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
UNIQA Austria key figures

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

Premiums written including savings portions from unit-linked and index-linked life insurance UNIQA Austria (Bar chart)

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).

Property and casualty insurance

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

Health insurance

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

Life insurance

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

Earnings before taxes UNIQA Austria (Bar chart)
Combined ratio
Total of operating expenses and insurance benefits divided by the (net) premiums earned in property and casualty insurance.
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Cost ratio
Ratio of total operating expenses (net of reinsurance commissions received and share of profit from reinsurance ceded) to consolidated premiums earned (including savings portions of unit-linked and index-linked life insurance).
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IFRSs
International Financial Reporting Standards. Since 2002 the term IFRSs has applied to the overall concept of standards adopted by the International Accounting Standards Board. Standards already adopted beforehand continue to be referred to as International Accounting Standards (IASs).
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Insurance benefits
Total of insurance benefit payments and changes in the claims provision during the financial year in connection with direct insurance and reinsurance contracts (gross). This involves net insurance benefits when reduced by the amount ceded to reinsurance companies. This does not include claims settlement expenses and changes in the provisions for claims settlement expenses.
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Loss ratio
The ratio of insurance benefits in property and casualty insurance to premiums earned.
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Net
The part of risk which is assumed but that the insurer/reinsurer does not cede as reinsurance.
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Operating expenses
This item includes acquisition expenses as well as portfolio management expenses and the expenses for implementing reinsurance. The operating expenses remain for the company’s own account following deduction of the commissions and profit participation received from the reinsurance business ceded.
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Premiums
Total premiums written. All premiums from contracts written in the financial year from business acquired by the company directly and as inward reinsurance.
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Premiums earned
The actuarial premiums earned that determine the income for the year. In order to determine these, the changes to the unearned premiums, the cancellation provisions and the premiums not yet written are taken into account, along with the gross premium volume written attributable to the financial year.
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Premiums written
All premiums due during the financial year arising from insurance contracts under direct insurance business, regardless of whether these premiums relate (either wholly or partially) to a later financial year. This involves (net) premiums written when reduced by the amount ceded to reinsurance companies.
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