Annual / Quarterly Financial Statement • Apr 29, 2010
Annual / Quarterly Financial Statement
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Annual Financial Report 2009 according to Section 82 paragraph 4 of the Austrian Stock Exchange Act UNIQA Versicherungen AG
Statement by the Legal Representatives
The world economy was hit in 2009 by the worst recession since 1945. It was triggered by the collapse of the US investment bank Lehman Brothers in September 2008 and the resulting turbulences on the global financial markets. In total, the real gross domestic product of the euro zone may have fallen by 3.9% in 2009 compared with the previous year. Austria appears to have performed marginally better at a preliminary value of 3.4%. However, a shift in the trend began toward the middle of the year. After consistent declines since the second quarter of 2008, the euro zone exhibited real GDP growth of 0.4% in the 3rd quarter of 2009 (compared to the previous quarter). Comprehensive state stimulus packages as well as the expansive monetary policy of the European Central Bank (ECB) were also key contributors to this development.
Due to their close economic and financial links with Western Europe, the Central and Eastern European countries were also fully affected by the global economic crisis. In addition to the heavy reliance on exports to the European market, the CEE economies are primarily dependent on capital flows coming from Western Europe, which were reduced considerably over the course of the global financial crisis. Preliminary figures indicate a GDP decline of 3.8% for the eight new EU Member States. The only exception is Poland, which was the only larger economy in Europe to achieve positive economic growth. Practically all other countries in the region suffered sometimes painful GDP declines in 2009; many of them were only able to finance their high budget deficits with support from the IMF and the EU. Alongside Hungary, Romania, Serbia and Bosnia and Herzegovina, the crisis was particularly hard on the Ukraine, where the economy may have shrunk by more than 10% in 2009 after years of high growth.
While the Austrian insurance industry still demonstrated premium growth of 2.1% in 2008, it grew only slightly more slowly in 2009 at 1.5% to reach €16.5 billion. The primary culprit for this decline was life insurance, which only achieved a growth of 0.7% to reach €7.4 billion (2008: +2.2%). On the other hand, health insurance experienced continued stable growth of 3.6%, reaching € 1.6 billion.
The segments of property and casualty insurance also continued to grow, although the trend toward less dynamic growth continued. Overall, the premiums in this area grew by 1.8% to €7.5 billion, falling just short of the previous year's rate (2008: +1.9%). Motor vehicle insurance, however, suffered a significant setback with volume declining by 2.2% as average premiums continued to fall (2008: –1.0%). The remaining areas of property and casualty insurance exhibited overall gains of 3.3%, coming in slightly below the value of the previous year (2008: +3.8%).
The year 2009 also brought significant recovery to the prices on the world's stock markets. The start of the year was still heavily marked by the financial crisis, with share prices falling worldwide, often to reach historic lows. Added to this were regular negative reports on economic data from numerous countries as well as pessimistic predictions by economic research institutes. Nevertheless, the expansion of the stimulus packages and state guarantees started by many countries in 2008, better economic data and low prime rates produced a slight market recovery toward the end of the first quarter, which continued into the second quarter.
Good mid-year results from US companies and the statement by the Chairman of the Federal Reserve that the American economy had probably come through the recession noticeably rejuvenated the stock markets in the third quarter. Higher than expected economic data from many countries as well as the announcement by the ECB that it would provide additional liquidity supplied continued positive momentum. Toward the end of the year, the positive economic news spread, creating still more impulses. This more than compensated for concerns that the central banks would raise interest rates and worries about the growing risks being taken on by national governments.
The interest rate decreases implemented as part of the economic recovery packages produced historically low interest rates worldwide again in 2009. Already in 2008, the USA had reduced its prime rate de facto to zero in order to secure refinancing of the banks. This level remained unchanged in 2009 as well. The ECB lowered its main refinancing rate – which was already reduced to 2.5% in 2008 – further to 1.0% in four steps. The money market interest rates also fell sharply in the year 2009. For instance, the rate for the three-month EURIBOR at the end of 2009 was just 0.70%, the one-month rate was 0.45%. Both were therefore significantly below the prime rate.
In 2008, bond yields had fallen to their lowest values both in the euro zone and in the USA in the face of interest reductions by the Fed and the ECB as well as the increased risk aversion of investors; however, they recovered somewhat toward the end of 2009. The main factors were the more positive economic data and the associated expectation of rising inflation rates.
The euro gained 3.9% over the US dollar compared with the rate of the previous year, but exhibited significant fluctuations over the course of the year. A decline to just over 1.25 USD in March was followed by a phase of nearly constant gains that reached the area of 1.51 USD. Only toward the end of the year did the rate fall again to close the year at 1.44 USD.
The economic recovery that could already be seen in 2009 may continue in the coming months, according to the estimates of economists, and should result in GDP growth for Austria of 1.5% in 2010. A GDP growth of 1.5% is also expected for Germany as well, while the economy in the euro region should grow by 1.1% overall in 2010. However, the recovery is still considered unstable and is subject to a number of risks, and no acceleration is expected in 2011 from the current perspective. According to current forecasts, the USA may even outpace the euro region in 2010 with a gain of 1.7%. China will hold its place as the world's major economic mover with an expected GDP growth of 9.0%. Worldwide, economic output should grow by 3.0% in 2010.
In Central and Eastern Europe, experts currently expect further declines in the Baltic countries, Romania, Bulgaria and Hungary, while the Polish and Czech economies should expand thanks to the more stable consumer demand. In the eight new EU Member States, the economy should remain stable in 2010 at +/–0.0% following the average losses of 3.8% in the preceding year.
The slight economic recovery notwithstanding, forecasts for the Austrian insurance industry in 2010 currently predict premiums to decline by a total of 1.3%. Health insurance is expected to continue growing by 2.5% while premiums in property and casualty may decline by 0.5%. The negative trend in life insurance will continue with an expected drop in premiums of 3.0%. According to current expectations, motor vehicle insurance will also remain in decline (–3.0%).
Caution is still advised when attempting to predict future developments on the international financial markets. In the area of interest, upward movement is expected for money market rates while the prime rates may remain unchanged in both Europe and the USA until further notice. The stock markets seem much more approachable after the rallying of prices in recent months. Should the economic environment continue to recover, the stock prices should tend to rise further on the basis of improved company results. However, particularly following the strong price gains of recent months, the possibility of setbacks cannot be ruled out. After several successful capital increases at the end of last year, the Vienna Stock Exchange expects more new members in 2010. In the bond markets, experts expect a continuing upward trend for long-term yields both in the USA and in Europe. The main factors for this are the improving economic conditions and the associated prospect of a trend toward streamlining of monetary policy.
With €5,739 million in premiums written, including the savings portion of unit- and index-linked life insurance, UNIQA is one of the leading insurance groups in Central and Eastern Europe. The savings portion of premiums from unit-linked and index-linked life insurance amounting to €728 million is, in accordance with FAS 97 (US-GAAP), balanced out by the changes in the actuarial provision. Premium volume excluding the savings portion from the unit- and index-linked life insurance amounts to €5,012 million.
The UNIQA Group offers its products and services through all distribution channels (salaried sales force, general agencies, brokers, banks and direct sales). UNIQA is active in all types of insurance and operates its direct insurance business in Austria through UNIQA Personenversicherung AG, UNIQA Sachversicherung AG, Raiffeisen Versicherung AG, FINANCE LIFE Lebensversicherung AG, Salzburger Landes-Versicherung AG and CALL DIRECT Versicherung AG.
The listed Group holding company, UNIQA Versicherungen AG, is responsible for Group management, operates the indirect insurance business and is the central reinsurer for the Group's Austrian operational companies. In addition, it carries out numerous service functions for the Austrian and international insurance subsidiaries in order to take best advantage of synergy effects within all the Group companies and to consistently implement the Group's long-term corporate strategy. UNIQA Re AG has its headquarters in Zürich and is responsible for reinsuring the Group's international operational companies. In order to achieve maximum synergy effects, the international activities of the UNIQA Group are managed centrally through Competence Centers as well as the Group's Central Services, and UNIQA International Versicherungs-Holding GmbH is responsible for ongoing monitoring and analysis of the international target markets for acquisitions as well as for integration of acquisitions into the Group.
The UNIQA Group expanded its strategic target area to include Russia in 2009 through the founding of a new subsidiary. Raiffeisen Life Versicherung worked with ZAO Raiffeisenbank to develop special life insurance products for the Russian market that are now offered through the partner's roughly 200 bank branches. UNIQA and Raiffeisen cooperate very successfully in Austria and now in 14 Eastern and South-Eastern European countries as "Preferred Partners" in product development, product portfolio, customer support and in the sale of insurance through banks. The wealth of experience from this cooperation now benefits bank and insurance companies in Russia as well.
At the end of June 2009, the UNIQA Group extended and deepened its cooperation with the Italian Veneto Banca Group in the sale of insurance polices through the bank's branch offices. In connection with this, UNIQA Previdenza took over 90% of the share capital of UNIQA Life S.p.A., registered in Milan. The new rights for sales cooperation by Veneto Banca with life insurance companies are now exclusively linked to this company. UNIQA Previdenza will continue to maintain the traditional sales channels for life insurance as well as manage the other bank sales while the new subsidiary will focus on sales via Veneto Banca.
Along with UNIQA Versicherung AG, the 2009 consolidated financial statements of the UNIQA Group include 48 domestic and 84 foreign companies. A total of 34 affiliated companies whose influence on an accurate presentation of the actual financial status of the assets, financial position and profitability was insignificant were not included in the consolidated financial statements. In addition, we included ten domestic and one foreign company as associates according to the equity accounting method. Fourteen associates were of minor importance, and shares held in these companies are recognised at market value.
The scope of fully consolidated companies was expanded as of 1 April 2009 to include PremiaMed Management GmbH (formerly Humanomed Krankenhaus Management Gesellschaft m.b.H.) and the sub-group of PKB Privatkliniken Beteiligungs GmbH. The two companies were previously reported within the UNIQA scope of consolidation as associated companies ("at equity"). Raiffeisen Life Insurance Company LLC in Moscow, which was founded in the first quarter of 2009, began its active business operations and was fully consolidated in the third quarter of 2009. The sub-group of SIGAL Holding Sh.A. in Albania, Kosovo and Macedonia and UNIQA Life S.p.A. in Italy were fully consolidated for the first time as of 31 December 2009. SIGAL Holding Sh.A. was previously reported as an associated company ("at equity").
Details on the consolidated and associated companies are contained in the corresponding overview in the Group notes. The accounting and valuation methods used as well as the changes in the scope of consolidation are also explained in the Group notes.
The comprehensive risk report of the UNIQA Group is in the notes to the consolidated financial statements 2009 (p. 74 f).
The following comments to the business development are divided into two sections. The section "Group business development" describes the business performance from the perspective of the Group with fully consolidated amounts. Fully consolidated amounts are also used in the Group management report for reporting on the development of the business segments of "property and casualty insurance", "health insurance" and "life insurance".
The UNIQA Group provides life and health insurance and is active in almost all lines of property and casualty insurance. With over 15.3 million insurance policies being managed at home and abroad, a gross premium volume written (including the savings portion of the unit-linked and index-linked life insurance) of over € 5.7 billion (2008: €5.8 billion) and capital investments of more than €22.6 billion (2008: €21.3 billion), the UNIQA Group is one of the leading insurance groups in Central and Eastern Europe.
Taking into account the savings portion of the unit-linked and indexlinked life insurance in the amount of €728 million (2008: €823 million), the total premium volume of the UNIQA Group remained nearly stable in 2009 at €5,739 million (2008: € 5,765 million) despite the difficult economic conditions. The total consolidated premiums written even grew by 1.4% to €5,012 million (2008: €4,942 million). Due to the determination that a management contract previously held as an insurance contract poses no significant actuarial risk, the management fee will be reported under other income starting in 2009. The premiums written and retained, the insurance benefits and the operating expenses were therefore also corrected in the comparison figures from previous years. Developments were very positive in the area of insurance policies with recurring premium payments in particular, which grew 2.1% to € 4,885 million (2008: €4,785 million). The single premium business, on the other hand, declined in 2009 by 12.8% to €855 million (2008: €980 million). The Group premiums earned including the savings portion of the unit-linked and indexlinked life insurance (after reinsurance) in the amount of €704 million (2008: €774 million) rose by 0.2% to €5,474 million (2008: €5,464 million). The retained premiums earned (according to IFRS) even increased by 1.7% to € 4,770 million (2008: €4,690 million).
incl. the savings portion of premiums from unit- and index-linked life insurance € million
In the 2009 financial year, 42.6% (2008: 41.3%) of the premium volume arose in property and casualty insurance, 16.3% (2008: 15.7%) in health insurance and 41.1% (2008: 43.0%) in life insurance.
In Austria, premium volume written including the savings portion from the unit-linked and index-linked life insurance grew better the market average in 2009 at 4.9% to reach €3,756 million (2008: €3,579 million). Including the savings portion of the unit- and indexlinked life insurance, the premiums earned rose by 6.3% to €3,674 million (2008: €3,457 million). The retained premiums earned (according to IFRS) in Austria amounted to €3,074 million in 2009 (2008: €2,971 million).
In the regions of Eastern and South Eastern Europe (CEE & EEM), the premium developments in 2009 were influenced by the difficult economic conditions and, in particular, by negative currency effects. The premium volume written including the savings portion from the unit-linked and index-linked life insurance fell in 2009 by 9.9% to €1,153 million (2008: €1,279 million). This put the share of Group premiums coming from CEE & EEM at 20.1% (2008: 22.2%). Including the savings portion from the unit-linked and index-linked life insurance, the premiums earned decreased by 9.4% to €1,077 million (2008: €1,188 million). The retained premiums earned (according to IFRS) were €1,002 million (2008: €1,073 million). Adjusted for the effects of the negative currency developments in 2009, however, the premium volume written in Eastern Europe grew by 4.0%.
In the Western European countries (WEM), the premium volume written including the savings portion from the unit-linked and indexlinked life insurance fell in 2009 by 8.4% to €830 million (2008: €907 million). Here again, the single premium business was primarily responsible for the decline, falling by 25.1% to €185 million (2008: €247 million). Overall, the share in Group premiums therefore fell in 2009 to 14.5% (2008: 15.7%). Including the savings portion from the unit-linked and index-linked life insurance, the premiums earned decreased by 11.8% to €723 million (2008: €819 million). The retained premiums earned (according to IFRS), on the other hand, increased by 7.6% to €695 million (2008: €646 million).
Burdened by an accumulation of major claims, the storms in the third quarter and the change to the deferred profit sharing, the insurance benefits paid by the UNIQA Group (before reinsurance) increased in the 2009 financial year by 17.1% to reach €4,282 million (2008: €3,656 million). The consolidated retained insurance benefits also increased last year by 15.1% to €4,054 million (2008: €3,523 million).
While the insurance benefits retained increased in Austria in 2009 by 23.4% to € 2,823 million (2008: € 2,287 million) and in the Western European markets by 6.4% to in €521 million (2008: €489 million), they fell in the Central and Eastern European regions (CEE & EEM) by 4.8% to €710 million (2008: €746 million).
Total consolidated operating expenses (cf. Group notes, no. 37) less reinsurance commissions and profit shares from reinsurance business ceded (cf. Group notes, no. 33) increased only very moderately in the 2009 financial year by 2.7% to €1,269 million (2008: €1,236 million). Acquisition expenses even fell by 1.4% to €854 million (2008: €866 million). Other operating expenses, less reinsurance commissions received, increased in 2009 to €415 million (2008: €370 million) due to additional expenses in the area of social capital reserves in the amount of roughly €58 million following the lowering of the discount interest rate. In contrast to this, cost savings of roughly €12 million were realised through the elimination of the holiday reserve.
The cost ratio of the UNIQA Group after reinsurance, i.e. the relation of total operating expenses to the Group premiums earned, including the savings portion from the unit-linked and index-linked life insurance, was 23.2% during the past year (2008: 22.6%) as a result of these developments. The cost ratio before reinsurance was 22.4% (2008: 21.9%). Adjusted for the additional expenses for social capital reserves, the cost share after reinsurance was 22.1%.
Total investments including land and buildings used by the Group, real estate held as investments, shares in associates and investments of unitand index-linked life insurance increased again in 2009 by 6.1%, or €1,298 million, to reach €22,641 million (2008: €21,342 million).
The net investment income less financing costs increased by €528 million to € 717 million (2008: €189 million) due to the positive developments on the financial markets after a very weak 2008. A detailed description of the investment income can be found in the Group notes (no. 34).
In the 2009 financial year, the profit on ordinary activities of the UNIQA Group fell slightly by 8.7% to reach €82 million (2008: €90 million) primarily due to the difficult economic conditions and exceptional strains in the area of property and casualty insurance (storms in the third quarter) and increased burdens on the investment results in the area of participations and credit-sensitive capital investments. At the Annual General Meeting, the Management Board will nevertheless propose to the Supervisory Board a dividend distribution that remains unchanged from the previous year at 40 cents per share.
The total equity of the UNIQA Group also increased in 2009 due to the capital increase, adding €106 million to reach € 1,565 million (31 Dec. 2008: €1,459 million). This included shares in other companies to the value of €232 million (31 Dec. 2008: €194 million). The pre-tax return on equity – the ratio of profit on ordinary activities to average total equity (without taking into consideration the included net profit for 2009) – amounted to 5.5% (2008: 6.1%) in the past financial year. The total assets of the Group increased in the past financial year by €1,795 million and totalled € 27,394 million on 31 December 2009 (31 Dec. 2008: €25,598 million).
The cash flow from operating activities in 2009 was €1,137 million (2008: €267 million). Cash flow from investing activities of the UNIQA Group amounted to €–913 million (2008: € –484 million). The financing cash flow was € –42 million (2008: €125 million). A total of €52 million were spent on the dividends from the 2008 financial year. The amount of liquid funds changed in total by € 183 million (2008: €–92 million). At the end of 2009, funds amounting to €798 million (2008: €568 million) were available.
The average number of employees of the UNIQA Group increased to 15,107 in 2009 (2008: 13,674) due to the inclusion for the first time of the companies of the SIGAL Group in Albania, Kosovo and Macedonia as well as Raiffeisen Life Insurance Company LLC in Moscow and the first full consolidation of PremiaMed Management GmbH and the sub-group of PKB Privatkliniken Beteiligungs GmbH. Of these, 6,345 (2008: 6,269) were in employed in sales and 8,762 (2008: 7,405) in administration. In the Eastern Emerging Markets (EEM), UNIQA employed a staff of 4,048 in the 2009 financial year (2008: 3,718), 3,246 people (2008: 2,954) in Central Eastern Europe (CEE) and 987 (2008: 986) in the Western European markets (WEM). In Austria, 6,826 staff were employed (2008: 6,016). Excluding the 884 employees of PremiaMed Management GmbH and the sub-group of PKB Privatkliniken Beteiligungs GmbH, the number of employees in Austria is reduced to 5,942. Including the employees of the general agencies working exclusively for UNIQA, the total number of people working for the UNIQA Group amounts to just about 22,000.
51% of the administrative staff employed in Austria in 2009 were women, 18.7% (2008: 18.5%) of the employees were part-time. The average age in the past year remained 42 years (2008: 42 years). In total, 11.3% (2008: 11.3%) of the employees participated as managers in UNIQA's result-oriented remuneration system – a variable payment system that is tied both to the success of the company and to personal performance. In addition, the UNIQA apprentice exchange programme offers young people in training the opportunity to get to know foreign cultures and make international contacts.
In property and casualty insurance, the UNIQA Group was able to continue the positive developments of the previous year again in 2009, increasing the premiums written by 2.7% to €2,446 million (2008: €2,382 million). The premium volume in Austria grew significantly better than the market average at 3.9% to reach €1,324 million (2008: €1,274 million). In the Central and Eastern European regions (CEE & EEM), the growth continued in 2009 even despite the negative currency effects. The premiums written grew by 4.1% to €730 million (2008: €702 million), thereby contributing 29.9% (2008: 29.5%) to the Group premiums in property and casualty insurance. In the Western European Markets, on the other hand, the premium volume fell in 2009: the premiums written were taken back by 3.3% to €392 million (2008: €405 million). Overall, the international share of Group premiums in this segment amounted to 45.9% (2008: 46.5%).
Premium volume written in property and casualty insurance € million
Details on premium volume written in the most important risk classes can be found in the Group notes (no. 31).
The retained premiums earned (according to IFRS) in property and casualty insurance totalled €2,290 million in the reporting year (2008: €2,214 million) after growth of 3.4%.
| Property and casualty insurance | 2009 | 2008 | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|
| € | € | € | € | € | |
| million | million | million | million | million | |
| Premiums written | 2,446 | 2,382 | 2,179 | 2,019 | 1,916 |
| Share CEE & EEM | 29.9% 29.5% 24.2% 21.1% | 18.9% | |||
| Share WEM | 16.0% 17.0% 18.5% 18.6% | 19.8% | |||
| International share | 45.9% 46.5% 42.7% 39.7% | 38.7% | |||
| Premiums earned (net) | 2,290 | 2,214 | 1,858 | 1,716 | 1,628 |
| Net investment income | 97 | 42 | 258 | 141 | 131 |
| Insurance benefits (net) | –1,552 –1,412 –1,251 –1,130 –1,106 | ||||
| Net loss ratio (after reinsurance) | 67.8% 63.8% 67.3% 65.9% | 68.0% | |||
| Gross loss ratio (before reinsurance) | 69.7% 62.4% 68.1% 63.9% | 66.4% | |||
| Other operating expenses less reinsurance | |||||
| commissions | –800 | –740 | –606 | –569 | –553 |
| Cost ratio (net after reinsurance) | 34.9% 33.4% 32.6% 33.2% | 34.0% | |||
| Net combined ratio (after reinsurance) | 102.7% 97.2% 99.9% 99.0% 101.9% | ||||
| Gross combined ratio (before reinsurance) | 103.0% 94.4% 99.0% 95.4% | 98.4% | |||
| Profit on ordinary activities | –5 | 113 | 238 | 129 | 81 |
| Net profit | –20 | 104 | 193 | 104 | 54 |
The total retained insurance benefits increased in 2009 by 9.9% to €1,552 million (2008: €1,412 million), weighed down by major claims and, in particular, the storms in the third quarter (gross encumbrance of roughly €110 million; after reinsurance about €48 million). In Austria, the insurance benefits increased by 19.7% to €968 million (2008: €808 million); in Western Europe (incl. Austria), however, the increase was less pronounced at 7.0% to reach €1,130 million (2008: €1,056 million). In the Central and Eastern European regions (CEE & EEM), the insurance benefits increased by 18.6% to €422 million (2008: €356 million).
As a result of this development, the net loss ratio (retained insurance benefits relative to premiums earned) rose by 4.0 percentage points to 67.8% (2008: 63.8%). The gross loss ratio (before reinsurance) at the end of 2009 was 69.7% (2008: 62.4%). In Austria, the net loss ratio in the past financial year rose to 74.3% (2008: 65.3%) due to the storms.
Total operating expenses in property and casualty insurance less reinsurance commissions and profit shares from reinsurance business ceded rose by 8.0% to €800 million (2008: €740 million). In the process, acquisition costs rose by 5.1% to € 519 million (2008: €493 million), other operating expenses increased by 13.8% to €281 million (2008: €247 million) due to increased social capital expenditures.
The cost ratio in property and casualty insurance increased in the past financial year to 34.9% (2008: 33.4%) as a result of this development. The net combined ratio increased due to the rise in the loss ratio and was at 102.7% in 2009 (2008: 97.2%). Excluding the claims from the storms in the third quarter, the combined ratio was 100.7%. The combined ratio before reinsurance was 103.0% (2008: 94.4%).
Net investment income less financing costs rose in the past year by 129.1% to €97 million (2008: €42 million). The capital investments in property and casualty insurance declined by 3.8% to €3,189 million (2008: €3,315 million).
The profit on ordinary activities in property and casualty insurance in 2009 was negative due to the exceptional impacts of the third quarter storms and an accumulation of major loses and amounted to € –5 million (2008: €113 million). Net profit fell to €–20 million (2008: €104 million).
In comparison to the previous year, premiums written in health insurance increased by 3.3% to €937 million (2008: € 907 million). In Austria, where UNIQA claimed market leadership in health insurance again in 2009, the premium volume in grew over the previous year by 3.4% to reach €773 million (2008: €748 million). In the WEM region, premiums written remained at the level of the previous year at €150 million (2008: €151 million). In the countries of Eastern and South Eastern Europe, the premiums in health insurance grew by 68.3% to already reach €14 million (2008: €8 million). Overall, the international share in the total health insurance premiums in 2009 was 17.5% (2008: 17.6%).
Premium volume written in health insurance
In 2009, the retained premiums earned in health insurance (according to IFRS) rose by 3.1% to reach €934 million at the end of the year (2008: €906 million).
| Health | 2009 | 2008 | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|
| € | € | € | € | € | |
| million | million | million | million | million | |
| Premiums written | 937 | 907 | 871 | 852 | 808 |
| International share | 17.5% 17.6% 16.9% 17.0% | 14.2% | |||
| Premiums earned (net) | 934 | 906 | 869 | 849 | 812 |
| Net investment income | 94 | 14 | 134 | 114 | 101 |
| Insurance benefits (net) | –812 | –783 | –776 | –772 | –739 |
| Other operating expenses less reinsurance | |||||
| commissions | –129 | –133 | –128 | –135 | –130 |
| Cost ratio (net after reinsurance) | 13.8% 14.7% 14.7% 15.9% | 16.0% | |||
| Profit on ordinary activities | 85 | 3 | 96 | 54 | 41 |
| Net profit | 65 | –1 | 72 | 35 | 35 |
The retained insurance benefits increased in 2009 by 3.7% to €812 million (2008: € 783 million). The loss ratio after reinsurance rose slightly to 86.9% (2008: 86.4%). In Austria, insurance benefits grew by 4.0% to €667 million (2008: € 641 million). The insurance benefits in the international markets increased by just 2.2% in 2009, totalling € 145 million (2008: €142 million).
Total operating expenses in health insurance less reinsurance commissions and profit shares from reinsurance business ceded fell in 2009 in by 3.2% to €129 million (2008: €133 million). Acquisition expenses declined by 8.9% to €79 million (2008: €87 million) despite the increased premium volume. Other operating expenses grew by 7.3% to €50 million (2008: €46 million). As a result of this development, the cost ratio in health insurance decreased further in 2008 to 13.8% (2008: 14.7%).
The net investment income less financing costs rose in 2009 by €80 million to €94 million (2008: €14 million). In the health insurance segment, capital investments grew by 5.9% to €2,424 million (2008: €2,288 million).
Due to good capital market developments, the profit on ordinary activities in health insurance rose steeply in the reporting year by €82 million to € 85 million (2008: €3 million). Net profit increased in 2009 to €65 million (2008: €–1 million).
The life insurance premiums written including the savings portion from the unit-linked and index-linked life insurance fell in 2009 by 4.9% to €2,356 million (2008: €2,476 million), in particular due to the declining single premium business in the area of unit-linked life insurance. Revenues from policies with recurring premium payments rose by 0.3% to €1,501 million (2008: €1,496 million). Revenue in the single premium business in the area of unit-linked life insurance fell by 23.5% to €362 million (2008: €473 million). Classic single premiums, on the other hand, declined only slightly by 2.7% to €493 million (2008: €507 million). Overall, the single premium business declined by 12.8% to €855 million (2008: €980 million).
incl. the savings portion of premiums from unit- and index-linked life insurance € million
The premium developments in Austria were very satisfactory in 2009 due to the further growth in the area of unit-linked life insurance products. The premium volume grew by 6.5% to €1,659 million (2008: €1,557 million). Revenues from policies with recurring premium payments declined slightly by 1.1% to € 1,240 million (2008: €1,255 million). The single premium business grew by 38.5% to €418 million (2008: €302 million). The life insurance business of the Group companies in the Central and Eastern European regions (CEE & EEM) declined in 2009 due to the continued difficult economic conditions. The premium volume written including the savings portion from the unit-linked and index-linked life insurance was taken back by 28.2% to €408 million (2008: €569 million). This brought the share of life insurance from these countries to 17.3% in 2009 (2008: 23.0%). In the Western European countries, the premium volume also declined by 17.6% to €289 million (2008: €351 million). Overall, the Western European region (WEM) contributed 12.3% (2008: 14.2%) to the total life insurance premiums of the Group.
The risk premium share of unit-linked and index-linked life insurance included in the consolidated financial statements totalled €105 million in 2009 (2008: €97 million). The savings portion of the unit-linked and index-linked life insurance lines amounted to €728 million (2008: € 823 million) and was, in accordance with FAS 97 (US-GAAP), balanced out by the changes in the actuarial provision.
Including the savings portion of the unit-linked and index-linked life insurance (after reinsurance) in the amount of €704 million (2008: €774 million), the premiums earned in life insurance declined by 4.0% to € 2,250 million (2008: €2,344 million). On the other hand, the retained premiums earned (according to IFRS) fell by just 1.5% in 2009 to €1,546 million (2008: €1,570 million).
| Life | 2009 | 2008 | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|
| € | € | € | € | € | |
| million | million | million | million | million | |
| Premiums written | 1,628 | 1,653 | 1,422 | 1,605 | 1,591 |
| Savings portion of premiums from unit- and index-linked life insurance |
728 | 823 | 748 | 559 | 360 |
| Premiums written incl. savings portion of premiums from unit- and index-linked life |
|||||
| insurance | 2,356 | 2,476 | 2,170 | 2,164 | 1,951 |
| Share CEE & EEM | 17.3% 23.0% 13.1% | 9.7% | 6.1% | ||
| Share WEM | 12.3% 14.2% 16.6% 22.0% | 17.1% | |||
| International share | 29.6% 37.2% 29.7% 31.7% | 23.2% | |||
| Premiums earned (net) | 1,546 | 1,570 | 1,342 | 1,527 | 1,523 |
| Savings portion of premiums from unit- and index-linked life insurance (net after |
|||||
| reinsurance) | 704 | 774 | 695 | 499 | 311 |
| Premiums earned (net) incl. the savings portion of premiums from unit- and index |
|||||
| linked life insurance | 2,250 | 2,344 | 2,037 | 2,027 | 1,834 |
| Net investment income | 525 | 133 | 563 | 610 | 731 |
| Insurance benefits (net) | –1,690 –1,328 –1,534 –1,780 –1,898 | ||||
| Other operating expenses less reinsurance | |||||
| commissions | –341 | –363 | –321 | –261 | –244 |
| Cost ratio (net after reinsurance) | 15.1% 15.5% 15.7% 12.9% | 13.3% | |||
| Profit on ordinary activities | 2 | –27 | 5 | 56 | 69 |
| Net profit | –2 | –37 | 4 | 37 | 44 |
The retained insurance benefits increased in the reporting year by 27.3% to € 1,690 million (2008: €1,328 million) primarily due to the change in deferred profit sharing as a result of the clear improvement in capital income according to IFRS. The additions increased in 2009 compared to the previous year by about €382 million. Insurance benefits also increased in Austria by 41.9% to €1,189 million (2008: €838 million). In the Western European region (WEM), insurance benefits grew by 110.8% to €221 million (2008: € 105 million), while they fell in Central and Eastern Europe (CEE & EEM) by 27.1% to €281 million (2008: € 385 million).
Total operating expenses in life insurance less reinsurance commissions and profit shares from reinsurance business ceded fell in 2009 by 6.1% to € 341 million (2008: € 363 million). Acquisition expenses decreased by 10.4% to €257 million (2008: €286 million). Other operating expenses increased by 9.8% to €84 million in 2009 (2008: €76 million). As a result of this development, the cost ratio in life insurance, i.e. the relation of all operating expenses to the Group premiums earned, including the savings portion from the unit-linked and index-linked life insurance (after reinsurance), fell to 15.1% (2008: 15.5%).
Net investment income less financing costs rose in the reporting year by 295.7% to € 525 million (2008: €133 million). The capital investments including the investments for unit-linked and index-linked life insurance grew in 2009 by 8.2% to €17,028 million (2008: €15,739 million).
The profit on ordinary activities in life insurance was once again positive in 2009, rising by € 29 million to € 2 million (2008: € –27 million). Net profit increased was € –2 million (2008: €–37 million).
The international premium volume of the UNIQA Group (including the savings portion from unit-linked and index-linked life insurance) fell in 2009 by 9.3% to €1,983 million (2008: € 2,186 million) as a result of the difficult economic conditions and the negative currency developments in Eastern and South Eastern Europe. This brought the international share of Group premiums up to 34.6% (2008: 37.9%).
€ million
Including the savings portion from the unit-linked and index-linked life insurance (after reinsurance), the premiums earned decreased by 10.4% to € 1,800 million (2008: €2,008 million). On the other hand, the retained premiums earned (according to IFRS) declined only slightly by 1.3% to €1,697 million (2008: €1,719 million).
In 2009, the countries of Central and Eastern Europe were only able to maintain their dynamic growth to a limited extent due to the difficult economic conditions and negative developments of individual currencies. Overall, the premium volume written fell by 9.9% to €1,153 million (2008: €1,279 million). Adjusted for the negative currency effects, however, the premium volume on a local basis grew by 4.0%. In the Eastern Emerging Markets, the premium volume grew by as much as €164 million to reach €241 million (+46.7%) due to the inclusion of the companies in Romania for the financial year. Overall, the CEE & EEM regions therefore contributed 20.1% (2008: 22.2%) to the Group premiums.
The premiums in the markets of Western Europe declined in the past financial year. The premium volume written declined in 2009 by 8.4% to €830 million (2008: €907 million). The recurring premium business declined only negligibly by 2.2% to € 645 million (2008: €659 million). The single premium business, on the other hand, fell significantly to €185 million (2008: €247 million). In 2009, the WEM region contributed 14.5% (2008: 15.7%) to the Group premiums.
The premium volume written including the savings portion of the unit- and index-linked life insurance was divided as follows among the various regions in the UNIQA Group:
| UNIQA international markets |
Share of Group premiums |
|||||
|---|---|---|---|---|---|---|
| 2009 | 2008 € million € million |
2007 | 2006 € million € million € million |
2005 | 2009 | |
| Central Eastern Europe (CEE) |
912 | 1,115 | 735 | 595 | 482 | 15.9% |
| Eastern Emerging Markets (EEM) |
241 | 164 | 81 | 45 | 0 | 4.2% |
| Western European Markets (WEM) |
830 | 907 | 905 | 993 | 826 | 14.5% |
| Total international | 1,983 | 2,186 | 1,721 | 1,633 | 1,308 | 34.6% |
1) Incl. the savings portion of premiums from unit- and index-linked life insurance.
Total insurance benefits in the international group companies fell slightly by 0.3% in 2009 to €1,231 million (2008: €1,235 million). The consolidated operating expenses less reinsurance commissions and profit shares from reinsurance business ceded remained at the level of the previous year at €517 million (2008: €517 million). Before consolidation based on the geographic segments (cf. segment reports), the profit on ordinary activities generated by the companies in the three regions outside of Austria amounted to €16 million (2008: €86 million) in 2009. This decline can be attributed in particular to lower results by the companies in Italy, Bulgaria, Romania and Hungary.
No events occurred after the balance sheet date that require reporting.
The premium volume of the UNIQA Group developed in a very satisfactory way in the first two months of 2010. Premium growth in property and casualty insurance was roughly 2.2% and in health insurance 3.0%. In life insurance, the premiums even increased by 11.9%. Overall, the growth in the months of January and February was an extremely positive 5.5%. While the premiums in Austria increased by 0.7%, the growth in the international markets was significantly stronger at 14.4%.
On the basis of numerous initiatives in product development, customer loyalty and efficiency improvement, UNIQA expects very solid developments in the area of property and casualty insurance once again in 2010.
The growth of the legal expenses insurance line also proved favourable in 2009. The financial crisis had an effect here in terms of increased mass loss claims submitted in the area of asset investment. In view of this development and the current legal situation (free selection of lawyer for mass damages), the risk exclusion policy for the majority of these dangers has proven to be an effective and correct countermeasure.
The goal for the year 2010 in the area of legal expenses insurance is continued high-return growth. Refined scoring models offer new opportunities here to structure the premiums flexibly and in line with risks. Another key area involves a planned increase in the assignment of claims to specialised lawyers in order to achieve a higher success rate and thereby greater customer satisfaction. In the future, claims will be processed more quickly, more simply and with greater legal security thanks to the planned introduction in 2010 of a new, electronically supported communication channel between lawyers and legal expenses insurers that was initiated by the UNIQA Group as an innovative measure. The goal of the new lawyers' portal is improved efficiency in the processing methods and an associated general increase in productivity.
