Quarterly Report • May 29, 2009
Quarterly Report
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| 1–3/2009 | 1–3/2008 | Change | |
|---|---|---|---|
| €million | €million | % | |
| Premiums written | |||
| Recurring premiums | 1,442 | 1,385 | +4.1 |
| Single premiums | 213 | 248 | –14.0 |
| Total | 1,655 | 1,633 | +1.4 |
| of which savings portion of premiums from unit-linked and index-linked life insurance |
168 | 227 | –26.2 |
| Premiums earned by business line | |||
| Property and casualty insurance | 567 | 530 | +6.9 |
| Health insurance | 245 | 235 | +4.5 |
| Life insurance | 413 | 377 | +9.7 |
| Total | 1,226 | 1,142 | +7.3 |
| Insurance benefits1) | |||
| Property and casualty insurance | –364 | –316 | +15.2 |
| Health insurance | –222 | –214 | +3.8 |
| Life insurance | –420 | –361 | +16.2 |
| Total | –1,006 | –891 | +12.8 |
| Operating expenses2) | |||
| Property and casualty insurance | –192 | –162 | +18.4 |
| Health insurance | –30 | –30 | –0.5 |
| Life insurance | –88 | –90 | –2.0 |
| Total | –310 | –282 | +9.9 |
| Net investment income | 146 | 79 | +86.2 |
| Investments | 21,353 | 21,647 | –1.4 |
| Profit on ordinary activities | 31 | 42 | –27.4 |
| Consolidated profit | 28 | 14 | +100.9 |
| Insured capital in life insurance | 64,187 | 61,549 | +4.3 |
1) Incl. expenditure for deferred profit participation and premium refunds.
2) Incl. reinsurance commissions and profit shares from reinsurance business ceded.
| Key figures UNIQA shares | 1–3/2009 | 1–3/2008 | Change |
|---|---|---|---|
| € | € | % | |
| UNIQA share price as at 31.3. | 16.00 | 16.67 | –4.0 |
| High | 18.86 | 21.46 | |
| Low | 13.75 | 15.40 | |
| Market capitalisation as at 31.3. in €million | 2,107 | 1,997 | +5.5 |
| Earnings per share | 0.22 | 0.12 | +83.4 |
| Information UNIQA shares | |
|---|---|
| Securities abbreviation | UQA |
| Reuters | UNIQ.VI |
| Bloomberg | UQA.AV |
| ISIN | AT0000821103 |
| Market segment | Prime Market, Vienna Stock Exchange |
| Trade segment | Official trading |
| Indices | ATXPrime, WBI, VÖNIX |
| Number of shares | 131,673,000 |
| Financial Calendar | |
|---|---|
| Ex Dividend Day, Dividend Payment Day | 8 June 2009 |
| Half-Year Financial Report 2009, Conference Call | 28 August 2009 |
| 1st to 3rd Quarter Report 2009, Conference Call | 27 November 2009 |
GDP in the eurozone fell in the 4th quarter of 2008 by 6.2% (annualised). There are no official figures for the 1st quarter of 2009 yet, but we can assume that GDP has fallen again by 5–6%. This is to be expected due to the extremely poor numbers in industrial production. Although the outlook for the coming quarters promises to brighten up slightly, we can still assume that GDP is shrinking. Inflation has gone down noticeably due to the low price of oil and the weak economy. The outlook for inflation is also very good. The ECB has already reacted to the improved outlook on inflation and lowered the key interest rates to 1.00%.
In the USA, GDP declined by 6.3% in the 1st quarter of 2009 (annualised). Following the sharp drop in the 4th quarter of 2008, consumption made a slight recovery. The economy should also brighten up slightly in the USA over the next few quarters. A growth of GDP cannot be assumed before the 3rd quarter, however. Inflation trends were even better in the USA than in the eurozone and inflation sank in March to –0.4%. In the USA the rise in unemployment had a positive effect on inflation.
Eastern Europe was also hard hit by the crisis. In the 4th quarter Hungary already had a negative growth rate, while Poland and the Czech Republic still managed to show a slight plus. Although the currencies of Poland, Hungary and the Czech Republic all declined in value by the end of March 2009, they were able to recover nicely in April.
The quarterly statement of the UNIQA Group was prepared in accordance with the International Financial Reporting Standards (IFRS) as well as the International Accounting Standards (IAS). This interim financial report has been prepared in accordance with IAS 34. The scope of the fully consolidated group was not significantly expanded as of 31 March 2009. Raiffeisen Life IC LLC, which was founded in the 1st quarter 2009 in Moscow, has not yet taken up active business operations.
Despite difficult economic conditions, the UNIQA Group once again achieved positive growth in the 1st quarter of 2009; however this was also negatively impacted by the development of currencies in Eastern Europe (particularly in Poland, Romania and Hungary). The Group premium volume written (including the savings portion from the premiums of unitlinked and index-linked life insurance) rose in the first three months by 1.4% to €1,655 million (1–3/2008: €1,633 million). Particularly pleasing here was the development of premiums from products with recurring premiums which rose 4.1% to €1,442 million (1–3/2008: €1,385 million). On the other hand, single premium business was down 14.0% to €213 million (1–3/2008: €248 million.). Adjusted for the aforementioned currency effects, the total growth in the 1st quarter of 2009 was 3.6%.
