Operating segments

UNIQA International

  • written (including savings portions from unit-linked and index-linked life insurance) rose to €2,423.3 million
  • further improved to an excellent 92.9 per cent
  • The technical result rose to €100.1 million
  • Earnings before taxes at €133.7 million due to improvement in technical result

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UNIQA International

In € million

2021

2020

2019

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

2,423.3

1,705.4

1,561.2

Cost ratio (net after reinsurance)

35.5%

38.8%

38.3%

Combined ratio (net after reinsurance)

92.9%

93.3%

95.0%

Earnings before taxes

133.7

–27.0

16.0

Changes in premiums

, including savings portions from unit-linked and index-linked life insurance, increased in the UNIQA International segment in 2021 by 42.1 per cent to €2,423.3 million as a result of the acquisition of the former AXA companies in Poland, the Czech Republic and Slovakia (2020: €1,705.4 million). While recurring increased by 41.6 per cent to €2,325.6 million (2020: €1.642.1 million), single premium income rose by 54.1 per cent to €97.7 million (2020: €63.4 million). The international companies thereby contributed a total of 38.1 per cent in 2021 (2020: 30.6 per cent) to the total Group premiums.

Including savings portions from unit-linked and index-linked life insurance, UNIQA International’s volume of amounted to €1,671.3 million (2020: €1,200.5 million). The volume of premiums earned (, in accordance with ) increased in 2021 by 41.4 per cent to €1,559.9 million (2020: €1,103.4 million).

While premiums written in property and casualty insurance grew by 35.7 per cent to €1,618.7 million (2020: €1,192.6 million), they rose in health insurance by 36.0 per cent to €106.0 million (2020: €77.9 million). In life insurance, (including savings portions from unit-linked and index-linked life insurance) rose by 60.6 per cent to €698.6 million (2020: €434.9 million).

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

In € million

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

In property and casualty insurance, (net, according to IFRSs) rose by 28.4 per cent to €902.4 million (2020: €702.5 million), in health insurance they grew by 25.5 per cent to €93.4 million (2020: €74.4 million). In life insurance, they increased by 72.8 per cent to €564.1 million (2020: €326.4 million). Including savings portions from unit-linked and index-linked life insurance, the volume of premiums earned in life insurance amounted to €675.5 million (2020: €423.5 million).

In Central Europe (CE) – which includes Poland, Slovakia, the Czech Republic and Hungary – premiums written including savings portions from unit-linked and index-linked life insurance increased in the 2021 financial year by 57.9 per cent to €1,805.1 million due to the inclusion of the former AXA-CEE companies (2020: €1,143.5 million). In Eastern Europe (EE) – consisting of Romania and Ukraine – they rose by 9.7 per cent to €211.8 million (2020: €193.1 million). In Southeastern Europe (SEE) – comprising Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Montenegro, North Macedonia and Serbia – premiums written including savings portions from unit-linked and index-linked life insurance grew by 11.8 per cent to €323.7 million in 2021 (2020: €289.5 million). In Russia (RU), they rose by 3.3 per cent to €73.7 million (2020: €71.4 million). In Western Europe (WE), they amounted to €8.9 million (2020: €8.0 million).

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Property and casualty insurance

In € million

2021

2020

2019

Premiums written

1,618.7

1,192.6

1,076.9

Insurance benefits (net)

–505.8

–386.2

–347.6

Loss ratio (after reinsurance)

56.1%

55.0%

56.6%

Operating expenses (net)

–332.2

–269.4

–235.7

Cost ratio (net after reinsurance)

36.8%

38.3%

38.4%

Combined ratio (net after reinsurance)

92.9%

93.3%

95.0%

Net investment income

34.8

34.2

25.3

Earnings before taxes

36.2

–37.2

–30.5

Technical provisions (net)

1,220.3

1,275.9

678.6

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Health insurance

In € million

2021

2020

2019

Premiums written

106.0

77.9

74.6

Insurance benefits (net)

