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living better
together
Annual Financial Report 2021 according to section 124(1) of the
Austrian Stock Exchange Act | UNIQA Insurance Group AG
Consolidated Corporate
Governance Report � � � � � � � � � � � � � � � � � � � � � � � � � � � � 4
Report of the Supervisory Board � � � � � � � � � � � � � 16
Non-Financial Report � � � � � � � � � � � � � � � � � � � � � � � � 20
Group Management Report � � � � � � � � � � � � � � � � � 40
Consolidated Financial Statements � � � � � � � � 60
Notes to the Consolidated
Financial Statements � � � � � � � � � � � � � � � � � � � � � � � � � 67
Approval for publication � � � � � � � � � � � � � � � � � � � � � 153
Declaration of the
legal representatives � � � � � � � � � � � � � � � � � � � � � � � � � 154
Audit Opinion � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 155
Contents
3
Consolidated
Corporate
Governance
Report
Group Report 2021
4
UNIQA has been committed to compliance with the Aus-
trian Code of Corporate Governance since 2004 and pub-
lishes the declaration of conformity both in the Group
report and on www.uniqagroup.com in the Investor Re-
lations section. The Austrian Code of Corporate Govern-
ance is also publicly available at www.uniqagroup.com and
www.corporate-governance.at.
The Corporate Governance Report and the Consolidated Cor-
porate 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 Com-
mercial Code.
Implementation and compliance with the individual rules
in the Austrian Code of Corporate Governance, with the ex-
ception 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 Aus-
trian 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 Aus-
trian Code of Corporate Governance).
UNIQA also declares its continued willingness to comply
with the Austrian Code of Corporate Governance as cur-
rently amended. However, UNIQA deviates from the provi-
sions 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 contracts with
companies related to individual members of the Supervisory
Board in which these Supervisory Board members discharge
duties as members of governing bodies. 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 rea-
sons of company policy and competition law. All transac-
tions are in any case entered into and processed on an arm’s
length basis.
5
Corporate governance
Corporate Governance Report
Name Responsible for
Supervisory Board appointments or comparable
functions in other domestic and foreign companies
not included in the consolidated financial
statements Management and monitoring functions in significant subsidiaries
Portfolio of
UNIQA shares
at 31 December 2021
Andreas Brandstetter, Chief Executive Officer
(CEO)
* 1969, appointed 1 January 2002
until 30 June 2024
Strategy & Transformation, UNIQA Ventures,
New Business Areas (Health), General Secretariat,
Auditing
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
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
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
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 (until 19 May 2021)
Member of the Board of Directors of UNIQA Versicherung AG, Vaduz
Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń na Życie S.A., Warsaw
Member of the Supervisory Board of AXA Życie Towarzystwo Ubezpieczeń S.A., Warsaw
(until 9 April 2021 – merger with UNIQA Towarzystwo Ubezpieczeń na Życie S.A.)
Member of the Supervisory Board of UNIQA penzijní společnost a.s., Prague (since 12 May 2021)
Member of the Supervisory Board of UNIQA investiční společnost a.s., Prague (since 12 May 2021)
Member of the Supervisory Board of UNIQA poisťovňa a.s., Bratislava (since 15 January 2021)
Member of the Supervisory Board of UNIQA d.d.s., a.s., Bratislava (since 10 June 2021)
Member of the Supervisory Board of UNIQA d.s.s., a.s., Bratislava (since 10 June 2021)
Chairman of the Board of Directors of UNIQA GlobalCare SA, Geneva
(Member of the Board of Directors until 19 March 2021)
10,669 shares
Wolf-Christoph Gerlach, Operations
* 1979, appointed 1 July 2020
until 30 June 2023
Application, Contract & Customer Service, Claims
Motor Vehicle/Property/Casualty Insurance, Life
& Outpatient Health Benefits, Company Organisa-
tion (incl. OPEX & GPO), Purchasing & Adminis-
tration, Group Service Centre (Nitra)
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
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 Felelösségü Társaság, Budapest
Member of the Supervisory Board of UNIQA Biztosító Zrt., Budapest (since 19 May 2021)
Member of the Supervisory Board of UNIQA pojišťovna, a.s., Prague (since 15 March 2021)
Member of the Supervisory Board of AXA životní pojišťovna a.s., Prague
(from 15 March 2021 until 31 August 2021 – merger with UNIQA pojišťovna, a.s.)
Member of the Supervisory Board of AXA pojišťovna a.s., Prague
(from 15 March 2021 until 31 August 2021 – merger with UNIQA pojišťovna, a.s.)
Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń S.A., Warsaw (since 28 June 2021)
6,570 shares
Peter Humer, Customers & Markets Austria
* 1971, appointed 1 July 2020
until 30 June 2024
Regional Offices, Retail Austria, Product Develop-
ment & Pricing for Motor Vehicles and Standard
Property Business, Sales Service, Sales Manage-
ment, Corporate Austria, Product Development &
Risk Engineering for Property Corporate, Affinity
Business, Art Insurance, Digitalisation
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
Member of the Supervisory Board of Salzburg Wohnbau GmbH, Salzburg
Member of the Supervisory Board of “Wohnungseigentum”, Tiroler gemeinnützige Wohnbaugesellschaft m.b.H., Innsbruck
(since 1 August 2021)
10,937 shares
Wolfgang Kindl, Customers &
Markets International
* 1966, appointed 1 July 2020
until 30 June 2024
Retail International, Product Development &
Pricing for Motor Vehicles and Non-Life Standard
Business, Sales Service, Sales Management,
Corporate International, Product Development
& Risk Engineering for Non-Corporate, Large/
International Brokers, Affinity Business, Bank
International, Product Service, Sales Service,
Sales Management, New Insurance Solutions,
Mergers & Acquisitions, Performance & Change
Management International, General Secretariat
International
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
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 (until 24 August 2021)
Chairman of the Supervisory Board of UNIQA Asigurari de Viata SA, Bucharest (until 24 August 2021)
Chairman of the Supervisory Board of UNIQA Insurance plc, Sofia (until 19 April 2021)
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 poisťovňa a.s., Bratislava (until 14 January 2021)
Chairman of the Supervisory Board of UNIQA pojišťovna, a.s., Prague (until 14 January 2021)
Chairman of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń na Życie S.A., Warsaw (until 9 April 2021)
Chairman of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń S.A., Warsaw (until 9 April 2021)
Member of the Board of Directors of UNIQA GlobalCare SA, Geneva
(Chairman of the Board of Directors until 19 March 2021)
President of the Supervisory Board of CherryHUB BSC Korlátolt Felelösségü Társaság, Budapest (since 30 March 2021)
17,848 shares
René Knapp, HR & Brand
* 1983, appointed 1 July 2020
until 30 June 2023
Strategic Personnel Management, Operating
Personnel Management, Brand & Communication,
Ethics, Sustainability & Public Affairs, Works
Council
Member of the Supervisory Board of Öster-
reichischen Förderungsgesellschaft der
Versicherungsmathematik GmbH (ÖFdV GmbH),
Vienna (since 19 February 2021)
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
Member of the Supervisory Board of UNIQA pojišťovna, a.s., Prague (until 14 January 2021)
Member of the Supervisory Board of UNIQA osiguranje d.d., Zagreb (until 4 March 2021)
Member of the Supervisory Board of UNIQA poisťovňa a.s., Bratislava (until 14 January 2021)
10,000 shares
Erik Leyers, Data & IT
* 1969, appointed 1 June 2016
until 30 June 2024
Data Management, UITS (UNIQA IT Services
GmbH), UIP Project (UNIQA Insurance Platform)
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 Supervisory Board of UNIQA Towarzystwo Ubezpieczeń S.A., Warsaw
Member of the Supervisory Board of AXA Ubezpieczenia Towarzystwo Ubezpieczeń i Reasekuracji S.A., Warsaw
(until 9 April 2021 – merger with UNIQA Towarzystwo Ubezpieczeń S.A.)
Member of the Supervisory Board of UNIQA Biztosító Zrt., Budapest (until 19 May 2021)
Member of the Supervisory Board of UNIQA pojišťovna, a.s., Prague
Member of the Supervisory Board of AXA životní pojišťovna a.s., Prague
(from 15 March 2021 until 31 August 2021 – merger with UNIQA pojišťovna, a.s.)
Member of the Supervisory Board of AXA pojišťovna a.s., Prague
(from 15 March 2021 until 31 August 2021 – merger with UNIQA pojišťovna, a.s.)
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
9,371 shares
Members of the Management Board
Group Report 2021
6
Name Responsible for
Supervisory Board appointments or comparable
functions in other domestic and foreign companies
not included in the consolidated financial
statements Management and monitoring functions in significant subsidiaries
Portfolio of
UNIQA shares
at 31 December 2021
Andreas Brandstetter, Chief Executive Officer
(CEO)
* 1969, appointed 1 January 2002
until 30 June 2024
Strategy & Transformation, UNIQA Ventures,
New Business Areas (Health), General Secretariat,
Auditing
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
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
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
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 (until 19 May 2021)
Member of the Board of Directors of UNIQA Versicherung AG, Vaduz
Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń na Życie S.A., Warsaw
Member of the Supervisory Board of AXA Życie Towarzystwo Ubezpieczeń S.A., Warsaw
(until 9 April 2021 – merger with UNIQA Towarzystwo Ubezpieczeń na Życie S.A.)
Member of the Supervisory Board of UNIQA penzijní společnost a.s., Prague (since 12 May 2021)
Member of the Supervisory Board of UNIQA investiční společnost a.s., Prague (since 12 May 2021)
Member of the Supervisory Board of UNIQA poisťovňa a.s., Bratislava (since 15 January 2021)
Member of the Supervisory Board of UNIQA d.d.s., a.s., Bratislava (since 10 June 2021)
Member of the Supervisory Board of UNIQA d.s.s., a.s., Bratislava (since 10 June 2021)
Chairman of the Board of Directors of UNIQA GlobalCare SA, Geneva
(Member of the Board of Directors until 19 March 2021)
10,669 shares
Wolf-Christoph Gerlach, Operations
* 1979, appointed 1 July 2020
until 30 June 2023
Application, Contract & Customer Service, Claims
Motor Vehicle/Property/Casualty Insurance, Life
& Outpatient Health Benefits, Company Organisa-
tion (incl. OPEX & GPO), Purchasing & Adminis-
tration, Group Service Centre (Nitra)
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
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 Felelösségü Társaság, Budapest
Member of the Supervisory Board of UNIQA Biztosító Zrt., Budapest (since 19 May 2021)
Member of the Supervisory Board of UNIQA pojišťovna, a.s., Prague (since 15 March 2021)
Member of the Supervisory Board of AXA životní pojišťovna a.s., Prague
(from 15 March 2021 until 31 August 2021 – merger with UNIQA pojišťovna, a.s.)
Member of the Supervisory Board of AXA pojišťovna a.s., Prague
(from 15 March 2021 until 31 August 2021 – merger with UNIQA pojišťovna, a.s.)
Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń S.A., Warsaw (since 28 June 2021)
6,570 shares
Peter Humer, Customers & Markets Austria
* 1971, appointed 1 July 2020
until 30 June 2024
Regional Offices, Retail Austria, Product Develop-
ment & Pricing for Motor Vehicles and Standard
Property Business, Sales Service, Sales Manage-
ment, Corporate Austria, Product Development &
Risk Engineering for Property Corporate, Affinity
Business, Art Insurance, Digitalisation
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
Member of the Supervisory Board of Salzburg Wohnbau GmbH, Salzburg
Member of the Supervisory Board of “Wohnungseigentum”, Tiroler gemeinnützige Wohnbaugesellschaft m.b.H., Innsbruck
(since 1 August 2021)
10,937 shares
Wolfgang Kindl, Customers &
Markets International
* 1966, appointed 1 July 2020
until 30 June 2024
Retail International, Product Development &
Pricing for Motor Vehicles and Non-Life Standard
Business, Sales Service, Sales Management,
Corporate International, Product Development
& Risk Engineering for Non-Corporate, Large/
International Brokers, Affinity Business, Bank
International, Product Service, Sales Service,
Sales Management, New Insurance Solutions,
Mergers & Acquisitions, Performance & Change
Management International, General Secretariat
International
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
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 (until 24 August 2021)
Chairman of the Supervisory Board of UNIQA Asigurari de Viata SA, Bucharest (until 24 August 2021)
Chairman of the Supervisory Board of UNIQA Insurance plc, Sofia (until 19 April 2021)
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 poisťovňa a.s., Bratislava (until 14 January 2021)
Chairman of the Supervisory Board of UNIQA pojišťovna, a.s., Prague (until 14 January 2021)
Chairman of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń na Życie S.A., Warsaw (until 9 April 2021)
Chairman of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń S.A., Warsaw (until 9 April 2021)
Member of the Board of Directors of UNIQA GlobalCare SA, Geneva
(Chairman of the Board of Directors until 19 March 2021)
President of the Supervisory Board of CherryHUB BSC Korlátolt Felelösségü Társaság, Budapest (since 30 March 2021)
17,848 shares
René Knapp, HR & Brand
* 1983, appointed 1 July 2020
until 30 June 2023
Strategic Personnel Management, Operating
Personnel Management, Brand & Communication,
Ethics, Sustainability & Public Affairs, Works
Council
Member of the Supervisory Board of Öster-
reichischen Förderungsgesellschaft der
Versicherungsmathematik GmbH (ÖFdV GmbH),
Vienna (since 19 February 2021)
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
Member of the Supervisory Board of UNIQA pojišťovna, a.s., Prague (until 14 January 2021)
Member of the Supervisory Board of UNIQA osiguranje d.d., Zagreb (until 4 March 2021)
Member of the Supervisory Board of UNIQA poisťovňa a.s., Bratislava (until 14 January 2021)
10,000 shares
Erik Leyers, Data & IT
* 1969, appointed 1 June 2016
until 30 June 2024
Data Management, UITS (UNIQA IT Services
GmbH), UIP Project (UNIQA Insurance Platform)
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 Supervisory Board of UNIQA Towarzystwo Ubezpieczeń S.A., Warsaw
Member of the Supervisory Board of AXA Ubezpieczenia Towarzystwo Ubezpieczeń i Reasekuracji S.A., Warsaw
(until 9 April 2021 – merger with UNIQA Towarzystwo Ubezpieczeń S.A.)
Member of the Supervisory Board of UNIQA Biztosító Zrt., Budapest (until 19 May 2021)
Member of the Supervisory Board of UNIQA pojišťovna, a.s., Prague
Member of the Supervisory Board of AXA životní pojišťovna a.s., Prague
(from 15 March 2021 until 31 August 2021 – merger with UNIQA pojišťovna, a.s.)
Member of the Supervisory Board of AXA pojišťovna a.s., Prague
(from 15 March 2021 until 31 August 2021 – merger with UNIQA pojišťovna, a.s.)
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
9,371 shares
7
Corporate governance
Corporate Governance Report
Name Responsible for
Supervisory Board appointments or comparable
functions in other domestic and foreign companies
not included in the consolidated financial
statements Management and monitoring functions in significant subsidiaries
Portfolio of
UNIQA shares
at 31 December 2021
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
Vice Chairman of the Supervisory Board of Valida Holding AG, Vienna
13,283 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,
Reinsurance, Auditing
Member of the Supervisory Board of
Wiener Börse AG, Vienna
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
President 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 pojišťovna, a.s., Prague (since 15 March 2021)
Member of the Supervisory Board of AXA životní pojišťovna a.s., Prague
(from 15 March 2021 until 31 August 2021 – merger with UNIQA pojišťovna, a.s.)
Member of the Supervisory Board of AXA pojišťovna a.s., Prague
(from 15 March 2021 until 31 August 2021 – merger with UNIQA pojišťovna, a.s.)
Member of the Supervisory Board of CherryHUB BSC Korlátolt Felelösségü Társaság, Budapest (since 20 September 2021)
Member of the Supervisory Board of UNIQA Biztosító Zrt., Budapest (since 18 June 2021)
Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń S.A., Warsaw (since 28 June 2021)
Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń na Życie S.A., Warsaw (since 28 June 2021)
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 responsibilities as decided by the Group
Executive 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 activi-
ties. 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 mem-
bers 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 Manage-
ment Board regarding relevant activities and events.
The meetings of the Management Boards of UNIQA Insurance
Group AG and UNIQA Österreich Versicherungen AG, which
are composed of the same individuals, are usually held as joint
sessions.
The Management Board informs the Supervisory Board at reg-
ular intervals, in a timely and comprehensive manner, about
all relevant questions of business development, including the
risk situation and the risk management of the Group. In addi-
tion, the Chairman of the Supervisory Board is in regular con-
tact with the CEO to discuss the company’s strategy, business
performance and risk management.
Group Report 2021
8
Name Responsible for
Supervisory Board appointments or comparable
functions in other domestic and foreign companies
not included in the consolidated financial
statements Management and monitoring functions in significant subsidiaries
Portfolio of
UNIQA shares
at 31 December 2021
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
Vice Chairman of the Supervisory Board of Valida Holding AG, Vienna
13,283 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,
Reinsurance, Auditing
Member of the Supervisory Board of
Wiener Börse AG, Vienna
Member of the Management Board of UNIQA Österreich Versicherungen AG, Vienna
President 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 pojišťovna, a.s., Prague (since 15 March 2021)
Member of the Supervisory Board of AXA životní pojišťovna a.s., Prague
(from 15 March 2021 until 31 August 2021 – merger with UNIQA pojišťovna, a.s.)
Member of the Supervisory Board of AXA pojišťovna a.s., Prague
(from 15 March 2021 until 31 August 2021 – merger with UNIQA pojišťovna, a.s.)
Member of the Supervisory Board of CherryHUB BSC Korlátolt Felelösségü Társaság, Budapest (since 20 September 2021)
Member of the Supervisory Board of UNIQA Biztosító Zrt., Budapest (since 18 June 2021)
Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń S.A., Warsaw (since 28 June 2021)
Member of the Supervisory Board of UNIQA Towarzystwo Ubezpieczeń na Życie S.A., Warsaw (since 28 June 2021)
17,797 shares
9
Corporate governance
Corporate Governance Report
Members of the Supervisory Board
Name
Supervisory Board appointments in
domestic and foreign listed companies
Management and monitoring
functions in significant
subsidiaries
Number of UNIQA
shares held as at
31 December 2021
Walter Rothensteiner, Chairman
* 1953, appointed 3 July 1995
until the 24th AGM (2023)
Chairman of the Supervisory
Board of UNIQA Österreich
Versicherungen AG, Vienna
Christian Kuhn, 1st Vice-Chairman
* 1954, appointed 15 May 2006
until the 24th AGM (2023)
Vice Chairman of the
Supervisory Board of UNIQA
Österreich Versicherungen AG,
Vienna
Johann Strobl, 2nd Vice-Chairman
* 1959, appointed 25 May 2020
until the 24th AGM (2023)
Vice Chairman of the Supervisory
Board of Tatra banka, a. s.,
Bratislava
Member of the Supervisory
Board of UNIQA Österreich
Versicherungen AG, Vienna
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
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
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
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
Elgar Fleisch, Member
* 1968, appointed 28 May 2018
until the 24th AGM (2023)
Member of the Supervisory
Board of UNIQA Österreich
Versicherungen AG, Vienna
Martin Grüll, Member
* 1959, appointed 20 May 2019
until the 24th AGM (2023)
Member of the Supervisory
Board of UNIQA Österreich
Versicherungen AG, Vienna
Jutta Kath, Member
* 1960, appointed 30 May 2016
until the 24th AGM (2023)
Member of the Supervisory
Board of UNIQA Österreich
Versicherungen AG, Vienna
Member of the Board of
Directors of UNIQA Re AG,
Zurich
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
56 shares
Harald Kindermann
* 1969, since 26 May 2015
750 shares
Irene Scheiber
* 1965, since 20 May 2020
Group Report 2021
10
Committees of the Supervisory Board
Committee Chairman Vice Chairman Members
Delegated by the
Central Works Council
Committee for
Board Affairs
Walter
Rothensteiner
Christian Kuhn Burkhard Gantenbein, Johann Strobl
Working Committee Walter
Rothensteiner
Christian Kuhn Elgar Fleisch, Burkhard Gantenbein,
Martin Grüll, Johann Strobl
Sabine Andre, Peter Gattinger,
Heinrich Kames
Audit Committee Walter
Rothensteiner
Christian Kuhn Anna Maria D’Hulster, Burkhard
Gantenbein, Jutta Kath, Johann Strobl
Sabine Andre, Peter Gattinger,
Heinrich Kames
Investment Committee Martin Grüll Christian Kuhn Marie-Valerie Brunner, Anna Maria
D’Hulster, Burkhard Gantenbein, Jutta
Kath
Sabine Andre, Peter Gattinger,
Heinrich Kames
IT Committee Markus
Andréewitch
Jutta Kath Marie-Valerie Brunner, Elgar Fleisch Peter Gattinger, Heinrich Kames
Digital Transformation
Committee
Elgar Fleisch Burkhard
Gantenbein
Markus Andréewitch, Marie-Valerie
Brunner, Anna Maria D’Hulster, Walter
Rothensteiner
Sabine Andre, Peter Gattinger,
Heinrich Kames
11
Corporate governance
Corporate Governance Report
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 responsible for super-
vising the management of the company by the Management
Board. It is comprised of ten shareholder representatives
and five employee representatives and it convened for five
meetings in 2021. One decision was 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 2021 financial year either in person, or virtually via tele-
phone 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 employment and salary;
this committee also acts as the Nominating and Remunera-
tion Committee and is composed of the members of the Exec-
utive Committee of the Supervisory Board. The Committee
dealt with the remuneration strategy and succession plan-
ning in several meetings in 2021.
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 deci-
sions on any issue that is the responsibility of the Super-
visory Board, but this does not include issues of particular
importance or matters that must be decided upon by the full
Supervisory Board by law. The Working Committee did not
convene for any meetings in 2021. One decision was made by
way of circular resolution.
The Audit Committee of the Supervisory Board performs
the duties assigned to it by law. The Audit Committee con-
vened for three meetings, which were also attended by the
statutory auditor of the (consolidated) financial statements,
and there were also discussions with the auditor without
the presence of the Management Board. The meetings dealt
with all the documents relating to the financial statements,
the Corporate Governance Report, the appropriation of profit
proposed by the Management Board and the report on the au-
dit of the risk management (all for the 2020 financial year).
Furthermore, the audit of the 2021 financial statements of
the companies of the consolidated group was planned, and
the statutory auditor reported on the results of preliminary
audits. In particular, the Audit Committee received quarter-
ly reports from Internal Audit concerning audit areas and
material findings based on the audits conducted and the
compliance officer reported on her activities on an ongoing
basis. The accounting process was monitored on the basis of
concrete case studies. A public tender was launched for the
audit of the financial statements for the 2023 financial year.
The Investment Committee advises the Management Board
with regard to its investment policy; it has no decision-mak-
ing authority. The Investment Committee held four meetings
during which the members discussed the capital investment
strategy, questions concerning capital structure and the fo-
cus of risk management and asset liability management.
The IT Committee dealt with the ongoing monitoring of
the progress of the project implementing the UNIQA Insur-
ance Platform (new core IT system) over the course of four
meetings.
The Digital Transformation Committee held four meetings in
2021 in which it dealt with the digitalisation of core process-
es, the reduction in complexities in the product portfolio and
the consolidation of digital work processes related to custom-
ers and employees.
The chairs of the respective committees informed the full
Supervisory Board about the meetings and their commit-
tees’ work.
For information concerning the activities of the Supervisory
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 Insur-
ance Group AG meets in a joint session with the Supervisory
Board of UNIQA Österreich Versicherungen AG.
Independence of the Supervisory Board
All members of the Supervisory Board elected during the An-
nual General Meeting have declared their independence un-
der Rule 53 of the Austrian Code of Corporate Governance.
Both Anna Maria D’Hulster and Jutta Kath also fulfil the
criteria of Rule 54 of the Austrian Code of Corporate Govern-
ance, 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 with
the company or its Management Board that represents a ma-
terial conflict of interest and is therefore capable of influenc-
ing the behaviour of the member concerned.
UNIQA has established the following additional criteria
for determining the independence of a Supervisory Board
member:
Group Report 2021
12
• 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 relation-
ship with the company or a subsidiary of the company 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 functions per-
formed on decision-making bodies in the Group.
• The Supervisory Board member must not have been an au-
ditor 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 member 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 share-
holders with a business investment or who are representing
the interests of such a shareholder.
• The Supervisory Board member should not be a close family
relative (direct descendant, spouse, life partner, parent, un-
cle, aunt, sibling, niece or nephew) of a Management Board
member or of persons who are in one of the positions de-
scribed in the above points.
Measures to promote women on the Management Board,
the Supervisory Board and in executive positions
Our employees are just as diverse as our customers. Togeth-
er, we form a community in which we value and respect each
other, regardless of gender, age, origin, physical ability, sex-
ual orientation, religion, world view or other characteristics.
The decision to promote diversity and inclusion at UNIQA is
the decision to live “customer first”.
UNIQA is convinced that a high degree of diversity can en-
hance its success on a sustainable basis. This is also con-
firmed by numerous studies. In addition to better financial
results, greater satisfaction among customers and employees
and higher innovation potential, diversity has a particular
effect on increased resilience, risk awareness and flexibility
and is thus a decisive success factor in times of pandemics.
With Marie-Valerie Brunner, Anna Maria D’Hulster and Jutta
Kath, three women have been elected to join the Superviso-
ry Board of UNIQA Insurance Group AG. The proportion of
female Supervisory Board members among the elected mem-
bers (shareholder representatives) therefore amounts to the
legally required 30 per cent. With Sabine Andre and Irene
Scheiber, two women have been delegated to the group of
employee representatives on the Supervisory Board, which
means that there is a ratio of 40 per cent female members in
the group of employee representatives. In relation to the full
Supervisory Board, the legal quota of women is also exceed-
ed with a share of 33 per cent.
There is no woman among the nine members of the Man-
agement Boards of UNIQA Insurance Group AG and UNIQA
Österreich Versicherungen AG, which are composed of the
same individuals. As this does not reflect UNIQA’s convic-
tion, the UNIQA Group is implementing various accompany-
ing measures in addition to the clear commitment to “more
women in management positions”. The objective is to change
the framework conditions and prerequisites in such a way
that the organisation becomes more permeable for women's
careers. At 57.3 per cent(2020: 56.3 per cent), the share of
women in the total workforce in the UNIQA Group was again
increased by 1 percentage point at the end of 2021. This high
proportion is driven primarily by the international insurance
companies (62.6 per cent).
The proportion of women on the Management Boards in the
Group is 28.1 per cent and was significantly increased com-
pared to 2020 (23.1 per cent). This was thanks to the fact
that, despite a reduction in the overall number of Manage-
ment Board positions due to the integration of the former
AXA companies, the number of women slightly increased in
the international companies.
Of a total of 494 managers in Austria, 165 are women, which
corresponds to a share of 33 per cent and is 2 percentage
points above the level of the previous year. In the UNIQA
Group’s international companies outside Austria, 484 of a to-
tal of 991 managers are currently women. The figure thus re-
mained almost constant at just under 49 per cent. In the en-
tire UNIQA Group, the average number of female managers
is thus 43.7 per cent (649 of a total of 1,485 persons) which
is clearly above the level of the previous year (39.4 per cent).
13
Corporate governance
Corporate Governance Report
Diversity concept
Following the formal appointment of a Diversity and Inclu-
sion Officer in 2020, the Diversity and Inclusion Committee
has now been set up. Under the auspices of two Management
Board members, the committee has set itself the task of im-
proving the way diversity and inclusion are embedded in all
areas and processes of the company and ensuring consisten-
cy with our strategy. To establish the legal foundations more
firmly, training sessions were held on equal treatment law in
the workplace.
The well-known focal points remain unchanged:
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
In April 2021, a workshop was held with all members of the
Supervisory Board and the Management Board on this topic.
The focus here was on gender diversity.
UNIQA sees measurability as an essential criterion for the
successful implementation of any strategy. Therefore, an in-
clusion index was created as part of the regular employee
survey. Combining certain questions, it indicates how well
the company succeeds in creating a working environment
in which appreciation, equal opportunities, fairness and be-
longing can be experienced by very diverse people at UNIQA.
In 2021, this index was surveyed for the first time and now
serves as an important assessment of diversity and inclusion
from the employees’ point of view.
Women in management
The objective here in 2021 was to determine the status quo
by means of a well-founded analysis of the current situation
and to find approaches for effective measures. This was suc-
cessfully implemented in the context of the indexing for the
Women’s Career Index. One of the most important results
was the development of recruitment guidelines. These are
intended to promote diversity in all teams and at all manage-
ment levels, ensure equal opportunities for all employees and
guarantee an objective and transparent selection process for
managers.
In addition, the UNIQA mentoring programme was launched
to support talented employees in their personal and profes-
sional development. Mentoring makes it possible to share
professional and strategic (experience-based) knowledge,
expand your network and optimise skills. This makes it an
effective measure for increasing career opportunities in the
company. We see mentoring as enrichment for all partici-
pants – both mentees and mentors. In November, the first
cohort was able to start as part of a pilot project.
The successful cooperation initiatives with Female Founders
and Business Riots were continued in 2021. Thus, UNIQA is
offering frequent and attractive opportunities for personal
development.
Improving work-life balance plays a clear role in equal op-
portunities. In order to demonstrate our open attitude to this
topic to the outside world and to receive ideas for ongoing
improvements, UNIQA became a member of the “Companies
for Families” network in 2021. Based on the experiences with
remote work during the Covid-19 crisis, models were devel-
oped to give employees the opportunity to continue to work
from home in future in a suitable manner.
Compensation fairness
One of our objectives is “equal pay for work of equal value”.
This results in the obligation to fulfil all legal requirements
regarding equal pay. To support fairer pay, UNIQA in Austria
has collected and analysed data on equal pay and applies
best practices to eliminate bias in pay decisions. An impor-
tant prerequisite for establishing comparability between the
different roles was the implementation of grading. This was
also done in 2021. As it also provides information on the gen-
der distribution in higher-ranking functions, it provides an-
other important starting point for targeted measures.
Generation management
The increasing shortage of skilled workers, which will inten-
sify in the coming years due to demographic developments,
was identified as a major challenge for the future. In 2022,
the proportion of the working-age population in Austria will
decline for the first time. Here, too, UNIQA is taking action
at different points. From the newly founded generation net-
work, which surveys the needs and expectations of differ-
ent age groups, to an Austria-wide apprenticeship concept,
which aims to increase the training of the company’s own
skilled workers.
Group Report 2021
14
People with disabilities
DisAbility Performance Check, launched in the fourth quar-
ter of 2020, was completed in 2021. This provided a detailed
analysis of the situation of people with disabilities at UNIQA.
Based on the results of this analysis, a strategy for the grad-
ual expansion of inclusion was developed. The measures
already implemented include the reducing barriers on the
website as well as a communication focus around the Day of
People with Disabilities or raising targeted awareness among
employees. This was the start of an ongoing process that will
be continued in 2022 by establishing a network for inclusion
and offering job shadowing for students with disabilities.
Recent involvement in myAbility events (myAbility Lounge
in October and Disability Comfort Day in November 2021)
underscore UNIQA’s commitment to people with disabilities.
Commitment against exclusion
We also reaffirmed our fundamental rejection of all forms
of exclusion and discrimination in 2021 in many different
ways. UNIQA celebrated International Women’s Day as well
as Pride Month, during which a network for members and
supporters of the LGBTQIA+ community was founded. The
UNIQA Tower was used as a prominent ambassador along the
Danube Canal with an impressive rainbow display. “Orange
the World” as a clear statement to protest violence against
women and #purplelightup to champion a barrier-free econo-
my also made the Tower shine in the corresponding colours.
Our joining the Charter of Diversity of the Austrian Federal
Economic Chamber is another expression of our stance.
Remuneration Report
The Remuneration Report is prepared by the Management
Board and 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 Annu-
al General Meeting on 23 May 2022.
Risk report, directors’ dealings
A comprehensive risk report (Rules 69 and 70 of the Austri-
an Code of Corporate Governance) is included in the notes
to the consolidated financial statements. The notifications
concerning directors’ dealings in the year under review (Rule
73 of the Austrian Code of Corporate Governance) 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 evaluat-
ed by PwC Wirtschaftsprüfung GmbH for the 2021 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 questionnaire, published
by the Austrian Working Group for Corporate 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 2021 – 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 2021 financial year. One rule was not applicable to
UNIQA in the evaluation period.
Vienna, 9 March 2022
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
15
Corporate governance
Corporate Governance Report
Report of the Supervisory Board
Dear shareholders,
ladies and gentlemen,
After the difficult transformation year 2020, it was particu-
larly important for the Supervisory Board 2021 to support
the Management Board as best as possible in the first year
of our new strategy programme “UNIQA 3.0 - Seeding the
Future” and to accompany it closely in our function as a su-
pervisory body. In order to give you a good overview of the
work of the Supervisory Board in this economically success-
ful year, I am dividing my report – similar to last year – into
three parts:
1. What was particularly important to us in 2021
The focus of our meetings was clearly on the implementation
of our new strategy programme. We did not focus solely on
the key financial figures, but looked intensively at the un-
derlying projects and work programmes. Very soon it was
gratifyingly apparent that we were not only making progress
in the development of the existing core business, but that the
expected contribution to earnings from the integration of the
AXA companies in Poland, the Czech Republic and Slovakia
was also materialising as planned.
The operational functioning of our Supervisory Board and its
committees remained flexible, in line with the legal meas-
ures around Covid-19 that are currently in force: some of our
meetings took place physically, with many more taking place
virtually. As the Supervisory Board of the listed UNIQA In-
surance Group AG is also the Supervisory Board of UNIQA
Österreich Versicherungen AG, the range of topics is natural-
ly very wide, from purely strategic ones to those that are par-
ticularly customer- and business-related. This represents an
exciting challenge for our Supervisory Board, requiring pre-
cise preparation of the meetings and – especially with digital
meeting formats – particularly disciplined time management,
as our meetings lasted around six hours on average in the
2021 financial year. The decision to hold the Annual General
Meeting virtually once again was particularly difficult for
us – following the capital increase in October 2013, the “Re-
IPO”, active and timely capital market communication and
therefore personal discussions with you as our shareholders
are a key concern of the Management Board and Supervisory
Board. There is no doubt that this would work better at a
physical meeting rather than virtually.
Reflections on the quality of our cooperation within the Su-
pervisory Board and with the Management Board have be-
come much more important. We therefore appointed Werner
H. Hoffmann, Director of the Institute for Strategic Manage-
ment at the Vienna University of Economics and Business, to
provide us with professional support with the structured op-
timisation of cooperation within the Supervisory Board and
to work with us in developing proposals for improvement.
It is important for us to constantly put the quality of our
working methods to the test and consistently develop them
further, especially in fast-moving and volatile times.
2. Timeline and details of our main areas of focus
In the course of 2021, the Supervisory Board was regular-
ly 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 in-
formation about measures requiring our approval.
Four informational events or special seminars on the topics
of diversity, IFRS 9 and IFRS 17, IT security, risk manage-
ment and compliance were held for the Supervisory Board
in 2021. An informational event on agile transformation was
held for the IT Committee.
Group Report 2021
16
Focus of our deliberations
The Supervisory Board held five meetings in 2021. Our meet-
ings focused on the respective earnings situation within our
Group and its further strategic development. We also made
one decision by way of circular resolution.
• At our meeting held on 17 February, we mainly discussed
the Group’s preliminary results for the 2020 financial year.
In addition, a resolution was passed to amend the rules of
procedure for the Management Board and the Supervisory
Board (increase in the amount limits for the Supervisory
Board’s approval requirement) and rules of procedure were
adopted for all committees appointed from now on.
• The Supervisory Board meeting on 7 April focused on the
audit of the annual financial statements and consolidated
financial statements for the year ended 31 December 2020
and on the reports from the Management Board with up-
to-date information on the performance of the Group in the
first quarter of 2021. We also discussed the agenda for the
22nd Annual General Meeting held on 31 May 2021, in par-
ticular the proposed appropriation of profits and the propos-
al to the Annual General Meeting to elect PwC Wirtschaft-
sprüfung GmbH as statutory auditors for the 2022 financial
year. The report by auditors PwC Wirtschaftsprüfung
GmbH and lawyers Schönherr Rechtsanwälte GmbH regard-
ing compliance with the provisions of the Austrian Code of
Corporate Governance (ÖCGK) in the 2020 financial year
was also acknowledged.
• At the meeting on 19 May, we looked in detail at the Group’s
earnings in the first quarter of 2021 and development in
the current ongoing second quarter of 2021. Furthermore,
the results of the “Board Excellence” programme to evaluate
and further develop the efficiency and effectiveness of the
Supervisory Board, which was carried out with the support
of Werner H. Hoffmann, Director of the Institute for Strate-
gic Management at the Vienna University of Economics and
Business, were presented and discussed.
• On 18 August, we discussed the Group’s earnings in the first
half of 2021 and developments in the third quarter of 2021.
The Supervisory Board was informed by the Management
Board of the need for investments in the infrastructure of
the Confraternität and Goldenes Kreuz private hospitals in
Vienna. The Management Board was asked to give further
consideration to this issue in view of these needs.
• In addition to reporting on the Group’s profits in the first
three quarters of 2021 and ongoing developments in the
fourth quarter of 2021, our meeting on 17 November also
covered the updated forecast for the 2021 financial year.
The 2022 budget and medium-term planning up to 2026
presented by the Management Board were adopted by the
Supervisory Board. An investment project for the new con-
struction and merger of the Confraternität and Goldenes
Kreuz private hospitals at the Confraternität private hospi-
tal site in Vienna was approved by the Supervisory Board.
Finally, we looked at the efficiency of our activities.
• On 25 November, we passed a circular resolution for the
partial buy-back of the 2023 and 2026 Tier 2 issues valued
at up to €375 million and approved the issuance of a new
subordinated Tier 2 bond (“Green Bond”) at the same nom-
inal amount.
17
Corporate governance
Corporate Governance Report
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 Supervisory
Board, which consists of the same individuals as the Com-
mittee for Board Affairs and the Nominating and Remu-
neration Committee for the Management Board, was also
of particular significance in 2021. The Committee dealt
intensively with the progress of the UNIQA 3.0 strategic
programme as well as the remuneration strategy of the ex-
tended Management Board and succession planning in sev-
eral meetings.
• The Audit Committee held three meetings in the 2021 fi-
nancial year in the presence of the (Group) auditor, with
whom discussions also took place without the presence of
the Management Board. The meeting on 7 April discussed
all financial statement documents, the proposed appropria-
tion of profit and the report on the audit of the company’s
risk management. In addition, the 2020 annual report of
the Internal Audit department, including the audit plan for
the current year and the 2020 annual activity report of the
compliance officers, was presented and acknowledged. At
the meeting held on 19 May, the statutory auditor presented
the planning for the audit of the 2021 financial statements
prepared by the companies in the UNIQA Group and co-
ordinated this planning and strategy with the Committee.
At the meeting held on 17 November, the statutory auditor
informed the Committee about the findings from its prelim-
inary audits. A public tender was launched for the audit of
the financial statements for the 2023 financial year. The
committee also looked at the company’s accounting pro-
cess on the basis of specific case studies. 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, and the Compliance
Officer reported on her activities on an ongoing basis.
• The Investment Committee 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 over the course of four meetings. In agreement
with the full Supervisory Board, the Committee’s scope of
duties was expanded to include the auditing and monitoring
of all IT projects due to the connection with the UNIQA
Insurance Platform.
• The Digital Transformation Committee held four meetings
dedicated to the digitalisation of core processes, the reduc-
tion of complexities in the product portfolio and the consol-
idation of digital working processes related to customers
and employees.
• 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 meet-
ings and their committee’s work.
Group Report 2021
18
3. Separate and consolidated financial statements
The separate financial statements prepared by the Management
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 2021 were audited by PwC
Wirtschaftsprüfung GmbH. The statutory auditor also verified
that a separate consolidated non-financial report and a consol-
idated corporate governance report had each been prepared for
the 2021 financial year. The audit raised no objections. The sep-
arate and consolidated financial statements were each awarded
an unqualified audit opinion for 2021.
The Supervisory Board acknowledged and approved the find-
ings of the audit.
The evaluation of UNIQA’s compliance with the rules of the
Austrian Code of Corporate Governance in the 2021 finan-
cial 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 Re-
chtsanwälte GmbH. The assessments found that UNIQA had
complied with the rules of the Austrian Code of Corporate
Governance in the 2021 financial year – to the extent that
they were included in UNIQA’s declaration of conformity.
The Supervisory Board acknowledged the consolidated fi-
nancial statements for 2021 and approved the 2021 annual
financial statements of UNIQA Insurance Group AG. It also
endorsed both the Management Report and the Group Man-
agement Report. The 2021 annual financial statements were
thereby adopted in accordance with Section 96(4) of the Aus-
trian Stock Corporation Act.
The Supervisory Board reviewed and approved the proposal for
the appropriation of profit submitted by the Management Board.
Accordingly, a dividend distribution of €0.55 per share will be
proposed to the Annual General Meeting on 23 May 2022.
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 its Group companies for their major per-
sonal commitment in the 2021 financial year and wish them
every continued success.
Vienna, April 2022
On behalf of the Supervisory Board
Walter Rothensteiner
Chairman of the Supervisory Board
19
Corporate governance
Corporate Governance Report
20
About this report
This report was prepared in accordance with the Austrian
Sustainability and Diversity Improvement Act (NaDiVeG)
(Directive 2014/95/EU) and covers those sustainability con-
cerns that also reflect our material sustainability issues.
The concepts described in this report correspond to the
content of the 2021 Sustainability Report, which was pre-
pared in accordance with the “Core option” of the Global
Reporting Initiative (GRI) standards. The report will be
published together with the Group Report on 8 April 2022.
This non-financial report, which forms part of our 2021
Group Report, covers the 2021 financial year and, thus, the
period running from 1 January 2021 to 31 December 2021.
Where appropriate to do so, we compare our progress with
the targets communicated the previous year and give an
insight into our targets for next year.
Since UNIQA Insurance Group AG (headquartered in Vien-
na) does not directly operate the insurance business either
domestically or abroad, measures to address environmental,
social and employee concerns along with observing human
rights, anti-corruption and bribery issues are conceived on a
Group level and subsequently implemented in the operating
Group companies. Accordingly, as regards the separate fi-
nancial statements, no other modified or restricted concept
is being pursued in any other way. The present report there-
fore constitutes the separate summarised non-financial
report of UNIQA Insurance Group AG in accordance with
Section 267a of the Austrian Commercial Code.
As has been the case in previous year, Pricewaterhouse-
Coopers GmbH Wirtschaftsprüfungsgesellschaft has once
again been commissioned to undertake the limited assur-
ance audit in 2021. Further details on the audit outcomes
can be found in the audit opinion for the non-financial
reporting. References to sources outside of the Group
Report are made exclusively to the 2021 Sustainability Re-
port, which is also subject to a limited assurance audit.
Company description
The UNIQA Group is one of the leading insurance groups in
its two core markets of Austria and Central and Eastern Eu-
rope (CEE). We offer our customers property and casualty
insurance as well as life and health insurance products. As
a financial services provider, our aim is to consider sustain-
ability-related risks and take opportunities arising from
ESG trends (ESG – Environment, Social, Governance). The
following part illustrates our management approach. Fur-
ther information on our business model can be found in the
“Strategy” section of the Group Report.
Sustainability strategy and ESG integration
We engage carefully with those framework conditions that
we consider conducive to ensuring a better life. To do this,
we enter into dialogue with stakeholders, experts and the
public, share our own approaches and play an active role.
Sustainability is therefore a key part of how we act. Thanks
to our clear position on this matter, we can encourage un-
derstanding and support from all our stakeholders, namely
employees, customers, investors and the public.
Our sustainability strategy is set up in an holistic way. It ties
our economic ambitions to a clear environmental and social
commitment to protecting the environment and social
responsibility.
Materiality concept
UNIQA’s success is built on the fact that we understand
how the world is changing and how we need to be able to
respond to this. We therefore conducted a new materiality
analysis in the summer of 2021, which we used to identify
ESG topics that are perceived by our stakeholders and our
business to be the most important. We also conducted a new
stakeholder identification process, including the associat-
ed weighting. We defined four stakeholder groups in total
who are directly affected by our business activities, namely
customers, employees, investors and the public.
Non-financial
report
21
Non-Financial Report
NON-FINANCIAL REPORTNON-FINANCIAL REPORT
The materiality analysis forms the basis for our sustaina-
bility approach, sustainability strategy and our reporting.
The four most important material topics from a stakeholder
perspective in 2021 were cyberrisk, digital service and cus-
tomer focus, advice and prevention for natural disasters as
well as training and education of employees.
The four most important topics from UNIQA’s perspective
were employee health and safety, engagement for climate
change, engagement for the environment as well as diversi-
ty and equal opportunity.
More in-depth information on the process and the results
from the materiality analysis can be found in the 2021 Sus-
tainability Report.
Sustainability strategy
Our sustainability strategy was approved in October 2020
and is based on five pillars:
An investment policy aligned with ESG criteria
A product policy that deals with the concept of ESG and, in
doing so, creates additional benefits
Exemplary own operational management
Transparent reporting
Recognition and joint pursuit of social targets in stake-
holder management
Our fundamental objective in 2021 was to put this sustaina-
bility strategy into operation and embed it within the com-
pany by using milestone schedules. Our operational focus is
on pillars 1 to 3, supported by transparent disclosure (pillar
4) and engagement of our stakeholders (pillar5).
ESG integration within UNIQA
Our key body for sustainability agendas is the Group
ESG Committee, which was formed in 2021. It consists
of members of the Management Board of UNIQA Insur-
ance Group AG and heads of key departments, meets on a
quarterly basis and provides the Management Board with
recommendations to help them make decisions on ESG
topics. The Committee is responsible for integrating and
enhancing ESG aspects in insurance, investment and asset
management activities, along with the strategic definition
and continuous development of ESG-related ambitions for
the entire UNIQA Group. Its tasks also include drafting and
introducing appropriate guidelines.
Other responsibilities include supervising the implementa-
tion of the Group-wide climate strategy and environmental
management, as well as supporting implementation of the
strategic measures and projects in the subsidiaries.
The Group ESG Office at UNIQA is part of the Sustain-
ability, Ethics and Public Affairs division, which was newly
created in early 2020. It is responsible for operationally
managing the integration of environment, social and gov-
ernance aspects (ESG) into the core business segments of
the UNIQA Group. Proposals regarding ESG integration
within the company are drawn up and discussed within ESG
working groups, which bring together ESG specialists and/
or representatives of various operational units and depart-
ments.
