29.08.2003 |
Through the ongoing domestic (AXA, FinanceLife) and international (AXA Hungary + Liechtenstein, R+V Poland, Slovakia and Czech Republic) acquisitions and strong organic growth from the existing UNIQA companies, the UNIQA Group benefits from a decisive growth spurt. Including the companies that are currently being integrated, the total premiums written for the first half of 2003 were 28% higher than those at mid-year 2002.
When excluding the acquisition of the AXA companies - that will be included in the Group accounts for the first time in the third quarter - and the R+V companies - for whom the purchasing process is not yet complete - the UNIQA Group managed to increase the consolidated premium volume in the first half of 2003 by 6.5% to €1,502.3 million. Therefore the continued reduction in life insurance business for single premiums was more than compensated by that for recurring premium business - the recurring premiums rose by 6.9% to €1,365.5 million.
Benefits and claims (this and all other data excludes the AXA and R+V companies) rose disproportionally weaker in the first six months by 5.0% to €1,167.6 million.
In life assurance the satisfactory development continued with premiums increasing by 3.0% to €505.2 million. The single premium and special products business continued to be reduced in favour of promoting recurring premium business, and only increased by 2.6% to €136.9 million as a result of including FinanceLife in the current financial year. The savings portion of premiums from unit-linked life assurance, not included in the consolidated premium income in line with international accounting principles, totalled €37.1 million in the first six months of 2003.
The development in claims including the change in actuarial provision was within the limits of the normal business trend with an increase of 2.8% to €528.1 million.
The property and casualty insurance premiums increased in the first six months by 10.8% to €634.4 million. This increase was mainly the result of a premium increase in motor (+6.1%) and liability (+11.9%) lines. Premium income from accident insurance rose by 5.0%.
Claims expenses in property and casualty insurance rose by 16.8% to €315.6 million as a result of a change in the reinsurance structure. This does not however reflect a deterioration in the technical results.
The increase in health insurance premiums of 4.4% to €362.7 million contributed to the overall positive UNIQA Group results. The health insurance benefits including the change in actuarial provision fell by 1.4% to €323.9 million.
At the end of June 2003 investments totalled €11,873.47 million, an increase of €655.8 million compared to the values from the previous year. The (net) investment income increased by 5.1% to €315.7 million. The falls in share values in the first quarter of 2003 was for the greatest part compensated by the positive development in the share markets in the second quarter.
Cost developments have been affected by special effects in terms of acquisition costs as a result of the first-time inclusion of the property re-insurance business from the Polish market and the inclusion of FinanceLife. Whereas the acquisition costs - adjusted for the stated special effects - increased by 8.2% to €221.1 million, the other operating expenses fell by 0.7% to €105.5 million.
Outlook The second quarter is proving to show recovery in the capital markets. However no reliable prognoses can be made for developments in the capital markets to the end of the year as a result of existing insecurity regarding future developments on the economic environment. Even if the capital markets remain flat we expect a substantial improvement in the Group's results.
Vienna, 29. August 2003