Operating segments

UNIQA Austria

  • (including savings portions from unit-linked and index-linked life insurance) rose to €3,800.8 million
  • increased to 20.8 per cent
  • improved from 91.6 per cent to 93.9 per cent
  • Earnings before taxes fell to €168.6 million

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UNIQA Austria

In € million

2019

2018

2017

Premiums written including savings portions from unit-linked and index-linked life insurance

3,800.8

3,734.4

3,656.6

Cost ratio (after reinsurance)

20.8%

18.6%

18.3%

Combined ratio (after reinsurance)

93.9%

91.6%

91.8%

Earnings before taxes

168.6

231.7

262.5

Changes in premiums

At UNIQA Austria, written including savings portions from unit-linked and index-linked life insurance increased by 1.8 per cent to €3,800.8 million in 2019 (2018: €3,734.4 million). Recurring premiums also rose by 1.8 per cent to €3,775.7 million (2018: €3,707.4 million). In contrast, single-premium business fell slightly by 7.1 per cent to €25.1 million (2018: €27.0 million).

Including savings portions from unit-linked and index-linked life insurance, the volume of at UNIQA Austria amounted to €3,057.0 million (2018: €3,031.8 million). The volume of earned (net, in accordance with ) rose by 1.2 per cent to €2,845.4 million in 2019 (2018: €2,811.6 million).

While in property and casualty insurance rose by a very pleasing 3.4 per cent to €1,760.7 million (2018: €1,703.5 million), they increased even more strongly in health insurance, up by 4.7 per cent to €1,056.3 million (2018: €1,008.9 million). In life insurance (including savings portions from unit-linked and index-linked life insurance), by contrast, they fell by 3.7 per cent to €983.9 million (2018: €1,022.0 million).

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Property and casualty insurance

In € million

2019

2018

2017

Premiums written

1,760.7

1,703.5

1,621.8

Insurance benefits (net)

–688.3

–691.2

–675.8

Loss ratio (after reinsurance)

65.6%

66.9%

67.6%

Operating expenses (net)

–297.4

–255.4

–241.8

Cost ratio (after reinsurance)

28.3%

24.7%

24.2%

Combined ratio (after reinsurance)

93.9%

91.6%

91.8%

Net investment income

33.7

39.0

43.0

Earnings before taxes

83.1

112.8

110.2

Technical provisions (net)

1,099.3

1,090.3

1,056.1
Premiums written including savings portions from unit-linked and index-linked life insurance UNIQA Austria

In € million

Premiums written including savings portions from unit-linked and index-linked life insurance UNIQA Austria (bar chart)

In property and casualty insurance, (net, according to IFRSs) rose by 1.6 per cent to €1,049.8 million (2018: €1,033.1 million); in health insurance, they increased by 4.2 per cent to €1,050.6 million (2018: €1,008.1 million). However, in life insurance, they fell by 3.3 per cent to €744.9 million (2018: €770.4 million). Including savings portions from unit-linked and index-linked life insurance, the volume of premiums earned in life insurance amounted to €956.6 million (2018: €990.6 million).

Changes in insurance benefits

Net at UNIQA Austria increased slightly by 1.1 per cent to €2,417.3 million in 2019 (2018: €2,390.3 million). They fell 0.4 per cent in property and casualty insurance to €688.3 million (2018: €691.2 million). As a result, the loss ratio in property and casualty insurance fell to 65.6 per cent in the 2019 financial year (2018: 66.9 per cent). Nevertheless, the combined ratio in the UNIQA Austria segment increased after to 93.9 per cent (2018: 91.6 per cent) due to the higher cost ratio. Net insurance benefits in health insurance increased by 6.3 per cent to €918.7 million (2018: €864.4 million). However, in life insurance, they fell by 2.9 per cent to €810.3 million (2018: €834.7 million).

Operating expenses

less reinsurance commission and share of profit from ceded, which amounted to €190.5 million (2018: €183.2 million), increased by 12.5 per cent to €635.7 million in the 2019 financial year (2018: €564.9 million) as a result of higher staff and IT costs. In property and casualty insurance, they rose by 16.4 per cent to €297.4 million (2018: €255.4 million). In health insurance, they also grew 8.9 per cent to reach €153.3 million (2018: €140.9 million). In life insurance, too, they increased by 9.7 per cent to €185.1 million (2018: €168.6 million).

