ANNUAL FINANCIAL REPORT 2020 ACCORDING TO SECTION 124(1)
OF THE AUSTRIAN STOCK EXCHANGE ACT / UNIQA INSURANCE GROUP AG
Seeding the
FUTURE
CONTENTS
Consolidated Corporate Governance Report 4
Report of the Supervisory Board 16
Group Management Report 20
Consolidated Financial Statements 42
Notes to the Consolidated Financial Statements 51
Risk Report 120
Approval for publication 135
Declaration of the legal representatives 136
Audit Opinion 137
3
4
CORPORATE GOVERNANCE / Corporate Governance Report
Consolidated
CORPORATE
GOVERNANCE
Report
CORPORATE GOVERNANCE
5
UNIQA has been committed to compliance with the Austrian
Code of Corporate Governance since 2004 and publishes
the declaration of conformity both in the Group report
and on www.uniqagroup.com in the Investor Relations
section. The Austrian Code of Corporate Governance
is also publicly available at www.uniqagroup.com and
www. corporate-governance.at.
The Corporate Governance Report and the Consolidated
Corporate Governance Report of UNIQA Insurance Group
AG are summarised in this report in accordance with Section
267b in conjunction with Section 251(3) of the Austrian
Commercial Code.
Implementation and compliance with the individual rules
in the Austrian Code of Corporate Governance, with the
exception of Rules 77 to 83, are evaluated annually by PwC
Wirtschaftsprüfung GmbH. Rules 77 to 83 of the Austrian
Code of Corporate Governance are evaluated by the law firm
Schönherr Rechtsanwälte GmbH. The evaluation is carried
out based mainly on the questionnaire, published by the
Austrian Working Group for Corporate Governance, for the
evaluation of compliance with the Code. The reports on
the external evaluation in accordance with Rule 62 of the
Austrian Code of Corporate Governance can also be found
at www.uniqagroup.com.
The Supervisory Board is supported by Vienna Strategy
HUB GmbH with self-assessments of the Supervisory Board
regarding the efficiency of its activities (Rule 36 of the
Austrian Code of Corporate Governance).
UNIQA also declares its continued willingness to comply
with the Austrian Code of Corporate Governance as currently
amended. However, UNIQA deviates from the provisions
of the Code as amended with regard to the following C
rules (comply or explain rules), and the explanations are
set out below.
Rule 49 of the Austrian Code of Corporate Governance
Due to the growth of UNIQA’s shareholder structure and
the special nature of the insurance business with regard
to the investment of assets, there are a number of con-
tracts with companies related to individual members of
the Supervisory Board in which these Supervisory Board
members discharge duties as members of governing bod-
ies. If such contracts require approval by the Supervisory
Board in accordance with Section 95(5)(12) of the Austrian
Stock Corporation Act (Rule 48 of the Austrian Code of
Corporate Governance), the details of these contracts
cannot be made public for reasons of company policy and
competition law. All transactions are in any case entered
into and processed on an arm’s length basis.
Consolidated
CORPORATE
GOVERNANCE
Report
6
Name Responsible for
Supervisory Board appointments or compa-
rable functions in other domestic and foreign
companies not included in the consolidated
financial statements Management and monitoring functions in significant subsidiaries
Number of UNIQA
shares held
Andreas Brandstetter, Chief Executive
Officer (CEO)
* 1969, appointed 1 January 2002 until
30 June 2024
Strategy & Transformation, UNIQA Ventures,
New Business Areas (Health), Group
General Secretary, Auditing, Art Insurance
(until 31 July 2020)
Member of the Supervisory Board of
STRABAG SE, Villach
Member of the Advisory Board of the KHM
Association of Museums, Vienna
Chairman of the Management Board of UNIQA Österreich Versicherungen AG, Vienna (since 1 July 2020)
Chairman of the Supervisory Board of SIGAL UNIQA Group AUSTRIA sh.a., Tirana
Chairman of the Supervisory Board of SIGAL LIFE UNIQA Group AUSTRIA sh.a., Tirana
Chairman of the Board of Directors of UNIQA Re AG, Zurich
as at 31 December 2020:
124,479 shares
Peter Eichler, Personal Insurance
* 1961, appointed 1 July 2020 until 30 June 2024
Product Development – Health, Life & Casualty,
Health Inpatient Benefits, Asset Management
(UCM/UREM)
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
Member of the Management Board of UNIQA International AG, Vienna (until 8 December 2020)
Chairman of the Supervisory Board of PremiQaMed Holding GmbH, Vienna
Member of the Supervisory Board of Valida Holding AG, Vienna
Member of the Supervisory Board of UNIQA Biztosító Zrt., Budapest
Member of the Board of Directors of UNIQA Versicherung AG, Vaduz
Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczen´ na Z
˙
ycie S.A., Warsaw
Member of the Supervisory Board of UNIQA LIFE Private Joint Stock Company, Kiev (until 31 December 2020)
Member of the Supervisory Board of UNIQA p o i s t ´ o v nˇ a a.s., Bratislava (since 15 January 2021)
Member of the Supervisory Board of AXA Z
˙
ycie Towarzystwo Ubezpieczen´ S.A., Warsaw (since 15 October 2020)
Chairman of the Board of Directors of UNIQA GlobalCare SA, Geneva (Member of the Board of Directors until 19 March 2021)
as at 31 December 2020:
9,669 shares
Wolf-Christoph Gerlach, Operations
* 1979, appointed 1 July 2020 until 30 June 2023
Applications, Contracts & Customer Service,
Property–Motor Vehicle/Property/Casualty Insur-
ance, Life & Health Outpatient Benefits, Business
Organisation (incl. OPEX & GPO), Purchasing &
Administration, Group Service Centre (Nitra)
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna (since 1 January 2020)
Member of the Supervisory Board of UNIQA Asigurari de Viata SA, Bucharest (since 3 March 2021)
Member of the Supervisory Board of CherryHUB BSC Korlátolt Felelo˝sségu˝ Társaság, Budapest
Member of the Supervisory Board of UNIQA pojišt´ovna, a.s., Prague (since 15 March 2021)
Member of the Supervisory Board of AXA životní pojišt´ovna a.s., Prague (since 15 March 2021)
Member of the Supervisory Board of AXA pojišt´ovna a.s., Prague (since 15 March 2021)
as at 31 December 2020:
6,570 shares
Peter Humer, Customers & Markets Austria
* 1971, appointed 1 July 2020 until 30 June 2024
Regional offices, Retail ( Product Development
& Pricing for Motor Vehicle and Standard
Property Business, Sales Service, Sales
Management), Corporate (Product Development
& Risk Engineering for Corporate Property
Insurance, Affinity Business, Art Insurance
(since 1 August 2020)), Digitalisation
Member of the Supervisory Board of Salzburg
Wohnbau GmbH, Salzburg
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
Vice Chairman of the Supervisory Board of UNIQA International AG, Vienna (until 8 December 2020)
as at 31 December 2020:
7,937 shares
Wolfgang Kindl, Customers & Markets
International
* 1966, appointed 1 July 2020 until 30 June 2024
Retail (Product Development & Pricing for Motor
Vehicles and Standard Property Business, Sales
Service, Sales Management), Corporate (Product
Development & Risk Engineering for Corporate
Property Insurance, Major/International Brokers,
Affinity Business), Bank International (Product
Service, Sales Service, Sales Management), New
Insurance Solutions, Mergers & Acquisitions, Per-
formance & Change Management International,
General Secretariat International
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna (since 1 July 2020)
Chairman of the Management Board of UNIQA International AG, Vienna (until 8 December 2020)
Vice Chairman of the Board of Directors of UNIQA Versicherung AG, Vaduz (until 22 January 2021)
Chairman of the Supervisory Board of UNIQA Asigurari SA, Bucharest
Chairman of the Supervisory Board of UNIQA Asigurari de Viata SA, Bucharest
Chairman of the Supervisory Board of UNIQA Insurance plc, Sofia
Member of the Supervisory Board of SIGAL UNIQA Group AUSTRIA sh.a., Tirana
Member of the Supervisory Board of SIGAL LIFE UNIQA Group AUSTRIA sh.a., Tirana
Chairman of the Supervisory Board of UNIQA Biztosító Zrt., Budapest (until 31 December 2020)
Chairman of the Supervisory Board of UNIQA poist´ovnˇa a.s., Bratislava (until 15 January 2021)
Chairman of the Supervisory Board of UNIQA pojišt´ovna, a.s., Prague (until 15 March 2021)
Chairman of the Supervisory Board of UNIQA Towarzystwo Ubezpieczen´ na Z
˙
ycie S.A., Warsaw
Chairman of the Supervisory Board of UNIQA Towarzystwo Ubezpieczen´ S.A., Warsaw
Member of the Board of Directors of UNIQA GlobalCare SA, Geneva (Chairman of the Board of Directors until 19 March 2021)
Chairman of the Supervisory Board of UNIQA Insurance Company Private Joint Stock Company, Kiev (until 31 December 2020)
Chairman of the Supervisory Board of UNIQA LIFE Private Joint Stock Company, Kiev (until 31 December 2020)
as at 31 December 2020:
17,848 shares
René Knapp, HR & Brand
* 1983, appointed 1 July 2020 until 30 June 2023
Strategic Personnel Management, Operating
Personnel Management, Brand & Communi-
cation, Ethics, Sustainability & Public Affairs,
Works Council
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna (since 1 January 2020)
Member of the Supervisory Board of UNIQA pojišt´ovna, a.s., Prague (until 15 March 2021)
Member of the Supervisory Board of UNIQA osiguranje d.d., Zagreb (until 4 March 2021)
Member of the Supervisory Board of UNIQA poist´ovnˇa a.s., Bratislava (until 15 January 2021)
as at 31 December 2020:
5,000 shares
Erik Leyers, Data & IT
* 1969, appointed 1 June 2016 until 30 June 2024
Data Management, UITS, UIP Project
Member of the Supervisory Board of Raiffeisen
Informatik Geschäftsführungs GmbH, Vienna
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
Member of the Management Board of UNIQA International AG, Vienna (until 8 December 2020)
Member of the Supervisory Board of UNIQA Asigurari S.A., Bucharest (until 14 October 2020)
Member of the Supervisory Board of UNIQA Asigurari de Viata S.A., Bucharest (until 12 October 2020)
Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczen´ S.A., Warsaw
Member of the Supervisory Board of AXA Ubezpieczenia Towarzystwo Ubezpieczen´ i Reasekuracji S.A., Warsaw
(since 15 October 2020)
Member of the Supervisory Board of UNIQA Biztosító Zrt., Budapest
Member of the Supervisory Board of UNIQA pojišt´ovna, a.s., Prague
Member of the Supervisory Board of AXA životní pojišt´ovna a.s., Prague (since 15 March 2021)
Member of the Supervisory Board of AXA pojišt´ovna a.s., Prague (since 15 March 2021)
Chairman of the Supervisory Board of UNIQA Group Service Center Slovakia, spol. s r.o., Nitra
Chairman of the Supervisory Board of sTech d.o.o., Belgrade
as at 31 December 2020:
9,371 shares
Members of the Management Board
CORPORATE GOVERNANCE / Corporate Governance Report
CORPORATE GOVERNANCE
7
Name Responsible for
Supervisory Board appointments or compa-
rable functions in other domestic and foreign
companies not included in the consolidated
financial statements Management and monitoring functions in significant subsidiaries
Number of UNIQA
shares held
Andreas Brandstetter, Chief Executive
Officer (CEO)
* 1969, appointed 1 January 2002 until
30 June 2024
Strategy & Transformation, UNIQA Ventures,
New Business Areas (Health), Group
General Secretary, Auditing, Art Insurance
(until 31 July 2020)
Member of the Supervisory Board of
STRABAG SE, Villach
Member of the Advisory Board of the KHM
Association of Museums, Vienna
Chairman of the Management Board of UNIQA Österreich Versicherungen AG, Vienna (since 1 July 2020)
Chairman of the Supervisory Board of SIGAL UNIQA Group AUSTRIA sh.a., Tirana
Chairman of the Supervisory Board of SIGAL LIFE UNIQA Group AUSTRIA sh.a., Tirana
Chairman of the Board of Directors of UNIQA Re AG, Zurich
as at 31 December 2020:
124,479 shares
Peter Eichler, Personal Insurance
* 1961, appointed 1 July 2020 until 30 June 2024
Product Development – Health, Life & Casualty,
Health Inpatient Benefits, Asset Management
(UCM/UREM)
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
Member of the Management Board of UNIQA International AG, Vienna (until 8 December 2020)
Chairman of the Supervisory Board of PremiQaMed Holding GmbH, Vienna
Member of the Supervisory Board of Valida Holding AG, Vienna
Member of the Supervisory Board of UNIQA Biztosító Zrt., Budapest
Member of the Board of Directors of UNIQA Versicherung AG, Vaduz
Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczen´ na Z
˙
ycie S.A., Warsaw
Member of the Supervisory Board of UNIQA LIFE Private Joint Stock Company, Kiev (until 31 December 2020)
Member of the Supervisory Board of UNIQA p o i s t ´ o v nˇ a a.s., Bratislava (since 15 January 2021)
Member of the Supervisory Board of AXA Z
˙
ycie Towarzystwo Ubezpieczen´ S.A., Warsaw (since 15 October 2020)
Chairman of the Board of Directors of UNIQA GlobalCare SA, Geneva (Member of the Board of Directors until 19 March 2021)
as at 31 December 2020:
9,669 shares
Wolf-Christoph Gerlach, Operations
* 1979, appointed 1 July 2020 until 30 June 2023
Applications, Contracts & Customer Service,
Property–Motor Vehicle/Property/Casualty Insur-
ance, Life & Health Outpatient Benefits, Business
Organisation (incl. OPEX & GPO), Purchasing &
Administration, Group Service Centre (Nitra)
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna (since 1 January 2020)
Member of the Supervisory Board of UNIQA Asigurari de Viata SA, Bucharest (since 3 March 2021)
Member of the Supervisory Board of CherryHUB BSC Korlátolt Felelo˝sségu˝ Társaság, Budapest
Member of the Supervisory Board of UNIQA pojišt´ovna, a.s., Prague (since 15 March 2021)
Member of the Supervisory Board of AXA životní pojišt´ovna a.s., Prague (since 15 March 2021)
Member of the Supervisory Board of AXA pojišt´ovna a.s., Prague (since 15 March 2021)
as at 31 December 2020:
6,570 shares
Peter Humer, Customers & Markets Austria
* 1971, appointed 1 July 2020 until 30 June 2024
Regional offices, Retail ( Product Development
& Pricing for Motor Vehicle and Standard
Property Business, Sales Service, Sales
Management), Corporate (Product Development
& Risk Engineering for Corporate Property
Insurance, Affinity Business, Art Insurance
(since 1 August 2020)), Digitalisation
Member of the Supervisory Board of Salzburg
Wohnbau GmbH, Salzburg
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
Vice Chairman of the Supervisory Board of UNIQA International AG, Vienna (until 8 December 2020)
as at 31 December 2020:
7,937 shares
Wolfgang Kindl, Customers & Markets
International
* 1966, appointed 1 July 2020 until 30 June 2024
Retail (Product Development & Pricing for Motor
Vehicles and Standard Property Business, Sales
Service, Sales Management), Corporate (Product
Development & Risk Engineering for Corporate
Property Insurance, Major/International Brokers,
Affinity Business), Bank International (Product
Service, Sales Service, Sales Management), New
Insurance Solutions, Mergers & Acquisitions, Per-
formance & Change Management International,
General Secretariat International
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna (since 1 July 2020)
Chairman of the Management Board of UNIQA International AG, Vienna (until 8 December 2020)
Vice Chairman of the Board of Directors of UNIQA Versicherung AG, Vaduz (until 22 January 2021)
Chairman of the Supervisory Board of UNIQA Asigurari SA, Bucharest
Chairman of the Supervisory Board of UNIQA Asigurari de Viata SA, Bucharest
Chairman of the Supervisory Board of UNIQA Insurance plc, Sofia
Member of the Supervisory Board of SIGAL UNIQA Group AUSTRIA sh.a., Tirana
Member of the Supervisory Board of SIGAL LIFE UNIQA Group AUSTRIA sh.a., Tirana
Chairman of the Supervisory Board of UNIQA Biztosító Zrt., Budapest (until 31 December 2020)
Chairman of the Supervisory Board of UNIQA poist´ovnˇa a.s., Bratislava (until 15 January 2021)
Chairman of the Supervisory Board of UNIQA pojišt´ovna, a.s., Prague (until 15 March 2021)
Chairman of the Supervisory Board of UNIQA Towarzystwo Ubezpieczen´ na Z
˙
ycie S.A., Warsaw
Chairman of the Supervisory Board of UNIQA Towarzystwo Ubezpieczen´ S.A., Warsaw
Member of the Board of Directors of UNIQA GlobalCare SA, Geneva (Chairman of the Board of Directors until 19 March 2021)
Chairman of the Supervisory Board of UNIQA Insurance Company Private Joint Stock Company, Kiev (until 31 December 2020)
Chairman of the Supervisory Board of UNIQA LIFE Private Joint Stock Company, Kiev (until 31 December 2020)
as at 31 December 2020:
17,848 shares
René Knapp, HR & Brand
* 1983, appointed 1 July 2020 until 30 June 2023
Strategic Personnel Management, Operating
Personnel Management, Brand & Communi-
cation, Ethics, Sustainability & Public Affairs,
Works Council
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna (since 1 January 2020)
Member of the Supervisory Board of UNIQA pojišt´ovna, a.s., Prague (until 15 March 2021)
Member of the Supervisory Board of UNIQA osiguranje d.d., Zagreb (until 4 March 2021)
Member of the Supervisory Board of UNIQA poist´ovnˇa a.s., Bratislava (until 15 January 2021)
as at 31 December 2020:
5,000 shares
Erik Leyers, Data & IT
* 1969, appointed 1 June 2016 until 30 June 2024
Data Management, UITS, UIP Project Member of the Supervisory Board of Raiffeisen
Informatik Geschäftsführungs GmbH, Vienna
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
Member of the Management Board of UNIQA International AG, Vienna (until 8 December 2020)
Member of the Supervisory Board of UNIQA Asigurari S.A., Bucharest (until 14 October 2020)
Member of the Supervisory Board of UNIQA Asigurari de Viata S.A., Bucharest (until 12 October 2020)
Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczen´ S.A., Warsaw
Member of the Supervisory Board of AXA Ubezpieczenia Towarzystwo Ubezpieczen´ i Reasekuracji S.A., Warsaw
(since 15 October 2020)
Member of the Supervisory Board of UNIQA Biztosító Zrt., Budapest
Member of the Supervisory Board of UNIQA pojišt´ovna, a.s., Prague
Member of the Supervisory Board of AXA životní pojišt´ovna a.s., Prague (since 15 March 2021)
Member of the Supervisory Board of AXA pojišt´ovna a.s., Prague (since 15 March 2021)
Chairman of the Supervisory Board of UNIQA Group Service Center Slovakia, spol. s r.o., Nitra
Chairman of the Supervisory Board of sTech d.o.o., Belgrade
as at 31 December 2020:
9,371 shares
8
Name Responsible for
Supervisory Board appointments or compa-
rable functions in other domestic and foreign
companies not included in the consolidated
financial statements Management and monitoring functions in significant subsidiaries
Number of UNIQA
shares held
Klaus Pekarek, Customers & Markets
Bancassurance Austria
* 1956, appointed 1 July 2020 until 30 June 2022
Product Service, Sales Service,
Sales Management
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
Chairman of the Supervisory Board of UNIQA International AG, Vienna (until 8 December 2020)
Vice Chairman of the Supervisory Board of Valida Holding AG, Vienna
as at 31 December 2020:
13,178 shares
Kurt Svoboda, Finance & Risk Management
* 1967, appointed 1 July 2011 until 30 June 2024
Legal & Compliance, Investor Relations,
Controlling, Finance & Accounting, Actuarial
Services, Risk Management, Regulatory Affairs,
Reinsurance, Auditing
Member of the Supervisory Board of Wiener
Börse AG, Vienna
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
(Chairman of the Management Board until 30 June 2020)
Member of the Management Board of UNIQA International AG, Vienna (until 8 December 2020)
Chairman of the Board of Directors of UNIQA Versicherung AG, Vaduz (until 22 January 2021)
Vice Chairman of the Board of Directors of UNIQA Re AG, Zurich
Member of the Supervisory Board of UNIQA pojišt´ovna, a.s., Prague (since 15 March 2021)
Member of the Supervisory Board of AXA životní pojišt´ovna a.s., Prague (since 15 March 2021)
Member of the Supervisory Board of AXA pojišt´ovna a.s., Prague (since 15 March 2021)
as at 31 December 2020:
17,797 shares
Members of the Management Board
The work of the Management Board
The work of the members of the Management Board of
UNIQA Insurance Group AG is regulated by the rules of
procedure. The allocation of the business responsibilities
as decided by the Group Management Board is approved
by the Supervisory Board. The rules of procedure govern
the obligations of the members of the Management Board
to provide the Supervisory Board and each other with
information and approve each other’s activities. The rules
of procedure also specify a list of activities that require
consent from the Supervisory Board. The Management
Board generally holds weekly meetings in which the
members of the Management Board report on the current
course of business, determine what steps should be taken
and make strategic corporate decisions. In addition, there
is a continuous exchange of information between the
members of the Management Board regarding relevant
activities and events.
From 1 January 2020, all members of the Management
Boards of UNIQA Österreich Versicherungen AG and
UNIQA International AG participated in the meetings of
UNIQA Insurance Group AG with an advisory vote (Group
Executive Board). Since 1 July 2020, the meetings of the
Management Boards of UNIQA Insurance Group AG and
UNIQA Österreich Versicherungen AG, which are composed
of the same people, have been held as joint sessions.
The Management Board informs the Supervisory Board at
regular intervals, in a timely and comprehensive manner,
about all relevant questions of business development, in-
cluding the risk situation and the risk management of the
Group. In addition, the Chairman of the Supervisory Board
is in regular contact with the CEO to discuss the company’s
strategy, business performance and risk management.
CORPORATE GOVERNANCE / Corporate Governance Report
CORPORATE GOVERNANCE
9
Name Responsible for
Supervisory Board appointments or compa-
rable functions in other domestic and foreign
companies not included in the consolidated
financial statements Management and monitoring functions in significant subsidiaries
Number of UNIQA
shares held
Klaus Pekarek, Customers & Markets
Bancassurance Austria
* 1956, appointed 1 July 2020 until 30 June 2022
Product Service, Sales Service,
Sales Management
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
Chairman of the Supervisory Board of UNIQA International AG, Vienna (until 8 December 2020)
Vice Chairman of the Supervisory Board of Valida Holding AG, Vienna
as at 31 December 2020:
13,178 shares
Kurt Svoboda, Finance & Risk Management
* 1967, appointed 1 July 2011 until 30 June 2024
Legal & Compliance, Investor Relations,
Controlling, Finance & Accounting, Actuarial
Services, Risk Management, Regulatory Affairs,
Reinsurance, Auditing
Member of the Supervisory Board of Wiener
Börse AG, Vienna
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
(Chairman of the Management Board until 30 June 2020)
Member of the Management Board of UNIQA International AG, Vienna (until 8 December 2020)
Chairman of the Board of Directors of UNIQA Versicherung AG, Vaduz (until 22 January 2021)
Vice Chairman of the Board of Directors of UNIQA Re AG, Zurich
Member of the Supervisory Board of UNIQA pojišt´ovna, a.s., Prague (since 15 March 2021)
Member of the Supervisory Board of AXA životní pojišt´ovna a.s., Prague (since 15 March 2021)
Member of the Supervisory Board of AXA pojišt´ovna a.s., Prague (since 15 March 2021)
as at 31 December 2020:
17,797 shares
10
Name
Supervisory Board appointments in
domestic and foreign listed companies
Management and monitoring
tasks in significant
subsidiaries
Number of UNIQA
shares held
Walter Rothensteiner, Chairman
* 1953, appointed 3 July 1995 until the
24th AGM (2023)
Chairman of the Supervisory
Board of UNIQA Österreich
Versicherungen AG, Vienna
(since 14 April 2020)
Christian Kuhn, 1st Vice Chairman
* 1954, appointed 15 May 2006 until the
24th AGM (2023)
Vice Chairman of the Supervi-
sory Board of UNIQA Österre-
ich Versicherungen AG, Vienna
(since 14 April 2020)
Johann Strobl, 2nd Vice Chairman
* 1959, appointed 25 May 2020 until the
24th AGM (2023)
Member of the Supervisory Board of Tatra
banka, a. s., Bratislava
Member of the Supervisory
Board of UNIQA Österreich
Versicherungen AG, Vienna
(since 25 May 2020)
Erwin Hameseder, 2nd Vice Chairman
* 1956, appointed 21 May 2007 until
25 May 2020 (resigned)
Chairman of the Supervisory Board of
Raiffeisen Bank International AG, Vienna
Chairman of the Supervisory Board of AGRANA
Beteiligungs-Aktiengesellschaft, Vienna
Vice Chairman of the Supervisory Board of
STRABAG SE, Villach
2nd Vice Chairman of the Supervisory Board of
Südzucker AG, Mannheim
Member of the Supervisory
Board of UNIQA Österreich
Versicherungen AG,
Vienna (from 14 April 2020
until 25 May 2020)
Burkhard Gantenbein, 3rd Vice Chairman
* 1963, appointed 29 May 2017 until the
24th AGM (2023)
Member of the Supervisory
Board of UNIQA Österreich
Versicherungen AG, Vienna
(Chairman of the Supervisory
Board until 14 April 2020)
Member of the Supervisory
Board of UNIQA
International AG, Vienna
(until 8 December 2020)
as at 31 December
2020: 25,250 shares
Markus Andréewitch, Member
* 1955, appointed 26 May 2014 until the
24th AGM (2023)
Member of the Supervisory
Board of UNIQA Österreich
Versicherungen AG, Vienna
(since 25 May 2020)
Marie-Valerie Brunner, Member
* 1967, appointed 28 May 2018 until the
24th AGM (2023)
Member of the Supervisory
Board of UNIQA Österreich
Versicherungen AG, Vienna
(since 25 May 2020)
as at 31 December
2019: 1,750 shares
Anna Maria D´Hulster, Member
* 1964, appointed 20 May 2019 until the
24th AGM (2023)
Member of the Supervisory
Board of UNIQA Österreich
Versicherungen AG, Vienna
(since 25 May 2020)
Elgar Fleisch, Member
* 1968, appointed 28 May 2018 until the
24th AGM (2023)
Member of the Supervisory
Board of UNIQA Österreich
Versicherungen AG, Vienna
(since 25 May 2020)
Martin Grüll, Member
* 1959, appointed 20 May 2019 until the
24th AGM (2023)
Member of the Supervisory
Board of UNIQA Österreich
Versicherungen AG, Vienna
(since 25 May 2020)
Jutta Kath, Member
* 1960, appointed 30 May 2016 until the
24th AGM (2023)
Member of the Supervisory Board of UNIQA
Österreich Versicherungen AG, Vienna
(since 25 May 2020)
Member of the Board of Directors of
UNIQA Re AG, Zurich
Members of the Supervisory Board
CORPORATE GOVERNANCE / Corporate Governance Report
CORPORATE GOVERNANCE
11
Delegated by the Central Works Council
Sabine Andre
* 1966, since 20 May 2019
Peter Gattinger
* 1976, from 10 April 2013 until
26 May 2015 and since 30 May 2016
Heinrich Kames
* 1962, since 10 April 2013
as at 31 December
2020: 56 shares
Harald Kindermann
* 1969, since 26 May 2015
as at 31 December
2020: 750 shares
Franz-Michael Koller (until 20 May 2020)
* 1956, from 17 September 1999 until
20 May 2020
as at 20 May
2020: 912 shares
Irene Scheiber
* 1965, since 20 May 2020
Committees of the Supervisory Board
Committee Chairpeople Vice Chairman Members
Delegated by the
Central Works Council
Committee for Board Affairs
Walter
Rothensteiner
Christian Kuhn Burkhard Gantenbein,
Erwin Hameseder (until 25 May 2020),
Johann Strobl (since 25 May 2020)
Working Committee
Walter
Rothensteiner
Christian Kuhn Elgar Fleisch, Burkhard Gantenbein,
Martin Grüll, Erwin Hameseder
(until 25 May 2020), Johann Strobl
(since 25 May 2020)
Sabine Andre (since 20 May
2020), Peter Gattinger, Heinrich
Kames, Franz-Michael Koller
(until 20 May 2020)
Audit Committee
Walter
Rothensteiner
Christian Kuhn Anna Maria D’Hulster, Burkhard
Gantenbein, Erwin Hameseder (until
25 May 2020), Jutta Kath, Johann Strobl
(since 25 May 2020)
Sabine Andre (since 20 May
2020), Peter Gattinger,
Heinrich Kames, Franz-Michael
Koller (until 20 May 2020)
Investment Committee
Martin Grüll Christian Kuhn Marie-Valerie Brunner, Anna Maria
D´Hulster, Burkhard Gantenbein,
Jutta Kath
Sabine Andre (since 19 May
2020), Peter Gattinger,
Heinrich Kames, Franz-Michael
Koller (until 19 May 2020)
IT Committee
Markus
Andréewitch
Jutta Kath Marie-Valerie Brunner, Elgar Fleisch Peter Gattinger (since 19 May
2020), Heinrich Kames,
Franz-Michael Koller (until
19 May 2020)
Digital Transformation
Committee
(since 23 June 2020)
Elgar Fleisch
(since 23 June
2020)
Burkhard
Gantenbein
(since 23 June
2020)
Markus Andréewitch (since 23 June 2020),
Marie-Valerie Brunner (since 23 June 2020),
Anna Maria D’Hulster (since 23 June 2020),
Walter Rothensteiner (since 23 June 2020)
Sabine Andre (since 23 June
2020), Peter Gattinger (since
23 June 2020), Heinrich Kames
(since 23 June 2020)
12
The work of the Supervisory Board and its committees
The Supervisory Board advises the Management Board
in its strategic planning and projects. It decides on the
matters assigned to it by law, the Articles of Association
and its rules of procedure. The Supervisory Board is re-
sponsible for supervising the management of the com-
pany by the Management Board. It is comprised of ten
shareholder representatives and five employee repre-
sentatives, and it convened for seven meetings in 2020.
Five decisions were made by way of circular resolution.
All members of the Supervisory Board attended more
than half of the meetings of the Supervisory Board in
the 2020 financial year either in person, or virtually via
telephone or video conference.
A Committee for Board Affairs has been appointed to
handle the relationship between the company and the
members of its Management Board relating to em-
ployment and salary; this committee also acts as the
Nominating and Remuneration Committee and is com-
posed of the members of the Executive Committee of
the Supervisory Board. The Committee dealt with the
remuneration strategy and succession planning in three
meetings in 2020.
The Working Committee of the Supervisory Board is
only called upon to make decisions if the urgency of
the matter means that the decision cannot wait until
the next meeting of the Supervisory Board. It is the
Chairman’s responsibility to assess the urgency of the
matter. The resolutions passed must be reported in the
next meeting of the Supervisory Board. Generally, the
Working Committee can make decisions on any issue
that is the responsibility of the Supervisory Board, but
this does not include issues of particular importance or
matters that must be decided upon by the full Super-
visory Board by law. The Working Committee did not
convene for any meetings in 2020. One decision was
made by way of circular resolution.
The Audit Committee of the Supervisory Board per-
forms the duties assigned to it by law. The Audit Com-
mittee convened for three meetings, which were also
attended by the statutory auditor of the (consolidat-
ed) financial statements. The meetings dealt with all
the documents relating to the financial statements, the
Corporate Governance Report and the appropriation of
profit proposed by the Management Board (each for
the 2019 financial year). Furthermore, the audit of the
2020 financial statements of the companies of the con-
solidated group was planned, and the statutory auditor
reported on the results of preliminary audits. In par-
ticular, the Audit Committee received quarterly reports
from Internal Audit concerning audit areas and material
findings based on the audits conducted.
The Investment Committee advises the Management
Board with regard to its investment policy; it has no
decision-making authority. The Investment Commit-
tee held four meetings during which the members
discussed the capital investment strategy, questions
concerning capital structure and the focus of risk
management and asset liability management.
The IT Committee dealt with the ongoing monitoring
of the progress of the project implementing the UNIQA
Insurance Platform (new core IT system) over the course
of four meetings.
The newly established Digital Transformation Commit-
tee held two meetings in 2020 in which it dealt with
the digitalisation of core processes, the reduction in
complexities in the product portfolio and the consol-
idation of digital work processes related to customers
and employees.
The chairmen of the respective committees informed
the full Supervisory Board about the meetings and their
committees’ work.
For information concerning the activities of the Super-
visory Board and its committees, please also refer to the
details in the Report of the Supervisory Board.
As the shareholder representatives are composed of the
same individuals, the Supervisory Board of UNIQA In-
surance Group AG meets in a joint session with the Su-
pervisory Board of UNIQA Österreich Versicherungen
AG.
Independence of the Supervisory Board
All members of the Supervisory Board elected during the
Annual General Meeting have declared their independence
under Rule 53 of the Austrian Code of Corporate Govern
-
ance. Both Anna Maria D’Hulster and Jutta Kath also fulfil
the criteria of Rule 54 of the Austrian Code of Corporate
Governance, as they are not shareholders with a stake of
more than 10 per cent and they equally do not represent
the interests of this group.
A Supervisory Board member is considered independent if
he or she is not in any business or personal relationship
CORPORATE GOVERNANCE / Corporate Governance Report
CORPORATE GOVERNANCE
13
with the company or its Management Board that repre-
sents a material conflict of interest and is therefore capable
of influencing the behaviour of the member concerned.
UNIQA has established the following additional criteria
for determining the independence of a Supervisory Board
member:
The Supervisory Board member should not have been a
member of the Management Board or a senior executive
of the company or a subsidiary of the company in the past
five years.
The Supervisory Board member should not maintain or
have maintained within the last year any business rela
-
tionship with the company or a subsidiary of the com-
pany that is material for the Supervisory Board member
concerned. This also applies to business relationships with
companies in which the Supervisory Board member has a
significant economic interest, but does not apply to func
-
tions performed on decision-making bodies in the Group.
The Supervisory Board member should not have been
an auditor of the company or a shareholder or salaried
employee of the auditing company within the last three
years.
The Supervisory Board member should not be a member
of the Management Board of another company in which
a Management Board member of the company is a mem
-
ber of the other company’s Supervisory Board unless one
of the companies is a member of the other company’s
group or holds an investment in the other company.
The Supervisory Board member should not be a member
of the Supervisory Board for longer than 15 years. This
does not apply to Supervisory Board members who are
shareholders with a business investment or who are rep
-
resenting the interests of such a shareholder.
The Supervisory Board member should not be a close
family relative (direct descendant, spouse, life partner,
parent, uncle, aunt, sibling, niece or nephew) of a Man
-
agement Board member or of persons who are in one of
the positions described in the above points.
Measures to promote women on the Management
Board, the Supervisory Board and in executive positions
UNIQA is convinced that a high degree of diversity can
enhance its success on a sustainable basis. Diversity makes
employees successful together and has a positive influ-
ence on corporate culture. In this context, diversity means
different nationalities, cultures and a collective of men and
women, especially in executive positions. Together, they
contribute to the diversity of thought.
With Marie-Valerie Brunner, Anna Maria D’Hulster and
Jutta Kath, three women have been elected to join the Su-
pervisory Board of UNIQA Insurance Group AG. The pro-
portion of female Supervisory Board members among the
elected members (shareholder representatives) therefore
amounts to the legally required 30 per cent. Sabine Andre
was appointed to the group of employee representatives
on the Supervisory Board on 20 May 2019, with Irene
Scheiber appointed on 20 May 2020. At 40 per cent, the
proportion of female Supervisory Board members among
employee representatives therefore exceeds the 30 per
cent required by law.
A total of nine Management Board members were ap-
pointed to the Management Boards of UNIQA Insurance
Group AG and UNIQA Österreich Versicherungen AG in
Austria in 2020, none of whom were women. However,
because UNIQA is convinced that a high level of diversity
at all levels can sustainably increase the company’s suc-
cess, the Management Board made a clear commitment in
October 2020 to the objective of including more women
in management positions. A multitude of different per-
spectives means that the relevant risks can be identified in
good time, with better decisions made and the full poten-
tial for innovation exploited. Following the UNIQA trans-
formation in the international companies, the board and
executive levels show a share of women at 31 per cent (19
women and 43 men).
Of a total of 509 managers at the Austrian location, 158 are
women, which corresponds to a share of 31 per cent. In
the UNIQA Group’s international companies outside Aus-
tria, 329 of a total of 678 managers are currently wom-
en, which equates to 48.5 per cent. In the entire UNIQA
Group, the average number of female managers is 39.4
per cent (487 of a total of 1,187 persons).
14
Diversity concept
The development of a comprehensive diversity concept
was continued consistently in 2020 and has now also been
reflected within the organisation with the appointment of
Ulrike Kienast-Salmhofer as Diversity & Inclusion Officer as
at 1 August 2020. Three aspects were added to the priori-
ties selected in 2019 and defined as specific objectives for
upcoming years:
1. Women in management – more women in
management positions
2. Compensation fairness – equal pay for work of equal
value
3. Generation management – old and young together
contribute to the success of the company
4. People with disabilities – integrate, promote and offer
positions where they can use their strengths
5. Achieving a work/life balance
6. Internationality and background – using
internationality and cultural diversity as a strength
7. Sexual orientation – all sexual orientations and
identities are respected
Another workshop was held with Board members in Sep-
tember 2020 on the topic of unconscious bias. A manda-
tory module “Unconscious Bias. Inclusive Leadership” was
introduced in the newly launched #leader_ship programme
for all managers as a logical next step. UNIQA recognises
that self-reflective confrontation with an individual’s own
unconscious prejudices is the most important prerequisite
for practising diversity in everyday life.
Women in management
UNIQA has acknowledged that equal participation of
women in all processes and at all levels in the company is a
crucial competitive factor. The Women’s Career Index was
launched in the fourth quarter of 2020 as a well-found-
ed assessment of the current situation aimed at pursuing
the objective of more women in management positions
in an even more structured and effective manner going
forward. This has provided UNIQA with a tool to deter-
mine its standpoint regarding the topic as well as a way to
measure and manage the company’s equality objectives.
The women’s network “Women with Power – Network
Now” established in November 2020 involved the intro-
duction of an initiative to exchange experiences, at the
same time supporting the professional development of
women and identifying any obstacles for that. More than
70 women from all areas of UNIQA provided strong mo-
mentum at the launch event.
UNIQA also constantly provides opportunities for personal
development. The successful cooperation initiatives contin-
ued for instance with Female Founders and Business Riots.
Even though the measures imposed as a result of the coro-
navirus required some changes to be made from March
2020, three female managers were able to take part in the
three-month digital leadership programme Lead F, as well
as to gain valuable insights from various events.
Improving work/life balance plays a clear role in equal op-
portunities. Important experiences from expanding work-
ing from home options in the context of the coronavirus
crisis have given this topic particular momentum. In the
sense of “smart working”, a significant expansion of flexible
working options is being evaluated for when the pandemic
is over.
UNIQA was awarded the equalitA seal of approval for the
internal promotion of women in November 2020 as a re-
sult of these initiatives, which were able to build on exist-
ing foundations. UNIQA sees this seal of approval, which is
awarded by the Federal Ministry for Digital and Economic
Affairs, primarily as a mandate to promote gender equality
more forcefully and sustainably going forward.
Generation management
The UNIQA Group has continued to deal with the issue of
how it can make even more targeted use of the age diversi-
ty in the company in future, optimise the transfer of knowl-
edge and further promote intergenerational cooperation.
The “Get ready” format launched in the previous year was
used in this context, and the topic of generations in 2020
was covered as part of an event.
Transfer of knowledge was defined as a priority within the
scope of the demography consultation. Its objective is to
provide UNIQA managers with tools that enable a struc-
tured, appreciative and comprehensive handover when
people with knowledge and experience leave the organi-
sation.
CORPORATE GOVERNANCE / Corporate Governance Report
CORPORATE GOVERNANCE
15
Andreas Brandstetter
Chairman of the
Management Board
Peter Eichler
Member of the
Management Board
Wolf-Christoph Gerlach
Member of the
Management Board
Peter Humer
Member of the
Management Board
Wolfgang Kindl
Member of the
Management Board
René Knapp
Member of the
Management Board
Erik Leyers
Member of the
Management Board
Klaus Pekarek
Member of the
Management Board
Kurt Svoboda
Member of the
Management Board
evaluated by PwC Wirtschaftsprüfung GmbH for the 2020
financial year – with the exception of Rules 77 to 83. Rules
77 to 83 of the Austrian Code of Corporate Governance are
evaluated by the law firm Schönherr Rechtsanwälte GmbH.
The evaluation is carried out based mainly on the question-
naire, published by the Austrian Working Group for Cor-
porate Governance, for the evaluation of compliance with
the Code.
The evaluation by PwC Wirtschaftsprüfung GmbH and
Schönherr Rechtsanwälte GmbH confirming that UNIQA
complied with the rules of the Austrian Code of Corporate
Governance in 2020 – to the extent that these rules were
covered by UNIQA’s declaration of conformity – will be
published simultaneously with the annual financial report
for the 2020 financial year. Some of the rules were not ap-
plicable to UNIQA in the evaluation period.
Vienna, 22 March 2021
People with disabilities
Following the preliminary work completed in previous
years, UNIQA began an intensive collaboration with
myAbility in 2020. In addition to participating in and sup-
porting events, such as the myAbility Lounge in February
and the Disability Comfort Day in November, UNIQA also
became a member of the myAbility Business Forum. The
myAbility Business Forum is the largest B2B network on
the topic of business and disability in the German-speak-
ing world. Its objective is to achieve an economy accessi-
ble to all.
The fourth quarter of 2020 also saw the launch of the Dis-
Ability Performance Check at UNIQA. This initiative aims to
provide a well-founded assessment of the current situation
as well as starting points for effective measures aimed to
enhance inclusion of people with disabilities at UNIQA.
UNIQA’s fundamental stance against any form of exclusion
or discrimination was underlined by numerous points. For
example, the UNIQA Tower was illuminated with orange
lights to commemorate the International Day for the Elim-
ination of Violence against Women as part of the “Orange
the World” campaign, and it glowed in purple on the In-
ternational Day of People with Disabilities (“Purple Light
Up” campaign). UNIQA was also one of the first compa-
nies in Austria to sign the #positiv arbeiten (“working
positively”) declaration, an initiative by the Austrian AIDS
charity, “AIDS-Hilfen Österreich”, to promote a working
environment free from discrimination for people who are
HIV-positive.
Remuneration Report
The Remuneration Report is prepared by the Supervisory
Board of UNIQA Insurance Group AG in accordance with
Section 78c of the Austrian Stock Corporation Act and will
be submitted to a vote at the Annual General Meeting on
31 May 2021.
Risk report, directors’ dealings
A comprehensive risk report (Rules 69 and 70 of the Aus-
trian Code of Corporate Governance) is included in the
notes to the consolidated financial statements. The noti-
fications concerning directors’ dealings in the year under
review (Rule 73 of the Austrian Code of Corporate Gov-
ernance) can be found in the Investor Relations section of
the Group website at www.uniqagroup.com.
External evaluation
Implementation of, and compliance with, the individual
rules in the Austrian Code of Corporate Governance were
Report of the
SUPERVISORY BOARD
16
Dear Shareholders,
We had barely set the structural and staff-related course for
the future of the UNIQA Group at the end of 2019 when
2020 began with two major upheavals: the strategically
important acquisition in Eastern Europe in February and
the emergence of Covid-19 in March. I am dividing my
report into three parts in order to give you a good over-
view of the work of the Supervisory Board in this special
transformation year.
1. The most important features of 2020
The first meetings of the year were dedicated to the
largest acquisition in UNIQA’s corporate history: the Su-
pervisory Board dealt intensively with the financial situation
of the AXA companies in Poland, the Czech Republic
and Slovakia at the time along with their development
potential. We paid special attention to various options for
financing the purchase price of approximately €1 billion
as well as to possible effects on the leverage ratio, risk
capital, solvency ratio and the applicable balance sheet
items of our Group.
The Management Board and Supervisory Board were
involved intensively with the possible consequences of
Covid-19 from the second half of the first quarter. The
focus was on the potential impact on our clients, employees,
business performance, risk modelling and profit forecasts,
as well as the possible consequences for our dividends. The
Supervisory Board held weekly discussions with the Man-
agement Board in the second quarter regarding the most
significant decisions of the internal Covid-19 crisis team.
The operating principles for our Supervisory Board and
all its committees also changed abruptly in the second
quarter: All meetings of the Supervisory Board were held
virtually from April onwards, with one exception in the
summer. First of all, we had to learn how to handle this
technically and in terms of Group dynamics. We soon realised
that even better preparation of the written documents,
strict meeting discipline and good time management
would make a particularly effective contribution towards
significantly increasing the quality and therefore the ef-
ficiency of our digital meetings. The decision to hold the
Annual General Meeting virtually was not an easy one
for us either – following the capital increase in October
2013, the “Re-IPO”, active and modern capital market
cultivation and therefore personal discussions with you as
our shareholders are a key concern of the Management
Board and Supervisory Board.
From the middle of the year, our work was focused on
the details of our new “UNIQA 3.0 – Seeding the Future”
strategic programme. Aligning the findings from the
Covid-19 pandemic with the essential cornerstones of
UNIQA 3.0 was of particular concern to the Supervisory
Board here: are our assumptions still correct regarding
how society and customer needs will evolve by 2030?
Are there any new trends that we had not considered
adequately prior to this? Do certain initiatives need to be
prioritised differently by the Management Board? Can the
promises made by the Management Board with UNIQA
3.0 be kept to you as shareholders, including the impact
of Covid-19? We deliberately took a few months longer
than originally planned for this discussion process and
only took the relevant decisions at our last meeting of the
year in November.
Due to the concentration of topics with major strategic
importance, we had little time to reflect on the quality
of our cooperation within the Supervisory Board over
the course of the past year. At the same time, a significant
need for constant further development of our activities and
our capabilities has become apparent in an environment
subject to dynamic and even disruptive change, particu-
larly as a result of Covid-19. Towards the end of the year,
we therefore decided to appoint Werner H. Hoffmann,
Head of the Institute for Strategic Management at the
Vienna University of Economics and Business, to support
us in a structured process to optimise cooperation within
the Supervisory Board. The results are expected in the
course of 2021.
CORPORATE GOVERNANCE / Report of the Supervisory Board
16
CORPORATE GOVERNANCE / Report of the Supervisory Board
17
CORPORATE GOVERNANCE
17
2. Timeline and details of our main areas of focus
In the course of 2020, the Supervisory Board was regularly
informed by the Management Board about the business
performance and position of UNIQA Insurance Group AG
and the Group as a whole. It also supervised the Manage-
ment Board’s management of the business and fulfilled all
the tasks assigned to the Supervisory Board by law and the
Articles of Association. At the Supervisory Board meetings,
the Management Board presented detailed quarterly reports
and provided additional oral as well as written reports. The
Supervisory Board was given timely and comprehensive
information about measures requiring our approval.
No informational events or special seminars were held
for the Supervisory Board in 2020 due to the restrictions
imposed through the Covid-19 pandemic.
Focus of our deliberations
The Supervisory Board met on seven occasions in 2020.
Our meetings focused on the respective earnings situation
within our Group and its further strategic development.
We also made five decisions by way of circular resolution.
We discussed the results of the due diligence of the AXA
Group companies for sale in Poland, the Czech Republic
and Slovakia at an extraordinary meeting on 14 January
and approved the submission of a binding offer by UNIQA.
At our meeting held on 19 February, we mainly dealt with
the preliminary results of the Group in the 2019 financial
year and the status of talks with AXA on the takeover of
the AXA Group companies in Poland, the Czech Republic
and Slovakia. We also received reports on the status of
the UNIQA 3.0 strategic programme and examined the
options for restructuring the Austrian Group structure.
On 10 April the shareholder representatives on the Su-
pervisory Board passed a resolution in writing to meet
the minimum proportion of women and men on the
Supervisory Board required by law separately from the
employee representatives on the Supervisory Board.
