In the first three quarters of the financial year 2001, the UNIQA Group Austria companies recorded a direct business premium volume written of ATS 26,641.2 million (EUR 1,936.1 million). This corresponds to a growth of 5.7% compared to the same period the previous year. Included therein are the results of the June acquired majority share in the Polish Polonia S.A. and Polonia Zycie, of which however only the third quarter was taken into consideration.

The premium growth was carried by the positive development in the individual lines: life assurance +6.1%, property and casualty insurance +6.0% and health insurance +4.7%. Not taking the two Polish companies into consideration, the Group premium growth amounted to 4.7%.

The benefits paid to customers, up to the end of September 2001, amounted to ATS 17,447.6 million (EUR 1,268.0 million) or 7.3% more than in the first nine months of the previous year. Excluding the share of both Polish companies, the Group increase in benefits paid was 6.4%.
The very positive development in costs, the consistent profit orientation and securing the risk of large claims appropriately through existing reinsurance coverage is an indication for significant improvement in the actuarial results for the year 2001.      

The total capital investments of the UNIQA Group Austria increased by 5.8% by the end of September and amounted to – excluding the deposits receivable from reinsurance business -
ATS 153,018.7 million (EUR 11,120.3 million). The increase in capital investments amounted to 4.9% if the therein-included amounts of the Polonia S.A. and Polonia Zycie are not considered,.

The current investment income was, with ATS 6.1 billion (EUR 442.3 million) in the first three quarters of 2001, on last year’s level. The extraordinary financial results of the Group companies (realised exchange gains and write-down of securities) were encumbered by the position on the stock markets after the attacks on 11 September, in total with about ATS 3.3 billion (EUR 237.1 million). From end September to mid November, these extraordinary financial results had already improved by about ATS 3.1 billion (EUR 226.7 million).

The costs of the UNIQA Group companies continue to develop moderately as a result of the consistent implementation of the cost saving measures. The total costs – excluding commissions and taking social capital expenses into account – reduced by 1.5% in the first nine months of 2001 to ATS 4.1 billion (EUR 300.9 million). The commissions increased corresponding to the premium growth by 4.9% to about ATS 2.0 billion (EUR 142.2 million).
The total operating expenses including cost of claims and asset administration, as well as social capital costs for active employees amounted to ATS 6.1 billion (EUR 443.1 Million / +0.4%) at the end of the third quarter.

The foreign companies of the UNIQA Group Austriamanaged to continue their successful business activities and achieved a premium volume of ATS 1,970.0 million (EUR 143.1 million / +32.3%) in the first nine months of 2001. A substantial portion of this increase was due to the June 2001 acquired majority share of the Polonia S.A.. The paid benefits of the UNIQA Group foreign companies amounted to ATS 1,106.4 million (EUR 80.5 million) over the same period.

Outlook         
The development in the last quarter is marked so far by a clear recovery of the stock markets and the associated relief in the capital investment results. As a result of a strong reduction in the life assurance single premium business, a significant flattening effect on the premium volume development is anticipated in the last quarter of this year. In all other lines, and in the benefits area, the development of the first nine months will continue. The positive trend in the cost area will continue for the year.

Detailed view           
The premium growth of the UNIQA Group was carried equally by the positive development accross all lines in the first nine months of 2001.

The largest growth was recorded by the life assurance line, which achieved a growth of 6.1% to ATS 11,030.7 million (EUR 801.6 million) from a large base. This is against an above proportional increase in benefits of ATS 6,479.3 million (EUR 470.9 million) or +12.1% as a result of maturing policies.

The premium volume of the property and casualty insurance amounted to ATS 8.,48.7 million (EUR 635.8 million) by end September 2001. This corresponds to a growth of 6.0% compared to the same period the previous year.
The paid benefits by the property and casualty insurance increased by 7.6% to ATS 5,483.5 million (EUR 398.5 million), especially as a result of some large claims.

Health insurance, also on a large base, continued the positive trend and, with ATS 6,861.8 million (EUR 498.7 million), achieved an increase of 4.7% in premiums written. The paid benefits increased marginally by +1,9% to ATS 5,484.8 million (EUR 398.6 million).

The premium volume of the listed holding company, UNIQA Versicherungen AG, amounted to ATS 5,200.4 million (EUR 377.9 million) from active reinsurance in the first three quarters of 2001. The share of business taken over from third parties merely amounted to ATS 376.4 million (EUR 27.3 million).
Accrued claims during the reporting period amounted to ATS 3,080.0 million (EUR 223.8 million) in total, of which ATS 2,046.7 million (EUR 148.7 million) were retained.

The UNIQA Group Austria companies abroad continued to develop very successfully to end September. The premium volume for the fully consolidated companies abroad amounted to ATS 1,970.0 million (EUR 143.1 million / +32.3%). That is 7.4% of the total UNIQA Group premium revenue. A reason for the steep increase in premium volume was the majority acquisition of the Polonia S.A. and. Polonia Zycie at the end of June 2001. However, only the third quarter values for both companies were considered in the consolidated profits.

The largest share of premium was accrued by the Carnica insurance company acquired last year in Italy (ATS 412.5 million / EUR 30.0 million), the Czech UNIQA Pojistovna (ATS 406.0 million / EUR 29.5 million), as well as the Swiss UNIQA Assurances (ATS 377.4 million / EUR 27.4 million).

The paid benefits of the foreign Group companies amounted to ATS 1,106.4 million (EUR 80.5 million) in the same period, where likewise the UNIQA Assurances (ATS 351.8 million / EUR 25.6 million), Carnica (ATS 214.8 million / EUR 15.6 million) and the Czech UNIQA Pojistovna (ATS 168.0 million / EUR 12.2 million) paid most benefits.