Quarterly Report • Nov 26, 2010
Quarterly Report
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| 1–9/2010 | 1–9/2009 | Change | |
|---|---|---|---|
| €million | €million | % | |
| Premiums written | |||
| Recurring premiums | 3,888 | 3,687 | +5.4 |
| Single premiums | 777 | 546 | +42.4 |
| Total | 4,665 | 4,233 | +10.2 |
| of which savings portion of premiums from unit-linked and index-linked life insurance | 580 | 460 | +26.1 |
| Group premiums (according to IFRS) | |||
| Property and casualty insurance | 1,817 | 1,705 | +6.6 |
| Health insurance | 727 | 701 | +3.7 |
| Life insurance | 1,289 | 1,103 | +16.8 |
| Total | 3,834 | 3,510 | +9.2 |
| Insurance benefits1) | |||
| Property and casualty insurance | –1,319 | –1,175 | +12.2 |
| Health insurance | –629 | –597 | +5.3 |
| Life insurance2) | –1,420 | –1,280 | +10.9 |
| Total | –3,368 | –3,053 | +10.3 |
| Operating expenses3) | |||
| Property and casualty insurance | –608 | –577 | +5.3 |
| Health insurance | –101 | –88 | +14.7 |
| Life insurance | –283 | –234 | +21.0 |
| Total | –992 | –899 | +10.3 |
| Net investment income | 672 | 564 | +19.2 |
| Investments | 24,402 | 22,080 | +10.5 |
| Profit on ordinary activities4) | 103 | 42 | +142.7 |
| Net profit | 60 | 35 | +72.3 |
| Consolidated profit | 33 | 21 | +58.8 |
| Insured capital in life insurance | 69,213 | 66,274 | +4.4 |
1) Incl. expenditure for deferred profit participation and premium refunds.
2) Incl. expenditure for (deferred) profit participation.
3) Incl. reinsurance commissions and profit shares from reinsurance business ceded.
4) Before extraordinary tax on the financial sector (Hungary).
| Key figures UNIQA shares | 1–9/2010 | 1–9/2009 | Change |
|---|---|---|---|
| € | € | % | |
| Share price as at 30.9. | 14.75 | 13.15 | +12.2 |
| High | 15.34 | 18.86 | |
| Low | 10.68 | 12.21 | |
| Market capitalisation as at 30.9. (€million) | 2,109 | 1,731 | +21.8 |
| Earnings per share | 0.23 | 0.16 | +46.1 |
| 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 | 142,985,217 |
| Financial Calendar | |
|---|---|
| Preliminary Figures 2010 | 28 January 2011 |
| Group Report 2010, Conference Call | 29 April 2011 |
| 1st Quarter Report 2011, Conference Call | 26 May 2011 |
| Annual General Meeting | 30 May 2011 |
| Ex Dividend Day, Dividend Payment Day | 13 June 2011 |
| Half-Year Financial Report 2011, Conference Call | 25 August 2011 |
| 1st to 3rd Quarter Report 2011 | 24 November 2011 |
| Conference Call 1st to 3rd Quarter 2011 | 25 November 2011 |
Profit before taxes increased to €103 million.
The global economy performed dynamically in the first nine months of 2010. The euro zone and Asia reported particularly high growth rates. Growth in the US reached its high as early as the 1st quarter (up by an annualised rate of +3.7%). Starting in Asia, growth started to consolidate in the second half of the year. Fears of a relapse into recession turned out to be exaggerated. It was more of a growth blip, which is normal in this phase of an upturn. That we are indeed witnessing an upturn is clearly supported by the ongoing strong demand from Asia and the central banks' expansive monetary policy.
The economy in the euro zone registered especially strong growth in the first half of the year. However, the divide between the various economies within the currency union continues to be relatively wide. On the one hand Germany is growing at an annualised rate of 8.8% in the 2nd quarter while, on the other, the countries on the periphery are hit by the debt crisis and have been lagging behind economically. Overall growth in the euro zone of 1.6% is expected in 2010. For that reason the ECB has not changed its monetary policy. As far as fiscal policy is concerned, virtually all parts of Europe saw tough austerity measures introduced.
Increasingly there continue to be signs of strong growth in Eastern Europe in 2010. In particular Poland, Russia, the Czech Republic and the Ukraine will attain very high rates of growth. However, Croatia, Serbia and Hungary grew very slowly compared to the long-term average rate. Currencies performed in a stable to solid way.
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 companies was not significantly expanded as of 30 September 2010.
The premiums written by the UNIQA Group (including the savings portion from the premiums of unit- and index-linked life insurance) rose in the first nine months of 2010 by a very pleasing 10.2% to €4,665 million (1–9/2009: €4,233 million). Premiums in the product areas with recurring premiums rose during the period by 5.4% to €3,888 million (1–9/2009: €3,687 million). Single premium products grew by 42.4% to €777 million (1–9/2009: €546 million).
The premium volume earned, including the net savings portions of premiums from unit- and index-linked life insurance to the value of €565 million (1–9/2009: €445 million), rose by 11.2% to €4,398 million (1–9/2009: €3,955 million) in the first three quarters of 2010. The retained premiums earned (according to IFRS) grew by 9.2% to €3,834 million (1–9/2009: €3,510 million).
