37. Error correction in accordance with IAS 8

Netting of income and expenses of the PremiQaMed Group

As part of the conversion of the UNIQA accounting system to a new IT system, an error was identified in the allocation of the PremiQaMed Group’s revenue and expenses to the items in the consolidated income statement. UNIQA was showing the profit that the PremiQaMed companies generated with UNIQA policyholders as a reduction in (gross) insurance benefits. In doing so, PremiQaMed internal leases were not fully consolidated, resulting in a total increase of €7,106 thousand in the allocated profits.

Furthermore, income and related expenses resulting from settlements with other service recipients were netted and reported under other income. This resulted in a reduction of €140,414 thousand in the item “Other income” and an understatement of €137,147 thousand in the item “Other expenses”.

The real estate used by the PremiQaMed Group is shown in the consolidated statement of financial position under the item “Investment property”. Accordingly, up until now the resulting expenses (depreciation and amortisation) were shown under “Expenses from investments”. However, like all other expenses of the PremiQaMed Group, the depreciation and amortisation amounting to €3,839 thousand should be allocated to other non-technical expenses.