Sustainability risks
With a strong risk and sustainability culture, UNIQA has
set the stage to ensure our business can be successful and
profitable in the long term. In accordance with the latest
amendment to the delegated act of the Solvency II Directive
(2009/138/EC) in April 2021, sustainability risks must be
taken into account in the risk management system. Our ob-
jective is to develop an appropriate and consistent approach
to considering sustainability risks, apply this approach at all
times and ensure it is updated regularly. With this in mind,
we analyse climate-related risks and opportunities as part
of our risk management (when conducting our internal as-
sessment of the risk and financial situation). With regard to
climate risks, the risks particularly relevant to UNIQA are
those resulting from increasing weather extremes, which
raise the loss ratio and also amplify default risks. The results
from the sustainability risk identification and assessment
process are intended to help support management decisions
as part of UNIQA’s product design or investment strategy.
Against this backdrop, in 2021 the Group Risk Management
22
team conducted an impact and GAP analysis of current
and future regulatory requirements, industry guidelines
and market best practices. ESG was identified as a key focal
point within the framework of the overall risk cycle (risk
identification, risk assessment, limit setting, controlling
and reporting), the design of climate risk scenarios and the
integration of ESG into UNIQA’s risk models. The develop-
ment of ESG indicators within the investment and portfolio
management process was also regarded as essential. Areas
for improvement in conjunction with sustainability risks
were identified, with a roadmap drawn up to safeguard their
implementation.
In order to adequately deal with climate risks, we also set up
the NatCAT Competence Centre (NCCC), which allows us
to observe and monitor emerging social and environmental
risks. The Group’s risk exposure and changes to said expo-
sure, accumulations and annual expected losses, as well as
the reinsurance cover required to protect the Group from
major natural disasters, are all assessed in the NCCC. In our
assessment, we use the very latest modelling techniques
based on stochastic models that cover hundreds of thou-
sands of hail, storm, flood and earthquake events. These
models have either been procured from external providers
or developed internally by the NCCC R&D team. Their out-
comes form the basis of our Group-wide risk management
for natural disasters. These models are also used to calculate
annual stress scenarios in order to test out the robustness of
our underwriting and reinsurance coverage. The threat aris-
ing from the models can be visualised in maps that are fed
into the Corporate Business Navigator (CBN), a risk review
and assessment tool that is used by Group underwriters and
risk engineers.
Sustainability risks are not currently dealt with as a sepa-
rate risk category, but are instead taken into account within
ten existing risk categories. During the course of the 2021
reporting year, no material reportable ESG risks were iden-
tified that were related to our business activities, commer-
cial relationships, products or services, or that might have a
severe negative impact on material non- financialconcerns.
Environmental matters
This section describes the influence of environmental mat-
ters on our business activities along with the impacts of our
business activities on the environment. It explains both the
concepts and measures in place as well as specific targets
and impacts.
The following topics in particular are of material impor-
tance in terms of environmental matters: engagement for
climate change, engagement for European climate tar-
gets, advice on and prevention of natural disasters. We are
tackling these challenges by supporting the transition to a
low-carbon economy via our capital investments and our
insurance products. It is also our aim to structure our own
operational management in an exemplary fashion, taking
into account our environmental and social targets.
UNIQA climate strategy
As an insurer, UNIQA remains exposed to the impact of
climate change. The UNIQA climate strategy therefore
forms part of our sustainability strategy. In order to counter
the risks of climate change, we believe it is important to
make protecting the environment part of our core business
and structure our targets in line with the 1.5 degrees Celsius
target set under the Paris Agreement. To do this, we are
focused on three key areas, namely investment, underwrit-
ing and our own operational management. The concepts in
relation to this are illustrated below.
Environmental matters in investment
UNIQA is committed to implementing responsible and
sustainable management of capital investments. We believe
that a sustainable investment strategy can bring about
financial success in the long term and is a positive addition
to the traditional investment objectives of returns, security
and liquidity.
Assessing environmental and social impacts on our invest-
ments on an ongoing basis
Assessing the impact that companies and countries in
which we have invested have on the environment and
living conditions for communities
Establishing new ESG databases in order to ensure
continuous integration of the latest assessments into our
investment decision
Integrating indirect carbon emissions from our invest-
ments into our management process
23
Non-Financial Report
NON-FINANCIAL REPORT
Introducing a 1.5 degrees Celsius climate target trajectory,
based on scientific data, to reduce carbon emissions in line
with the Paris Agreement
By voluntarily signing up to the UN Principles for Respon-
sible Investment (PRIs) and collaborating with all of its
signatories, we are taking crucial steps to achieve this
ambitious long-term target. At the same time, the PRIs also
provide the framework for our Group-wide UNIQA Respon-
sible Investments Guideline. This guideline governs our
capital investment management, including binding exclu-
sion criteria. The guideline was revised and updated in 2021.
We also acceded to the Net-Zero Asset Owner Alliance in
2021, whose principles represent an additional framework
for our investment strategy and our reporting guidelines. It
is on this basis that we are now drafting a climate trajectory
in order to bring our investment closer to the climate target
of 1.5 degrees Celsius set under the Paris Agreement and to
achieve the goal of climate neutrality by 2040 for Austria,
and 2050 for our international subsidiaries. A joint com-
mitment by businesses and legislators to implement the
required measures as well as strong coordination with the
other members will help contribute to this.
In 2021, we also concluded a contract with ISS (Institution-
al Shareholder Services) in order to be able to better exam-
ine our investment portfolio with regard to ESG criteria. As-
sessments are undertaken for individual issuers (companies
or countries) rather than specific asset classes. This means
we can now also analyse individual aspects of ESG risks as
well as climate data and climate risks for listed assets.
We continue to regard thermal coal as a red line criterion in
our investment. We had already sold all of our investments
in coal-based companies by the end of 2019. However, the
integration of the former AXA companies in Poland, the
Czech Republic and Slovakia has once again introduced to
our portfolio a number of individual investments in com-
panies with coal exposure. We are nevertheless determined
to reduce these positions as soon as possible as part of our
decarbonisation strategy.
During the period under review, we have been working
intensively on dealing with the entry into force of the new
EU Sustainable Finance Disclosure Regulation (SFDR) in
March 2021 and its classification and reporting require-
ments. An initial report on the two environmental aspects
covered under EU Taxonomy classification is published in
the section entitled “Disclosures according to the EU Tax-
onomy Regulation”.
We have also switched our four managed unit-linked
UNIQA Portfolio I to IV funds of funds to Article 8 prod-
ucts as of 1 January 2022 and restructured the investment
process.
Targets and target achievement: Investments
Topic Target achievement in 2021 Targets for 2022
ESG integration in our invest-
ment portfolio
Whilst our ESG targets are defined for the average of all of our
financial investments, we need to analyse the ESG data for
each individual asset in order to improve the level of quality
based on the individual assets. We have already started work
on this in 2021.
In the years to come, we will get to work on developing a
suitable climate target trajectory in line with the 1.5 degrees
Celsius target set under the Paris Agreement. We aim to
achieve climate neutrality by 2040 in Austria, and by 2050
in our other international subsidiaries. Our memberships will
help us and pave the way to achieve this.
Sustainable investments
The overriding target for 2025 was to build up a volume of €1
billion worth of sustainable investments (green and sustaina-
ble bonds, infrastructure loans that will have a positive impact
on implementing SDGs and ESG equity funds). We have al-
ready managed to achieve this target in 2021. The issue of an
additional green bond totalling €375 million in volume back
in December 2021 will help to support the further develop-
ment of our sustainable investments in the years to come.
Further expansion of volume of green assets and
implementation of the revised Responsible
Investment@UNIQA guideline.
NON-FINANCIAL REPORT
24
Environmental matters in underwriting in the
Retail segment
As Austria’s largest health insurer, we bear equal respon-
sibility for protecting the personal living standards of our
customers and the value added processes of our company.
Risk prevention and mitigation are key areas in which
environmental and social impacts increasingly need to be
incorporated into the advising approach. Sustainability
aspects are therefore being taken into account in the under-
writing process as well as products and services within our
insurance business.
In addition to our existing portfolio, we are also focused
on providing more environmentally friendly investment
opportunities, including in particular more sustainable
products (unit-linked insurance products) and even pure
“green” products. A key basis for this sustainable optimisa-
tion is the switch from UNIQA Portfolio I to IV to products
under Article 8 of the EU Taxonomy Regulation, with effect
from 1 January 2022. Investments can only be made in
sub-funds in accordance with Article 8 and 9 (investment
funds and ETFs). Article 8 funds consider environmental as
well as social characteristics and invest in companies that
Environmental matters in underwriting in the
Corporate and Affinity segment
We also want to offer our corporate customers tailor- made
products and services with added value in terms of sustain-
ability. The drafting of a long-term strategy to implement
measures to combat climate change was the top priority
here in 2021. Examples of this include advice on and servic-
es regarding natural disasters, restoration work following
a loss (post-loss consultancy) or preventive measures to
combat business interruptions caused by natural disasters.
Since 2019, we have not completed any new customer busi-
ness with companies with a direct or indirect carbon share
of more than 30 per cent. In addition, we have not com-
pleted any new customer business with mining companies
that produce more than 20 million tonnes of coal a year.
Subject to certain conditions in place, UNIQA is on hand to
provide positive accompanying support to existing custom-
ers from the coal industry in helping them to transform
their business models by 2025 at the very least. This also
demonstrate good corporate governance. Article 9 funds
also aim to achieve a sustainable investment objective and
help implement the United Nations’ Sustainable Develop-
ment Goals.
One of our other targets is to gradually expand our range
of insurance products that satisfy environmental and
climate-related criteria so as to promote a sustainable
lifestyle and sustainable corporate governance on a broad
basis. To do this, in 2021 we collected data on our customer
segments and their sustainability profiles by way of market
surveys and incorporated the results into the planning for
product development. We also rely on improving the quality
of advice on resource efficiency and reducing emissions as
well as sustainable additional insurance modules. With our
repair insurance, which can be taken out as a supplemen-
tary product module as part of our homeowner insurance
policy, we provide cover for our customers for the repair
costs of household and domestic appliances at their current
value, for example. With regard to our motor vehicle liabil-
ity insurance, we also offer a 25 per cent reduction on the
premium when you insure an electric car.
applies to companies that generate electricity from differ-
ent sources, including in particular renewable energy from
solar and wind farms, but also generate electricity from
thermal plants. However, this action requires the devel-
opment and implementation of a credible transformation
plan and alignment with defined sustainability criteria. The
insurance policies for existing customers who fail to provide
evidence of their decarbonisation process as requested will
not be extended from 2026 onwards. Another focal point of
our decarbonisation strategy is providing suitable solutions
in the field of renewable energy, both for new as well as
existing customers.
In order to consistently pursue our ambitions to this effect,
we voluntarily agreed to ensure compliance with the Prin-
ciples for Sustainable Insurance (PSIs) at the end of 2020.
These principles were developed by the United Nations’
Environment Programme Finance Initiative (UNEP FI).
By signing up to these principles, we under take to consider
ESG aspects (Environment, Social, Governance) along the
Targets and target achievement: Environmental matters in underwriting in the Retail segment
Topic Target achievement in 2021 Targets for 2022
Sustainability profiles
Completion of preparatory measures to determine sustain-
ability profiles and integration of results into the product
planning process.
Continuation of market insights into environmental matters
and ongoing integration into new products
25
Non-Financial Report
NON-FINANCIAL REPORT
entire value added chain. In other words, we undertake to
involve all of our stakeholders in issues surrounding the en-
vironment, social responsibility and corporate governance.
Environmental matters in operational management
UNIQA is committed to having exemplary operational
management in place. This commitment is a key focal point
in our sustainability strategy.
Our overriding objective is to continue reducing our envi-
ronmental footprint and be CO2 neutral by 2040 in Austria,
and by 2050 in our other international subsidiaries. We
therefore ensure international certifications and stand-
ards are applied, both with regard to our suppliers as well
as within our own operational management. We rely on
improving energy efficiency, using more renewable energy,
reducing CO2 emissions, systematically conserving resourc-
es and promoting environmentally friendly mobility. Here
in Austria, we have also had an energy monitoring system in
place since 2018. This system allows us to be able to illus-
trate our sustainability initiatives and the progress achieved
as a result transparently and on a comparative basis. In
order to support the existing energy monitoring system and
intensify efforts around it, a target was set in early 2022 to
introduce an environmental management system certified
to EMAS standards by no later than 2025.
Environmental matters in our operational management fall
within the remit of the Chief Operating Officer and are the
responsibility of the Group Procurement department. The
initial focus here is on our largest core market in Austria.
We pursue specific CO2 reduction targets in the following
five areas in particular:
Installation of photovoltaic systems
Greening of heating/cooling systems
Optimisation of energy monitoring
Conversion to LEDs throughout the company
Greening of the vehicle fleet
Targets and target achievement: Environmental matters in underwriting in the
Corporate and Affinity segment
Topic Target achievement in 2021 Targets for 2022
Decarbonisation
In 2021, we started work on undertaking annual assessments
and monitoring the existing coal-related portfolio. All of our
customers have already been classified according to specific
sustainability criteria since 2020.
Continuation of assessments and monitoring and transition
to a standardised annual process where our underwriters
and risk engineers monitor the development of the required
sustainability plans for each customer on an annual basis.
Targets and target achievement: Environmental matters in operational management
Topic Target achievement in 2021 Targets for 2022
Installation of
photovoltaic systems
We launched our “Photovoltaic Offensive” project in mid-
2020, with the aim of building photovoltaic systems at
approximately 20 sales locations by the end of 2022. Twelve
photovoltaic systems with generation capacities of between
4 and 36 kWp were already in operation in 2021. The total
installed output is approximately 184 kWp. As a result, ap-
proximately 190,000 kWh of green energy can be produced
each year.
Continuation of the “Photovoltaic Offensive” project and con-
struction of an additional seven systems with an approximate
total output of up to 80 kWp.
Greening of
the vehicle fleet
The ambitious objective of UNIQA’s vehicle fleet management
is to reduce the carbon emissions from the fleet of company
cars in Austria to 40 g per kilometre by the end of 2024. We
have already managed to reduce our carbon emissions to
around 87 g per kilometre by the end of 2021.
In terms of our overall target to reduce CO
2
, we are
continuing to equip our sites with charging infrastructure for
e-mobility. Plans are in place for 2022 to install e-charging
stations with total output of approximately 530 kW at an
additional 13 sites.
NON-FINANCIAL REPORT
26
Social matters
In this section, we will look at how society-related and social
issues affect our business activities and relationships, and
vice versa. We will in particular explain the concepts we
have in place to deal with social activities and sponsorships,
customer focus and innovative services and products as well
as data protection. According to our understanding, em-
ployee matters are social matters, which is why we have also
included them as a subsection and describe our concepts in
this regard.
Social activities and sponsoring
As Austria’s largest health insurer, we focus our social en-
gagement on health and education. Our UNIQA 3.0 corpo-
rate strategy also describes our view of the world. We use
this to work out the key social risks and requirements for
how we conduct ourselves. One of our primary focal points
is on supporting young or disadvantaged people. UNIQA
also places all kinds of emphasis on supporting general in-
terest initiatives. Promoting the arts and sports are impor-
tant focal points here in all of our markets. This ranges from
long-term sponsorship to support for individual projects
with which we can identify based on our corporate values.
Our accession to the Initiative for Transparent Cooperation
(Initiative für transparente Zusammenarbeit) demon-
strates we are committed to open dealings with NGOs,
associations and sponsorships. By implementing the Code
for Transparent Cooperation (Kodex für transparente
Zusammenarbeit) as drawn up by the Initiative, our aim is
to provide the public with a clear insight into which NGOs
we are cooperating with, explain in what way and for what
purpose we are involved, and engage in discourse as to how
our stakeholders assess our commitment to this.
We revised our approach to social matters in 2021. The
strategy and implementing guidelines were revised to
ensure our sponsorships are ESG-compliant. We undertook
this in accordance with the DNSH principle (Do No Signif-
icant Harm), whereby any sponsorship in place must fulfil
at least one of the ESG criteria. Furthermore, our partners
must be able to provide credible evidence of sustainable
action or even present their sustainability concept for spon-
sorship amounts in excess of a certain figure.
By working in close collaboration with UNIQA Privat-
stiftung, approximately €1.1 million of funds were made
available for social projects in 2021. These funds were
invested in projects that are closely linked to our health
business segment or enhance the continuity of an existing
relationship with UNIQA.
Since autumn 2021, there has been a new collaboration in
place with Special Olympics Österreich (SOÖ), an organisa-
tion that arranges training and sporting events and support
for individuals with intellectual disabilities. Thanks to our
collaboration with this not-for-profit organisation, UNIQA
is on hand to provide support for events and competitions,
such as the 2022 Special Olympics Summer Games. Our
employees will also have the opportunity to use up their
UNIQA volunteer day during the Summer Games and offer
their services as corporate volunteers.
Further information on our initiatives can be found in the
2021 Sustainability Report under Section 3 “Sustainability
in our UNIQA community”.
Targets and target achievement: Social matters
Topic Target achievement in 2021 Targets for 2022
Sporting and cultural
sponsorship strategy
In 2021, we revised our sponsorship strategy as a key part
of our brand strategy to ensure it is ESG-compliant, so that
sporting and cultural sponsorships can now be aligned with
this revised strategy.
This strategy continues to be implemented.
Corporate volunteering
activities
During the 2021 financial year, UNIQA got involved in social
causes by way of donations, corporate volunteering (UNIQA
volunteer day) or collaboration and initiatives with UNIQA
Privatstiftung.
In keeping with our strategy and our implementing
guidelines, we will also continue to put measures and
initiatives in place and make our contribution to general social
matters in 2022.
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Targets and target achievement: Customer focus and innovative services and products
Topic Target achievement in 2021 Targets for 2022
Product development
Our long-term strategic goal is to be reliable partners for
our customers as “inspiring coaches” to improve their
lives. We fulfil our social responsibility, not only by expand-
ing our telemedical services but also by developing the
post-COVID-check.
We continue to focus our efforts on developing products and
services with sustainable social benefits for our customers. We
are also focused on expanding our digital services.
Customer focus and innovative services
and products
An insurance company must provide security; our custom-
ers expect safeguards appropriate to their life situations,
and we can support them in preventing damage and loss as
well as with easy customer-friendly communication and
rapid processing when there is a claim. In our supporting
role, we always think and conduct ourselves from a custom-
er perspective.
According to our internal sales guideline, clarity and trans-
parency play a key role in ensuring customer satisfaction.
We are constantly working to ensure our product infor-
mation sheets are concise and easy to comprehend, and at
the same time fulfil the statutory requirements. Training
helps our employees to communicate not only technically
correctly but also in a customer-friendly and understanda-
ble manner.
With our Customer Centricity Index (CCI), we have provid-
ed a structured way to make our customers’ voices heard at
existing and new customer touchpoints. We therefore have
a proven method we can use to align our mission-critical
product, sales, claim/benefit and service efforts even more
with our customers’ needs. We learn from daily feedback
and around 120,000 actively collected customer assess-
ments each year and, on this basis, continually improve
our processes, services and touchpoints throughout the
so-called customer journey. Our digital customer advice
measures ensure we are close to our customers without our
advisors needing to be physically present. As a result, we are
not only increasing efficiency and helping our customers
and employees save time, but also reducing emissions as
well.
We also use customer complaints as an important feedback
tool. Our complaint management is made up of two process-
es. First of all, we deal with the customer’s concerns prop-
erly. Then we attempt to identify and implement potential
positive effects from a customer complaint in a consistent
way so as to ensure the customer’s experience is a positive
one.
Developing sustainable products and services combined
with social responsibility is very important to us. As part of
our homeowner insurance policy, we offer premium-free
cover for up to six months in the event of unemployment.
We have also made some important developments over
the course of the Covid-19 pandemic. As an example,
telemedical services have been included under the new
private medical insurance cover since June 2021. This
will be expanded further in future too. This service helps
minimise face-to-face contact, particularly in times of a
pandemic, without compromising on health care provision.
Following the development of the post-COVID-check in
2021, we now offer our customers and employees suffering
from the after-effects of Covid-19 the opportunity to get
examined medically and be given some reassurance over
their own health. Our offering was also extended to include
post-COVID-eCoaching, which we offer working in collab-
oration with our partner enlivio. The aim here is to support
customers after they have had Covid-19 with some moder-
ate training activity and give them the motivation to get fit.
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Data protection
Our professional and personal daily lives are hard to im-
agine without the constant exchange of data. Data protec-
tion has become a fundamental right. In specific terms, it
involves protecting personal data and individuals these
data relate to from misuse during the collection, process-
ing and use of these data. This is governed by the General
Data Protection Regulation (GDPR) and national laws in
force in Europe. In order to ensure compliance with the
stringent data protection requirements in place, UNIQA
has established its own data protection organisation (Data
Protection Governance) within the company. Its aim is to
ensure the protection of personal data by implementing an
efficient data protection management system (DPMS) and
to safeguard a continuous improvement process based on a
risk management system.
The Data Protection Officer reports directly to the Man-
agement Board, working as the second line of defence to
monitor compliance with data protection provisions in the
Employee matters
This section describes the impacts of our employees on our
business activities and relationships, along with the impacts
of UNIQA’s business activities and relationships on our
employees. The focus here is on our “People and culture”
strategy as well as the associated concepts and measures.
We have also put measures in place for our employees with
the new UNIQA 3.0 strategic programme. Our overriding
objective is to become the most attractive employer in the
industry by 2024. In specific terms, we want to achieve a
minimum of 4.5 stars on a scale of 1 to 5. In order to fulfil
company and the first line of defence. The Data Protection
Officer does not take any instructions in this role. Meetings
between the local Data Protection committees are held on a
quarterly basis.
A Data Protection Coordinator is appointed in each depart-
ment. These individuals act as the first point of contact for
any data protection matters within the department and sup-
port the data owners in advising on projects and responding
to specific questions, for example. In order to provide more
efficient support to the first line of defence as well as for
project consulting purposes, the Data Protection Opera-
tions department was added alongside the existing Data
Protection Legal department in 2021. Both units advise on
data protection issues and the technical and organisational
issues required for this purpose. Furthermore, they provide
support with regard to updating the record of processing
activities and handling data breaches. They also act as an
interface for internal and external customers in relation
to queries that require inter-disciplinary data protection
expertise (i.e. data protection and data security).
this target, a wide range of measures were drawn up in
2021. These measures will be implemented in 2022 and the
coming years. We also want to use these measures as the
basis for establishing standards for HR management in our
international subsidiaries as well. In doing so, this should
ensure Group-wide standards in key HR processes across all
country organisations, which will help contribute towards
an excellent employee experience.
Five key action items have been defined in particular for
this purpose, namely Employee Experience, Employee
Engagement, Learning and Leadership, Digital Skills and
Future of Work. The following action items specifically form
Targets and target achievement: Data protection
Topic Target achievement in 2021 Targets for 2022
Implementation of Data
Protection Governance
Data protection is an inter-disciplinary issue and requires
cross-subject expertise and appropriate interfaces to provide
advice. A data protection organisation (Data Protection Gov-
ernance) was therefore established within the company and
extended in 2021 to include the Data Protection Operations
department. Our objective in 2021 was to commence the
gradual implementation of the new governance system for
data protection at UNIQA.
We continued to implement the new governance system for
data protection in 2021 and have now completed this work.
Expansion of data protection
management system
In order to be able to fulfil the accountability obligations
arising from GDPR and the associated documentation require-
ments, there is a continuous need for processes to implement
data protection measures in the company.
The target set for 2022 is to ensure the protection of
personal data by implementing an efficient data protection
management system (DPMS) and to safeguard a continuous
improvement process based on a risk management system.
29
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part of these Group-wide standards: uniform recruitment
process, uniform onboarding process, uniform assessment
and feedback process for managers, Inspiring Coach Com-
pass, Group-wide performance management, digitised HR
services.
In 2021, we paid particular attention, on the one hand, to
supporting cost savings that were in progress in Austria, and
on the other, to projects intended to make UNIQA the most
attractive employer in our market by 2024. Once again in
2021, our primary focus was on protecting our employees
during the course of the Covid-19 pandemic, minimising
health risks and ensuring flexible working conditions were
in place. As Austria’s largest health insurer, we have been
clear advocates of getting vaccinated and actively encourage
our employees to do so.
Socially responsible job cuts in Austria
In order to deal with the major challenges, the insurance
industry currently faces and be able to offer our customers
competitive services in future too, we have set up a new,
customer-centric organisational structure here in Austria.
The aim was to reduce the complexity of the structures and
processes in place as well as reduce absolute costs and the
cost ratio. The associated organisational changes resulted in
the loss of numerous jobs. In order to ensure these job cuts
were as socially acceptable as possible, we agreed a social
plan with the Works Council. We have worked incredibly
hard to ensure the termination of employment contracts
with employees, some of whom are long-serving, is con-
ducted with due care. Alongside one-off payments and a
hardship fund, we have also offered longer-term retirement
models as well as an employment foundation and outplace-
ments. All terminations were completed subject to mutual
consent; thanks to the attractive nature of the provision
arising from the social plan, we managed to achieve an
acceptance rate of 90 per cent. A total of 371 jobs in Austria
were cut as a result of this, of which 279 were back office
jobs and 92 were sales force jobs.
New hybrid world of work at UNIQA
In order to make the changes required as a result of the
Covid-19 pandemic as acceptable as possible for both our
customers and employees, we have established a new stand-
ard for geographically flexible working in Austria by making
working from home easier. A works agreement in place cre-
ates uniform framework conditions; employees can choose
from three working models involving more or less working
from home and create an overall package to suit them,
whether working in the office, working from home or mobile
working. By doing so, we want to make a conscious effort to-
wards greater self-determination, trust and flexibility. The
working culture at UNIQA is also being redefined together
with our employees.
Health and satisfaction
The UNIQA employee survey in Austria was conducted
once again in 2021. The participation rate was 72.4 per cent.
The questions asked covered topics such as the situation at
work, work processes, management structure, alignment
with targets, professional development, company image and
overall satisfaction. The overall satisfaction rate was 76 out
of 100 possible points. The newly introduced Integration
Index showed that the feeling of belonging and being one’s
own self at UNIQA is very strong among most respondents.
However, when compared to the last employee survey in
2019, the results this time indicate a declining rating.
Our UNIQA Works Council plays a key role in the health
and satisfaction of our employees. Its work covers the
four “Social”, Economic”, “Health” and “Cultural” areas.
All activities in these areas have a profound impact on the
satisfaction of our employees and, as a result, on UNIQA’s
success. In addition to medical check-ups, vaccinations and
special vital events related to fitness and work-life balance,
our joint service provision also includes support to ensure
better mental health. Given that social contact is extremely
important at a time when restrictions are in force, works
trips and other organised meetings play a key role in
strengthening our UNIQA community and promoting unity
among our colleagues. The UNIQA Works Council also plays
a key role in compiling new benefits or improving existing
benefits, such as participation in the company’s success, the
pension fund system, Group health insurance or the “Living
better together” programme.
The UNIQA volunteer day was introduced in 2013. It is a
voluntarily granted day off work where the focus is on social
engagement for the benefit of disadvantaged people. By
November 2021, around 900 days have been utilised as vol-
unteer days. Using the average daily working time of eight
hours as the basis, this equates to 7,168 hours of voluntary
work.
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30
Training and education
Learning while working is part of everyday life at UNIQA.
All of our back office and sales force employees in Austria
have had access to our online platform for this purpose for
many years. The digitalisation of our education provision
has become a pivotal part of our training, particularly dur-
ing the pandemic, and allows people to expand their knowl-
edge digitally at their own pace. This provision not only in-
cludes familiar e-learning courses but also specific webinars
too. Many formats, including our Lunch and Learn learning
format, were converted in their entirety to webinar format,
owing to the extra flexibility involved and excellent feed-
back we obtained. We have therefore given all employees
in Austria the opportunity to participate, while the record
function allows you to check out webinars at a later point in
time. In 2021, we hosted a total of seven online Lunch and
Learn events involving around 1,000 employees, as well as
1,423 webinars and 325 in- person training sessions.
Since February 2021, all employees have also had access
to GoodHabitz training sessions via the training platform.
These sessions include, for example, training on personal
development, language, management and teamwork or on
productivity. The training sessions can be held online, in hy-
brid form or face-to-face as they take place in three sections,
starting with the kick-off, then a self-learning phase, and
finally the wrap-up. The required number of licences will
be expanded from 1,000 to 5,000 in 2022 to enable our sales
force employees throughout Austria to make use of these
training sessions in future too.
Leadership and management
The Covid-19 pandemic and the accompanying digitalisa-
tion of the world of work have also accelerated the demands
placed on our managers. What this involves in particular is
coming up with new ways of communicating and working
that are fit for the future and efficient. Our leadership de-
velopment programme entitled #leader_ ship aims to build
our managers’ skills in leading and managing employees.
The focus is on the personal and future-driven development
of managers themselves and of employees too. Our goal is
to help them identify their own areas for development and
work toward continual improvement in these areas. The
aim is to enable managers to take key roles in our organisa-
tion and to encourage them to hold developmentoriented
discussions with employees. It also aims to improve their
leadership skills in working with diverse teams and the var-
ious ways of working and lifestyles inherent in these teams.
We have also introduced the Inspiring Coach Compass,
a new tool that contributes to providing feedback to and
developing top managers.
2021 also saw the creation of a new management mission
statement, which is based on the guiding principles defined
in the UNIQA 3.0 corporate strategy. It is used as a guide,
provides inspiration and acts as a signpost to create a cul-
ture of inspiring coaches, strengthen collaboration, moti-
vate employees to take personal responsibility and increase
efficiency.
Cultural transformation
We also want to actively reshape our corporate culture
as the basis for implementing the UNIQA 3.0 strategic
programme. By doing so, we will create the cultural frame-
work within which we can achieve our ambitious targets as
inspiring coaches. We have started a Group-wide cultural
transformation programme for this purpose and set up a
culture office as a centre of competence. A Group-wide sur-
vey was carried out in the first two quarters of 2021 in order
to survey the status quo as regards the corporate culture.
Using this as the basis, we then defined a target culture
that is based on three dimensions and linked to our guiding
principles. We trialled best practices in cultural change in
the final two quarters of 2021 and successfully implemented
a number of pilot projects. The Group-wide roll-out of these
projects is scheduled to take place this year.
Targets and target achievement: Employee matters
Topic Target achievement in 2021 Targets for 2022
Most attractive employer
in the industry
As part of our UNIQA 3.0 strategy, we have set ourselves the
long-term goal of becoming the best employer in the industry
by 2024. In order to fulfil this target, a wide range of meas-
ures were drawn up based on five action items: Employee
Experience, Employee Engagement, Learning and Leadership,
Digital Skills and Future of Work
Continuation and implementation of measures defined in
2021, including, for example, the introduction of uniform
standards for HR management in all countries, which will
help contribute towards an excellent employee experience
throughout the entire Group.
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Targets and target achievement: Diversity and inclusion
Topic Target achievement in 2021 Targets for 2022
Diversity and inclusion
strategy
One of the most important targets in 2021 was to carry out
an site assessment as well as an actual analysis of a number
of existing initiatives in place. They were used as the basis for
initiating further measures for improvement (e.g. recruitment
guidelines and the equal pay analysis).
Our aim in 2022 is to complete and implement the diversity
and inclusion strategy throughout the entire Group, as well
as draft and approve a Group-wide diversity and inclusion
policy. There are also plans in place to introduce a standard-
ised process to handle allegations of discrimination.
Diversity and inclusion
We believe there is strength in diversity and have no time
for intolerance or exclusion. Diversity in action transforms
UNIQA into a place where people can grow, develop and
enjoy meaningful engagement. Everyone working for us
can find just the right place to develop their full potential to
the benefit of our customers, colleagues and the company.
Living better together – we believe this can in reality only
be fulfilled if every single gender, nationality, majority or
minority is treated equally at UNIQA and can benefit from
the same opportunities.
We have already brought about significant impetus on the
subject of diversity in 2020, including by nominating a
Diversity Officer and getting started on a project that will
embed and promote diversity from a structural and organ-
isational perspective. The Diversity and Inclusion Com-
mittee was then introduced in 2021. Under the patronage
of two members of the Management Board, the Commit-
tee’s aim is to strengthen the embedding of diversity and
inclusion in all of the company’s departments and processes
and ensure this is consistent with the corporate strategy.
Existing elements, such as the guiding principles and targets
for diversity and inclusion will be combined into a separate
diversity and inclusion strategy in 2022. This will form the
basis and the framework for all of our activities undertaken
in this area.
We also acceded to the Diversity Charter of the Austri-
an Federal Economic Chamber (Charta der Vielfalt der
Wirtschaftskammer Österreich) in 2021.
We used an indepth actual analysis in 2021 as the basis for
identifying the status quo of our existing activities and ini-
tiatives in order to come up with approaches for additional
effective measures. This has already been successfully im-
plemented as part of the indexing for the Women’s Career
Index (FKI). Recruitment guidelines were compiled as one
of the most important outcomes. The aim of these guide-
lines is to promote diversity within all of our teams and at
all management levels, ensure equal opportunity for all
employees and safeguard an objective and transparent se-
lection process for managers. We also started up the UNIQA
mentoring programme, which aims to support talented
employees in their personal and professional development.
Furthermore, we also conducted an equal pay analysis in
2021, the framework of which allowed us to collect and an-
alyse data on equal pay between men and women. In order
to rectify bias in salary decisions, best practices are also
applied in a consistent manner.
Details of further measures and initiatives can be found in
our 2021 Sustainability Report.
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32
How we have dealt with Covid-19
The Covid -19 pandemic took hold within our company once
again in 2021 and continued to significantly impact every-
day life here. Our crisis team, a multi-disciplinary task force
made up of experts from various departments, continued to
monitor infection rates in the same way as they did in 2020,
instigating suitable measures depending on the situation at
hand. These measures include, for example, the drafting of
guidelines for mobile working, stringent hygiene and safety
precautionary measures, social distancing rules, restrictions
on business travel, etc. These measures were updated on
an ongoing basis, with employees informed of any updates
every week.
Given the significant increasing in working from home,
UNIQA also took measures to safeguard an appropriate
level of data protection for employees. As an example, all
employees working from home did so using secure VPN
connections. We also adapted our training and aware-
ness-raising measures looking at common types of cyberat-
tacks and launched an awareness campaign on phishing in
order to increase its awareness in everyday professional and
personal situations. Given the risk situation and infection
rates at that time, we were able to temporarily bring back
employees to our UNIQA sites in Austria in summer 2021.
We did this subject to stringent conditions and guidelines,
such as hygiene measures and restrictions for meetings.
These measures were linked directly to national and region-
al infection rates and other criteria. The situation was also
monitored constantly by the crisis team and reported to the
Management Board on a regular basis.
As part of our responsibility towards our employees, we
actively recommend they get vaccinated against Covid-19
and signed up as a member of the Austrian Federal Eco-
nomic Chamber’s “My Team. Our Vaccination” (Mein Team.
Unsere Impfung) campaign. We are also committed to
getting vaccinated in our online activity, getting involved in
the #ZusammenGegenCorona campaign.
The global pandemic has massively shifted focus towards
the importance of personal health and mental well-being.
With the #mentalhealthmatters campaign, we have actively
taken a stance and have introduced numerous measures to
support our employees in these times of crisis. Our existing
KEEP BALANCE offering was replaced by consentiv, a sub-
sidiary of our health start-up SanusX. These services allow
you to make use of phone, face-to-face or online consulta-
tion on all kinds of professional and personal issues.
Human rights
The proper and respectful treatment of people is a key part
of the fabric of our company and therefore at the core of our
corporate culture. In this sense, setting an example with
upholding human rights is one of our deeply held beliefs.
Respect for human dignity is a fundamental benchmark for
us, particularly when it comes to employees. We commit to
not discriminating against anyone based on ethnic back-
ground, skin colour, religion, gender, sexual orientation
or other characteristics. Building on this commitment we
set internal standards in our Code of Conduct for ethical
conduct that go beyond those of the applicable laws. We are
constantly working towards integrating human rights issues
more strongly into our processes so that we can reliably
fulfil new requirements.
By acceding to the UN Global Compact in November 2020,
we are committed to observing the United Nations’ Uni-
versal Declaration of Human Rights throughout the entire
UNIQA Group. The ten principles featured in the Global
Compact have been incorporated into our UNIQA Code of
Conduct. We report on our progress in this regard once a
year.
During the 2021 financial year, we worked together with
other members of the Raiffeisen Sustainability Initiative
(RSI) to start drafting a template for a human rights policy.
The aim here is to be able to address human rights implica-
tions more precisely in a business model and in upstream
and downstream service relationships. Once this project has
finished, our intention is to implement its findings within
our Group.
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Compliance and combatting corruption
and bribery
We believe compliance with all relevant statutory regula-
tions, internal company guidelines and ethical principles is
essential as a company that acts responsibly. The insurance
business requires a high degree of trust; lawful and ethical
action therefore not only has a decisive impact on the rep-
utation of the entire UNIQA Group, it is also a fundamental
requirement for our long-term success.
The topics of compliance and combatting corruption at a
Group level are covered by the Group Legal and Compliance
department, which reports directly to the CFO. This depart-
ment is responsible for establishing the basis for a uniform
approach across the entire Group, and is also supported by
a separate local Compliance function in each UNIQA Group
insurance company. The Group Compliance function’s oth-
er management duties include reviewing compliance with
internal and external requirements. In 2021, we introduced
the “Check of Focus Areas” tool to replace the default com-
pany visits. This ensured checks were conducted on each
UNIQA Group insurance group as regards their observance
of selected requirements regarding general compliance,
prevention of money laundering and FATCA. The results
were then reported to the respective local member of the
Management Board in the form of a written report.
A key tool for managing compliance at UNIQA is the annual
compliance conference, which serves as a platform for
distributing new information and exchanging experiences
within the Group.
The UNIQA Group Code of Conduct was extensively revised
in 2020, with the new version rolled out and communicat-
ed in 2021. The Code of Conduct provides clear guidance
on the most important compliance topics. It reflects the
UNIQA 3.0 strategy in the same way as our guiding princi-
ples and our corporate culture. The principles and regula-
tions laid down in the Code of Conduct apply to all areas of
our daily work and are equally mandatory for our Manage-
ment Board, Supervisory Board and all employees. There
are special regulations in place for specific compliance
topics, such as prevention of money laundering, implemen-
tation of the Foreign Account Tax Compliance Act (FACTA),
Common Reporting Standard and Solvency II. They are
dealt with in the form of specific policies, standards and
manuals along with concrete instructions on selected indi-
vidual topics. The following topics have been
newly regulated and/or supplemented by way of the new
version: Donations and other gifts to and from political
parties, organisations closely affiliated with political parties
and parties campaigning in elections are no longer permit-
ted. An exception to this rule is the sponsorship of events
organised by political parties or organisations they are
closely affiliated with in which no party-related political
content is discussed and that are accessible to the public.
The Governance, Risk and Compliance (GRC) tool was
rolled out in all Group insurance companies in 2021. An
interdisciplinary project to develop a tool with several mod-
ules (compliance, data protection, risk management and IT
security) that aims to reinforce an integrated approach to
documenting risks was completed here. Compliance risks
and risk-minimising measures are recorded and adminis-
tered as a whole in the compliance module, thus creating
the basis for uniform reporting. Local compliance officers,
anti-money laundering officers and FATCA-responsible
officers have already reported to the Group functions and
to the local Management Boards and Supervisory Boards in
2021 using the data recorded in the GRC tool as the basis.
The e-learning module on the topic of compliance was
revised in 2021 and approved for mandatory participation
for all back office and sales force employees in Austria at the
end of the year. This module focuses on gifts, whistleblow-
ing and conflicts of interest. Participants can also practice
answering various questions at the end of the module. Other
e-learning modules on the prevention of money laundering
have since been made available.
Targets and target achievement: Human rights
Topic Target achievement in 2021 Targets for 2022
Integration of
human rights
By acceding to the UN Global Compact alongside our collab-
oration with other members of the Raiffeisen Sustainability
Initiative (RSI), we have laid the foundations for integrating
human rights into our corporate processes.
We will continue integrating human rights guidelines into all
of the relevant business lines and core processes.
NON-FINANCIAL REPORT
34
In 2021, we evaluated the existing continuous areas of
confidentiality and updated them in line with the structur-
al, organisational and personnel-related changes made. In
order to take the changing working conditions into account,
we launched regular virtual training sessions on the subject
of issuer compliance for our new employees. Two to three
dates each quarter are set aside and offered for this pur-
pose. In addition, we have made use of a specific format
to train our managers on the most important topics and
developments in issuer compliance. The Compliance Officer
reported to the Group Management Board on a regular basis
on the most important issuer compliance matters and also
produced an extensive Group report. Moreover, regular dis-
cussions were held on current issues with the Management
Board member responsible for this topic.
Targets and target achievement: Compliance and combatting corruption and bribery
Topic Target achievement in 2021 Targets for 2022
Compliance management
system
The existing compliance management system was expanded
to include newly acquired insurance companies and existing
non-insurance companies of significant importance to the
UNIQA Group.
Compliance risks are recorded in a structured way in the new-
ly launched tool, making monitoring significantly easier.
Anti-corruption measures
The project to launch a Group-wide system to recognise
sanctioned and politically exposed persons was successfully
completed.
The Compliance function at UNIQA Austria is continuing the
initiative to enhance awareness of compliance and anti-
corruption measures among sales employees.
Disclosures according to the EU Taxonomy
Regulation
In order to achieve the targets set under the European
Green Deal and the EU’s 2030 Climate Target Plan, the EU
Action Plan on Financing Sustainable Growth calls for the
creation of a standardised classification system for envi-
ronmentally sustainable economic activities in the form of
the EU Taxonomy. The Taxonomy Regulation, which lays
down the framework for the EU Taxonomy, was published
in the Official Journal of the European Union in June 2020
and entered into force on 12 July 2020. The Taxonomy
Regulation states that financial market participants offering
relevant financial products in the EU are obliged to disclose
their share of Taxonomy-aligned activities.
At the time this report was prepared, there is no uniform
data basis for applying the Delegated Regulations, and there
are different interpretations as to how they are applied.
Our quantitative and qualitative disclosures are therefore
determined in line with a “best effort approach” and take
into account what we currently know. Our over-all strategy
involves pursuing the climate targets set under the Paris
Agreement. Our aim therefore is to record both the indi-
rect emissions of the assets in our investment as well as the
indirect emissions of the insured risks through our man-
agement approach and engagement, as well as reduce these
emissions going forward according to interim targets yet to
be laid down. We are working on the assumption that this
will also increase the share of Taxonomy-aligned activities
in future.
With regard to investment, UNIQA conducted some initial
research in autumn 2020 with respect to the correspond-
ing conversion of databases. Given that no information
in accordance with Article 8 of the Taxonomy Regulation
had been disclosed by the reporting company during the
financial year, UNIQA was forced to revert to alternative
data sources from specialised data providers for the initial
estimation of the data owing to the lack of specific company
information available. A detailed analysis and comparison
of ESG data providers showed that the sustainability data
of ISS ESG corresponded to a fundamental approach, even
if these data were mostly based on derived information and
estimates. Both quantitative as well as qualitative informa-
tion is available in great detail, thus ensuring a comprehen-
sive ESG assessment of our activities can be carried out. In
order to provide technical support to ensuring compliance
with the Regulation, ISS ESG has developed a comprehen-
sive solution aligned with the EU Taxonomy. The corre-
sponding switch in data supply took place in April 2021.
With the ISS ESG EU Taxonomy Aligned Solution, our ex-
ternal data provider now covers more than 400 Taxonomy-
specific screening factors over the course of a five-stage
screening process. The five stages involve identifying Tax-
onomy-related activities, estimating the revenues generated
from them, assessing their compliance with the criteria for
35
Non-Financial Report
NON-FINANCIAL REPORT
a substantial contribution as defined in the EU Taxonomy,
checking whether the activities fulfil the DNSH (Do No
Significant Harm) criteria and reviewing whether they are
in line with social safeguards. Each issuer is assessed on the
basis of 74 activities, whereby each activity corresponds to
the five individual stages of the process.
Although there are still no company reports on alignment
with the EU Taxonomy published as yet, ISS ESG believes
that the tool will provide a realistic assessment. However, it
is important to note that those particular instances where
there are no data currently available will have to revert to
approximations and assumptions.
The tool goes beyond a binary assessment in assessing
the compliance of corporate issuers with EU Taxonomy
criteria. There are also different categories of alignment as
per the EU’s recommendation that investors are responsi-
ble for reporting not only the share of investments that are
demonstrably EU Taxonomy-aligned, but also the share that
is potentially EU Taxonomy-aligned. The EU Taxonomy
Aligned Solution from ISS ESG is based on several internal
modelling activities as well as third party data sets.
During the 2021 financial year, a share of 4.20 per cent of
general Taxonomy-aligned sustainable activities and a share
of 44.87 per cent of non-Taxonomy-aligned investments
were derived from our investments. The published assess-
ment criteria for the first two climate targets set under the
EU Taxonomy Regulation were observed as a result. All
government bonds and bonds from supranational issuers
were removed from the calculation in accordance with
the Delegated Acts to the EU Taxonomy Regulation. The
share of exposure to central governments, central banks
and supranational issuers amounts to 47.09 per cent with
regard to all investments. The share of derivatives amounts
to 1.95 per cent with regard to all investments. The share of
exposure to undertakings to entities subject to an obligation
to disclose non-financial information in accordance with
Article 19a or Article 29a of Directive 2013/34/EU amounts
to 26.95 per cent with regard to all investments.
In terms of non-life insurance, detailed research was con-
ducted on approximately 40 non-life insurance lines with
regard to all premium elements on the basis of the premi-
ums written before reinsurance. The content of insured
benefits and scope of cover were examined by underwriting
specialists in terms of being adapted in line with the effects
of climate change. As a result of different cover being issued
in places, the private customer business and industrial/
commercial business were analysed separately and classi-
fied in relation to the insurance activity’s Taxonomy eligi-
bility. The premium shares of the non-life insurance lines
subject to analysis were subsequently combined into the
categories as defined in the Delegated Regulations. Further-
more, the share of general Taxonomy-aligned sustainable
activities in relation to the total non-life insurance premi-
ums written (before reinsurance) was derived.
During the 2021 financial year, a share of 41.79 per cent of
general Taxonomy-aligned sustainable activities, which can
be allocated to the environmental target of adapting to cli-
mate change, was derived from our non-life insurance pre-
miums written (before reinsurance). This relates primarily
to insurance cover for natural disasters that are also linked
to climate change. Accordingly, therefore, 58.21percent of
non-life insurance premiums written (before reinsurance)
can be allocated to non-Taxonomy-aligned activities.
