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 net assets acquired are measured at fair value. 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 fair value 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.

(XLSX:) Download

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.