UNIQA Austria
- Premiums written (including savings portions from unit-linked and index-linked life insurance) rose by 5.0 per cent to €4,290.0 million
- Technical result stable at €289.4 million
- Combined ratio (gross) improved from 94.5 per cent to 92.3 per cent
- Financial result increased to €141.5 million
- Cost ratio reduced to 24.3 per cent through consistent cost programme
- Earnings before taxes at €298.5 million
In € million |
2023 |
2022 |
|---|---|---|
Premiums written, including savings portions from unit-linked and index-linked life insurance |
4,290.0 |
4,086.4 |
Cost ratio |
24.3% |
25.2% |
Combined ratio (gross before reinsurance) |
92.3% |
94.5% |
Earnings before taxes |
298.5 |
180.6 |
Changes in premiums
Premiums written at UNIQA Austria increased by 5.0 per cent to €4,290.0 million in 2023 (2022: €4,086.4 million).
Premiums written in property and casualty insurance increased by 7.4 per cent to €2,119.2 million in 2023 (2022: €1,973.6 million). In health insurance, premiums written in the reporting period rose by 9.1 per cent to €1,268.0 million (2022: €1,162.1 million). However, premiums written in life insurance fell by 5.0 per cent to €902.8 million (2022: €950.6 million).
In € million |
2023 |
2022 |
|---|---|---|
Premiums written |
2,119.2 |
1,973.6 |
Insurance revenue |
2,118.5 |
1,970.4 |
Insurance service expenses |
–1,954.4 |
–1,862.6 |
Technical result from reinsurance |
–38.4 |
–34.9 |
Technical result |
125.8 |
72.8 |
Financial result |
113.6 |
6.8 |
Net investment income |
118.7 |
0.7 |
Non-technical result |
–45.7 |
–39.6 |
Cost ratio |
27.2% |
28.8% |
Combined ratio (gross before reinsurance) |
92.3% |
94.5% |
Earnings before taxes |
179.4 |
28.7 |
Premiums written, including savings portions from unit-linked and index-linked life insurance – UNIQA Austria
In € million
Change in insurance revenue
The insurance revenue of the UNIQA Austria segment rose in 2023 by 8.6 per cent to €3,519.0 million (2022: €3,240.7 million).
The release of the contractual service margin decreased slightly overall by 3.4 per cent to €196.9 million (2022: €203.8 million).
Insurance revenue in property and casualty insurance grew by 7.5 per cent to €2,118.5 million in 2023 (2022: €1,970.4 million).
In health insurance, insurance revenue in the reporting period rose by 8.3 per cent to €1,119.4 million (2022: €1,033.2 million). The release of the contractual service margin increased by 9.9 per cent to €94.2 million (2022: €85.7 million).
Insurance revenue in life insurance at UNIQA Austria grew by 18.5 per cent to €281.1 million in 2023 (2022: €237.2 million). The release of the contractual service margin decreased by 12.7 per cent to €88.8 million (2022: €101.8 million).
Change in insurance service expenses
Insurance service expenses at UNIQA Austria increased by 9.4 per cent to €3,196.1 million in 2023 (2022: €2,921.5 million). The main drivers for this were very high burdens from natural catastrophes and major claims.
The cost ratio in the UNIQA Austria segment nevertheless decreased to 24.3 per cent (2022: 25.2 per cent).
Insurance service expenses in property and casualty insurance increased by 4.9 per cent to €1,954.4 million (2022: €1,862.6 million). The cost ratio improved to 27.2 per cent (2022: 28.8 per cent). Despite the significant impact from natural catastrophes and major claims, the combined ratio (gross before reinsurance) fell to 92.3 per cent (2022: 94.5 per cent) due to the improved cost ratio.
In health insurance, insurance service expenses grew by 6.8 per cent to €1,013.6 million in 2023 (2022: €949.2 million). The cost ratio in this area increased to 14.4 per cent (2022: 14.0 per cent).
In life insurance, insurance service expenses rose by 108.8 per cent to €228.2 million due to higher allocations to provisions (2022: €109.7 million). The life insurance cost ratio in the UNIQA Austria segment nevertheless decreased to 41.5 per cent (2022: 43.8 per cent).
In € million |
2023 |
2022 |
|---|---|---|
Premiums written |
1,268.0 |
1,162.1 |
Insurance revenue |
1,119.4 |
1,033.2 |
Release of the contractual service margin |
94.2 |
85.7 |
Insurance service expenses |
–1,013.6 |
–949.2 |
Technical result from reinsurance |
–1.7 |
–2.3 |
Technical result |
104.1 |
81.7 |
Financial result |
–1.5 |
–1.4 |
Net investment income |
171.5 |
–47.1 |
Non-technical result |
–34.9 |
–19.4 |
Cost ratio |
14.4% |
14.0% |
Earnings before taxes |
67.7 |
60.9 |
Technical result from reinsurance
The technical result from reinsurance in 2023 amounted to €–33.5 million (2022: €–27.4 million).
Technical result
In 2023, the technical result in the UNIQA Austria segment remained at nearly the level of the previous year at €289.4 million (2022: €291.9 million).
Financial result
The net investment income of UNIQA Austria increased in 2023 to €642.2 million (2022: €104.5 million). The financial result increased to €141.5 million as a result (2022: €13.5 million).
Net investment income from unit-linked and index-linked life insurance amounted to €179.6 million in 2023 (2022: €–395.3 million).
Non-technical result
The non-technical result amounted to €–100.9 million in 2023 (2022: €–69.6 million). Other income tripled to €18.7 million (2022: €6.0 million), while other expenses increased by 58.3 per cent to €119.7 million (2022: €75.6 million).
In € million |
2023 |
2022 |
|---|---|---|
Premiums written |
902.8 |
950.6 |
Insurance revenue |
281.1 |
237.2 |
Release of the contractual service margin |
88.8 |
101.8 |
Insurance service expenses |
–228.2 |
–109.7 |
Technical result from reinsurance |
6.6 |
9.9 |
Technical result |
59.5 |
137.4 |
Financial result |
29.3 |
8.2 |
Net investment income |
352.0 |
150.9 |
Non-technical result |
–20.3 |
–10.6 |
Cost ratio |
41.5% |
43.8% |
Earnings before taxes |
51.4 |
91.1 |
Earnings before taxes
Operating profit grew by 39.9 per cent to €329.9 million due to the increased financial result (2022: €235.8 million). Earnings before taxes in the UNIQA Austria segment increased by 65.3 per cent to €298.5 million (2022: €180.6 million).
Earnings before taxes – UNIQA Austria
In € million
In property and casualty insurance, earnings before taxes increased to €179.4 million (2022: €28.7 million), while in health insurance they increased by 11.2 per cent to €67.7 million (2022: €60.9 million). In life insurance, on the other hand, earnings before taxes fell to €51.4 million (2022: €91.1 million).