Unfortunately, no relief is in sight for loss ratio in the storm risk segment. Countermeasures, such as rate segmentation by region, have already been introduced, and the Group will continue to follow the course charted already in 2008. We will also continue to expand the HORA system (Austrian Flood Risk Zoning System) in coming years in cooperation with the Insurance Association of Austria and the Ministry of Agriculture, Forestry, Environment and Water Management. The goal of this system is to create and refine a risk map that makes it possible to better assess possible natural dangers. In the area of natural dangers as well as other risk areas, such as burglary, UNIQA relies on various preventive measures to avoid losses. Examples of this can be found in the severe weather warnings offered by UNIQA as an exclusive service within the insurance industry as well as security checks for corporate customers and the pilot project "NummerSicher" for private customers.
The severe weather warnings offered by UNIQA since 2004 in Austria have already been successfully implemented in Poland, Romania, the Czech Republic and Hungary and should be introduced in additional countries in 2010. The trend toward a high number of break-ins throughout Austria predicted again by experts for 2010 is being met by UNQA with a "security offensive" that includes providing comprehensive information to customers about security and prevention.
In other areas, a subdued investment level is expected in property insurance, particularly among commercial customers. In order to continue to support the customers in this difficult phase, the strategy of complexity reduction and efficiency improvement – above all by offering standardised customer-oriented products – will be sustained. Increased productivity in sales, efficiency gains and process streamlining have already been successfully implemented in the private customer business. In 2010, the operational area should become an additional focus in this regard.
Further refinements in the private customer business will be seen in 2010 as well. For instance, additional security features are being integrated into the new private customer product introduced to the market in 2009. The goal of these models is an individual and risk-appropriate premium definition, in which we will naturally continue to pursue the goal of climate protection in accordance with the course already set jointly by Raiffeisen Versicherung and UNIQA. The features already present here in the current product will be carried over and further expanded.
A difficult market environment is expected in 2010 for motor vehicle insurance, as is also the case for the Austrian automobile market. Fewer new car sales compared with 2009 and the continuing trend toward the purchase of smaller, lower-performance models decreases the new customer potential as well as the average insurance premiums.
UNIQA is responding to this with a renewed focus on incomparable, unique products like driver protection and the innovative UNIQA Safe-Line package, in particular. The impressive success of this offer in the year 2009 leaves continued dynamic developments to be expected, especially since SafeLine contributes uniquely to improving customer loyalty with its safety features. The CarFinder function of SafeLine, for instance, is the best option for relocating vehicles in today's age of increased car thefts. This was confirmed in 2009 with a success rate of 100%.
Here as well, a focus is being placed on climate protection in the further development of the products. For the first time, UNIQA will offer insurance coverage for electric bicycles and Segways, and the Group will continue to offer premium advantages as incentives for customers who use more public transportation in addition to their cars. SafeLine is also a leader among motor vehicle insurance policies in the area of climate protection with its flexible environmental bonus for people who do little driving.
In 2010, UNIQA intends to honour the slogan "The insurance of a new generation" in the processing of motor vehicle claims as well. It will be possible for customers to easily report motor vehicle damage to UNIQA using an iPhone or BlackBerry. Not only can the correct location be determined by GPS, photos of the damage and the accident site are also easy to submit. This reduces the effort required of the customer while also simplifying and accelerating completion of the process. All of these new developments are also intended for the other Group companies as well. For example, the driver protection has already been put to use in Raiffeisen Versicherung and SafeLine in Hungary.
In the area of company liability insurance, the activities are focused on technical implementation of environmental cleanup costs insurance. Just shortly after the new statutory provisions entered into effect in summer of 2009, UNIQA provided this insurance protection to its customers, once again proving the Group's market leadership in this segment. A supplementary module for eHORA, developed in cooperation with the Austrian Insurance Association and the Austrian Ministry of Agriculture, Forestry, Environment and Water Management has also been available since February 2010 for risk assessment by allowing precise risk assessment for specific locations with regard to the categories of soil/water and biodiversity.
Particular importance continues to be given to providing technical insurance-related support to large, internationally active customers. For this reason, UNIQA has established an international key account management system in order to quickly and efficiently serve customers with cross-border insurance needs within the framework of an international programme.
UNIQA will address the continuing price pressure with targeted product innovations. In addition to continuation of the already familiar risk management measures, such as the Legionella precautions at hospitals or the cableway weather information system, additional product innovations were introduced and developed, like all-risk machine breakdown insurance and all-risk electronics insurance. A combination of multiple insurance lines – liability, technical insurance policies and transport – into a custom-tailored product for installation projects is also being developed.
A new premium package should promote sales in the area of business interruption insurance for freelancers in 2010. One particular highlight is the termination protection with which UNIQA foregoes its right of termination for the entire contract term in exchange for a higher premium. This addresses the security needs of the customers even better than before. Premium reimbursement in the absence of claims is automatically included.
Starting in the second half of 2010, UNIQA will also introduce a new accident rate structure that should make the offered product elements even more customer-friendly. The scope of benefits is being expanded for the key element of casualty insurance, "permanent invalidity". A significantly higher progression than before should offer customers more benefits in event of severe injury consequences. In 2010, it will also be possible for the first time in the UNIQA Group to conclude the purchase of a casualty insurance product online. As of mid-January, the sales partner ÖAMTC will offer a casualty insurance product from CALL DIRECT Versicherung AG, the direct insurer of the UNIQA Group Austria, at www.oeamtc.at.
In Eastern and South Eastern Europe as well, innovative, customeroriented products were introduced as part of a modular system and premiums were differentiated on a risk-specific basis through scoring.
The annual negotiation of the fees chargeable by hospitals and doctors is and remains one of the central tasks of Austrian private health insurance. Under UNIQA's leadership, these negotiations were concluded successfully with all contract parties once again for the year 2010. In view of the very low inflation rate and the relatively moderate cost of labour developments, it was generally possible to keep the conceded price increases at a very moderate level. In line with this, the premium adjustments for the insured were also lower than in previous years. However, this pleasant fact will naturally lead to somewhat lower growth in health insurance in 2010.
Of course, the development of the health insurance business will also be affected by the general economic situation. In this regard, 2010 so far appears to be a difficult year with continued increases in unemployment. On the other hand, the awareness of the need for private provisions in healthcare is certainly on the rise. For this reason, UNIQA expects demand and cancellations rates to remain stable.
This continuous development should be supported by the introduction of a new product for nursing care insurance in spring of 2010. The demand for serious insurance offers in this area in particular will increase significantly in the coming years. Another area of focus will be promoting the innovative offers in the area of prevention. UNIQA is so far the only insurance company with products that not only support a healthy lifestyle through concrete service benefits like VitalCoaching but also recognise it in the form of premium reimbursements. For corporate customers, the activities of the Business Health Management (BGM) programme are being further intensified and will also be financially supported. All of this is taking place against the background of a deep belief that the cost explosion associated with the increasing number of "diseases of civilisation" can only be counteracted through consistent promotion of health.
The central goal is keeping premiums affordable in the face of rising life expectancy, improved medical possibilities and lifestyle-related cost increases. For this reason, an additional emphasis for this year will be on promoting the product "Future Bonus", which can help significantly reduce premiumsfrom the age of 65 and older.
Under the auspices of the Association of Austrian Insurance Companies, a major project was kicked off at the start of 2010 that UNIQA will be working on during the coming years – presumably over the long term. Specifically, it involves developing quality criteria for medical treatment in cooperation with contract partners and making these criteria transparent to the customers while also using them as the basis for a differentiated fee structure. This should lead overall to a better decisionmaking basis for customers and incentives for further quality improvements by the medical contract partners.
A look outside the borders of Austria also shows how the activities begun in the area of health insurance during past years are bearing fruit. In Hungary, Poland, Croatia, Bosnia and Herzegovina, the Czech Republic, Albania and Ukraine, UNIQA is achieving attractive growth rates despite a sometimes difficult environment. To further support these activities, a second UNIQA VitalTruck has been ordered and should go into service in autumn of 2010. In many of the countries listed, out-patient medical care is guaranteed by outpatient clinics. The VitalTruck will be a kind of out-patient clinic on wheels – with the advantage that it travels directly to corporate customers, making it possible to offer the care much more efficiently. The truck will also be designed with an attractive and eyecatching appearance to make it a good symbol for "The insurance of a new generation".
Good future prospects exist in Germany for Mannheimer Krankenversicherung, a member of the UNIQA Group. After the change in government, a more sympathetic or at least a more stable regulatory environment can be expected. The small subsidiary in Geneva was able to extend the health insurance management contract with CERN and acquired another important international organisation as a customer in the form of the United Nations.
The UNIQA Group offers a comprehensive range of classic and unitlinked life insurance products. Within the framework of the free movement of services, the unit-linked life insurance products are also offered in Germany and Slovenia in their respective, country-specific versions.
In Austria, the UNIQA Group was able to further strengthen its leadership in the area of unit- and index-linked life insurance in 2009. This can be attributed primarily to "FlexSolution" from UNIQA and "My flexible life insurance" from Raiffeisen Versicherung and the very successful index-linked life insurance products like "Inflation Protection RZB Guarantee". The supplementary risk modules were further expanded in the area of "FlexSolution" in particular. The provision solutions of this nature available so far have enjoyed a positive reception among the customers, reaffirming UNIQA's strategy of offering customers products that they can individually adapt to their current life circumstances.
The state-subsidised pension provisions were also adapted to the current requirements, although this involved legislative changes. With the new "life cycle model", it will be possible to react to a specific stock market environment and optimally structure the stock ratio for the investor based on age. The goal is to offer customers greater yield prospects in their younger years on the basis of a higher stock ratio and to lower the share of stocks in stages toward the end of the term to avoid endangering the accumulated value. Building on this, two guarantee models are being offered for the first time in the form of the option model (1st guarantee date after 10 years) and the CPPI model (1st guarantee date after 15 or 20 years). The successful cooperation with Austria's largest investment company is being continued in its proven form.
Despite the difficult conditions due to the low interest level, innovative solutions that stand out among competing products thanks to their attractive features should once again be brought onto the market in 2010 in the area of index-linked life insurance.
The concept of "security" has taken on a new significance for customers during the last few years. Against this background, both classic and the new capital-oriented life insurance products are enjoying great popularity. For this reason, UNIQA and Raiffeisen Versicherung will make good use of the possibilities of life insurance based on capital investment in 2010 and restructure their offerings in this area. In the area of classic life insurance, the main focus of the sales activities will be on the burial costs insurance successfully started in 2009 as well as on occupational disability insurance. While corresponding awareness-raising has already been successful in the sensitive area of burial costs insurance, work is still required in regards to occupational disability insurance. However, the UNIQA Group not only offers products for the aspects of savings and risk but also strives to stand beside its customers during difficult life phases with appropriate solutions.
The cooperation between UNIQA and the Raiffeisen bank group will be further intensified in the year 2010 in the establishment and expansion of the bank sales in Central and Eastern Europe. The "Preferred Partnership" with Raiffeisen already encompasses the markets of Poland, the Czech Republic, Slovakia, Hungary, Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Romania, Bulgaria, Ukraine, Kosovo and, since October 2009, also Russia. The sometimes severe declines in the financing volumes have restricted the scope of business in combined banking and insurance products, but it was possible to partially compensate for the losses by introducing new product combinations and bundled offers. The sales activities are now focused more heavily on the sale of "standalone" insurance products, particularly capital-forming life insurance products. Over 10,000 new contracts for capital-forming life insurance policies were concluded in 2009 in a total of eight countries. The introduction of additional "stand-alone" products is planned.
Another focus lies on the development of synergies through shared use of the sales channels. Additional impulses, particularly in the area of life insurance, come from the cooperation with the Veneto Banca Gruppe in Italy. The cooperation agreement recently concluded at the end of 2009 lays out a long-term structure for this cooperation.
In the area of money laundering prevention, a precise spot check audit was implemented in 2009 based on an IT-supported, risk-oriented monitoring system in Austria. Since 2009, an internally developed guideline within the UNIQA Group has established international Group standards that should be successively implemented within the entire Group by the end of 2010. The standards encompass internal regulations, pertinent training modules, transaction and customer monitoring as well as intensified auditing and reporting. Other work planned for 2010 includes the creation of risk profiles for all companies of the UNIQA Group, risk-oriented categorisation of the customer base as well as increased use of joint IT solutions.
The cooperation between all Group companies should be further improved in 2010 with an international conference. Among other efforts, this should involve best practice examples that can help to improve synergy effects within the Group.
Group profit
Forecasts for the profit development are marked by a high level of uncertainty due to the continued uncertainties regarding economic developments. If the anticipated economic recovery sets in during 2010, we expect to see a stable trend in the growth of operating profit. Provided that there are no negative surprises on the capital markets or storms comparable to 2009, we consider an increase in the Group profit before taxes by 40% to 50% to be possible for the year 2010.
The most important features of the internal controlling and risk management system with regard to the financial reporting process are described in the Group Notes (Risk report).
The individual accounts of UNIQA Versicherungen AG, prepared in accordance with the Austrian Commercial Code, report an annual net profit for the 2009 financial year of €57,257,946.36 (2008: €53,190,348.20). The Management Board will propose to the Annual General Meeting on 31 May 2010 that this net profit be used for a dividend of 40 cents for each of the 142,985,217 dividend-entitled nopar shares issued as at the reporting date and the remaining amount carried forward onto new account.
Konstantin Klien Chairman of the Management Board
Member of the Management Board
Gottfried Wanitschek Member of the Management Board
Vienna, 6 April 2010
Andreas Brandstetter Vice Chairman of the Management Board
Hannes Bogner Member of the Management Board
Karl Unger
The UNIQA Group has committed itself since 2004 to compliance with the Austrian Code of Corporate Governance and publishes this compliance declaration both in the Group annual report and on the Group website under www.uniqagroup.com Î Investor Relations Î Corporate Governance. The Austrian Code of Corporate Governance is also publically available at www.corporate-governance.at.
Implementation and compliance with the individual rules of the code are annually evaluated by Univ.Prof.DDr. Waldemar Jud Corporate Governance Forschung CGF GmbH. Primarily on the basis of a questionnaire, this institution evaluates whether the company complies with the Austrian Code of Corporate Governance, as published by the Austrian Working Group on Corporate Governance. The report on the external evaluation in accordance with rule 62 of the Austrian Code of Corporate Governance can be found on the UNIQA Group website.
UNIQA declares its continued willingness to comply with the Austrian Code of Corporate Governance, as currently amended. In accordance with the code, the "L rules" (legal requirements) are all fully adhered to. However, UNIQA deviates from the provisions of the code in the version applicable for the reporting year with regard to the following "C rules" (comply or explain) and explains as follows:
UNIQA Versicherungen AG does not view individual publishing of the Management Board salaries to be meaningful or useful in consideration of data privacy issues and the right of privacy of the individual Management Board members.
Markus Mair is, in addition to his function as a member of the Supervisory Board of UNIQA Versicherungen AG, also on the Supervisory Board of Grazer Wechselseitige Versicherung Aktiengesellschaft and GRAWE-Vermögensverwaltung.
Due to the growth of UNIQA's shareholder structure and the special nature of the insurance business with regard to the investment of insurance assets, there are a number of contracts with individual members of the Supervisory Boards of related companies. As long as such contracts require approval by the Supervisory Board according to Section 95 paragraph 5 sub-para 12 of the Austrian Stock Corporation Act (rule 48), the details of these contracts cannot be made public for reasons of company policy and competition laws. In any case, all transactions are handled under customary market conditions.
UNIQA Versicherungen AG does not view individual publishing of the Supervisory Board compensation to be meaningful or useful in consideration of data privacy issues and the right of privacy of the individual Supervisory Board members.
Chairman
Country responsibility Austria
Supervisory Board appointments or comparable functions in other domestic and foreign companies not included in the Group financial statements
Country responsibility
Responsible for
Supervisory Board appointments or comparable functions in other domestic and foreign companies not included in the Group financial statements
Member of the Board of Directors of Takaful Emarat Insurance, UAE
Private customer business
IT
Country responsibility
Supervisory Board appointments or comparable functions in other domestic and foreign companies not included in the Group financial statements
Member of the Supervisory Board of Raiffeisen Informatik GmbH, Vienna
Country responsibility
Supervisory Board appointments or comparable functions in other domestic and foreign companies not included in the Group financial statements
The rules of procedure regulate the distribution of business and the cooperation of the Management Board. They also describe the notification and reporting obligations of the Management Board with respect to the Supervisory Board and stipulate a catalogue of measures that require approval by the Supervisory Board.
Chairman
Supervisory Board appointments in domestic and foreign listed companies
Supervisory Board appointments in domestic and foreign listed companies
First Vice Chairman of the Supervisory Board of Erste Group Bank AG, Vienna
Supervisory Board appointments in domestic and foreign listed companies
Chairman of the Supervisory Board of Raiffeisen International Bank-Holding AG, Vienna
Supervisory Board appointments in domestic and foreign listed companies
Born in 1938
Appointed since 17 September 1999 until 25 May 2009
Supervisory Board appointments in domestic and foreign listed companies
Born in 1956 Since 17 September 1999
Born in 1952 From 31 May 2000 to 1 September 2008 and since 15 April 2009
The Supervisory Board of UNIQA Versicherungen AG had five meetings in 2009.
Assigned by the Central Employee Council
Assigned by the Central Employee Council
Assigned by the Central Employee Council
The Supervisory Board advises the Management Board in its strategic planning and projects. It participates in the decisions assigned to it by statute, by the company articles and by its rules of procedure. The Supervisory Board is responsible for supervising the management of the company by the Management Board.
A Committee for Board Affairs of the Supervisory Board has been formed for handling the relationships between the company and the members of its Management Board relating to employment and salary (Section 92 paragraph 4 last clause of the Austrian Stock Corporation Act).
The appointed Working Committee of the Supervisory Board shall be called upon for decisions only if the urgency of the issue will not allow the decision to wait until the next meeting of the Supervisory Board. The evaluation of the urgency is the responsibility of the chairman. The decisions passed must be reported in the next meeting of the Supervisory Board. The Working Committee decides in principle on all issues that are the responsibility of the Supervisory Board; issues of particular important or stipulated by law are excepted, however.
The Audit Committee (Section 92 paragraph 4a Austrian Stock Corporation Act) performs the duties assigned to it by law. The Audit Committee of the Supervisory Board has the same membership as the Working Committee. The duties assigned to the Audit Committee by law are in some cases also handled by the Working Committee.
Finally, the Investment Committee advises the Management Board with regard to its investment policy; it has no decision-making authority.
In 2009, the Working Committee mainly discussed the profit developments of the Group, assessed the company strategy and made a series of decisions regarding measures to be taken. Alongside the Audit Committee, the Working Committee was also concerned with the reports of Internal Auditing regarding audit regions and significant audit discoveries based on executed audits. It also performed other duties assigned to the Audit Committee by law. The committee held five meetings in 2009 and made four decisions by circulating them in writing. In its meeting, the Committee for Board Affairs dealt with the legal employment formalities of the members of the Management Board. The Investment Committee had four meetings about the capital investment strategy and questions of the capital structure. In its meeting, the Audit Committee concentrated on all audit documents and the Management Board's proposed appropriation of profit and reported to the Supervisory Board. The various chairmen of the committees informed the members of the Supervisory Board about the meetings and their committee's work.
All selected members of the Supervisory Board have declared their independence under rule 53 of the Austrian Code of Corporate Governance.
A Supervisory Board member is considered independent if he or she is not in any business or personal relationship with the company or its Management Board that represents a material conflict of interests and is therefore capable of influencing the behaviour of the member.
UNIQA has established the following points as additional criteria for the independence of a Supervisory Board member:
The rules of procedure regulate the distribution of business and the cooperation of the Management Board. They also describe the notification and reporting obligations of the Management Board with respect to the Supervisory Board and stipulate a catalogue of measures that require approval by the Supervisory Board.
Members of the Management Board receive remunerations exclusively from UNIQA Versicherungen AG.
| 2009 € 000 |
2008 € 000 |
|
|---|---|---|
| The expenses for renumeration of Management Board members attributable to the reporting year amounted to: |
||
| Regular payments | 2,895 | 2,370 |
| Performance-related remunerations | 0 | 0 |
| Total | 2,895 | 2,370 |
| of which charged to operational subsidiaries | 2,750 | 2,252 |
| Former members of the Mangement Board and their surviving dependants were paid: |
2,522 | 2,624 |
| Because of pension commitments to these persons, the following provision was set up on 31 Dec. |
21,746 | 20,513 |
The remuneration to members of the Supervisory Board amounted to:
| 2009 € 000 |
2008 € 000 |
|
|---|---|---|
| For the current financial year (provision) | 323 | 391 |
| Meeting attendance fee | 35 | 44 |
| Total | 358 | 435 |
Former members of the Supervisory Board did not receive any remuneration.
The information according to Section 239 paragraph 1 of the Austrian Business Code in connection with Section 80b of the Insurance Supervisory Act, which must be included in the Notes as mandatory information for financial statements according to IFRS to release the company from the requirement to prepare financial statements in accordance with the Austrian Commercial Code, is defined for the individual financial statements according to the provisions of the Austrian Commercial Code, with expanded scope. In addition to the executive functions (Management Board) of UNIQA Versicherungen AG, the individual financial statements also include the earnings of the Management Boards of the subsidiaries, insofar as a legally binding basis exists with UNIQA Versicherungen AG.
A variable income component was made available to the members of the Management Board in the form of bonus agreements if they meet certain defined prerequisites for entitlement. This bonus will be provided as a one-time payment based on the earnings situation. The basis for determining the size of the bonus is the return on equity based on the IFRS consolidated financial statements of UNIQA Versicherungen AG. The Management Board reports to the Staff Committee on the balance sheet work involving the development of the Group's reserves. The Staff Committee can appropriately take changes to the reserves into account in determining the size of the bonus payments and establish an adjusted Group return on equity. No changes with respect to the previous year were made to the principles of the profit participation.
Retirement pensions, a pension for occupational invalidity as well as a widow's and orphan's pension have been established, whereby the pension entitlements are managed by ÖPAG Pensionskassen AG. The retirement pension is due in principle upon meeting the requirements for the old-age pension according to the General Social Security Act. In event of an earlier retirement, the pension claim is reduced. For the occupational invalidity pension and the pension for surviving dependants, flat rates are provided as a minimum pension.
Severance payments have been agreed upon based partially on the provisions of the Salaried Employee Act. The benefits are fundamentally retained in the event of termination of membership in the Management Board; however, a reduction rule applies.
Supervisory Board remuneration scheme
Remunerations to the Supervisory Board are decided at the Annual General Meeting as a total amount for the work in the past financial year. The remuneration amount applicable to the individual Supervisory Board members is based on the position within the Supervisory Board and the number of committee positions.
Such insurance exists, and the relevant costs are paid by UNIQA.
A comprehensive risk report (rule 67) is included in the Group notes beginning on p. 74. A description of the announcements made about the directors' dealings (rule 70) can also be found in the Corporate Governance area of the Group website.
Konstantin Klien Chairman of the Management Board
Andreas Brandstetter Vice Chairman of the Management Board
Vienna, 6 April 2010
Hannes Bogner Member of the Management Board
Karl Unger Member of the Management Board
Gottfried Wanitschek Member of the Management Board
as at 31 December 2009
| Assets | Notes | 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
1 Jan. 2008 € 000 |
|
|---|---|---|---|---|---|
| A. | Tangible assets | ||||
| I. Self-used land and buildings |
1 | 230,077 | 220,565 | 227,187 | |
| II. other tangible assets | 2 | 132,447 | 113,412 | 138,030 | |
| 362,524 | 333,977 | 365,218 | |||
| B. | Land and buildings held as financial investments | 3 | 1,433,091 | 1,147,634 | 1,014,259 |
| C. | Intangible assets | ||||
| I. Deferred acquisition costs |
4 | 877,394 | 872,003 | 873,462 | |
| II. Goodwill | 5 | 607,191 | 500,969 | 293,458 | |
| III. Other intangible assets | 6 | 31,875 | 34,424 | 39,273 | |
| 1,516,459 | 1,407,396 | 1,206,193 | |||
| D. | Shares in associated companies | 7 | 717,163 | 851,382 | 506,654 |
| E. | Investments | ||||
| I. Variable-yield securities |
|||||
| 1. Available for sale | 9 | 1,321,142 | 1,397,749 | 2,909,384 | |
| 2. At fair value through profit or loss | 706,219 | 948,998 | 975,953 | ||
| 2,027,361 | 2,346,747 | 3,885,337 | |||
| II. Fixed interest securities | |||||
| 1. Held to maturity | 8 | 340,000 | 448,957 | 0 | |
| 2. Available for sale | 9 | 9,879,620 | 8,605,679 | 11,132,745 | |
| 3. At fair value through profit or loss | 246,936 | 271,468 | 496,638 | ||
| 10,466,556 | 9,326,105 | 11,629,383 | |||
| III. Loans and other investments | |||||
| 1. Loans | 11 | 2,943,107 | 3,201,817 | 982,480 | |
| 2. Cash at credit institutions | 12 | 1,201,925 | 1,457,298 | 649,313 | |
| 3. Deposits with ceding companies | 12 | 136,149 | 129,405 | 118,908 | |
| 4,281,180 | 4,788,519 | 1,750,700 | |||
| IV. Derivative financial instruments | |||||
| 1. Variable-yield | 10 | 3,606 | 15,898 | 17,977 | |
| 2. Fixed interest | 10 | 8,252 | 3,179 | 42,252 | |
| 11,858 | 19,077 | 60,228 | |||
| 16,786,955 | 16,480,448 | 17,325,648 | |||
| F. | Investments held on account and at risk of life insurance policyholders | 24 | 3,473,553 | 2,642,462 | 2,470,340 |
| G. | Share of reinsurance in technical provisions | ||||
| I. Provision for unearned premiums |
19 | 20,341 | 26,853 | 6,168 | |
| II. Actuarial provision | 20 | 448,599 | 431,387 | 408,653 | |
| III. Provision for outstanding claims | 21 | 293,762 | 265,344 | 321,507 | |
| IV. Provision for profit-unrelated premium refunds | 22 | 99 | 225 | 365 | |
| V. Provision for profit-related premium refunds, i.e. policyholder profit sharing | 22 | 0 | 0 | 0 | |
| VI. Other technical provisions | 3,649 | 5,529 | 3,029 | ||
| 23 | 766,450 | 729,338 | 739,722 | ||
| H. | Share of reinsurance in technical provisions held on account and | ||||
| at risk of life insurance policyholders | 24 | 382,338 | 382,480 | 346,868 | |
| I. | Receivables including receivables under insurance business | 13 | |||
| I. Reinsurance receivables |
52,558 | 46,766 | 67,795 | ||
| II. Other receivables | 916,653 | 835,119 | 695,198 | ||
| III. Other assets | 50,690 | 50,432 | 43,383 | ||
| 1,019,902 | 932,317 | 806,377 | |||
| J. | Receivables from income tax | 14 | 40,348 | 54,077 | 51,253 |
| K. | Deferred tax assets | 15 | 96,295 | 69,096 | 77,055 |
| L. | Liquid funds | 797,658 | 567,853 | 647,133 | |
| Total assets | 27,392,735 | 25,598,461 | 25,556,720 |
| Equity and liabilities | Notes | 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
1 Jan. 2008 € 000 |
|
|---|---|---|---|---|---|
| A. | Total equity | ||||
| I. Shareholders' equity |
16 | ||||
| 1. Subscribed capital and capital reserves | 540,681 | 390,681 | 206,305 | ||
| 2. Revenue reserves | 724,523 | 809,227 | 885,532 | ||
| 3. Revaluation reserves | 10,600 | 11,570 | 184,506 | ||
| 4. Group total profit | 57,258 | 53,190 | 60,037 | ||
| 1,333,063 | 1,264,668 | 1,336,380 | |||
| II. Minority interests in shareholders' equity | 17 | 231,720 | 194,108 | 195,843 | |
| 1,564,782 | 1,458,776 | 1,532,223 | |||
| B. | Subordinated liabilities | 18 | 575,000 | 580,544 | 575,000 |
| C. | Technical provisions | ||||
| I. Provision for unearned premiums |
19 | 552,569 | 521,637 | 428,251 | |
| II. Actuarial provision | 20 | 16,055,368 | 15,601,625 | 15,166,700 | |
| III. Provision for outstanding claims | 21 | 2,299,943 | 2,175,342 | 2,161,560 | |
| IV. Provision for profit-unrelated premium refunds | 22 | 47,588 | 46,135 | 48,231 | |
| V. Provision for profit-related premium refunds, i.e. policyholder profit sharing | 22 | 196,565 | –5,229 | 389,696 | |
| VI. Other technical provisions | 47,677 | 49,452 | 38,492 | ||
| 23 | 19,199,710 | 18,388,962 | 18,232,930 | ||
| D. | Technical provisions for life insurance policies held on account and at risk of life insurance policyholders |
24 | 3,416,231 | 2,579,997 | 2,412,937 |
| E. | Financial liabilities | ||||
| I. Liabilities from loans |
25 | 55,356 | 189,053 | 185,900 | |
| II. Derivatives | 10 | 26,939 | 7,087 | 12,342 | |
| 82,295 | 196,140 | 198,242 | |||
| F. | Other provisions | ||||
| I. Pensions and similar provisions |
26 | 466,837 | 436,478 | 509,541 | |
| II. Other provisions | 27 | 192,327 | 207,919 | 194,272 | |
| 659,164 | 644,397 | 703,813 | |||
| G. | Payables and other liabilities | 28 | |||
| I. Reinsurance liabilities |
872,587 | 869,258 | 796,780 | ||
| II. Other payables | 650,881 | 567,129 | 720,778 | ||
| III. Other liabilities | 10,854 | 11,122 | 9,483 | ||
| 1,534,321 | 1,447,509 | 1,527,041 | |||
| H. | Liabilities from income tax | 29 | 48,732 | 57,294 | 41,618 |
| I. | Deferred tax liabilities | 30 | 312,499 | 244,841 | 332,916 |
| Total equity and liabilities | 27,392,735 | 25,598,461 | 25,556,720 |
In the year 2009, the following changes were made in the allocation and adjusted in the values as at 31 December 2008, as at 1 January 2008 and in the consolidated income statement:
Supplementary capital bonds were reclassified from item E.I.1. Variable yield securities available for sale to item E.II.2. Fixed interest securities available for sale (€ 845,407,000).
In accordance with the regulation of the financial market supervisory authority, the reporting of the hidden co-insurance (IWD) was adjusted, which resulted in movements between the items of the overall accounting and the reinsurance.
Based on the determination by the Swiss supervisory authority that a management contract previously held as an insurance contract poses no significant actuarial risk, the management fee for this transaction will now only be reported under other income (€ 14,000) starting in 2009. The premiums written and earned (€40,238,000), the insurance benefits (€38,929,000) as well as the operating expenses (€1,324,000) were therefore also adjusted by the specified amounts in the comparison numbers for 2008.
from 1 January to 31 December 2009
| Notes | 2009 | 2008 | |
|---|---|---|---|
| € 000 | € 000 | ||
| 1. | Premiums written (retained) 31 |
||
| a) Gross | 5,011,651 | 4,942,220 | |
| b) Reinsurer's share | –217,254 | –211,048 | |
| 4,794,398 | 4,731,172 | ||
| 2. | Change due to premiums earned (retained) | ||
| a) Gross | –17,445 | –41,006 | |
| b) Reinsurer's share | –6,796 | –32 | |
| –24,240 | –41,038 | ||
| 3. | Premiums earned (retained) 32 |
||
| a) Gross | 4,994,207 | 4,901,214 | |
| b) Reinsurer's share | –224,049 | –211,080 | |
| 4,770,158 | 4,690,134 | ||
| 4. | Income from fees and commissions 33 |
||
| Reinsurance commissions and profit shares from reinsurance business ceded | 14,821 | 16,127 | |
| 5. | Net investment income 34 |
751,603 | 227,596 |
| of which profit from associated companies | –62,295 | 143,142 | |
| 6. | Other income 35 |
60,624 | 80,008 |
| Total income | 5,597,207 | 5,013,864 | |
| 7. | Insurance benefits 36 |
||
| a) Gross | –4,282,394 | –3,655,707 | |
| b) Reinsurer's share | 227,953 | 133,013 | |
| –4,054,442 | –3,522,693 | ||
| 8. | Operating expenses 37 |
||
| a) Acquisition costs | –854,353 | –866,431 | |
| b) Other operating expenses | –429,396 | –385,778 | |
| –1,283,750 | –1,252,210 | ||
| 9. | Other expenses 38 |
–123,052 | –99,430 |
| 10. | Amortisation of goodwill | –18,543 | –10,530 |
| Total expenses | –5,479,787 | –4,884,863 | |
| 11. | Operating profit | 117,420 | 129,002 |
| 12. | Financing costs | –35,091 | –38,785 |
| 13. | Profit on ordinary activities | 82,328 | 90,217 |
| 14. | Income taxes 39 |
–39,596 | –23,470 |
| 15. | Net profit | 42,732 | 66,748 |
| of which consolidated profit | 14,115 | 53,308 | |
| of which minority interests | 28,618 | 13,440 | |
| Earnings per share in1) € 16 |
0.11 | 0.44 | |
| Average number of shares in circulation | 131,723,521 | 121,064,534 |
1) The diluted earnings per share is equal to the undiluted earnings per share. Calculated on the basis of the consolidated profit.
from 1 January to 31 December 2009
| 2009 | 2008 | |
|---|---|---|
| € 000 | € 000 | |
| Net profit | 42,732 | 66,748 |
| Foreign currency translation | ||
| Gains (losses) recognised in equity | –22,096 | –57,907 |
| Included in the income statement | 0 | 54 |
| Unrealised gains and losses on investments | ||
| Gains (losses) recognised in equity | 231,601 | –338,010 |
| Gains (losses) recognised in equity - Deferred tax | –21,962 | 90,846 |
| Gains (losses) recognised in equity - Deferred profit participation | –170,142 | –31,516 |
| Included in the income statement | –10,533 | 121,172 |
| Included in the income statement - Deferred tax | 7,576 | –39,476 |
| Included in the income statement - Deferred profit participation | –16,362 | 8,555 |
| Change resulting from valuation at equity | ||
| Gains (losses) recognised in equity | –22,427 | –3,237 |
| Included in the income statement | 0 | 0 |
| Other changes1) | 2,113 | –125 |
| Income and expense recognised directly in equity | –22,232 | –249,644 |
| Total recognised income and expense | 20,500 | –182,896 |
| Of which | ||
| Attributable to UNIQA Versicherungen AG equity holders | –29,264 | –181,551 |
| Attributable to minority interests | 49,764 | –1,346 |
| Changes in accordance with IAS 8 | 0 | 0 |
1) The other changes result primarily from currency fluctuations.