NON-FINANCIAL REPORT
36
We confirm that the summarised non-financial report of
UNIQA Insurance Group AG, prepared in accordance with
Section 267a (2) of the Austrian Commercial Code (UGB)
and the EU Taxonomy Regulation (EU Regulation 2021/852),
contains all the information necessary to gain an understand-
ing of the course of business, the business performance, the
position of the Group as well as those effects of its activities
that relate to environmental, social and employee matters,
respect for human rights and the fight against corruption
and bribery. The disclosures include a description of the core
business of UNIQA Insurance Group AG and its concepts
relating to these topics, including the due diligence process-
es applied and the material risks. The report also includes
information on the results of the implementation of these
concepts and the key performance indicators.
Vienna, 9 March 2022
Declaration of the legal representatives
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
37
Non-Financial Report
NON-FINANCIAL REPORT
Independent Limited Assurance Report on the
Combined Non-financial Report pursuant to
Section 267a UGB
We performed a limited assurance engagement of the
combined non-financial report pursuant to section 267a
UGB (Austrian Company Code) (hereinafter the “combined
non-financial report”) of UNIQA Insurance Group AG (the
“Company”), Vienna, for the financial year 2021.
Conclusion
Based on the procedures performed and evidence obtained,
nothing has come to our attention that causes us to believe
that the Company’s combined non-financial report is not
prepared, in all material aspects, in accordance with the
requirements of section 267a UGB and the “EU Taxonomy
Regulation” (Regulation (EU) No.2020/852).
Responsibility of Management and the
Supervisory Board
Management is responsible for the preparation of the
combined non-financial report in accordance with the
requirements of section 267a UGB and the “EU Taxonomy
Regulation” (Regulation (EU) No. 2020/852).
Management’s responsibility includes the selection and ap-
plication of appropriate methods to prepare the combined
non-financial reporting (in particular the selection of key
issues) as well as making assumptions and estimates related
to individual sustainability disclosures which are reason-
able in the circumstances, and for such internal control as
management determines is necessary to enable the prepa-
ration of a combined non-financial report that is free from
material misstatement, whether due to fraud orerror.
The Supervisory Board is responsible for examining the
combined non-financial report.
Auditor’s Responsibility
Our responsibility is to express a limited assurance con-
clusion based on our procedures performed and evidence
obtained as to whether anything has come to our attention
that causes us to believe that the Company’s combined
non-financial report is not prepared, in all material aspects,
in accordance with the legal requirements of section 267a
UGB and the “EU Taxonomy Regulation” (Regulation (EU)
No. 2020/852).
We performed our engagement in accordance with the
professional standards applicable in Austria with regard
to KFS/PG 13 “Other assurance engagements”, KFS/PE28
“Selected issues in connection with the assurance of non-fi-
nancial statements and non-financial reports pursuant to
sections 243b UGB and 267a UGB as well as sustainability
reports” and the International Standards on Assurance En-
gagements (ISAE) 3000 (Revised) “Assurance engagements
other than audits or reviews of historical financial infor-
mation”. These standards require that we comply with our
ethical requirements, including rules on independence, and
that we plan and perform our procedures by considering
the principle of materiality to be able to express a limited
assurance conclusion based on the assurance obtained.
Our report is issued based on the engagement agreed upon
with you and is governed by the General Conditions of
Contract (AAB) 2018, issued by the Austrian Chamber of
Tax Advisers and Auditors (https://www.ksw.or.at/desktop-
default.aspx/tabid-209/), which also apply towards third
parties. As provided under section 275 para. 2UGB (liability
provision regarding the audit of financial statements of
small and medium-sized companies), our responsibility and
liability towards the Company and any third parties arising
from the assurance engagement are limited to a total of
EUR 2 million.
NON-FINANCIAL REPORT
38
The procedures performed in a limited assurance engage-
ment vary in nature and timing from, and are less in extent
than for, a reasonable assurance engagement; consequent-
ly, the level of assurance obtained in a limited assurance
engagement is substantially lower than the assurance that
would have been obtained had a reasonable assurance en-
gagement been performed.
The selection of the procedures lies in the sole discretion of
the auditor and comprised, in particular, the following:
Evaluating the overall presentation of the disclosures and
non-financial information
Critical assessment of the Company’s analysis of materia-
lity considering the concerns of external stakeholders by
interviewing the responsible employees and inspecting
relevant documents
Obtaining an overview of the policies pursued by the Com-
pany, including due diligence processes implemented as
well as the processes used to ensure an accurate presenta-
tion in the combined non-financial report by interviewing
the Company’s management and inspecting internal gui-
delines, procedural instructions and management systems
in connection with non-financial matters/disclosures
 
Obtaining an understanding of reporting processes by in-
terviewing the relevant employees and inspecting selected
documentations
Evaluating the reported disclosures by performing ana-
lytical procedures regarding non-financial performance
indicators, interviewing relevant employees and inspec-
ting selected documentations
Critical appraisal of the disclosures in accordance with the
requirements of the “EU Taxonomy Regulation” (Regula-
tion (EU) No. 2020/852)
Examining the combined non-financial report regarding
its completeness in accordance with the requirements of
section 267a UGB and the “EU Taxonomy Regulation”
(Regulation (EU) No. 2020/852)
The engagement and, in particular, all interviews as well
as procedures were performed by virtual means due to the
ongoing COVID-19 pandemic and the coronavirus contain-
ment measures. Data was exchanged via platforms provided
by us as well as via e-mail and mail. Interviews were conduc-
ted via telephone as well as via video conferencing.
The following is not part of our engagement:
Examining the processes and internal controls
particularly regarding their design, implementation
andeffectiveness
Performing procedures at individual locations as well
as measurements or individual evaluations to check the
reliability and accuracy of data received
Examining the prior-year figures, forward-looking infor-
mation or data from external surveys
Examining the correct transfer of data and references
from the (consolidated) financial statements to the non-fi-
nancial reporting; and
Examining the information and disclosures on the website
or further references on the internet
Neither an audit nor a review of financial statements is
objective of our engagement. Furthermore, neither the
disclosure and solution of criminal acts, as e.g. embezzle-
ment or other kinds of fraud, and wrongful doings, nor
the assessment of the effectiveness and profitability of the
management are objectives of our engagement.
39
Non-Financial Report
NON-FINANCIAL REPORT
Restriction of Use
Because our report is prepared solely for and on behalf of
the client, it does not constitute a basis for any reliance on
its contents by other third parties. Therefore, no claims of
other third parties can be derived from it.
Vienna
9 March 2022
PwC Wirtschaftsprüfung GmbH
Werner Stockreiter
Austrian Certified Public Accountant
signed
We draw attention to the fact that the English translation
of this report is presented for the convenience of the reader
only and that the German wording is the only legally bin-
ding version.
NON-FINANCIAL REPORT
40
Economic environment
Economic development was shaped above all by the
coronavirus pandemic and the associated restrictions
in 2021. At the beginning of the year, the sharp increase
in the number of Covid-19 cases in the eurozone led to
continued restrictions on economic activity. This resulted
in negative economic growth of –4.1 per cent in the first
quarter of 2021. The national economies were able to take
generous opening steps thanks to the development, ap-
proval and use of new vaccines against the Covid-19 virus.
Strong economic growth was recorded in the second
quarter (+12.8 per cent) and third quarter (+5.6 per cent)
accordingly. The labour market also recovered during the
course of the economic recovery. The unemployment rate
was still 7.0 per cent at the beginning of 2021. By the end
of the year, the labour market recovered to 5.3 per cent,
despite the renewed Covid-19 restrictions in the fourth
quarter. Restrictions were again imposed by the federal
government due to the intensified pandemic situation
in the fourth quarter of 2021. The renewed lockdown of
public life caused the economy to decline by 2.2 per cent
in the fourth quarter.
The complete opening of the economy also led to a rise
in inflation. The development of inflation in 2021 was
determined by different effects. Sharp rises in energy
prices, friction in the global supply chain and the strong
recovery in the labour market fuelled inflation from the
second half of 2021. Inflation in Austria was measured
at 2.7 per cent in 2021 and is in line with the eurozone
average (2.6percent). The first monetary policy measures
were taken by the major central banks in response to the
continuing growth in inflation in the fourth quarter. The
Bank of England was the first major central bank to raise
its key interest rate to 0.25 per cent in the fourth quar-
ter. The ECB decided to end the Pandemic Emergency
Purchase Programme (PEPP) in December in response to
rising inflation in the eurozone. A first interest rate hike is
also possible if inflation remains high. The US Federal Re-
serve (Fed) also announced its exit from its bond- buying
programme. In addition, the prospect of first interest rate
steps was also held out in response to rising inflation in
the USA.
Risk premiums in the eurozone hardly changed over the
year and are close to their pre-crisis level at the end of
2021. This is mainly due to the ECB’s monetary policy
measures. In addition, the EU Recovery Fund adopted
by the EU has strengthened investor confidence in the
creditworthiness of eurozone countries: direct borrowing
by the EU, which ensures low-cost financing, is intended
to provide grants and loans to the member states.
Genuine economic recovery in CEE
The economies in Central and Eastern Europe have
also been on the road to recovery since the start of the
Covid-19 vaccination campaigns. In Poland, GDP grew by
5.7per cent in 2021 and is already back above the pre-
crisis levels of 2019. The strong economic recovery also
fuelled inflation (5.1 per cent) in 2021. Economic perfor-
mance also recovered in the Czech Republic this year,
with growth of 3.1 per cent. Hungary’s economy recorded
growth of 7.3 per cent in 2021 and is already above the
level before the outbreak of the coronavirus pandemic. In
the other markets in CEE, the reopening of the economy
also led to genuine economic growth.
Group Management
Report
41
Group Management Report
GROUP MANAGEMENT REPORT
UNIQA Group
With premiums written, including savings portions from
unit-linked and index-linked life insurance of €6,358.0
million, the UNIQA Group is among the leading insur-
ance groups in Central and Eastern Europe. The savings
portions from unit-linked and index-linked life insurance
in the amount of €324.6 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 consid-
eration, the volume of premiums written amounted to
€6,033.4 million.
UNIQA in Europe
UNIQA offers its products and services via all distribution
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 in-
surance group in Austria, with a presence in 15 countries
of the CEE growth region: Albania, Bosnia and Herze-
govina, Bulgaria, Croatia, the Czech Republic, Hungary,
Kosovo, Montenegro, North Macedonia, Poland, Romania,
Russia, Serbia, Slovakia and Ukraine. In addition, insur-
ance 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 in-
surance in the amount of €3,489.5 million in 2021 (2020:
€3,010.3 million), i.e. 54.9 per cent (2020: 54.1 per cent) of
the 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 different risks
of a great many customers and the relatively short terms
of these contracts lead to only moderate capital require-
ments 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. Group-
wide, premiums written totalled €1,226.5 million in 2021
(2020: €1,167.6 million), i.e. 19.3 per cent (2020: 21.0 per
cent) of the total premium volume. UNIQA is the undis-
puted market leader in this strategically important busi-
ness line in Austria, with around 46 per cent of market
share. The overwhelming majority comes from Austria
with around 91 per cent of premiums, with the remaining
9 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 policy terms of
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 reached a premium volume (including
savings portions from unit-linked and index-linked life
insurance) of €1,642.0 million Group-wide in 2021 (2020:
€1,387.5 million), i.e. 25.8 per cent (2020: 24.9 per cent) of
the total premium volume.
42
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 – comprised
31 Austrian (2020: 33) and 58 international (2020: 66)
subsidiaries as well as five Austrian (2020: 5) and eight in-
ternational (2020: 6) controlled pension and investment
funds. The associates relate to four Austrian (2020: 4) and
one international company (2020: 1) that were included
in the consolidated financial statements using the equity
method of 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.
Risk reporting
UNIQA’s comprehensive risk report is included in the
notes to the 2021 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 Com-
mercial Code, UNIQA Insurance Group AG prepares its
consolidated non-financial statement as a separate sum-
marised non-financial report. The separate summarised
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.
43
Group Management Report
GROUP MANAGEMENT REPORT
Changes in premiums
UNIQA’s total premium volume increased in 2021 – taking
into account the savings portions from unit-linked and
index-linked life insurance in the amount of €324.6 million
(2020: €304.1 million) – by 14.2 per cent to €6,358.0 mil-
lion (2020: €5,565.3 million). The main driver of this was
the full effect of the initial consolidation of the former AXA
CEE companies, which took place in the fourth quarter
of2020.
Premiums written including savings
portions from unit-linked and
index-linked life insurance
In € million
2017 20192018 2020 2021
6,358
5,3095,293
5,373
5,565
In the area of insurance policies
with recurring premium payments,
there was an encouraging increase
of 13.4per cent to €6,207.8 million
(2020: €5,472.2 million). In the sin-
gle premium business, the premium
volume also increased to €150.2mil-
lion (2020: €93.2 million).
Premiums written in property and
casualty insurance increased by
15.9per cent to €3,489.5 million in
2021 (2020: €3,010.3 million). In health insurance, premi-
ums written rose by 5.0 per cent to €1,226.5 million in the
reporting period (2020: €1,167.6 million). In life insurance,
the premiums written including savings portions from the
unit-linked and index-linked life insurance increased by
18.3 per cent to €1,642.0 million (2020: €1,387.5 million).
The Group’s premiums earned including savings portions
from unit-linked and index-linked life insurance (after re-
insurance) amounting to €324.6 million (2020:€304.1mil-
lion) rose by 12.9 per cent to €6,022.2million (2020:
€5,333.7 million). The volume of premiums earned (net,
in accordance with IFRSs) increased by 13.3 per cent to
€5,697.6 million (2020: €5,029.5 million).
UNIQA Group
In € million 2021 2020 2019
Premiums written, including savings portions
from unit-linked and index-linked life insurance 6,358.0 5,565.3 5,372.6
Cost ratio (net after reinsurance)
27.4% 29.4% 27.2%
Combined ratio (net after reinsurance)
93.7% 97.8% 96.4%
Earnings before taxes
382.3 57.1 232.0
Consolidated profit/(loss) (proportion of the net profit
for the period attributable to the shareholders of UNIQA
Insurance Group AG) 314.7 19.4 171.0
Group business development
Premiums written (including savings portions from unit-linked and index-linked life insurance) rose
by 14.2 per cent to €6,358.0 million
Combined ratio improved from 97.8 per cent to 93.7 per cent
Finance costs rose to €134.8 million due to one-off effects from bond buybacks in the fourth quarter of 2021
Earnings before taxes at €382.3 million in 2021 due to the very strong performance
Proposed dividend of €0.55 per share for 2021
44
Property and casualty insurance
In € million 2021 2020 2019
Premiums written
3,489.5 3,010.3 2,846.8
Insurance benefits (net)
– 1,965.1 – 1,775.1 – 1,719.5
Loss ratio (after reinsurance)
61.3% 63.2% 64.2%
Operating expenses (net)
– 1,037.8 – 970.7 – 861.2
Cost ratio (net after reinsurance)
32.4% 34.6% 32.2%
Combined ratio (net after reinsurance)
93.7% 97.8% 96.4%
Net investment income
135.2 29.5 122.1
Earnings before taxes
107.3 – 67.9 61.4
Technical provisions (net)
3,891.2 3,732.1 3,061.3
Change in insurance benefits
Insurance benefits before reinsurance (see note 8 in
the consolidated financial statements) increased by
14.3percent to €4,365.5 million in the 2021 financial year
(2020: €3,819.8 million). Consolidated insurance benefits
(net) rose less than the volume of premiums earned in
the past year by 11.1 per cent to €4,104.2 million (2020:
€3,694.6 million).
Insurance benefits (net)
In € million
3,547
3,666
3,634
3,695
4,104
2017 20192018 2020 2021
Despite a significant burden from natural catastrophe
and major losses due to favourable basic loss development,
the loss ratio after reinsurance in property and casualty
insurance decreased to 61.3 per cent in 2021 (2020:
63.2percent). At around €94 million, the claim load from
natural catastrophes was far above the average of recent
years. In particular, there were decreasing claims expenses
in the area of motor vehicle insurance due to lower mobil-
ity levels in 2021 in connection with Covid-19. The com-
bined ratio after reinsurance therefore improved strongly
to 93.7per cent due to the lower cost ratio at Group level
(2020: 97.8 per cent).
Combined ratio after reinsurance
In per cent
2017 20192018 2020 2021
Loss ratio Cost ratio
97.5
96.4
96.8
97.8
93.7
61.3
63.2
64.2
65.4
65.9
31.6
32.2
31.4
34.6
32.4
Operating expenses
Total consolidated operating expenses (see note 9 in the
consolidated financial statements), less reinsurance com-
missions received and the share of profit from reinsurance
ceded, rose by 5.2 per cent to €1,648.5 million in the 2021
financial year (2020: €1,566.4 million). The expenses for
the acquisition of insurance less reinsurance commissions
received and the share of profit from reinsurance ceded
amounting to €23.6 million (2020: €18.5 million) increased
less than the volume of premiums earned by 10.1 per cent
to €1,029.2 million (2020: €934.9 million). Other operat-
ing expenses decreased by 1.9 per cent to €619.4 million
(2020:€631.5 million). This includes expenses amounting
to around €60 million (2020: around €62 million) as part
of the innovation and investment programme.
A one-off restructuring provision of around €100 million
was included in the 2020 financial year affecting costs.
However, the full costs of the former AXA CEE companies
amounting to more than €100 million are included in 2021
due to the full-year consolidation. The decrease in operat-
ing expenses is therefore due in part
to the initial successes from the cost
programme.
The cost ratio after reinsurance, i.e.
the ratio of total operating expens-
es less the amounts received from
reinsurance 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 27.4 per cent
during the past year as a result of
45
Group Management Report
GROUP MANAGEMENT REPORT
the developments mentioned above (2020:29.4 per cent).
The cost ratio before reinsurance fell to 26.4 per cent
(2020:28.6percent).
Investments
The UNIQA Group’s investment portfolio (including
investment property, financial assets accounted for using
the equity method and other investments) decreased by
2.4percent to €21,785.0 million in the 2021 financial year
(31 December 2020: €22,319.2 million).
Net investment income increased by 28.2 per cent to
€648.0 million (2020: €505.4 million). This was mainly
due to realisations from equity funds, fixed-income secu-
rities and, to a lesser extent, gains from the sale of prop-
erties. Currency effects amounting to €8.8 million had a
negative impact on net investment income. In addition, the
equity method accounting of the 15.3 per cent holding in
STRABAG SE in 2021 resulted in a positive contribution to
earnings of €70.5 million (2020: €56.0 million). A detailed
description of net investment income can be found in the
consolidated financial statements (see note 4 in the consol-
idated financial statements).
Other income and other expenses
Other income rose by 38.7 per cent in 2021 to €300.4mil-
lion (2020: €216.5 million). Other expenses grew less
strongly in the reporting year by 8.7 per cent to €250.6mil-
lion (2020: €230.5 million).
Results
The UNIQA Group’s technical
result increased by 167.2percent
to €209.2million in 2021 due to
the improved cost development
and the favourable claim load
(2020: €78.3million). Operating
profit increased by 137.4per cent to
€588.0million (2020: €247.6mil-
lion).
Accordingly, UNIQA’s earnings before
taxes increased almost sevenfold to €382.3 million (2020:
€57.1 million). Profit/(loss) for the year also increased in
the reporting year to €317.9 million (2020: €24.3 million).
Income tax expense increased to €64.4 million in 2021 due
to the good result (2020: €32.8 million).
Earnings before taxes
In € million
2017 20192018 2020 2021
265
232
295
57
382
The consolidated profit/(loss) (share of the profit/(loss)
for the period attributable to the shareholders of UNIQA
Insurance Group AG) amounted to €314.7 million (2020:
€19.4million). Earnings per share rose as a result to €1.03
(2020: €0.06).
Health insurance
In € million 2021 2020 2019
Premiums written
1,226.5 1,167.6 1,130.8
Insurance benefits (net)
– 997.7 – 963.1 – 969.3
Operating expenses (net)
– 206.6 – 225.0 – 187.8
Cost ratio (net after reinsurance)
17.0% 19.3% 16.7%
Net investment income
163.1 104.5 109.0
Earnings before taxes
173.0 79.5 85.8
Technical provisions (net)
3,812.8 3,622.8 3,433.9
46
Earnings per share
In €
0.56
0.56
0.79
0.06
1.03
2017 20192018 2020 2021
The return on equity (after taxes and non-controlling
interests) rose to 9.3 per cent in the reporting year (2020:
0.6percent).
Operating return on equity
In per cent
2017 20192018 2020 2021
5.1
5.4
7.9
9.3
0.6
On this basis, the Management Board will propose to the
Supervisory Board and the Annual General Meeting the
distribution of a dividend of 55 cents per share (2020:
18cents per share).
1)
Proposal to the Annual General Meeting
Dividend per share
In €
0.55
1)
2017 20192018 2020 2021
0.53
0.51
0.18 0.18
Own funds and total assets
The equity attributable to the shareholders of UNIQA
Insurance Group AG fell in the past financial year by
€146.5million to €3,303.6 million (31 December 2020:
€3,450.1 million). The reason for this was the fall in the
measurement of financial instruments available forsale
through the increase in the general interest rate level.
Non-controlling interests amounted to €19.7 million
(31December 2020: €24.8 million). The Group’s total
assets came to €31,547.8 million as at 31 December 2021
(31December 2020: €31,908.0 million).
Cash flow
UNIQA’s net cash flow from operating activities amounted
to €726.1 million in 2021 (2020: €167.9 million). Cash flow
from investment activities amounted to € –653.2 million
(2020: €–714.7million). Net cash flows from financing ac-
tivities amounted to €–127.9 million (2020: €712.8 million).
Overall, cash and cash equivalents decreased slightly by
€48.1 million in the 2021 financial year to €592.6 million
(2020: €640.7 million).
47
Group Management Report
GROUP MANAGEMENT REPORT
Employees
UNIQA’s average number of employees (full-time equiva-
lents, FTEs) increased to 14,849 FTEs in 2021 due to the
inclusion of the AXA CEE companies (2020: 13,408). This
includes 4,005 FTEs (2020: 4,138) as field sales employees.
The number of employees in administration amounted to
10,844 FTEs (2020: 9,271).
In the Central Europe (CE) region – Poland, Slovakia, the
Czech Republic and Hungary – the Group employed an av-
erage of 4,887 FTEs in 2021 (2020: 3,231), while 2,286 FTEs
(2020: 2,285) were employed in the Southeastern Europe
(SEE) region – Albania, Bosnia and Herzegovina, Bulgaria,
Kosovo, Croatia, Montenegro, North Macedonia and Ser-
bia– and 1,599 FTEs (2020: 1,622) in the Eastern Europe
(EE) region of Romania and Ukraine. There were 110 FTEs
working in Russia (RU) (2020: 103). The average number
of FTEs in the Western European markets in 2021 was 42
(2020: 42). A total of 5,925 FTEs were employed in Austria
(2020: 6,125). Including the employees of the general agen-
cies working exclusively for UNIQA, the total number of
people working for the Group amounts to around 22,400.
In 2021, 51 per cent (2020: 60 per cent) of the staff work-
ing in administrative positions at UNIQA in Austria were
women. In sales, the ratio was 80 per cent men to 20 per
cent women (2020: 80 per cent men to 20 per cent women).
17.3per cent (2020: 24.6 per cent) of employees were work-
ing part-time. The average age in the past year was 44 years
(2020: 44.5 years).
In Austria almost all employees have
a share in the company’s success
through some form of variable
participation programme. There is
a bonus system in place for manag-
ers and selected key employees on
the one hand and a profit-sharing
scheme for eligible employees on the
other. In 2021, around 13 per cent
of employees participated in the
bonus programme for managers and
selected key employees, a variable
remuneration system that is linked
to both the success of the company
and personal performance (2020: no
bonus in place). Around 73 per cent
of employees will participate in the
profit-sharing scheme for 2021 (2020: no employee partic-
ipation). The amount of the profit-sharing budget depends
on the achievement of a profit target, and distributions will
only take place after the company’s success has been deter-
mined in the following year.
In addition, UNIQA offers young people in training the
opportunity to get to know foreign cultures and make
international contacts. Currently 88 apprentices are being
trained.
Life insurance
In € million 2021 2020 2019
Premiums written, including savings portions
from unit-linked and index-linked life insurance 1,642.0 1,387.5 1,394.9
Insurance benefits (net)
– 1,141.4 – 956.4 – 977.3
Operating expenses (net)
– 404.1 – 370.7 – 358.1
Cost ratio (net after reinsurance)
25.2% 27.2% 26.1%
Net investment income
349.6 371.3 354.1
Earnings before taxes
102.0 45.5 84.8
Technical provisions (net)
15,907.0 16,442.0 15,588.7
of which technical provisions from unit-linked
and index-linked life insurance (net) 5,028.5 5,115.4 4,646.0
48
Operating segments
UNIQA Austria
Premiums written (including savings portions from unit-linked and index-linked life insurance) rose to €3,916.6 million
Cost ratio reduced to 20.0 per cent through consistent cost programme
Combined ratio improved from 98.7 per cent to 91.7 per cent
Earnings before taxes of €339.2 million
Changes in premiums
At UNIQA Austria, premiums written including savings
portions from unit-linked and index-linked life insurance
increased by 2.1 per cent to €3,916.6 million in 2021 (2020:
€3,837.5 million). Recurring premiums rose by 1.5percent
to €3,864.1 million (2020: €3,807.7 million). The single
premium business increased to €52.5 million (2020:
€29.8million).
Including savings portions from unit-linked and index-
linked life insurance, the volume of premiums earned
at UNIQA Austria amounted to €3,113.3 million (2020:
€3,076.7 million). The volume of premiums earned (net,
in accordance with IFRSs) rose in 2021 by 1.1 per cent to
€2,900.1 million (2020: €2,869.7 million).
While premiums written in property and casualty in-
surance rose by 3.4 per cent to €1,857.6 million (2020:
€1,796.1million), they rose in health insurance by
2.8percent to €1,120.5 million (2020: €1,089.6 million). In
life insurance (including savings portions from the unit-
linked and index-linked life insurance) they fell slightly by
1.4percent to €938.5 million (2020: €951.8 million).
UNIQA Austria
In € million 2021 2020 2019
Premiums written, including savings portions
from unit-linked and index-linked life insurance 3,916.6 3,837.5 3,800.8
Cost ratio (net after reinsurance)
20.0% 23.4% 20.8%
Combined ratio (net after reinsurance)
91.7% 98.7% 93.9%
Earnings before taxes
339.2 – 119.1 159.6
Property and casualty insurance
In € million 2021 2020 2019
Premiums written
1,857.6 1,796.1 1,760.7
Insurance benefits (net)
– 684.8 – 698.6 – 688.3
Loss ratio (after reinsurance)
63.0% 65.5% 65.6%
Operating expenses (net)
– 311.9 – 353.7 – 297.4
Cost ratio (net after reinsurance)
28.7% 33.2% 28.3%
Combined ratio (net after reinsurance)
91.7% 98.7% 93.9%
Net investment income
132.9 – 196.1 33.7
Earnings before taxes
191.3 – 197.3 83.1
Technical provisions (net)
1,189.6 1,171.6 1,099.3
49
Group Management Report
GROUP MANAGEMENT REPORT
Premiums written including
savings portions from unit-linked
and index-linked life insurance –
UNIQA Austria
In € million
3,657
3,801
3,734
3,838
3,917
2017 20192018 2020 2021
In property and casualty insurance, premiums earned (net,
according to IFRSs) rose by 1.9 per cent to €1,086.7mil-
lion (2020: €1,066.1 million) and in health insurance by
2.6percent to €1,111.1 million (2020: €1,082.7 million).
However, in life insurance they fell by 2.6 per cent to
€702.3million (2020: €720.9 million). Including savings
portions from unit-linked and index-linked life insurance,
the volume of premiums earned in life insurance amounted
to €915.5 million (2020: €927.9 million).
Change in insurance benefits
Net insurance benefits at UNIQA Austria increased
by 2.5per cent to €2,442.3 million in 2021 (2020:
€2,383.7million). They even fell by 2.0 per cent in prop-
erty and casualty insurance to €684.8 million, despite the
growth in premiums earned (2020: €698.6 million). As a
result, the loss ratio in property and casualty insurance
improved to 63.0percent in 2021 (2020: 65.5 per cent). The
combined ratio after reinsurance in the UNIQA Austria
segment decreased significantly to 91.7 per cent, due to the
improved cost ratio (2020: 98.7per cent). Net insurance
benefits in health insurance in-
creased by 3.4percent to €947.7mil-
lion (2020: €916.9 million). In life
insurance, they rose by 5.4 per cent
to €809.8million (2020: €768.2mil-
lion).
Operating expenses
Operating expenses less reinsurance commissions re-
ceived and the share of profit from reinsurance ceded
of €201.7million (2020: €194.3 million) decreased by
13.5percent to €622.2 million in the 2021 financial year
(2020: €719.3 million). In the previous year, operating
expenses were higher due to extraordinary restructuring
expenses. They fell 11.8per cent in property and casualty
insurance to €311.9million (2020: €353.7 million). In
health insurance, they also decreased by 14.6 per cent to
€151.1 million (2020: €176.9 million). They also decreased
in life insurance by 15.6 per cent to €159.3 million (2020:
€188.8 million).
The cost ratio of UNIQA Austria after reinsurance, i.e.
the ratio of total operating expenses, less reinsurance
commission and share of profit from reinsurance ceded,
to premiums earned, including savings portions from unit-
linked and index-linked life insurance, thus decreased to
20.0percent during the past year (2020: 23.4 per cent).
Net investment income
Net investment income in the UNIQA Austria segment
rose by 252.8per cent to €567.3million in 2021 (2020:
€160.8million).
Health insurance
In € million 2021 2020 2019
Premiums written
1,120.5 1,089.6 1,056.3
Insurance benefits (net)
– 947.7 – 916.9 – 927.8
Operating expenses (net)
– 151.1 – 176.9 – 153.3
Cost ratio (net after reinsurance)
13.6% 16.3% 14.6%
Net investment income
112.0 95.1 101.2
Earnings before taxes
124.7 84.6 70.9
Technical provisions (net)
3,753.4 3,573.2 3,386.2
50
Earnings before taxes
Primarily as a result of the decrease in costs and the good
claims development as well as the increase in net invest-
ment income, UNIQA Austria’s earnings before taxes rose
in the reporting year to €339.2 million (2020: €–119.1mil-
lion). In property and casualty insurance, they improved to
€191.3 million (2020: €–197.3million). In health insurance,
they increased by 47.4 per cent to €124.7 million (2020:
€84.6 million). In life insurance, earnings before taxes
grew to €23.3 million (2020: €–6.3million).
263
160
232
– 119
339
Earnings before taxes
UNIQA Austria
In € million
2017 20192018 2021
2020
Life insurance
In € million 2021 2020 2019
Premiums written, including savings portions
from unit-linked and index-linked life insurance 938.5 951.8 983.9
Insurance benefits (net)
– 809.8 – 768.2 – 810.3
Operating expenses (net)
– 159.3 – 188.8 – 185.1
Cost ratio (net after reinsurance)
17.4% 20.3% 19.3%
Net investment income
322.5 261.9 289.1
Earnings before taxes
23.3 – 6.3 5.5
Technical provisions (net)
13,181.5 13,817.0 13,940.2
51
Group Management Report
GROUP MANAGEMENT REPORT
UNIQA International
Premiums written (including savings portions from unit-linked and index-linked life insurance)
rose to €2,423.3 million
Combined ratio further improved to an excellent 92.9 per cent
The technical result rose to €100.1 million
Earnings before taxes at €133.7 million due to improvement in technical result
UNIQA International
In € million 2021 2020 2019
Premiums written, including savings portions
from unit-linked and index-linked life insurance 2,423.3 1,705.4 1,561.2
Cost ratio (net after reinsurance)
35.5% 38.8% 38.3%
Combined ratio (net after reinsurance)
92.9% 93.3% 95.0%
Earnings before taxes
133.7 – 27.0 16.0
Changes in premiums
Premiums written, including savings portions from unit-
linked and index-linked life insurance, increased in the
UNIQA International segment in 2021 by 42.1 per cent
to €2,423.3 million as a result of the acquisition of the
former AXA companies in Poland, the Czech Republic
and Slovakia (2020: €1,705.4 million). While recurring
premiums increased by 41.6 per cent to €2,325.6million
(2020: €1.642.1million), single premium income rose by
54.1 per cent to €97.7 million (2020: €63.4million). The
international companies thereby contributed a total of
38.1percent in 2021 (2020: 30.6 per cent) to the total
Group premiums.
Including savings portions from unit-linked and index-
linked life insurance, UNIQA International’s volume of
premiums earned amounted to €1,671.3 million (2020:
€1,200.5 million). The volume of premiums earned (net, in
accordance with IFRSs) increased in 2021 by 41.4 per cent
to €1,559.9 million (2020: €1,103.4 million).
While premiums written in property and casualty in-
surance grew by 35.7 per cent to €1,618.7 million (2020:
€1,192.6 million), they rose in health insurance by
36.0percent to €106.0 million (2020: €77.9 million).
In lifeinsurance, premiums written (including savings
portions from unit-linked and index-linked life insurance)
rose by 60.6percent to €698.6 million (2020: €434.9 mil-
lion).
Premiums written including
savings portions from unit-linked
and index-linked life insurance –
UNIQA International
In € million
1,609
1,5611,565
1,705
2,423
2017
2019
2018 2020 2021
In property and casualty insurance, premiums earned (net,
according to IFRSs) rose by 28.4 per cent to €902.4million
(2020: €702.5 million), in health insurance they grew by
25.5 per cent to €93.4 million (2020: €74.4 million). In life
insurance, they increased by 72.8 per cent to €564.1mil-
lion (2020: €326.4 million). Including savings portions
from unit-linked and index-linked life insurance, the
volume of premiums earned in life insurance amounted to
€675.5million (2020: €423.5 million).
52
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 2021 financial year by
57.9per cent to €1,805.1 million due to the inclusion of
the former AXA-CEE companies (2020: €1,143.5 million).
In Eastern Europe (EE) – consisting of Romania and
Ukraine– they rose by 9.7 per cent to €211.8 million (2020:
€193.1 million). In Southeastern Europe (SEE) – compris-
ing Albania, Bosnia and Herzegovina, Bulgaria, Croatia,
Kosovo, Montenegro, North Macedonia and Serbia – pre-
miums written including savings portions from unit-linked
and index-linked life insurance grew by 11.8 per cent to
€323.7 million in 2021 (2020: €289.5 million). In Russia
(RU), they rose by 3.3 per cent to €73.7 million (2020:
€71.4million). In Western Europe (WE), they amounted to
€8.9 million (2020: €8.0 million).
Change in insurance benefits
Net insurance benefits at UNIQA International increased in
2021 by 43.9 per cent to €875.0 million (2020:€608.1mil-
lion). They rose 31.0per cent in property and casualty in-
surance to €505.8million (2020: €386.2million). In health
insurance, they grew 18.3 per cent to reach €49.9million
(2020: €42.2 million). In life insurance, they also increased
by 77.6 per cent to €319.3 million
(2020: €179.8 million). As a result, the
loss ratio in property and casualty in-
surance rose slightly to 56.1 per cent
in 2021 (2020: 55.0 per cent), the com-
bined ratio after reinsurance of the
UNIQA International segment nev-
ertheless improved to 92.9percent
(2020: 93.3per cent).
In the Central Europe (CE) region,
insurance benefits rose by 63.2 per
cent to €607.8 million in 2021 (2020:
€372.5 million), in the Eastern
Europe (EE) region they increased
by 16.2 per cent to €74.0million
(2020: €63.7 million). In Southeast-
ern Europe (SEE), they increased
by 13.0 per cent to €130.7million
(2020:€115.6 million). At €61.7mil-
lion in Russia, benefits were
12.4percent above the previous
year’s level (2020: €54.9 million). In
Western Europe, they decreased to
€0.8 million (2020: €1.3 million).
Operating expenses
Operating expenses less reinsurance commissions re-
ceived and the share of profit from reinsurance ceded
of €185.7million (2020: €129.2 million) increased by
27.1percent to €592.7 million in the 2021 financial
year (2020: €466.4 million). They rose by 23.3 per cent
in property and casualty insurance to €332.2 million
(2020: €269.4million), in health insurance they grew by
32.0percent to €36.1 million (2020: €27.4 million). In life
insurance, they increased by 32.3 per cent to €224.4 mil-
lion (2020: €169.6million).
The cost ratio of UNIQA International after reinsurance,
i.e. the ratio of total operating expenses, less reinsurance
commission and share of profit from reinsurance ceded,
to premiums earned, including savings portions from
unit-linked and index-linked life insurance, amounted to
35.5per cent during the past year (2020: 38.8 per cent).
In Central Europe, operating expenses less reinsurance
commissions received and the share of profit from reinsur-
ance ceded rose by 48.6 per cent to €381.7 million in the re-
porting period (2020: €256.9 million). In Eastern Europe,
Property and casualty insurance
In € million 2021 2020 2019
Premiums written
1,618.7 1,192.6 1,076.9
Insurance benefits (net)
– 505.8 – 386.2 – 347.6
Loss ratio (after reinsurance)
56.1% 55.0% 56.6%
Operating expenses (net)
– 332.2 – 269.4 – 235.7
Cost ratio (net after reinsurance)
36.8% 38.3% 38.4%
Combined ratio (net after reinsurance)
92.9% 93.3% 95.0%
Net investment income
34.8 34.2 25.3
Earnings before taxes
36.2 – 37.2 – 30.5
Technical provisions (net)
1,220.3 1,275.9 678.6
Health insurance
In € million 2021 2020 2019
Premiums written
106.0 77.9 74.6
Insurance benefits (net)
– 49.9 – 42.2 – 38.8
Operating expenses (net)
– 36.1 – 27.4 – 21.3
Cost ratio (net after reinsurance)
38.7% 36.8% 31.8%
Net investment income
0.2 0.0 0.4
Earnings before taxes
7.0 4.5 7.1
Technical provisions (net)
56.4 46.0 44.8
53
Group Management Report
GROUP MANAGEMENT REPORT
they increased slightly by 1.8 per cent to €70.6million
(2020:€69.3 million). In Southeastern Europe they grew
by 2.9 per cent to €104.4 million (2020: €101.5 million).
In Russia, costs fell by 9.1 per cent to €12.2 million (2020:
€13.4 million), while in Western Europe they amounted
to €1.8 million (2020: €1.4 million). In administration
(UNIQA International AG), costs fell by 7.5 per cent to
€22.1 million (2020: €23.8 million).
Net investment income
Net investment income in the segment dropped by
32.1percent to €72.0 million in 2021 (2020: €106.1 million).
Life insurance
In € million 2021 2020 2019
Premiums written, including savings portions
from unit-linked and index-linked life insurance 698.6 434.9 409.8
Insurance benefits (net)
– 319.3 – 179.8 – 155.1
Operating expenses (net)
– 224.4 – 169.6 – 157.9
Cost ratio (net after reinsurance)
33.2% 40.0% 39.3%
Net investment income
37.0 71.8 35.9
Earnings before taxes
90.5 5.7 39.4
Technical provisions (net)
2,756.5 2,651.6 1,654.4
Earnings before taxes
Earnings before taxes in the
UNIQAInternational segment rose
to €133.7 million in the reporting
year due to the improvement in the
technical result (2020: €–27.0mil-
lion). In property and casualty
insurance, earnings before taxes
therefore increased to €36.2mil-
lion (2020: €–37.2 million), in
health insurance they increased by
55.9percent to €7.0 million (2020:
€4.5 million). Finally, in life insur-
ance, earnings before taxes grew to€90.5 million (2020:
€5.7 million).
Earnings before taxes
UNIQA International
In € million
43
16
55
– 27
134
2017 20192018
2020
2021
54
Group functions
Group functions
In € million 2021 2020 2019
Operating expenses (net)
– 67.9 – 80.0 – 48.5
Net investment income
606.8 96.2 356.3
Earnings before taxes
377.9 – 48.5 255.0
In the Group functions segment, operating expenses
dropped by 15.1 per cent to €67.9 million (2020: €80.0mil-
lion).
Reinsurance
Reinsurance
In € million 2021 2020 2019
Premiums written
1,469.5 1,162.7 1,129.2
Insurance benefits (net)
– 788.0 – 700.6 – 700.4
Operating expenses (net)
– 359.8 – 311.0 – 303.7
Cost ratio (net after reinsurance)
29.3% 29.4% 29.5%
Earnings before taxes
95.6 58.3 33.5
Technical provisions (net)
1,564.6 1,373.6 1,406.4
In the reinsurance segment, the volume of premiums writ-
ten rose in 2021 by 26.4 per cent to €1,469.5 million (2020:
€1,162.7 million).
Premiums written including
savings portions from unit-linked
and index-linked life insurance –
reinsurance
In € million
1,092
1,129
1,098
1,163
1,470
2017 20192018 2020 2021
The volume of premiums earned (net, in accordance with
IFRSs) increased by 16.4 per cent to €1,229.2 million (2020:
€1,056.1 million).
Net insurance benefits rose by 12.5 per cent to €788.0 mil-
lion in 2021 (2020: €700.6 million).
Operating expenses less reinsurance commissions re-
ceived and the share of profit from reinsurance ceded of
€10.4million (2020: €12.2 million) rose by 15.7 per cent to
€359.8million (2020: €311.0 million).
Net investment income increased to €33.7 million in 2021
(2020: €6.9 million).
Earnings before taxes in the reinsurance segment increased
by 64.0 per cent to €95.6 million (2020: €58.3 million).
Net investment income increased to €606.8 million (2020:
€96.2 million).
Earnings before taxes increased to €377.9 million in the
2021 financial year (2020: €–48.5million).
55
Group Management Report
GROUP MANAGEMENT REPORT
Net investment income in the consolidation segment in
2021 amounted to €–631.9 million (2020: €135.4 million).
Earnings before taxes were €–564.1 million (2020:
€193.4million).
Significant events after the reporting date
The conflict between Ukraine and Russia, which has been
going on for several years, escalated at the end of February
2022. UNIQA is represented in Ukraine by two insurance
companies and three real estate companies. In Russia,
UNIQA holds 75 percent of a life insurance company (the
remaining 25 percent is held by JSC Raiffeisenbank). Due
to the inability as yet to assess this constantly changing
situation, it is not possible to make a conclusive assessment
of the future effects on UNIQA at the time of preparing
the consolidated financial statements. This is a value-
impacting event occurring in 2022 after the reporting date
so there will be no impact on these consolidated financial
statements as at 31 December 2021.
In 2021, the premiums written in Ukraine amounted to
around €110 million and in Russia to around €75 million–
a total therefore of around 3 per cent of UNIQA’s total
premiums written. The assets attributable to the insurance
companies in Ukraine amount to around €140 million as at
31 December 2021, around €90 million of which are invest-
ments. The real estate companies in Ukraine had assets of
around €20 million at the end of 2021. In Russia, the assets
attributable to the share held by UNIQA amount to around
€250 million, with around €230 million of this attributable
to investments.
Should there be a loss of control over the companies from a
consolidation perspective without any consideration being
received, there would be a negative effect on the consoli-
dated income statement of the companies in Ukraine of
around €95 million as at the end of 2021. The effect on the
UNIQA share of the company in Russia would amount to
around €43 million as at the end of 2021.
In addition, other Group companies hold investments
issued by Ukrainian and Russian issuers. The carrying
amount of these investments was around €200 million as
at 31 December 2021.
Further developments in the situation are being monitored
and appropriate measures will be implemented as neces-
sary to keep the impact on UNIQA to a minimum.
Outlook
Economic outlook
The IMF is currently forecasting economic growth of
3.9per cent for Austria.
However, any forecast regarding the overall economic
development in our markets is currently associated with
greater uncertainty than it has been for a long time. The
consequences of the war in Ukraine, the pandemic situa-
tion, the inflation trend and the associated reaction of the
central banks as well as the further development on the
international capital markets are all very difficult to assess
at the moment.
The ECB is still keeping key interest rates unchanged de-
spite rising inflation. However, the pandemic-related PEPP
bond-buying programme will come to an end in the first
quarter of 2022. According to the ECB, a temporary growth
in inflation is expected, which will return to normal in
2022. Whether this assessment is justified will become
clear in the further course of the year.
Consolidation
Consolidation
In € million 2021 2020 2019
Net investment income
– 631.9 135.4 – 286.2
Earnings before taxes
– 564.1 193.4 – 232.1
56
Business outlook
In contrast to the overall economic environment, we con-
tinue to assess the situation in our core technical business
as solid. Our insurance business has shown great resilience
in the pandemic. Our customers did not waive their insur-
ance coverage despite the economic challenges, meaning
that the rate of cancellations remained very moderate for
the given conditions. This also makes us optimistic about
the premium volume for 2022.
However, due to the conflict in Ukraine triggered by the
Russian attack and the related sanctions, we cannot make
any meaningful forecast on the business performance in
these two countries at present. At Group level, however,
this represents less than 3 percent of premiums written.
The claims expense directly related to Covid-19 has already
been fully recognised in 2020 and therefore has no signifi-
cant impact on the 2022 financial year.
We continued the largest restructuring in our company’s
history in the past financial year and the programme is al-
ready showing evidence of initial successes. However, strict
cost discipline and further optimisations remain essential
for 2022 in order to stabilise administrative costs despite
high investment needs.
In summary, we do not see any significant distortions in
our core technical business despite an environment that is
very difficult to assess. This means that we expect stable or
slightly increasing premiums in 2022 and assume a com-
bined ratio at around the same level as in 2021.
However, we are currently unable to provide a solid as-
sessment of capital market developments and therefore
cannot make a stable forecast regarding our net investment
income.
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, Col-
legialität Versicherungsverein Privatstiftung and RZB
Versicherungsbeteiligung GmbH. Reciprocal purchase
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 30 June
2024 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
57
Group Management Report
GROUP MANAGEMENT REPORT
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 2021. 1,215,089
treasury shares are held through UNIQA Österreich
Versicherungen AG. This share portfolio resulted from
the merger in 2016 of BL Syndikat Beteiligungs Ge-
sellschaft m.b.H. as the transferring company, with
UNIQA Insurance Group AG as acquiring company (pay-
ment of portfolio 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. 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 func-
tional systems cannot guarantee 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
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 insur-
ance-specific IT system is also used for the company’s
purposes. Compliance guidelines and manuals for compa-
ny organisation, 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.
58
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.
Proposed appropriation of profit
The separate financial statements of UNIQA Insurance
Group AG, prepared in accordance with the Austrian
Commercial Code (UGB) and the Insurance Supervision
Act (VAG), show a net profit of €171,031,286.15 for the 2021
financial year (2020: €55,722,592.34). The Management
Board will propose to the Annual General Meeting on
23May 2022 that this net profit be used for a dividend of
55 cents for each of the 309,000,000 dividend-entitled
no-par-value shares issued as at the reporting date and the
remaining amount carried forward to a new account.
