Operating segments
UNIQA Austria
- Premiums written (including savings portions from unit-linked and index-linked life insurance) rose to €3,916.6 million
- Cost ratio reduced to 20.0 per cent through consistent cost programme
- Combined ratio improved from 98.7 per cent to 91.7 per cent
- Earnings before taxes of €339.2 million
In € million |
2021 |
2020 |
2019 |
|---|---|---|---|
Premiums written, including savings portions |
3,916.6 |
3,837.5 |
3,800.8 |
Cost ratio (net after reinsurance) |
20.0% |
23.4% |
20.8% |
Combined ratio (net after reinsurance) |
91.7% |
98.7% |
93.9% |
Earnings before taxes |
339.2 |
–119.1 |
159.6 |
Changes in premiums
At UNIQA Austria, premiums written including savings portions from unit-linked and index-linked life insurance increased by 2.1 per cent to €3,916.6 million in 2021 (2020: €3,837.5 million). Recurring premiums rose by 1.5 per cent to €3,864.1 million (2020: €3,807.7 million). The single premium business increased to €52.5 million (2020: €29.8 million).
Including savings portions from unit-linked and index-linked life insurance, the volume of premiums earned at UNIQA Austria amounted to €3,113.3 million (2020: €3,076.7 million). The volume of premiums earned (net, in accordance with IFRSs) rose in 2021 by 1.1 per cent to €2,900.1 million (2020: €2,869.7 million).
While premiums written in property and casualty insurance rose by 3.4 per cent to €1,857.6 million (2020: €1,796.1 million), they rose in health insurance by 2.8 per cent to €1,120.5 million (2020: €1,089.6 million). In life insurance (including savings portions from the unit-linked and index-linked life insurance) they fell slightly by 1.4 per cent to €938.5 million (2020: €951.8 million).
Premiums written including savings portions from unit-linked and index-linked life insurance – UNIQA Austria
In € million
In property and casualty insurance, premiums earned (net, according to IFRSs) rose by 1.9 per cent to €1,086.7 million (2020: €1,066.1 million) and in health insurance by 2.6 per cent to €1,111.1 million (2020: €1,082.7 million). However, in life insurance they fell by 2.6 per cent to €702.3 million (2020: €720.9 million). Including savings portions from unit-linked and index-linked life insurance, the volume of premiums earned in life insurance amounted to €915.5 million (2020: €927.9 million).
In € million |
2021 |
2020 |
2019 |
|---|---|---|---|
Premiums written |
1,857.6 |
1,796.1 |
1,760.7 |
Insurance benefits (net) |
–684.8 |
–698.6 |
–688.3 |
Loss ratio (after reinsurance) |
63.0% |
65.5% |
65.6% |
Operating expenses (net) |
–311.9 |
–353.7 |
–297.4 |
Cost ratio (net after reinsurance) |
28.7% |
33.2% |
28.3% |
Combined ratio (net after reinsurance) |
91.7% |
98.7% |
93.9% |
Net investment income |
132.9 |
–196.1 |
33.7 |
Earnings before taxes |
191.3 |
–197.3 |
83.1 |
Technical provisions (net) |
1,189.6 |
1,171.6 |
1,099.3 |
In € million |
2021 |
2020 |
2019 |
|---|---|---|---|
Premiums written |
1,120.5 |
1,089.6 |
1,056.3 |
Insurance benefits (net) |
–947.7 |
–916.9 |
–927.8 |
Operating expenses (net) |
–151.1 |
–176.9 |
–153.3 |
Cost ratio (net after reinsurance) |
13.6% |
16.3% |
14.6% |
Net investment income |
112.0 |
95.1 |
101.2 |
Earnings before taxes |
124.7 |
84.6 |
70.9 |
Technical provisions (net) |
3,753.4 |
3,573.2 |
3,386.2 |
In € million |
2021 |
2020 |
2019 |
|---|---|---|---|
Premiums written, including savings portions from unit-linked and index-linked life insurance |
938.5 |
951.8 |
983.9 |
Insurance benefits (net) |
–809.8 |
–768.2 |
–810.3 |
Operating expenses (net) |
–159.3 |
–188.8 |
–185.1 |
Cost ratio (net after reinsurance) |
17.4% |
20.3% |
19.3% |
Net investment income |
322.5 |
261.9 |
289.1 |
Earnings before taxes |
23.3 |
–6.3 |
5.5 |
Technical provisions (net) |
13,181.5 |
13,817.0 |
13,940.2 |
Change in insurance benefits
Net insurance benefits at UNIQA Austria increased by 2.5 per cent to €2,442.3 million in 2021 (2020: €2,383.7 million). They even fell by 2.0 per cent in property and casualty insurance to €684.8 million, despite the growth in premiums earned (2020: €698.6 million). As a result, the loss ratio in property and casualty insurance improved to 63.0 per cent in 2021 (2020: 65.5 per cent). The combined ratio after reinsurance in the UNIQA Austria segment decreased significantly to 91.7 per cent, due to the improved cost ratio (2020: 98.7 per cent). Net insurance benefits in health insurance increased by 3.4 per cent to €947.7 million (2020: €916.9 million). In life insurance, they rose by 5.4 per cent to €809.8 million (2020: €768.2 million).
Operating expenses
Operating expenses less reinsurance commissions received and the share of profit from reinsurance ceded of €201.7 million (2020: €194.3 million) decreased by 13.5 per cent to €622.2 million in the 2021 financial year (2020: €719.3 million). In the previous year, operating expenses were higher due to extraordinary restructuring expenses. They fell 11.8 per cent in property and casualty insurance to €311.9 million (2020: €353.7 million). In health insurance, they also decreased by 14.6 per cent to €151.1 million (2020: €176.9 million). They also decreased in life insurance by 15.6 per cent to €159.3 million (2020: €188.8 million).
The cost ratio 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 decreased to 20.0 per cent during the past year (2020: 23.4 per cent).
Net investment income
Net investment income in the UNIQA Austria segment rose by 252.8 per cent to €567.3 million in 2021 (2020: €160.8 million).
Earnings before taxes
Primarily as a result of the decrease in costs and the good claims development as well as the increase in net investment income, UNIQA Austria’s earnings before taxes rose in the reporting year to €339.2 million (2020: €–119.1 million). In property and casualty insurance, they improved to €191.3 million (2020: €–197.3 million). In health insurance, they increased by 47.4 per cent to €124.7 million (2020: €84.6 million). In life insurance, earnings before taxes grew to €23.3 million (2020: €–6.3 million).
Earnings before taxes UNIQA Austria
In € million
