29.08.2012 |
- EBT up 43.2% to €106.5 million
- Consolidated profit increases by 67.1% to €57.3 million
- Recurring premiums up 0.8% to €2,583.0 million
In the first half of 2012, UNIQA Group increased its profit on ordinary activities (EBT) by 43.2% to €106.5 million (H1 2011: €74.4 million). Consolidated profit (after taxes and minority interests) improved by 67.1% year-on-year to €57.3 million (H1 2011: €34.3 million).
Group Key Figures:
As UNIQA Group completed the sale of its shares in Mannheimer Group, Germany, in the second quarter, the Mannheimer figures are no longer included in the following figures in accordance with IFRS 5. They are reported instead as the result of discontinued operations:
The positive earnings development in the first half of 2012 is based on a solid core operating business: Recurring premiums - including the savings portions of unit- and index-linked life insurance - rose by 0.8% to €2,583.0 million (1-6/2011: €2,562.2 million), and in the growth markets in Central and Eastern Europe by 6.6% to €585.3 million (1-6/2011: €549.1 million).
Total premiums written - including the savings portions of unit- and index-linked life insur-ance - fell by 2.4% to €2,856.4 million (1-6/2011: €2,925.9 million). This is due primarily to the industry-wide downturn in single premiums in life insurance across all markets, particularly in Hungary and Italy. In Poland, UNIQA is consciously reducing single premium business and is promoting more profitable business areas which also tie up less risk capital.
The loss ratio across all lines increased by 2.4 percentage points to 73.3% (1-6/2011: 70.9%).
Retained insurance benefits fell despite an increased number of major claims in the property and casualty insurance by 0.6% to €1,897.3 million (1-6/2011: €1,909.1 million).
The loss ratio after reinsurance in property and casualty insurance imcreased slightly to 67.5% (1-6/2011: 66.7%).
The loss ratio in health insurance increased by 0.2 percentage points to 85.8% (1-6/2011: 85.6%). The loss ratio in life insurance increased to 74.3% (1-6/2011: 69.9%).
Operating expenses (including reinsurance commission and profit shares from reinsurance business) fell by 5.6% to €619.6 million (1-6/2011: €656.0 million). While acquisition expenses (sales costs) increased by 0.1% to €447.8 million (1-6/2011: €447.3 million), other operating expenses excluding reinsurance commission received (administration costs) decreased by 17.7% to €171.8 million (1-6/2011: €208.7 million).
The Group cost ratio after reinsurance decreased to 23.9% (1-6/2011: 24.4%) due to the decline in premiums written.
The combined ratio after reinsurance in property and casualty insurance rose marginally to 100.7% (1-6/2011: 99.9%) due to the increased number of major claims. Before taking reinsurance into account, the combined ratio rose slightly to 97.5% (1-6/2011: 96.9%), and remained under the 100 percent threshold.
Investments including unit- and index-linked life insurance increased as of 30 June 2012 compared with 31 December 2011 by €250.2 million to €24,851.3 million (31 December 2011: €24,601.1 million). Net investment income rose by 51.8% to €403.4 million (1-6/2011: €256.8 million).
The total equity of UNIQA Group climbed in the first six months 2012 by 14.3% compared with 31 December 2011 to €1,251.8 million (31 December 2011: €1,095.6 million).
UNIQA Group significantly improved its risk position and reduced its portfolio of government securities in the PIIGS countries (Portugal, Italy, Ireland, Greece and Spain) by 45% in the 1st half year 2012: From a nominal value of €2,045 million as of 31 December 2011 to a value of €1,122 million. The exposure to Greece and Portugal was sold off completely. The largest part of the remaining portfolio consists of investments in Italy (€727 million), which have a direct relation to UNIQA's Italian life insurance business.
Profit on ordinary activities (EBT) indreased by 43.2% to €106.5 million (1-6/2011: €74.4 million). Consolidated profit (after taxes and minority interests) improved by 67.1% year-on-year to €57.3 million (1-6/2011: €34.3 million). This figure includes the result from discontin-ued operations due to the disposal of Mannheimer Group in the amount of € 8.9 million.
The average number of employees in UNIQA Group decreased in the 1st six months of 2012 to 14,523 (1-6/2011: 14,988), due to the disposal of Mannheimer Group. Of this figure, 6,103 (1-6/2011: 6,037) were employed in sales. The number of employees in administration fell to 8,420 (1-6/2011: 8,951).
Reservations concerning statements about the future
This message contains statements that refer to future developments in the UNIQA Group. 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. August 2012