Segment reporting

Operating segments

The accounting and measurement methods of the segments that are subject to mandatory reporting correspond with the consolidated accounting and measurement methods. The earnings before taxes for the segments were determined taking the following components into account: summation of the IFRS profits in the individual companies, taking the elimination of net investment income in the various segments and impairment of goodwill into consideration. All other consolidation effects (profit/(loss) for the period at , 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 company UNIQA International AG. This segment is divided on a regional basis into the following main areas:
  • Central Europe (CE – Poland, Slovakia, the 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

1–12/2019

1–12/2018

1–12/2019

1–12/2018

1–12/2019

1–12/2018

1–12/2019

1–12/2018 adjusted

1–12/2019

1–12/2018

1–12/2019

1–12/2018 adjusted

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

3,800,819

3,734,400

1,561,242

1,564,649

1,129,178

1,098,345

0

0

–1,118,689

–1,087,925

5,372,550

5,309,469

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

3,057,035

3,031,811

1,082,632

1,059,062

1,029,297

985,588

0

0

1,872

5,208

5,170,836

5,081,670

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

211,683

219,802

98,083

100,712

0

0

0

0

0

0

309,766

320,513

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

211,683

220,214

98,083

100,712

0

0

0

0

0

0

309,766

320,925

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums written (gross)

3,589,137

3,514,598

1,463,159

1,463,937

1,129,178

1,098,345

0

0

–1,118,689

–1,087,925

5,062,785

4,988,955

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums earned (net)

2,845,352

2,811,597

984,549

958,350

1,029,297

985,588

0

0

1,872

5,208

4,861,071

4,760,744

Premiums earned (net) – intragroup

–704,769

–662,714

–381,412

–387,285

1,084,309

1,044,792

0

0

1,872

5,208

0

0

Premiums earned (net) – external

3,550,121

3,474,312

1,365,961

1,345,636

–55,012

–59,203

0

0

0

0

4,861,071

4,760,744

Technical interest income

300,108

309,474

31,130

26,112

0

0

0

0

0

0

331,238

335,586

Other insurance income

3,842

12,213

20,576

21,921

216

251

349

1,753

–3,469

–3,743

21,514

32,395

Insurance benefits

–2,417,314

–2,390,251

–541,556

–561,788

–700,442

–682,442

3,354

2,539

–1,120

–1,806

–3,657,078

–3,633,748

Operating expenses

–635,734

–564,868

–414,880

–376,591

–303,674

–299,601

–48,513

–68,410

–4,315

–5,183

–1,407,116

–1,314,653

Other technical expenses

–14,873

–14,768

–40,075

–34,419

–15,430

–12,100

2,345

–166

17,931

14,203

–50,102

–47,250

Technical result

81,383

163,398

39,745

33,585

9,966

–8,303

–42,466

–64,285

10,898

8,680

99,526

133,074

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

424,126

418,322

61,587

81,720

29,450

23,493

356,284

309,813

–286,202

–248,319

585,244

585,029

Income from investments

539,199

512,177

89,737

96,550

43,163

35,801

482,698

593,331

–385,839

–320,284

768,959

917,575

Expenses from investments

–133,651

–112,433

–28,319

–15,035

–13,713

–12,308

–130,954

–334,583

58,495

32,624

–248,143

–441,735

Financial assets accounted for using the equity method

18,578

18,578

169

206

0

0

4,540

51,065

41,141

39,341

64,428

109,189

Other income

1,565

1,204

23,334

10,814

2,540

12,897

194,271

157,683

–29,351

–5,340

192,359

177,258

Reclassification of technical interest income

–300,108

–309,474

–31,130

–26,112

0

0

0

0

0

0

–331,238

–335,586

Other expenses

–11,470

–14,739

–15,400

–39,724

–5,544

–4,298

–186,557

–153,378

27,952

2,457

–191,019

–209,683

Non-technical result

114,113

95,312

38,392

26,699

26,446

32,092

363,997

314,118

–287,601

–251,202

255,346

217,018

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit/(loss)

195,495

258,710

78,136

60,283

36,412

23,788

321,532

249,833

–276,703

–242,522

354,872

350,092

Amortisation of goodwill and impairment losses

–1,786

–1,913

–2,777

–761

0

0

0

0

0

0

–4,562

–2,674

Finance cost

–25,102

–25,080

–4,743

–4,410

–2,901

–2,900

–66,511

–64,201

44,614

43,792

–54,643

–52,800

Earnings before taxes

168,608

231,716

70,617

55,112

33,511

20,888

255,021

185,632

–232,089

–198,730

295,667

294,618

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined ratio (property and casualty insurance, after reinsurance)

93.9%

91.6%

95.0%

95.5%

97.4%

99.6%

n/a

n/a

n/a

n/a

96.4%

96.8%

Cost ratio (after reinsurance)

20.8%

18.6%

38.3%

35.6%

29.5%

30.4%

n/a

n/a

n/a

n/a

27.2%

25.9%

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