03.02.2012 |
Result characterised by robust operational business and one-time effects
- One-time burdens caused by investments in the realignment and value adjustments of Greek government bonds push profit on ordinary activities, according to provisional data, to around minus €330 million
- Robust core business: Recurring premiums written up by 4.4 percent, loss ratio reduced to 65.3 percent, market share gained
The core operational business of the UNIQA Group developed solidly in 2011 against the backdrop of a difficult economic environment. Recurring premiums written rose by 4.4 percent to €5,367 million (2010: €5,141 million), and in the growth markets of Eastern Europe by as much as 6.5 percent to €1,085 million (2010: €1,019 million).
The loss ratio in the property and casualty business fell to 65.3 percent (2010: 68.4 percent), the benefits ratio in life and health insurance to 92.6 percent (2010: 93.9 percent). The cost ratio rose disproportionately due to one-time cost burdens caused by the investments made in the repositioning of the UNIQA Group to 26.7 percent (2010: 21.9 percent).
The result for 2011 - as communicated in September 2011 - includes one-time burdens caused by the Group's repositioning in the amount of around €190 million, as well as a net burden in the amount of €346 million, due to the write down on Greek government bonds. These pushed profit on ordinary activities to around minus €330 million.
UNIQA CEO Andreas Brandstetter: "We have a robust core operational business. The special effects were naturally a burden on the result for 2011, but they take the strain off us for the future. Our strategy of having a clear focus on customers and the core business is the right one. We will continue to implement it consistently in 2012: We will make processes faster and more efficient, further strengthen our proximity to customers, and - in Austria and Eastern Europe - expand the company profitably."
Premium figures in detail:
Significant increases in recurring premiums in all regions and segments
Overall, the recurring premiums written (including the savings portion from the premiums of unit- and index-linked life insurance) grew across the Group by 4.4 percent in 2011 to €5,367 million (2010: €5,141 million). In Austria, the UNIQA Group achieved growth of 2.8 percent to €3,546 million (2010: €3,448 million). Internationally, recurring premiums written rose by 7.6 percent to €1,821 million (2010: €1,693 million). The companies in Eastern Europe generated €1,085 million of this (+6.5 percent), up from €1,019 million in 2010. In Eastern Europe, the companies in Montenegro, Albania, Bosnia, Bulgaria, Serbia, the Ukraine, the Czech Republic, Kosovo, Russia and Hungary grew strongly, some clearly performing better than their respective markets. The companies in Western Europe - including the Mannheimer Group - generated €737 million (+9.1 percent) in 2011, up from 675 million in the previous year.
The total premiums written (recurring and single premiums) amounted to €5,970 million (2010: €6,224 million). The fall of 4.1 percent resulted solely from the drop in single premiums in the life insurance segment, above all in Austria, Italy and Poland, which affected the entire industry in 2011: single premiums fell by 44.3 percent to €603 million (2010: €1,084 million).
In the life insurance segment, the recurring premium business recorded clearly positive growth. Across the Group, recurring life insurance premiums rose by 4.8 percent to €1,657 million (2010: €1,582 million). In Austria, premiums in this segment grew by 2.7 percent to €1,329 million (2010: €1,294 million), internationally by as much as 14.0 percent to €328 million (2010: €288 million). The UNIQA companies in Romania, Russia, the Ukraine and Poland each grew by more than 20 percent.
Overall (recurring and single premiums), life insurance premiums fell by 15.2 percent to €2,260 million (2010: €2,664 million).
In the property and casualty insurance segment, the UNIQA Group generated premiums written of €2,706 million in 2011, and thus 4.6 percent more than the previous year (2010: €2,588 million). While premiums in Austria grew by 3.0 percent to €1,403 million (2010: €1,363 million), internationally they rose by 6.3 percent to €1,302 million (2010: €1,225 million). The highest growth rates of over 13 percent each were achieved by the companies in Montenegro, Croatia, Italy, the Ukraine and Poland.
The premiums written in the health insurance segment rose across the Group by 3.4 percent to €1,005 million (2010: €971 million). Of this, €814 million originated in Austria (+2.8 percent compared to €791 million in 2010), and €191 million (+6.0 percent compared to €180 million in 2010) from international business. The highest growth rates of over 25 percent each were achieved by the companies in Serbia, Albania, Poland, the Ukraine, the Czech Republic, Kosovo and Poland.
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, 3. February 2012