The Supervisory Board’s (virtual) meeting on 15 April
focused on the audit of the annual financial statements
and consolidated financial statements for the year ended
31 December 2019 and on the reports from the Man-
agement Board regarding the latest developments in the
Group in the first quarter of 2020. We also discussed the
agenda for the 21st Annual General Meeting held on 25
May 2020, in particular the proposed appropriation of
profits and the proposal to the Annual General Meeting
to elect PwC Wirtschaftsprüfung GmbH as statutory au-
ditors for the 2021 financial year. The report by auditors
PwC Wirtschaftsprüfung GmbH and lawyers Schönherr
Rechtsanwälte GmbH regarding compliance with the
provisions of the Austrian Code of Corporate Governance
(ÖCGK) in the 2019 financial year was also acknowledged.
We passed a resolution on 27 April by way of circular
resolution to propose Johann Strobl for election to the
Supervisory Board at the 21st Annual General Meeting
on 25 May 2020. A subsequent special election was
required following the resignation of Erwin Hameseder.
At the (virtual) meeting on 20 May, we looked in detail
at the Group’s results in the first quarter of 2020.
The Supervisory Board was constituted by way of circular
resolution on 25 May and, following Erwin Hameseder’s
resignation from the Supervisory Board, Johann Strobl
was elected to the Executive Committee, the Committee
for Board Affairs, the Working Committee and the Audit
Committee of the Supervisory Board.
We also passed a resolution in writing on 25 May to
appoint the (additional) Management Board members
of UNIQA Österreich Versicherungen AG and UNIQA
International AG (the company ceased to exist as a result
of the merger on 8 December 2020) to the Management
Board, which will now consist of nine members going
forward, in accordance with the modified organisational
structure of the Austrian insurance Group with effect
from 1 July 2020. The Management Board of UNIQA
Österreich Versicherungen AG was set up with the same
individuals as were on the company’s Management
Board as at 1 July 2020. Similarly, the Supervisory Board
of UNIQA Österreich Versicherungen AG also consisted
of the same individuals as the company’s Supervisory
Board on 25 May 2020. The same individuals appointed
to all committees of the Supervisory Board at the level
of UNIQA Insurance Group AG were appointed at the
level of UNIQA Österreich Versicherungen AG, including
with identical responsibilities. Meetings of the compa-
ny’s Supervisory Board and its committees will be held
to coincide with the corresponding meetings of UNIQA
Österreich Versicherungen AG from 25 May 2020.
At our (virtual) extraordinary meeting on 23 June we
discussed the operational development of the AXA compa-
nies in Poland, the Czech Republic and Slovakia acquired
through the purchase agreement of 7 February 2020
as far as possible before closing, and the status of the
competition law proceedings before the EU Commission,
as well as the status of the proceedings before the local
supervisory authorities required for the completion of
the transaction. We also discussed the possible options
available for financing the acquisition price.
On 29 June, we finally approved by way of circular res-
olution the issue of a senior bond with a value of up to
€600 million and a hybrid capital bond (“Green Bond”)
with a value of up to €200 million.
On 19 August, we discussed the Group’s earnings in the
first half of 2020 and developments in the third quarter
of 2020. We also focused intensively on the development
of the future UNIQA 3.0 strategic programme (including
the “Cherrisk” and “Emerging Business Opportunities”
business areas).
In addition to reporting on the Group’s profits in the
first three quarters of 2020 and ongoing developments
in the fourth quarter of 2020, our (virtual) meeting on
18 November also covered the updated forecast for the
2020 financial year and the report on the Own Risk and
Solvency Assessment (ORSA) 2020. One-off measures
affecting the 2020 financial statements (headcount
reductions, impairments) were acknowledged. We also
approved the UNIQA 3.0 strategic programme (in par-
ticular the investments in the “Cherrisk” and “Emerging
Business Opportunities” business areas) and adopted the
budget for 2021 as well as the medium-term planning
up to 2025. A new process was introduced for evaluating
the activities of the Supervisory Board in accordance with
the Austrian Code of Corporate Governance.
Committees of the Supervisory Board
In addition to the Audit Committee required by law, we
have set up a further five committees in order to ensure that
the work of our Supervisory Board is structured effectively.
The work of the Executive Committee of the Supervi-
sory Board, which consists of the same members as the
Committee for Board Affairs and the Nominating and
Remuneration Committee for the Management Board,
was also of particular significance in 2020. The Commit-
tee dealt intensively with the final developments to the
UNIQA 3.0 strategic programme and the remuneration
strategy of the extended Management Board over the
course of multiple meetings.
The Audit Committee held three meetings in 2020 and
these meetings were also attended by the auditors of
the (consolidated) financial statements. All documents
relating to the financial statements were discussed at the
(virtual) meeting on 15 April, with the proposal for the
appropriation of profits adjusted with the agreement of
the Management Board. The annual activity report 2019
from the Compliance Officer was also submitted and
acknowledged. At the (virtual) meeting held on 20 May,
the auditor presented the plans for the audit of the 2020
financial statements prepared by the companies in the
UNIQA Group and coordinated this planning and strat-
egy with the Committee. At the (virtual) meeting held
on 18 November, the auditor informed the Committee
about the findings from its preliminary audits. In addition,
the Committee received quarterly reports from Internal
Audit on the areas audited by this department and any
material findings that arose from these audits.
The Investment Committee held four meetings at which
the members discussed the capital investment strategy,
questions concerning capital structure and the focus of
risk and asset liability management.
The IT Committee dealt with the ongoing monitoring
of the progress of the project implementing the UNIQA
Insurance Platform over the course of four meetings.
The new Digital Transformation Committee established
on 23 June 2020 held two meetings dedicated to the dig-
italisation of core processes, the reduction of complexities
in the product portfolio and the consolidation of digital
working processes related to customers and employees.
18
CORPORATE GOVERNANCE / Report of the Supervisory Board
18
19
The Working Committee did not hold any meetings in
the past financial year. A decision was taken by way of
circular resolution to sell a property.
The various chairs of the committees then informed the
members of the Supervisory Board in detail about the
meetings and their committee’s work.
3. Separate and consolidated financial statements
The separate financial statements prepared by the Manage-
ment Board, the Management Report of UNIQA Insurance
Group AG, the consolidated financial statements prepared in
accordance with International Financial Reporting Standards
(IFRSs) and the Group Management Report for 2020 were
audited by PwC Wirtschaftsprüfung GmbH; the statutory
auditor also verified that a separate consolidated non-
financial report and a consolidated corporate governance
report had been prepared for the 2020 financial year. The
audit raised no objections. The separate and consolidated
financial statements were each awarded an unqualified
audit opinion for 2020.
The Supervisory Board acknowledged and approved the
findings of the audit.
The evaluation of UNIQA’s compliance with the rules of
the Austrian Code of Corporate Governance in the 2020
financial year was carried out by PwC Wirtschaftsprüfung
GmbH, whereas compliance with Rules 77 to 83 of the
Austrian Code of Corporate Governance was assessed by
Schönherr Rechtsanwälte GmbH. The audits found that
UNIQA had complied with the rules of the Austrian Code
of Corporate Governance in the 2020 financial year – to
the extent that they were included in UNIQA’s declaration
of conformity.
The Supervisory Board acknowledged the consolidated
financial statements for 2020 and approved the 2020 annual
financial statements of UNIQA Insurance Group AG. It also
endorsed both the Management Report and the Group
Management Report. The 2020 annual financial statements
were thereby adopted in accordance with Section 96(4)
of the Austrian Stock Corporation Act.
The Supervisory Board reviewed and approved the pro-
posal for the appropriation of profit submitted by the
Management Board. Accordingly, a dividend distribution
of €0.18 per share will be proposed to the Annual General
Meeting on 31 May 2021.
Once again this year on behalf of the entire Supervisory
Board, I would like to thank all employees of UNIQA Insur-
ance Group AG and all Group companies for their major
personal commitment in the 2020 financial year and wish
them every continued success for their future.
Vienna, April 2021
On behalf of the Supervisory Board
Walter Rothensteiner
Chairman of the Supervisory Board
CORPORATE GOVERNANCE
19
20
Group
MANAGEMENT
REPORT and
Consolidated
FINANCIAL
STATEMENTS
21
GROUP MANAGEMENT REPORT
GROUP MANAGEMENT REPORT 22
CONSOLIDATED FINANCIAL
STATEMENTS
42
General information 42
Consolidated Statement of Financial Position 44
Consolidated Income Statement 45
Consolidated Statement of Comprehensive Income 46
Consolidated Statement of Cash Flows 47
Consolidated Statement of Changes in Equity 48
Notes to the Consolidated Financial Statements 51
Segment Reporting 51
Investments 64
Technical items 76
Other non-current assets 88
Other current assets 95
Taxes 96
Social capital 98
Equity 102
Subordinated liabilities 103
Other current and non-current liabilities 104
Other non-technical income and expenses 106
Other disclosures 106
Significant events after the reporting date 120
Risk report 120
Approval for publication 135
Declaration of the legal representatives 136
Audit opinion 137
22
Economic environment
Economic development was shaped above all by the
coronavirus pandemic and the associated restrictions in
2020. At the beginning of the spring, the rapidly rising
Covid-19 figures in the eurozone led to some harsh re-
strictions on business activities. This was accompanied by
an unprecedented recession affecting almost all sectors
of the economy. As a result, GDP in the eurozone fell by
approximately 15 per cent cumulatively in the first half of
2020, and industrial production in April 2020 was almost
30percent below the level at the beginning of the year.
Unlike in previous crises, sharp fluctuations were ob-
served not only in cyclical sectors, but also in the service
sector and private consumption.
Starting in May 2020, economic activity in the eurozone
rose again once the restrictions were relaxed, and some
areas were even able to catch up with pre-coronavirus lev-
els again. However, this should not hide the fact that pro-
duction output and consumer demand lost in the spring
were not compensated by a long shot, and that overall
economic output in the third quarter was still around
4percent below the levels at the end of 2019. To control
the rapidly increasing spread of Covid-19, some severe
restrictions were reintroduced in Europe from Septem-
ber 2020 onwards, particularly in November 2020. The
service sector in particular and therefore private con-
sumption were also severely affected by this. In the winter
of 2020/2021, we therefore expect a further decline in
macroeconomic activity, but it is likely to be significantly
less extreme than in the first half of 2020.
The slump in consumer demand caused by the business
environment also put a dampener on inflation. While
inflation was still at 1.4 per cent p.a. at the beginning of
2020, and the rate of inflation slipped in to a negative
range from August onwards. The ECB responded to the
coronavirus crisis and its accompanying effects with
a comprehensive easing of monetary policy. It offered
additional refinancing possibilities for banks, while
making the conditions for targeted long-term refinancing
transactions much more attractive. The existing bond
acquisition programme, worth €20 billion per month, was
supplemented by an envelope of €120 billion by the end of
the year and a pandemic emergency purchase programme
(PEPP) at an initial total of €1,350 billion. Overall, this
succeeded in preventing distortions in the financial sys-
tem and ensuring favourable credit supplies to the public
and private sectors.
Following the strong increase due to the coronavirus
crisis, risk premiums in the eurozone fell sharply over
the course of the year and are currently at approximately
the same level as at the beginning of 2020. Returns have
also declined generally and in some cases are at new all-
time lows. One of the main reasons for the decline in the
spreads for euro government bonds since the pandemic
broke out was the ECB’s significant monetary easing pol-
icy, in particular the bond purchase programmes, which
reduced the net liquidity available on the market. In
addition, the reconstruction assistance planned by the EU
strengthened investor confidence in the creditworthiness
of the eurozone countries: direct borrowing by the EU,
which ensures low-cost financing, is intended to provide
grants and loans to the member states. The expectations
with regard to the immunisation programmes that have
now begun and the anticipated economic recovery were
and remain an additional factor in the decline in risk
premiums.
Property and casualty insurance and health
insurance continue to grow in Austria
Premium revenues in Austrian property and casualty
insurance were strong in 2020 with 2.6 per cent growth
to €10.2 billion. Health insurance performed even more
strongly in 2020 than in the previous year with growth in
premiums of 3.9 per cent to €2.4 billion.
However, the trend towards premium attrition continued
in life insurance, with premiums shrinking by around
1.4percent year-on-year to just under €5.4 billion. The
Group Management
Report
GROUP MANAGEMENT REPORT 23
GROUP MANAGEMENT REPORT
main reason for this was a decline in life insurance with
recurring premiums. These fell by 2.0 per cent to €4.7bil-
lion. Single-premium insurance on the other hand rose by
2.7 per cent to €0.7 billion in 2020.
Pandemic interrupts the catch-up process in
Eastern Europe, return to growth expected in
2021 and 2022
Covid-19 resulted in a noticeable decline in economic out-
put of over 4 per cent in the markets of Central and East-
ern Europe last year, but experts expect the CEE markets
to return to significant economic growth of around 3 to
4percent for 2021 and 2022. Based on the positive eco-
nomic forecasts, the growth advantage currently enjoyed
by the CEE markets compared with western European
markets should also be established again following the
coronavirus pandemic.
The consequences of the pandemic also had an impact
on the insurance markets in CEE, with strong premium
growth in recent years no longer achieved in the previous
year. However, the extent to which the pandemic is affect-
ing the individual countries in the region varies. There
are also significant differences in the restrictive measures
imposed by local governments to prevent the spread of the
virus. However, according to the data currently available,
most insurance markets in Central and Eastern Europe
show generally stable revenue performance overall, de-
spite the difficult economic conditions in 2020.
Demand for insurance products was higher in the pre-
vious year in particular in some segments of property
insurance, such as fire insurance, general liability insur-
ance and motor insurance. In contrast, the segment of
life insurance saw a marked fall in premiums, following a
slight increase here in 2019. In addition to the persistently
low interest rate environment, the main reason for this
was the decline in new business via bank branches. Many
of the financial institutions’ offices were closed during the
lockdowns and various other restrictions, meaning that
the consultation-intensive pensions business could not
take place as usual. However, demand for life insurance
is generally expected to recover in CEE over the next few
years, as there is still a need for private pension provision
outside of the state pension systems. Many insurers have
also responded to the persistently low interest rates by
launching new provision solutions.
CEE remains a region with high growth potential for
UNIQA even though the growth of the insurance markets
was interrupted over the past year due to the coronavirus.
UNIQA has been active in Central and Eastern Europe for
more than 20 years. UNIQA significantly strengthened
its market position in this growth region once again with
the purchase of the AXA companies in Poland, the Czech
Republic and Slovakia at the beginning of 2020. The
positive economic performance expected in CEE after the
end of the pandemic is expected to contribute towards
higher income levels and household consumer spending
in the coming years. Increasing prosperity and growing
purchasing power go hand in hand with higher demand
for insurance solutions.
Premiums per capita (insurance density) as well as the
share of the insurance industry in gross domestic prod-
uct (insurance penetration) in CEE remain well below
the average for western European markets, thus clearly
demonstrating the very high potential for these insurance
markets to catch up.
UNIQA Group
With premiums written including savings portions
from unit-linked and index-linked life insurance of
€5,565.3million, the UNIQA Group is among the leading
insurance groups in Central and Eastern Europe. The
savings portions from unit-linked and index-linked life
insurance in the amount of €304.1 million were netted
out against the change in insurance provision pursuant to
FAS 97 (US GAAP). Without taking the savings portions
from unit-linked and index-linked life insurance into
consideration, the volume of premiums written amounted
to €5,261.2million.
24
UNIQA in Europe
UNIQA offers its products and services via all distri-
bution channels (hired sales force, general agencies,
brokers, banks and direct sales) and covers virtually the
entire range of insurance lines. UNIQA is the second-
largest insurance group in Austria, with a presence in
15countries of the CEE growth region: Albania, Bosnia
and Herzegovina, Bulgaria, Croatia, the Czech Republic,
Hungary, Kosovo, Montenegro, North Macedonia,
Poland, Romania, Russia, Serbia, Slovakia and Ukraine.
In addition, insurance companies in Switzerland and
Liechtenstein are also part of the UNIQA Group.
The listed holding company UNIQA Insurance Group
AG manages the Group and also operates the indirect
insurance business concluded as active reinsurance with
another insurance company. Moreover, UNIQA Insurance
Group AG carries out numerous service functions for
UNIQA Österreich Versicherungen AG and its interna-
tional Group companies, in order to take best advantage
of synergy effects and to implement the Group’s long-term
corporate strategy consistently.
Property and casualty insurance
The property and casualty insurance line includes prop-
erty insurance for private individuals and companies,
as well as private casualty insurance. The UNIQA Group
received premiums written in property and casualty
insurance in the amount of €3,010.3 million in 2020
(2019: €2,846.8 million) – which is 54.1 per cent (2019:
53.0 per cent) of total premium volume. The largest share
by far in the volume of property and casualty insurance
comes from private consumer business. Most property
and casualty insurance policies are taken out for a limited
term of up to three years. A broad spread across the dif-
ferent risks of a great many customers and the relatively
short terms of these contracts lead to only moderate
capital requirements and also make this business segment
attractive as a result.
Health insurance
Health insurance in Austria includes voluntary health
insurance for private customers, commercial preventive
healthcare and opt-out offers for certain independent
professions such as lawyers, architects and chemists.
Although health insurance is still at the early stages in
CEE, increased levels of prosperity in the region make the
long-term growth potential even greater. Across the en-
tire Group, premiums written amounted to €1,167.6mil-
lion in 2020 (2019: €1,130.8 million) – or 21.0 per cent
(2019: 21.0per cent) of total premium volume. UNIQA is
the undisputed market leader in this strategically impor-
tant business line in Austria, with around 46 per cent of
market share. The overwhelming majority comes from
Austria with around 93 per cent of premiums, with the
remaining 7 per cent from international business.
Life insurance
Life insurance covers economic risks that stem from the
uncertainty as to how long a customer will live. It includes
savings products such as classic and unit-linked life
insurance. There are also biometric products which hedge
against risks such as occupational disability, long-term
care needs or death. The life insurance business model
is structured towards the long term with terms that are
around 25 years on average. Life insurance is still facing
major challenges, as the low interest rate environment
is particularly disadvantageous to all long-term forms of
saving and investment, including for life insurance. In
life insurance, UNIQA achieved a Group-wide premium
volume (including savings portions from unit-linked and
index-linked life insurance) of €1,387.5 million (2019:
€1,394.9 million) – i.e. 24.9 per cent (2019: 26.0 per cent)
of total premium volume in 2020.
Companies included in the IFRS consolidated
financial statements
In addition to the annual financial statements of UNIQA
Insurance Group AG, the consolidated financial state-
ments include the financial statements of all subsidiaries
in Austria and abroad as well as those of the investment
funds under the Group’s control. The basis of consolida-
tion – including UNIQA Insurance Group AG – consisted
of 33 Austrian (2019: 33) and 66 international subsidi-
aries (2019: 57) as well as five Austrian (2019: 6) and six
international pension and investment funds (2019: 1). The
associates are four Austrian companies (2019: 5) and one
international company (2019: 1) that were accounted for
using the equity method for the Group accounting.
Details on the consolidated companies and associates are
contained in the corresponding overview in the consol-
idated financial statements. The accounting and meas-
urement methods are also described in the consolidated
financial statements.
Error correction in accordance with IAS 8
As a result of a model change in the impairment test, the
goodwill allocated to the CGUs Bulgaria and Romania
in the 2019 financial year amounts to €54.6 million. The
determination of the cash flow in perpetuity and the dis-
count rate is adjusted in the revised impairment test.
GROUP MANAGEMENT REPORT 25
GROUP MANAGEMENT REPORT
Furthermore, in preparation for the initial application of
IFRS 17 (Insurance Contracts) which is to be applied from
1 January 2023, it was discovered that deferred profit
participation was not accounted for in health insurance.
This is being corrected and the same content is also being
changed retroactively in the accounting method for life
insurance, in order to achieve a uniform presentation.
The adjustments are retroactive to 1 January 2019 and
have an impact of €9.0 million on the earnings before
taxes for the 2019 financial year.
Risk reporting
UNIQA’s comprehensive risk report is included in the
notes to the 2020 consolidated financial statements.
Corporate Governance Report
Since 2004, UNIQA has pledged to comply with the
Austrian Code of Corporate Governance. UNIQA pub-
lishes its consolidated Corporate Governance Report at
www. uniqagroup.com in the Investor Relations section.
Consolidated non-financial statement,
consolidated non-financial report
In accordance with Section 267a (6) of the Austrian
Commercial Code, UNIQA Insurance Group AG prepares
its consolidated non-financial statement as a separate
combined non-financial report. The separate condensed
non-financial report is prepared and signed by all legal
representatives. It is submitted to the Supervisory Board
for review and published together with the Group Man-
agement Report pursuant to Section 280 of the Austrian
Commercial Code.
UNIQA 3.0
At the end of 2020, the UNIQA Group decided on a
far-reaching strategic programme named UNIQA 3.0
for the years 2021 to 2025. Part of this transforma-
tion programme involves UNIQA becoming even more
customer- focused and making internal processes simpler,
more efficient and more cost-effective. This will also be
accompanied by the reduction of around 600 employees in
Austria by the end of 2022. These measures will therefore
result in restructuring expenses in the amount of approx-
imately €99 million in the 2020 consolidated financial
statements. In addition, impairments to the goodwill in
Serbia, Bulgaria and Romania result in a one-off charge of
€106 million.
26
Group business development
Premiums written (including savings portions from unit-linked and index-linked life insurance)
rose by 3.6 per cent to€5,565.3 million
The combined ratio deteriorated from 96.4 per cent to 97.8 per cent
Non-recurring expenses of €205 million for the restructuring provision and impairment losses
on goodwill in the fourth quarter of 2020
Consolidated profit/(loss) due to non-recurring effects of €19.4 million
Proposed dividend of €0.18 per share for 2020
Pre-tax profit at 2018 levels expected for 2021
Changes in premiums
UNIQA’s total premium volume, including savings por-
tions from unit-linked and index-linked life insurance
in the amount of €304.1 million (2019: €309.8 million),
increased by 3.6 per cent to €5,565.3 million in 2020 (2019:
€5,372.6million). The main driver of this was the initial
consolidation of AXA CEE companies in the fourth quarter
of 2020. Details on the acquisition of the AXA companies
can be found in note 1 to the consolidated financial state-
ments.
Premiums written including savings
portions from unit-linked and index-
linked life insurance
In € million
2016 20182017 2019 2020
5,565
5,293
5,048
5,309
5,373
The premium volume fell slightly
overall compared with the previous
year due to the coronavirus pan-
demic after adjusting the premiums
from the AXA companies acquired.
Slight declines in premiums in
property and casualty insurance
were recorded in the maritime,
aeronautical and transportation
insurance business lines as well as
other insurance policies due to the
coronavirus. No Covid-19-related
effects were observed in the health and life insurance
business areas.
In the area of insurance policies against recurring pre-
mium payments, there was a pleasant increase of 3.9per
cent to €5,472.2 million (2019: €5,267.9 million). In
the area of the single premium business, however, the
premium volume fell by 10.9 per cent to €93.2million
(2019:€104.6 million) in line with the strategy.
Premiums written in property and casualty insurance
grew by 5.7 per cent to €3,010.3 million in 2020 (2019:
€2,846.8 million). In health insurance, premiums writ-
ten in the reporting period increased by 3.2 per cent to
€1,167.6million (2019: €1,130.8 million). In life insur-
ance, premiums written including savings portions from
unit-linked and index-linked life insurance fell overall by
0.5percent to €1,387.5 million (2019: €1,394.9 million).
One of the reasons for this was the subdued demand due to
low interest rates and the temporary closure of our partner
banking branches during the lockdown phases in 2020,
especially in CEE.
The Group premiums earned, including savings por-
tions from unit-linked and index-linked life insurance
(after reinsurance) in the amount of €304.1 million
UNIQA Group
In € million 2020 2019 2018
Premiums written including savings portions from
unit-linked and index-linked life insurance 5,565.3 5,372.6 5,309.5
Cost ratio (after reinsurance)
29.4% 27.2% 25.9%
Combined ratio (after reinsurance)
97. 8% 96.4% 96.8%
Earnings before taxes
57.1 232.0 294.6
Consolidated profit/(loss) (proportion of the net
profit for the period attributable to the shareholders of
UNIQA Insurance Group AG) 19.4 171.0 243.3
GROUP MANAGEMENT REPORT 27
GROUP MANAGEMENT REPORT
Property and casualty insurance
In € million 2020 2019 2018
Premiums written
3,010.3 2,846.8 2,774.4
Insurance benefits (net)
–1,775.1 –1,719.5 –1,690.1
Loss ratio (after reinsurance)
63.2% 64.2% 65.4%
Operating expenses (net)
–970.7 –861.2 –811.0
Cost ratio (after reinsurance)
34.6% 32.2% 31.4%
Combined ratio (after reinsurance)
97. 8% 96.4% 96.8%
Net investment income
29.5 122.1 128.1
Earnings before taxes
– 67.9 61.4 120.3
Technical provisions (net)
3,732.1 3,061.3 2,970.6
(2019:€309.8million), rose by 3.1 per cent to
€5,333.7million (2019: €5,170.8 million). The volume
of premiums earned (net, in accordance with IFRSs)
even grew by 3.5percent to €5,029.5 million (2019:
€4,861.1million).
Change in insurance benefits
Insurance benefits before reinsurance (see note 9 in the
consolidated financial statements) increased in the 2020
financial year by 1.4 per cent to €3,819.8 million (2019:
€3,765.3million). Consolidated insurance benefits (net)
rose less strongly than the volume of premiums earned
in the past year by 0.8per cent to €3,694.6 million (2019:
€3,666.1 million).
Insurance benefits (net)
In € million
3,386
3,634
3,547
3,666
3,695
2016 20182017 2019 2020
In 2020 despite the extraordinary charges associated with
the Covid-19 pandemic, the loss ratio after reinsurance
in property and casualty insurance fell to 63.2 per cent
(2019:64.2 per cent) due to a favourable trend in basic loss-
es. An additional loss was incurred of around €70 million
mainly from the area of business interruption insurance
in direct connection with Covid-19. This was counteracted
by lower expenses for motor vehicle insurance due to lower
mobility in 2020. However, the combined ratio after rein-
surance deteriorated to 97.8 per cent (2019: 96.4 per cent)
due to thehigher cost ratio at Group level.
Combined ratio after reinsurance
In per cent
2016 20182017 2019 2020
Loss ratio Cost ratio
97.9
96.8
97. 5
96.4
97. 8
63.2
64.2
65.4
65.9
65.7
32.4
31.4
31.6
32.2
34.6
Operating expenses
Total consolidated operating expenses (see note 10 in the
consolidated financial statements) less reinsurance com-
mission and share of profit from reinsurance ceded rose
by 11.3 per cent to €1,566.4 million in the 2020 financial
year (2019: €1,407.1 million). Expenses for the acquisition
of insurance less reinsurance commission received and
the share of profit from reinsurance ceded in the amount
of €18.5 million (2019: €17.9 million) increased slightly
less than the volume of premiums earned, by 3.0 per cent
to €934.9 million (2019: €907.4 million). Other operating
expenses rose by 26.4 per cent to €631.5 million (2019:
€499.7million) due to higher personnel and IT costs in
connection with the integration of the AXA companies
in CEE in the amount of €39 million and one-off restruc-
turing expenses of €99 million. This includes expenses
amounting to around €62 million
(2019: around €51million) as part
of the innovation and investment
programme.
The cost ratio after reinsurance, i.e.
the ratio of total operating expenses
less the amounts received from re-
insurance commission and share of
profit from reinsurance ceded to the
Group premiums earned, including
savings portions from unit-linked
and index-linked life insurance,
increased to 29.4 per cent during the
28
past year (2019: 27.2 per cent) as a result of the develop-
ments mentioned above. The cost ratio before reinsurance
rose to 28.6percent (2019: 26.7percent).
Investments
The UNIQA Group’s investment portfolio (including
investment property, financial assets accounted for
using the equity method and other investments) rose by
€1,694.4million to €22,319.2 million in the 2020 financial
year (31 December 2019: €20,624.8 million). The main
reason for this was the first-time inclusion of the capital
investment portfolio of the AXA-CEE companies.
Net investment income fell to €505.4 million (2019:
€585.2million). The reasons for this were losses in the
value of shares, fixed-income securities and equity in-
vestments. In addition, gains realised from the sale of
properties of around €46 million had a positive impact in
2019. Nosignificant gains from the sale of properties were
recorded in 2020. Currency effects amounting to around
€15.7 million also had a negative effect on net investment
income. In addition, the equity method accounting of the
14.3percent holding in STRABAG SE in 2020 resulted in
a positive contribution to earnings of €56.0 million (2019:
€57.4 million). A detailed description of net investment in-
come can be found in the consolidated financial statements
(see note 5 in the consolidated financial statements).
Net investment income declined compared with the previ-
ous year due to negative capital market developments as a
result of the coronavirus pandemic. However, an upward
trend was observed in the capital markets from the second
quarter of 2020. Any reversals of impairment losses were
recognised in other comprehensive income in the item
“Profits recognised in equity from the measurement of
financial instruments available for sale”.
Other income and other
expenses
Other income rose by 12.6 per cent
in 2020 to €216.5 million (2019:
€192.4million). Other expenses rose
by 20.7 per cent to €230.5 million
in the reporting period (2019:
€191.0million).
Results
The UNIQA Group’s technical
result fell in 2020 by 13.5 per cent
to €78.3million (2019: €90.5 million) as a result of the
increased cost burden from one-off expenses. Operat-
ing profit fell by 28.4 per cent to €247.6 million (2019:
€345.9million).
UNIQA’s earnings before taxes fell by 75.4 per cent to
€57.1million (2019: €232.0 million), primarily due to the
one-off restructuring provision and impairment of good-
will. Profit/(loss) for the year also fell by 86.1 per cent to
€24.3 million (2019: €175.1 million). Income tax expense
fell to €32.8 million in 2020 (2019: €57.0 million).
Earnings before taxes
In € million
2016 20182017 2019 2020
226
295
265
232
57
The consolidated profit/(loss) (i.e. proportion of the net
profit for the period attributable to the shareholders of
UNIQA Insurance Group AG) amounted to €19.4 million
(2019: €171.0 million). Earnings per share fell as a result to
€0.06 (2019: €0.56).
Health insurance
In € million 2020 2019 2018
Premiums written
1,167.6 1,130.8 1,086.4
Insurance benefits (net)
–963.1 –969.3 –908.0
Operating expenses (net)
–225.0 –187.8 –183.9
Cost ratio (after reinsurance)
19.3% 16.7% 17.0%
Net investment income
104.5 109.0 103.4
Earnings before taxes
79.5 85.8 96.2
Technical provisions (net)
3,622.8 3,433.9 3,190.9
GROUP MANAGEMENT REPORT 29
GROUP MANAGEMENT REPORT
Earnings per share
In €
0.48
0.79
0.56
0.56
0.06
2016 20182017 2019 2020
The return on equity (after taxes and non-controlling
interests) fell to 0.6 per cent in the reporting period
(2019:5.4per cent).
Return on equity
In per cent
2016 20182017 2019 2020
4.7
7.9
5.4
0.6
5.4
On this basis, the Management Board will propose a divi-
dend of €0.18 per share to the Supervisory Board and the
Annual General Meeting (2019: €0.18 per share).
1)
Proposal to the Annual General Meeting
Dividend per share
In €
0.18
1)
2016 20182017 2019 2020
0.51
0.49
0.53
0.18
Own funds and total assets
Total equity attributable to the shareholders of UNIQA
Insurance Group AG increased by €82.4 million to
€3,450.1million in the past financial year (31 December
2019: €3,367.7 million). This was due to the increased
measurement of financial instruments available for
sale caused by the general fall in interest rates. Non-
controlling interests came to €24.8 million (31 Decem-
ber2019: €19.4million). The Group’s total assets came
to €31,908.0million as at 31 December 2020 (31 Decem-
ber2019: €28,673.8 million).
30
Cash flow
UNIQA’s net cash flow from operating activities amounted
to €167.9 million in 2020 (2019: €519.9 million). Cash flow
from investment activities amounted to €–714.7 million
(2019: €–526.9 million). Net cash flows from financing
activities amounted to €712.8 million as a result of the
issuance of two bonds (2019: €–958.9 million). Over-
all, cash and cash equivalents increased by €161.1 mil-
lion to €640.7million in the 2020 financial year (2019:
€479.6 million).
Employees
UNIQA’s average number of employees (full-time equiv-
alents, FTEs) rose in 2020 to 13,408 (2019: 13,038) due to
the inclusion of the AXA-CEE companies. These included
4,138 (2019: 4,202) field sales employees. The number of
employees in administration amounted to 9,271 (2019:
8,836).
In 2020, the Group had an average of 3,231 FTEs (2019:
2,766) in the Central Europe (CE) region – Poland,
Slovakia, the Czech Republic and Hungary – as well as
2,285 FTEs (2019: 2,278) in the Southeastern Europe
(SEE) region – Albania, Bosnia and Herzegovina, Bul-
garia, Croatia, Kosovo, Montenegro, North Macedonia
and Serbia – and 1,622 FTEs (2019: 1,647) in the Eastern
Europe (EE) region– Romania and Ukraine. There were
103 FTEs (2019: 112) working in Russia (RU). The average
number of FTEs in the Western European markets in
2020 was 42 (2019: 42). A total of 6,125 FTEs were em-
ployed in Austria (2019: 6,193). Including the employees of
the general agencies working exclusively for UNIQA, the
total number of people working for the Group amounts to
around 23,500.
In 2020, 60 per cent of the staff working in administra-
tive positions at UNIQA in Austria were women (2019:
55percent). In sales the ratio was
80 per cent men to 20percent
women (2019: 82 per cent men to
18 per cent women). 24.6percent
(2019: 15.4 per cent) of employees
were working part time. The average
age in the past year was 44.5years
(2019: 44 years).
There was no bonus for managers
or selected key employees nor was
there any employee participation in
the 2020 financial year due to the
coronavirus pandemic.
In addition, UNIQA offers young people in training the
opportunity to get to know foreign cultures and make
international contacts. Currently 93 apprentices are being
trained.
Life insurance
In € million 2020 2019 2018
Premiums written including savings portions from
unit-linked and index-linked life insurance 1,387. 5 1,394.9 1,448.6
Insurance benefits (net)
–956.4 –977.3 –1,035.7
Operating expenses (net)
–370.7 –358.1 –319.8
Cost ratio (after reinsurance)
27.2% 26.1% 22.6%
Net investment income
371.3 354.1 353.5
Earnings before taxes
45.5 84.8 78.2
Technical provisions (net)
16,442.0 15,588.7 15,483.4
of which technical provisions from unit-linked and
index-linked life insurance (net) 5,115.4 4,646.0 4,721.8
GROUP MANAGEMENT REPORT 31
GROUP MANAGEMENT REPORT
Operating segments
UNIQA Austria
Premiums written (including savings portions from unit-linked and index-linked life insurance)
rose to €3,837.5 million
The cost ratio increased to 23.4 per cent due to restructuring measures
Combined ratio increased from 93.9 per cent to 98.7 per cent
Earnings before taxes amounting to €–119.1 million
Changes in premiums
At UNIQA Austria, premiums written including savings
portions from unit-linked and index-linked life insurance
increased by 1.0 per cent to €3,837.5 million in 2020 (2019:
€3,800.8 million). Recurring premiums rose by 0.8 per cent
to €3,807.7 million (2019: €3,775.7 million). The single pre-
mium business increased by 18.6 per cent to €29.8 million
(2019: €25.1 million).
Including savings portions from unit-linked and
index- linked life insurance, the volume of premiums
earned at UNIQA Austria amounted to €3,076.7 million
(2019:€3,057.0 million). The volume of premiums earned
(net, in accordance with IFRSs) rose by 0.9 per cent to
€2,869.7 million in 2020 (2019: €2,845.4 million).
While premiums written in property and casualty in-
surance rose by 2.0 per cent to €1,796.1 million (2019:
€1,760.7 million), they increased by as much as 3.2 per
cent in health insurance to €1,089.6 million (2019:
€1,056.3 million). In life insurance (including savings por-
tions from unit-linked and index-linked life insurance), they
fell by 3.3percent to €951.8 million (2019: €983.9 million).
UNIQA Austria
In € million 2020 2019 2018
Premiums written including savings portions
from unit-linked and index-linked life insurance 3,837. 5 3,800.8 3,734.4
Cost ratio (after reinsurance)
23.4% 20.8% 18.6%
Combined ratio (after reinsurance)
98.7% 93.9% 91.6%
Earnings before taxes
–119.1 159.6 231.7
Property and casualty insurance
In € million 2020 2019 2018
Premiums written
1,796.1 1,760.7 1,703.5
Insurance benefits (net)
–698.6 –688.3 –691.2
Loss ratio (after reinsurance)
65.5% 65.6% 66.9%
Operating expenses (net)
–353.7 –297.4 –255.4
Cost ratio (after reinsurance)
33.2% 28.3% 24.7%
Combined ratio (after reinsurance)
98.7% 93.9% 91.6%
Net investment income
–196.1 33.7 39.0
Earnings before taxes
–197.3 83.1 112.8
Technical provisions (net)
1,171.6 1,099.3 1,090.3
32
Premiums written including savings
portions from unit-linked and index-
linked life insurance
UNIQA Austria
In € million
3,631
3,734
3,657
3,801
3,838
2016 20182017 2019 2020
Premiums earned (net, according to IFRSs) rose by
1.5percent to €1,066.1 million in property and casualty
insurance (2019: €1,049.8 million) and by 3.1per
cent to €1,082.7 million in health insurance (2019:
€1,050.6 million). However, in life insurance they fell by
3.2per cent to €720.9 million (2019: €744.9 million). In-
cluding savings portions from unit-linked and index-linked
life insurance, the volume of premiums earned in life in-
surance amounted to €927.9 million (2019: €956.6 million).
Changes in insurance benefits
Net insurance benefits at UNIQA Austria fell by 1.8percent
in 2020 to €2,383.7 million (2019: €2,426.3 million). In
property and casualty insurance, they rose by 1.5percent
to €698.6 million (2019: €688.3 million) in line with
premiums earned. As a result, the loss ratio in property
and casualty insurance fell slightly in 2020 to 65.5 per
cent (2019: 65.6 per cent). Nevertheless, the combined
ratio in the UNIQA Austria segment increased after
reinsurance to 98.7 per cent (2019: 93.9 per cent) due
to the higher cost ratio. In health insurance, net insur-
ance benefits fell by 1.2 per cent to
€916.9 million (2019: €927.8 million).
In life insurance, they fell by 5.2per
cent to €768.2million (2019:
€810.3 million).
Operating expenses
Operating expenses less reinsurance commissions received
and the share of profit from reinsurance ceded in the
amount of €194.3 million (2019: €190.5 million) increased
by 13.2 per cent to €719.3 million (2019: €635.7 million)
in the 2020 financial year due to the one-off expenses
related to the restructuring. They rose by 18.9 per cent
in property and casualty insurance to €353.7 million
(2019: €297.4 million). In health insurance, they also grew
15.3percent to reach €176.9 million (2019: €153.3 million).
They also increased in life insurance by 2.0 per cent to
€188.8 million (2019: €185.1 million).
The cost ratio of UNIQA Austria after reinsurance, i.e. the
ratio of total operating expenses, less reinsurance commis-
sion and share of profit from reinsurance ceded, to premi-
ums earned, including savings portions from unit-linked
and index-linked life insurance, thus rose to 23.4 per cent
during the past year (2019: 20.8 per cent).
Net investment income
In the UNIQA Austria segment, net investment income
fell by 62.1 per cent in 2020 to €160.8 million (2019:
€424.1 million). The main reason for this development
was the merger of UNIQA International AG with UNIQA
Österreich Versicherungen AG. Through the merger,
measurements of international insurance companies, that
have been performed internally until now, are represent-
ed across the UNIQA Austria and UNIQA International
segments. However, this negative measurement result is
balanced out by the consolidation and therefore had no
effect on profit or loss for the UNIQA Group.
Health insurance
In € million 2020 2019 2018
Premiums written
1,089.6 1,056.3 1,008.9
Insurance benefits (net)
–916.9 – 927.8 –864.4
Operating expenses (net)
–176.9 –153.3 –140.9
Cost ratio (after reinsurance)
16.3% 14.6% 14.0%
Net investment income
95.1 101.2 103.0
Earnings before taxes
84.6 70.9 107.0
Technical provisions (net)
3,573.2 3,386.2 3,151.4
GROUP MANAGEMENT REPORT 33
GROUP MANAGEMENT REPORT
Earnings before taxes
Earnings before taxes at UNIQA Austria fell to
€–119.1million (2019: €159.6 million) in the reporting
period, primarily due to the increase in costs and the fall
in net investment income. They fell to €–197.3 million
in property and casualty insurance (2019: €83.1 mil-
lion). In health insurance, they increased by 19.2 per
cent to €84.6million (2019: €70.9 million). In life insur-
ance, earnings before taxes fell to €–6.3 million (2019:
€55 million).
232 232
263
160
–119
Earnings before taxes
UNIQA Austria
In € million
2016 20182017 2019
2020
Life insurance
In € million 2020 2019 2018
Premiums written including savings portions
from unit-linked and index-linked life insurance 951.8 983.9 1,022.0
Insurance benefits (net)
–768.2 –810.3 –834.7
Operating expenses (net)
–188.8 –185.1 –168.6
Cost ratio (after reinsurance)
20.3% 19.3% 17.0%
Net investment income
261.9 289.1 276.3
Earnings before taxes
–6.3 5.5 12.0
Technical provisions (net)
13,817.0 13,940.2 13,910.8
34
UNIQA International
Premiums written (including savings portions from unit-linked and index-linked life insurance)
rose to €1,705.4 million
Combined ratio improved to 93.3 per cent
The technical result rose to €40.9 million
Earnings before taxes at €–27.0 million due to impairment of goodwill
UNIQA International
In € million 2020 2019 2018
Premiums written including savings portions
from unit-linked and index-linked life insurance 1,705.4 1,561.2 1,564.6
Cost ratio (after reinsurance)
38.8% 38.3% 35.6%
Combined ratio (after reinsurance)
93.3% 95.0% 95.5%
Earnings before taxes
–27.0 16.0 55.1
Changes in premiums
Premiums written including savings portions from unit-
linked and index-linked life insurance increased in the
UNIQA International segment in 2020 by 9.2percent
to €1,705.4 million (2019: €1,561.2 million) as a result
of the acquisition of AXA companies in Poland, the
Czech Republic and Slovakia. While recurring premi-
ums increased by 10.8 per cent to €1,642.1million (2019:
€1,481.8 million), single premiums fell as planned by
20.3 per cent to €63.4million (2019: €79.5 million). That
means that in 2020 the international companies contrib-
uted a total of 30.6 per cent (2019: 29.1 per cent) to total
Group premiums.
Including savings portions from unit-linked and in-
dex-linked life insurance, the segment’s volume of
premiums earned amounted to €1,200.5 million (2019:
€1,082.6 million). The volume of premiums earned
(net, in accordance with IFRSs) increased in 2020 by
12.1percent to €1,103.4 million (2019: €984.5 million).
While premiums written grew in property and
casualty insurance by 10.7 per cent to €1,192.6 million
(2019: €1,076.9 million), they rose by 4.5 per cent to
€77.9 million in health insurance (2019: €74.6 million).
In life insurance, premiums written (including sav-
ings portions from unit-linked and index-linked life
insurance) rose by 6.1 per cent to €434.9 million (2019:
€409.8million).
Premiums written including
savings portions from unit-linked
and index-linked life insurance
UNIQA International
In € million
1,400
1,565
1,609
1,561
1,705
2016
2018
2017 2019 2020
In property and casualty insurance, premiums earned
(net, in accordance with IFRSs) rose by 14.4 per cent to
€702.5million (2019: €614.1 million), while in health
insurance they grew by 11.1 per cent to €74.4 million
(2019: €67.0million). In life insurance, they increased by
7.5percent to €326.4 million (2019: €303.5 million). In-
cluding savings portions from unit-linked and index-linked
life insurance, the volume of premiums earned in life in-
surance amounted to €423.5 million (2019: €401.6 million).
In Central Europe (CE) – which includes Poland, Slovakia,
the Czech Republic and Hungary – premiums written in-
cluding savings portions from unit-linked and index-linked
life insurance increased in the 2020 financial year by
21.2per cent to €1,143.5 million due to the inclusion of the
GROUP MANAGEMENT REPORT 35
GROUP MANAGEMENT REPORT
AXA-CEE companies (2019: €943.7 million). In Eastern
Europe (EE), comprising Romania and Ukraine, they fell
by 4.1 per cent to €193.1 million (2019: €201.5 million).
In Southeastern Europe (SEE), comprising Albania,
Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo,
Montenegro, North Macedonia and Serbia, the premiums
written including savings portions from unit-linked and
index-linked life insurance fell in 2020 by 9.4 per cent to
€289.5 million (2019: €319.4 million). In Russia (RU), they
fell by19.3percent to €71.4 million (2019: €88.5 million).
They remained stable in Western Europe (WE) – Liechten-
stein and Switzerland – at €8.0 million (2019: €8.1 million).
Changes in insurance benefits
Net insurance benefits at UNIQA International in-
creased in 2020 by 12.3 per cent to €608.1 million (2019:
€541.6 million). They rose by 11.1 per cent in property and
casualty insurance to €386.2 million (2019: €347.6 million).
In health insurance, they grew 8.6 per cent to reach
€42.2million (2019: €38.8 million). In life insurance, they
also increased by 15.9 per cent to €179.8 million (2019:
€155.1million). This pushed the loss ratio in property and
casualty insurance down to 55.0 per cent in 2020 (2019:
56.6per cent), while the combined ratio after reinsurance in
the UNIQA International segment improved to 93.3percent
(2019: 95.0 per cent).
In the Central Europe region, insur-
ance benefits rose by 33.8 percent
in 2020 to €372.5 million (2019:
€278.4million), while in the East-
ern Europe region, they increased
by 14.5percent to €63.7 million
(2019: €55.6 million). In South-
eastern Europe, they decreased by
15.9per cent to €115.6 million (2019:
€137.5million). At €54.9 million,
benefits in Russia were 20.6percent
below the previous year’s level (2019:
€69.2million). In Western Europe,
they rose to €1.3 million (2019:
€0.8million).
Operating expenses
Operating expenses less reinsurance
commissions received and the share
of profit from reinsurance ceded in
the amount of €129.2 million (2019:
€133.0 million) increased in the
2020financial year by 12.4 per cent to
€466.4 million (2019: €414.9 million).
They rose 14.3 per cent in property and casualty insurance
to €269.4 million (2019: €235.7 million), while in health
insurance they rose by 28.4 per cent to €27.4 million
(2019: €21.3 million). In life insurance, they increased by
7.4percent to €169.6 million (2019: €157.9 million).
The cost ratio of UNIQA International after reinsurance, i.e.
the ratio of total operating expenses, less reinsurance com-
mission and share of profit from reinsurance ceded, to pre-
miums earned, including savings portions from unit-linked
and index-linked life insurance, amounted to 38.8percent
during the past year (2019: 38.3 per cent).
In Central Europe, operating expenses less reinsurance
commissions received and the share of profit from re-
insurance ceded rose by 34.6 per cent to €256.9 million
(2019: €190.9 million) in the reporting period. In Eastern
Europe, they fell by 17.0 per cent to €69.3 million (2019:
€83.5 million). They remained stable in Southeastern
Europe at €101.5 million (2019: €101.3 million). In Rus-
sia, costs fell by 18.4 per cent to €13.4 million (2019:
€16.4 million), while in Western Europe they also dropped
by 32.4 per cent to €1.4million (2019: €2.1 million). In
administration (UNIQA International AG), costs rose by
15.4per cent to €23.8 million (2019: €20.7 million).
