Group business development
- Premiums written (including savings portions from unit-linked and index-linked life insurance) rose by 3.9 per cent to €6,605.2 million
- Combined ratio further improved from 93.7 per cent to 92.9 per cent
- Finance costs down to €52.2 million after successful bond buybacks in 2021
- Earnings before taxes in 2022 increased by 10.3 per cent to €421.7 million
- Proposed dividend of €0.55 per share for 2022
In € million |
2022 |
2021 |
2020 |
|---|---|---|---|
Premiums written, including savings portions from unit-linked and index-linked life insurance |
6,605.2 |
6,358.0 |
5,565.3 |
Cost ratio (after reinsurance) |
27.2% |
27.4% |
29.4% |
Combined ratio (after reinsurance) |
92.9% |
93.7% |
97.8% |
Earnings before taxes |
421.7 |
382.3 |
57.1 |
Consolidated profit/(loss) (proportion of the profit/(loss) for the period attributable to the shareholders of UNIQA Insurance Group AG) |
383.0 |
314.7 |
19.4 |
Changes in premiums
UNIQA’s total premium volume, including savings portions from unit-linked and index-linked life insurance in the amount of €335.0 million (2021: €324.6 million), increased by 3.9 per cent to €6,605.2 million in 2022 (2021: €6,358.0 million). The main driver for this was the solid growth in both property and casualty insurance and in health insurance.
Premiums written, including savings portions from unit-linked and index-linked life insurance
In € million
In the area of insurance policies with recurring premium payments, there was an encouraging rise of 3.7 per cent to €6,439.8 million (2021: €6,207.8 million). In the single premium business, the premium volume also increased to €165.4 million (2021: €150.2 million).
Premiums written in property and casualty insurance grew by 5.6 per cent to €3,686.0 million in 2022 (2021: €3,489.5 million) due to index adjustments and a good sales performance. In health insurance, premiums written rose by 4.1 per cent to €1,277.3 million in the reporting period due to premium adjustments (2021: €1,226.5 million). In life insurance, premiums written, including savings portions from the unit-linked and index-linked life insurance, remained stable overall at €1,641.9 million (2021: €1,642.0 million).
The Group premiums earned, including savings portions from unit-linked and index-linked life insurance (after reinsurance) in the amount of €335.0 million (2021: €324.6 million), rose by 4.4 per cent to €6,284.2 million (2021: €6,022.2 million). The volume of premiums earned (net, in accordance with IFRSs) increased by 4.4 per cent to €5,949.2 million (2021: €5,697.6 million).
In € million |
2022 |
2021 |
2020 |
|---|---|---|---|
Premiums written |
3,686.0 |
3,489.5 |
3,010.3 |
Insurance benefits (net) |
–2,083.3 |
–1,965.1 |
–1,775.1 |
Loss ratio (after reinsurance) |
61.1% |
61.3% |
63.2% |
Operating expenses (net) |
–1,083.5 |
–1,037.8 |
–970.7 |
Cost ratio (after reinsurance) |
31.8% |
32.4% |
34.6% |
Combined ratio (after reinsurance) |
92.9% |
93.7% |
97.8% |
Net investment income |
4.4 |
135.2 |
29.5 |
Earnings before taxes |
123.6 |
107.3 |
–67.9 |
Technical provisions (net) |
4,094.4 |
3,891.2 |
3,732.1 |
In € million |
2022 |
2021 |
2020 |
|---|---|---|---|
Premiums written |
1,277.3 |
1,226.5 |
1,167.6 |
Insurance benefits (net) |
–1,082.2 |
–997.7 |
–963.1 |
Operating expenses (net) |
–208.8 |
–206.6 |
–225.0 |
Cost ratio (after reinsurance) |
16.4% |
17.0% |
19.3% |
Net investment income |
140.0 |
163.1 |
104.5 |
Earnings before taxes |
119.8 |
173.0 |
79.5 |
Technical provisions (net) |
3,982.7 |
3,812.8 |
3,622.8 |
In € million |
2022 |
2021 |
2020 |
|---|---|---|---|
Premiums written, including savings portions from unit-linked and index-linked life insurance |
1,641.9 |
1,642.0 |
1,387.5 |
Insurance benefits (net) |
–930.4 |
–1,141.4 |
–956.4 |
Operating expenses (net) |
–419.5 |
–404.1 |
–370.7 |
Cost ratio (after reinsurance) |
26.1% |
25.2% |
27.2% |
Net investment income |
261.2 |
349.6 |
371.3 |
Earnings before taxes |
178.3 |
102.0 |
45.5 |
Technical provisions (net) |
13,933.9 |
15,907.0 |
16,442.0 |
of which technical provisions from unit-linked and index-linked life insurance (net) |
3,878.8 |
5,028.5 |
5,115.4 |
Change in insurance benefits
In the 2022 financial year, insurance benefits before reinsurance (see note 8 in the consolidated financial statements) dropped by 2.2 per cent to €4,268.2 million (2021: €4,365.5 million). Consolidated net insurance benefits dropped by 0.2 per cent to €4,095.8 million in the past year despite increased premium income (2021: €4,104.2 million).