In Austria, premiums grew by 1.3% to €1,078 million (1–3/2008: €1,064 million) despite the fact that the market environment has remained difficult. The recurring premium business on the Austrian market recorded an increase of 2.3% to €985 million (1–3/2008: €963 million) in the first three months of 2009. Sales of single premium products dropped by 8.1% to €93 million (1–3/2008: €101 million).
The premiums of the Group's companies in Eastern and South Eastern Europe rose more than in Austria again in the 1st quarter 2009 – however the growth rate slowed down some for economic reasons. Premiums rose in the first three months by 3.5% to €298 million (1–3/2008: €288 million) thus contributing 18.0% (1–3/2008: 17.6%) to the Group premiums. Adjusted for the aforementioned currency effects, the growth in Eastern and South Eastern Europe in the first three months of 2009 amounted to 16.4%.
Business volume remained stable in Western Europe in the 1st quarter of 2009, amounting to €280 million (1–3/2008: €281 million) after three months. The share of international business at the end of the 1st quarter 2009 totalled 34.9% (1–3/2008: 34.8%).
Including the net savings portions of premiums from unit-linked and index-linked life insurance to the value of €175 million (1–3/2008: €215 million), the premium volumes earned rose by 3.2% to €1,400 million (1–3/2008: €1,357 million) in the first three quarters of 2009. The retained premiums earned (according to IFRS) grew by 7.3% over the comparable period in 2008 to reach €1,226 million (1–3/2008: €1,142 million).
The premium volume written in property and casualty insurance grew in the first quarter 2009 by 4.2% to €797 million (1–3/2008: €764 million). While premiums in Austria rose 1.7% to €460 million (1–3/2008: €453 million), the growth in premiums in the countries of Eastern and South Eastern Europe was considerably stronger at 18.7%, amounting to €188 million (1–3/2008: €159 million). This means these markets contributed 23.6% (1–3/2008: 20.8%) to total Group premiums in property and casualty insurance. In Western Europe, premiums written decreased by 3.3% to €148 million (1–3/2008: €153 million). Western Europe's share of premiums thus came to 18.6% at the end of the 1st quarter of 2009 (1–3/2008: 20.0%). In total, the international share rose to 42.2% (1–3/2008: 40.8%). The retained premiums earned (according to IFRS) in property and casualty insurance increased in the first three months of 2009 by 6.9% to €567 million (1–3/2008: €530 million).
The premiums written in health insurance rose in the 2009 reporting period by 4.8% to €257 million (1–3/2008: €245 million). In Austria, premium volume grew by 3.6% to €199 million (1–3/2008: €192 million). Internationally, premiums rose by 9.1% to €58 million (1–3/2008: €53 million) to contribute 22.6% (1–3/2008: 21.7%) to the Group health insurance premiums. The retained premiums earned (according to IFRS) increased in the first quarter of 2009 by 4.5% to €245 million (1–3/2008: €235 million).
The life insurance line experienced the expected decline in premiums in the 1st quarter of 2009, due mainly to the worsening of the global economic situation. Overall, the premium volume written (including the savings portion from the premiums of unit-linked and index-linked life insurance) declined by 3.4% to €602 million (1–3/2008: €623 million). Single premium business was particularly affected and decreased by 14.0% to €213 million (1–3/2008: €248 million.). However, in the area of recurring premium life insurance premiums could be increased by a very pleasing 3.6% to €389 million in the first three months of 2009 (1–3/2008: €375 million). The risk premium share of unit-linked and indexlinked life insurance included in the premiums totalled €24 million in the 1st quarter (1–3/2008: €23 million).
In Austria, the premium volume written in life insurance was taken back only marginally by 0.3% to €418 million (1–3/2008: €419 million). While premiums with recurring premium payments rose by 2.2% to €326 million (1–3/2008: €318 million), single premiums decreased by 8.1% to €93 million (1–3/2008: €101 million). The premium volume written in unit-linked and index-linked life insurance declined slightly in the first nine months of 2009 by 4.0% to €169 million (1–3/2008: €176 million).
In the Western European markets the life insurance business was also stable in the 1st quarter of 2009. In total, premiums in the first three months rose by 0.9% to €76 million (1–3/2008: €75 million). While the recurring premiums developed quite pleasingly with a rise of 3.8% to €23 million (1–3/2008: €23 million), the single premium business slowed down a bit, decreasing by 0.4% to €52 million (1–3/20008: €53 million).