Property and casualty insurance
In € million 2020 2019 2018
Premiums written
1,192.6 1,076.9 1,067.4
Insurance benefits (net)
–386.2 –3 47.6 –339.2
Loss ratio (after reinsurance)
55.0% 56.6% 58.0%
Operating expenses (net)
–269.4 –235.7 –219.6
Cost ratio (after reinsurance)
38.3% 38.4% 37.5%
Combined ratio (after reinsurance)
93.3% 95.0% 95.5%
Net investment income
34.2 25.3 23.8
Earnings before taxes
–37. 2 –30.5 17.5
Technical provisions (net)
1,275.9 678.6 653.7
Health insurance
In € million 2020 2019 2018
Premiums written
77.9 74.6 77.6
Insurance benefits (net)
–42.2 –38.8 – 41.3
Operating expenses (net)
–27.4 –21.3 –24.7
Cost ratio (after reinsurance)
36.8% 31.8% 37.5%
Net investment income
0.0 0.4 0.5
Earnings before taxes
4.5 7.1 0.2
Technical provisions (net)
46.0 44.8 37.2
36
Net investment income
The segment’s net investment income increased in 2020
by 72.3 per cent to €106.1 million (2019: €61.6 million).
Earnings before taxes
Despite the improvement in the technical result, earn-
ings before taxes in the UNIQA International segment
fell to €–27.0 million due to the impairment of goodwill
(2019: €16.0 million). Earnings before taxes in property
and casualty insurance therefore fell to €–37.2 million
(2019: €–30.5 million), in health insurance they fell to
€4.5 million (2019: €7.1 million). Lastly, in life insur-
ance, earnings before taxes fell to €5.7 million (2019:
€39.4 million).
Earnings before taxes
UNIQA International
In € million
12
55
43
16
–27
2016 20182017 2019
2020
Life insurance
In € million 2020 2019 2018
Premiums written including savings portions
from unit-linked and index-linked life insurance 434.9 409.8 419.7
Insurance benefits (net)
–179.8 –155.1 –181.4
Operating expenses (net)
–169.6 –157.9 –132.4
Cost ratio (after reinsurance)
40.0% 39.3% 32.4%
Net investment income
71.8 35.9 57.5
Earnings before taxes
5.7 39.4 37.5
Technical provisions (net)
2,651.6 1,654.4 1, 577.7
GROUP MANAGEMENT REPORT 37
GROUP MANAGEMENT REPORT
Group functions
Group functions
In € million 2020 2019 2018
Operating expenses (net)
–80.0 –48.5 –68.4
Net investment income
96.2 356.3 309.8
Earnings before taxes
–48.5 255.0 185.6
In the Group functions segment, operating expenses rose
by 65.0 per cent to €80.0 million (2019: €48.5 million).
Net investment income amounted to €96.2 million
(2019:€356.3 million).
Reinsurance
Reinsurance
In € million 2020 2019 2018
Premiums written
1,162.7 1,129.2 1,098.3
Insurance benefits (net)
–700.6 –700.4 –682.4
Operating expenses (net)
–311.0 –303.7 –299.6
Cost ratio (after reinsurance)
29.4% 29.5% 30.4%
Earnings before taxes
58.3 33.5 20.9
Technical provisions (net)
1,373.6 1,406.4 1,352.1
In the reinsurance segment, the volume of premiums
written rose in 2020 by 3.0 per cent to €1,162.7 million
(2019: €1,129.2 million).
Premiums written including savings
portions from unit-linked and index-
linked life insurance Reinsurance
In € million
1,131
1,098
1,092
1,129
1,163
2016 20182017 2019 2020
The volume of premiums earned (net, in accordance
with IFRSs) increased by 2.6 per cent to €1,056.1 million
(2019:€1,029.3 million).
Net insurance benefits in 2020 remained stable at
€700.6million (2019: €700.4 million).
Operating expenses less reinsurance commissions re-
ceived and the share of profit from reinsurance ceded in
the amount of €12.2 million (2019: €10.1 million) rose by
2.4 per cent to €311.0 million (2019: €303.7 million).
Net investment income decreased to €6.9 million
(2019:€29.5 million) in 2020.
Earnings before taxes in the reinsurance segment
increased by 73.9 per cent to €58.3 million (2019:
€33.5 million).
Earnings before taxes fell to €–48.5 million in the 2020
financial year (2019: €255.0 million).
38
In the Consolidation segment, net investment income
amounted to €135.4 million in 2020 (2019: €–286.2 mil-
lion).
Earnings before taxes amounted to €193.4 million (2019:
€–232.1 million).
Significant events after the reporting date
In early March 2021, the Austrian Supreme Court ruled in
favour of the insurance industry in connection with busi-
ness interruptions arising from Covid-19. In this decision,
the Court clarified that a coverage obligation on the part of
the insurer from the business interruption caused by the
epidemic only applies in the case of a business closed due to
the Austrian Epidemic Act, but not based on a ban on entry
and access ordered under the Austrian Covid-19 Measures
Act. This is expected to have a positive impact on claim
payments in the 2021 financial year.
Outlook
The ongoing Covid-19 pandemic considerably increases the
uncertainty of all statements on future business develop-
ment, as not only all forecasts regarding the further course
of the pandemic and the associated effects on overall
economic development, but also the assessment of future
central bank policy, government measures, and reactions
on the capital market are currently subject to major uncer-
tainty.
On the other hand, we regard the situation in our technical
core business as relatively strong. Despite our initial fears
at the start of the pandemic, our insurance business has
proven to be highly resilient. Despite significant restric-
tions, which affected sales in particular, we were able to
keep our premium volume relatively stable on a comparable
basis, i.e. before factoring in the AXA acquisition in CEE.
Our customers did not waive their insurance coverage
despite the economic challenges, meaning that the rate of
cancellations remained very moderate for the given condi-
tions. This makes us optimistic about the premium volume
for 2021.
The loss directly related to Covid-19 was already entered in
the books in full in 2020 and will certainly not be repeated
to the same extent in 2021. Conversely, people’s mobility
in our core markets is no longer as reduced as the levels we
saw in the first half of 2020, despite recent repeated lock-
downs. Thus, we cannot expect fewer claims in our motor
vehicle insurance over the long term.
We began the largest restructuring in our corporate history
in the past financial year. The first partial successes of this
restructuring should be seen in the form of a decrease in
administrative costs as early as 2021.
In summary, we do not see any significant distortions in
our core insurance business despite the ongoing pandemic.
This expectation is, however, linked to the hope of im-
provements in the pandemic situation thanks to the broad
availability of effective vaccines in the second half of 2020.
The outlook for the UNIQA Group for 2021 is subject to the
following assumptions:
A global economic recovery is occurring that balances out
at least some of the economic output lost in 2020.
The ECB’s monetary policy will also remain extreme-
ly loose in 2021. UNIQA does not therefore expect any
noticeable rise in the general interest rate level in the
eurozone.
Fluctuations on the capital markets remain high, but
there is no lasting significant decline in securities prices.
There are no drastic fiscal, regulatory or legal interven-
tions on the horizon.
Damages from natural catastrophes remain within the
average of previous years.
Overall, UNIQA is expecting earnings before taxes for the
2021 financial year at approximately the 2018 level.
Consolidation
Consolidation
In € million 2020 2019 2018
Net investment income
135.4 –286.2 –248.3
Earnings before taxes
193.4 –232.1 –198.7
GROUP MANAGEMENT REPORT 39
GROUP MANAGEMENT REPORT
The dividend distribution is based on the company’s prof-
its. UNIQA plans to distribute 50 to 60 per cent of consoli-
dated profit to shareholders in the form of a dividend.
Information pursuant to Section 243a(1) of the
Austrian Commercial Code
1. The share capital of UNIQA Insurance Group AG
amounts to €309,000,000 and is comprised of
309,000,000 individual no-par-value bearer shares.
€285,356,365 of the share capital was fully paid in cash
and €23,643,635 was paid in non-cash contributions. All
shares confer the same rights and obligations.
2. A voting trust exists for shareholdings of UNIQA
Versicherungsverein Privatstiftung, Austria Ver-
sicherungsverein Beteiligungs-Verwaltungs GmbH,
Collegialität Versicherungsverein Privatstiftung and
RZB Versicherungsbeteiligung GmbH. Reciprocal pur-
chase option rights have been agreed upon.
3. Raiffeisen Bank International AG holds indirectly, via
RZB – BLS Holding GmbH and RZB Versicherungs-
beteiligung GmbH, a total of 10.87 per cent (allocated in
accordance with the Austrian Stock Exchange Act) of the
company’s share capital; UNIQA Versicherungsverein
Privatstiftung holds directly and indirectly through
Austria Versicherungsverein Beteiligungs-Verwaltungs
GmbH a total of 49.00 per cent (allocated in accordance
with the Austrian Stock Exchange Act) of the company’s
share capital.
4. No shares with special control rights have been issued.
5. The employees who have share capital exercise their
voting rights directly.
6. There are no provisions of the Articles of Association or
other provisions that go beyond the statutory provisions
for appointing Management Board and Supervisory
Board members or for modifying the Articles of Associ-
ation, with the exception of the rule that, when a Super-
visory Board member turns 70 years of age, they retire
from the Supervisory Board at the end of the next Annual
General Meeting.
7. The Management Board is authorised to increase
the company’s equity capital up to and including
30June2024 with the approval of the Supervisory Board
by a total of no more than €80,000,000 by issuing up to
80,000,000 no-par-value bearer or registered shares
conferring voting rights in exchange for payment in cash
or in kind, one time or several times. The Management
Board is further authorised until 30 May 2023 to buy
back up to 30,900,000 treasury shares (together with
other treasury shares that the company has already
acquired and still possesses) through the company and/
or through subsidiaries of the company (Section 66 of
the Stock Corporation Act). The company held 2,034,739
treasury shares as at 31 December 2020. 1,215,089
treasury shares are held through UNIQA Österreich Ver-
sicherungen AG. This share portfolio resulted from the
merger in 2016 of BL Syndikat Beteiligungs Gesellschaft
m.b.H. as the transferring company, with UNIQA Insur-
ance Group AG as acquiring company (payment of port-
folio in UNIQA shares to shareholders of BL Syndikat
Beteiligungs Gesellschaft m.b.H.). This share portfolio
is not to be included in the highest number of treasury
shares.
8. Corresponding agreements with other shareholders of
STRABAG SE are in place concerning the holding in this
company.
9. No reimbursement agreements exist for the event of a
public takeover offer.
Information pursuant to Section 243a(2) of the
Austrian Commercial Code
The internal control and risk management system at
UNIQA Insurance Group AG is comprised of transparent
systems that encompass all company activities and include
a systematic and permanent approach, based on a defined
risk strategy, with the following elements: identification,
analysis, measurement, management, documentation and
communication of risks, as well as the monitoring of these
activities. Identification, analysis, measurement, man-
agement, documentation and communication of risks and
monitoring of these activities. The scope and orientation
of these systems were designed on the basis of company-
specific requirements. Despite creating appropriate
frameworks, there is always a certain residual risk because
even appropriate and functional systems cannot guaran-
tee absolute security with regard to the identification and
management of risks.
Objectives:
a) Identification and measurement of risks that could
obstruct the goal of producing (consolidated) financial
statements that comply with regulations
40
b) Limiting recognised risks, for example by consulting
with external specialists
c) Review of external risks with regard to their influence
on the consolidated financial statements and the corre-
sponding reporting of these risks
The aim of the internal control system in the accounting
process is to guarantee sufficient security by means of im-
plementing controls so that, despite identified risks, proper
financial statements are prepared. Along with the risks
described in the Risk Report, the risk management system
also analyses additional risks within internal business
processes, compliance, internal reporting, etc.
Organisational structure and control environment
The company’s accounting process is incorporated into the
UNIQA Group accounting process. In addition to the SAP
S/4HANA accounting system, a harmonised insurance-
specific IT system is also used for the company’s purposes.
Compliance guidelines and manuals for company organisa-
tion, accounting and consolidation exist for the purpose of
guaranteeing secure processes.
Identification and control of risks
An inventory and appropriate control measures were con-
ducted to identify existing risks. The type of controls was
defined in the guidelines and instructions and coordinated
with the existing authorisation concept.
The controls include both manual coordination and
comparison routines, as well as the acceptance of system
configurations for connected IT systems. New risks and
control weaknesses in the accounting process are quickly
reported to management so that it can undertake correc-
tive measures. The procedure for the identification and
control of risks is evaluated on a regular basis by an exter-
nal independent auditor.
Information and communication
Deviations from expected results and evaluations are
monitored by means of monthly reports and key figures,
and they form the foundation of information provided to
management on an ongoing basis. The management review
that is based on this information, and the approval of the
processed data, form the foundation of further treatment
in the company’s financial statements.
Measures to ensure effectiveness
Rather than being made up of static systems, the internal
control and risk management system is adjusted on an
ongoing basis to changing requirements and the business
environment. The identification of the necessity of chang-
es requires constant monitoring of the effectiveness of all
systems. The foundations for this are:
a) Regular self-evaluations by the persons tasked with
controls
b) Evaluations of key data to validate transaction results in
relation to indications that suggest control deficiencies
c) Random tests of effectiveness by the Internal Audit
department and comprehensive efficacy tests by the
Internal Audit department and/or special teams
Reporting to the Supervisory Board/
Audit Committee
In the context of compliance and internal control and risk
management systems, the Management Board reports
regularly to the Supervisory Board and the Audit Commit-
tee by means of Internal Audit department reports and the
separate engagement of external auditors.
GROUP MANAGEMENT REPORT 41
GROUP MANAGEMENT REPORT
Proposed appropriation of profit
The separate financial statements of UNIQA Insurance
Group AG prepared in accordance with the Austrian Com-
mercial Code and the Insurance Supervision Act show a net
profit of €€55,722,592.34 (2019: €168,233,424.34) for the
2020 financial year. The Management Board will propose
to the Annual General Meeting on 31 May 2021 that this
profit be used for the distribution of a dividend of €0.18
for each of the 309,000,000 entitled no-par-value bear-
er shares issued as of the reporting date and to carry the
remaining amount forward to new account.
Vienna, 22 March 2021
Andreas Brandstetter
Chairman of the
Management Board
Peter Eichler
Member of the
Management Board
Wolf-Christoph Gerlach
Member of the
Management Board
Peter Humer
Member of the
Management Board
Wolfgang Kindl
Member of the
Management Board
René Knapp
Member of the
Management Board
Erik Leyers
Member of the
Management Board
Klaus Pekarek
Member of the
Management Board
Kurt Svoboda
Member of the
Management Board
42
General information
ciled in Austria . The address of the company’s registered
office is Untere Donaustrasse 21, 1029 Vienna , Austria.
The Group primarily conducts business with property and
UNIQA Insurance Group AG is registered in the company
registry of the Commercial Court of Vienna under
FN 92933t. The shares of UNIQA Insurance Group AG are
listed on the prime market segment of the Vienna Stock
Exchange.
UNIQA Insurance Group AG is subject to the regulatory
requirements of European and Austrian supervisory au-
thorities (Financial Market Authority, European Insur-
ance and Occupational Pensions Authority). The require-
ments include in particular the quantitative and qualita-
tive solvency requirements.
Unless otherwise stated, these consolidated financial
statements are prepared in thousand euros; rounding dif-
ferences may occur through the use of automated calcula-
tion tools when totalling rounded amounts and percent-
ages. The functional currency at UNIQA is the euro.
UNIQA’s reporting date is 31 December.
Accounting principles
The consolidated financial statements were prepared in
line with the International Financial Reporting Standards
(IFRSs) as well as the provisions of the International
Financial Reporting Interpretations Committee (IFRIC)
as adopted by the European Union (EU) as at the reporting
date. The additional requirements of Section 245a(1) of
the Austrian Commercial Code and Section 138(8) of the
Austrian Insurance Supervision Act were met.
Use of discretionary decisions and estimates
The consolidated financial statements require the
Group Management Board to make discretionary deci-
sions, estimates and assumptions that relate to the appli-
cation of accounting policies and the amounts stated for
the assets, liabilities, income and expenses. Actual results
may differ from these estimates. Estimates and their un-
derlying assumptions are reviewed on an ongoing basis.
Revisions to estimates are recorded prospectively.
Discretionary judgements and assumptions regarding the
future which could have a significant impact on these
consolidated financial statements are described in the fol-
lowing notes:
Note 2: Investment property (assumptions used in deter-
mining fair values)
Note 3: Financial assets accounted for using the equity
method (assumptions and models used in STRABAG SE’s
earnings estimates)
Note 4: Other investments and unit-linked and index-
linked life insurance investments (determination of fair
values)
Note 6: Technical provisions (assumptions and models
used in calculating actuarial provisions)
Consolidated
Financial
Statem
ents
43CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Note 12: Intangible assets (assumptions used in determin-
ing goodwill)
Note 16: Deferred taxes (assessment of the ability to real-
ise deferred tax assets)
Note 17: Defined benefit plans (calculation of the present
value of the defined benefit obligations)
The following table provides a summary of the measurement standards for the individual balance sheet items in the as-
sets and liabilities:
Balance sheet item
Standard of measurement
Assets
Property, plant and equipment At lower of amortised cost or recoverable amount
Intangible assets
- with determinable useful life At lower of amortised cost or recoverable amount
- with indeterminable useful life At lower of acquisition cost or recoverable amount
Investments
Investment property At lower of amortised cost or recoverable amount
Financial assets accounted for using the equity method At lower of amortised pro-rata value of the equity or recoverable amount
Other investments
- Financial assets at fair value through profit or loss Fair value
- Financial assets held for sale Fair value
- Loans and receivables Amortised cost
Unit-linked and index-linked life insurance investments Fair value
Reinsurers’ share of technical provisions As per the measurement of technical provisions
Reinsurers’ share of technical provisions for unit-linked and index-linked
life insurance
As per the measurement of technical provisions
Receivables, including insurance receivables Amortised cost
Income tax receivables
At the amount of any expected claims to the tax authorities, based on the tax rates
applicable on the reporting date or in the near future
Deferred tax assets
Undiscounted measurement applying the tax rates that are expected for the period
in which an asset is realised or a liability met
Cash and cash equivalents Amortised cost
Assets in disposal groups held for sale Lower of carrying amount and fair value less cost to sale
Liabilities
Subordinated liabilities Amortised cost
Technical provisions
Property insurance: provisions for losses and unsettled claims (undiscounted value of
expected future payment obligations)
Life and health insurance: insurance provision in accordance with actuarial
calculation principles (discounted value of expected future benefits less premiums)
Technical provisions for unit-linked and index-linked life insurance Insurance provision based on the change in value of the contributions assessed
Financial liabilities
- Liabilities from loans Amortised cost
- Derivative financial instruments Fair value
Other provisions
- from defined benefit obligations Actuarial measurement applying the projected benefit obligation method
- other Present value of future settlement value
Liabilities and other items classified as liabilities Amortised cost
Income tax liabilities
At the amount of any obligations to the tax authorities, based on the tax rates
applicable on the reporting date or in the near future
Deferred tax liabilities
Undiscounted measurement applying the tax rates that are expected for the period
in which an asset is realised or a liability met
44
Consolidated Statement of Financial Position
at 31 December 2020
Assets
In thousand
Notes 31/12/2020
31/12/2019
adjusted
Property, plant and equipment 11 364,739 351,780
Intangible assets 12 2,098,769 1,586,516
Investments
Investment property 2 1,219,213 1,137,444
Financial assets accounted for using the equity method 3 677,921 642,414
Other investments 4 20,422,107 18,844,939
Unit-linked and index-linked life insurance investments 4 5,218,124 4,680,403
Reinsurers’ share of technical provisions 6 514,268 350,022
Reinsurers’ share of technical provisions for unit-linked and index-linked life insurance 7 131 113
Receivables, including insurance receivables 13 684,249 546,659
Income tax receivables 15 59,130 48,660
Deferred tax assets 16 8,594 5,237
Cash and cash equivalents 14 640,713 479,621
Total assets 31,907,957 28,673,809
Equity and liabilities
In thousand
Notes 31/12/2020
31/12/2019
adjusted
1/1/2019
adjusted
Equity
Portion attributable to shareholders of UNIQA Insurance Group AG
Subscribed capital and capital reserves 21 1,789,923 1,789,923 1,789,923
Treasury shares 22 ‒16,614 ‒16,614 ‒16,614
Accumulated results 1,676,762 1,594,411 1,223,699
Non-controlling interests 24 24,760 19,399 14,438
Liabilities
Subordinated liabilities 1,069,920 870,110 869,832
Technical provisions 6 19,195,742 17,787,900 17,324,215
Technical provisions for unit-linked and index-linked life insurance 7 5,115,506 4,646,152 4,721,904
Financial liabilities 25 693,566 75,516 798,484
Other provisions 17, 19 847,235 685,709 662,998
Liabilities and other items classified as liabilities 26 994,221 803,095 807,210
Income tax liabilities 15 93,051 60,669 64,378
Deferred tax liabilities 16 423,884 357,539 242,246
Total equity and liabilities 31,907,957 28,673,809 28,503,801
45CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Consolidated Income Statement
from 1 January until 31 December 2020
In
thousand
Notes 1‒12/2020
1‒
12/2019
adjusted
Premiums earned (net) 8
Gross 5,231,531 5,034,721
Reinsurers’ share ‒201,992 ‒173,651
Technical interest income 322,125 331,238
Other insurance income
Gross 41,302 21,438
Reinsurers’ share 368 75
Insurance benefits 9
Gross ‒3,819,752 ‒ 3,765,286
Reinsurers’ share 125,174 99,186
‒3,694,579 ‒3,666,100
Operating expenses 10
Expenses for the acquisition of insurance ‒953,377 ‒925,258
Other operating expenses ‒631,546 ‒499,741
Reinsurance commission and share of profit from reinsurance ceded 18,524 17,883
‒1,566,399 ‒1,407,116
Other technical expenses
Gross ‒49,830 ‒ 46,360
Reinsurers’ share ‒4,232 ‒3,742
‒54,061 ‒ 50,102
Technical result 78,295 90,504
Net investment income 5
Income from investments 773,686 768,959
Expenses from investments ‒333,965 ‒248,143
Financial assets accounted for using the equity method 65,689 64,428
Other income 27 216,548 192,359
Reclassification of technical interest income ‒322,125 ‒331,238
Other expenses 28 ‒230,497 ‒ 191,019
Non-technical result 169,335 255,346
Operating profit/(loss) 247,631 345,850
Amortisation of VBI and impairment of goodwill ‒125,817 ‒ 59,162
Finance cost ‒64,758 ‒ 54,643
Earnings before taxes 57,056 232,045
Income taxes 15 ‒ 32,775 ‒56,953
Profit/(loss) for the period 24,281 175,092
of which attributable to shareholders of UNIQA Insurance Group AG 19,405 170,957
of which attributable to non-controlling interests 4,876 4,135
Earnings per share (in )
1)
Average number of shares in circulation 306,965,261 306,965,261
1)
Diluted earnings per share equate to undiluted earnings per share. This is calculated on the basis of the consolidated profit/(loss).
46
Consolidated Statement of Comprehensive Income
from 1 January until 31 December 2020
In
thousand
1‒12/2020 1‒
12/2019
adjusted
Profit/(loss) for the period 24,281 175,092
Items not reclassified to profit or loss in subsequent periods
Remeasurement of defined benefit obligations
Gains (losses) recognised in equity ‒35,708 ‒ 66,648
Gains (losses) recognised in equity ‒ deferred tax 8,913 16,651
Other income from financial assets accounted for using the equity method
Gains (losses) recognised in equity ‒5,188 459
‒31,983 ‒ 49,538
Items reclassified to profit or loss in subsequent periods
Currency translation
Gains (losses) recognised in equity ‒48,135 10,294
Recognised in the consolidated income statement 0 10
Measurement of financial instruments available for sale
Gains (losses) recognised in equity 632,111 1,003,627
Gains (losses) recognised in equity ‒ deferred tax ‒68,467 ‒133,326
Gains (losses) recognised in equity ‒ deferred profit participation ‒339,329 ‒447,842
Recognised in the consolidated income statement ‒68,659 ‒ 46,216
Recognised in the consolidated income statement ‒ deferred tax 9,498 13,724
Recognised in the consolidated income statement ‒ deferred profit participation 36,260 16,336
Other income from financial assets accounted for using the equity method
Gains (losses) recognised in equity ‒10,004 1,550
Other comprehensive income 111,292 368,618
Total comprehensive income 135,573 543,710
of which attributable to shareholders of UNIQA Insurance Group AG 134,805 533,690
of which attributable to non-controlling interests 768 10,020
47CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Consolidated Statement of Cash Flows
from 1 January until 31 December 2020
In
thousand
Notes 1‒12/2020 1‒
12/2019
adjusted
Profit/(loss) for the period 24,281 175,092
Amortisation of VBI, impairment of goodwill and other intangible assets, and depreciation of property,
plant and equipment 191,812 114,273
Impairment losses/reversal of impairment losses on other investments 132,409 70,616
Gain/loss on the disposal of investments ‒40,089 ‒ 74,458
Change in deferred acquisition costs 7,592 28,299
Change in securities at fair value through profit or loss 45,408 110,137
Change in direct insurance receivables 8,542 ‒ 44,131
Change in other receivables ‒ 6,437 51,724
Change in direct insurance liabilities ‒56,653 ‒2,603
Change in other liabilities 22,250 ‒ 11,103
Change in technical provisions ‒208,442 19,754
Change in defined benefit obligations 208 ‒ 27,965
Change in deferred tax assets and deferred tax liabilities ‒5,936 11,702
Change in other statement of financial position items 52,963 98,525
Net cash flow from operating activities 167,908 519,864
Proceeds from disposal of intangible assets and property, plant and equipment 13,712 4,615
Payments for acquisition of intangible assets and property, plant and equipment ‒122,625 ‒ 165,074
Proceeds from disposal of consolidated companies 587 0
Net payments for acquisition of consolidated companies ‒967,128 ‒4,523
Proceeds from disposal and maturity of other investments 3,466,661 3,810,353
Payments for acquisition of other investments ‒3,447,712 ‒ 4,243,088
Change in unit-linked and index-linked life insurance investments 341,815 70,779
Net cash flow from investing activities ‒714,690 ‒526,938
Dividend payments 21 ‒ 56,658 ‒ 164,809
Transactions between owners ‒577 ‒54
Proceeds from other financing activities 792,871 0
Payments from other financing activities 25 ‒ 22,815 ‒ 794,017
Net cash flow from financing activities 712,821 ‒958,880
Change in cash and cash equivalents 166,039 ‒965,954
of which due to acquisitions of consolidated subsidiaries 31,202 58
Change in cash and cash equivalents due to movements in exchange rates ‒4,948 1,185
Cash and cash equivalents at beginning of year 14 479,621 1,444,391
Cash and cash equivalents at end of period 14 640,713 479,621
Income taxes paid (Net cash flow from operating activities) ‒33,371 ‒ 45,053
Interest paid (Net cash flow from operating activities) ‒65,202 ‒ 60,945
Interest received (Net cash flow from operating activities) 386,059 401,064
Dividends received (Net cash flow from operating activities) 43,544 52,218
48
Consolidated Statement of Changes in Equity
Accumulated
In thousand
Notes
Subscribed capital
and
capital reserves
Treasury shares
Measurement of
financial instruments
available for sale
Remeasurement of
defined benefit
obligations
At 31 December 2018 1,789,923 ‒16,614 169,907 ‒264,893
IAS 8 restatement 38 62,209
At 1 January 2019 (adjusted) 1,789,923 ‒16,614 232,116 ‒ 264,893
Change in basis of consolidation
Dividends to shareholders
Total comprehensive income (adjusted) 401,255 ‒49,967
Profit/(loss) for the period (adjusted) 38
Other comprehensive income (adjusted) 401,255 ‒49,967
At 31 December 2019 (adjusted) 1,789,923 ‒16,614 633,372 ‒314,860
At 1 January 2020 1,789,923 ‒16,614 633,372 ‒314,860
Change in basis of consolidation
Dividends to shareholders 21
Total comprehensive income 200,033 ‒26,847
Profit/(loss) for the period
Other comprehensive income 200,033 ‒26,847
At 31 December 2020 1,789,923 ‒16,614 833,405 ‒341,707
49CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
results
Differences from
currency translation
Other accumulated
results
Portion attributable to
shareholders of UNIQA
Insurance Group AG
Non-
controlling
interests
Total
equity
‒179,722 1,473,511 2,972,112 14,438 2,986,550
‒37,314 24,896 24,896
‒179,722 1,436,197 2,997,008 14,438 3,011,446
‒287 ‒287 ‒2,942 ‒ 3,228
‒162,692 ‒162,692 ‒2,117 ‒164,809
‒170,286 1,446,185 3,367,720 19,399 3,387,119
‒170,286 1,446,185 3,367,720 19,399 3,387,119
‒55,254 ‒55,254 ‒1,405 ‒56,658
‒42,596 4,214 134,805 768 135,573
‒42,596 ‒15,192 115,399 ‒ 4,107 111,292
‒212,882 1,397,946 3,450,072 24,760 3,474,832
50
51CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Notes to the Consolidated Financial Statements
Segment reporting
The accounting and measurement methods of the seg-
ments that are subject to mandatory reporting correspond
with the consolidated accounting and measurement meth-
ods. The earnings before taxes for the segments were de-
termined taking the following components into considera-
tion: summation of the IFRS profits in the individual com-
panies, taking the elimination of net investment income in
the various segments and impairment of goodwill into
consideration. All other consolidation effects
(profit/(loss) for the period at associates, elimination of
interim results, and other overall effects) are included in
“Consolidation”. The segment profit/(loss) obtained in
this manner is reported to the Management Board of
UNIQA Insurance Group AG to manage the Group in the
following operating segments:
UNIQA Austria – includes the Austrian insurance busi-
ness.
UNIQA International – includes all international primary
insurance companies and an international service com-
pany as well as investment management companies and
pension funds. This segment is divided on a regional basis
into the following main areas:
Central Europe (CE – Poland, Slovakia, the Czech Repub-
lic and Hungary)
Eastern Europe (EE – Romania and Ukraine)
Russia (RU)
Southeastern Europe (SEE – Albania, Bosnia and Herze-
govina, Bulgaria, Croatia, Kosovo, Montenegro, North
Macedonia and Serbia)
Western Europe (WE – Liechtenstein and Switzerland)
Administration
Reinsurance – includes UNIQA Re AG (Zurich, Switzer-
land) and the reinsurance business of UNIQA Insurance
Group AG.
Group functions – includes the remaining items for
UNIQA Insurance Group AG (net investment income and
administrative costs) as well as all other remaining Aus-
trian and international service companies.
52
Operating segments
UNIQA Austria UNIQA International Reinsurance
In thousand
1‒12/2020 1‒
12/2019
adjusted
1‒12/2020 1‒
12/2019
adjusted
1‒12/2020 1‒12/2019
Premiums written (gross), including savings portions
from unit-linked and index-linked life insurance
3,837,500 3,800,819 1,705,441 1,561,242 1,162,667 1,129,178
Premiums earned (net), including savings portions
from unit-linked and index-linked life insurance
3,076,677 3,057,035 1,200,485 1,082,632 1,056,076 1,029,297
Savings portions from unit-linked and
index-linked life insurance (gross)
207,018 211,683 97,104 98,083 0 0
Savings portions from unit-linked and
index-linked life insurance (net)
207,018 211,683 97,104 98,083 0 0
Premiums written (gross) 3,630,482 3,589,137 1,608,337 1,463,159 1,162,667 1,129,178
Premiums earned (net) 2,869,659 2,845,352 1,103,382 984,549 1,056,076 1,029,297
Premiums earned (net) ‒ intragroup ‒727,578 ‒704,769 ‒ 369,557 ‒ 381,412 1,096,712 1,084,309
Premiums earned (net) ‒ external 3,597,237 3,550,121 1,472,938 1,365,961 ‒ 40,636 ‒55,012
Technical interest income 294,250 300,108 27,875 31,130 0 0
Other insurance income 4,977 3,842 26,636 20,576 7,606 216
Insurance benefits ‒2,383,735 ‒2,426,336 ‒ 608,096 ‒541,556 ‒700,605 ‒ 700,442
Operating expenses ‒719,347 ‒635,734 ‒ 466,354 ‒ 414,880 ‒310,966 ‒ 303,674
Other technical expenses ‒ 13,405 ‒14,873 ‒ 42,579 ‒ 40,075 ‒ 14,801 ‒15,430
Technical result 52,399 72,360 40,864 39,745 37,311 9,966
Net investment income 160,801 424,126 106,084 61,587 6,899 29,450
Income from investments 486,190 539,199 132,427 89,737 37,579 43,163
Expenses from investments ‒338,250 ‒133,651 ‒ 26,599 ‒28,319 ‒ 30,680 ‒13,713
Financial assets accounted for using
the equity method
12,861 18,578 256 169 0 0
Other income 1,592 1,565 46,161 23,334 18,013 2,540
Reclassification of technical interest income ‒294,250 ‒300,108 ‒ 27,875 ‒31,130 0 0
Other expenses ‒9,527 ‒11,470 ‒ 63,793 ‒ 15,400 ‒1,031 ‒ 5,544
Non-technical result ‒141,384 114,113 60,577 38,392 23,881 26,446
Operating profit/(loss) ‒88,985 186,473 101,441 78,136 61,192 36,412
Amortisation of VBI and impairment of goodwill ‒1,786 ‒1,786 ‒ 123,947 ‒57,377 0 0
Finance cost ‒28,287 ‒25,102 ‒ 4,530 ‒ 4,743 ‒ 2,901 ‒2,901
Earnings before taxes ‒119,058 159,585 ‒27,036 16,017 58,291 33,511
Combined ratio (property and casualty insurance,
after reinsurance)
98.7% 93.9% 93.3% 95.0% 95.8% 97.4%
Cost ratio (after reinsurance) 23.4% 20.8% 38.8% 38.3% 29.4% 29.5%
Impairment by segment
UNIQA Austria UNIQA International Reinsurance
In thousand
1‒12/2020 1‒12/2019 1‒12/2020 1‒
12/2019
adjusted
1‒12/2020 1‒12/2019
Goodwill
Impairments 0 0 ‒105,752 ‒56,653 0 0
Investments
Impairments ‒19,627 ‒6,631 ‒1,200 0 0 0
Reversal of impairment losses 51 54 0 1 0 0
53CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Group functions Consolidation Group
1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019
adjusted
0 0 ‒1,140,262 ‒ 1,118,689 5,565,346 5,372,550
0 0 423 1,872 5,333,662 5,170,836
0 0 0 0 304,122 309,766
0 0 0 0 304,122 309,766
0 0 ‒1,140,262 ‒ 1,118,689 5,261,224 5,062,785
0 0 423 1,872 5,029,539 4,861,071
0 0 423 1,872 0 0
0 0 0 0 5,029,539 4,861,071
0 0 0 0 322,125 331,238
13,288 349 ‒10,839 ‒3,469 41,669 21,514
2,318 3,354 ‒4,461 ‒1,120 ‒3,694,579 ‒3,666,100
‒80,049 ‒48,513 10,316 ‒4,315 ‒1,566,399 ‒1,407,116
‒163 2,345 16,887 17,931 ‒54,061 ‒50,102
‒64,606 ‒42,466 12,327 10,898 78,295 90,504
96,202 356,284 135,424 ‒ 286,202 505,409 585,244
321,071 482,698 ‒203,581 ‒ 385,839 773,686 768,959
‒225,227 ‒130,954 286,791 58,495 ‒333,965 ‒ 248,143
358 4,540 52,213 41,141 65,689 64,428
180,237 194,271 ‒ 29,455 ‒ 29,351 216,548 192,359
0 0 0 0 ‒322,125 ‒ 331,238
‒184,942 ‒186,557 28,796 27,952 ‒230,497 ‒ 191,019
91,498 363,997 134,764 ‒287,601 169,335 255,346
26,892 321,532 147,091 ‒276,703 247,631 345,850
0 0 ‒ 84 0 ‒125,817 ‒ 59,162
‒75,428 ‒66,511 46,389 44,614 ‒64,758 ‒ 54,643
‒48,537 255,021 193,396 ‒232,089 57,056 232,045
n/a n/a n/a n/a 97.8% 96.4%
n/a n/a n/a n/a 29.4% 27.2%
Group functions Consolidation Group
1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019
adjusted
0 0 0 0 ‒ 105,752 ‒56,653
‒49,943 ‒15,507 0 0 ‒70,770 ‒22,138
0 7 0 0 51 62
54
Classified by business line
Property and casualty insurance
In thousand
UNIQA Austria UNIQA International Reinsurance
1‒12/2020 1‒12/2019 1‒12/2020
1‒
12/2019
adjusted
1‒12/2020 1‒12/2019
Premiums written (gross) 1,796,102 1,760,672 1,192,585 1,076,924 1,125,744 1,089,855
Premiums earned (net) 1,066,070 1,049,839 702,548 614,061 1,039,922 1,012,808
Technical interest income 0 0 789 1,590 0 0
Other insurance income 2,923 2,459 7,529 16,889 7,581 199
Insurance benefits ‒ 698,649 ‒688,258 ‒386,161 ‒ 347,571 ‒687,026 ‒ 684,346
Operating expenses ‒353,673 ‒ 297,358 ‒ 269,392 ‒ 235,704 ‒309,509 ‒ 302,111
Other technical expenses ‒ 7,612 ‒ 8,297 ‒36,442 ‒ 36,631 ‒ 11,748 ‒12,197
Technical result 9,059 58,384 18,871 12,634 39,220 14,353
Net investment income ‒196,135 33,744 34,234 25,306 1,651 23,203
Income from investments 84,348 73,677 48,615 33,641 32,331 36,916
Expenses from investments ‒280,686 ‒ 40,226 ‒14,637 ‒ 8,504 ‒30,680 ‒ 13,713
Financial assets accounted for using
the equity method 203 293 256 169 0 0
Other income 1,355 679 18,302 5,209 18,011 2,521
Reclassification of technical interest income 0 0 ‒789 ‒ 1,590 0 0
Other expenses ‒8,344 ‒ 9,678 ‒ 15,503 ‒10,681 ‒ 929 ‒5,452
Non-technical result ‒203,124 24,745 36,245 18,244 18,733 20,272
Operating profit/(loss) ‒194,065 83,129 55,116 30,878 57,953 34,624
Amortisation of VBI and impairment of goodwill 0 0 ‒87,947 ‒57,001 0 0
Finance cost ‒3,220 0 ‒ 4,374 ‒ 4,352 ‒ 2,901 ‒2,901
Earnings before taxes ‒197,285 83,129 ‒37,205 ‒30,475 55,052 31,724
Health insurance
In thousand
UNIQA Austria UNIQA International Reinsurance
1‒12/2020 1‒
12/2019
adjusted
1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019
Premiums written (gross) 1,089,620 1,056,263 77,936 74,558 6,795 5,747
Premiums earned (net) 1,082,685 1,050,575 74,409 66,972 6,420 5,407
Technical interest income 88,746 86,386 2 2 0 0
Other insurance income 1,455 1,212 143 118 0 0
Insurance benefits ‒ 916,935 ‒927,766 ‒ 42,177 ‒38,842 ‒ 6,056 ‒ 5,962
Operating expenses ‒176,857 ‒ 153,324 ‒ 27,362 ‒21,314 ‒ 249 ‒387
Other technical expenses ‒227 ‒ 429 ‒ 433 ‒515 0 0
Technical result 78,867 56,654 4,581 6,421 115 ‒942
Net investment income 95,073 101,237 30 352 0 0
Income from investments 120,805 124,051 254 663 0 0
Expenses from investments ‒ 31,097 ‒ 30,564 ‒ 224 ‒ 310 0 0
Financial assets accounted for using
the equity method 5,365 7,750 0 0 0 0
Other income 127 555 3,278 3,146 0 0
Reclassification of technical interest income ‒ 88,746 ‒ 86,386 ‒ 2 ‒ 2 0 0
Other expenses ‒749 ‒ 1,122 ‒ 3,415 ‒ 2,821 ‒14 ‒68
Non-technical result 5,705 14,284 ‒110 675 ‒14 ‒68
Operating profit/(loss) 84,573 70,938 4,471 7,096 102 ‒1,011
Amortisation of VBI and impairment of goodwill 0 0 0 0 0 0
Finance cost 0 ‒1 0 0 0 0
Earnings before taxes 84,573 70,938 4,471 7,096 102 ‒1,011
55CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Group functions Consolidation Group
1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019 1‒12/2020
1‒12/2019
adjusted
0 0 ‒1,104,104 ‒ 1,080,668 3,010,327 2,846,783
0 0 414 1,729 2,808,954 2,678,436
0 0 0 0 789 1,590
13,253 299 ‒2,450 ‒ 3,403 28,836 16,443
153 99 ‒ 3,436 609 ‒1,775,119 ‒ 1,719,467
‒42,022 ‒25,539 3,872 ‒530 ‒970,724 ‒ 861,241
‒868 920 11,618 12,317 ‒45,053 ‒43,889
‒29,485 ‒24,220 10,017 10,722 47,683 71,872
40,683 321,995 149,113 ‒ 282,171 29,547 122,077
182,732 388,007 ‒ 127,167 ‒ 298,470 220,859 233,770
‒141,175 ‒68,438 265,340 11,587 ‒201,837 ‒ 119,295
‒874 2,426 10,940 4,712 10,525 7,601
8,537 12,093 481 ‒1,894 46,685 18,607
0 0 0 0 ‒789 ‒ 1,590
‒11,066 ‒13,616 ‒2,676 1,208 ‒ 38,518 ‒38,219
38,153 320,471 146,918 ‒282,857 36,925 100,875
8,669 296,251 156,935 ‒272,136 84,607 172,747
0 0 ‒ 82 0 ‒88,029 ‒ 57,001
‒67,437 ‒59,239 13,414 12,142 ‒64,519 ‒ 54,349
‒58,769 237,012 170,266 ‒ 259,994 ‒ 67,941 61,397
Group functions Consolidation Group
1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019
adjusted
0 0 ‒ 6,796 ‒ 5,747 1,167,554 1,130,821
0 0 99 73 1,163,614 1,123,027
0 0 0 0 88,747 86,388
0 0 ‒1 0 1,597 1,331
2,165 3,255 ‒ 53 17 ‒ 963,056 ‒969,298
‒20,486 ‒12,773 ‒ 12 ‒ 14 ‒224,966 ‒ 187,813
390 750 0 52 ‒270 ‒ 143
‒17,931 ‒8,769 33 129 65,666 53,493
28,468 20,029 ‒ 19,029 ‒ 12,584 104,542 109,034
83,032 46,352 ‒ 42,871 ‒ 41,109 161,220 129,957
‒54,564 ‒26,656 7,901 14,454 ‒77,985 ‒ 43,075
0 333 15,941 14,070 21,307 22,153
168,409 180,931 ‒ 27,121 ‒ 27,398 144,693 157,234
0 0 0 0 ‒88,747 ‒86,388
‒169,985 ‒170,992 27,606 27,509 ‒146,556 ‒ 147,494
26,893 29,969 ‒18,543 ‒ 12,473 13,931 32,387
8,962 21,200 ‒18,510 ‒ 12,344 79,597 85,879
0 0 0 0 0 0
‒65 ‒44 0 0 ‒ 66 ‒ 44
8,896 21,157 ‒18,510 ‒ 12,344 79,531 85,835
56
Life insurance
In thousand
UNIQA Austria UNIQA International Reinsurance
1‒12/2020 1‒
12/2019
adjusted
1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019
Premiums written (gross), including savings portions
from unit-linked and index-linked life insurance 951,778 983,884 434,921 409,760 30,128 33,576
Premiums earned (net), including savings portions
from unit-linked and index-linked life insurance 927,921 956,620 423,528 401,599 9,734 11,083
Savings portions from unit-linked and
index-linked life insurance (gross) 207,018 211,683 97,104 98,083 0 0
Savings portions from unit-linked and
index-linked life insurance (net) 207,018 211,683 97,104 98,083 0 0
Premiums written (gross) 744,760 772,201 337,817 311,677 30,128 33,576
Premiums earned (net) 720,903 744,938 326,424 303,516 9,734 11,083
Technical interest income 205,504 213,722 27,084 29,538 0 0
Other insurance income 599 171 18,964 3,569 25 17
Insurance benefits ‒768,151 ‒810,312 ‒179,758 ‒ 155,143 ‒ 7,523 ‒ 10,134
Operating expenses ‒188,817 ‒185,051 ‒169,599 ‒ 157,862 ‒ 1,208 ‒ 1,176
Other technical expenses ‒5,566 ‒6,146 ‒5,704 ‒2,928 ‒ 3,053 ‒ 3,233
Technical result ‒35,527 ‒ 42,678 17,412 20,690 ‒2,025 ‒3,444
Net investment income 261,862 289,144 71,820 35,929 5,248 6,248
Income from investments 281,036 341,472 83,558 55,433 5,248 6,248
Expenses from investments ‒26,467 ‒ 62,861 ‒11,738 ‒19,504 0 0
Financial assets accounted for using
the equity method 7,293 10,534 0 0 0 0
Other income 111 331 24,581 14,980 2 19
Reclassification of technical interest income ‒205,504 ‒213,722 ‒ 27,084 ‒29,538 0 0
Other expenses ‒435 ‒ 670 ‒44,875 ‒1,898 ‒ 88 ‒24
Non-technical result 56,034 75,083 24,442 19,472 5,162 6,242
Operating profit/(loss) 20,507 32,405 41,854 40,162 3,137 2,798
Amortisation of VBI and impairment of goodwill ‒ 1,786 ‒1,786 ‒ 36,000 ‒375 0 0
Finance cost ‒25,067 ‒ 25,101 ‒155 ‒ 391 0 0
Earnings before taxes ‒6,346 5,518 5,698 39,396 3,137 2,798
57CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Group functions Consolidation Group
1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019
adjusted
0 0 ‒29,363 ‒32,273 1,387,465 1,394,946
0 0 ‒ 89 70 1,361,094 1,369,372
0 0 0 0 304,122 309,766
0 0 0 0 304,122 309,766
0 0 ‒29,363 ‒32,273 1,083,343 1,085,180
0 0 ‒ 89 70 1,056,972 1,059,607
0 0 0 0 232,589 243,260
35 50 ‒ 8,387 ‒67 11,237 3,740
0 0 ‒972 ‒ 1,746 ‒956,404 ‒977,335
‒17,541 ‒10,202 6,457 ‒ 3,771 ‒370,708 ‒358,062
315 675 5,269 5,562 ‒8,739 ‒6,071
‒17,190 ‒9,476 2,277 48 ‒35,053 ‒34,861
27,050 14,260 5,340 8,553 371,321 354,133
55,306 48,339 ‒ 33,542 ‒ 46,260 391,606 405,232
‒29,489 ‒35,861 13,550 32,454 ‒54,143 ‒85,773
1,233 1,781 25,332 22,359 33,858 34,674
3,292 1,247 ‒ 2,816 ‒59 25,171 16,517
0 0 0 0 ‒232,589 ‒ 243,260
‒3,891 ‒ 1,950 3,866 ‒ 765 ‒ 45,423 ‒5,307
26,452 13,557 6,390 7,729 118,479 122,084
9,261 4,080 8,667 7,777 83,426 87,223
0 0 ‒1 0 ‒ 37,787 ‒ 2,161
‒7,926 ‒ 7,229 32,975 32,472 ‒ 173 ‒ 249
1,336 ‒3,148 41,640 40,249 45,466 84,813
58
UNIQA International ‒ classified by region
Premiums earned (net) Net investment income
In thousand
1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019
Poland 264,324 167,831 15,551 9,543
Slovakia 89,735 89,432 3,197 3,311
Czech Republic 246,685 183,097 7,754 7,372
Hungary 73,985 75,540 6,023 4,790
Central Europe (CE) 674,728 515,901 32,525 25,015
Romania 53,743 55,246 4,901 4,308
Ukraine 84,936 90,442 10,598 1,144
Eastern Europe (EE) 138,679 145,688 15,499 5,452
Russia 70,253 87,098 37,525 6,557
Russia (RU) 70,253 87,098 37,525 6,557
Albania 31,367 34,400 661 432
Bosnia and Herzegovina 27,670 28,895 2,481 4,848
Bulgaria 37,058 46,499 1,065 1,534
Kosovo 11,541 11,693 271 203
Croatia 49,241 49,240 11,696 13,967
Montenegro 10,241 10,830 684 787
North Macedonia 14,360 13,647 342 356
Serbia 37,036 39,470 3,958 3,592
Southeastern Europe (SEE) 218,515 234,673 21,158 25,718
Liechtenstein 1,206 1,189 64 16
Switzerland 0 0 ‒ 31 ‒ 21
Western Europe (WE) 1,206 1,189 33 ‒6
Austria 0 0 ‒655 ‒1,150
Administration 0 0 ‒ 655 ‒1,150
UNIQA International 1,103,382 984,549 106,084 61,587
Of which:
Earnings before taxes insurance companies
Impairment of goodwill
59CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Insurance benefits Operating expenses Earnings before taxes
1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019
adjusted
‒162,139 ‒99,535 ‒112,662 ‒60,215 4,184 15,010
‒45,321 ‒47,675 ‒41,405 ‒37,874 5,364 5,247
‒144,319 ‒ 107,601 ‒ 72,298 ‒ 59,459 33,325 22,499
‒20,733 ‒23,609 ‒30,571 ‒33,371 8,632 6,263
‒372,512 ‒ 278,420 ‒256,935 ‒ 190,919 51,506 49,019
‒29,598 ‒18,212 ‒24,954 ‒35,897 ‒ 58,218 ‒ 31,900
‒34,116 ‒37,423 ‒44,386 ‒47,646 14,166 6,687
‒63,714 ‒ 55,636 ‒69,339 ‒83,543 ‒44,052 ‒25,213
‒54,919 ‒69,211 ‒13,394 ‒16,413 20,178 19,480
‒54,919 ‒ 69,211 ‒13,394 ‒16,413 20,178 19,480
‒10,971 ‒14,959 ‒14,640 ‒16,356 244 1,227
‒16,834 ‒19,109 ‒11,345 ‒11,431 1,683 1,394
‒12,387 ‒24,052 ‒20,960 ‒19,973 ‒ 14,855 ‒ 15,724
‒7,152 ‒ 6,387 ‒4,712 ‒ 5,270 100 255
‒34,289 ‒34,989 ‒21,007 ‒20,939 1,813 8,079
‒5,060 ‒ 5,686 ‒4,657 ‒ 5,139 965 501
‒6,721 ‒ 7,187 ‒7,304 ‒ 6,896 581 ‒498
‒22,222 ‒25,096 ‒16,841 ‒15,292 ‒ 20,232 2,007
‒115,638 ‒ 137,465 ‒101,467 ‒ 101,296 ‒29,701 ‒ 2,761
‒1,313 ‒ 824 ‒ 1,385 ‒2,050 ‒789 ‒ 1,585
0 0 0 0 310 169
‒1,313 ‒824 ‒1,385 ‒ 2,050 ‒ 479 ‒ 1,417
0 0 ‒ 23,832 ‒ 20,659 ‒ 24,488 ‒ 23,092
0 0 ‒23,832 ‒20,659 ‒24,488 ‒23,092
‒608,096 ‒ 541,556 ‒466,354 ‒ 414,880 ‒27,036 16,017
‒2,859 38,940
‒105,752 ‒56,653
60
Consolidated Statement of Financial Position ‒ classified by business line
Property and casualty insurance Health insurance
In thousand
31/12/2020
31/12/2019
adjusted
31/12/2020
31/12/2019
adjusted
Assets
Property, plant and equipment 192,969 192,493 36,906 37,855
Intangible assets 683,508 627,415 294,903 281,368
Investments
Investment property 196,515 214,693 235,293 242,077
Financial assets accounted for using the equity method 81,270 72,436 230,391 220,089
Other investments 5,682,319 4,864,151 3,874,305 3,554,843
Unit-linked and index-linked life insurance investments 0 0 0 0
Reinsurers’ share of technical provisions 389,131 219,739 1,141 1,591
Reinsurers’ share of technical provisions for unit-linked and index-linked life insurance 0 0 0 0
Receivables, including insurance receivables 483,558 238,194 311,762 357,724
Income tax receivables 46,406 42,759 1,821 1,596
Deferred tax assets 3,693 1,803 0 0
Cash and cash equivalents 266,613 280,748 164,526 71,129
Total assets by business line 8,025,983 6,754,431 5,151,047 4,768,272
Liabilities
Subordinated liabilities 1,069,920 870,110 0 0
Technical provisions 4,122,722 3,295,437 3,623,875 3,435,554
Technical provisions for unit-linked and index-linked life insurance 0 0 0 0
Financial liabilities 715,976 94,009 29,461 31,674
Other provisions 395,230 356,183 408,517 313,899
Liabilities and other items classified as liabilities 694,209 655,029 241,173 101,640
Income tax liabilities 63,214 55,336 6,598 3,612
Deferred tax liabilities 61,344 74,547 156,837 130,314
Total liabilities by business line 7,122,614 5,400,650 4,466,461 4,016,693
61CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Life insurance Consolidation Group
31/12/2020 31/12/2019
adjusted
31/12/2020 31/12/2019 31/12/2020 31/12/2019
adjusted
134,863 121,432 0 0 364,739 351,780
1,120,382 722,793 ‒25 ‒45,060 2,098,769 1,586,516
787,405 680,674 0 0 1,219,213 1,137,444
366,260 349,889 0 0 677,921 642,414
11,493,995 10,976,431 ‒ 628,512 ‒550,486 20,422,107 18,844,939
5,218,124 4,680,403 0 0 5,218,124 4,680,403
124,028 128,644 ‒31 49 514,268 350,022
131 113 0 0 131 113
208,767 160,986 ‒ 319,837 ‒ 210,244 684,249 546,659
10,903 4,305 0 0 59,130 48,660
4,901 3,434 0 0 8,594 5,237
209,574 127,745 0 0 640,713 479,621
19,679,332 17,956,847 ‒948,405 ‒ 805,742 31,907,957 28,673,809
419,258 410,741 ‒ 419,258 ‒ 410,741 1,069,920 870,110
11,450,699 11,071,340 ‒1,554 ‒14,431 19,195,742 17,787,900
5,115,506 4,646,152 0 0 5,115,506 4,646,152
91,574 49,363 ‒ 143,444 ‒ 99,530 693,566 75,516
45,468 17,133 ‒1,980 ‒ 1,505 847,235 685,709
441,129 325,767 ‒ 382,290 ‒ 279,341 994,221 803,095
23,239 1,722 0 0 93,051 60,669
205,703 152,678 0 0 423,884 357,539
17,792,575 16,674,896 ‒948,525 ‒ 805,549 28,433,125 25,286,690
Consolidated equity and non-controlling interests 3,474,832 3,387,119
Total equity and liabilities 31,907,957 28,673,809
The amounts indicated for each business line have been
adjusted to eliminate amounts resulting from internal
transactions. Therefore, the balance of business line assets
and business line liabilities does not allow conclusions to
be drawn with regard to the equity allocated to the respec-
tive segment.