In Austria, the premium volume written grew by 4.2% to €2,889 million (1–9/2009: €2,773 million). The recurring premium business on the Austrian market recorded a very satisfactory increase of 3.9% to €2,624 million (1–9/2009: €2,526 million) in the first nine months of 2010. Sales of single premium products rose even more by 7.2% to €265 million (1–9/2009: €247 million). In Austria, the retained premiums earned (according to IFRS) grew by 1.2% to €2,312 million (1–9/2009: €2,284 million).
The premium volume written by the Group companies in Eastern and South Eastern Europe grew in the first nine months of 2010 by 11.0% to €961 million (1–9/2009: €865 million). As a result, they accounted for 20.6% (1–9/2009: 20.4%) of the Group premiums. The business volume in Western Europe continued to increase in the first three quarters of 2010 to reach €815 million (1–9/2009: €595 million) primarily due to strong growth in the Italian life insurance business by 37.1%. The share of international business at the end of the 3rd quarter of 2010 was 38.1% (1–9/2009: 34.5%). The retained premiums earned (according to IFRS) of the international companies increased by 24.2% to €1,522 million (1–9/2009: €1,226 million).
The premium volume written in property and casualty insurance grew in the first three quarters of 2010 by 5.4% to €2,006 million (1–9/2009: €1,904 million). While the premium volume in Austria grew by 2.8% to €1,079 million (1–9/2009: €1,050 million), the countries of Eastern and South Eastern Europe saw 11.3% growth to €607 million (1–9/2009: €545 million). As a result, these markets contributed 30.2% (1–9/2009: 28.6%) to the total premiums of the Group in property and casualty insurance. In Western Europe, premium revenue also grew by an attractive 3.6% to €320 million (1–9/2009: €309 million). Western Europe's share of premiums thus came to 16.0% at the end of the 3rd quarter of 2010 (1–9/2009: 16.2%). In total, the international share rose to 46.2% (1–9/2009: 44.9%).
The retained premiums earned (according to IFRS) in property and casualty insurance increased in the first nine months of 2010 by 6.6% to €1,817 million (1–9/2009: €1,705 million).
The premiums written in health insurance rose in the reporting period by 3.7% to €734 million (1–9/2009: €708 million). In Austria, premium volume grew by 2.4% to €597 million (1–9/2009: €582 million). Internationally, premiums increased by 9.3% to €137 million (1–9/2009: €126 million) to contribute 18.7% (1–9/2009: 17.7%) to the health insurance premiums of the Group.
The retained premiums earned (according to IFRS) increased in the first nine months of 2010 by 3.7% to €727 million (1–9/2009: €701 million).
The very positive development in life insurance continued in the 3rd quarter. Overall, the premium volume written (including the savings portion from the premiums of unit- and index-linked life insurance) increased by 18.7% to €1,925 million (1–9/2009: €1,621 million) in the first three quarters of 2010. While single premiums rose by 42.4% to €777 million (1–9/2009: €546 million), the premium volume in recurring premium life insurance grew by 6.7% in the first nine months of 2010 to reach €1,147 million (1–9/2009: €1,075 million). The risk premium share of unit- and indexlinked life insurance included in the premiums totalled €93 million (1–9/2009: €72 million) in the first three quarters of 2010.
In Austria, the premium volume written in life insurance rose by 6.4% to €1,213 million (1–9/2009: €1,140 million). Premium revenue from recurring premium payments increased by 6.1% to €948 million (1–9/2009: €893 million). Single premiums even grew by 7.2% to €265 million (1–9/2009: €247 million). The premium volume in unit-linked and indexlinked life insurance rose in the first nine months of 2010 by 24.0% to €558 million (1–9/2009: €450 million).
In the Western European markets the life insurance business developed extremely attractively in the first three quarters of 2010. Overall, the premium volume written in the first nine months increased by 115.6% to €370 million (1–9/2009: €172 million) due to the strong growth of life insurance in Italy. Above all single premium business continued to boom, recording a growth of 183.3% to €301 million (1–9/2009: €106 million). Recurring premiums also developed very positively, with an increase of 6.1% to €70 million (1–9/2009: €66 million).
Life insurance was also able to make strong gains in Eastern and South Eastern Europe in the first three quarters of 2010. The premium volume written by the UNIQA Group companies in this region rose in the first nine months by 10.6% to €341 million (1–9/2009: €309 million). Single premiums also increased in the first three quarters, rising by 9.9% to €212 million (1–9/2009: €193 million). Recurring premiums increased by 11.6% to €130 million (1–9/2009: €116 million). The share of Eastern Europe within the total life insurance premiums of the Group was 17.7% (1–9/2009: 19.1%). This put the total international share at 37.0% (1–9/2009: 29.6%).
Including the net savings portions of the premiums for the unit- and indexlinked life insurance, the premium volume earned in life insurance in the first nine months of 2010 rose by 19.8% to €1,854 million (1–9/2009: €1,548 million). The retained premiums earned (according to IFRS) grew by 16.8% to €1,289 million (1–9/2009: €1,103 million).