In Eastern and South Eastern Europe life insurance developed more cautiously during early 2009, following the extremely successful year 2008. The premium volume at the UNIQA Group companies in these regions sank in the first three months of 2009 by 16.3% to €107 million (1–3/2008: €128 million). Particularly single premiums showed weaker growth compared to the 1st quarter of the previous year, decreasing by 27.9% to €68 million (1–3/2008: €94 million). On the other hand, recurring premiums in direct business increased by a very pleasing 15.7% to €39 million (1–3/2008: €34 million). Eastern Europe's share in the Group's total life insurance premiums amounted to 17.8% (1–3/2008: 20.6%). Thus, the international share came to a total of 30.5% (1–3/2008: 32.7%).
Including the net savings portions of the premiums for the unit-linked and index-linked life insurance, the premium volume earned in life insurance in the first three months of 2009 declined by 0.6% to €588 million (1–3/2008: €592 million). The retained premiums earned (according to IFRS) grew by 9.7% to €413 million (1–3/2008: €377 million).
Following the outstanding development of loss expenses and benefits paid in the year 2008, the total of retained insurance benefits of the UNIQA Group in the 1st quarter of 2009 increased by 12.8% to €1,006 million (1–3/2008: €891 million). The insurance benefits before reinsurance rose by 13.1% to €1,037 million (1–3/2008: €917 million). The claims and benefits ratio across all lines rose to 71.8% (1–3/2008: 65.7%).
The claims ratio in property and casualty insurance amounted to 64.2% (1–3/2008: 59.5%) at the end of the 1st quarter 2009, after reinsurance. The insurance benefits after reinsurance rose by 15.2% to €364 million (1–3/2008: €316 million) in the reporting period. The benefits before reinsurance increased by 15.1% to €372 million (1–3/2008: €323 million).
Although the combined ratio after reinsurance rose in the first three months of 2009 compared to the first three months of the previous year, it was still at a satisfactory 98.0% (1–3/2008: 90.1%). Before taking reinsurance into consideration, the combined ratio was 94.5% (1–3/2008: 86.7%).
Retained insurance benefits (including the changes in the actuarial provision) increased slightly in the first three months of 2009 by 3.8% to €222 million (1–3/2008: €214 million).
In life insurance, the retained insurance benefits (including the change in the actuarial provision) increased by 16.2% to €420 million (1–3/2008: €361 million) in the reporting period.
The total operating expenses for the insurance business, not including reinsurance commissions received, rose in the first three months of 2009 by 9.9% to €310 million (1–3/2008: €282 million). Acquisition expenses decreased by 3.7% to €211 million (1–3/2008: €219 million). Other operating expenses increased by 57.3% due to higher social capital expenses and the influence of including the Group companies in Romania and Ukraine and amounted to €99 million (1–3/2008: €63 million). The cost ratio (i.e. the ratio of total operating expenses to the Group premiums earned, including the savings portion of premiums from unit-linked and index-linked life insurance), including the reinsurance commissions received, therefore stood at 22.2% (1–3/2008: 20.8%) after one quarter in 2009.
Total operating expenses in property and casualty insurance increased in the reporting period by 18.4% to €192 million (1–3/2008: €162 million). Acquisition costs increased by 6.2% to €128 million (1–3/2008: €120 million). Other operating expenses increased by 53.9% to €64 million (1–3/2008: €42 million). The cost ratio in property and casualty insurance including the reinsurance provisions received amounted to 33.8% after the first three months of 2009 (1–3/2008: 30.5%).
Total operating expenses in health insurance decreased in the 1st quarter 2009 by 0.5% to €30 million (1–3/2008: €30 million). Acquisition costs decreased in the process by 8.9% to €20 million (1–3/2008: €22 million). Other operating expenses (incl. reinsurance commissions received) rose by 22.3% to €10 million (1–3/2008: €8 million). This trend brought the cost ratio in health insurance down to 12.3% (1–3/2008: 12.9%).
In life insurance, total operating expenses declined in the first three months of 2009 by 2.0% to €88 million (1–3/2008: €90 million). Acquisition costs decreased in the process by 17.8% to €63 million (1–3/2008: €77 million). But other operating expenses increased by 88.9% to €25 million (1–3/2008: €13 million). Including the reinsurance commissions received, the cost ratio in life insurance declined in the 1st quarter 2009 to 15.0% (1–3/2008: 15.2%).
The investment portfolio of the UNIQA Group (including land and buildings used by the Group, real estate held as financial investments, shares in associated companies and the investments of unit-linked and index-linked life insurance) as at 31 March 2009 was down slightly compared to the same time in 2008 to €21,353 million (31.3.2008: €21,647 million). Net investment income rose in the first three months of 2009 by 86.2% to €146 million (1–3/2008: €79 million).
The UNIQA Group's profit on ordinary activities decreased in the first three months of 2009 compared to the same period of the previous year by 27.4% to €31 million (1–3/2008: €42 million). On the other hand, group results doubled by 100.9% to €28 million (1–3/2008: €14 million). The earnings per share were at €0.22 (1–3/2008: €0.12).