Insurance benefits (net)
In € million
In spite of a significant burden from natural catastrophes and major losses, the loss ratio after reinsurance in property and casualty insurance decreased to 61.1 per cent in 2022 (2021: 61.3 per cent) due to favourable basic loss development and a good settlement result. The combined ratio after reinsurance therefore improved to 92.9 per cent due to the lower cost ratio at Group level (2021: 93.7 per cent).
Combined ratio after reinsurance
In per cent
Operating expenses
Total consolidated operating expenses (see note 9 in the consolidated financial statements) less reinsurance commissions received and the share of profit from reinsurance ceded rose by 3.8 per cent to €1,711.7 million in the 2022 financial year (2021: €1,648.5 million). Expenses for the acquisition of insurance less reinsurance commissions received and the share of profit from reinsurance ceded of €27.3 million (2021: €23.6 million) increased by 13.1 per cent to €1,163.8 million (2021: €1,029.2 million) due to increased commission costs resulting from index adjustments and higher acquisition commissions. Other operating expenses even decreased by 11.5 per cent to €547.9 million (2021: €619.4 million) despite inflationary pressures. This includes expenses under the innovation and investment programme amounting to around €45 million (2021: around €60 million).
The decrease in operating expenses is therefore due in part to the successes from the cost programme.
The cost ratio after reinsurance, i.e. the ratio of total operating expenses less reinsurance commissions received and the share of profit from reinsurance ceded to the Group premiums earned, including savings portions from unit-linked and index-linked life insurance, increased to 27.2 per cent during the past year as a result of the developments mentioned above (2021: 27.4 per cent).
Investments
The UNIQA Group’s investment portfolio (including investment property, financial assets accounted for using the equity method and other investments) decreased by 15.4 per cent to €18,425.6 million in the 2022 financial year (31 December 2021: €21,785.0 million).
Net investment income fell by 37.4 per cent to €405.7 million (2021: €648.0 million). This was mainly due to impairments on fund certificates and fixed-income securities. In particular, the impairment of Russian and Ukrainian bonds in the amount of around €142 million as well as additional impairments on the investment in RBI amounting to €28 million had a negative effect on net investment income. The recognition of the 15.3 per cent equity-accounted holding in STRABAG SE also contributed €99.6 million to net income in 2022 (2021: €70.5 million). A detailed description of net investment income can be found in the consolidated financial statements (see note 4 in the consolidated financial statements).
Other income and other expenses
Other income rose by 32.1 per cent in 2022 to €396.8 million (2021: €300.4 million). Other expenses rose by 50.4 per cent to €377.0 million in the reporting period (2021: €250.6 million).
Results
The UNIQA Group’s technical result increased by 96.2 per cent to €410.5 million in 2022 due to the improved cost development and the favourable claim load (2021: €209.2 million). However, operating profit fell by 12.2 per cent to €516.0 million (2021: €588.0 million) due to the lower net investment income.