from 1 January to 31 December 2009
| 2009 € 000 |
2008 € 000 |
|
|---|---|---|
| Net profit including minority interests | ||
| Net profit | 42,732 | 66,748 |
| of which interest and dividend payments | –8,518 | 37,602 |
| Minority interests | –28,618 | –13,440 |
| Change in technical provisions (net) | 1,588,280 | 188,581 |
| Change in deferred acquisition costs | –5,390 | 1,459 |
| Change in amounts receivable and payable from direct insurance | 41,632 | –26,021 |
| Change in other amounts receivable and payable | –92,788 | –156,183 |
| Change in securities at fair value through profit or loss | 274,531 | 293,276 |
| Realised gains/losses on the disposal of investments | –930,298 | –446,831 |
| Depreciation/appreciation of other investments | 262,637 | 522,715 |
| Change in provisions for pensions and severance payments | 30,359 | –73,063 |
| Change in deferred tax assets/liabilities | 30,539 | –80,115 |
| Change in other balance sheet items | –12,166 | 60,063 |
| Change in goodwill and intangible assets | –21,962 | –1,778 |
| Other non-cash income and expenses as well as accounting period adjustments | –42,410 | –68,448 |
| Net cash flow from operating activities | 1,137,078 | 266,962 |
| of which cash flow from income tax | –23,385 | –43,177 |
| Receipts due to disposal of consolidated companies and other business units | 254,983 | 449,309 |
| Payments due to acquisition of consolidated companies and other business units | –273,129 | –928,619 |
| Receipts due to disposal and maturity of other investments | 10,878,155 | 9,854,721 |
| Payments due to acquisition of other investments | –10,941,012 | –9,687,349 |
| Change in investments held on account and at risk of life insurance policyholders | –831,090 | –172,123 |
| Net cash flow used in investing activities | –912,094 | –484,061 |
| Change in investments in own shares | 0 | –8,296 |
| Share capital increase | 150,000 | 184,375 |
| Dividend payments | –52,341 | –59,714 |
| Receipts and payments from other financing activities | –139,242 | 8,698 |
| Net cash flow used in financing activities | –41,583 | 125,063 |
| Change in cash and cash equivalents | 183,401 | –92,036 |
| Change in cash and cash equivalents due to foreign currency translation | –2,132 | –215 |
| Change in cash and cash equivalents due to acquisition/disposal of consolidated companies | 48,535 | 12,971 |
| Cash and cash equivalents at beginning of period | 567,853 | 647,133 |
| Cash and cash equivalents at end of period | 797,658 | 567,853 |
| of which cash flow from income tax | –23,385 | –43,177 |
The cash and cash equivalents correspond to item L. of the assets: Liquid funds.
| Subscribed capital and capital reserves |
Revaluation reserve | Revenue reserves including reserves for own shares |
||
|---|---|---|---|---|
| € 000 | € 000 | € 000 | ||
| As at 31 Dec. 2007 | 206,305 | 184,506 | 888,093 | |
| Changes due to: | ||||
| Capital increase | 184,375 | |||
| Change in consolidation scope | –6,527 | |||
| Dividends to shareholders | ||||
| Income and expenses according to the statement of income | –172,937 | –61,481 | ||
| As at 31 Dec. 2008 | 390,681 | 11,570 | 820,085 | |
| Changes due to: | ||||
| Capital increase | 150,000 | |||
| Change in consolidation scope | ||||
| Dividends to shareholders | ||||
| Own shares | ||||
| Income and expenses according to the statement of income | –969 | –84,704 | ||
| As at 31 Dec. 2009 | 540,681 | 10,600 | 735,381 |
| Total | Minority | Equity | Profits carried forward | Holding of |
|---|---|---|---|---|
| equity | interests | and net profit for the year |
own shares | |
| € 000 | € 000 | € 000 | € 000 | € 000 |
| 1,532,223 | 195,843 | 1,336,380 | 60,037 | –2,561 |
| 184,375 | 184,375 | |||
| 1,997 | 8,524 | –6,527 | ||
| –68,627 | –8,913 | –59,714 | –59,714 | |
| –182,896 | –1,346 | –181,551 | 52,867 | |
| 1,458,776 | 194,108 | 1,264,668 | 53,190 | –10,857 |
| 150,000 | 150,000 | |||
| –3,717 | –3,717 | |||
| –60,777 | –8,436 | –52,341 | –52,341 | |
| 20,500 | 49,764 | –29,264 | 56,409 | |
| 1,564,782 | 231,720 | 1,333,063 | 57,258 | –10,857 |
| Property and casualty | Health | ||||
|---|---|---|---|---|---|
| 31 Dec. 2009 | 31 Dec. 2008 | 31 Dec. 2009 | 31 Dec. 2008 | ||
| € 000 | € 000 | € 000 | € 000 | ||
| Assets | |||||
| A. Tangible assets |
189,425 | 203,023 | 29,693 | 13,344 | |
| B. Land and buildings held as financial investments |
377,011 | 354,144 | 285,541 | 186,666 | |
| C. Intangible assets |
595,092 | 486,122 | 233,387 | 225,299 | |
| D. Shares in associated companies |
120,188 | 191,928 | 0 | 103,781 | |
| E. Investments |
2,683,346 | 2,731,826 | 2,170,268 | 2,026,471 | |
| F. Investments held on account and at risk of life insurance policyholders |
0 | 0 | 0 | 0 | |
| G. Share of reinsurance in technical provisions |
305,285 | 285,418 | 2,709 | 2,268 | |
| H. Share of reinsurance in technical provisions held on account and at risk of life insurance policyholders |
0 | 0 | 0 | 0 | |
| I. Receivables including receivables under insurance business |
625,437 | 615,940 | 213,443 | 162,596 | |
| J. Receivables from income tax |
28,899 | 25,341 | 1,258 | 3,397 | |
| K. Deferred tax assets |
80,958 | 63,663 | 527 | –429 | |
| L. Liquid funds |
232,910 | 196,726 | 181,642 | 121,614 | |
| Total segment assets | 5,238,551 | 5,154,132 | 3,118,468 | 2,845,008 | |
| Equity and Liabilities | |||||
| B. Subordinated liabilities |
335,000 | 340,544 | 0 | 0 | |
| C. Technical provisions |
2,658,848 | 2,521,257 | 2,622,190 | 2,464,667 | |
| D. Technical provisions for life insurance policies |
|||||
| held on account and at risk of life insurance policyholders | 0 | 0 | 0 | 0 | |
| E. Financial liabilities |
35,116 | 183,788 | 34,107 | 3,300 | |
| F. Other provisions |
611,441 | 602,801 | 20,197 | 8,030 | |
| G. Payables and other liabilities |
1,041,905 | 904,225 | 69,479 | 47,958 | |
| H. Liabilities from income tax |
42,880 | 47,919 | 2,162 | 8,824 | |
| I. Deferred tax liabilities |
198,246 | 196,759 | 73,449 | 43,747 | |
| Total segment liabilities | 4,923,436 | 4,797,293 | 2,821,584 | 2,576,526 |
| Life | Consolidation | Group | |||
|---|---|---|---|---|---|
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
| 143,406 | 117,609 | 0 | 0 | 362,524 | 333,977 |
| 770,539 | 606,823 | 0 | 0 | 1,433,091 | 1,147,634 |
| 687,980 | 695,975 | 0 | 0 | 1,516,459 | 1,407,396 |
| 596,975 | 555,673 | 0 | 0 | 717,163 | 851,382 |
| 12,293,992 | 12,146,838 | –360,651 | –424,687 | 16,786,955 | 16,480,448 |
| 3,473,553 | 2,642,462 | 0 | 0 | 3,473,553 | 2,642,462 |
| 458,456 | 441,652 | 0 | 0 | 766,450 | 729,338 |
| 382,338 | 382,480 | 0 | 0 | 382,338 | 382,480 |
| 901,783 | 762,981 | –720,762 | –609,200 | 1,019,902 | 932,317 |
| 10,191 | 25,339 | 0 | 0 | 40,348 | 54,077 |
| 14,810 | 5,862 | 0 | 0 | 96,295 | 69,096 |
| 383,106 | 249,513 | 0 | 0 | 797,658 | 567,853 |
| 20,117,129 | 18,633,208 | –1,081,413 | –1,033,887 | 27,392,735 | 25,598,461 |
| 270,000 | 270,000 | –30,000 | –30,000 | 575,000 | 580,544 |
| 13,918,159 | 13,399,359 | 512 | 3,678 | 19,199,710 | 18,388,962 |
| 3,416,231 | 2,579,997 | 0 | 0 | 3,416,231 | 2,579,997 |
| 218,788 | 215,966 | –205,716 | –206,913 | 82,295 | 196,140 |
| 27,526 | 33,567 | 0 | 0 | 659,164 | 644,397 |
| 1,265,080 | 1,290,935 | –842,143 | –795,609 | 1,534,321 | 1,447,509 |
| 3,691 | 551 | 0 | 0 | 48,732 | 57,294 |
| 40,804 | 4,335 | 0 | 0 | 312,499 | 244,841 |
| 19,160,280 | 17,794,709 | –1,077,347 | –1,028,844 | 25,827,952 | 24,139,685 |
| Shareholders' equity and minority interests | 1,564,782 | 1,458,776 | |||
| Total equity and liabilities | 27,392,735 | 25,598,461 | |||
The amounts indicated have been adjusted to eliminate amounts resulting from segment-internal transactions. Therefore the balance of segment assets and segment liabilities does not allow conclusions to be drawn with regard to the equity allocated to the respective segment.
| Property and casualty | Health | ||||
|---|---|---|---|---|---|
| 2009 € 000 |
2008 € 000 |
2009 € 000 |
2008 € 000 |
||
| 1. a) Gross premium written |
2,470,840 | 2,418,190 | 937,467 | 907,319 | |
| 1. Premiums written (retained) |
2,325,158 | 2,282,537 | 935,120 | 905,939 | |
| 2. Change due to premiums earned (retained) |
–26,007 | –32,827 | –1,241 | 315 | |
| 3. Premiums earned (retained) |
2,299,151 | 2,249,710 | 933,879 | 906,254 | |
| 4. Income from fees and commissions |
13,697 | 12,304 | 113 | 103 | |
| 5. Net investment income |
117,329 | 60,597 | 96,852 | 17,475 | |
| 6. Other income |
62,590 | 74,573 | 2,711 | 1,204 | |
| 7. Insurance benefits |
–1,562,407 | –1,443,949 | –811,779 | –770,755 | |
| 8. Operating expenses |
–811,264 | –759,557 | –128,629 | –132,949 | |
| 9. Other expenses |
–93,067 | –71,353 | –5,250 | –1,822 | |
| 10. Amortisation of goodwill |
–12,837 | 0 | 0 | 0 | |
| 11. Operating profit |
13,193 | 122,325 | 87,898 | 19,511 | |
| 12. Financing costs |
–21,013 | –24,220 | –549 | 0 | |
| 13. Profit on ordinary activities |
–7,820 | 98,106 | 87,349 | 19,511 | |
| 14. Income taxes |
–15,174 | –8,982 | –20,146 | –4,400 | |
| 15. Net profit |
–22,994 | 89,124 | 67,203 | 15,110 | |
| of which consolidated profit | –21,977 | 68,836 | 52,212 | 9,574 | |
| of which minority interests | –1,017 | 20,287 | 14,990 | 5,536 |
| Property and casualty | Health | ||||
|---|---|---|---|---|---|
| 2009 € 000 |
2008 € 000 |
2009 € 000 |
2008 € 000 |
||
| Goodwill | |||||
| Change in impairment for current year | 0 | 0 | 0 | 0 | |
| of which reallocation affecting income | 0 | 0 | 0 | 0 | |
| Investments | |||||
| Change in impairment for current year | –22,173 | –51,830 | –15,505 | –43,099 | |
| of which reallocation/reinstatement of original values affecting income | –22,173 | –51,830 | –15,505 | –43,099 |
| Life | Consolidation | Group | |||
|---|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | 2009 | 2008 |
| € 000 | € 000 | € 000 | € 000 | € 000 | € 000 |
| 1,628,017 | 1,653,325 | –24,672 | –36,615 | 5,011,651 | 4,942,220 |
| 1,547,040 | 1,573,420 | –12,921 | –30,724 | 4,794,398 | 4,731,172 |
| –1,046 | –3,254 | 4,053 | –5,272 | –24,240 | –41,038 |
| 1,545,995 | 1,570,166 | –8,868 | –35,996 | 4,770,158 | 4,690,134 |
| 5,407 | 6,377 | –4,395 | –2,657 | 14,821 | 16,127 |
| 538,758 | 150,925 | –1,336 | –1,401 | 751,603 | 227,596 |
| 17,875 | 14,548 | –22,552 | –10,317 | 60,624 | 80,008 |
| –1,690,380 | –1,328,260 | 10,125 | 20,270 | –4,054,442 | –3,522,693 |
| –346,064 | –369,739 | 2,207 | 10,035 | –1,283,750 | –1,252,210 |
| –50,462 | –43,408 | 25,726 | 17,153 | –123,052 | –99,430 |
| –5,707 | –10,530 | 0 | 0 | –18,543 | –10,530 |
| 15,421 | –9,921 | 908 | –2,913 | 117,420 | 129,002 |
| –13,529 | –14,565 | 0 | 0 | –35,091 | –38,785 |
| 1,892 | –24,486 | 908 | –2,913 | 82,328 | 90,217 |
| –4,276 | –10,087 | 0 | 0 | –39,596 | –23,470 |
| –2,384 | –34,573 | 908 | –2,913 | 42,732 | 66,748 |
| –17,028 | –22,189 | 908 | –2,913 | 14,115 | 53,308 |
| 14,644 | –12,383 | 0 | 0 | 28,618 | 13,440 |
| Life | Consolidation | Group | |||
|---|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | 2009 | 2008 |
| € 000 | € 000 | € 000 | € 000 | € 000 | € 000 |
| –7,418 | 0 | 0 | 0 | –7,418 | 0 |
| –7,418 | 0 | 0 | 0 | –7,418 | 0 |
| –203,349 | –387,373 | 0 | 0 | –241,027 | –482,302 |
| –203,349 | –387,373 | 0 | 0 | –241,027 | –482,302 |
| Premiums earned (retained) | Net investment income | ||||
|---|---|---|---|---|---|
| 2009 € 000 |
2008 € 000 |
2009 € 000 |
2008 € 000 |
||
| Western Europe (incl. Austria) | 4,038,185 | 3,879,222 | 705,164 | 173,326 | |
| Austria | 3,028,391 | 2,957,792 | 617,943 | 97,602 | |
| Other Europe | 1,750,634 | 1,768,338 | 142,627 | 138,569 | |
| Western Europe | 1,009,793 | 921,430 | 87,221 | 75,724 | |
| Italy | 291,411 | 214,251 | 48,980 | 37,045 | |
| Germany | 323,454 | 298,865 | 28,626 | 43,390 | |
| Switzerland | 392,286 | 404,912 | 12,225 | –6,761 | |
| Liechtenstein | 2,642 | 3,402 | –95 | 2,049 | |
| The Netherlands | 0 | 0 | –2,516 | 2 | |
| Eastern Europe | 740,841 | 846,908 | 55,406 | 62,846 | |
| Poland | 325,161 | 464,871 | 12,187 | 16,832 | |
| Hungary | 67,723 | 87,916 | 13,494 | 31,526 | |
| Czech Republic | 99,097 | 104,562 | 6,868 | –557 | |
| Bulgaria | 27,152 | 42,995 | –304 | 1,076 | |
| Slovakia | 51,939 | 46,226 | 3,728 | 3,293 | |
| Ukraine | 30,487 | 29,674 | 1,495 | 1,160 | |
| Romania | 76,605 | 20,234 | 9,896 | 2,159 | |
| Serbia | 26,027 | 19,953 | 5,483 | 4,493 | |
| Croatia | 20,544 | 16,341 | 1,553 | 1,678 | |
| Bosnia and Herzegovina | 13,802 | 13,464 | 1,142 | 1,737 | |
| other | 2,304 | 674 | –135 | –551 | |
| Total before consolidation | 4,779,025 | 4,726,130 | 760,570 | 236,172 | |
| Consolidation (based on geographic segments) | –8,868 | –35,996 | –8,967 | –8,576 | |
| In the consolidated financial statements | 4,770,158 | 4,690,134 | 751,603 | 227,596 |
The investment income and profit on ordinary activity by region are presented adjusted for the capital consolidation effects contained in the investment income. The consolidation item includes the expenditure and income consolidation from operational business relations between Group companies on the basis of geographic segments.
| Insurance benefits (net) | Operating expenses | Profit on ordinary activities | |||
|---|---|---|---|---|---|
| 2009 € 000 |
2008 € 000 |
2009 € 000 |
2008 € 000 |
2009 € 000 |
2008 € 000 |
| –3,526,615 | –2,932,527 | –1,087,438 | –1,061,547 | 74,876 | 42,758 |
| –2,736,831 | –2,273,314 | –749,534 | –716,589 | 74,115 | –5,250 |
| –1,327,736 | –1,269,649 | –661,664 | –670,255 | 15,877 | 86,347 |
| –789,784 | –659,212 | –337,904 | –344,959 | 762 | 48,007 |
| –271,854 | –156,123 | –68,876 | –77,010 | 4,393 | 18,182 |
| –229,517 | –239,792 | –137,003 | –128,981 | 9,547 | 14,859 |
| –287,361 | –258,674 | –128,799 | –134,772 | –10,413 | 18,764 |
| –1,052 | –4,623 | –3,226 | –4,195 | –249 | –3,799 |
| 0 | 0 | 0 | 0 | –2,516 | 2 |
| –537,951 | –610,437 | –323,760 | –325,296 | 15,115 | 38,339 |
| –288,695 | –409,869 | –64,574 | –74,519 | –431 | 6,473 |
| –26,323 | –30,953 | –60,928 | –74,339 | 8,586 | 25,525 |
| –59,754 | –51,680 | –53,776 | –55,399 | 13,062 | 13,504 |
| –15,753 | –23,402 | –20,077 | –26,725 | –4,505 | 1,484 |
| –28,887 | –26,990 | –33,437 | –30,825 | 7,737 | 4,600 |
| –13,840 | –11,776 | –18,493 | –19,720 | –1,584 | –9,381 |
| –62,346 | –21,573 | –36,134 | –9,732 | –4,585 | –231 |
| –17,344 | –12,899 | –13,810 | –15,301 | 339 | –3,062 |
| –14,897 | –12,887 | –11,891 | –10,981 | 225 | –175 |
| –8,739 | –8,003 | –6,305 | –6,233 | 168 | 1,433 |
| –1,374 | –405 | –4,335 | –1,523 | –3,895 | –1,831 |
| –4,064,566 | –3,542,964 | –1,411,198 | –1,386,843 | 89,991 | 81,097 |
| 10,125 | 20,270 | 127,449 | 134,634 | –7,663 | 9,120 |
| –4,054,442 | –3,522,693 | –1,283,750 | –1,252,210 | 82,328 | 90,217 |
As a publicly listed company, UNIQA is obligated to prepare its consolidated financial statements according to internationally accepted accounting principles. In accordance with Section 245a of the Austrian Commercial Code, the company has prepared the consolidated financial statements exclusively in agreement with the International Financial Reporting Standards (IFRS) as applied within the European Union. These consolidated financial statements and group management report therefore do not follow the accounting principles according to the Insurance Supervisory Act, rather the International Financial Reporting Standards (IFRS) and the International Accounting Standards (IAS) in the versions applicable to this reporting period. IFRS 8 "Operating Segments" as issued in November 2006 was applied for the first time in the 1st quarter of 2008. This means that the main business fields described in the primary segment reporting – property and casualty insurance, health insurance and life insurance – were used for reporting according to IFRS 8. No early application of other modified standards was performed.
Since 2005, UNIQA Versicherungen AG has applied IFRS 4 published in 2004 for insurance policies. This standard demands that the methods of accounting and valuation be largely unaltered with regard to the technical items.
The present Group financial statements were therefore prepared, as in previous years, in compliance with IFRS 4 and in accordance with the regulations of the US Generally Accepted Accounting Principles (US-GAAP). For balancing the accounts and evaluation of the insurancespecific entries of the life insurer with profit participation, FAS 120 was observed; FAS 60 was applied for specific items in the health, property and casualty insurance and FAS 113 in the area of reinsurance. The unit-linked life insurance, where the policyholder bears the investment risk, is stated according to FAS 97.
The financial instruments were balanced in accordance with IAS 39 including the information required by IFRS 7, as most recently amended in November 2009. Aside from recording the securities under "Held to maturity", "Available for sale", "At fair value through profit or loss" and "Derivative financial instruments (held for trading)", additional disclosures for securities available for sale are reported in the following investment categories, which were utilised for the internal risk reports:
The UNIQA Group implemented the changes of IAS 1 and IFRS 7 on 1 January 2009. IAS 1 requires listing of a full income statement, which must contain the net profit and the income and expenditures recorded directly in the equity. The full income statement is shown as a separate table under the consolidated income statement. The changes to IFRS 7 introduce a three-level hierarchy for reporting valuations at current market value. The required information is reported in item 9 (Securities available for sale).
In addition to the annual financial statement of UNIQA Versicherungen AG, the Group financial statements include the financial statements of all subsidiaries at home and abroad. Thirty-four affiliated companies did not form part of the consolidated Group. They were only of minor significance, even if taken together, for the presentation of a true and fair view of the Group's assets, financial position and income. Therefore the scope of consolidation contains – in addition to UNIQA Versicherungen AG – 47 domestic and 84 foreign subsidiaries in which UNIQA Versicherungen AG held the majority of voting rights.
The scope of consolidation was extended in the reporting period by the following companies:
| Date of initial inclusion |
Net profit | Acquired shares | Acquisition costs | Goodwill 31 Dec. 2009 |
|
|---|---|---|---|---|---|
| € million | % | € million | € million | ||
| Raiffeisen Life IC LLC, Moscow | 1.1.2009 | –1.6 | 100.0 | 1.5 | 0.1 |
| EZL Entwicklung Zone Lassallestraße GmbH & Co. KG, | |||||
| Vienna | 1.1.2009 | 2.2 | 99.9 | 51.8 | 0.0 |
| BSIC Holding GmbH, Kiev | 1.4.2009 | 0.0 | 100.0 | 0.0 | 0.0 |
| Privatklinik Wehrle GmbH, Salzburg | 1.4.2009 | 0.0 | 100.0 | 0.0 | 0.0 |
| PKM Handels- und Beteiligungsgesellschaft m.b.H., Vienna |
1.4.2009 | –0.7 | 100.0 | 0.0 | 0.0 |
| Privatklinik Döbling GmbH, Vienna | 1.4.2009 | 0.0 | 100.0 | 0.0 | 0.0 |
| Privatklinik Josefstadt GmbH, Vienna | 1.4.2009 | 0.1 | 100.0 | 0.0 | 0.0 |
| Privatklinik Graz Ragnitz GmbH, Vienna | 1.4.2009 | 1.5 | 100.0 | 0.0 | 0.0 |
| Ambulatorien Betriebsgesellschaft m.b.H., Vienna | 1.4.2009 | 0.2 | 100.0 | 0.0 | 0.0 |
| RVCM GmbH, Vienna | 1.4.2009 | 0.0 | 50.0 | 0.0 | 0.0 |
| PKB Privatkliniken Beteiligungs-GmbH1) | 1.4.2009 | –8.1 | 75.0 | 47.3 | 0.0 |
| PremiaMed Management GmbH1) | 1.4.2009 | 0.6 | 75.0 | 2.5 | 1.8 |
| Syntegra S.R.L., Cluj-Napoca | 1.10.2009 | 0.0 | 60.0 | 0.0 | 0.0 |
| Insdata spol s.r.o., Nitra | 1.10.2009 | 0.3 | 98.0 | 0.0 | 0.0 |
| UNIQA Life SpA, Milan | 31.12.2009 | 0.0 | 90.0 | 78.5 | 73.4 |
| Fleischmarkt Inzersdorf Vermietungs GmbH, Vienna | 31.12.2009 | –0.1 | 100.0 | 4.9 | 0.0 |
| Praterstraße Eins Hotelbetriebs GmbH, Vienna | 31.12.2009 | 0.0 | 100.0 | 0.0 | 0.0 |
| SIGAL UNIQA Group AUSTRIA Sh.A., Tirana | 31.12.2009 | 0.0 | 100.0 | 0.0 | 0.0 |
| UNIQA A.D. Skopje, Skopje | 31.12.2009 | 0.0 | 100.0 | 0.0 | 0.0 |
| SIGAL LIFE UNIQA Group AUSTRIA Sh.A., Tirana | 31.12.2009 | 0.0 | 100.0 | 0.0 | 0.0 |
| SIGAL UNIQA GROUP AUSTRIA SH.A., Pristina | 31.12.2009 | 0.0 | 100.0 | 0.0 | 0.0 |
| SIGAL Holding Sh.A., Tirana1) | 31.12.2009 | 0.0 | 68.6 | 28.8 | 17.4 |
1) From at equity to full consolidation.
The life insurance company Raiffeisen Life IC LLC with headquarters in Moscow was founded in the 1st quarter.
The scope of fully consolidated companies was expanded as of 1 April 2009 to include PremiaMed Management GmbH (formerly Humanomed Krankenhaus Management Gesellschaft m.b.H.) and the subgroup of PKB Privatkliniken Beteiligungs GmbH. The two companies were previously reported within the UNIQA scope of consolidation as associated companies ("at equity").
In the 3rd quarter, roughly 4.9 million shares of Leipnik-Lundenburger Invest Beteiligungs AG were sold, and the remaining shares held were transferred from associated companies to other shareholdings.
The sub-group of SIGAL Holding Sh.A. in Albania, Kosovo and Macedonia (previously valued "at equity" as an associated company in the UNIQA scope of consolidation) and UNIQA Life S.p.A. in Italy were fully consolidated for the first time as of 31 December 2009.
The effects of the change to the scope of consolidation on the main asset and debt positions can be seen under no. 5 of the notes to the consolidated financial statements.
The associated companies refer to eleven domestic and one foreign company consolidated at equity; of these, thirteen companies were of minor significance and were listed at current market value.
In applying IAS 39 and in terms of the present interpretation of this statement by the IASB (SIC 12), fully controlled investment funds will be included in the consolidation insofar as their fund volumes were not of minor importance when viewed singularly and in total.
There have been no significant changes to the scope of consolidation.
Capital consolidation follows the acquisition method. The costs of acquiring shares in the subsidiaries are written as the proportional equity of the subsidiary that was first revalued. The conditions at the time of acquiring the shares in the consolidated subsidiary are taken into consideration for the initial consolidation. To the extent other (non Group) shareholders hold shares in the subsidiary's equity at the reporting date, these are dealt with under minority interests.
If the shareholding was acquired before 1 January 1995, the differences are set off against profits carried forward in line with the applicable transitional provisions.
Negative differences from mergers consummated after 31 March 2004 must be credited with an effect on income immediately after reappraisal.
In compliance with IFRS 3, the goodwill is not subject to any scheduled depreciation. The value of existing goodwill resultant from the acquisition of holdings is appraised in an annual impairment test. A fall in value is written off where necessary.
The goodwill arises from company mergers and acquisitions. It represents the difference between the acquisition costs and the proportional and current corresponding net market value of identifiable assets, debts and specific contingent liabilities. In accordance with IAS 36, the goodwill is not subject to scheduled depreciation but listed as the acquisition costs less any accrued impairments. In the year 2009, UNIQA undertook a purchase price allocation for 2008 (within the one-year period allowed by IFRS 3) in which € 33,439,000 from the takeover of UNITA Asigurari S.A. were allocated to non-tangible economic goods that will be depreciated using the straight-line For the purpose of the impairment test, the UNIQA Group has apportioned the goodwill into "cash-generating units" (CGU). These CGUs represent the lowest possible level of the company at which goodwill is observed for internal management purposes and in accordance with the strategy.
The impairment test implies a comparison between the realisable value of each CGU and its book valuation, consisting of goodwill and the proportional net assets. If this book valuation of the CGU exceeds the realisable value of the unit based on the earning power method, an impairment is performed.
The UNIQA Group has apportioned the goodwill into the following CGUs:
| Region | 31 Dec. 2009 € 000 |
|---|---|
| Austria | 40,562 |
| WEM | 146,890 |
| CEE | 61,250 |
| EEM | 278,583 |
| Total | 527,284 |
The utility value is determined by the UNIQA Group according to the earning power method and through application of generally accepted valuation principles. The budget projections (detailed planning phase) of the CGUs, the estimate of the long-term results achievable by the CGUs (perpetuity) are used as the starting point for determination of the earning power.
The earning power is determined through discounting of the future profits with a suitable capitalisation interest rate. The earning power values here are separated by balance sheet segments, which are then totalled to yield the value for the entire company. As a basis for the valuation, the earning power of each individual CGU is calculated using a discounted cash flow model based on the planned future results.
Taxes on profit were set at the effective tax rate of the past three years.
The assumptions with regard to risk-free interest rate, market risk premium and segment betas made for determination of the capitalisation interest rate are consistent with the parameters used in the UNI-QA planning and controlling process and are based on the capital asset pricing model.
In order to depict the economic situation and the financial crisis in the income values as accurately as possible in consideration of the volatility on the markets, the following changes were made in 2009 compared to 2008:
| Cash-Generating Unit |
Discount factor | Discount factor perpetuity | ||
|---|---|---|---|---|
| Property and casualty |
Life & Health | Property and casualty |
Life & Health | |
| Albania | 12.9% | 14.8% | 9.5% | 10.6% |
| Bosnia and Herzegovina |
14.0% | 16.1% | 11.4% | 12.9% |
| Bulgaria | 10.1% | 11.3% | 9.0% | 10.0% |
| Germany | 7.6% | 8.3% | 7.6% | 8.3% |
| Italy | 9.0% | 10.0% | 7.6% | 8.3% |
| Kosovo | 13.0% | 14.9% | 9.7% | 10.8% |
| Croatia | 10.1% | 11.3% | 9.0% | 10.0% |
| Liechtenstein | 7.6% | 8.3% | 7.6% | 8.3% |
| Macedonia | 13.0% | 14.9% | 9.7% | 10.8% |
| Montenegro | 12.9% | 14.8% | 9.5% | 10.6% |
| Austria | 7.6% | 8.3% | 7.6% | 8.3% |
| Poland | 9.5% | 10.6% | 8.7% | 9.6% |
| Romania | 12.9% | 14.8% | 9.5% | 10.6% |
| Russia | 10.1% | 11.3% | 9.0% | 10.0% |
| Switzerland | 7.6% | 8.3% | 7.6% | 8.3% |
| Serbia | 13.4% | 15.4% | 10.1% | 11.3% |
| Slovakia | 9.0% | 10.0% | 7.6% | 8.3% |
| Czech Republic | 9.1% | 10.2% | 8.7% | 9.6% |
| Ukraine | 16.1% | 18.6% | 13.2% | 15.1% |
| Hungary | 11.4% | 12.9% | 9.2% | 10.3% |
The capitalisation interest rate is listed below for all significant CGUs:
The detailed company planning generally encompasses a period of five years. The company plans used for the calculation are the result of a structured and standardised management dialogue between the UNIQA headquarters in Vienna and the operational units in combination with the reporting and documentation process integrated into this dialogue. If necessary to determine the perpetuity, the planned results are adapted to correspond to the results that can be realistically achieved and sustained over the long term.
The phases of the earning power model with no operational or strategic planning were extended to a seven-year period in order to avoid giving too much weight and influence to the perpetuity. The higher uncertainty associated with extending the planning period is taken into account in the perpetuity by not subtracting a growth deduction.
The cash flows determined at the end of phase 2 were used as the basis for the perpetuity and therefore correspond to results that can be realistically achieved and sustained over the long term.
The earning power of the individual CGUs is determined by a weighted probability scenario. Three scenarios were calculated, whereby scenario 1 depicts the base case according to the current and strategic planning, scenario 2 the best case for expected market and company development and scenario 3 the worst case.
Scenarios 1 and 2 assume that the credit spreads as of 2013 will return to an average level as before the crisis and that a rating improvement will take place after four years and then regularly every four to five years. Due to the current economic situation, the cash values were not calculated with any growth deduction in the perpetuity. According to expert opinions, applying a growth deduction in the amount of 1% to 2% is currently seen as adequate. The effect of applying a growth deduction in the UNIQA Group would be a volatility for the earning power values on the order of about 6% of the current earning power. Should the economic situation improve, we will take this into account again in future calculations. In this way, the UNIQA Group consciously takes a traditional and cautious approach within the framework of the best estimates according to IFRS. Portions of a growth deduction are taken into account indirectly via the rating improvement in the determination of the discount interest rate. It is assumed in the third scenario that the credit spreads also remain at the same level in the future and no rating improvement takes place relative to the current situation. A growth deduction of 1.5% was also applied here in the perpetuity in order to appropriately counteract the decline in growth in the purely negatively oriented scenario.
The company value was calculated individually based on the probability of occurrence weighting for the various scenarios and with a focus on the business development of the individual CGUs.
Various studies and statistical analyses were used as sources to provide a basis for determining the growth rates in order to consistently and realistically reflect the market situation and macroeconomic development.
Sensitivity analyses with regard to the capitalisation interest rate and the main value drivers are performed in order to verify the results of the calculation and estimation of the utility value.
These analyses show that sustained surpluses on the part of the individual CGUs are highly dependent on the actual development of these assumptions within the individual national economies (GDP, insurance density, purchasing power parities, particularly in the CEE markets), as well as the associated implementation of the individual profit goals. These forecasts and the actual situation that will develop in future in the markets, which are in some cases still receding, under the influence of the continuing financial crisis are the largest uncertainties in connection with the valuation results.
The exchange rates as at 31 December 2009 were carried forward into the long-term.
For the event that the intensity and duration of the economic crisis turn out to be much greater than assumed in the business plans and fundamental forecasts, unscheduled depreciations may result for the individual CGUs. At this time, the current developments and the cautiously, slowly growing improvement estimates of the individual CGUs and the markets give no cause for applying unscheduled depreciations. Very tight coverage is currently being achieved in the difficult market environment in Bulgaria. Corresponding measures for stabilisation and to promote the required upward trend in company development have already been initiated by the Group.
The table below shows the historical GDP development in the relevant markets since 2007. Viewed in conjunction with this forecast for 2010 and the subsequent years, these figures give reason to expect a sustained upward trend again in the CEE markets and make the crisis of 2008 and 2009 appear as a real but only temporary slowdown to economic growth. As such, no loss of these core markets for UNIQA is expected over the long term.
| 2007 | 2008 | 2009e | 2010f | 2011f | |
|---|---|---|---|---|---|
| Poland | |||||
| GDP (% annual comparison) | 6.8 | 5.0 | 1.4 | 1.9 | 2.6 |
| Hungary | |||||
| GDP (% annual comparison) | 1.2 | 0.6 | –6.5 | 0.0 | 2.5 |
| Czech Republic | |||||
| GDP (% annual comparison) | 6.1 | 2.3 | –4.5 | 1.0 | 2.5 |
| Slovakia | |||||
| GDP (% annual comparison) | 10.6 | 6.2 | –4.8 | 1.5 | 4.5 |
| Slovenia | |||||
| GDP (% annual comparison) | 6.8 | 3.5 | –8.0 | 0.5 | 2.5 |
| Croatia | |||||
| GDP (% annual comparison) | 5.5 | 2.4 | –6.0 | –0.9 | 2.6 |
| Bosnia and Herzegovina | |||||
| GDP (% annual comparison) | 6.8 | 5.4 | –4.0 | 1.0 | 3.5 |
| Serbia | |||||
| GDP (% annual comparison) | 6.9 | 5.4 | –3.5 | 1.5 | 2.5 |
| Bulgaria | |||||
| GDP (% annual comparison) | 6.2 | 6.0 | –5.0 | 0.0 | 3.0 |
| Romania | |||||
| GDP (% annual comparison) | 6.3 | 6.2 | –7.0 | 1.0 | 3.5 |
| Ukraine | |||||
| GDP (% annual comparison) | 7.9 | 2.1 | –13.0 | 3.5 | 4.0 |
| Albania | |||||
| GDP (% annual comparison) | 6.3 | 6.0 | 0.4 | 2.0 | 4.0 |
| Russia | |||||
| GDP (% annual comparison) | 8.1 | 5.6 | –8.5 | 3.5 | 5.5 |
Source: Raiffeisen Research March 2010.
The expected global development graph of the CEE-17 countries also exhibits a prospective future trend in comparison with the USA and the EU.
In consideration of the data and statistical sources on which these calculations were based and trend scenarios such as GDP forecasts per CGU and insurance density development per CGU, no situations of insufficient coverage were identified in 2009 within the impairment test.
The general economic situation as well as the developments of the national economies continue to call for constant observation and the implementation of measures to achieve a balanced mix of stability, growth and profitability. With its ongoing profit improvement programme and with the sales focus on the profitable retail business in Eastern Europe, UNIQA took the necessary steps for accomplishing this even before the crisis years.
The purchase price allocation of the acquisition price for the subgroup of SIGAL Holding Sh.A. according to IFRS 3 was not yet completed at the time this Group Report was created.
As a general rule, shares in associated companies are valued according to the equity method using the equity held by the Group. Differences are determined according to the principles of capital consolidation, and the amounts are recorded under shares in associated companies. The updating of the development of the associated companies is based on the most recent financial statements available.
In establishing the value of shares in associated companies, an IFRS report is generally required. Where no IFRS reports are presented, the adjustment of the entries for these companies to the uniform Group valuation benchmarks must be dispensed with due to a lack of available documentation; however, this does not have any significant impact on the present Group consolidated financial statements.