Due to the decrease in the revaluation reserve, total equity of the UNIQA Group declined in the first three months of 2009 compared with the last reporting date by €112 million to €1,347 million (31.12.2008: €1,459 million). This included shares in other companies amounting to €181 million (31.12.2008: €194 million). The total assets of the Group as at 31 March 2009 were €25,664 million (31.12.2008: €25,630 million).
The cash flow from operating activities in the 1st quarter of 2009 declined to €379 million (1–3/2008: €47 million). Cash flow from investing activities of the UNIQA Group, corresponding to the investment of revenue inflow during the reporting period, amounted to €–349 million (1–3/2008: €–418 million). The financing cash flow was €–6 million (1–3/2008: €0 million). In total, the amount of liquid funds changed by €24 million (1–3/2008: € –358 million).
The average number of employees at the UNIQA Group rose to 13,699 (1–3/2008: 12,649) in the 1st quarter 2009 due to the first-time inclusion of the companies in Romania.
The premium volume written (including the savings portion of premiums from unit-linked and index-linked life insurance) outside of Austria increased during the 1st quarter 2009 by 1.6% to €578 million (1–3/2008: €568 million). In Western Europe, the volume of business declined by 0.3% to €280 million (1–3/2008: €281 million). The growth in the companies in Eastern and South Eastern Europe was much stronger in the 1st quarter 2009. In these regions the premium income increased by 3.5% to €298 million (1–3/2008: €288 million). The level of internationalisation of the UNIQA Group after three months of 2009 was therefore at 34.9% (1–3/2008: 34.8%). The share of Eastern Europe reached 18.0% (1– 3/2008: 17.6%), while the share of Western Europe was 16.9% (1–3/2008: 17.2%). Total retained insurance benefits in the international Group companies increased by 43.2% to €362 million (1–3/2008: €253 million) in the 1st quarter of 2009.
The upwards trend that had set in on the world's stock markets at the end of 2008, leading to index increases in the two digit per cent range, could not keep up in face of the negative news and sustained uncertainty of investors in the first weeks of 2009. Following strong drops, prices on numerous exchanges even dipped below the lows of the past year. However, the new low points that were recorded around about 10 March 2009 could be overcome in part by the end of March by a noticeable amount. The decisive factor for this development was the surprisingly good data from the operative business of US financial service providers and above all the announcement by the US Federal Reserve of plans to bring additional liquidity to the market by purchasing securities.
Despite the price recovery, towards the end of the quarter the DOW JONES INDUSTRIAL (DJI), the DJ EURO STOXX 50 and the Japanese NIKKEI 225 were forced to face declines for the whole quarter of 13.3%, 15.5% and 8.5%. The price fall for the 1st quarter was even more obvious on the Eastern European stock exchanges: the Eastern European index CECE dropped by 23.0% because, particularly at the beginning of the year, investors were extremely mistrustful regarding the economic future of Eastern Europe; but the CECE index showed a clear improvement by the end of the quarter as well.
The Vienna Stock Exchange was able to contain its losses in the 1st quarter better than other stock exchanges: at the end of the quarter the ATX was only 3.1% below the level at the end of 2008. Continuous bad economic news and the price plummet on the exchanges in the CEE countries resulted in price drops totalling 19.4% culminating in a low for the year of 1,411.95 points on 11 March; the subsequent turnaround and impressive 20.2% rise, not least due to the growing confidence about the trends in Austria's Eastern neighbour countries, brought the ATX to an index level of 1,696.62 points on 31 March 2009.
UNIQA shares were very volatile in the 1st quarter 2009 quoting at between €18.86 and €13.75. On 31 March the shares were going for €16.00. However, UNIQA shares subsequently fell in value again slightly, hitting €14.52 on 15 May 2009. This put UNIQA shares down 19.6% compared to the beginning of the year.
Due to the continued high volatility and uncertainty with regard to the further development of the capital markets and the real economy, no reliable forecast for the financial year 2009 is currently possible.
