39. Other disclosures
Group holding company
The parent company of UNIQA 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 2016 |
|
|
|
|
|
Premiums written (gross) |
0 |
463 |
1,420 |
29,724 |
31,607 |
Interest income due to loans with companies that are related parties |
0 |
79 |
0 |
252 |
331 |
Interest income and expenses arising from loans with entities that are related parties |
0 |
0 |
0 |
–2,388 |
–2,388 |
Interest income from loans with banks that are related parties and from investments in companies that are related parties |
1,371 |
0 |
9,511 |
4,105 |
14,987 |
Interest expenses arising from loans with banks that are related parties and from investments in entities that are related parties |
–309 |
0 |
0 |
–20 |
–328 |
At 31 December 2016 |
|
|
|
|
|
Investments at fair value |
155,653 |
10,166 |
532,129 |
57,202 |
755,150 |
Bank deposits |
276,278 |
0 |
0 |
147,016 |
423,294 |
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 arising from loans with entities that are related parties |
0 |
1,271 |
45 |
1,530 |
2,847 |
Interest income 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 |
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 |
Related party transactions – individuals
In € thousand |
1-12/2016 |
1-12/2015 |
||
|
||||
Premiums written (gross) |
1,861 |
1,066 |
||
Salaries and short term benefits1) |
5,168 |
4,526 |
||
Pension expenses |
407 |
819 |
||
Compensation on termination of employment contract |
2,513 |
–324 |
||
Expenditures for share-based payments |
2,495 |
1,941 |
||
Other income |
203 |
236 |
||
In 2017, it is expected that the members of the Management Board of the UNIQA Insurance Group AG will be paid a variable remuneration (STI) in the amount of € 1,739 thousand for the 2016 financial year.
Other financial obligations and contingent liabilities
In € thousand |
31/12/2016 |
31/12/2015 |
Other contingent liabilities |
|
|
Austria |
0 |
13,262 |
other countries |
0 |
273 |
Total |
0 |
13,535 |
Ukraine (non-life) – option to purchase granted
The shares held by UNIQA in the UNIQA Insurance Company, Private Joint Stock Company (Kiev, Ukraine) were acquired in 2006 from the Ukraine-based Closed JSC Credo-Classic Insurance Company and have been gradually increased to the current level of 92.23 per cent. 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.
SIGAL Group – option to purchase granted
Shares held by UNIQA in the SIGAL UNIQA Group AUSTRIA sh.a. have likewise been gradually increased to the current level of 86.93 per cent. The existing option agreements with the two remaining minority shareholders were agreed again in 2016. 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 an option window between July 2017 and June 2020.
Lease expenses
In € thousand |
1-12/2016 |
1-12/2015 |
Current lease expenses |
3,018 |
3,664 |
|
|
|
Future leasing rates |
|
|
up to 1 year |
2,186 |
0 |
more than 1 year up to 5 years |
4,363 |
0 |
more than 5 years |
0 |
0 |
Total |
6,549 |
0 |
Expenses for the auditor of the financial statements
The auditor fees in the financial year were € 1,567 thousand (2015: € 1,965 thousand); of which € 485 thousand (2015: € 307 thousand) is attributable to the annual audit, € 859 thousand (2015: € 1,590 thousand) to other auditing services and € 223 thousand (2015: € 68 thousand) to other general services.