22.02.2013 |
- UNIQA generates EBT of €205.4 million, up 44.9 per cent compared to 2010
- Consolidated profit totals €130.2 million
- Total premiums written up 0.2 per cent
- UNIQA on track with implementation of UNIQA 2.0
Based on preliminary data, the UNIQA Group (UNIQA) achieved earnings before taxes (EBT) of €205.4 million in 2012, marking a return to profitability after a loss due to significant non-recurring effects in the previous year (2011: minus €322.3 million). For 2012, UNIQA had set a target of generating EBT in excess of the earnings figure for 2010 (€141.8 million). The company met this target with an increase of 44.9 per cent. Consolidated profit (after taxes and minority interests) for the 2012 financial year amounted to €130.2 million (2011: minus €245.6 million).
Further information on earnings in 2012:
As UNIQA completed the sale of its shares in the Mannheimer Group in the second quarter of 2012, these discontinued operations are no longer included in the following figures in accordance with IFRS 5. Instead, they are included as the result of discontinued operations. This is reflected in the consolidated profit of €130.2 million with an amount of €9.9 million.
The positive earnings trend in 2012 was based on sound core operating business: recurring premiums – including the savings portions of unit- and index-linked life insurance – increased across the Group by 1.5 per cent to €5,009.7 million (2011: €4,933.3 million). In the growth markets of CEE, they rose by as much as 8.0 per cent to €1,183.4 million (2011: €1,095.3 million).
Total premiums written – including the savings portions of unit- and index-linked life insurance – rose slightly by 0.2 per cent to €5,543.1 million (2011: €5,534.2 million). In Austria, they declined by 3.2 per cent to €3,566.2 million (2011: €3,685.8 million), while in CEE, they were up 4.5 per cent at €1,295.5 million (2011: €1,240.1 million). In Western Europe, they rose by 12.0 per cent to €681.5 million (2011: €608.3 million).
Total premiums written in property and casualty insurance grew by 5.6 per cent to €2,545.9 million (2011: €2,409.8 million). In health insurance, they rose by 3.3 per cent to €909.2 million (2011: €880.1 million). In life insurance – including the savings portions of unit- and index-linked life insurance – total premiums written fell by 7.0 per cent to €2,088.1 million (2011: €2,244.3 million). Recurring premiums in life insurance business fell by 4.7 per cent to €1,565.8 million (2011: €1,643.4 million). Single premiums decreased by 13.1 per cent to €522.3 million (2011: €600.9 million). This decrease related to business in Austria and Poland. In Austria, single premium business was hit by adverse changes to the statutory framework. In Poland, UNIQA is consciously reducing single premium business and is promoting more profitable business areas which also tie up less risk capital.
Operating expenses (including reinsurance commissions received and profit shares from reinsurance business ceded) declined by 6.6 per cent to €1,319.3 million (2011: €1,412.8 million). While acquisition expenses (sales costs) increased by 4.5 per cent to €955.8 million (2011: €914.3 million) in line with the new business volume, other operating expenses including reinsurance commissions received (administration costs) decreased by 27.1 per cent to €363.5 million (2011: €498.4 million). This decrease includes the first positive effects from the UNIQA 2.0 projects. UNIQA 2.0 is a long-term strategy program that the company has been implementing since summer 2011.
The Group cost ratio after reinsurance fell to 25.0 per cent (2011: 26.8 per cent).
The combined ratio in property and casualty insurance after reinsurance fell to 101.3 per cent in 2012 (2011: 104.9 per cent). Before reinsurance, the combined ratio stood at 98.1 per cent (2011: 101.2 per cent).
Net investment income rose by 292.2 per cent to €791.5 million (2011: €201.8 million after write-downs on bonds in PIIGS countries).
The return on equity (ROE) before taxes amounted to 13.19 per cent. ROE after taxes and minorities was 9.07 per cent.
The Management Board will propose to the Supervisory Board and Annual General Meeting that a dividend of 25 cents per share be paid for the 2012 financial year.
Clause regarding predictions about the future:
This report contains statements which refer to the future development of UNIQA. These statements present estimations which were reached upon the basis of all of the information available to us at the present time. If the assumptions on which they are based do not occur, the actual events may vary from the results currently expected. As a result, no guarantee can be provided for the information given.
Issuer:
UNIQA Group:
Untere Donaustrasse. 21
1029 Vienna, Austria
Telephone: +43 (01) 211 75-0
Branch: Insurance
ISIN: AT0000821103
Indices: ATX Prime, ATX FIN, WBI, VÖNIX
Stock exchange: Vienna
Vienna, 22. February 2013