- Premiums increased by 22.1% to EUR 1,833.6 million
- Share of premiums and earnings from abroad markedly increased
- Cost and claim ratios improved in all sectors
- Profit on ordinary activities in first half-year already EUR 52 million

The UNIQA Group was able to confirm its positive growth trend in all areas in the first half of 2004. premiums written rose by 22.1% to a total of EUR 1,833.6 million. Premium growth in all sectors was above increases in the outlay for claims and benefits and also above the rise in the cost-claim ratios. The cost ratio was therefore lowered in turn.

The profit on ordinary activities according to IAS was approximately EUR 52 million in the first half of 2004, thus reaching more than 75% of the level for the whole of the previous year (EUR 68 million). The companies abroad contributed around 25% of the half-year earnings.

Provided that claims and the capital markets develop normally in the second half of the year, the group’s earnings are expected to continue developing positively.

Marked increase in premium volume results from real growth and acquisitions
Premiums grow more than costs of claims in all sectors
The UNIQA Group Austria has succeeded in increasing the premiums written by 22.1% to EUR 1,833.6 million in the first two quarters of the current year. In addition to the pleasing organic growth of 7.7%, the first-time inclusion of the former AXA companies in Austria, Hungary and Liechtenstein is a reason for the increase in premiums.

The premium volume of the UNIQA Group outside Austria has risen quite markedly and amounts to 14.1% of the total, following growth of 56.4% to EUR 258.2 million. Considering the premium volume obtained in the first half of 2004 from the Mannheimer AG Holding, the share from abroad increases to 23.0%. The premiums from the Italian Claris Vita have not been taken into consideration, the take-over of 80% of the share capital having been arranged with the previous owner, Veneto Banca, in June.

Within Austria, premiums written have increased by 17.8% to EUR 1,575.4 million.

Growth of the total outlay for claims, which was 17.7% or EUR 1,375.5, fortunately remained way behind premium growth.

The volume of premiums written in damage and accident insurance increased in the first half of the year by 31.2% to EUR 832 million. This growth has been driven especially by the growth in the automobile sector (+38.2%). Growth in accident (+33.1%) and legal protection insurance (+79.8%) was noticeably above average. The outlay for claims in the damage and accident insurance sector underwent an underproportional increase from 27.8% to EUR 403.3 million.

In life insurance, too, business has continued to develop very positively, with an increase in premiums of 24.3% to EUR 628 million. The savings element from life insurance which is bound to funds and indices and which, according to the principles of international accounting, is not included in the consolidated premium earnings, amounted in the first half of 2004 to EUR 63.4 million (2003: EUR 37.1 million). When this value is taken into consideration, the premium volume of EUR 691.4 million in life insurance is 27.5% above the corresponding value in the previous year. The development of benefits, including the change in the premium reserves, with growth of 21.1% to EUR 639.7 million, was below the increase in premium volume.

Health insurance contributed EUR 373.6 million (+3.0%) to the UNIQA Group’s overall premium volume. The insurance benefits, including the change in the premium reserves, increased in the first half of the year by 2.4% to EUR 332.4 million.

Increase in capital investments continued – net profit from capital investments rose by 53.8%
The UNIQA Group’s total capital investments rose in the first two quarters of the current year by EUR 2,784.6 million or 23.5% to EUR 14,658.1 million. The capital investments in funds and index-linked life insurance contained therein developed very positively, with an increase of 67.8% to EUR 524.3 million.

The profits from the capital investments (net) increased over the reporting period by 53.8% to EUR 333.4 million, influenced significantly by the positive development of the stock market.

Cost ratio reduced further
Expenditure for insurance deals, adjusted for special items resulting from the first-time inclusion of the former AXA Austria corporate group and of the former R+V companies in Poland and Slovakia, rose underproportionally to the UNIQA Group’s business development by 7.6% to EUR 255.2 million. Other expenditure for the insurance business, after consideration of the special items, was reduced simultaneously by 6.9% to EUR 98.2 million.

The cost ratio was reduced to 22.6% (2003: 22.8%).