UNIQA estimated losses of EUR 330 million in 2011

3 February 2012 — Vlad BOLDIJAR
UNIQA estimated losses of EUR 330 million in 2011
UNIQA Group Austria reported today the preliminary data for 2011. The insurer said that the core operational business developed solidly in 2011, especially on the recurring premiums written segment, despite of a difficult economic environment. At the same time the company?s results are massively burdened by Greek bonds write down. As previously the Group announced, "the result for 2011 includes one-time burdens caused by the Group's repositioning in the amount of around EUR 190 million, as well as a net burden in the amount of EUR 346 million, due to the write down on Greek government bonds. These pushed profit on ordinary activities to around minus EUR 330 million".

"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", stated Andreas BRANDSTETTER, CEO, UNIQA Group.

The total premiums written of UNIQA Group Austria in 2011 amounted to EUR 5.97 billion, 4.1% less than the year before, according to preliminary data published by the company. The fall "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", the company announced in a press release.

In the life insurance segment, premiums fell by 15.2% to EUR 2.26 billion. The premiums written in the health insurance segment rose across the Group by 3.4% to EUR 1 billion. Of this, EUR 814 million originated in Austria (2.8 more compared to 2010), and EUR 191 million from international business (+6.0 percent compared to 2010).

At the same time, in the property and casualty insurance segment, the UNIQA Group generated premiums written of EUR 2.7 billion in 2011, and thus 4.6% more than the previous year. In Austria, premiums grew by 3% EUR 1.4 billion, while on international markets they rose by 6.3% to EUR 1.3 billion.

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