Due to extraordinary encumbrances caused by natural disasters and major losses in the area of property and casualty insurance and the sharp rise in the sales of single premium products in Italy, the total amount of retained insurance benefits of the UNIQA Group rose in the first three quarters of 2010 by 10.3% to €3,368 million (1–9/2009: €3,053 million). However, the insurance benefits before taking reinsurance into consideration increased much less, rising 6.4% to reach €3,442 million (1–9/2009: €3,233 million). The benefits and loss ratio across all business lines thus sank to 76.6% (1–9/2009: 77.2%).
Resulting from an accumulation of major losses in Germany, Italy, Hungary and Poland, an increased claims burden caused by flood damage in Poland, Hungary, Slovakia and the Czech Republic and increased losses due to the severe winter in Poland and the Czech Republic, the loss ratio after reinsurance in property and casualty grew to 72.6% in the first three quarters of 2010 (1–9/2009: 68.9%). Due to the first consolidation of the Albanian SIGAL Group, the insurance benefits after reinsurance increased in the reporting period by 12.2% to €1,319 million (1–9/2009: €1,175 million). In contrast, the benefits before reinsurance only rose marginally by 3.3 % to €1,338 million (1–9/2009: €1,295 million). Total encumbrances from the aforementioned events amounted to around €77 million before reinsurance.
As a result of the previously mentioned developments, the combined ratio after reinsurance rose in the first nine months of 2010 to 106.0% (1–9/2009: 102.7%). Before taking reinsurance into consideration, the combined ratio was 102.3% (1–9/2009: 103.4%).
The retained insurance benefits (including the change in the actuarial provision) increased in the first nine months of 2010 by 5.3% to €629 million (1–9/2009: €597 million).
In life insurance, the retained insurance benefits (including the change in the actuarial provision) increased by 10.9% to €1,420 million (1–9/2009: €1,280 million), due to the continued strong rise in the sale of single premium products in Italy.
The cost ratio, i.e. the relationship of all operating costs to the Group premiums earned, including the savings portion of the premiums from unit- and index-linked life insurance as well as the reinsurance commissions received, improved after nine months of 2010 to 22.5% (1–9/2009: 22.7%). Total operating expenses for the insurance business, not including reinsurance commissions received, increased in the first three quarters of 2010 by 10.3% to €992 million (1–9/2009: €899 million) due to investments in the expansion of sales in Italy and Romania, investments in brand recognition and initial consolidation effects (SIGAL Group). Acquisition expenses rose here in accordance with the development of the business by 11.3% to €692 million (1–9/2009: €622 million). Other operating expenses grew by 8.1% to reach €300 million (1–9/2009: € 277 million).
Total operating expenses in property and casualty insurance increased in the reporting period by 5.3% to €608 million (1–9/2009: €577 million). Acquisition costs increased by 4.7% to €401 million (1–9/2009: €383 million). Other operating expenses increased by 6.6% to €206 million (1–9/2009: €193 million) due to initial consolidation effects (SIGAL Group). The cost ratio in property and casualty insurance was therefore down 33.4% (1–9/2009: 33.8%) in the first nine months of 2010, including the reinsurance provisions received.
Total operating expenses in health insurance increased in the first three quarters of 2010 by 14.7% to €101 million (1–9/2009: €88 million), as a result of additional expenses amounting to €6 million from the change in deferred acquisition costs. Acquisition costs increased here by 14.0% to €65 million (1–9/2009: €57 million). Other operating expenses (incl. reinsurance commissions received) were at €36 million nine months into the year (1–9/2009: €31 million). The cost ratio in health insurance came to 13.9% at the end of the 3rd quarter of 2010 (1–9/2009: 12.6%).
In life insurance, total operating expenses rose in the first nine months of 2010 by 21.0% to €283 million (1–9/2009: €234 million). Acquisition costs increased by 24.5% to €226 million (1–9/2009: €181 million) due to the increased business revenue, while other operating expenses grew by 8.9% to € 57 million (1–9/2009: €53 million). Including the reinsurance commissions received, the cost ratio in life insurance was 15.3% (1–9/2009: 15.1%).
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- and index-linked life insurance) as at 30 September 2010 was above the value on the last balance sheet date by 7.8% to € 24,402 million (31 Dec. 2009: €22,641 million). The net investment income increased in the first nine months of 2010 by 19.2% to €672 million (1–9/2009: €564 million).
The profit on ordinary activities of the UNIQA Group (excluding the Hungarian extraordinary tax on the financial sector) increased after nine months of 2010 compared with the same period of the previous year by 142.7 % to € 103 million (1–9/2009: €42 million). Net profit also increased by 72.3% to €60 million (1–9/2009: €35 million). Group profit grew by 58.8% to €33 million (1–9/2009: €21 million). The earnings per share were at €0.23 (1–9/2009: €0.16).
The total equity of the UNIQA Group increased in the first nine months of 2010 by €91 million compared to the last balance sheet date to reach €1,656 million (31 Dec. 2009: €1,565 million). This included shares in other companies amounting to €242 million (31 Dec. 2009: €232 million). The total assets of the Group as at 30 September 2010 were €28,840 million (31 Dec. 2009: €27,393 million).