62
Business combinations
If the Group has obtained control, it accounts for business
combinations in line with the acquisition method. The
consideration transferred for the acquisition and the iden-
tifiable net assets acquired are measured at fair value.
Transaction costs are recognised as expenses immediately.
1. Acquisition of AXA companies
On 7 February 2020, UNIQA Österreich Versicher-
ungen AG agreed with AXA S.A. and its subsidiary Société
Beaujon on the acquisition of shares in the AXA
subsidiaries and branches in Poland, the Czech Republic
and Slovakia.
The closing took place on 15 October 2020 through the
transfer of the shares, by which control over the acquired
companies was obtained. Prior to this, approval was ob-
tained from the EU Commission and the supervisory au-
thorities in the countries concerned.
Both life and non-life insurance companies were acquired,
as well as investment management companies, pension
funds and service companies, each constituting a business
operation within the meaning of IFRS 3. The acquisition
of the companies implements UNIQA’s strategy of further
growth in countries where UNIQA is already represented.
Acquired company
Company’s registered
office
Business purpose
Acquired
share
CGU
AXA ¯ycie Towarzystwo Ubezpieczeñ S.A. Warsaw, Poland Life insurance company 100% Poland
AXA Ubezpieczenia Towarzystwo Ubezpieczeñ i
Reasekuracji S.A. Warsaw, Poland Property/casualty insurance company 100% Poland
AXA Polska S.A. Warsaw, Poland Service company 100% Poland
AXA Towarzystwo Funduszy Inwestycyjnych S.A. Warsaw, Poland Investment fund 100% Poland
AXA Powszechne Towarzystwo Emerytalne S.A. Warsaw, Poland Pension fund 100% Poland
AXA pojišovna a.s. Prague, Czech Republic Property/casualty insurance company 100% Czech Republic
AXA ivotní pojišovna a.s. Prague, Czech Republic Life insurance company 100% Czech Republic
AXA penzijní spoleènost a.s. Brno, Czech Republic Pension fund 99.98% Czech Republic
AXA investièní spoleènost a.s. Prague, Czech Republic Investment management company 100% Czech Republic
AXA Management Services s.r.o. Prague, Czech Republic Service company 100% Czech Republic
AXA d.d.s., a.s. Bratislava, Slovakia Pension fund 100% Czech Republic
AXA d.s.s., a.s. Bratislava, Slovakia Pension fund 100% Czech Republic
AXA companies in Poland
UNIQA acquired 93.42 per cent of the issued share capital
of the life insurance company AXA Życie Towarzystwo Ub-
ezpieczeń S.A. from Société Beaujon and 6.58 per cent
from AXA S.A. AXA Życie Towarzystwo Ubezpieczeń S.A.
holds all shares in the service company AXA Polska S.A.
and in the investment fund AXA Towarzystwo Funduszy
Inwestycyjnych S.A.
AXA Ubezpieczenia Towarzystwo Ubezpieczeń i Reaseku-
racji S.A. is a non-life insurance company with its regis-
tered office in Warsaw, in which UNIQA acquired
100 per cent of the issued share capital from Société
Beaujon.
AXA Powszechne Towarzystwo Emerytalne S.A. is a pen-
sion fund in which UNIQA acquired 100 per cent of the is-
sued share capital from Société Beaujon.
AXA companies in the Czech Republic
AXA pojišťovna a.s. is a non-life insurance company in
which UNIQA acquired 100 per cent of the issued share
capital from Société Beaujon.
AXA životní pojišťovna a.s. is a life insurance company in
which UNIQA also acquired 100 per cent of the issued
share capital from Société Beaujon.
63CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
In turn, this company holds all shares in the investment
management company AXA investiční společnost a.s., in
the service company AXA Management Services s.r.o. and
in the two Slovakian pension funds AXA d.d.s., a.s. and
AXA d.s.s., a.s.
Finally, 99.98 per cent of the issued share capital in AXA
penzijní společnost a.s., a Czech pension fund, was ac-
quired from Société Beaujon.
AXA companies in Slovakia
The two companies AXA d.d.s., a.s. and AXA d.s.s., a.s., held
by the Czech AXA životní pojišťovna a.s. are pension funds
with their registered offices in Slovakia.
The amounts recognised at fair value for the identifiable
assets acquired and the liabilities assumed are shown in
the table below.
Assets and liabilities from business com-
binations at acquisition date
In thousand
Property, plant and equipment 32,742
Intangible assets 353,176
Investments 1,309,405
Unit-linked and index-linked life insurance investments 879,536
Reinsurers’ share of technical provisions 180,086
Deferred tax assets 17,250
Receivables, including insurance receivables 117,148
Income tax receivables 2,112
Cash and cash equivalents 31,202
Total assets 2,922,657
Technical provisions 981,152
Technical provisions for unit-linked and index-linked life
insurance 817,239
Other provisions 26,856
Deferred tax liabilities 36,118
Financial liabilities 30,739
Liabilities and other items classified as liabilities 232,147
Income tax liabilities 19,753
Total liabilities 2,144,004
Net identifiable assets acquired 778,653
Consideration transferred
In thousand
Contractually agreed purchase price 1,002,000
Adjustments to the sale price ‒ 3,670
Price paid
1)
998,330
Acquired bank balances ‒31,202
Consideration transferred less acquired bank balances 967,128
1
) The purchase price was paid in full by cash transfer.
Preliminary differential amount
In thousand
Consideration transferred 998,330
Net identifiable assets acquired at fair value 778,653
Preliminary differential amount 219,677
The calculations include the knowledge gained in the pe-
riod between obtaining control on 15 October 2020 until
the preparation of these consolidated financial state-
ments. In particular in the area of technical provisions it is
possible that subsequent adjustments may be made once a
full insight into the parameters of the portfolios relevant
to the calculation is available.
The goodwill resulting from the acquisition in the amount
of €219,767 thousand reflects the value of synergies antici-
pated in connection with the acquisition (market position-
ing, potential addition of new customers, savings in ad-
ministrative processes and infrastructures). The alloca-
tion of the difference is based on the acquired identifiable
net asset values attributable to the respective CGUs and
taking into account future synergies. Accordingly,
€15.8 million of the difference is allocated to the CGU Po-
land and €203.9 million to the CGU Czech Republic.
Goodwill is deductible for income tax purposes.
The fair value of the receivables acquired amounts to
€117,148 thousand. At the time of acquisition, the gross
contract value amounts to €182,182 thousand. The balance
of value adjustments at the acquisition date thus amounts
to €65,034 thousand.
64
To finance the acquisition, a senior bond in the amount of
€600 million was issued at an issue price of 99.436 per
cent of the nominal amount (see Chapter “Financial liabil-
ities”) in July 2020.
The acquisition-related costs (mainly reported under op-
erating expenses) amount to €12,083 thousand.
For the period between the date of acquisition and the re-
porting date, the acquisition contributed €211,881 thou-
sand to the premiums written and €1,654 thousand to
UNIQA’s profit/(loss) for the period.
Had the aforementioned acquisition already taken place
on 1 January 2020, UNIQA would have reported premiums
written in the amount of €6,170,312 thousand. The
profit/(loss) for the period would have amounted to
€81,040 thousand and earnings per share €0.21.
Investments
2. Investment property
Land and buildings, including buildings on third-party
land, held as long-term investments to generate rent reve-
nue and/or for the purpose of capital appreciation are
measured in accordance with the cost model. The invest-
ment property is subject to straight line depreciation over
the useful life of 5 to 80 years and is recognised under the
item “Net investment income”.
The fair value is determined using reports prepared by in-
dependent experts. These expert reports are prepared
based on the income approach. It requires making as-
sumptions about the future, principally concerning the
discount rate, the exit yield, the expected utilisation (va-
cancy rate), the development of future rental charges, and
the condition of the land and buildings. Property value, lo-
cation, usable area and usage category for the property are
also taken into account.
For this reason, all measurements of the fair value for the
land and buildings come under Level 3 of the hierarchy in
accordance with IFRS 13. The measurement techniques
respond to the underlying assumptions and parameters.
For instance, any reduction in the discount rate applied
would result in an increase in the values ascertained for
the land and buildings if the other assumptions and pa-
rameters remained unchanged.
Conversely, any reduction in the expected utilisation or
the expected rental charges would, for instance, result in a
decrease in the values ascertained for the land and build-
ings if the other assumptions and parameters remained
unchanged. The measurement-related assumptions and
parameters are ascertained at each key date based on the
best estimate by management with due respect to the cur-
rent prevailing market conditions.
The effects of Covid-19
UNIQA’s real estate portfolio is oriented mainly towards
office space. In addition, UNIQA holds properties in retail,
residential and hotel sectors. An analysis performed
showed no material impact related to Covid-19 on carrying
amounts and current income and expenses.
Impairment tests led to minor impairments in the hotel
sector. Current income was affected by minor rent reduc-
tions, which were offset by lower maintenance expenses.
Acquisition costs
In thousand
At 1 January 2019 1,697,905
Currency translation 3,242
Additions 61,997
Disposals ‒41,908
Reclassifications 10,596
Reclassifications held for sale 78,049
At 31 December 2019 1,809,883
At 1 January 2020 1,809,883
Currency translation ‒ 20,596
Change in basis of consolidation 97,606
Additions 52,232
Disposals ‒5,201
Reclassifications ‒14,408
At 31 December 2020 1,919,516
65CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Accumulated depreciation and
impairment losses
In thousand
At 1 January 2019 ‒593,759
Currency translation ‒1,569
Additions from depreciation ‒40,013
Additions from impairment ‒1,848
Disposals 20,129
Reversal of impairment 3,981
Reclassifications held for sale ‒59,360
At 31 December 2019 ‒ 672,439
At 1 January 2020 ‒672,439
Currency translation 6,118
Additions from depreciation ‒38,344
Additions from impairment ‒9,459
Disposals 2,214
Reclassifications 5,986
Reversal of impairment 5,621
At 31 December 2020 ‒700,303
Carrying amounts
In thousand
Property and
casualty
insurance
Health
insurance
Life insurance Total
At 1 January 2019 227,191 235,225 641,731 1,104,146
At 31 December 2019 214,693 242,077 680,674 1,137,444
At 31 December 2020 196,515 235,293 787,405 1,219,213
Fair values
In thousand
Property and
casualty
insurance
Health
insurance
Life insurance Total
At 31 December 2019 434,938 576,950 1,246,974 2,258,862
At 31 December 2020 439,767 624,609 1,456,785 2,521,161
3. Financial assets accounted for using the equity
method
Investments in associates are accounted for using the eq-
uity method. They are initially recognised at acquisition
cost, which also includes transaction costs. After initial
recognition, the consolidated financial statements include
the Group’s share in profit/(loss) for the period and in
changes in other comprehensive income until the date the
applicable influence ends.
At each reporting date, UNIQA reviews whether there are
any indications that the investments in associates are im-
paired. If this is the case, then the impairment loss is rec-
orded as the difference between the participation carrying
amount of the associate and the corresponding recovera-
ble amount and recognised separately in profit/(loss) for
the period. An impairment loss is reversed in the event of
an advantageous change in the estimates used to deter-
mine the recoverable amount.
66
Reconciliation of summarised financial information
In thousand
STRABAG SE
Associated companies not
material on a stand-alone basis
2020
1) 2)
2019
2)
2020 2019
Net assets at 1 January 3,789,440 3,542,415 162,884 151,166
Dividends ‒ 92,340 ‒133,380 ‒ 495 ‒9,633
Profit/(loss) after taxes 366,695 375,535 27,562 17,731
Other comprehensive income ‒97,046 4,870 ‒892 3,620
Net assets at 31 December 3,966,748 3,789,440 189,059 162,884
Shares in associated companies 14.26% 14.26% Various investment amounts
Carrying amount 606,320 579,218 71,601 63,196
1)
Estimate for 31 Dec. 2020 based on financial information as at 30 July 2020 on STRABAG SE available as at the reporting date
2)
The carrying amounts are calculated based on the shares in circulation. 2020: 15.29%, 2019: 15.29%
As at 31 December 2020, UNIQA held a 14.3 per cent stake
in STRABAG SE (31 December 2019: 14.3 per cent).
UNIQA treats STRABAG SE as an associate due to con-
tractual arrangements. As part of the accounting using the
equity method, an assessment of the share in STRABAG
SE was made, based on the financial information pub-
lished at 30 June 2020, for the period up until 31 Decem-
ber 2020.
The fair value of the shares is based on the stock market
price at 31 December 2020 and amounts to €446,950
thousand (2019: €486,156 thousand). Although the exter-
nal impairment indicator was available, no impairment
was required.
Summarised statement of
comprehensive income
STRABAG SE
1)
In thousand
1‒6/2020 1‒6/2019
Revenue 6,321,813 6,979,073
Depreciation ‒255,012 ‒233,738
Interest income 20,572 15,403
Interest expenses ‒34,058 ‒ 34,898
Income taxes ‒30,984 ‒ 27,563
Profit/(loss) for the period 630 13,942
Other comprehensive income ‒58,194 2,167
Total comprehensive income ‒57,564 16,109
1)
STRABAG SE Semi-Annual Report 2020 as published in August 2020
Summarised statement of fi-
nancial position
STRABAG SE
1)
In thousand
30/6/2020 31/12/2019
Cash and cash equivalents 2,019,596 2,460,814
Other current assets 4,782,118 4,540,145
Current assets 6,801,714 7,000,959
Non-current assets 5,147,915 5,249,852
Total assets 11,949,629 12,250,811
Current financial liabilities 155,965 355,509
Other current liabilities 5,700,032 5,694,876
Current liabilities 5,855,997 6,050,385
Non-current financial liabilities 1,004,711 1,066,698
Other non-current liabilities 1,294,970 1,277,829
Non-current liabilities 2,299,681 2,344,527
Total liabilities 8,155,678 8,394,912
Net assets 3,793,951 3,855,899
1)
STRABAG SE Semi-Annual Report 2020 as published in August 2020
All other financial assets accounted for using the equity
method are negligible from the perspective of the Group
when considered individually and are stated in aggregate
form.
The financial statements of the associates most recently
published have been used for the purpose of the account-
ing using the equity method, and have been adjusted based
on any essential transactions between the relevant report-
ing date and 31 December 2020.
67CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Summary of information on
associated companies not
material on a stand-alone
basis
In thousand
1‒12/2020 1‒12/2019
Group’s share of profit from continuing
operations 10,827 6,693
Group’s share of loss from continuing
operations ‒36 0
Group’s share of other comprehensive
income ‒357 1,453
Group’s share of total comprehensive
income 10,434 8,145
4. Other investments and unit-linked and index-linked
life insurance investments
UNIQA has applied the deferral approach for IFRS 9 since
1 January 2018. This enables UNIQA to postpone the date
of first-time application of IFRS 9 until IFRS 17 comes
into force.
Financial assets are recognised for the first time on the
settlement date. They are derecognised when the contrac-
tual rights to cash flows from an asset expire or the rights
to receive the cash flows in a transaction in which all ma-
jor risks and opportunities connected with the ownership
of the financial asset are transferred.
Financial assets at fair value through profit or loss
Financial assets are recognised at fair value through profit
or loss if the asset is either held for trading or is designated
at fair value and recognised in profit and loss (fair value
option). These include structured bonds, hedge funds and
investment certificates whose original classification fell
within this category.
The fair value option is applied to structured products that
are not split between the underlying transaction and the
derivative but are instead accounted for as a unit. Unreal-
ised gains and losses are recognised in profit/(loss) for the
period.
Derivatives are used within the limits permitted under the
Austrian Insurance Supervisory Act for hedging invest-
ments and for increasing earnings. All fluctuations in
value are recognised in profit/(loss) for the period.
Financial assets from derivative financial instruments are
recognised under other investments. Financial liabilities
from derivative financial instruments are recognised un-
der financial liabilities.
Available-for-sale financial assets
Available-for-sale financial assets are initially measured at
fair value plus directly attributable transaction costs. Sub-
sequently, available-for-sale financial assets are measured
at fair value. Corresponding value changes are, with the
exception of impairment and foreign exchange differences
in the case of available-for-sale debt securities, recognised
in the accumulated profits in equity. When an asset is de-
recognised, the accumulated other comprehensive income
is reclassified to profit/(loss) for the period.
Impairment of available-for-sale financial assets is recog-
nised in profit/(loss) for the period by reclassifying the
losses accumulated in equity. The accumulated loss that is
reclassified from equity to profit/(loss) for the period is
the difference between the acquisition cost, net of any re-
demptions, amortisations and less any impairment loss
previously recognised in profit or loss – and current fair
value. If the fair value of an impaired, available-for-sale
debt instrument increases in a subsequent period and the
increase can be objectively related to an event occurring
after the impairment was recognised, the impairment is
reversed, with the amount of the reversal recognised in
profit/(loss) for the period. Reversals of impairment losses
of equity instruments held at fair value cannot be recog-
nised in profit/(loss) for the period.
Loans and receivables
When first recognised, loans and receivables are measured
at their fair value plus directly attributable transaction
costs. Subsequently, they are measured at amortised cost
using the effective interest method.
68
For debt instruments and assets in the category “Loans
and receivables”, this test is executed within the frame-
work of an internal impairment process. If there are objec-
tive indications that the value currently attributed is not
tenable, an impairment is recognised.
Objective indications that financial assets are impaired
are:
the default or delay of a debtor,
the opening of bankruptcy proceedings for a debtor, or
signs indicating that such proceedings are imminent,
adverse changes in the rating of borrowers or issuers,
changes in the market activity of a security, or
other observable data that indicate a significant decrease
in the expected payments from a group of financial as-
sets.
In the case of an investment in an equity instrument, a sig-
nificant or prolonged decline in the fair value below its
cost is also objective evidence of impairment. A significant
decrease is a decrease of 20 per cent, and a prolonged de-
cline is one that lasts for at least nine months.
Impairment is calculated as the difference between the
carrying amount and the present value of the estimated fu-
ture cash flows, discounted at the original effective inter-
est rate of the asset. Losses are recognised in profit/(loss)
for the period. If there are no realistic chances of recover-
ing the asset, an impairment has to be recognised. In case
of an event that causes a reversal of impairment losses,
this is recognised in profit/(loss) for the period. In the
event of a definitive non-performance, the asset is derec-
ognised.
Other investments are broken down into the following
classes and categories of financial instruments:
Other investments
At 31 December 2020
In thousand
Variable-
income
securities
Fixed-
income
securities
Loans and
other
investments
Derivative
financial
instruments
Investments
under
investment
contracts
Total
Carrying amounts
Financial assets at fair value through profit or loss 6,442 162,844 0 17,823 53,920 241,029
Available-for-sale financial assets 978,834 18,700,091 0 0 0 19,678,925
Loans and receivables 0 88,269 413,883 0 0 502,152
Total 985,276 18,951,204 413,883 17,823 53,920 20,422,107
of which fair value option 6,442 162,844 0 0 0 169,286
Other investments
At 31 December 2019
In thousand
Variable-
income
securities
Fixed-
income
securities
Loans and
other
investments
Derivative
financial
instruments
Investments
under
investment
contracts
Total
Financial assets at fair value through profit or loss 7,345 201,234 0 21,981 58,547 289,106
Available-for-sale financial assets 909,764 16,992,181 0 0 0 17,901,946
Loans and receivables 0 114,050 539,837 0 0 653,887
Total 917,109 17,307,466 539,837 21,981 58,547 18,844,939
of which fair value option 7,345 201,234 0 0 0 208,579
Carrying amounts of other investments, with the excep-
tion of reclassified bonds, represent fair values. Reclassi-
fied bonds are subsumed in the item “Fixed-income secu-
rities” under “Loans and receivables”, the fair value of
which amounts to €122,614 thousand at 31 December
2020 (31 December 2019: €129,233 thousand).
Unit-linked and index-linked life insurance investments
are broken down into the following classes and categories
of financial instruments:
69CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Unit-linked and index-linked life insurance investments
At 31 December 2020
In thousand
Variable-
income
securities
Fixed-
income
securities
Loans and
other
investments
Total
Financial assets at fair value through profit or loss 2,076,362 3,024,384 117,378 5,218,124
Total 2,076,362 3,024,384 117,378 5,218,124
Unit-linked and index-linked life insurance investments
At 31 December 2019
In thousand
Variable-
income
securities
Fixed-
income
securities
Loans and
other
investments
Total
Financial assets at fair value through profit or loss 1,452,371 2,966,084 261,949 4,680,403
Total 1,452,371 2,966,084 261,949 4,680,403
Determination of fair value
A range of accounting policies and disclosures requires the
determination of the fair value of financial and non-finan-
cial assets and liabilities. UNIQA has defined a control
framework with regard to the determination of fair value.
This includes a measurement team, which bears general
responsibility for monitoring all major measurements of
fair value, including Level 3 fair values, and reports di-
rectly to the respective Member of the Management
Board.
A review of the major unobservable inputs and the meas-
urement adjustments is carried out regularly. If infor-
mation from third parties (e.g. price quotations from bro-
kers or price information services) is used to determine
fair values, the evidence obtained from third parties is ex-
amined in order to see whether such measurements meet
the requirements of IFRSs. The level in the fair value hier-
archy to which these measurements are attributable is also
tested. Major items in the measurement are reported to
the Audit Committee.
As far as possible, UNIQA uses data that are observable on
the market when determining the fair value of an asset or a
liability. Based on the inputs used in the measurement
techniques, the fair values are assigned to different levels
in the fair value hierarchy.
Level 1: quoted prices (unadjusted) in active markets for
identical assets and liabilities. At UNIQA, these primarily
involve quoted shares, quoted bonds and quoted invest-
ment funds.
Level 2: Measurement parameters that are not quoted
prices included in Level 1 but which can be observed for
the asset or liability either directly (i.e. as a price) or indi-
rectly (i.e. derived from prices), or are based on prices
from markets that have been classified as inactive. The
parameters that can be observed here include, for exam-
ple, exchange rates, yield curves and volatilities. At
UNIQA, these include in particular quoted bonds that do
not fulfil the conditions under Level 1, along with struc-
tured products.
Level 3: measurement parameters for assets or liabilities
that are not based or are only partly based on observable
market data. The measurement here primarily involves
application of the discounted cash flow method, compar-
ative procedures with instruments for which there are
observable prices and other procedures. As there are no
observable parameters here in many cases, the estimates
used can have a significant impact on the result of the
measurement. At UNIQA, it is primarily other equity in-
vestments, private equity and hedge funds as well as
structured products that do not fulfil the conditions un-
der Level 2 that are assigned to Level 3.
If the inputs used to determine the fair value of an asset or
a liability can be assigned to different levels of the fair
value hierarchy, the entire fair value measurement is as-
signed to the respective level of the fair value hierarchy
that corresponds to the lowest input significant for the
measurement overall.
70
UNIQA recognises reclassifications between different lev-
els of the fair value hierarchy at the end of the reporting
period in which the change occurred.
The measurement processes and methods are as follows:
Financial instruments measured at fair value
For the measurement of capital investments, techniques
best suited for the establishment of corresponding value
are applied. The following standard measurement tech-
niques are applied for financial instruments which come
under Levels 2 and 3:
Market approach
The measurement method in the market approach is
based on prices or other applicable information from
market transactions which involve identical or compara-
ble assets and liabilities.
Income approach
The income approach corresponds to the method
whereby the future (expected) payment flows or earnings
are inferred on a current amount.
Cost approach
The cost approach generally corresponds to the value
which would have to be applied in order to
procure the asset once again.
71CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Measurement techniques and inputs in the determination of fair values
Assets
Price method Input factors Price model
Fixed-income securities
Listed bonds Listed price - -
Unlisted bonds Theoretical price CDS spread, yield curves Discounted cash flow
Unquoted asset-backed securities Theoretical price -
Discounted cash flow,
single deal review, peer
Infrastructure financing Theoretical price - Discounted cash flow
Variable-income securities
Listed shares/investment funds Listed price - -
Private equities Theoretical price Certified net asset values Net asset value method
Hedge funds Theoretical price Certified net asset values Net asset value method
Other shares Theoretical value
WACC,
(long-term) revenue growth rate,
(long-term) profit margins,
control premium
Expert opinion
Derivative financial instruments
Equity basket certificate Theoretical price
CDS spread, yield curves,
volatilities (FX, cap/floor, swaption,
constant maturity swap, shares)
Black-Scholes Monte Carlo N-DIM
CMS floating rate note Theoretical price
CDS spread, yield curves,
volatilities (FX, cap/floor, swaption,
constant maturity swap, shares)
LIBOR market model, Hull-White-
Garman-Kohlhagen Monte Carlo
CMS spread certificate Theoretical price
CDS spread, yield curves,
volatilities (FX, cap/floor, swaption,
constant maturity swap, shares)
Contract specific model
FX (binary) option Theoretical price
CDS spread, yield curves,
volatilities (FX, cap/floor, swaption,
constant maturity swap, shares)
Black-Scholes-Garman-Kohlhagen
Monte Carlo N-DIM
Option (inflation, OTC, OTC FX options) Theoretical price
CDS spread, yield curves,
volatilities (FX, cap/floor, swaption,
constant maturity swap, shares)
Black-Scholes Monte Carlo N-DIM,
contract specific model, inflation
market model NKIS
Structured bonds Theoretical price
CDS spread, yield curves,
volatilities (FX, cap/floor, swaption,
constant maturity swap, shares)
Black-Scholes-Garman-Kohlhagen
Monte Carlo N-DIM, LMM
Swap, cross currency swap Theoretical price
CDS spread, yield curves,
volatilities (FX, cap/floor, swaption,
constant maturity swap, shares)
Black-Scholes-Garman-Kohlhagen
Monte Carlo N-DIM, Black-76-model,
LIBOR market model, contract specific
model
Swaption, total return swaption Theoretical price
CDS spread, yield curves,
volatilities (FX, cap/floor, swaption,
constant maturity swap, shares)
Black - basis point volatility, contract
specific model
Investments under investment contracts
Listed shares/investment funds Listed price - -
Unlisted investment funds Theoretical price Certified net asset values Net asset value method
72
Valuation hierarchy of other investments
Assets and liabilities measured at fair value
Level 1 Level 2 Level 3 Total
In thousand
31/12/2020 31/12/2019 31/12/2020 31/12/2019 31/12/2020 31/12/2019 31/12/2020 31/12/2019
Available-for-sale financial assets
Variable-income securities 770,685 729,829 2,866 20,298 205,283 159,637 978,834 909,764
Fixed-income securities 14,048,895 13,170,835 3,535,446 2,941,560 1,115,750 879,787 18,700,091 16,992,181
Total 14,819,580 13,900,664 3,538,312 2,961,858 1,321,033 1,039,424 19,678,925 17,901,946
Financial assets at fair value through profit or loss
Variable-income securities 912 0 1,966 2,077 3,564 5,267 6,442 7,345
Fixed-income securities 115,158 108,261 28,239 51,098 19,447 41,876 162,844 201,234
Derivative financial instruments 65 261 9,336 3,695 8,422 18,025 17,823 21,981
Investments under investment contracts 45,534 49,977 3,543 3,727 4,843 4,843 53,920 58,547
Total 161,669 158,498 43,084 60,597 36,277 70,011 241,029 289,106
Level 1 Level 2 Level 3 Total
In thousand
31/12/2020 31/12/2019 31/12/2020 31/12/2019 31/12/2020 31/12/2019 31/12/2020 31/12/2019
Financial liabilities
Derivative financial instruments 0 0 1,908 669 0 1 1,908 670
Total 0 0 1,908 669 0 1 1,908 670
Fair values of assets and liabilities measured at amortised cost
Level 1 Level 2 Level 3 Total
In thousand
31/12/2020 31/12/2019 31/12/2020 31/12/2019 31/12/2020 31/12/2019 31/12/2020 31/12/2019
Investment property 0 0 0 0 2,521,161 2,258,862 2,521,161 2,258,862
Loans and receivables
Loans and other investments 0 0 278,384 384,350 135,499 155,488 413,883 539,837
Fixed-income securities 16,051 16,276 85,746 112,957 0 0 101,797 129,233
Total 16,051 16,276 364,130 497,307 135,499 155,488 515,680 669,070
Level 1 Level 2 Level 3 Total
In thousand
31/12/2020 31/12/2019 31/12/2020 31/12/2019 31/12/2020 31/12/2019 31/12/2020 31/12/2019
Financial liabilities
Liabilities from loans and leases 0 0 0 0 691,657 74,846 691,657 74,846
Total 0 0 0 0 691,657 74,846 691,657 74,846
Subordinated liabilities 1,231,774 1,051,425 0 0 0 0 1,231,774 1,051,425
Transfers between levels 1 and 2
In the reporting period transfers from Level 1 to Level 2
were made in the amount of €255,520 thousand (2019:
€492,529 thousand) and from Level 2 to Level 1 in the
amount of €493,055 thousand (2019: €144,533 thousand).
These are attributable primarily to changes in trading fre-
quency and trading activity.
73CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Valuation hierarchy in unit-linked and index-linked life insurance investments
Assets and liabilities measured at fair value
Level 1 Level 2 Level 3 Total
In thousand
31/12/2020 31/12/2019 31/12/2020 31/12/2019 31/12/2020 31/12/2019 31/12/2020 31/12/2019
Financial assets at fair value through profit or loss 2,908,360 3,220,431 1,116,739 1,339,171 1,193,026 120,801 5,218,124 4,680,403
Total 2,908,360 3,220,431 1,116,739 1,339,171 1,193,026 120,801 5,218,124 4,680,403
The increase in financial instruments of unit- and index-
linked life insurance under Level 3 relates to changes in
the basis of consolidation.
Level 3 financial instruments
The following table shows the changes to the fair values of
financial instruments whose measurement techniques are
not based on observable inputs.
Fixed-income securities Other
Other investments
Total
In thousand
2020 2019 2020 2019 2020 2019
At 1 January 879,787 501,453 229,648 239,356 1,109,434 740,809
Transfers from Level 3 to Level 2 ‒39,342 0 0 ‒ 4,218 ‒ 39,342 ‒ 4,218
Transfers to Level 3 2,610 0 1 0 2,611 0
Gains and losses recognised in profit or loss ‒1,854 ‒2,432 ‒24,777 ‒1,539 ‒26,631 ‒3,971
Gains and losses recognised in other comprehensive income 14,275 46,002 1,874 ‒1,500 16,149 44,502
Additions 258,597 343,940 108,603 32,645 367,201 376,585
Disposals ‒11,267 ‒9,206 ‒88,333 ‒ 35,078 ‒ 99,600 ‒44,284
Changes from currency translation ‒189 30 ‒ 550 ‒ 19 ‒ 739 11
Change in basis of consolidation 13,133 0 15,094 0 28,227 0
At 31 December 1,115,750 879,787 241,560 229,648 1,357,310 1,109,434
Sensitivities
Fixed-income securities
The main unobservable input in the measurement of
fixed-income securities is the specific credit spread. In or-
der to be able to measure these securities in a discounted
cash flow model, the spreads are derived from a selection
of reference securities with comparable characteristics.
For the fixed-income securities in Level 3, an increase in
the discount rate by 100 basis points results in a 7.0 per
cent reduction in value (2019: 6.2 per cent). A reduction in
the discount rate by 100 basis points results in an
8.3 per cent increase in value (2019: 7. 5 per cent).
Other
Other securities under Level 3 mainly comprise private
equity funds and other participations. Private equity funds
are measured based on the net asset values which are de-
termined by the fund manager using specific unobservable
inputs for all underlying portfolio positions. This is done
in accordance with the International Private Equity and
Venture Capital Valuation (IPEV) Guideline. For other eq-
uity investments under Level 3, invested capital is consid-
ered to be an appropriate measure of fair value. In these
cases, a sensitivity analysis is not applicable.
74
Carrying amounts for loans and
other investments
In thousand
31/12/2020 31/12/2019
Loans
Loans to affiliated unconsolidated companies 0 4,400
Mortgage loans 7,925 9,931
Loans and advance payments on policies 12,343 12,827
Other loans 110,000 103,094
Total 130,269 130,251
Other investments
Bank deposits 278,384 384,350
Deposits retained on assumed reinsurance 5,230 25,236
Total 283,614 409,586
Total sum 413,883 539,837
The carrying amounts of the loans and other investments
correspond to their fair values. The measurement is based
on collateral and the creditworthiness of the debtor; for
deposits with banks it is based on quoted prices.
Impairment of loans
In thousand
31/12/2020 31/12/2019
At 1 January ‒2,713 ‒3,657
Use 83 502
Reversal 16 439
Currency translation 13 3
At 31 December ‒ 2,602 ‒ 2,713
Contractual maturities for
fair values of loans
In thousand
31/12/2020 31/12/2019
Up to 1 year 7,141 3,096
More than 1 year and up to 5 years 22,759 16,059
More than 5 years up to 10 years 95,368 103,478
More than 10 years 5,001 7,619
Total 130,269 130,251
5. Net investment income
Classified by business line
In thousand
Property and casualty
insurance
Health insurance Life insurance Total
1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019
Investment property ‒4,806 15,278 7,762 12,983 37,306 54,047 40,263 82,308
Financial assets accounted for using the equity method 10,525 7,601 21,307 22,153 33,858 34,674 65,689 64,428
Variable-income securities ‒17,782 4,422 10,067 9,576 5,781 1,487 ‒1,934 15,484
Available for sale ‒17,757 6,333 9,565 8,861 5,897 1,185 ‒ 2,295 16,379
At fair value through profit or loss ‒25 ‒ 1,912 502 715 ‒116 302 361 ‒ 894
Fixed-income securities 53,207 119,094 70,586 69,321 281,809 247,904 405,602 436,319
Available for sale 48,751 112,090 65,790 60,868 281,747 247,768 396,288 420,726
At fair value through profit or loss 4,456 7,004 4,796 8,454 62 136 9,314 15,593
Loans and other investments 2,283 6,033 1,133 3,932 23,940 26,879 27,356 36,843
Loans 816 967 1,327 1,637 4,808 6,394 6,951 8,999
Other investments 1,467 5,066 ‒194 2,294 19,132 20,485 20,405 27,845
Derivative financial instruments 8,910 ‒10,416 1,851 311 ‒ 169 422 10,591 ‒9,682
Investment administration expenses, interest paid and
other investment expenses ‒22,790 ‒ 19,935 ‒8,163 ‒9,241 ‒11,204 ‒11,280 ‒ 42,158 ‒40,456
Total 29,547 122,077 104,542 109,034 371,321 354,133 505,409 585,244
Of which:
Current income/expenses 108,512 107,685 93,794 86,621 316,712 336,775 519,018 531,081
Gains/losses from disposals and changes in value ‒ 78,965 14,391 10,748 22,414 54,609 17,358 ‒ 13,609 54,163
Impairments ‒ 35,121 ‒11,992 ‒29,698 ‒ 6,941 ‒ 5,951 ‒ 3,204 ‒70,770 ‒22,138
75CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Classified by type of income
In thousand
Current
income/expenses
Gains/losses from
disposals and
changes in value
Total
of which
impairment
1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019 1‒12/2020 1‒12/2019
Financial assets at fair value through profit or loss 14,378 1,414 5,889 3,603 20,266 5,017 0 0
Variable-income securities
(within the framework of fair value option) 760 595 ‒399 ‒1,490 361 ‒894 0 0
Fixed-income securities
(within the framework of fair value option) 1,095 2,572 8,219 13,022 9,314 15,593 0 0
Derivative financial instruments 12,523 ‒1,752 ‒ 1,931 ‒ 7,930 10,591 ‒ 9,682 0 0
Investments under investment contracts
1)
0 0 0 0 0 0 0 0
Available-for-sale financial assets 375,078 390,453 18,915 46,651 393,993 437,104 ‒61,311 ‒20,258
Variable-income securities 29,053 29,015 ‒ 31,348 ‒ 12,636 ‒2,295 16,379 ‒ 44,439 ‒ 12,385
Fixed-income securities 346,025 361,438 50,263 59,287 396,288 420,726 ‒ 16,872 ‒7,873
Loans and receivables 30,157 37,234 ‒2,801 ‒391 27,356 36,843 0 ‒32
Fixed-income securities 3,724 5,959 ‒26 ‒349 3,698 5,610 0 0
Loans and other investments 26,432 31,275 ‒ 2,775 ‒ 42 23,658 31,233 0 ‒32
Investment property 74,723 78,007 ‒34,460 4,300 40,263 82,308 ‒ 9,459 ‒1,848
Financial assets accounted for using the equity method 66,840 64,428 ‒1,151 0 65,689 64,428 0 0
Investment administration expenses, interest paid and
other investment expenses
‒42,158 ‒ 40,456 0 0 ‒42,158 ‒ 40,456 0 0
Total 519,018 531,081 ‒13,609 54,163 505,409 585,244 ‒ 70,770 ‒22,138
1)
Income from investments under investment contracts is not stated due to its transitory character.
Details of net investment income
In thousand
1‒12/2020 1‒12/2019
Current income/expenses from investment
property
Rent revenue 99,575 108,418
Operational expenses ‒24,851 ‒30,411
Currency gains/losses
currency gains 90,345 42,610
currency losses ‒106,091 ‒60,311
Proft from currency gains/losses ‒ 15,746 ‒ 17,701
of which gains/losses from derivative financial
instruments as part of US dollar underlying ‒ 17,103 3,547
of which gains/losses from derivative financial
instruments as part of hedge transactions in US
dollar 13,878 ‒ 7,755
Negative currency effects from investments amounting to
€8,547 thousand (2019: positive currency effects amount-
ing to €1,304 thousand) were recognised directly in equity.
The effects of Covid-19
Net investment income fell overall compared with the pre-
vious year due to negative capital market developments
caused by Covid-19 in the 2020 financial year. However, an
upward trend was recorded in developments on the capital
markets from the second quarter of 2020 onwards.
Expenses from investments increased on the previous
year primarily as a result of impairments. Any reversals of
impairment losses were recognised in other comprehen-
sive income under the item “Profits recognised in equity
from the measurement of financial instruments available
for sale”.
Net profit/(loss) by measurement
category
In thousand
1‒12/2020 1‒12/2019
Financial assets at fair value through profit or loss
Recognised in profit/(loss) for the period
20,266
5,017
Available-for-sale financial assets
Recognised in profit/(loss) for the period
393,993
437,104
of which reclassified from equity to consolidated
income statement ‒
68,659
‒
46,216
Recognised in other comprehensive income
563,452
957,411
Net income
957,445
1,394,515
Loans and receivables
Recognised in profit/(loss) for the period
27,356
36,843
Financial liabilities measured at amortised cost
Recognised in profit/(loss) for the period ‒
64,758
‒
54,643
76
Technical items
Insurance and reinsurance contracts along with
investment contracts with a discretionary participation
feature fall within the scope of IFRS 4 (Insurance Con-
tracts). In accordance with IAS 8, the provisions of US
Generally Accepted Accounting Principles (US GAAP) in
the version applicable on 1 January 2005 were applied to
all cases for which IFRS 4 contains no specific regulations
on recognition and measurement. For accounting and
measurement of the insurance-specific items of life insur-
ance with profit participation, FAS 120 was observed;
FAS 60 was applied for specific items in health, property
and casualty insurance and FAS 113 for reinsurance. Unit-
linked life insurance, where the policyholder bears the en-
tire investment risk, was accounted for in accordance with
FAS 97.
Based on the regulations, technical items must be covered
by suitable assets (cover funds). As is standard in the in-
surance industry, amounts dedicated to the cover funds
are subject to a limitation as regards availability in the
Group.
Insurance and investment contracts
Insurance contracts are contracts through which a signifi-
cant insurance risk is assumed. Investment contracts, i.e.
contracts that do not transfer a significant insurance risk
and that do not include a discretionary profit participation
feature. They fall under the scope of IAS 39 (Financial
Instruments).
Reinsurance contracts
Ceded reinsurance is stated in a separate item under as-
sets. The profit and loss items (premiums and payments)
are deducted openly from the corresponding items in the
gross account, while commission income is reported sepa-
rately as its own item. Reinsurance acquired (indirect
business) is recognised as an insurance contract.
6. Technical provisions
Unearned premiums
For short-term insurance contracts, such as most property
and casualty insurance policies, premiums relating to fu-
ture years are reported as unearned premiums in line with
the applicable regulations of US GAAP. The amount of
these unearned premiums corresponds to the insurance
cover granted proportionally in future periods. Premiums
levied upon entering into certain long-term contracts (e.g.
upfront fees) are recognised as unearned premiums. In
line with the applicable regulations of US GAAP, these fees
are recorded in the same manner as the redemption of de-
ferred acquisition costs. These unearned premiums are in
principle calculated for each individual policy and exactly
to the day. If they are attributable to life insurance, they
are included in insurance provision.
Insurance provision
Insurance provisions are essentially established in the life
and health insurance lines. Their carrying amount is de-
termined based on actuarial principles on the basis of the
present value determined prospectively of future benefits
to be paid by the insurer less the present value of future
net premiums the insurer expects to receive on an individ-
ual contract basis. Insurance provisions are also estab-
lished in the property and casualty lines that cover life-
long obligations (accident pensions as well as pensions in
motor vehicle liability insurance). The insurance provi-
sion of the life insurer is calculated by taking into account
contractually agreed calculation principles, which are ex-
plained in more detail under the actuarial risks in Chapter
44, “Risk profile”. These calculation principles take into
account assumptions related to costs, mortality, invalidity
and interest rate changes. Reasonable safety margins are
included here in order to account for the risk of
adjustments, errors and contingencies over the term of the
contract.
For policies that are mainly of investment character (e.g.
unit-linked life insurance), the provisions of FAS 97 are
used to measure insurance provision. Insurance provision
is arrived at by combining the invested amounts, the
change in value of the underlying investments and the
withdrawals under the policy.