For debt consolidation, the receivables from Group companies are set off against the payables to Group companies. As a rule, any differences have an effect on income. Group-internal results from supplies and services are eliminated if they are of minor significance for giving a true and fair view of the Group's assets, financial position and income. Proceeds and other income from supplies and services within the Group are set off against the corresponding expenditures.
The International Financial Reporting Standards (IFRS) allow a shortened version of the balance sheet and income statement. Summarising many individual items into units enhances the informative quality of the financial statements. Explanatory notes to these items are contained in the notes to the consolidated financial statements. Rounding differences may result from the formatting to euro thousands.
The primary segment reports depict the main business segments of property and casualty insurance, life insurance and health insurance. The consolidation principles are applied here to transactions within a segment. In addition, the main items of the income statement are also broken down by regional perspectives.
The reporting currency of UNIQA Versicherungen AG is the euro. All annual financial statements of foreign subsidiaries which are not reported in euro are converted at the rate on the balance sheet closing date according to the following guidelines:
Resulting exchange rate differences are set off against the shareholders' equity without affecting income.
The most important exchange rates are summarised in the following table:
| Closing date rate in € | 2009 | 2008 |
|---|---|---|
| Swiss franc CHF | 1.4836 | 1.4850 |
| Slovakian koruna SKK (euro since 1.1.2009) | – | 30.1260 |
| Czech koruna CZK | 26.4730 | 26.8750 |
| Hungarian forint HUF | 270.4200 | 266.7000 |
| Croatian kuna HRK | 7.3000 | 7.3555 |
| Polish złoty PLN | 4.1045 | 4.1535 |
| Bosnia and Herzegovina convertible mark BAM | 1.9533 | 1.9687 |
| Romanian leu (new) RON | 4.2360 | 4.0230 |
| Bulgarian lev (new) BGN | 1.9558 | 1.9558 |
| Ukrainian hryvnja UAH | 11.5281 | 10.9199 |
| Serbian dinar RSD | 96.2300 | 89.7909 |
| Russian ruble RUB | 43.1540 | – |
For creation of the Group consolidated financial statements according to IFRS, it is necessary to make assumptions for the future within various items. These estimates can have a considerable influence on the valuation of assets and debts on the balance sheet closing date as well as the amount of expenses and income in the financial year. The items below carry a not insignificant level of risk that considerable adjustments to asset or debt values may be necessary in the following year:
The annual financial statements of the companies in Austria and abroad included in the consolidated financial statements were predominantly prepared up to the reporting date of UNIQA Versicherungen AG, i.e. 31 December. For recording in the consolidated financial statements, the annual financial statements of UNIQA Versicherungen AG and its included subsidiaries are unified to conform to the accounting and valuation principles of IFRS/IAS and, as far as actuarial provisions, acquisition costs and actuarial expenses and income are concerned, according to the provisions of US GAAP.
Securities transactions are recorded using the settlement date. As a rule, the fair values are derived from an active market.
Intangible assets include goodwill, deferred acquisition costs, the current value of life, property and casualty insurance contracts and other items.
Goodwill is the difference between the purchase price for the stake in the subsidiary and the Group's share in the equity after the disclosure of hidden reserves at the time of acquisition.
Capitalised acquisition costs for insurance activities that are directly related to new business and/or to extensions of existing policies and that vary in line with that business are capitalised and written off over the term of the insurance contracts they refer to. If they are attributable to property and casualty insurance, they are written off over the probable policy term, with a maximum of five years. For life insurance, the acquisition costs are amortised over the duration of the policy in the same proportion as the expected profit margin of each individual year is realised in comparison to the total margin to be expected from the policies. For long-term health insurance policies, the depreciation of acquisition costs is measured in line with the proportionate share of earned premiums in the present value of expected future premium income. The changes in capitalised acquisition costs are shown as operating expenses.
With regard to life insurance business acquired, the updating of the current value follows the progression of the estimated gross margins.
The other intangible assets include both purchased and self-developed software which is depreciated on a straight-line basis over its useful economic life of two to five years.
Land and buildings that are held as long-term investments are recognised according to IAS 40 at acquisition or construction costs, reduced by the amounts of scheduled amortisations and depreciation. Ownerused land and buildings are shown at book value (IAS 16 – benchmarking method). The scheduled depreciation term generally corresponds to the useful life, up to a maximum of 80 years. Real estate is depreciated on a straight-line basis over time.
The list of fair values can be found in the Notes under No. 1 and 3.
To the extent that the annual financial statements of affiliated and associated companies are not consolidated for being of minor significance and/or included at equity, these companies are valued as available for sale in accordance with IAS 39.
With the exception of securities held to maturity, mortgage loans and other loans, the investments are listed at the current fair value, which is established by determining a market value or stock market price. In the case of investments for which no market value can be determined, the fair value is determined through internal valuation models, external reports or on the basis of estimates of what amounts could be achieved under the current market conditions in event of proper liquidation.
These are recognised as amortised costs in the balance sheet. This means that the difference between the acquisition costs and the repayment amount changes the book value with an effect on income in proportion to time and/or equity. The items included under other loans are recognised at their nominal amount less any redemptions made in the interim. On 1 July 2008, securities previously available for sale were reclassified according to IAS 39/50E as other loans. Overall, fixed-interest securities with a book value of €2,130 million were reclassified. The corresponding revaluation reserve as at 30 June 2008 was €–98 million.
These are recognised in the financial statements at their fair value on the reporting date. Differences between the fair value and historical acquisition costs are dealt with under equity with a neutral effect on income, after deduction of the provisions for latent profit sharing in life insurance and deferred taxes. Depreciation that affects income (impairment) is undertaken only where we anticipate a lasting fall in value. This uses the fluctuations in fair value over the last nine months as well as the absolute difference between acquisition costs and the fair value on the reporting date as the basis for assessing a necessary impairment. For variable yield securities we assume a sustained impairment when the highest quoted price within the last nine months lies below the acquisition cost or the difference between the cost of acquisition and the market value is greater than 20%. These same selection criteria are also applied for fixed interest securities in order to perform a precise creditrelated evaluation of a sustained impairment per security for the items in question. In addition, foreign exchange differentials resulting from fixed-income securities are recognised with an effect on income. Foreign exchange differentials resulting from variable yield securities are recognised as equity with no effect on income to the extent that these are not securities which are written off as the result of impairment. The fair value of other investments is based in part on external and internal company ratings.
Derivatives are used within the limits permitted by the Austrian Insurance Supervisory Act for hedging investments and for increasing earnings. All fluctuations in value are recognised in the income statement.
Structured products are not split between the underlying transaction and derivative, but are accounted for as a unit. All the structured products can therefore be found in the "Financial instruments at fair value through profit or loss" item of the balance sheet. Unrealised profits and losses are dealt with in the income statement. In accordance with IAS 39 (11A), ABS bonds, structured bonds, hedge funds and a special annuity fund with a high share of derivatives are also dealt with under the items for securities at fair value through profit or loss.
The current market value of assets traded on the active markets is determined with respect to the listed market prices (includes government bonds, corporate bonds, listed shares).
The current market value of other financial assets (excluding derivative instruments) is determined in accordance with generally accepted valuation models, based on discounted cash flow analyses and using prices of observable current market transactions and trader listings for similar instruments.
The current market value of derivative instruments is calculated using listed prices. If such prices are not available, discounted cash flow analyses are performed with application of the corresponding interest yield curves for the term of the instruments in the case of derivatives without optional components as well as option price models in the case of derivatives with optional components. Currency futures are valued based on listed forward rates and interest yield curves that are derived from listed market interest rates in consideration of the contact maturity dates. Interest swaps are valued with the cash value of the estimated future payment flows. The discounting took place using the pertinent interest yield curves, which were derived from listed interest rates.
These are recognised at their fair value.
Investments held for unit-linked and index-linked life insurance policyholders
These investments concern life insurance policies whose value or profit is determined by investments for which the policyholder carries the risk, i.e. the unit-linked or index-linked life insurance policies. The investments in question are collected in asset pools, balanced at their current market value and managed separately from the remaining investments of the companies. The policyholders are entitled to all income from these investments. The amount of the balanced investments strictly corresponds to the actuarial provisions (before reinsurance business ceded) for life insurance, to the extent that the investment risk is borne by the policyholders. The unrealised profits and losses from fluctuations in the current market values of the investment pools are thus counterbalanced by the corresponding changes in these provisions.
These are recognised on the assets side of the balance sheet, taking the reinsurance contracts into consideration.
Receivables
These are recognised at their nominal value, taking into account redemptions made and reasonable value adjustments.
Liquid funds
These are valued at their nominal amounts.
Other tangible assets
The tangible assets and inventories included on the balance sheet under other assets are recognised at acquisition and production costs, net of depreciation. Tangible assets are depreciated on a straight-line basis over their useful life (up to a maximum of ten years).
Equity
The subscribed capital corresponds to the calculated nominal value per share that was achieved upon issuing of the shares.
The capital reserves represent the amount earned over and above the calculated nominal value upon issue of the shares.
The revaluation reserve contains unrealised profits and losses from market valuations of securities available for sale.
The revenue reserves include the withheld profit of the UNIQA Group and proceeds from transactions with UNIQA shares.
The portfolio of UNIQA shares is deducted from the equity (revenue reserves).
The minority interests in shareholders' equity represent the proportional minority shares in equity.
Unearned premiums are in principle calculated for each individual policy and exactly to the day. If they are attributable to life insurance, they are included in the actuarial provision.
Actuarial provisions are established in the property, life and health insurance lines. Their recognition value on the balance sheet is determined according to actuarial principles on the basis of the present value of future benefits to be paid by the insurer less the present value of future net premiums the insurer expects to receive. The actuarial provision of the life insurer is calculated by taking into account prudent and contractually agreed bases of calculation.
For policies of a mainly investment character (e.g. unit-linked life insurance), the regulations in the Statement of Financial Accounting Standards No. 97 (FAS 97) are used to value the actuarial provision. The actuarial provision is arrived at by combining the invested amounts, the change in value of the underlying investments and the withdrawals under the policy.
For unit-linked insurance policies, where the policyholder carries the sole risk of the value of the investment rising or falling, the actuarial provision is listed as a separate liability entry under "Technical provisions for life insurance where the investment risk is carried by policyholders".
The actuarial provisions for health insurance are determined on a calculation basis of "best estimate", taking into account safety margins. Once the calculation bases have been determined, these have to be applied to the corresponding partial portfolio for the whole term (locked-in principle).
The provision for outstanding claims in property insurance consists of the future payment obligations determined by realistic estimation using recognised statistical methods taking into account current or expected volumes, including the related expense of loss adjustment. This applies to claims already reported as well as for claims incurred, but not yet reported. In insurance lines where past experience does not allow the application of statistical procedures, individual loss provisions are made.
Life insurance is calculated on an individual loss basis with the exception of the provision for unreported claims.
For health insurance, the provisions for outstanding claims are estimated on the basis of past experience, taking into consideration the known arrears in claim payments.
The provision for the assumed reinsurance business generally complies with the figures of the cedents.
The provision for premium refunds includes, on the one hand, the amounts for profit-related and profit-unrelated profit sharing to which the policyholders are entitled on the basis of statutory or contractual regulations and, on the other hand, the amount resulting from the valuation of assets and obligations of life insurers deviating from valuation under commercial law. The amount of the provision for latent profit sharing amounts to generally 85% of the valuation differentials before tax. These valuation differences can also give rise to net positive items, which are also listed here.
This item primarily contains the provision for contingent losses for acquired reinsurance portfolios as well as a provision for expected cancellations and premium losses.
This item concerns the actuarial provisions and the remaining technical provisions for obligations from life insurance policies whose value or income is determined by investments for which the policyholder bears the risk or for which the benefit is index-linked. As a general rule, the valuation corresponds with the investments of the unit-linked and index-linked life insurance written at current market values.
For the performance-orientated old age provision systems of the UNIQA Group, pension provisions are calculated in accordance with IAS 19 using the projected unit credit method. Future obligations are spread over the whole employment duration of the employees. All actuarial profits and losses due to changed parameters are recognised as having an effect on income. The calculation is based on current mortality, disability and fluctuation probabilities, expected increases in salaries, pension entitlements and pension payments as well as a realistic technical interest rate. The technical interest rate, which is determined in conformity with the market and on the basis of the reporting date, is in line with the market yield of long-term, highquality industrial or government bonds.
The amount of other provisions is determined by the extent to which the provisions will probably be made use of.
Payables and other liabilities are shown at the amount to be repaid.
Deferred tax assets and liabilities are to be created according to IAS 12 for temporary differences arising from the comparison of a stated asset or an obligation using the respective taxable value. This results in probable tax burdens affecting future cash-flow. These are to be accounted for independently of the date of their release. Moreover, according to IAS, deferred taxes for accumulated losses brought forward and not yet used are to be capitalised to the extent that they can be used in the future with adequate probability.
In principle, the carrying amounts of assets on the balance sheet are checked at least once a year with regard to possible impairment. Securities with an expected lasting decrease in value are depreciated with an effect on income. The entire real estate inventory is subject to recurrent valuation through external reports prepared by legally sworn experts. If there is a foreseeable lasting reduction in the value of assets, their carrying amount is reduced.
Of the premiums written in the area of unit and index-linked life insurance, only those parts calculated to cover the risk and costs are allocated as premiums.
(direct business and partly accepted reinsurance business)
Legal expenses insurance
Fire and business interruption insurance
In the case of sustained impairment, the entire goodwill is written off at its fair value. The valuation is performed at least once a year by applying a valuation model (impairment test). No ordinary amortisation of goodwill is performed.
According to IFRS, self-developed intangible assets have to be capitalised, whereas they cannot be capitalised under the Austrian Commercial Code.
Land and buildings, including buildings on third-party land, are valued according to IAS 16 and also, if so chosen, according to IAS 40 at book value minus scheduled amortisation. These are based on the actual duration of use; in accordance with Austrian Commercial Code, they are mostly also influenced by tax regulations.
Affiliated and associated companies that are not consolidated fully or at equity due to their minor significance are recognised at fair value.
As a general rule, participating interests are valued at equity insofar as the company has the opportunity to exercise considerable influence. This is assumed, as a matter of principle, for shares between 20% and 50%. The actual exercising of considerable influence has no bearing on these figures.
According to IAS 39, a different classification system is applicable to financial assets. It classifies other securities into the following categories: held to maturity, available for sale, fair value through profit or loss (FVTPL) and trading portfolio (derivative financial instruments). The main valuation difference that applies to the other securities available for sale, which account for the majority of financial assets, as well as the other securities recorded with effect on income is that these are stated at fair value on the balance sheet date. According to the Austrian Commercial Code, the acquisition costs constitute the maximum valuation limit.
With regard to the other securities available for sale, the difference between book value and fair value is treated within the shareholders' funds without affecting income, whereas in the case of the other securities at fair value through profit or loss, the difference fully affects income. In contrast, when applying the strict lower-of-cost-or-market principle in statements according to the Austrian Business Code, depreciation always affects income even in the case of a temporary reduction in value and appreciation in line with the requirement to reinstate original values. In the case of the mitigated lower-of-cost-ormarket principle, the impairment is not obligatory if the depreciation is only temporary. Expected permanent impairments, posted as depreciation, affect income according to both the IFRS and the Austrian Commercial Code.
The shares of reinsurers in actuarial provisions are shown on the assets side of the balance sheet in accordance with IFRS 4.
Commissions as well as other variable costs that are directly related to the acquisition or extension of existing policies are capitalised and distributed over the insurance contract terms and/or the premium payment period. The capitalised acquisition costs also replace the administrative expense deductions allowed under the Insurance Supervisory Act for premiums brought forward in property and casualty insurance.
For the calculation of the actuarial provisions in life and health insurance, regulations deviating from Austrian law apply, which affect valuation variances as well as the allocation between actuarial provisions and provisions for premium refund. In particular, this refers to the non-application of the zillmerisation of acquisition costs as well as the integration of the revalued unearned premiums and real final bonus in the life insurance line.
Health insurance is mainly affected by the deviating interest rate as well as the application of the most recent parameters including safety margins.
Due to the difference in valuation of the assets and liabilities in the area of life insurance, a provision has to be made for deferred profit sharing which complies with the national legal or contractually regulated profit sharing and is assessed in favour of the policyholder. The change of the provision for deferred premium refunds compensates to a large extent for the effects of revaluation on the income statement and thus on the results for the year.
In accordance with US-GAAP, provisions for outstanding claims in the property insurance line are basically no longer established using the principle of caution and on a single-loss basis but rather using mathematical procedures based on probable future compliance amounts.
The establishment of provisions for claims equalisation and catastrophes is not permitted under IFRS or US-GAAP regulations as it does not represent any current obligations to third parties on the balance sheet date. Accordingly, transfers or releases do not influence the results for the year.
The accounting principles used to calculate the pension provision under IFRS are different from those of the Austrian Commercial Code. These are listed in detail in IAS 19. Overall, the individual differences
The nature of an insurance company is to take on risks in return for premium payments. However, these risks arising from the insurance business are only part of the risks which can arise within an insurance company. In additional to general technical risks, there are also financial, operational and management risks. The term external risks refers to those risks that cannot be influenced by the insurance business.
In order to identify, measure, aggregate and control all risks, a UNIQA risk management system was created which is in use in all operating companies of the UNIQA Group in Austria. All Group companies in which UNIQA has a participating interest of more than 50% have been integrated into this risk management process since the end of 2007.
The risk management process of the UNIQA Group is centrally controlled.
Each subsidiary has a responsible risk manager who operates the risk management process and reports to the Group risk management team.
The company's risk situation in terms of market risks, technical risks and operational risks is evaluated and reported on in the half-yearly report. Measures to minimise risks are developed on this basis of the report.
The Group's actuarial office/risk management team consolidates the results of the half-yearly risk assessment in a Group Risk Report, which is made available to the Group management for the purpose of controlling risk.
The UNIQA Group places particular emphasis on the topic of risk management and is preparing the Group for Solvency II. Within the framework of these activities, the Group takes part in all quantitative impact studies. The results of the already performed quantitative impact studies enter into the corresponding projects that prepare the Group for Solvency II.
result in greater detail than under the Austrian Commercial Code. This is most notably the result of the use of the project-unit-credit method and of the anticipation of future demographic and economic developments.
Deferred tax assets and liabilities are to be created according to IAS 12 for temporary differences arising from the comparison of a stated asset or an obligation using the respective taxable value. This results in anticipated future tax burdens or relief on taxes on income (temporary differences), which are to be reported regardless of the date of their liquidation. According to Austrian business law, deferred taxation is only permissible as a result of a temporary difference between the commercial balance sheet profit and the income calculated according to the tax regulations.
Moreover, according to IAS, deferred taxes for accumulated losses brought forward and not yet used are to be capitalised to the extent that they can be used in the future with adequate probability.
The risk of an insurance contract is the occurrence of the insured event. By definition the occurrence of this risk takes place by chance and is therefore unpredictable. Using the law of large numbers, the risk can be calculated for a sufficiently large insurance portfolio. The larger the portfolio consisting of similar insurance policies, the more accurately the result (loss) can be estimated. For this reason, insurance companies strive for growth.
| Premiums earned (gross) | € 000 |
|---|---|
| 2009 | 4,994,207 |
| 2008 | 4,901,214 |
| 2007 | 4,432,436 |
| 2006 | 4,444,802 |
| 2005 | 4,299,227 |
| 2004 | 3,560,558 |
| 2003 | 2,967,476 |
| 2002 | 2,600,994 |
The principle of insurance is built on the law of large numbers: only a few of those at risk will actually suffer a loss. For the individual, the occurrence of loss is uncertain; for the collective, however, it is largely determined. The loss-bearing and loss-free risks theoretically cancel each other out. The actuarial risk now exists in the danger that the actual claims for a certain period deviate from those expected. This risk can be divided into the chance risk, the change risk and the error risk.
The chance risk means that higher than expected losses can occur by pure chance. Amongst other things, the change risk means that unforeseen changes to the risk factors have an impact on the actual loss payments. The error risk comes about from deviations arising through incorrect assessment of the risk factors.
A great deal of attention is paid to the profitability of the insurance portfolio. In order to ensure this, the product premiums are appropriately calculated and the profitability is continuously evaluated throughout the entire Group with the help of monitoring systems. In this regard, the discounts offered outside of normal rates are adapted to the risk situation in the segments of household/home, legal expenses protection, casualty, motor vehicle liability and motor vehicle comprehensive.
Reinsurance policies reduce the retained earnings of the initial insurer and lead to a smoothing of results. On the one hand, they can lead to a reduction of the claim ratio in retained earnings in the event of extraordinary events; on the other, a good level of claims can worsen the claim ratio in retained earnings. The aim of an optimal reinsurance strategy is to find a structure that takes both of these points into consideration.
| Claims ratio (gross) | % |
|---|---|
| 2009 | 69.9% |
| 2008 | 61.6% |
| 2007 | 68.1% |
| 2006 | 64.3% |
| 2005 | 66.7% |
| 2004 | 64.1% |
| 2003 | 68.9% |
| 2002 | 77.3% |
With regard to unexpected claims, risk management makes assessments on elemental, major and cumulative losses in the areas of storms, floods and earthquakes that are based on accepted scenarios. Reinsurance contracts also considerably reduce the level at which any losses occur. Due to the possibility of the failure of reinsurers, the reinsurance structure of the UNIQA Group is described below.
For the exact determination of the reserve risk and premium risk, an internal model is implemented that indicates the risk based on the fundamental portfolio structure, the current reinsurance program and future developments. Detailed information regarding the future development of mass, major and catastrophic damages calculated on the basis of historic data are used as the basis for this. This makes it possible to identify developments at an early point and take direct measures (structuring of premiums and scopes of coverage, adaptation of reinsurance structures) to minimise the risk and control financial results.
The total obligatory reinsurance requirement of operating UNIQA companies and of UNIQA Versicherungen AG is covered with reinsurance policies at UNIQA Re AG.
Between 50% and 60% of the entire portfolio are covered by these reinsurance policies, depending on the risk situation of the assigning company. Ratio figures, which reach to between 25% and 90% depending upon the volatility of the respective insurance branch, are supplemented with excess loss policies. Two cumulative excess loss policies also exist which should cover major losses across the insurance branch ("umbrella") incurred through natural disasters (earthquakes, flooding, high water, storm, etc.).
UNIQA Re AG pools the business acquired by the Group companies according to insurance segments and passes gross excess loss policies, which are supplemented by net ratios, on to international reinsurers as a "bouquet".
The effect of the reinsurance programme on the claim ratio in retained earnings can be seen in the following table:
| Claims ratio (retained earnings) | % |
|---|---|
| 2009 | 68.0% |
| 2008 | 64.2% |
| 2007 | 67.6% |
| 2006 | 66.0% |
| 2005 | 68.0% |
| 2004 | 65.6% |
| 2003 | 69.8% |
| 2002 | 76.0% |
The table below shows the reinsurance requirements for outstanding claims and incurred but not reported claims arranged according to ratings. This concerns the reinsurance business ceded from the property insurance lines to companies outside the Group. The cessions of the international Group subsidiaries are not included.
| Rating | 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|---|---|---|
| AAA | 0 | 8,485 |
| AA | 72,653 | 105,188 |
| A | 122,485 | 78,918 |
| BBB | 23 | 72 |
| Not rated | 6,747 | 2,503 |
The creditworthiness of reinsurers is also very important, not least because of the long duration of claim settlement in the area of general liability insurance and motor vehicle liability insurance.
Systematic analyses, supported by actuarial methods, are used to assess the appropriateness of the actuarial provisions.
The Group's central actuarial office supports the operational domestic and foreign UNIQA companies on a quarterly basis with the introduction of adequate processes and by checking the results of the analyses.
In addition to the elemental lines, the commercial property business also includes liability and technical insurance. In the UNIQA Group, this is divided into three areas:
In the property segment, major risks are evaluated for risk prior to acceptance and subsequently at regular intervals and documented in survey reports. In the liability insurance line, the portfolio for risks with high hazards is subject to permanent monitoring (e.g. planning risks and liability insurance in the medical segment).
The industry holdings of the international companies are regularly analysed Group-wide for their exposure and composition (risk mix), and survey reports on the exposed risks are prepared.
The most important decisions are made here on a central basis in coordination with the experts at the Group headquarters (International Desk).
The risk of an individual insurance contract lies in the occurrence of the insured event. The occurrence is considered random and therefore unpredictable. The risk in life insurance outside of Austria is of minor importance due to the low volume and the business model. Various risks exist in Austria, particularly in classic life insurance. The insurance company takes on this risk for a corresponding premium paid by the policyholder. When calculating the premium, the actuary refers to the following carefully selected bases of calculation:
Carefully selecting the bases of calculation gives rise to scheduled profits, an appropriate amount of which is credited to the policyholders as part of profit sharing.
The calculation of the premium is also based on the acceptance of a large, homogenous inventory of independent risks, so that the randomness inherent in an individual insurance policy is balanced out by the law of large numbers.
The following risks exist for a life insurance company:
The risks of the insurer can be roughly divided into actuarial and financial risks.
UNIQA's portfolio consists primarily of long-term insurance policies. Short-term assurances payable at death play a minor role.
In the following table, the number of insurance policies is divided by rate groups and insured sum categories; included here are the policies of the companies UNIQA Personenversicherung, Raiffeisen Versicherung, Salzburger Landes-Versicherung and CALL DIRECT Versicherung AG.
| Number of insurance policies as at 31 Dec. 2009 Category1) |
Capital insurance |
Retirement annuity |
Risk insurance |
|---|---|---|---|
| € 0 to € 20,000 | 771,021 | 105,215 | 151,817 |
| € 20,000 to € 40,000 | 172,253 | 41,449 | 38,836 |
| € 40,000 to € 100,000 | 70,404 | 24,961 | 130,502 |
| € 100,000 to € 200,000 | 8,065 | 5,348 | 69,351 |
| More than € 200,000 | 1,957 | 1,783 | 9,369 |
1) For capital assurance and risk insurance, the insurance total is used as basis; for deferred retirement annuities, the redemption capital at the start of the pension payment phase is used. For liquid pension annuities, the category refers to ten times the annuity.
Insurance policies with an assurance character implicitly include a safety surcharge on the risk premium in that the premium calculation is based on an accounting table (the Austrian Mortality Table for 1990/92 or for 2000/02).
Using risk selection (health examinations) means that the mortality probabilities of the portfolio are consistently smaller than those of the overall population; in addition, the gradual advancement of mortality means that the real mortality probabilities are consistently smaller than the values shown in the accounting table.
An insurance company takes great pains to compose a portfolio of the most homogenous, independent risks possible, in accordance with the classic, deterministic approach to calculating premiums. Because this is virtually impossible in practice, a considerable risk arises for the insurer due to random fluctuations, in particular from the outbreak of epidemic illnesses, as not only could the calculated mortality probabilities prove to be too low, the independence of the risks can also no longer be assumed.
Cumulative risks contained in the portfolio can be reduced by using reinsurance contracts. As the first reinsurer, UNIQA Holding operates with a retained risk of €200,000 per insured life; the excesses are mostly reinsured with Swiss Re, Munich Re and Gen Re. A catastrophic excess (CAT-XL) contract is also held with Swiss Re, although it excludes losses resulting from epidemics.
The portfolios of Raiffeisen Versicherung AG and UNIQA Personenversicherung AG contain large inventories of risk insurance policies with a premium adjustment clause. This allows the insurer to raise the premiums in case of a (less probable) worsening of the mortality behaviour. However, this presents the danger of possible antiselection behaviour, meaning that policies for good risks tend to be terminated while worse ones remain in the portfolio.
The reduction of mortality probabilities represents a large uncertainty for retirement annuities. The gradual advancement of mortality as a result of medical progress and changed lifestyles is virtually impossible to extrapolate.
Attempts to predict this effect were made when producing the generation tables. However, such tables only exist for the Austrian population, and this data cannot be applied to other countries. Moreover, the past shows that the effect of these changes was seriously underestimated so that subsequent reservations had to be made for retirement annuity contracts.
The right to choose annuity pensions for deferred retirement annuities also results in antiselection. Only those policyholders who feel very healthy choose the annuity payment; all others choose partial or full capital payment. In this way, the pension portfolio tends to consist of mostly healthier people, i.e. worse risks than the population average.
This phenomenon is countered by corresponding modifications to the retirement mortality tables. A further possibility exists in the requirement that the intention to exercise the right to choose annuity payments must be announced no later than one year in advance of the expiration.
The actuarial interest that may be used in the calculation for writing new business is based on the maximum interest rate ordinance and currently amounts to 1.75% per annum ("Lebensaktie", "Zukunftsplan") or 2.25% per annum (other life insurance policies). However, the portfolio also contains older contracts with actuarial interest of up to 4.0% per annum, while the average rate for the portfolio is 2.75% (2008: 2.81%).
As these interest rates are guaranteed by the insurance company, the financial risk lies in not being able to generate these returns. As classic life insurance predominantly invests in interest bearing titles (bonds, loans etc.), the unpredictability of long-term interest rate trends is the most significant financial risk for a life insurance company. The interest risk weighs especially heavily on retirement annuities, as these are extremely long-term policies.
The interest risk functions in the following ways:
Premiums received in the future must be invested at an interest rate guaranteed at the time the policy was taken out. However, it is entirely possible that no corresponding titles are available at the time the premium is received. In the same way, future income must be reinvested at the actuarial interest rate.
For practical reasons, the goal of duration matching cannot be fully achieved on the assets and liability side. The duration of the assets is 4.9 years (2008: 3.9), while for liabilities it is considerably longer. This creates a duration gap, which means that the ratio of assets to liabilities reduces as interest rates fall.
Life insurance policies contain implicit options that can be exercised by the policyholder. While the possibilities of partial or full buy-back or the partial or full release of premiums in fact represent financing options, these options are not necessarily exercised as a consequence of correct, financially rational decisions. However, in the case of a mass buy-back, e.g. due to an economic crisis, this represents a considerable risk to the insurance company.
The question of whether a capital or annuity option should be exercised is, in addition to subjective motives of the policyholder, also characterised by financially rational considerations; depending on the final interest level, a policyholder will opt for the capital or the annuity, so that these options represent a considerable (cash) value for the policyholder, and therefore a corresponding risk for the insurer.
The guarantee of an annuitising factor represents another financial risk. Here, the insurance company guarantees to annuitise a sum unknown in advance (namely the value of the fund shares at maturity or for classic life insurance the value of the insured sum including profit-sharing) in accordance with a mortality table (the risk involved is not exclusively financial) and an interest rate set at the time the policy is taken out.
Besides these actuarial and financial risks, the cost risk must also be specified. The insurer guarantees that it will deduct only the calculated costs for the entire term of the policy. The business risk here is that the cost premiums are insufficient (e.g. due to cost increases resulting from inflation).
The health insurance business is operated primarily in Austria (83% domestic and 17% international). As a result, the focus lies on risk management in Austria.
Health insurance is a loss insurance which is calculated under consideration of biometric risks and is operated in Austria "depending on the type of life insurance". Terminations by the insurer are not possible except in the case of obligation violations by the insured. Premiums must therefore be calculated in such a way that the premiums are sufficient to cover the insurance benefits that generally increase with age, assuming probabilities that remain constant. The probabilities and cost structures can change frequently over time. For this reason, it is possible to adjust the premiums for health insurance as necessary to the changed bases of calculation.
When taking on risks, the existing risk of the individual is also evaluated. If it is established that an illness already exists for which the cost risk is expected to be higher than for the calculated portfolio, then either this illness is excluded from the policy, an adequate risk surcharge is demanded or the risk is not underwritten.
In health insurance, assurance cover ("ageing provision") is built up through calculation according to the "type of life insurance" and reduced again in later years because this is used to finance an ever larger part of the benefits that increase with age.
The actuarial interest rate for this actuarial provision is a prudent 3%, so that the investment risk of health insurance in Austria is relatively low. If it were expected, for instance, that 3% could no longer be obtained in future, this fact would have to be taken into account for future benefits and included in the premium adjustment.
The operational risks are extensively determined by the IT architecture and by errors that can arise from the business processes (policy formulation, risk assessment and benefit calculation). These risks should be kept to a minimum by using risk management.
The legal risks arise primarily from the effects that changes to legislation have on the existing private health insurance business model. This includes, in particular, changes to the legal framework that make it harder or impossible to adapt to changed circumstances or that sharply reduce the income opportunities. Developments in this area will be observed by the insurance association, and an attempt will be made where necessary to react to negative developments from the perspective of the private health insurer.
The EU Directive on the equal treatment of men and women in insurance, which is implemented in Austria by the Insurance Amendment Act 2006 (VersRÄG 2006), was also taken into account in the calculation of premiums in the last quarter of 2007. As the differences between men and women can be proven, only the childbirth costs had to be shared between men and women; these costs were explicitly defined in the EU Directive and VersRÄG as an exception to the riskbased calculation. No negative effects have been observed on business results to date.
The risk of the health insurance business outside Austria is dominated primarily by Mannheimer Krankenversicherung (approx. €115.6 million in annual premiums) as well as UNIQA Assicurazioni in Milan (approx. € 31.7 million in annual premiums). The remaining premiums (approx. €16.7 million) are divided among multiple companies and are of only minor importance there. Life-long health insurance policies without termination options by the insurer rarely exist outside of Austria, meaning that the risk can be considered low for this reason as well.
Mannheimer Krankenversicherung has the highest risk exposure because of the statutory situation in Germany. Due to the future inclusion of ageing provisions in some cases, there could be a danger that good risks might leave Mannheimer KV. However, it should be possible to avert the majority of this risk through rate adjustments.
For numerous insurance products, a calculatory interest rate is taken into consideration for the investment period between expected deposit and expected payout. The risk therefore lies in a deviation between the expected or calculated interest and the return on capital actually achieved on the capital market. The main components of these capital market risks are:
Model risks also exist with regard to the valuation of ABS securities ("Asset-Backed Securities") and the valuation of the participating interest in STRABAG SE; these are presented as an excursus to the risk report.
