"The Group's successful business performance in the first three months of the year shows that we are on the right track with our UNIQA 3.0 strategy programme. We have clearly achieved our growth targets with an increase of 13 % in premiums written, while at the same time maintaining a solid cost ratio. We are also benefiting from our underwriting discipline, from less weather damage than in recent years and, of course, from the recovery on the stock markets. We are therefore very confident that we will achieve our plans for the 2021 financial year, which include an EBT figure on par with 2018," said Andreas Brandstetter, CEO of UNIQA Insurance Group AG.
Total premiums written by the UNIQA Group (including savings portions) increased by 13% to EUR 1,782.7 million in the first quarter of 2021. Premiums written by the UNIQA Austria segment increased by 1.3% to EUR 1,152.0 million in the first quarter of 2021. In the UNIQA International segment, premiums written increased by 46.7 % to EUR 627.0 million due to the first-time consolidation of the AXA companies. This growth in premiums in the first quarter of 2021 contrasts with a significantly lower increase in the total amount of retained insurance benefits of the UNIQA Group of 7.7 % to EUR 1,024.2 million. The combined ratio after reinsurance improved to 90.9 % as a result of a lower claim frequency, particularly in vehicle insurance.
Total premiums written by the UNIQA Group, including the savings portion of unit- and index-linked life insurance, increased by 13.0 % to EUR 1,782.7 million in the first quarter of 2021 (January to March 2020: EUR 1,578.3 million) due to the first-time consolidation of the AXA companies in Poland, Czechia and Slovakia. While recurring premiums grew by 12.7% to EUR 1,748.1 million (January to March 2020: EUR 1,551.7 million), single premiums in life insurance rose by 29.9% to EUR 34.6 million (January to March 2020: EUR 26.6 million). Retained premiums earned (in accordance with IFRS) increased by 12.8% to EUR 1,417.5 million (January to March 2020: EUR 1,256.6 million).
Premiums written in property and casualty insurance grew by 15.4 % to EUR 1,053.9 million in the first three months of 2021 (January to March 2020: EUR 913.3 million). Premiums written in health insurance rose by 1.8 % to EUR 309.0 million in the reporting period (January to March 2020: EUR 303.6 million). In life insurance, premiums written, including the savings portion of unit- and index-linked life insurance, posted growth of 16.2 % to a total of EUR 419.9 million in the first three months of 2021 (January to March 2020: EUR 361.4 million).
The total amount of retained insurance benefits of the UNIQA Group increased much less than premiums by 7.7 % to EUR 1,024.2 million in the first quarter of 2021 (January to March 2020: EUR 950.6 million).
Total operating expenses rose by 7.1 % to EUR 405.8 million in the first three months of 2021 (January to March 2020: EUR 379.0 million). Acquisition expenses less reinsurance commissions received posted an increase of 4.0 % to EUR 248.9 million (January to March 2020: EUR 239.3 million). Other operating expenses (administration costs) climbed by 12.3 % to EUR 156.9 million in the first quarter of 2021 (January to March 2020: EUR 139.7 million) as a result of the first-time consolidation of the AXA companies. This includes costs in connection with the innovation and investment programme amounting to roughly EUR 11 million (January to March 2020: roughly EUR 12 million).
The total cost ratio - the ratio of total operating expenses to premiums earned including the net savings portion of the premiums from unit- and index-linked life insurance - less reinsurance commissions received decreased to 27.2 % (January to March 2020: 28.4 %). The combined ratio after reinsurance improved to 90.9 % as a result of a lower claim frequency, particularly in vehicle insurance (January to March 2020: 97.8 %).
Investment income increased by 67.4 % to EUR 150.1 million in the first quarter of 2021 (January to March 2020: EUR 89.7 million). The drivers behind this performance were higher purchase prices from shares and also fixed-income securities. Accounting for the 14.3 % interest in the construction group STRABAG SE using the equity method resulted in a negative contribution to earnings of EUR -18.7 million in the first quarter of 2021 (January to March 2020: EUR -18.7 million).
More details can be found on the UNIQUA site.
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