Group business development
- Premiums written (including savings portions from unit-linked and index-linked life insurance) rose by 9.1 per cent to € 7,839.7 million
- Technical result at € 560.5 million
- Combined ratio (gross) increased from 89.4 per cent to 91.1 per cent
- Combined ratio improved from 92.8 per cent to 93.1 per cent
- Financial result increased to € 210.2 million
- Earnings before taxes in 2024 increased by 3.6 per cent to € 441.9 million
- Proposed dividend of € 0.60 per share for 2024
In € million |
2024 |
2023 |
2022 |
|---|---|---|---|
Premiums written, including savings portions from unit-linked and index-linked life insurance |
7,839.7 |
7,185.7 |
6,548.7 |
Cost ratio |
31.2% |
31.0% |
30.9% |
Administrative expense ratio |
15.9% |
15.7% |
n/a |
Combined ratio (gross before reinsurance) |
91.1% |
89.4% |
91.7% |
Combined ratio (net after reinsurance) |
93.1% |
92.8% |
n/a |
Earnings before taxes |
441.9 |
426.4 |
272.3 |
Consolidated profit/(loss) (proportion of the profit/(loss) for the period attributable to the shareholders of UNIQA Insurance Group AG) |
347.6 |
302.7 |
256.0 |
In € million |
2024 |
2023 |
2022 |
|---|---|---|---|
Premiums written |
4,678.3 |
4,214.3 |
3,683.0 |
Insurance revenue |
4,421.8 |
4,006.3 |
3,547.8 |
Insurance service expenses |
–4,029.8 |
–3,580.8 |
–3,254.3 |
Technical result from reinsurance |
–85.8 |
–138.0 |
–37.6 |
Technical result |
306.2 |
287.5 |
255.9 |
Financial result |
174.0 |
101.4 |
–39.1 |
Net investment income |
253.6 |
173.4 |
–23.3 |
Non-technical result |
–146.9 |
–119.0 |
–144.9 |
Cost ratio |
31.6% |
31.9% |
32.5% |
Combined ratio (gross before reinsurance) |
91.1% |
89.4% |
91.7% |
Earnings before taxes |
281.0 |
211.5 |
9.5 |
In € million |
2024 |
2023 |
2022 |
|---|---|---|---|
Premiums written |
1,526.5 |
1,388.1 |
1,275.9 |
Insurance revenue |
1,355.8 |
1,234.7 |
1,139.7 |
Release of the contractual service margin |
105.9 |
94.7 |
86.1 |
Insurance service expenses |
–1,255.2 |
–1,110.3 |
–1,038.5 |
Technical result from reinsurance |
–0.9 |
–2.5 |
0.6 |
Technical result |
99.8 |
122.0 |
101.8 |
Financial result |
–11.5 |
–19.1 |
–14.3 |
Net investment income |
200.5 |
111.7 |
18.2 |
Non-technical result |
–77.9 |
–58.2 |
–31.6 |
Cost ratio |
18.4% |
18.2% |
17.3% |
Earnings before taxes |
10.3 |
44.1 |
55.8 |
In € million |
2024 |
2023 |
2022 |
|---|---|---|---|
Premiums written |
1,634.9 |
1,583.3 |
1,589.8 |
Insurance revenue |
779.6 |
753.1 |
659.3 |
Release of the contractual service margin |
197.7 |
192.2 |
196.0 |
Insurance service expenses |
–615.4 |
–600.0 |
–451.7 |
Technical result from reinsurance |
–9.6 |
–0.3 |
–1.4 |
Technical result |
154.5 |
152.8 |
206.3 |
Financial result |
47.7 |
67.9 |
185.0 |
Net investment income |
295.6 |
303.7 |
3.4 |
Non-technical result |
–29.7 |
–29.2 |
14.9 |
Cost ratio |
50.7% |
46.9% |
46.0% |
Earnings before taxes |
150.5 |
170.8 |
207.0 |
Changes in premiums
UNIQA’s total volume of premiums written increased in 2024. Taking into account the savings portions from unit-linked and index-linked life insurance, the volume climbed 9.1 per cent to € 7,839.7 million (2023:€ 7,185.6 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
Premiums written in property and casualty insurance grew by 11.0 per cent to € 4,678.3 million in 2024 (2023: € 4,214.3 million) due to index adjustments and a good sales performance. In health insurance, premiums written rose by 10.0 per cent to € 1,526.5 million in the reporting period due to premium adjustments and good new business development (2023: € 1,388.1 million). In life insurance, premiums written including savings portions from unit-linked and index-linked life insurance rose by 3.3 per cent to € 1,634.9 million (2023: € 1,583.3 million).