The financial risks have different weightings and various degrees of seriousness, depending on the investment structure. However, the effects of the financial risks on the value of the investments also influence the level of technical liabilities to some extent. There is therefore a partial dependence between the growth of assets and debts from insurance policies. UNIQA monitors the income expectations and risks of assets and liabilities arising from insurance policies as part of an Asset-Liability Management (ALM) process. The aim is to achieve a return on capital that is sustainably higher than the updating of the technical liabilities while retaining the greatest possible security. Here, assets and debts are allocated to different accounting groups. The following table shows the main accounting groups generated by the various product categories.
| Investments | 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|---|---|---|
| Long-term life insurance policies with guaranteed interest and profit sharing |
13,937,185 | 13,346,319 |
| Long-term unit-linked and index-linked life insurance policies |
3,473,553 | 2,642,462 |
| Long-term health insurance policies | 2,605,618 | 2,409,993 |
| Short-term property and casualty insurance policies | 3,422,140 | 3,511,571 |
| Total | 23,438,496 | 21,910,345 |
These values refer to the following balance sheet items:
A.I. Self-used land and buildings
| Technical provisions and liabilities (retained) | 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|---|---|---|
| Long-term life insurance policies with guaranteed interest and profit sharing |
13,893,689 | 13,377,737 |
| Long-term unit-linked and index-linked life insurance policies |
3,416,231 | 2,579,997 |
| Long-term health insurance policies | 2,620,930 | 2,463,975 |
| Short-term property and casualty insurance policies | 2,370,291 | 2,252,755 |
| Total | 22,301,142 | 20,674,464 |
These values refer to the following balance sheet items:
Due to the investment structure and the high proportion of interest bearing titles, the interest rate risk forms a very important component of the financial risks. The following table shows the interest-bearing securities and the average interest coupons arranged by the most important investment categories and their average coupon interest rate on the reporting date.
| Average interest coupon | € | USD | Other | |||
|---|---|---|---|---|---|---|
| % | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 |
| Fixed interest securities | ||||||
| High-grade bonds | 4.23 | 4.30 | 3.92 | 5.31 | 5.64 | 5.22 |
| Bank/company bonds | 3.82 | 5.16 | 8.63 | 8.51 | 4.36 | 3.87 |
| Emerging markets bonds | 5.97 | 6.82 | 12.88 | 13.33 | 9.70 | 13.59 |
| High-yield bonds | 8.27 | 7.10 | 11.29 | 12.97 | 4.30 | 7.98 |
| Other investments | 4.44 | 3.27 | - | - | 1.63 | 3.40 |
| Fixed interest liabilities | ||||||
| Subordinated liabilities | 5.34 | 5.34 | ||||
| Guaranteed interest life insurance | 2.75 | 2.81 | ||||
| Issued debenture bonds | 4.00 |
Insurance policies with guaranteed interest and additional profit sharing contain the risk that the guaranteed interest rate will not be achieved over a sustained period of time. Capital income produced over and above the guaranteed interest rate will be shared between the policyholder and the insurance company, with the policyholder receiving an appropriate share of the profit. The following table shows the comparison of assets and debts for such insurance policies.
| Investments for long-term life insurance policies with guaranteed interest and profit sharing |
31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|---|---|---|
| Annuities | 8,220,882 | 7,557,839 |
| Shares | 392,346 | 313,784 |
| Alternatives | 674,353 | 805,285 |
| Holdings | 680,592 | 577,484 |
| Loans | 1,728,081 | 2,129,470 |
| Real estate | 946,261 | 762,866 |
| Liquidity | 1,172,910 | 1,083,197 |
| Deposits receivable | 121,760 | 116,394 |
| Total | 13,937,185 | 13,346,319 |
| Difference between book value and market value | ||
| Real estate | 361,773 | 394,791 |
| Loans | 38,695 | –193,171 |
| Provisions and liabilities from long-term life insurance policies with guaranteed interest and profit sharing |
31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|---|---|---|
| Actuarial provision | 13,193,063 | 12,902,136 |
| Provision for profit-unrelated premium refunds | 226 | 731 |
| Provision for profit-related premium refunds, i.e. policyholder profit sharing |
146,659 | –59,558 |
| Other technical provisions | 23,451 | 24,532 |
| Provision for outstanding claims | 92,365 | 86,899 |
| Deposits payable | 437,925 | 422,997 |
| Total | 13,893,689 | 13,377,737 |
The following table shows the structure of the remaining terms of interest bearing securities and loans.
| Remaining term | 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|---|---|---|
| Up to 1 year | 660,875 | 832,864 |
| More than 1 year up to 3 years | 1,125,700 | 1,809,756 |
| More than 3 years up to 5 years | 1,069,452 | 1,100,915 |
| More than 5 years up to 7 years | 1,672,212 | 1,273,377 |
| More than 7 years up to 10 years | 1,889,945 | 2,013,252 |
| More than 10 years up to 15 years | 1,644,980 | 1,089,007 |
| More than 15 years | 1,696,312 | 1,568,138 |
| Total | 9,759,476 | 9,687,309 |
The capital-weighted average remaining term of technical liabilities is around 7.9 years (2008: 8.2 years).
In the segment of unit-linked and index-linked life insurance, the interest income and all fluctuations in value of the dedicated investments are reflected in the technical provisions. There is therefore no financial risk from the point of view of the insurer. The following table shows the investment structure of financial investments that are used to cover the technical provisions arising from unit-linked and indexlinked life insurance policies.
| Investments in unit-linked and index-linked life insurance policies |
31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|---|---|---|
| Share-based funds | 805,713 | 555,066 |
| Bond funds | 2,536,917 | 1,970,756 |
| Liquidity | 86,935 | 101,294 |
| Other investments | 43,987 | 15,347 |
| Total | 3,473,553 | 2,642,462 |
The actuarial interest rate for the actuarial provision in health insurance lines, which is selected depending on the type of life insurance, is 3%. However, this interest rate is not guaranteed and can, upon presentation of proof to the insurance supervisory authority, be reduced to any lower capital income that may be expected. The following table shows the investment structure available to cover insurance liabilities.
| Investments for long-term health insurance policies | 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|---|---|---|
| Annuities | 1,203,938 | 1,055,277 |
| Shares | 58,105 | 58,456 |
| Alternatives | 64,839 | 109,241 |
| Holdings | 8,666 | 110,545 |
| Loans | 693,555 | 555,465 |
| Real estate | 301,341 | 199,048 |
| Liquidity | 275,175 | 321,961 |
| Total | 2,605,618 | 2,409,993 |
| Difference between book value and market value | ||
| Real estate | 116,426 | 111,941 |
| Loans | –54,466 | –19,156 |
| Provisions and liabilities from | 31 Dec. 2009 | 31 Dec. 2008 |
| long-term health insurance policies | € 000 | € 000 |
| Actuarial provision | 2,373,869 | 2,225,819 |
| Actuarial provision | 2,373,869 | 2,225,819 |
|---|---|---|
| Provision for profit-unrelated premium refunds | 20,252 | 19,477 |
| Provision for profit-related premium refunds, i.e. policyholder profit sharing |
42,224 | 46,529 |
| Other technical provisions | 596 | 564 |
| Provision for unearned premiums | 15,629 | 13,614 |
| Provision for outstanding claims | 166,913 | 156,396 |
| Deposits payable | 1,447 | 1,576 |
| Total | 2,620,930 | 2,463,975 |
Most property and casualty insurance policies are short-term. The technical provisions are not discounted, meaning that no interest is calculated for the short-term investment. The average terms of interest bearing securities and loans invested to cover technical provisions are shown in the following table.
| Remaining term | 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|---|---|---|
| Up to 1 year | 169,807 | 184,216 |
| More than 1 year up to 3 years | 232,867 | 299,698 |
| More than 3 years up to 5 years | 270,080 | 373,621 |
| More than 5 years up to 7 years | 273,275 | 334,836 |
| More than 7 years up to 10 years | 507,728 | 367,359 |
| More than 10 years up to 15 years | 293,120 | 111,648 |
| More than 15 years | 335,114 | 162,944 |
| Total | 2,081,993 | 1,834,322 |
The investment structure in the property and casualty insurance is as follows.
| Investments for short-term property and casualty insurance policies |
31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|---|---|---|
| Annuities | 1,451,018 | 1,317,379 |
| Shares | 140,508 | 237,170 |
| Alternatives | 64,162 | 60,720 |
| Holdings | 215,805 | 289,335 |
| Loans | 521,471 | 516,882 |
| Real estate | 463,290 | 457,081 |
| Liquidity | 551,497 | 619,993 |
| Deposits receivable | 14,389 | 13,011 |
| Total | 3,422,140 | 3,511,571 |
| Difference between book value and market value | ||
| Real estate | 197,569 | 214,617 |
| Loans | –35,805 | –604 |
| Provisions and liabilities from short-term property and casualty insurance policies |
31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|---|---|---|
| Provision for unearned premiums | 516,599 | 481,171 |
| Actuarial provision | 39,837 | 42,283 |
| Provision for outstanding claims | 1,746,904 | 1,666,703 |
| Provision for profit-unrelated premium refunds | 27,011 | 25,702 |
| Provision for profit-related premium refunds, i.e. policyholder profit sharing |
7,682 | 7,800 |
| Other technical provisions | 19,980 | 18,827 |
| Deposits payable | 12,278 | 10,270 |
| Total | 2,370,291 | 2,252,755 |
The average policy term in property and casualty insurance is between three and five years.
When investing in stock markets, the risk is diversified by using various management styles (total return, benchmark-oriented or value growth approach, fundamental or industry-/region-specific title selection). For the purpose of securing the investment, the effective investment ratio is controlled through the use of derivative financial instruments. The following table shows the investment structure of the share portfolios by asset classes:
| Share portfolio composition | 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|---|---|---|
| Shares in Europe | 268,481 | 186,693 |
| Shares in America | 11,275 | 9,049 |
| Shares in Asia | 6,049 | 3,890 |
| Shares international1) | 623 | 1,457 |
| Shares in emerging markets | 10,805 | 6,708 |
| Shares total return2) | 156,531 | 171,959 |
| Other shares | 199,247 | 229,592 |
| Total | 653,010 | 609,348 |
1) Share-based funds with globally diversified investments.
2) Share-based funds with the management goal of achieving an absolute return by including less risky investments (liquidity, bonds) in difficult market phases.
When investing in securities, we invest in debt securities of varying quality, taking into consideration the yield prospects and risks. The following table shows the quality structure of fixed-interest investments.
| Rating | 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|---|---|---|
| AAA | 3,037,727 | 3,447,058 |
| AA | 3,490,318 | 2,942,667 |
| A | 3,351,431 | 2,908,069 |
| BBB | 1,834,494 | 1,762,681 |
| BB | 437,410 | 793,953 |
| B | 352,635 | 76,110 |
| CCC | 127,070 | 20,645 |
| Not rated | 50,534 | 82,077 |
| Total | 12,681,619 | 12,033,260 |
The values as at 31 December 2009 also include the securities reclassified to the category of loans in the 3rd quarter of 2008 with a value of €1,796,941,000 (2008: €2,102,704,000).
The UNIQA Group invests in securities in a wide range of currencies. Although the insurance business is operated in different countries, the foreign currency risks of the investments do not always correspond to the currency risks of the technical provisions and liabilities. The most significant currency risk is in USD. The following table shows a breakdown of assets and debts by currency.
| 31 Dec. 2009 € 000 |
€ | USD | Other | Total |
|---|---|---|---|---|
| Assets | ||||
| Investments | 21,400,489 | 336,507 | 1,701,499 | 23,438,496 |
| Other tangible assets | 112,148 | 20,299 | 132,447 | |
| Intangible assets | 1,413,610 | 102,850 | 1,516,459 | |
| Share of reinsurance in the technical provisions |
1,040,996 | 107,793 | 1,148,788 | |
| Other assets | 893,386 | 264,229 | 1,157,615 | |
| Total | 24,860,628 | 336,507 | 2,196,670 | 27,393,805 |
| Provisions and liabilities | ||||
| Subordinated liabilities | 575,000 | 0 | 575,000 | |
| Technical provisions | 21,230,666 | 1,385,275 | 22,615,941 |
| Other provisions | 629,390 | 29,773 | 659,164 | |
|---|---|---|---|---|
| Liabilities | 1,812,348 | 166,570 | 1,978,918 | |
| Total | 24,247,404 | 0 | 1,581,618 | 25,829,023 |
| 31 Dec. 2008 | ||||
| € 000 | € | USD | Other | Total |
| 19,862,084 | 442,885 | 1,605,376 | 21,910,345 |
|---|---|---|---|
| 97,421 | 15,991 | 113,412 | |
| 1,326,277 | 81,119 | 1,407,396 | |
| 1,043,733 | 99,717 | 1,143,450 | |
| 806,685 | 248,781 | 1,055,466 | |
| 23,136,200 | 442,885 | 2,050,984 | 25,630,069 |
| 575,000 | 5,544 | 580,544 | |
| 19,627,159 | 1,373,432 | 21,000,591 | |
| 608,255 | 36,142 | 644,397 | |
| 1,773,051 | 172,709 | 1,945,760 | |
| 22,583,465 | 0 | 1,587,827 | 24,171,292 |
The fair value of securities investments in USD amounted to €1,444 million as at 31 December 2009 (2008: €1,347 million). The exchange rate risk was reduced using derivative financial instruments to €337 million (2008: € 443 million), while the safeguard ratio was 75.0% (2008: 67.1%). The safeguard was maintained in a range of between 67% and 96% during the financial year (2008: 63% and 93%).
The UNIQA Group must satisfy its payment obligations on a daily basis. For this reason, a precise liquidity schedule for the immediately following months is used, and a minimum liquidity holding is defined by the Management Board and is available as a cash reserve on a daily basis. In addition, a majority of the securities portfolio is listed on liquid stock exchanges and can be sold quickly in the case of liquidity burdens.
Additional underwriting obligations exist for private equity investments in the amount of € 168 million (2008: €206.7 million). No obligations result from multitranche loans (2008: € 30.0 million).
The risk management for investments is done in a structured investment process in which the various market risks are controlled at the level of the strategic asset allocation with tactical weighting of the individual asset classes based on market opinion and in the form of timing and selection decisions. In particular, stress tests and sensitivity analyses are used as key figures for measuring, observing and actively controlling the risk.
The table below shows the most important market risks in the form of key sensitivity figures; the information is presented as available on the reporting date, meaning that only rough figures can be offered for future losses of fair value. The key figures are calculated theoretically on the basis of actuarial principles and do not take into consideration any diversification effects between the individual market risks or counter-controlled measures taken in the various market scenarios.
| Interest rate risk | 31 Dec. 2009 | 31 Dec. 2008 | |||
|---|---|---|---|---|---|
| € 000 | +100 basis points |
–100 basis points |
+100 basis points |
–100 basis points |
|
| High-grade bonds | –407,638 | 429,092 | –253,473 | 266,831 | |
| Bank/company bonds | –55,555 | 58,479 | –78,404 | 82,531 | |
| Emerging markets bonds | –49,408 | 52,008 | –22,902 | 24,108 | |
| High-yield bonds | –1,745 | 1,837 | –1,174 | 1,236 | |
| Total | –514,345 | 541,416 | –355,953 | 374,706 |
| Equity risk | 31 Dec. 2009 | 31 Dec. 2008 | ||||
|---|---|---|---|---|---|---|
| € 000 | +10% | –10% | +10% | –10% | ||
| Shares in Europe | 23,331 | –23,331 | 17,607 | –17,607 | ||
| Shares in America | 1,714 | –1,714 | 651 | –651 | ||
| Shares in Asia | 389 | –389 | 1,518 | –1,518 | ||
| Shares international | 1,950 | –1,950 | 1,117 | –1,117 | ||
| Shares in emerging markets | 1,320 | –1,320 | 920 | –920 | ||
| Shares total return | 15,646 | –15,646 | 15,897 | –15,897 | ||
| Derivative financial instruments | ||||||
| and other shares | 4,615 | –4,615 | 4,386 | –4,581 | ||
| Total | 48,965 | –48,965 | 42,096 | –42,291 |
| Currency risk | 31 Dec. 2009 | 31 Dec. 2008 | ||
|---|---|---|---|---|
| € 000 | +10% –10% |
+10% | –10% | |
| € | 0 | 0 | 0 | 0 |
| USD | 32,817 | –32,817 | 46,670 | –46,670 |
| Other | 140,959 | –140,959 | 138,833 | –138,833 |
| Total | 173,775 | –173,775 | 185,503 | –185,503 |
| Credit risk | 31 Dec. 2009 | 31 Dec. 2008 | |||
|---|---|---|---|---|---|
| € 000 | + | - | + | - | |
| AAA | 0 basis points | 0 | 0 | 0 | 0 |
| AA | 25 basis points | –49,296 | 49,296 | –21,193 | 21,193 |
| A | 50 basis points | –69,170 | 69,170 | –64,090 | 64,090 |
| BAA | 75 basis points | –43,105 | 43,105 | –54,524 | 54,524 |
| BA | 100 basis points | –14,196 | 14,196 | –37,323 | 37,323 |
| B | 125 basis points | –16,588 | 16,588 | –2,102 | 2,102 |
| CAA | 150 basis points | –5,901 | 5,901 | –805 | 805 |
| Not rated | 100 basis points | –6,756 | 6,756 | –4,331 | 4,331 |
| Total | –205,011 | 205,011 | –184,368 | 184,368 |
The overall market risk of the investment portfolio is determined on the basis of the value-at-risk approach. The key figure is calculated for a confidence interval of 95% and a holding term of one year. The basic data is in the form of historical figures from the last calendar year with a balancing of the individual values (decay factor of 1).
The following table shows the key value-at-risk figures for the last financial year as reporting date values, annual average and maxima/minima for the year.
| Value at Risk | Total value at risk € 000 |
Equity risk € 000 |
Currency risk € 000 |
Interest rate risk € 000 |
Diversification € 000 |
|---|---|---|---|---|---|
| 31 Dec. 2009 | 819,743 | 315,354 | 93,564 | 860,208 | –449,382 |
| 31 Dec. 2008 | 799,466 | 408,289 | 110,635 | 802,303 | –521,760 |
| Lowest | 819,743 | 271,617 | 92,984 | 806,934 | –380,203 |
| Average | 917,010 | 366,141 | 151,506 | 921,974 | –471,731 |
| Highest | 1,002,630 | 419,107 | 215,573 | 1,070,587 | –594,384 |
The UNIQA Group has placed a portion of its investments in assetbacked securities (ABS).
The securities held in the direct portfolio and in the fund portfolio have been valued using a mark-to-model method. The proportion of investments valued under this model corresponds to 3.3% of total investments.
The individual transactions vary with regard to structure, risk profile, interest claims, rating and other parameters.
UNIQA is of the view that it will not be possible to ascertain a fair value for these securities on the basis of market prices or market transactions for the year 2009 due to low liquidity and the crisis on the financial markets. So-called market prices, insofar as these can even be identified in individual cases, pertain only in the rarest of cases to securities that are held directly in the portfolio, or even to securities from the same issuer, but rather generally to another paper that is similar in terms of rating and securitisation category. Direct transfer of such prices does not appropriately take into account either the complexity or the heterogeneity of the different structures. Moreover, the available prices regularly originate from distress sales, in which an investor is forced to sell larger quantities of similar securities under time pressure, mostly due to tight liquidity. For both reasons, UNIQA has decided to set the fair value of the specified papers by means of a model approach.
ABS papers are noted for being highly complex and are therefore extensively documented. Due to its longstanding activity in the area of securitisation, UNIQA has developed various models on its own or with others that permit analyses of high quality at acceptable expense.
The main parameters of the model for assessing the estimate of the future development of the (financial) economic environment are the speed of repayment, the failure frequency, the failure severity and the discount rate.
All parameters refer to the assets used to collateralise the transaction, i.e. to the corporate credits, bonds, preferential shares, etc. UNIQA uses two objectively defined parameters to portray the failure risk when ascertaining the fair value. The future payments are calculated using external forecasts for failure rates.
The modelling system of Intex Solutions, Inc., which represents a widely accepted market standard, serves as the basis for the analysis. With regard to the choice of scenario, especially for the frequency of failure, the model approach taken last year was departed from this year. For forecasting the failure rates of companies, UNIQA now uses the forecasts of Moody's Investors Service. These forecasts encompass a period of five years each and are directed toward the future, in contrast to the previously used averages.
To this extent, the losses expected by an investor on a transaction are already taken into consideration when generating the payment streams. In order to take account of the current economic crisis, a risk premium was additionally added to the applied discount rate. This premium corresponds to the surcharge originally applied on execution of the individual transaction.
The sensitivity analysis of the ABS portfolio with regard to a rise or a fall in the failure rates in the investments underlying the ABS structures is also based on the forecast values from Moody's Investors Service.
The sensitivities for these securities subjected to model-based analysis are also determined using Moody's failure scenarios. According to Moody's, these failure scenarios correspond to the 10% quantile or the 90% quantile of the distribution function of the failures.
| Sensitivity analysis (in € million) | Upside | Downside |
|---|---|---|
| Total profit/loss | 33,8 | –77,4 |
| on P&L | 14,8 | –45,5 |
| on equity | 18,9 | –31,9 |
UNIQA has a participating interest in STRABAG SE of 21.91% as at the reporting date of 31 December 2009 (31 Dec. 2008: 13.74%). Even following the entry of a new major investor, UNIQA retained a significant influence over the business activity of STRABAG SE. UNIQA is therefore continuing the participating interest in STRABAG SE as an associated share. In the 2nd quarter of 2009, an additional roughly 9.3 million shares of STRABAG SE were purchased by a strategic investor. The major investor was granted a purchase option that can only be exercised in mid-December 2010.
The valuation on the reporting date takes place in consideration of the option agreement and the expected proportional equity on the reporting date. The current market value of this option was determined as the difference between the current book value and the price for exercising the option.
| 2009 | |
|---|---|
| € 000 | |
| As at 1 Jan. | 531,664 |
| Addition | 149,900 |
| Updating affecting income | –46,116 |
| Updating not affecting income1) | –20,232 |
| Dividends | –13,572 |
| As at 31 Dec. | 601,644 |
| Value in € per share | 24.09 |
1) In addition to the continued carrying forward of the proportional group results of the last four quarters published, the estimate for the as-yet-unpublished 4th quarter of 2009 was also worked on during the financial year. Furthermore, the acquisition costs exceeding the proportional equity were written off.
The RMS of UNIQA Versicherungen AG is a well documented system covering all company activities that includes a systematic and permanent process based on the defined risk strategy with the following elements: identification, analysis, evaluation, controlling, documentation and communication of risks and monitoring of these activities. The scope and orientation of the established systems were designed based on the company-specific requirements. Despite the creation of appropriate frameworks, a certain residual risk always remains since even appropriately and functionally erected systems cannot guarantee absolute certainty in the identification and management of risks.
The goal of the accounting process internal control system is to implement controls to ensure that a proper report can be reliably produced despite the identified risks. In addition to the risks described in the risk report, the RMS also deals with additional risks as well as those in operational processes, compliance, internal reporting, etc.
The accounting process of the UNIQA Group is standardised throughout the Group. Compliance guidelines, operational organisation manuals, balance sheet and consolidation manuals exist to ensure a reliable process. The processing is largely centralised for domestic affiliated companies. For international Group companies, the accounting process is largely decentralised.
An inventory of the existing risks was taken and appropriate monitoring measures were defined for the identification of existing risks. The most important checks were defined in guidelines and instructions and coupled with an authorisation concept. The checks cover both manual coordination and reconciliation routines as well as acceptance inspections of system configurations for connected IT systems. Identified risks and weak points in monitoring the accounting process are reported quickly to management in order for corrective measures to be taken. The procedure for identification and monitoring of the risks is regularly evaluated by an independent, external consultant.
Deviations from expected results and analyses are monitored in monthly reports and figures and are the basis for the continuing supply of information to management.
| Balance sheet values | Currency | Additions | Unrealised capital | ||
|---|---|---|---|---|---|
| previous year | differences | gains and losses | |||
| € 000 | € 000 | € 000 | € 000 | ||
| A. Tangible assets |
|||||
| I. Self-used land and buildings |
220,565 | –817 | 8,502 | 0 | |
| II. other tangible assets | |||||
| 1. Tangible assets | 42,900 | –217 | 43,646 | 0 | |
| 2. Inventories | 4,296 | 915 | |||
| 3. Other assets | 66,216 | 0 | |||
| Total A. II. | 113,412 | –217 | 44,561 | 0 | |
| Total A. | 333,977 | –1,034 | 53,062 | 0 | |
| B. Land and buildings held as financial investments |
1,147,634 | –2,912 | 420,705 | 0 | |
| C. Intangible assets |
|||||
| I. Deferred acquisition costs |
872,003 | –567 | 236,026 | 0 | |
| II. Goodwill | |||||
| 1. Purchased positive goodwill | 4,696 | –65 | 798 | 0 | |
| 2. Positive goodwill | 439,977 | –11,194 | 106,665 | 0 | |
| 3. Value of insurance policies | 56,296 | 0 | 29,532 | 0 | |
| Total C. II. | 500,969 | –11,258 | 136,995 | 0 | |
| III. Other intangible assets | |||||
| 1. Self-developed software | 1,088 | 0 | 1,688 | 0 | |
| 2. Acquired intangible assets | 33,336 | –52 | 10,483 | 0 | |
| Total C. III. | 34,424 | –52 | 12,171 | 0 | |
| Total C. | 1,407,396 | –11,878 | 385,192 | 0 | |
| D. Shares in associated companies |
851,382 | 0 | 271,728 | –22,427 | |
| E. Investments I. Variable-yield securities |
|||||
| 1. Shares, investment shares and other variable-yield securities, | |||||
| including holdings and shares in associated companies | 1,397,749 | 144 | 548,631 | –28,655 | |
| 2. At fair value through profit or loss | 948,998 | 0 | 227,064 | 0 | |
| Total E. I. | 2,346,747 | 144 | 775,695 | –28,655 | |
| II. Fixed interest securities | |||||
| 1. Fixed interest securities, held to maturity | 448,957 | 0 | 0 | 0 | |
| 2. Debt securities and other fixed interest securities | 8,605,679 | –241 | 9,775,520 | 250,816 | |
| 3. At fair value through profit or loss | 271,468 | 0 | 24,193 | 0 | |
| Total E. II. | 9,326,105 | –241 | 9,799,713 | 250,816 | |
| III. Loans and other investments | |||||
| 1. Loans | |||||
| a) Debt securities issued by and loans to associated companies | 491 | 0 | 15 | 0 | |
| b) Debt securities issued by and loans to participating interests | 552 | 0 | 0 | 0 | |
| c) Mortgage loans | 140,563 | 0 | 386 | 0 | |
| d) Loans and advance payments on policies | 13,670 | –3 | 8,640 | 0 | |
| e) Other loan receivables and registered bonds | 3,046,540 | –13 | 400,467 | 9,440 | |
| Total E. III. 1. | 3,201,817 | –15 | 409,508 | 9,440 | |
| 2. Cash at credit institutions | 1,457,298 | –2,040 | 25,729 | 0 | |
| 3. Deposits with ceding companies | |||||
| 129,405 | 0 | 11,291 | 0 | ||
| Total E. III. | 4,788,519 | –2,056 | 446,528 | 9,440 | |
| IV. Derivative financial instruments | 19,077 | –46 | 47,965 | 0 | |
| Total E. | 16,480,448 | –2,199 | 11,069,902 | 231,601 | |
| F. Investments held on account and at risk of life insurance policyholders | 2,642,462 | –1,560 | 1,446,121 | 67,444 | |
| Aggregate total | 22,863,300 | –19,583 | 13,646,711 | 276,618 |
| Amortisation | Transfers | Disposals | Appreciation | Depreciation | Book value |
|---|---|---|---|---|---|
| € 000 | € 000 | € 000 | € 000 | € 000 | financial year € 000 |
| 0 | 28,009 | 17,605 | 0 | 8,577 | 230,077 |
| 0 | –5,922 | 3,001 | 0 | 16,351 | 61,054 |
| 0 | 5,211 | ||||
| 34 | 66,182 | ||||
| 0 | –5,922 | 3,034 | 0 | 16,351 | 132,447 |
| 0 | 22,087 | 20,640 | 0 | 24,928 | 362,524 |
| 0 | –22,178 | 68,796 | 0 | 41,362 | 1,433,091 |
| 0 | 0 | 0 | 0 | 230,068 | 877,394 |
| 0 | 0 | 0 | 0 | 1,797 | 3,632 |
| 0 | 0 | 746 | 0 | 7,418 | 527,284 |
| 0 | 0 | 0 | 0 | 9,553 | 76,274 |
| 0 | 0 | 746 | 0 | 18,769 | 607,191 |
| 0 0 |
0 91 |
0 1,632 |
0 0 |
1,088 12,039 |
1,688 30,187 |
| 0 | 91 | 1,632 | 0 | 13,127 | 31,875 |
| 0 | 91 | 2,378 | 0 | 261,964 | 1,516,459 |
| 0 | –66,784 | 249,189 | 41,053 | 108,600 | 717,163 |
| –24 | 64,187 | 607,854 | 57,526 | 110,562 | 1,321,142 |
| 0 | 0 | 440,816 | 88,378 | 117,405 | 706,219 |
| –24 | 64,187 | 1,048,670 | 145,904 | 227,967 | 2,027,361 |
| 213 | 0 | 109,170 | 0 | 0 | 340,000 |
| 10,420 | 189 | 8,576,417 | 3,241 | 189,586 | 9,879,620 |
| –394 | 251 | 66,667 | 35,130 | 17,046 | 246,936 |
| 10,239 | 440 | 8,752,255 | 38,371 | 206,632 | 10,466,556 |
| 0 | 0 | 34 | 0 | 0 | 472 |
| 0 | 0 | 0 | 0 | 0 | 552 |
| 0 | –327 | 15,394 | 0 | 6,012 | 119,216 |
| 0 | 0 | 3,216 | 0 | 0 | 19,091 |
| 5,917 | 327 | 657,248 | 1,043 | 2,699 | 2,803,776 |
| 5,917 | 0 | 675,891 | 1,043 | 8,711 | 2,943,107 |
| 0 | 0 | 284,005 | 9,288 | 4,345 | 1,201,925 |
| 0 | 0 | 4,548 | 0 | 0 | 136,149 |
| 5,917 | 0 | 964,445 | 10,331 | 13,056 | 4,281,180 |
| 0 | 0 | 24,279 | 53,764 | 84,623 | 11,858 |
| 16,132 | 64,627 | 10,789,648 | 248,370 | 532,278 | 16,786,955 |
| 69 | 2,157 | 941,487 | 270,693 | 12,348 | 3,473,553 |
| 16,201 | 0 | 12,072,138 | 560,116 | 981,480 | 24,289,744 |
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|---|---|
| 86,265 | 102,560 |
| 128,012 | 105,744 |
| 15,800 | 12,261 |
| 230,077 | 220,565 |
| 109,015 | 129,237 |
| 156,861 | 122,391 |
| 17,979 | 13,913 |
| 283,855 | 265,542 |
| 324,749 | 318,820 |
| –94,673 | –98,255 |
| 230,077 | 220,565 |
| 10–80 years | 10–80 years |
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
The market values are derived from expert reports.
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
|---|---|---|
| Tangible assets | 61,054 | 42,900 |
| Inventories | 5,211 | 4,296 |
| Other assets | 66,182 | 66,216 |
| Total | 132,447 | 113,412 |
Self-used land and buildings 5,624 14,444
| Tangible assets Development in financial year |
€ 000 |
|---|---|
| Acquisition values as at 31 Dec. 2008 | 158,956 |
| Cumulative depreciation up to 31 Dec. 2008 | –116,057 |
| Book values as at 31 Dec. 2008 | 42,900 |
| Currency translation changes | –217 |
| Additions | 43,646 |
| Disposals | –3,001 |
| Transfers | –5,922 |
| Appreciation and depreciation | –16,351 |
| Book values as at 31 Dec. 2009 | 61,054 |
| Acquisition values as at 31 Dec. 2009 | 215,388 |
| Cumulative depreciation up to 31 Dec. 2009 | –154,334 |
| Book values as at 31 Dec. 2009 | 61,054 |
Tangible assets refer mainly to office equipment. They are depreciated over a useful life of four to ten years. The amounts of depreciation are recognised in the income statement on the basis of allocated operating expenses under the items insurance benefits, operating expenses and net investment income.
| Additions from company acquisition | 31 Dec. 2009 | 31 Dec. 2008 |
|---|---|---|
| € 000 | € 000 | |
| Other tangible assets | 18,322 | 12,735 |
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
|---|---|---|
| Book values for | ||
| Property and casualty | 377,011 | 354,144 |
| Health | 285,541 | 186,666 |
| Life | 770,539 | 606,823 |
| 1,433,091 | 1,147,634 | |
| Market values for | ||
| Property and casualty | 551,830 | 542,084 |
| Health | 399,788 | 296,955 |
| Life | 1,103,463 | 984,967 |
| 2,055,081 | 1,824,006 | |
| Acquisition values | 1,884,787 | 1,543,413 |
| Cumulative depreciation | –451,696 | –395,779 |
| Book values | 1,433,091 | 1,147,634 |
| Useful life for land and buildings | 10–80 years | 10–80 years |
| Additions from company acquisition | 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
The market values are derived from expert reports.
| 31 Dec. 2009 € 000 |
|
|---|---|
| Change in impairment for current year | 2,325 |
| of which reallocation | 2,325 |
Land and buildings held as financial investments 165,546 66,474
| 2009 € 000 |
2008 € 000 |
|
|---|---|---|
| Property and casualty | ||
| As at 1 Jan. | 135,129 | 121,671 |
| Currency translation changes | –451 | –1,602 |
| Changes to scope of consolidation | 258 | 5,854 |
| Capitalisation | 91,273 | 68,044 |
| Depreciation | –79,843 | –58,837 |
| As at 31 Dec. | 146,366 | 135,129 |
| Health | ||
| As at 1 Jan. | 215,855 | 214,665 |
| Currency translation changes | –8 | –26 |
| Capitalisation | 17,883 | 13,582 |
| Interest surchage | 9,476 | 9,237 |
| Depreciation | –18,793 | –21,602 |
| As at 31 Dec. | 224,414 | 215,855 |
| Life | ||
| As at 1 Jan. | 521,019 | 537,126 |
| Currency translation changes | –108 | –500 |
| Changes to scope of consolidation | 474 | 0 |
| Capitalisation | 102,066 | 113,082 |
| Interest surchage | 14,595 | 15,159 |
| Depreciation | –131,432 | –143,848 |
| As at 31 Dec. | 506,614 | 521,019 |
| In the consolidated financial statements | ||
| As at 1 Jan. | 872,003 | 873,462 |
| Currency translation changes | –567 | –2,129 |
| Changes to scope of consolidation | 732 | 5,854 |
| Capitalisation | 211,223 | 194,708 |
| Interest surchage | 24,071 | 24,396 |
| Depreciation | –230,068 | –224,288 |
| As at 31 Dec. | 877,394 | 872,003 |
| € 000 | |
|---|---|
| Acquisition values as at 31 Dec. 2008 | 633,479 |
| Cumulative depreciation up to 31 Dec. 2008 | –132,510 |
| Book values as at 31 Dec. 2008 | 500,969 |
| Acquisition values as at 31 Dec. 2009 | 759,240 |
| Cumulative depreciation up to 31 Dec. 2009 | –152,049 |
| Book values as at 31 Dec. 2009 | 607,191 |
Main additions: UNIQA Life S.p.A. and SIGAL Holding Sh.A. – see also the information on the scope of consolidation beginning on page 66.
| € 000 | |
|---|---|
| Cumulative depreciation up to 31 Dec. 2009 | 152,049 |
| of which relating to impairment | 28,755 |
| of which current depreciation | 123,294 |
| 31 Dec. 2009 | |
|---|---|
| € 000 | |
| Change in impairment for current year | 7,418 |
| of which reallocation | 7,418 |
The above values include the goodwill as well as the purchase price paid for the total insurance policies acquired.
| Company acquisitions 2009 | Amounts placed at the time of |
Book values of the acquired |
|---|---|---|
| acquisition € 000 |
companies € 000 |
|
| Assets | 378,459 | 378,459 |
| Tangible assets | 23,946 | 23,946 |
| Land and buildings held as financial investments | 165,546 | 165,546 |
| Intangible assets | 1,756 | 1,756 |
| Shares in associated companies | 0 | 0 |
| Investments | 81,294 | 81,294 |
| Investments held on account and at risk of life insurance policyholders |
0 | 0 |
| Share of reinsurance in technical provisions | 1,063 | 1,063 |
| Receivables including receivables under insurance business |
54,956 | 54,956 |
| Receivables from income tax | 324 | 324 |
| Deferred tax assets | 1,039 | 1,039 |
| Liquid funds | 48,535 | 48,535 |
| Equity and Liabilities | 378,459 | 378,459 |
| Total equity | 228,793 | 228,793 |
| Subordinated liabilities | 0 | 0 |
| Technical provisions | 22,794 | 22,794 |
| Technical provisions held on account and at risk of life insurance policyholders |
0 | 0 |
| Financial liabilities | 0 | 0 |
| Other provisions | 11,298 | 11,298 |
| Payables and other liabilities | 104,435 | 104,435 |
| Liabilities from income tax | 179 | 179 |
| Deferred tax liabilities | 10,959 | 10,959 |
| Currency differences | 0 | 0 |
| Self-developed software € 000 |
Acquired intangible assets € 000 |
|
|---|---|---|
| Acquisition values as at 31 Dec. 2008 | 35,536 | 161,916 |
| Cumulative depreciation up to 31 Dec. 2008 | –34,448 | –128,580 |
| Book values as at 31 Dec. 2008 | 1,088 | 33,336 |
| Acquisition values as at 31 Dec. 2009 | 37,224 | 171,757 |
| Cumulative depreciation up to 31 Dec. 2009 | –35,536 | –141,571 |
| Book values as at 31 Dec. 2009 | 1,688 | 30,187 |
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
|---|---|---|
| Computer software | 27,652 | 30,129 |
| Copyrights | 0 | 0 |
| Licences | 764 | 1,271 |
| Other intangible assets | 3,459 | 3,024 |
| 31,875 | 34,424 |
| Useful life | ||
|---|---|---|
| Self-produced software | 2–5 years | 2–5 years |
| Acquired intangible assets | 2–5 years | 2–5 years |
The intangible assets include paid-for and self-produced computer software as well as licences and copyrights.
The depreciation of the other intangible assets was recognised in the income statement on the basis of allocated operating expenses under the items of insurance benefits, operating expenses and net investment income.
