Premiums
The Raiffeisen Insurance Austria segment recorded significant growth in 2015 and increased the premiums written, including savings portions from the unit-linked and index-linked life insurance, by 18.8 per cent to € 1,075.8 million (2014: € 905.3 million), despite a decline recorded in premiums in unit-linked life insurance. However, the very strong performance in the Austrian core business with Raiffeisen as a partner bank was more than capable of compensating for that deterioration. Recurring premiums were just above the previous year’s level at € 756.1 million (2014: € 754.0 million), while single premiums rose 111.3 per cent to € 319.7 million (2014: € 151.3 million).
Including savings portions from the unit-linked and index-linked life insurance, the volume of premiums earned at Raiffeisen Insurance Austria amounted to € 965.1 million (2014: € 794.0 million). The volume of premiums earned (net, according to IFRS) rose in 2015 by 28.8 per cent to € 838.0 million (2014: € 650.8 million).
While premiums written rose in property and casualty insurance by 4.6 per cent to € 160.1 million (2014: € 153.2 million), in life insurance they increased by 21.7 per cent to € 915.7 million (2014: € 752.1 million). Health insurance is not offered in the Raiffeisen Insurance Austria segment.
Net premiums earned (according to IFRS) rose in property and casualty insurance by 4.4 per cent to € 83.3 million (2014: € 79.8 million); in life insurance, they increased by 32.2 per cent to € 754.7 million (2014: € 571.1 million). Including savings portions from the unit-linked and index-linked life insurance, the volume of premiums earned in life insurance amounted to € 881.8 million (2014: € 714.2 million).
Benefits
Net insurance benefits in the Raiffeisen Insurance Austria segment increased in 2015 by 21.1 per cent to € 829.8 million (2014: € 685.2 million). They fell by 2.2 per cent in property and casualty insurance to € 55.9 million (2014: € 57.1 million). In life insurance they grew 23.2 per cent to reach € 773.9 million (2014: € 628.1 million) on account of the sharp increase in premium volumes. Overall, in 2015 the loss ratio in property and casualty insurance amounted to 67.1 per cent (2014: 71.6 per cent). The combined ratio in the Raiffeisen Insurance Austria segment therefore improved after reinsurance to 82.7 per cent (2014: 88.1 per cent).
Operating expenses
Operating expenses minus reinsurance commission and share of profit from reinsurance ceded, which amounted to € 32.9 million (2014: € 30.5 million), increased by 20.9 per cent to € 135.5 million in 2015 (2014: € 112.1 million) on account of the increase in business revenue. They fell slightly in property and casualty insurance by 0.9 per cent to € 13.0 million (2014: € 13.1 million); in life insurance, they increased by 23.8 per cent to € 122.5 million (2014: € 99.0 million).
The cost ratio in the Raiffeisen Insurance Austria segment after reinsurance, i.e. the ratio of total operating expenses, less reinsurance commission and share of profit from reinsurance ceded, to the premiums earned, including savings portions from the unit-linked and index-linked life insurance, fell to 14.0 per cent in 2015 (2014: 14.1 per cent).
Investment income
Net investment income in the Raiffeisen Insurance Austria segment also fell in 2015 by 8.3 per cent to € 254.7 million (2014: 277.7 million) on account of the low interest rates that still prevail.
Earnings before taxes
Earnings before taxes in the Raiffeisen Insurance Austria segment fell by 2.9 per cent to € 105.4 million in the reporting year (2014: € 108.6 million). They rose by 34.6 per cent in property and casualty insurance to € 18.9 million (2014: € 14.1 million). In life insurance on the other hand they fell by 8.5 per cent to € 86.5 million (2014: € 94.6 million).
