Segment reporting

Operating segments

The accounting and valuation methods of the segments that are subject to mandatory reporting correspond with the consolidated accounting and valuation methods. The earnings before taxes for the segments were determined taking the following components into consideration: summation of the IFRS profits in the individual companies, taking the elimination of investment income in the various segments and impairment of goodwill into consideration. All other consolidation effects (profit/(loss) for the period at associates, elimination of interim results, and other overall effects) are included in “Consolidation”. The segment profit/(loss) obtained in this manner is reported to the Management Board of UNIQA Insurance Group AG to manage the Group in the following operating segments:

  • UNIQA Austria – includes the Austrian insurance business.
  • UNIQA International – includes all foreign primary insurance companies and a foreign Group service company as well as the Austrian holding companies UNIQA International AG and UNIQA Internationale Beteiligungs-Verwaltungs GmbH. This segment is divided on a regional basis into the following main areas:
    • Central Europe (CE – Poland, Slovakia, Czech Republic and Hungary)
    • Eastern Europe (EE – Romania and Ukraine)
    • Russia (RU)
    • Southeastern Europe (SEE – Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Montenegro, North Macedonia and Serbia)
    • Western Europe (WE – Liechtenstein and Switzerland)
    • Administration (Austrian holding companies)
  • – includes UNIQA Re AG (Zurich, Switzerland), UNIQA Versicherung AG (Vaduz, Liechtenstein) and the reinsurance business of UNIQA Insurance Group AG.
  • Group functions – includes the remaining items for UNIQA Insurance Group AG (net investment income and administrative costs) as well as all other remaining Austrian and foreign service companies.

Operating segments

In € thousand

UNIQA Austria

UNIQA International

Reinsurance

Group functions

Consolidation

Group

1–12/2018

1–12/2017
adjusted

1–12/2018

1–12/2017
adjusted

1–12/2018

1–12/2017
adjusted

1–12/2018

1–12/2017
adjusted

1–12/2018

1–12/2017
adjusted

1–12/2018

1–12/2017
adjusted

Premiums written (gross), including savings portions from unit-linked and index-linked life insurance

3,734,400

3,656,609

1,564,649

1,608,517

1,098,345

1,091,601

0

0

–1,087,925

–1,063,422

5,309,469

5,293,305

Premiums earned (net), including savings portions from unit-linked and index-linked life insurance

3,031,811

2,991,320

1,059,062

1,139,869

985,588

1,003,018

0

0

5,208

–30,065

5,081,670

5,104,143

Savings portions from unit-linked and index-linked life insurance (gross)

219,802

231,806

100,712

249,833

0

0

0

0

0

0

320,513

481,639

Savings portions from unit-linked and index-linked life insurance (net)

220,214

226,377

100,712

249,833

0

0

0

0

0

0

320,925

476,210

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums written (gross)

3,514,598

3,424,803

1,463,937

1,358,684

1,098,345

1,091,601

0

0

–1,087,925

–1,063,422

4,988,955

4,811,666

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums earned (net)

2,811,597

2,764,943

958,350

890,037

985,588

1,003,018

0

0

5,208

–30,065

4,760,744

4,627,933

Premiums earned (net) – intragroup

–662,714

–630,645

–387,285

–365,299

1,044,792

1,026,009

0

0

5,208

–30,065

0

0

Premiums earned (net) – external

3,474,312

3,395,588

1,345,636

1,255,336

–59,203

–22,991

0

0

0

0

4,760,744

4,627,933

Technical interest income

309,474

312,366

26,112

27,884

0

0

0

0

0

0

335,586

340,250

Other insurance income

12,213

4,777

21,921

19,524

251

354

1,753

505

–3,743

–2,866

32,395

22,293

Insurance benefits

–2,390,251

–2,339,820

–561,788

–537,625

–682,442

–692,482

9,644

8,414

–1,806

14,103

–3,626,642

–3,547,410

Operating expenses

–564,868

–548,346

–376,591

–355,974

–299,601

–320,192

–68,410

–55,345

–5,183

3,884

–1,314,653

–1,275,974

Other technical expenses

–14,768

–29,065

–34,419

–31,329

–12,100

–11,629

–166

–1,200

14,203

16,735

–47,250

–56,488

Technical result

163,398

164,854

33,585

12,517

–8,303

–20,931

–57,179

–47,625

8,680

1,790

140,180

110,605

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

418,322

452,416

81,720

71,402

23,493

28,708

305,974

267,164

–248,319

–247,556

581,191

572,134

Income from investments

512,177

578,095

96,550

85,659

35,801

34,811

593,331

585,370

–320,284

–303,810

917,575

980,124

Expenses from investments

–112,433

–139,252

–15,035

–14,440

–12,308

–6,103

–338,422

–321,312

32,624

22,927

–445,574

–458,180

Financial assets accounted for using the equity method

18,578

13,573

206

184

0

0

51,065

3,106

39,341

33,327

109,189

50,190

Other income

1,204

1,776

10,814

13,790

12,897

4,472

17,269

20,425

–5,340

–3,815

36,844

36,649

Reclassification of technical interest income

–309,474

–312,366

–26,112

–27,884

0

0

0

0

0

0

–335,586

–340,250

Other expenses

–14,739

–16,573

–39,724

–19,472

–4,298

–6,122

–16,231

–21,385

2,457

7,102

–72,536

–56,451

Non-technical result

95,312

125,254

26,699

37,836

32,092

27,058

307,012

266,204

–251,202

–244,269

209,913

212,082

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit/(loss)

258,710

290,108

60,283

50,353

23,788

6,127

249,833

218,578

–242,522

–242,479

350,092

322,687

Amortisation of goodwill and impairment losses

–1,913

–2,478

–761

–2,561

0

0

0

0

0

0

–2,674

–5,039

Finance cost

–25,080

–25,083

–4,410

–5,037

–2,900

–2,900

–64,201

–64,921

43,792

44,925

–52,800

–53,017

Earnings before taxes from continuing operations

231,716

262,546

55,112

42,755

20,888

3,227

185,632

153,657

–198,730

–197,554

294,618

264,631

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined ratio (property and casualty insurance, after reinsurance)

91.6%

91.8%

95.5%

97.1%

99.6%

100.7%

n/a

n/a

n/a

n/a

96.8%

97.5%

Cost ratio (after reinsurance)

18.6%

18.3%

35.6%

31.2%

30.4%

31.9%

n/a

n/a

n/a

n/a

25.9%

25.0%

Reinsurance
An insurance company insures part of its risk via another insurance company.