The cash flow from operating activities dropped in the first three quarters of 2010 to €1,050 million (1–9/2009: €1,083 million). Cash flow from investing activities of the UNIQA Group, corresponding to the investment of revenue inflow during the reporting period, amounted to € –1,179 million (1–9/2009: € -369 million). The financing cash flow was € –61 million (1–9/2009: € –191 million) due to dividend payments. The amount of liquid funds changed all in all by € –190 million (1–9/2009: €523 million).
The average number of employees in the UNIQA Group rose in the first three quarters of 2010 to 14,978 (1–9/2009: 14,677).
The premium volume written (including the savings portion of premiums from unit- and index-linked life insurance) outside of Austria increased during the first three quarters of 2010 by a very satisfactory 21.6 % to €1,776 million (1–9/2009: €1,460 million). The business volume in Western Europe increased by 37.1% to reach €815 million (1–9/2009: €595 million), primarily due to strong growth in the Italian life insurance business. The companies in Eastern and South Eastern Europe were also able to increase their premiums during the first nine months. In these regions, the premium income grew by 11.0% to €961 million (1–9/2009: €865 million). This put the level of internationalisation of the UNIQA Group, measured based on premium volume, at 38.1% (1–9/2009: 34.5%). The share of Eastern Europe reached 20.6% (1–9/2009: 20.4%), while the share of Western Europe was 17.5% (1–9/2009: 14.1%). Total retained insurance benefits in the international Group companies increased by 43.4% to € 1,287 million (1–9/2009: €898 million) in the first three quarters of 2010. Operating expenses, not including reinsurance commissions received, rose by 11.3% to €411 million (1–9/2009: €369 million).
Share prices rose on most international stock exchanges in the 3rd quarter of 2010. The trend in the US was particularly positive, with the DOW JONES INDUSTRIAL (DJI) index alone rising by 10.4% in the 3rd quarter. In view of solid corporate earnings, investors were not put off for long by occasionally weaker macroeconomic data. Compared to where the index stood at the end of 2009, the DJI was up 3.5% at the end of September 2010. But even a strong 3rd quarter (up 6.8%) was not enough to push the DJ EURO STOXX 50 above its level at the end of 2009. Although share prices in the export-oriented core member states of the EU performed in much the same way as on the US stock market, index performance in the more heavily indebted countries on the periphery was generally weak – albeit positive in the 3rd quarter. Indices in the CEE countries outperformed the established markets: The Eastern European CECE index was up by around 16.7% in the 3rd quarter, bringing it to a gain of 11.9 % since the beginning of the year.
The ATX, the Vienna leading index, reported an above-average performance in the 3rd quarter of 2010 with growth of 11.5%. While the DJ EURO STOXX 50 at the end of September 2010 was 7.4% below its level at the end of 2009, the ATX was up slightly, recording a gain of 1.8% to 2,541.63 points. This reflects the strong international demand for products manufactured by Austrian industry and the outperformance of the CEE countries that are so important to companies in Austria.
UNIQA's shares even managed to exceed this solid performance over the first three quarters and were up 13.7% as at 30 September 2010, standing at €14.75. In comparison to this, the DJ EURO STOXX Insurance Index fell over the same period by 8.2%. As at 19 November, the share price stood at €15.00. Compared to the beginning of the year, this represents a rise of 15.7 %.
No events requiring disclosure took place after the balance sheet date.
Under the assumption that no negative surprises arise on the capital markets and assuming storm events comparable to those of 2009, the UNIQA Group continues to work on the basis of a stable development in the operating result and expects an increase in the Group profit before taxes to around € 135 million for 2010.
| Assets | 30.9.2010 | 31.12.2009 | |
|---|---|---|---|
| €million | €million | ||
| A. | Tangible assets | ||
| I. Self-used land and buildings | 271 | 230 | |
| II. Other tangible assets | 136 | 132 | |
| 407 | 363 | ||
| B. | Land and buildings held as financial investments | 1,425 | 1,433 |
| C. Intangible assets | |||
| I. Deferred acquisition costs | 881 | 877 | |
| II. Goodwill | 594 | 607 | |
| III. Other intangible assets | 31 | 32 | |
| 1,506 | 1,516 | ||
| D. Shares in associated companies | 730 | 717 | |
