37. Consolidation principles

Business combinations

If the Group has obtained control, it accounts for business combinations in line with the acquisition method. The consideration transferred for the acquisition and the identifiable assets acquired are measured at . Any profit from an acquisition at a price below the fair value of the net assets is recognised directly in profit/(loss) for the year. Transaction costs are recognised as expenses immediately.

The consideration transferred does not include any amounts associated with the fulfilment of pre-existing relationships. Such amounts are generally recognised in profit/(loss) for the year.

Any contingent obligation to pay consideration is measured at at the acquisition date. If the contingent consideration is classified as equity, it is not revalued, and a settlement is accounted for within equity. Otherwise, later changes in the fair value of the contingent consideration are recognised in profit/(loss) for the period.

The acquisition of AXA companies did not result in any subsequent adjustments to the recognised assets and liabilities for the twelve-month valuation period.

Transactions eliminated on consolidation

Intragroup balances and transactions and all income and expenses from intragroup transactions are eliminated when consolidated financial statements are prepared.

Initial consolidation

UCP Private Equity UNIQA Cap.Partn.S.A. (Munsbach, Luxembourg) and UCP Infrastructure Equity UNIQA Cap.Partn.S.A. (Munsbach, Luxembourg) were subject to initial consolidation in the first quarter of 2021.

In the second quarter of 2021, Light Investment Cotroceni Srl (Bucharest, Romania) was consolidated for the first time.

CherryHUB BSC Kft. (Budapest, Hungary), PremiaFIT Facility und IT Management und Service GmbH (Vienna) and Real Versicherungsvermittlung GmbH (Vienna) were subject to initial consolidation in the fourth quarter. The initial consolidation of these companies has no material impact on UNIQA.

Acquisitions

The share transfer for the option exercised in the previous year to acquire the remaining shares in the UNIQA Insurance Company, Private Joint Stock Company, (Kiev, Ukraine) took place in the first quarter.

Restructuring processes

UNIQA Towarzystwo Ubezpieczen´ S.A. (Lodz, Poland) was merged with AXA Ubezpieczenia Towarzystwo Ubezpieczen´ i Reasekuracji S.A. (Warsaw, Poland) as the absorbing company in the second quarter of 2021 and was renamed UNIQA Towarzystwo Ubezpieczen´ S.A. In addition, UNIQA Towarzystwo Ubezpieczen´ na Życie S.A. (Lodz, Poland) was merged with AXA Życie Towarzystwo Ubezpieczen´ S.A. (Warsaw, Poland) and its name was changed to UNIQA Towarzystwo Ubezpieczen´ na Życie S.A.

AXA pojišťovna a.s. (Prague, Czech Republic), AXA životní pojišťovna a.s. (Prague, Czech Republic) and UNIQA poisťovňa a.s (Bratislava, Slovakia) were merged with UNIQA pojišťovna, a.s. (Prague, Czech Republic) as the acquiring company in the third quarter. Furthermore, UNIQA InsService spol. s r.o. (Bratislava, Slovakia) was merged with UNIQA Management Services s.r.o. (formerly: AXA Management Services s.r.o.) (Prague, Czech Republic) as the acquiring company. Also in the third quarter, Hotel Burgenland Betriebs GmbH (Vienna) was merged with UNIQA Real Estate GmbH (Vienna) as the acquiring company, Diakonissen & Wehrle Privatklinik GmbH (Vienna) was merged with PremiQaMed Privatkliniken GmbH (Vienna) as the acquiring company, and UNIQA Real Estate Bulgaria EOOD (Sofia, Bulgaria) was merged with UNIQA Real Estate CZ, s.r.o. (Prague, Czech Republic) as the acquiring company.

Agenta Risiko- und Finanzierungsberatung Ges.m.b.H. (Vienna) was merged with Real Versicherungsvermittlung GmbH (Vienna) as the acquiring company in the fourth quarter.

All of the aforementioned mergers took place retroactively effective 1 January 2021.