Vienna, 9 March 2022
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
59
Group Management Report
GROUP MANAGEMENT REPORT
60
Consolidated Statement of Financial Position
at 31 December 2021
Assets
In € thousand
Notes
31/12/2021
31/12/2020
Property, plant and equipment 12
365,493
364,739
Deferred acquisition costs and value of business in force 10
1,462,087
1,451,149
Intangible assets 11
712,287
647,619
Investments
Investment property 1
1,241,860
1,219,213
Financial assets accounted for using the equity method 2
656,393
677,921
Other investments 3
19,886,724
20,422,107
Unit-linked and index-linked life insurance investments 3
5,154,053
5,218,124
Reinsurers’ share of technical provisions 5
591,671
514,268
Reinsurers’ share of technical provisions for unit-linked and index-linked life insurance 6
0
131
Receivables, including insurance receivables 13
714,823
684,249
Income tax receivables 15
84,900
59,130
Deferred tax assets 16
84,909
8,594
Cash 14
592,583
640,713
Total assets
31,547,783
31,907,957
Equity and liabilities
In € thousand
Notes
31/12/2021
31/12/2020
Equity
Portion attributable to shareholders of UNIQA Insurance Group AG
Subscribed capital and capital reserves 21
1,789,923
1,789,923
Treasury shares 22
–16,614
–16,614
Accumulated results
1,530,299
1,676,762
3,303,609
3,450,072
Non-controlling interests 24
19,678
24,760
3,323,286
3,474,832
Liabilities
Subordinated liabilities 25
1,057,559
1,069,920
Technical provisions 5
19,174,105
19,195,742
Technical provisions for unit-linked and index-linked life insurance 6
5,028,507
5,115,506
Financial liabilities 26
723,317
693,566
Other provisions 17, 19
726,270
847,235
Liabilities and other items classified as liabilities 27
1,017,197
994,221
Income tax liabilities 15
115,393
93,051
Deferred tax liabilities 16
382,149
423,884
28,224,497
28,433,125
Total equity and liabilities
31,547,783
31,907,957
Consolidated Financial Statements
60
Consolidated Statement of Financial Position
at 31 December 2021
Assets
In € thousand
Notes
31/12/2021
31/12/2020
Property, plant and equipment 12
365,493
364,739
Deferred acquisition costs and value of business in force 10
1,462,087
1,451,149
Intangible assets 11
712,287
647,619
Investments
Investment property 1
1,241,860
1,219,213
Financial assets accounted for using the equity method 2
656,393
677,921
Other investments 3
19,886,724
20,422,107
Unit-linked and index-linked life insurance investments 3
5,154,053
5,218,124
Reinsurers’ share of technical provisions 5
591,671
514,268
Reinsurers’ share of technical provisions for unit-linked and index-linked life insurance 6
0
131
Receivables, including insurance receivables 13
714,823
684,249
Income tax receivables 15
84,900
59,130
Deferred tax assets 16
84,909
8,594
Cash 14
592,583
640,713
Total assets
31,547,783
31,907,957
Equity and liabilities
In € thousand
Notes
31/12/2021
31/12/2020
Equity
Portion attributable to shareholders of UNIQA Insurance Group AG
Subscribed capital and capital reserves 21
1,789,923
1,789,923
Treasury shares 22
–16,614
–16,614
Accumulated results
1,530,299
1,676,762
3,303,609
3,450,072
Non-controlling interests 24
19,678
24,760
3,323,286
3,474,832
Liabilities
Subordinated liabilities 25
1,057,559
1,069,920
Technical provisions 5
19,174,105
19,195,742
Technical provisions for unit-linked and index-linked life insurance 6
5,028,507
5,115,506
Financial liabilities 26
723,317
693,566
Other provisions 17, 19
726,270
847,235
Liabilities and other items classified as liabilities 27
1,017,197
994,221
Income tax liabilities 15
115,393
93,051
Deferred tax liabilities 16
382,149
423,884
28,224,497
28,433,125
Total equity and liabilities
31,547,783
31,907,957
Consolidated Financial Statements
61
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Consolidated Income Statement
from 1 January until 31 December 2021
In € thousand
Notes
1–12/2021
1–12/2020
Premiums earned (net) 7
Gross
5,997,224
5,231,531
Reinsurers’ share
–299,652
–201,992
5,697,572
5,029,539
Technical interest income
318,949
322,125
Other insurance income
Gross
27,973
41,302
Reinsurers’ share
308
368
28,281
41,669
Insurance benefits 8
Gross
–4,365,526
–3,819,752
Reinsurers’ share
261,323
125,174
–4,104,204
–3,694,579
Operating expenses 9
Expenses for the acquisition of insurance
–1,052,751
–953,377
Other operating expenses
–619,362
–631,546
Reinsurance commission and share of profit from reinsurance ceded
23,586
18,524
–1,648,527
–1,566,399
Other technical expenses
Gross
–79,555
–49,830
Reinsurers’ share
–3,319
–4,232
–82,874
–54,061
Technical result
209,197
78,295
Net investment income 4
Income from investments
835,058
773,686
Expenses from investments
–268,193
–333,965
Financial assets accounted for using the equity method
81,087
65,689
647,951
505,409
Other income 28
300,381
216,548
Reclassification of technical interest income
–318,949
–322,125
Other expenses 29
–250,619
–230,497
Non-technical result
378,765
169,335
Operating profit/(loss)
587,962
247,631
Amortisation of VBI and impairment of goodwill 10, 11
–70,911
–125,817
Finance cost
–134,762
–64,758
Earnings before taxes
382,289
57,056
Income taxes 15
–64,385
–32,775
Profit/(loss) for the period
317,904
24,281
of which attributable to shareholders of UNIQA Insurance Group AG
314,696
19,405
of which attributable to non-controlling interests
3,207
4,876
Earnings per share (in €)
1)
1.03
0.06
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).
Consolidated Financial
Statements
62
Consolidated Statement of Comprehensive Income
from 1 January until 31 December 2021
In € thousand
1–12/2021
1–12/2020
Profit/(loss) for the period 317,904
24,281
Items not reclassified to profit or loss in subsequent periods
Remeasurement of defined benefit obligations
Gains (losses) recognised in equity 64,906
–35,708
Gains (losses) recognised in equity – deferred tax –16,225
8,913
Other income from financial assets accounted for using the equity method
Gains (losses) recognised in equity –1,566
–5,188
47,115
–31,983
Items reclassified to profit or loss in subsequent periods
Currency translation
Gains (losses) recognised in equity 33,957
–48,135
Recognised in the consolidated income statement –7,100
0
Measurement of financial instruments available for sale
Gains (losses) recognised in equity –1,018,659
632,111
Gains (losses) recognised in equity – deferred tax 95,149
–68,467
Gains (losses) recognised in equity – deferred profit participation 506,472
–339,329
Recognised in the consolidated income statement –142,878
–68,659
Recognised in the consolidated income statement – deferred tax 8,601
9,498
Recognised in the consolidated income statement – deferred profit participation 72,821
36,260
Other income from financial assets accounted for using the equity method
Gains (losses) recognised in equity 8,836
–10,004
–442,801
143,275
Other comprehensive income –395,686
111,292
Total comprehensive income –77,783
135,573
of which attributable to shareholders of UNIQA Insurance Group AG –76,808
134,805
of which attributable to non-controlling interests –975
768
62
Consolidated Statement of Comprehensive Income
from 1 January until 31 December 2021
In € thousand
1–12/2021
1–12/2020
Profit/(loss) for the period 317,904
24,281
Items not reclassified to profit or loss in subsequent periods
Remeasurement of defined benefit obligations
Gains (losses) recognised in equity 64,906
–35,708
Gains (losses) recognised in equity – deferred tax –16,225
8,913
Other income from financial assets accounted for using the equity method
Gains (losses) recognised in equity –1,566
–5,188
47,115
–31,983
Items reclassified to profit or loss in subsequent periods
Currency translation
Gains (losses) recognised in equity 33,957
–48,135
Recognised in the consolidated income statement –7,100
0
Measurement of financial instruments available for sale
Gains (losses) recognised in equity –1,018,659
632,111
Gains (losses) recognised in equity – deferred tax 95,149
–68,467
Gains (losses) recognised in equity – deferred profit participation 506,472
–339,329
Recognised in the consolidated income statement –142,878
–68,659
Recognised in the consolidated income statement – deferred tax 8,601
9,498
Recognised in the consolidated income statement – deferred profit participation 72,821
36,260
Other income from financial assets accounted for using the equity method
Gains (losses) recognised in equity 8,836
–10,004
–442,801
143,275
Other comprehensive income –395,686
111,292
Total comprehensive income –77,783
135,573
of which attributable to shareholders of UNIQA Insurance Group AG –76,808
134,805
of which attributable to non-controlling interests –975
768
63
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Consolidated Statement of Cash Flows
from 1 January until 31 December 2021
In € thousand
Notes
1–12/2021
1–12/2020
Profit/(loss) for the period
317,904
24,281
Amortisation of VBI, impairment of goodwill and other intangible assets, and depreciation of property,
plant and equipment
148,193
191,812
Impairment losses/reversal of impairment losses on other investments
56,902
132,409
Gain/loss on the disposal of investments
–36,925
–40,089
Change in deferred acquisition costs
–63,111
7,592
Change in securities at fair value through profit or loss
–30,576
45,408
Change in direct insurance receivables
8,127
8,542
Change in other receivables
–59,309
–6,437
Change in direct insurance liabilities
–18,788
–56,653
Change in other liabilities
65,952
22,250
Change in technical provisions
393,384
–208,442
Change in defined benefit obligations
–36,657
208
Change in deferred tax assets and deferred tax liabilities
–34,583
–5,936
Change in other statement of financial position items
15,570
52,963
Net cash flow from operating activities
726,084
167,908
Proceeds from disposal of intangible assets and property, plant and equipment
25,352
13,712
Payments for acquisition of intangible assets and property, plant and equipment
–173,070
–122,625
Proceeds from disposal of consolidated companies
1,440
587
Net payments for acquisition of consolidated companies
–38,917
–967,128
Proceeds from disposal and maturity of other investments
3,334,346
3,466,661
Payments for acquisition of other investments
–3,866,428
–3,447,712
Change in unit-linked and index-linked life insurance investments
64,070
341,815
Net cash flow from investing activities
–653,207
–714,690
Dividend payments 21
–58,578
–56,658
Transactions between owners
–11,818
–577
Proceeds from other financing activities
370,323
792,871
Payments from other financing activities 26
–427,860
–22,815
Net cash flow from financing activities
–127,933
712,821
Change in cash and cash equivalents
–55,057
166,039
of which due to acquisitions of consolidated subsidiaries
1,259
31,202
Change in cash and cash equivalents due to movements in exchange rates
6,927
–4,948
Cash and cash equivalents at beginning of year 14
640,713
479,621
Cash and cash equivalents at end of period 14
592,583
640,713
Income taxes paid (Net cash flow from operating activities)
–102,334
–33,371
Interest paid (Net cash flow from operating activities)
–151,136
–65,202
Interest received (Net cash flow from operating activities)
375,223
386,059
Dividends received (Net cash flow from operating activities)
147,558
43,544
Consolidated Financial
Statements
64
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 1 January 2020
1,789,923
–16,614
633,372
–314,860
Change in basis of consolidation
Dividends to shareholders
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
At 1 January 2021
1,789,923
–16,614
833,405
–341,707
Change in basis of consolidation
Dividends to shareholders 21
Total comprehensive income
–473,385
48,526
Profit/(loss) for the period
Other comprehensive income
–473,385
48,526
At 31 December 2021
1,789,923
–16,614
360,020
–293,180
64
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 1 January 2020
1,789,923
–16,614
633,372
–314,860
Change in basis of consolidation
Dividends to shareholders
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
At 1 January 2021
1,789,923
–16,614
833,405
–341,707
Change in basis of consolidation
Dividends to shareholders 21
Total comprehensive income
–473,385
48,526
Profit/(loss) for the period
Other comprehensive income
–473,385
48,526
At 31 December 2021
1,789,923
–16,614
360,020
–293,180
65
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
results
Differences from
currency translation
Other accumulated
results
Portion attributable to
shareholders of UNIQA
Insurance Group AG
Non-controlling
interests
Total
equity
–170,286
1,446,185
3,367,720
19,399
3,387,119
2,801
2,801
5,998
8,799
–55,254
–55,254
–1,405
–56,658
–42,596
4,214
134,805
768
135,573
19,405
19,405
4,875
24,281
–42,596
–15,192
115,399
–4,107
111,292
–212,882
1,397,946
3,450,072
24,760
3,474,832
–212,882
1,397,946
3,450,072
24,760
3,474,832
–14,402
–14,402
–784
–15,185
–55,254
–55,254
–3,324
–58,578
26,085
321,966
–76,808
–975
–77,783
314,696
314,696
3,207
317,904
26,085
7,270
–391,504
–4,182
–395,686
–186,797
1,650,257
3,303,609
19,678
3,323,286
Consolidated Financial
Statements
66
66
67
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Notes to the Consolidated Financial Statements
GENERAL INFORMATION
UNIQA Insurance Group AG (UNIQA) is a company domi-
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
casualty, as well as health and life insurance.
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
differences may occur through the use of automated calcu-
lation 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 Fi-
nancial 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 decisions, esti-
mates and assumptions that relate to the application of
accounting policies and the amounts stated for the assets,
liabilities, income and expenses. Actual results may differ
from these estimates. Estimates and their underlying as-
sumptions 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
following notes:
Note 1: Investment property (assumptions used in deter-
mining fair values)
Note 2: Financial assets accounted for using the equity
method (assumptions and models used in STRABAG SE’s
earnings estimates)
Note 3: Other investments and unit-linked and index-
linked life insurance investments (determination of fair
values)
Note 5 and Note 44: Technical provisions (assumptions
and models used in calculating actuarial provisions)
Note 11: 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)
Consolidated Financial
Statements
68
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 Amortised cost
Intangible assets
- with determinable useful life Amortised cost
- with indeterminable useful life At lower of acquisition cost or recoverable amount
Investments
Investment property Amortised cost
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 Amortised cost
Assets in disposal groups held for sale Lower of carrying amount and fair value less cost to sell
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
68
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 Amortised cost
Intangible assets
- with determinable useful life Amortised cost
- with indeterminable useful life At lower of acquisition cost or recoverable amount
Investments
Investment property Amortised cost
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 Amortised cost
Assets in disposal groups held for sale Lower of carrying amount and fair value less cost to sell
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
69
CONSOLIDATED FINANCIAL STATEMENTS
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
methods. The earnings before taxes for the segments were
determined taking the following components into consid-
eration: summation of the IFRS profits in the individual
companies, taking the elimination of net investment in-
come in the various segments and impairment of goodwill
into consideration. All other consolidation effects (prof-
it/(loss) for the period at associates, elimination of inter-
im results, and other overall effects) are included in “Con-
solidation”. 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 international service companies
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 Austri-
an and international service companies.
Consolidated Financial
Statements
70
Operating segments
UNIQA Austria
UNIQA International
Reinsurance
In € thousand
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
Premiums written (gross), including savings portions
from unit-linked and index-linked life insurance 3,916,574
3,837,500
2,423,271
1,705,441
1,469,540
1,162,667
Premiums earned (net), including savings portions
from unit-linked and index-linked life insurance 3,113,292
3,076,677
1,671,286
1,200,485
1,229,245
1,056,076
Savings portions from unit-linked and
index-linked life insurance (gross) 213,210
207,018
111,385
97,104
0
0
Savings portions from unit-linked and
index-linked life insurance (net) 213,210
207,018
111,385
97,104
0
0
Premiums written (gross) 3,703,364
3,630,482
2,311,886
1,608,337
1,469,540
1,162,667
Premiums earned (net) 2,900,082
2,869,659
1,559,901
1,103,382
1,229,245
1,056,076
Premiums earned (net)
–
intragroup
–
766,653
–
727,578
–
565,542
–
369,557
1,323,851
1,096,712
Premiums earned (net)
–
external 3,666,735
3,597,237
2,125,442
1,472,938
–
94,605
–
40,636
T
echnical interest income 289,740
294,250
29,209
27,875
0
0
Other insurance income 5,080
4,977
33,398
26,636
266
7,606
Insurance benefits
–
2,442,288
–
2,383,735
–
874,992
–
608,096
–
787,981
–
700,605
Operating expenses
–
622,244
–
719,347
–
592,734
–
466,354
–
359,815
–
310,966
Other technical expenses
–
20,688
–
13,405
–
54,732
–
42,579
–
16,633
–
14,801
T
echnical result 109,682
52,399
100,050
40,864
65,083
37,311
Net investment income 567,298
160,801
72,030
106,084
33,708
6,899
Income from investments 560,659
486,190
108,249
132,427
44,757
37,579
Expenses from investments
–
91,965
–
338,250
–
36,491
–
26,599
–
11,049
–
30,680
Financial assets accounted for using
the equity method 98,604
12,861
272
256
0
0
Other income 2,921
1,592
146,385
46,161
4,198
18,013
Reclassification of technical interest income
–
289,740
–
294,250
–
29,209
–
27,875
0
0
Other expenses
–
11,144
–
9,527
–
81,462
–
63,793
–
4,462
–
1,031
Non-technical result 269,336
–
141,384
107,745
60,577
33,443
23,881
Operating profit/(loss) 379,017
–
88,985
207,795
101,441
98,526
61,192
Amortisation of VBI and impairment of goodwill
–
1,786
–
1,786
–
69,125
–
123,947
0
0
Finance cost
–
38,016
–
28,287
–
4,995
–
4,530
–
2,901
–
2,901
Earnings before taxes 339,215
–
119,058
133,674
–
27,036
95,625
58,291
Combined ratio (property and casualty insurance,
after reinsurance)
1)
91.7%
98.7%
92.9%
93.3%
93.8%
95.8%
Cost ratio (after reinsurance)
2)
20.0%
23.4%
35.5%
38.8%
29.3%
29.4%
Impairment by segment
UNIQA Austria
UNIQA International
Reinsurance
In € thousand
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
Goodwill
Impairments 0
0
–12,100
–105,752
0
0
Investments
Impairments –1,939
–19,627
0
–1,200
0
0
Reversal of impairment losses 0
51
129
0
0
0
1)
Total of operating expenses and insurance benefits divided by the (net) premiums earned in property and casualty insurance.
2)
Ratio of total operating expenses (net of reinsurance commissions received and share of profit from reinsurance ceded) to consolidated premiums earned (including savings portions of unit-linked and index-linked life
insurance).
70
Operating segments
UNIQA Austria
UNIQA International
Reinsurance
In € thousand
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
Premiums written (gross), including savings portions
from unit-linked and index-linked life insurance 3,916,574
3,837,500
2,423,271
1,705,441
1,469,540
1,162,667
Premiums earned (net), including savings portions
from unit-linked and index-linked life insurance 3,113,292
3,076,677
1,671,286
1,200,485
1,229,245
1,056,076
Savings portions from unit-linked and
index-linked life insurance (gross) 213,210
207,018
111,385
97,104
0
0
Savings portions from unit-linked and
index-linked life insurance (net) 213,210
207,018
111,385
97,104
0
0
Premiums written (gross) 3,703,364
3,630,482
2,311,886
1,608,337
1,469,540
1,162,667
Premiums earned (net) 2,900,082
2,869,659
1,559,901
1,103,382
1,229,245
1,056,076
Premiums earned (net)
–
intragroup
–
766,653
–
727,578
–
565,542
–
369,557
1,323,851
1,096,712
Premiums earned (net)
–
external 3,666,735
3,597,237
2,125,442
1,472,938
–
94,605
–
40,636
T
echnical interest income 289,740
294,250
29,209
27,875
0
0
Other insurance income 5,080
4,977
33,398
26,636
266
7,606
Insurance benefits
–
2,442,288
–
2,383,735
–
874,992
–
608,096
–
787,981
–
700,605
Operating expenses
–
622,244
–
719,347
–
592,734
–
466,354
–
359,815
–
310,966
Other technical expenses
–
20,688
–
13,405
–
54,732
–
42,579
–
16,633
–
14,801
T
echnical result 109,682
52,399
100,050
40,864
65,083
37,311
Net investment income 567,298
160,801
72,030
106,084
33,708
6,899
Income from investments 560,659
486,190
108,249
132,427
44,757
37,579
Expenses from investments
–
91,965
–
338,250
–
36,491
–
26,599
–
11,049
–
30,680
Financial assets accounted for using
the equity method 98,604
12,861
272
256
0
0
Other income 2,921
1,592
146,385
46,161
4,198
18,013
Reclassification of technical interest income
–
289,740
–
294,250
–
29,209
–
27,875
0
0
Other expenses
–
11,144
–
9,527
–
81,462
–
63,793
–
4,462
–
1,031
Non-technical result 269,336
–
141,384
107,745
60,577
33,443
23,881
Operating profit/(loss) 379,017
–
88,985
207,795
101,441
98,526
61,192
Amortisation of VBI and impairment of goodwill
–
1,786
–
1,786
–
69,125
–
123,947
0
0
Finance cost
–
38,016
–
28,287
–
4,995
–
4,530
–
2,901
–
2,901
Earnings before taxes 339,215
–
119,058
133,674
–
27,036
95,625
58,291
Combined ratio (property and casualty insurance,
after reinsurance)
1)
91.7%
98.7%
92.9%
93.3%
93.8%
95.8%
Cost ratio (after reinsurance)
2)
20.0%
23.4%
35.5%
38.8%
29.3%
29.4%
Impairment by segment
UNIQA Austria
UNIQA International
Reinsurance
In € thousand
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
Goodwill
Impairments 0
0
–12,100
–105,752
0
0
Investments
Impairments –1,939
–19,627
0
–1,200
0
0
Reversal of impairment losses 0
51
129
0
0
0
1)
Total of operating expenses and insurance benefits divided by the (net) premiums earned in property and casualty insurance.
2)
Ratio of total operating expenses (net of reinsurance commissions received and share of profit from reinsurance ceded) to consolidated premiums earned (including savings portions of unit-linked and index-linked life
insurance).
71
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Group functions
Consolidation
Group
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
0
0
–1,451,386
–1,140,262
6,358,000
5,565,346
0
0
8,344
423
6,022,167
5,333,662
0
0
0
0
324,595
304,122
0
0
0
0
324,595
304,122
0
0
–
1,451,386
–
1,140,262
6,033,405
5,261,224
0
0
8,344
423
5,697,572
5,029,539
0
0
8,344
423
0
0
0
0
0
0
5,697,572
5,029,539
0
0
0
0
318,949
322,125
373
13,288
–
10,836
–
10,839
28,281
41,669
4,892
2,318
–
3,835
–
4,461
–
4,104,204
–
3,694,579
–
67,932
–
80,049
–
5,802
10,316
–
1,648,527
–
1,566,399
–
7,311
–
163
16,491
16,887
–
82,874
–
54,061
–
69,978
–
64,606
4,361
12,327
209,197
78,295
606,776
96,202
–
631,860
135,424
647,951
505,409
752,040
321,071
–
630,647
–
203,581
835,058
773,686
–
156,274
–
225,227
27,585
286,791
–
268,193
–
333,965
11,009
358
–28,798
52,213
81,087
65,689
188,868
180,237
–
41,991
–
29,455
300,381
216,548
0
0
0
0
–
318,949
–
322,125
–
192,040
–
184,942
38,489
28,796
–
250,619
–
230,497
603,603
91,498
–
635,362
134,764
378,765
169,335
533,625
26,892
–
631,001
147,091
587,962
247,631
0
0
0
–
84
–
70,911
–
125,817
–
155,772
–
75,428
66,923
46,389
–
134,762
–
64,758
377,853
–
48,537
–
564,078
193,396
382,289
57,056
n/a
n/a
n/a
n/a
93.7%
97.8%
n/a
n/a
n/a
n/a
27.4%
29.4%
Group functions
Consolidation
Group
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
0
0
0
0
–12,100
–105,752
–15,845
–49,943
0
0
–17,784
–70,770
0
0
0
0
129
51
Consolidated Financial
Statements
72
Classified by business line
Property and casualty insurance
In € thousand
UNIQA Austria
UNIQA International
Reinsurance
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
Premiums written (gross) 1,857,585
1,796,102
1,618,657
1,192,585
1,425,000
1,125,744
Premiums earned (net) 1,086,677
1,066,070
902,411
702,548
1,206,962
1,039,922
Technical interest income 0
0
0
789
0
0
Other insurance income 3,069
2,923
12,901
7,529
237
7,581
Insurance benefits –684,823
–698,649
–505,832
–386,161
–775,000
–687,026
Operating expenses –311,854
–353,673
–332,185
–269,392
–356,610
–309,509
Other technical expenses –13,377
–7,612
–45,434
–36,442
–13,718
–11,748
Technical result 79,692
9,059
31,861
18,871
61,871
39,220
Net investment income 132,858
–196,135
34,829
34,234
28,904
1,651
Income from investments 162,308
84,348
49,471
48,615
39,953
32,331
Expenses from investments –31,007
–280,686
–14,915
–14,637
–11,049
–30,680
Financial assets accounted for using
the equity method
1,556
203
272
256
0
0
Other income 2,237
1,355
17,058
18,302
4,019
18,011
Reclassification of technical interest income 0
0
0
–789
0
0
Other expenses –10,284
–8,344
–19,572
–15,503
–4,259
–929
Non-technical result 124,812
–203,124
32,314
36,245
28,665
18,733
Operating profit/(loss) 204,504
–194,065
64,175
55,116
90,536
57,953
Amortisation of VBI and impairment of goodwill 0
0
–23,365
–87,947
0
0
Finance cost –13,218
–3,220
–4,606
–4,374
–2,901
–2,901
Earnings before taxes 191,286
–197,285
36,204
–37,205
87,635
55,052
Health insurance
In € thousand
UNIQA Austria
UNIQA International
Reinsurance
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
Premiums written (gross) 1,120,480
1,089,620
105,978
77,936
8,729
6,795
Premiums earned (net) 1,111,095
1,082,685
93,402
74,409
8,460
6,420
Technical interest income 91,100
88,746
2
2
0
0
Other insurance income 1,726
1,455
218
143
0
0
Insurance benefits –947,665
–916,935
–49,879
–42,177
–4,919
–6,056
Operating expenses –151,080
–176,857
–36,119
–27,362
–197
–249
Other technical expenses –1,433
–227
–616
–433
0
0
Technical result 103,743
78,867
7,007
4,581
3,344
115
Net investment income 111,968
95,073
163
30
0
0
Income from investments 102,578
120,805
223
254
0
0
Expenses from investments –31,745
–31,097
–61
–224
0
0
Financial assets accounted for using
the equity method 41,134
5,365
0
0
0
0
Other income 551
127
3,691
3,278
52
0
Reclassification of technical interest income –91,100
–88,746
–2
–2
0
0
Other expenses –696
–749
–3,715
–3,415
–159
–14
Non-technical result 20,722
5,705
138
–110
–107
–14
Operating profit/(loss) 124,466
84,573
7,145
4,471
3,237
102
Amortisation of VBI and impairment of goodwill 0
0
–172
0
0
0
Finance cost 190
0
–4
0
0
0
Earnings before taxes 124,656
84,573
6,969
4,471
3,237
102
72
Classified by business line
Property and casualty insurance
In € thousand
UNIQA Austria
UNIQA International
Reinsurance
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
Premiums written (gross) 1,857,585
1,796,102
1,618,657
1,192,585
1,425,000
1,125,744
Premiums earned (net) 1,086,677
1,066,070
902,411
702,548
1,206,962
1,039,922
Technical interest income 0
0
0
789
0
0
Other insurance income 3,069
2,923
12,901
7,529
237
7,581
Insurance benefits –684,823
–698,649
–505,832
–386,161
–775,000
–687,026
Operating expenses –311,854
–353,673
–332,185
–269,392
–356,610
–309,509
Other technical expenses –13,377
–7,612
–45,434
–36,442
–13,718
–11,748
Technical result 79,692
9,059
31,861
18,871
61,871
39,220
Net investment income 132,858
–196,135
34,829
34,234
28,904
1,651
Income from investments 162,308
84,348
49,471
48,615
39,953
32,331
Expenses from investments –31,007
–280,686
–14,915
–14,637
–11,049
–30,680
Financial assets accounted for using
the equity method
1,556
203
272
256
0
0
Other income 2,237
1,355
17,058
18,302
4,019
18,011
Reclassification of technical interest income 0
0
0
–789
0
0
Other expenses –10,284
–8,344
–19,572
–15,503
–4,259
–929
Non-technical result 124,812
–203,124
32,314
36,245
28,665
18,733
Operating profit/(loss) 204,504
–194,065
64,175
55,116
90,536
57,953
Amortisation of VBI and impairment of goodwill 0
0
–23,365
–87,947
0
0
Finance cost –13,218
–3,220
–4,606
–4,374
–2,901
–2,901
Earnings before taxes 191,286
–197,285
36,204
–37,205
87,635
55,052
Health insurance
In € thousand
UNIQA Austria
UNIQA International
Reinsurance
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
Premiums written (gross) 1,120,480
1,089,620
105,978
77,936
8,729
6,795
Premiums earned (net) 1,111,095
1,082,685
93,402
74,409
8,460
6,420
Technical interest income 91,100
88,746
2
2
0
0
Other insurance income 1,726
1,455
218
143
0
0
Insurance benefits –947,665
–916,935
–49,879
–42,177
–4,919
–6,056
Operating expenses –151,080
–176,857
–36,119
–27,362
–197
–249
Other technical expenses –1,433
–227
–616
–433
0
0
Technical result 103,743
78,867
7,007
4,581
3,344
115
Net investment income 111,968
95,073
163
30
0
0
Income from investments 102,578
120,805
223
254
0
0
Expenses from investments –31,745
–31,097
–61
–224
0
0
Financial assets accounted for using
the equity method 41,134
5,365
0
0
0
0
Other income 551
127
3,691
3,278
52
0
Reclassification of technical interest income –91,100
–88,746
–2
–2
0
0
Other expenses –696
–749
–3,715
–3,415
–159
–14
Non-technical result 20,722
5,705
138
–110
–107
–14
Operating profit/(loss) 124,466
84,573
7,145
4,471
3,237
102
Amortisation of VBI and impairment of goodwill 0
0
–172
0
0
0
Finance cost 190
0
–4
0
0
0
Earnings before taxes 124,656
84,573
6,969
4,471
3,237
102
73
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Group functions
Consolidation
Group
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
0
0
–1,411,709
–1,104,104
3,489,533
3,010,327
0
0
7,814
414
3,203,865
2,808,954
0
0
0
0
0
789
308
13,253
–5,404
–2,450
11,111
28,836
0
153
532
–3,436
–1,965,123
–1,775,119
–31,873
–42,022
–5,240
3,872
–1,037,763
–970,724
–7,204
–868
11,579
11,618
–68,153
–45,053
–38,769
–29,485
9,282
10,017
143,937
47,683
467,151
40,683
–528,547
149,113
135,195
29,547
561,625
182,732
–545,387
–127,167
267,971
220,859
–96,031
–141,175
8,523
265,340
–144,478
–201,837
1,557
–874
8,318
10,940
11,703
10,525
6,568
8,537
382
481
30,264
46,685
0
0
0
0
0
–789
–10,138
–11,066
99
–2,676
–44,153
–38,518
463,581
38,153
–528,065
146,918
121,306
36,925
424,812
8,669
–518,784
156,935
265,243
84,607
0
0
0
–82
–23,365
–88,029
–141,541
–67,437
27,734
13,414
–134,532
–64,519
283,271
–58,769
–491,049
170,266
107,347
–67,941
Group functions
Consolidation
Group
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
0
0
–8,729
–6,796
1,226,458
1,167,554
0
0
305
99
1,213,262
1,163,614
0
0
0
0
91,102
88,747
0
0
0
–1
1,944
1,597
4,892
2,165
–156
–53
–997,727
–963,056
–19,237
–20,486
9
–12
–206,624
–224,966
–66
390
0
0
–2,115
–270
–14,411
–17,931
158
33
99,841
65,666
88,840
28,468
–37,847
–19,029
163,124
104,542
116,721
83,032
–25,769
–42,871
193,754
161,220
–27,881
–54,564
2,258
7,901
–57,429
–77,985
0
0
–14,336
15,941
26,799
21,307
181,145
168,409
–29,538
–27,121
155,902
144,693
0
0
0
0
–91,102
–88,747
–179,839
–169,985
29,655
27,606
–154,754
–146,556
90,147
26,893
–37,730
–18,543
73,170
13,931
75,736
8,962
–37,572
–18,510
173,011
79,597
0
0
0
0
–172
0
–42
–65
1
0
146
–66
75,695
8,896
–37,572
–18,510
172,985
79,531
Consolidated Financial
Statements
74
Life insurance
In € thousand
UNIQA Austria
UNIQA International
Reinsurance
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
Premiums written (gross), including savings portions
from unit-linked and index-linked life insurance 938,508
951,778
698,637
434,921
35,811
30,128
Premiums earned (net), including savings portions
from unit-linked and index-linked life insurance
915,520
927,921
675,472
423,528
13,824
9,734
Savings portions from unit-linked and
index-linked life insurance (gross) 213,210
207,018
111,385
97,104
0
0
Savings portions from unit-linked and
index-linked life insurance (net) 213,210
207,018
111,385
97,104
0
0
Premiums written (gross) 725,299
744,760
587,252
337,817
35,811
30,128
Premiums earned (net) 702,311
720,903
564,087
326,424
13,824
9,734
Technical interest income 198,639
205,504
29,207
27,084
0
0
Other insurance income 285
599
20,280
18,964
29
25
Insurance benefits –809,800
–768,151
–319,281
–179,758
–8,062
–7,523
Operating expenses –159,310
–188,817
–224,430
–169,599
–3,008
–1,208
Other technical expenses –5,879
–5,566
–8,682
–5,704
–2,915
–3,053
Technical result –73,754
–35,527
61,182
17,412
–133
–2,025
Net investment income 322,472
261,862
37,039
71,820
4,804
5,248
Income from investments 295,772
281,036
58,554
83,558
4,804
5,248
Expenses from investments –29,213
–26,467
–21,516
–11,738
0
0
Financial assets accounted for using
the equity method
55,913
7,293
0
0
0
0
Other income 133
111
125,636
24,581
126
2
Reclassification of technical interest income –198,639
–205,504
–29,207
–27,084
0
0
Other expenses –164
–435
–58,175
–44,875
–44
–88
Non-technical result 123,802
56,034
75,293
24,442
4,886
5,162
Operating profit/(loss) 50,048
20,507
136,475
41,854
4,753
3,137
Amortisation of VBI and impairment of goodwill –1,786
–1,786
–45,589
–36,000
0
0
Finance cost –24,988
–25,067
–385
–155
0
0
Earnings before taxes 23,274
–6,346
90,501
5,698
4,753
3,137
74
Life insurance
In € thousand
UNIQA Austria
UNIQA International
Reinsurance
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
Premiums written (gross), including savings portions
from unit-linked and index-linked life insurance 938,508
951,778
698,637
434,921
35,811
30,128
Premiums earned (net), including savings portions
from unit-linked and index-linked life insurance
915,520
927,921
675,472
423,528
13,824
9,734
Savings portions from unit-linked and
index-linked life insurance (gross) 213,210
207,018
111,385
97,104
0
0
Savings portions from unit-linked and
index-linked life insurance (net) 213,210
207,018
111,385
97,104
0
0
Premiums written (gross) 725,299
744,760
587,252
337,817
35,811
30,128
Premiums earned (net) 702,311
720,903
564,087
326,424
13,824
9,734
Technical interest income 198,639
205,504
29,207
27,084
0
0
Other insurance income 285
599
20,280
18,964
29
25
Insurance benefits –809,800
–768,151
–319,281
–179,758
–8,062
–7,523
Operating expenses –159,310
–188,817
–224,430
–169,599
–3,008
–1,208
Other technical expenses –5,879
–5,566
–8,682
–5,704
–2,915
–3,053
Technical result –73,754
–35,527
61,182
17,412
–133
–2,025
Net investment income 322,472
261,862
37,039
71,820
4,804
5,248
Income from investments 295,772
281,036
58,554
83,558
4,804
5,248
Expenses from investments –29,213
–26,467
–21,516
–11,738
0
0
Financial assets accounted for using
the equity method
55,913
7,293
0
0
0
0
Other income 133
111
125,636
24,581
126
2
Reclassification of technical interest income –198,639
–205,504
–29,207
–27,084
0
0
Other expenses –164
–435
–58,175
–44,875
–44
–88
Non-technical result 123,802
56,034
75,293
24,442
4,886
5,162
Operating profit/(loss) 50,048
20,507
136,475
41,854
4,753
3,137
Amortisation of VBI and impairment of goodwill –1,786
–1,786
–45,589
–36,000
0
0
Finance cost –24,988
–25,067
–385
–155
0
0
Earnings before taxes 23,274
–6,346
90,501
5,698
4,753
3,137
75
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Group functions
Consolidation
Group
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
0
0
–30,947
–29,363
1,642,009
1,387,465
0
0
225
–89
1,605,041
1,361,094
0
0
0
0
324,595
304,122
0
0
0
0
324,595
304,122
0
0
–30,947
–29,363
1,317,414
1,083,343
0
0
225
–89
1,280,446
1,056,972
0
0
0
0
227,846
232,589
65
35
–5,432
–8,387
15,227
11,237
0
0
–4,212
–972
–1,141,354
–956,404
–16,822
–17,541
–571
6,457
–404,140
–370,708
–41
315
4,911
5,269
–12,606
–8,739
–16,798
–17,190
–5,078
2,277
–34,581
–35,053
50,784
27,050
–65,467
5,340
349,632
371,321
73,694
55,306
–59,491
–33,542
373,333
391,606
–32,362
–29,489
16,805
13,550
–66,286
–54,143
9,453
1,233
–22,781
25,332
42,585
33,858
1,154
3,292
–12,834
–2,816
114,215
25,171
0
0
0
0
–227,846
–232,589
–2,063
–3,891
8,735
3,866
–51,711
–45,423
49,875
26,452
–69,567
6,390
184,289
118,479
33,077
9,261
–74,645
8,667
149,708
83,426
0
0
0
–1
–47,375
–37,787
–14,190
–7,926
39,188
32,975
–376
–173
18,887
1,336
–35,457
41,640
101,957
45,466
Consolidated Financial
Statements
76
UNIQA International – classified by region
Premiums earned (net)
Net investment income
In € thousand
1–12/2021
1–12/2020
1–12/2021
1–12/2020
Poland 523,996
264,324
13,186
15,551
Slovakia 198,978
89,735
4,864
3,197
Czech Republic 300,437
246,685
5,773
7,754
Hungary 75,562
73,985
4,283
6,023
Central Europe (CE) 1,098,972
674,728
28,107
32,525
Romania 59,567
53,743
4,936
4,901
Ukraine 93,072
84,936
4,876
10,598
Eastern Europe (EE) 152,639
138,679
9,813
15,499
Russia 72,301
70,253
16,379
37,525
Russia (RU) 72,301
70,253
16,379
37,525
Albania 36,372
31,367
328
661
Bosnia and Herzegovina 31,900
27,670
2,457
2,481
Bulgaria 37,318
37,058
1,683
1,065
Kosovo 13,816
11,541
284
271
Croatia 49,940
49,241
7,744
11,696
Montenegro 10,379
10,241
718
684
North Macedonia 17,379
14,360
351
342
Serbia 37,350
37,036
4,063
3,958
Southeastern Europe (SEE) 234,454
218,515
17,628
21,158
Liechtenstein 1,535
1,206
132
64
Switzerland 0
0
–29
–31
Western Europe (WE) 1,535
1,206
103
33
Austria 0
0
0
–655
Administration 0
0
0
–655
UNIQA International 1,559,901
1,103,382
72,030
106,084
Of which:
Earnings before taxes insurance companies
Impairment of goodwill
76
UNIQA International – classified by region
Premiums earned (net)
Net investment income
In € thousand
1–12/2021
1–12/2020
1–12/2021
1–12/2020
Poland 523,996
264,324
13,186
15,551
Slovakia 198,978
89,735
4,864
3,197
Czech Republic 300,437
246,685
5,773
7,754
Hungary 75,562
73,985
4,283
6,023
Central Europe (CE) 1,098,972
674,728
28,107
32,525
Romania 59,567
53,743
4,936
4,901
Ukraine 93,072
84,936
4,876
10,598
Eastern Europe (EE) 152,639
138,679
9,813
15,499
Russia 72,301
70,253
16,379
37,525
Russia (RU) 72,301
70,253
16,379
37,525
Albania 36,372
31,367
328
661
Bosnia and Herzegovina 31,900
27,670
2,457
2,481
Bulgaria 37,318
37,058
1,683
1,065
Kosovo 13,816
11,541
284
271
Croatia 49,940
49,241
7,744
11,696
Montenegro 10,379
10,241
718
684
North Macedonia 17,379
14,360
351
342
Serbia 37,350
37,036
4,063
3,958
Southeastern Europe (SEE) 234,454
218,515
17,628
21,158
Liechtenstein 1,535
1,206
132
64
Switzerland 0
0
–29
–31
Western Europe (WE) 1,535
1,206
103
33
Austria 0
0
0
–655
Administration 0
0
0
–655
UNIQA International 1,559,901
1,103,382
72,030
106,084
Of which:
Earnings before taxes insurance companies
Impairment of goodwill
77
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Insurance benefits
Operating expenses
Earnings before taxes
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
–308,561
–162,139
–191,064
–112,662
20,084
4,184
–106,807
–45,321
–61,566
–41,405
56,181
5,364
–171,824
–144,319
–96,006
–72,298
40,260
33,325
–20,574
–20,733
–33,052
–30,571
5,859
8,632
–607,767
–372,512
–381,689
–256,935
122,384
51,506
–28,572
–29,598
–27,795
–24,954
5,043
–58,218
–45,473
–34,116
–42,780
–44,386
10,519
14,166
–74,046
–63,714
–70,575
–69,339
15,562
–44,052
–61,716
–54,919
–12,179
–13,394
15,651
20,178
–61,716
–54,919
–12,179
–13,394
15,651
20,178
–15,792
–10,971
–17,007
–14,640
3,928
244
–20,012
–16,834
–12,828
–11,345
1,464
1,683
–18,451
–12,387
–17,106
–20,960
–8,375
–14,855
–8,556
–7,152
–4,490
–4,712
1,006
100
–30,965
–34,289
–22,436
–21,007
3,156
1,813
–4,820
–5,060
–4,741
–4,657
1,141
965
–8,736
–6,721
–8,551
–7,304
475
581
–23,336
–22,222
–17,236
–16,841
229
–20,232
–130,667
–115,638
–104,395
–101,467
3,025
–29,701
–796
–1,313
–1,839
–1,385
–914
–789
0
0
0
0
23
310
–796
–1,313
–1,839
–1,385
–891
–479
0
0
–22,057
–23,832
–22,057
–24,488
0
0
–22,057
–23,832
–22,057
–24,488
–874,992
–608,096
–592,734
–466,354
133,674
–27,036
155,709
–2,859
–12,100
–105,752
Consolidated Financial
Statements
78
Consolidated Statement of Financial Position – classified by business line
Property and casualty insurance
Health insurance
In € thousand
31/12/2021
31/12/2020
31/12/2021
31/12/2020
Assets
Property, plant and equipment 176,900
192,969
59,584
36,906
Deferred acquisition costs and value of business in force 301,272
263,103
319,442
291,608
Intangible assets 533,838
420,406
11,700
3,295
Investments
Investment property 183,910
196,515
236,456
235,293
Financial assets accounted for using the equity method 89,678
81,270
218,828
230,391
Other investments 5,533,015
5,682,319
3,876,589
3,874,305
Unit-linked and index-linked life insurance investments 0
0
0
0
Reinsurers’ share of technical provisions 478,912
389,131
3,023
1,141
Reinsurers’ share of technical provisions for unit-linked and index-linked life insurance 0
0
0
0
Receivables, including insurance receivables 413,861
483,558
479,347
311,762
Income tax receivables 68,295
46,406
3,029
1,821
Deferred tax assets 71,933
3,693
43
0
Cash 245,926
266,613
73,731
164,526
Total assets by business line 8,097,539
8,025,983
5,281,773
5,151,047
Liabilities
Subordinated liabilities 1,057,559
1,069,920
0
0
Technical provisions 4,374,791
4,122,722
3,815,927
3,623,875
Technical provisions for unit-linked and index-linked life insurance 0
0
0
0
Financial liabilities 683,169
715,976
29,603
29,461
Other provisions 366,912
395,230
315,120
408,517
Liabilities and other items classified as liabilities 485,909
694,209
333,311
241,173
Income tax liabilities 95,246
63,214
5,124
6,598
Deferred tax liabilities 56,276
61,344
151,890
156,837
Total liabilities by business line 7,119,863
7,122,614
4,650,976
4,466,461
78
Consolidated Statement of Financial Position – classified by business line
Property and casualty insurance
Health insurance
In € thousand
31/12/2021
31/12/2020
31/12/2021
31/12/2020
Assets
Property, plant and equipment 176,900
192,969
59,584
36,906
Deferred acquisition costs and value of business in force 301,272
263,103
319,442
291,608
Intangible assets 533,838
420,406
11,700
3,295
Investments
Investment property 183,910
196,515
236,456
235,293
Financial assets accounted for using the equity method 89,678
81,270
218,828
230,391
Other investments 5,533,015
5,682,319
3,876,589
3,874,305
Unit-linked and index-linked life insurance investments 0
0
0
0
Reinsurers’ share of technical provisions 478,912
389,131
3,023
1,141
Reinsurers’ share of technical provisions for unit-linked and index-linked life insurance 0
0
0
0
Receivables, including insurance receivables 413,861
483,558
479,347
311,762
Income tax receivables 68,295
46,406
3,029
1,821
Deferred tax assets 71,933
3,693
43
0
Cash 245,926
266,613
73,731
164,526
Total assets by business line 8,097,539
8,025,983
5,281,773
5,151,047
Liabilities
Subordinated liabilities 1,057,559
1,069,920
0
0
Technical provisions 4,374,791
4,122,722
3,815,927
3,623,875
Technical provisions for unit-linked and index-linked life insurance 0
0
0
0
Financial liabilities 683,169
715,976
29,603
29,461
Other provisions 366,912
395,230
315,120
408,517
Liabilities and other items classified as liabilities 485,909
694,209
333,311
241,173
Income tax liabilities 95,246
63,214
5,124
6,598
Deferred tax liabilities 56,276
61,344
151,890
156,837
Total liabilities by business line 7,119,863
7,122,614
4,650,976
4,466,461
79
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Life insurance
Consolidation
Group
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
129,009
134,863
0
0
365,493
364,739
841,448
896,464
–75
–25
1,462,087
1,451,149
166,749
223,918
0
0
712,287
647,619
821,493
787,405
0
0
1,241,860
1,219,213
347,886
366,260
0
0
656,393
677,921
10,903,753
11,493,995
–426,632
–628,512
19,886,724
20,422,107
5,154,053
5,218,124
0
0
5,154,053
5,218,124
110,505
124,028
–770
–31
591,671
514,268
0
131
0
0
0
131
68,924
208,767
–247,308
–319,837
714,823
684,249
13,576
10,903
0
0
84,900
59,130
12,933
4,901
0
0
84,909
8,594
272,925
209,574
0
0
592,583
640,713
18,843,255
19,679,332
–674,784
–948,405
31,547,783
31,907,957
419,258
419,258
–419,258
–419,258
1,057,559
1,069,920
10,988,198
11,450,699
–4,812
–1,554
19,174,105
19,195,742
5,028,507
5,115,506
0
0
5,028,507
5,115,506
29,358
91,574
–18,813
–143,444
723,317
693,566
46,379
45,468
–2,141
–1,980
726,270
847,235
427,819
441,129
–229,842
–382,290
1,017,197
994,221
15,023
23,239
0
0
115,393
93,051
173,983
205,703
0
0
382,149
423,884
17,128,525
17,792,575
–674,866
–948,525
28,224,497
28,433,125
Consolidated equity and non-controlling interests
3,323,286
3,474,832
Total equity and liabilities
31,547,783
31,907,957
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.