The intangible assets are depreciated using the straight-line method.
| Additions from company acquisition | 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|---|---|---|
| Self-produced software | 0 | 0 |
| Acquired intangible assets | 1,024 | 906 |
| 2009 | |
|---|---|
| € 000 | |
| Research and development expenditure recorded as an expense during the | |
| period under review | 7,354 |
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
|---|---|---|
| Current market values for | ||
| Shares in affiliated companies of minor importance 1) |
19,820 | 20,480 |
| Shares in associated companies of minor importance |
2,049 | 3,474 |
| Book values for | ||
| Shares in associated companies valued at equity | 715,113 | 847,908 |
| Equity for | ||
| Shares in affiliated companies of minor importance |
20,197 | 10,093 |
| Annual net profit/loss for the year | ||
| Shares in affiliated companies of minor importance |
–5,315 | 909 |
1) The shares in affiliated companies of minor importance are shown on the balance sheet as available for disposal at any time under variable-yield securities (Assets E. I. 1.).
The decline in the shares in associated companies resulted mainly due to the disposal and transfer of the shares held in Leipnik-Lundenburger Invest Beteiligungs AG.
| Shares in associated companies | 31 Dec. 2009 € 000 |
|---|---|
| Current market value of associated companies listed on a public stock | |
| exchange | 604,938 |
| Profits/losses for the period | 39,672 |
| Unrecorded, proportional loss, ongoing, if shares of loss are no longer | |
| recorded | 41 |
| Unrecorded, proportional loss, cumulative, if shares of loss are no longer | |
| recorded | 114 |
| Book values | ||
|---|---|---|
| 31 Dec. 2009 | 31 Dec. 2008 | |
| € 000 | € 000 | |
| Corporate bonds of domestic financial institutions | 340,000 | 340,000 |
| other securities | 0 | 108,957 |
| Total | 340,000 | 448,957 |
| Market values | |
|---|---|
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
| 340,000 | 340,000 |
| 0 | 110,000 |
| 340,000 | 450,000 |
| Contractual remaining term | Book values | |
|---|---|---|
| 31 Dec. 2009 | 31 Dec. 2008 | |
| € 000 | € 000 | |
| Up to 1 year | 0 | 108,957 |
| More than 1 year up to 5 years | 340,000 | 340,000 |
| Total | 340,000 | 448,957 |
| Contractual remaining term | Market values | ||
|---|---|---|---|
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
||
| Up to 1 year | 0 | 110,000 | |
| More than 1 year up to 5 years | 340,000 | 340,000 | |
| Total | 340,000 | 450,000 |
| Type of investment | Acquisition costs | Fluctuation in value not affecting income |
Accumulated value adjustments |
Foreign currency differences affecting income |
Market values | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
| Shares in affiliated companies | 19,820 | 20,480 | 0 | 0 | 0 | 0 | 0 | 0 | 19,820 | 20,480 |
| Shares | 628,161 | 643,486 | 107,072 | 170,795 | –145,979 | –185,297 | 0 | 0 | 589,254 | 628,984 |
| Equity funds | 240,373 | 232,785 | 13,260 | –15,611 | –29,945 | –28,767 | 0 | 0 | 223,688 | 188,408 |
| Debenture bonds not capital-guaranteed | 244,448 | 381,800 | –4,823 | 6,011 | –14,326 | –67,964 | –4,109 | –11,529 | 221,190 | 308,318 |
| Other variable-yield securities | 41,870 | 79,895 | –359 | –413 | –3,400 | 0 | 0 | 0 | 38,110 | 79,482 |
| Participating interests and other investments |
240,534 | 170,857 | 25,125 | 21,944 | –36,579 | –20,724 | 0 | 0 | 229,079 | 172,078 |
| Fixed interest securities | 10,615,617 | 9,437,909 | –117,183 | –324,100 | –501,477 | –372,951 | –117,338 | –135,178 | 9,879,620 | 8,605,679 |
| Total | 12,030,821 | 10,967,213 | 23,092 | –141,374 | –731,705 | –675,702 | –121,446 | –146,708 | 11,200,762 | 10,003,428 |
Valuations based on internal calculations are included in the market values of shares. The effect of the internal valuation results in a value reduction not affecting income in the amount of €113,938,000 in 2009 (2008: €133,311,000).
| Type of investment | Accumulated value adjustments | Of which accumulated from previous years | Of which from current year | |||
|---|---|---|---|---|---|---|
| 31 Dec. 2009 | 31 Dec. 2008 | 31 Dec. 2009 | 31 Dec. 2008 | 31 Dec. 2009 | 31 Dec. 2008 | |
| € 000 | € 000 | € 000 | € 000 | € 000 | € 000 | |
| Shares in affiliated companies | 0 | 0 | 0 | 0 | 0 | 0 |
| Shares | –145,979 | –185,297 | –80,437 | 30,019 | –65,542 | –215,316 |
| Equity funds | –29,945 | –28,767 | –18,855 | 7,486 | –11,091 | –36,252 |
| Debenture bonds not capital-guaranteed | –14,326 | –67,964 | –65,900 | 0 | 51,574 | –67,964 |
| Other variable-yield securities | –3,400 | 0 | 0 | 0 | –3,400 | 0 |
| Participating interests and other investments | –36,579 | –20,724 | –20,229 | –16,483 | –16,350 | –4,241 |
| Fixed interest securities | –501,477 | –372,951 | –307,869 | –215,425 | –193,608 | –157,526 |
| Total | –731,705 | –675,702 | –493,290 | –194,404 | –238,415 | –481,298 |
| Type of investment | Change in value adjustment current year |
of which write-down/write-up affecting income |
of which changes due to disposal |
Write-up of equity |
|---|---|---|---|---|
| 31 Dec. 2009 € 000 |
31 Dec. 2009 € 000 |
31 Dec. 2009 € 000 |
31 Dec. 2009 € 000 |
|
| Shares in affiliated companies | 0 | 0 | 0 | 0 |
| Shares | 39,318 | –65,542 | 104,860 | 0 |
| Equity funds | –1,179 | –11,091 | 9,912 | 0 |
| Debenture bonds not capital-guaranteed | 53,638 | 51,574 | 2,064 | 0 |
| Other variable-yield securities | –3,400 | –3,400 | 0 | 0 |
| Participating interests and other investments | –15,855 | –16,350 | 494 | 0 |
| Fixed interest securities | –128,526 | –193,608 | 65,082 | 0 |
| Total | –56,003 | –238,415 | 182,412 | 0 |
| Change in equity | Allocation not affecting income | Withdrawal1) due to disposals affecting income |
Change in unrealised gains/losses |
|||
|---|---|---|---|---|---|---|
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
| Other securities - available for sale2) | ||||||
| Gross | 231,601 | –329,202 | –10,533 | 121,172 | 221,068 | –208,030 |
| Deferred tax | –21,962 | 90,846 | 7,576 | –39,476 | –14,386 | 51,371 |
| Deferred profit participation | –170,142 | –31,516 | –16,362 | 8,555 | –186,504 | –22,961 |
| Minority interests | –14,362 | 5,298 | –6,784 | 1,386 | –21,147 | 6,684 |
| Net | 25,134 | –264,575 | –26,103 | 91,638 | –969 | –172,937 |
1) Withdrawals affecting the income statement due to disposals and impairments.
2) Incl. reclassified securities.
The table below depicts the financial instruments for which subsequent valuation is performed at the current market value. These are divided into levels 1 to 3, depending on the extent to which the current market value can be observed.
Level 1 valuations at current market value are ones that result from listed prices (unadjusted) on the active markets for identical financial assets and liabilities.
Level 2 valuations at current market value are those based on parameters that do not correspond to listed prices for assets and liabilities as in level 1 (data) and are derived either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 valuations at current market value are those arising from models using parameters for the valuation of assets and liabilities that are not based on observable market data (unobservable prices, assumptions).
| Investments at fair value | Level 1 | Level 2 | Level 3 | Group total |
|---|---|---|---|---|
| 31 Dec. 2009 € 000 |
31 Dec. 2009 € 000 |
31 Dec. 2009 € 000 |
31 Dec. 2009 € 000 |
|
| Securities-available for sale | 8,363,598 | 2,244,979 | 592,185 | 11,200,762 |
| Shares in affiliated companies | 0 | 19,820 | 0 | 19,820 |
| Shares | 239,988 | 349,121 | 145 | 589,254 |
| Equity funds | 151,863 | 71,823 | 1 | 223,688 |
| Debenture bonds not capital-guaranteed | 32,815 | 188,376 | 0 | 221,190 |
| Other variable-yield securities | 0 | 38,110 | 0 | 38,110 |
| Participating interests and other investments | 0 | 229,079 | 0 | 229,079 |
| Fixed-interest securities | 7,938,932 | 1,348,649 | 592,039 | 9,879,620 |
| At fair value through profit and loss | 112,055 | 820,926 | 20,174 | 953,155 |
| Derivative financial instruments | 450 | –15,531 | 0 | –15,081 |
| Total | 8,476,103 | 3,050,374 | 612,359 | 12,138,836 |
No transfers between levels 1 and 2 took place during the reporting period. The entire portfolio of asset-backed securities was classified as
level 3. No other level 3 assets existed as at 31 December 2009.
| Level 3 Investments at fair value | Securities – available for sale |
At fair value through profit and loss |
Derivative financial instruments |
Total |
|---|---|---|---|---|
| 31 Dec. 2009 € 000 |
31 Dec. 2009 € 000 |
31 Dec. 2009 € 000 |
31 Dec. 2009 € 000 |
|
| As at 1 Jan. 2009 | 813,122 | 51,310 | 0 | 864,432 |
| Total gains or losses for the period recognised in profit or loss |
–152,473 | –27,272 | 0 | –179,745 |
| Total gains or losses for the period recognised in other comprehensive income (revaluation reserve) |
–32,155 | 0 | 0 | –32,155 |
| Purchase | 86,750 | 0 | 0 | 86,750 |
| Sales | –81,192 | 0 | 0 | –81,192 |
| Issues | 0 | 0 | 0 | 0 |
| Settlements | –41,867 | –3,864 | 0 | –45,731 |
| Transfers | 0 | 0 | 0 | 0 |
| As at 31 Dec. 2009 | 592,185 | 20,174 | 0 | 612,359 |
| Contractual remaining term | Acquisition costs | Market values | ||
|---|---|---|---|---|
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
| Infinite | 57,667 | 33,595 | 58,489 | 31,819 |
| Up to 1 year | 1,984,978 | 1,720,797 | 1,709,230 | 1,492,853 |
| More than 1 year up to 5 years | 2,518,608 | 3,277,055 | 2,454,377 | 3,110,079 |
| More than 5 years up to 10 years |
3,182,603 | 3,102,648 | 3,074,097 | 2,857,533 |
| More than 10 years | 3,158,079 | 1,765,507 | 2,842,728 | 1,501,195 |
| Total | 10,901,934 | 9,899,603 | 10,138,921 | 8,993,478 |
The remaining maturities stipulated by contract refer to fixed-interest securities, other variable yield securities and bonds without capital guarantee.
| Risk of default rating | 31 Dec. 2009 € 000 |
|---|---|
| Fixed-interest securities | |
| Rating AAA | 2,721,405 |
| Rating AA | 2,316,581 |
| Rating A | 2,844,232 |
| Rating BBB | 1,273,366 |
| Rating < BBB | 750,632 |
| Not assigned | 232,705 |
| Rating total of fixed-interest securities | 10,138,921 |
| Issuer countries | |
| Share securities | |
| IE, NL, UK, US | 238,604 |
| AT, BE, CH, DE, DK, FR, IT | 465,790 |
| ES, FI, NO, SE | 20,501 |
| Remaining EU | 63,961 |
| other countries | 116,594 |
| Total issuer countries of share securities | 905,451 |
| Other shareholdings | 136,570 |
| Total variable-yield securities | 1,042,021 |
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
|---|---|---|
| Market values | ||
| Equity risk | –11,528 | 8,428 |
| Interest rate risk | 1,348 | 1,083 |
| Currency risk | –10,928 | –23,134 |
| Structured risk | 6,026 | 25,613 |
| Total | –15,081 | 11,990 |
| Structured risk – of which: | ||
| Equity risk | 2,750 | –13,552 |
| Interest rate risk | –2,653 | 16,808 |
| Currency risk | 5,929 | 22,357 |
| Credit risk | 0 | 0 |
| Balance sheet values | ||
| Investments | 11,858 | 19,077 |
| Financial liabilities | –26,939 | –7,087 |
| Book values | ||
|---|---|---|
| 31 Dec. 2009 | 31 Dec. 2008 | |
| € 000 | € 000 | |
| Loans to affiliated companies | 472 | 491 |
| Loans to participating interests | 552 | 552 |
| Mortgage loans | 119,216 | 140,563 |
| Loans and advance payments on policies | 19,091 | 13,670 |
| Other loans | 684,926 | 641,551 |
| Registered bonds | 321,909 | 302,285 |
| Reclassified bonds | 1,796,941 | 2,102,704 |
| Total | 2,943,107 | 3,201,817 |
On 1 July 2008, securities previously available for sale were reclassified according to IAS 39/50E as other loans. Overall, fixed-interest securities with a book value of €2,129,552,000 were reclassified. The corresponding revaluation reserve as at 30 June 2008 was €–98,208,000. The current fair value as at 31 December 2009 was €1,732,644,000 (2008: €1,889,108,000), which corresponds to a change in current market value in the year 2009 of €149,299,000 (2008: €213,596,000). In addition, an amortisation income of €5,917,000 was posted in the income statement (2008: €61,000 expense).
| Contractual remaining term | Book values | |
|---|---|---|
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
| Infinite | 1,361 | 1,474 |
| Up to 1 year | 1,102,383 | 1,110,926 |
| More than 1 year up to 5 years | 632,270 | 740,557 |
| More than 5 years up to 10 years | 958,837 | 1,015,364 |
| More than 10 years | 248,256 | 333,495 |
| Total | 2,943,107 | 3,201,817 |
| Market values | ||
|---|---|---|
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
| Loans to affiliated companies | 472 | 491 |
| Loans to participating interests | 552 | 552 |
| Mortgage loans | 119,216 | 140,563 |
| Loans and advance payments on policies | 19,091 | 13,670 |
| Other loans | 697,647 | 642,216 |
| Registered bonds | 321,909 | 302,285 |
| Reclassified bonds | 1,732,644 | 1,889,108 |
| Total | 2,891,530 | 2,988,886 |
| Contractual remaining term | Market values | |
|---|---|---|
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
| Infinite | 1,361 | 1,474 |
| Up to 1 year | 1,023,561 | 979,700 |
| More than 1 year up to 5 years | 658,445 | 744,552 |
| More than 5 years up to 10 years | 963,145 | 933,883 |
| More than 10 years | 245,019 | 329,277 |
| Total | 2,891,530 | 2,988,886 |
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
|---|---|---|
| Deposits with credit institutions | 1,201,925 | 1,457,298 |
| Deposits with ceding companies | 136,149 | 129,405 |
| Total | 1,338,073 | 1,586,702 |
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
||
|---|---|---|---|
| I. | Reinsurance receivables | ||
| 1. Accounts receivables under reinsurance | |||
| operations | 52,558 | 46,766 | |
| 52,558 | 46,766 | ||
| II. | Other receivables | ||
| Receivables under the insurance business | |||
| 1. from policyholders | 296,340 | 277,514 | |
| 2. from intermediaries | 71,292 | 72,864 | |
| 3. from insurance companies | 9,368 | 4,985 | |
| 377,000 | 355,363 | ||
| Other receivables | |||
| Accrued interest and rent | 220,754 | 239,538 | |
| Other tax refund claims | 49,900 | 41,551 | |
| Receivables due from employees | 3,507 | 3,552 | |
| Other receivables | 265,492 | 195,117 | |
| 539,653 | 479,756 | ||
| Total other receivables | 916,653 | 835,119 | |
| Subtotal | 969,211 | 881,885 | |
| of which receivables with a remaining term of | |||
| up to 1 year | 942,005 | 862,509 | |
| more than 1 year | 27,206 | 19,376 | |
| 969,211 | 881,885 | ||
| of which receivables with values not yet adjusted | |||
| up to 3 months overdue | 67,350 | 57,021 | |
| more than 3 months overdue | 12,068 | 9,692 | |
| III. | Other assets | ||
| Accruals | 50,690 | 50,432 | |
| 50,690 | 50,432 | ||
| Total receivables incl. receivables under insurance | |||
| business | 1,019,902 | 932,317 |
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
|---|---|---|
| Receivables from income tax | 40,348 | 54,077 |
| of which receivables with a remaining term of | ||
| up to 1 year | 38,341 | 41,113 |
| more than 1 year | 2,007 | 12,964 |
| Cause of origin | 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|---|---|---|
| Actuarial items | 213 | 2,986 |
| Social capital | 37,268 | 32,228 |
| Investments | 9,254 | 1,276 |
| Loss carried forward | 20,694 | 6,986 |
| other | 28,866 | 25,621 |
| Total | 96,295 | 69,096 |
For losses carried forward in the amount of € 60,274,000, the deferred tax of €14,730,000 was not capitalised because utilisation will not be possible in the foreseeable future.
| 31 Dec. 2009 | 31 Dec. 2008 | |
|---|---|---|
| Number of authorised and issued no-par shares | 142,985,217 | 131,673,000 |
| of which fully paid up | 142,985,217 | 131,673,000 |
The subscribed capital and capital reserves correspond to values from the individual financial statements of UNIQA Versicherungen AG.
Unrealised capital gains and losses from the revaluation of investments available for sale affected the revaluation reserve, with deferred participation in profits (for life insurance) and deferred taxes taken into consideration.
In addition to the subscribed capital, UNIQA Versicherungen AG has at its disposal an authorised capital in the amount of €50 million. The Annual General Meeting of 23 May 2005 extended the authorisation of the Management Board of UNIQA Versicherungen AG to increase the share capital, with the approval of the Supervisory Board, up to and including 30 June 2010.
The share capital was increased in the financial year in partial use of this authorisation by €11,312,217 to €142,985,217 (2008: by €11,895,192 to €131,673,000).
Furthermore, the Management Board made use of its authorisation to buy back shares in accordance with the resolution of the 9th Annual General Meeting of 19 May 2008 and resolved on 19 May 2008 that UNIQA would buy back its own shares. The Supervisory Board of the company confirmed the decision of the Management Board in its meeting on 19 May 2008. In this regard, the ongoing resale programme was ended. The programme for the repurchase of shares entered into effect on 22 May 2008. During the financial year 2009 no own shares (2008: 469,650 shares) were acquired through the stock exchange.
The business development due to organic growth and acquisitions influences the capital requirement of the UNIQA Group. In the context of Group controlling, the appropriate coverage of the solvency requirement on a consolidated basis is constantly monitored.
As at 31 December 2009, the adjusted equity amounted to €1,600,580,000 (2008: €1,694,998,000). In ascertaining the adjusted equity, non-tangible economic goods (especially goodwill) and participating interests in banks and insurance companies are deducted from the equity and various forms of hybrid capital (especially supplemental capital) and latent reserves in investments (especially in real estate) are added. With a statutory requirement for adjusted equity of €1,058,638,000 (2008: €1,028,992,000), the statutory requirements were exceeded by €541,942,000 (2008: €666,006,000), resulting in a coverage rate of 151.2% (2008: 164.7%). With the change to Section 81h Paragraph 2 of the Insurance Supervisory Act, the volatility reserve was added as part of the available capital as of the third quarter of 2008. This increased the adjusted equity by €218,668,000 (2008: €203,473,000).
The adjusted equity base is ascertained on the basis of the available consolidated financial statements (produced in accordance with Section 80b of the Insurance Supervisory Act).
| 2009 € 000 |
2008 € 000 |
|
|---|---|---|
| Adjusted equity without deduction acc. to Section 86h paragraph 5 of the Insurance Supervision Act |
1,600,580 | 1,694,998 |
| Adjusted equity with deduction acc. to Section 86h paragraph 5 of the Insurance Supervision Act |
1,381,912 | 1,491,525 |
| 31 Dec. 2009 | 31 Dec. 2008 | |
|---|---|---|
| Shares held by: | ||
| UNIQA Versicherungen AG | ||
| Acquisition costs in € millions | 10,857 | 10,857 |
| Number of shares | 819,650 | 819,650 |
| Share of subscribed capital in % | 0.62 | 0.68 |
In the performance figure "earnings per share", the consolidated profit is set against the average number of ordinary shares in circulation.
| Earnings per share | 2009 | 2008 |
|---|---|---|
| Consolidated profit (in € 000) | 14,115 | 53,308 |
| of which accounts for ordinary shares (in € 000) | 14,115 | 53,308 |
| Own shares as at 31st. Dec. | 819,650 | 819,650 |
| Average number of shares in circulation | 131,723,521 | 121,064,534 |
| Earnings per share (in € )1) | 0.11 | 0.44 |
| Earnings before taxes per share (in € )1) | 0.41 | 0.63 |
| Earnings per share1), adjusted for goodwill amortisation (in € ) |
0.25 | 0.53 |
| Profit from ordinary activities per share, adjusted for goodwill amortisation (in € ) |
0.77 | 0.83 |
| Dividend per share2) | 0.40 | 0.40 |
| Dividend payment (€ 000)2) | 56,866 | 52,341 |
1) Calculated on the basis of the consolidated profit of the year. 2) Subject to the decision to be taken in the AGM.
The diluted earnings per share is equal to the undiluted earnings per share in the reporting year and in the previous year.
| Change in the tax amounts included in the equity without affecting income |
31 Dec. 2009 € 000 |
|---|---|
| Effective tax | 0 |
| Deferred tax | –8,580 |
| Total | –8,580 |
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
|---|---|---|
| In revaluation reserve | –9,142 | –30,288 |
| In net income for the year | 28,618 | 13,440 |
| In other equity | 212,244 | 210,956 |
| Total | 231,720 | 194,108 |
| 31 Dec. 2009 | 31 Dec. 2008 | |
|---|---|---|
| € 000 | € 000 | |
| Supplementary capital | 575,000 | 580,544 |
Partial debentures with a nominal value of €325 million for paid up supplementary capital were issued by Raiffeisen Versicherung AG in December 2002 and by UNIQA Versicherungen AG, UNIQA Personenversicherung AG and UNIQA Sachversicherung AG in July 2003 according to Section 73c paragraph 2 of the Austrian Insurance Supervision Act. The partial debentures are valid for an unlimited time period. An ordinary or extraordinary notice of redemption to the issuer is not possible for at least five years. Subject to coverage in the annual net profit before the issuer's movements in reserves, the interest to July 2013 will be 5.36%, except in the case of Raiffeisen Versicherung AG, where the interest to December 2012 will be 5.7%, plus a bonus interest payment of between 0.2% and 0.4% depending on sales profitability and the increase in premiums in comparison to the whole market.
In December 2006 UNIQA Versicherungen AG issued bearer debentures with a face value of €150 million for deposited supplementary capital according to Section 73c paragraph 2 of the Austrian Insurance Supervision Act. According to the conditions of the bearer debentures, the deposited capital of UNIQA Versicherungen AG is agreed to remain at the company's disposal for at least five years, with no ordinary or extraordinary cancellation possible. Interest is applied only insofar as this is covered in the net profit for the year of the issuer. The interest rate up to December 2016 is 5.079%.
In January 2007, UNIQA Versicherungen AG issued additional bearer debentures with a face value of €100 million for deposited supplementary capital according to Section 73c paragraph 2 of the Austrian Insurance Supervisory Act. According to the conditions of the bearer debentures, the deposited capital of UNIQA Versicherungen AG is agreed to remain at the company's disposal for at least five years, with no ordinary or extraordinary cancellation possible. Interest is applied only insofar as this is covered in the net profit for the year of the issuer. The interest rate up to December 2016 is 5.342%.
| 31 Dec. 2009 | 31 Dec. 2008 | |
|---|---|---|
| € 000 | € 000 | |
| Property and casualty insurance | ||
| Gross | 536,212 | 507,953 |
| Reinsurers' share | –19,613 | –26,782 |
| 516,599 | 481,171 | |
| Health | ||
| Gross | 16,357 | 13,685 |
| Reinsurers' share | –728 | –71 |
| 15,629 | 13,614 | |
| In the consolidated financial statements | ||
| Gross | 552,569 | 521,637 |
| Reinsurers' share | –20,341 | –26,853 |
| Total (fully consolidated values) | 532,228 | 494,785 |
| 31 Dec. 2009 | 31 Dec. 2008 | |
|---|---|---|
| € 000 | € 000 | |
| Property and casualty insurance | ||
| Gross | 40,280 | 42,501 |
| Reinsurers' share | –443 | –218 |
| 39,837 | 42,283 | |
| Health | ||
| Gross | 2,375,317 | 2,227,395 |
| Reinsurers' share | –1,447 | –1,576 |
| 2,373,869 | 2,225,819 | |
| Life | ||
| Gross | 13,639,771 | 13,331,729 |
| Reinsurers' share | –446,708 | –429,593 |
| 13,193,063 | 12,902,136 | |
| In the consolidated financial statements | ||
| Gross | 16,055,368 | 15,601,625 |
| Reinsurers' share | –448,599 | –431,387 |
| Total (fully consolidated values) | 15,606,769 | 15,170,238 |
The interest rates used as an accounting basis were as follows:
| For | Health insurance | Life insurance |
|---|---|---|
| acc. to SFAS 60 % | acc. to SFAS 120 % | |
| 2009 | ||
| For actuarial provision | 4.50 or 5.50 | 1.75–4.00 |
| For deferred acquisition costs | 4.50 or 5.50 | 4.63 |
| 2008 | ||
| For actuarial provision | 4.50 or 5.50 | 1.75–4.00 |
| For deferred acquisition costs | 4.50 or 5.50 | 4.70 |
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
|---|---|---|
| Property and casualty insurance | ||
| Gross | 2,028,238 | 1,919,387 |
| Reinsurers' share | –281,334 | –252,684 |
| 1,746,904 | 1,666,703 | |
| Health | ||
| Gross | 167,447 | 157,017 |
| Reinsurers' share | –534 | –621 |
| 166,913 | 156,396 | |
| Life | ||
| Gross | 104,259 | 98,937 |
| Reinsurers' share | –11,894 | –12,038 |
| 92,365 | 86,899 | |
| In the consolidated financial statements | ||
| Gross | 2,299,943 | 2,175,342 |
| Reinsurers' share | –293,762 | –265,344 |
| Total (fully consolidated values) | 2,006,182 | 1,909,998 |
The provision for outstanding claims developed in the property and casualty insurance as follows:
| 2009 | 2008 | ||
|---|---|---|---|
| € 000 | € 000 | ||
| 1. | Provisions for outstanding claims as at 1 Jan. | ||
| a) Gross | 1,919,387 | 1,891,263 | |
| b) Reinsurers' share | –252,684 | –309,051 | |
| c) Retention | 1,666,703 | 1,582,211 | |
| 2. | Plus (retained) claims expenditures | ||
| a) Losses of the current year | 1,582,095 | 1,519,780 | |
| b) Losses of the previous year | –88,493 | –130,572 | |
| c) Total | 1,493,601 | 1,389,208 | |
| 3. | Less (retained) losses paid | ||
| a) Losses of the current year | –845,587 | –801,099 | |
| b) Losses of the previous year | –576,343 | –520,701 | |
| c) Total | –1,421,930 | –1,321,800 | |
| 4. | Foreign currency translation | –1,814 | –14,216 |
| 5. | Change in consolidation scope | 10,343 | 35,604 |
| 6. | Other changes | 0 | –4,305 |
| 7. | Provisions for outstanding claims as at 31 Dec. | ||
| a) Gross | 2,028,238 | 1,919,387 | |
| b) Reinsurers' share | –281,334 | –252,684 | |
| c) Retention | 1,746,904 | 1,666,703 |
| Claims payments | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | Total |
|---|---|---|---|---|---|---|---|
| € 000 | € 000 | € 000 | € 000 | € 000 | € 000 | € 000 | |
| Financial year | 543,309 | 589,722 | 638,910 | 697,899 | 774,427 | 854,196 | |
| 1 year later | 846,117 | 916,883 | 973,152 | 1,082,815 | 1,179,346 | ||
| 2 years later | 921,472 | 996,701 | 1,064,099 | 1,176,117 | |||
| 3 years later | 954,538 | 1,034,585 | 1,104,721 | ||||
| 4 years later | 973,497 | 1,051,810 | |||||
| 5 years later | 985,994 | ||||||
| Accumulated payments | 985,994 | 1,051,810 | 1,104,721 | 1,176,117 | 1,179,346 | 854,196 | |
| Estimated final claims payments | 1,054,789 | 1,144,483 | 1,229,585 | 1,353,425 | 1,450,491 | 1,581,460 | |
| Current balance sheet reserve | 68,794 | 92,673 | 124,864 | 177,309 | 271,145 | 727,264 | 1,462,048 |
| Balance sheet reserve | |||||||
| for the claims years 2003 and before | 423,572 | ||||||
| 1,885,619 | |||||||
| Plus other reserve components | |||||||
| (internal claims regulation costs, etc.) | 142,618 | ||||||
| Provisions for outstanding claims (gross) as at 31 Dec. 2009 | 2,028,238 |
| 31 Dec. 2009 | 31 Dec. 2008 | |
|---|---|---|
| € 000 | € 000 | |
| Property and casualty insurance | ||
| Gross | 34,792 | 33,568 |
| Reinsurers' share | –99 | –65 |
| 34,693 | 33,502 | |
| Health | ||
| Gross | 62,476 | 66,006 |
| Reinsurers' share | 0 | 0 |
| 62,476 | 66,006 | |
| Life | ||
| Gross | 146,885 | –58,668 |
| Reinsurers' share | 0 | –159 |
| 146,885 | –58,827 | |
| In the consolidated financial statements | ||
| Gross | 244,153 | 40,906 |
| Reinsurers' share | –99 | –225 |
| Total (fully consolidated values) | 244,054 | 40,681 |
| of which profit-unrelated (retention) | 47,489 | 45,911 |
| of which profit-related (retention) | 196,565 | –5,229 |
| Gross | 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
|---|---|---|---|
| a) | Provision for profit-unrelated premium refunds | 47,588 | 46,135 |
| of which property and casualty insurance | 27,110 | 25,768 | |
| of which health insurance | 20,252 | 19,477 | |
| of which life insurance | 226 | 890 | |
| b) | Provision for profit-related premium refunds and /or policyholder profit participation |
187,277 | 211,445 |
| of which property and casualty insurance | 7,682 | 7,800 | |
| of which health insurance | 42,224 | 46,529 | |
| of which life insurance | 137,372 | 157,116 | |
| Deferred profit participation | 9,287 | –216,675 | |
| Total (fully consolidated values) | 244,153 | 40,906 |
| Gross | 2009 € 000 |
2008 € 000 |
|
|---|---|---|---|
| a) | Provision for profit-unrelated premium refunds, profit-related premium refunds and policyholder profit participation |
||
| As at 1 Jan. | 257,580 | 319,819 | |
| Changes due to: | |||
| Other changes | –22,715 | –62,239 | |
| As at 31 Dec. | 234,866 | 257,580 | |
| b) | Deferred profit participation | ||
| As at 1 Jan. | –216,675 | 118,208 | |
| Changes due to: | |||
| Fluctuation in value, securities available for | |||
| sale | 186,504 | 22,961 | |
| Revaluations affecting income | 39,457 | –357,844 | |
| As at 31 Dec. | 9,287 | –216,675 |
The latent profit sharing was changed to an asset item in the financial year 2008. On the basis of the business model used in life insurance and the management rules applied in the Group, this asset item will be reduced against the technical liabilities over the term of the policy. The appropriateness of the entire technical liability will also be regularly checked under a discounted cashflow model ("liability adequacy test").