In addition, the merger of UNIQA Immobilien-Projekterrichtungs GmbH (Vienna) with UNIQA Insurance Group AG (Vienna) as the acquiring company took place in the fourth quarter with retroactive effect from 1 July 2021.

Deconsolidation

UNIQA Számítástechnikai Szolgáltató Kft. (Budapest, Hungary) was deconsolidated in the second quarter of 2021.

Liquidations

UNIQA Real Estate BV (Hoofddorp, Netherlands) was liquidated in the fourth quarter of 2021.

Sales

Reytarske LLC (Kiev, Ukraine) was sold in the fourth quarter.

 

 

Company

 

Type of consolidation

Location

Equity interest at 31/12/2021 in per cent

Equity interest at 31/12/2020 In per cent

Domestic insurance companies

 

 

 

 

UNIQA Insurance Group AG (Group Holding Company)

 

Vienna

 

 

UNIQA Österreich Versicherungen AG

Fully consolidated

Vienna

100.0

100.0

 

 

 

 

 

Foreign insurance companies

 

 

 

 

AXA pojišťovna a.s. (Merger: 1/1/2021)

Fully consolidated

Czech Republic, Prague

0.0

100.0

AXA životní pojišťovna a.s. (Merger: 1/1/2021)

Fully consolidated

Czech Republic, Prague

0.0

100.0

Raiffeisen Life Insurance Company LLC

Fully consolidated

Russia, Moscow

75.0

75.0

SIGAL LIFE UNIQA Group AUSTRIA sh.a

Fully consolidated

Kosovo, Pristina

86.9

86.9

SIGAL LIFE UNIQA Group AUSTRIA sh.a.

Fully consolidated

Albania, Tirana

86.9

86.9

SIGAL UNIQA Group AUSTRIA sh.a.

Fully consolidated

Albania, Tirana

86.9

86.9

SIGAL UNIQA Group AUSTRIA sh.a.

Fully consolidated

Kosovo, Pristina

86.9

86.9

UNIQA AD Skopje

Fully consolidated

North Macedonia, Skopje

86.9

86.9

UNIQA Asigurari de Viata S.A.

Fully consolidated

Romania, Bucharest

100.0

100.0

UNIQA Asigurari S.A.

Fully consolidated

Romania, Bucharest

100.0

100.0

UNIQA Biztosító Zrt.

Fully consolidated

Hungary, Budapest

100.0

100.0

UNIQA Insurance Company, Private Joint Stock Company

Fully consolidated

Ukraine, Kiev

100.0

100.0

UNIQA Insurance plc

Fully consolidated

Bulgaria, Sofia

99.9

99.9

UNIQA Life AD Skopje

Fully consolidated

North Macedonia, Skopje

86.9

86.9

UNIQA Life Insurance plc

Fully consolidated

Bulgaria, Sofia

99.8

99.8

UNIQA LIFE Private Joint Stock Company

Fully consolidated

Ukraine, Kiev

100.0

100.0

UNIQA neživotno osiguranje a.d.

Fully consolidated

Serbia, Belgrade

100.0

100.0

UNIQA neživotno osiguranje a.d.

Fully consolidated

Montenegro, Podgorica

100.0

100.0

UNIQA osiguranje d.d.

Fully consolidated

Croatia, Zagreb

100.0

100.0

UNIQA osiguranje d.d.

Fully consolidated

Bosnia and Herzegovina, Sarajevo

100.0

100.0

UNIQA poisťovňa a.s. (Merger: 1/1/2021)

Fully consolidated

Slovakia, Bratislava

0.0

100.0

UNIQA pojišťovna, a.s.

Fully consolidated

Czech Republic, Prague

100.0

100.0

UNIQA Re AG

Fully consolidated

Switzerland, Zurich

100.0

100.0

UNIQA Towarzystwo Ubezpieczeń na Życie S.A. (Merger: 1/1/2021)

Fully consolidated

Poland, Lodz

0.0

99.8

UNIQA Towarzystwo Ubezpieczeń na Życie S.A. (formerly: AXA Życie Towarzystwo Ubezpieczeń S.A.)

