Operating segments

UNIQA Austria

  • written (including savings portions from unit-linked and index-linked life insurance) rose to €3,916.6 million
  • reduced to 20.0 per cent through consistent cost programme
  • improved from 98.7 per cent to 91.7 per cent
  • Earnings before taxes of €339.2 million
UNIQA Austria

In € million

2021

2020

2019

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

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, 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 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 at UNIQA Austria amounted to €3,113.3 million (2020: €3,076.7 million). The volume of premiums earned (, in accordance with ) 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

Premiums written including savings portions from unit-linked and index-linked life insurance UNIQA Austria (bar chart)

In property and casualty insurance, (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).

Property and casualty insurance

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

Health insurance

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

Life insurance

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

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 in property and casualty insurance improved to 63.0 per cent in 2021 (2020: 65.5 per cent). The combined ratio after 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

less reinsurance commissions received and the share of profit from 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 of UNIQA Austria after reinsurance, i.e. the ratio of total , 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

Earnings before taxes UNIQA Austria (bar chart)
Premiums
Total premiums written. All premiums from contracts written in the financial year from business acquired by the company directly and as inward reinsurance.
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.
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 premiums not yet written are taken into account, along with the gross premium volume written attributable to the financial year.
Net
The part of risk which is assumed but that the insurer/reinsurer does not cede as 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 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 premiums not yet written are taken into account, along with the gross premium volume written attributable to the financial year.
Net
The part of risk which is assumed but that the insurer/reinsurer does not cede as 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.
Loss ratio
The ratio of insurance benefits in property and casualty insurance to premiums earned.
Reinsurance
An insurance company insures part of its risk via another insurance company.
Operating expenses
This item includes acquisition expenses as well as 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).
Operating expenses
This item includes acquisition expenses as well as 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.