Operating segments
UNIQA International
- Premiums written (including savings portions from unit-linked and index-linked life insurance) fell by 2.7 per cent to €1,564.6 million
- Combined ratio improved to 95.5 per cent
- The technical result rose to €33.6 million
- Earnings before taxes further increased to €55.1 million
in € million |
2018 |
2017 |
2016 |
Premiums written including savings portions |
1,564.6 |
1,608.5 |
1,399.9 |
Cost ratio (after reinsurance) |
35.6% |
31.2% |
34.9% |
Combined ratio (after reinsurance) |
95.5% |
97.1% |
99.2% |
Earnings before taxes |
55.1 |
42.8 |
13.1 |
Changes in premiums
Premiums written including savings portions from unit-linked and index-linked life insurance fell by 2.7 per cent to €1,564.6 million in the 2018 financial year (2017: €1,608.5 million) in the UNIQA International segment. Recurring premiums rose strongly by 7.0 per cent to €1,479.0 million (2017: €1,382.1 million); at the same time, single premiums decreased as planned by 62.2 per cent to €85.7 million (2017: €226.4 million). This means that in 2018 the international companies contributed a total of 29.5 per cent (2017: 30.4 per cent) to total Group premiums.
Including savings portions from unit-linked and index-linked life insurance, UNIQA International’s volume of premiums earned amounted to €1,059.1 million (2017: €1,139.9 million). The volume of premiums earned (net, in accordance with IFRSs) increased in 2018 by 7.7 per cent to €958.4 million (2017: €890.0 million).
While premiums written grew in property and casualty insurance by a very satisfactory 7.0 per cent to €1,067.4 million (2017: €997.3 million), driven primarily by the good development in the Czech Republic, Hungary and Bulgaria across all business lines, in health insurance they even rose by 23.5 per cent to €77.6 million (2017: €62.8 million) as a result of good business performance in Ukraine and Russia. On the other hand, in life insurance, due to the planned withdrawal from the single premium business, premiums written including savings portions from unit-linked and index-linked life insurance fell by 23.5 per cent to €419.7 million (2017: €548.4 million).
Premiums written including savings portions from unit-linked and index-linked life insurance UNIQA International
In € million
In property and casualty insurance, premiums earned (net, according to IFRSs) rose by 7.5 per cent to €584.8 million (2017: €544.3 million); in health insurance, they increased by 14.9 per cent to €65.8 million (2017: €57.3 million). In life insurance, they also grew by 6.7 per cent to reach €307.7 million (2017: €288.5 million). Including savings portions from unit-linked and index-linked life insurance, the volume of premiums earned in life insurance amounted to €408.4 million (2017: €538.3 million).
In the Central Europe region (CE) – Poland, Slovakia, the Czech Republic and Hungary – premiums written including savings portions from unit-linked and index-linked life insurance decreased by 8.8 per cent to €934.0 million in the 2018 financial year (2017: €1,024.5 million) due to the planned withdrawal from business in the single premium business in Poland. In Eastern Europe (EE), comprising Romania and Ukraine, they rose by 4.9 per cent to €177.0 million (2017: €168.8 million). In Southeastern Europe (SEE), comprising Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Montenegro, North Macedonia and Serbia, the premiums written including savings portions from unit-linked and index-linked life insurance increased by 8.3 per cent to €307.0 million (2017: €283.4 million) in the 2018 financial year. In Russia (RU) they also grew by 13.1 per cent to €99.2 million (2017: €87.7 million). In Western Europe (WE) – Liechtenstein and Switzerland – they increased as well by 7.4 per cent to €47.3 million (2017: €44.0 million).
Changes in insurance benefits
Net insurance benefits at UNIQA International increased in 2018 by 4.5 per cent to €561.8 million (2017: €537.6 million). In property and casualty insurance they rose by 7.3 per cent to €339.2 million (2017: €316.2 million); in health insurance, they increased by 13.8 per cent to €41.3 million (2017: €36.3 million). At the same time, they decreased by 2.1 per cent in life insurance to €181.4 million (2017: €185.2 million). In 2018, the loss ratio in property and casualty insurance fell to 58.0 per cent (2017: 58.1 per cent). The combined ratio after reinsurance in the UNIQA International segment improved strongly to 95.5 per cent (2017: 97.1 per cent).