| E. | Investments | ||
| I. Variable-yield securities | |||
| 1. Available for sale | 1,609 | 1,321 | |
| 2. At fair value through profit or loss | 711 | 706 | |
| 2,319 | 2,027 | ||
| II. Fixed interest securities | |||
| 1. Held to maturity | 340 | 340 | |
| 2. Available for sale | 10,873 | 9,880 | |
| 3. At fair value through profit or loss | 265 | 247 | |
| 11,478 | 10,467 | ||
| III. Loans and other investments | |||
| 1. Loans | 2,524 | 2,943 | |
| 2. Cash at credit institutions/cash at banks | 1,464 | 1,202 | |
| 3. Deposits with ceding companies | 136 | 136 | |
| 4,124 | 4,281 | ||
| IV. Derivative financial instruments | 54 | 12 | |
| 17,976 | 16,787 | ||
| F. | Investments held on account and at risk of life insurance policyholders | 4,000 | 3,474 |
| G. Share of reinsurance in technical provisions | 719 | 766 | |
| H. Share of reinsurance in technical provisions held on account and at risk of life insurance policyholders | 393 | 382 | |
| I. | Receivables including receivables under insurance business | 932 | 1,020 |
| J. | Receivables from income tax | 47 | 40 |
| K. | Deferred tax assets | 98 | 96 |
| L. | Liquid funds | 607 | 798 |
| Total assets | 28,840 | 27,393 |
| Equity and Liabilities | 31.12.2009 | ||
|---|---|---|---|
| €million | €million | ||
| A. | Total equity | ||
| I. Shareholders' equity | |||
| 1. Subscribed capital and capital reserves | 541 | 541 | |
| 2. Revenue reserves | 739 | 725 | |
| 3. Revaluation reserves | 101 | 11 | |
| 4. Group total profit | 33 | 57 | |
| 1,413 | 1,333 | ||
| II. Minority interests in shareholders' equity | 242 | 232 | |
| 1,656 | 1,565 | ||
| B. | Subordinated liabilities | 575 | 575 |
| C. Technical provisions | |||
| I. Provision for unearned premiums | 660 | 553 | |
| II. Actuarial provision | 16,495 | 16,055 | |
| III. Provision for outstanding claims | 2,359 | 2,300 | |
| IV. Provision for profit-unrelated premium refunds | 39 | 48 | |
| V. Provision for profit-related premium refunds, i.e. policyholder profit sharing | 349 | 197 | |
| VI. Other technical provisions | 47 | 48 | |
| 19,948 | 19,200 | ||
| D. Technical provisions held on account and at risk of life insurance policyholders | 3,957 | 3,416 | |
| E. | Financial liabilities | 66 | 82 |
| F. | Other provisions | 675 | 659 |
| G. Payables and other liabilities | 1,549 | 1,534 | |
| H. Liabilities from income tax | 55 | 49 | |
| I. | Deferred tax liabilities | 360 | 312 |
| Total equity and liabilities | 28,840 | 27,393 |
| Shareholders' equity | Minority interests | Total equity | |||||
|---|---|---|---|---|---|---|---|
| 1–9/2010 | 1–9/2009 | 1–9/2010 | 1–9/2009 | 1–9/2010 | 1–9/2009 | ||
| €million | €million | €million | €million | €million | €million | ||
| As at 1 Jan. | 1,333 | 1,265 | 232 | 194 | 1,565 | 1,459 | |
| Changes in consolidation scope | 0 | 0 | –9 | –27 | –9 | –27 | |
| Dividends | –57 | –52 | –16 | –8 | –73 | –61 | |
| Own shares | 0 | 0 | 0 | 0 | 0 | 0 | |
| Income and expenses according to the | |||||||
| comprehensive income statement | 137 | 33 | 35 | 48 | 172 | 81 | |
| As at 30.9. | 1,413 | 1,245 | 242 | 207 | 1,656 | 1,452 |
| 1–9/2010 | 1–9/2009 | 7–9/2010 | 7–9/2009 | |
|---|---|---|---|---|
| €million | €million | €million | €million | |
| Gross premiums written | 4,085 | 3,773 | 1,230 | 1,152 |
| Premiums earned (net) | 3,834 | 3,510 | 1,234 | 1,141 |
| Income from fees and commissions | 13 | 12 | 3 | 4 |
| Net investment income | 672 | 564 | 215 | 230 |
| Other income | 77 | 36 | 13 | 4 |
| Total income | 4,596 | 4,122 | 1,465 | 1,378 |
| Insurance benefits (net) | –3,368 | –3,053 | –1,073 | –1,044 |
| Operating expenses | –1,005 | –911 | –326 | –295 |
| Other expenses | –88 | –82 | –22 | –19 |
| Amortisation of goodwill | –9 | –7 | –4 | –5 |
| Total expenses | –4,469 | –4,053 | –1,425 | –1,363 |
| Operating profit | 126 | 69 | 40 | 15 |
| Financing costs | –24 | –27 | –8 | –8 |
| Profit on ordinary activities | 103 | 42 | ||
| before extraordinary tax on the financial sector (Hungary) | 32 | 7 | ||
| Extraordinary tax on the financial sector (Hungary) | –5 | 0 | –5 | 0 |
| Profit on ordinary activities | 98 | 42 | 27 | 7 |
| Income taxes | –38 | –8 | –12 | 2 |
| Net profit | 60 | 35 | 14 | 9 |
| of which consolidated profit | 33 | 21 | –2 | –12 |
| of which minority interests | 27 | 14 | 17 | 20 |
| Earnings per share in € | 0.23 | 0.16 | –0.02 | –0.09 |
| Average number of shares in circulation | 142,165,567 | 130,853,350 | 142,165,567 | 130,853,350 |
The diluted earnings per share are equal to the undiluted earnings per share. Calculated on the basis of the consolidated profit.