Earnings before taxes
In € million
Earnings before taxes at UNIQA nevertheless increased by 10.3 per cent to €421.7 million (2021: €382.3 million). Profit for the year also increased in the reporting year to €389.3 million (2021: €317.9 million). Income tax expense fell to €32.4 million in 2022 (2021: €64.4 million) due to high levels of deferred tax income.
The consolidated profit (share of the profit/(loss) for the period attributable to the shareholders of UNIQA Insurance Group AG) therefore amounted to €383.0 million (2021: €314.7 million). Earnings per share rose as a result to €1.25 (2021: €1.03).
Earnings per share
In €
The return on equity (after taxes and non-controlling interests) rose to 14.4 per cent in the reporting year (2021: 9.3 per cent).
Return on equity
In per cent
On this basis, the Management Board will propose a dividend of €0.55 per share to the Supervisory Board and the Annual General Meeting (2021: €0.55 per share).
Dividend per share
In €
Own funds and total assets
The equity attributable to the shareholders of UNIQA Insurance Group AG fell by €1,269.6 million in the past financial year to €2,034.0 million (31 December 2021: €3,303.6 million). The reason for this was the fall in the measurement of financial instruments available for sale through the sharp increase in the general interest rate level in 2022. Non-controlling interests came to €18.3 million (31 December 2021: €19.7 million). Total assets amounted to €28,196.2 million at 31 December 2022 (31 December 2021: €31,547.8 million).
Cash flow
Cash flow from UNIQA’s operating activities amounted to €–490.8 million in 2022 (2021: €726.1 million). Cash flow from investment activities amounted to €758.0 million (2021: €–653.2 million). Cash flow from financing activities amounted to €–189.6 million (2021: €–127.9 million). Overall, cash and cash equivalents increased by €75.1 million to €667.7 million in the 2022 financial year (2021: €592.6 million).
Employees
The average number of employees (full-time equivalents or FTEs) at UNIQA fell to 14,515 FTEs in 2022 (2021: 14,849). This includes 3,813 FTEs (2021: 4,005) who were employed as field sales employees. The number of employees in administration was 10,702 FTEs (2021: 10,844).
In 2022, the Group had an average of 4,787 FTEs (2021: 4,887) in the Central Europe (CE) region – Poland, Slovakia, Czechia and Hungary – as well as 2,263 FTEs (2021: 2,286) in the Southeastern Europe (SEE) region – Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Montenegro, North Macedonia and Serbia – and 1,554 FTEs (2021: 1,599) in the Eastern Europe (EE) region – Romania and Ukraine. There were 104 FTEs (2021: 110) working in Russia (RU). The average number of FTEs in the Western European markets in 2022 was 46 (2021: 42). A total of 5,761 FTEs were employed in Austria (2021: 5,925). Including the employees of the general agencies working exclusively for UNIQA, the total number of people working for the Group amounts to around 21,000.
In 2022, 54 per cent of the staff working in administrative positions at UNIQA in Austria were women (2021: 51 per cent). In sales, the ratio was 78 per cent men to 22 per cent women (2021: 80 per cent men to 20 per cent women). 16.6 per cent (2021: 17.3 per cent) of employees were working part-time. The average age in the past year was 42 years (2021: 44 years).
In Austria, almost all employees have a share in the company’s success through some form of variable participation programme. There is a bonus system in place for managers and selected key employees on the one hand and a profit-sharing scheme for eligible employees on the other. In 2022, around 12 per cent of employees participated in the bonus programme for managers and selected key employees, a variable remuneration system that is linked to both the success of the company and personal performance (2021: around 13 per cent). Around 73 per cent of employees will participate in the profit-sharing scheme for 2022 (2021: around 73 per cent). The amount of the profit-sharing budget depends on the achievement of a profit target, and distributions will only take place after the company’s success has been determined in the following year.
In addition, UNIQA offers young people in training the opportunity to get to know foreign cultures and make international contacts. Currently 94 apprentices are being trained.