Fully consolidated

Poland, Warsaw

100.0

100.0

UNIQA Towarzystwo Ubezpieczeń S.A. (Merger: 1/1/2021)

Fully consolidated

Poland, Lodz

0.0

98.6

UNIQA Towarzystwo Ubezpieczeń S.A. (formerly: AXA Ubezpieczenia Towarzystwo Ubezpieczeń i Reasekuracji S.A.)

Fully consolidated

Poland, Warsaw

99.7

100.0

UNIQA Versicherung AG

Fully consolidated

Liechtenstein, Vaduz

100.0

100.0

UNIQA životno osiguranje a.d.

Fully consolidated

Serbia, Belgrade

100.0

100.0

UNIQA životno osiguranje a.d.

Fully consolidated

Montenegro, Podgorica

100.0

100.0

 

 

 

 

 

Group domestic service companies

 

 

 

 

Agenta Risiko- und Finanzierungsberatung Gesellschaft m.b.H. (Merger: 1/10/2021)

Fully consolidated

Vienna

0.0

100.0

Assistance Beteiligungs-GesmbH

Fully consolidated

Vienna

64.0

64.0

call us Assistance International GmbH

Fully consolidated

Vienna

50.2

50.2

Real Versicherungsvermittlung GmbH
(Initial consolidation: 1/10/2021)

Fully consolidated

Vienna

100.0

100.0

UNIQA 5 Star GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Capital Markets GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA IT Services GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Real Estate Finanzierungs GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Real Estate Management GmbH

Fully consolidated

Vienna

100.0

100.0

Valida Holding AG

Equity method

Vienna

40.1

40.1

Versicherungsmarkt-Servicegesellschaft m.b.H.

Fully consolidated

Vienna

100.0

100.0

 

 

 

 

 

Group foreign service companies

 

 

 

 

CherryHUB BSC Kft. (Initial consolidation: 31/12/2021)

Fully consolidated

Hungary, Budapest

100.0

100.0

DEKRA-Expert Műszaki Szakértői Kft.

Equity method

Hungary, Budapest

50.0

50.0

sTech d.o.o.

Fully consolidated

Serbia, Belgrade

100.0

100.0

UNIQA GlobalCare SA

Fully consolidated

Switzerland, Geneva

100.0

100.0

UNIQA Group Service Center Slovakia, spol. s r.o.

Fully consolidated

Slovakia, Nitra

100.0

100.0

UNIQA Ingatlanhasznosító Kft.

Fully consolidated

Hungary, Budapest

100.0

100.0

UNIQA InsService spol. s r.o. (Merger: 1/1/2021)

Fully consolidated

Slovakia, Bratislava

0.0

100.0

UNIQA investiční společnost, a.s.
(formerly: AXA investiční společnost a.s.)

Fully consolidated

Czech Republic, Prague

100.0

100.0

UNIQA Management Services, s.r.o.
(formerly: AXA Management Services s.r.o.)

Fully consolidated

Czech Republic, Prague

100.0

100.0

UNIQA Polska S.A. (formerly: AXA Polska S.A.)

Fully consolidated

Poland, Warsaw

100.0

100.0

UNIQA Raiffeisen Software Service Kft.

Fully consolidated

Hungary, Budapest

60.0

60.0

UNIQA Software Service S.R.L.

