24.11.2009 |
In the first three quarters of 2009, the UNIQA Group Austria generated retained consolidated premiums earned of €3,510 million. Despite the repercussions of the financial crisis and negative currency developments, the premium level grew by 0.8% compared to the same period in the previous year (€3,481 million). Adjusted for the exchange rate fluctuations, significant premium growth of 4.5% was achieved.
In Austria, the Group companies of the UNIQA Group increased the retained premiums earned by 2.9% to €2,284 million. At €980 million, 5.3% more in premiums were generated in property and casualty insurance. In life insurance, the premiums earned declined by 0.3% to €725 million; if the savings portion of the unit- and index-linked life insurance are included, they rose by 3.2%. In health insurance, UNIQA increased the premiums in Austria by 3.2% to €579 million.
In Eastern and South Eastern Europe, the UNIQA Group increased premiums by 10.2% to €488 million in property and casualty insurance (adjusted for currency fluctuations: 26.3%). The premiums for health insurance increased by 31.4% to €8 million (adjusted for exchange rate fluctuations +62.4%). On a euro basis, ongoing premiums earned from life insurance rose by 26.2% to €77 million. In contrast, single premiums were adjusted, dropping by 39.5% to €173 million. All in all, the life insurance premiums in the region were down by 28.0% to €249 million (adjusted for exchange rate fluctuations: -13.2%). Adjusted for exchange rate fluctuations, the total Group premiums earned exceeded the figure for the same period in the previous year by 9.4%. On a euro basis, the decline was 6.2% to €746 million.
In Western Europe, the UNIQA Group succeeded in increasing the life insurance premiums earned by 52.9% to € 129 million. The premiums in property and casualty insurance declined by 11.5% to €237 million. Health insurance premiums remained stable at €114 million. All in all, the premium volume earned in the region rose by 3.0% to €480 million.
The total amount of insurance benefits increased significantly in the first three quarters. The accumulation of major losses, the burdens due to the storm events in the third quarter, the first-time recognition of the companies in Romania and in particular the sharply increased allocation to deferred profit sharing in life insurance were the determining factors for this development. The net charge due to the storm losses alone came to approximately €45 million. All in all, retained insurance benefits were up 13.7% to €3,053 million.
As of 30 September 2009, the portfolio of investments of the UNIQA Group rose by 1.2% compared to the same period in 2008 to €22,080 million. The increase in net income from investments by 121.4% to €564 million resulted in a definite increase in the deferred profit sharing to the benefit of the policyholders. This results in no direct impact on profit to a comparable degree.
At €899 million, net costs were maintained at nearly the previous year's level (€897 million) in the first nine months.
Profit on ordinary activities of the UNIQA Group amounted to €42 million after the first three quarters. Compared to the first half, this reflects an increase of 7 million or 20%. Development in the third quarter (July to September) was thus significantly better than in the same period of the previous year.
Outlook
Due to the continued uncertainties regarding further developments in the capital markets and the real economy, it remains impossible to make a reliable forecast for the 2009 financial year.
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, 24. November 2009