The economic result suffered under the pressure of millions in write-offs on Russian bonds, but the core business has proven to be robust, said CEO Andreas Brandstetter on Thursday. With sanctions because of the involvement there, as was recently imposed on the RBI, one was not overdone.
After the outbreak of war in the Ukraine, the insurance group switched to new business Russia promptly. The customer base and the bonuses have since melted away, but Raiffeisen Life Versicherung is still active on site. In relation on A possible withdrawal would not change the status quo for the time being, Brandstetter emphasized that all strategic options would continue to be examined. sanctions he is afraid of the subsidiary nothere “the importance of our business on the Russian market is absolutely subordinate”. This circumstance is also reflected in the figures for the past year 2022, said the UNIQA boss at the balance sheet press conference.
This is how the insurance group recorded in the past financial year clear gains. Earnings before taxes (EGT) grew by 10.3 percent compared to the previous year on 422 million euros, in the netted bonuses was an increase of 3.9 percent with 6.6 billion euros, with about a third of the growth in this area on inflation-related index adjustments. Currently CFO Kurt Svoboda explained that the amounts for the various forms of insurance were adjusted with a time lag of 6 to 9 months. For the customers and This should lead to further increases in premiums for customers in the medium term. “The inflation issue will continue to accompany us in 2023″said Brandstetter.
From the Group’s point of view, claims and and Expense ratios, despite major dislocations from severe weather and natural catastrophes showed improvements compared to the previous year. The combined ratio that is important for insurance companies – losses and Cost as a percentage of premium income – improved from 93.7 percent on 92.9 percent.
The environmental damage in Austria in 2022 on 115 million euros, Brandstetter still described as “significant”. In the third and Although the situation calmed down in the fourth quarter of the past financial year, rising costs are expected in the long term due to climate change and an ever increasing burden on the insurance business. Brandstetter sees the group there “in the center of the storm”. “Therefore leads for us no Away from the fight against climate change”, according to the manager. According to Svoboda, the insurance company has already made sustainable investments of EUR 2 billion in the recent past. In your own company, you are driving change with investments in photovoltaics, for example.
The group wants to add further accents in the area of digitization and of artificial intelligence. Investments of 80 million euros are planned for this year. Against this background, Brandstetter emphasized the in-house app, which is already being used by several million customers. “This is cheaper for us to process and for the customers and customers it is clearly easier because the service is provided more quickly.” We want to work more on similar solutions in the future.
The second major investment area, into which just as much EUR 80 million should flow, concerns the private healthcare sector. Despite the insurance group’s already good market position, there is still plenty of upward potential. “We are noticing a very clear trend towards private supplementary insurance”said Brandstetter. “People are realizing that the state health system is reaching its limits.” The goal is not to replace the state, but to offer solutions together.
However, apart from the growth opportunities, the insurance group is confronted with multiple challenges. In addition to climate change, mention was made of rising interest rates or high inflation, which “new normal” to manage, said Svoboda. The chief financial officer is particularly concerned about the prevailing labor and There is a shortage of skilled workers, because without qualified personnel it will be difficult to achieve the goals you have set yourself. In view of this, UNIQA does not give a concrete economic outlook, but for 2023 the group is aiming for further improvements in the core business. As in the previous year, a dividend of 55 cents per share is to be proposed to the Annual General Meeting for 2022.
more from economy