Consolidated Financial
Statements
80
Financial assets and liabilities
The following table provides an overview of financial assets and financial liabilities.
At 31 December 2021
At 31 December 2020
In € thousand
Carrying
amounts
Fair values
Carrying
amounts
Fair values
Financial assets
Investments
Investment property 1,241,860
2,757,558
1,219,213
2,521,161
Financial assets accounted for using the equity method 656,393
655,252
677,921
518,552
Other investments 19,886,724
19,896,996
20,422,107
20,435,635
Financial assets at fair value through profit or loss 293,880
293,880
241,029
241,029
Available-for-sale financial assets 19,167,965
19,167,965
19,678,925
19,678,925
Loans and receivables 424,879
435,151
502,152
515,680
Unit-linked and index-linked life insurance investments 5,154,053
5,154,053
5,218,124
5,218,124
Receivables, including insurance receivables 714,823
714,823
684,249
684,249
Cash 592,583
592,583
640,713
640,713
Financial liabilities
Subordinated liabilities 1,057,559
1,150,264
1,069,920
1,231,774
Financial liabilities 723,317
723,317
693,566
693,566
Liabilities from bonds and loans 599,490
599,490
610,098
610,098
Derivative financial instruments 21,843
21,843
1,908
1,908
Lease liabilities 101,984
101,984
81,560
81,560
Liabilities and other items classified as liabilities 1,017,197
1,017,197
994,221
994,221
Investments
1
. 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 15 to 80 years and is recognised under the
item “Net investment income”.
The fair value is determined using reports prepared by
independent 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,
location, 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.
80
Financial assets and liabilities
The following table provides an overview of financial assets and financial liabilities.
At 31 December 2021
At 31 December 2020
In € thousand
Carrying
amounts
Fair values
Carrying
amounts
Fair values
Financial assets
Investments
Investment property 1,241,860
2,757,558
1,219,213
2,521,161
Financial assets accounted for using the equity method 656,393
655,252
677,921
518,552
Other investments 19,886,724
19,896,996
20,422,107
20,435,635
Financial assets at fair value through profit or loss 293,880
293,880
241,029
241,029
Available-for-sale financial assets 19,167,965
19,167,965
19,678,925
19,678,925
Loans and receivables 424,879
435,151
502,152
515,680
Unit-linked and index-linked life insurance investments 5,154,053
5,154,053
5,218,124
5,218,124
Receivables, including insurance receivables 714,823
714,823
684,249
684,249
Cash 592,583
592,583
640,713
640,713
Financial liabilities
Subordinated liabilities 1,057,559
1,150,264
1,069,920
1,231,774
Financial liabilities 723,317
723,317
693,566
693,566
Liabilities from bonds and loans 599,490
599,490
610,098
610,098
Derivative financial instruments 21,843
21,843
1,908
1,908
Lease liabilities 101,984
101,984
81,560
81,560
Liabilities and other items classified as liabilities 1,017,197
1,017,197
994,221
994,221
Investments
1.
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 15 to 80 years and is recognised under the
item “Net investment income”.
The fair value is determined using reports prepared by
independent 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,
location, 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.
81
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Acquisition costs
In € thousand
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
At 1 January 2021 1,919,516
Currency translation 785
Change in basis of consolidation 49,612
Additions 10,352
Disposals –14,178
Reclassifications 24,807
At 31 December 2021 1,990,893
Accumulated depreciation and
impairment losses
In € thousand
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
At 1 January 2021 –700,303
Currency translation –1,096
Change in basis of consolidation 3,007
Additions from depreciation –41,208
Additions from impairment –7,206
Disposals 6,525
Reclassifications –8,815
Reversal of impairment 61
At 31 December 2021 –749,034
Carrying amounts
In € thousand
Property and
casualty insurance
Health insurance
Life insurance
Total
At 1 January 2020 214,693
242,077
680,674
1,137,444
At 31 December 2020 196,515
235,293
787,405
1,219,213
At 31 December 2021 183,910
236,456
821,493
1,241,860
Fair values
In € thousand
Property and
casualty insurance
Health insurance
Life insurance
Total
At 31 December 2020 439,767
624,609
1,456,785
2,521,161
At 31 December 2021 444,511
719,560
1,593,486
2,757,558
2. Financial assets accounted for using the equity
m
ethod
Investments in associates are accounted for using the
equity 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
impaired. If this is the case, then the impairment loss is
recorded as the difference between the participation car-
rying amount of the associate and the corresponding re-
coverable amount and recognised separately in prof-
it/(loss) for the period. An impairment loss is reversed in
the event of an advantageous change in the estimates used
to determine the recoverable amount.
Consolidated Financial
Statements
82
Reconciliation of summarised financial information
In € thousand
STRABAG SE
Associated companies not
material on a stand-alone basis
2021
1)
2020
2)
2021
2020
Net assets at 1 January 3,966,748
3,789,440
189,059
162,884
Change in basis of consolidation 0
0
–6,962
0
Dividends –707,940
–92,340
–4,029
–495
Profit/(loss) after taxes 461,217
366,695
27,159
27,562
Other comprehensive income 47,726
–97,046
–62
–892
Net assets at 31 December 3,767,752
3,966,748
205,165
189,059
Shares in associated companies 15.29%
14.26%
Various investment amounts
Carrying amount 575,903
606,320
80,490
71,601
1)
Estimate for 31 Dec. 2021 based on financial information as at 30 July 2021 on STRABAG SE available as at the reporting date
2)
The carrying amounts are calculated based on the shares in circulation. 2021: 15.29%, 2020: 15.29%
As at 31 December 2021, UNIQA held a 15.3 per cent stake
in STRABAG SE (31 December 2020: 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 2021, for the period up until
31 December 2021.
The fair value of the shares is based on the stock market
price at 31 December 2021 and amounts to
€574,762 thousand (2020: €446,950 thousand).
Summarised statement of
comprehensive income
STRABAG SE
1)
In € thousand
1–6/2021
1–6/2020
Revenue 6,535,483
6,321,813
Depreciation –266,095
–255,012
Interest income 12,546
20,572
Interest expenses –15,941
–34,058
Income taxes –45,854
–30,984
Profit/(loss) for the period 90,941
630
Other comprehensive income 29,386
–58,194
Total comprehensive income 120,327
–57,564
1)
STRABAG SE Semi-Annual Report 2021 as published in August 2021
Summarised statement of
financial position
STRABAG SE
1)
In € thousand
30/6/2021
31/12/2020
Cash and cash equivalents 1,875,307
2,856,954
Other current assets 4,672,450
4,124,139
Current assets 6,547,757
6,981,093
Non-current assets 5,127,349
5,153,348
Total assets 11,675,106
12,134,441
Current financial liabilities 433,790
163,896
Other current liabilities 5,532,321
5,479,476
Current liabilities 5,966,111
5,643,372
Non-current financial liabilities 728,924
992,111
Other non-current liabilities 1,463,689
1,390,738
Non-current liabilities 2,192,613
2,382,849
Total liabilities 8,158,724
8,026,221
Net assets 3,516,382
4,108,220
1)
STRABAG SE Semi-Annual Report 2021 as published in August 2021
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 2021.
82
Reconciliation of summarised financial information
In € thousand
STRABAG SE
Associated companies not
material on a stand-alone basis
2021
1)
2020
2)
2021
2020
Net assets at 1 January 3,966,748
3,789,440
189,059
162,884
Change in basis of consolidation 0
0
–6,962
0
Dividends –707,940
–92,340
–4,029
–495
Profit/(loss) after taxes 461,217
366,695
27,159
27,562
Other comprehensive income 47,726
–97,046
–62
–892
Net assets at 31 December 3,767,752
3,966,748
205,165
189,059
Shares in associated companies 15.29%
14.26%
Various investment amounts
Carrying amount 575,903
606,320
80,490
71,601
1)
Estimate for 31 Dec. 2021 based on financial information as at 30 July 2021 on STRABAG SE available as at the reporting date
2)
The carrying amounts are calculated based on the shares in circulation. 2021: 15.29%, 2020: 15.29%
As at 31 December 2021, UNIQA held a 15.3 per cent stake
in STRABAG SE (31 December 2020: 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 2021, for the period up until
31 December 2021.
The fair value of the shares is based on the stock market
price at 31 December 2021 and amounts to
€574,762 thousand (2020: €446,950 thousand).
Summarised statement of
c
omprehensive income
STRABAG SE
1)
In € thousand
1–6/2021
1–6/2020
Revenue 6,535,483
6,321,813
Depreciation –266,095
–255,012
Interest income 12,546
20,572
Interest expenses –15,941
–34,058
Income taxes –45,854
–30,984
Profit/(loss) for the period 90,941
630
Other comprehensive income 29,386
–58,194
Total comprehensive income 120,327
–57,564
1)
STRABAG SE Semi-Annual Report 2021 as published in August 2021
Summarised statement of
f
inancial position
STRABAG SE
1)
In € thousand
30/6/2021
31/12/2020
Cash and cash equivalents 1,875,307
2,856,954
Other current assets 4,672,450
4,124,139
Current assets 6,547,757
6,981,093
Non-current assets 5,127,349
5,153,348
Total assets 11,675,106
12,134,441
Current financial liabilities 433,790
163,896
Other current liabilities 5,532,321
5,479,476
Current liabilities 5,966,111
5,643,372
Non-current financial liabilities 728,924
992,111
Other non-current liabilities 1,463,689
1,390,738
Non-current liabilities 2,192,613
2,382,849
Total liabilities 8,158,724
8,026,221
Net assets 3,516,382
4,108,220
1)
STRABAG SE Semi-Annual Report 2021 as published in August 2021
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 2021.
83
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Summary of information on
associated companies not
material on a stand-alone
basis
In € thousand
1–12/2021
1–12/2020
Group’s share of profit from continuing
operations
10,588
10,827
Group’s share of loss from continuing
operations 0
–36
Group’s share of other comprehensive
income –25
–357
Group’s share of total comprehensive
income
10,563
10,434
3. Other investments and unit-linked and index-linked
l
ife 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, selected debt and
equity instruments as well as derivatives 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. The maximum default risk of these products is
limited to the carrying amount. Furthermore, there are no
hedging relationships or credit derivatives for these finan-
cial assets. The adjustment in fair values of these securi-
ties was not due to adjustments in credit risk.
Derivatives are used within the limits permitted under the
Austrian Insurance Supervisory Act for hedging invest-
ments and for increasing earnings. All fluctuations in val-
ue 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, with the excep-
tion of impairment and foreign exchange differences in
the case of available-for-sale debt securities, are recog-
nised in other comprehensive income. When an asset is
derecognised, the accumulated other comprehensive in-
come is reclassified to profit/(loss) for the period.
Impairment of available-for-sale financial assets is
recognised 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 pe-
riod is the difference between the acquisition cost, net of
any redemptions, 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 occur-
ring 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.
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,
Consolidated Financial
Statements
84
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
significant 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
future cash flows, discounted at the original effective in-
terest rate of the asset. Losses are recognised in prof-
it/(loss) for the period. If there are no realistic chances of
recovering 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
derecognised.
Other investments are broken down into the following
classes and categories of financial instruments:
Other investments
At 31 December 2021
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 52,352
182,475
0
2,792
56,260
293,880
Available-for-sale financial assets 1,331,890
17,836,075
0
0
0
19,167,965
Loans and receivables 0
62,691
362,187
0
0
424,879
Total 1,384,242
18,081,241
362,187
2,792
56,260
19,886,724
of which fair value option 52,352
182,475
0
0
0
234,827
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
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
84
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
significant 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
future cash flows, discounted at the original effective in-
terest rate of the asset. Losses are recognised in prof-
it/(loss) for the period. If there are no realistic chances of
recovering 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
derecognised.
Other investments are broken down into the following
classes and categories of financial instruments:
Other investments
At
31 December 2021
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 52,352
182,475
0
2,792
56,260
293,880
Available-for-sale financial assets 1,331,890
17,836,075
0
0
0
19,167,965
Loans and receivables 0
62,691
362,187
0
0
424,879
Total 1,384,242
18,081,241
362,187
2,792
56,260
19,886,724
of which fair value option 52,352
182,475
0
0
0
234,827
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
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
85
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
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 €72,964 thousand at 31 December 2021
(31 December 2020: €101,797 thousand).
Unit-linked and index-linked life insurance investments
are broken down into the following classes and categories
of financial instruments:
Unit-linked and index-linked life insurance
investments
At 31 December 2021
In € thousand
Variable-income
securities
Fixed-income
securities
Loans and
other
investments
Derivative
financial
instruments
Total
Financial assets at fair value through profit or loss 2,532,889
2,515,441
86,368
19,355
5,154,053
Total 2,532,889
2,515,441
86,368
19,355
5,154,053
Unit-linked and index-linked life insurance
investments
At 31 December 2020
In € thousand
Variable-income
securities
Fixed-income
securities
Loans and
other
investments
Derivative
financial
instruments
Total
Financial assets at fair value through profit or loss 2,076,362
3,024,384
117,378
0
5,218,124
Total 2,076,362
3,024,384
117,378
0
5,218,124
Determination of fair value
A range of accounting policies and disclosures requires the
determination of the fair value of financial and non-
financial assets and liabilities. UNIQA has defined a con-
trol framework with regard to the determination of fair
value. This includes a measurement team, which bears
general responsibility for monitoring all major measure-
ments of fair value, including Level 3 fair values, and re-
ports directly to the respective Member of the Manage-
ment 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
examined in order to see whether such measurements
meet the requirements of IFRSs. The level in the fair value
hierarchy 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 valuation tech-
niques, the fair values are assigned to different levels in
the fair value hierarchy.
Level 1: quoted prices (unadjusted) on 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 in-
directly (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 funds and structured products
that do not fulfil the conditions under Level 2 that are
assigned to Level 3.
Consolidated Financial
Statements
86
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.
UNIQA recognises reclassifications between different
levels 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 where-
by 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.
86
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.
UNIQA recognises reclassifications between different
levels 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 where-
by 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.
87
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
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
Consolidated Financial
Statements
88
Valuation hierarchy of other investments
Assets and liabilities measured at fair value
Level 1
Level 2
Level 3
Total
In € thousand
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
Available-for-sale financial assets
Variable-income securities 1,019,258
770,685
88
2,866
312,544
205,283
1,331,890
978,834
Fixed-income securities 13,172,587
14,048,895
3,131,198
3,535,446
1,532,290
1,115,750
17,836,075
18,700,091
Total 14,191,845
14,819,580
3,131,286
3,538,312
1,844,834
1,321,033
19,167,965
19,678,925
Financial assets at fair value through profit or loss
Variable-income securities 2,828
912
1,770
1,966
47,755
3,564
52,352
6,442
Fixed-income securities 148,953
115,158
12,552
28,239
20,970
19,447
182,475
162,844
Derivative financial instruments 122
65
2,540
9,336
131
8,422
2,792
17,823
Investments under investment contracts 47,816
45,534
3,602
3,543
4,843
4,843
56,260
53,920
Total 199,718
161,669
20,464
43,084
73,698
36,277
293,880
241,029
Level 1
Level 2
Level 3
Total
In € thousand
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
Financial liabilities
Derivative financial instruments 1,830
0
7,964
1,908
12,050
0
21,843
1,908
Total 1,830
0
7,964
1,908
12,050
0
21,843
1,908
Fair values of assets and liabilities measured at amortised cost
Level 1
Level 2
Level 3
Total
In € thousand
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
Investment property 0
0
0
0
2,757,558
2,521,161
2,757,558
2,521,161
Loans and receivables
Loans and other investments 0
0
271,797
278,384
90,390
135,499
362,187
413,883
Fixed-income securities 15,711
16,051
57,253
85,746
0
0
72,964
101,797
Total 15,711
16,051
329,051
364,130
90,390
135,499
435,151
515,680
Level 1
Level 2
Level 3
Total
In € thousand
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
Financial liabilities
Liabilities from bonds, loans and leases 0
0
0
0
701,474
691,657
701,474
691,657
Total 0
0
0
0
701,474
691,657
701,474
691,657
Subordinated liabilities 1,150,264
1,231,774
0
0
0
0
1,150,264
1,231,774
Transfers between Levels 1 and 2
In the reporting period transfers from Level 1 to Level 2
were made in the amount of €285,234 thousand (2020:
€255,520 thousand) and from Level 2 to Level 1 in the
amount of €359,168 thousand (2020: €493,055 thousand).
These are attributable primarily to changes in trading
frequency and trading activity.
88
Valuation hierarchy of other investments
Assets and liabilities measured at fair value
Level 1
Level 2
Level 3
Total
In € thousand
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
Available-for-sale financial assets
Variable-income securities 1,019,258
770,685
88
2,866
312,544
205,283
1,331,890
978,834
Fixed-income securities 13,172,587
14,048,895
3,131,198
3,535,446
1,532,290
1,115,750
17,836,075
18,700,091
Total 14,191,845
14,819,580
3,131,286
3,538,312
1,844,834
1,321,033
19,167,965
19,678,925
Financial assets at fair value through profit or loss
Variable-income securities 2,828
912
1,770
1,966
47,755
3,564
52,352
6,442
Fixed-income securities 148,953
115,158
12,552
28,239
20,970
19,447
182,475
162,844
Derivative financial instruments 122
65
2,540
9,336
131
8,422
2,792
17,823
Investments under investment contracts 47,816
45,534
3,602
3,543
4,843
4,843
56,260
53,920
Total 199,718
161,669
20,464
43,084
73,698
36,277
293,880
241,029
Level 1
Level 2
Level 3
Total
In € thousand
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
Financial liabilities
Derivative financial instruments 1,830
0
7,964
1,908
12,050
0
21,843
1,908
Total 1,830
0
7,964
1,908
12,050
0
21,843
1,908
Fair values of assets and liabilities measured at amortised cost
Level 1
Level 2
Level 3
Total
In € thousand
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
Investment property 0
0
0
0
2,757,558
2,521,161
2,757,558
2,521,161
Loans and receivables
Loans and other investments 0
0
271,797
278,384
90,390
135,499
362,187
413,883
Fixed-income securities 15,711
16,051
57,253
85,746
0
0
72,964
101,797
Total 15,711
16,051
329,051
364,130
90,390
135,499
435,151
515,680
Level 1
Level 2
Level 3
Total
In € thousand
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
Financial liabilities
Liabilities from bonds, loans and leases 0
0
0
0
701,474
691,657
701,474
691,657
Total 0
0
0
0
701,474
691,657
701,474
691,657
Subordinated liabilities 1,150,264
1,231,774
0
0
0
0
1,150,264
1,231,774
Transfers between Levels 1 and 2
In the reporting period transfers from Level 1 to Level 2
were made in the amount of €285,234 thousand (2020:
€255,520 thousand) and from Level 2 to Level 1 in the
amount of €359,168 thousand (2020: €493,055 thousand).
These are attributable primarily to changes in trading
frequency and trading activity.
89
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
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
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
Financial assets at fair value through profit or loss 3,315,599
2,908,360
1,072,624
1,116,739
765,831
1,193,026
5,154,053
5,218,124
Total 3,315,599
2,908,360
1,072,624
1,116,739
765,831
1,193,026
5,154,053
5,218,124
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
Unit-linked and index-linked
life insurance investments
In € thousand
2021
2020
2021
2020
2021
2020
2021
2020
At 1 January 1,115,750
879,787
241,560
229,648
1,357,310
1,109,434
1,193,026
120,801
Transfers from Level 3 to
Level 1
–1,659
0
0
0
–1,659
0
0
0
Transfers from Level 3 to
Level 2 –10,379
–39,342
0
0
–10,379
–39,342
0
0
Transfers to Level 3 18,314
2,610
0
1
18,314
2,611
1,860
604,062
Gains and losses recognised in
profit or loss
–31
–1,854
2,381
–24,777
2,350
–26,631
–11,769
6,710
Gains and losses recognised in
other comprehensive income 16,378
14,275
3,275
1,874
19,653
16,149
0
0
Additions 788,684
258,597
238,737
108,603
1,027,421
367,201
117,992
695
Disposals –395,158
–11,267
–111,595
–88,333
–506,753
–99,600
–531,762
–10,784
Changes from currency
translation 391
–189
–166
–550
226
–739
–3,516
0
Change in basis of
consolidation 0
13,133
0
15,094
0
28,227
0
471,541
At 31 December 1,532,290
1,115,750
374,193
241,560
1,906,483
1,357,310
765,831
1,193,026
Sensitivities
Fixed-income securities
The main unobservable input in the measurement of
fixed-income securities is the specific credit spread. In
order to be able to measure these securities in a discount-
ed cash flow model, the spreads are derived from a selec-
tion of reference securities with comparable characteris-
tics. For the fixed-income securities in Level 3, an increase
in the discount rate by 100 basis points results in a 7.7 per
cent reduction in value (2020: 7.0 per cent). A reduction in
the discount rate by 100 basis points results in an 8.4 per
cent increase in value (2020: 8.3 per cent).
Other
Other securities under Level 3 mainly comprise private
equity funds and other equity investments. Private equity
funds are measured based on the net asset values which
are determined by the fund manager using specific unob-
servable inputs for all underlying portfolio positions. This
is done in accordance with the International Private
Equity and Venture Capital Valuation (IPEV) Guideline.
For other equity investments under Level 3, invested capi-
tal is considered to be an appropriate measure of fair
value. In these cases, a sensitivity analysis is not
applicable.
Consolidated Financial
Statements
90
Carrying amounts for loans and
other investments
In € thousand
31/12/2021
31/12/2020
Loans
Mortgage loans 6,219
7,925
Loans and advance payments on policies 11,173
12,343
Other loans 66,652
110,000
Total 84,044
130,269
Other investments
Bank deposits 271,797
278,384
Deposits retained on assumed reinsurance 6,346
5,230
Total 278,143
283,614
Total sum 362,187
413,883
The carrying amounts of the loans and other investments
mainly 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
31/12/2021
31/12/2020
At 1 January –2,602
–2,713
Use 141
83
Reversal 780
16
Currency translation –4
13
At 31 December –1,685
–2,602
Contractual maturities for
fair values of loans
In € thousand
31/12/2021
31/12/2020
Up to 1 year 14,957
7,141
More than 1 year and up to 5 years 13,763
22,759
More than 5 years up to 10 years 51,309
95,368
More than 10 years 4,015
5,001
Total 84,044
130,269
4. Net investment income
Classified by business line
In € thousand
Property and casualty
insurance
Health insurance
Life insurance
Total
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
Investment property –2,873
–4,806
7,157
7,762
54,400
37,306
58,684
40,263
Financial assets accounted for using the equity method 11,703
10,525
26,799
21,307
42,585
33,858
81,087
65,689
Variable-income securities 24,419
–17,782
98,274
10,067
3,654
5,781
126,346
–1,934
Available for sale –2,796
–17,757
98,009
9,565
3,781
5,897
98,994
–2,295
At fair value through profit or loss 27,215
–25
264
502
–127
–116
27,352
361
Fixed-income securities 147,162
53,207
45,365
70,586
242,656
281,809
435,182
405,602
Available for sale 147,892
48,751
46,500
65,790
242,434
281,747
436,826
396,288
At fair value through profit or loss –730
4,456
–1,135
4,796
222
62
–1,643
9,314
Loans and other investments 4,065
2,283
2,322
1,133
19,048
23,940
25,434
27,356
Loans 645
816
1,567
1,327
3,908
4,808
6,120
6,951
Other investments 3,420
1,467
755
–194
15,139
19,132
19,314
20,405
Derivative financial instruments –23,606
8,910
–8,717
1,851
662
–169
–31,661
10,591
Investment administration expenses, interest paid and
other investment expenses –25,674
–22,790
–8,075
–8,163
–13,373
–11,204
–47,122
–42,158
Total 135,195
29,547
163,124
104,542
349,632
371,321
647,951
505,409
Of which:
Current income/expenses 113,945
108,512
98,338
93,794
308,957
316,712
521,241
519,018
Gains/losses from disposals and changes in value 21,250
–78,965
64,786
10,748
40,674
54,609
126,710
–13,609
Impairments –3,810
–35,121
–4,950
–29,698
–9,025
–5,951
–17,784
–70,770
90
Carrying amounts for loans and
o
ther investments
In € thousand
31/12/2021
31/12/2020
Loans
Mortgage loans 6,219
7,925
Loans and advance payments on policies 11,173
12,343
Other loans 66,652
110,000
Total 84,044
130,269
Other investments
Bank deposits 271,797
278,384
Deposits retained on assumed reinsurance 6,346
5,230
Total 278,143
283,614
Total sum 362,187
413,883
The carrying amounts of the loans and other investments
mainly 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
31/12/2021
31/12/2020
At 1 January –2,602
–2,713
Use 141
83
Reversal 780
16
Currency translation –4
13
At 31 December –1,685
–2,602
Contractual maturities for
f
air values of loans
In € thousand
31/12/2021
31/12/2020
Up to 1 year 14,957
7,141
More than 1 year and up to 5 years 13,763
22,759
More than 5 years up to 10 years 51,309
95,368
More than 10 years 4,015
5,001
Total 84,044
130,269
4. Net investment income
Classified by business line
In € thousand
Property and casualty
insurance
Health insurance
Life insurance
Total
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
Investment property –2,873
–4,806
7,157
7,762
54,400
37,306
58,684
40,263
Financial assets accounted for using the equity method 11,703
10,525
26,799
21,307
42,585
33,858
81,087
65,689
Variable-income securities 24,419
–17,782
98,274
10,067
3,654
5,781
126,346
–1,934
Available for sale –2,796
–17,757
98,009
9,565
3,781
5,897
98,994
–2,295
At fair value through profit or loss 27,215
–25
264
502
–127
–116
27,352
361
Fixed-income securities 147,162
53,207
45,365
70,586
242,656
281,809
435,182
405,602
Available for sale 147,892
48,751
46,500
65,790
242,434
281,747
436,826
396,288
At fair value through profit or loss –730
4,456
–1,135
4,796
222
62
–1,643
9,314
Loans and other investments 4,065
2,283
2,322
1,133
19,048
23,940
25,434
27,356
Loans 645
816
1,567
1,327
3,908
4,808
6,120
6,951
Other investments 3,420
1,467
755
–194
15,139
19,132
19,314
20,405
Derivative financial instruments –23,606
8,910
–8,717
1,851
662
–169
–31,661
10,591
Investment administration expenses, interest paid and
other investment expenses –25,674
–22,790
–8,075
–8,163
–13,373
–11,204
–47,122
–42,158
Total 135,195
29,547
163,124
104,542
349,632
371,321
647,951
505,409
Of which:
Current income/expenses 113,945
108,512
98,338
93,794
308,957
316,712
521,241
519,018
Gains/losses from disposals and changes in value 21,250
–78,965
64,786
10,748
40,674
54,609
126,710
–13,609
Impairments –3,810
–35,121
–4,950
–29,698
–9,025
–5,951
–17,784
–70,770
91
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Classified by type of income
In € thousand
Current
income/expenses
Gains/losses from
disposals and
changes in value
Total
of which
impairment
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
Financial assets at fair value through profit or loss 864
14,378
–6,816
5,889
–5,952
20,266
0
0
Variable-income securities
(within the framework of fair value option) 537
760
26,816
–399
27,352
361
0
0
Fixed-income securities
(within the framework of fair value option)
408
1,095
–2,052
8,219
–1,643
9,314
0
0
Derivative financial instruments –81
12,523
–31,580
–1,931
–31,661
10,591
0
0
Investments under investment contracts
1)
0
0
0
0
0
0
0
0
Available-for-sale financial assets 386,874
375,078
148,946
18,915
535,820
393,993
–10,579
–61,311
Variable-income securities 37,719
29,053
61,275
–31,348
98,994
–2,295
–10,549
–44,439
Fixed-income securities 349,155
346,025
87,671
50,263
436,826
396,288
–30
–16,872
Loans and receivables 24,942
30,157
493
–2,801
25,434
27,356
0
0
Fixed-income securities 2,667
3,724
–2
–26
2,665
3,698
0
0
Loans and other investments 22,275
26,432
495
–2,775
22,770
23,658
0
0
Investment property 74,596
74,723
–15,912
–34,460
58,684
40,263
–7,206
–9,459
Financial assets accounted for using the equity method 81,087
66,840
0
–1,151
81,087
65,689
0
0
Investment administration expenses, interest paid and
other investment expenses –47,122
–42,158
0
0
–47,122
–42,158
0
0
Total 521,241
519,018
126,710
–13,609
647,951
505,409
–17,784
–70,770
1)
Income from investments under investment contracts is not stated due to its transitory character.
Details of net investment income
In € thousand
1–12/2021
1–12/2020
Current income/expenses from investment
property
Rent revenue 99,234
99,575
Operational expenses –24,637
–24,851
Currency gains/losses
Currency gains 68,029
90,345
Currency losses –76,798
–106,091
Profit from currency gains/losses –8,769
–15,746
Positive currency effects from investments amounting to
€10,116 thousand (2020: negative currency effects
amounting to €8,547 thousand) were recognised directly
in equity.
Net profit/(loss) by measurement
category
In € thousand
1–12/2021
1–12/2020
Financial assets at fair value through profit or loss
Recognised in profit/(loss) for the period –5,952
20,266
Available-for-sale financial assets
Recognised in profit/(loss) for the period 535,820
393,993
of which reclassified from equity to consolidated
income statement
–142,878
–68,659
Recognised in other comprehensive income –1,161,536
563,452
Net income –625,716
957,445
Loans and receivables
Recognised in profit/(loss) for the period 25,434
27,356
Financial liabilities measured at amortised cost
Recognised in profit/(loss) for the period –134,762
–64,758
Consolidated Financial
Statements
92
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
entire 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 are
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.
5. Technical provisions
Unearned premiums
For short-term insurance contracts, such as most property
and casualty insurance policies, premiums relating to
future 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
deferred acquisition costs. These unearned premiums are
in principle calculated for each individual policy and ex-
actly 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 indi-
vidual 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
explained in more detail under the actuarial risks in Chap-
ter 44, “Risk profile”. These calculation principles take
into account assumptions related to costs, mortality, inva-
lidity and interest rate changes. Reasonable safety margins
are included here in order to account for the risk of ad-
justments, 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).
92
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
entire 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 are
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.
5. Technical provisions
Unearned premiums
For short-term insurance contracts, such as most property
and casualty insurance policies, premiums relating to
future 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
deferred acquisition costs. These unearned premiums are
in principle calculated for each individual policy and ex-
actly 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 indi-
vidual 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
explained in more detail under the actuarial risks in Chap-
ter 44, “Risk profile”. These calculation principles take
into account assumptions related to costs, mortality, inva-
lidity and interest rate changes. Reasonable safety margins
are included here in order to account for the risk of ad-
justments, 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).
93
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Provisions 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
reported but which has already occurred.
The provision in property and casualty insurance is de-
termined based on a best estimate. Standard actuarial
models are used to calculate the claim reserves with the
parameters for these based on historical data. The as-
sumptions made are reviewed continuously and adjusted
if necessary. Examples of material assumptions include
growth in claims frequency and in average claims expens-
es. Another material assumption is the settlement pat-
terns for the individual lines of business which can be
impacted by various factors. Assumptions regarding the
future progress of claims inflation are only made to the
extent that the future development is extrapolated based
on historical observations. In insurance lines in which
past experience does not allow the application of statisti-
cal methods, calculations are made on the basis of market
data or expert assessments.
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
unsettled claims. Costs of settling the claim that are di-
rectly attributable to the claim event, such as costs of an
expert report, are already included in the calculation for
the provision. Provisions for internal settlement expense
are determined in a separate calculation procedure. The
calculation of the provision for unsettled claims involves
uncertainty on account of the contingency risk in the un-
derlying 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 health and life insurance, policies with a discretionary
participation feature, differences between local measure-
ment 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 meas-
urement 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 essentially contains provisions for contingent
losses for acquired reinsurance portfolios as well as provi-
sions for expected 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 rev-
enue 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
vehicle liability insurance, general liability insurance and
other.
Consolidated Financial
Statements
94
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 2021 912,121
11,528
3,134,012
41,612
741
21,231
4,121,245
Foreign exchange differences 4,374
–135
3,676
–18
40
304
8,241
Portfolio changes 0
–32,667
–1
–32,668
Additions
83
1,677
981
19,611
22,353
Disposals
–229
–6,293
–19,844
–26,366
Premiums written 3,489,533
3,489,533
Premiums earned –3,469,209
–3,469,209
Claims reporting year
2,206,981
2,206,981
Claims payments reporting year
–1,163,699
–1,163,699
Change in claims previous years
–37,812
–37,812
Claims payments previous years
–748,501
–748,501
At 31 December 2021 936,819
11,248
3,361,990
36,979
1,761
21,301
4,370,098
Health insurance
At 1 January 2021 19,098
3,244,673
207,236
16,807
134,848
1,213
3,623,875
Foreign exchange differences 1,068
412
619
–6
1
2,093
Portfolio changes
–65
–65
Additions
192,460
10,266
43,397
1,916
248,039
Disposals
–32,533
–10,551
–21,617
–1,030
–65,731
Premiums written 1,226,458
1,226,458
Premiums earned –1,212,057
–1,212,057
Claims reporting year
758,575
758,575
Claims payments reporting year
–628,905
–628,905
Change in claims previous years
10,677
10,677
Claims payments previous years
–147,150
–147,150
At 31 December 2021 34,567
3,405,012
200,987
16,515
156,628
2,100
3,815,808
Life insurance
At 1 January 2021
9,812,856
243,527
14,982
1,372,760
6,497
11,450,622
Foreign exchange differences
29,430
2,384
44
942
19
32,820
Portfolio changes
613
32,851
–11,039
22,426
Additions
256,552
5,026
82,420
5,205
349,203
Disposals
–285,480
–10,999
–599,759
–5,540
–901,779
Claims reporting year
1,233,828
1,233,828
Claims payments reporting year
–1,032,022
–1,032,022
Change in claims previous years
18,452
18,452
Claims payments previous years
–185,351
–185,351
At 31 December 2021
9,813,972
313,669
9,053
845,324
6,180
10,988,198
Total
At 1 January 2021 931,220
13,069,057
3,584,775
73,401
1,508,349
28,940
19,195,741
Foreign exchange differences 5,442
29,707
6,679
21
982
323
43,154
Portfolio changes 0
613
118
–11,039
–10,308
Additions
449,095
16,969
126,798
26,732
619,594
Disposals
–318,242
–27,843
–621,376
–26,414
–993,876
Premiums written 4,715,991
4,715,991
Premiums earned –4,681,266
–4,681,266
Claims reporting year
4,199,384
4,199,384
Claims payments reporting year
–2,824,626
–2,824,626
Change in claims previous years
–8,682
–8,682
Claims payments previous years
–1,081,002
–1,081,002
At 31 December 2021 971,387
13,230,231
3,876,646
62,547
1,003,713
29,581
19,174,105
94
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 2021 912,121
11,528
3,134,012
41,612
741
21,231
4,121,245
Foreign exchange differences 4,374
–135
3,676
–18
40
304
8,241
Portfolio changes 0
–32,667
–1
–32,668
Additions
83
1,677
981
19,611
22,353
Disposals
–229
–6,293
–19,844
–26,366
Premiums written 3,489,533
3,489,533
Premiums earned –3,469,209
–3,469,209
Claims reporting year
2,206,981
2,206,981
Claims payments reporting year
–1,163,699
–1,163,699
Change in claims previous years
–37,812
–37,812
Claims payments previous years
–748,501
–748,501
At 31 December 2021 936,819
11,248
3,361,990
36,979
1,761
21,301
4,370,098
Health insurance
At 1 January 2021 19,098
3,244,673
207,236
16,807
134,848
1,213
3,623,875
Foreign exchange differences 1,068
412
619
–6
1
2,093
Portfolio changes
–65
–65
Additions
192,460
10,266
43,397
1,916
248,039
Disposals
–32,533
–10,551
–21,617
–1,030
–65,731
Premiums written 1,226,458
1,226,458
Premiums earned –1,212,057
–1,212,057
Claims reporting year
758,575
758,575
Claims payments reporting year
–628,905
–628,905
Change in claims previous years
10,677
10,677
Claims payments previous years
–147,150
–147,150
At 31 December 2021 34,567
3,405,012
200,987
16,515
156,628
2,100
3,815,808
Life insurance
At 1 January 2021
9,812,856
243,527
14,982
1,372,760
6,497
11,450,622
Foreign exchange differences
29,430
2,384
44
942
19
32,820
Portfolio changes
613
32,851
–11,039
22,426
Additions
256,552
5,026
82,420
5,205
349,203
Disposals
–285,480
–10,999
–599,759
–5,540
–901,779
Claims reporting year
1,233,828
1,233,828
Claims payments reporting year
–1,032,022
–1,032,022
Change in claims previous years
18,452
18,452
Claims payments previous years
–185,351
–185,351
At 31 December 2021
9,813,972
313,669
9,053
845,324
6,180
10,988,198
Total
At 1 January 2021 931,220
13,069,057
3,584,775
73,401
1,508,349
28,940
19,195,741
Foreign exchange differences 5,442
29,707
6,679
21
982
323
43,154
Portfolio changes 0
613
118
–11,039
–10,308
Additions
449,095
16,969
126,798
26,732
619,594
Disposals
–318,242
–27,843
–621,376
–26,414
–993,876
Premiums written 4,715,991
4,715,991
Premiums earned –4,681,266
–4,681,266
Claims reporting year
4,199,384
4,199,384
Claims payments reporting year
–2,824,626
–2,824,626
Change in claims previous years
–8,682
–8,682
Claims payments previous years
–1,081,002
–1,081,002
At 31 December 2021 971,387
13,230,231
3,876,646
62,547
1,003,713
29,581
19,174,105
95
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
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 2021 82,259
1,378
302,912
20
2,561
389,131
Foreign exchange differences –591
0
–1,268
0
–13
–1,872
Portfolio changes 0
1,101
1,101
Additions
1,544
1,544
Disposals
–4
–20
–1,681
–1,705
Premiums written 225,376
225,376
Premiums earned –258,781
–258,781
Claims reporting year
182,955
182,955
Claims payments reporting year
–18,063
–18,063
Change in claims previous years
58,091
58,091
Claims payments previous years
–98,866
–98,866
At 31 December 2021 48,263
1,374
426,864
2,411
478,912
Health insurance
At 1 January 2021 370
467
273
1
1,110
Foreign exchange differences 12
16
0
28
Portfolio changes
303
303
Additions
3
3
Disposals
–62
–62
Premiums written 4,937
4,937
Premiums earned –3,617
–3,617
Claims reporting year
1,353
1,353
Claims payments reporting year
–724
–724
Change in claims previous years
231
231
Claims payments previous years
–538
–538
At 31 December 2021 1,702
405
913
4
3,023
Life insurance
At 1 January 2021
117,021
6,950
57
124,028
Foreign exchange differences
118
33
1
151
Portfolio changes
0
–181
–181
Additions
4,573
70
4,644
Disposals
–19,205
–31
–19,236
Claims reporting year
22,500
22,500
Claims payments reporting year
–20,707
–20,707
Change in claims previous years
2,517
2,517
Claims payments previous years
–3,981
–3,981
At 31 December 2021
102,507
7,132
97
109,736
Total
At 1 January 2021 82,629
118,865
310,135
20
2,619
514,268
Foreign exchange differences –579
118
–1,219
0
–12
–1,693
Portfolio changes 0
0
1,223
1,223
Additions
4,573
1,617
6,191
Disposals
–19,270
–20
–1,713
–21,003
Premiums written 230,313
230,313
Premiums earned –262,398
–262,398
Claims reporting year
206,809
206,809
Claims payments reporting year
–39,494
–39,494
Change in claims previous years
60,840
60,840
Claims payments previous years
–103,385
–103,385
At 31 December 2021 49,965
104,286
434,908
2,512
591,671
Consolidated Financial
Statements
96
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 2021 829,862
10,150
2,831,099
41,592
741
18,669
3,732,114
Foreign exchange differences 4,965
–135
4,944
–18
40
316
10,113
Portfolio changes 0
–33,768
–1
–33,769
Additions
83
1,677
981
18,066
20,808
Disposals
–225
–6,273
–18,163
–24,660
Premiums written 3,264,157
3,264,157
Premiums earned –3,210,428
–3,210,428
Claims reporting year
2,024,026
2,024,026
Claims payments reporting year
–1,145,636
–1,145,636
Change in claims previous years
–95,903
–95,903
Claims payments previous years
–649,636
–649,636
At 31 December 2021 888,556
9,874
2,935,127
36,979
1,761
18,890
3,891,186
Health insurance
At 1 January 2021 18,729
3,244,206
206,963
16,807
134,848
1,212
3,622,765
Foreign exchange differences 1,056
412
603
–6
1
2,066
Portfolio changes
–368
–368
Additions
192,460
10,266
43,397
1,914
248,036
Disposals
–32,471
–10,551
–21,617
–1,030
–65,669
Premiums written 1,221,521
1,221,521
Premiums earned –1,208,440
–1,208,440
Claims reporting year
757,222
757,222
Claims payments reporting year
–628,181
–628,181
Change in claims previous years
10,447
10,447
Claims payments previous years
–146,612
–146,612
At 31 December 2021 32,865
3,404,607
200,073
16,515
156,628
2,096
3,812,785
Life insurance
At 1 January 2021
9,695,835
236,578
14,982
1,372,760
6,439
11,326,594
Foreign exchange differences
29,313
2,351
44
942
18
32,668
Portfolio changes
613
33,031
–11,039
22,606
Additions
251,979
5,026
82,420
5,135
344,559
Disposals
–266,275
–10,999
–599,759
–5,509
–882,543
Claims reporting year
1,211,328
1,211,328
Claims payments reporting year
–1,011,315
–1,011,315
Change in claims previous years
15,935
15,935
Claims payments previous years
–181,370
–181,370
At 31 December 2021
9,711,465
306,538
9,053
845,324
6,083
10,878,462
Total
At 1 January 2021 848,591
12,950,192
3,274,640
73,381
1,508,349
26,321
18,681,473
Foreign exchange differences 6,021
29,590
7,899
20
982
335
44,847
Portfolio changes 0
613
–1,105
–11,039
–11,531
Additions
444,522
16,969
126,798
25,114
613,403
Disposals
–298,971
–27,823
–621,376
–24,702
–972,872
Premiums written 4,485,678
4,485,678
Premiums earned –4,418,868
–4,418,868
Claims reporting year
3,992,575
3,992,575
Claims payments reporting year
–2,785,132
–2,785,132
Change in claims previous years
–69,521
–69,521
Claims payments previous years
–977,618
–977,618
At 31 December 2021 921,421
13,125,945
3,441,738
62,547
1,003,713
27,069
18,582,433
96
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 2021 829,862
10,150
2,831,099
41,592
741
18,669
3,732,114
Foreign exchange differences 4,965
–135
4,944
–18
40
316
10,113
Portfolio changes 0
–33,768
–1
–33,769
Additions
83
1,677
981
18,066
20,808
Disposals
–225
–6,273
–18,163
–24,660
Premiums written 3,264,157
3,264,157
Premiums earned –3,210,428
–3,210,428
Claims reporting year
2,024,026
2,024,026
Claims payments reporting year
–1,145,636
–1,145,636
Change in claims previous years
–95,903
–95,903
Claims payments previous years
–649,636
–649,636
At 31 December 2021 888,556
9,874
2,935,127
36,979
1,761
18,890
3,891,186
Health insurance
At 1 January 2021 18,729
3,244,206
206,963
16,807
134,848
1,212
3,622,765
Foreign exchange differences 1,056
412
603
–6
1
2,066
Portfolio changes
–368
–368
Additions
192,460
10,266
43,397
1,914
248,036
Disposals
–32,471
–10,551
–21,617
–1,030
–65,669
Premiums written 1,221,521
1,221,521
Premiums earned –1,208,440
–1,208,440
Claims reporting year
757,222
757,222
Claims payments reporting year
–628,181
–628,181
Change in claims previous years
10,447
10,447
Claims payments previous years
–146,612
–146,612
At 31 December 2021 32,865
3,404,607
200,073
16,515
156,628
2,096
3,812,785
Life insurance
At 1 January 2021
9,695,835
236,578
14,982
1,372,760
6,439
11,326,594
Foreign exchange differences
29,313
2,351
44
942
18
32,668
Portfolio changes
613
33,031
–11,039
22,606
Additions
251,979
5,026
82,420
5,135
344,559
Disposals
–266,275
–10,999
–599,759
–5,509
–882,543
Claims reporting year
1,211,328
1,211,328
Claims payments reporting year
–1,011,315
–1,011,315
Change in claims previous years
15,935
15,935
Claims payments previous years
–181,370
–181,370
At 31 December 2021
9,711,465
306,538
9,053
845,324
6,083
10,878,462
Total
At 1 January 2021 848,591
12,950,192
3,274,640
73,381
1,508,349
26,321
18,681,473
Foreign exchange differences 6,021
29,590
7,899
20
982
335
44,847
Portfolio changes 0
613
–1,105
–11,039
–11,531
Additions
444,522
16,969
126,798
25,114
613,403
Disposals
–298,971
–27,823
–621,376
–24,702
–972,872
Premiums written 4,485,678
4,485,678
Premiums earned –4,418,868
–4,418,868
Claims reporting year
3,992,575
3,992,575
Claims payments reporting year
–2,785,132
–2,785,132
Change in claims previous years
–69,521
–69,521
Claims payments previous years
–977,618
–977,618
At 31 December 2021 921,421
13,125,945
3,441,738
62,547
1,003,713
27,069
18,582,433
97
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
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
Consolidated Financial
Statements
98
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
98
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
99
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
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
Consolidated Financial
Statements
100
The interest rates used as an accounting basis for the in-
surance provision were as follows:
In per cent
Health insurance
Life insurance
2021
For insurance provision 1.30–5.50
0.00–4.00
For deferred acquisition costs 1.30–5.50
2.48–2.79
2020
For insurance provision 1.30–5.50
0.00–4.00
For deferred acquisition costs 1.30–5.50
2.31–2.51
Development of the provi-
sion for deferred profit
participation
In € thousand
31/12/2021
31/12/2020
At 1 January 1,382,410
1,074,803
Fluctuation in value, available-for-sale
securities
–579,292
303,069
Remeasurement through profit or loss 31,897
4,538
At 31 December 835,015
1,382,410
Claims payments
In € thousand
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Total
Financial year 714,267
778,329
798,573
729,222
734,691
746,846
814,664
844,675
1,033,986
957,846
1,079,437
1 year later 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
1,366,649
2 years later 1,177,160
1,255,972
1,285,030
1,204,327
1,202,760
1,231,387
1,569,429
1,618,802
1,620,685
3 years later 1,225,202
1,308,792
1,334,305
1,251,179
1,251,488
1,464,279
1,636,436
1,684,099
4 years later 1,251,970
1,339,606
1,362,980
1,278,898
1,435,597
1,493,126
1,671,505
5 years later 1,266,660
1,358,361
1,380,369
1,438,378
1,466,811
1,512,850
6 years later 1,278,874
1,372,186
1,523,376
1,453,604
1,479,722
7 years later 1,289,116
1,494,991
1,530,573
1,461,991
8 years later 1,381,323
1,503,368
1,543,503
9 years later 1,387,501
1,507,804
10 years later 1,392,590
Cumulated payments
and provision for
unsettled claims
In € thousand
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Financial year 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
2,110,190
1 year later 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
1,836,103
2 years later 1,350,674
1,449,431
1,495,723
1,437,879
1,429,766
1,479,026
1,871,458
1,933,021
1,938,245
3 years later 1,353,309
1,454,301
1,489,480
1,413,637
1,417,989
1,699,464
1,883,684
1,938,548
4 years later 1,353,437
1,447,394
1,474,842
1,399,226
1,612,176
1,699,511
1,893,018
5 years later 1,351,386
1,447,991
1,470,199
1,563,394
1,627,982
1,708,784
6 years later 1,349,836
1,449,843
1,620,378
1,553,798
1,612,707
7 years later 1,346,159
1,578,290
1,614,232
1,556,081
8 years later 1,445,372
1,581,023
1,621,120
9 years later 1,445,308
1,572,550
10 years later 1,440,848
Settlement gains/losses 4,459
8,473
–6,888
–2,284
15,275
–9,274
–9,334
–5,527
21,629
45,179
61,711
Settlement gains/losses before
2011
–1,669
Total settlement gains/losses
60,042
Provision for unsettled claims 48,259
64,746
77,617
94,090
132,985
195,934
221,512
254,450
317,560
469,454
1,030,753
2,907,359
Provision for unsettled claims for accident years before 2011 346,851
Plus other reserve components (components not in triangle, internal claims regulation costs, etc.) 107,780
Provisions for unsettled claims (gross at 31 December 2021) 3,361,990
100
The interest rates used as an accounting basis for the in-
surance provision were as follows:
In per cent
Health insurance
Life insurance
2021
For insurance provision 1.30–5.50
0.00–4.00
For deferred acquisition costs 1.30–5.50
2.48–2.79
2020
For insurance provision 1.30–5.50
0.00–4.00
For deferred acquisition costs 1.30–5.50
2.31–2.51
Development of the provi-
s
ion for deferred profit
p
articipation
In € thousand
31/12/2021
31/12/2020
At 1 January 1,382,410
1,074,803
Fluctuation in value, available-for-sale
securities
–579,292
303,069
Remeasurement through profit or loss 31,897
4,538
At 31 December 835,015
1,382,410
Claims payments
In € thousand
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Total
Financial year 714,267
778,329
798,573
729,222
734,691
746,846
814,664
844,675
1,033,986
957,846
1,079,437
1 year later 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
1,366,649
2 years later 1,177,160
1,255,972
1,285,030
1,204,327
1,202,760
1,231,387
1,569,429
1,618,802
1,620,685
3 years later 1,225,202
1,308,792
1,334,305
1,251,179
1,251,488
1,464,279
1,636,436
1,684,099
4 years later 1,251,970
1,339,606
1,362,980
1,278,898
1,435,597
1,493,126
1,671,505
5 years later 1,266,660
1,358,361
1,380,369
1,438,378
1,466,811
1,512,850
6 years later 1,278,874
1,372,186
1,523,376
1,453,604
1,479,722
7 years later 1,289,116
1,494,991
1,530,573
1,461,991
8 years later 1,381,323
1,503,368
1,543,503
9 years later 1,387,501
1,507,804
10 years later 1,392,590
Cumulated payments
and provision for
u
nsettled claims
In € thousand
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Financial year 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
2,110,190
1 year later 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
1,836,103
2 years later 1,350,674
1,449,431
1,495,723
1,437,879
1,429,766
1,479,026
1,871,458
1,933,021
1,938,245
3 years later 1,353,309
1,454,301
1,489,480
1,413,637
1,417,989
1,699,464
1,883,684
1,938,548
4 years later 1,353,437
1,447,394
1,474,842
1,399,226
1,612,176
1,699,511
1,893,018
5 years later 1,351,386
1,447,991
1,470,199
1,563,394
1,627,982
1,708,784
6 years later 1,349,836
1,449,843
1,620,378
1,553,798
1,612,707
7 years later 1,346,159
1,578,290
1,614,232
1,556,081
8 years later 1,445,372
1,581,023
1,621,120
9 years later 1,445,308
1,572,550
10 years later 1,440,848
Settlement gains/losses 4,459
8,473
–6,888
–2,284
15,275
–9,274
–9,334
–5,527
21,629
45,179
61,711
Settlement gains/losses before
2011
–1,669
Total settlement gains/losses
60,042
Provision for unsettled claims 48,259
64,746
77,617
94,090
132,985
195,934
221,512
254,450
317,560
469,454
1,030,753
2,907,359
Provision for unsettled claims for accident years before 2011 346,851
Plus other reserve components (components not in triangle, internal claims regulation costs, etc.) 107,780
Provisions for unsettled claims (gross at 31 December 2021) 3,361,990
101
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
6. Technical provisions for unit-linked and index-linked
l
ife 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
premium 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.
