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) . 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.

Consolidated income statement

In € thousand

1–12/2018 published

PremiQaMed Gruppe

1–12/2018 adjusted

Insurance benefits

 

 

 

Gross

–3,793,089

–7,106

–3,800,194

Reinsurers’ share

166,447

0

166,447

 

–3,626,642

–7,106

–3,633,748

Technical result

140,180

–7,106

133,074

 

 

 

 

Net investment income

 

 

 

Income from investments

917,575

0

917,575

Expenses from investments

–445,574

3,839

–441,735

Financial assets accounted for using the equity method

109,189

0

109,189

 

581,191

3,839

585,029

Other income

36,844

140,414

177,258

Other expenses

–72,536

–137,147

–209,683

Non-technical result

209,913

7,106

217,018

Profit/(loss) for the period

235,148

0

235,148

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.