Insurance provisions for health insurance are determined
based on calculation principles that correspond to the
“best estimate”, taking into account safety margins. Once
calculation principles have been determined, they have to
be applied to the corresponding partial portfolio for the
whole duration (locked-in principle).
77CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Provision for unsettled claims
The provision for unsettled claims includes both the pro-
vision for claims already reported by the reporting date as
well as the provision for damage that has not yet been re-
ported but which has already occurred.
The provision in property and casualty insurance is deter-
mined based on a best estimate. Standard actuarial models
are used to calculate the claim reserves with the parame-
ters for these based on historical data. The assumptions
made are reviewed continuously and adjusted if necessary.
Examples of material assumptions include growth in
claims frequency and in average claims expenses. Another
material assumption is the settlement patterns for the in-
dividual lines of business which can be impacted by vari-
ous factors. Assumptions regarding the future progress of
claims inflation are only made to the extent that the future
development is extrapolated based on historical observa-
tions. In insurance lines in which past experience does not
allow the application of statistical methods, calculations
are made on the basis of market data or expert assess-
ments.
Discounting of claims reserves only takes place with re-
spect to a small section of the annuity reserves for which
an insurance provision is also formed. Recourse payments
expected in future are deducted from the provision for un-
settled claims. Costs of settling the claim that are directly
attributable to the claim event such as costs of an expert
report are already included in the calculation for the pro-
vision. Provisions for internal settlement expense are de-
termined in a separate calculation procedure. The calcula-
tion of the provision for unsettled claims involves uncer-
tainty on account of the contingency risk in the
underlying assumptions. Further information on this can
be found in Chapter 44, “Risk profile”.
For health insurance, provisions for unsettled claims are
estimated on the basis of past experience, taking into con-
sideration the known arrears in claim payments.
Life insurance is calculated on an individual loss basis
with the exception of the provision for unreported claims.
Provision for the assumed reinsurance business generally
complies with the figures of the cedents.
Provisions for premium refunds and profit
participation
The provision for premium refunds includes the amounts
for profit-related and non-profit related profit participa-
tion to which the policyholders are entitled on the basis of
statutory or contractual provisions.
In life insurance, policies with a discretionary participa-
tion feature, differences between local measurement and
measurement in accordance with IFRSs are presented
with deferred profit participation taken into account,
whereby this is also reported in profit/(loss) for the period
or in other comprehensive income depending on the
recognition of the change in the underlying measurement
differences. The amount of the provision for deferred
profit participation generally comes to 85 per cent of the
measurement differentials after tax.
Other technical provisions
This item contains provisions for contingent losses for ac-
quired reinsurance portfolios as well as provisions for ex-
pected cancellations and premium defaults.
Liability Adequacy Test
The Liability Adequacy Test evaluates whether the estab-
lished IFRS reserves are sufficient. For life insurance port-
folios, a best estimate reserve is compared with the IFRS
reserve less deferred acquisition costs plus unearned reve-
nue liability (URL). This calculation is done separately
each quarter for mixed insurance policies, pension poli-
cies, risk insurance policies, and unit-linked and index-
linked policies.
Because UNIQA already uses the best estimate approach
for calculating loss reserves in non-life insurance, only the
premiums to be expected in the future will be tested. Busi-
ness lines that feature a surplus in the annual calculation
of less than 5 per cent from future premiums less claims
and costs expected in future are reviewed each quarter. In
non-life insurance, the business lines tested are motor ve-
hicle liability insurance, general liability insurance and
other.
78
Gross
In thousand
Unearned
premiums
Insurance
provision
Provision for
unsettled
claims
Provision for
non-profit-
related
premium
refunds
Provision for
profit-
related
premium
refunds and/or
policyholder
profit
participation
Other
technical
provisions
Total
Property and casualty insurance
At 1 January 2020 618,125 12,380 2,607,932 30,572 1,049 10,975 3,281,033
Foreign exchange differences ‒22,320 ‒1,075 ‒36,545 ‒ 139 ‒ 30 ‒312 ‒60,422
Change in basis of consolidation 290,145 475,485 2,167 767,797
Portfolio changes ‒ 105 ‒ 31,846 156 ‒ 205 1,671 ‒30,328
Additions 1,783 39,036 16 13,197 54,032
Disposals ‒ 1,559 ‒28,012 ‒ 89 ‒ 6,468 ‒ 36,129
Premiums written 3,010,327 3,010,327
Premiums earned ‒ 2,984,051 ‒2,984,051
Claims reporting year 1,753,449 1,753,449
Claims payments reporting year ‒ 908,651 ‒ 908,651
Change in claims previous years 26,839 26,839
Claims payments previous years ‒752,651 ‒752,651
At 31 December 2020 912,122 11,528 3,134,012 41,612 741 21,231 4,121,245
Health insurance
At 1 January 2020 20,857 3,075,435 198,338 14,630 125,574 693 3,435,527
Foreign exchange differences ‒ 2,083 ‒ 498 ‒ 811 ‒53 0 ‒ 8 ‒ 3,453
Portfolio changes ‒ 35 0 ‒ 68 32 ‒32 0 ‒ 103
Additions 200,896 11,459 28,000 1,192 241,548
Disposals ‒31,160 ‒9,262 ‒18,693 ‒ 664 ‒ 59,780
Premiums written 1,167,554 1,167,554
Premiums earned ‒ 1,167,195 ‒1,167,195
Claims reporting year 688,708 688,708
Claims payments reporting year ‒ 556,435 ‒ 556,435
Change in claims previous years 38,597 38,597
Claims payments previous years ‒161,093 ‒161,093
At 31 December 2020 19,098 3,244,673 207,236 16,807 134,848 1,213 3,623,875
Life insurance
At 1 January 2020 9,807,418 183,565 7,181 1,068,226 4,950 11,071,340
Foreign exchange differences ‒ 67,719 ‒ 2,740 ‒ 216 ‒ 2,585 ‒ 352 ‒ 73,611
Change in basis of consolidation 156,291 53,136 7,726 764 1,264 219,182
Portfolio changes 329 ‒ 583 ‒ 1,508 ‒ 1,762
Additions 465,383 1,742 389,295 1,320 857,739
Disposals ‒548,846 ‒1,451 ‒81,434 ‒ 685 ‒ 632,415
Claims reporting year 1,049,951 1,049,951
Claims payments reporting year ‒ 893,296 ‒ 893,296
Change in claims previous years ‒13,540 ‒13,540
Claims payments previous years ‒132,965 ‒132,965
At 31 December 2020 9,812,856 243,527 14,982 1,372,760 6,497 11,450,622
Total
At 1 January 2020 638,981 12,895,233 2,989,835 52,383 1,194,849 16,618 17,787,899
Foreign exchange differences ‒24,403 ‒69,292 ‒ 40,096 ‒ 408 ‒ 2,615 ‒ 672 ‒ 137,485
Change in basis of consolidation 290,145 156,291 528,622 7,726 764 3,431 986,979
Portfolio changes ‒ 139 329 ‒32,498 188 ‒1,745 1,671 ‒32,192
Additions 668,062 52,237 417,311 15,709 1,153,318
Disposals ‒581,565 ‒ 38,726 ‒ 100,216 ‒ 7,817 ‒ 728,324
Premiums written 4,177,881 4,177,881
Premiums earned ‒ 4,151,245 ‒4,151,245
Claims reporting year 3,492,107 3,492,107
Claims payments reporting year ‒2,358,382 ‒2,358,382
Change in claims previous years 51,896 51,896
Claims payments previous years ‒1,046,710 ‒ 1,046,710
At 31 December 2020 931,220 13,069,057 3,584,775 73,401 1,508,349 28,940 19,195,742
79CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Reinsurers’ share
In thousand
Unearned
premiums
Insurance
provision
Provision for
unsettled
claims
Provision for
non-profit-
related
premium
refunds
Provision for
profit-
related
premium
refunds and/or
policyholder
profit
participation
Other
technical
provisions
Total
Property and casualty insurance
At 1 January 2020 29,467 12 187,799 2,462 219,739
Foreign exchange differences ‒ 1,335 ‒ 1 ‒ 2,632 ‒78 ‒ 4,047
Change in basis of consolidation 67,314 110,667 177,981
Portfolio changes ‒ 94 ‒ 91 ‒ 184
Additions 1,368 20 1,786 3,175
Disposals ‒1 ‒1,609 ‒1,610
Premiums written 161,744 161,744
Premiums earned ‒174,836 ‒174,836
Claims reporting year 55,995 55,995
Claims payments reporting year ‒22,813 ‒22,813
Change in claims previous years 51,222 51,222
Claims payments previous years ‒ 77,234 ‒77,234
At 31 December 2020 82,259 1,378 302,912 20 2,561 389,131
Health insurance
At 1 January 2020 207 520 862 1 1,591
Foreign exchange differences ‒21 ‒115 0 ‒136
Portfolio changes 20 ‒461 ‒ 440
Disposals ‒54 0 ‒ 54
Premiums written 2,596 2,596
Premiums earned ‒ 2,433 ‒2,433
Claims reporting year 637 637
Claims payments reporting year ‒424 ‒424
Change in claims previous years 44 44
Claims payments previous years ‒271 ‒271
At 31 December 2020 370 467 273 1 1,110
Life insurance
At 1 January 2020 124,186 4,451 55 128,692
Foreign exchange differences ‒226 ‒ 61 0 ‒ 287
Change in basis of consolidation 219 1,402 1,621
Portfolio changes ‒784 20 ‒ 764
Additions 68,875 6 68,881
Disposals ‒75,249 ‒3 ‒ 75,252
Claims reporting year 21,801 21,801
Claims payments reporting year ‒19,838 ‒19,838
Change in claims previous years 1,592 1,592
Claims payments previous years ‒ 2,418 ‒ 2,418
At 31 December 2020 117,021 6,950 57 124,028
Total
At 1 January 2020 29,674 124,717 193,113 2,518 350,022
Foreign exchange differences ‒ 1,357 ‒ 227 ‒ 2,808 ‒79 ‒4,470
Change in basis of consolidation 67,314 219 112,069 179,602
Portfolio changes ‒ 73 ‒784 ‒532 ‒1,389
Additions 70,243 20 1,792 72,055
Disposals ‒75,304 ‒1,612 ‒76,916
Premiums written 164,340 164,340
Premiums earned ‒177,269 ‒177,269
Claims reporting year 78,433 78,433
Claims payments reporting year ‒43,075 ‒43,075
Change in claims previous years 52,858 52,858
Claims payments previous years ‒ 79,923 ‒79,923
At 31 December 2020 82,629 118,865 310,135 20 2,619 514,268
80
Net
In thousand
Unearned
premiums
Insurance
provision
Provision for
unsettled
claims
Provision for
non-profit-
related
premium
refunds
Provision for
profit-
related
premium
refunds and/or
policyholder
profit
participation
Other
technical
provisions
Total
Property and casualty insurance
At 1 January 2020 588,658 12,369 2,420,132 30,572 1,049 8,514 3,061,293
Foreign exchange differences ‒20,984 ‒1,074 ‒33,913 ‒ 139 ‒ 30 ‒234 ‒56,375
Change in basis of consolidation 222,831 364,819 2,167 589,816
Portfolio changes ‒ 11 ‒31,755 156 ‒205 1,671 ‒30,143
Additions 414 39,016 16 11,411 50,857
Disposals ‒ 1,558 ‒28,012 ‒ 89 ‒ 4,860 ‒ 34,519
Premiums written 2,848,583 2,848,583
Premiums earned ‒ 2,809,215 ‒2,809,215
Claims reporting year 1,697,454 1,697,454
Claims payments reporting year ‒ 885,837 ‒ 885,837
Change in claims previous years ‒ 24,383 ‒ 24,383
Claims payments previous years ‒675,417 ‒675,417
At 31 December 2020 829,862 10,151 2,831,100 41,592 741 18,670 3,732,115
Health insurance
At 1 January 2020 20,649 3,074,915 197,475 14,630 125,574 692 3,433,936
Foreign exchange differences ‒ 2,062 ‒ 498 ‒ 696 ‒53 0 ‒ 8 ‒ 3,317
Portfolio changes ‒ 55 0 393 32 ‒32 0 337
Additions 200,896 11,459 28,000 1,192 241,548
Disposals ‒31,107 ‒9,262 ‒18,693 ‒ 664 ‒ 59,726
Premiums written 1,164,958 1,164,958
Premiums earned ‒ 1,164,762 ‒1,164,762
Claims reporting year 688,071 688,071
Claims payments reporting year ‒ 556,012 ‒ 556,012
Change in claims previous years 38,553 38,553
Claims payments previous years ‒160,822 ‒160,822
At 31 December 2020 18,729 3,244,206 206,963 16,807 134,848 1,212 3,622,765
Life insurance
At 1 January 2020 9,683,232 179,114 7,181 1,068,226 4,894 10,942,648
Foreign exchange differences ‒ 67,493 ‒ 2,679 ‒ 216 ‒ 2,585 ‒ 351 ‒ 73,324
Change in basis of consolidation 156,072 51,734 7,726 764 1,264 217,561
Portfolio changes 1,113 ‒ 603 ‒1,508 ‒998
Additions 396,508 1,742 389,295 1,314 788,858
Disposals ‒473,597 ‒1,451 ‒81,434 ‒ 682 ‒ 557,163
Claims reporting year 1,028,150 1,028,150
Claims payments reporting year ‒ 873,458 ‒ 873,458
Change in claims previous years ‒15,133 ‒15,133
Claims payments previous years ‒130,548 ‒130,548
At 31 December 2020 9,695,835 236,578 14,982 1,372,760 6,439 11,326,594
Total
At 1 January 2020 609,307 12,770,516 2,796,722 52,383 1,194,849 14,100 17,437,877
Foreign exchange differences ‒23,046 ‒69,066 ‒ 37,288 ‒ 408 ‒ 2,615 ‒ 593 ‒ 133,015
Change in basis of consolidation 222,831 156,072 416,553 7,726 764 3,431 807,377
Portfolio changes ‒ 66 1,113 ‒31,966 188 ‒1,745 1,671 ‒30,804
Additions 597,818 52,217 417,311 13,917 1,081,263
Disposals ‒506,262 ‒ 38,726 ‒ 100,216 ‒ 6,205 ‒ 651,408
Premiums written 4,013,541 4,013,541
Premiums earned ‒ 3,973,976 ‒3,973,976
Claims reporting year 3,413,675 3,413,675
Claims payments reporting year ‒2,315,307 ‒2,315,307
Change in claims previous years ‒962 ‒962
Claims payments previous years ‒966,787 ‒966,787
At 31 December 2020 848,591 12,950,192 3,274,640 73,381 1,508,349 26,321 18,681,474
81CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Gross
In thousand
Unearned
premiums
Insurance
provision
Provision for
unsettled
claims
Provision for
non-profit-
related
premium
refunds
Provision for
profit-
related
premium
refunds
and/or
policyholder
profit
participation
Other
technical
provisions
Total
Property and casualty insurance
At 1 January 2019 592,185 12,301 2,599,264 29,251 1,319 11,843 3,246,163
Foreign exchange differences 4,188 ‒ 323 6,492 ‒ 46 10 3 10,325
Portfolio changes 999 ‒4,331 ‒1 16 ‒ 3,318
Additions 606 1,499 284 3,714 6,103
Disposals ‒204 ‒133 ‒564 ‒4,600 ‒5,501
Premiums written 2,846,783 2,846,783
Premiums earned ‒ 2,826,030 ‒2,826,030
Claims reporting year 1,815,775 1,815,775
Claims payments reporting year ‒ 957,048 ‒957,048
Change in claims previous years ‒ 57,330 ‒57,330
Claims payments previous years ‒794,890 ‒794,890
At 31 December 2019 618,125 12,380 2,607,932 30,572 1,049 10,975 3,281,033
Health insurance
At 1 January 2019 adjusted 12,894 2,932,119 183,216 13,082 106,529 715 3,248,556
Foreign exchange differences 700 47 386 ‒ 12 0 ‒ 3 1,117
Portfolio changes 0 99 ‒ 11 88
Additions 144,544 10,764 40,251 22 195,581
Disposals ‒ 1,276 ‒9,203 ‒ 21,206 ‒ 30 ‒31,715
Premiums written 1,130,821 1,130,821
Premiums earned ‒ 1,123,558 ‒1,123,558
Claims reporting year 741,288 741,288
Claims payments reporting year ‒556,796 ‒556,796
Change in claims previous years ‒ 12,149 ‒12,149
Claims payments previous years ‒157,705 ‒157,705
At 31 December 2019 adjusted 20,857 3,075,435 198,338 14,630 125,574 693 3,435,527
Life insurance
At 1 January 2019 adjusted 9,979,484 199,684 4,931 640,041 5,357 10,829,497
Foreign exchange differences 22,185 1,221 ‒15 774 ‒ 85 24,080
Change in basis of consolidation 95 0 95
Portfolio changes 1,642 ‒ 282 ‒582 779
Additions 239,543 2,496 443,064 1,161 686,264
Disposals ‒435,531 ‒231 ‒15,071 ‒ 1,483 ‒ 452,316
Claims reporting year 1,168,680 1,168,680
Claims payments reporting year ‒1,018,554 ‒1,018,554
Change in claims previous years ‒ 14,337 ‒14,337
Claims payments previous years ‒152,847 ‒152,847
At 31 December 2019 adjusted 9,807,418 183,565 7,181 1,068,226 4,950 11,071,340
Total
At 1 January 2019 adjusted 605,079 12,923,904 2,982,164 47,264 747,889 17,915 17,324,215
Foreign exchange differences 4,888 21,909 8,098 ‒ 73 784 ‒ 86 35,521
Change in basis of consolidation 95 0 95
Portfolio changes 999 1,642 ‒4,515 ‒583 5 ‒2,451
Additions 384,694 14,758 483,599 4,898 887,948
Disposals ‒437,011 ‒9,566 ‒36,841 ‒ 6,114 ‒ 489,532
Premiums written 3,977,604 3,977,604
Premiums earned ‒ 3,949,588 ‒3,949,588
Claims reporting year 3,725,742 3,725,742
Claims payments reporting year ‒2,532,397 ‒2,532,397
Change in claims previous years ‒ 83,816 ‒83,816
Claims payments previous years ‒1,105,442 ‒ 1,105,442
At 31 December 2019 adjusted 638,982 12,895,233 2,989,835 52,383 1,194,849 16,618 17,787,900
82
Reinsurers’ share
In thousand
Unearned
premiums
Insurance
provision
Provision for
unsettled
claims
Provision for
non-profit-
related
premium
refunds
Provision for
profit-
related
premium
refunds and/or
policyholder
profit
participation
Other
technical
provisions
Total
Property and casualty insurance
At 1 January 2019 27,557 22 245,429 2,600 275,608
Foreign exchange differences 614 ‒ 1 1,723 ‒10 2,327
Change in basis of consolidation ‒ 1 ‒1
Portfolio changes 732 3,834 4,566
Additions 1,489 1,489
Disposals ‒10 ‒1,618 ‒1,627
Premiums written 146,668 146,668
Premiums earned ‒146,105 ‒146,105
Claims reporting year 168,497 168,497
Claims payments reporting year ‒ 105,582 ‒ 105,582
Change in claims previous years ‒ 18,558 ‒ 18,558
Claims payments previous years ‒107,544 ‒107,544
At 31 December 2019 29,467 12 187,799 2,462 219,739
Health insurance
At 1 January 2019 624 566 863 4 2,057
Foreign exchange differences 56 111 0 167
Portfolio changes 1 1
Additions
Disposals ‒46 ‒3 ‒48
Premiums written 2,557 2,557
Premiums earned ‒ 3,029 ‒ 3,029
Claims reporting year 1,289 1,289
Claims payments reporting year ‒1,045 ‒1,045
Change in claims previous years ‒ 65 ‒65
Claims payments previous years ‒ 293 ‒ 293
At 31 December 2019 207 520 862 1 1,591
Life insurance
At 1 January 2019 130,590 5,089 17 135,696
Foreign exchange differences 122 21 0 143
Portfolio changes ‒42 ‒ 721 34 ‒729
Additions 6,877 4 6,880
Disposals ‒13,361 0 ‒13,361
Claims reporting year 25,348 25,348
Claims payments reporting year ‒22,101 ‒22,101
Change in claims previous years 1,312 1,312
Claims payments previous years ‒ 4,497 ‒ 4,497
At 31 December 2019 124,186 4,451 55 128,692
Total
At 1 January 2019 28,181 131,178 251,381 2,621 413,361
Foreign exchange differences 670 121 1,856 ‒10 2,637
Change in basis of consolidation ‒1 ‒1
Portfolio changes 732 ‒42 3,115 34 3,839
Additions 6,877 1,493 8,370
Disposals ‒13,416 ‒1,620 ‒15,036
Premiums written 149,225 149,225
Premiums earned ‒149,134 ‒149,134
Claims reporting year 195,134 195,134
Claims payments reporting year ‒ 128,727 ‒ 128,727
Change in claims previous years ‒ 17,311 ‒ 17,311
Claims payments previous years ‒112,334 ‒112,334
At 31 December 2019 29,674 124,717 193,113 2,518 350,022
83CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Net
In thousand
Unearned
premiums
Insurance
provision
Provision for
unsettled
claims
Provision for
non-profit-
related
premium
refunds
Provision for
profit-
related
premium
refunds and/or
policyholder
profit
participation
Other
technical
provisions
Total
Property and casualty insurance
At 1 January 2019 564,628 12,279 2,353,835 29,251 1,319 9,243 2,970,555
Foreign exchange differences 3,574 ‒322 4,768 ‒46 10 13 7,998
Change in basis of consolidation 1 1
Portfolio changes 267 ‒8,166 ‒1 16 ‒ 7,884
Additions 606 1,499 284 2,225 4,614
Disposals ‒194 ‒133 ‒564 ‒2,983 ‒3,873
Premiums written 2,700,115 2,700,115
Premiums earned ‒ 2,679,925 ‒2,679,925
Claims reporting year 1,647,278 1,647,278
Claims payments reporting year ‒ 851,466 ‒851,466
Change in claims previous years ‒ 38,771 ‒38,771
Claims payments previous years ‒687,346 ‒687,346
At 31 December 2019 588,659 12,369 2,420,132 30,572 1,049 8,514 3,061,294
Health insurance
At 1 January 2019 adjusted 12,270 2,931,554 182,353 13,082 106,529 711 3,246,498
Foreign exchange differences 644 47 274 ‒ 12 0 ‒ 3 950
Portfolio changes 0 97 ‒ 11 87
Additions 144,544 10,764 40,251 22 195,581
Disposals ‒ 1,230 ‒9,203 ‒ 21,206 ‒ 27 ‒31,667
Premiums written 1,128,264 1,128,264
Premiums earned ‒ 1,120,529 ‒1,120,529
Claims reporting year 739,999 739,999
Claims payments reporting year ‒ 555,751 ‒555,751
Change in claims previous years ‒ 12,084 ‒12,084
Claims payments previous years ‒157,412 ‒157,412
At 31 December 2019 adjusted 20,649 3,074,915 197,475 14,630 125,574 692 3,433,936
Life insurance
At 1 January 2019 adjusted 9,848,894 194,595 4,931 640,041 5,340 10,693,800
Foreign exchange differences 22,063 1,200 ‒15 774 ‒ 85 23,937
Change in basis of consolidation 95 0 95
Portfolio changes 1,685 439 ‒582 ‒ 34 1,507
Additions 232,667 2,496 443,064 1,158 679,384
Disposals ‒422,170 ‒231 ‒15,071 ‒ 1,483 ‒ 438,955
Claims reporting year 1,143,333 1,143,333
Claims payments reporting year ‒ 996,453 ‒996,453
Change in claims previous years ‒ 15,650 ‒15,650
Claims payments previous years ‒148,350 ‒148,350
At 31 December 2019 adjusted 9,683,232 179,114 7,181 1,068,226 4,894 10,942,648
Total
At 1 January 2019 adjusted 576,898 12,792,727 2,730,783 47,264 747,889 15,294 16,910,854
Foreign exchange differences 4,218 21,788 6,242 ‒ 73 784 ‒ 75 32,884
Change in basis of consolidation 95 1 0 96
Portfolio changes 267 1,685 ‒7,629 ‒583 ‒ 29 ‒ 6,290
Additions 377,817 14,758 483,599 3,405 879,579
Disposals ‒423,595 ‒9,566 ‒36,841 ‒ 4,493 ‒ 474,496
Premiums written 3,828,380 3,828,380
Premiums earned ‒ 3,800,454 ‒3,800,454
Claims reporting year 3,530,609 3,530,609
Claims payments reporting year ‒2,403,670 ‒2,403,670
Change in claims previous years ‒ 66,505 ‒66,505
Claims payments previous years ‒993,108 ‒993,108
At 31 December 2019 adjusted 609,308 12,770,516 2,796,722 52,383 1,194,849 14,100 17,437,878
84
The interest rates used as an accounting basis for the in-
surance provision were as follows:
In per cent
Health insurance Life insurance
2020
For insurance provision 1.30 ‒ 5.50 0.00 ‒ 4.00
For deferred acquisition costs 1.30 ‒ 5.50 2.31 ‒ 2.51
2019
For insurance provision 1.50 ‒ 5.50 0.00 ‒ 4.00
For deferred acquisition costs 1.50 ‒ 5.50 2.41 ‒ 2.59
Development of the provision
for deferred profit
participation
In thousand
31/12/2020
31/12/2019
adjusted
At 1 January 1,074,803 633,794
Fluctuation in value, available-for-sale
securities
303,069 431,506
Remeasurement through profit or loss 4,538 9,504
At 31 December 1,382,410 1,074,803
Claims payments
In thousand
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Total
Financial year 773,996 714,267 778,329 798,573 729,222 734,691 746,846 814,664 844,675 1,033,986 957,846
1 year later 1,138,253 1,068,406 1,142,524 1,174,639 1,106,066 1,106,222 1,118,644 1,233,210 1,481,070 1,491,304
2 years later 1,229,475 1,177,160 1,255,972 1,285,030 1,204,327 1,202,760 1,231,387 1,569,429 1,618,802
3 years later 1,276,504 1,225,202 1,308,792 1,334,305 1,251,179 1,251,488 1,464,279 1,636,436
4 years later 1,300,643 1,251,970 1,339,606 1,362,980 1,278,898 1,435,597 1,493,126
5 years later 1,318,705 1,266,660 1,358,361 1,380,369 1,438,378 1,466,811
6 years later 1,329,655 1,278,874 1,372,186 1,523,376 1,453,604
7 years later 1,338,526 1,289,116 1,494,991 1,530,573
8 years later 1,346,403 1,381,323 1,503,368
9 years later 1,437,635 1,387,501
10 years later 1,441,591
Cumulated payments
and provision for un-
settled claims
In thousand
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Financial year 1,401,783 1,337,566 1,444,917 1,489,270 1,475,068 1,476,130 1,515,928 1,615,166 1,719,067 1,933,668 1,881,282
1 year later 1,395,983 1,348,006 1,436,610 1,472,322 1,457,929 1,449,504 1,495,915 1,606,939 1,972,501 1,959,874
2 years later 1,404,598 1,350,674 1,449,431 1,495,723 1,437,879 1,429,766 1,479,026 1,871,458 1,933,021
3 years later 1,392,071 1,353,309 1,454,301 1,489,480 1,413,637 1,417,989 1,699,464 1,883,684
4 years later 1,394,923 1,353,437 1,447,394 1,474,842 1,399,226 1,612,176 1,699,511
5 years later 1,401,018 1,351,386 1,447,991 1,470,199 1,563,394 1,627,982
6 years later 1,399,677 1,349,836 1,449,843 1,620,378 1,553,798
7 years later 1,397,935 1,346,159 1,578,290 1,614,232
8 years later 1,395,533 1,445,372 1,581,023
9 years later 1,491,767 1,445,308
10 years later 1,484,753
Settlement gains/losses 7,014 64 ‒2,733 6,146 9,596 ‒15,805 ‒47 ‒12,227 39,480 ‒26,206 5,282
Settlement gains/losses before
2010 279
Total settlement gains/losses 5,561
Provision for unsettled claims 43,162 57,807 77,654 83,659 100,193 161,170 206,385 247,249 314,220 468,570 923,436 2,683,505
Provision for unsettled claims for accident years before 2010 327,813
Plus other reserve components (components not in triangle, internal claims regulation costs, etc.) 122,694
Provisions for unsettled claims (gross at 31 December 2020) 3,134,012
85CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
7. Technical provisions for unit-linked and index-linked
life insurance
This item relates to insurance provisions and remaining
technical provisions for obligations from life insurance
policies where the value or income is determined by in-
vestments for which the policyholder bears the risk or for
which the benefit is index-linked. The investments in
question are collected in asset pools, recognised at their
fair value and kept separately from the other investments.
As a general rule, the measurement of the provisions cor-
responds with the item “Unit-linked and index-linked life
insurance investments”. The policyholders are entitled to
all income from these investments. The unrealised gains
and losses from fluctuations in the fair values of the in-
vestment pools are thus offset by the appropriate changes
in these provisions. The reinsurers’ share corresponds to a
liability for deposits in the same amount.
An unearned revenue liability allocated to future year pre-
mium shares (such as preliminary fees) is calculated for
unit-linked and index-linked life insurance contracts in
accordance with FAS 97 and amortised correspondingly to
deferred acquisition costs over the contract period.
Technical provisions for unit-linked
and index-linked life insurance
In thousand
31/12/2020 31/12/2019
Gross 5,115,506 4,646,152
Reinsurers’ share ‒ 131 ‒113
Total 5,115,375 4,646,039
8. Premiums
The item “Premiums written – gross” includes those
amounts that have been called due either once or on an
ongoing basis in the financial year for the purposes of
providing the insurance coverage. In the event of payment
in instalments, premiums written are increased by the
charges added during the year and the ancillary charges in
line with the tariffs. In the case of unit-linked and index-
linked life insurance, only the premiums decreased by the
savings portion are stated in the item “Premiums written”.
Premiums
In thousand
1‒12/2020 1‒12/2019
Premiums written ‒ gross 5,261,224 5,062,785
Premiums written ‒ reinsurer’s share ‒ 190,549 ‒175,330
Premiums written ‒ net 5,070,675 4,887,455
Change in premiums earned ‒ gross ‒ 29,693 ‒ 28,063
Change in premiums earned ‒ reinsurers’ share ‒11,443 1,679
Premiums earned 5,029,539 4,861,071
Direct insurance
In thousand
1‒12/2020 1‒12/2019
Property and casualty insurance 2,952,952 2,806,564
Health insurance 1,164,558 1,127,991
Life insurance 1,079,697 1,081,627
Total 5,197,208 5,016,182
Of which:
Austria 3,613,820 3,573,023
remaining EU member states and other states which
are party to the Agreement on the European
Economic Area 1,254,479 1,081,618
other countries 328,909 361,541
Total 5,197,208 5,016,182
Indirect insurance
In thousand
1‒12/2020 1‒12/2019
Property and casualty insurance 57,375 40,219
Health insurance 2,996 2,830
Life insurance 3,646 3,553
Total 64,016 46,602
86
Property and casualty insurance pre-
miums written
In thousand
1‒12/2020 1‒12/2019
Direct insurance
Fire and business interruption insurance 273,683 252,819
Liability insurance 275,426 260,012
Household insurance 209,275 195,086
Motor TPL insurance 671,080 604,372
Legal expense insurance 99,178 96,687
Marine, aviation and transport insurance 62,908 67,244
Other motor insurance 587,090 573,887
Other property insurance 299,740 288,910
Other forms of insurance 73,040 79,056
Casualty insurance 401,532 388,491
Total 2,952,952 2,806,564
Indirect insurance
Fire and business interruption insurance 27,268 19,566
Motor TPL insurance 7,123 5,580
Other forms of insurance 22,983 15,072
Total 57,375 40,219
Total direct and indirect insurance
(amount consolidated) 3,010,327 2,846,783
Reinsurance premiums ceded
In thousand
1‒12/2020 1‒12/2019
Property and casualty insurance 161,744 146,668
Health insurance 2,596 2,557
Life insurance 26,209 26,106
Total 190,549 175,330
Premiums earned
In thousand
1‒12/2020 1‒12/2019
Property and casualty insurance 2,808,954 2,678,436
Gross 2,982,095 2,822,991
Reinsurers’ share ‒173,141 ‒144,555
Health insurance 1,163,614 1,123,027
Gross 1,166,261 1,126,022
Reinsurers’ share ‒2,648 ‒ 2,994
Life insurance 1,056,972 1,059,607
Gross 1,083,175 1,085,708
Reinsurers’ share ‒26,203 ‒ 26,102
Total 5,029,539 4,861,071
Premiums earned ‒ indirect
insurance
In thousand
1‒12/2020 1‒12/2019
Recognised simultaneously 51,926 36,379
Recognised with a delay of up to 1 year 2,976 3,059
Posted after more than 1 year 108 140
Property and casualty insurance 55,009 39,579
Recognised simultaneously 2,990 2,807
Recognised with a delay of up to 1 year 6 23
Health insurance 2,996 2,830
Recognised simultaneously 3,405 3,178
Recognised with a delay of up to 1 year 240 375
Life insurance 3,646 3,553
Total 61,651 45,962
Earnings ‒ indirect insurance
In thousand
1‒12/2020 1‒12/2019
Property and casualty insurance 8,533 3,721
Health insurance ‒111 ‒ 126
Life insurance ‒1,900 ‒3,218
Total 6,522 378
The effects of Covid-19
After adjustment for the premiums of the acquired AXA
companies, premium volumes fell slightly overall com-
pared with the previous year due to Covid-19. While pre-
mium volumes decreased slightly in the UNIQA Interna-
tional segment, a slight increase was recorded in the
UNIQA Austria segment despite Covid-19.
In property and casualty insurance, the marine, aviation
and transport insurance business lines as well as other in-
surance lines recorded a slight decline in premiums as a
result of Covid-19.
No impact was observed in the health and life insurance
business lines that could be clearly attributed to Covid-19.
87CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
9. Insurance benefits
Gross Reinsurers’ share Net
In thousand
1‒12/2020 1‒
12/2019
adjusted
1‒12/2020 1‒12/2019 1‒12/2020 1‒
12/2019
adjusted
Property and casualty insurance
Claims expenses
Claims paid 1,711,589 1,751,937 ‒ 100,048 ‒ 142,187 1,611,541 1,609,750
Change in provision for unsettled claims 117,850 6,508 ‒ 7,169 59,797 110,681 66,305
Total 1,829,439 1,758,445 ‒107,217 ‒82,390 1,722,222 1,676,055
Change in insurance provision 212 410 1 10 213 420
Change in other technical provisions ‒95 ‒ 3,993 ‒2 0 ‒97 ‒ 3,993
Non-profit-related and profit-related premium refund expenses 52,781 46,985 0 0 52,781 46,985
Total benefits 1,882,337 1,801,848 ‒107,218 ‒82,380 1,775,119 1,719,467
Health insurance
Claims expenses
Claims paid 745,499 771,718 ‒694 ‒750 744,804 770,969
Change in provision for unsettled claims 9,783 13,989 14 114 9,797 14,102
Total 755,282 785,707 ‒ 680 ‒ 636 754,602 785,071
Change in insurance provision 169,727 143,265 ‒46 46 169,682 143,310
Change in other technical provisions 0 19 0 0 0 19
Non-profit-related and profit-related premium refund expenses 38,772 40,898 0 0 38,772 40,898
Total benefits 963,782 969,888 ‒726 ‒590 963,056 969,298
Life insurance
Claims expenses
Claims paid 1,073,882 1,182,199 ‒ 22,256 ‒ 22,543 1,051,626 1,159,656
Change in provision for unsettled claims 11,204 ‒17,270 ‒ 1,137 656 10,067 ‒ 16,615
Total 1,085,086 1,164,928 ‒23,393 ‒ 21,887 1,061,693 1,143,041
Change in insurance provision ‒145,657 ‒208,217 6,163 5,672 ‒139,493 ‒202,545
Change in other technical provisions ‒ 161 232 0 0 ‒ 161 232
Non-profit-related and profit-related premium refund expenses and/or (deferred)
benefit participation expenses 34,365 36,607 0 0 34,365 36,607
Total benefits 973,634 993,550 ‒17,230 ‒ 16,215 956,404 977,335
Total 3,819,752 3,765,286 ‒125,174 ‒ 99,186 3,694,579 3,666,100
The effects of Covid-19
Covid-19 had differing effects on insurance benefits – after
adjustment of the insurance benefits of the acquired AXA
companies.
In property and casualty insurance, due to limited mobil-
ity, there was a significant decline in payments for insur-
ance claims in motor vehicle liability insurance, other mo-
tor vehicle insurance and private casualty insurance.
Conversely, there was a slight increase in insurance bene-
fits due to business interruptions and event cancellations.
Overall, insurance benefits in property and casualty insur-
ance declined.
In absolute terms, there was an increase in benefits in
health insurance, although it was small in relation
to the rise in premiums. This is primarily due to the lower
utilisation of medical services.
No significant impact was identified on insurance benefits
in life insurance as a result of Covid-19.
88
10. Operating expenses
In
thousand
1‒12/2020 1‒12/2019
Property and casualty insurance
Acquisition costs
Payments 671,155 614,472
Change in deferred acquisition costs ‒ 26,506 ‒ 10,117
Other operating expenses 340,144 269,600
Reinsurance commission and share of profit from reinsurance ceded ‒ 14,068 ‒12,713
970,724 861,241
Health insurance
Acquisition costs
Payments 115,654 107,054
Change in deferred acquisition costs ‒ 14,930 ‒ 14,504
Other operating expenses 124,594 95,733
Reinsurance commission and share of profit from reinsurance ceded ‒352 ‒ 470
224,966 187,813
Life insurance
Acquisition costs
Payments 175,891 172,103
Change in deferred acquisition costs 32,114 56,252
Other operating expenses 166,808 134,408
Reinsurance commission and share of profit from reinsurance ceded ‒ 4,104 ‒4,700
370,708 358,062
Total 1,566,399 1,407,116
Other non-current assets
11. Property, plant and equipment
Property, plant and equipment are accounted for using the
cost model.
Gains on the disposal of property, plant and equipment are
recorded under the item “Other insurance income”, while
losses are recorded under “Other technical expenses”.
If the use of a property changes and an owner-occupied
property becomes an investment property, the property is
reclassified as investment land and buildings with the car-
rying amount at the date of the change.
Property, plant and equipment are depreciated on a
straight line basis over a useful life for buildings of 5 to 80
years and for technical systems and operating and office
equipment of 2 to 20 years. Depreciation methods, useful
lives and residual values are reviewed on every reporting
date and adjusted if necessary. The depreciation charges
for property, plant and equipment are recognised in
profit/(loss) for the period on the basis of allocated oper-
ating expenses under the items “Insurance benefits”, “Op-
erating expenses” and “Net investment income” so that
the expenses and earnings are distributed on the basis of
their causation.
Leases
There are around 1,500 contracts throughout the entire
Group which fall within the scope of the standard and for
which UNIQA is lessee. Nearly all contracts are simple
standard contracts. They mainly relate to real estate and
in part to operating and office equipment. A significant
portion of the capitalised rights of use consists of a small
number of contracts concluded for an indefinite period.
for which estimates had to be made regarding their dura-
tion and the exercise of termination options. The terms
used to calculate these contracts are up to 40 years. The
average contract term of the remaining contracts is be-
tween three and five years.
The discount rate used to determine the liability consists
of the risk-free interest rate adjusted for country risk, cre-
ditworthiness, the quality of collateral and a repayment
factor.
89CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Non-lease components included in the leases will not be
allocated. Leases with a contractual term of less than
twelve months and low value assets were not recognised.
UNIQA has not made use of the relief option for Covid-19-
related payment benefits (see also Chapter “Changes in
major accounting policies as well as new and amended
standards”).
Acquisition costs
In thousand
Land and buildings
for own use
Usage rights from
land and buildings
for own use
Other property,
plant and
equipment
Usage rights from
other pr
operty,
plant and
equipment
Total
At 1 January 2019 411,374 0 249,709 0 661,083
Currency translation ‒ 364 25 269 9 ‒61
Change in basis of consolidation 0 ‒25 275 ‒ 9 240
Additions 6,141 70,977 20,696 1,773 99,588
Disposals ‒2,511 ‒394 ‒ 21,964 ‒ 16 ‒ 24,884
Reclassifications ‒56 0 ‒10,556 0 ‒10,612
At 31 December 2019 414,585 70,584 238,429 1,757 725,355
At 1 January 2020 414,585 70,584 238,429 1,757 725,355
Currency translation ‒ 5,268 ‒ 409 ‒2,776 ‒62 ‒8,514
Change in basis of consolidation 0 27,332 3,128 2,584 33,044
Additions 1,907 31,106 21,331 119 54,463
Disposals ‒ 33,048 ‒29,498 ‒ 8,831 ‒ 249 ‒71,626
Reclassifications 14,355 0 73 0 14,428
At 31 December 2020 392,532 99,115 251,354 4,148 747,149
Accumulated depreciation and
impairment losses
In thousand
Land and buildings
for own use
Usage rights from
land and buildings
for own use
Other property,
plant and
equipment
Usage rights from
other property,
plant and
equipment
Total
At 1 January 2019 ‒175,801 0 ‒ 174,219 0 ‒ 350,021
Currency translation 170 0 ‒ 102 0 68
Change in basis of consolidation 0 0 11 0 11
Additions from depreciation ‒ 10,874 ‒10,254 ‒ 15,004 ‒ 659 ‒ 36,791
Additions from impairment ‒13 0 0 0 ‒13
Disposals 471 317 12,364 16 13,167
Reclassifications 0 0 4 0 4
Reversal of impairment 0 0 1 0 1
At 31 December 2019 ‒186,048 ‒ 9,937 ‒ 176,947 ‒643 ‒ 373,575
At 1 January 2020 ‒ 186,048 ‒9,937 ‒176,947 ‒ 643 ‒ 373,575
Currency translation 1,910 112 1,694 27 3,745
Change in basis of consolidation 0 0 0 0 0
Additions from depreciation ‒ 11,142 ‒13,066 ‒ 16,673 ‒ 736 ‒ 41,617
Additions from impairment ‒23 0 0 0 ‒23
Disposals 27,660 599 6,561 235 35,054
Reclassifications ‒ 5,986 0 ‒9 0 ‒5,994
At 31 December 2020 ‒173,628 ‒ 22,292 ‒ 185,373 ‒1,117 ‒382,410
90
Carrying amounts
In thousand
Land and buildings
for own use
Usage rights from
land and buildings
for own use
Other property,
plant
and
equipment
Usage rights from
other property,
plant and
equipment
Total
At 1 January 2019 235,573 0 75,489 0 311,062
At 31 December 2019 228,537 60,647 61,482 1,114 351,780
At 31 December 2020 218,904 76,823 65,981 3,031 364,739
The fair values of the land and buildings for own use are
derived from expert reports and are comprised as follows:
Fair values
In thousand
Property and
casualty
insurance
Health
insurance
Life insurance Total
At 31 December 2019 208,991 31,076 185,784 425,851
At 31 December 2020 189,887 38,566 205,250 433,703
Other property, plant and equipment refers mainly to
technical systems and operating and office equipment.
Amounts recognised in consolidated
financial statements
In thousand
2020 2019
Amounts recognised in the consolidated income
statement
Interest on lease liabilities 759 1,074
Expenses relating to short-term leases 1,405 1,717
Expenses relating to leases of low-value assets,
excluding short-term leases of low-value assets 4,838 5,200
Amounts recognised in the consolidated
statement of cash flows
Cash outflows for leases ‒13,768 ‒ 10,628
12. Intangible assets
Deferred acquisition costs
Based on US GAAP, deferred acquisition costs are ac-
counted for in accordance with IFRS 4. In the case of prop-
erty and casualty insurance contracts, costs directly at-
tributable to the acquisition are deferred and distributed
over the expected contract term or according to the un-
earned premiums. In life insurance, the deferred acquisi-
tion costs are amortised in line with the pattern of ex-
pected gross profits or margins. Deferred acquisition costs
for insurance activities that are directly related to new
business and/or to extensions of existing policies and that
vary in line with that business are capitalised. They are
amortised over the term of the respective insurance con-
tract. If they are attributable to property and casualty in-
surance, they are amortised over the probable contractual
term. For long-term health insurance contracts, the amor-
tisation of acquisition costs is measured in line with the
proportionate share of earned premiums in the present
value of expected future premium income. In life insur-
ance, the acquisition costs are amortised over the duration
of the contract in the same proportion as the actuarial
profit margin of each individual year is realised in compar-
ison to the total margin to be expected from the contracts.
The changes in deferred acquisition costs are recognised
as part of profit/(loss) for the period under the item “Op-
erating expenses”.
Value of business in force (VBI)
Values of life, property and casualty insurance policies as
well as pension fund contracts relate to expected future
margins from purchased operations. They are recognised
at the fair value at the acquisition date.
The amortisation of the current value of business in force
follows the progression of the estimated gross margins.
The amortisation of the value of business in force is recog-
nised in the profit/(loss) for the period under “Amortisa-
tion of VBI and impairment of goodwill”.
91CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Goodwill
Ascertainment and allocation of goodwill
For the purpose of the impairment test, UNIQA has allo-
cated the goodwill to cash-generating units (CGUs) below,
which coincide with the countries in which UNIQA oper-
ates. An exception to this was the SIGAL Group, in which
the three countries of Albania, Kosovo and North Macedo-
nia were combined as one CGU due to their similar devel-
opment and organisational connection:
UNIQA Austria
Albania/Kosovo/North Macedonia as subgroup of the
SIGAL Group (SEE)
Bulgaria (SEE)
Poland (CE)
Romania (EE)
Russia (RU)
Serbia (SEE)
Czech Republic (CE)
Hungary (CE)
Goodwill by CGU
In thousand
31/12/2020
31/12/2019
adjusted
Albania/Kosovo/North Macedonia as subgroup of
the SIGAL Group 17,689 23,299
Bulgaria 17,512 36,612
Poland 41,873 27,927
Romania 0 63,060
Serbia 0 19,998
Czech Republic 219,871 8,347
Hungary 14,696 16,179
UNIQA Austria 37,737 37,737
Other 3,544 3,567
Total 352,922 236,727
Impairment test for goodwill
The impairment test was performed during the
preparation of the financial statements. In order to test
the impairment for goodwill, the recoverable amount of
the CGUs is determined. Impairment is recognised when
the recoverable amount of a CGU is less than its value to
be covered, consisting of goodwill, the proportional net as-
sets and any capital increases. The impairment of goodwill
is recognised in profit/(loss) for the period under the item
“Amortisation of VBI and impairment of goodwill”.
Determination of the recoverable amount
The recoverable amount of the CGUs with goodwill allo-
cated is calculated on the basis of value in use by applying
generally accepted measurement principles by means of
the discounted dividend method (DDM). The budget pro-
jections (detailed planning phase) of the CGUs, the esti-
mate of the long-term net profits achievable by the CGUs
and long-term growth rates (perpetuity) are used as the
starting point for determination of the capitalised value.
The capitalised value is determined by discounting the fu-
ture profits with a suitable capitalisation rate after as-
sumed retention to strengthen the capital base. In the pro-
cess, the capitalised values are separated by the three busi-
ness lines, which are then totalled to yield the value for the
entire company.
Cash flow forecast (multi-phase model)
Phase 1: five-year company planning
The detailed company planning generally encompasses a
period of five years. The company plans used for the calcu-
lation are the result of a structured and standardised man-
agement dialoge. This includes an integrated reporting
and documentation process integrated into this dialogue
and takes into account empirical values from previous
planning periods. The plans are formally approved by the
Group Management Board and also include material as-
sumptions regarding the combined ratio, capital earnings,
market shares and the like.
Phase 2: perpetuity growth rate
The last year of the detailed planning phase is used as the
basis for determining cash flows in phase 2. From the 2020
financial year, the perpetuity growth rate is based on me-
dium-term growth forecasts of the respective national
economy and is not derived based on the insurance density
as before. The underlying growth assumptions depend on
the geographical location and range from 1 to 4 per cent.
Various studies and statistical analyses were used as
sources to provide a basis for determining the growth rates
in order to consistently and realistically reflect the market
situation and macroeconomic development. The reference
sources include our own research, as well as country risks,
growth rate estimations and multiples published by Dam-
odaran (NYU Stern).