–49.9

–42.2

–38.8

Operating expenses (net)

–36.1

–27.4

–21.3

Cost ratio (net after reinsurance)

38.7%

36.8%

31.8%

Net investment income

0.2

0.0

0.4

Earnings before taxes

7.0

4.5

7.1

Technical provisions (net)

56.4

46.0

44.8

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Life insurance

In € million

2021

2020

2019

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

698.6

434.9

409.8

Insurance benefits (net)

–319.3

–179.8

–155.1

Operating expenses (net)

–224.4

–169.6

–157.9

Cost ratio (net after reinsurance)

33.2%

40.0%

39.3%

Net investment income

37.0

71.8

35.9

Earnings before taxes

90.5

5.7

39.4

Technical provisions (net)

2,756.5

2,651.6

1,654.4

Change in insurance benefits

at UNIQA International increased in 2021 by 43.9 per cent to €875.0 million (2020: €608.1 million). They rose 31.0 per cent in property and casualty insurance to €505.8 million (2020: €386.2 million). In health insurance, they grew 18.3 per cent to reach €49.9 million (2020: €42.2 million). In life insurance, they also increased by 77.6 per cent to €319.3 million (2020: €179.8 million). As a result, the in property and casualty insurance rose slightly to 56.1 per cent in 2021 (2020: 55.0 per cent), the combined ratio after of the UNIQA International segment nevertheless improved to 92.9 per cent (2020: 93.3 per cent).

In the Central Europe (CE) region, insurance benefits rose by 63.2 per cent to €607.8 million in 2021 (2020: €372.5 million), in the Eastern Europe (EE) region they increased by 16.2 per cent to €74.0 million (2020: €63.7 million). In Southeastern Europe (SEE), they increased by 13.0 per cent to €130.7 million (2020: €115.6 million). At €61.7 million in Russia, benefits were 12.4 per cent above the previous year’s level (2020: €54.9 million). In Western Europe, they decreased to €0.8 million (2020: €1.3 million).

Operating expenses

less reinsurance commissions received and the share of profit from ceded of €185.7 million (2020: €129.2 million) increased by 27.1 per cent to €592.7 million in the 2021 financial year (2020: €466.4 million). They rose by 23.3 per cent in property and casualty insurance to €332.2 million (2020: €269.4 million), in health insurance they grew by 32.0 per cent to €36.1 million (2020: €27.4 million). In life insurance, they increased by 32.3 per cent to €224.4 million (2020: €169.6 million).

The of UNIQA International 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, amounted to 35.5 per cent during the past year (2020: 38.8 per cent).

In Central Europe, less reinsurance commissions received and the share of profit from reinsurance ceded rose by 48.6 per cent to €381.7 million in the reporting period (2020: €256.9 million). In Eastern Europe, they increased slightly by 1.8 per cent to €70.6 million (2020: €69.3 million). In Southeastern Europe they grew by 2.9 per cent to €104.4 million (2020: €101.5 million). In Russia, costs fell by 9.1 per cent to €12.2 million (2020: €13.4 million), while in Western Europe they amounted to €1.8 million (2020: €1.4 million). In administration (UNIQA International AG), costs fell by 7.5 per cent to €22.1 million (2020: €23.8 million).

Net investment income

Net investment income in the segment dropped by 32.1 per cent to €72.0 million in 2021 (2020: €106.1 million).

Earnings before taxes

Earnings before taxes in the UNIQA International segment rose to €133.7 million in the reporting year due to the improvement in the technical result (2020: €–27.0 million). In property and casualty insurance, earnings before taxes therefore increased to €36.2 million (2020: €–37.2 million), in health insurance they increased by 55.9 per cent to €7.0 million (2020: €4.5 million). Finally, in life insurance, earnings before taxes grew to €90.5 million (2020: €5.7 million).

Earnings before taxes UNIQA International

In € million

Earnings before taxes UNIQA International (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.
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 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 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.