| 1–9/2010 | 1–9/2009 | |
|---|---|---|
| €million | €million | |
| Net profit | 60 | 35 |
| Foreign currency translation | ||
| Gains (losses) recognised in equity | 13 | –21 |
| Included in the income statement | 0 | 0 |
| Unrealised gains and losses on investments | ||
| Gains (losses) recognised in equity | 279 | 308 |
| Gains (losses) recognised in equity – deferred tax | –41 | –34 |
| Gains (losses) recognised in equity – deferred profit participation | –129 | –197 |
| Included in the income statement | –44 | 50 |
| Included in the income statement – deferred tax | 3 | –5 |
| Included in the income statement – deferred profit participation | 31 | –34 |
| Change resulting from valuation at equity | ||
| Gains (losses) recognised in equity | 1 | –22 |
| Included in the income statement | 0 | 0 |
| Other changes1) | 0 | 1 |
| Income and expense recognised directly in equity | 113 | 46 |
| Total recognised income and expense | 172 | 81 |
| of which attributable to UNIQA Versicherungen AG shareholders | 137 | 33 |
| of which minority interests | 35 | 48 |
| of which changes in accordance with IAS 8 | 0 | 0 |
1) The other changes result primarily from currency fluctuations.
| 1–9/2010 | 1–9/2009 | |
|---|---|---|
| €million | €million | |
| Net profit including minority interests | ||
| Net profit | 60 | 35 |
| of which interest and dividend payments | 5 | 11 |
| Minority interests | –27 | –14 |
| Change in technical provisions (net) | 1,326 | 1,333 |
| Change in deferred acquisition costs | –4 | –15 |
| Change in amounts receivable and payable from direct insurance | –50 | –31 |
| Change in other amounts receivable and payable | 159 | 72 |
| Change in securities at fair value through profit or loss | –65 | 267 |
| Realised gains/losses on the disposal of investments | –287 | –734 |
| Depreciation/appreciation of other investments | –87 | 213 |
| Change in provisions for pensions and severance payments | 11 | 6 |
| Change in deferred tax assets/liabilities | 46 | 45 |
| Change in other balance sheet items | –58 | –46 |
| Change in goodwill and intangible assets | 12 | –6 |
| Other non-cash income and expenses as well as accounting period adjustments | 14 | –42 |
| Net cash flow from operating activities | 1,050 | 1,083 |
| of which cash flow from income tax | –31 | –7 |
| Receipts due to disposal of consolidated companies and other business units | –1 | 228 |
| Payments due to acquisition of consolidated companies and other business units | –8 | –419 |
| Receipts due to disposal and maturity of other investments | 6,714 | 7,303 |
| Payments due to acquisition of other investments | –7,357 | –6,940 |
| Change in investments held on account and at risk of life insurance policyholders | –526 | –542 |
| Net cash flow used in investing activities | –1,179 | –369 |
| Change in investments on own shares | 0 | 0 |
| Share capital increase | 0 | 0 |
| Dividend payments | –57 | –52 |
| Receipts and payments from other financing activities | –5 | –138 |
| Net cash flow used in financing activities | –61 | –191 |
| Change in cash and cash equivalents | –190 | 523 |
| Change in cash and cash equivalents due to foreign currency translation | 0 | –2 |
| Change in cash and cash equivalents due to acquisition/disposal of consolidated companies | 0 | 5 |
| Cash and cash equivalents at beginning of period | 798 | 568 |
| Cash and cash equivalents at end of period | 607 | 1,095 |
| of which cash flow from income tax | –31 | –7 |
The cash and cash equivalents correspond to item L. of the assets: Liquid funds.
| Property and casualty Health |
|||||
|---|---|---|---|---|---|
| 30.9.2010 | 31.12.2009 | 30.9.2010 | 31.12.2009 | ||
| €million | €million | €million | €million | ||
| Assets | |||||
| A. Tangible assets |
189 | 189 | 30 | 30 | |
| B. Land and buildings held as financial investments |
276 | 377 | 287 | 286 | |
| C. Intangible assets |
542 | 595 | 236 | 233 | |
| D. Shares in associated companies | 51 | 120 | 254 | 0 | |
| E. Investments |
2,907 | 2,683 | 2,241 | 2,170 | |
| F. Investments held on account and at risk of life insurance policyholders |
0 | 0 | 0 | 0 | |
| G. Share of reinsurance in technical provisions | 256 | 305 | 4 | 3 | |
| 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 |
778 | 625 | 206 | 213 | |
| J. Receivables from income tax |
34 | 29 | 1 | 1 | |
| K. Deferred tax assets |
86 | 81 | 1 | 1 | |
| L. Liquid funds |
96 | 233 | 118 | 182 | |
| Total segment assets | 5,216 | 5,239 | 3,376 | 3,118 | |
| Equity and Liabilities | |||||
| B. Subordinated liabilities |
335 | 335 | 0 | 0 | |
| C. Technical provisions |