92
Determining the capitalisation rate
The assumptions with regard to risk-free interest rate,
market risk premium and business line betas made for de-
termining the capitalisation rate are consistent with the
parameters used in the UNIQA planning and controlling
process. They are based on the capital asset pricing model.
In order to depict the economic situation of income values
as accurately as possible, considering the volatility on the
markets, the capitalisation rate was calculated as follows: a
uniform, risk-free interest rate according to the Svensson
method (a 30-year spot rate for German federal bonds)
was used as a base interest rate.
The beta factor was determined on the basis of the
monthly betas over the last ten years for a defined peer
group. The betas for the non-life, life and health insurance
business lines were determined using the revenues in the
relevant business lines of the individual peer group com-
panies. The health insurance business line, which is
strongly focused on the Austrian market, is operated in a
manner similar to life insurance. A uniform beta factor for
personal insurance is therefore used in relation to the
health and life insurance lines.
In Austrian measurement practice, the market risk pre-
mium is derived at the reporting date from the implied
market return based on capital market data. The growth
factor is derived in the same manner as the growth in the
profit from ordinary activities in the impairment test.
An additional country risk premium was defined in ac-
cordance with Professor Damodaran’s models. The basic
principles for calculation of the country risk premium in
accordance with the Damodaran method are as follows:
the spread of credit default swap spreads in a rating class
of “risk-free” US government bonds is determined starting
from the rating of the country concerned (Moody’s). Then
the spread is adjusted by the amount of the volatility dif-
ference between equity and bond markets.
The calculation also factored in the inflation differential
for countries outside the eurozone. In general, the infla-
tion differential represents inflation trends in different
countries and is used as a key indicator in assessing com-
petitiveness. In order to calculate the inflation differen-
tial, the deviation of the inflation forecast for the country
of the CGU in question in relation to the inflation forecast
for a risk-free environment (Germany, in this case) was
used. This is adjusted annually in the detailed planning by
the expected inflation, and is subsequently applied for per-
petuity with the value of the last year of the detailed plan-
ning phase.
Capitalisation rate 2020
Discount factor Discount factor perpetuity
In per cent
Property/
casualty
Life &
health
Property/
casualty
Life &
health
Albania/Kosovo/North Macedonia as subgroup of the SIGAL Group
1)
12.1‒13.2 12.9‒14.0 11.7‒13.4 12.5‒14.1
Bulgaria 10.3 11.1 9.7 10.5
Austria 8.6 9.4 8.6 9.4
Poland 10.0 10.8 9.7 10.4
Romania 11.8 12.5 10.7 11.5
Russia 12.8 13.5 12.1 12.9
Serbia 12.6 13.4 12.5 13.3
Czech Republic 9.2 10.0 8.6 9.4
Hungary 12.1 12.8 11.1 11.9
1)
The discount rate ranges listed for the SIGAL Group and the regions relate to the spread over the respective countries grouped under these headings.
93CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Capitalisation rate 2019
Discount factor Discount factor perpetuity
In per cent
Property/
casualty
Life &
health
Property/
casualty
Life &
health
Albania/Kosovo/North Macedonia as subgroup of the SIGAL Group
1)
12.7‒15.0 13.1‒15.4 12.9‒15.0 13.3‒15.4
Bosnia and Herzegovina 16.3 16.7 16.8 17.2
Bulgaria 11.9 12.3 10.7 11.1
Austria 8.5 8.9 8.5 8.9
Poland 9.9 10.3 9.2 9.6
Romania 13.7 14.1 11.3 11.7
Russia 14.7 15.1 13.2 13.6
Serbia 13.7 14.1 13.7 14.1
Slovakia 9.1 9.5 9.1 9.5
Czech Republic 10.3 10.7 8.7 9.1
Hungary 12.8 13.2 11.7 12.2
1)
The discount rate ranges listed for the SIGAL Group and the regions relate to the spread over the respective countries grouped under these headings.
Impairments for the financial year
The UNIQA 3.0 strategic programme also requires a re-
view of medium-term planning. The changes to the plan-
ning assumptions result in impairment losses on goodwill
for the CGU Bulgaria in the amount of €19.1 million, the
CGU Romania in the amount of €61.3 million, the CGU
Serbia in the amount of €20.0 million and the CGU SIGAL
Group in the amount of €5.3 million.
Sensitivity analyses
In order to substantiate the results of the calculation and
estimation of the value in use, sensitivity analyses with re-
gard to the capitalisation rate and the main value drivers
are performed.
These analyses show that sustained surpluses on the part
of the individual CGUs are highly dependent on the actual
development of these assumptions within the individual
national or regional economies (GDP, insurance density,
purchasing power parities particularly in the CEE mar-
kets) as well as the associated implementation of the indi-
vidual profit goals. These forecasts and the related assess-
ment of how the situation in the markets will develop in
the future, under the influence of the continuing financial
crisis in individual markets, are the largest uncertainties
in connection with measurement results.
In the event that the insurance markets develop entirely
differently from the assumptions made in those business
plans and forecasts, the individual goodwill amounts may
incur impairment losses.
A sensitivity analysis shows that if there was a rise in in-
terest rates of 50 basis points or a change in the underlying
cash flow by –5 per cent for CGU Bulgaria and SIGAL, the
value in use could fall below the carrying amount.
Other intangible assets
Other intangible assets include both purchased and inter-
nally developed software, which is depreciated on a
straight-line basis over its useful economic life of 2 to 20
years.
Costs that are incurred at the research stage for internally
generated software are recognised through profit or loss
for the period in which they were incurred. Costs that are
incurred in the development phase are deferred provided
that it is foreseeable that the software will be completed,
there is the intention and ability for future internal use,
and this will result in a future economic
benefit.
Rights of use for leased intangible assets are not recog-
nised.
The amortisation of the other intangible assets is recog-
nised in profit/(loss) for the period on the basis of allo-
cated operating expenses under the items “Insurance ben-
efits”, “Operating expenses” and “Net investment in-
come”.
Measurement of non-financial assets
The carrying amounts of UNIQA’s non-financial assets –
excluding deferred tax assets – are reviewed at every re-
porting date to determine whether there is an indication
of impairment. If this is the case, the recoverable amount
of the asset is estimated. The goodwill and intangible as-
sets under construction are tested for impairment annu-
ally, unless a triggering event occurs.
94
An impairment loss on goodwill is not reversed. In the
case of other assets, an impairment loss is reversed only to
the extent that it does not increase the carrying amount of
the asset above the carrying amount that would have been
determined net of depreciation or amortisation had no im-
pairment loss been recognised.
Acquisition costs
In thousand
Deferred
acquisition costs
Value of
business
in force
Goodwill
(adjusted)
Other
intangible
assets
Total
At 1 January 2019 1,152,095 112,896 363,272 332,076 1,960,338
Currency translation 2,738 ‒701 ‒ 2,068 ‒90 ‒121
Change in basis of consolidation 0 0 ‒109 0 ‒ 109
Additions 0 0 0 77,886 77,886
Disposals 0 0 ‒ 2,648 ‒2,917 ‒ 5,566
Reclassifications 0 0 0 15 15
Interest capitalised ‒8,399 0 0 0 ‒ 8,399
Capitalisation 238,513 0 0 0 238,513
Portfolio additions and disposals 145 0 0 0 145
Amortisation ‒261,297 0 0 0 ‒ 261,297
At 31 December 2019 1,123,795 112,195 358,446 406,970 2,001,406
At 1 January 2020 1,123,795 112,195 358,446 406,970 2,001,406
Currency translation ‒17,174 ‒ 579 2,181 ‒4,717 ‒ 20,290
Change in basis of consolidation 0 349,389 219,767 8,907 578,063
Additions 203 0 0 96,148 96,351
Disposals ‒156,674 ‒ 2,634 ‒171,752 ‒3,385 ‒ 334,447
Reclassifications 0 0 0 ‒20 ‒ 20
Interest capitalised ‒366 0 0 0 ‒366
Capitalisation 367,072 0 0 0 367,072
Portfolio additions and disposals ‒199 0 0 0 ‒199
Amortisation ‒200,454 0 0 0 ‒ 200,454
At 31 December 2020 1,116,203 458,371 408,641 503,902 2,487,116
Accumulated amortisation and impairment losses
In thousand
Deferred
acquisition costs
Value of
business
in force
Goodwill
Other
intangible
assets
Total
At 1 January 2019 ‒102,206 ‒ 67,758 ‒ 171,490 ‒341,454
Currency translation 687 0 285 973
Change in basis of consolidation 0 44 0 44
Additions from amortisation ‒ 2,509 0 ‒18,862 ‒ 21,371
Additions from impairment 0 ‒ 56,653 0 ‒ 56,653
Disposals 0 2,648 927 3,575
Reversal of impairment 0 0 ‒1 ‒ 1
Reclassifications 0 0 ‒4 ‒ 4
At 31 December 2019 ‒104,028 ‒121,719 ‒189,144 ‒ 414,890
At 1 January 2020 ‒ 104,028 ‒ 121,719 ‒ 189,144 ‒414,890
Currency translation 534 0 3,538 4,071
Additions from amortisation ‒20,064 0 ‒ 24,355 ‒44,419
Additions from impairment 0 ‒ 105,752 0 ‒105,752
Disposals 134 171,752 748 172,635
Reclassifications 0 0 9 9
At 31 December 2020 ‒123,424 ‒ 55,719 ‒ 209,205 ‒388,348
95CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Carrying amounts
In thousand
Deferred
acquisition costs
Value of
business
in force
Goodwill
(adjusted)
Other
intangible
assets
Total
At 1 January 2019 1,152,095 10,690 295,513 160,586 1,618,885
At 31 December 2019 1,123,795 8,168 236,727 217,826 1,586,516
At 31 December 2020 1,116,203 334,947 352,922 294,697 2,098,769
Other intangible assets mainly comprise software.
Other current assets
13. Receivables, including insurance receivables
In
thousand
31/12/2020 31/12/2019
Reinsurance receivables
Receivables from reinsurance business 76,757 50,912
76,757 50,912
Insurance receivables
from policyholders 324,837 250,196
from insurance intermediaries 29,547 22,941
from insurance companies 13,741 12,419
368,124 285,557
Other receivables
Receivables from services 81,788 69,070
Other tax refund claims 14,150 14,654
Remaining receivables 143,431 126,467
239,368 210,191
Subtotal 684,249 546,659
of which receivables with a remaining
maturity of
up to 1 year 680,264 544,081
more than 1 year 3,985 2,578
684,249 546,659
of which receivables with values not yet
impaired
up to 3 months overdue 6,939 8,177
more than 3 months overdue 4,880 8,034
Total receivables including insurance
receivables 684,249 546,659
The fair values are essentially equal to the carrying
amounts.
96
Impairments
Reinsurance receivables Insurance receivables
1)
Other receivables
In thousand
2020 2019 2020 2019 2020 2019
At 1 January 0 ‒ 2,329 ‒12,076 ‒ 17,187 ‒6,971 ‒ 6,694
Change in basis of consolidation ‒380 0 ‒64,028 0 ‒ 625 0
Allocation 0 0 ‒ 2,684 ‒1,957 ‒ 1,587 ‒1,312
Use 38 2,304 2,481 779 2,149 609
Reversal 0 25 2,861 6,380 207 1,009
Currency translation 0 0 763 ‒91 743 ‒582
At 31 December ‒342 0 ‒72,684 ‒12,076 ‒ 6,084 ‒ 6,971
1)
Impairment losses related to policyholders are shown under the cancellation provision.
There are no material overdue receivables that have not
been impaired.
14. Cash and cash equivalents
Cash and cash equivalents in foreign currencies are meas-
ured at the exchange rate in effect on the reporting date.
The item “Cash and cash equivalents” in the consolidated
statement of cash flows corresponds to the item with the
same name in the consolidated statement of financial po-
sition.
Taxes
15. Income tax
Income tax
In thousand
1‒12/2020 1‒
12/2019
adjusted
Actual tax ‒ reporting year 46,378 33,647
Actual tax ‒ previous year ‒8,736 11,345
Deferred tax ‒ 4,867 11,961
Total 32,775 56,953
The basic corporate income tax rate applied for all seg-
ments was 25 per cent. National tax regulations in con-
junction with life insurance profit participation may lead
to a different calculated income tax rate.
Reconciliation statement
In thousand
1‒12/2020
1‒
12/2019
adjusted
Earnings before taxes 57,056 295,667
Expected tax expenses
1)
14,264 73,917
Adjusted by tax effects from
Tax-free investment income ‒ 17,873 ‒ 17,250
Amortisation of value of business in force 26,438 513
Tax-neutral consolidation effect ‒79 27
Other non-deductible expenses/other tax-exempt
income
16,001 994
Changes in tax rates 2,024 ‒ 20
Deviations in tax rates ‒26,063 ‒18,069
Tax deducted at source 1,562 1,356
Taxes for previous years 8,206 8,532
Lapse of loss carried forward and other 8,293 6,952
Income tax expenses 32,775 56,953
Average effective tax burden
(in per cent) 57.4 19.3
1)
Earnings before taxes multiplied by the corporate income tax rate
Excluding impairments of goodwill in the amount of
€105,752 thousand, the average effective tax burden would
come to 20.1 per cent.
Group taxation
In Austria, UNIQA exercises the option of forming a group
of companies for tax purposes. There are three taxable
groups of companies with the parent groups UNIQA In-
surance Group AG, PremiQaMed Holding GmbH and
R-FMZ Immobilienholding GmbH.
The group members are generally charged, or relieved by,
the corporation tax amounts attributable to them by the
parent group through the distribution of their tax burden
in the tax group. Losses from foreign group members are
also included within the scope of taxable profits. The tax
realisation for these losses is accompanied by a future tax
obligation to pay income taxes at an unspecified point in
time. A corresponding provision is therefore formed for
future subsequent taxation of foreign losses.
97CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
16. Deferred taxes
The calculation of deferred taxes is based on the specific
tax rates of each country, which were between 9 and
25 per cent in the financial year (2019: between 9 and
25 per cent). Changes in tax rates in effect at 31 December
2020 are taken into account.
The deferred tax assets and deferred tax liabilities stated
in the consolidated statement of financial position per-
formed as follows:
Net deferred tax
In thousand
At 1 January 2019 adjusted ‒236,488
Changes recognised in profit/(loss) ‒11,961
Changes recognised in other comprehensive income ‒ 102,951
Reclassifications held for sale ‒ 1,088
Foreign exchange differences 186
At 31 December 2019 adjusted ‒352,302
At 1 January 2020 ‒352,302
Changes recognised in profit/(loss) 4,867
Changes recognised in other comprehensive income ‒50,057
Changes due to changes in basis of consolidation ‒18,964
Foreign exchange differences 1,166
At 31 December 2020 ‒415,291
Changes recorded in other comprehensive income essen-
tially relate to measurements of financial instruments
available for sale and remeasurements of defined benefit
obligations.
The differences between the tax carrying amounts and the
carrying amounts in the IFRS consolidated statement of
financial position have the following effect:
In
thousand
31/12/2020
31/12/2019
adjusted
Deferred tax assets
Technical items 54,528 57,568
Investments 54,482 22,349
Actuarial gains and losses on defined benefit
obligations 73,309 61,891
Loss carried forward 17,046 12,471
Other items 89,675 22,212
Total 289,040 176,490
Netting effect ‒280,447 ‒ 171,253
Total after netting 8,594 5,237
Deferred tax liabilities
Technical items 358,749 293,287
Investments 316,586 211,903
Actuarial gains and losses on defined benefit
obligations 1 1
Other items 28,994 23,600
Total 704,331 528,792
Netting effect ‒280,447 ‒ 171,253
Total after netting 423,884 357,539
Net deferred tax ‒415,291 ‒352,302
The temporary differences in connection with shares in
subsidiaries and associates for which no deferred tax lia-
bilities were recognised amounted to €1,778,691 thousand
(2019: €1,657,532 thousand).
An assessment of the ability to realise deferred tax assets
for tax losses not yet used, tax credits not yet used and de-
ductible temporary differences requires an estimate of the
amount of future taxable profits. The resulting forecasts
are based on business plans that are prepared, reviewed
and approved using a uniform procedure throughout the
company. Especially convincing evidence regarding the
value and future chance of realisation of deferred tax as-
sets is required under internal Group policies if the rele-
vant Group company has suffered a loss in the current or a
prior period.
The deferred tax assets stated include €17,046 thousand
(2019: €12,471 thousand) attributable to tax loss carryfor-
wards. Deferred tax assets from loss carryforwards in the
amount of €11,023 thousand (2019: €10,577 thousand)
were not recognised, as a realisation of these in the near
future cannot be assumed, taking maturities into account.
98
The tax loss carryforwards of €139,365 thousand (2019:
€132,128thousand) are forfeited as follows, with “more
than 5 years” also including tax loss carryforwards with no
forfeit date of €112,986 thousand (2019: €87,247
thousand).
In
thousand
31/12/2020 31/12/2019
Up to 1 year
1)
8,358 11,187
2 to 5 years
2)
12,336 19,604
More than 5 years
3)
118,671 101,338
Total 139,365 132,128
1)
Loss carryforwards for which no deferred tax assets have been recognised amount to 1,081 thousand at
31 December 2020 (31 December 2019: 4,560 thousand)
2)
Loss carryforwards for which no deferred tax assets have been recognised amount to 5,455 thousand at
31 December 2020 (31 December 2019: 3,664 thousand)
3)
Loss carryforwards for which no deferred tax assets have been recognised amount to 53,409 thousand at
31 December 2020 (31 December 2019: 54,048 thousand)
The tax loss carryforwards include both loss carryforwards
on which deferred tax assets have been recognised and loss
carryforwards on which no deferred tax assets have been
recognised.
Social capital
17. Defined benefit plans
There are individual contractual pension obligations, indi-
vidual contractual bridge payments, and pension allow-
ances in accordance with association recommendations.
The calculation of defined benefit obligations is carried
out annually using the projected unit credit (PUC)
method. If the calculation results in a potential asset, the
asset recognised is limited to the present value of any eco-
nomic benefit available in the form of future refunds from
the plan or reductions in future contributions to the plan.
Any valid minimum funding requirements are included in
the calculation of the present value of the economic bene-
fit.
Remeasurement of net liabilities from defined benefit
plans are recognised directly in other comprehensive in-
come. The remeasurement includes the actuarial gains
and losses, the income from plan assets (not including pro-
jected interest income) and the effect of any asset ceiling.
Net interest expenses (income) on net liabilities (assets)
from defined benefit plans re calculated for the reporting
period by applying the discount rate. The discount rate
was used to measure the defined benefit obligation at the
start of the annual reporting period. This discount rate is
applied to net liabilities (assets) from defined benefit
plans on this date. Any changes in net liabilities (assets)
from defined benefit plans resulting from contribution
and benefit payments over the course of the reporting pe-
riod are taken into account. Net interest expenses and
other expenses for defined benefit plans are recognised
through profit or loss in profit/(loss) for the period.
If a plan’s defined benefits are changed or a plan is cur-
tailed, the resulting change in the benefit relating to past
service costs or the gain or loss on the curtailment is rec-
ognised directly in profit/(loss) for the period. Gains and
losses from the settlement of a defined benefit plan are
recognised at the date of the settlement. The defined bene-
fit obligations are stated under the balance sheet item
“Other provisions”.
Pension entitlements
Individuals who hold an individual contractual agreement
can generally claim a pension when they reach the age of
60 or 65, subject to certain conditions. The amount of the
pension generally depends on the number of their years of
service and their last salary before leaving their active em-
ployment. In the event of death, the spouse of the individ-
ual entitled to the claim receives a pension at 60, 50 or
40 per cent depending on the policy. The pensions are sus-
pended for any period in which a termination benefit is
paid, and their value is generally guaranteed. The pensions
that are based on individual policies or on association rec-
ommendations are financed through provisions. The final
pension contribution which guarantees a fixed cash value
for when the beneficiary begins their retirement is set
aside during the contribution phase and transferred to the
pension fund at the time of retirement. The financing is
specified in the pension fund’s business plan, in the works
council agreement and in the pension fund contract.
Termination benefit entitlements
In the case of employees of Austrian companies whose em-
ployment began prior to 31 December 2002 and lasted
three years without interruption, the employee is entitled
to termination benefits when the employment is termi-
nated, unless the employee resigns, leaves without an im-
portant reason or is dismissed.
99CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Defined benefit obligations
In thousand
Defined benefit
obligations for
pensions
Plan assets at
fair value
Net defined
benefit
obligations for
pensions
Termination
benefits
Total defined
benefit
obligations
At 1 January 2020 498,469 ‒ 100,536 397,933 134,318 532,251
Current service costs 20,936 0 20,936 10,524 31,460
Interest expense/income 3,901 ‒ 713 3,188 378 3,567
Past service costs and gains or losses from settlements ‒2,156 0 ‒2,156 0 ‒ 2,156
Components of defined benefit obligations recognised in the
income statement 22,682 ‒713 21,969 10,902 32,871
Return on plan assets recognised in other comprehensive income 0 10 10 ‒ 47 ‒ 37
Actuarial gains and losses that arise from changes in demographic
assumptions 57 0 57 ‒ 62 ‒5
Actuarial gains and losses that arise from changes in financial
assumptions
32,306 0 32,306 3,870 36,176
Actuarial gains and losses that arise from experience adjustments 941 0 941 ‒694 248
Other comprehensive income 33,305 10 33,315 3,066 36,381
Changes from currency translation ‒ 43 0 ‒ 43 27 ‒16
Payments ‒17,171 624 ‒16,547 ‒ 7,537 ‒24,085
Contribution to plan assets 91 ‒ 9,831 ‒ 9,741 0 ‒9,741
Transfer in 75 0 75 ‒ 217 ‒ 142
Transfer out ‒9,846 9,816 ‒31 0 ‒ 31
At 31 December 2020 527,562 ‒100,632 426,930 140,560 567,490
Defined benefit obligations
In thousand
Defined benefit
obligations for
pensions
Plan assets at
fair value
Net defined
benefit
obligations for
pensions
Termination
benefits
Total defined
benefit
obligations
At 1 January 2019 439,983 ‒ 90,102 349,881 143,687 493,568
Current service costs 16,203 0 16,203 3,180 19,383
Interest expense/income 7,158 ‒ 1,376 5,782 1,387 7,169
Past service costs and gains or losses from settlements ‒1,378 0 ‒1,378 0 ‒ 1,378
Components of defined benefit obligations recognised in the
income statement 21,983 ‒1,376 20,608 4,567 25,175
Return on plan assets recognised in other comprehensive income 0 ‒ 5,971 ‒ 5,971 288 ‒5,683
Actuarial gains and losses that arise from changes in demographic
assumptions 51 0 51 690 741
Actuarial gains and losses that arise from changes in financial
assumptions 55,527 0 55,527 7,738 63,266
Actuarial gains and losses that arise from experience adjustments 7,367 0 7,367 3,679 11,046
Other comprehensive income 62,946 ‒5,971 56,974 12,395 69,369
Changes from currency translation 6 0 6 1 7
Payments ‒19,433 0 ‒19,433 ‒ 26,078 ‒45,511
Contribution to plan assets 0 ‒ 8,116 ‒ 8,116 0 ‒8,116
Transfer in 7 0 7 ‒ 254 ‒ 247
Transfer out ‒7,022 5,029 ‒ 1,993 0 ‒ 1,993
At 31 December 2019 498,469 ‒100,536 397,933 134,318 532,251
100
The plan assets for the defined benefit obligations are
comprised as follows:
In per cent
31/12/2020
31/12/2019
Listed Unlisted Listed Unlisted
Bonds ‒ euro 22.4 1.3 29.4 0.1
Bonds ‒ euro high yield 0.0 0.0 0.3 0.0
Corporate bonds ‒ euro 30.4 1.0 20.1 0.0
Equities ‒ euro 9.5 0.0 6.8 0.0
Equities ‒ non-euro 7.2 0.0 6.1 0.0
Equities
‒
emerging
markets 4.1 0.0 3.0 0.0
Alternative investment
instruments 4.2 10.1 0.5 3.7
Land and buildings 0.0 4.9 0.0 5.0
Cash 0.0 4.7 0.0 24.0
HTM bonds/term deposits 0.0 0.0 1.2 0.0
Total
78.0
22.0
67.2
32.8
Contributions to plan assets are expected for the coming
year in the amount of €6,271 thousand.
The measurement of the defined benefit obligations is
based on the following actuarial calculation parameters:
Calculation factors applied
In per cent
2020 2019
Discount rate in
termination benefits
‒0.1 0.3
Discount rate in
pensions
0.4 0.8
Valorisation of remuneration 3.0 3.0
Valorisation of pensions 2.0 2.0
Employee turnover rate depe
ndent on
years of service
dependent on
years of service
Calculation principles
AVÖ 2018 P ‒
salaried employees
AVÖ 2018 P ‒
salaried employees
Weighted average duration
in years
Pensions
Termination
benefits
31 December 2020 13.4 7.1
31 December 2019 14.6 7.7
The essential risks from the benefit plan are limited to the
investment risk, the interest rate risk, life expectancy as
well as salary risk.
The sensitivity of the defined benefit obligations on
changes in the weighted actuarial calculation
parameters is:
Sensitivity analysis
In thousand
Pensions Termination benefits
2020
2019
2020
2019
Remaining life expectancy
Change in DBO (+ 1 year) 3.1 3.8
Change in DBO (‒ 1 year) ‒3.3 ‒ 4.0
Discount rate
Change in DBO (+1 percentage point) ‒ 12.5 ‒ 12.1 ‒ 6.6 ‒ 7.1
Change in DBO (‒1 percentage point) 15.7 15.1 7.5 8.1
Future salary increase rate
Change in DBO (+ 0.75%) 4.6 4.3 5.3 5.8
Change in DBO (‒ 0.75%) ‒3.9 ‒3.8 ‒4.9 ‒ 5.3
Future pension increase rate
Change in DBO (+ 0.25%) 3.7 3.6
Change in DBO (‒ 0.25%) ‒3.5 ‒3.4
101CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
18. Defined contribution plans
Obligations for contributions to defined contribution
plans are recognised as expenses through profit or loss as
soon as the associated work is performed. Prepaid contri-
butions are recognised as assets if an entitlement to re-
fund or reduction of future payments arises. The defined
contribution plan is financed largely by UNIQA.
Pension entitlements
Board members, special policyholders and active employ-
ees in Austria are subject to a basic defined contribution
pension fund scheme. The beneficiaries are also entitled
to a final pension fund contribution which guarantees
them a fixed cash value when they begin their retirement.
Since the first pension to be paid out to the beneficiaries
has a fixed benefit amount, this commitment is to be clas-
sified as a defined benefit in the contribution phase. The
works council agreement states the extent to which a final
pension fund contribution is provided to the beneficiary’s
individual assurance cover account in the event of a trans-
fer to the old-age pension or of an incapacity to work or
the death of a participant. UNIQA has no obligations dur-
ing the benefit phase.
Contributions to company pension funds
Under the defined contribution company pension scheme,
the employer pays the fixed amounts into company pen-
sion funds. The insurance contributions to company pen-
sion funds amounted to €4,537 thousand (2019:
€4,231 thousand). The employer has satisfied their obliga-
tion by making these contributions.
19. Restructuring measures
The Supervisory Board approved the UNIQA 3.0 strategic
programme in November 2020. This programme aims to
make UNIQA even more focused on the customer and
makes internal processes simpler, more efficient and more
cost-effective. This will be accompanied by cutbacks in the
UNIQA Group’s workforce. Staff reductions will be
achieved wherever possible through natural attrition and
contract terminations agreed through mutual consent.
The severance scheme that has been agreed includes spe-
cial severance, partial retirement and other compensation
models. A provision for restructuring measures was recog-
nised in the amount of €98,587 thousand on account of
these measures, which mainly involve a reduction in the
number of employees in Austria.
The provision for restructuring measures is stated under
the balance sheet item “Other provisions”. It is mainly dis-
closed in the consolidated income statement under the
items “Insurance benefits” and “Operating expenses”.
Disclosure in the consolidated income statement
In thousand
Property and
casualty insurance
Health insurance Life insurance Total
Insurance benefits 6,801 4,117 2,819 13,738
Expenses for the acquisition of insurance 14,123 7,475 5,118 26,716
Other operating expenses 27,773 16,787 11,477 56,037
Expenses from investments 1,333 456 308 2,096
Total 50,030 28,835 19,721 98,587
102
20. Employees
Personnel expenses
In thousand
1‒12/2020 1‒12/2019
Salaries 444,997 454,780
Expenses for termination benefits 10,902 4,567
Pension expenses 21,969 20,608
Expenditure on mandatory social security
contributions as well as income-based charges and
compulsory contributions 127,861 128,921
Other social expenditures 5,631 7,040
Personnel-related restructuring expenses 96,319 0
Total 707,679 615,916
of which sales 133,748 120,436
of which administration 574,322 493,351
of which retirees ‒ 391 2,129
Average number of employees
31/12/2020 31/12/2019
Total 13,408 13,038
of which sales 4,138 4,202
of which administration 9,271 8,836
At 31 December 2020 the number of employees of the ac-
quired AXA companies is 1,986. These were reported in the
average number of salaried employees in relation to the
time period from the acquisition date.
Equity
21. Subscribed capital and capital reserves
The share capital is comprised of 309,000,000 no-par-
value bearer shares. Capital reserves include unallocated
capital reserves, which primarily result from share premi-
ums.
A dividend of €0.18 per share was paid on 8 June 2020.
This corresponds with a distribution amounting to
€55,254 thousand. Subject to the approval of the Annual
General Meeting, a dividend payment in the amount of
€0.18 per share is planned for the financial year, which
equates to a distribution in the amount of €55,254 thou-
sand.
22. Treasury shares
Treasury shares
31/12/2020 31/12/2019
UNIQA Insurance Group AG
Number of shares 819,650 819,650
Cost in thousand 10,857 10,857
Share of subscribed capital in % 0.27 0.27
UNIQA Österreich Versicherungen AG
Number of shares 1,215,089 1,215,089
Cost in thousand 5,774 5,774
Share of subscribed capital in % 0.39 0.39
Total 2,034,739 2,034,739
Authorisations of the Management Board
In accordance with the resolution of the Annual General
Meeting dated 20 May 2019, the Management Board is au-
thorised to increase the company’s share capital up to and
including 30 June 2024 with the approval of the Supervi-
sory Board by a total of up to €80,000,000 by issuing up to
80,000,000 no-par-value bearer or registered shares in ex-
change for payment in cash or in kind, one time or several
times.
In accordance with the resolution of the Annual General
Meeting dated 25 May 2020, the Group Management
Board was again authorised to acquire, with the approval
of the Supervisory Board, treasury shares for a period of
30 months from 30 November 2020 (the authorisation
granted in accordance with the resolution of the Annual
General Meeting on 28 May 2018 expired at 29 November
2020). The proportion of the share capital represented by
newly acquired shares, together with the proportion of
other treasury shares that the company has already ac-
quired and still holds, may not exceed 10 per cent of the
share capital. The authorisation to acquire treasury shares
also includes the acquisition of shares in the company by
subsidiaries of the company.
The treasury shares held via UNIQA Österreich Versicher-
ungen AG stem from the merger of BL Syndikat Be-
teiligungs Gesellschaft m.b.H., the assigning company,
with UNIQA Insurance Group AG, the acquiring company.
These shares held are not to be counted towards the
10 per cent limit.
23. Capital management
Capital management takes place with due regard to the
regulatory and statutory requirements. After Solvency II
came into force on 1 January 2016, the definitions and
methods used to calculate available own funds, as well as
103CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
risk capital requirements and management standards,
were replaced by Solvency II standards.
In the context of Group management, the appropriate cov-
erage of the solvency capital requirement in accordance
with Solvency II on a consolidated basis is constantly
monitored. Active capital management is implemented in
order to ensure that the individual Group companies and
the Group as a whole have a reasonable capital base at all
times. Aside from the five-year planning, another objective
of active capital management is also to actively guarantee
UNIQA’s financial capacity, including under difficult eco-
nomic conditions, in order to safeguard the continued ex-
istence of the insurance business.
In addition to the solvency capital/minimum capital re-
quirements, UNIQA has set itself a target capitalisation for
the Group of at least 170 per cent. The solvency ratio is
managed using strategic measures which result in a reduc-
tion in the capital requirements and/or increase the
amount of existing capital.
UNIQA also takes the potential impact on the rating by
recognised rating agencies into account in the capital
management process. Standard & Poor’s (S&P) currently
applies a credit rating of “A–” to UNIQA Insurance
Group AG. In the S&P capital model UNIQA achieves sig-
nificant surplus coverage for the current level. UNIQA
assumes that it will secure its surplus coverage of the AA
level at a minimum in the long term and will also improve
the rating in line with the corporate strategy as a result.
UNIQA Österreich Versicherungen AG and UNIQA Re AG
each have a rating of “A”. The supplementary capital bond
issued in 2013 (€350.0 million Tier 2, first call date: 31 July
2023), the subordinated capital bond issued in 2015
(€500.0 million Tier 2, first call date: 27 July 2026) and
the subordinated capital bond issued in 2020
(€200.0 million Tier 2, first call date: 9 July 2025) are
rated “BBB” by S&P. The agency rates the outlook for all
companies as “stable”.
Further quantitative and qualitative information related
to capital management according to Solvency II is in-
cluded in the “Solvency and Financial Condition Report”
(SFCR).
24. Non-controlling interests
Non-controlling interests are measured at the acquisition
date with their proportionate share in the identifiable net
assets of the acquired entity.
Changes in the share in a subsidiary that do not result in a
loss of control are recognised directly as equity transac-
tions with non-controlling interests.
Non
-
controlling interests
In thousand
31/12/2020 31/12/2019
In measurement of financial instruments
available for sale 5,636 4,255
In actuarial gains and losses on defined
benefit plans
‒155 ‒ 207
In retained profit 11,297 5,129
In other equity 7,982 10,221
Total 24,760 19,399
Subordinated liabilities
In July 2013, UNIQA Insurance Group AG successfully
placed a supplementary capital bond to the value of
€350 million with institutional investors in Europe. The
bond has a maturity period of 30 years and cannot be ter-
minated until after 10 years. The coupon equals
6.875 per cent per annum during the first ten years, after
which a variable interest rate applies. The supplementary
capital bond satisfies the requirements for equity netting
as Tier 2 capital under the Solvency II regime. The issue
was also aimed at replacing older supplementary capital
bonds from Austrian insurance groups and at bolstering
UNIQA’s capital resources and capital structure in prepa-
ration for Solvency II and optimising these over the long
term. The supplementary capital bond has been listed on
the Luxembourg Stock Exchange since the end of
July 2013. The issue price was set at 100 per cent.
In July 2015, UNIQA Insurance Group AG successfully
placed a subordinated capital bond (Tier 2) to the value of
€500 million with institutional investors in Europe. The
bond is eligible for netting as Tier 2 capital under Sol-
vency II. The bond is scheduled for repayment after a pe-
riod of 31 years and subject to certain conditions, and can
only be cancelled by UNIQA after eleven years have
elapsed and under certain conditions. The coupon equals
6.00 per cent per annum during the first eleven years, after
which a variable interest rate applies. The bond has been
listed on the Vienna Stock Exchange since July 2015. The
issue price was set at 100 per cent.
In July 2020 a subordinated bond was also issued in the
amount of €200 million at an issue price of 99.507 per cent
of the nominal amount. With a term of 15.25 years, it may
be terminated for the first time after 5.25 years subject to
certain conditions. The annual interest rate is fixed at
3.25 per cent for the first 5.25 years, after which a variable
104
interest rate applies. The bond is eligible for netting as
Tier 2 capital under Solvency II. By issuing a green bond,
UNIQA has committed to finance or refinance suitable as-
sets in accordance with the Green Bond Framework at the
same level as the issue proceeds. The bond issue has been
listed on the Vienna Stock Exchange since July 2020.
Carrying amounts
In thousand
At 1 January 2019 869,832
Amortisation of transaction costs 355
Additions from accrued interests 23,061
Disposals from accrued interests ‒ 23,139
At 31 December 2019 870,110
At 1 January 2020 870,110
Additions 197,826
Amortisation of transaction costs 576
Additions from accrued interests 24,483
Disposals from accrued interests ‒ 23,075
At 31 December 2020 1,069,920
Maturity
In thousand
2020
long term
2020
short term
2019
long term
2019
short term
Subordinated liabilities 1,045,451 24,469 847,034 23,075
Other current and non-current liabilities
25. Financial liabilities
Carrying amounts
In thousand
Liabilities from
collateral received
for securities
lending
Liabilities from
loans
Derivative
financial
instruments
Lease liabilities Total
At 1 January 2019 772,196 12,943 13,345 0 798,484
Additions 0 3 37 75,179 75,219
Disposals ‒ 772,196 0 ‒11,015 ‒3,404 ‒ 786,614
Changes from currency translation 0 0 7 0 7
Profit or loss from changes of exchange rates 0 0 ‒ 1,413 0 ‒1,413
Additions from accrued interests 0 0 30 859 890
Disposals from accrued interests 0 0 ‒ 322 0 ‒ 322
Ordinary amortisation 0 ‒ 942 0 ‒ 9,793 ‒10,735
At 31 December 2019 0 12,004 670 62,842 75,516
At 1 January 2020 0 12,004 670 62,842 75,516
Additions 0 594,803 70 28,214 623,088
Disposals 0 0 ‒ 437 ‒25,086 ‒ 25,523
Change in basis of consolidation 0 0 1,540 29,916 31,456
Changes from currency translation 0 0 ‒ 7 ‒ 343 ‒350
Profit or loss from changes of exchange rates 0 0 72 ‒ 14 59
Additions from accrued interests 0 3,955 0 955 4,910
Disposals from accrued interests 0 0 0 ‒ 8 ‒ 8
Extraordinary amortisation 0 0 0 ‒ 584 ‒584
Ordinary amortisation 0 ‒ 907 0 ‒ 14,331 ‒15,238
Amortisation of transaction costs 0 241 0 0 241
At 31 December 2020 0 610,098 1,908 81,560 693,566
105CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Maturity
In thousand
2020
long term
2020
short term
2019
long term
2019
short term
Liabilities from loans 606,142 3,955 11,104 900
Derivative financial instruments 292 1,617 1 669
Lease liabilities 73,609 7,951 57,861 4,980
Total 680,043 13,523 68,966 6,550
In July 2020 UNIQA Insurance Group AG issued a senior
bond in the amount of €600 million at an issue price of
99.436 per cent of the nominal amount. The senior bond
has a term of ten years at a nominal interest rate of
1.375 per cent. The proceeds are used to finance the pur-
chase of former AXA companies of AXA companies in Po-
land, the Czech Republic and Slovakia.
Changes in financial liabilities
In thousand
Subordinated liabilities Financial liabilities
Changes in fina
ncial
liabilities
At 1 January 2019 869,832 798,484 1,668,316
Payments from other financing activities 0 ‒ 794,017 ‒ 794,017
Currency translation 0 7 7
Change in basis of consolidation 0 10,255 10,255
Other changes 278 60,787 61,065
At 31 December 2019 870,110 75,516 945,625
At 1 January 2020 870,110 75,516 945,625
Proceeds from other financing activities 197,826 595,045 792,871
Payments from other financing activities 0 ‒ 22,815 ‒ 22,815
Currency translation 0 ‒350 ‒350
Change in basis of consolidation 0 37,883 37,883
Other changes 1,984 8,287 10,271
At 31 December 2020 1,069,920 693,566 1,763,485
106
26. Liabilities and other items classified as liabilities
In
thousand
31/12/2020 31/12/2019
Reinsurance liabilities
Deposits retained on assumed reinsurance 116,113 123,578
Reinsurance settlement liabilities 46,555 37,321
162,668 160,899
Insurance liabilities
to policyholders 183,672 161,586
to insurance brokers 83,254 57,225
to insurance companies 17,411 16,279
284,337 235,091
Liabilities to credit institutions 4,217 3,501
Other liabilities
Personnel-related obligations 86,839 87,763
Liabilities from services 122,152 86,813
Liabilities from investment contracts 122,807 59,368
Other tax liabilities (without income tax) 55,964 79,858
Other liabilities 155,236 89,802
542,999 403,604
Subtotal 994,221 803,095
of which liabilities with a maturity of
up to 1 year 889,166 729,845
more than 1 year and up to 5 years 30,600 16,233
more than 5 years 74,454 57,017
994,221 803,095
Total liabilities and other items classified as
liabilities
994,221 803,095
Other non-technical income and expenses
27. Other income
In
thousand
1‒12/2020 1‒12/2019
Property and casualty insurance 46,685 18,607
Health insurance 144,693 157,234
Life insurance 25,171 16,517
Of which:
Medical services 142,676 154,877
Other services 24,588 9,837
Changes in exchange rates 30,471 16,208
Other 18,814 11,437
Total 216,548 192,359
Revenues from medical services are almost always realised
at the time of purchase.
28. Other expenses
In
thousand
1‒12/2020 1‒12/2019
Property and casualty insurance 38,518 38,219
Health insurance 146,556 147,494
Life insurance 45,423 5,307
Of which:
Medical services 142,455 142,959
Other services 25,706 19,925
Exchange rate losses 35,437 9,449
Other 26,900 18,686
Total 230,497 191,019
Other disclosures
29. Group holding company
UNIQA’s Group holding company is UNIQA Insurance
Group AG. In addition to its duties as Group holding com-
pany, this company also performs the duties of a group re-
insurer.
30. Remuneration for the Management Board
and Supervisory Board
The members of the Management Board of UNIQA Insur-
ance Group AG assume a dual operational role in their
function, as they also hold the Management Board func-
tion at UNIQA Österreich Versicherungen AG. This identi-
cal composition of the Management Board in both compa-
nies enables efficient control of the UNIQA Group. From 1
July 2020 all employment contracts of the members of the
Management Board will be with UNIQA Insurance Group
AG, which will pay out all remuneration from this date.
The remuneration components for the first half of the year
for those members of the Management Board who will also
be members of the Management Board of the company
from 1 July 2020 relate to their Management Board func-
tions at UNIQA Österreich Versicherungen AG and the
former UNIQA International AG, which has been merged
with UNIQA Österreich Versicherungen AG.
Remuneration of the Management
Board
In thousand
1‒12/2020 1‒12/2019
Fixed remuneration
1)
4,377 1,574
Variable remuneration
2)
2,217 1,141
Multi-year share-based remuneration
3)
2,137 468
Current remuneration 8,731 3,183
1)
The fixed salary components include remuneration in kind equivalent to 110 thousand (2019: 35
thousand).
2)
The Short-Term Incentive (STI) comprises a variable remuneration component which is paid beginning
with the 2017 financial year, partly in the following year and partly after three years (the “deferred com-
ponent”).
3)
The Long-Term Incentive (LTI) corresponds to a share-based remuneration agreement first introduced in
2013, with the beneficiary entitled to receive a cash settlement following a four-year term.
107CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
For the 2017 financial year, expected payments of
€806 thousand will be made for variable remuneration
(STI) in subsequent years. For the 2018 financial year, pay-
ments of €909 thousand are expected to be made in the
year 2022. For the 2019 financial year, payments of
€795 thousand are expected to be made in the year 2023.
For the 2020 financial year, no short-term incentive due to
Covid-19 was made.
As part of the multi-year long-term incentive plan (LTI),
payments of €2,137 thousand were made to the members
of the Management Board of UNIQA Insurance Group AG
in 2020. For the subsequent years 2021 to 2024, a payment
of €2,894 thousand is expected for the virtual shares allo-
cated up to 31 December 2020.
For pension commitments and reinsurance to cover these
commitments for the members of the Management Board
€1,024 thousand were paid in the reporting year (2019:
€359 thousand). Of the pension reinsurance amounting to
€244 thousand, €184 thousand will be paid in 2021. No
compensation payments were made in the current finan-
cial year. The amount expended on pensions in the report-
ing year for former members of the Management Board
and their survivors was €2,084 thousand (2019:
€2,766 thousand).
The remuneration of the members of the Supervisory
Board for their work in the 2019 financial year was
€745 thousand. Provisions of €790 thousand have been
recognised for the remuneration to be paid for work com-
pleted in 2020. The amount paid out in attendance fees
and cash expenditures in the financial year was €75
thousand (2019: €72 thousand). From 14 April 2020, the
members of the Supervisory Board of UNIQA Insurance
Group AG who are also members of the Supervisory Board
of UNIQA Österreich Versicherungen AG will receive their
daily allowances and remuneration exclusively from
UNIQA Insurance Group AG despite their dual function.
These daily allowances and remunerations therefore also
cover the Supervisory Board activities at UNIQA Öster-
reich Versicherungen AG.
31. Share-based payment agreement
with cash settlement
A share-based remuneration programme has been in place
for the members of the Management Board of UNIQA In-
surance Group AG, UNIQA Österreich Versicherungen AG
and UNIQA International AG (merged with UNIQA Öster-
reich Versicherungen AG in the 2020 financial year) since
the 2013 financial year. Virtual UNIQA shares are granted
conditionally for each financial year as part of this pro-
gramme. Cash payments subject to agreed limits are pro-
vided for at the end of a performance period of four years
for the individual annual tranches or depending on certain
key performance targets.
The selected key performance targets are aimed at ensur-
ing a relative market-based performance measurement
and absolute performance measurement in accordance
with the individual corporate objectives of the UNIQA
Group. These defined equally-weighted key performance
targets include the total shareholder return (TSR) of the
UNIQA ordinary share compared with the TSR of the
shares in the companies on the DJ EURO STOXX TMI In-
surance, the P&C Net Combined Ratio in UNIQA’s prop-
erty and casualty business and the return on risk capital
(the return on equity required).
The programme stipulates annual investments in UNIQA
shares with a holding period also of four years in each case.
The cash settlement is calculated as follows for each
tranche of shares: payment = A × B × C
A = number of virtual shares awarded for the performance
period.
B = average price of the UNIQA ordinary share in the pe-
riod of six months before the end of the performance pe-
riod.
C = degree of target achievement at the end of the perfor-
mance period. The maximum target achievement is
200 per cent.
The fair value on the date that share-based payment
awards are granted is recognised as expense over the pe-
riod in which the unconditional entitlement to the award
is obtained. The fair value is based on expectations with
respect to achievement of the defined key performance
targets. Changes in measurement assumptions result in an
adjustment of the recognised provision amounts affecting
income. Obligations from share-based remuneration are
stated under “Other provisions”.
As at 31 December 2020 a total of 1,139,469 virtual shares
(2019: 1,066,194 shares) were relevant for the measure-
ment. The fair value of share-based remuneration (exclud-
ing non-wage labour costs) at the reporting date amounts
to €3,993 thousand (2019: €7,169 thousand).
108
32. Relationships with related companies
and persons
Companies in the UNIQA Group maintain various rela-
tionships with related companies and persons.
Related companies refer to companies which exercise ei-
ther a controlling or a significant influence on UNIQA.
The group of related companies also includes the non-con-
solidated subsidiaries, associates and joint ventures
of UNIQA.
Related persons include the members of management
holding key positions along with their close family mem-
bers. This covers in particular the members of manage-
ment in key positions at those companies which exercise
either a controlling or a significant influence on the
UNIQA Group, along with their close family members.