In the CE region, benefits rose by 3.3 per cent in 2018 to €272.2 million (2017: €263.5 million); in the EE region, however, they increased by 8.1 per cent to €62.7 million (2017: €58.0 million). Also in SEE, they increased by 2.3 per cent to €134.0 million (2017: €131.0 million). At €79.2 million (2017: €74.1 million), benefits in Russia were also above the previous year’s level, and in Western Europe the volume of benefits likewise rose by 23.6 per cent to €13.7 million (2017: €11.1 million).
Operating expenses
Operating expenses less reinsurance commission and share of profit from reinsurance ceded, which amounted to €130.6 million (2017: €120.5 million), increased by 5.8 per cent to €376.6 million in the 2018 financial year (2017: €356.0 million). In property and casualty insurance they rose by 3.3 per cent to €219.6 million (2017: €212.5 million); in health insurance, they increased by 13.1 per cent to €24.7 million (2017: €21.8 million). In life insurance, they also grew 8.8 per cent to reach €132.4 million (2017: €121.7 million).
The cost ratio of UNIQA International after reinsurance, i.e. the ratio of total operating expenses, less reinsurance commission and share of profit from reinsurance ceded, to premiums earned, including savings portions from unit-linked and index-linked life insurance, amounted to 35.6 per cent during the past year (2017: 31.2 per cent).
In CE, operating expenses less reinsurance commission and share of profit from reinsurance ceded rose by 6.2 per cent to €189.6 million in the reporting year (2017: €178.5 million). In EE, they rose by 2.0 per cent to €56.9 million (2017: €55.7 million), and in SEE they increased by 3.5 per cent to €93.1 million (2017: €89.9 million). In Russia, costs rose by 21.4 per cent to €13.9 million (2017: €11.5 million), while they fell in Western Europe by 16.1 per cent to €3.2 million (2017: €3.8 million). In administration (UNIQA International AG), operating expenses rose to €20.0 million (2017: €16.6 million).
Net investment income
Net investment income in the sector rose by 14.5 per cent to €81.7 million in 2018 (2017: €71.4 million).
Earnings before taxes
Earnings before taxes in the UNIQA International segment rose 28.9 per cent in the reporting year to €55.1 million (2017: €42.8 million) on account of the significantly improved technical result. Earnings before taxes in property and casualty insurance improved to €17.5 million (2017: €15.5 million); in health insurance they reached €0.2 million (2017: €–0.1 million). Lastly, in life insurance, earnings before taxes increased by 36.7 per cent to €37.5 million (2017: €27.4 million).
Earnings before taxes UNIQA International
In € million
in € million |
2018 |
2017 |
2016 |
Premiums written |
1,067.4 |
997.3 |
942.3 |
Insurance benefits (net) |
–339.2 |
–316.2 |
–308.8 |
Claims rate (after reinsurance) |
58.0% |
58.1% |
59.7% |
Operating expenses (net) |
–219.6 |
–212.5 |
–204.4 |
Cost ratio (after reinsurance) |
37.5% |
39.0% |
39.5% |
Combined ratio (after reinsurance) |
95.5% |
97.1% |
99.2% |
Net investment income |
23.8 |
28.2 |
32.9 |
Earnings before taxes |
17.5 |
15.5 |
–5.9 |
Technical provisions (net) |
653.7 |
631.8 |
635.6 |
in € million |
2018 |
2017 |
2016 |
Premiums written |
77.6 |
62.8 |
47.7 |
Insurance benefits (net) |
–41.3 |
–36.3 |
–29.3 |
Operating expenses (net) |
–24.7 |
–21.8 |
–19.8 |
Cost ratio (after reinsurance) |
37.5% |
38.1% |
45.0% |
Net investment income |
0.5 |
0.3 |
0.5 |
Earnings before taxes |
0.2 |
–0.1 |
–3.1 |
Technical provisions (net) |
37.2 |
32.3 |
24.9 |
in € million |
2018 |
2017 |
2016 |
Premiums written including savings portions from unit-linked and index-linked life insurance |
419.7 |
548.4 |
409.9 |
Insurance benefits (net) |
–181.4 |
–185.2 |
–146.8 |
Operating expenses (net) |
–132.4 |
–121.7 |
–112.0 |
Cost ratio (after reinsurance) |
32.4% |
22.6% |
27.9% |
Net investment income |
57.5 |
42.9 |
30.1 |
Earnings before taxes |
37.5 |
27.4 |
22.1 |
Technical provisions (net) |
1,577.7 |
1,647.4 |
1,493.1 |