With a premium volume written (including savings portions from unit-linked and index-linked life insurance) of €5,293.3 million, the UNIQA Group is among the leading insurance groups in Central and Eastern Europe. Savings portions from unit-linked and index-linked life insurance in the amount of €481.6 million were set off against the change in , pursuant to 97 (). Without taking savings portions from unit-linked and index-linked life insurance into consideration, the premium volume written amounted to €4,811.7 million.

UNIQA in Europe

UNIQA offers its products and services via all distribution channels (hired sales force, general agencies, brokers, banks and direct sales) and covers virtually the entire range of insurance lines. UNIQA is the second-largest insurance group in Austria, with a presence in 15 countries of the CEE growth region: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Kosovo, Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia and Ukraine. In addition, insurance companies in Switzerland and Liechtenstein are also part of the UNIQA Group.

The listed holding company UNIQA Insurance Group AG manages the Group and also operates the indirect insurance business concluded as active with another insurance company. Moreover, UNIQA Insurance Group AG carries out numerous service functions for UNIQA Österreich Versicherungen AG and its international Group companies, in order to take best advantage of synergy effects and to consistently implement the Group’s long-term corporate strategy.

UNIQA International AG manages the international activities of the Group. This entity is also responsible for the ongoing monitoring and analysis of the international target markets and for acquisitions and post-merger integration.

Property and casualty insurance

The property and casualty insurance line includes property insurance for private individuals and companies, as well as private casualty insurance. The UNIQA Group received written in property and casualty insurance in 2017 in the amount of €2,639.7 million (2016: €2,518.4 million) – which is 49.9 per cent (2016: 49.9 per cent) of total premium volume. The largest share by far in the volume of property and casualty insurance comes from private consumer business. Most property and casualty insurance policies are taken out for a limited term of up to three years. A broad spread across the different risks of a great many customers and the relatively short terms of these contracts enable moderate capital requirements and also make this field of business attractive as a result.

Health insurance

Health insurance in Austria includes voluntary health insurance for private customers, commercial preventive healthcare and opt-out offers for certain independent contractors such as lawyers, architects, and chemists. On the other hand, the health insurance business in CEE is still at the early stage. Increased levels of prosperity in the region, however, make the long-term growth potential even greater. Group-wide in 2017, totalled €1,042.0 million (2016: €1,003.7 million) – which is 19.7 per cent (2016: 19.9 per cent) of total premium volume. UNIQA is the undisputed market leader in this strategically important line of insurance in Austria with around 46 per cent of market share. The overwhelming majority – about 94 per cent of – come from Austria, with the remaining 6 per cent from international business.

Life insurance

Life insurance covers economic risks that stem from the uncertainty as to how long a customer will live. It includes savings products such as classic and unit-linked life insurance. There are also biometric products to secure against such risks as occupational disability, care needs or death. The life insurance business model is oriented towards the long term: policy terms are around 25 years on average. Life insurance is still facing major challenges, as the low-interest environment is particularly disadvantageous to all long-term forms of saving and investment, and therefore for life insurance as well. In life insurance, UNIQA reached a premium volume (including savings portions from unit-linked and index-linked life insurance) Group-wide in 2017 of €1,611.6 million (2016: €1,526.1 million) – which is 30.4 per cent (2016: 30.2 per cent) of total premium volume.

Reorganisation of the UNIQA Österreich Versicherungen AG Management Board

Following Hartwig Löger’s appointment to the government of the Republic of Austria in December 2017, the Management Board of UNIQA Österreich Versicherungen AG was reorganised and restructured in line with future requirements.

In addition to taking on the Finance and Risk functions, Kurt Svoboda also took over as chair of the Management Board. Peter Humer has been responsible for Sales since December 2017. Alexander Bockelmann (Digitalisation) and Sabine Usaty-Seewald (Customers and Markets) also joined the UNIQA Österreich Versicherungen AG Group Management Board on 1 January 2018. Alexander Bockelmann also took over the Digitalisation function on the Board of UNIQA International AG.

