UNIQA International
- Premiums written (including savings portions from unit-linked and index-linked life insurance) rose by 13.8 per cent to €2,787.9 million
- Technical result improved by 37.7 per cent to €269.6 million
- Combined ratio (gross) decreased from 86.1 per cent to 85.6 per cent
- Financial result increased to €64.5 million
- Earnings before taxes at €229.7 million due to improvement in technical result
In € million |
2023 |
2022 |
|---|---|---|
Premiums written, including savings portions from unit-linked and index-linked life insurance |
2,787.9 |
2,450.0 |
Cost ratio |
37.6% |
37.7% |
Combined ratio (gross before reinsurance) |
85.6% |
86.1% |
Earnings before taxes |
229.7 |
91.1 |
Changes in premiums
Premiums written at UNIQA International increased by 13.8 per cent to €2,787.9 million in 2023 (2022: €2,450.0 million).
Premiums written in property and casualty insurance increased by 17.1 per cent to €1,988.5 million in 2023 (2022: €1,698.1 million). In health insurance, premiums written rose during the reporting period by 5.6 per cent to €120.2 million (2022: €113.8 million) and in life insurance by 6.4 per cent to €679.2 million (2022: €638.1 million).
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 International segment rose in 2023 by 15.3 per cent to €2,429.9 million (2022: €2,107.7 million).
The release of the contractual service margin increased by 10.2 per cent to €122.0 million (2022: €110.7 million).
Insurance revenue in property and casualty insurance grew by 16.7 per cent to €1,843.3 million in 2023 (2022: €1,579.1 million).
In health insurance, insurance revenue in the reporting period rose by 8.2 per cent to €115.3 million (2022: €106.6 million). The release of the contractual service margin increased to €0.5 million (2022: €0.3 million).
Insurance revenue in life insurance in the UNIQA International segment grew by 11.6 per cent to €471.2 million in 2023 (2022: €422.1 million). The release of the contractual service margin increased by 9.8 per cent to €103.4 million (2022: €94.2 million).
In € million |
2023 |
2022 |
|---|---|---|
Premiums written |
1,988.5 |
1,698.1 |
Insurance revenue |
1,843.3 |
1,579.1 |
Insurance service expenses |
–1,577.0 |
–1,359.9 |
Technical result from reinsurance |
–112.6 |
–119.3 |
Technical result |
153.8 |
99.8 |
Financial result |
37.7 |
3.4 |
Net investment income |
63.5 |
18.4 |
Non-technical result |
–53.0 |
–40.3 |
Cost ratio |
35.6% |
35.6% |
Combined ratio (gross before reinsurance) |
85.6% |
86.1% |
Earnings before taxes |
125.4 |
48.0 |
Change in insurance service expenses
Insurance service expenses in the UNIQA International segment increased by 14.3 per cent to €2,037.7 million in 2023 also due to burdens from major claims (2022: €1,783.0 million).
The cost ratio in the UNIQA International segment nevertheless decreased slightly to 37.6 per cent (2022: 37.7 per cent).
Insurance service expenses in property and casualty insurance increased by 16.0 per cent to €1,577.0 million (2022: €1,359.9 million). The cost ratio remained stable at 35.6 per cent (2022: 35.6 per cent). The combined ratio (gross before reinsurance) therefore also fell to 85.6 per cent (2022: 86.1 per cent).
In health insurance, insurance service expenses grew by 8.2 per cent to €96.6 million in 2023 (2022: €89.3 million). The cost ratio in this area decreased to 36.3 per cent (2022: 40.6 per cent).
In life insurance, insurance service expenses rose by 9.1 per cent to €364.1 million (2022: €333.8 million). The cost ratio in life insurance was 45.9 per cent (2022: 44.9 per cent).
Technical result from reinsurance
In 2023, the technical result from reinsurance amounted to €–122.5 million (2022: €–128.9 million).
In € million |
2023 |
2022 |
|---|---|---|
Premiums written |
120.2 |
113.8 |
Insurance revenue |
115.3 |
106.6 |
Release of the contractual service margin |
0.5 |
0.3 |
Insurance service expenses |
–96.6 |
–89.3 |
Technical result from reinsurance |
–0.8 |
–0.3 |
Technical result |
17.9 |
17.0 |
Financial result |
–0.2 |
–0.1 |
Net investment income |
0.4 |
0.3 |
Non-technical result |
–3.8 |
–3.0 |
Cost ratio |
36.3% |
40.6% |
Earnings before taxes |
13.9 |
13.9 |
Technical result
The technical result in the UNIQA International segment increased by 37.7 per cent to €269.6 million in 2023 (2022: €195.8 million).
Financial result
The net investment income of UNIQA International increased in 2023 to €107.7 million (2022: €14.9 million). The financial result increased to €64.5 million as a result (2022: €–17.6 million).
Net investment income from unit-linked and index-linked life insurance amounted to €126.5 million in 2023 (2022: €–97.2 million).
Non-technical result
The non-technical result amounted to €–69.7 million in 2023 (2022: €–54.3 million). Other income increased by 59.3 per cent to €140.9 million (2022: €88.4 million), while other expenses rose by 47.5 per cent to €210.6 million (2022: €142.7 million).
Earnings before taxes
Operating profit in the UNIQA International segment increased by 113.4 per cent to €264.5 million due to the excellent technical performance (2022: €123.9 million). Earnings before taxes grew by 152.1 per cent to €229.7 million (2022: €91.1 million).
In € million |
2023 |
2022 |
|---|---|---|
Premiums written |
679.2 |
638.1 |
Insurance revenue |
471.2 |
422.1 |
Release of the contractual service margin |
103.4 |
94.2 |
Insurance service expenses |
–364.1 |
–333.8 |
Technical result from reinsurance |
–9.2 |
–9.3 |
Technical result |
98.0 |
79.0 |
Financial result |
27.0 |
–20.9 |
Net investment income |
43.8 |
–3.7 |
Non-technical result |
–12.9 |
–11.0 |
Cost ratio |
45.9% |
44.9% |
Earnings before taxes |
90.4 |
29.2 |
Earnings before taxes – UNIQA International
In € million
In property and casualty insurance, earnings before taxes increased by 161.4 per cent to €125.4 million (2022: €48.0 million), while in health insurance they remained stable at €13.9 million (2022: €13.9 million). Finally, in life insurance, earnings before taxes grew to €90.4 million (2022: €29.2 million).
In the Central Europe region (CE) – Poland, Slovakia, Czechia and Hungary – earnings before taxes increased by 60.2 per cent to €200.4 million in the 2023 financial year (2022: €125.1 million). In Eastern Europe (EE) – consisting of Romania and Ukraine – they rose to €37.8 million (2022: €–5.7 million). In Southeastern Europe (SEE) – comprising Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Montenegro, North Macedonia and Serbia – the earnings before taxes grew to €33.6 million (2022: €2.0 million) in the 2023 financial year. In Western Europe (WE), earnings before taxes amounted to €0.3 million (2022: €–0.7 million).