Premiums written, including savings portions from unit-linked and index-linked life insurance, at UNIQA Austria increased by 4.6 per cent to € 4,488.3 million in 2024 (2023: € 4,290.0 million). In the UNIQA International segment, they increased by 13.9 per cent to € 3,174.6 million (2023: € 2,787.9 million).
Change in insurance revenue
The UNIQA Group’s insurance revenue rose in 2024 by 9.4 per cent to € 6,557.2 million (2023: € 5,994.1 million).
The release of the contractual service margin (CSM) amounted to € 336.8 million in total (2023: € 318.9 million).
Insurance revenue in property and casualty insurance increased in 2024 by 10.4 per cent to € 4,421.8 million (2023: € 4,006.3 million).
In health insurance, insurance revenue in the reporting period rose by 9.8 per cent to € 1,355.8 million (2023: € 1,234.7 million). The release of the contractual service margin increased by 11.9 per cent to € 105.9 million (2023: € 94.7 million).
Insurance revenue in life insurance increased by 3.5 per cent to € 779.6 million in 2024 (2023: € 753.1 million). The release of the contractual service margin increased by 2.9 per cent to € 197.7 million (2023: € 192.2 million).
Change in insurance service expenses
Insurance service expenses in the UNIQA Group rose in 2024 by 11.5 per cent to € 5,900.4 million (2023: € 5,291.0 million). The main drivers for this were very high burdens from natural catastrophes.
The overall cost ratio – the ratio of direct and indirect costs to insurance revenue – nevertheless rose marginally to 31.2 per cent (2023: 31.0 per cent). The administrative cost ratio was 15.9 per cent in 2024 (2023: 15.7 per cent).
Insurance service expenses in property and casualty insurance increased by 12.5 per cent to € 4,029.8 million (2023: € 3,580.8 million). The cost ratio dropped to 31.6 per cent (2023: 31.9 per cent). The combined ratio (gross before reinsurance) nevertheless increased to 91.1 per cent (2023: 89.4 per cent) due to the significant impact from natural catastrophes. The combined ratio (net after reinsurance) rose to 93.1 per cent (2023: 92.8 per cent).
Combined ratio (gross before reinsurance)
In per cent
In health insurance, insurance service expenses grew by 13.1 per cent to € 1,255.2 million in 2024 (2023: € 1,110.3 million). The cost ratio in this segment increased to 18.4 per cent (2023: 18.2 per cent).
In life insurance, insurance service expenses rose by 2.6 per cent to € 615.4 million (2023: € 600.0 million). The cost ratio in life insurance increased to 50.7 per cent (2023: 46.9 per cent).
Technical result from reinsurance
The technical result from reinsurance in 2024 amounted to €–96.3 million (2023: €–140.9 million).
Technical result
In 2024, the technical result of the UNIQA Group (see Note 5 in the consolidated financial statements) nevertheless remained at nearly the level of the previous year at € 560.5 million (2023: € 562.2 million).
Financial result
The UNIQA Group’s investment portfolio (including investment property, financial assets accounted for using the equity method and other investments) as at 31 December 2024 showed an increase of € 293.6 million to € 20,725.5 million compared with the last reporting date (31 December 2023: € 20,431.9 million).
Net investment income increased in 2024 to € 749.7 million due to the excellent current income (2023: € 588.8 million). The financial result increased to € 210.2 million as a result (2023: € 150.2 million). Due to the recognition of the equity-accounted holding in the construction firm STRABAG SE, there was a positive contribution in the amount of € 119.7 million in 2024 (2023: € 76.0 million).
Net investment income from unit-linked and index-linked life insurance amounted to € 333.0 million in 2024 (2023: € 306.0 million).
A detailed description of the financial result can be found in the consolidated financial statements (see Note 4 in the consolidated financial statements).
Non-technical result
The non-technical result amounted to € –254.5 in 2024 (2023: € –206.4). Other income sank by 2.5 per cent to € 425.2 million (2023: € 436.1 million), while other expenses increased by 5.8 per cent to € 679.6 million (2023: € million ).
