The cost reduction measures already took effect during the first half of 2001. The costs of the Group companies – excluding commissions and taking social capital expenses for active employees into consideration –continued to develop moderately by +1.7% to ATS 2.9 billion (EUR 207.4 million), whereby the cost structure of the domestic companies showed a clear downward trend as a result of the set cost saving measures compared to the previous year.

The foreign companies of the UNIQA Group Austria continued their successful business development in the first half-year 2001 and achieved a premium volume of ATS 1,193.4 million (EUR 86.8 million). The paid benefits comprised  ATS 681.8 million (EUR 49.5 million).

Outlook
The tense capital markets and their further development after the terror attacks in the USA have a major influence on the continued business development. Should the present negative mood of the capital markets continue, then a market wide clear reduction in the profit sharing rate in life assurance is to be expected and a significant decline in the Group results to be foreseen.

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