UNIQA INSURANCE GROUP AG Half-Year Financial Report 2023 | UNIQA Group
now more than ever
living better together
2
Consolidated Key Figures
In € million | 1 - 6/2023 | 1 - 6/2022 | Change |
Premiums written1) | 3,707.3 | 3,436.0 | + 7.9 % |
of which property and casualty insurance | 2,188.8 | 1,960.0 | + 11.7 % |
of which health insurance | 693.8 | 638.3 | + 8.7 % |
of which life insurance | 824.7 | 837.6 | -1.5 % |
Premiums written1) | 3,707.3 | 3,436.0 | + 7.9 % |
of which UNIQA Austria | 2,283.4 | 2,162.1 | + 5.6 % |
of which UNIQA International | 1,423.9 | 1,275.6 | + 11.6 % |
Insurance revenue | 2,919.6 | 2,637.0 | + 10.7 % |
of which property and casualty insurance | 1,940.4 | 1,716.3 | + 13.1 % |
of which health insurance | 610.4 | 573.1 | + 6.5 % |
of which life insurance | 368.8 | 347.6 | + 6.1 % |
Insurance revenue | 2,919.6 | 2,637.0 | + 10.7 % |
of which UNIQA Austria | 1,721.3 | 1,592.4 | + 8.1 % |
of which UNIQA International | 1,183.3 | 1,044.9 | + 13.2 % |
of which reinsurance | 543.7 | 516.3 | + 5.3 % |
of which consolidation | -528.7 | -516.6 | + 2.3 % |
Insurance service expenses | -2,569.3 | -2,289.5 | + 12.2 % |
of which property and casualty insurance | -1,731.3 | -1,550.8 | + 11.6 % |
of which health insurance | -561.4 | -506.4 | + 10.9 % |
of which life insurance | -276.7 | -232.4 | + 19.1 % |
Insurance service expenses | -2,569.3 | -2,289.5 | + 12.2 % |
of which UNIQA Austria | -1,574.3 | -1,412.3 | + 11.5 % |
of which UNIQA International | -972.7 | -866.6 | + 12.2 % |
of which reinsurance | -484.1 | -435.6 | + 11.1 % |
of which consolidation | 461.8 | 425.0 | + 8.7 % |
Technical result from reinsurance | -82.6 | -48.8 | + 69.3 % |
Technical result | 267.7 | 298.7 | -10.4 % |
Net investment income | 324.8 | -116.9 | - |
Financial result | 72.7 | -107.0 | - |
Non-technical result | -83.4 | -61.5 | + 35.6 % |
Operating profit/(loss) | 257.0 | 130.2 | + 97.4 % |
Earnings before taxes | 215.9 | 91.4 | + 136.2 % |
Profit/(loss) for the period | 172.4 | 84.6 | + 103.8 % |
Consolidated profit/(loss) | 171.6 | 87.0 | + 97.2 % |
Combined ratio (gross before reinsurance) | 89.2 % | 90.4 % | - |
Group cost ratio | 32.6 % | 31.3 % | - |
Investments | 20,235.1 | 20,087.4 | + 0.7 % |
Shareholders' equity | 2,227.2 | 2,382.3 | -6.5 % |
Return on equity (after taxes and non-controlling interests) | 15.6 % | 7.1 % | - |
Contractual service margin (CSM) | 5,997.1 | 5,250.3 | + 14.2 % |
Insured sum in life insurance | 118,679.5 | 116,069.2 | + 2.2 % |
- Including savings portions from unit-linked and index-linked life insurance (amounts determined in accordance with local accounting practices)
FOREWORD BY THE CEO | 3 |
Foreword by the CEO
Dear shareholders,
This is our first Half-Year Financial Report based on the new accounting principles IFRS 9/17 - and it is a pleasing one: in the first six months of 2023, UNIQA generated earnings before taxes of € 216 million (after generating € 91 million in the first half of 2022, based on IFRS 9/17, as are all the relevant comparative numbers below).
Nevertheless, we are continuing to disclose the premiums written (including savings portions), which are not part of the IFRS 9/17 reporting. These grew by 7.9 per cent to
- 3,707 million in the first two quarters. Our insurance revenue, i.e. insurance income, increased by 10.7 per cent to
- 2,920 million. All the business lines and segments contributed to this: property and casualty insurance grew by 13.1 per cent, health insurance by 6.5 per cent and life insurance by 6.1 per cent. Insurance revenue in Austria rose by 8.1 per cent and gained 13.2 per cent in the international companies.
We were able to maintain the technical result at a good level of € 268 million. The combined ratio (gross before reinsurance) in property and casualty insurance - which is an important metric for us - continued to improve, from an already good 90.4 per cent to a very encouraging
89.2 per cent in the first half of 2023. This was attributable to strong growth, good settlement results and low claims burdens from major losses and natural catastrophes. By contrast, the overall cost ratio increased from 31.3 per cent to 32.6 per cent in the first six months of 2023 due to continued high strategic investments in IT, digitalisation, AI and human resources.
Net investment income amounted to € 325 million in the first half of 2023, driven primarily by significantly lower impairment losses compared to the previous year. As a result, the financial result rose to € 73 million and was therefore significantly above the comparative figure of €-107 million.
As part of our strategic programme "UNIQA 3.0 -
Seeding the Future", the focus remains above all on the topic of human resources: we have introduced a new organisational structure in HR with the aim of becoming the best employer in the industry in the medium term and, following the trend of the previous year, have again recruited just over 1,000 new employees in the first six months (with headcount remaining consistent).