| Gross | Unearned premiums |
Actuarial provisions |
Provision for outstanding claims |
Provision for profit-unrelated premium refunds |
Provision for profit-related premium refunds and/or policyholder profit participation |
Other actuarial provisions |
Group total |
|---|---|---|---|---|---|---|---|
| € 000 | € 000 | € 000 | € 000 | € 000 | € 000 | € 000 | |
| Property and casualty insurance | |||||||
| As at 31 Dec. 2008 | 507,953 | 42,501 | 1,919,387 | 25,768 | 7,800 | 24,494 | 2,527,903 |
| Exchange rate differences | –1,871 | –84 | –1,990 | –12 | 3 | –264 | –4,219 |
| Change in consolidation scope | 10,402 | 10,443 | 20,845 | ||||
| Portfolio changes | 911 | 2,349 | 3,259 | ||||
| Additions | 704 | 1,629 | 260 | 20,940 | 23,534 | ||
| Disposals | –2,840 | –275 | –381 | –23,744 | –27,239 | ||
| Premiums written | 1,718,140 | 1,718,140 | |||||
| Premiums earned | –1,699,323 | –1,699,323 | |||||
| Claims in reporting year | 1,728,340 | 1,728,340 | |||||
| Claims payments in reporting year | –905,211 | –905,211 | |||||
| Change in claims from previous years | –94,887 | –94,887 | |||||
| Claims payments in previous years | –627,845 | –627,845 | |||||
| As at 31 Dec. 2009 | 536,212 | 40,280 | 2,028,238 | 27,110 | 7,682 | 23,775 | 2,663,298 |
| Health insurance | |||||||
| As at 31 Dec. 2008 | 13,685 | 2,227,395 | 157,017 | 19,477 | 46,529 | 564 | 2,464,667 |
| Exchange rate differences | –51 | 8 | –24 | –2 | –1 | –70 | |
| Change in consolidation scope | 0 | ||||||
| Portfolio changes | 177 | –6 | 171 | ||||
| Additions | 161,912 | 2,574 | 1,514 | 39 | 166,038 | ||
| Disposals | –13,998 | –1,797 | –5,819 | –21,615 | |||
| Premiums written | 780,870 | 780,870 | |||||
| Premiums earned | –778,323 | –778,323 | |||||
| Claims in reporting year | 634,380 | 634,380 | |||||
| Claims payments in reporting year | –488,888 | –488,888 | |||||
| Change in claims from previous years | 32,628 | 32,628 | |||||
| Claims payments in previous years | –167,667 | –167,667 | |||||
| As at 31 Dec. 2009 | 16,357 | 2,375,317 | 167,447 | 20,252 | 42,224 | 596 | 2,622,192 |
| Life insurance | |||||||
| As at 31 Dec. 2008 | 0 | 13,331,729 | 98,937 | 890 | –59,558 | 24,393 | 13,396,392 |
| Exchange rate differences | 2,365 | 21 | 4 | 53 | 2 | 2,445 | |
| Change in consolidation scope | 1,845 | 104 | 1,949 | ||||
| Portfolio changes | 63,550 | 263 | 6 | –2,366 | 61,453 | ||
| Additions | 491,916 | 69 | 300,611 | 7,318 | 799,914 | ||
| Disposals | –251,634 | –737 | –94,453 | –6,043 | –352,866 | ||
| Premiums written | 0 | ||||||
| Premiums earned | 0 | ||||||
| Claims in reporting year | 1,466,538 | 1,466,538 | |||||
| Claims payments in reporting year | –1,395,774 | –1,395,774 | |||||
| Change in claims from previous years | 40,953 | 40,953 | |||||
| Claims payments in previous years | –106,783 | –106,783 | |||||
| As at 31 Dec. 2009 | 0 | 13,639,771 | 104,259 | 226 | 146,659 | 23,305 | 13,914,220 |
| Group total | |||||||
| As at 31 Dec. 2008 | 521,637 | 15,601,625 | 2,175,341 | 46,135 | –5,229 | 49,452 | 18,388,962 |
| Exchange rate differences | –1,922 | 2,289 | –1,993 | –11 | 56 | –262 | –1,844 |
| Change in consolidation scope | 10,402 | 1,845 | 10,547 | 22,794 | |||
| Portfolio changes | 1,087 | 63,550 | 263 | 6 | –23 | 64,883 | |
| Additions | 654,531 | 4,272 | 302,385 | 28,297 | 989,485 | ||
| Disposals | –268,472 | –2,808 | –100,653 | –29,787 | –401,720 | ||
| Premiums written | 2,499,010 | 2,499,010 | |||||
| Premiums earned | –2,477,646 | –2,477,646 | |||||
| Claims in reporting year | 3,829,258 | 3,829,258 | |||||
| Claims payments in reporting year | –2,789,872 | –2,789,872 | |||||
| Change in claims from previous years | –21,306 | –21,306 | |||||
| Claims payments in previous years | –902,295 | –902,295 | |||||
| As at 31 Dec. 2009 | 552,569 | 16,055,368 | 2,299,943 | 47,588 | 196,565 | 47,677 | 19,199,710 |
| Reinsurers' share | Unearned premiums |
Actuarial provisions |
Provision for outstanding claims |
Provision for profit-unrelated premium refunds |
Provision for profit-related premium refunds and/or policyholder profit participation |
Other actuarial provisions |
Group total |
|---|---|---|---|---|---|---|---|
| € 000 | € 000 | € 000 | € 000 | € 000 | € 000 | € 000 | |
| Property and casualty insurance | |||||||
| As at 31 Dec. 2008 | 26,782 | 218 | 252,684 | 65 | 0 | 5,668 | 285,418 |
| Exchange rate differences | –1,046 | –3 | –176 | –129 | –1,354 | ||
| Change in consolidation scope | 873 | 100 | 973 | ||||
| Portfolio changes | 2,156 | 3,247 | 5,404 | ||||
| Additions | 268 | 34 | 1,121 | 1,422 | |||
| Disposals | –40 | –2,865 | –2,905 | ||||
| Premiums written | 96,880 | 96,880 | |||||
| Premiums earned | –106,032 | –106,032 | |||||
| Claims in reporting year | 142,998 | 142,998 | |||||
| Claims payments in reporting year | –59,624 | –59,624 | |||||
| Change in claims from previous years | –6,394 | –6,394 | |||||
| Claims payments in previous years | –51,502 | –51,502 | |||||
| As at 31 Dec. 2009 | 19,613 | 443 | 281,334 | 99 | 0 | 3,795 | 305,285 |
| Health insurance | |||||||
| As at 31 Dec. 2008 | 71 | 1,576 | 621 | 0 | 0 | 0 | 2,268 |
| Exchange rate differences | –1 | –1 | |||||
| Change in consolidation scope | 0 | ||||||
| Portfolio changes | 0 | ||||||
| Additions | 0 | ||||||
| Disposals | –129 | –129 | |||||
| Premiums written | 1,536 | 1,536 | |||||
| Premiums earned | –879 | –879 | |||||
| Claims in reporting year | 80 | 80 | |||||
| Claims payments in reporting year | –147 | –147 | |||||
| Change in claims from previous years | 17 | 17 | |||||
| Claims payments in previous years | –37 | –37 | |||||
| As at 31 Dec. 2009 | 728 | 1,447 | 534 | 0 | 0 | 0 | 2,709 |
| Life insurance | |||||||
| As at 31 Dec. 2008 | 0 | 429,593 | 12,038 | 159 | 0 | –139 | 441,652 |
| Exchange rate differences | 10 | 2 | –2 | 10 | |||
| Change in consolidation scope | 90 | 90 | |||||
| Portfolio changes | –846 | 1,287 | 442 | ||||
| Additions | 18,743 | 4 | 18,748 | ||||
| Disposals | –883 | –157 | –11 | –1,051 | |||
| Premiums written | 0 | ||||||
| Premiums earned | 0 | ||||||
| Claims in reporting year | 23,790 | 23,790 | |||||
| Claims payments in reporting year | –18,835 | –18,835 | |||||
| Change in claims from previous years | –3,166 | –3,166 | |||||
| Claims payments in previous years | –3,224 | –3,224 | |||||
| As at 31 Dec. 2009 | 0 | 446,708 | 11,894 | 0 | 0 | –146 | 458,456 |
| Group total | |||||||
| As at 31 Dec. 2008 | 26,853 | 431,387 | 265,344 | 225 | 0 | 5,529 | 729,338 |
| Exchange rate differences | –1,046 | 7 | –175 | –2 | –129 | –1,345 | |
| Change in consolidation scope | 873 | 90 | 100 | 1,063 | |||
| Portfolio changes | 2,156 | –846 | 4,535 | 5,845 | |||
| Additions | 19,011 | 34 | 1,125 | 20,170 | |||
| Disposals | –1,052 | –157 | –2,876 | –4,085 | |||
| Premiums written | 98,416 | 98,416 | |||||
| Premiums earned | –106,910 | –106,910 | |||||
| Claims in reporting year | 166,869 | 166,869 | |||||
| Claims payments in reporting year | –78,606 | –78,606 | |||||
| Change in claims from previous years | –9,542 | –9,542 | |||||
| Claims payments in previous years | –54,763 | –54,763 | |||||
| As at 31 Dec. 2009 | 20,341 | 448,598 | 293,761 | 99 | 0 | 3,649 | 766,450 |
| Retention | Unearned premiums |
Actuarial provisions |
Provision for outstanding claims |
Provision for profit unrelated premium refunds |
Provision for profit-related premium refunds and/or policyholder |
Other actuarial provisions |
Group total |
|---|---|---|---|---|---|---|---|
| profit participation | |||||||
| € 000 | € 000 | € 000 | € 000 | € 000 | € 000 | € 000 | |
| Property and casualty insurance | |||||||
| As at 31 Dec. 2008 | 481,171 | 42,283 | 1,666,703 | 25,702 | 7,800 | 18,827 | 2,242,485 |
| Exchange rate differences | –824 | –81 | –1,814 | –12 | 3 | –135 | –2,863 |
| Change in consolidation scope | 9,529 | 10,343 | 19,872 | ||||
| Portfolio changes | –1,246 | –3,247 | 2,349 | –2,144 | |||
| Additions | 436 | 1,596 | 260 | 19,820 | 22,112 | ||
| Disposals | –2,800 | –275 | –381 | –20,880 | –24,335 | ||
| Premiums written | 1,621,260 | 1,621,260 | |||||
| Premiums earned | –1,593,291 | –1,593,291 | |||||
| Claims in reporting year | 1,585,342 | 1,585,342 | |||||
| Claims payments in reporting year | –845,587 | –845,587 | |||||
| Change in claims from previous years | –88,493 | –88,493 | |||||
| Claims payments in previous years | –576,343 | –576,343 | |||||
| As at 31 Dec. 2009 | 516,600 | 39,837 | 1,746,903 | 27,011 | 7,682 | 19,980 | 2,358,014 |
| Health insurance | |||||||
| As at 31 Dec. 2008 | 13,614 | 2,225,819 | 156,396 | 19,477 | 46,529 | 564 | 2,462,399 |
| Exchange rate differences | –51 | 8 | –23 | –2 | –1 | –69 | |
| Change in consolidation scope | 0 | ||||||
| Portfolio changes | 177 | –6 | 171 | ||||
| Additions | 161,912 | 2,574 | 1,514 | 39 | 166,038 | ||
| Disposals | –13,869 | –1,797 | –5,819 | –21,486 | |||
| Premiums written | 779,334 | 779,334 | |||||
| Premiums earned | –777,445 | –777,445 | |||||
| Claims in reporting year | 634,299 | 634,299 | |||||
| Claims payments in reporting year | –488,741 | –488,741 | |||||
| Change in claims from previous years | 32,611 | 32,611 | |||||
| Claims payments in previous years | –167,629 | –167,629 | |||||
| As at 31 Dec. 2009 | 15,629 | 2,373,869 | 166,913 | 20,252 | 42,224 | 596 | 2,619,483 |
| Life insurance | |||||||
| As at 31 Dec. 2008 | 0 | 12,902,136 | 86,899 | 731 | –59,558 | 24,532 | 12,954,740 |
| Exchange rate differences | 2,355 | 18 | 6 | 53 | 2 | 2,435 | |
| Change in consolidation scope | 1,755 | 104 | 1,859 | ||||
| Portfolio changes | 64,395 | –1,024 | 6 | –2,366 | 61,011 | ||
| Additions | 473,172 | 69 | 300,611 | 7,314 | 781,166 | ||
| Disposals | –250,750 | –579 | –94,453 | –6,032 | –351,814 | ||
| Premiums written | 0 | ||||||
| Premiums earned | 0 | ||||||
| Claims in reporting year | 1,442,748 | 1,442,748 | |||||
| Claims payments in reporting year | –1,376,939 | –1,376,939 | |||||
| Change in claims from previous years | 44,119 | 44,119 | |||||
| Claims payments in previous years | –103,559 | –103,559 | |||||
| As at 31 Dec. 2009 | 0 | 13,193,063 | 92,365 | 226 | 146,659 | 23,451 | 13,455,764 |
| Group total | |||||||
| As at 31 Dec. 2008 | 494,785 | 15,170,238 | 1,909,998 | 45,911 | –5,229 | 43,923 | 17,659,624 |
| Exchange rate differences | –875 | 2,282 | –1,818 | –8 | 56 | –134 | –497 |
| Change in consolidation scope | 9,529 | 1,755 | 10,447 | 21,731 | |||
| Portfolio changes | –1,069 | 64,395 | –4,271 | 6 | –23 | 59,038 | |
| Additions | 635,520 | 4,238 | 302,385 | 27,172 | 969,315 | ||
| Disposals | –267,420 | –2,651 | –100,653 | –26,911 | –397,635 | ||
| Premiums written | 2,400,594 | 2,400,594 | |||||
| Premiums earned | –2,370,736 | –2,370,736 | |||||
| Claims in reporting year | 3,662,389 | 3,662,389 | |||||
| Claims payments in reporting year | –2,711,266 | –2,711,266 | |||||
| Change in claims from previous years | –11,763 | –11,763 | |||||
| Claims payments in previous years | –847,532 | –847,532 | |||||
| As at 31 Dec. 2009 | 532,228 | 15,606,770 | 2,006,182 | 47,490 | 196,565 | 44,028 | 18,433,260 |
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
|---|---|---|
| Gross | 3,416,231 | 2,579,997 |
| Reinsurers' share | –382,338 | –382,480 |
| Total | 3,033,893 | 2,197,518 |
As a general rule, the valuation of the technical provisions for unitand index-linked life insurance policies corresponds to the investments in unitand index-linked life insurance policies reported at current market values. The reinsurers' share is offset by deposits payable in the same amount.
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
|---|---|---|
| Liabilities under issued debenture bonds | ||
| UNIQA Versicherungen AG, Vienna | ||
| 4.00%, € 150 million, bond 2004/2009 | 0 | 150,000 |
| Loan liabilities | 55,356 | 39,053 |
| up to 1 year | 1,608 | 27 |
| more than 1 year up to 5 years | 9,213 | 10,483 |
| more than 5 years | 44,535 | 28,543 |
| Total | 55,356 | 189,053 |
| 31 Dec. 2009 | 31 Dec. 2008 | |
|---|---|---|
| € 000 | € 000 | |
| Provisions for pension | 344,468 | 316,784 |
| Provision for severance payments | 122,369 | 119,693 |
| Total | 466,837 | 436,478 |
| 2008 | |
|---|---|
| € 000 | € 000 |
| 436,478 | 509,541 |
| 5,364 | 0 |
| 4 | –246 |
| –36,207 | –60,867 |
| 61,198 | –11,950 |
| 466,837 | 436,478 |
| 2009 |
Active employees with direct assurances to pension benefits, including members of the Management Board and leading executives in accordance with Section 80 paragraph 1 of the Stock Corporation Act, as well as active employees with direct assurances to pension benefits according to the "trade association recommendation for in-house and field sales staff" who approved the offer to transfer existing vested pension rights to ÖPAG Pensionskassen AG on the basis of concluded works agreements, are included in a contribution-based pension fund. The corresponding transfer amounts (the assurance cover) were paid to the ÖPAG Pensionskassen AG in 2008 in accordance with Section 48 of the Pension Fund Act. For the purpose of guaranteeing the level of the pension fund pension according to the previous direct assurances to pension benefits, those entitled to vested rights have a claim to payment of a (one-time) final pension fund contribution at the time of pension eligibility. No contributions are made for the benefit phase.
| Calculation factors applied | |
|---|---|
| 2009 | |
| Technical rate of interest | 5.50% |
| Valorisation of wages and salaries | 3.00% |
| Valorisation of pensions | 2.00% |
| Employee turnover rate | dependent on years of service |
| Accounting principles | AVÖ 2008 P – Pagler & Pagler/employees |
| 2008 | |
|---|---|
| Technical rate of interest | 6.00% |
| Valorisation of wages and salaries | 3.00% |
| Valorisation of pensions | 2.00% |
| Employee turnover rate | dependent on years of service |
| Accounting principles | AVÖ 2008 P – Pagler & Pagler/employees |
| Specification of pension expenditures for pensions and similar commitments included in the income |
31 Dec. 2009 | 31 Dec. 2008 |
|---|---|---|
| statement | € 000 | € 000 |
| Current service cost | 14,244 | 14,371 |
| Interest cost | 27,282 | 25,447 |
| Actuarial profit and loss | 19,701 | –51,738 |
| Income and expenditures due to budget changes | –30 | –29 |
| Total | 61,198 | –11,950 |
Under the contribution-orientated company pension scheme, the employer pays the fixed amounts into company pension funds. The employer has satisfied its obligation by making these contributions.
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
|---|---|---|
| Contributions to company pension funds | 1,564 | 1,318 |
| Balance sheet | Currency | Change of the | Utilisation | Reversals | Reclassifications | Additions | Balalnce sheet | |
|---|---|---|---|---|---|---|---|---|
| figures previous year |
translation changes |
consolidation scope |
figures financial year |
|||||
| € 000 | € 000 | € 000 | € 000 | € 000 | € 000 | € 000 | € 000 | |
| Provision for unconsumed holidays | 36,980 | –15 | 2,287 | –2,816 | –12,033 | 85 | 2,824 | 27,310 |
| Provision for anniversary payments | 14,769 | 0 | 637 | –72 | –1,064 | –18 | 631 | 14,882 |
| 51,748 | –15 | 2,924 | –2,888 | –13,098 | 67 | 3,454 | 42,192 | |
| Other personnel provisions | 15,534 | 28 | 0 | –5,496 | –2,519 | –67 | 9,322 | 16,803 |
| Provision for customer relations and marketing | 32,106 | –29 | 0 | –29,152 | –947 | 0 | 35,270 | 37,248 |
| Provision for variable components of remuneration | 16,073 | 0 | 0 | –11,998 | –4,074 | 0 | 14,444 | 14,444 |
| Provision for legal and consulting expenses | 4,332 | 0 | 185 | –2,679 | –759 | 0 | 3,413 | 4,491 |
| Provision for premium adjustment of insurance | ||||||||
| contracts | 16,998 | 53 | 0 | –9,444 | 0 | 0 | 12,561 | 20,167 |
| Provision for portfolio maintenance commission | 3,824 | 15 | 0 | –2,702 | –138 | 0 | 4,107 | 5,106 |
| Other provisions | 67,304 | –148 | 2,906 | –29,150 | –22,153 | 0 | 33,117 | 51,876 |
| 156,171 | –81 | 3,090 | –90,621 | –30,591 | –67 | 112,234 | 150,135 | |
| Total | 207,919 | –96 | 6,014 | –93,509 | –43,689 | 0 | 115,688 | 192,327 |
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|
|---|---|---|
| Other provisions1) with a high probability of utilisation (more than 90%) |
||
| up to 1 year | 70,027 | 73,701 |
| more than 1 year up to 5 years | 4,311 | 4,532 |
| more than 5 years | 4,854 | 9,310 |
| 79,192 | 87,543 | |
| Other provisions1) with a lower probability of consumption (less than 90%) |
||
| up to 1year | 66,745 | 64,736 |
| more than 1 year up to 5 years | 763 | 3,618 |
| more than 5 years | 3,435 | 274 |
| 70,943 | 68,628 | |
| Total | 150,135 | 156,171 |
1) Excl. unconsumed holidays and anniversary benefits.
| 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
||
|---|---|---|---|
| I. | Reinsurance liabilities | ||
| 1. Deposits held under reinsurance business ceded |
833,989 | 817,323 | |
| 2. Accounts payable under reinsurance operations |
38,598 | 51,934 | |
| 872,587 | 869,258 | ||
| II. | Other payables | ||
| Liabilities under insurance business | |||
| Liabilities under direct insurance business | |||
| to policyholders | 145,887 | 128,245 | |
| to intermediaries | 92,873 | 93,026 | |
| to insurance companies | 8,546 | 8,515 | |
| 247,306 | 229,786 | ||
| Liabilities to credit institutions | 5,378 | 4,071 | |
| Other liabilities | 398,197 | 333,272 | |
| of which for taxes | 57,734 | 48,821 | |
| of which for social security | 11,134 | 10,370 | |
| of which from fund consolidation | 174,585 | 142,560 | |
| Total other liabilities | 650,881 | 567,129 | |
| Subtotal | 1,523,468 | 1,436,387 | |
| of which liabilities with the remaining term of | |||
| up to 1 year | 846,241 | 766,578 | |
| more than 1 year up to 5 years | 8,512 | 6,997 | |
| more than 5 years | 668,715 | 662,812 | |
| 1,523,468 | 1,436,387 | ||
| III. | Other liabilities | ||
| Deferred income | 10,854 | 11,122 | |
| Total payables and other liabilities | 1,534,321 | 1,447,509 |
The item "Deferred income" comprises the balance of the deferred income regarding the indirect business settlement.
| 31 Dec. 2009 | 31 Dec. 2008 | |
|---|---|---|
| € 000 | € 000 | |
| Liabilities from income tax | 48,732 | 57,294 |
| of which liabilities with the remaining term of | ||
| up to 1 year | 5,192 | 2,423 |
| more than 1 year up to 5 years | 43,540 | 54,871 |
| more than 5 years | 0 | 0 |
| Cause of origin | 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|---|---|---|
| Actuarial items | 192,846 | 172,747 |
| Untaxed reserves | 26,062 | 25,895 |
| Shares in affiliated companies | 28,431 | 28,425 |
| Investments | 38,059 | 2,702 |
| other | 27,102 | 15,072 |
| Total | 312,499 | 244,841 |
| of which not affecting income | 15,471 | 6,891 |
| Direct business | 2009 | 2008 |
|---|---|---|
| € 000 | € 000 | |
| Property and casualty insurance | 2,417,138 | 2,350,188 |
| Health insurance | 937,417 | 907,226 |
| Life insurance | 1,602,929 | 1,626,456 |
| Total (fully consolidated values) | 4,957,485 | 4,883,870 |
| Of which written in: | ||
| Austria | 3,083,846 | 2,992,849 |
| other member states of the EU and other signatory | ||
| states of the Treaty on the European Economic | ||
| Area | 1,743,680 | 1,779,473 |
| other countries | 129,959 | 111,548 |
| Total (fully consolidated values) | 4,957,485 | 4,883,870 |
| Indirect business | 2009 € 000 |
2008 € 000 |
|---|---|---|
| Property and casualty insurance | 29,080 | 31,472 |
| Health insurance | 15 | 21 |
| Life insurance | 25,072 | 26,856 |
| Total (fully consolidated values) | 54,167 | 58,350 |
| 2009 € 000 |
2008 € 000 |
|
|---|---|---|
| Total (fully consolidated values) | 5,011,651 | 4,942,220 |
| Premiums written in property and casualty insurance | 2009 | 2008 |
|---|---|---|
| € 000 | € 000 | |
| Direct business | ||
| Fire and business interruption insurance | 204,989 | 195,600 |
| Household insurance | 183,968 | 177,957 |
| Other property insurance | 229,600 | 221,679 |
| Motor TPL insurance | 590,316 | 591,863 |
| Other motor insurance | 480,211 | 447,588 |
| Casualty insurance | 265,765 | 259,375 |
| Liability insurance | 231,979 | 225,007 |
| Legal expenses insurance | 58,698 | 54,066 |
| Marine, aviation and transport insurance | 103,134 | 107,020 |
| Other insurance | 68,478 | 70,034 |
| Total | 2,417,138 | 2,350,188 |
| Indirect business | ||
| Marine, aviation and transport insurance | 3,070 | 2,625 |
| Other insurance | 26,010 | 28,846 |
| Total | 29,080 | 31,472 |
| Total direct and indirect business | ||
| (fully consolidated values) | 2,446,218 | 2,381,660 |
| Reinsurance premiums ceded | 2009 € 000 |
2008 € 000 |
|---|---|---|
| Property and casualty insurance | 134,184 | 129,841 |
| Health insurance | 2,344 | 1,375 |
| Life insurance | 80,726 | 79,832 |
| Total (fully consolidated values) | 217,254 | 211,048 |
| 2009 | 2008 | |
|---|---|---|
| € 000 | € 000 | |
| Property and casualty insurance | 2,290,120 | 2,213,783 |
| Gross | 2,431,782 | 2,343,696 |
| Reinsurers' share | –141,662 | –129,913 |
| Health insurance | 933,867 | 906,181 |
| Gross | 935,521 | 907,558 |
| Reinsurers' share | –1,655 | –1,377 |
| Life insurance | 1,546,171 | 1,570,170 |
| Gross | 1,626,904 | 1,649,960 |
| Reinsurers' share | –80,733 | –79,790 |
| Total (fully consolidated values) | 4,770,158 | 4,690,134 |
| Premiums earned in indirect business | 2009 € 000 |
2008 € 000 |
|---|---|---|
| Posted immediately | 3,389 | 3,299 |
| Posted after up to 1 year | 25,699 | 28,022 |
| Posted after more than 1 year | 0 | 0 |
| Property and casualty insurance | 29,088 | 31,321 |
| Posted immediately | 15 | 21 |
| Posted after up to 1 year | 0 | 0 |
| Posted after more than 1 year | 0 | 0 |
| Health insurance | 15 | 21 |
| Posted immediately | 3,960 | 3,571 |
| Posted after up to 1 year | 21,112 | 23,285 |
| Posted after more than 1 year | 0 | 0 |
| Life insurance | 25,072 | 26,856 |
| Total (fully consolidated values) | 54,175 | 58,199 |
| Earnings from indirect business | 2009 € 000 |
2008 € 000 |
|---|---|---|
| Property and casualty insurance | 3,425 | –464 |
| Health insurance | 19 | –5 |
| Life insurance | 4,262 | 4,659 |
| Total (fully consolidated values) | 7,706 | 4,190 |
| Reinsurance commission and profit shares from reinsurance business ceded |
2009 € 000 |
2008 € 000 |
|---|---|---|
| Property and casualty insurance | 9,656 | 10,367 |
| Health insurance | 90 | 103 |
| Life insurance | 5,076 | 5,657 |
| Total (fully consolidated values) | 14,821 | 16,127 |
| Property and casualty insurance Health insurance |
||||
|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | |
| € 000 | € 000 | € 000 | € 000 | |
| 16,952 | 5,547 | 5,571 | 21,922 | |
| 5,140 | 4,605 | 227 | 2,054 | |
| 8,352 | –27,589 | 5,534 | –49,532 | |
| 6,990 | –20,571 | 4,590 | –26,884 | |
| 1,361 | –7,017 | 944 | –22,648 | |
| 80,024 | 19,481 | 57,117 | 14,692 | |
| 1,575 | 494 | 3,269 | 1,129 | |
| 76,664 | 20,823 | 49,781 | 19,500 | |
| 1,785 | –1,836 | 4,066 | –5,937 | |
| 34,353 | 69,468 | 27,053 | 28,515 | |
| 17,441 | 13,952 | 25,700 | 18,753 | |
| 16,911 | 55,516 | 1,353 | 9,762 | |
| –2,602 | 335 | 2,790 | –1,068 | |
| –24,508 | –5,416 | –3,375 | –2,783 | |
| 117,711 | 66,432 | 94,917 | 13,799 | |
The expenditures for shares in associated companies in the financial year result from depreciations of STRABAG SE and Medicur-Holding Gesellschaft m.b.H. The exceptionally high value of the income in the previous year originated from capital gains from the sale of STRA-BAG SE (€115,140,000).
| By income type | Ordinary income | Write-ups and unrealised capital gains | Realised capital gains | ||||
|---|---|---|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | ||
| € 000 | € 000 | € 000 | € 000 | € 000 | € 000 | ||
| I. Properties held as investments |
62,046 | 51,546 | 0 | 0 | 75,838 | 35,539 | |
| II. Shares in associated companies |
39,672 | 29,488 | 0 | 0 | 2,391 | 115,140 | |
| III. Variable-yield securities |
91,323 | 84,656 | 145,904 | 151,210 | 91,641 | 182,138 | |
| 1. Available for sale | 30,617 | 54,200 | 57,526 | 26,708 | 55,693 | 83,626 | |
| 2. At fair value through profit or loss | 60,706 | 30,457 | 88,378 | 124,501 | 35,948 | 98,512 | |
| IV. Fixed interest securities |
477,922 | 549,711 | 38,467 | 87,226 | 204,415 | 5,999 | |
| 1. Held to maturity |
25,170 | 9,343 | 0 | 0 | 1,257 | 0 | |
| 2. Available for sale |
438,533 | 522,755 | 3,337 | 73,703 | 200,954 | 5,505 | |
| 3. At fair value through profit and loss |
14,220 | 17,612 | 35,130 | 13,523 | 2,204 | 494 | |
| V. Loans and other investments |
175,724 | 195,952 | 10,976 | 4,518 | 19,826 | 295 | |
| 1. Loans |
137,536 | 79,092 | 1,043 | 1,662 | 19,826 | 279 | |
| 2. Other investments |
38,188 | 116,860 | 9,933 | 2,855 | 0 | 17 | |
| VI. Derivative financial instruments (held for trading) |
1,128 | –22,600 | 57,262 | 157,681 | 146,763 | 19,798 | |
| VII. Expenditure for asset management, | |||||||
| interest charges and other expenses | –37,314 | –18,289 | 0 | 0 | 0 | 0 | |
| Total (fully consolidated values) | 810,501 | 870,464 | 252,609 | 400,635 | 540,874 | 358,909 |
The updating of the value adjustment concerns both appreciation and depreciation of financial assets, excluding assets held for trading and financial assets at fair value through profit or loss. Interest income from impaired assets amounts to €33,583,000 (2008: €55,097,000). The net investment income of €751,603,000 includes realised and unrealised profits and losses amounting to € –58,898,000, which includes currency profits of €40,421,000. In addition, negative currency effects amounting to €6,474,000 were recorded directly under equity. The effects are mainly the result of investments in USD and GBP.
The current income from properties held as financial investments includes rental income of €83,649,000 (2008: €76,315,000) and direct operational expenses of € 21,602,000 (2008: €24,769,000).
| Of which securities, available for sale type of investment | Ordinary income | Write-ups and unrealised capital gains | Realised capital gains | ||||
|---|---|---|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | ||
| € 000 | € 000 | € 000 | € 000 | € 000 | € 000 | ||
| III. Variable-yield securities |
|||||||
| 1. Available for sale | 30,617 | 54,200 | 57,526 | 26,708 | 55,693 | 83,626 | |
| Shares in associated companies | –1,127 | 3,398 | 0 | 0 | 2,503 | 29,123 | |
| Shares | 16,490 | 13,688 | 33 | 317 | 38,902 | 4,671 | |
| Equity funds | 2,950 | 8,628 | 88 | 1,144 | 10,221 | 43 | |
| Debenture bonds, not capital guaranteed | 9,829 | 17,519 | 57,331 | 25,248 | 3,051 | 31,583 | |
| Other variable-yield securities | 1,822 | 297 | 0 | 0 | 0 | 0 | |
| Participating interests and other investments | 653 | 10,670 | 74 | 0 | 1,015 | 18,206 | |
| IV. Fixed interest securities |
|||||||
| 2. Available for sale | |||||||
| Fixed interest securities | 438,533 | 522,755 | 3,337 | 73,703 | 200,954 | 5,505 |
| Life insurance | Group | ||
|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 |
| € 000 | € 000 | € 000 | € 000 |
| 73,917 | 25,597 | 96,440 | 53,065 |
| –67,662 | 136,483 | –62,295 | 143,142 |
| 57,469 | –322,701 | 71,355 | –399,821 |
| 10,836 | –241,628 | 22,417 | –289,083 |
| 46,633 | –81,072 | 48,938 | –110,738 |
| 345,431 | 208,038 | 482,571 | 242,210 |
| 21,583 | 7,721 | 26,427 | 9,343 |
| 296,961 | 219,140 | 423,407 | 259,462 |
| 26,887 | –18,823 | 32,738 | –26,595 |
| 121,063 | 84,036 | 182,469 | 182,018 |
| 96,163 | 30,817 | 139,305 | 63,522 |
| 24,900 | 53,219 | 43,164 | 118,496 |
| 18,188 | 26,003 | 18,376 | 25,270 |
| –9,431 | –10,090 | –37,314 | –18,289 |
| 538,976 | 147,364 | 751,603 | 227,596 |
| Write-offs and unrealised capital losses | Realised capital losses | Group | of which value adjustment | |||||
|---|---|---|---|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | |
| € 000 | € 000 | € 000 | € 000 | € 000 | € 000 | € 000 | € 000 | |
| –41,382 | –31,352 | –62 | –2,668 | 96,440 | 53,065 | –2,612 | –1,004 | |
| –104,253 | –1,000 | –105 | –485 | –62,295 | 143,142 | 0 | 0 | |
| –227,757 | –643,919 | –29,755 | –173,907 | 71,355 | –399,821 | –44,807 | –323,773 | |
| –110,352 | –336,330 | –11,067 | –117,287 | 22,417 | –289,083 | –44,807 | –323,773 | |
| –117,405 | –307,589 | –18,688 | –56,620 | 48,938 | –110,738 | 0 | 0 | |
| –206,712 | –323,731 | –31,520 | –76,995 | 482,571 | 242,210 | –193,608 | –157,526 | |
| 0 | 0 | 0 | 0 | 26,427 | 9,343 | 0 | 0 | |
| –189,649 | –270,701 | –29,767 | –71,800 | 423,407 | 259,462 | –193,608 | –157,526 | |
| –17,063 | –53,030 | –1,753 | –5,195 | 32,738 | –26,595 | 0 | 0 | |
| –13,669 | –16,871 | –10,388 | –1,876 | 182,469 | 182,018 | 0 | 0 | |
| –8,711 | –15,648 | –10,388 | –1,863 | 139,305 | 63,522 | 0 | 0 | |
| –4,958 | –1,223 | 0 | –13 | 43,164 | 118,496 | 0 | 0 | |
| –84,509 | –118,508 | –102,267 | –11,102 | 18,376 | 25,270 | 0 | 0 | |
| 0 | 0 | 0 | 0 | –37,314 | –18,289 | 0 | 0 | |
| –678,283 | –1,135,380 | –174,098 | –267,032 | 751,603 | 227,596 | –241,027 | –482,302 |
| Write-offs and unrealised capital losses | Realised capital losses | Group | of which value adjustment | ||||
|---|---|---|---|---|---|---|---|
| 2009 € 000 |
2008 € 000 |
2009 € 000 |
2008 € 000 |
2009 € 000 |
2008 € 000 |
2009 € 000 |
2008 € 000 |
| –110,352 | –336,330 | –11,067 | –117,287 | 22,417 | –289,083 | –44,807 | –323,773 |
| –154 | 0 | –226 | –10 | 997 | 32,511 | 0 | 0 |
| –77,973 | –224,615 | –4,372 | –38,165 | –26,921 | –244,104 | –65,542 | –215,316 |
| –10,980 | –27,123 | –3,337 | –73,298 | –1,057 | –90,605 | –11,091 | –36,252 |
| –10,801 | –80,773 | –23 | –4,910 | 59,388 | –11,334 | 51,574 | –67,964 |
| –3,400 | 0 | –3,035 | 0 | –4,613 | 297 | –3,400 | 0 |
| –7,044 | –3,820 | –75 | –905 | –5,377 | 24,152 | –16,350 | –4,241 |
| –189,649 | –270,701 | –29,767 | –71,800 | 423,407 | 259,462 | –193,608 | –157,526 |
| 2009 | 2008 | ||
|---|---|---|---|
| € 000 | € 000 | ||
| a) | Other actuarial income | 16,175 | 19,585 |
| Property and casualty insurance | 12,666 | 14,849 | |
| Health insurance | 466 | 448 | |
| Life insurance | 3,043 | 4,288 | |
| b) | Other non-actuarial income | 40,755 | 43,518 |
| Property and casualty insurance | 23,963 | 32,818 | |
| Health insurance | 2,217 | 737 | |
| Life insurance | 14,575 | 9,963 | |
| of which | |||
| Services rendered | 12,068 | 13,009 | |
| Changes in exchange rates | 7,047 | 22,586 | |
| Other | 21,639 | 7,924 | |
| c) | Other income | 3,695 | 16,905 |
| From foreign currency conversion | 1,621 | 1,211 | |
| From other1) | 2,073 | 15,693 | |
| Total (fully consolidated values) | 60,624 | 80,008 | |
1) This item contains an income of € 5,010,000 from the derecognition of the deferred difference due to the initial consolidation of Asena CJSC in the business year 2008.
| Gross | Reinsurers' share | Retention | ||||
|---|---|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | |
| € 000 | € 000 | € 000 | € 000 | € 000 | € 000 | |
| Property and casualty insurance | ||||||
| Expenditure for claims | ||||||
| Claims paid | 1,563,552 | 1,444,360 | –117,552 | –109,798 | 1,446,000 | 1,334,562 |
| Change in provision for outstanding claims | 99,616 | –10,608 | –25,608 | 60,873 | 74,008 | 50,265 |
| Total | 1,663,167 | 1,433,752 | –143,160 | –48,924 | 1,520,008 | 1,384,827 |
| Change in actuarial provisions | –2,514 | –1,890 | 38 | 15 | –2,475 | –1,874 |
| Change in other actuarial provisions | 310 | –460 | 15 | –401 | 325 | –862 |
| Expenditure for profit-unrelated and profit-related | ||||||
| premium refunds | 34,620 | 29,968 | –159 | –82 | 34,461 | 29,886 |
| Total amount of benefits | 1,695,583 | 1,461,370 | –143,265 | –49,392 | 1,552,318 | 1,411,977 |
| Health insurance | ||||||
| Expenditure for claims | ||||||
| Claims paid | 628,850 | 632,903 | –880 | –1,037 | 627,970 | 631,867 |
| Change in provision for outstanding claims | 10,632 | 4,719 | 83 | 57 | 10,715 | 4,776 |
| Total | 639,482 | 637,623 | –797 | –980 | 638,685 | 636,643 |
| Change in actuarial provisions | 147,911 | 126,686 | 129 | 132 | 148,039 | 126,818 |
| Change in other actuarial provisions | –6 | –4 | 0 | 0 | –6 | –4 |
| Expenditure for profit-related and profit-unrelated | ||||||
| premium refunds | 25,046 | 19,619 | 0 | 0 | 25,046 | 19,619 |
| Total amount of benefits | 812,433 | 783,924 | –668 | –848 | 811,765 | 783,076 |
| Life insurance | ||||||
| Expenditure for claims | ||||||
| Claims paid | 1,440,216 | 1,506,417 | –80,300 | –69,963 | 1,359,916 | 1,436,454 |
| Change in provision for outstanding claims | 4,851 | –18,692 | 149 | –296 | 5,001 | –18,987 |
| Total | 1,445,067 | 1,487,726 | –80,151 | –70,259 | 1,364,917 | 1,417,467 |
| Change in actuarial provisions | 147,371 | 120,080 | –4,020 | –11,786 | 143,351 | 108,294 |
| Change in other actuarial provisions | 602 | 3,193 | 0 | –558 | 602 | 2,635 |
| Expenditure for profit-unrelated and profit-related | ||||||
| premium refunds and/or (deferred) profit participation | 181,338 | –200,586 | 151 | –170 | 181,489 | –200,756 |
| Total amount of benefits | 1,774,378 | 1,410,413 | –84,020 | –82,773 | 1,690,359 | 1,327,640 |
| Total (fully consolidated values) | 4,282,394 | 3,655,707 | –227,953 | –133,013 | 4,054,442 | 3,522,693 |
| 2009 € 000 |
2008 € 000 |
|
|---|---|---|
| Property and casualty insurance | ||
| a) Acquisition costs |
||
| Payments | 521,664 | 504,458 |
| Change in deferred acquisition costs | –2,975 | –11,145 |
| b) Other operating expenses |
290,720 | 257,395 |
| 809,410 | 750,708 | |
| Health insurance | ||
| a) Acquisition costs |
||
| Payments | 87,624 | 87,867 |
| Change in deferred acquisition costs | –8,670 | –1,232 |
| b) Other operating expenses |
49,664 | 46,290 |
| 128,619 | 132,925 | |
| Life insurance | ||
| a) Acquisition costs |
||
| Payments | 242,272 | 270,769 |
| Change in deferred acquisition costs | 14,438 | 15,715 |
| b) Other operating expenses |
89,012 | 82,094 |
| 345,721 | 368,577 | |
| Total (fully consolidated values) | 1,283,750 | 1,252,210 |
| 2009 € 000 |
2008 € 000 |
||
|---|---|---|---|
| a) | Other actuarial expenses | 88,339 | 59,121 |
| Property and casualty insurance | 39,585 | 21,016 | |
| Health insurance | 4,914 | 1,440 | |
| Life insurance | 43,840 | 36,665 | |
| b) | Other non-actuarial expenses | 32,874 | 28,262 |
| Property and casualty insurance | 26,046 | 21,757 | |
| Health insurance | 297 | 368 | |
| Life insurance | 6,531 | 6,136 | |
| of which | |||
| Services rendered | 3,278 | 3,882 | |
| Exchange rate losses | 4,315 | 4,416 | |
| Mortor vehicle registration | 9,871 | 7,445 | |
| Other | 15,410 | 12,518 | |
| c) | Other expenses | 1,839 | 12,048 |
| For foreign currency translation | 129 | 7,991 | |
| For other | 1,710 | 4,056 | |
| Total (fully consolidated values) | 123,052 | 99,430 |
| Income tax | 2009 | 2008 | |
|---|---|---|---|
| € 000 | € 000 | ||
| Actual tax in reporting year | 32,580 | 61,735 | |
| Actual tax in previous year | –6,241 | –5,586 | |
| Deferred tax | 13,257 | –32,680 | |
| Total (fully consolidated values) | 39,596 | 23,470 | |
| Reconciliation statement | 2009 | 2008 | |
| € 000 | € 000 | ||
| A. | Profit from ordinary activities | 82,328 | 90,217 |
| B. | Anticipated tax expenditure (A.*Group tax rate) | 20,355 | 23,283 |
| Adjusted by tax effects from | |||
| 1. Tax-free investment income | 4,369 | –8,222 | |
| 2. Other | 14,872 | 8,409 | |
| Amortisation of goodwill | 1,945 | 91 | |
| Non-deductible expenses/other tax-exempt | |||
| income | 697 | 2,559 | |
| Changes in tax rates | 0 | 0 | |
| Deviations in tax rates | 23,423 | 11,194 | |
| Taxes previous years | –6,241 | –5,586 | |
| Lapse of loss carried forward and other | –4,952 | 151 | |
| C. | Income tax expenditure | 39,596 | 23,470 |
| Average effective tax burden in % | 48.1 | 26.0 |
The corporate income tax rate applicable to all Group segments was 25%, as expected. To the extent that the minimum taxation is applied in life insurance at an assumed profit participation of 85%, this leads to a different corporate tax rate.
| Personnel expenses1) | 2009 | 2008 |
|---|---|---|
| € 000 | € 000 | |
| Salaries and wages | 351,141 | 333,008 |
| Expenses for severance payments | 15,727 | 9,149 |
| Expenses for employee pensions | 50,052 | –17,539 |
| Expenditure on mandatory social security contributions | ||
| as well as income-based charges and compulsory | ||
| contributions | 100,397 | 90,158 |
| Other social expenditures | 10,237 | 9,411 |
| Total | 527,553 | 424,188 |
| of which business development | 147,566 | 131,952 |
| of which administration | 356,488 | 272,329 |
1) The data are based on an IFRS valuation.
| Average number of employees | 2009 | 2008 |
|---|---|---|
| Total | 15,107 | 13,674 |
| of which business development | 6,345 | 6,269 |
| of which administration | 8,762 | 7,405 |
| 2009 € 000 |
2008 € 000 |
|
|---|---|---|
| Expenses for severance payments and employee pensions amounted to: |
||
| Members of the Management Board and executive employees, in accordance with Section |
||
| 80 paragraph 1 of the Stock Corporation Act | 4,224 | 3,076 |
| Other employees | 30,052 | 44,027 |
Both figures include the expenditure for pensioners and surviving dependants (basis: Austrian Business Code valuation). The indicated expenses were charged to the Group companies based on defined company processes.