T
echnical provisions for unit-linked
and index-linked life insurance
In € thousand
31/12/2021 31/12/2020
Gross 5,028,507
5,115,506
Reinsurers’ share 0
–131
Total 5,028,507
5,115,375
7. 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
1–12/2021
1–12/2020
Premiums written – gross 6,033,405
5,261,224
Premiums written – reinsurer’s share –266,794
–190,549
Premiums written – net 5,766,610
5,070,675
Change in premiums earned – gross –36,181
–29,693
Change in premiums earned – reinsurers’ share –32,857
–11,443
Premiums earned 5,697,572
5,029,539
Direct insurance
In € thousand
1–12/2021
1–12/2020
Property and casualty insurance 3,420,488
2,952,952
Health insurance 1,218,993
1,164,558
Life insurance 1,308,767
1,079,697
Total 5,948,249
5,197,208
Of which:
Austria 3,683,416
3,613,820
remaining EU member states and other states which
are party to the Agreement on the European
Economic Area
1,901,728
1,254,479
other countries 363,106
328,909
Total 5,948,249
5,197,208
Indirect insurance
In € thousand
1–12/2021
1–12/2020
Property and casualty insurance 69,044
57,375
Health insurance 7,465
2,996
Life insurance 8,647
3,646
Total 85,156
64,016
Consolidated Financial
Statements
102
Property and casualty insurance
premiums written
In € thousand
1–12/2021
1–12/2020
Direct insurance
Fire and business interruption insurance 291,938
273,683
Liability insurance 312,973
275,426
Household insurance 238,533
209,275
Motor TPL insurance 871,813
671,080
Legal expense insurance 102,339
99,178
Marine, aviation and transport insurance 81,662
62,908
Other motor insurance 683,252
587,090
Other property insurance 334,134
299,740
Other forms of insurance 96,724
73,040
Casualty insurance 407,121
401,532
Total 3,420,488
2,952,952
Indirect insurance
Fire and business interruption insurance 25,030
27,268
Motor TPL insurance 5,459
7,123
Other forms of insurance 38,555
22,983
Total 69,044
57,375
Total direct and indirect insurance
(amount consolidated)
3,489,533
3,010,327
Reinsurance premiums ceded
In € thousand
1–12/2021
1–12/2020
Property and casualty insurance 225,376
161,744
Health insurance 4,937
2,596
Life insurance 36,481
26,209
Total 266,794
190,549
Premiums earned
In € thousand
1–12/2021
1–12/2020
Property and casualty insurance 3,203,865
2,808,954
Gross 3,462,699
2,982,095
Reinsurers’ share –258,835
–173,141
Health insurance 1,213,262
1,163,614
Gross 1,217,624
1,166,261
Reinsurers’ share –4,363
–2,648
Life insurance 1,280,446
1,056,972
Gross 1,316,900
1,083,175
Reinsurers’ share –36,454
–26,203
Total 5,697,572
5,029,539
Premiums earned – indirect
insurance
In € thousand
1–12/2021
1–12/2020
Recognised simultaneously 56,035
51,926
Recognised with a delay of up to 1 year 226
2,976
Posted after more than 1 year 127
108
Property and casualty insurance 56,388
55,009
Recognised simultaneously 5,829
2,990
Recognised with a delay of up to 1 year 1,641
6
Health insurance 7,470
2,996
Recognised simultaneously 8,408
3,405
Recognised with a delay of up to 1 year 150
240
Posted after more than 1 year 89
0
Life insurance 8,647
3,646
Total 72,504
61,651
Earnings – indirect insurance
In € thousand
1–12/2021
1–12/2020
Property and casualty insurance 3,218
8,533
Health insurance 2,529
–111
Life insurance –2,738
–1,900
Total 3,009
6,522
102
Property and casualty insurance
p
remiums written
In € thousand
1–12/2021
1–12/2020
Direct insurance
Fire and business interruption insurance 291,938
273,683
Liability insurance 312,973
275,426
Household insurance 238,533
209,275
Motor TPL insurance 871,813
671,080
Legal expense insurance 102,339
99,178
Marine, aviation and transport insurance 81,662
62,908
Other motor insurance 683,252
587,090
Other property insurance 334,134
299,740
Other forms of insurance 96,724
73,040
Casualty insurance 407,121
401,532
Total 3,420,488
2,952,952
Indirect insurance
Fire and business interruption insurance 25,030
27,268
Motor TPL insurance 5,459
7,123
Other forms of insurance 38,555
22,983
Total 69,044
57,375
Total direct and indirect insurance
(amount consolidated)
3,489,533
3,010,327
Reinsurance premiums ceded
In € thousand
1–12/2021
1–12/2020
Property and casualty insurance 225,376
161,744
Health insurance 4,937
2,596
Life insurance 36,481
26,209
Total 266,794
190,549
Premiums earned
In € thousand
1–12/2021
1–12/2020
Property and casualty insurance 3,203,865
2,808,954
Gross 3,462,699
2,982,095
Reinsurers’ share –258,835
–173,141
Health insurance 1,213,262
1,163,614
Gross 1,217,624
1,166,261
Reinsurers’ share –4,363
–2,648
Life insurance 1,280,446
1,056,972
Gross 1,316,900
1,083,175
Reinsurers’ share –36,454
–26,203
Total 5,697,572
5,029,539
Premiums earned – indirect
i
nsurance
In € thousand
1–12/2021
1–12/2020
Recognised simultaneously 56,035
51,926
Recognised with a delay of up to 1 year 226
2,976
Posted after more than 1 year 127
108
Property and casualty insurance 56,388
55,009
Recognised simultaneously 5,829
2,990
Recognised with a delay of up to 1 year 1,641
6
Health insurance 7,470
2,996
Recognised simultaneously 8,408
3,405
Recognised with a delay of up to 1 year 150
240
Posted after more than 1 year 89
0
Life insurance 8,647
3,646
Total 72,504
61,651
Earnings – indirect insurance
In € thousand
1–12/2021
1–12/2020
Property and casualty insurance 3,218
8,533
Health insurance 2,529
–111
Life insurance –2,738
–1,900
Total 3,009
6,522
103
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
8. Insurance benefits
Gross
Reinsurers’ share
Net
In € thousand
1–12/2021
1–12/2020
1–12/2021
1–12/2020
1–12/2021
1–12/2020
Property and casualty insurance
Claims expenses
Claims paid 1,912,200
1,711,589
–116,929
–100,048
1,795,271
1,611,541
Change in provision for unsettled claims 256,969
117,850
–124,118
–7,169
132,851
110,681
Total 2,169,169
1,829,439
–241,047
–107,217
1,928,123
1,722,222
Change in insurance provision –394
212
1
1
–393
213
Change in other technical provisions 62
–95
–28
–2
34
–97
Non-profit-related and profit-related premium refund expenses 37,359
52,781
0
0
37,359
52,781
Total benefits 2,206,196
1,882,337
–241,074
–107,218
1,965,123
1,775,119
Health insurance
Claims expenses
Claims paid 771,163
745,499
–1,262
–694
769,901
744,804
Change in provision for unsettled claims –6,803
9,783
–322
14
–7,125
9,797
Total 764,360
755,282
–1,584
–680
762,776
754,602
Change in insurance provision 166,713
169,727
62
–46
166,775
169,682
Non-profit-related and profit-related premium refund expenses 68,176
38,772
0
0
68,176
38,772
Total benefits 999,249
963,782
–1,522
–726
997,727
963,056
Life insurance
Claims expenses
Claims paid 1,217,373
1,073,882
–24,688
–22,256
1,192,685
1,051,626
Change in provision for unsettled claims 34,907
11,204
–330
–1,137
34,577
10,067
Total 1,252,280
1,085,086
–25,018
–23,393
1,227,263
1,061,693
Change in insurance provision –150,750
–145,657
6,354
6,163
–144,395
–139,493
Change in other technical provisions –44
–161
0
0
–44
–161
Non-profit-related and profit-related premium refund expenses and/or (deferred)
benefit participation expenses
58,595
34,365
–64
0
58,531
34,365
Total benefits 1,160,081
973,634
–18,727
–17,230
1,141,354
956,404
Total 4,365,526
3,819,752
–261,323
–125,174
4,104,204
3,694,579
Consolidated Financial
Statements
104
9. Operating expenses
In € thousand
1–12/2021
1–12/2020
Property and casualty insurance
Acquisition costs
Payments 760,723
671,155
Change in deferred acquisition costs –47,561
–26,506
Other operating expenses 340,115
340,144
Reinsurance commission and share of profit from reinsurance ceded –15,514
–14,068
1,037,763
970,724
Health insurance
Acquisition costs
Payments 115,621
115,654
Change in deferred acquisition costs –20,124
–14,930
Other operating expenses 112,135
124,594
Reinsurance commission and share of profit from reinsurance ceded –1,008
–352
206,624
224,966
Life insurance
Acquisition costs
Payments 237,112
175,891
Change in deferred acquisition costs 6,979
32,114
Other operating expenses 167,111
166,808
Reinsurance commission and share of profit from reinsurance ceded –7,063
–4,104
404,140
370,708
Total 1,648,527
1,566,399
104
9. Operating expenses
In € thousand
1–12/2021
1–12/2020
Property and casualty insurance
Acquisition costs
Payments 760,723
671,155
Change in deferred acquisition costs –47,561
–26,506
Other operating expenses 340,115
340,144
Reinsurance commission and share of profit from reinsurance ceded –15,514
–14,068
1,037,763
970,724
Health insurance
Acquisition costs
Payments 115,621
115,654
Change in deferred acquisition costs –20,124
–14,930
Other operating expenses 112,135
124,594
Reinsurance commission and share of profit from reinsurance ceded –1,008
–352
206,624
224,966
Life insurance
Acquisition costs
Payments 237,112
175,891
Change in deferred acquisition costs 6,979
32,114
Other operating expenses 167,111
166,808
Reinsurance commission and share of profit from reinsurance ceded –7,063
–4,104
404,140
370,708
Total 1,648,527
1,566,399
105
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Other non-current assets
1
0. Deferred acquisition costs and
v
alue of business in force
Deferred acquisition costs related to insurance
contracts
Based on US GAAP, deferred acquisition costs are ac-
counted for in accordance with IFRS 4. In the case of
property and casualty insurance contracts, costs directly
attributable 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-
tracts. If they are attributable to property and casualty
insurance, they are amortised over the probable contrac-
tual term. For long-term health insurance contracts, the
amortisation of acquisition costs is measured in line with
the proportionate share of earned premiums in the pre-
sent value of expected future premium income. In life
insurance, 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 comparison 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 “Operating expenses”.
Non-insurance deferred acquisition costs
Deferred acquisition costs not related to contracts are
accounted for in accordance with IFRS 15. These are es-
sentially contracts for the management of pension and
investment funds. They recognise costs that would not
have been incurred if the contract had not been concluded.
The amortisation is carried out pro rata temporis over the
term of the underlying contracts.
Value of business in force
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 their fair value at the acquisition date.
The redemption 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”.
Acquisition costs
In € thousand
Deferred acquisition
costs
V
alue of
business
in force
Total
At 1 January 2020 1,123,795
112,195
1,235,990
Currency translation –17,174
–579
–17,753
Change in basis of consolidation 0
349,389
349,389
Disposals 0
–2,634
–2,634
Interest capitalised –366
0
–366
Capitalisation 367,275
0
367,275
Portfolio additions and disposals –199
0
–199
Amortisation –357,128
0
–357,128
At 31 December 2020 1,116,203
458,371
1,574,573
At 1 January 2021 1,116,203
458,371
1,574,573
Currency translation 3,443
4,708
8,152
Disposals 0
–2,486
–2,486
Interest capitalised 9,290
0
9,290
Capitalisation 360,661
0
360,661
Amortisation –306,587
0
–306,587
At 31 December 2021 1,183,011
460,593
1,643,603
Consolidated Financial
Statements
106
Accumulated amortisation and impairment losses
In € thousand
Deferred acquisition
costs
V
alue of
business
in force
Total
At 1 January 2020
–104,028
–104,028
Currency translation
534
534
Additions from amortisation
–20,064
–20,064
Disposals
134
134
At 31 December 2020
–123,424
–123,424
At 1 January 2021
–123,424
–123,424
Currency translation
208
208
Additions from amortisation
–58,832
–58,832
Disposals
532
532
At 31 December 2021
–181,516
–181,516
Carrying amounts
In € thousand
Deferred acquisition
costs
V
alue of
business
in force
Total
At 1 January 2020 1,123,795
8,168
1,131,963
At 31 December 2020 1,116,203
334,947
1,451,149
At 31 December 2021 1,183,011
279,077
1,462,087
106
Accumulated amortisation and impairment losses
In € thousand
Deferred acquisition
costs
V
alue of
business
in force
Total
At 1 January 2020
–104,028
–104,028
Currency translation
534
534
Additions from amortisation
–20,064
–20,064
Disposals
134
134
At 31 December 2020
–123,424
–123,424
At 1 January 2021
–123,424
–123,424
Currency translation
208
208
Additions from amortisation
–58,832
–58,832
Disposals
532
532
At 31 December 2021
–181,516
–181,516
Carrying amounts
In € thousand
Deferred acquisition
costs
V
alue of
business
in force
Total
At 1 January 2020 1,123,795
8,168
1,131,963
At 31 December 2020 1,116,203
334,947
1,451,149
At 31 December 2021 1,183,011
279,077
1,462,087
107
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
11. Intangible assets
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 Mace-
donia were combined as one CGU due to their similar
development and organisational connection:
UNIQA Austria
Albania/Kosovo/North Macedonia as subgroup of the
SIGAL Group (SEE)
Bulgaria (SEE)
Poland (CE)
Russia (RU)
Czech Republic (CE)
Hungary (CE)
Goodwill by CGU
In € thousand
31/12/2021
31/12/2020
Albania/Kosovo/North Macedonia as subgroup of
the SIGAL Group 18,055
17,689
Bulgaria 5,412
17,512
Poland 41,534
41,873
Czech Republic 232,363
219,871
Hungary 14,485
14,696
UNIQA Austria 37,737
37,737
Other 3,467
3,544
Total 353,054
352,922
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 and the proportional net
assets. The impairment of goodwill is recognised in prof-
it/(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 dividend discount method. The budget projections
(detailed planning phase) of the CGUs, the estimate 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
future profits with a suitable capitalisation rate after
assumed retention to strengthen the capital base. In the
process, the capitalised values are separated by the three
business 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 dialogue. 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 Manage-
ment Board and also include material assumptions regard-
ing 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
medium-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
Damodaran (NYU Stern).
Consolidated Financial
Statements
108
Determining the capitalisation rate
The assumptions with regard to risk-free interest rate,
market risk premium and business line betas made for
determining 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 month-
ly betas over the last ten years for a defined peer group.
The betas for the non-life, life and health insurance busi-
ness lines were determined using the revenues in the rele-
vant business lines of the individual peer group compa-
nies. 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 person-
al insurance is therefore used in relation to the health and
life insurance lines.
In Austrian measurement practice, the market risk premi-
um is derived at the reporting date from the implied mar-
ket 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
perpetuity with the value of the last year of the detailed
planning phase.
Capitalisation rate 2021
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)
12.8–13.8
13.5–14.5
12.1–14
12.8–14.7
Bulgaria 10.5
11.2
10.1
10.8
Austria 8.9
9.6
8.9
9.6
Poland 11.2
11.9
9.9
10.6
Russia 14.0
14.7
12.7
13.4
Czech Republic 9.9
10.6
9.1
9.8
Hungary 12.5
13.2
11.4
12.1
1)
The discount rate ranges listed for the SIGAL Group relate to the spread over the respective countries grouped under these headings.
108
Determining the capitalisation rate
The assumptions with regard to risk-free interest rate,
market risk premium and business line betas made for
determining 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 month-
ly betas over the last ten years for a defined peer group.
The betas for the non-life, life and health insurance busi-
ness lines were determined using the revenues in the rele-
vant business lines of the individual peer group compa-
nies. 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 person-
al insurance is therefore used in relation to the health and
life insurance lines.
In Austrian measurement practice, the market risk premi-
um is derived at the reporting date from the implied mar-
ket 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
perpetuity with the value of the last year of the detailed
planning phase.
Capitalisation rate 2021
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)
12.8–13.8
13.5–14.5
12.1–14
12.8–14.7
Bulgaria 10.5
11.2
10.1
10.8
Austria 8.9
9.6
8.9
9.6
Poland 11.2
11.9
9.9
10.6
Russia 14.0
14.7
12.7
13.4
Czech Republic 9.9
10.6
9.1
9.8
Hungary 12.5
13.2
11.4
12.1
1)
The discount rate ranges listed for the SIGAL Group relate to the spread over the respective countries grouped under these headings.
109
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
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
Russia 12.8
13.5
12.1
12.9
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 relate to the spread over the respective countries grouped under these headings.
Impairments for the financial year
At the end of 2021, it became known that a significant
distribution channel in the CGU Bulgaria will be eliminat-
ed. For this reason, there is a significantly adjusted plan
compared to the previous year, resulting in the need for
impairment of €12.1 million.
Sensitivity analyses
In order to substantiate the results of the calculation and
estimation of the value in use, sensitivity analyses with
regard 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 as-
sessment of how the situation in the markets will develop
in the future, under the influence of the continuing finan-
cial crisis in individual markets, are the largest uncertain-
ties 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 a rise in interest rates
of 50 basis points is assumed, the CGU Bulgaria’s value in
use would fall below €1.6 million. An assumed interest rate
increase of 100 basis points would mean that the value in
use for the CGU Bulgaria would fall below €3.1 million,
and below €0.3 million for the CGU SIGAL Group. An
adjustment in the underlying cash flow by –5 per cent
would mean the value in use for the CGU Bulgaria could
fall below the carrying amount of €1.8 million. A change in
cash flows of –10 per cent would result in a shortfall of
€3.7 million, and of €2.4 million for the CGU SIGAL
Group.
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.
The amortisation of the other intangible assets is recog-
nised in profit/(loss) for the period on the basis of allocat-
ed operating expenses under the items “Insurance bene-
fits”, “Operating expenses” and “Net investment income”.
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 development are tested for impairment annual-
ly, unless a triggering event occurs.
Consolidated Financial
Statements
110
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
impairment loss been recognised.
Acquisition costs
In € thousand
Goodwill
Intangible assets
under development
Other
intangible
assets
Total
At 1 January 2020 358,446
38,529
368,440
765,415
Currency translation 2,181
0
–4,717
–2,536
Change in basis of consolidation 219,767
0
8,907
228,674
Additions 0
46,270
49,879
96,148
Disposals –171,752
0
–3,385
–175,138
Reclassifications 0
–9,241
9,220
–20
At 31 December 2020 408,641
75,558
428,344
912,543
At 1 January 2021 408,641
75,558
428,344
912,543
Currency translation 12,313
–12
990
13,291
Change in basis of consolidation –58
0
9,760
9,702
Additions 0
76,958
188,584
265,542
Disposals 1,398
–35,985
–159,529
–194,116
Reclassifications 0
–12,131
12,127
–4
At 31 December 2021 422,294
104,389
480,275
1,006,958
Accumulated amortisation and im-
pairment losses
In € thousand
Goodwill
Intangible assets
under development
Other
intangible
assets
Total
At 1 January 2020 –121,719
0
–189,144
–310,863
Currency translation 0
0
3,538
3,538
Additions from amortisation 0
0
–24,355
–24,355
Additions from impairment –105,752
0
0
–105,752
Disposals 171,752
0
748
172,500
Reversal of impairment 0
0
9
9
At 31 December 2020 –55,719
0
–209,205
–264,924
At 1 January 2021 –55,719
0
–209,205
–264,924
Currency translation 0
0
–848
–848
Change in basis of consolidation 4
0
0
4
Additions from amortisation 0
0
–33,048
–33,048
Additions from impairment –12,100
0
0
–12,100
Disposals –1,425
0
17,669
16,244
Reclassifications 0
0
1
1
At 31 December 2021 –69,240
0
–225,431
–294,671
Carrying amounts
In € thousand
Goodwill
Intangible assets
under development
Other
intangible
assets
Total
At 1 January 2020 236,727
38,529
179,296
454,553
At 31 December 2020 352,922
75,558
219,139
647,619
At 31 December 2021 353,054
104,389
254,844
712,287
Intangible assets under development and other intangible
assets mainly comprise software.
110
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
impairment loss been recognised.
Acquisition costs
In € thousand
Goodwill
Intangible assets
under development
Other
intangible
assets
Total
At 1 January 2020 358,446
38,529
368,440
765,415
Currency translation 2,181
0
–4,717
–2,536
Change in basis of consolidation 219,767
0
8,907
228,674
Additions 0
46,270
49,879
96,148
Disposals –171,752
0
–3,385
–175,138
Reclassifications 0
–9,241
9,220
–20
At 31 December 2020 408,641
75,558
428,344
912,543
At 1 January 2021 408,641
75,558
428,344
912,543
Currency translation 12,313
–12
990
13,291
Change in basis of consolidation –58
0
9,760
9,702
Additions 0
76,958
188,584
265,542
Disposals 1,398
–35,985
–159,529
–194,116
Reclassifications 0
–12,131
12,127
–4
At 31 December 2021 422,294
104,389
480,275
1,006,958
Accumulated amortisation and im-
p
airment losses
In € thousand
Goodwill
Intangible assets
under development
Other
intangible
assets
Total
At 1 January 2020 –121,719
0
–189,144
–310,863
Currency translation 0
0
3,538
3,538
Additions from amortisation 0
0
–24,355
–24,355
Additions from impairment –105,752
0
0
–105,752
Disposals 171,752
0
748
172,500
Reversal of impairment 0
0
9
9
At 31 December 2020 –55,719
0
–209,205
–264,924
At 1 January 2021 –55,719
0
–209,205
–264,924
Currency translation 0
0
–848
–848
Change in basis of consolidation 4
0
0
4
Additions from amortisation 0
0
–33,048
–33,048
Additions from impairment –12,100
0
0
–12,100
Disposals –1,425
0
17,669
16,244
Reclassifications 0
0
1
1
At 31 December 2021 –69,240
0
–225,431
–294,671
Carrying amounts
In € thousand
Goodwill
Intangible assets
under development
Other
intangible
assets
Total
At 1 January 2020 236,727
38,529
179,296
454,553
At 31 December 2020 352,922
75,558
219,139
647,619
At 31 December 2021 353,054
104,389
254,844
712,287
Intangible assets under development and other intangible
assets mainly comprise software.
111
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
12. 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
carrying 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
15 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 re-
porting 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
operating expenses under the items “Insurance benefits”,
“Operating expenses” and “Net investment income” so
that the expenses and earnings are distributed on the basis
of their causation.
Leases
There are around 1,200 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 these contracts, estimates were made on the basis of
the most probable assumptions regarding the term and the
exercise of termination options. The terms used to calcu-
late these contracts are up to 40 years. The average term of
the remaining contracts is between 3 and 5 years.
The discount rate used to determine the liability consists
of the risk-free interest rate adjusted for country risk,
creditworthiness, the quality of collateral and a repayment
factor.
Leases with a contractual term of less than twelve months
and low value assets were not recognised. Leases where
the underlying asset value does not exceed a new value of
€5 thousand and those with a contract term of less than
twelve months were not recognised.
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 property,
plant and
equipment
Total
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
At 1 January 2021 392,532
99,115
251,354
4,148
747,149
Currency translation 660
442
709
36
1,847
Change in basis of consolidation 0
0
920
0
920
Additions 2,668
46,290
23,963
533
73,454
Disposals –3,013
–17,920
–20,272
–327
–41,532
Reclassifications –24,858
0
4
0
–24,854
At 31 December 2021 367,988
127,928
256,679
4,390
756,984
Consolidated Financial
Statements
112
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 2020 –186,048
–9,937
–176,947
–643
–373,575
Currency translation 1,910
112
1,694
27
3,745
Additions from depreciation –11,142
–13,066
–16,673
–736
–41,617
Disposals 27,637
599
6,561
235
35,031
Reclassifications –5,986
0
–9
0
–5,994
At 31 December 2020 –173,628
–22,292
–185,373
–1,117
–382,410
At 1 January 2021 –173,628
–22,292
–185,373
–1,117
–382,410
Currency translation –216
–100
–511
3
–823
Change in basis of consolidation 0
0
1
0
1
Additions from depreciation –8,164
–16,491
–17,456
–1,210
–43,321
Disposals 1,949
9,590
14,386
273
26,198
Reclassifications 8,866
0
–1
0
8,865
At 31 December 2021 –171,192
–29,294
–188,955
–2,050
–391,491
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 2020 228,537
60,647
61,482
1,114
351,780
At 31 December 2020 218,904
76,823
65,981
3,031
364,739
At 31 December 2021 196,796
98,634
67,723
2,340
365,493
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 2020 189,887
38,566
205,250
433,703
At 31 December 2021 192,028
16,346
199,205
407,578
Other property, plant and equipment refers mainly to
technical systems and operating and office equipment.
Amounts recognised in consolidated
financial statements
In € thousand
2021
2020
Amounts recognised in the consolidated income
statement
Interest on lease liabilities 998
759
Expenses relating to short-term leases 2,317
1,405
Expenses relating to leases of low-value assets,
excluding short-term leases of low-value assets 2,764
4,838
Amounts recognised in the consolidated
statement of cash flows
Cash outflows for leases –16,906
–13,768
112
Accumulated depreciation and
i
mpairment 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 2020 –186,048
–9,937
–176,947
–643
–373,575
Currency translation 1,910
112
1,694
27
3,745
Additions from depreciation –11,142
–13,066
–16,673
–736
–41,617
Disposals 27,637
599
6,561
235
35,031
Reclassifications –5,986
0
–9
0
–5,994
At 31 December 2020 –173,628
–22,292
–185,373
–1,117
–382,410
At 1 January 2021 –173,628
–22,292
–185,373
–1,117
–382,410
Currency translation –216
–100
–511
3
–823
Change in basis of consolidation 0
0
1
0
1
Additions from depreciation –8,164
–16,491
–17,456
–1,210
–43,321
Disposals 1,949
9,590
14,386
273
26,198
Reclassifications 8,866
0
–1
0
8,865
At 31 December 2021 –171,192
–29,294
–188,955
–2,050
–391,491
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 2020 228,537
60,647
61,482
1,114
351,780
At 31 December 2020 218,904
76,823
65,981
3,031
364,739
At 31 December 2021 196,796
98,634
67,723
2,340
365,493
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 2020 189,887
38,566
205,250
433,703
At 31 December 2021 192,028
16,346
199,205
407,578
Other property, plant and equipment refers mainly to
technical systems and operating and office equipment.
Amounts recognised in consolidated
financial statements
In € thousand
2021
2020
Amounts recognised in the consolidated income
statement
Interest on lease liabilities 998
759
Expenses relating to short-term leases 2,317
1,405
Expenses relating to leases of low-value assets,
excluding short-term leases of low-value assets 2,764
4,838
Amounts recognised in the consolidated
statement of cash flows
Cash outflows for leases –16,906
–13,768
113
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Other current assets
1
3. Receivables, including insurance receivables
In € thousand
31/12/2021
31/12/2020
Reinsurance receivables
Receivables from reinsurance business 95,762
76,757
95,762
76,757
Insurance receivables
from policyholders 301,426
324,837
from insurance intermediaries 28,594
29,547
from insurance companies 9,857
13,741
339,877
368,124
Other receivables
Receivables from services 95,224
81,788
Receivables from investment transactions
11,047
0
Other tax refund claims 13,360
14,150
Remaining receivables 159,555
143,431
279,185
239,368
Subtotal 714,823
684,249
of which receivables with a remaining
maturity of
up to 1 year 694,048
680,264
more than 1 year 20,775
3,985
714,823
684,249
of which receivables with values not yet
impaired
up to 3 months overdue 18,374
6,939
more than 3 months overdue 5,810
4,880
Total receivables including insurance
receivables
714,823
684,249
The fair values are essentially equal to the carrying
amounts.
Impairments
Reinsurance receivables
Insurance receivables
1)
Other receivables
In € thousand
2021
2020
2021
2020
2021
2020
At 1 January –342
0
–72,684
–12,076
–6,084
–6,971
Change in basis of consolidation 0
–380
0
–64,028
0
–625
Allocation –309
0
–10,430
–2,684
–5,895
–1,587
Use 0
38
3,330
2,481
868
2,149
Reversal 0
0
2,560
2,861
36
207
Currency translation 3
0
–225
763
–413
743
At 31 December –648
–342
–77,449
–72,684
–11,488
–6,084
1)
Impairment losses related to policyholders are shown under the cancellation provision.
Consolidated Financial
Statements
114
14. Cash
Cash in foreign currencies is measured at the exchange
rate in effect on the reporting date. The item “Cash” in the
consolidated statement of cash flows corresponds to the
item in the consolidated statement of financial position.
Taxes
1
5. Income tax
Income tax
In € thousand
1–12/2021
1–12/2020
Actual tax – reporting year 88,255
46,378
Actual tax – previous year 10,919
–8,736
Deferred tax –34,789
–4,867
Total 64,385
32,775
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.
In January 2022, the decision was taken in Austria to re-
duce the corporate tax rate to 24 per cent in 2023 and to
23 per cent from 2024. If the new corporate tax rates were
applied to the deferred tax assets or liabilities recognised
at 31 December 2021 in respect of Austrian Group compa-
nies (in total, surplus of deferred tax liabilities), the sur-
plus of deferred tax liabilities would be reduced by €10,271
thousand and €20,543 thousand, respectively.
Reconciliation statement
In € thousand
1–12/2021
1–12/2020
Earnings before taxes 382,289
57,056
Expected tax expenses
1)
95,572
14,264
Adjusted by tax effects from
Tax-free investment income –21,196
–17,873
Amortisation of value of business in force 3,025
26,438
Tax-neutral consolidation effect 9
–79
Other non-deductible expenses/other tax-exempt
income –16,264
16,001
Changes in tax rates –5
2,024
Deviations in tax rates –35,556
–26,063
Tax deducted at source 1,476
1,562
Taxes for previous years 12,311
8,206
Lapse/impairment of loss carryforwards and other 25,014
8,293
Income tax expenses 64,385
32,775
Average effective tax burden
(in per cent)
16.8
57.4
1)
Earnings before taxes multiplied by the corporate income tax rate
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.
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 (2020: between 9 and
25 per cent).
114
14. Cash
Cash in foreign currencies is measured at the exchange
rate in effect on the reporting date. The item “Cash” in the
consolidated statement of cash flows corresponds to the
item in the consolidated statement of financial position.
Taxes
15
. Income tax
Income tax
In € thousand
1–12/2021
1–12/2020
Actual tax – reporting year 88,255
46,378
Actual tax – previous year 10,919
–8,736
Deferred tax –34,789
–4,867
Total 64,385
32,775
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.
In January 2022, the decision was taken in Austria to re-
duce the corporate tax rate to 24 per cent in 2023 and to
23 per cent from 2024. If the new corporate tax rates were
applied to the deferred tax assets or liabilities recognised
at 31 December 2021 in respect of Austrian Group compa-
nies (in total, surplus of deferred tax liabilities), the sur-
plus of deferred tax liabilities would be reduced by €10,271
thousand and €20,543 thousand, respectively.
Reconciliation statement
In € thousand
1–12/2021
1–12/2020
Earnings before taxes 382,289
57,056
Expected tax expenses
1)
95,572
14,264
Adjusted by tax effects from
Tax-free investment income –21,196
–17,873
Amortisation of value of business in force 3,025
26,438
Tax-neutral consolidation effect 9
–79
Other non-deductible expenses/other tax-exempt
income –16,264
16,001
Changes in tax rates –5
2,024
Deviations in tax rates –35,556
–26,063
Tax deducted at source 1,476
1,562
Taxes for previous years 12,311
8,206
Lapse/impairment of loss carryforwards and other 25,014
8,293
Income tax expenses 64,385
32,775
Average effective tax burden
(in per cent)
16.8
57.4
1)
Earnings before taxes multiplied by the corporate income tax rate
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.
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 (2020: between 9 and
25 per cent).
115
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
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 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
At 1 January 2021 –415,291
Changes recognised in profit/(loss) 34,789
Changes recognised in other comprehensive income 87,526
Changes due to changes in basis of consolidation –3,917
Foreign exchange differences –346
At 31 December 2021 –297,240
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
31/12/2021
31/12/2020
Deferred tax assets
Technical items 72,087
54,528
Investments 50,820
54,482
Actuarial gains and losses on defined benefit
obligations 54,909
73,309
Loss carried forward 43,890
17,046
Other items 62,604
89,675
Total 284,309
289,040
Netting effect –199,400
–280,447
Total after netting 84,909
8,594
Deferred tax liabilities
Technical items 310,970
358,749
Investments 217,444
316,586
Actuarial gains and losses on defined benefit
obligations
1
1
Other items 53,134
28,994
Total 581,549
704,331
Netting effect –199,400
–280,447
Total after netting 382,149
423,884
Net deferred tax –297,240
–415,291
The temporary differences in connection with shares in
subsidiaries and associates for which no deferred tax lia-
bilities were recognised amounted to €2,050,441 thousand
(2020: €1,778,691 thousand).
An assessment of the ability to realise deferred tax assets
for tax losses not yet used, tax credits not yet used and
deductible temporary differences requires an estimate of
the amount of future taxable profits. The resulting fore-
casts are based on business plans that are prepared, re-
viewed and approved using a uniform procedure through-
out the company. Especially convincing evidence regard-
ing the value and future chance of realisation of deferred
tax assets is required under internal Group policies if the
relevant Group company has suffered a loss in the current
or a prior period.
The deferred tax assets stated include €43,890 thousand
(2020: €17,046 thousand) attributable to tax loss carryfor-
wards. Deferred tax assets from loss carryforwards in the
amount of €33,009 thousand (2020: €11,023 thousand)
were not recognised, as a realisation of these in the near
future cannot be assumed, taking maturities into account.
The tax loss carryforwards of €328,011 thousand (2020:
€139,365 thousand) are forfeited as follows, with “more
than 5 years” also including tax loss carryforwards with no
forfeit date of €301,429 thousand (2020: €112,986
thousand).
In € thousand
31/12/2021
31/12/2020
Up to 1 year
1)
4,227
8,358
2 to 5 years
2)
7,832
12,336
More than 5 years
3)
315,952
118,671
Total 328,011
139,365
1)
Loss carryforwards for which no deferred tax assets have been recognised amount to €1,456 thousand at
31 December 2021 (31 December 2020: €1,081 thousand).
2)
Loss carryforwards for which no deferred tax assets have been recognised amount to €2,754 thousand at
31 December 2021 (31 December 2020: €5,455 thousand).
3)
Loss carryforwards for which no deferred tax assets have been recognised amount to €140,206 thousand
at 31 December 2021 (31 December 2020: €53,409 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.
Consolidated Financial
Statements
116
Social capital
1
7. Defined benefit plans
There are individual contractual pension obligations, in-
dividual 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) meth-
od. If the calculation results in a potential asset, the asset
recognised is limited to the present value of any economic
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 benefit.
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
projected interest income) and the effect of any asset ceil-
ing. Net interest expenses (income) on net liabilities (as-
sets) from defined benefit plans are calculated for the
reporting period by applying the discount rate. The dis-
count rate was used to measure the defined benefit obliga-
tion at the start of the annual reporting period. This dis-
count 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 contri-
bution and benefit payments over the course of the report-
ing period are taken into account. Net interest expenses
and other expenses for defined benefit plans are recog-
nised 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
employment. In the event of death, the spouse of the indi-
vidual entitled to the claim receives a pension at
60 per cent, 50 per cent or 40 per cent depending on the
policy. The pensions are suspended for any period in
which a termination benefit is paid, and their value is gen-
erally guaranteed. The pensions that are based on individ-
ual policies or on association recommendations are fi-
nanced through provisions. The final pension contribution
which guarantees a fixed cash value for when the benefi-
ciary begins their retirement is set aside during the con-
tribution phase and transferred to the pension fund at the
time of retirement. The financing is specified in the pen-
sion 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
employment 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
important reason or is dismissed.
116
Social capital
17.
Defined benefit plans
There are individual contractual pension obligations, in-
dividual 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) meth-
od. If the calculation results in a potential asset, the asset
recognised is limited to the present value of any economic
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 benefit.
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
projected interest income) and the effect of any asset ceil-
ing. Net interest expenses (income) on net liabilities (as-
sets) from defined benefit plans are calculated for the
reporting period by applying the discount rate. The dis-
count rate was used to measure the defined benefit obliga-
tion at the start of the annual reporting period. This dis-
count 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 contri-
bution and benefit payments over the course of the report-
ing period are taken into account. Net interest expenses
and other expenses for defined benefit plans are recog-
nised 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
employment. In the event of death, the spouse of the indi-
vidual entitled to the claim receives a pension at
60 per cent, 50 per cent or 40 per cent depending on the
policy. The pensions are suspended for any period in
which a termination benefit is paid, and their value is gen-
erally guaranteed. The pensions that are based on individ-
ual policies or on association recommendations are fi-
nanced through provisions. The final pension contribution
which guarantees a fixed cash value for when the benefi-
ciary begins their retirement is set aside during the con-
tribution phase and transferred to the pension fund at the
time of retirement. The financing is specified in the pen-
sion 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
employment 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
important reason or is dismissed.
117
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Defined benefit obligations
In € thousand
Defined benefit
obligations for
pensions
Plan assets at
fair value
Net defined
benefit
obligations for
pensions
T
ermination
benefits
T
otal defined
benefit
obligations
At 1 January 2021 527,562
–100,632
426,930
140,560
567,490
Current service costs 21,268
0
21,268
4,480
25,748
Interest expense/income 1,826
–284
1,542
–111
1,432
Past service costs and gains or losses from settlements –2,997
0
–2,997
–4,060
–7,057
Components of defined benefit obligations recognised in the
income statement 20,097
–284
19,813
310
20,123
Return on plan assets recognised in other comprehensive income 0
–6,150
–6,150
0
–6,150
Actuarial gains and losses that arise from changes in demographic
assumptions 52
0
52
–57
–5
Actuarial gains and losses that arise from changes in financial
assumptions
–38,127
0
–38,127
–3,681
–41,808
Actuarial gains and losses that arise from experience adjustments –16,076
0
–16,076
–867
–16,943
Other comprehensive income –54,151
–6,150
–60,301
–4,605
–64,906
Changes from currency translation –1
0
–1
115
115
Payments –17,973
630
–17,343
–20,784
–38,127
Contribution to plan assets 0
–11,227
–11,227
0
–11,227
Transfer in 298
0
298
1,718
2,015
Transfer out –21,721
21,333
–388
–4,968
–5,356
Change in basis of consolidation –348
0
–348
–3,851
–4,199
At 31 December 2021 453,764
–96,329
357,434
108,493
465,927
Defined benefit obligations
In € thousand
Defined benefit
obligations for
pensions
Plan assets at
fair value
Net defined
benefit
obligations for
pensions
T
ermination
benefits
T
otal 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
0
10
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
3,822
36,129
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
Consolidated Financial
Statements
118
The plan assets for the defined benefit obligations are
comprised as follows:
In per cent
31/12/2021
31/12/2020
Listed
Unlisted
Listed
Unlisted
Bonds
–
euro 22.2
1.6
22.4
1.3
Corporate bonds
–
euro 24.2
1.1
30.4
1.0
Equities
–
euro 11.9
0.1
9.5
0.0
Equities
–
non-euro 11.1
0.4
7.2
0.0
Equities
–
emerging
markets
4.5
0.0
4.1
0.0
Alternative investment
instruments 8.1
2.1
4.2
10.1
Land and buildings 0.0
5.1
0.0
4.9
Cash 2.7
4.7
0.0
4.7
T
otal 85.0
15.0
78.0
22.0
Contributions to plan assets are expected for the coming
year in the amount of €5,765 thousand.