We are still unable to provide an outlook for the earnings development for the entire 2023 financial year. We are optimistic that we can continue the trend of recent years and further increase the profitability of our core business. The current 2023 financial year will continue to be characterised by significant uncertainties, however, partly due to volatile capital markets, high interest rate sensitivities in the investments, uncertainty regarding the development of inflation and the general trend to greater losses from natural catastrophes.
Sincerely,
Andreas Brandstetter
CEO UNIQA Group
Vienna, August 2023
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Group Management Report
- PREMIUMS WRITTEN (INCLUDING SAVINGS PORTIONS) ROSE IN THE FIRST HALF OF 2023 BY
- PER CENT TO € 3,707.3 MILLION
- INSURANCE REVENUE ROSE BY 10.7 PER CENT TO € 2,919.6 MILLION
- COMBINED RATIO (GROSS) IMPROVED FROM
- PER CENT TO 89.2 PER CENT
- NET INVESTMENT INCOME ROSE TO € 324.8 MILLION
- EARNINGS BEFORE TAXES OF € 215.9 MILLION
UNIQA Group
Changes in premiums
The UNIQA Group's premiums written including savings portions from unit-linked and index-linked life insurance rose by 7.9 per cent to € 3,707.3 million in the first half of 2023 (1 - 6/2022: € 3,436.0 million). Above all, property and casualty insurance and health insurance contributed to this very pleasing growth.
Premiums written in property and casualty insurance grew by
11.7 per cent to € 2,188.8 million in the first six months of 2023 (1 - 6/2022: € 1,960.0 million). In health insurance, they rose in the reporting period by 8.7 per cent to € 693.8 million (1 - 6/2022: € 638.3 million). In life insurance, premiums written (including savings portions from unit-linked and index-linked life insurance) decreased slightly by 1.5 per cent to € 824.7 million (1 - 6/2022: € 837.6 million).
Premiums written including savings portions from unit-linked and index-linked life insurance at UNIQA Austria increased by
5.6 per cent to € 2,283.4 million in the first half of 2023 (1 - 6/2022: € 2,162.1 million). In the UNIQA International segment, they increased by 11.6 per cent to € 1,423.9 million (1 - 6/2022: € 1,275.6 million).
Change in insurance revenue
The UNIQA Group's insurance revenue increased by
10.7 per cent to € 2,919.6 million in the first half of 2023 (1 - 6/2022: € 2,637.0 million). Property and casualty insurance, health insurance and also life insurance contributed to this growth.
The release of the contractual service margin (CSM) amounted to € 165.6 million (1 - 6/2022: € 166.4 million).
Insurance revenue in property and casualty insurance grew by 13.1 per cent to € 1,940.4 million in the first six months of 2023 (1 - 6/2022: € 1,716.3 million).
In health insurance, insurance revenue in the reporting period rose by 6.5 per cent to € 610.4 million (1 - 6/2022:
- 573.1 million). The release of the contractual service margin increased by 10.3 per cent to € 48.9 million (1 - 6/2022:
- 44.4 million).
In life insurance, insurance revenue rose by 6.1 per cent to
- 368.8 million in the first six months of 2023 (1 - 6/2022:
- 347.6 million). The release of the contractual service margin, on the other hand, decreased by 6.1 per cent to
- 102.1 million (1 - 6/2022: € 108.8 million).
The insured capital in life insurance totalled
- 118,679.5 million as at 30 June 2023 (30 June 2022:
- 116,069.2 million).
GROUP MANAGEMENT REPORT | 5 |
Change in insurance service expenses
Insurance service expenses in the UNIQA Group rose by
12.2 per cent to € 2,569.3 million in the first half of 2023 (1 - 6/2022: € 2,289.5 million).
Insurance service expenses in property and casualty insurance increased by 11.6 per cent to € 1,731.3 million (1 - 6/2022: € 1,550.8 million). The combined ratio (gross before reinsurance) improved to 89.2 per cent (1 - 6/2022: 90.4 per cent).
In health insurance, insurance service expenses grew in the first half of 2023 by 10.9 per cent to € 561.4 million
(1 - 6/2022: € 506.4 million).
In life insurance, insurance service expenses rose by
19.1 per cent to € 276.7 million (1 - 6/2022: € 232.4 million).
The Group cost ratio - the ratio of direct and indirect costs to insurance revenue - rose to 32.6 per cent (1 - 6/2022:
31.3 per cent).
Technical result from reinsurance
The technical result in reinsurance for the first six months of 2023 amounted to €-82.6 million (1 - 6/2022: €-48.8 million).
Technical result
The UNIQA Group's technical result fell by 10.4 per cent to
- 267.7 million in the first half of 2023 (1 - 6/2022:
- 298.7 million).
Financial result
The UNIQA Group's investment portfolio (including investment property, financial assets accounted for using the equity method and other investments) rose to
- 20,235.1 million at 30 June 2023 compared with the last reporting date (31 December 2022: € 19,639.8 million).
Net investment income rose to € 324.8 million in the
first half of 2023 (1 - 6/2022: €-116.9 million). The financial
result therefore increased to € 72.7 million (1 - 6/2022: €-
107.0 million). The application of the equity method of accounting for the 15.7 per cent holding in construction group STRABAG SE resulted in a positive contribution to earnings in the amount of € 8.6 million in the first half of 2023 (1 - 6/2022: € 34.1 million).
Net investment income of unit-linked and index-linked life insurance amounted to € 117.9 million in the first six months of 2023 (1 - 6/2022: €-414.6 million).
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UNIQA Insurance Group AG published this content on 24 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 August 2023 05:28:04 UTC.