Transactions and balances with
related companies
In thousand
Companies with
significant
influence on
UNIQA Group
Affiliated
but not
consolidated
companies
Associated
companies of
UNIQA Group
Other related
parties
Total
Transactions in 2020
Premiums written (gross) 966 34 1,238 21,151 23,389
Income from investments 1,695 566 14,116 4,299 20,677
Expenses from investments ‒ 1,647 0 0 ‒ 2,491 ‒4,138
Other income 157 7,384 1,922 385 9,847
Other expenses ‒2,574 ‒8,886 ‒ 2,092 ‒25,576 ‒39,128
At 31 December 2020
Investments 182,630 16,270 689,036 47,409 935,345
Cash and cash equivalents 293,184 0 0 45,422 338,606
Receivables, including insurance receivables 112 10,161 1 3,687 13,961
Liabilities and other items classified as liabilities 0 4,222 135 5,133 9,489
In
thousand
Companies with
significant
influence on
UNIQA Group
Affiliated
but not
consolidated
companies
Associated
companies of
UNIQA Group
Other related
parties
Total
Transactions in 2019
Premiums written (gross) 897 52 1,232 49,371 51,551
Income from investments 8,583 526 22,785 5,313 37,207
Expenses from investments ‒929 0 0 ‒ 2,078 ‒3,007
Other income 164 7,487 1,953 555 10,159
Other expenses ‒3,265 ‒8,841 ‒ 2,674 ‒38,896 ‒53,675
At 31 December 2019
Investments 211,065 29,901 644,941 45,172 931,078
Cash and cash equivalents 301,093 0 0 235,372 536,465
Receivables, including insurance receivables 27 2,727 39 3,752 6,545
Liabilities and other items classified as liabilities 0 906 245 4,399 5,550
109CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Transactions with related persons
In thousand
1‒12/2020 1‒12/2019
Premiums written (gross) 898 529
Salaries and short-term benefits
1)
‒4,915 ‒5,382
Pension expenses ‒ 2,015 ‒ 1,420
Compensation on termination of employment
contract ‒174 ‒158
Expenditures for share-based payments 0 ‒1,255
Other income 275 213
Other expenses ‒144 0
1)
This item includes fixed and variable Management Board remuneration paid in the financial year and
remuneration of the Supervisory Board.
33. Other financial obligations and contingent
liabilities
Options to purchase granted
There were bilateral option agreements in place between
UNIQA and the two remaining non-controlling sharehold-
ers in UNIQA Insurance Company, Private Joint Stock
Company (Kiev, Ukraine) to acquire (call option for
UNIQA) or to sell (put option for the non-controlling
shareholders) the non-controlling shares based on pre-
agreed purchase price formulas by 30 June 2020 at the lat-
est. UNIQA exercised the call option in June 2020 and as a
result it will owe 100 per cent of the shares in both UNIQA
companies in Ukraine following a successful share trans-
fer (expected in the first quarter of 2021).
There is also the possibility to acquire the company shares
held by the minority shareholders through exercising a
mutual option between UNIQA and the minority share-
holders in the SIGAL Group based on previously agreed
purchase price formulas. A new option period was agreed
by extending the previous shareholders’ agreement, with
the exercise period agreed to be from 1 July 2023 to 30
June 2024.
34. Expenses for the auditor of the financial statements
The auditor fees in the financial year were €2.340 thou-
sand (2019: €2,439 thousand); of which €386 thousand
(2019: €369 thousand) is attributable to the annual audit,
€1.660 thousand (2019: €1,146 thousand) to other auditing
services and €294 thousand (2019: €924 thousand) to
other general services.
35. Basis of consolidation
Subsidiaries
Subsidiaries are entities controlled by UNIQA. UNIQA is
regarded as controlling an entity if:
UNIQA is able to exercise power over the relevant entity,
UNIQA is exposed to fluctuating returns from its partici-
pation, and
UNIQA is able to influence the amount of the returns as a
result of the power it exercises.
The financial statements of subsidiaries are included in
the consolidated financial statements from the date con-
trol begins until the date control ends.
Loss of control
If UNIQA loses control over a subsidiary, the subsidiary’s
assets and liabilities and all associated non-controlling in-
terests and other equity components are deleted from the
accounts. Any resulting profit or loss is recognised in
profit/(loss) for the period. Any retained shares in the for-
mer subsidiary is measured at fair value at the date of the
loss of control.
Investment in associates
Associates are all the entities over which UNIQA has sig-
nificant influence but does not exercise control or joint
control over their financial and operating policies. This is
generally the case as soon as there is a voting share of be-
tween 20 and 50 per cent or a comparable significant in-
fluence is guaranteed legally or in practice via other con-
tractual regulations. Inclusion in the basis of consolida-
tion is based on the proportionate equity (equity method).
Pension and investment funds
Controlled pension and investment funds are included in
the consolidation unless the relevant fund volumes were
considered to be immaterial when viewed separately and
as a whole. A fund is regarded as controlled if:
UNIQA determines the relevant activities of the fund,
such as the definition of the investment strategy and
short and medium-term investment decisions,
UNIQA has the risk of and the rights to variable suc-
cesses of the fund in the form of distributions and partic-
ipates in the performance of the fund assets, and
the determining power over the relevant activities is ex-
ercised in the interest of UNIQA by determining the in-
vestment objectives and the individual investment deci-
sions.
110
Basis of consolidation
31/12/2020 31/12/2019
Consolidated companies
Austria 33 33
Other countries 66 57
Associates
Austria 4 5
Other countries 1 1
Consolidated pension and investment funds
Austria 5 6
Other countries 6 1
Shares in subsidiaries that are not consolidated, associates
as well as joint ventures that are not accounted for using
the equity method are classified as financial assets availa-
ble for sale and stated under the item “Other invest-
ments”.
36. Consolidation principles
Transactions eliminated on consolidation
Intragroup balances and transactions and all income and
expenses from intragroup transactions are eliminated
when consolidated financial statements are prepared.
Initial consolidation
UNIQA Ventures GmbH (Vienna) and City One Park Sp.
z o.o. (Warsaw, Poland) were consolidated for the first time
in the first quarter of 2020. Poland, Warsaw.
Acquisitions
In addition to the acquired AXA companies in Poland, the
Czech Republic and Slovakia described in the Chapter
“Business combinations”, 85 per cent of the shares in
Treimorfa Project Sp. z o.o. (Krakow, Poland) were
acquired in the second quarter of 2020. UNIQA
5 Star GmbH (Vienna) (previously: SASR Alpha Sieben-
undfünfzigste Beteiligungsverwaltung GmbH) was
acquired in the third quarter of 2020. The acquisitions of
Treimorfa Project Sp. z o.o. and UNIQA 5 Star GmbH do
not represent a business combination within the meaning
of IFRS 3.
Restructuring processes
UNIQA International AG (Vienna) as assigning company
was merged in the fourth quarter with UNIQA Österreich
Versicherungen AG (Vienna) as acquiring company with
retroactive effect from 1 January 2020.
PremiQaMed Management Services GmbH (Vienna) was
merged in the third quarter of 2020 with PremiQaMed
Holding GmbH (Vienna) as acquiring company.
In the fourth quarter of 2020, UNIQA Real Estate d.o.o.
(Belgrade, Serbia) was merged with Renaissance Plaza
d.o.o. (Belgrade, Serbia) as the acquiring company.
Sales
The 25 per cent shareholding in SK Versicherung Aktien-
gesellschaft (Vienna) was sold in September 2020.
Deconsolidation
The fully consolidated investment fund UNIQA Diversi-
fied Bond Fund was deconsolidated on 19 October 2020.
111CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Company
Type of consolidation Location Equity int
erest at
31/12/2020
In per cent
Equity interest at
31/12/2019
In per cent
Domestic insurance companies
UNIQA Insurance Group AG (Group Holding
Company)
Vienna
UNIQA Österreich Versicherungen AG Fully consolidated Vienna 100.0 100.0
SK Versicherung Aktiengesellschaft
(Deconsolidation: 3/9/2020)
Equity method Vienna 0.0 25.0
Foreign insurance companies
AXA ¯ycie Towarzystwo Ubezpieczeñ S.A. (Initial
consolidation: 15 October 2020)
Fully consolidated Poland, Warsaw 100.0 0.0
AXA Ubezpieczenia Towarzystwo Ubezpieczeñ i
Reasekuracji S.A. (Initial consolidation: 15 October
2020)
Fully consolidated Poland, Warsaw 100.0 0.0
AXA pojišovna a.s.
(Initial consolidation: 15/10/2020)
Fully consolidated Czech Republic, Prague 100.0 0.0
AXA ivotní pojišovna a.s.
(Initial consolidation: 15/10/2020)
Fully consolidated Czech Republic, Prague 100.0 0.0
Raiffeisen Life Insurance Company LLC Fully consolidated Russia, Moscow 75.0 75.0
SIGAL LIFE UNIQA Group AUSTRIA sh.a Fully consolidated Kosovo, Pristina 86.9 86.9
SIGAL LIFE UNIQA Group AUSTRIA sh.a. Fully consolidated Albania, Tirana 86.9 86.9
SIGAL UNIQA Group AUSTRIA sh.a. Fully consolidated Albania, Tirana 86.9 86.9
SIGAL UNIQA Group AUSTRIA sh.a. Fully consolidated Kosovo, Pristina 86.9 86.9
UNIQA AD Skopje Fully consolidated North Macedonia, Skopje 86.9 86.9
UNIQA Asigurari de Viata S.A. Fully consolidated Romania, Bucharest 100.0 100.0
UNIQA Asigurari S.A. Fully consolidated Romania, Bucharest 100.0 100.0
UNIQA Biztosító Zrt. Fully consolidated Hungary, Budapest 100.0 100.0
UNIQA Insurance Company, Private Joint Stock
Company
Fully consolidated Ukraine, Kiev 100.0 100.0
UNIQA Insurance plc Fully consolidated Bulgaria, Sofia 99.9 99.9
UNIQA Life AD Skopje Fully consolidated North Macedonia, Skopje 86.9 86.9
UNIQA Life Insurance plc Fully consolidated Bulgaria, Sofia 99.8 99.8
UNIQA LIFE Private Joint Stock Company Fully consolidated Ukraine, Kiev 100.0 100.0
UNIQA neivotno osiguranje a.d. Fully consolidated Serbia, Belgrade 100.0 100.0
UNIQA neivotno osiguranje a.d. Fully consolidated Montenegro, Podgorica 100.0 100.0
UNIQA osiguranje d.d. Fully consolidated Croatia, Zagreb 100.0 100.0
UNIQA osiguranje d.d. Fully consolidated
Bosnia and Herzegovina,
Sarajevo
100.0 100.0
UNIQA poisovòa a.s. Fully consolidated Slovakia, Bratislava 100.0 99.9
UNIQA pojišovna, a.s. Fully consolidated Czech Republic, Prague 100.0 100.0
UNIQA Re AG Fully consolidated Switzerland, Zurich 100.0 100.0
UNIQA Towarzystwo Ubezpieczeñ na ¯ycie S.A. Fully consolidated Poland, Lodz 99.8 99.8
UNIQA Towarzystwo Ubezpieczeñ S.A. Fully consolidated Poland, Lodz 98.6 98.6
UNIQA Versicherung AG Fully consolidated Liechtenstein, Vaduz 100.0 100.0
UNIQA ivotno osiguranje a.d. Fully consolidated Serbia, Belgrade 100.0 100.0
UNIQA ivotno osiguranje a.d. Fully consolidated Montenegro, Podgorica 100.0 100.0
Group domestic service companies
Agenta Risiko- und Finanzierungsberatung
Gesellschaft m.b.H.
Fully consolidated Vienna 100.0 100.0
Assistance Beteiligungs-GesmbH Fully consolidated Vienna 64.0 64.0
call us Assistance International GmbH Fully consolidated Vienna 50.2 50.2
UNIQA 5 Star GmbH
(Initial consolidation: 1/10/2020)
Fully consolidated Vienna 100.0 0.0
UNIQA Capital Markets GmbH Fully consolidated Vienna 100.0 100.0
UNIQA International AG (Merger: 1/1/2020) Fully consolidated Vienna 0.0 100.0
UNIQA IT Services GmbH Fully consolidated Vienna 100.0 100.0
UNIQA Real Estate Finanzierungs GmbH Fully consolidated Vienna 100.0 100.0
UNIQA Real Estate Management GmbH Fully consolidated Vienna 100.0 100.0
112
Company
Type of consolidation Location Equity int
erest at
31/12/2020
In per cent
Equity interest at
31/12/2019
In per cent
Valida Holding AG Equity method Vienna 40.1 40.1
Versicherungsmarkt-Servicegesellschaft m.b.H. Fully consolidated Vienna 100.0 100.0
Group foreign service companies
UNIQA investièní spoleènost, a.s. (Initial
consolidation: 15/10/2020; formerly: AXA investièní
spoleènost a.s.) Fully consolidated Czech Republic, Prague 100.0 0.0
UNIQA Management Services, s.r.o.
(Initial consolidation: 15/10/2020; formerly: AXA
Management Services s.r.o.)
Fully consolidated Czech Republic, Prague 100.0 0.0
AXA Polska S.A. (Initial consolidation: 15/10/2020) Fully consolidated Poland, Warsaw 100.0 0.0
DEKRA-Expert Mûszaki Szakértõi Kft. Equity method Hungary, Budapest 50.0 50.0
sTech d.o.o. Fully consolidated Serbia, Belgrade 100.0 100.0
UNIQA GlobalCare SA Fully consolidated Switzerland, Geneva 100.0 100.0
UNIQA Group Service Center Slovakia, spol. s r.o. Fully consolidated Slovakia, Nitra 100.0 100.0
UNIQA Ingatlanhasznosító Kft. Fully consolidated Hungary, Budapest 100.0 100.0
UNIQA InsService spol. s r.o. Fully consolidated Slovakia, Bratislava 100.0 99.9
UNIQA Raiffeisen Software Service Kft. Fully consolidated Hungary, Budapest 60.0 60.0
UNIQA Raiffeisen Software Service S.R.L. Fully consolidated Romania, Cluj-Napoca 100.0 60.0
UNIQA Számítástechnikai Szolgáltató Kft. Fully consolidated Hungary, Budapest 100.0 100.0
Vitosha Auto OOD Fully consolidated Bulgaria, Sofia 99.9 99.9
Financial and strategic domestic shareholdings
Diakonissen & Wehrle Privatklinik GmbH Fully consolidated Gallneukirchen 92.6 90.0
Goldenes Kreuz Privatklinik BetriebsGmbH Fully consolidated Vienna 100.0 100.0
PremiQaMed Ambulatorien GmbH Fully consolidated Vienna 100.0 100.0
PremiQaMed Beteiligungs GmbH Fully consolidated Vienna 100.0 100.0
PremiQaMed Holding GmbH Fully consolidated Vienna 100.0 100.0
PremiQaMed Management Services GmbH
(Merger: 1/7/2020)
Fully consolidated Vienna 0.0 100.0
PremiQaMed Privatkliniken GmbH Fully consolidated Vienna 100.0 100.0
STRABAG SE Equity method Villach 14.3 14.3
UNIQA Beteiligungs-Holding GmbH Fully consolidated Vienna 100.0 100.0
UNIQA Erwerb von Beteiligungen
Gesellschaft m.b.H.
Fully consolidated Vienna 100.0 100.0
UNIQA Leasing GmbH Equity method Vienna 25.0 25.0
UNIQA Ventures GmbH
(Initial consolidation: 1/1/2020)
Fully consolidated Vienna 100.0 0.0
Real estate companies
“Hotel am Bahnhof” Errichtungs GmbH & Co KG Fully consolidated Vienna 100.0 100.0
Asena LLC Fully consolidated Ukraine, Kiev 100.0 100.0
AVE-PLAZA LLC Fully consolidated Ukraine, Kharkiv 100.0 100.0
Black Sea Investment Capital LLC Fully consolidated Ukraine, Kiev 100.0 100.0
Design Tower GmbH Fully consolidated Vienna 100.0 100.0
DIANA-BAD Errichtungs- und Betriebs GmbH Equity method Vienna 33.0 33.0
EZL Entwicklung Zone
Lassallestraße GmbH & Co. KG
Fully consolidated Vienna 100.0 100.0
Floreasca Tower SRL Fully consolidated Romania, Bucharest 100.0 100.0
Hotel Burgenland Betriebs GmbH Fully consolidated Vienna 100.0 100.0
IPM International Property Management Kft. Fully consolidated Hungary, Budapest 100.0 100.0
Knesebeckstraße 8-9 Grundstücksgesellschaft mbH Fully consolidated Germany, Berlin 100.0 100.0
Praterstraße Eins Hotelbetriebs GmbH Fully consolidated Vienna 100.0 100.0
PremiQaMed Immobilien GmbH Fully consolidated Vienna 100.0 100.0
Pretium Ingatlan Kft. Fully consolidated Hungary, Budapest 100.0 100.0
Renaissance Plaza d.o.o. Fully consolidated Serbia, Belgrade 100.0 100.0
Reytarske LLC Fully consolidated Ukraine, Kiev 100.0 100.0
113CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Company
Type of consolidation Location Equity int
erest at
31/12/2020
In per cent
Equity interest at
31/12/2019
In per cent
R-FMZ Immobilienholding GmbH Fully consolidated Vienna 100.0 100.0
Software Park Kraków Sp. z o.o. Fully consolidated Poland, Warsaw 100.0 100.0
UNIQA Immobilien-Projekterrichtungs GmbH Fully consolidated Vienna 100.0 100.0
UNIQA Linzer Straße 104 GmbH & Co KG Fully consolidated Vienna 100.0 100.0
UNIQA Plaza Irodaház és Ingatlankezelõ Kft. Fully consolidated Hungary, Budapest 100.0 100.0
UNIQA poslovni centar korzo d.o.o. Fully consolidated Croatia, Rijeka 100.0 100.0
UNIQA Real Estate Bulgaria EOOD Fully consolidated Bulgaria, Sofia 100.0 100.0
UNIQA Real Estate BV Fully consolidated Netherlands, Hoofddorp 100.0 100.0
UNIQA Real Estate CZ, s.r.o. Fully consolidated Czech Republic, Prague 100.0 100.0
UNIQA Real Estate d.o.o.
(Merger: 22/12/2020)
Fully consolidated Serbia, Belgrade 0.0 100.0
UNIQA Real Estate GmbH Fully consolidated Vienna 100.0 100.0
UNIQA Real Estate Inlandsholding GmbH Fully consolidated Vienna 100.0 100.0
UNIQA Real Estate Polska Sp. z o.o. Fully consolidated Poland, Warsaw 100.0 100.0
UNIQA Real Estate Property Holding GmbH Fully consolidated Vienna 100.0 100.0
UNIQA Real III, spol. s r.o. Fully consolidated Slovakia, Bratislava 100.0 100.0
UNIQA Real s.r.o. Fully consolidated Slovakia, Bratislava 100.0 100.0
UNIQA Retail Property GmbH Fully consolidated Vienna 100.0 100.0
UNIQA Szolgáltató Kft. Fully consolidated Hungary, Budapest 100.0 100.0
UNIQA-Invest Kft. Fully consolidated Hungary, Budapest 100.0 100.0
Zablocie Park Sp. z o.o. Fully consolidated Poland, Warsaw 100.0 100.0
City One Park Sp. z o.o.
(Formerly: Dabrine Investments Sp. z o.o.)
Fully consolidated Poland, Warsaw 100.0 0.0
Treimorfa Project Sp. z o.o.
(Initial consolidation: 1.4.2020)
Fully consolidated Poland, Krakow 85.0 0.0
Treimorfa Hotel Sp. z o.o. Fully consolidated Poland, Krakow 85.0 0.0
Pension and investment funds
UNIQA d.d.s., a.s. (Initial consolidation:
15/10/2020; formerly: AXA d.d.s., a.s.) Fully consolidated Slovakia, Bratislava 100.0 0.0
UNIQA d.s.s., a.s. (Initial consolidation: 15/10/2020;
formerly: AXA d.s.s., a.s.)
Fully consolidated Slovakia, Bratislava 100.0 0.0
UNIQA penzijní spoleènost, a.s.
(Initial consolidation: 15/10/2020;
formerly: AXA penzijní spoleènost a.s.) Fully consolidated Slovakia, Brno 100.0 0.0
AXA Powszechne Towarzystwo Emerytalne S.A.
(Initial consolidation: 15 October 2020) Fully consolidated Poland, Warsaw 100.0 0.0
AXA Towarzystwo Funduszy Inwestycyjnych S.A.
(Initial consolidation: 15 October 2020) Fully consolidated Poland, Warsaw 100.0 0.0
SSG Valluga Fund Fully consolidated Ireland, Dublin 100.0 100.0
UNIQA Corporate Bond Fully consolidated Vienna 100.0 100.0
UNIQA Diversified Bond Fund
(Deconsolidation: 19/10/2020) Fully consolidated Vienna 0.0 100.0
UNIQA Eastern European Debt Fund Fully consolidated Vienna 100.0 100.0
UNIQA Emerging Markets Debt Fund Fully consolidated Vienna 100.0 100.0
UNIQA Euro Government Bond Fund Fully consolidated Vienna 99.7 99.7
UNIQA World Selection Fully consolidated Vienna 100.0 100.0
37. Changes in major accounting policies as well as
new and amended standards
With the exception of the following changes, the outlined
accounting policies were consistently applied to all peri-
ods presented in these consolidated financial statements.
Amendments and standards to be applied
for the first time
The Group applied the following amendments to stand-
ards with the initial application date of 1 January 2020.
None of the new regulations arising from this have any
essential impact on UNIQA’s assets, liabilities, financial
position and profit or loss.
114
Standard
Content First-
time
application by
UNIQA
Impact on
UNIQA
Miscellaneous Updated Framework 1 January 2020 Yes
IFRS 3 Definition of a Business ‒ Amendments to IFRS 3 1 January 2020 Yes
IAS 1, IAS 8 Definition of Material ‒ Amendments to IAS 1 and IAS 8 1 January 2020 Yes
IFRS 9, IAS 39, IFRS 7 Amendments to IFRS 9, IAS 39 and IFRS 7: Interest Rate Benchmark Reform 1 January 2020 Yes
New and amended standards to be applied in the future
The IASB has also published a range of new standards that
will be applicable in the future. UNIQA does not intend to
adopt these standards early.
Standard
Content First-
time
application by
UNIQA
Endorsement by
the EU at 31
December 2020
Likely to be
relevant for
UNIQA
New standards
IFRS 9 Financial Instruments 1 January 2023
1)
Yes Yes
IFRS 9 Amendments to IFRS 9 ‒ Prepayment Features with Negative Compensation 1 January 2023
1)
Yes Yes
IFRS 17 Insurance Contracts 1 January 2023
1)
No Yes
Amended standards
IAS 1 Amendments to IAS 1 Presentation of Financial Statements:
Classification of Liabilities as Current or Non-Current
1 January 2022 No Yes
IFRS 16 Amendments to IFRS 16 Leases: Covid-19-Related Rent Concessions 1 June 2020 Yes Yes
IFRS 4, IFRS 9
Amendments to IFRS 4 Insurance Contracts:
Extension of the Temporary Exemption from Applying IFRS 9
1 January 2021 No Yes
1)
Preliminary decision of the IASB to defer the date of IFRS 17 coming into force and to extend the temporary exemption of IFRS 9 by one year
The following standards to be applied in future are ex-
pected to have a significant impact on reporting at UNIQA:
IFRS 9 – Financial Instruments
Since UNIQA’s business is predominantly insurance-re-
lated and UNIQA has not yet adopted IFRS 9 in any other
version, a deferral to apply IFRS 9 for the first time is per-
mitted until 1 January 2023 (see Footnote 1 to the table
above). The use of UNIQA’s deferral approach requires the
publication of additional information in the notes for the
period up to the first-time application of IFRS 9.
Classification and measurement
The future classification and measurement of financial as-
sets under IFRS 9 is derived from the business model crite-
rion and the SPPI criterion (solely payments of principal
and interest). Depending on the principle-based classifica-
tion rules, IFRS 9 requires that subsequent measurement
be carried out at amortised cost or at fair value.
UNIQA has already completed the technical development
and implementation of an IT-system-based assessment of
the SPPI criterion for the entire portfolio of relevant as-
sets.
Fixed-income securities make up a large portion of the in-
vestment portfolio. Given that these securities tend to fol-
low the principal/interest payment structure in most
cases, they largely fulfil the criteria of the SPPI test. If an
instrument meets the requirements of the SPPI test, there
are two options: it can then be measured at amortised cost,
or it can be measured at fair value through other compre-
hensive income. The portion of the UNIQA portfolio that
does not fulfil the SPPI criteria will in future be measured
at fair value through profit or loss.
115CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Requirements for SPPI
fulfilled based on carry-
ing amounts in per cent
1)
Variable-
income
securities
Fixed-income
securities
Loans and
other investments
Derivative
financ
ial
instruments
Investments
under investment
contracts
Financial assets at fair value
through profit or loss 0.0 0.1 - 0.0 0.0
Available-for-sale financial assets 0.0 90.7 - - -
Loans and receivables - 0.4 99.5 - -
Total 0.0 91.2 99.5 0.0 0.0
1)
Classification according to IAS 39
Asset allocation of
other investments
In thousand
At amortised cost or
at fair value through other comprehensive income
At fair value through profit or loss
Carrying amount Fair value
Change in fair value
over the period
Carrying amount Fair value
Change in fair value
over the period
Government bonds 11,639,942 11,541,953 1,559,196 6,780 6,693 ‒ 477
Corporate bonds 3,486,221 3,471,831 92,482 130,817 131,564 ‒ 81,708
Covered bonds 2,141,159 2,120,240 ‒ 550,742 0 0 0
Loans 128,335 127,663 0 1,934 1,850 0
Other 0 0 0 1,546,285 1,545,774 645,790
Total 17,395,657 17,261,688 1,100,936 1,685,817 1,685,881 563,605
In addition, the logic of the business models was created in
accordance with IFRS 9. Based on current indications, a
large part of UNIQA’s business is classified under the hold-
and-sell business model. This may result in changes due to
the interactions with IFRS 17 that cannot yet be fully as-
sessed at the time the financial statements are being pre-
pared.
Impairment
The new provisions of IFRS 9 concerning impairment
must be applied in future to financial assets measured at
amortised cost or at fair value through other comprehen-
sive income. Under IFRS 9, the impairment calculation to
be applied is based on a forward-looking model for the
recognition of expected credit losses.
The model logic used to determine expected credit losses
has been implemented in the IT systems and will be tested
until initial application of IFRS 9. For the purpose of as-
sessing the default risk, recourse was made to the defini-
tion in IFRS 9 of financial instruments with a low default
risk at the reporting date. An external investment grade
rating can therefore be used to assess whether a financial
instrument has a low default risk.
Financial instruments
by rating
In thousand
Government bonds Corporate bonds Covered bonds Loans Other Total
AAA 2,246,890 72,462 1,369,367 0 0 3,688,718
AA 3,499,527 260,996 577,221 0 0 4,337,744
A 3,460,494 1,387,524 87,343 10,110 0 4,945,472
BBB 1,813,096 1,213,171 0 0 0 3,026,267
BB 248,791 98,985 25,129 0 0 372,904
B 303,048 9,067 0 0 0 312,115
Not rated 68,097 444,016 82,099 118,224 0 712,437
Total 11,639,942 3,486,221 2,141,159 128,335 0 17,395,657
The fair value of the instruments which do not feature a
low default risk (non-investment grade) amounts to
€685 million.
UNIQA expects effects from the conversion to IFRS 9 both
as a result of the new classification and measurement
116
rules and due to the new impairment model. In this re-
gard, possible initial application and subsequent measure-
ment effects are to be expected in the category “Variable-
income securities” in particular, as these financial assets
will have to be measured at fair value through profit or loss
in future. In a holistic view, interactions with IFRS 17
must also be taken into account in this context. For the
further course of the project, the focus is on the parallel
phase in order to analyse the financial effects of the differ-
ences between IAS 39 and IFRS 9 even further.
IFRS 17 – Insurance Contracts
The IASB (International Accounting Standards Board)
decided on 17 March 2020 to postpone the date of initial
application of IFRS 17 by two years from 1 January 2021 to
1 January 2023. The IASB also decided to align the
effective date for IFRS 9 for insurance companies with
IFRS 17 to 1 January 2023. At the next stage, the EFRAG
(European Financial Reporting Advisory Group) will work
on the recommendation to the European Commission
regarding the adoption of IFRS 17 into EU law. IFRS 17
establishes principles relating to recognition,
measurement, presentation and disclosures of insurance
contracts.
An essential element of the standard is a general
measurement model, according to which all insurance
contracts are to be valued on the basis of a prospective
model. This involves combining current values (best
estimate cash flows) plus a risk margin with a mode for
distributing the future profit from the contracts
(contractual service margin).
The contractual service margin is the equivalent of the
expected future profit from contracts held in the
respective portfolio and thus creates a high degree of
transparency with regard to UNIQA’s future profitability.
This margin is a residual figure and its amount depends
significantly on the best estimate of future cash flows, the
discount rate and the method used to determine the risk
margin.
For short-term insurance contracts, there is an option to
use a simplified measurement model. UNIQA will
primarily value and account for insurance contracts from
the property and casualty insurance area based on the
premium allocation approach.
There is a mandatory special model (variable fee
approach) for participating contracts and contracts of
unit-linked and index-linked life insurance. The variable
fee approach is expected to be applied at UNIQA in health
insurance and in life insurance.
For both, the general measurement model and the variable
fee approach, UNIQA assumes at the time of publication of
the Group report that the so-called OCI option will be
applied where the respective allocated financial
instruments on the asset side are also measured through
other comprehensive income. The objective of applying
this option is to reduce volatility in the financial position
and income statement.
Since IFRS 17 is expected to lead to significant changes in
the accounting and measurement of UNIQA’s core
business, a separate project team consisting of actuaries,
accountants, controllers and IT experts has been
appointed, and it reports to a central programme
management. This organisation was set up concurrently in
all affected UNIQA subsidiaries in order to provide
support in defining the requirements of the respective
local characteristics and the product features for the
entire UNIQA Group.
In order to adequately reflect the complexity of the
standard, UNIQA decided to implement an insurance
subledger. In the course of its implementation,
characteristic sample business transactions, so-called use
cases, were developed for all existing product groups in the
entire UNIQA portfolio. These sample business
transactions reflect the technical interpretation of IFRS 17
from UNIQA’s point of view and illustrate the
configuration plan for the insurance subledger. They are
the core of the new software solution.
The sample business transactions were created in close
cooperation with the actuaries, accountants and the
technical implementation team and shared with the
UNIQA Group subsidiaries in a two-stage feedback
process. In the course of numerous workshops and
feedback rounds, specific features of the product
landscapes of the individual subsidiaries were updated and
integrated in the pool of use cases. The functional and
technical design of the core of the reporting and process
environment required under IFRS 17 was continued in the
2020 financial year.
In addition to the use cases, various IFRS 17 technical
concepts in the actuarial and accounting areas were
shared with the subsidiaries in 2020 and expanded to
include their features and specifics. The integration and
preparation of the data required for the measurement of
117CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
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and accounting for insurance contracts represents a key
challenge in implementing IFRS 17. Significant progress
was achieved here in the 2020 financial year.
The effects and interaction of IFRS 9 and IFRS 17 on the
financial position and income statement of selected
UNIQA companies were analysed in the past financial
year. This analysis was based on several simplifications
and assumptions. For example, in health and life insurance
business lines, the future expected cash flows were based
on the results of the market consistent embedded value
(MCEV). In addition, an approximate cost allocation
according to IFRS 17 was applied in the analysis. A
simplified approach was also used to derive the risk
adjustment.
Despite simplifications and estimates, important lessons
have been learned:
The comparability of IFRS 4 and IFRS 17 is limited due
to the fundamental differences between the two
accounting standards.
Despite certain similarities with the solvency regulations
under Solvency II, the interpretation of the results
according to IFRS 17 is a great challenge due to the
significantly increased complexity. In addition, the
parameters for measuring the success of the company
will change and new indicators such as the contractual
service margin or loss component will be added.
In order to ensure that the measurement of insurance
contracts is in accordance with the provisions of IFRS 17,
much larger volumes of data need be processed and
validated compared to IFRS 4.
In the course of the impact analysis, all three
measurement models described above (general
measurement model, variable fee approach and premium
allocation approach) were applied specifically to the
portfolio of selected UNIQA companies. Due to the
continued limited scope of this impact analysis, no
conclusions can be drawn regarding the impact of IFRS 17
on the Group as a whole.
38. Error correction and change in accounting policies
pursuant to IAS 8
A change in the impairment test model
A change in the impairment test model results in an im-
pairment of goodwill allocated to CGU Bulgaria and Ro-
mania in the amount of €54,600 thousand for the 2019 fi-
nancial year. In the revised impairment test the determi-
nation of the cash flow in the perpetuity and the discount
rate has been adjusted.
The adjustment is implemented based on an audit by the
Austrian Audit Agency for Financial Reporting (OePR).
This showed that the growth assumptions used in the
model and the discount rates also need to be changed.
Following review and evaluation of these findings by
UNIQA Insurance Group AG, there is an impairment of
goodwill of CGU Bulgaria in the amount of €19,200 thou-
sand and of CGU Romania in the amount of €35,400
thousand.
Adjustments of deferred profit participation
In preparation for the initial application of IFRS 17 (Insur-
ance Contracts) which is to be applied from 1 January
2023, it was discovered that deferred profit participation
was not accounted for in health insurance. Due to this er-
ror correction, a provision for deferred profit participation
is being recognised – with retroactive effect from 1 Janu-
ary 2019 – for contracts in health insurance that involve
profit participation. The amount of the provision for the
deferred profit participation is determined by taking into
account the amounts from endowed profit participations
deducted in previous years. In the course of this correction
the same content is also being changed retroactively in the
accounting method for life insurance, in order to achieve a
uniform presentation. For this purpose – as in health in-
surance – a deduction of the endowed profit participations
of the previous years is made. The corrections and changes
in accounting policies relate exclusively to the UNIQA
Austria segment.
118
Equity and liabilities
In thousand
1/1/2019
published
Change in the
impairment test
model
Deferred profit
participation
1/1/2019
adjusted
Equity
Portion attributable to shareholders of UNIQA Insurance Group AG
Subscribed capital and capital reserves 1,789,923 1,789,923
Treasury shares ‒16,614 ‒ 16,614
Accumulated results 1,198,803 24,896 1,223,699
2,972,112 24,896 2,997,008
Non-controlling interests 14,438 14,438
2,986,550 24,896 3,011,446
Liabilities
Technical provisions 17,336,358 ‒12,143 17,324,215
Deferred tax liabilities 254,999 ‒ 12,752 242,246
25,517,251 ‒24,896 25,492,355
Total equity and liabilities 28,503,801 0 0 28,503,801
Assets
In thousand
31/12/2019
published
Change in the
impairment test
model
Deferred profit
participation
31/12/2019
adjusted
Intangible assets 1,641,116 ‒ 54,600 1,586,516
Total assets 28,728,409 ‒54,600 28,673,809
Equity and liabilities
In thousand
31/12/2019
published
Change in the
impairment test
model
Deferred profit
participation
31/12/2019
adjusted
Equity
Portion attributable to shareholders of UNIQA Insurance Group AG
Subscribed capital and capital reserves 1,789,923 1,789,923
Treasury shares ‒16,614 ‒ 16,614
Accumulated results 1,627,714 ‒ 54,600 21,296 1,594,410
3,401,023 ‒ 54,600 21,296 3,367,719
Non-controlling interests 19,399 19,399
3,420,422 ‒ 54,600 21,296 3,387,118
Liabilities
Technical provisions 17,791,006 ‒ 3,106 17,787,900
Deferred tax liabilities 375,729 ‒ 18,190 357,539
25,307,986 ‒21,296 25,286,690
Total equity and liabilities 28,728,409 ‒54,600 0 28,673,809
119CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Consolidated income statement
In thousand
1‒
12/2019
published
Change in the
impairment test
model
Deferred profit
participation
1‒
12/2019
adjusted
Insurance benefits
Gross ‒ 3,756,264 ‒ 9,023 ‒3,765,286
‒3,657,078 ‒ 9,023 ‒ 3,666,100
Technical result 99,526 ‒ 9,023 90,504
Operating profit/(loss) 354,872 ‒9,023 345,850
Amortisation of VBI and impairment of goodwill ‒ 4,562 ‒54,600 ‒59,162
Earnings before taxes 295,667 ‒54,600 ‒9,023 232,045
Income taxes ‒59,172 2,219 ‒ 56,953
Profit/(loss) for the period 236,496 ‒ 54,600 ‒ 6,804 175,092
of which attributable to shareholders of UNIQA Insurance Group AG 232,360 ‒54,600 ‒ 6,804 170,956
of which attributable to non-controlling interests 4,135 4,135
Earnings per share (in ) 0.76 0.56
39.Currency translation
Functional currency and reporting currency
The items included in the financial statements for each
operating subsidiary are measured based on the currency
that corresponds with the currency of the primary eco-
nomic environment in which the subsidiary operates
(functional currency). The consolidated financial state-
ments are prepared in euros which is UNIQA’s reporting
currency.
Transactions in foreign currencies
Transactions in foreign currencies are translated into the
functional currency of the Group entity at the exchange
rate on the date of the transaction or, in the case of re-
measurement, at the time of measurement.
Monetary assets and liabilities denominated in a foreign
currency on the reporting date are translated into the
functional currency at the closing rate. Non-monetary as-
sets and liabilities measured at fair value in a foreign cur-
rency are translated at the rate valid on the date the fair
value is calculated. Currency translation differences are
generally recognised in profit/(loss) for the period. Non-
monetary items recognised in a foreign currency at histor-
ical cost are stated with the historical exchange rate. This
results in no currency translation difference.
Currency translation differences from equity instruments
available for sale are recognised in other comprehensive
income by way of derogation from the general principle.
An exception to this are impairments for which currency
translation differences are reclassified from other com-
prehensive income to profit/(loss) for the period.
Foreign operations
Assets and liabilities from foreign operations, including
the goodwill and fair value adjustments that result from
the acquisition, are translated into euros at the closing
rate on the reporting date. Income and expenses from for-
eign operations are translated at the monthly closing
rates.
Currency translation differences are reported in other
comprehensive income and recognised in equity as a part
of the accumulated profits in the item “Differences from
currency translation” if the foreign exchange difference is
not attributable to non-controlling interests. Currency
translation differences from the share of the carrying
amount in the consolidated income statement and at-
tributable to the amortised cost are recognised in the item
“Available-for-sale financial assets”.
120
Major exchange
rates
EUR closing rates EUR average rates
31/12/2020 31/12/2019 1‒12/2020 1‒12/2019
Czech koruna (CZK) 26.2420 25.4080 26.4138 25.6638
Hungarian forint (HUF) 363.8900 330.5300 352.2423 325.3846
Croatian kuna (HRK) 7.5519 7.4395 7.5355 7.4198
Polish z³oty (PLN) 4.5597 4.2568 4.4518 4.2992
Romanian leu (RON) 4.8683 4.7830 4.8379 4.7434
Ukrainian hryvnia
(UAH) 34.6022 26.6796 30.9282 28.9962
Russian rouble (RUB) 91.4671 69.9563 83.1271 72.7949
US dollar (USD) 1.2271 1.1234 1.1452 1.1214
Significant events after the reporting date
In early March 2021, the Austrian Supreme Court ruled in
favour of the insurance industry in connection with busi-
ness interruptions arising from Covid-19. In this decision,
the Court clarified that a coverage obligation on the part of
the insurer from the business interruption caused by the
epidemic only applies in the case of a business closed due
to the Austrian Epidemic Act, but not based on a ban on
entry and access ordered under the Austrian Covid-19
Measures Act. This is expected to have a positive impact
on claim payments in the 2021 financial year.
Risk Report
40. Risk strategy
Principles
UNIQA’s strategic objectives are directly linked to the
company’s risk strategy. The cornerstones of the risk strat-
egy are based on the business strategy and the risks it en-
tails. A clear definition of the risk preference creates the
foundation for all business policy decisions.
Organisation
UNIQA’s core business is to relieve customers of risk, pool
the risk to reduce it and thereby generate profit for the
company. The focus is on understanding risks and their
particular features. To ensure a strong focus on risk,
UNIQA has created a separate risk function on the Group’s
Management Board with a Group Chief Risk Officer (CRO)
who is also acting concurrently as Group Chief Financial
Officer (CFO). In the Group companies, the Chief Risk Of-
ficer is also a part of the Management Board. This ensures
that decision-making is risk-based in all relevant bodies.
UNIQA has established processes that make it possible to
identify, analyse and manage risks.
The risk profile is regularly validated at all levels of the hi-
erarchy and discussions are held in specially instituted
committees with the members of the Management Board.
Internal and external sources are consulted to obtain a
complete picture of the risk situation. UNIQA regularly
checks for new threats both in the Group and in the sub-
sidiaries.
Risk-bearing capacity and risk appetite
UNIQA assumes risk in full awareness of its risk-bearing
capacity. This is defined as the capacity to absorb potential
losses from extreme events so that medium- and long-
term objectives are not put in danger.
The Solvency Capital Requirement (SCR) is at the centre
of risk-related decisions. The SCR corresponds with a
company-specific risk assessment based on a partial inter-
nal model for market risks and non-life risks, as well as on
the standard model according to Solvency II for the other
risk categories. As such, it corresponds with the regulatory
risk calculations under the Solvency II framework. We are
aiming for risk capital cover (capital requirement ratio) of
more than 170 per cent based on this approach. Immediate
steps will be taken to improve the capital position if the
marginal value falls below 135 per cent. Details for the re-
porting date as at 31 December 2020, including a detailed
analysis of changes, can be found in the “Group Capital”
presentation.
Non-quantifiable risks, in particular operational risk, liti-
gation risk and strategic risk are identified and assessed as
part of the risk assessment process. This assessment is
then used as the basis for implementing any necessary risk
mitigation measures.
UNIQA’s risk strategy specifies the risks the company in-
tends to assume and those it plans to avoid. Within the
scope of the strategy process, risk appetite is defined based
on UNIQA’s risk-bearing capacity. This risk appetite is
then used to determine tolerances and limits, which pro-
vide a sufficient early warning system for the company to
initiate prompt corrective action in the event of any devia-
tion from targets. UNIQA counters risks that fall outside
the defined risk appetite, such as reputational risk, with
proactive measures, transparency and careful assessment.
121CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I
AL
S TAT EM E N T S
Opportunities
Risk also means opportunity. UNIQA analyses trends and
risks that influence the society and thus customers and the
company itself. Employees throughout the company are
involved in order to recognise and analyse trends at an
early stage, produce suitable action plans and develop in-
novative approaches.
41. Risk management system
The focus of risk management with management struc-
tures and defined processes is the attainment of UNIQA’s
and its Group companies’ strategic goals.
UNIQA’s Risk Management Guidelines form the basis for a
uniform standard at various company levels. The guide-
lines are approved by the CFO/CRO and the Group Execu-
tive Board and describe the minimum requirements in
terms of organisational structure and process structure.
In addition to the Group Risk Management Guidelines,
similar guidelines have also been prepared and approved
for the Group companies. The Risk Management Guide-
lines at company level were approved by the Management
Board of the UNIQA Group companies and are consistent
with UNIQA’s Risk Management Guidelines.
Organisational structure (governance)
The detailed setup of the process and organisational struc-
ture of risk management is set out in UNIQA’s Risk Man-
agement Guidelines. They reflect the principles embodied
in the concept of “three lines of defence” and the clear dif-
ferences between the individual lines of defence.
First line of defence: risk management within the busi-
ness activity
Those responsible for business activities must develop and
put into practice an appropriate risk control environment
to identify and monitor the risks that arise in connection
with the business and processes.
Second line of defence: supervisory functions including
risk management functions
The risk management function and the supervisory func-
tions, such as controlling, must monitor business activities
without encroaching on operational activities.
Third line of defence: internal audit
This enables an independent review of the formation and
effectiveness of the entire internal control system, which
comprises risk management and compliance (e.g. internal
auditing).
122
The relevant responsibilities are shown accordingly in the
overview above. In addition, the Supervisory Board at
UNIQA Insurance Group AG receives comprehensive risk
reports at Supervisory Board meetings.
Risk management process
UNIQA’s risk management process delivers periodic infor-
mation about the risk profile and enables the top manage-
ment to make the decisions for the long-term achievement
of objectives.
The process concentrates on risks relevant to the company
and is defined for the following classes of risk:
Market risk/Asset-Liability Management risk
(ALM risk)
Credit risk/default risk
Liquidity risk
Concentration risk
Underwriting risk (property and casualty insurance,
health and life insurance)
Operational risk
Emerging risk
Reputational risk
Contagion risk
Strategic risk
123CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
A Group-wide, standardised risk management process reg-
ularly identifies, evaluates and reports on risks to UNIQA
and its Group companies within these categories of risk.
Risk identification is the starting point for the risk man-
agement process, systematically recording all major risks
and describing them in as much detail as possible. In order
to conduct as complete a risk identification as possible,
different approaches are used in parallel, and all catego-
ries of risk, subsidiaries, processes and systems are
included.
The risk categories of market risk, underwriting risk and
default risk are evaluated at UNIQA by means of quantita-
tive methods either based on the Solvency II standard ap-
proach or the partial internal model (for non-life or mar-
ket risks). Furthermore, risk drivers are identified for the
results from the standard approach, and analysed to assess
whether the risk situation is adequately represented (in
accordance with the Company’s Own Risk and Solvency
Assessment (ORSA)). All other categories of risk are
evaluated quantitatively or qualitatively with their own
risk scenarios.
42. Activities and objectives in 2020
Based on external and internal developments, activities in
2020 focused on the following:
Covid-19
AXA integration
Review of Solvency II (holistic impact assessment)
GRC tool implementation
The world was affected by the global Covid-19 pandemic
earlier this year, and this has had a significant impact on
many nations around the world, on the global economic
system and, as a result, on the solvency position of insur-
ance companies. UNIQA therefore set up a crisis manage-
ment team in which a group of experts from different ar-
eas regularly monitors developments associated with the
spread of the coronavirus as well as the effects on UNIQA
in order to be able to make decisions and implement the
corresponding measures. The challenge of having all em-
ployees work remotely was mastered within a very short
time, meaning that business was able to continue with al-
most no problems. The crisis management team continues
to monitor further developments with the pandemic in or-
der to be able to implement measures at short notice if
necessary.
Due to strong capitalisation in recent years, UNIQA al-
ready actively expressed its interest and willingness some
time ago to make an acquisition in its core markets in Cen-
tral and Eastern Europe. On 7 February 2020 UNIQA offi-
cially announced the acquisition of AXA’s subsidiaries in
Poland, the Czech Republic and Slovakia, which was com-
pleted on 15 October 2020. This transaction involving the
AXA subsidiaries significantly increased UNIQA’s market
share and led UNIQA to become the fifth largest player in
the CEE market. The preparations and activities for inte-
grating the processes and employees from the new compa-
nies into the UNIQA Group began in 2020. This topic con-
tinues to affect UNIQA in the fourth quarter of 2020 and
beyond, with a merger of the AXA companies with the
UNIQA companies being the next step planned. As stated
above, the greatest challenge will be the integration of all
the processes, employees and IT systems.
As in the previous year, the topic of the Solvency II Review
continued to occupy UNIQA in 2020. The European Insur-
ance and Occupational Pensions Authority (EIOPA) al-
ready published extensive consultation papers in 2019,
containing a total of 19 topics divided into two consulta-
tion waves. These waves dealt with both qualitative (e.g.
Group supervision, macro-prudential issues, reporting
and disclosure) and quantitative topics (e.g. risk-free rate,
risk margin, SCR, own funds). Although the review of Sol-
vency II is not binding in nature, the initial proposals
already determine the direction in which the entire Sol-
vency II framework may change. EIOPA carried out two
holistic impact assessments in 2020 on this topic in order
to gain an overview of the quantitative impact of the pro-
posals. UNIQA took part in these assessments. There is
therefore a project in place with a group of experts analys-
ing the impact of this review on the company. This will
enable UNIQA to prepare for upcoming changes in good
time and mitigate the risk of being unable to meet future
regulatory requirements.
UNIQA has been working intensively on expanding the
concept of its internal control system (ICS) in recent
years. The primary focus in 2020 was on creating an IT so-
lution for this. A Governance, Risk & Compliance (GRC)
tool was introduced in order to support implementation of
the ICS through the systems. The challenge here in partic-
ular was in the conceptual coordination of four areas
(compliance, security management, data protection and
risk management) and then reflecting this in the tool.
124
43. Challenges and priorities in risk management
for 2021
Capital market environment
The current capital market environment is a topic that will
continue to occupy UNIQA in 2021. Last year was also
characterised by a low interest rate environment. In addi-
tion, the Covid-19 pandemic caused interest rates to drop
sharply in early 2020 along with a strong increase in
spreads and losses on the equity markets. The stock mar-
kets saw some of the most dramatic daily losses in history.
