Austrian insurance group UNIQA reported January-September 2023 premium growth of 9.4% to EUR 5.5 billion and a significant increase in earnings before taxes to EUR 305 million. “Above all, property and casualty insurance and health insurance contributed to this very satisfactory growth”, as the Austrian insurer pointed out in a statement.

The insurance revenue in accordance with IFRS 17 at the UNIQA Group rose in the first three quarters of 2023 by 9.3% to EUR 4.4 billion. “All business lines and segments contributed towards this, with property and casualty insurance increasing by 11.4%, health insurance by 6.2% and life insurance by 3.6%. Insurance revenue in Austria rose by 5.3% and gained 15% in the international companies”.

Net investment income rose in the first nine months of 2023 to EUR 440.7 million (1 – 9/2022: EUR 33.6 million), primarily driven by higher current income, while the financial result amounted to EUR 110.9 million (vs. EUR -68.3 million) in the reporting period.

The UNIQA Group’s earnings before taxes improved significantly by 21.7% to EUR 304.9 million (vs. EUR 250.4 million). Consolidated profit/(loss) (the proportion of net profit/(loss) for the period attributable to the shareholders of UNIQA Insurance Group AG) increased by 2.5% to EUR 224.5 million (vs. EUR 219.1 million in 3Q2022).

Premiums written in property and casualty insurance rose by 14.4% to EUR 3.23 billion in the first nine months of 2023 (vs. EUR 2.83 billion). The gross combined ratio in property and casualty insurance rose to 92.0% (from EUR 89.6%), attributable to the very high claims from severe weather and major losses in Austria.

In health insurance, growth of 8.2% to EUR 1.04 billion was recorded in premiums written in the first three quarters of 2023 (vs. EUR 962.5 million).

In life insurance, premiums written (including savings portions from unit-linked and index-linked life insurance) decreased slightly in the reporting period by 1.4% to EUR 1.18 billion (vs. EUR 1.20 billion).

For the 2023 financial year, “due to the expected unstable macroeconomic development, the current 2023 financial year – as the 2022 financial year before it – will be characterised by significant uncertainties, among other things 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. These are the reasons why no outlook can be provided on the development of results in the 2023 financial year”, informed the insurer.