The parent company of the UNIQA Group is UNIQA Versicherungen AG. This company is registered in the company register of the Commercial Court of Vienna under FN 92933 t. In addition to its duties as Group holding company, this company also performs the duties of a Group reinsurer.
| Related companies and persons | 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|---|---|---|
| Receivables and liabilities with affiliated and associated companies, as well as related persons |
||
| Receivables | 10,719 | 13,027 |
| Other receivables | 10,719 | 13,027 |
| Affiliated companies | 10,430 | 11,420 |
| Associated companies | 289 | 1,608 |
| Liabilities | 5,742 | 7,595 |
| Other liabilities | 5,742 | 7,595 |
| Affiliated companies | 5,677 | 7,595 |
| Associated companies | 65 | 0 |
| Income and expenses of affiliated companies as well as related persons |
2009 € 000 |
2008 € 000 |
| Income | 1,949 | 23,401 |
| Investment income | 1,941 | 23,348 |
| Affiliated companies | 0 | 0 |
| Related companies | 1,941 | 23,348 |
| Other income | 8 | 53 |
| Affiliated companies | 8 | 53 |
| Expenses | 8 | 53 |
| Other expenses | 8 | 53 |
| Affiliated companies | 8 | 53 |
In July 2009, Raiffeisen Versicherung AG and UNIQA Personenversicherung AG each sold roughly 2.4 million shares in Leipnik-Lundenburger Invest Beteiligungs AG to Raiffeisen-Invest-Gesellschaft m.b.H., which is an associated company of Raiffeisen Zentralbank AG. As UNIQA Versicherungen AG is included in the Group consolidated financial statements of Raiffeisen Zentralbank as an associated company, this concerns a business with associated companies in accordance with IAS 24. Raiffeisen Versicherung AG and UNIQA Personenversicherung AG realised capital gains of of €1,941,000 from this transaction. In December 2008, UNIQA Beteiligungs-Holding GmbH sold roughly 3.1 million shares in Leipnik-Lundenburger Invest Beteiligungs AG to Raiffeisen-Invest-Gesellschaft m.b.H. UNIQA Beteiligungs-Holding GmbH realised capital gains of €23,348,000 from this transaction. Also in December 2008, Raiffeisen Versicherung AG and UNIQA Personenversicherung AG acquired roughly 5.0 million and 3.1 million shares respectively in Leipnik-Lundenburger Invest Beteiligungs AG from Raiffeisen-Invest-Gesellschaft m.b.H. There are no outstanding balances from these transactions as at 31 December 2009.
| Other financial commitments and contingent liabilities | 31 Dec. 2009 € 000 |
31 Dec. 2008 € 000 |
|---|---|---|
| Contingent liabilities from risks of litigation | 19,704 | 5,175 |
| Austria | 0 | 0 |
| Foreign | 19,704 | 5,175 |
| Other contingent liabilities | 1,390 | 1,389 |
| Austria | 0 | 0 |
| Foreign | 1,390 | 1,389 |
| Total | 21,094 | 6,565 |
The companies of the UNIQA Group are involved in court proceedings in Austria and other countries in connection with their ordinary business operations as insurance companies. The result of the pending or threatened proceedings is often impossible to determine or predict.
In consideration of the provisions set aside for these proceedings, the management is of the opinion that these proceedings have no significant effects on the financial situation and the operating earnings of the UNIQA Group.
| 2009 € 000 |
2008 € 000 |
|
|---|---|---|
| Current leasing expenses | 1,017 | 251 |
| Future leasing payments due to the financing of the new UNIQA Headquarters in Vienna |
||
| up to 1 year | 5,287 | 6,509 |
| more than 1 year up to 5 years | 21,034 | 25,226 |
| more than 5 years | 52,362 | 62,934 |
| Total | 78,683 | 94,668 |
| Income from subleasing | 508 | 479 |
UNIQA moved into the new headquarters – the UNIQA Tower – in 2004. The aforementioned leasing obligations are based on the investment expenditures in connection with a specific calculatory rate of interest yield.
The expenses for the auditor during the financial year were €1,484,000, of which €265,000 can be attributed to expenses for the audit, € 1,146,000 to other confirmation services and €72,000 to other services.
| Domestic insurance companies UNIQA Versicherungen AG (Group Holding Company) 1029 Vienna UNIQA Sachversicherung AG Full 1029 Vienna 125.4 100.0 UNIQA Personenversicherung AG Full 1029 Vienna 398.4 63.4 Salzburger Landes-Versicherung AG Full 5020 Salzburg 21.5 100.0 Raiffeisen Versicherung AG Full 1029 Vienna 1350.3 100.0 CALL DIRECT Versicherung AG Full 1029 Vienna 12.2 100.0 FINANCE LIFE Lebensversicherung AG Full 1029 Vienna 23.7 100.0 SK Versicherung Aktiengesellschaft Equity 1050 Vienna 6.8 25.0 Foreign insurance companies UNIQA Assurances S.A. Full Switzerland, Geneva 10.4 100.0 UNIQA Re AG Full Switzerland, Zurich 98.5 100.0 UNIQA Assicurazioni S.p.A. Full Italy, Milan 213.8 100.0 UNIQA poistovńa a.s. Full Slovakia, Bratislava 30.3 99.9 UNIQA pojištovna, a.s. Full Czech Republic, Prague 43.8 100.0 UNIQA osiguranje d.d. Full Croatia, Zagreb 8.9 80.0 UNIQA Protezione S.p.A Full Italy, Udine 17.5 89.6 UNIQA Towarzystwo Ubezpieczen S.A. Full Poland, Lodz 76.2 68.5 UNIQA Towarzystwo Ubezpieczen na Zycie S.A. Full Poland, Lodz 12.0 69.8 UNIQA Biztosító Zrt. Full Hungary, Budapest 48.6 85.0 UNIQA Lebensversicherung AG Full Liechtenstein, Vaduz 5.0 100.0 UNIQA Versicherung AG Full Liechtenstein, Vaduz 4.3 100.0 Mannheimer AG Holding Full Germany, Mannheim 67.0 91.4 Mannheimer Versicherung AG Full Germany, Mannheim 49.1 100.0 mamax Lebensversicherung AG Full Germany, Mannheim 8.6 100.0 Mannheimer Krankenversicherung AG Full Germany, Mannheim 15.0 100.0 UNIQA Previdenza S.p.A. Full Italy, Milan 121.7 100.0 Bosnia and Herzegovina, UNIQA Osiguranje d.d. Full Sarajevo 6.2 99.8 ASTRA S.A. Equity Romania, Bucharest 31.8 27.0 UNIQA Insurance plc Full Bulgaria, Sofia 7.9 99.9 UNIQA Life Insurance plc Full Bulgaria, Sofia 4.5 99.7 UNIQA životno osiguranje a.d. Full Serbia, Belgrade 7.7 91.4 Credo-Classic (seit 18.02.2010: Insurance company "UNIQA") Full Ukraine, Kiev 6.7 80.3 UNIQA LIFE Full Ukraine, Kiev 1.5 100.0 UNIQA životno osiguranje a.d. Full Montenegro, Podgorica 1.3 100.0 UNIQA neživotno osiguranje a.d. Full Serbia, Belgrade 7.4 100.0 UNIQA neživotno osiguranje a.d. Full Montenegro, Podgorica 2.4 100.0 UNIQA Asigurari de Viata S.A. Full Romania, Bucharest 4.7 100.0 UNIQA Asigurari S.A. Full Romania, Bucharest 39.2 100.0 AGRAS Asigurari S.A. Full Romania, Bucharest 4.2 100.0 UNIQA Health Insurance AD Full Sofia, Bulgaria 0.4 100.0 Raiffeisen Life Insurance Company LLC Full Russia, Moscow 3.3 100.0 UNIQA Life SpA Full Italy, Milan 22.3 90.0 SIGAL Holding Sh.A. Full Albania, Tirana 9.1 68.6 SIGAL UNIQA Group AUSTRIA Sh.A. Full Albania, Tirana 10.0 100.0 UNIQA A.D. Skopje Full Macedonia, Skopje 4.1 100.0 SIGAL LIFE UNIQA Group AUSTRIA Sh.A. Full Albania, Tirana 3.8 100.0 SIGAL UNIQA GROUP AUSTRIA SH.A. Full Kosovo, Pristina 3.7 100.0 |
Company | Type | Location | Equity € million1) |
Share in equity %1) |
|---|---|---|---|---|---|
| Company | Type | Location | Equity € million1) |
Share in equity %1) |
|---|---|---|---|---|
| Group domestic service companies | ||||
| UNIQA Immobilien-Service GmbH | Full | 1029 Vienna | 0.3 | 100.0 |
| Versicherungsmarkt-Servicegesellschaft m.b.H. | Full | 1010 Vienna | 0.2 | 100.0 |
| Agenta Risiko- und Finanzierungsberatung Gesellschaft m.b.H. |
Full | 1010 Vienna | 1.2 | 100.0 |
| Raiffeisen Versicherungsmakler GmbH | Equity | 6900 Bregenz | 0.2 | 50.0 |
| Versicherungsbüro Dr. Ignaz Fiala Gesellschaft m.b.H. | 4) | 1010 Vienna | 33.3 | |
| RSG – Risiko Service und Sachverständigen GmbH | 3) | 1029 Vienna | 100.0 | |
| Dr. E. Hackhofer EDV-Softwareberatung | ||||
| Gesellschaft m.b.H. | Full | 1070 Vienna | 1.0 | 51.0 |
| UNIQA Software-Service GmbH | Full | 1029 Vienna | 0.7 | 100.0 |
| SYNTEGRA Softwarevertrieb und Beratung GmbH | Full | 3820 Raabs | 0.3 | 100.0 |
| UNIQA Finanz-Service GmbH | Full | 1020 Vienna | 0.3 | 100.0 |
| UNIQA Alternative Investments GmbH | Full | 1020 Vienna | 1.8 | 100.0 |
| UNIQA International Versicherungs-Holding GmbH | Full | 1029 Vienna | 124.1 | 100.0 |
| UNIQA International Beteiligungs-Verwaltungs GmbH | Full 3) |
1029 Vienna | 684.0 | 100.0 |
| Alopex Organisation von Geschäftskontakten GmbH | 3) | 1020 Vienna | 100.0 | |
| RC RISK-CONCEPT Versicherungsmakler GmbH | 1029 Vienna | 100.0 | ||
| Allfinanz Versicherungs- und Finanzservice GmbH | Full 3) |
1010 Vienna | 0.2 | 100.0 |
| Direct Versicherungsvertriebs-GesmbH | 1020 Vienna | 100.0 | ||
| Assistance Beteiligungs-GmbH | Full 3) |
1010 Vienna | 0.2 | 64.0 |
| Real Versicherungs-Makler GmbH | 4) | 1220 Vienna | 100.0 | |
| Together Internet Services GmbH | 3) | 1030 Vienna | 22.6 | |
| FL-Vertriebs- und Service GmbH UNIQA HealthService – |
5020 Salzburg | 75.0 | ||
| Services im Gesundheitswesen GmbH | 3) | 1029 Vienna | 100.0 | |
| UNIQA Real Estate Beteiligungsverwaltung GmbH | Full | 1029 Vienna | 15.3 | 100.0 |
| Privatklinik Grinzing GmbH | 3) | 1190 Vienna | 100.0 | |
| Wohnen mit Service Pflegedienstleistungs GmbH | 4) | 1029 Vienna | 50.0 | |
| Versicherungsagentur Wilhelm Steiner GmbH | 3) | 1029 Vienna | 51.0 | |
| CEE Hotel Development AG | 4) | 1010 Vienna | 50.0 | |
| CEE Hotel Management und Beteiligungs GmbH | 4) | 1010 Vienna | 50.0 | |
| RHU Beteiligungsverwaltung GmbH & Co OG | 4) | 1010 Vienna | 50.0 | |
| UNIQA Real Estate Finanzierungs GmbH | Full | 1029 Vienna | 7.0 | 100.0 |
| UNIQA Group Audit GmbH | Full | 1029 Vienna | 0.0 | 100.0 |
| Vorsorge Holding AG (since 1.3.2010: Valida Holding AG) |
Equity | 1020 Vienna | 26.2 | 40.1 |
| RVCM GmbH | 4) | 1010 Vienna | 0.0 | 50.0 |
| Group foreign service companies | ||||
| Syntegra Tanácsadó és Szolgáltató KFT | Full | Hungary, Budapest | 0.4 | 60.0 |
| Insdata spol s.r.o. | Full | Slovakia, Nitra | 1.3 | 98.0 |
| Racio s.r.o. (ab 4.1.2010: ProUNIQA s.r.o.) | 3) | Czech Republic, Prague | 100.0 | |
| UNIPARTNER s.r.o. | Full | Slovakia, Bratislava | 0.0 | 100.0 |
| UNIQA InsService s.r.o. | Full | Slovakia, Bratislava | 0.2 | 100.0 |
| UNIQA Ingatlanhasznosító Kft | Full | Hungary, Budapest | 9.9 | 100.0 |
| Dekra Expert Muszaki Szakertöi Kft | Full | Hungary, Budapest | 0.9 | 74.9 |
| UNIQA Szolgaltato Kft | Full 3) |
Hungary, Budapest | 4.5 | 100.0 |
| Profit-Pro Kft. | 3) | Hungary, Budapest | 100.0 | |
| RC Risk Concept Vaduz | 3) | Liechtenstein, Vaduz | 100.0 | |
| Elsö Közszolgalati Penzügyi Tanacsado Kft | Hungary, Budapest | 92.4 | ||
| Millennium Oktatási és Tréning Kft | Full 3) |
Hungary, Budapest | 0.0 | 100.0 |
| verscon GmbH Versicherungs- und Finanzmakler | Germany, Mannheim | 100.0 | ||
| IMD Gesellschaft für Informatik und Datenverarbeitung GmbH |
3) | Germany, Mannheim | 100.0 | |
| Mannheimer Service und Vermögensverwaltungs GmbH |
3) | Germany, Mannheim | 100.0 | |
| Carl C. Peiner GmbH | 3) | Germany, Hamburg | 100.0 | |
| Wehring & Wolfes GmbH | 3) | Germany, Hamburg | 100.0 | |
| Hans L. Grauerholz GmbH | 3) | Germany, Hamburg | 100.0 | |
| GSM Gesellschaft für Service Management mbH | 3) | Germany, Hamburg | 100.0 | |
| Skola Hotelnictivi A Gastronom | 3) | Czech Republic, Prague | 100.0 |
| Company | Type | Location | Equity € million1) |
Share in equity %1) |
|---|---|---|---|---|
| Group foreign service companies | ||||
| ITM Praha s.r.o. | 4) | Czech Republic, Prague | 29.1 | |
| ML Sicherheitszentrale GmbH | 4) | Germany, Mannheim | 30.0 | |
| Mannheimer ALLFINANZ Versicherungsvermittlung AG | 3) | Germany, Mannheim | 100.0 | |
| Claris Previdenza | 3) | Italy, Milan | 100.0 | |
| UNIQA Software Service d.o.o. | 3) | Croatia, Zagreb | 100.0 | |
| Vitosha Auto OOD | Full | Bulgaria, Sofia | 0.1 | 100.0 |
| Syntegra S.R.L. | Full | Romania, Cluj-Napoca | 0.1 | 60.0 |
| Agenta-Consulting Kft. | 3) | Hungary, Budapest | 100.0 | |
| UNIQA Software Service-Polska Sp.z o.o | 3) | Poland, Lodz | 100.0 | |
| AGENTA consulting s.r.o. | 3) | Czech Republic, Prague | 100.0 | |
| AGENTA Consulting Sp z oo w organizacji | 3) | Poland, Lodz | 100.0 | |
| UNIQA Software Service Bulgaria OOD | 3) | Bulgaria, Plovdiv | 99.0 | |
| UNIQA Software Service Ukraine GmbH | 3) | Ukraine, Kiev | 99.0 | |
| Financial and strategic domestic shareholdings | ||||
| Medial Beteiligungs-Gesellschaft m.b.H. | Equity | 1010 Vienna | 31.8 | 29.6 |
| Medicur-Holding Gesellschaft m.b.H.*) | Equity | 1020 Vienna | 94.0 | 25.0 |
| PKB Privatkliniken Beteiligungs-GmbH *) | Full | 1010 Vienna | 53.8 | 75.0 |
| Privatklinik Wehrle GmbH | Full | 5020 Salzburg | 1.4 | 100.0 |
| PKM Handels- und Beteiligungsgesellschaft m.b.H. | Full | 1010 Vienna | 14.4 | 100.0 |
| Privatklinik Döbling GmbH | Full | 1190 Vienna | 1.9 | 100.0 |
| Privatklinik Josefstadt GmbH | Full | 1080 Vienna | 1.1 | 100.0 |
| Privatklinik Graz Ragnitz GmbH | Full | 1010 Vienna | 0.8 | 100.0 |
| Ambulatorien Betriebsgesellschaft m.b.H. | Full | 1190 Vienna | 0.4 | 100.0 |
| STRABAG SE*) | Equity | 9500 Villach | 2868.8 | 21.9 |
| PremiaMed Management GmbH (formerly Humanomed) |
Full | 1190 Vienna | 1.0 | 75.0 |
| GENIA CONSULT Unternehmensberatungs | 3) | |||
| Gesellschaft mbH | 4) | 1190 Vienna | 74.0 | |
| R-SKA Baden Betriebs-GmbH | 4) | 2500 Baden | 49.0 | |
| Privatklinik Villach Gesellschaft m.b.H. & Co. KG | 9020 Klagenfurt | 34.9 | ||
| call us Assistance International GmbH | Equity 4) |
1090 Vienna | 0.5 | 61.0 |
| UNIQA Leasing GmbH | 1061 Vienna | 25.0 | ||
| UNIQA Human Resources-Service GmbH | Full | 1020 Vienna | 0.3 | 100.0 |
| UNIQA Beteiligungs-Holding GmbH | Full | 1029 Vienna | 188.4 | 100.0 |
| UNIQA Erwerb von Beteiligungen Gesellschaft m.b.H. Austria Hotels Betriebs-GmbH |
Full Full |
1029 Vienna 1010 Vienna |
11.3 8.2 |
100.0 100.0 |
| Wiener Kongresszentrum Hofburg | ||||
| Betriebsgesellschaft m.b.H. | 4) | 1010 Vienna | 25.0 | |
| JALPAK International (Austria) Ges.m.b.H. | 4) | 1010 Vienna | 25.0 | |
| Allrisk-SCS-Versicherungsdienst Gesellschaft m.b.H. | Equity | 2334 Vösendorf-Süd | 0.0 | 37.5 |
| Real-estate companies | ||||
| UNIQA Real Estate CZ, s.r.o. | Full | Czech Republic, Prague | 14.4 | 100.0 |
| UNIQA Real s.r.o. | Full | Slovakia, Bratislava | 1.2 | 100.0 |
| UNIQA Real II s.r.o. | Full | Slovakia, Bratislava | 1.1 | 100.0 |
| Steigengraben-Gut Gesellschaft m.b.H. | 3) | 1020 Vienna | 100.0 | |
| Raiffeisen evolution project development GmbH | Equity | 1030 Vienna | 183.9 | 20.0 |
| DIANA-BAD Errichtungs- und Betriebs GmbH | Equity | 1020 Vienna | 0.7 | 33.0 |
| UNIQA Real Estate AG | Full | 1029 Vienna | 134.7 | 100.0 |
| UNIQA Real Estate | ||||
| Zweite Beteiligungsverwaltung GmbH | Full | 1020 Vienna | 26.4 | 100.0 |
| UNIQA Praterstraße Projekterrichtungs GmbH | Full | 1029 Vienna | 92.1 | 100.0 |
| Aspernbrückengasse Errichtungs- und Betriebs GmbH | Full | 1029 Vienna | 8.8 | 99.0 |
| UNIQA Real Estate Holding GmbH | Full | 1029 Vienna | 72.6 | 100.0 |
| UNIQA Real Estate Dritte Beteiligungsverwaltung GmbH |
Full | 1029 Vienna | 11.2 | 100.0 |
| UNIQA Real Estate Vierte Beteiligungsverwaltung GmbH |
Full | 1029 Vienna | 4.7 | 100.0 |
| "Hotel am Bahnhof" Errichtungs GmbH & Co KG | Full | 1020 Vienna | 10.1 | 100.0 |
| GLM Errichtungs GmbH | Full | 1010 Vienna | –0.8 | 100.0 |
| EZL Entwicklung Zone Lassallestraße GmbH & Co. KG | Full | 1029 Vienna | 39.1 | 100.0 |
| Fleischmarkt Inzersdorf Vermietungs GmbH | Full | 1230 Vienna | 2.9 | 100.0 |
| Praterstraße Eins Hotelbetriebs GmbH | Full | 1020 Vienna | 0.0 | 100.0 |
| UNIQA Plaza Irohadaz es Ingatlankezelö Kft | Full | Hungary, Budapest | 5.2 | 100.0 |
| MV Augustaanlage GmbH & Co. KG | Full | Germany, Mannheim | 16.0 | 100.0 |
| MV Augustaanlage Verwaltungs-GmbH | Full | Germany, Mannheim | 0.0 | 100.0 |
| AUSTRIA Hotels Liegenschaftsbesitz AG5) | Full | 1010 Vienna | 33.2 | 99.5 |
| Passauerhof Betriebs-Ges.m.b.H.5) | Full | 1010 Vienna | 1.3 | 100.0 |
| Austria Hotels Liegenschaftsbesitz CZ s.r.o.5) | Full | Czech Republic, Prague | 19.8 | 100.0 |
| Grupo Borona Advisors, S.L. Ad | 3) | Spain, Madrid | 74.6 |
| Company | Type | Location | Equity € million1) |
Share in equity %1) |
|---|---|---|---|---|
| Real-estate companies | ||||
| MV Grundstücks GmbH & Co. Erste KG | Full | Germany, Mannheim | 4.0 | 100.0 |
| MV Grundstücks GmbH & Co. Zweite KG | Full | Germany, Mannheim | 6.0 | 100.0 |
| MV Grundstücks GmbH & Co. Dritte KG | Full | Germany, Mannheim | 5.2 | 100.0 |
| HKM Immobilien GmbH | 3) | Germany, Mannheim | 100.0 | |
| CROSS POINT, a.s. | Full | Slovakia, Bratislava | 2.1 | 100.0 |
| Floreasca Tower SRL | Full | Romania, Bucharest | 2.2 | 100.0 |
| Pretium Ingatlan Kft. | Full | Hungary, Budapest | 8.4 | 100.0 |
| UNIQA poslovni centar Korzo d.o.o. | Full | Croatia, Rijeka | 0.3 | 100.0 |
| UNIQA-Invest Kft | Full | Hungary, Budapest | 14.3 | 100.0 |
| Knesebeckstraße 8–9 Grundstücksgesellschaft mbH | Full | Germany, Berlin | 0.9 | 100.0 |
| UNIQA Real Estate Bulgaria EOOD | Full | Bulgaria, Sofia | 1.5 | 100.0 |
| Bosnia and Herzegovina, | ||||
| UNIQA Real Estate BH nekretnine, d.o.o | Full | Sarajevo | 3.4 | 100.0 |
| UNIQA Real Estate d.o.o | Full | Serbia, Belgrade | 2.7 | 100.0 |
| Renaissance Plaza d.o.o. | Full | Serbia, Belgrade | 0.9 | 100.0 |
| IPM International Property Management Kft | Full | Hungary, Budapest | 1.9 | 100.0 |
| UNIQA Real Estate Polska Sp. z o.o. | Full | Poland, Warsaw | 2.4 | 100.0 |
| Black Sea Investment Capital | Full | Ukraine, Kiev | 0.8 | 100.0 |
| LEGIWATON INVESTMENTS LIMITED | Full | Cyprus, Limassol | 0.0 | 100.0 |
| UNIQA Real III, spol. s.r.o. | Full | Slovakia, Bratislava | 5.3 | 100.0 |
| UNIQA Real Estate BV | Full | Netherlands, Hoofddorp | 12.6 | 100.0 |
| UNIQA Real Estate Bulgaria Alpha EOOD | Full | Bulgaria, Sofia | 0.0 | 100.0 |
| UNIQA Real Estate P. Volfova | Full | Slovenia, Ljubljana | 0.0 | 100.0 |
| UNIQA Real Estate Ukraine | Full | Ukraine, Kiev | 0.0 | 100.0 |
| Reytarske | Full | Ukraine, Kiev | –4.3 | 100.0 |
| Austria Hotels Betriebs CZ | Full | Czech Republic, Prague | 3.2 | 100.0 |
| UNIQA Real Estate Albania Shpk. | Full | Albania, Tirana | –0.1 | 100.0 |
| ALBARAMA LIMITED | Full | Cyprus, Nikosia | –0.6 | 100.0 |
| AVE-PLAZA LLC | Full | Ukraine, Kharkiv | 11.3 | 50.0 |
| Asena CJSC | Full | Ukraine, Nikolaew | 0.1 | 100.0 |
| UNIQA Real Estate Poland Sp.z.o.o. | Full | Poland, Warsaw | 0.0 | 100.0 |
| BSIC Holding GmbH | Full | Ukraine, Kiev | 10.2 | 100.0 |
1) In the case of fully consolidated companies, the value of the stated equity equals the local annual accounts, while in the case of companies
valued at equity, it equals the latest annual accounts published or, with companies marked with *), the latest Group accounts published. 2) The share in equity equals the share in voting rights before minorities, if any.
3) Unconsolidated company. 4) Associated not at equity valued company. 5) Consolidated on the basis of a non-calendar financial year (balance sheet date 30 September).
These Group consolidated financial statements were compiled by the Management Board as of the date of signing and approved for publication.
Pursuant to Section 82 paragraph 4 of the Austrian Stock Exchange Act the Management Board of UNIQA Versicherungen AG confirms, that, to the best of our knowledge, the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group as required by the applicable accounting standards and that the Group management report gives a true and fair view of the development and performance of the busi-ness and the position of the Group, together with a description of the principal risks and uncertainties the Group faces.
Vienna, 6 April 2010
Konstantin Klien Chairman of the Management Board
Andreas Brandstetter Vice Chairman of the Management Board
Hannes Bogner Member of the Management Board
Karl Unger Member of the Management Board
Gottfried Wanitschek Member of the Management Board
(report of the independent auditor)
We have audited the accompanying consolidated financial statements of UNIQA Versicherungen AG, Vienna, for the year from 1 January 2009 to 31 December 2009. These consolidated financial statements comprise the consolidated balance sheet as of 31 December 2009, the consolidated income statement, consolidated statement of comprehensive income, the consolidated cash flow statement and the consolidated statement of changes in equity for the year ended 31 December 2009 and a summary of significant accounting policies and other explanatory notes.
The company's management is responsible for the Group accounting system and for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the consolidated financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with laws and regulations applicable in Austria and as in accordance with International Standards on Auditing, issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). Those standards require that we comply with professional guidelines and that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Group's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Our audit did not give rise to any objections. In our opinion, which is based on the results of our audit, the consolidated financial statements comply with legal requirements and give a true and fair view of the financial position of the Group as of 31 December 2009 and of its financial performance and its cash flows for the year from 1 January to 31 December 2009 in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU.
Pursuant to statutory provisions, the management report for the Group is to be audited as to whether it is consistent with the consolidated financial statements and as to whether the other disclosures are not misleading with respect to the company's position. The auditor's report also has to contain a statement as to whether the management report for the Group is consistent with the consolidated financial statements and whether the disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.
In our opinion, the management report for the Group is consistent with the consolidated financial statements. The disclosures pursuant to Section 243a UGB (Austrian Business Code) are appropriate.
KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
Georg Weinberger Chartered Accountant
p.p. Alexander Knott Chartered Accountant
During the past financial year, the Supervisory Board was regularly informed of the business development and the situation of the Group and the company by the Management Board. It also supervised the Man-agement Board's conduct of business and fulfilled all the tasks assigned to the Supervisory Board by legis-lation and the company articles. In the Supervisory Board meetings held in 2009, the Management Board presented detailed quarterly reports and provided additional oral and written reports to the Supervisory Board. The Supervisory Board was given timely and comprehensive information about those measures re-quiring its approval.
The meetings focused on the Group's earnings situation and its further strategic development. The Supervi-sory Board had five meetings in 2009. In the meeting on 26 March, the Supervisory Board mainly discussed the preliminary Group results for 2008. The Supervisory Board meeting on 29 April focused on the annual financial statements and consolidated financial statement as at 31 December 2008 as well as the reporting of the Management Board regarding Group developments during the 1st quarter of 2009 and the extension of the cooperation agreement with Veneto Banca in Italy. The reconstitution of the Supervisory Board made necessary by changes to the Supervisory Board that took place at the Annual General Meeting took place on 25 May. In the meeting on 15 September, the Supervisory Board primarily addressed the development of the company in the 1st half of 2009. In addition to the reporting on the Group results during the first three quarters of 2009 and planning for the 2010 fiscal year, the Supervisory Board passed a resolution in its meeting on 24 November to increase the share capital using the approved capital and discussed the results of the self-evaluation.
To facilitate the work of the Supervisory Board and to improve its efficiency, other committees were set up in addition to the mandatory Audit Committee. The Working Committee primarily discussed the profit developments of the Group, examined the company strategy, made a series of decisions on specific measures and handled a number of tasks assigned to the Audit Committee since both committees share the same mem-bers. The committee held five meetings in 2009 and made four decisions by circulating them in writing. The Committee for Board Affairs met three times to deal with the legal employment formalities of the members of the Management Board and the extension of the Management Board appointments. The Investment Com-mittee had four meetings about the capital investment strategy and questions of the capital structure. In its meeting, the Audit Committee concentrated on all audit documents and the Management Board's proposed appropriation of profit, and reported to the Supervisory Board. The various chairmen of the committees in-formed the members of the Supervisory Board about the meetings and their committee's work.
The financial statements prepared by the Management Board and the management report of UNIQA Versi-cherungen AG, as well as the consolidated financial statements prepared according to the International Fi-nancial Reporting Standards (IFRS) and the Group management report for the year 2009, were audited by KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft and given an unqualified audit opinion. The Supervisory Board noted the results of the audit with approval.
The consistency check of the Corporate Governance Report according to Section 243b of the Austrian Commercial Code was performed by Univ. Prof. DDr. Waldemar Jud Corporate Governance Forschung CGF GmbH, and the final results yielded no significant grounds for objections.
The Supervisory Board consented to the consolidated financial statements and the financial statements of UNIQA Versicherungen AG, and agreed to the Group management report and the management report. The 2009 financial statements were thereby adopted in accordance with Section 125 of the Stock Corporation Law.
The proposed appropriation of profit submitted by the Management Board to the Supervisory Board was examined and approved by the Supervisory Board. On this basis, a dividend distribution of 40 cents per share will be proposed at the Annual General Meeting on 31 May 2010.
The Supervisory Board thanks the Management Board and all staff members for their commitment and the work they have done.
Vienna, April 2010
On behalf of the Supervisory Board
Christian Konrad
Pursuant to Section 82 paragraph 4 of the Austrian Stock Exchange Act the Management Board of UNIQA Versicherungen AG confirms,
that, to the best of our knowledge, the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group as required by the applicable accounting standards and that the Group management report gives a true and fair view of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties the Group faces;
that, to the best of our knowledge. the separate financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the parent company as required by the applicable accounting standards and that the management report gives a true and fair view of the development and performance of the business and the position of the company, together with a description of the principal risks and uncertainties the company faces.
Vienna, 6 April 2010
Konstantin Klien Chairman of the Management Board
Andreas Brandstetter Vice Chairman of the
Management Board
Hannes Bogner Member of the Management Board
Karl Unger Member of the Management Board
Gottfried Wanitschek Member of the Management Board
UNIQA Versicherungen AG Untere Donaustrasse 21 (UNIQA Tower) 1029 Vienna Austria Commercial registry no.: 92933t Data processing register: 0055506
UNIQA Versicherungen AG Stefan Glinz Untere Donaustrasse 21 1029 Vienna Austria Tel.: (+43) 1 211 75 3773 Fax: (+43) 1 211 75 793773 E-mail: [email protected]
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