| Assets | 31.3.2009 | 31.12.2008 |
|---|---|---|
| €million | €million | |
| A. Tangible assets | ||
| I. Self-used land and buildings |
229 | 221 |
| II. Other tangible assets | 102 | 113 |
| 331 | 334 | |
| B. Land and buildings held as financial investments | 1,251 | 1,148 |
| C. Intangible assets | ||
| I. Deferred acquisition costs |
892 | 872 |
| II. Goodwill | 491 | 501 |
| III. Other intangible assets | 32 | 34 |
| 1,414 | 1,407 | |
| D. Shares in associated companies | 842 | 851 |
| E. Investments | ||
| I. Variable-yield securities |
||
| 1. Available for sale | 2,104 | 2,243 |
| 2. At fair value through profit and loss | 894 | 949 |
| 2,998 | 3,192 | |
| II. Fixed interest securities | ||
| 1. Held to maturity | 448 | 449 |
| 2. Available for sale | 8,332 | 7,760 |
| 3. At fair value through profit and loss | 232 | 271 |
| 9,013 | 8,481 | |
| III. Loans and other investments | ||
| 1. Loans | 3,215 | 3,202 |
| 2. Cash at credit institutions | 990 | 1,457 |
| 3. Deposits with ceding companies | 130 | 129 |
| 4,335 | 4,789 | |
| IV. Derivative financial instruments | 0 | 19 |
| 16,346 | 16,480 | |
| F. Investments held on account and at risk of life insurance policyholders | 2,684 | 2,642 |
| G. Share of reinsurance in technical provisions | 727 | 761 |
| H. Share of reinsurance in technical provisions held on account and at risk of life insurance policyholders | 371 | 382 |
| I. Receivables including receivables under insurance business | 976 | 932 |
| J. Receivables from income tax | 55 | 54 |
| K. Deferred tax assets | 79 | 69 |
| L. Liquid funds | 586 | 568 |
| Total assets | 25,664 | 25,630 |
| Equity and liabilities | 31.3.2009 | 31.12.2008 |
|---|---|---|
| €million | €million | |
| A. Total equity | ||
| I. Shareholders´ equity | ||
| 1. Subscribed capital and capital reserves | 391 | 391 |
| 2. Revenue reserves | 760 | 809 |
| 3. Revaluation reserves | –50 | 12 |
| 4. Group total profit | 65 | 53 |
| 1,166 | 1,265 | |
| II. Minority interests in shareholders´ equity | 181 | 194 |
| 1,347 | 1,459 | |
| B. Subordinated liabilities | 575 | 581 |
| C. Technical provisions | ||
| I. Earned premiums |
712 | 524 |
| II. Actuarial provision | 15,711 | 15,602 |
| III. Provision for outstanding claims | 2,143 | 2,205 |
| IV. Provision for profit-unrelated premium refunds | 35 | 46 |
| V. Provision for profit-related premium refunds, i.e. policyholder profit sharing | –135 | –5 |
| VI. Other technical provisions | 48 | 49 |
| 18,514 | 18,421 | |
| D. Technical provisions held on account and at risk of life insurance policyholders | 2,657 | 2,580 |
| E. Financial liabilities | 203 | 196 |
| F. Other provisions | 638 | 644 |
| G. Payables and other liabilities | 1,430 | 1,448 |
| H. Liabilities from income tax | 54 | 57 |
| I. Deferred tax liabilities | 246 | 245 |
| Total equity and liabilities | 25,664 | 25,630 |
| 1–3/2009 | 1–12/2008 | |
|---|---|---|
| €million | €million | |
| Gross premiums written | 1,488 | 1,405 |
| Premiums earned (retained) | 1,226 | 1,142 |
| Income from fees and provisions | 2 | 5 |
| Net investment income | 146 | 79 |
| Other income | 19 | 19 |
| Total income | 1,393 | 1,245 |
| Insurance benefits (net) | –1,006 | –891 |
| Operating expenses | –312 | –288 |
| Other expenses | –34 | –16 |
| Amortisation of goodwill | –2 | –1 |
| Total expenses | –1,353 | –1,196 |
| Operating profit | 40 | 49 |
| Financing costs | –9 | –7 |
| Profit on ordinary activities | 31 | 42 |
| Income taxes | –12 | –10 |
| Net profit | 19 | 32 |
| of which consolidated profit | 28 | 14 |
| of which minority interests | –9 | 18 |
| Earnings per share in € | 0.22 | 0.12 |
| Average number of shares in circulation | 130,853,350 | 119,427,808 |
The diluted earnings per share are equal to the undiluted earnings per share. Calculated on the basis of the consolidated profit.
| Shareholders´ equity | Minority interests | Total equity | |||||
|---|---|---|---|---|---|---|---|
| 1–3/2009 | 1–3/2008 | 1–3/2009 | 1–3/2008 | 1–3/2009 | 1–3/2008 | ||
| €million | €million | €million | €million | €million | €million | ||
| As at 1.1. | 1,265 | 1,336 | 194 | 196 | 1,459 | 1,532 | |
| Foreign currency translation | –46 | 7 | 0 | 0 | –46 | 7 | |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 | |
| Own shares | 0 | 0 | 0 | 0 | 0 | 0 | |
| Net profit | 28 | 14 | –9 | 18 | 19 | 32 | |
| Unrealised capital gains and losses from | |||||||
| investments and other changes | –81 | –96 | –4 | –18 | –85 | –114 | |
| As at 31.3. | 1,166 | 1,261 | 181 | 196 | 1,347 | 1,457 |
