UNIQA Austria
- Premiums written (including savings portions from unit-linked and index-linked life insurance) rose to €4,086.4 million
- Cost ratio reduced further to 19.4 per cent through consistent cost programme
- Combined ratio increased slightly from 91.7 per cent to 92.3 per cent
- Earnings before taxes of €101.9 million
In € million |
2022 |
2021 |
2020 |
|---|---|---|---|
Premiums written, including savings portions from unit-linked and index-linked life insurance |
4,086.4 |
3,916.6 |
3,837.5 |
Cost ratio (after reinsurance) |
19.4% |
20.0% |
23.4% |
Combined ratio (after reinsurance) |
92.3% |
91.7% |
98.7% |
Earnings before taxes |
101.9 |
339.2 |
–119.1 |
Changes in premiums
At UNIQA Austria, premiums written including savings portions from unit-linked and index-linked life insurance increased by 4.3 per cent to €4,086.4 million in 2022 (2021: €3,916.6 million). Recurring premiums rose by 3.7 per cent to €4,007.7 million (2021: €3,864.1 million). The single premium business increased to €78.7 million (2021: €52.5 million).
Including savings portions from unit-linked and index-linked life insurance, the volume of premiums earned at UNIQA Austria amounted to €3,236.4 million (2021: €3,113.3 million). The volume of premiums earned (net, in accordance with IFRSs) rose by 3.6 per cent to €3,003.3 million in 2022 (2021: €2,900.1 million).
While premiums written in property and casualty insurance increased by 6.2 per cent to €1,973.6 million (2021: €1,857.6 million), they rose by 3.7 per cent in health insurance to €1,162.1 million (2021: €1,120.5 million). In life insurance (including savings portions from unit-linked and index-linked life insurance), they grew slightly by 1.3 per cent to €950.6 million (2021: €938.5 million).
Premiums written, including savings portions from unit-linked and index-linked life insurance – UNIQA Austria
In € million
In property and casualty insurance, net premiums earned (in accordance with IFRS) rose by 5.1 per cent to €1,142.2 million (2021: €1,086.7 million); in health insurance, they increased by 4.7 per cent to €1,163.2 million (2021: €1,111.1 million). In life insurance, however, they fell slightly by 0.6 per cent to €698.0 million (2021: €702.3 million). Including savings portions from unit-linked and index-linked life insurance, the volume of premiums earned in life insurance amounted to €931.1 million (2021: €915.5 million).
In € million |
2022 |
2021 |
2020 |
|---|---|---|---|
Premiums written |
1,973.6 |
1,857.6 |
1,796.1 |
Insurance benefits (net) |
–747.8 |
–684.8 |
–698.6 |
Loss ratio (after reinsurance) |
65.5% |
63.0% |
65.5% |
Operating expenses (net) |
–305.9 |
–311.9 |
–353.7 |
Cost ratio (after reinsurance) |
26.8% |
28.7% |
33.2% |
Combined ratio (after reinsurance) |
92.3% |
91.7% |
98.7% |
Net investment income |
19.0 |
132.9 |
–196.1 |
Earnings before taxes |
72.4 |
191.3 |
–197.3 |
Technical provisions (net) |
1,246.9 |
1,189.6 |
1,171.6 |
In € million |
2022 |
2021 |
2020 |
|---|---|---|---|
Premiums written |
1,162.1 |
1,120.5 |
1,089.6 |
Insurance benefits (net) |
–1,031.6 |
–947.7 |
–916.9 |
Operating expenses (net) |
–148.7 |
–151.1 |
–176.9 |
Cost ratio (after reinsurance) |
12.8% |
13.6% |
16.3% |
Net investment income |
5.3 |
112.0 |
95.1 |
Earnings before taxes |
–10.8 |
124.7 |
84.6 |
Technical provisions (net) |
3,922.0 |
3,753.4 |
3,573.2 |
In € million |
2022 |
2021 |
2020 |
|---|---|---|---|
Premiums written, including savings portions from unit-linked and index-linked life insurance |
950.6 |
938.5 |
951.8 |
Insurance benefits (net) |
–634.9 |
–809.8 |
–768.2 |
Operating expenses (net) |
–172.2 |
–159.3 |
–188.8 |
Cost ratio (after reinsurance) |
18.5% |
17.4% |
20.3% |
Net investment income |
198.8 |
322.5 |
261.9 |
Earnings before taxes |
40.4 |
23.3 |
–6.3 |
Technical provisions (net) |
10,542.7 |
13,181.5 |
13,817.0 |
Change in insurance benefits
Net insurance benefits decreased by 1 per cent to €2,414.3 million at UNIQA Austria in 2022 (2021: €2,442.3 million). On the other hand, they rose by 9.2 per cent in property and casualty insurance to €747.8 million (2021: €684.8 million) due to the increase in premium income as well as inflation-related high claim loads, including for storm and major losses. As a result, the loss ratio in property and casualty insurance deteriorated to 65.5 per cent in 2022 (2021: 63.0 per cent). The combined ratio after reinsurance in the UNIQA Austria segment nevertheless rose only slightly to 92.3 per cent (2021: 91.7 per cent) due to the improved cost ratio. Net insurance benefits in health insurance also increased by 8.9 per cent to €1,031.6 million (2021: €947.7 million). In life insurance, however, they fell by 21.6 per cent to €634.9 million (2021: €809.8 million).
Operating expenses
Operating expenses less reinsurance commissions received and the share of profit from reinsurance ceded of €216.0 million (2021: €201.7 million) increased slightly by 0.7 per cent to €626.9 million in the 2022 financial year (2021: €622.2 million). In contrast, they fell by 1.9 per cent in property and casualty insurance to €305.9 million (2021: €311.9 million). In health insurance, they also decreased by 1.6 per cent to €148.7 million (2021: €151.1 million). In life insurance, they increased by 8.1 per cent to €172.2 million (2021: €159.3 million).
The cost ratio of UNIQA Austria after reinsurance, i.e. the ratio of total operating expenses, less reinsurance commissions received and the share of profit from reinsurance ceded, to premiums earned, including savings portions from unit-linked and index-linked life insurance, thus decreased to 19.4 per cent during the past year (2021: 20.0 per cent).
Net investment income
Net investment income decreased in the UNIQA Austria segment in 2022 by 60.7 per cent to €223.1 million (2021: €567.3 million) due to numerous impairments on fund certificates and fixed-income securities.
Earnings before taxes
UNIQA Austria’s earnings before taxes fell in the reporting year to €101.9 million (2021: €339.2 million) despite the improvement in the technical result, primarily due to the sharp decline in net investment income. They fell by 62.2 per cent in property and casualty insurance to €72.4 million (2021: €191.3 million). In health insurance, they came to €–10.8 million (2021: €124.7 million) due to the fall in net investment income. In life insurance, earnings before taxes increased by 73.5 per cent to €40.4 million (2021: €23.3 million).
Earnings before taxes – UNIQA Austria
In € million
