29.05.2009 |
Growth despite difficult economic conditions:
Encouraging growth in the recurring premiums of 4.1% Decline in single premium business by 14.0% Group premium volume allocated at EUR 1,655 million (+1.4%)
Continued double-digit growth in euro-based recurring premiums in Eastern and South-Eastern Europe despite unfavourable currency developments
Combined ratio at 94.5%
Consolidated profit doubled to EUR 28 million, profit on ordinary activities at EUR 31 million (-27.4%)
Continued volatility on the capital markets and uncertainty regarding general economic developments make a reliable forecast for the entire year of 2009 impossible
Group Embedded Value 2008 negatively affected by the developments in the financial markets
In the 1st quarter of 2009, the UNIQA Group succeeded in achieving considerable growth under difficult economic conditions. Despite the unfavourable currency developments in Eastern and South-Eastern Europe, it was possible to increase the Group's euro-based recurring premiums written (including the savings portion of unit- and index-linked life insurance) by 4.1% to EUR 1,442 million (1-3/2008: EUR 1,385 million). At the same time, the single premiums fell by 14.0% as expected due to the economic environment. In total, the euro-based Group premium volume written (recurring premiums and single premiums) rose 1.4% to EUR 1,655 million (1-3/2008: EUR 1,633 million). Adjusted for the currency rate fluctuations, premium growth even amounts to 3.6%.
The strongest growth in the 1st quarter of 2009 was once again seen in the UNIQA Group companies in Eastern and South-Eastern Europe. The euro-based recurring premiums written rose by 18.7% to EUR 230 million (1-3/2008: EUR 194 million), while the revenue from single premium business fell by 27.9%. Taking local currencies as the basis, the growth in recurring premiums amounted to 30%. The total euro-based Group premium volume written (recurring premiums and single premiums) from this region increased by 3.5% to EUR 298 million (1-3/2008: EUR 288 million), making the region's contribution to the Group premiums 18.0% (1-3/2008: 17.6%).In Austria, the premium volume from recurring policies increased significantly - by 2.3% to EUR 985 million (1-3/2008: EUR 963 million). This more than compensated for the decline in single premiums by 8.1%, and the total premium volume (recurring premiums and single premiums) increased by 1.3% to EUR 1,078 million (1-3/2008: EUR 1,064 million).
From a sector perspective, health insurance achieved the strongest growth at 4.8% to reach EUR 257 million (1-3/2008: EUR 245 million). In property and casualty insurance, the Group premiums written increased by 4.2% to EUR 797 million (1-3/2008: EUR 764 million). The recurring premiums written from life insurance increased by an encouraging 3.6% to EUR 389 million, while the single premiums declined by 14.0% to EUR 213 million (1-3/2008: EUR 248 million). In total, this resulted in a premium decline in life insurance of 3.4% to EUR 602 million (1-3/2008: EUR 623 million).
The combined ratio did increase compared with 2008 but was still at a satisfactory level of 94.5% (1-3/2008: 86.7%).
The portfolio of capital investments of the UNIQA Group at the end of the 1st quarter of 2009 was slightly less than the same point of the previous year at EUR 21,353 million (31 March 2008: EUR 21,647 million). The net investment income increased in the first three months of 2009 by 86.2% to EUR 146 million (1-3/2008: EUR 79 million).
The Group results (after taxes and minority shares) of the UNIQA Group doubled in the 1st quarter of 2009 by 100.9% to EUR 28 million (1-3/2008: EUR 14 million). The earnings per share rose accordingly to EUR 0.22 (1-3/2008: EUR 0.12). The profit on ordinary activity fell by 27.4% to EUR 31 million (1-3/2008: EUR 42 million).
In view of the continued high volatility on the capital markets and the uncertainties with regard to the further development of economic conditions, it is not currently possible to make a reliable forecast for the 2009 financial year and beyond.
Group Embedded Value 2008 negatively affected by the developments in the financial markets As a result of the changes to the general conditions caused by the financial crisis and in line with the general trends in the industry on an international level, the UNIQA Group's European Embedded Value also fell in 2008. The activities in Austria were particularly affected whereas due to strong organic growth in life insurance business in Eastern and South-Eastern Europe it was even possible to increase the Embedded Value in this region. Overall and after subtracting the minority shares in the Group, the 2008 European Embedded Value for the UNIQA Group calculated using the "MCEV principles" is EUR 1.86 billion (2007: EUR 2.39 billion), which corresponds to a decline of 22%. Before deducting minority shares the Group's Embedded Value was EUR 2.25 billion (2007: EUR 2.90 billion).
Reservations concerning statements about the future This message contains statements that refer to future developments in the UNIQA Group Austria. These statements are appraisals that are made based on all information available to us at the current point in time. If the assumptions on which they are based do not occur, the actual events may vary from the results currently expected. For this reason, we cannot accept liability for these statements.
Vienna, 29. May 2009