Earnings before taxes
Operating profit grew by 2.0 per cent to € 516.2 million due to the increased financial result (2023: € 506.1 million). The UNIQA Group’s earnings before taxes increased accordingly by 3.6 per cent to € 441.9 million (2023: € 426.4 million).
Earnings before taxes
In € million
In property and casualty insurance, earnings before taxes increased to € 281.0 million (2023: € 211.5 million), while in health insurance they declined by 76.6 per cent to € 10.3 million (2023: € 44.1 million). Lastly, in life insurance, earnings before taxes fell by 11.9 per cent to € 150.5 million (2023: € 170.8 million).
Income tax expense decreased in 2024 to € 93.7 million (2023: € 103.2 million). In consequence, the tax burden in 2024 declined to 21.2 per cent (2023: 24.2 per cent).
The profit/(loss) for the period from continuing operations amounted to € 348.2 million (2023: € 323.1 million). Due to the sale of the Russian business, the company incurred a loss from discontinued operations (after tax) in the amount of € 2.3 million in 2024 (2023: € –19.3 million). As a result, the profit/(loss) for the period was € 350.5 million (2023: € 303.8 million).
Consolidated profit/(loss) (proportion of the profit/(loss) for the period attributable to the shareholders of UNIQA Insurance Group AG) increased by 14.9 per cent to € 347.6 million (2023: € 302.7 million). The earnings per share rose to € 1.13 (2023: € 0.99). The earnings per share from continuing operations was € 1.13 in 2024 (2023: € 1.05).
Earnings per share
In €
The return on equity (after taxes and non-controlling interests) fell slightly to 12.4 per cent in the reporting year (2023: 13.2 per cent).
On this basis, the Management Board will propose to the Supervisory Board and the Annual General Meeting the distribution of a dividend of € 0.60 per share (2023: € 0.57 per share).
Dividend per share
In €
Own funds and total assets
Total equity attributable to the shareholders of UNIQA Insurance Group AG increased by € 179.5 million to € 2,889.7 million in the past financial year (31 December 2023:€ 2,710.2 million). Non-controlling interests amounted to € 51.7 million (31 December 2023: € 19.9 million). The Group’s total assets came to € 28,532.1 million as at 31 December 2024 (31 December 2023: € 28,151.0 million).
Change in contractual service margin
The contractual service margin as at 31 December 2024 increased to € 5,345.6 million (31 December 2023: € 5,266.3 million). In property and casualty insurance, the CSM increased to € 93.9 million (31 December 2023: € 61.9 million) and in health insurance to € 3,501.0 million (31 December 2023: € 3,366.2 million). In life insurance, on the other hand, it fell to € 1,750.6 million (31 December 2023: € 1,838.2 million).
Consolidated statement of comprehensive income
The profit/(loss) for the period in 2024 was € 350.5 million (2023: € 303.8 million). Due to effects resulting especially from the valuation of government and corporate bonds, the other comprehensive income in the reporting period fell to € 9.4 million (2023: € 699.3 million). Total comprehensive income thus amounted to € 359.8 million (2023:€ 1,003.1 million).
Consolidated Statement of Cash Flows
UNIQA’s net cash flow from operating activities amounted to € 580.7 million in 2024 (2023: € 325.3 million). Cash flow from investment activities amounted to € –488.0 million (2023: € 41.0 million). Net cash flows from financing activities amounted to € –153.7 million (2023: € –333.7 million). Overall, cash and cash equivalents decreased by € –62.4 million to € 637.1 million in the 2024 financial year (2023: € 699.5 million).
Employees
The average number of employees (full-time equivalents, or FTEs) at UNIQA in 2024 rose to 15,131 FTEs (2023: 14,629). This includes 3,797 FTEs (2023: 3,798) as field sales employees. The number of employees in administration amounted to 11,333 FTEs (2023: 10,831).
In the Central Europe (CE) region – Poland, Slovakia, Czechia and Hungary – the Group employed an average of 5,059 FTEs in 2024 (2023: 4,963), while 2,232 FTEs (2023: 2,197) were employed in the Southeastern Europe (SEE) region – Albania, Bosnia and Herzegovina, Bulgaria, Kosovo, Croatia, Montenegro, North Macedonia and Serbia – and 1,494 FTEs (2023: 1,447) in the Eastern Europe (EE) region of Romania and Ukraine. The average number of FTEs in the other markets in 2024 was 81 (2023: 114). A total of 6,265 FTEs were employed in Austria (2023: 5,908).