2,817 | 2,659 | 2,731 | 2,622 | |
| D. Technical provisions held on account and at risk of life insurance policyholders |
0 | 0 | 0 | 0 | |
| E. Financial liabilities |
40 | 35 | 34 | 34 | |
| F. Other provisions |
610 | 611 | 19 | 20 | |
| G. Payables and other liabilities | 971 | 1,042 | 85 | 69 | |
| H. Liabilities from income tax | 41 | 43 | 9 | 2 | |
| I. Deferred tax liabilities |
216 | 198 | 87 | 73 | |
| Total segment liabilities | 5,030 | 4,923 | 2,966 | 2,822 | |
| Life | Consolidation | Group | |||
|---|---|---|---|---|---|
| 30.9.2010 | 31.12.2009 | 30.9.2010 | 31.12.2009 | 30.9.2010 | 31.12.2009 |
| €million | €million | €million | €million | €million | €million |
| 188 | 143 | 0 | 0 | 407 | 363 |
| 862 | 771 | 0 | 0 | 1,425 | 1,433 |
| 728 | 688 | 0 | 0 | 1,506 | 1,516 |
| 425 | 597 | 0 | 0 | 730 | 717 |
| 13,197 | 12,294 | –369 | –361 | 17,976 | 16,787 |
| 4,000 | 3,474 | 0 | 0 | 4,000 | 3,474 |
| 459 | 458 | 0 | 0 | 719 | 766 |
| 393 | 382 | 0 | 0 | 393 | 382 |
| 684 | 902 | –734 | –721 | 932 | 1,020 |
| 12 | 10 | 0 | 0 | 47 | 40 |
| 11 | 15 | 0 | 0 | 98 | 96 |
| 393 | 383 | 0 | 0 | 607 | 798 |
| 21,351 | 20,117 | –1,103 | –1,081 | 28,840 | 27,393 |
| 270 | 270 | –30 | –30 | 575 | 575 |
| 14,398 | 13,918 | 2 | 1 | 19,948 | 19,200 |
| 3,957 | 3,416 | 0 | 0 | 3,957 | 3,416 |
| 215 | 219 | –223 | –206 | 66 | 82 |
| 46 | 28 | 0 | 0 | 675 | 659 |
| 1,337 | 1,265 | –845 | –842 | 1,549 | 1,534 |
| 5 | 4 | 0 | 0 | 55 | 49 |
| 57 | 41 | 0 | 0 | 360 | 312 |
| 20,284 | 19,160 | –1,095 | –1,077 | 27,185 | 25,828 |
| Shareholders' equity and minority interests | 1,656 | 1,565 | |||
| Total equity and liabilities | 28,840 | 27,393 | |||
The amounts indicated have been adjusted to eliminate amounts resulting from intra-segment 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1–9/2010 | 1–9/2009 | 1–9/2010 | 1–9/2009 | 1–9/2010 | 1–9/2009 | 1–9/2010 | 1–9/2009 | 1–9/2010 | 1–9/2009 | |
| €million | €million | €million | €million | €million | €million | €million | €million | €million | €million | |
| Gross premiums written | 2,011 | 1,922 | 734 | 708 | 1,345 | 1,161 | –5 | –18 | 4,085 | 3,773 |
| Premiums earned (retained) | 1,815 | 1,716 | 727 | 701 | 1,289 | 1,104 | 2 | –10 | 3,834 | 3,510 |
| Income from fees and | ||||||||||
| commissions | 11 | 11 | 0 | 0 | 5 | 3 | –3 | –3 | 13 | 12 |
| Net investment income | 66 | 75 | 85 | 72 | 520 | 418 | 1 | –1 | 672 | 564 |
| Other income | 76 | 38 | 4 | 1 | 15 | 11 | –18 | –14 | 77 | 36 |
| Insurance benefits (net) | –1,319 | –1,178 | –629 | –597 | –1,421 | –1,280 | 0 | 2 | –3,368 | –3,053 |
| Operating expenses | –617 | –586 | –101 | –88 | –288 | –238 | 1 | 1 | –1,005 | –911 |
| Other expenses | –56 | –69 | –5 | –3 | –41 | –34 | 13 | 24 | –88 | –82 |
| Amortisation of goodwill | –2 | –3 | 0 | 0 | –7 | –4 | 0 | 0 | –9 | –7 |
| Operating profit | –25 | 3 | 81 | 86 | 74 | –21 | –4 | 1 | 126 | 69 |
| Financing costs | –13 | –17 | 0 | 0 | –10 | –10 | 0 | 0 | –24 | –27 |
| Profit on ordinary activities | ||||||||||
| before extraordinary tax on the | ||||||||||
| financial sector (Hungary) | –38 | –13 | 81 | 86 | 64 | –31 | –4 | 1 | 103 | 42 |
| Extraordinary tax on the | ||||||||||
| financial sector (Hungary) | –3 | 0 | 0 | 0 | –2 | 0 | 0 | 0 | –5 | 0 |
| Profit on ordinary activities | –41 | –13 | 81 | 86 | 62 | –31 | –4 | 1 | 98 | 42 |
| Income taxes | 3 | –2 | –19 | –10 | –22 | 4 | 0 | 0 | –38 | –8 |
| Net profit | –38 | –15 | 62 | 76 | 40 | –27 | –4 | 1 | 60 | 35 |
| of which consolidated profit | –47 | –13 | 41 | 56 | 43 | –22 | –4 | 1 | 33 | 21 |
| of which minority interests | 9 | –2 | 21 | 20 | –3 | –5 | 0 | 0 | 27 | 14 |
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 30 September 2010, 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 2009 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 2009 was €1,733 million, the current market value as at 30 September 2010 amounted to €1,481 million, which corresponded to a change in market value of €74 million in the first three quarters of 2010. In addition, an amortisation gain of €711,000 and an impairment of € 8 million were 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 in Austria and abroad. A total of 35 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 – 47 domestic and 84 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 | Net profit | Acquired shares | Acquisition costs | Goodwill | |
|---|---|---|---|---|---|
| inclusion | €million1) | % | €million | €million | |
| Suoreva Ltd., Limassol | 1.1.2010 | 0.0 | 100.0 | 6.4 | 0.0 |
1) Net profit for the period included in the consolidated statements.