The measurement of the defined benefit obligations is
based on the following actuarial calculation parameters:
Calculation factors applied
In per cent
2021
2020
Discount rate in
termination benefits
0.4
0.8
Discount rate in
pensions
1.0
1.0
Valorisation of remuneration 3.0
2.9
Valorisation of pensions 2.0
2.0
Employee turnover rate dependent 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
T
ermination
benefits
31 December 2021 13.7
7.4
31 December 2020 13.4
7.1
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 per cent
Pensions
Termination benefits
2021
2020
2021
2020
Remaining life
expectancy
Change in DBO (+ 1 year) 3.0
3.1
Change in DBO (–1 year) –3.1
–3.3
Discount rate
Change in DBO (+ 1 percentage point) –11.6
–12.5
–6.0
–6.6
Change in DBO (–1 percentage point) 14.6
15.7
6.8
7.5
Future salary increase rate
Change in DBO (+ 0.75%) 4.8
4.6
4.8
5.3
Change in DBO (–0.75%) –4.2
–3.9
–4.5
–4.9
Future pension increase rate
Change in DBO (+ 0.25%) 3.4
3.7
Change in DBO (–0.25%) –3.3
–3.5
118
The plan assets for the defined benefit obligations are
comprised as follows:
In per cent
31/12/2021
31/12/2020
Listed
Unlisted
Listed
Unlisted
Bonds
–
euro 22.2
1.6
22.4
1.3
Corporate bonds
–
euro 24.2
1.1
30.4
1.0
Equities
–
euro 11.9
0.1
9.5
0.0
Equities
–
non-euro 11.1
0.4
7.2
0.0
Equities
–
emerging
markets
4.5
0.0
4.1
0.0
Alternative investment
instruments 8.1
2.1
4.2
10.1
Land and buildings 0.0
5.1
0.0
4.9
Cash 2.7
4.7
0.0
4.7
T
otal 85.0
15.0
78.0
22.0
Contributions to plan assets are expected for the coming
year in the amount of €5,765 thousand.
The measurement of the defined benefit obligations is
based on the following actuarial calculation parameters:
Calculation factors applied
In per cent
2021
2020
Discount rate in
termination benefits
0.4
0.8
Discount rate in
pensions
1.0
1.0
Valorisation of remuneration 3.0
2.9
Valorisation of pensions 2.0
2.0
Employee turnover rate dependent on
years of service
dependent on
years of service
Calculation principles AVÖ 2018 P –
salaried
employees
AVÖ 2018 P –
salaried
employees
Weighted average duration
i
n years
Pensions
T
ermination
benefits
31 December 2021 13.7
7.4
31 December 2020 13.4
7.1
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 per cent
Pensions
Termination benefits
2021
2020
2021
2020
Remaining life
expectancy
Change in DBO (+ 1 year) 3.0
3.1
Change in DBO (–1 year) –3.1
–3.3
Discount rate
Change in DBO (+ 1 percentage point) –11.6
–12.5
–6.0
–6.6
Change in DBO (–1 percentage point) 14.6
15.7
6.8
7.5
Future salary increase rate
Change in DBO (+ 0.75%) 4.8
4.6
4.8
5.3
Change in DBO (–0.75%) –4.2
–3.9
–4.5
–4.9
Future pension increase rate
Change in DBO (+ 0.25%) 3.4
3.7
Change in DBO (–0.25%) –3.3
–3.5
119
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
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 €4,501 thousand (2020:
€4,537 thousand). The employer has satisfied their obliga-
tion by making these contributions.
19. Restructuring measures
In November 2020, the Supervisory Board agreed on re-
structuring measures, which mainly involved reducing the
number of employees at the Austrian site. The restructur-
ing provision formed for this purpose in the previous year
was reduced to €57.2 million by the release of unused pro-
visions amounting to €3.4 million and by the utilisation of
€38.0 million in the current year.
The provision for restructuring measures is stated under
the balance sheet item “Other provisions”.
20. Employees
Personnel expenses
In € thousand
1–12/2021
1–12/2020
Salaries 520,048
444,997
Expenses for termination benefits 310
10,902
Pension expenses 19,813
21,969
Expenditure on mandatory social security
contributions as well as income-based charges and
compulsory contributions
140,293
127,861
Other social expenditures 7,016
5,631
Personnel-related restructuring expenses 0
96,319
Total 687,480
707,679
of which sales 123,044
133,748
of which administration 563,693
574,322
of which retirees 742
–391
Average number of employees
31/12/2021
31/12/2020
Total 14,849
13,408
of which sales 4,005
4,138
of which administration 10,844
9,271
Equity
2
1. Subscribed capital and capital reserves
The share capital is comprised of 309,000,000 no-par val-
ue 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 14 June 2021.
This corresponds with a distribution amounting to
€55,254thousand. Subject to the approval of the Annual
General Meeting, a dividend payment in the amount of
€0.55 per share is planned for the financial year, which
equates to a distribution in the amount of €168,831
thousand.
22. Treasury shares
T
reasury shares
31/12/2021
31/12/2020
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 5,756
5,756
Share of subscribed capital in % 0.39
0.39
Total 2,034,739
2,034,739
Consolidated Financial
Statements
120
Authorisations of the Management Board
In accordance with the resolution of the Annual General
Meeting dated 20 May 2019, the Management Board is
authorised to increase the company’s share capital up to
and including 30 June 2024 with the approval of the Su-
pervisory 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 exchange 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 equities held via UNIQA Österreich Versi-
cherungen 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
risk capital requirements and management standards,
were replaced by Solvency II standards.
The eligible own funds comprise the consolidated Tier 1
capital, which essentially consisted of the subscribed share
capital including the allocated share premium account and
the reconciliation reserve. The Tier 2 capital consists en-
tirely of subordinated liabilities. Tier 3 own fund items are
mainly net deferred tax assets.
In the context of Group management, the appropriate
coverage of the solvency capital requirement in accord-
ance 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
existence of the insurance business.
In addition to the regulatory requirements to meet sol-
vency capital/minimum capital requirements, UNIQA has
also set itself a target capitalisation for the Group in the
form of a solvency capital ratio – i.e. the eligible own funds
in relation to the solvency capital requirement – of at least
170 per cent. The solvency capital ratio is managed using
strategic measures which result in a reduction in the capi-
tal 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 (initially: €350.0 million, open amount
remaining: €148.7 million, Tier 2, first call date: 31 July
2023), is rated “BBB” by S&P. In addition, the
subordinated capital bond issued in 2015 (initially:
€500.0 million, open amount remaining: €326.3 million,
Tier 2, first call date: 27 July 2026), the bond issued in
2020 (€200.0 million, Tier 2, first call date: 9 July 2025)
and the bond issued in 2021 (€375.0 million, Tier 2, first
call date: 9 June 2031) are rated “BBB” by S&P. The agency
rates the outlook for all companies as “stable”.
120
Authorisations of the Management Board
In accordance with the resolution of the Annual General
Meeting dated 20 May 2019, the Management Board is
authorised to increase the company’s share capital up to
and including 30 June 2024 with the approval of the Su-
pervisory 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 exchange 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 equities held via UNIQA Österreich Versi-
cherungen 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
risk capital requirements and management standards,
were replaced by Solvency II standards.
The eligible own funds comprise the consolidated Tier 1
capital, which essentially consisted of the subscribed share
capital including the allocated share premium account and
the reconciliation reserve. The Tier 2 capital consists en-
tirely of subordinated liabilities. Tier 3 own fund items are
mainly net deferred tax assets.
In the context of Group management, the appropriate
coverage of the solvency capital requirement in accord-
ance 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
existence of the insurance business.
In addition to the regulatory requirements to meet sol-
vency capital/minimum capital requirements, UNIQA has
also set itself a target capitalisation for the Group in the
form of a solvency capital ratio – i.e. the eligible own funds
in relation to the solvency capital requirement – of at least
170 per cent. The solvency capital ratio is managed using
strategic measures which result in a reduction in the capi-
tal 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 (initially: €350.0 million, open amount
remaining: €148.7 million, Tier 2, first call date: 31 July
2023), is rated “BBB” by S&P. In addition, the
subordinated capital bond issued in 2015 (initially:
€500.0 million, open amount remaining: €326.3 million,
Tier 2, first call date: 27 July 2026), the bond issued in
2020 (€200.0 million, Tier 2, first call date: 9 July 2025)
and the bond issued in 2021 (€375.0 million, Tier 2, first
call date: 9 June 2031) are rated “BBB” by S&P. The agency
rates the outlook for all companies as “stable”.
121
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
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.
Share of equity
In € thousand
Sigal Group
1)
Raiffeisen Life Insurance
Company LLC
Non-controlling interests
that are not material on a
stand-alone basis
Total
At 1 January 2020 4,473
13,170
1,756
19,399
Profit/(loss) for the period 621
4,177
78
4,876
Other comprehensive income –47
–2,405
–1,655
–4,107
Other changes in equity 75
–1,651
6,169
4,593
At 31 December 2020 5,122
13,290
6,348
24,760
At 1 January 2021 5,122
13,290
6,348
24,760
Profit/(loss) for the period 610
3,410
–812
3,207
Other comprehensive income 722
–4,369
–536
–4,182
Other changes in equity –1,001
–2,630
–477
–4,108
At 31 December 2021 5,454
9,701
4,523
19,678
1
) Albania/Kosovo/North Macedonia as subgroup of the SIGAL Group
Share of assets and liabilities
2)
In € thousand
Sigal Group
1)
Raiffeisen Life Insurance
Company LLC
Non-controlling interests
that are not material on a
stand-alone basis
Total
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
31/12/2021
31/12/2020
Assets
Current assets 2,251
1,768
1,561
1,098
1,855
2,478
5,666
5,344
Non-current assets 17,259
16,485
80,170
80,159
21,441
24,464
118,870
121,108
Cash 419
340
1,264
802
2,018
2,755
3,701
3,897
19,929
18,593
82,995
82,059
25,314
29,697
128,238
130,348
Liabilities
Current liabilities 1,192
1,167
1,702
1,628
1,592
2,042
4,486
4,836
Non-current liabilities 13,283
12,303
71,592
67,141
19,199
21,307
104,075
100,751
14,475
13,470
73,294
68,769
20,791
23,349
108,560
105,588
Net assets 5,454
5,122
9,701
13,290
4,523
6,348
19,678
24,760
1
) Albania/Kosovo/North Macedonia as subgroup of the SIGAL Group
2
) The summarised financial information corresponds to the amounts before intercompany eliminations.
Consolidated Financial
Statements
122
Financial debts
2
5. 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 Solven-
cy II. The bond is scheduled for repayment after a period
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
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
assets 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.
UNIQA repurchased subordinated bonds with a total nom-
inal value of €375 million in December 2021. The buy-back
relates to €201.3 million subordinated bonds placed in
2013 and €173.7 million subordinated bonds placed in
2015. At the same time, a new subordinated bond with a
nominal amount of €375 million was placed. This bond is
scheduled for repayment after a period of 20 years, is sub-
ject to certain conditions, and can only be cancelled by
UNIQA after ten years have elapsed and under certain
conditions. During the first ten years, the interest rate is
fixed at 2.375 per cent per annum, after which a variable
interest rate applies. The issue price was set at
99.316 per cent of the nominal amount. The subordinated
bond is eligible as Tier 2 basic own funds in accordance
with the regulatory requirements. By issuing a green bond,
UNIQA has committed to making investments in accord-
ance with the Green Bond Framework at the same level as
the issue proceeds. The buy-back premium associated
with the buy-back amounts to approximately €65 million
and was recognised in the finance costs.
122
Financial debts
2
5. 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 Solven-
cy II. The bond is scheduled for repayment after a period
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
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
assets 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.
UNIQA repurchased subordinated bonds with a total nom-
inal value of €375 million in December 2021. The buy-back
relates to €201.3 million subordinated bonds placed in
2013 and €173.7 million subordinated bonds placed in
2015. At the same time, a new subordinated bond with a
nominal amount of €375 million was placed. This bond is
scheduled for repayment after a period of 20 years, is sub-
ject to certain conditions, and can only be cancelled by
UNIQA after ten years have elapsed and under certain
conditions. During the first ten years, the interest rate is
fixed at 2.375 per cent per annum, after which a variable
interest rate applies. The issue price was set at
99.316 per cent of the nominal amount. The subordinated
bond is eligible as Tier 2 basic own funds in accordance
with the regulatory requirements. By issuing a green bond,
UNIQA has committed to making investments in accord-
ance with the Green Bond Framework at the same level as
the issue proceeds. The buy-back premium associated
with the buy-back amounts to approximately €65 million
and was recognised in the finance costs.
123
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
26. Financial liabilities
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. It has a term of
ten years at a nominal interest rate of 1.375 per cent. The
proceeds are used to finance the purchase of former AXA
companies in Poland, the Czech Republic and Slovakia.
Carrying amounts
In € thousand
Long term
Short term
Total
2021
2020
2021
2020
2021
2020
Subordinated liabilities 1,042,838
1,045,451
14,721
24,469
1,057,559
1,069,920
Financial liabilities
Liabilities from bonds and loans 595,534
606,142
3,955
3,955
599,490
610,098
Derivative financial instruments 11,828
292
10,015
1,617
21,843
1,908
Lease liabilities 93,979
73,609
8,005
7,951
101,984
81,560
Total 701,341
680,043
21,975
13,523
723,317
693,566
Changes in financial liabili-
ties
In € thousand
Subordinated
liabilities
Liabilities from
bonds and loans
Provisions for
derivative
business
Lease liabilities
Financial liabilities
Total
Changes in
financial liabilities
At 1 January 2020 870,110
12,004
670
62,842
75,516
945,625
Proceeds from other financing activities 197,826
595,045
0
0
595,045
792,871
Payments from other financing activities 0
–9,046
0
–13,768
–22,815
–22,815
Currency translation 0
0
–7
–343
–350
–350
Change in basis of consolidation 0
8,140
0
29,744
37,883
37,883
Other changes 1,984
3,955
1,246
3,086
8,287
10,271
of which interest expenses 57,762
6,236
0
759
6,995
64,758
of which interest payments
(presented as net cash flow from
operating activities) –55,701
0
0
–759
–759
–56,460
At 31 December 2020 1,069,920
610,098
1,908
81,560
693,566
1,763,485
At 1 January 2021 1,069,920
610,098
1,908
81,560
693,566
1,763,485
Proceeds from other financing activities 370,323
0
0
0
0
370,323
Payments from other financing activities –375,000
–35,954
0
–16,906
–52,860
–427,860
Currency translation 0
0
13
424
438
438
Change in basis of consolidation 0
24,856
0
0
24,856
24,856
Other changes –7,683
490
19,921
36,906
57,317
49,634
of which interest expenses 124,429
9,335
0
998
10,333
134,762
of which interest payments
(presented as net cash flow from
operating activities) –134,408
–8,250
0
–998
–9,248
–143,656
At 31 December 2021 1,057,559
599,490
21,843
101,984
723,317
1,780,876
Consolidated Financial
Statements
124
27. Liabilities and other items classified as liabilities
In € thousand
31/12/2021
31/12/2020
Reinsurance liabilities
Deposits retained on assumed reinsurance 101,274
116,113
Reinsurance settlement liabilities 61,438
46,555
162,712
162,668
Insurance liabilities
to policyholders 161,395
183,672
to insurance brokers 77,063
83,254
to insurance companies 27,047
17,411
265,505
284,337
Other liabilities
Personnel-related obligations 111,540
86,839
Liabilities from services 135,858
122,152
Liabilities from investment contracts 137,477
122,807
Other tax liabilities (without income tax) 71,003
55,964
Other liabilities 133,103
159,453
588,981
547,216
Subtotal 1,017,197
994,221
of which liabilities with a maturity of
up to 1 year 859,557
889,166
more than 1 year and up to 5 years 37,067
30,600
more than 5 years 120,573
74,454
1,017,197
994,221
Total liabilities and other items classified as
liabilities
1,017,197
994,221
Other non-technical income and expenses
2
8. Other income
In € thousand
1–12/2021
1–12/2020
Property and casualty insurance 30,264
46,685
Health insurance 155,902
144,693
Life insurance 114,215
25,171
Of which:
Revenues from medical services 153,092
142,676
Revenues from pension and investment funds 100,840
10,440
Revenues from other services 15,033
17,069
Changes in exchange rates 13,507
30,471
Other 17,909
15,893
Total 300,381
216,548
Revenues from medical services are almost always realised
at the time of purchase.
Pension and investment fund revenues include fees
charged by the funds to fund holders for managing the
fund’s assets. These are time-period-related benefits that
concern the period of one year.
29. Other expenses
In € thousand
1–12/2021
1–12/2020
Property and casualty insurance 44,153
38,518
Health insurance 154,754
146,556
Life insurance 51,711
45,423
Of which:
Expenses for medical services 150,348
142,455
Expenses of pension and investment funds 27,191
7,630
Expenses for other services 26,572
20,667
Exchange rate losses 15,331
35,437
Other 31,176
24,309
Total 250,619
230,497
124
27. Liabilities and other items classified as liabilities
In € thousand
31/12/2021
31/12/2020
Reinsurance liabilities
Deposits retained on assumed reinsurance 101,274
116,113
Reinsurance settlement liabilities 61,438
46,555
162,712
162,668
Insurance liabilities
to policyholders 161,395
183,672
to insurance brokers 77,063
83,254
to insurance companies 27,047
17,411
265,505
284,337
Other liabilities
Personnel-related obligations 111,540
86,839
Liabilities from services 135,858
122,152
Liabilities from investment contracts 137,477
122,807
Other tax liabilities (without income tax) 71,003
55,964
Other liabilities 133,103
159,453
588,981
547,216
Subtotal 1,017,197
994,221
of which liabilities with a maturity of
up to 1 year 859,557
889,166
more than 1 year and up to 5 years 37,067
30,600
more than 5 years 120,573
74,454
1,017,197
994,221
Total liabilities and other items classified as
liabilities
1,017,197
994,221
Other non-technical income and expenses
2
8. Other income
In € thousand
1–12/2021
1–12/2020
Property and casualty insurance 30,264
46,685
Health insurance 155,902
144,693
Life insurance 114,215
25,171
Of which:
Revenues from medical services 153,092
142,676
Revenues from pension and investment funds 100,840
10,440
Revenues from other services 15,033
17,069
Changes in exchange rates 13,507
30,471
Other 17,909
15,893
Total 300,381
216,548
Revenues from medical services are almost always realised
at the time of purchase.
Pension and investment fund revenues include fees
charged by the funds to fund holders for managing the
fund’s assets. These are time-period-related benefits that
concern the period of one year.
29. Other expenses
In € thousand
1–12/2021
1–12/2020
Property and casualty insurance 44,153
38,518
Health insurance 154,754
146,556
Life insurance 51,711
45,423
Of which:
Expenses for medical services 150,348
142,455
Expenses of pension and investment funds 27,191
7,630
Expenses for other services 26,572
20,667
Exchange rate losses 15,331
35,437
Other 31,176
24,309
Total 250,619
230,497
125
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Other disclosures
3
0. 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 reinsurer.
31. Remuneration for the Management Board and
S
upervisory 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 iden-
tical composition of the Management Board in both com-
panies enables efficient control of the UNIQA Group.
From 1 July 2020 all employment contracts of the mem-
bers of the Management Board are with UNIQA Insurance
Group AG, which pays out all remuneration from this date.
Remuneration of the Management
Board
In € thousand
1–12/2021
1–12/2020
Fixed remuneration
1)
4,675
4,377
Variable remuneration
2)
806
2,217
Multi-year share-based remuneration
3)
1,140
2,137
Current remuneration 6,621
8,731
1)
The fixed salary components include remuneration in kind equivalent to €103 thousand (2020: €110
thousand).
2
) The variable remuneration solely includes the deferred components from the short-term incentive (STI) of
the 2017 financial year. The deferred components of the STI comprises 40% of the entitlement and is paid
out after three financial years.
3
) The long-term incentive (LTI) as a variable remuneration component corresponds to a share-based
payment agreement which entitles the holder to receive a cash settlement after a four-year term if agreed
target values are reached.
For the 2018 financial year, anticipated payments for the
deferred component of the variable remuneration (STI) in
2022 will amount to €909 thousand. For the 2019 financial
year, payments of €795 thousand are expected in the year
2023. For the 2020 financial year no short-term incentive
was made, due to Covid-19. For the 2021 financial year,
payments of €3,822 thousand are expected to be made in
the years 2022 and 2025. For the 2021 financial year, pay-
ments of €4,124 thousand will be made in subsequent
years.
As part of the multi-year share-based remuneration (long-
term incentive plan – LTI), payments amounting to €1,140
thousand were made to the members of the Management
Board of UNIQA Insurance Group AG in 2021 from the
2017 LTI allocation. For the subsequent years 2022 to
2025, a payment of €4,334 thousand is expected for the
virtual shares allocated up to 31 December 2021.
In the reporting year, a total of €1,245 thousand (2020:
€1,024 thousand) was paid for pension commitments and
reinsurance for members of the Management Board (the
premium for reinsurance amounts to €463 thousand). The
amount expended on pensions in the reporting year for
former members of the Management Board and their sur-
vivors was €2,043 thousand (2020: €2,084 thousand).
The remuneration of the members of the Supervisory
Board for their work in the 2020 financial year was
€790 thousand. Provisions of €835 thousand have been
recognised for the remuneration to be paid for their work
in the 2021 financial year. The amount paid out in attend-
ance fees and cash expenditures in the financial year was
€65 thousand (2020: €75 thousand). Since 14 April 2020,
the members of the Supervisory Board of UNIQA Insur-
ance Group AG who are also members of the Supervisory
Board of UNIQA Österreich Versicherungen AG have re-
ceived their daily allowances and remuneration exclusive-
ly from UNIQA Insurance Group AG despite their dual
function. These daily allowances and remunerations
therefore also cover the Supervisory Board activities at
UNIQA Österreich Versicherungen AG.
Consolidated Financial
Statements
126
32. Share-based payment agreement
w
ith cash settlement
A share-based remuneration programme has been in place
for the members of the Management Boards of UNIQA
Insurance Group AG and UNIQA Österreich Versicher-
ungen AG since the 2013 financial year. As part of this
programme, UNIQA virtual shares are granted condition-
ally for each financial year on the basis of allocation values
defined in the service contract, based on the average price
of UNIQA ordinary shares in the period of six months
prior to the start of the performance period. Cash pay-
ments subject to agreed limits are provided 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
Insurance, 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 peri-
od of six months before the end of the performance period.
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 peri-
od 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 2021 a total of 1,189,267 virtual shares
(2020: 1,139,469 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 €5,463 thousand (2020: €3,993 thousand).
33. 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
either a controlling or a significant influence on UNIQA.
The group of related companies also includes the non-
consolidated 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.
126
32. Share-based payment agreement
wi
th cash settlement
A share-based remuneration programme has been in place
for the members of the Management Boards of UNIQA
Insurance Group AG and UNIQA Österreich Versicher-
ungen AG since the 2013 financial year. As part of this
programme, UNIQA virtual shares are granted condition-
ally for each financial year on the basis of allocation values
defined in the service contract, based on the average price
of UNIQA ordinary shares in the period of six months
prior to the start of the performance period. Cash pay-
ments subject to agreed limits are provided 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
Insurance, 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 peri-
od of six months before the end of the performance period.
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 peri-
od 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 2021 a total of 1,189,267 virtual shares
(2020: 1,139,469 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 €5,463 thousand (2020: €3,993 thousand).
33. 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
either a controlling or a significant influence on UNIQA.
The group of related companies also includes the non-
consolidated 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.
127
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
T
ransactions 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 2021
Premiums written (gross) 985
35
615
30,317
31,951
Income from investments 8,750
433
109,564
355
119,102
Expenses from investments –1,622
0
0
–301
–1,923
Other income 196
7,364
1,511
396
9,467
Other expenses –2,339
–6,294
–3,278
–30,389
–42,301
At 31 December 2021
Investments 221,559
10,226
656,393
93,278
981,456
Cash 201,367
0
0
51,432
252,799
Receivables, including insurance receivables 0
3,456
1
2,910
6,366
Liabilities and other items classified as liabilities 0
2,466
158
4,481
7,105
In
€
t
h
ousan
d
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 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
T
ransactions with related persons
In € thousand
1–12/2021
1–12/2020
Premiums written (gross) 850
898
Salaries and short-term benefits
1)
–9,707
–4,915
Pension expenses –2,128
–2,015
Compensation on termination of employment
contract
–172
–174
Expenditures for share-based payments –2,685
0
Other income 262
275
Other expenses –130
–144
1)
This item includes fixed and variable Management Board remuneration and remuneration of the
Supervisory Board.
34. Other financial obligations and contingent
l
iabilities
Options to purchase granted
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 in accordance with previously
agreed purchase price formulas. A new option period was
agreed by extending the previous shareholders’ agree-
ment, whereby the exercise period was agreed to be 1 July
2023 to 30 June 2024.
Consolidated Financial
Statements
128
35. Expenses for the auditor of the financial statements
The auditor fees in the financial year were €1,843 thou-
sand (2020: €2,340 thousand); of which €382 thousand
(2020: €386 thousand) is attributable to the annual audit,
€1,363 thousand (2020: €1,660 thousand) to other audit-
ing services and €98 thousand (2020: €294 thousand) to
other general services.
36. Basis of consolidation
Subsidiaries
Subsidiaries are entities controlled by UNIQA. A company
is considered to be controlled if:
UNIQA is able to exercise power over the company,
UNIQA is exposed to fluctuating returns from the partic-
ipation and
the level of returns can be influenced due to the power
exercised.
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
interests and other equity components are deleted from
the accounts. Any resulting profit or loss is recognised in
profit/(loss) for the period. Any retained interest in the
former 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
between 20 and 50 per cent or a comparable significant
influence is guaranteed legally or in practice via other
contractual regulations. Inclusion in the basis of consoli-
dation 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 determination of the investment strategy as
well as short- and medium-term investment decisions,
UNIQA has the risk of and the rights to variable success-
es of the fund in the form of distributions and partici-
pates in the performance of the fund assets and
the determining power over the relevant activities is
exercised in the interest of UNIQA by determining the
investment objectives and the individual investment de-
cisions.
Basis of consolidation
31/12/2021
31/12/2020
Consolidated companies
Austria 31
33
Other countries 58
66
Associates
Austria 4
4
Other countries 1
1
Consolidated pension and investment funds
Austria 5
5
Other countries 8
6
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”.
37. Consolidation principles
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
identifiable net assets acquired are measured at fair value.
Any profit from an acquisition at a price below the fair
value of the net assets is recognised directly in
profit/(loss) for the year. Transaction costs are recognised
as expenses immediately.
128
35. Expenses for the auditor of the financial statements
The auditor fees in the financial year were €1,843 thou-
sand (2020: €2,340 thousand); of which €382 thousand
(2020: €386 thousand) is attributable to the annual audit,
€1,363 thousand (2020: €1,660 thousand) to other audit-
ing services and €98 thousand (2020: €294 thousand) to
other general services.
36. Basis of consolidation
Subsidiaries
Subsidiaries are entities controlled by UNIQA. A company
is considered to be controlled if:
UNIQA is able to exercise power over the company,
UNIQA is exposed to fluctuating returns from the partic-
ipation and
the level of returns can be influenced due to the power
exercised.
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
interests and other equity components are deleted from
the accounts. Any resulting profit or loss is recognised in
profit/(loss) for the period. Any retained interest in the
former 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
between 20 and 50 per cent or a comparable significant
influence is guaranteed legally or in practice via other
contractual regulations. Inclusion in the basis of consoli-
dation 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 determination of the investment strategy as
well as short- and medium-term investment decisions,
UNIQA has the risk of and the rights to variable success-
es of the fund in the form of distributions and partici-
pates in the performance of the fund assets and
the determining power over the relevant activities is
exercised in the interest of UNIQA by determining the
investment objectives and the individual investment de-
cisions.
Basis of consolidation
31/12/2021
31/12/2020
Consolidated companies
Austria 31
33
Other countries 58
66
Associates
Austria 4
4
Other countries 1
1
Consolidated pension and investment funds
Austria 5
5
Other countries 8
6
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”.
37. Consolidation principles
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
identifiable net assets acquired are measured at fair value.
Any profit from an acquisition at a price below the fair
value of the net assets is recognised directly in
profit/(loss) for the year. Transaction costs are recognised
as expenses immediately.
129
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
The consideration transferred does not include any
amounts associated with the fulfilment of pre-existing
relationships. Such amounts are generally recognised in
profit/(loss) for the year.
Any contingent obligation to pay consideration is
measured at fair value at the acquisition date. If the
contingent consideration is classified as equity, it is not
revalued, and a settlement is accounted for within equity.
Otherwise, later changes in the fair value of the contingent
consideration are recognised in profit/(loss) for the
period.
The acquisition of AXA companies did not result in any
subsequent adjustments to the recognised assets and
liabilities for the twelve-month valuation period.
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
UCP Private Equity UNIQA Cap.Partn.S.A. (Munsbach,
Luxembourg) and UCP Infrastructure Equity UNIQA
Cap.Partn.S.A. (Munsbach, Luxembourg) were subject to
initial consolidation in the first quarter of 2021.
In the second quarter of 2021, Light Investment Cotroceni
Srl (Bucharest, Romania) was consolidated for the first
time.
CherryHUB BSC Kft. (Budapest, Hungary), PremiaFIT
Facility und IT Management und Service GmbH (Vienna)
and Real Versicherungsvermittlung GmbH (Vienna) were
subject to initial consolidation in the fourth quarter. The
initial consolidation of these companies has no material
impact on UNIQA.
Acquisitions
The share transfer for the option exercised in the previous
year to acquire the remaining shares in the UNIQA Insur-
ance Company, Private Joint Stock Company, (Kiev,
Ukraine) took place in the first quarter.
Restructuring processes
UNIQA Towarzystwo Ubezpieczeń S.A. (Lodz, Poland) was
merged with AXA Ubezpieczenia Towarzystwo Ubezpiec-
zeń i Reasekuracji S.A. (Warsaw, Poland) as the absorbing
company in the second quarter of 2021 and was renamed
UNIQA Towarzystwo Ubezpieczeń S.A. In addition,
UNIQA Towarzystwo Ubezpieczeń na Życie S.A. (Lodz,
Poland) was merged with AXA Życie Towarzystwo Ub-
ezpieczeń S.A. (Warsaw, Poland) and its name was changed
to UNIQA Towarzystwo Ubezpieczeń na Życie S.A.
AXA pojišťovna a.s. (Prague, Czech Republic), AXA životní
pojišťovna a.s. (Prague, Czech Republic) and UNIQA
poisťovňa a.s (Bratislava, Slovakia) were merged with
UNIQA pojišťovna, a.s. (Prague, Czech Republic) as the
acquiring company in the third quarter. Furthermore,
UNIQA InsService spol. s r.o. (Bratislava, Slovakia) was
merged with UNIQA Management Services s.r.o. (former-
ly: AXA Management Services s.r.o.) (Prague, Czech Re-
public) as the acquiring company. Also in the third quarter,
Hotel Burgenland Betriebs GmbH (Vienna) was merged
with UNIQA Real Estate GmbH (Vienna) as the acquiring
company, Diakonissen & Wehrle Privatklinik GmbH (Vi-
enna) was merged with PremiQaMed Privatkliniken
GmbH (Vienna) as the acquiring company, and UNIQA
Real Estate Bulgaria EOOD (Sofia, Bulgaria) was merged
with UNIQA Real Estate CZ, s.r.o. (Prague, Czech Repub-
lic) as the acquiring company.
Agenta Risiko- und Finanzierungsberatung Ges.m.b.H.
(Vienna) was merged with Real Versicherungsvermittlung
GmbH (Vienna) as the acquiring company in the fourth
quarter.
All of the aforementioned mergers took place retroactively
effective 1 January 2021.
In addition, the merger of UNIQA Immobilien-
Projekterrichtungs GmbH (Vienna) with UNIQA Insur-
ance Group AG (Vienna) as the acquiring company took
place in the fourth quarter with retroactive effect from
1 July 2021.
Deconsolidation
UNIQA Számítástechnikai Szolgáltató Kft. (Budapest,
Hungary) was deconsolidated in the second quarter of
2021.
Liquidations
UNIQA Real Estate BV (Hoofddorp, Netherlands) was
liquidated in the fourth quarter of 2021.
Sales
Reytarske LLC (Kiev, Ukraine) was sold in the fourth
quarter.
Consolidated Financial
Statements
130
Company
Type of consolidation
Location
Equity interest at
31/12/2021
in per cent
Equity interest at
31/12/2020
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
Foreign insurance companies
AXA pojišťovna a.s. (Merger: 1/1/2021) Fully consolidated
Czech Republic, Prague
0.0
100.0
AXA životní pojišťovna a.s.
(Merger: 1/1/2021)
Fully consolidated
Czech Republic, Prague
0.0
100.0
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 neživotno osiguranje a.d. Fully consolidated
Serbia, Belgrade
100.0
100.0
UNIQA neživotno 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 poisťovňa a.s. (Merger: 1/1/2021) Fully consolidated
Slovakia, Bratislava
0.0
100.0
UNIQA pojišťovna, a.s. Fully consolidated
Czech Republic, Prague
100.0
100.0
UNIQA Re AG Fully consolidated
Switzerland, Zurich
100.0
100.0
UNIQA Towarzystwo Ubezpieczeń na Życie S.A.
(Merger: 1/1/2021)
Fully consolidated
Poland, Lodz
0.0
99.8
UNIQA Towarzystwo Ubezpieczeń na Życie S.A.
(formerly: AXA Życie Towarzystwo Ubezpieczeń S.A.)
Fully consolidated
Poland, Warsaw
100.0
100.0
UNIQA Towarzystwo Ubezpieczeń S.A.
(Merger: 1/1/2021)
Fully consolidated
Poland, Lodz
0.0
98.6
UNIQA Towarzystwo Ubezpieczeń S.A. (formerly:
AXA Ubezpieczenia Towarzystwo Ubezpieczeń i
Reasekuracji S.A.)
Fully consolidated
Poland, Warsaw
99.7
100.0
UNIQA Versicherung AG Fully consolidated
Liechtenstein, Vaduz
100.0
100.0
UNIQA životno osiguranje a.d. Fully consolidated
Serbia, Belgrade
100.0
100.0
UNIQA životno osiguranje a.d. Fully consolidated
Montenegro, Podgorica
100.0
100.0
Group domestic service companies
Agenta Risiko- und Finanzierungsberatung
Gesellschaft m.b.H. (Merger: 1/10/2021) Fully consolidated
Vienna
0.0
100.0
Assistance Beteiligungs-GesmbH Fully consolidated
Vienna
64.0
64.0
call us Assistance International GmbH Fully consolidated
Vienna
50.2
50.2
Real Versicherungsvermittlung GmbH (Initial
consolidation: 1/10/2021)
Fully consolidated
Vienna
100.0
100.0
UNIQA 5 Star GmbH Fully consolidated
Vienna
100.0
100.0
UNIQA Capital Markets GmbH Fully consolidated
Vienna
100.0
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
Valida Holding AG Equity method
Vienna
40.1
40.1
Versicherungsmarkt-Servicegesellschaft m.b.H. Fully consolidated
Vienna
100.0
100.0
130
Company
Type of consolidation
Location
Equity interest at
31/12/2021
in per cent
Equity interest at
31/12/2020
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
Foreign insurance companies
AXA pojišťovna a.s. (Merger: 1/1/2021) Fully consolidated
Czech Republic, Prague
0.0
100.0
AXA životní pojišťovna a.s.
(Merger: 1/1/2021)
Fully consolidated
Czech Republic, Prague
0.0
100.0
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 neživotno osiguranje a.d. Fully consolidated
Serbia, Belgrade
100.0
100.0
UNIQA neživotno 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 poisťovňa a.s. (Merger: 1/1/2021) Fully consolidated
Slovakia, Bratislava
0.0
100.0
UNIQA pojišťovna, a.s. Fully consolidated
Czech Republic, Prague
100.0
100.0
UNIQA Re AG Fully consolidated
Switzerland, Zurich
100.0
100.0
UNIQA Towarzystwo Ubezpieczeń na Życie S.A.
(Merger: 1/1/2021)
Fully consolidated
Poland, Lodz
0.0
99.8
UNIQA Towarzystwo Ubezpieczeń na Życie S.A.
(formerly: AXA Życie Towarzystwo Ubezpieczeń S.A.)
Fully consolidated
Poland, Warsaw
100.0
100.0
UNIQA Towarzystwo Ubezpieczeń S.A.
(Merger: 1/1/2021)
Fully consolidated
Poland, Lodz
0.0
98.6
UNIQA Towarzystwo Ubezpieczeń S.A. (formerly:
AXA Ubezpieczenia Towarzystwo Ubezpieczeń i
Reasekuracji S.A.)
Fully consolidated
Poland, Warsaw
99.7
100.0
UNIQA Versicherung AG Fully consolidated
Liechtenstein, Vaduz
100.0
100.0
UNIQA životno osiguranje a.d. Fully consolidated
Serbia, Belgrade
100.0
100.0
UNIQA životno osiguranje a.d. Fully consolidated
Montenegro, Podgorica
100.0
100.0
Group domestic service companies
Agenta Risiko- und Finanzierungsberatung
Gesellschaft m.b.H. (Merger: 1/10/2021) Fully consolidated
Vienna
0.0
100.0
Assistance Beteiligungs-GesmbH Fully consolidated
Vienna
64.0
64.0
call us Assistance International GmbH Fully consolidated
Vienna
50.2
50.2
Real Versicherungsvermittlung GmbH (Initial
consolidation: 1/10/2021)
Fully consolidated
Vienna
100.0
100.0
UNIQA 5 Star GmbH Fully consolidated
Vienna
100.0
100.0
UNIQA Capital Markets GmbH Fully consolidated
Vienna
100.0
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
Valida Holding AG Equity method
Vienna
40.1
40.1
Versicherungsmarkt-Servicegesellschaft m.b.H. Fully consolidated
Vienna
100.0
100.0
131
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Company
Type of consolidation
Location
Equity interest at
31/12/2021
in per cent
Equity interest at
31/12/2020
In per cent
Group foreign service companies
CherryHUB BSC Kft. (Initial consolidation: 31/12/2021) Fully consolidated
Hungary, Budapest
100.0
100.0
DEKRA-Expert Műszaki Szakértői 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.
(Merger: 1/1/2021) Fully consolidated
Slovakia, Bratislava
0.0
100.0
UNIQA investiční společnost, a.s. (formerly: AXA
investiční společnost a.s.) Fully consolidated
Czech Republic, Prague
100.0
100.0
UNIQA Management Services, s.r.o.
(formerly: AXA Management Services s.r.o.)
Fully consolidated
Czech Republic, Prague
100.0
100.0
UNIQA Polska S.A. (formerly: AXA Polska S.A.) Fully consolidated
Poland, Warsaw
100.0
100.0
UNIQA Raiffeisen Software Service Kft. Fully consolidated
Hungary, Budapest
60.0
60.0
UNIQA Software Service S.R.L. Fully consolidated
Romania, Cluj-Napoca
100.0
100.0
UNIQA Számítástechnikai Szolgáltató Kft.
(Deconsolidation: 30/6/2021) Fully consolidated
Hungary, Budapest
0.0
100.0
Vitosha Auto OOD Fully consolidated
Bulgaria, Sofia
99.9
99.9
Financial and strategic domestic shareholdings
Diakonissen & Wehrle Privatklinik GmbH (Merger:
1/1/2021)
Fully consolidated
Gallneukirchen
0.0
92.6
Goldenes Kreuz Privatklinik BetriebsGmbH Fully consolidated
Vienna
100.0
100.0
PremiaFIT Facility und IT Management und Service
GmbH (Initial consolidation: 31/12/2021)
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 Privatkliniken GmbH Fully consolidated
Vienna
100.0
100.0
STRABAG SE Equity method
Villach
15.3
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 Fully consolidated
Vienna
100.0
100.0
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
City One Park Sp. z o.o.
(Formerly: Dabrine Investments Sp. z o.o.)
Fully consolidated
Poland, Warsaw
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
(Merger: 1/1/2021)
Fully consolidated
Vienna
0.0
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
Light Investment Cotroceni SRL
(Initial consolidation: 30/6/2021)
Fully consolidated
Romania, Bucharest
100.0
0.0
Praterstraße Eins Hotelbetriebs GmbH Fully consolidated
Vienna
100.0
100.0
PremiQaMed Immobilien GmbH Fully consolidated
Vienna
100.0
100.0
Consolidated Financial
Statements
132
Company
Type of consolidation
Location
Equity interest at
31/12/2021
in per cent
Equity interest at
31/12/2020
In per cent
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 (Deconsolidation: 9/11/2021) Fully consolidated
Ukraine, Kiev
0.0
100.0
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
Treimorfa Hotel Sp. z o.o. Fully consolidated
Poland, Krakow
85.0
85.0
Treimorfa Project Sp. z o.o. Fully consolidated
Poland, Krakow
85.0
85.0
UNIQA Immobilien-Projekterrichtungs GmbH (Merger:
22/12/2021)
Fully consolidated
Vienna
0.0
100.0
UNIQA Linzer Straße 104 GmbH & Co KG Fully consolidated
Vienna
100.0
100.0
UNIQA Plaza Irodaház és Ingatlankezelő 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
(Merger: 1/1/2021)
Fully consolidated
Bulgaria, Sofia
0.0
100.0
UNIQA Real Estate BV (Deconsolidation: 28/12/2021) Fully consolidated
Netherlands, Hoofddorp
0.0
100.0
UNIQA Real Estate CZ, s.r.o. Fully consolidated
Czech Republic, Prague
100.0
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
Pension and investment funds
SSG Valluga Fund Fully consolidated
Ireland, Dublin
100.0
100.0
UNIQA Capital Partners S.A. SICAV-RAIF – Infrastructure
Equity Select (initial consolidation: 30/6/2021)
Fully consolidated
Luxembourg, Munsbach
100.0
0.0
UNIQA Capital Partners S.A. SICAV-RAIF – Private Equity
Select (initial consolidation: 30/6/2021) Fully consolidated
Luxembourg, Munsbach
100.0
0.0
UNIQA Corporate Bond Fully consolidated
Vienna
100.0
100.0
UNIQA d.d.s., a.s. (formerly: AXA d.d.s., a.s.) Fully consolidated
Slovakia, Bratislava
100.0
100.0
UNIQA d.s.s., a.s. (formerly: AXA d.s.s., a.s.) Fully consolidated
Slovakia, Bratislava
100.0
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
100.0
100.0
UNIQA penzijní společnost, a.s.
(formerly: AXA penzijní společnost a.s.) Fully consolidated
Czech Republic, Brno
100.0
100.0
UNIQA Powszechne Towarzystwo Emerytalne S.A.
(formerly: AXA Powszechne Towarzystwo Emerytalne
S.A.)
Fully consolidated
Poland, Warsaw
100.0
100.0
UNIQA Towarzystwo Funduszy Inwestycyjnych S.A.
(formerly: AXA Towarzystwo Funduszy Inwestycyjnych
S.A.) Fully consolidated
Poland, Warsaw
100.0
100.0
UNIQA World Selection Fully consolidated
Vienna
100.0
100.0
132
Company
Type of consolidation
Location
Equity interest at
31/12/2021
in per cent
Equity interest at
31/12/2020
In per cent
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 (Deconsolidation: 9/11/2021) Fully consolidated
Ukraine, Kiev
0.0
100.0
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
Treimorfa Hotel Sp. z o.o. Fully consolidated
Poland, Krakow
85.0
85.0
Treimorfa Project Sp. z o.o. Fully consolidated
Poland, Krakow
85.0
85.0
UNIQA Immobilien-Projekterrichtungs GmbH (Merger:
22/12/2021)
Fully consolidated
Vienna
0.0
100.0
UNIQA Linzer Straße 104 GmbH & Co KG Fully consolidated
Vienna
100.0
100.0
UNIQA Plaza Irodaház és Ingatlankezelő 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
(Merger: 1/1/2021)
Fully consolidated
Bulgaria, Sofia
0.0
100.0
UNIQA Real Estate BV (Deconsolidation: 28/12/2021) Fully consolidated
Netherlands, Hoofddorp
0.0
100.0
UNIQA Real Estate CZ, s.r.o. Fully consolidated
Czech Republic, Prague
100.0
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
Pension and investment funds
SSG Valluga Fund Fully consolidated
Ireland, Dublin
100.0
100.0
UNIQA Capital Partners S.A. SICAV-RAIF – Infrastructure
Equity Select (initial consolidation: 30/6/2021)
Fully consolidated
Luxembourg, Munsbach
100.0
0.0
UNIQA Capital Partners S.A. SICAV-RAIF – Private Equity
Select (initial consolidation: 30/6/2021) Fully consolidated
Luxembourg, Munsbach
100.0
0.0
UNIQA Corporate Bond Fully consolidated
Vienna
100.0
100.0
UNIQA d.d.s., a.s. (formerly: AXA d.d.s., a.s.) Fully consolidated
Slovakia, Bratislava
100.0
100.0
UNIQA d.s.s., a.s. (formerly: AXA d.s.s., a.s.) Fully consolidated
Slovakia, Bratislava
100.0
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
100.0
100.0
UNIQA penzijní společnost, a.s.
(formerly: AXA penzijní společnost a.s.) Fully consolidated
Czech Republic, Brno
100.0
100.0
UNIQA Powszechne Towarzystwo Emerytalne S.A.
(formerly: AXA Powszechne Towarzystwo Emerytalne
S.A.)
Fully consolidated
Poland, Warsaw
100.0
100.0
UNIQA Towarzystwo Funduszy Inwestycyjnych S.A.
(formerly: AXA Towarzystwo Funduszy Inwestycyjnych
S.A.) Fully consolidated
Poland, Warsaw
100.0
100.0
UNIQA World Selection Fully consolidated
Vienna
100.0
100.0
133
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
38. Changes in major accounting policies as well as
n
ew 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 adopted the following adjustments to stand-
ards with the initial application date of 1 January 2021.
None of the new regulations arising from this have any
essential impact on UNIQA’s assets, liabilities, financial
position and profit or loss.
