Premiums
At UNIQA Austria, the premiums written including savings portions from the unit-linked and index-linked life insurance increased in 2015 by 1.2 per cent to € 2,807.7 million (2014: € 2,773.5 million). Recurring premiums rose by 1.2 per cent to € 2,775.5 million (2014: € 2,741.7 million), and single premiums increased by 1.2 per cent to € 32.2 million (2014: € 31.9 million).
Including savings portions from the unit-linked and index-linked life insurance, the volume of premiums earned at UNIQA Austria amounted to € 2,229.9 million (2014: € 2,137.0 million). The volume of premiums earned (net, according to IFRS) rose in 2015 by 5.5 per cent to € 2,102.8 million (2014: € 1,993.9 million) as a result of changes to the reinsurance structure.
While premiums written in property and casualty insurance rose by 1.3 per cent to € 1,380.6 million (2014: € 1,362.6 million), in health insurance they increased by 3.9 per cent to € 921.6 million (2014: € 887.3 million). In life insurance (including savings portions from the unit-linked and index-linked life insurance) they fell 3.5 per cent to € 505.5 million (2014: € 523.7 million).
Net premiums earned (according to IFRS) rose in property and casualty insurance by 9.8 per cent to € 826.9 million (2014: € 753.0 million); in health insurance, they increased by 3.9 per cent to € 921.9 million (2014: € 886.9 million). They remained stable in life insurance at € 354.0 million (2014: € 353.9 million). Including savings portions from the unit-linked and index-linked life insurance, the volume of premiums earned in life insurance amounted to € 481.1 million (2014: € 497.0 million).
Benefits
Net insurance benefits at UNIQA Austria increased by 5.6 per cent in 2015 to € 1,729.4 million (2014: € 1,637.2 million). In property and casualty insurance they rose by 11.8 per cent to € 577.6 million (2014: € 516.5 million) as a result of the changes in the solution for reinsurance; in health insurance they increased by 2.5 per cent to € 762.9 million (2014: € 744.3 million). In life insurance they grew 3.3 per cent to reach € 388.9 million (2014: € 376.4 million). Overall, in 2015 the loss ratio in property and casualty insurance amounted to 69.8 per cent (2014: 68.6 per cent). The combined ratio in the UNIQA Austria segment therefore increased after reinsurance to 93.9 per cent (2014: 91.8 per cent).
Operating expenses
Operating expenses, less reinsurance commission and share of profit from reinsurance ceded, which amounted to € 160.3 million (2014: € 175.8 million), decreased in the 2015 financial year by 4.0 per cent to € 390.7 million (2014: € 407.1 million), also on account of the revaluation of the pension provisions in accordance with IAS 19. They rose 13.9 per cent in property and casualty insurance to € 199.1 million (2014: € 174.8 million) on account of the changes in the reinsurance structure. They decreased 8.9 per cent in health insurance to € 121.8 million (2014: € 133.7 million). They fell sharply by 29.2 per cent in life insurance to € 69.8 million (2014: € 98.6 million) on account of the IAS 19 effect described above and a change to the cost allocation.
The cost ratio of UNIQA Austria after reinsurance, i.e. the relation 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, amounted to 17.5 per cent during the past year (2014: 19.0 per cent).
Investment income
Net investment income in the UNIQA Austria segment dropped in 2015 by 8.8 per cent to € 343.2 million (2014: 376.1 million), despite currency gains from the investments in US dollars on account of the low interest rates that still prevail.
Earnings before taxes
Earnings before taxes from ordinary activities of UNIQA Austria rose in the reporting period by 5.3 per cent to € 288.5 million (2014: € 273.9 million) driven by the solid profits in health insurance. They fell by 19.6 per cent in property and casualty insurance to € 81.0 million (2014: € 100.7 million). In health insurance they rose by 44.0 per cent to € 187.5 million (2014: € 130.2 million). In life insurance earnings before taxes fell by 53.5 per cent to € 20.0 million (2014: € 43.0 million); the principal reason for this was the fall in investment income by 21.8 per cent to € 147.4 million (2014: € 188.6 million).
