16. Subscribed capital


 

31 Dec. 2011

31 Dec. 2010

Number of authorised and issued no-par shares

142,985,217

142,985,217

of which fully paid up

142,985,217

142,985,217

The subscribed capital and capital reserves correspond to values from the individual financial statements of UNIQA Versicherungen AG.

Unrealised capital gains and losses from the revaluation of investments available for sale affected the revaluation reserve, with deferred participation in profits (for life insurance) and deferred taxes taken into consideration.

Actuarial profit and loss from pension and severance payment provisions was posted as “actuarial profit and loss from performance-based pension commitments” after deducting deferred policyholder profit participation and deferred taxes.

On 21 September 2010 the Management Board made use of its authorisation in accordance with the decision of the 11th Annual General Meeting on 31 May 2010 and decided on a share repurchase programme. The Supervisory Board of the company confirmed the decision of the Management Board in its meeting on 21 September 2010. According to which the Management Board is authorised to purchase up to 14,298,521 notional no-par shares made out to the bearer. The programme for repurchasing shares entered into effect on 19 November 2010. During the financial year, none of the company’s own shares were acquired through the stock exchange.

Capital requirement

The business development due to organic growth and acquisitions influences the capital requirement of the UNIQA Group. In the context of Group controlling, the appropriate coverage of the solvency requirement on a consolidated basis is constantly monitored.

As at 31 December 2011, the adjusted equity amounted to € 1,404,065 (2010: € 1,644,202 thousand). In ascertaining the adjusted equity, non-tangible economic goods (especially goodwill) and shares in banks and insurance companies are deducted from the equity and various forms of hybrid capital (especially supplemental capital) and latent reserves in investments (especially in real estate) are added. With a statutory requirement for adjusted equity of € 1,145,813 thousand (2010: € 1,117,254 thousand), the statutory requirements were exceeded by € 258,252 thousand (2010: € 526,948 thousand), resulting in a coverage rate of 122.5 % (2010: 147.2 %). With the change to Section 81h paragraph 2 of the Insurance Supervisory Act, the volatility reserve was added as part of the available capital as of the 3rd quarter of 2008. This increased the adjusted equity by € 277,882 thousand (2010: € 221,895 thousand).

The adjusted equity base is ascertained on the basis of the available consolidated financial statements (produced in accordance with Section 80b of the Insurance Supervisory Act).

Figures in € thousand

31 Dec. 2011

31 Dec. 2010

Adjusted equity without deduction acc. to Section 86h paragraph 5 of the Insurance Supervision Act

1,404,065

1,644,202

Adjusted equity with deduction acc. to Section 86h paragraph 5 of the Insurance Supervision Act

1,126,184

1,422,307

At the reporting date, own shares are accounted for as follows:

 

31 Dec. 2011

31 Dec. 2010

Shares held by:

 

 

UNIQA Versicherungen AG

 

 

Acquisition costs in € thousand

10,857

10,857

Number of shares

819,650

819,650

Share of subscribed capital in per cent

0.57

0.57

In the figure for “earnings per share”, the consolidated profit is set against the average number of ordinary shares in circulation.

Earnings per share

2011

2010

1)

Calculated on the basis of the consolidated profit of the year.

2)

Subject to the decision to be taken in the Annual General Meeting.

Consolidated profit Figures in € thousand

–245,614

42,266

of which accounts for ordinary shares Figures in € thousand

–245,614

42,266

Own shares as at 31 Dec.

819,650

819,650

Average number of shares in circulation

142,165,567

142,165,567

Earnings per share (in €)1)

–1.73

0.30

Earnings before taxes per share (in €)1)

–2.30

0.66

Earnings per share1), adjusted for goodwill amortisation (in €)

–1.56

0.40

Profit from ordinary activities per share, adjusted for goodwill amortisation (in €)

–2.12

1.10

Dividend per share2)

0.00

0.40

Dividend payment Figures in € thousand2)

0

56,866

The diluted earnings per share are equal to the undiluted earnings per share in the financial year and in the previous year.

Change in the tax amounts included in the equity without affecting income

31 Dec. 2011

Figures in € thousand

 

Effective tax

0

Deferred tax

31,965

Total

31,965

© 2012 BY UNIQA GROUP AUSTRIA