STRABAG SE syndicate extended

The syndicate agreement was extended five years until 31 December 2022 as a result of the non-exercise by core shareholders of STRABAG SE of their right of termination by 31 December 2017. The parties to the syndicate agreement remain free to terminate the contract prematurely by mutual accord.


UNIQA has consistently been rated at least “A–” by rating agency Standard & Poor’s since 2013. Standard & Poor’s also confirmed the “A–” rating for UNIQA Insurance Group AG for 2017. The ratings of UNIQA Österreich Versicherungen AG and the Group’s reinsurer, UNIQA Re AG in Switzerland, also remained an “A”. UNIQA Versicherung AG in Liechtenstein received an “A–”. Standard & Poor’s rates the outlook for all the companies as stable. The UNIQA’s subordinated bonds are rated “BBB”.

Companies included in the IFRS consolidated financial statements

In addition to the annual financial statements of UNIQA Insurance Group AG, the consolidated financial statements include the financial statements of all subsidiaries in Austria and abroad. The basis of consolidation comprised – including UNIQA Insurance Group AG – 35 Austrian (2016: 54) and 59 international (2016: 62) subsidiaries. The are six domestic (2016: 6) and one international company (2016: 1) that were included in the consolidated financial statements using accounting.

Details on the consolidated companies and associates are contained in the corresponding overview in the consolidated financial statements. The accounting policies are also described in the consolidated financial statements.

Risk reporting

UNIQA’s comprehensive risk and opportunities report is included in the notes to the 2017 consolidated financial statements.

Corporate Governance Report

Since 2004, UNIQA has pledged to comply with the Austrian Code of . UNIQA publishes its consolidated Corporate Governance Report at www.uniqagroup.com in the Investor Relations section.

Consolidated non-financial statement, consolidated non-financial report

Pursuant to Section 267a(6) of the Austrian Commercial Code, UNIQA Insurance Group AG prepares its consolidated non-financial statement as a separate consolidated non-financial report. The separate consolidated non-financial report is prepared and signed by all of the statutory corporate representatives. It is submitted to the Supervisory Board for review and published together with the Group Management Report pursuant to Section 280 of the Austrian Commercial Code.

Insurance provision
Provision in the amount of the existing obligation to pay insurance benefits and reimbursements, predominantly in life and health insurance. The provision is determined using actuarial methods as a balance of the present value of future obligations less the present value of future premiums.
US Financial Accounting Standards that set out the details on US GAAP (Generally Accepted Accounting Principles).
US Generally Accepted Accounting Principles.
An insurance company insures part of its risk via another insurance company.
Total premiums written. All premiums from contracts written in the financial year from business acquired by the company directly and as inward reinsurance.
Premiums written
All premiums due during the financial year arising from insurance contracts under direct insurance business, regardless of whether these premiums relate (either wholly or partially) to a later financial year. This involves (net) premiums written when reduced by the amount ceded to reinsurance companies.
Total premiums written. All premiums from contracts written in the financial year from business acquired by the company directly and as inward reinsurance.
Associates are all the entities over which UNIQA has significant influence but does not exercise control or joint control over their financial and operating policies. This is generally the case as soon as there is a voting share of between 20 and 50 per cent or a comparable significant influence is guaranteed legally or in practice via other contractual regulations.
Equity method
Investment in associates is accounted for using this method. The value assessed corresponds with the Group’s proportional equity in these companies. In the case of shares in companies that prepare their own consolidated financial statements, their Group equity is assessed accordingly in each case. Within the scope of ongoing valuations, this value must be updated to incorporate proportional changes in equity; the pro rate profit on ordinary activities is imputed to the Group results with this.
Corporate governance
Corporate governance refers to the legal and factual framework for managing and monitoring companies. Corporate governance regulations are used in order to ensure transparency and thereby boost confidence in responsible company management and controls based around added value.