Premiums
In 2013, UNIQA Austria increased the premium volume written, including the savings portion of unit- and index-linked life insurance, by 3.6 per cent to € 2,806.7 million (2012: € 2,708.2 million). Recurring premiums increased by 4.0 per cent to € 2,774.6 million (2012: € 2,668.3 million). However, single premiums declined slightly to € 32.1 million (2012: € 39.9 million).
Including the savings portion of unit- and index-linked life insurance, premiums earned by UNIQA Austria amounted to € 2,196.2 million (2012: € 2,087.4 million). Retained premiums earned (in accordance with IFRS) increased by 4.7 per cent to € 1,999.2 million in 2013 (2012: € 1,908.6 million).
The premium volume written in property and casualty insurance rose by 3.5 per cent to € 1,326.2 million (2012: € 1,280.9 million), while the corresponding figure for health insurance increased by 3.7 per cent to € 866.2 million (2012: € 835.4 million). The premium volume written in life insurance (including the savings portion of unit- and index-linked life insurance) grew by 3.8 per cent to € 614.2 million (2012: € 591.9 million).
Retained premiums earned (in accordance with IFRS) increased by 7.6 per cent to € 747.6 million in property and casualty insurance (2012: € 694.6 million), by 3.5 per cent to € 865.2 million in health insurance (2012: € 835.8 million) and by 2.2 per cent to € 386.4 million in life insurance (2012: € 378.2 million). Including the savings portion of unit- and index-linked life insurance, premiums earned in life insurance amounted to € 583.5 million (2012: € 557.0 million).
Benefits
Retained insurance benefits at UNIQA Austria increased by 3.8 per cent to € 1,680.5 million in 2013 (2012: € 1,618.9 million). Retained insurance benefits rose by 3.4 per cent to € 493.5 million in property and casualty insurance (2012: € 477.3 million), by 2.4 per cent to € 736.2 million in health insurance (2012: € 719.1 million) and by 6.7 per cent to € 450.7 million in life insurance (2012: € 422.4 million). This meant that the loss ratio in property and casualty insurance amounted to 66.0 per cent in 2013 (2012: 68.7 per cent).
Operating expenses
Operating expenses less reinsurance commission received and profit shares from reinsurance business in the amount of € 179.4 million (2012: € 186.0 million) increased by 6.4 per cent to € 418.1 million in the 2013 financial year (2012: € 393.0 million). Operating expenses rose by 10.6 per cent to € 190.9 million in property and casualty insurance (2012: € 172.5 million) and by 9.0 per cent to € 122.6 million in health insurance (2012: € 112.5 million), whereas the figure for life insurance declined by 3.1 per cent to € 104.6 million (2012: € 108.0 million).
UNIQA Austria’s cost ratio after reinsurance, i.e. the ratio of total operating expenses less reinsurance commission received and profit shares from reinsurance business ceded to premiums earned, including the savings portion of unit- and index-linked life insurance, remained essentially unchanged at 19.0 per cent in the year under review (2012: 18.8 per cent).
Investment result
Net investment income in the UNIQA Austria segment increased by 10.8 per cent to € 379.1 million in 2013 (2012: € 342.2 million).
Profit from ordinary activities
UNIQA Austria’s profit from ordinary activities increased by 23.0 per cent to € 231.0 million in the year under review due to the improved investment result (2012: € 187.8 million). The profit from ordinary activities increased by 22.2 per cent to € 82.7 million in property and casualty insurance (2012: € 67.7 million), whereas the figure for health insurance fell slightly by 0.7 per cent to € 94.6 million (2012: € 95.3 million). UNIQA Austria more than doubled its profit from ordinary activities in the life insurance segment, which rose by 116.6 per cent to € 53.7 million (2012: € 24.8 million).
