The parent company of the UNIQA Group is UNIQA Insurance Group AG. In addition to its duties as Group holding company, this company also performs the duties of a group reinsurer.
Related companies and persons
Companies in the UNIQA Group maintain various relationships with related companies and persons.
In accordance with IAS 24, related companies are identified as those companies which either exercise a controlling or crucial influence on UNIQA. The group of companies also includes the non-consolidated subsidiaries, associates and joint ventures of UNIQA.
The related individuals include the members of management holding key positions for the purposes of IAS 24 along with their close family members. This also includes in particular the members of management in key positions at those companies which either exercise a controlling or crucial influence on UNIQA, along with their close family members.
Related party transactions – companies
In € thousand |
Companies with significant influence on UNIQA Group |
Affiliated but not consolidated companies |
Associated companies of UNIQA Group |
Other related parties |
Total |
Transactions 2015 |
|
|
|
|
|
Premiums written (gross) |
0 |
2,001 |
1,091 |
33,821 |
36,913 |
Interest income and expenses due to loans with companies that are related parties |
0 |
1,271 |
45 |
1,530 |
2,847 |
Interest income and expenses from loans with banks that are related parties and from investments in companies that are related parties |
0 |
490 |
7,295 |
3,522 |
11,306 |
As at 31 December 2015 |
|
|
|
|
|
Investments at fair value |
135,848 |
11,820 |
445,464 |
133,323 |
726,455 |
Bank deposits |
0 |
0 |
0 |
294,286 |
294,286 |
In € thousand |
Companies with significant influence on UNIQA Group |
Affiliated but not consolidated companies |
Associated companies of UNIQA Group |
Other related parties |
Total |
Transactions 2014 |
|
|
|
|
|
Premiums written (gross) |
318 |
1,592 |
812 |
58,659 |
61,381 |
Interest income and expenses due to loans with companies that are related parties |
0 |
1,400 |
0 |
1,546 |
2,946 |
Interest income and expenses from loans with banks that are related parties and from investments in companies that are related parties |
374 |
4,366 |
10,110 |
30,874 |
45,724 |
As at 31 December 2014 |
|
|
|
|
|
Investments at fair value |
138,935 |
198,305 |
519,123 |
385,211 |
1,241,574 |
Bank deposits |
0 |
0 |
0 |
358,177 |
358,177 |
Related party transactions – individuals
In € thousand |
2015 |
2014 |
||
|
||||
Premiums written (gross) |
1,066 |
824 |
||
Salaries and short term benefits1) |
4,526 |
3,725 |
||
Pension expenses |
819 |
857 |
||
Compensation on termination of employment contract |
–324 |
45 |
||
Share-based payments |
1,941 |
89 |
||
Other income |
236 |
251 |
||
Other financial obligations and contingent liabilities
In € thousand |
31/12/2015 |
31/12/2014 |
Contingent liabilities from risks of litigation |
0 |
24,189 |
Austria |
0 |
0 |
other countries |
0 |
24,189 |
Other contingent liabilities |
13,535 |
12,125 |
Austria |
13,262 |
12,125 |
other countries |
273 |
0 |
Total |
13,535 |
36,313 |
The UNIQA companies are involved in court proceedings in Austria and other countries in connection with their ordinary business operations as insurance companies. The result of the pending or threatened proceedings is often impossible to determine or predict.
In consideration of the provisions set aside for these proceedings, the management is of the opinion that these proceedings have no significant effects on UNIQA’s financial situation or the operating earnings.
Ukraine (Non-Life) – Option to purchase granted
Since the acquisition of the shares in the Ukrainian “Closed JSC Credo-Classic Insurance Company” (now “Insurance Company ‘UNIQA’”, Kiev), the shares held by UNIQA since 2006 have been gradually increased to the current level of 92.23 %. The existing option agreements with the two remaining minority shareholders were agreed again in 2015. This gives UNIQA the option of acquiring further shares in the company from the local minority shareholders based on previously agreed purchase price formulas in option windows in 2017 and 2020.
Lease expenses
In € thousand |
2015 |
2014 |
Current lease expenses |
3,664 |
7,826 |
|
|
|
Future lease payments in connection with the financing of the UNIQA Group headquarters in Vienna |
|
|
up to 1 year |
0 |
5,102 |
more than 1 year up to 5 years |
0 |
17,859 |
more than 5 years |
0 |
0 |
Total |
0 |
22,961 |
Income from sublease |
0 |
550 |
We moved into the UNIQA Group headquarters – the UNIQA Tower – in 2004. In the second Quarter of 2015 UNIQA Immobilien-Projekterrichtungs GmbH was acquired by UNIQA, meaning that no more future lease payments will be incurred in connection with the financing of the head office in Vienna.
Expenses for the auditor of the financial statements
The auditor fees in the financial year were € 1,965 thousand (2014: € 1,100 thousand); of which € 307 thousand (2014: € 280 thousand) is attributable to the annual audit, € 1,590 thousand (2014: € 652 thousand) to other auditing services and € 68 thousand (2014: € 168 thousand) to other services.