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 | 30.9.2010 31.12.2009 | |
|---|---|---|
| Swiss franc CHF | 1.3287 | 1.4836 |
| Czech koruna CZK | 24.6000 | 26.4730 |
| Hungarian forint HUF | 275.7500 | 270.4200 |
| Croatian kuna HRK | 7.3058 | 7.3000 |
| Polish złoty PLN | 3.9847 | 4.1045 |
| Bosnia and Herzegovina convertible mark BAM | 1.9560 | 1.9533 |
| Romanian leu (new) RON | 4.2720 | 4.2360 |
| Bulgarian lev (new) BGN | 1.9558 | 1.9558 |
| Ukrainian hrywnja UAH | 10.8153 | 11.5281 |
| Serbian dinar RSD | 106.6200 | 96.2300 |
| Russian ruble RUB | 41.6923 | 43.1540 |
| Albanian Lek ALL | 138.5200 | 137.6894 |
| Macedonian denar MKD | 61.3717 | 61.0103 |
| By segment | Property and casualty Health |
Life | Group | |||||
|---|---|---|---|---|---|---|---|---|
| 1–9/2010 | 1–9/2009 | 1–9/2010 | 1–9/2009 | 1–9/2010 | 1–9/2009 | 1–9/2010 | 1–9/2009 | |
| €million | €million | €million | €million | €million | €million | €million | €million | |
| I. Properties held as investments |
3 | 4 | 5 | 2 | 12 | 17 | 20 | 23 |
| II. Shares in associated companies |
1 | –2 | 8 | 0 | 11 | 20 | 20 | 18 |
| III. Variable-yield securities | 20 | 10 | 7 | 7 | 67 | 37 | 94 | 54 |
| 1. Available for sale | 18 | 8 | 4 | 3 | 22 | –4 | 44 | 7 |
| 2. At fair value through profit and loss | 2 | 2 | 3 | 3 | 45 | 42 | 50 | 47 |
| IV. Fixed interest securities | 40 | 54 | 61 | 40 | 456 | 220 | 557 | 313 |
| 1. Held to maturity | 1 | 1 | 2 | 3 | 14 | 17 | 17 | 21 |
| 2. Available for sale | 39 | 51 | 57 | 34 | 420 | 183 | 515 | 268 |
| 3. At fair value through profit and loss | 1 | 2 | 2 | 3 | 22 | 19 | 25 | 24 |
| V. Loans and other investments |
14 | 30 | 14 | 18 | 41 | 96 | 69 | 144 |
| 1. Loans | 12 | 16 | 16 | 17 | 29 | 77 | 57 | 110 |
| 2. Other investments | 2 | 14 | –2 | 1 | 12 | 19 | 12 | 34 |
| VI. Derivative financial instruments (held for trading) | –4 | –1 | –8 | 6 | –59 | 35 | –71 | 40 |
| VII. Expenditure for asset management, interest | ||||||||
| charges and other expenses | –8 | –19 | –3 | –3 | –6 | –7 | –16 | –29 |
| Total (fully consolidated values) | 66 | 75 | 85 | 71 | 521 | 418 | 672 | 564 |
| By segment and income type | Property and casualty | Health | Life | Group | ||||
|---|---|---|---|---|---|---|---|---|
| 1–9/2010 | 1–9/2009 | 1–9/2010 | 1–9/2009 | 1–9/2010 | 1–9/2009 | 1–9/2010 | 1–9/2009 | |
| €million | €million | €million | €million | €million | €million | €million | €million | |
| Ordinary income | 75 | 77 | 73 | 72 | 375 | 455 | 523 | 604 |
| Write-ups and unrealised capital gains | 17 | 25 | 19 | 22 | 247 | 167 | 283 | 213 |
| Realised capital gains | 42 | 25 | 27 | 31 | 202 | 296 | 271 | 353 |
| Write-offs and unrealised capital losses | –40 | –47 | –15 | –44 | –161 | –365 | –215 | –456 |
| Realised capital losses | –28 | –6 | –19 | –8 | –142 | –135 | –189 | –149 |
| Total (fully consolidated values) | 66 | 75 | 85 | 71 | 521 | 418 | 672 | 564 |
The net investment income of €672 million included realised and unrealised gains and losses amounting to €149 million, which included currency gains of €6 million. In addition, positive currency effects amounting to €17 million were recorded directly under equity. The effects mainly resulted from investments in US dollars and pounds sterling. Expenses for derivative financial instruments resulted from the US dollar hedging carried out across the entire nine-month period. These expenses compared to currency gains in the underlying securities of around €71 million.
| Average number of employees | 1–9/2010 | 1–9/2009 |
|---|---|---|
| Total | 14,978 | 14,677 |
| of which business development | 6,138 | 6,225 |
| of which administration | 8,840 | 8,452 |
UNIQA Versicherungen AG Untere Donaustrasse 21 (UNIQA Tower) 1029 Vienna Austria Commercial registry no.: 92933t Data processing register: 0055506
Produced in-house with FIRE.sys
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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