The risk premiums (spreads) – in particular but not only
for corporate bonds – rose sharply and recorded move-
ments in some cases similar to those during the financial
crisis of 2008–2009. Interest rates reached almost historic
lows. Even though the situation has stabilised at present
and the worst seems to be over for the moment, the overall
situation and further developments still entail a good deal
of uncertainty. This topic therefore represents a major
challenge for UNIQA. UNIQA will continue to monitor the
capital market environment closely in 2021 in order to be
able to respond quickly to potential movements (triggered
e.g. by another wave of Covid-19).
Sustainability
Sustainability is one of the topics that has become increas-
ingly important in recent years, both in the applicable reg-
ulations as well as in terms of public perception. UNIQA
established a separate group for this topic in the “HR &
Brand” Management Board department at the beginning
of 2020 in order to account for this trend. The focus for
risk management is particularly on managing and han-
dling sustainability risks. A working group was set up for
this reason with the objective of monitoring the various
developments in the area of sustainability regulation and
analysing the impact on the risk management system. The
output of this working group and main focus in 2021 will
be on incorporating the new aspects of the requirements
into the internal processes, internal regulations and re-
porting.
Further development of the internal model
In October 2020, the decision was taken to develop
UNIQA’s partial internal model into a full internal model
over the next few years. With the approval of the market
risk PIM approximately 80 per cent of the risk profile is al-
ready covered by the partial internal model. The plan is to
replace the remaining 20 per cent currently still modelled
using the standard formula with an internal model. This
would make UNIQA the first Austrian insurance group to
have a full internal model. This project is designed to be a
multi-year project that will continue beyond 2021.
GRC tool rollout
As mentioned in the section on activities, a GRC tool has
been set up as a central instrument for managing opera-
tional risk. Rolling it out across the entire Group will be
one of the focal points and challenges in 2021. The focus
on the one hand will be on the fact that the relevant em-
ployees must be trained to work with the tool, and on the
other hand that the data must be migrated into this new
system.
44. Risk profile
UNIQA’s risk profile is very heavily influenced by
the life and health insurance portfolios of UNIQA Öster-
reich Versicherungen AG. This situation means that mar-
ket risk plays a central role in UNIQA’s risk profile.
The Group companies in Central Europe operate in the
property and casualty business linesas well as in the life
and health insurance business lines. In the CEE region,
the property and casualty sectors are the most dominant.
This structure is important to UNIQA, because it offers a
high level of diversification from the life and health insur-
ance lines that dominate in the Austrian companies.
The distinctive risk features of the regions are also
reflected in the risk profiles determined by using the inter-
nal measurement approach.
Market and credit risk
The strength of the market and credit risks depends on the
structure of the capital investment and its allocation to the
different asset categories. The table below shows invest-
ments classified by asset category.
Asset allocation
In thousand
31/12/2020 31/12/2019
Fixed-income securities 17,577,469 16,473,243
Real estate assets 1,219,213 1,137,444
Pension fund 1,373,557 834,227
Equity investments and other stocks 822,476 794,450
Shares and equity funds 840,135 765,038
Time deposits 279,315 384,762
Other investments 207,077 235,631
Total 22,319,241 20,624,797
125CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
However, the market and credit risks not only have an im-
pact on the value of investments, but also influence the
level of technical liabilities. Thus, there is – particularly in
life insurance – a dependence between the (price) growth
of assets and liabilities from insurance contracts. UNIQA
manages the income expectations and risks of assets and
liabilities arising from insurance contracts as part of the
asset liability management (ALM) process. The objective
is to ensure sufficient liquidity while retaining the greatest
possible security and balanced risk in order to achieve a
return on capital that is sustainably higher than the guar-
anteed performance of the technical liabilities. To do this,
assets and liabilities are allocated to different accounting
groups.
The following two tables show the main accounting groups
generated by the various product categories.
Assets
In thousand
31/12/2020 31/12/2019
Long-term life insurance contracts with
guaranteed interest and profit participation 12,565,453 12,251,003
Long-term unit-linked and index-linked life
insurance contracts 4,238,569 4,680,403
Long-term health insurance contracts 4,434,179 4,068,651
Short-term property and casualty insurance
contracts
5,577,045 5,073,948
Total 26,815,246 26,074,005
These values refer to the following items:
Land and buildings for own use
Investment property
Financial assets accounted for using the equity method
Other investments
Unit-linked and index-linked life insurance investments
Cash and cash equivalents
Technical provisions and
liabilities (net)
In thousand
31/12/2020 31/12/2019
Long-term life insurance contracts with
guaranteed interest and profit participation 11,243,000 11,143,552
Long-term unit-linked and index-linked life
insurance contracts 4,208,512 4,646,152
Long-term health insurance contracts 3,519,993 3,359,589
Short-term property and casualty insurance
contracts 3,147,659 3,061,309
Total 22,119,164 22,210,602
These values refer to the following items:
Technical provisions
Technical provisions for unit-linked and index-linked
life insurance
Reinsurance liabilities (only securities account liabilities
from reinsurance ceded)
Reinsurers’ share of technical provisions
Reinsurers’ share of technical provisions for unit-linked
and index-linked life insurance
The market and credit risk is broken down into interest
rate, credit spread, equity, currency and market concen-
tration risk.
The interest rate risk arises on all asset and liability items
of the statement of financial position whose value fluctu-
ates as a result of changes in risk-free yield curves or asso-
ciated volatility. Given the high proportion of interest-
bearing securities in the assets, interest rate risk forms an
important part of market risk. The interest rate risk is ac-
tively managed as part of the ALM-based investment strat-
egy.
126
The following table shows the maturity structure of fixed-
income securities.
Exposure by term
In thousand
31/12/2020 31/12/2019
Up to 1 year 975,698 673,476
More than 1 year up to 3 years 1,668,822 1,888,393
More than 3 years up to 5 years 2,307,840 2,468,311
More than 5 years up to 7 years 2,579,998 2,323,011
More than 7 years up to 10 years 2,863,478 3,067,014
More than 10 years up to 15 years 2,635,322 2,503,197
More than 15 years 4,546,309 3,549,841
Total 17,577,469 16,473,243
In comparison with this, the next table shows the insur-
ance provision before reinsurance in health and life insur-
ance and the gross provision for unsettled claims in non-
life insurance, broken down into annual brackets. In
health and life insurance the breakdown takes place using
expected cash flows from the ALM process.
IFRS reserve by expected
maturity date
In thousand
31/12/2020 31/12/2019
Up to 1 year 1,015,663 1,133,007
More than 1 year up to 3 years 1,122,053 1,085,507
More than 3 years up to 5 years 1,290,754 994,309
More than 5 years up to 7 years 1,074,151 1,127,128
More than 7 years up to 10 years 1,453,751 1,490,459
More than 10 years up to 15 years 2,233,169 2,433,869
More than 15 years 8,002,000 7,226,506
Total 16,191,540 15,490,785
Since the interest rate risk is particularly relevant in life
insurance as a result of the long-term liabilities, the focus
below is placed on this segment. Using UNIQA Österreich
Versicherungen AG as an example, the average interest
rate sensitivity of life insurance in the event of a change in
interest rates of +/–50 basis points for the assets is
€524.0 million, and that of liabilities €655.0 million. The
difference between these two values is used as the control
basis for the interest rate risk or the duration gap. During
the annual ALM process, it is determined from a strategic
point of view which budgets for interest rate risk can be
accepted at the operating company level.
The discount rate that may be used in the costing when
new business is written in most UNIQA companies takes
into account a maximum discount rate imposed by the rel-
evant local supervisory authority. In all those countries in
which the maximum permissible discount rate is not
imposed in this way, appropriate prudent, market-based
assumptions are made by the actuaries responsible for the
calculation. In our core market of Austria, the maximum
interest rate beginning 1 January 2017 is 0.5 per cent per
year. However, the portfolio also includes older contracts
with different discount rates. In the relevant markets of
the UNIQA Group, these rates amount to as much as
4.0 per cent per year. The following table provides an over-
view of the average technical discount rates by region and
currency.
Average technical discount
rates, core business by
region and currency
In per cent
EUR USD
Local
currency
Austria (AT) 2.2
Central Europe (CE) 3.3 3.0
Eastern Europe (EE) 3.4 3.5 3.2
Southeastern Europe (SEE) 2.2 1.7 0.6
Russia (RU) 2.5 2.5 4.0
As these interest rates are guaranteed by the insurance
company, the financial risk lies in not being able to gener-
ate these returns. Since classic life insurance business pre-
dominantly invests in interest-bearing securities, the un-
predictability of long-term interest rate trends is the most
significant financial risk for a life insurance company. In-
vestment and reinvestment risk arises from the fact that
premiums received in the future must be invested to
achieve the rate of return guaranteed when a policy is
written. However, it is entirely possible that no appropri-
ate securities will be available at the time the premium is
received. Likewise, future income must be reinvested to
achieve a return equivalent to at least the original discount
rate. For this reason, UNIQA has already decided to only
offer products in its key markets that are based on a low or
zero discount rate. One example of this in Austria is the
sale of deferred pension products with a discount rate of
0.0 per cent.
The credit spread risk refers to the risk of changes in the
price of asset or liability items in the financial statement,
as a consequence of changes in credit risk premiums or as-
sociated volatility, and is ascertained for individual securi-
ties in accordance with their rating and duration. When
investing in securities, UNIQA chooses securities with a
wide variety of ratings, taking into consideration the po-
tential risks and returns.
127CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
The following table shows the credit quality of those fixed-
income securities that are neither overdue nor written
down, based on their ratings.
Exposure by rating
In thousand
31/12/2020 31/12/2019
AAA 3,704,679 3,770,117
AA 4,337,744 4,063,442
A 4,957,442 4,135,223
BBB 3,051,150 3,191,344
BB 397,365 421,238
B 317,206 271,218
≤ CCC 1 2,837
Not rated 811,881 617,825
Total 17,577,469 16,473,243
Equity risk arises from movements in the value of equities
and similar investments as a result of fluctuations in inter-
national stock markets, and therefore, stems in particular
from the asset categories “Equity investments and other
stocks” and “Equities”. The effective equity weighting is
controlled by hedging with the selective use of derivative
financial instruments.
Foreign currency risk is caused by fluctuations in ex-
change rates and associated volatility. Given the interna-
tional nature of the insurance business, UNIQA invests in
securities denominated in different currencies, thus fol-
lowing the principle of ensuring matching liabilities with
assets in the same currency to cover liabilities at the cov-
erage fund or company level. Despite the selective use of
derivative financial instruments for hedging purposes, it is
not always possible on cost grounds or from an investment
point of view to achieve complete and targeted currency
matching between the assets and liabilities. The following
tables show a breakdown of assets and liabilities by cur-
rency.
Currency risk
31/12/2020
In thousand
Assets
Provisions and
liabilities
EUR 25,405,823 23,317,599
USD 307,258 130,128
CZK 1,372,728 1,009,002
HUF 461,516 573,488
PLN 3,017,455 2,343,060
RON 289,071 203,474
Other 1,046,284 877,670
Total 31,900,133 28,454,421
Currency risk
31/12/2019
adjusted
In thousand
Assets
Provisions and
liabilities
EUR 24,859,575 22,255,561
USD 315,363 92,359
CZK 651,244 530,656
HUF 492,803 576,893
PLN 993,648 804,969
RON 379,563 203,371
Other 981,612 844,177
Total 28,673,809 25,307,986
In addition to figures from the established market and
credit risk models (MCEV, SCR, etc.), stress tests and sen-
sitivity analyses are used to measure and manage market
and credit risk and their components.
The following tables show the most important market
risks in the form of key sensitivity figures, along with their
impact on equity and profit/(loss) for the period. Depend-
ing on the measurement principle to be applied, any future
losses from the measurement at fair value may result in
different fluctuations in profit/(loss) for the period or in
other comprehensive income. The key figures are calcu-
lated theoretically on the basis of actuarial principles and
do not take into consideration any diversification effects
between the individual market risks or countermeasures
taken in the various market scenarios.
128
Sensitivities for other investments are determined by
simulating each scenario for each individual item, keeping
all other parameters constant in each case. Market value
changes that have no effect on the balance sheet include
reclassified bonds and loans in the case of interest rate and
credit spread risk.
Interest rate risk
31/12/2020 31/12/2019
1)
In thousand
+50 basis points ‒ 50 basis points +50 basis points ‒50 basis points
Government bonds ‒564,293 633,667 ‒ 432,715 478,340
Corporate bonds (incl. covered) ‒198,932 207,914 ‒ 193,807 205,992
Other ‒ 32,159 38,838 ‒8,366 15,098
Total ‒795,383 880,419 ‒634,888 699,430
Of which income statement 3,179 194 1,725 3,746
Of which equity ‒798,563 880,225 ‒ 636,613 695,684
Credit spread risk
31/12/2020 31/12/2019
1)
In thousand
+50 basis points +50 basis points
Income statement 503 ‒930
Equity ‒ 877,721 ‒ 672,726
Total ‒ 877,218 ‒ 673,656
Equity risk
31/12/2020 31/12/2019
1)
In thousand
‒25% ‒ 25%
Income statement ‒33,160 ‒74,691
Equity ‒ 166,949 ‒ 120,425
Total ‒ 200,110 ‒ 195,117
1
) The adjustment to the sensitivity calculation was made as a result of the changed market environment and in line with current market practice.
Currency risk
31/12/2020 31/12/2019
In thousand
10% ‒10% 10% ‒10%
PLN 146,247 ‒ 146,247 51,970 ‒ 51,970
USD 14,494 ‒ 40,788 24,921 ‒50,962
CZK 65,034 ‒ 65,098 40,396 ‒30,432
RUB 22,491 ‒ 22,491 26,206 ‒26,206
HUF 16,112 ‒16,112 17,283 ‒ 17,283
Other 43,532 ‒ 46,942 53,026 ‒57,559
Total 307,910 ‒ 337,678 213,802 ‒234,412
Of which income statement 183,189 ‒217,999 203,222 ‒223,833
Of which equity 124,721 ‒119,679 10,580 ‒ 10,580
In life insurance the interest rate assumptions are the
crucial influencing factor on the liability adequacy test
and deferred acquisition costs. The impact of the implied
new funds assumption (including reinvestment) is there-
fore stated below.
If new funds are assumed with a +100 bp increase, then the
resulting net effect (after accounting for the deferred
profit participation) amounts to €8.5 million. A –100 bp
reduction in this assumption results in a net effect of
€–9.0 million. The effects described relate to the changes
in deferred acquisition costs along with the impact on the
liability adequacy test. The results were determined using
the traditional business in Austria which makes up the
majority of insurance provision in the Group.
In non-life insurance, the provision for unsettled claims
is formed based on reported claims and applying accepted
statistical methods. One crucial assumption here is that
the pattern of claims observed from the past can be sensi-
bly extrapolated for the future. Additional adjustments
need to be made in cases where this assumption is not pos-
sible.
The calculation of claim provisions is associated with un-
certainty based on the time required to process claims. In
129CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
addition to the normal chance risk, there are also other
factors that may influence the future processing of the
claims that have already occurred. In particular, the re-
serving process for court damages in property and casualty
insurance should be mentioned here. A reserve estimate is
prepared here for these damages based on expert assess-
ment, although this estimate can be exposed to high levels
of volatility specifically with major damage at the start of
the process for collecting court costs.
The partial internal model in property and casualty insur-
ance is a suitable instrument for quantifying the volatility
involved in processing. Pursuant to analysis of these
model results, it was determined that a deviation of
5 per cent from the basic provision calculated may repre-
sent a realistic scenario. Based on the current provision for
unsettled claims of €3,068.0 million (excluding additional
provisions such as provisions for claim settlement) in the
Group on a gross basis, this would mean an increase in
claims incurred by €153.0 million.
Health insurance similar to life technique is now also af-
fected by the period of low interest rates. Since 1 January
2018 only tariffs with the 1.0 per cent discount rate are be-
ing sold. That fact, together with the tariffs sold in 2017 at
the discount rate of 1.75 per cent, further reduces the aver-
age discount rate. A reduction in the capital earnings by
100 bp (based on investment results 2019) would reduce
the earnings before taxes by €38.2 million.
Liquidity risk
Ongoing liquidity planning takes place in order to ensure
that UNIQA is able to meet its payment obligations over
the next twelve months.
Obligations with a term of more than twelve months are
covered by investments with matching maturities as far as
possible within the framework of the ALM process and the
strategic guidelines. In addition, a majority of the securi-
ties portfolio is listed in liquid markets and can be sold
quickly and without significant markdowns if cash is re-
quired.
There are underwriting obligations mainly in the form of
funds from holdings in healthcare and investments in pri-
vate debt, as well as in the infrastructure sector, amount-
ing to €574,187 thousand (2019: €565,916 thousand).
Contractual maturities at 31 December 2020
In thousand
Liabilities from
loans
Derivative financial
instruments
Lease liabilities Total
2021 19,348 1,617 14,210 35,174
2022 8,250 13 11,051 19,314
2023 8,250 278 9,601 18,129
2024 8,250 0 7,393 15,643
2025 8,250 0 6,936 15,186
> 2026 641,250 0 34,891 676,141
Contractual maturities at 31 December 2019
In thousand
Liabilities from
loans
Derivative financial
instruments
Lease liabilities Total
2020 900 436 8,888 10,224
2021 11,104 233 7,757 19,094
2022 0 0 7,334 7,334
2023 0 0 5,801 5,801
2024 0 0 4,452 4,452
> 2025 0 1 33,514 33,515
130
Contractual maturities at 31 December 2020
In thousand
Notional amount
1)
Coupon payments Total
2021 0 60,563 60,563
2022 0 60,563 60,563
2023 350,000 60,563 410,563
2024 0 36,500 36,500
2025 200,000 36,500 236,500
> 2026 500,000 30,000 530,000
Contractual maturities at 31 December 2019
In thousand
Notional amount
1)
Coupon payments Total
2020 0 54,063 54,063
2021 0 54,063 54,063
2022 0 54,063 54,063
2023 350,000 54,063 404,063
2024 0 30,000 30,000
> 2025 500,000 60,000 560,000
1)
Contractual maturities based on the first possible termination date
Concentration risks
UNIQA strives to keep concentration risks as low as pos-
sible.
These could arise, for example, from the transfer of insur-
ance business to individual reinsurance companies to an
inappropriate extent. This can have a material influence
on UNIQA’s result in case of late payment (or non-pay-
ment) by an individual reinsurer. UNIQA controls such
risks with an internal reinsurance company that is respon-
sible for selecting external reinsurance parties, taking into
account strict guidelines for avoiding material concentra-
tion risks.
However, concentration risk can also arise among other
things from the composition of balance sheet items re-
ported in the assets. Throughout the investment period,
the company continuously checks to ensure that the in-
vestment volumes in securities of individual issuers do not
exceed certain limits in relation to the total investment
volume, defined according to the respective credit rating.
Underwriting risks
The underwriting risks are divided into non-life, life and
health insurance.
The underwriting risk in non-life is broken down into the
three risk categories of premium, reserve and catastrophe
risk.
Premium risk is defined as the risk that future benefits
and expenses in connection with insurance operations will
exceed the premiums collected for the insurance con-
cerned. Such a loss may also be caused in insurance opera-
tions by exceptionally significant, but rare loss events,
known as major claims or shock losses. Natural catastro-
phes represent a further threat from events that are infre-
quent but that nevertheless cause substantial losses. This
risk includes financial losses caused by natural hazards,
such as floods, storms, hail or earthquakes. In contrast to
major individual claims, insurance companies in this case
refer to cumulative losses.
131CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Reserve risk refers to the risk that technical provisions
recognised for claims that have already occurred will turn
out to be inadequate. The loss in this case is referred to as
settlement loss. The claim reserve is calculated using actu-
arial methods. External factors, such as changes in the
amount or frequency of claims, legal decisions, repair
and/or handling costs, can lead to differences compared
with the estimate.
To counter and actively manage these risks, UNIQA runs a
number of processes integrated into its insurance opera-
tions. For example, a Group Policy specifies that new prod-
ucts may only be launched if they satisfy certain profitabil-
ity criteria. Major claims and losses from natural catastro-
phes are appropriately managed by means of special risk
management in the underwriting process (primarily in
corporate activities) and by the provision of suitable rein-
surance capacity.
In connection with claim reserves, guidelines also specify
the procedures to be followed by local units when recog-
nising such reserves in accordance with IFRSs. A quarterly
monitoring
system and an internal review process safeguard the qual-
ity of the reserves recognised in the whole of the Group.
An essential element in risk assessment and further risk
management is the use of the non-life partial model. This
risk model uses stochastic simulations to quantify the risk
capital requirement for each risk category at both com-
pany and Group levels.
The entities acquired by AXA in Poland, the Czech Repub-
lic and Slovakia are still measured according to the EIOPA
standard model as at 31 December 2020. They will be inte-
grated into the Group model in 2021.
In life insurance, the underwriting risk is generally de-
fined as the risk of loss or adverse developments affecting
the value of insurance liabilities. It is divided into the cate-
gories mortality, longevity, disability-morbidity, lapse, ex-
pense, revision and catastrophe risk.
The mortality risk depends on possible fluctuations in
mortality rates due to an increase in deaths which would
have an adverse effect on the expected benefits to pay on
risk insurance policies.
Longevity risk refers to the adverse effects of random fluc-
tuations in mortality rates due to a decline in the mortality
rate. The insurer is thereby exposed to the risk that the an-
ticipated life expectancy in the calculation of the premium
will be exceeded in reality and that the expenditure for
pension payments will be higher than planned.
The disability-morbidity risk is caused by possible adverse
fluctuations in disability, sickness and morbidity rates
compared to what they were at the time the premium was
calculated.
The lapse risk arises from the fluctuations in policy can-
cellation, termination, renewal, capital selection and sur-
render rates of insurance policies. Overall, it represents
the uncertainty regarding customer behaviour.
The expense risk refers to adverse effects due to fluctua-
tions in the administrative costs of insurance and reinsur-
ance contracts.
The revision risk results from fluctuations in the revision
rates for annuities due to changes in the legal environ-
ment.
The catastrophe risk results from significant uncertainty
in relation to pricing and the assumptions made in the cre-
ation of provisions for extreme/exceptional events.
The most relevant risk in this context is an immediate
dramatic increase in mortality rates: in this case, death
benefits in the risk portfolio could not be fully financed by
the risk premium collected.
In the context of life insurance, the main techniques for
risk mitigation are the adjustment of future profit partici-
pations or a corresponding premium adjustment as well as
additional reinsurance policies, which are carried out in
compliance with legal and contractual framework condi-
tions. These measures are crucial for the underlying risk
models and contain detailed information and regulations,
particularly with regard to profit participation. In prac-
tice, profitable new business supports the risk-bearing ca-
pacity of the existing portfolio, whereby careful risk selec-
tion (e.g. health checks) and cautiously chosen calculation
principles for premiums are essential cornerstones when
designing products. By including premium adjustment
clauses, the potential to reduce risk can be improved, espe-
cially in the risk and occupational disability portfolio.
132
The health insurance business is operated primarily in
Austria. As a result, risk management in this line focuses
mainly on Austria.
Health insurance is a loss insurance which is calculated
under consideration of biometric risks and is operated in
Austria according to the similar to life technique.
The risk categories of the underwriting risk in health in-
surance with the similar to life technique are based on the
subdivisions of life insurance already described above,
with minor deviations.
Analogous to life insurance, the main techniques for risk
mitigation are the adjustment of future profit participa-
tions or a corresponding premium adjustment which is
carried out in compliance with legal and contractual
framework conditions. These measures are crucial for the
underlying risk models and contain detailed information
and regulations, particularly with regard to profit partici-
pation. In practice, classic risk-mitigation techniques are
also relevant here.
For health insurance they include:
Prudent setting of the discount rate at a level that can be
earned in the long term;
Risk selection, i.e. a targeted pre-selection of prospective
customers for insurance products, for example through
health checks;
Careful selection of the withdrawal probabilities (death
and policy cancellation) in order to obtain sufficient pre-
miums for the expected benefits;
The consideration of premium adjustment clauses in
various health insurance products in order to be able to
adjust premiums in line with changes in the calculation
principles in case of changes in the expected values.
In addition to these classic risk mitigation techniques, an
ongoing process for managing portfolios has been estab-
lished. This process is carried out annually by determining
and evaluating the need for rate adjustments. The effec-
tiveness of the risk mitigation techniques described for
the health business is assessed by comparing invoiced and
actual benefits as well as by calculating contribution mar-
gin calculations.
Operational risk
Operational risk includes losses that are caused by
insufficient or failed internal processes, as well as losses
caused by systems, human resources or external events.
The operational risk includes legal risk, but not reputation
or strategic risk. Legal risk is the risk of uncertainty due to
lawsuits or uncertainty in the applicability or interpreta-
tion of contracts, laws or other legal requirements. At
UNIQA, legal risks are monitored on an on-going basis,
and reports made to the Group Management Board.
UNIQA’s risk management process also defined the risk
process for operational risks in terms of methodology,
workflow and responsibilities. The risk manager is respon-
sible for compliance throughout all Group companies.
A distinctive feature of operational risk is that it can sur-
face in all processes and departments. This is why opera-
tional risk is identified and evaluated in every operational
company at a very broad level within UNIQA. Risks are
identified with the help of a standardised risk catalogue
that is regularly checked for completeness.
According to international standards, UNIQA – as a finan-
cial service provider – forms part of the critical infrastruc-
ture of key importance to the national community. If this
infrastructure were to fail or become impaired, it would
cause considerable disruption to public safety and security
or lead to other drastic consequences.
As a rule, emergencies, crises and disasters are unexpected
events for which it is impossible to plan, although systems
and processes can be put in place to deal with such events.
The systems and processes must then be treated as a spe-
cial responsibility of management and must be dealt with
professionally, efficiently and as quickly as possible.
UNIQA has implemented a business continuity manage-
ment system covering the issues of crisis prevention, crisis
management and business recovery (including business
emergency plans). The UNIQA BCM model is based on in-
ternational rules and standards and is developed on a con-
tinuous basis.
133CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Emerging risk
Emerging risk refers to newly arising or changing risks
that are difficult to quantify and can have a significant im-
pact on an organisation. Among the main drivers of the
changing risk landscape are new economic, technological,
socio-political and ecological developments and the in-
creasing interdependencies between them, which may
lead to a growing concentration of risk. In addition, a
changing business environment – the further develop-
ment of regulatory rules, the increased expectations of
stakeholders and the shift in risk perception – must be
taken into account.
Reputational risk
The reputational risk describes the risk of loss that arises
due to possible damage to the company’s reputation, a
deterioration in prestige, or a negative overall impression
due to negative perception by customers, business part-
ners, shareholders or supervisory agencies.
Reputational risks that occur in the course of core pro-
cesses such as claim processing or advising and service
quality are identified, evaluated and managed as opera-
tional risks in the Group companies.
Contagion risk
Group risk management analyses whether the reputation
risk observed in the Group or in another unit may occur,
and whether the danger of “contagion” within the Group is
possible. The analyses performed guard against contagion
risk.
Strategic risk
The strategic risk refers to the risk that results from man-
agement decisions or insufficient implementation of
management decisions that may influence current or fu-
ture income or solvency. This includes the risk that arises
from management decisions that are inadequate because
they ignore a changed business environment. Like opera-
tional and reputational risks, strategic risks are evaluated
on an ongoing basis.
Sustainability risk
Sustainability risks are not currently classified as a sepa-
rate risk category but are allocated among the existing cat-
egories. Up until now, UNIQA has identified potential sus-
tainability risks with the following topics from the materi-
ality analysis: clear evaluation of damage and rapid assis-
tance, process for handling data and new technologies,
customer information and financing, complaints manage-
ment, avoidance of critical investment, employee
satisfaction as well as ethics and compliance. UNIQA’s risk
identification process is subject to continuous develop-
ment and will also ascertain in the future whether an iden-
tified risk is relevant from a sustainability point of view.
According to the definition used by UNIQA this is the case
if a risk exists in relation to ecological and/or social as-
pects of the sustainability topics.
45. Reinsurance
The Group Management Board determines, directly and
indirectly, the strategic contents of reinsurance policy
with its decisions regarding risk and capital policy. The
structure of the purchasing of external reinsurance is
linked to the risk management process, thus enabling the
risk capital to be relieved.
Reinsurance structures support the continuous optimisa-
tion of the required risk capital and the management of
the use of this risk capital. Great importance is attached to
the maximum use of diversification effects. Continuous
analysis of reinsurance purchasing for efficiency charac-
teristics is an essential component of internal risk
management processes.
UNIQA Re AG in Zurich, Switzerland, is responsible for
the operational implementation of these tasks. It is re-
sponsible for and guarantees the implementation of rein-
surance policies issued by the Group Management Board.
UNIQA Re AG is available to all Group companies as the
risk carrier for their reinsurance needs.
134
The assessment of the exposure of the portfolios assumed
by the group companies is of central importance. Periodic
risk assessments have been performed for years in the in-
terest of a value-based management of the capital commit-
ment. Extensive data are used to assess risk capital re-
quirements for the units in question and their reinsurance
programmes are structured in a targeted manner.
For the property and casualty insurer, promises of perfor-
mance for protection against losses resulting from natural
hazards frequently represent the greatest stress on risk
capital by far due to the volatile nature of such claims and
the conceivable amount of catastrophic damages. UNIQA
has set up a specialised unit in order to deal with this prob-
lem. Exposure is constantly monitored and evaluated at
the country and Group levels in cooperation with internal
and external authorities. UNIQA substantially eases the
pressure on its risk capital through the targeted utilisation
of all applicable diversification effects and the launching
of an efficient retrocession programme.
UNIQA Re AG has assumed almost all of the UNIQA
Group’s required reinsurance business ceded in the re-
porting period. Only in the life insurance line was a por-
tion of the necessary cessions given directly to external re-
insurance partners. The Group assumes reasonable de-
ductibles in the retrocession programmes based on risk-
and value-based approaches.
135CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Approval for publication
These consolidated financial statements were prepared by
the Management Board as at the date of signing and ap-
proved for publication.
Vienna, 22 March 2021
Andreas Brandstetter
Chairman of the Management Board
Peter Eichler
Member of the Management Board
Wolf-Christoph Gerlach
Member of the Management Board
Peter Humer
Member of the Management Board
Wolfgang Kindl
Member of the Management Board
René Knapp
Member of the Management Board
Erik Leyers
Member of the Management Board
Klaus Pekarek
Member of the Management Board
Kurt Svoboda
Member of the Management Board
136
Declaration of the legal representatives
Pursuant to Section 82(4) of the Austrian Stock Exchange
Act, the Management Board of UNIQA Insurance
Group AG hereby confirms, that, to the best of our
knowledge, the consolidated financial statements, which
were prepared in accordance with the relevant accounting
standards, give a true and fair view of the financial posi-
tion, financial performance and cash flows of the Group,
and that the Group management report describes the rele-
vant risks and uncertainties which the Group faces.
Vienna, 22 March 2021
Andreas Brandstetter
Chairman of the Management Board
Peter Eichler
Member of the Management Board
Wolf-Christoph Gerlach
Member of the Management Board
Peter Humer
Member of the Management Board
Wolfgang Kindl
Member of the Management Board
René Knapp
Member of the Management Board
Erik Leyers
Member of the Management Board
Klaus Pekarek
Member of the Management Board
Kurt Svoboda
Member of the Management Board
137CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
Auditor’s Report
Report on the Consolidated Financial Statements
Audit Opinion
We have audited the consolidated financial statements of
UNIQA Insurance Group AG, Vienna, and its subsidiaries
(the Group), which comprise the consolidated statement
of financial position as at 31 December 2020, the consoli-
dated income statement, the consolidated statement of
comprehensive income, the consolidated statement of
cash flows and the consolidated statement of changes in
equity for the financial year then ended, and the notes.
In our opinion, the accompanying consolidated financial
statements comply with legal requirements and give a true
and fair view of the financial position of the Group as at
31 December 2020, and of its financial performance and
cash flows for the financial year then ended in accordance
with International Financial Reporting Standards as
adopted by the EU (IFRSs) and the additional regulations
of section 245a Austrian Company Code and the supple-
mentary provisions of section 138 para. 8 Austrian Insur-
ance Supervision Act.
Basis for Opinion
We conducted our audit in accordance with Regulation
(EU) No. 537/2014 (hereinafter EU Regulation) and Aus-
trian Generally Accepted Standards on Auditing. Those
standards require the application of the International
Standards on Auditing (ISAs). Our responsibilities under
those provisions and standards are further described in
the “Auditor’s Responsibilities for the Audit of the Consol-
idated Financial Statements” section of our report. We are
independent of the Group in accordance with Austrian
Generally Accepted Accounting Principles and profes-
sional requirements, and we have fulfilled our other ethi-
cal responsibilities in accordance with these require-
ments. We believe that the audit evidence we have ob-
tained until the date of the auditor’s report is sufficient
and appropriate to provide a basis for our opinion by this
date.
Key Audit Matters
Key audit matters are those matters that, in our profes-
sional judgment, were of most significance in our audit of
the consolidated financial statements of the financial year.
These matters were addressed in the context of our audit
of the consolidated financial statements as a whole, and in
forming our opinion thereon, and we do not provide a sep-
arate opinion on these matters.
We have structured key audit matters as follows:
Description
Audit approach and key observations
Reference to related disclosures
1. Recognition and measurement of the restructuring
provision in the course of the strategy programme
UNIQA 3.0
Description
In the financial year 2020, an extensive strategy pro-
gramme for the upcoming years called UNIQA 3.0 was
agreed and approved. An essential element of the pro-
gramme is the downsizing of the workforce intended to be
achieved by terminating contracts by way of mutual con-
sent and agreeing on a social plan. Taking into account the
planned measures, a provision in the amount of EUR
98,587k was set up. The measurement of this restructuring
provision is based on discretionary decisions, estimates
and assumptions, in particular with regard to the likeli-
hood of whether the affected employees will accept the
termination offers presented to them.
Due to the matter described, we considered the recogni-
tion and measurement of the restructuring provision as a
key audit matter in our audit.
138
Audit approach and key observations
We:
examined the criteria and prerequisites for recognizing
the provision,
tested the systematics in deriving the assumptions and
parameters for calculating the provision,
checked whether these assumptions and parameters
match the agreed social plan,
reconciled, based on samples, the inputs taken into con-
sideration in the calculation of the provision and
took into consideration, in our assessment of the meas-
urement of the provision at the reporting date, the find-
ings established in the course of employee interviews and
the actual contract terminations occurred within the ad-
justment period until the date of this report.
The accounting and measurement methods applied are in
accordance with IFRSs. We consider the recognition and
measurement of the restructuring provision to be plausi-
ble and reasonable.
Reference to related disclosures
Refer to chapter “Use of discretionary decisions and esti-
mates” under General information in the notes as well as
“19. Restructuring measures” in the notes to the consoli-
dated financial statements
2. Measurement of goodwill as well as of other intangible
assets
Description
Goodwill in the amount of EUR 352,922k as well as intan-
gible assets still under development in the amount of EUR
64,544k, which mainly relate to software development in
the course of the renewal of the Group-wide IT systems,
are tested for impairment at least once a year and addi-
tionally whenever there is an indication for impairment.
The impairment tests carried out for this purpose require
the Management Board to make discretionary decisions,
estimates and assumptions, which particularly includes
budgeted cash flows in the individual cash-generating
units, future market conditions, growth rates and capital
costs. Changes in these assumptions as well as in the
methods used may have a material impact on measure-
ment.
Due to the matter described, we considered the measure-
ment of goodwill as well as of other intangible assets as a
key audit matter in our audit.
Audit approach and key observations
We:
evaluated work flows and the measurement approach as
well as tested selected key controls,
compared the accounting and measurement methods
with the accounting provisions of IAS 38 and IAS 36,
examined whether the calculation method of the impair-
ment test is appropriate and assessed the significant dis-
cretionary decisions and assumptions,
verified the derivation of the capital costs and juxtaposed
it to a calculation we made ourselves and
compared the company planning approved by the Man-
agement Board and Supervisory Board with the cash
flows included in the impairment test.
The accounting and measurement methods applied arein
accordance with IFRSs. We consider the underlying as-
sumptions and measurement parameters to be plausible
and reasonable.
Reference to related disclosures
Refer to chapter “Use of discretionary decisions and esti-
mates” under General information in the notes as well as
“12. Intangible assets” in the notes to the consolidated fi-
nancial statements
3. Acquisition of AXA subsidiaries in Poland, the Czech
Republic and Slovakia
Description
On 7 February 2020, a purchase agreement was concluded
with AXA and its subsidiary Sociéte Beaujon covering the
acquisition of AXA subsidiaries and branches in Poland,
the Czech Republic and Slovakia. The acquisition was
completed after all necessary regulatory approvals were
obtained as per 15 October 2020. The purchase price
amounted to EUR 998,330k.
139CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
The business combination is accounted for according to
IFRS 3.
The assets, liabilities and contingent liabilities acquired
were stated at their fair values which were determined in
the course of the purchase price allocation performed.
This results in preliminary net assets measured at fair
value in the amount of EUR 778,653k and goodwill in the
amount of EUR 219,677k.
The purchase price allocation performed requires the
Management Board to make discretionary decisions, esti-
mates and assumptions. Changes in these assumptions
may have a material impact on the fair values.
Due to the matter described, we considered the business
combination and in particular the purchase price alloca-
tion as a key audit matter in our audit.
Audit approach and key observations
We:
verified, based on the purchase agreements and the
agreements under company law as well as the criteria de-
fined in IFRS 10, the assessment made by the Manage-
ment Board with regard to the control over the shares
taken over and the consolidation in the consolidated fi-
nancial statements,
assessed the methodical approach in identifying the as-
sets acquired and liabilities assumed at the acquisition
date,
verified the measurement methods applied and exam-
ined, consulting component auditors in Poland and the
Czech Republic, the determination of the identifiable as-
sets acquired as well as of the liabilities and contingent
liabilities assumed and
examined the disclosures on the acquisition made in the
notes in accordance with the requirements of IFRS 3.
The accounting and measurement methods applied are in
accordance with IFRSs. We consider the underlying as-
sumptions and measurement parameters to be plausible
and reasonable.
Reference to related disclosures
Refer to chapter “1. Acquisition of AXA companies” under
General information in the notes
Other Information
Management is responsible for the other information. The
other information comprises the information included in
the annual report, but does not include the consolidated
financial statements, the management report for the
Group and our auditor’s report thereon.
Our opinion on the consolidated financial statements does
not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the consolidated financial
statements, our responsibility is to read the other infor-
mation identified above and, in doing so, consider whether
the other information is materially inconsistent with the
consolidated financial statements or our knowledge ob-
tained in the audit, or otherwise appears to be materially
misstated.
If, based on the work we have performed on the other in-
formation that we obtained prior to the date of this audi-
tor’s report, we conclude that there is a material misstate-
ment of this other information, we are required to report
that fact. We have nothing to report in this regard.
Responsibilities of Management and the Audit Commit-
tee for the Consolidated Financial Statements
Management is responsible for the preparation of the con-
solidated financial statements that give a true and fair
view in accordance with International Financial Report-
ing Standards as adopted by the EU (IFRSs) and the addi-
tional regulations of section 245a Austrian Company Code
and the supplementary provisions of section 138 para. 8
Austrian Insurance Supervision Act, and for such internal
control as management determines is necessary to enable
the preparation of consolidated financial statements that
are free from material misstatement, whether due to fraud
or error.
140
In preparing the consolidated financial statements, man-
agement is responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, mat-
ters related to going concern and using the going concern
basis of accounting unless management either intends to
liquidate the Group or to cease operations, or has no real-
istic alternative but to do so.
The Audit Committee is responsible for overseeing the
Group’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Consoli-
dated Financial Statements
Our objectives are to obtain reasonable assurance about
whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accord-
ance with the EU Regulation and with Austrian Generally
Accepted Standards on Auditing, which require the appli-
cation of ISAs, will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggre-
gate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these
consolidated financial statements.
As part of an audit in accordance with the EU Regulation
and with Austrian Generally Accepted Standards on Audit-
ing, which require the application of ISAs, we exercise pro-
fessional judgment and maintain professional skepticism
throughout the audit.
We also:
identify and assess the risks of material misstatement of
the consolidated financial statements, whether due to
fraud or error, design and perform audit procedures re-
sponsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opin-
ion. The risks of not detecting a material misstatement
resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of inter-
nal control.
obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are ap-
propriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Group’s
internal control.
evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and re-
lated disclosures made by management.
conclude on the appropriateness of management’s use of
the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast sig-
nificant doubt on the Group’s ability to continue as a go-
ing concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s
report to the related disclosures in the consolidated fi-
nancial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause
the Group to cease to continue as a going concern.
evaluate the overall presentation, structure and content
of the consolidated financial statements, including the
disclosures, and whether the consolidated financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.
obtain sufficient appropriate audit evidence regarding
the financial information of the entities or business ac-
tivities within the Group to express an opinion on the
consolidated financial statements. We are responsible for
the direction, supervision and performance of the group
audit. We remain solely responsible for our audit opin-
ion.
141CONSOLIDATED FINANCIAL STATEMENTS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
We communicate with the Audit Committee regarding,
among other matters, the planned scope and timing of the
audit and significant audit findings, including any signifi-
cant deficiencies in internal control that we identify dur-
ing our audit.
We also provide the Audit Committee with a statement
that we have complied with all relevant ethical require-
ments regarding independence, and to communicate with
them all relationships and other matters that may reason-
ably be thought to bear on our independence, and where
applicable, related safeguards.
From the matters communicated with the Audit Commit-
tee, we determine those matters that were of most signifi-
cance in the audit of the consolidated financial statements
of the current period and are therefore the key audit mat-
ters. We describe these matters in our auditor’s report un-
less law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in
our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public in-
terest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Comments on the Management Report for the Group
Pursuant to Austrian Generally Accepted Accounting
Principles, the management report for the Group is to be
audited as to whether it is consistent with the consolidated
financial statements and as to whether the management
report for the Group was prepared in accordance with the
applicable legal regulations.
Management is responsible for the preparation of the
management report for the Group in accordance with Aus-
trian Generally Accepted Accounting Principles and the
provisions of the Austrian Insurance Supervision Act.
We conducted our audit in accordance with Austrian
standards on auditing for the audit of the management re-
port for the Group.
Opinion
In our opinion, the management report for the Group was
prepared in accordance with the applicable legal regula-
tions, comprising the details in accordance with section
243a UGB, and is consistent with the consolidated finan-
cial statements.
Statement
Based on the findings during the audit of the consolidated
financial statements and due to the obtained understand-
ing concerning the Group and its circumstances no mate-
rial misstatements in the management report for the
Group came to our attention.
142
Additional Information in Accordance with Article 10
of the EU Regulation
We were elected as statutory auditor at the ordinary gen-
eral meeting dated 20 May 2019. We were appointed by the
Supervisory Board on 16 December 2019. Besides that, we
were elected as auditor for the following financial year by
the ordinary general meeting on 25 May 2020 and ap-
pointed by the Supervisory Board on 30 November 2020.
We have audited the Company for an uninterrupted period
since 31 December 2013.
We confirm that the audit opinion in the “Report on the
Consolidated Financial Statements” section is consistent
with the additional report to the Audit Committee re-
ferred to in Article 11 of the EU Regulation.
We declare that no prohibited non-audit services (Article
5 para. 1 of the EU Regulation) were provided by us and
that we remained independent of the audited company in
conducting the audit.
Responsible Engagement Partner
Responsible for the proper performance of the engage-
ment is Werner Stockreiter, Austrian Certified Public Ac-
countant.
Vienna
22 March 2021
PwC Wirtschaftsprüfung GmbH
signed:
Werner Stockreiter
Austrian Certified Public Accountant
This report is a translation of the original report in German, which is solely valid. Publication and sharing with third par-
ties of the financial statements together with our auditor’s report is only allowed if the financial statements and the man-
agement report are identical with the German audited version. This auditor’s report is only applicable to the German and
complete financial statements with the management report. For deviating versions, the provisions of section 281 para. 2
UGB apply.
143
141
KONZERNABSCHLUSS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
We communicate with the Audit Committee regarding,
among other matters, the planned scope and timing of the
audit and significant audit findings, including any signifi-
cant deficiencies in internal control that we identify dur-
ing our audit.
We also provide the Audit Committee with a statement
that we have complied with all relevant ethical require-
ments regarding independence, and to communicate with
them all relationships and other matters that may reason-
ably be thought to bear on our independence, and where
applicable, related safeguards.
From the matters communicated with the Audit Commit-
tee, we determine those matters that were of most signifi-
cance in the audit of the consolidated financial statements
of the current period and are therefore the key audit mat-
ters. We describe these matters in our auditor’s report un-
less law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in
our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public in-
terest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Comments on the Management Report for the Group
Pursuant to Austrian Generally Accepted Accounting
Principles, the management report for the Group is to be
audited as to whether it is consistent with the consolidated
financial statements and as to whether the management
report for the Group was prepared in accordance with the
applicable legal regulations.
Management is responsible for the preparation of the
management report for the Group in accordance with Aus-
trian Generally Accepted Accounting Principles and the
provisions of the Austrian Insurance Supervision Act.
We conducted our audit in accordance with Austrian
standards on auditing for the audit of the management re-
port for the Group.
Opinion
In our opinion, the management report for the Group was
prepared in accordance with the applicable legal regula-
tions, comprising the details in accordance with section
243a UGB, and is consistent with the consolidated finan-
cial statements.
Statement
Based on the findings during the audit of the consolidated
financial statements and due to the obtained understand-
ing concerning the Group and its circumstances no mate-
rial misstatements in the management report for the
Group came to our attention.
141KONZERNABSCHLUSS
C O N S O L I D AT E D F IN A N C I AL
S TAT EM E N T S
We communicate with the Audit Committee regarding,
among other matters, the planned scope and timing of the
audit and significant audit findings, including any signifi-
cant deficiencies in internal control that we identify dur-
ing our audit.
We also provide the Audit Committee with a statement
that we have complied with all relevant ethical require-
ments regarding independence, and to communicate with
them all relationships and other matters that may reason-
ably be thought to bear on our independence, and where
applicable, related safeguards.
From the matters communicated with the Audit Commit-
tee, we determine those matters that were of most signifi-
cance in the audit of the consolidated financial statements
of the current period and are therefore the key audit mat-
ters. We describe these matters in our auditor’s report un-
less law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in
our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public in-
terest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Comments on the Management Report for the Group
Pursuant to Austrian Generally Accepted Accounting
Principles, the management report for the Group is to be
audited as to whether it is consistent with the consolidated
financial statements and as to whether the management
report for the Group was prepared in accordance with the
applicable legal regulations.
Management is responsible for the preparation of the
management report for the Group in accordance with Aus-
trian Generally Accepted Accounting Principles and the
provisions of the Austrian Insurance Supervision Act.
We conducted our audit in accordance with Austrian
standards on auditing for the audit of the management re-
port for the Group.
Opinion
In our opinion, the management report for the Group was
prepared in accordance with the applicable legal regula-
tions, comprising the details in accordance with section
243a UGB, and is consistent with the consolidated finan-
cial statements.
Statement
Based on the findings during the audit of the consolidated
financial statements and due to the obtained understand-
ing concerning the Group and its circumstances no mate-
rial misstatements in the management report for the
Group came to our attention.
144
Imprint
Owner and publisher
UNIQA Insurance Group AG
Commercial registry no.: 92933t
Concept, advice, editorial work and design
be.public Corporate & Financial Communications GmbH /
www.bepublic.at
Springer & Jacoby Österreich GmbH / sjaustria.com
Translation and linguistic consulting
ASI GmbH / www.asint.at
Editorial deadline
22 March 2021
Contact
UNIQA Insurance Group AG
Investor Relations
Untere Donaustrasse 21, 1029 Vienna, Austria
Phone: (+43) 01 21175-3773
E-mail: investor.relations@uniqa.at
www.uniqagroup.com
Information
This is a translation of the German Group Report of
UNIQA Group. In case of any divergences, the German
original is legally binding.
Clause regarding predictions about the future
This report contains statements which refer to the future
development of the UNIQA Group. These statements
present estimations which were reached on the basis of
all of the information available to us at the present time.
If the assumptions on which they are based do not occur,
the actual events may vary from the results currently
expected. As a result, no guarantee can be provided for
the information given.
www. UNIQAgroup.com