Operating segments

UNIQA Austria

  • (including savings portions from unit-linked and index-linked life insurance) rose to €3,837.5 million
  • The increased to 23.4 per cent due to restructuring measures
  • increased from 93.9 per cent to 98.7 per cent
  • Earnings before taxes amounting to €–119.1 million

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UNIQA Austria

In € million

2020

2019

2018

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

3,837.5

3,800.8

3,734.4

(after )

23.4%

20.8%

18.6%

(after reinsurance)

98.7%

93.9%

91.6%

Earnings before taxes

–119.1

159.6

231.7

Changes in premiums

At UNIQA Austria, written including savings portions from unit-linked and index-linked life insurance increased by 1.0 per cent to €3,837.5 million in 2020 (2019: €3,800.8 million). Recurring premiums rose by 0.8 per cent to €3,807.7 million (2019: €3,775.7 million). The single premium business increased by 18.6 per cent to €29.8 million (2019: €25.1 million).

Including savings portions from unit-linked and index-linked life insurance, the volume of at UNIQA Austria amounted to €3,076.7 million (2019: €3,057.0 million). The volume of earned (net, in accordance with ) rose by 0.9 per cent to €2,869.7 million in 2020 (2019: €2,845.4 million).

While in property and casualty insurance rose by 2.0 per cent to €1,796.1 million (2019: €1,760.7 million), they increased by as much as 3.2 per cent in health insurance to €1,089.6 million (2019: €1,056.3 million). In life insurance (including savings portions from unit-linked and index-linked life insurance), they fell by 3.3 per cent to €951.8 million (2019: €983.9 million).

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)

(net, according to IFRSs) rose by 1.5 per cent to €1,066.1 million in property and casualty insurance (2019: €1,049.8 million) and by 3.1 per cent to €1,082.7 million in health insurance (2019: €1,050.6 million). However, in life insurance they fell by 3.2 per cent to €720.9 million (2019: €744.9 million). Including savings portions from unit-linked and index-linked life insurance, the volume of premiums earned in life insurance amounted to €927.9 million (2019: €956.6 million).

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Property and casualty insurance

In € million

2020

2019

2018

written

1,796.1

1,760.7

1,703.5

(net)

–698.6

–688.3

–691.2

Loss ratio (after )

65.5%

65.6%

66.9%

(net)

–353.7

–297.4

–255.4

Cost ratio (after reinsurance)

33.2%

28.3%

24.7%

Combined ratio (after reinsurance)

98.7%

93.9%

91.6%

Net investment income

–196.1

33.7

39.0

Earnings before taxes

–197.3

83.1

112.8

Technical provisions (net)

1,171.6

1,099.3

1,090.3

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Health insurance

In € million

2020

2019

2018

1,089.6

1,056.3

1,008.9

Insurance benefits (net)

–916.9

–927.8

–864.4

Operating expenses (net)

–176.9

–153.3

–140.9

(after reinsurance)

16.3%

14.6%

14.0%

Net investment income

95.1

101.2

103.0

Earnings before taxes

84.6

70.9

107.0

Technical provisions (net)

3,573.2

3,386.2

3,151.4

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Life insurance

In € million

2020

2019

2018

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

951.8

983.9

1,022.0

(net)

–768.2

–810.3

–834.7

(net)

–188.8

–185.1

–168.6

Cost ratio (after reinsurance)

20.3%

19.3%

17.0%

Net investment income

261.9

289.1

276.3

Earnings before taxes

–6.3

5.5

12.0

Technical provisions (net)

13,817.0

13,940.2

13,910.8

Changes in insurance benefits

Net at UNIQA Austria fell by 1.8 per cent in 2020 to €2,383.7 million (2019: €2,426.3 million). In property and casualty insurance, they rose by 1.5 per cent to €698.6 million (2019: €688.3 million) in line with premiums earned. As a result, the loss ratio in property and casualty insurance fell slightly in 2020 to 65.5 per cent (2019: 65.6 per cent). Nevertheless, the combined ratio in the UNIQA Austria segment increased after to 98.7 per cent (2019: 93.9 per cent) due to the higher cost ratio. In health insurance, net insurance benefits fell by 1.2 per cent to €916.9 million (2019: €927.8 million). In life insurance, they fell by 5.2 per cent to €768.2 million (2019: €810.3 million).

Operating expenses

less reinsurance commissions received and the share of profit from ceded in the amount of €194.3 million (2019: €190.5 million) increased by 13.2 per cent to €719.3 million (2019: €635.7 million) in the 2020 financial year due to the one-off expenses related to the restructuring. They rose by 18.9 per cent in property and casualty insurance to €353.7 million (2019: €297.4 million). In health insurance, they also grew 15.3 per cent to reach €176.9 million (2019: €153.3 million). They also increased in life insurance by 2.0 per cent to €188.8 million (2019: €185.1 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 23.4 per cent during the past year (2019: 20.8 per cent).

Net investment income

In the UNIQA Austria segment, net investment income fell by 62.1 per cent in 2020 to €160.8 million (2019: €424.1 million). The main reason for this development was the merger of UNIQA International AG with UNIQA Österreich Versicherungen AG. Through the merger, measurements of international insurance companies, that have been performed internally until now, are represented across the UNIQA Austria and UNIQA International segments. However, this negative measurement result is balanced out by the consolidation and therefore had no effect on profit or loss for the UNIQA Group.

Earnings before taxes

Earnings before taxes at UNIQA Austria fell to €–119.1 million (2019: €159.6 million) in the reporting period, primarily due to the increase in costs and the fall in net investment income. They fell to €–197.3 million in property and casualty insurance (2019: €83.1 million). In health insurance, they increased by 19.2 per cent to €84.6 million (2019: €70.9 million). In life insurance, earnings before taxes fell to €–6.3 million (2019: €55 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 operating 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 of operating expenses and insurance benefits divided by the (net) premiums earned in property and casualty insurance.
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 operating 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).
Reinsurance
An insurance company insures part of its risk via another insurance company.
Combined ratio
Total of operating expenses and insurance benefits divided by 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.
Premiums
Total premiums written. All premiums from contracts written in the financial year from business acquired by the company directly and as inward reinsurance.
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.
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 operating 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).
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.
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.
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 operating 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).