| 1–3/2009 €million |
1–12/2008 €million |
|
|---|---|---|
| Net profit including minority interests | ||
| Net profit | 19 | 32 |
| of which interest and dividend payments | 5 | 9 |
| Minority interests | 9 | –18 |
| Change in technical provisions (net) | 216 | 138 |
| Change in deferred acquisition costs | –20 | –23 |
| Change in amounts receivable and payable from direct insurance | –99 | –134 |
| Change in other amounts receivable and payable | 38 | –42 |
| Change in securities at fair value through profit or loss | 113 | 92 |
| Realised gains/losses on the disposal of investments | 155 | –50 |
| Depreciation/appreciation of other investments | 15 | 155 |
| Change in provisions for pensions and severance payments | 1 | –32 |
| Change in deferred tax assets/liabilities | –8 | –41 |
| Change in other balance sheet items | –9 | –32 |
| Change in goodwill and intangible assets | 13 | –2 |
| Other non-cash income and expenses as well as accounting period adjustments | –65 | 3 |
| Net cash flow from operating activities | 379 | 47 |
| of which cash flow from income tax | –8 | –5 |
| Receipts due to disposal of consolidated companies and other business units | 0 | 189 |
| Payments due to acquisition of consolidated companies and other business units | –58 | –190 |
| Receipts due to disposal and maturity of other investments | 2,061 | 3,952 |
| Payments due to acquisition of other investments | –2,310 | –4,399 |
| Change in investments held on account and at risk of life insurance policyholders | –42 | 31 |
| Net cash flow used in investing activities | –349 | –418 |
| Change in investments on own shares | 0 | 0 |
| Dividend payments | 0 | 0 |
| Receipts and payments from other financing activities | –6 | 0 |
| Net cash flow used in financing activities | –6 | 0 |
| Change in cash and cash equivalents | 24 | –371 |
| Change in cash and cash equivalents due to foreign currency translation | –6 | 1 |
| Change in cash and cash equivalents due to acquisition/disposal of consolidated companies | 0 | 12 |
| Cash and cash equivalents at beginning of period | 568 | 647 |
| Cash and cash equivalents at end of period | 586 | 289 |
| of which cash flow from income tax | –8 | –5 |
The cash and cash equivalents correspond to item L. of the assets: Liquid funds.
| Property and casualty Health |
|||||
|---|---|---|---|---|---|
| 31.3.2009 | 31.12.2008 | 31.3.2009 | 31.12.2008 | ||
| €million | €million | €million | €million | ||
| Assets | |||||
| A. Tangible assets | 195 | 203 | 13 | 13 | |
| B. Land and buildings held as financial investments | 364 | 354 | 190 | 187 | |
| C. Intangible assets | 505 | 486 | 229 | 225 | |
| D. Shares in associated companies | 187 | 192 | 65 | 104 | |
| E. Investments | 2,739 | 2,732 | 2,078 | 2,026 | |
| F. Investments held on account and at risk of life insurance policyholders |
0 | 0 | 0 | 0 | |
| G. Share of reinsurance in technical provisions | 279 | 317 | 2 | 2 | |
| H. Share of reinsurance in technical provisions for life insurance policies where the investment risk is borne by policyholders |
0 | 0 | 0 | 0 | |
| I. Receivables including receivables under insurance business | 689 | 628 | 185 | 163 | |
| J. Receivables from income tax | 26 | 25 | 3 | 3 | |
| K. Deferred tax assets | 69 | 64 | 0 | 0 | |
| L. Liquid funds | 127 | 197 | 125 | 122 | |
| Total segment assets | 5,181 | 5,198 | 2,890 | 2,845 | |
| Equity and Liabilities | |||||
| B. Subordinated liabilities | 335 | 341 | 0 | 0 | |
| C. Technical provisions | 2,651 | 2,553 | 2,520 | 2,465 | |
| D. Technical provisions held on account and at risk of life insurance policyholders |
0 | 0 | 0 | 0 | |
| E. Financial liabilities | 156 | 184 | 5 | 3 | |
| F. Other provisions | 595 | 603 | 8 | 8 | |
| G. Payables and other liabilities | 923 | 916 | 69 | 48 | |
| H. Liabilities from income tax | 44 | 48 | 9 | 9 | |
| I. Deferred tax liabilities | 195 | 197 | 47 | 44 | |
| Total segment liabilities | 4,899 | 4,841 | 2,658 | 2,577 |
| Life | Consolidation | Group | |||
|---|---|---|---|---|---|
| 31.3.2009 | 31.12.2008 | 31.3.2009 | 31.12.2008 | 31.3.2009 | 31.12.2008 |
| €million | €million | €million | €million | €million | €million |
| 123 | 118 | 0 | 0 | 331 | 334 |
| 698 | 607 | 0 | 0 | 1,251 | 1,148 |
| 680 | 696 | 0 | 0 | 1,414 | 1,407 |
| 590 | 556 | 0 | 0 | 842 | 851 |
| 11,947 | 12,147 | –418 | –425 | 16,346 | 16,480 |
| 2,684 | 2,642 | 0 | 0 | 2,684 | 2,642 |
| 446 | 442 | 0 | 0 | 727 | 761 |
| 371 | 382 | 0 | 0 | 371 | 382 |
| 774 | 763 | –672 | –621 | 976 | 932 |