Fully consolidated

Romania, Cluj-Napoca

100.0

100.0

UNIQA Számítástechnikai Szolgáltató Kft.
(Deconsolidation: 30/6/2021)

Fully consolidated

Hungary, Budapest

0.0

100.0

Vitosha Auto OOD

Fully consolidated

Bulgaria, Sofia

99.9

99.9

 

 

 

 

 

Financial and strategic domestic shareholdings

 

 

 

 

Diakonissen & Wehrle Privatklinik GmbH (Merger: 1/1/2021)

Fully consolidated

Gallneukirchen

0.0

92.6

Goldenes Kreuz Privatklinik BetriebsGmbH

Fully consolidated

Vienna

100.0

100.0

PremiaFIT Facility und IT Management und Service GmbH
(Initial consolidation: 31/12/2021)

Fully consolidated

Vienna

100.0

100.0

PremiQaMed Ambulatorien GmbH

Fully consolidated

Vienna

100.0

100.0

PremiQaMed Beteiligungs GmbH

Fully consolidated

Vienna

100.0

100.0

PremiQaMed Holding GmbH

Fully consolidated

Vienna

100.0

100.0

PremiQaMed Privatkliniken GmbH

Fully consolidated

Vienna

100.0

100.0

STRABAG SE

Equity method

Villach

15.3

14.3

UNIQA Beteiligungs-Holding GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Erwerb von Beteiligungen Gesellschaft m.b.H.

Fully consolidated

Vienna

100.0

100.0

UNIQA Leasing GmbH

Equity method

Vienna

25.0

25.0

UNIQA Ventures GmbH

Fully consolidated

Vienna

100.0

100.0

 

 

 

 

 

Real estate companies

 

 

 

 

“Hotel am Bahnhof” Errichtungs GmbH & Co KG

Fully consolidated

Vienna

100.0

100.0

Asena LLC

Fully consolidated

Ukraine, Kiev

100.0

100.0

AVE-PLAZA LLC

Fully consolidated

Ukraine, Kharkiv

100.0

100.0

Black Sea Investment Capital LLC

Fully consolidated

Ukraine, Kiev

100.0

100.0

City One Park Sp. z o.o. (Formerly: Dabrine Investments Sp. z o.o.)

Fully consolidated

Poland, Warsaw

100.0

100.0

Design Tower GmbH

Fully consolidated

Vienna

100.0

100.0

DIANA-BAD Errichtungs- und Betriebs GmbH

Equity method

Vienna

33.0

33.0

EZL Entwicklung Zone Lassallestraße GmbH & Co. KG

Fully consolidated

Vienna

100.0

100.0

Floreasca Tower SRL

Fully consolidated

Romania, Bucharest

100.0

100.0

Hotel Burgenland Betriebs GmbH (Merger: 1/1/2021)

Fully consolidated

Vienna

0.0

100.0

IPM International Property Management Kft.

Fully consolidated

Hungary, Budapest

100.0

100.0

Knesebeckstraße 8-9 Grundstücksgesellschaft mbH

Fully consolidated

Germany, Berlin

100.0

100.0

Light Investment Cotroceni SRL (Initial consolidation: 30/6/2021)

Fully consolidated

Romania, Bucharest

100.0

0.0

Praterstraße Eins Hotelbetriebs GmbH

Fully consolidated

Vienna

100.0

100.0

PremiQaMed Immobilien GmbH

Fully consolidated

Vienna

100.0

100.0

Pretium Ingatlan Kft.

Fully consolidated

Hungary, Budapest

100.0

100.0

Renaissance Plaza d.o.o.

Fully consolidated

Serbia, Belgrade

100.0

100.0

Reytarske LLC (Deconsolidation: 9/11/2021)

Fully consolidated

Ukraine, Kiev

0.0

100.0

R-FMZ Immobilienholding GmbH

Fully consolidated

Vienna

100.0

100.0

Software Park Kraków Sp. z o.o.

Fully consolidated

Poland, Warsaw

100.0

100.0

Treimorfa Hotel Sp. z o.o.

Fully consolidated

Poland, Krakow

85.0

85.0

Treimorfa Project Sp. z o.o.

