The benefits paid to customers reached ATS 11,712.8 million (EUR 851.2 million) – 7.4% more than in the first half-year the previous year. An encouraging improvement in the actuarial results was recorded overall in the first half-year, which was due to the consistent profit orientation – in new business as well as in the insurance portfolio – and on a general improvement of the technical actuarial accounts in the property as well as motor vehicle lines.

The total capital investments of the UNIQA Group Austria – excluding the deposits receivable from the reinsurance business - amounted to ATS 153,085.2 million (EUR 11,125.1 million / +6.1%) as at the end of June 2001. The current investment income increased by 12.9% to ATS 4,388.6 million (EUR 318.9 million) during the same period. This extraordinary financial result encumbers the half-year results of the Group companies as a result of the downturn of the stock markets by approximately ATS 655 million (EUR 47.6 million).

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, and a substantial reduction in the previous year’s cost level is expected for the 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). The Polish Polonia insurers acquired at the end of July have not been taken into account in these results. They will only be included in the consolidated financial statements as from 1.7.2001.

The maximum 2% limit of the ordinary share capital, approved in May this year, for the UNIQA Versicherungen AG share buyback was fully subscribed. In total 2,395,556 own shares at an average rate of EUR 6.20 were repurchased.   

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. Whether there will be an improvement in the destabilised capital markets caused by the terror attacks cannot be evaluated from today’s point of view. 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 Group results to be foreseen.

The Group has no direct underwriting participation in the loss caused by the terrorist attacks on 11 September 2001 in the USA. However, as a large Central European Group, UNIQA is affected indirectly through reinsurance. The actual loss for UNIQA – at present estimated at around EUR 3 million – will only be determined in 3-4 years.            

Detailed view 
The health insurance line was the largest growth carrier in the first half-year. The health insurance expansion continued and attained with ATS 4.613,0 million (EUR 335,2 million), an increase in premiums written of 6.6% or ATS 287.0 million (EUR 20.9 million). The paid benefits increased by only 2.7% to ATS 3,668.6 million (EUR 266.6 Million).

Life assurance, which achieved a premium growth of 3.8% to ATS 8,550.7 million (EUR 621.4 million) from a large base, was once again an important pillar of the success. This is against an above proportional increase of 9.8% to ATS 4,501.9 million (EUR 327.2 million) in benefits.

The premium volume in the property and casualty insurance increased by +0.8% to ATS 6,048.7 million (EUR 439.6 million) in the first six months, in spite of the withdrawal of the Salzburger Landes-Versicherung from the German motor vehicle market. Compared to the extremely bad loss year 2000, the foreseeable improvement in the motor vehicle situation as well property insurance lines continued. Paid claims and benefits in the property and casualty insurance increased by 9.5% to ATS 3,542.3 million (EUR 257.4 million) – especially as a result of winding up the hail and storm claims of the previous year. In doing so, the ample loss reserves accrued during the past financial year came to bear.

Overall, the measures implemented regarding the restructuring of poor risks produced the first successes. In spite of the continued strong competitive pressure, the Group property and casualty insurers active in the Austrian market managed to improve the actuarial result in these lines by almost 25%.   

The premium volume of the listed holding company, UNIQA Versicherungen AG, amounted to ATS 3,770.0 million (EUR 274.0 million) from active reinsurance in the first half-year 2001. Of that, ATS 3,410.3 million (EUR 247.8 million) came from the Group. The losses incurred in the first six months of the year amounted to ATS 2,076.2 million (EUR 150.9 million) in total, of which ATS 1,377.0 million (EUR 100.1 million) were retained.

The foreign UNIQA Group Austria companies continued to develop very successfully in the first half-year 2001. The premium volume of the fully consolidated companies abroad amounted to ATS 1,193.4 million (EUR 86.8 million) in the first six months. The largest share of premium was accrued by the Czech UNIQA Pojistovna (ATS 291.6 million / EUR 21.2 million), the Carnica insurance company, acquired last year in Italy, (ATS 279.5 million / EUR 20.3 million) as well as the Swiss UNIQA Assurances (ATS 260.9 million / EUR 19.0 million).

The paid benefits of the foreign Group companies amounted to ATS 681.8 million (EUR 49.5 million) in the same time period, where likewise the Czech UNIQA Pojistovna (ATS 116.6 million / EUR 8.5 million), Carnica in Italy (ATS 169.0 million / EUR 12.3 million) and the UNIQA Assurances (ATS 244.0 million / EUR 17.7 million) paid the most benefits.

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