UNIQA 1H2020 preliminary figures, y-o-y changes
- Premiums written: EUR 2,828 million (+0.5%), of which:
- Property & Casualty: EUR 1,565 million (+2.0%)
- Health: EUR 586 million (+3.1%)
- Life: EUR 677 million (-4.9%)
- Premiums earned: EUR 2,440 million (+0.6%)
- Insurance benefits: EUR 1,840 million (-0.9%)
- Operating expenses: EUR 714 million (+2.5%)
- Net investment income: EUR 215 million (-29.0%)
- Combined ratio: 96.7% (+0.6 pp.)
- Earnings before taxes: EUR 55 million (-59.2%)
- Net profit: EUR 41 million (-61.7%)
Premiums written by the UNIQA Group, including the savings portion of unit- and index-linked life insurance, rose slightly by 0.5% to EUR 2,828 million in the first half of 2020 (1H2019: 2,815) in spite of the limited sales opportunities due to COVID-19.
While recurring premiums moved up by 0.9% to EUR 2,785 million (1H2019: 2,760), single premiums in life insurance declined by a further 22.0% in line with strategy to EUR 43 million (1H2019: 55). Retained premiums earned increased by 0.6% to EUR 2,440 million (1H2019: 2,425).
In the first six months of 2020, premiums written in property and casualty insurance grew by 2.0% to EUR 1,565 million (1H2019: 1,535). Premiums written in health insurance rose by 3.1% to EUR 586 million in the reporting period (1H2019: 568). Premiums written in life insurance, including the savings portion of unit- and index-linked life insurance, contracted by 4.9% in total to EUR 677 million in the first six months of 2020 (1H2019: 712).
Per regions, the premiums written in 1H2020 were as follows:
- in Central Europe (CE) - i.e. Poland, Slovakia, the Czech Republic and Hungary - premiums written including savings portions from unit-linked and index-linked life insurance rose to EUR 489 million (+1.0%) in the first six months of 2020 (1H2019: 485);
- in the region of Eastern Europe (EE) - Romania and Ukraine - an increase to EUR 99 million (+0.4%) was recorded (1H2019: 98.8);
- in Southeastern Europe (SEE), comprising Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Montenegro, North Macedonia and Serbia, premiums written including savings portions from unit-linked and index-linked life insurance declined to EUR 149 million by (-9.9%, 1H2019: 166);
- in Russia (RU) the volume of premiums written fell to EUR 36 million (-16.7%, 1H2019: 43);
- in Western Europe (WE) they decreased to EUR 6 million (-65.4%, 1H2019: 17).
The total amount of retained insurance benefits of the UNIQA Group declined by 0.9% to EUR 1,840 million in the first half of 2020 (1H2019: 1,857).
Total operating expenses less reinsurance commission received rose by 2.5% to EUR 714 million in the first six months of 2020 (1H2019: 697). Operating expenses for acquisition dipped by 0.1% to EUR 449 million (1H2019: 449). Administration costs climbed by 7.3% to EUR 266 million in the first half of 2020 (1H2019: 248) as a result of higher investment and additional resources and staff requirements for strategic projects.
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 commission received rose to 27.6% (1H2019: 27.0%). The combined ratio after reinsurance declined to 96.7% as a result of a significantly lower loss ratio (1H2019: 97.3%).
Investment income fell by 29.0% to EUR 215 million in the first half of 2020 (1H2019: 303). This was mainly due to write-downs on shares and fixed-income securities. Investment income was also negatively affected by currency effects and the fact that, unlike in 2019, no properties were sold in Austria in 2020.
The investment portfolio of the UNIQA Group (including investment property, equity-accounted financial assets and other investments) rose marginally to EUR 20,661 million as at 30 June 2020 (31 December 2019: 20,625).
The UNIQA Group's underwriting result rose by 75.0% to EUR 38 million in the first half of 2020 (1H2019: 22), predominantly on account of the improved loss ratio in property and casualty insurance. By contrast, operating earnings were down by 48.0% at EUR 85 million (1H2019: 164) due to the lower investment result. The UNIQA Group's earnings before taxes declined accordingly by 59.2% to EUR 55 million (1H2019: 136).
As at 30 June 2020, the equity attributable to the shareholders of UNIQA Insurance Group AG declined to EUR 3,285 million (31 December 2019: 3,401).
The average number of employees at the UNIQA Group rose slightly to 12,777 in the first six months of 2020 (1H2019: 12,731).
More financial information about UNIQA Group can be found at www.uniqagroup.com