Fully consolidated

Poland, Krakow

85.0

85.0

UNIQA Immobilien-Projekterrichtungs GmbH (Merger: 22/12/2021)

Fully consolidated

Vienna

0.0

100.0

UNIQA Linzer Straße 104 GmbH & Co KG

Fully consolidated

Vienna

100.0

100.0

UNIQA Plaza Irodaház és Ingatlankezelő Kft.

Fully consolidated

Hungary, Budapest

100.0

100.0

UNIQA poslovni centar korzo d.o.o.

Fully consolidated

Croatia, Rijeka

100.0

100.0

UNIQA Real Estate Bulgaria EOOD (Merger: 1/1/2021)

Fully consolidated

Bulgaria, Sofia

0.0

100.0

UNIQA Real Estate BV (Deconsolidation: 28/12/2021)

Fully consolidated

Netherlands, Hoofddorp

0.0

100.0

UNIQA Real Estate CZ, s.r.o.

Fully consolidated

Czech Republic, Prague

100.0

100.0

UNIQA Real Estate GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Real Estate Inlandsholding GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Real Estate Polska Sp. z o.o.

Fully consolidated

Poland, Warsaw

100.0

100.0

UNIQA Real Estate Property Holding GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Real III, spol. s r.o.

Fully consolidated

Slovakia, Bratislava

100.0

100.0

UNIQA Real s.r.o.

Fully consolidated

Slovakia, Bratislava

100.0

100.0

UNIQA Retail Property GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Szolgáltató Kft.

Fully consolidated

Hungary, Budapest

100.0

100.0

UNIQA-Invest Kft.

Fully consolidated

Hungary, Budapest

100.0

100.0

Zablocie Park Sp. z o.o.

Fully consolidated

Poland, Warsaw

100.0

100.0

 

 

 

 

 

Pension and investment funds

 

 

 

 

SSG Valluga Fund

Fully consolidated

Ireland, Dublin

100.0

100.0

UNIQA Capital Partners S.A. SICAV-RAIF – Infrastructure Equity Select (initial consolidation: 30/6/2021)

Fully consolidated

Luxembourg, Munsbach

100.0

0.0

UNIQA Capital Partners S.A. SICAV-RAIF – Private Equity Select (initial consolidation: 30/6/2021)

Fully consolidated

Luxembourg, Munsbach

100.0

0.0

UNIQA Corporate Bond

Fully consolidated

Vienna

100.0

100.0

UNIQA d.d.s., a.s. (formerly: AXA d.d.s., a.s.)

Fully consolidated

Slovakia, Bratislava

100.0

100.0

UNIQA d.s.s., a.s. (formerly: AXA d.s.s., a.s.)

Fully consolidated

Slovakia, Bratislava

100.0

100.0

UNIQA Eastern European Debt Fund

Fully consolidated

Vienna

100.0

100.0

UNIQA Emerging Markets Debt Fund

Fully consolidated

Vienna

100.0

100.0

UNIQA Euro Government Bond Fund

Fully consolidated

Vienna

100.0

100.0

UNIQA penzijní společnost, a.s.
(formerly: AXA penzijní společnost a.s.)

Fully consolidated

Czech Republic, Brno

100.0

100.0

UNIQA Powszechne Towarzystwo Emerytalne S.A.
(formerly: AXA Powszechne Towarzystwo Emerytalne S.A.)

Fully consolidated

Poland, Warsaw

100.0

100.0

UNIQA Towarzystwo Funduszy Inwestycyjnych S.A.
(formerly: AXA Towarzystwo Funduszy Inwestycyjnych S.A.)

Fully consolidated

Poland, Warsaw

100.0

100.0

UNIQA World Selection

Fully consolidated

Vienna

100.0

100.0

Net
The part of risk which is assumed but that the insurer/reinsurer does not cede as reinsurance.
Fair value
The fair value is the price that would be collected in an ordinary business transaction between market participants for the sale of an asset or that would be paid for transferring a liability.
Fair value
The fair value is the price that would be collected in an ordinary business transaction between market participants for the sale of an asset or that would be paid for transferring a liability.