Image: APA/HANS PUNZ
Solid growth in the property/casualty segment and in the health insurance area resulted in an increase in premiums written of 9.4 percent to 5.46 billion euros. Earnings before taxes (EGT) rose by a good 22 percent to 305 million euros compared to the same period last year.
The key figures and their comparative values are now reported in accordance with the new accounting standard IFRS 9/17. The rules have been in effect since the beginning of the year. They are intended to better reflect the development of the business in the long term and improve comparability in the industry. An exception for the time being are the premiums charged, which are not in themselves part of the reporting according to IFRS 9/17, but are still reported.
In the property and casualty insurance segment, the premiums written increased by 14.4 percent to around 3.24 billion euros in the first half of the year. However, the gross combined ratio – claims and costs measured in relation to premium income – deteriorated in this area from 89.6 percent to 92 percent. The reason for this is higher burdens caused by major losses and natural disasters.
Health insurance premiums also grew, by 8.2 percent to 1.04 billion euros. However, they have fallen for life insurance. Compared to the same period last year, premiums fell from a good 1.2 billion to 1.18 billion euros. However, according to UNIQA, new business in life insurance was at a good level, with the new business value amounting to 97.1 million euros.
The bottom line is that the consolidated profit came to 224.5 million euros, compared to 219.1 million in the previous year. The contractual service margin reported with the new IFRS standards increased from a good 5.46 billion euros at the beginning of the year to just under 6.13 billion euros. The key figure describes the expected profits from long-term business in life and health insurance.
As the insurer further announced, the group’s board of directors is to be slimmed down – this will be reduced from nine to seven people from July 2024, with the mandates of Peter Eichler and Erik Leyers expiring as planned on June 30. Eichler will continue to be available to the company in an advisory capacity. At the same time, the terms of office of CEO Andreas Brandstetter, CFO Kurt Svoboda and Wolfgang Kindl, responsible for international business, were extended until the end of June 2028.
Management was cautious for the year as a whole. The aim is to continue improving the core business, but due to the ongoing macroeconomic uncertainties, there is no concrete outlook for earnings development.
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