28.01.2011 |
- Continued dynamic growth - premium increase in group business by 8.4% to €6,219 million
- Significant premium growth in all regions and segments
- Life insurance is the growth engine - premium growth of 12.9%
- Above-average growth in international business with 20.6% increase in premiums
- Anticipated increase in profit to around €135 to €140 million
Overview With an increase in premium volume written of 8.4% to €6,219 million - according to preliminary data - the UNIQA Group was able to drive growth forward significantly in 2010 and continue the positive trend. This far-reaching strengthening of market position in almost all markets also entailed a significant improvement in profit. The Group pre-tax results, according to preliminary data, will lie somewhere between €135 and €140 million.
UNIQA CEO Dr. Konstantin Klien: "In 2010, we increased Group premiums written by around €482 million, or 8.4%, to €6,219 million. This means that UNIQA has significantly exceeded the €6 billion mark for the first time. The most significant driver of growth was international business, with an over 20% increase in premiums. In the course of this development, the share of international business, essential for the risk spread, has climbed to over 38%.
In Austria, we were able to compensate for a decline in classic single premiums with a strong increase in recurring premiums. The 2.0% growth in premiums is above current market forecasts.
A clear signal for the UNIQA Group's stability is also our clear premium growth in all regions, as well as in life, health, and property and casualty insurance.
On the cost side, we exceeded the target for the current profit improvement programme, despite massive investments in sales expansion. We were able to reduce operational costs from 2006 to 2010 by significantly more than the planned €50 million.
Combined with premium increases and stable return on capital, this encouraging development leads us to expect an annual profit on ordinary activities between €135 and €140 million for 2010.
Above-average growth in premiums and massive improvement in profitability demonstrate that UNIQA understands how to tap existing potentials, even in a difficult environment."
Details Growth in all segments led to an 8.4% increase in Group premiums According to preliminary data, the UNIQA Group achieved a premium volume written (incl. the savings portion from the unit-linked and index-linked life insurance) to the value of €6,219 million - an 8.4% increase over the previous year.
Life insurance achieved the strongest growth, with a 12.9% increase in premiums to €2,659 million.
In property and casualty insurance, the UNIQA Group achieved a gain of 5.9% with a premium volume of €2,587 million.
In health insurance, the Group experienced growth of 3.8% on year-end premium volume written of €973 million.
Universal double-digit growth in Eastern and South Eastern Europe In the Eastern and South Eastern European markets, the UNIQA Group managed to increase premium volume written by an impressive 12.7% to €1,297 million - despite the lingering negative effects of the financial crisis. With the exception of Romania, where premium volume was reduced in the course of portfolio streamlining and corporate restructuring, the UNIQA companies in all of the Eastern and South Eastern European countries managed to generate double-digit premium growth.
In the property and casualty insurance area, which continued to dominate these markets, UNIQA company premiums grew by 13.0% to €823 million.
An improved demand situation and the Preferred Partnership with the local Raiffeisen banks translated into premium growth in life insurance by 11.6% to €456 million, with single premiums increasing significantly more than recurring premiums.
In health insurance, premiums in this region rose by 28.0% to €18 million.
31.5% premium growth in Western Europe The UNIQA companies in Western Europe increased premium volume written by 31.5% and contributed €1,092 million to Group premiums.
Life insurance premiums in this region increased by 82.2% to €526 million due to the extraordinary demand situation in Italy and strengthened sales cooperation with Veneto Banca.
Yet increases in health insurance (+9.2% to €163 million) as well as property and casualty insurance (+2.7% to €402 million) were also very remarkable in these highly developed markets.
Good premium growth in Austria In property and casualty insurance, the UNIQA Group was successful in outperforming the market trend and increasing premium volume written by 2.9% to €1,362 million. There was significant above-average growth particularly in the industrial and large-scale sector. Premium developments in motor vehicle insurance and in general business were also better than the market average.
In life insurance, declines in classic single premiums were more than balanced out by strong growth (+4.4%) in recurring premiums. All told, the Austrian companies of the UNIQA Group in life insurance generated a premium of €1,677 million (+1.1%). Unit- and index-linked products also proved to be strong growth drivers in recurring premiums.
In health insurance, premium volume written increased by 2.3% to €791 million, which clearly confirmed UNIQA's market leadership in this area.
Overall, the UNIQA's Group companies in Austria generated an increase of 3.3% in recurring premiums. Total premium volume written (recurring and single premiums) climbed by 2.0% to €3,830 million.
Vienna, 28. January 2011