiums attributable to CEE amounted to 23.4 per cent (2011: 22.4 per cent).
The premium volume in Western Europe (WE) – consisting of Italy, Liechtenstein and Switzerland – also increased by 12.0 per cent to € 681.5 million on the back of the strong performance in Italy (2011: € 608.3 million). Recurring premiums enjoyed even stronger growth of 20.6 per cent to € 352.3 million (2011: € 292.2 million), while single premiums rose by 4.2 per cent to € 329.2 million (2011: € 316.1 million). Western Europe’s share of Group premiums amounted to 12.3 per cent in 2012 (2011: 11.0 per cent).
Accordingly, the Group’s level of internationalisation at year-end 2012 was 35.7 per cent (2011: 33.4 per cent).
The premium volume written, including the savings portion of unit- and index-linked life insurance, was broken down among UNIQA’s individual regions as follows:
|
UNIQA international markets |
Premiums written1) |
Share of Group Premiums | ||||
|
|
2012 |
2011 |
2010 |
2012 | ||
| ||||||
|
Central Europe (CE) |
859.5 |
868.3 |
954.5 |
15.5 % | ||
|
Eastern Europe (EE) |
199.5 |
157.6 |
158.4 |
3.6 % | ||
|
Southeastern Europe (SEE) |
193.5 |
187.4 |
169.3 |
3.5 % | ||
|
Russia (RU) |
43.0 |
26.8 |
11.7 |
0.8 % | ||
|
Western Europe (WE) |
681.5 |
608.3 |
677.3 |
12.3 % | ||
|
Total international markets |
1,977.0 |
1,848.4 |
1,971.3 |
35.7 % | ||
Development of insurance benefits
Total retained insurance benefits at the international Group companies fell by 11.1 per cent to € 1,043.4 million in 2012 (2011: € 1,173.9 million).
Benefits fell by 8.0 per cent to € 420.4 million in the Central Europe region (2011: € 457.0 million) and by 13.0 per cent to € 96.5 million in Eastern Europe (2011: € 110.9 million). By contrast, benefits in the Southeastern Europe region increased slightly by 2.1 per cent to € 104.5 million (2011: € 102.4 million). Benefits in Russia amounted to € 23.3 million in 2012 (2011: € 14.3 million). In Western Europe, the benefit volume fell by 18.5 per cent to € 398.6 million (2011: € 489.3 million).
Operating expenses
Operating expenses at the international Group companies less reinsurance commission received rose by 11.2 per cent to € 543.8 million in 2012 (2011: € 488.8 million).
In Central Europe, operating expenses increased by 5.6 per cent to € 257.8 million (2011: € 244.1 million), while the figure for Eastern Europe also rose by 19.2 per cent to € 77.6 million (2011: € 65.1 million). In Southeastern Europe, operating expenses increased slightly by 2.2 per cent to € 80.2 million (2011: € 78.4 million). In Russia, operating expenses rose by 20.6 per cent to € 19.8 million in the past financial year (2011: € 16.4 million), while expenses in Western Europe increased by 27.8 per cent to € 108.4 million (2011: € 84.8 million).
Investment result
Net investment income at the international Group companies increased by 54.5 per cent to € 151.5 million in 2012 as a result of positive developments on the financial markets (2011: € 98.0 million). The investment result in Western Europe improved by 55.8 per cent to € 81.8 million (2011: € 52.5 million), while the figure for CEE rose by 53.0 per cent to € 69.7 million (2011: € 45.5 million).
Profit/loss on ordinary activities
Before consolidation based on the geographic segments (see segment reporting), the profit on ordinary activities generated by the companies in the regions outside Austria in 2012 amounted to € 62.5 million (2011: loss of € 25.2 million). Earnings before taxes in CEE improved to € 13.2 million (2011: € -28.2 million), while the figure for Western Europe amounted to € 49.3 million (2011: € 3.0 million).
