Still on the growth path in the first quarter of 2004 – UNIQA posts an increase in premium volume of 25% and yet another reduction of the cost and benefit ratio

The UNIQA Group boosted its premium volume written in comparison to the first quarter of the previous year by 24.4% to EUR 1,023.4 million over the first three months of the current year. The foreign subsidiaries increased the premium volume by 47.3% to EUR 124.7 million. The Austrian subsidiaries accounted for EUR 898.7 million, which corresponded to an increase of 21.8%.

The increase in costs of claims and benefits was 21.8% to EUR 729.9 million, which fell short of the increase in premiums. Thus the ratio of costs of claims and benefits (prior to changes in the latent profit participation) to premiums written improved from 72.8% in the first quarter of the previous year to 71.3% in the first quarter of 2004.

The cost ratio was successfully reduced in all three lines of business, falling in total from 21.5% to 21.0%.

Total investments of the UNIQA Group Austria increased by 16.1% to EUR 13,826.0 million. The positive development on the stock markets supported the increase in (net) current investment income by 2.8% to a total of EUR 138.2 million.

Property and casualty insurance premiums showed a huge increase of 31.0% in the first quarter to EUR 490.8 million. Loss expenses rose in the course of normal business trends by 32.3% to EUR 219.8 million.

Life insurance premiums were increased by 29.1% to EUR 341.7 million. In accordance with international accounting regulations, the saving component of EUR 28.6 million of the unit- and index-linked life insurance was not taken into account (first quarter of 2003: EUR 17.6 million). The development of claims including the change in actuarial provision was below the increase of premium volume written in the comparable period of the previous year, with an increase of 26.2% to EUR 344.7 million.

The premium growth in health insurance from 4.2% to EUR 190.8 million contributed to the positive overall results of the UNIQA Group in the first quarter of 2004. Benefits, including the change in actuarial provision, increased by a mere 3.5% to EUR 165.5 million.

Vienna, 28. May 2004

Print page Send link