The of UNIQA Austria 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, thus rose to 20.8 per cent during the past year (2018: 18.6 per cent).

Net investment income

Net investment income in the UNIQA Austria segment rose by 1.4 per cent to €424.1 million in 2019 (2018: €418.3 million).

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Health insurance

In € million

2019

2018

2017

Premiums written

1,056.3

1,008.9

979.7

Insurance benefits (net)

–918.7

–864.4

–849.5

Operating expenses (net)

–153.3

–140.9

–128.7

Cost ratio (after reinsurance)

14.6%

14.0%

13.1%

Net investment income

101.2

103.0

117.7

Earnings before taxes

80.0

107.0

116.8

Technical provisions (net)

3,311.3

3,151.4

3,005.2

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Life insurance

In € million

2019

2018

2017

Premiums written including savings portions from unit-linked and index-linked life insurance

983.9

1,022.0

1,055.2

Insurance benefits (net)

–810.3

–834.7

–814.5

Operating expenses (net)

–185.1

–168.6

–177.9

Cost ratio (after reinsurance)

19.3%

17.0%

17.6%

Net investment income

289.1

276.3

291.7

Earnings before taxes

5.5

12.0

35.6

Technical provisions (net)

14,018.1

13,910.8

14,089.6

Earnings before taxes

Earnings before taxes at UNIQA Austria declined by 27.2 per cent to €168.6 million in the reporting year (2018: €231.7 million), mainly due to higher costs. They fell by 26.3 per cent in property and casualty insurance to €83.1 million (2018: €112.8 million). In health insurance, they decreased by 25.3 per cent to €80.0 million (2018: €107.0 million). Earnings before taxes also dropped in life insurance, in this case by 54.0 per cent to €5.5 million (2018: €12.0 million).

Earnings before taxes UNIQA Austria

In € million

Earnings before taxes UNIQA Austria (bar chart)
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.
Cost ratio
Ratio of total insurance operations expenses (net of reinsurance commissions received and share of profit from reinsurance ceded) to consolidated premiums earned (including savings portions of unit-linked and index-linked life insurance).
Combined ratio
Total sum of operating expenses and insurance benefits in relation to the (net) premiums earned in property and casualty insurance.
Premiums
Total premiums written. All premiums from contracts written in the financial year from business acquired by the company directly and as inward reinsurance.
Premiums earned
The actuarial premiums earned that determine the income for the year. In order to determine these, the changes to the unearned premiums, the cancellation provisions and the premium volume not yet written are taken into account, along with the gross premium volume written attributable to the financial year.
Premiums
Total premiums written. All premiums from contracts written in the financial year from business acquired by the company directly and as inward reinsurance.
IFRSs
International Financial Reporting Standards. Since 2002 the term IFRSs has applied to the overall concept of standards adopted by the International Accounting Standards Board. Standards already adopted beforehand continue to be referred to as International Accounting Standards (IASs).
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.
Premiums earned
The actuarial premiums earned that determine the income for the year. In order to determine these, the changes to the unearned premiums, the cancellation provisions and the premium volume not yet written are taken into account, along with the gross premium volume written attributable to the financial year.
Insurance benefits
Total of insurance benefit payments and changes in the claims provision during the financial year in connection with direct insurance and reinsurance contracts (gross). This involves net insurance benefits when reduced by the amount ceded to reinsurance companies. This does not include claims settlement expenses and changes in the provisions for claims settlement expenses.
Reinsurance
An insurance company insures part of its risk via another insurance company.
Operating expenses
This item includes acquisition expenses, portfolio management expenses and the expenses for implementing reinsurance. The operating expenses remain for the company’s own account following deduction of the commissions and profit participation received from the reinsurance business ceded.
Reinsurance
An insurance company insures part of its risk via another insurance company.
Cost ratio
Ratio of total insurance operations expenses (net of reinsurance commissions received and share of profit from reinsurance ceded) to consolidated premiums earned (including savings portions of unit-linked and index-linked life insurance).