| 26 | 25 | 0 | 0 | 55 | 54 |
| 10 | 6 | 0 | 0 | 79 | 69 |
| 334 | 250 | 0 | 0 | 586 | 568 |
| 18,684 | 18,633 | –1,090 | –1,046 | 25,664 | 25,630 |
| 270 | 270 | –30 | –30 | 575 | 581 |
| 13,340 | 13,399 | 3 | 4 | 18,514 | 18,421 |
| 2,657 | 2,580 | 0 | 0 | 2,657 | 2,580 |
| 222 | 216 | –181 | –207 | 203 | 196 |
| 35 | 34 | 0 | 0 | 638 | 644 |
| 1,314 | 1,291 | –876 | –808 | 1,430 | 1,448 |
| 1 | 1 | 0 | 0 | 54 | 57 |
| 5 | 4 | 0 | 0 | 246 | 245 |
| 17,844 | 17,795 | –1,084 | –1,041 | 24,317 | 24,171 |
| Shareholders´ equity and minority interests | 1,347 | 1,459 | |||
| Total equity and liabilities | 25,664 | 25,630 |
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 | Life | Consolidation | Group | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1–3/2009 | 1–3/2008 | 1–3/2009 | 1–3/2008 | 1–3/2009 | 1–3/2008 | 1–3/2009 | 1–3/2008 | 1–3/2009 | 1–3/2008 | |
| €million | €million | €million | €million | €million | €million | €million | €million | €million | €million | |
| Gross premiums written | 803 | 765 | 257 | 245 | 434 | 396 | –7 | 0 | 1,488 | 1,405 |
| Premiums earned (retained) | 575 | 532 | 239 | 235 | 413 | 377 | –2 | –1 | 1,226 | 1,142 |
| Income from fees and provisions | 3 | 4 | 0 | 0 | –2 | 1 | 0 | 0 | 2 | 5 |
| Net investment income | 30 | 19 | 22 | 18 | 95 | 41 | 0 | 0 | 146 | 79 |
| Other income | 19 | 16 | 0 | 0 | 4 | 3 | –4 | –1 | 19 | 19 |
| Insurance benefits (net) | –377 | –317 | –209 | –214 | –420 | –361 | 0 | 1 | –1,006 | –891 |
| Operating expenses | –196 | –166 | –30 | –30 | –86 | –91 | 0 | 0 | –312 | –288 |
| Other expenses | –23 | –8 | –1 | 1 | –14 | –9 | 5 | 1 | –34 | –16 |
| Amortisation of goodwill | 0 | 0 | 0 | 0 | –2 | –1 | 0 | 0 | –2 | –1 |
| Operating profit | 31 | 80 | 22 | 10 | –12 | –40 | –1 | –1 | 40 | 49 |
| Financing costs | –6 | –3 | 0 | 0 | –3 | –4 | 0 | 0 | –9 | –7 |
| Profit on ordinary activities | 25 | 77 | 22 | 10 | –15 | –44 | –1 | –1 | 31 | 42 |
| Income taxes | –9 | –10 | –5 | –2 | 3 | 2 | 0 | 0 | –12 | –10 |
| Net profit | 16 | 66 | 17 | 8 | –13 | –42 | –1 | –1 | 19 | 32 |
| of which consolidated profit | 22 | 62 | 14 | 8 | –7 | –55 | –1 | –1 | 28 | 14 |
| of which minority interests | –6 | 4 | 3 | 1 | –6 | 13 | 0 | 0 | –9 | 18 |
As a publicly listed company, UNIQA Versicherungen AG is obligated to prepare its consolidated financial statements according to internationally accepted accounting principles. These consolidated interim financial statements for the period ending 31 March 2009, have been prepared in accordance with the International Financial Reporting Standards (IFRS) and the International Accounting Standards (IAS), in the versions applicable to this reporting period. The accounting and valuation principles and consolidation methods are the same as those applied in the preparation of the consolidated financial statements for the 2008 business year.
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. The market value as at 31 December 2008 was €1,889 million, the current market value as at 31 March 2009 amounted to €1,713 million, which corresponded to a change in market value of €159 million in the 1st quarter of 2009. In addition, an amortisation gain of €0.3 million was posted in the income statement.
For creation of these consolidated interim financial statements, according to IAS 34.41, estimates are used to a greater extent than as in the annual financial statements.
In addition to the interim financial statement of UNIQA Versicherungen AG, the Group interim financial statements include the interim financial statements of all subsidiaries at home and abroad. A total of 38 affiliated companies did not form part of the scope of consolidation. They were of only minor significance, even if taken together, for the presentation of a true and fair view of the Group's assets, financial position and income. The scope of consolidation, therefore, contains – in addition to UNIQA Versicherungen AG – 38 domestic and 78 foreign subsidiaries in which UNIQA Versicherungen AG held the majority voting rights.
The scope of consolidation was extended in the reporting period by the following companies:
| Date of initial inclusion |
Net profit for the period €million1) |
Acquired shares % |
Acquisition costs €million |
Goodwill €million |
|
|---|---|---|---|---|---|
| Raiffeisen Life IC LLC, Moscow | 1.1.2009 | –0.1 | 100.0 | 1.5 | 0.0 |
| EZL Entwicklung Zone, Vienna | 1.1.2009 | 0.5 | 99.9 | 51.8 | 0.0 |
1) Net profit for the period included in the consolidated statements.
