Operating expenses increased by 8.1% to EUR 5.28 billion "due to announced investments from the innovation programme of around EUR 60 million", while the combined ratio increased to 98.1% (vs 97.9% in 2015).
UNIQA Group Austria pointed out that, the decrease in its GWP was due exclusively to the planned reduction in capital-intensive single premiums in the life insurance segment in Austria. In total, premiums in the life insurance business dropped by 15.6% to EUR 1.52 billion in 2016.
At the same time, the reduction in single premiums was partly offset by significant increases in premiums in the health insurance segment of 4.1% to EUR 1.00 billion and the property and casualty insurance segment of 3.2% to EUR 2.51 billion. "As a result of this development, recurring premiums written increased across the Group by 2.3% to EUR 4.87 billion in 2016 (2015: EUR 4.77 billion)".