Raiffeisen Life IC LLC, which was founded in the 1st quarter 2009 in Moscow, has not yet taken up active business operations.
The reporting currency of UNIQA Versicherungen AG is the euro. All financial statements of foreign subsidiaries which are not reported in euros 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:
| Euro rates on balance sheet closing date | 31.3.2009 31.12.2008 | |
|---|---|---|
| Swiss franc CHF | 1.5152 | 1.4850 |
| Slovakian koruna SKK (euro since 1.1.2009) | – | 30.1260 |
| Czech koruna CZK | 27.3880 | 26.8750 |
| Hungarian forint HUF | 308.1800 | 266.7000 |
| Croatian kuna HRK | 7.4769 | 7.3555 |
| Polish zloty PLN | 4.6885 | 4.1535 |
| Bosnia and Herzegovina convertible mark BAM | 1.9557 | 1.9687 |
| Romanian leu (new) RON | 4.2390 | 4.0230 |
| Bulgarian lev (new) BGN | 1.9558 | 1.9558 |
| Ukrainian hrywnja UAH | 10.7122 | 10.9199 |
| Serbian dinar RSD | 94.9804 | 89.7909 |
| Russian ruble RUB | 45.0320 | – |
| By segment | Property and casualty | Health | Life | Group | |||||
|---|---|---|---|---|---|---|---|---|---|
| 1–3/2009 | 1–3/2008 | 1–3/2009 | 1–3/2008 | 1–3/2009 | 1–3/2008 | 1–3/2009 | 1–3/2008 | ||
| €million | €million | €million | €million | €million | €million | €million | €million | ||
| I. | Land and buildings held as financial investments | 1 | 3 | 2 | 12 | 4 | 8 | 7 | 23 |
| II. | Shares in associated companies | 2 | 8 | 0 | 1 | 5 | 41 | 7 | 51 |
| III. | Variable-yield securities | –6 | –12 | 0 | –7 | –12 | –82 | –18 | –101 |
| 1. Available for sale | –6 | –9 | 0 | –7 | –26 | –66 | –32 | –83 | |
| 2. At fair value through profit and loss | 0 | –2 | 0 | 0 | 14 | –16 | 14 | –18 | |
| IV. | Fixed interest securities | 24 | –2 | 20 | –4 | 99 | –1 | 143 | –7 |
| 1. Held to maturity | 0 | 0 | 1 | 0 | 6 | 0 | 7 | 0 | |
| 2. Available for sale | 24 | –1 | 19 | –2 | 94 | 10 | 137 | 6 | |
| 3. At fair value through profit and loss | 0 | –1 | 0 | –2 | –1 | –10 | –1 | –13 | |
| V. | Loans and other investments | 14 | 15 | 9 | 6 | 38 | 8 | 61 | 29 |
| 1. Loans | 5 | 4 | 6 | 4 | 24 | 2 | 35 | 10 | |
| 2. Other investments | 9 | 11 | 2 | 2 | 15 | 6 | 26 | 19 | |
| VI. | Derivative financial instruments | –3 | 7 | –7 | 10 | –40 | 69 | –50 | 86 |
| VII. Expenditures for asset management, interest | |||||||||
| expenditures and other | –2 | 0 | –1 | 0 | –2 | –2 | –4 | –2 | |
| Total (fully consolidated values) | 31 | 20 | 22 | 17 | 94 | 42 | 146 | 79 |
| By segment and income type | Property and casualty | Health | Life | Group | ||||
|---|---|---|---|---|---|---|---|---|
| 1–3/2009 | 1–3/2008 | 1–3/2009 | 1–3/2008 | 1–3/2009 | 1–3/2008 | 1–3/2009 | 1–3/2008 | |
| €million | €million | €million | €million | €million | €million | €million | €million | |
| Ordinary income | 32 | 45 | 19 | 23 | 129 | 118 | 180 | 186 |
| Write-ups and unrealised capital gains | 11 | 6 | 15 | 11 | 89 | 71 | 115 | 88 |
| Realised capital gains | 6 | 8 | 3 | 11 | 52 | 172 | 61 | 191 |
| Write-offs and unrealised capital gains | –16 | –28 | –12 | –22 | –115 | –234 | –143 | –284 |
| Realised capital losses | –3 | –12 | –3 | –5 | –61 | –85 | –67 | –101 |
| Total (fully consolidated values) | 31 | 20 | 22 | 17 | 94 | 42 | 146 | 79 |
The net investment income of €146 million included realised and unrealised gains and losses amounting to € –34 million, which included currency gains of €50 million. In addition, positive currency effects amounting to €10 million were recorded directly under equity. The effects mainly resulted from investments in US dollar and pound sterling.
| Average number of employees | 1–3/2009 | 1–3/2008 |
|---|---|---|
| Total | 13,699 | 12,649 |
| of which business development | 6,236 | 5,395 |
| of which administration | 7,463 | 7,254 |
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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