Standard
Content First-time
application by
UNIQA
Impact on
UNIQA
IFRS 4, IFRS 9 Amendments to IFRS 4 Insurance Contracts:
Extension of the Temporary Exemption from Applying IFRS 9
1 January 2021
Yes
IFRS 9, IAS 39, IFRS 7,
IFRS 4, IFRS 16
Amendments to IFRS 9, IAS 39 and other IFRSs with regard to the effects of the IBOR reform (Phase 2)
1 January 2021
No
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
2021
Likely to be
relevant for
UNIQA
New standards
IFRS 9 Financial Instruments 1 January 2023 Yes
Yes
IFRS 9 Amendments to IFRS 9– Prepayment Features with Negative Compensation 1 January 2023 Yes
Yes
IFRS 17 Insurance Contracts 1 January 2023 Yes
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 3, IAS 16, IAS 37 Amendments to IFRS 3 for the purpose of updating a reference to the Conceptual
Framework
Amendments to IAS 16 relating to revenue before intended use
Amendments to IAS 37 relating to onerous contracts
1 January 2022 Yes
Yes
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-
related and UNIQA has not yet adopted IFRS 9 in any oth-
er version, a deferral to adopt IFRS 9 for the first time is
permitted until 1 January 2023. The use of UNIQA’s defer-
ral approach requires the publication of additional infor-
mation in the notes for the period up to the first-time ap-
plication of IFRS 9.
Classification and measurement
The classification and measurement of financial assets
under IFRS 9 results from the business model and the
SPPI criterion (Solely Payments of Principal and Interest).
Based on current indications, a large part of UNIQA’s other
investments is classified under the hold-and-sell business
model. Investments without the intention to sell, such as
time deposits and loans, are classified under the “hold”
business model.
Consolidated Financial
Statements
134
This means that UNIQA will in future measure fixed-
interest securities that meet the SPPI criterion at fair val-
ue through other comprehensive income. Non-fixed-
interest securities, in particular fund certificates, will in
future be measured at fair value through profit or loss.
However, UNIQA plans to use the FVOCI option for select-
ed equity instruments and consequently to measure these
instruments at fair value through other comprehensive
income.
All investments of unit-linked and index-linked life insur-
ance investments will continue to be classified and meas-
ured at fair value through profit or loss, unchanged from
the current accounting under IAS 39.
Other investments that
fulfil the SPPI test
1)
based on carrying amounts in per cent
Variable-income
securities
Fixed-income securities
Loans and
other investments
Derivative
financial
instruments
Investments
under investment
contracts
Available-for-sale financial assets 0.0
86.3
-
-
-
Loans and receivables -
0.3
99.8
-
-
Total 0.0
86.6
99.8
0.0
0.0
1) The classification occurs in accordance with IAS 39. Investments classified as financial assets at fair value through profit or loss do not meet the requirements of the SPPI test.
Asset allocation of
other investments that
fulfil the criteria of the
SPPI test
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 10,585,782
10,468,551
–157,724
6,843
6,812
119
Corporate bonds 3,171,914
3,145,809
–5,074
323,864
321,617
190,526
Covered bonds 1,837,218
1,819,700
–300,541
0
0
0
Loans 139,181
144,223
60,879
7,555
10,557
9,857
Other 283
282
282
2,092,646
2,092,452
546,678
Total 15,734,378
15,578,564
–402,177
2,430,908
2,431,438
747,179
Impairment
In future, the calculation of expected credit losses accord-
ing to the three-level model is to be carried out exclusively
for financial assets measured at amortised cost or at fair
value through other comprehensive income. Instruments
with a low default risk (investment grade) are regularly
allocated by UNIQA to Level 1 of the impairment model.
134
This means that UNIQA will in future measure fixed-
interest securities that meet the SPPI criterion at fair val-
ue through other comprehensive income. Non-fixed-
interest securities, in particular fund certificates, will in
future be measured at fair value through profit or loss.
However, UNIQA plans to use the FVOCI option for select-
ed equity instruments and consequently to measure these
instruments at fair value through other comprehensive
income.
All investments of unit-linked and index-linked life insur-
ance investments will continue to be classified and meas-
ured at fair value through profit or loss, unchanged from
the current accounting under IAS 39.
Other investments that
f
ulfil the SPPI test
1)
based on carrying amounts in per cent
Variable-income
securities
Fixed-income securities
Loans and
other investments
Derivative
financial
instruments
Investments
under investment
contracts
Available-for-sale financial assets 0.0
86.3
-
-
-
Loans and receivables -
0.3
99.8
-
-
Total 0.0
86.6
99.8
0.0
0.0
1) The classification occurs in accordance with IAS 39. Investments classified as financial assets at fair value through profit or loss do not meet the requirements of the SPPI test.
Asset allocation of
o
ther investments that
fulfil the criteria of the
SPPI test
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 10,585,782
10,468,551
–157,724
6,843
6,812
119
Corporate bonds 3,171,914
3,145,809
–5,074
323,864
321,617
190,526
Covered bonds 1,837,218
1,819,700
–300,541
0
0
0
Loans 139,181
144,223
60,879
7,555
10,557
9,857
Other 283
282
282
2,092,646
2,092,452
546,678
Total 15,734,378
15,578,564
–402,177
2,430,908
2,431,438
747,179
Impairment
In future, the calculation of expected credit losses accord-
ing to the three-level model is to be carried out exclusively
for financial assets measured at amortised cost or at fair
value through other comprehensive income. Instruments
with a low default risk (investment grade) are regularly
allocated by UNIQA to Level 1 of the impairment model.
135
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Financial instruments
by rating
In € thousand
Government bonds
Corporate bonds
Covered bonds
Loans
Other
Total
AAA 1,898,454
9,700
1,163,190
46,079
0
3,117,422
AA 3,348,120
231,925
532,870
0
0
4,112,915
A 3,008,584
1,588,179
103,476
10,111
0
4,710,350
BBB 1,731,347
941,402
8,274
9,757
0
2,690,779
BB 256,193
100,097
0
0
0
356,290
B 294,271
9,053
0
0
0
303,324
≤ CCC 11,773
0
0
0
0
11,773
Not rated 37,041
291,558
29,408
73,234
283
431,525
Total 10,585,782
3,171,914
1,837,218
139,181
283
15,734,378
The fair value of the instruments which do not feature a
low default risk (non-investment grade) amounts to
€671 million.
UNIQA expects effects from the conversion to IFRS 9 both
as a result of the new classification and measurement
rules and due to the new impairment model. In this re-
gard, possible initial application and subsequent meas-
urement effects are to be expected in the category “Varia-
ble-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. In
the 2022 financial year, a parallel phase for IFRS 9 will
also take place in connection with IFRS 17 in order to be
able to ensure the comparative figures required when
adjusting the previous year’s figures.
IFRS 17– Contracts
On 25 June 2020, the IASB (International Accounting
Standards Board) published the final accounting standard
for insurance contracts – IFRS 17. The date of initial
application of IFRS 17 was set for 1 January 2023. For
insurance companies, the date of initial application of
IFRS 9 is linked to that of IFRS 17. IFRS 17 became EU law
through the adoption of Regulation (EU) No. 2021/2036 of
19 November 2021 by the EU Commission. IFRS 17
establishes principles relating to recognition,
measurement, presentation and disclosures of insurance
contracts.
The general measurement model will be adopted for the
long-term property and casualty insurance business as
well as for life insurance contracts without profit
participation. For short-term contracts – this is
predominantly the case in the area of property and
casualty insurance – UNIQA will adopt the premium
allocation approach. The variable fee approach will be
adopted for contracts in health insurance that involve
profit participation and for contracts of unit-linked and
index-linked life insurance. This classification is in line
with the assumptions made so far for the initial
application of IFRS 17.
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 grouping for the valuation hierarchy and accounting
of contracts according to IFRS 17 is as follows:
Portfolios: insurance contracts that are exposed to a
similar risk and are managed together are combined into
a portfolio.
Contract groups: portfolios are divided into contract
groups.
Annual cohorts: contract groups are subdivided
according to underwriting years (“annual cohorts“). For
contracts in health and life insurance that involve profit
participation, UNIQA will adopt the option to exempt the
mandatory subdivision by underwriting year.
In 2021, various IFRS 17 technical concepts were shared
with the subsidiaries for local implementation and
expanded to include their features and specific
circumstances.
Consolidated Financial
Statements
136
The integration and preparation of the data required for
the measurement of and accounting for contracts
represents a key challenge in implementing IFRS 17. It was
possible to largely complete this work in the 2021 financial
year. Comprehensive tests were carried out both with
regard to the actuarial subledger and the new and adapted
interfaces for supplying the systems with the data. In the
2022 financial year, UNIQA will continue to work on the
quality of the systems and data in order to ensure
compliance with the requirements of IFRS 17.
In the past 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.
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). Furthermore, 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 profits according
to IFRS 17 is challenging 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 established.
For the measurement and accounting of contracts
according to IFRS 17, much larger volumes of data need
to be processed and validated compared to IFRS 4.
In the course of the impact analysis, all three
measurement models (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 precise conclusions can be drawn
yet regarding the impact of IFRS 17 on the Group as a
whole.
39. Foreign 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
assets and liabilities measured at fair value in a foreign
currency 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
historical 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. Currency translation differ-
ences 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.
Income and expenses from foreign operations are trans-
lated at the monthly closing rates.
136
The integration and preparation of the data required for
the measurement of and accounting for contracts
represents a key challenge in implementing IFRS 17. It was
possible to largely complete this work in the 2021 financial
year. Comprehensive tests were carried out both with
regard to the actuarial subledger and the new and adapted
interfaces for supplying the systems with the data. In the
2022 financial year, UNIQA will continue to work on the
quality of the systems and data in order to ensure
compliance with the requirements of IFRS 17.
In the past 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.
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). Furthermore, 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 profits according
to IFRS 17 is challenging 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 established.
For the measurement and accounting of contracts
according to IFRS 17, much larger volumes of data need
to be processed and validated compared to IFRS 4.
In the course of the impact analysis, all three
measurement models (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 precise conclusions can be drawn
yet regarding the impact of IFRS 17 on the Group as a
whole.
39. Foreign 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
assets and liabilities measured at fair value in a foreign
currency 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
historical 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. Currency translation differ-
ences 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.
Income and expenses from foreign operations are trans-
lated at the monthly closing rates.
137
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Currency translation differences from the proportion of
the carrying amount in the Consolidated Income State-
ment and attributable to the amortised cost are recognised
in the item “Available-for-sale financial assets”.
Major exchange
rates
EUR closing rates
EUR average rates
31/12/2021
31/12/2020
1–12/2021
1–12/2020
Swiss franc (CHF) 1.0331
1.0802
1.0800
1.0720
Czech koruna (CZK) 24.8580
26.2420
25.6942
26.4138
Hungarian forint
(HUF) 369.1900
363.8900
359.2377
352.2423
Polish złoty (PLN) 4.5969
4.5597
4.5736
4.4518
Romanian leu (RON) 4.9490
4.8683
4.9206
4.8379
Ukrainian hryvnia
(UAH) 30.8866
34.6022
32.3684
30.9282
Russian rouble (RUB) 85.3004
91.4671
87.6021
83.1271
Albanian lek (ALL) 120.7600
123.2600
122.5062
124.0777
US dollar (USD) 1.1326
1.2271
1.1844
1.1452
Japanese yen (JPY) 130.3800
126.4900
130.0262
121.8885
Effects of Covid-19
Technical result
In health insurance, there were reduced benefits in the
financial year due to delays in the health system. No signif-
icant catch-up effects are expected for subsequent years.
In the area of life insurance there were visible effects of
Covid-19 in the UNIQA International segment with regard
to the increased mortality rate and thus insurance bene-
fits.
Net investment income
The (city) hotel properties form a part (6 per cent) of the
UNIQA real estate portfolio. As city trips continue to lag
massively behind the level recorded in the 2019 financial
year due to Covid-19, this resulted in reduced rental in-
come of around €7 million in this area. Furthermore, im-
pairments amounting to €7 million were made in this area.
A reduction in rental income of around €3 million also had
to be accepted for retail space compared to the pre-Covid-
19 level.
Significant events after the reporting date
The conflict between Ukraine and Russia, which has been
going on for several years, escalated at the end of February
2022. UNIQA is represented in Ukraine by two insurance
companies and three real estate companies. In Russia,
UNIQA holds 75 per cent of a life insurance company (the
remaining 25 per cent is held by JSC Raiffeisenbank). Due
to the inability as yet to assess this constantly changing
situation, it is not possible to make a conclusive assess-
ment of the future effects on UNIQA at the time of prepar-
ing the consolidated financial statements. This is a value-
impacting event occurring in 2022 after the reporting date
so there will be no impact on these consolidated financial
statements as at 31 December 2021.
In 2021, the premiums written in Ukraine amounted to
around €110 million and in Russia to around €75 million –
amounting to approximately 3 per cent of UNIQA’s total
premiums written. The assets attributable to the insur-
ance companies in Ukraine amount to around
€140 million as at 31 December 2021, around €90 million
of which are investments. The real estate companies in
Ukraine had assets of around €20 million at the end of
2021. In Russia, the assets attributable to the share held by
UNIQA amount to around €250 million, with around
€230 million of this attributable to investments.
Should there be a loss of control over the companies from
a consolidation perspective without any consideration
being received, there would be a negative effect on the
consolidated income statement of the companies in
Ukraine of around €95 million as at the end of 2021. The
effect on the UNIQA share of the company in Russia would
amount to around €43 million as at the end of 2021.
In addition, other Group companies hold investments
issued by Ukrainian and Russian issuers. The carrying
amount of these investments was around €200 million as
at 31 December 2021.
Further developments in the situation are being moni-
tored and appropriate measures will be implemented as
necessary to keep the impact on UNIQA to a minimum.
Consolidated Financial
Statements
138
Risk report
4
0. Risk strategy
Principles
UNIQA’s strategic objectives are directly linked to the
company’s risk strategy. The cornerstones of the risk
strategy are based on the business strategy and the risks it
entails. 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
Officer is also a part of the Management Board. This en-
sures 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
hierarchy 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 in-
ternal model for market risks and non-life risks, as well as
on the standard model according to Solvency II for the
other categories of risk. As such, it corresponds with the
regulatory risk calculations under the Solvency II frame-
work. Based on this approach, we aim to achieve a solvency
capital ratio above 170 per cent. Immediate steps will be
taken to improve the capital position if the marginal value
falls below 135 per cent. Details for the reporting date as at
31 December 2021, including a detailed analysis of
changes, can be found in the “UNIQA Capital Report”
presentation.
Non-quantifiable risks, in particular operational risk,
litigation 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
intends 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.
Opportunities
Risk also means opportunity. UNIQA regularly analyses
trends and risks that influence society and thus the cus-
tomers and company UNIQA itself. Employees throughout
the company are involved in order to recognise and ana-
lyse trends at an early stage, produce suitable action plans
and develop innovative 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.
138
Risk report
4
0. Risk strategy
Principles
UNIQA’s strategic objectives are directly linked to the
company’s risk strategy. The cornerstones of the risk
strategy are based on the business strategy and the risks it
entails. 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
Officer is also a part of the Management Board. This en-
sures 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
hierarchy 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 in-
ternal model for market risks and non-life risks, as well as
on the standard model according to Solvency II for the
other categories of risk. As such, it corresponds with the
regulatory risk calculations under the Solvency II frame-
work. Based on this approach, we aim to achieve a solvency
capital ratio above 170 per cent. Immediate steps will be
taken to improve the capital position if the marginal value
falls below 135 per cent. Details for the reporting date as at
31 December 2021, including a detailed analysis of
changes, can be found in the “UNIQA Capital Report”
presentation.
Non-quantifiable risks, in particular operational risk,
litigation 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
intends 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.
Opportunities
Risk also means opportunity. UNIQA regularly analyses
trends and risks that influence society and thus the cus-
tomers and company UNIQA itself. Employees throughout
the company are involved in order to recognise and ana-
lyse trends at an early stage, produce suitable action plans
and develop innovative 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.
139
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
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” and the clear differences
between the individual “lines”.
First line: risk management within the business 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: supervisory functions including risk man-
agement functions
The risk management function and the supervisory func-
tions, such as controlling, must monitor business activities
without encroaching on operational activities.
Third line: 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).
Consolidated Financial
Statements
140
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 in-
formation about the risk profile and enables the top man-
agement to make the decisions for the long-term achieve-
ment 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
140
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 in-
formation about the risk profile and enables the top man-
agement to make the decisions for the long-term achieve-
ment 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
141
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
A Group-wide, standardised risk management process
regularly identifies, evaluates and reports on risks to
UNIQA and its Group companies within these categories
of risk.
Sustainability risks or ESG risks include risks related to
the sustainability factors of environment, social/employee
and governance (“ESG”). They are not considered as a
separate risk category, but are taken into account as part
of the existing ten risk categories.
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 includ-
ed.
The risk categories of market risk, underwriting risks and
default risk are evaluated at UNIQA by means of quantita-
tive methods either based on the Solvency II standard
approach or the partial internal model (for non-life or
market risks). Furthermore, risk drivers are identified for
the results from the standard approach, and analysed to
assess whether the risk situation is adequately represent-
ed (in accordance with the Company’s Own Risk and Sol-
vency Assessment (ORSA)). All other categories of risk are
evaluated quantitatively or qualitatively with their own
risk scenarios.
42. Activities and objectives in 2021
Based on external and internal developments, activities in
2021 focused on the following:
Covid-19 and capital market environment
Sustainability
AXA integration
Further development of the internal model
GRC tool rollout
Covid-19 and capital market environment
UNIQA already began to strictly monitor its own solvency
position at the beginning of the Covid-19 crisis. In contrast
to 2020, the economic environment was more stable in the
following year. In 2021, the target capital position of the
entity and its associated companies was maintained,
showing that they were well prepared for unexpected
shocks such as the Covid-19 crisis. UNIQA will continue to
monitor the situation closely in order to be able to respond
quickly to potential changes (triggered by another wave of
Covid-19). The pandemic has affected UNIQA’s business
development in some areas. It had both negative (business
interruptions, event cancellations) and positive (lower
claims frequency in motor and accident business, high
demand for health insurance) effects. The development of
the capital market environment, as well as the changes in
fair values, were closely monitored. The company also
carried out monthly solvency assessments. The year 2021
brought a positive interest rate development, which led to
the strengthening of UNIQA’s capital situation.
Sustainability
Sustainability (or Environmental Social Governance
(ESG)) is one of the topics that has become increasingly
important in recent years, both in the applicable regula-
tions as well as in terms of public perception. First steps
for the integration of sustainability into the risk manage-
ment framework have already been taken and further
improvements are planned for next year. In 2021, the defi-
nition of sustainability risks was anchored in the Group
Risk Management Policy. Furthermore, the investment
portfolio was examined on the basis of ESG criteria. The
risk catalogue of the internal control system was also ex-
panded to include risks from climate change. In principle,
this year’s risk assessment process attempted to gather
initial experience with the challenging task of measuring
long-term climate scenarios. The objective of this meas-
urement is to obtain as good a quantitative statement as
possible. However, since this is not (yet) always possible in
all aspects or is associated with great uncertainty, qualita-
tive simplifications were also used last year.
AXA integration
At the end of 2020, UNIQA took full control of the AXA
subsidiaries in Poland, the Czech Republic and Slovakia.
For one and a half years, local project teams in Poland, the
Czech Republic and Slovakia have been working on the
integration under the leadership of central integration
management in Vienna. In 2021, important milestones
were reached from a risk management perspective. The
acquired companies were successfully included in
UNIQA’s risk management processes. Among other things,
the integration into the risk capital calculation process
was successfully carried out.
Consolidated Financial
Statements
142
Further development of the internal model
Building on the expertise gained through the development
of the partial internal model, it was decided to take further
steps to expand the risk model into a full internal model.
In the medium term, this internal model is to be approved
by the regulator and used to determine the capital re-
quirement ratio. The objective is to use the internal model
to depict UNIQA’s specific risk situation more adequately
than via the standard model and to take it into account in
risk management accordingly. Another advantage of an
internal model is that it is less vulnerable to future regula-
tory adjustments to the Solvency II standard model. If
approved, this would make UNIQA the first Austrian in-
surance group to have a full internal model. The multi-
year project started in 2021 with an initial development
phase.
GRC tool rollout
UNIQA has been working intensively on expanding the
concept of its internal control system (ICS) in recent
years. A Governance, Risk & Compliance (GRC) tool was
introduced in order to support implementation of the ICS
through the systems. The GRC tool is used as a central
element in managing operational risk. Rolling it out across
the entire Group was one of the focal points and challeng-
es in 2021. The focus was on training the staff in the new
system on the one hand, and on migrating the data on the
other. The full rollout within the Group should be com-
pleted by the end of 2022.
43. Challenges and priorities in risk management
f
or 2022
Environmental Social Governance (ESG)
The topic of sustainability was already of very high im-
portance for UNIQA last year. The focus for risk manage-
ment is particularly on managing and handling sustaina-
bility risks. In 2022, we will therefore work hard to meas-
ure the long-term climate scenarios and try to drive fur-
ther progress and improvements here. The climate scenar-
ios are also to become a constant component of the com-
pany’s own risk and solvency assessment process (ORSA).
After the expansion of the risk catalogue to include ESG
risks, the process of identifying these risks will take place
with the respective departments. To meet future regulato-
ry requirements, work will also be done next year to inte-
grate sustainability risks into the reporting framework.
The risk management process in terms of sustainability
with regard to UNIQA’s investment portfolio will also be
improved in the coming year. The results of the ESG risk
assessment are intended on the one hand to fulfil regula-
tory requirements and on the other hand to support man-
agement decisions about designing new products or about
the company’s investment strategy.
Exposure to ESG risks is a new performance characteristic
and also a growth driver in the current environment.
These have therefore become more significant for both
investors and customers. Good ESG performance is de-
fined, among other things, by a lower future cost of capital,
as the company is more resilient to long-term risks. As a
composite insurer, UNIQA has long-term obligations,
which is why a long-term perspective must be considered.
The results of the own-risk assessment show that climate
risks can have an impact on both investments and tech-
nical provisions. UNIQA has a system for evaluating the
materiality of individual risks on the relevant balance
sheet items with the aim of integrating the sustainability
impacts into this existing materiality concept. UNIQA will
therefore have a strong focus on the further development
and management of climate risks in future, with the clear
idea of identifying the need for adjustments in corporate
planning and strategy in good time.
Full internal model
The further development of the partial internal model to a
full internal model is one of the most important projects
from a risk management perspective. In this way, UNIQA
aims to more adequately reflect its own risk profile. This
project will last several years. In 2021, the main focus was
on developing the model. In 2022, the first model runs of
the individual risk modules will take place. Work is also
underway on the first validations and the lessons learned.
During the year, several feedback loops between employ-
ees and advisers are planned from the project perspective.
Another important goal is to produce a draft of the docu-
mentation necessary for approval of the model. In 2022
there will also be on-site audits by the Financial Market
Authority. The objective is to obtain official approval of
the full internal model by the end of 2023.
142
Further development of the internal model
Building on the expertise gained through the development
of the partial internal model, it was decided to take further
steps to expand the risk model into a full internal model.
In the medium term, this internal model is to be approved
by the regulator and used to determine the capital re-
quirement ratio. The objective is to use the internal model
to depict UNIQA’s specific risk situation more adequately
than via the standard model and to take it into account in
risk management accordingly. Another advantage of an
internal model is that it is less vulnerable to future regula-
tory adjustments to the Solvency II standard model. If
approved, this would make UNIQA the first Austrian in-
surance group to have a full internal model. The multi-
year project started in 2021 with an initial development
phase.
GRC tool rollout
UNIQA has been working intensively on expanding the
concept of its internal control system (ICS) in recent
years. A Governance, Risk & Compliance (GRC) tool was
introduced in order to support implementation of the ICS
through the systems. The GRC tool is used as a central
element in managing operational risk. Rolling it out across
the entire Group was one of the focal points and challeng-
es in 2021. The focus was on training the staff in the new
system on the one hand, and on migrating the data on the
other. The full rollout within the Group should be com-
pleted by the end of 2022.
43. Challenges and priorities in risk management
f
or 2022
Environmental Social Governance (ESG)
The topic of sustainability was already of very high im-
portance for UNIQA last year. The focus for risk manage-
ment is particularly on managing and handling sustaina-
bility risks. In 2022, we will therefore work hard to meas-
ure the long-term climate scenarios and try to drive fur-
ther progress and improvements here. The climate scenar-
ios are also to become a constant component of the com-
pany’s own risk and solvency assessment process (ORSA).
After the expansion of the risk catalogue to include ESG
risks, the process of identifying these risks will take place
with the respective departments. To meet future regulato-
ry requirements, work will also be done next year to inte-
grate sustainability risks into the reporting framework.
The risk management process in terms of sustainability
with regard to UNIQA’s investment portfolio will also be
improved in the coming year. The results of the ESG risk
assessment are intended on the one hand to fulfil regula-
tory requirements and on the other hand to support man-
agement decisions about designing new products or about
the company’s investment strategy.
Exposure to ESG risks is a new performance characteristic
and also a growth driver in the current environment.
These have therefore become more significant for both
investors and customers. Good ESG performance is de-
fined, among other things, by a lower future cost of capital,
as the company is more resilient to long-term risks. As a
composite insurer, UNIQA has long-term obligations,
which is why a long-term perspective must be considered.
The results of the own-risk assessment show that climate
risks can have an impact on both investments and tech-
nical provisions. UNIQA has a system for evaluating the
materiality of individual risks on the relevant balance
sheet items with the aim of integrating the sustainability
impacts into this existing materiality concept. UNIQA will
therefore have a strong focus on the further development
and management of climate risks in future, with the clear
idea of identifying the need for adjustments in corporate
planning and strategy in good time.
Full internal model
The further development of the partial internal model to a
full internal model is one of the most important projects
from a risk management perspective. In this way, UNIQA
aims to more adequately reflect its own risk profile. This
project will last several years. In 2021, the main focus was
on developing the model. In 2022, the first model runs of
the individual risk modules will take place. Work is also
underway on the first validations and the lessons learned.
During the year, several feedback loops between employ-
ees and advisers are planned from the project perspective.
Another important goal is to produce a draft of the docu-
mentation necessary for approval of the model. In 2022
there will also be on-site audits by the Financial Market
Authority. The objective is to obtain official approval of
the full internal model by the end of 2023.
143
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Security & Resilience Management
Companies are increasingly exposed to a range of security
risks, from data theft to ransomware and distributed deni-
al of service (DDoS) attacks. UNIQA has planned a strong
focus on these topics for 2022 and will implement corre-
sponding measures. UNIQA’s assets that are relevant to its
business operations will be identified and classified ac-
cording to their need for protection. An example would be
IT applications and their required IT infrastructure, data
centres and key personnel needed to keep them running.
One focus in 2022 will be to address the identified vulner-
abilities as part of a Group-wide, centrally coordinated IT
security programme. The security programme will cover
the internally developed framework of security require-
ments and the security controls already implemented
along with any shortfalls.
44. Risk profile
UNIQA’s risk profile is very heavily influenced by the
life and health insurance portfolios of UNIQA Österreich
Versicherungen AG. This situation means that market risk
plays a central role in UNIQA’s risk profile.
The Group companies in Central Europe operate in the
property and casualty business lines as 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 in-
ternal 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
31/12/2021
31/12/2020
Fixed-income securities 16,021,778
17,577,469
Real estate assets 1,241,860
1,219,213
Pension fund 2,059,540
1,373,557
Equity investments and other stocks 815,421
822,476
Shares and equity funds 1,224,155
840,135
Time deposits 272,172
279,315
Other investments 150,051
207,077
Total 21,784,976
22,319,241
However, the market and credit risks not only have an
impact 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
31/12/2021
31/12/2020
Long-term life insurance contracts with
guaranteed interest and profit participation 12,414,127
12,565,453
Long-term unit-linked and index-linked life
insurance contracts
5,154,053
4,238,569
Long-term health insurance contracts 4,444,807
4,434,179
Short-term property and casualty insurance
contracts 5,814,056
5,577,045
Total 27,827,042
26,815,246
Consolidated Financial
Statements
144
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
T
echnical provisions and
liabilities (net)
In € thousand
31/12/2021
31/12/2020
Long-term life insurance contracts with
guaranteed interest and profit participation 10,979,313
11,243,000
Long-term unit-linked and index-linked life
insurance contracts 5,028,507
4,208,512
Long-term health insurance contracts 3,813,196
3,519,993
Short-term property and casualty insurance
contracts 3,891,198
3,147,659
Total 23,712,214
22,119,164
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 i
nterest 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
actively managed as part of the ALM-based investment
strategy.
The following table shows the maturity structure of fixed-
income securities.
Exposure by term
In € thousand
31/12/2021
31/12/2020
Up to 1 year 908,460
975,698
More than 1 year up to 3 years 1,481,601
1,668,822
More than 3 years up to 5 years 2,369,538
2,307,840
More than 5 years up to 7 years 2,521,545
2,579,998
More than 7 years up to 10 years 2,259,623
2,863,478
More than 10 years up to 15 years 2,640,465
2,635,322
More than 15 years 3,840,546
4,546,309
Total 16,021,779
17,577,469
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
31/12/2021
31/12/2020
Up to 1 year 1,244,623
1,015,663
More than 1 year up to 3 years 1,244,715
1,122,053
More than 3 years up to 5 years 1,194,601
1,290,754
More than 5 years up to 7 years 1,002,338
1,074,151
More than 7 years up to 10 years 1,556,280
1,453,751
More than 10 years up to 15 years 2,167,754
2,233,169
More than 15 years 8,170,662
8,002,000
Total 16,580,974
16,191,540
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
€479.7 million and that of liabilities is €602.0 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.
144
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
T
echnical provisions and
li
abilities (net)
In € thousand
31/12/2021
31/12/2020
Long-term life insurance contracts with
guaranteed interest and profit participation 10,979,313
11,243,000
Long-term unit-linked and index-linked life
insurance contracts 5,028,507
4,208,512
Long-term health insurance contracts 3,813,196
3,519,993
Short-term property and casualty insurance
contracts 3,891,198
3,147,659
Total 23,712,214
22,119,164
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 i
nterest 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
actively managed as part of the ALM-based investment
strategy.
The following table shows the maturity structure of fixed-
income securities.
Exposure by term
In € thousand
31/12/2021
31/12/2020
Up to 1 year 908,460
975,698
More than 1 year up to 3 years 1,481,601
1,668,822
More than 3 years up to 5 years 2,369,538
2,307,840
More than 5 years up to 7 years 2,521,545
2,579,998
More than 7 years up to 10 years 2,259,623
2,863,478
More than 10 years up to 15 years 2,640,465
2,635,322
More than 15 years 3,840,546
4,546,309
Total 16,021,779
17,577,469
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
m
aturity date
In € thousand
31/12/2021
31/12/2020
Up to 1 year 1,244,623
1,015,663
More than 1 year up to 3 years 1,244,715
1,122,053
More than 3 years up to 5 years 1,194,601
1,290,754
More than 5 years up to 7 years 1,002,338
1,074,151
More than 7 years up to 10 years 1,556,280
1,453,751
More than 10 years up to 15 years 2,167,754
2,233,169
More than 15 years 8,170,662
8,002,000
Total 16,580,974
16,191,540
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
€479.7 million and that of liabilities is €602.0 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.
145
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
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
relevant 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
permissible interest rate will be 0 per cent per annum
from 1 July 2022. However, the portfolio also includes
older contracts with different discount rates. In the rele-
vant markets of the UNIQA Group, these rates amount to
as much as 4 per cent per year. The following table pro-
vides an overview 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) 2.1
Central Europe (CE) 3.2
2.9
Eastern Europe (EE) 3.4
3.5
3.1
Southeastern Europe (SEE) 2.1
1.5
0.4
Russia (RU) 2.3
2.3
3.9
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
predominantly invests in interest-bearing securities, the
unpredictability of long-term interest rate trends is the
most significant financial risk for a life insurance compa-
ny. Investment 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 per cent.
The c
redit 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
associated volatility, and is ascertained for individual se-
curities in accordance with their rating and duration.
When investing in securities, UNIQA chooses securities
with a wide variety of ratings, taking into consideration
the potential risks and returns.
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
31/12/2021
31/12/2020
AAA 3,117,422
3,704,679
AA 4,112,915
4,337,744
A 4,714,695
4,957,442
BBB 2,708,020
3,051,150
BB 403,258
397,365
B 314,606
317,206
≤ CCC 11,773
1
Not rated 639,089
811,881
Total 16,021,778
17,577,469
E
quity risk arises from movements in the value of equities
and similar investments as a result of fluctuations in in-
ternational stock markets, and therefore, stems in particu-
lar 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.
F
oreign 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.
Consolidated Financial
Statements
146
Currency risk
31/12/2021
In € thousand
Assets
Provisions and
liabilities
EUR 24,569,387
22,541,840
USD 572,248
367,172
CZK 1,450,892
1,238,123
HUF 457,405
365,382
PLN 3,035,889
2,550,947
RON 340,731
231,992
Other 1,121,230
929,041
Total 31,547,783
28,224,497
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
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 calculat-
ed 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.
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
31/12/2021
31/12/2020
1)
In € thousand
+ 50 basis points
–50 basis points
+ 50 basis points
–50 basis points
Government bonds –484,651
548,866
–564,293
633,667
Corporate bonds (incl. covered) –176,478
189,139
–198,932
207,914
Other –65,832
76,753
–32,159
38,838
Total –726,962
814,759
–795,383
880,419
Of which income statement –1,358
5,082
3,179
194
Of which equity –725,603
809,678
–798,563
880,225
Credit spread risk
31/12/2021
31/12/2020
1)
In € thousand
+ 50 basis points
+ 50 basis points
Income statement –374
503
Equity –785,327
–877,721
Total –785,701
–877,218
Equity risk
31/12/2021
31/12/2020
1)
In € thousand
–25%
–25%
Income statement –4,098
–33,160
Equity –301,161
–166,949
Total –305,259
–200,110
1)
The adjustment to the sensitivity calculation was made as a result of the changed market environment and in line with current market practice.
146
Currency risk
31/12/2021
In € thousand
Assets
Provisions and
liabilities
EUR 24,569,387
22,541,840
USD 572,248
367,172
CZK 1,450,892
1,238,123
HUF 457,405
365,382
PLN 3,035,889
2,550,947
RON 340,731
231,992
Other 1,121,230
929,041
Total 31,547,783
28,224,497
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
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 calculat-
ed 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.
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
31/12/2021
31/12/2020
1)
In € thousand
+ 50 basis points
–50 basis points
+ 50 basis points
–50 basis points
Government bonds –484,651
548,866
–564,293
633,667
Corporate bonds (incl. covered) –176,478
189,139
–198,932
207,914
Other –65,832
76,753
–32,159
38,838
Total –726,962
814,759
–795,383
880,419
Of which income statement –1,358
5,082
3,179
194
Of which equity –725,603
809,678
–798,563
880,225
Credit spread risk
31/12/2021
31/12/2020
1)
In € thousand
+ 50 basis points
+ 50 basis points
Income statement –374
503
Equity –785,327
–877,721
Total –785,701
–877,218
Equity risk
31/12/2021
31/12/2020
1)
In € thousand
–25%
–25%
Income statement –4,098
–33,160
Equity –301,161
–166,949
Total –305,259
–200,110
1)
The adjustment to the sensitivity calculation was made as a result of the changed market environment and in line with current market practice.
147
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Currency risk
31/12/2021
31/12/2020
In € thousand
10%
–10%
10%
–10%
PLN 128,226
–128,015
146,247
–146,247
USD 57,494
–57,227
14,494
–40,788
CZK 64,740
–64,753
65,034
–65,098
RUB 24,046
–24,046
22,491
–22,491
HUF 14,479
–14,479
16,112
–16,112
Other 57,479
–57,479
43,532
–46,942
Total 346,464
–346,000
307,910
–337,678
Of which income statement 323,681
–323,554
183,189
–217,999
Of which equity 22,783
–22,446
124,721
–119,679
In l
ife 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
therefore 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 million. A –100 bp
reduction in this assumption results in a net effect of
€
–10 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 n
on-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
possible.
The calculation of claim provisions is associated with un-
certainty based on the time required to process claims.
In 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 mod-
el results, it was determined that a deviation of 5 per cent
from the basic provision calculated may represent a realis-
tic scenario. Based on the current provision for unsettled
claims of €3,254 million (excluding additional provisions
such as provisions for claim settlement) in the Group on a
gross basis, this would mean an increase in claims in-
curred by €163 million.
Consolidated Financial
Statements
148
Health insurance similar to life technique is now also
affected by the period of low interest rates. Since 1 July
2021 only tariffs with the 0.5 per cent discount rate are
being sold. That fact, together with the tariffs sold in 2018
at the discount rate of 1 per cent, further reduces the aver-
age discount rate. A reduction in the capital earnings by
100 bp (based on 2020 investment results) would reduce
the earnings before taxes by €41 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
private debt, as well as in the infrastructure sector,
amounting to €794,770 thousand (2020:
€574,187 thousand).
Financial liabilities
Contractual maturities at 31 December 2021
In € thousand
Liabilities from
bonds and loans
Derivative financial
instruments
Lease liabilities
Total
2022 8,250
10,015
10,502
28,767
2023 8,250
0
9,026
17,276
2024 8,250
0
7,497
15,747
2025 8,250
0
10,877
19,127
2026 8,250
0
5,174
13,424
> 2027 633,000
11,828
60,154
704,982
Financial liabilities
Contractual maturities at 31 December 2020
In € thousand
Liabilities from
bonds and 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
Subordinated liabilities
Contractual maturities at 31 December 2021
In € thousand
Notional amount
1)
Coupon payments
Total
2022 0
45,207
45,207
2023 148,700
45,207
193,907
2024 0
34,984
34,984
2025 200,000
34,984
234,984
2026 326,300
28,484
354,784
> 2027 375,000
44,531
419,531
1)
Contractual maturities based on the first possible termination date
148
Health insurance similar to life technique is now also
affected by the period of low interest rates. Since 1 July
2021 only tariffs with the 0.5 per cent discount rate are
being sold. That fact, together with the tariffs sold in 2018
at the discount rate of 1 per cent, further reduces the aver-
age discount rate. A reduction in the capital earnings by
100 bp (based on 2020 investment results) would reduce
the earnings before taxes by €41 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
private debt, as well as in the infrastructure sector,
amounting to €794,770 thousand (2020:
€574,187 thousand).
Financial liabilities
C
ontractual maturities at 31 December 2021
In
€ thousand
Liabilities from
bonds and loans
Derivative financial
instruments
Lease liabilities
Total
2022 8,250
10,015
10,502
28,767
2023 8,250
0
9,026
17,276
2024 8,250
0
7,497
15,747
2025 8,250
0
10,877
19,127
2026 8,250
0
5,174
13,424
> 2027 633,000
11,828
60,154
704,982
Financial liabilities
C
ontractual maturities at 31 December 2020
In € thousand
Liabilities from
bonds and 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
Subordinated liabilities
C
ontractual maturities at 31 December 2021
In
€ thousand
Notional amount
1)
Coupon payments
Total
2022 0
45,207
45,207
2023 148,700
45,207
193,907
2024 0
34,984
34,984
2025 200,000
34,984
234,984
2026 326,300
28,484
354,784
> 2027 375,000
44,531
419,531
1)
Contractual maturities based on the first possible termination date
149
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Subordinated liabilities
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
1)
Contractual maturities based on the first possible termination date
Concentration risks
UNIQA strives to keep c
oncentration 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-
payment) 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 n
on-life insurance 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.
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
products may only be launched if they satisfy certain prof-
itability criteria. Major claims and losses from natural
catastrophes are appropriately managed by means of spe-
cial risk management in the underwriting process (pri-
marily in corporate activities) and by the provision of
suitable reinsurance 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 quality 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 compa-
ny and Group levels.
Consolidated Financial
Statements
150
In 2021, the entities acquired by AXA in Poland, the Czech
Republic and Slovakia were integrated into the Group
model.
In l
ife 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 cat-
egories of mortality, longevity, disability-morbidity, lapse,
expense, 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
fluctuations in mortality rates due to a decline in the mor-
tality rate. The insurer is thereby exposed to the risk that
the anticipated life expectancy in the calculation of the
premium will be exceeded in reality and that the expendi-
ture 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
creation of provisions for extreme/exceptional events. The
most relevant risk in this context is an immediate dra-
matic increase in mortality rates: in this case, death bene-
fits 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
capacity of the existing portfolio, whereby careful risk
selection (e.g. health checks) and cautiously chosen calcu-
lation principles for premiums are essential cornerstones
when designing products. By including premium adjust-
ment clauses, the potential to reduce risk can be improved,
especially in the risk and occupational disability portfolio.
The h
ealth 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 mainly according to the similar to life technique.
The main techniques for risk mitigation in health insur-
ance are the adjustment of future profit participations and
the premium adjustment which is carried out in compli-
ance with legal and contractual framework conditions.
These measures are crucial for the underlying risk models
and contain detailed information and regulations, particu-
larly with regard to profit participation. In practice, classic
risk-mitigation techniques are also relevant here.
150
In 2021, the entities acquired by AXA in Poland, the Czech
Republic and Slovakia were integrated into the Group
model.
In l
ife 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 cat-
egories of mortality, longevity, disability-morbidity, lapse,
expense, 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
fluctuations in mortality rates due to a decline in the mor-
tality rate. The insurer is thereby exposed to the risk that
the anticipated life expectancy in the calculation of the
premium will be exceeded in reality and that the expendi-
ture 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
creation of provisions for extreme/exceptional events. The
most relevant risk in this context is an immediate dra-
matic increase in mortality rates: in this case, death bene-
fits 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
capacity of the existing portfolio, whereby careful risk
selection (e.g. health checks) and cautiously chosen calcu-
lation principles for premiums are essential cornerstones
when designing products. By including premium adjust-
ment clauses, the potential to reduce risk can be improved,
especially in the risk and occupational disability portfolio.
The h
ealth 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 mainly according to the similar to life technique.
The main techniques for risk mitigation in health insur-
ance are the adjustment of future profit participations and
the premium adjustment which is carried out in compli-
ance with legal and contractual framework conditions.
These measures are crucial for the underlying risk models
and contain detailed information and regulations, particu-
larly with regard to profit participation. In practice, classic
risk-mitigation techniques are also relevant here.
151
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
For health insurance they include:
prudent setting of the discount rate at a level that is ex-
pected to 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 termination rate probabilities
(death and lapse) in order to calculate adequate premi-
ums for the benefits to be expected;
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;
where necessary, reinsurance solutions are applied to
partial portfolios.
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 insuffi-
cient 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 ongoing basis, and
reports are 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 re-
sponsible 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
international rules and standards and is developed on a
continuous basis.
Emerging risk
Emerging risk refers to newly arising or changing risks
that are difficult to quantify and can have a significant
impact 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
Reputational risk describes the risk of loss that arises
because of possible damage to the company’s reputation,
because of deterioration in prestige, or because of a nega-
tive overall impression caused by negative perception by
customers, business partners, 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.
Consolidated Financial
Statements
152
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
Strategic risk refers to the risk that results from manage-
ment decisions or insufficient implementation of man-
agement decisions that may influence current or future
income or solvency. This includes the risk that arises from
management decisions that are inadequate because they
ignore a changed business environment. Like operational
and reputational risks, strategic risks are evaluated on an
ongoing basis.
45. Reinsurance
The Group Management Board determines, directly and
indirectly, the strategic contents of its 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 the
reinsurance policy issued by the Group Management
Board. UNIQA Re AG is available to all Group companies
as the risk carrier for their reinsurance needs.
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
interest of a value-based management of the capital com-
mitment. Extensive data are used to assess risk capital
requirements for the units in question and their reinsur-
ance programmes are structured in a targeted manner.
For the property and casualty insurer, promises of per-
formance for protection against losses resulting from
natural hazards frequently represent by far the greatest
stress on risk capital due to the volatile nature of such
claims and the conceivable amount of catastrophic dam-
ages. UNIQA has set up a specialised unit in order to deal
with this problem. Exposure is constantly monitored and
evaluated at the country and Group levels in cooperation
with internal and external authorities. UNIQA substan-
tially 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 there a
portion of the necessary cessions given directly to external
reinsurance companies. The Group assumes reasonable
deductibles in the retrocession programmes based on risk-
and value-based approaches.
152
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
Strategic risk refers to the risk that results from manage-
ment decisions or insufficient implementation of man-
agement decisions that may influence current or future
income or solvency. This includes the risk that arises from
management decisions that are inadequate because they
ignore a changed business environment. Like operational
and reputational risks, strategic risks are evaluated on an
ongoing basis.
45. Reinsurance
The Group Management Board determines, directly and
indirectly, the strategic contents of its 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 the
reinsurance policy issued by the Group Management
Board. UNIQA Re AG is available to all Group companies
as the risk carrier for their reinsurance needs.
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
interest of a value-based management of the capital com-
mitment. Extensive data are used to assess risk capital
requirements for the units in question and their reinsur-
ance programmes are structured in a targeted manner.
For the property and casualty insurer, promises of per-
formance for protection against losses resulting from
natural hazards frequently represent by far the greatest
stress on risk capital due to the volatile nature of such
claims and the conceivable amount of catastrophic dam-
ages. UNIQA has set up a specialised unit in order to deal
with this problem. Exposure is constantly monitored and
evaluated at the country and Group levels in cooperation
with internal and external authorities. UNIQA substan-
tially 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 there a
portion of the necessary cessions given directly to external
reinsurance companies. The Group assumes reasonable
deductibles in the retrocession programmes based on risk-
and value-based approaches.
153
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Approval for publication
These consolidated financial statements were prepared by
the Management Board as at the date of signing and
approved for publication.
Vienna, 9 March 2022
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
Consolidated Financial
Statements
154
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, 9 March 2022
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
154
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, 9 March 2022
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
155
KONZERNABSCHLUSS
CONSOLIDATED FINANCIAL
STATEMENTS
We draw attention to the fact that the English translation of this auditor’s report according to section 274 UGB (Austrian
Company Code) is presented for the convenience of the reader only and that the German wording is the only legally binding
version.
Auditor’s Report
Report on the Consolidated Financial Statements
A
udit 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 2021, the consoli-
dated income statement from 1 January until 31 December
2021, the consolidated statement of comprehensive in-
come, the consolidated statement of cash flows and the
consolidated statement of changes in equity for the finan-
cial year then ended, and the notes to the consolidated
financial statements.
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 2021, 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
separate opinion on these matters.
We have structured key audit matters as follows:
Description
Audit approach and key observations
Reference to related disclosures
1. Measurement of goodwill as well as of other intangi-
ble assets
Description
Goodwill in the amount of EUR 353,054k as well as intan-
gible assets still under development in the amount of EUR
104,389k, 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.
Consolidated Financial
Statements
156
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 im-
pairment test is appropriate and assessed the significant
discretionary 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, as well as
examined whether the respective disclosures in the notes
were complete.
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 “Use of discretionary decisions and esti-
mates” under General information in the notes as well as
“11. Intangible assets” in the notes to the consolidated
financial statements
2. R
efinancing of subordinated liabilities
Description
In December of the financial year, UNIQA Insurance
Group AG bought back two outstanding subordinated
bonds at a total nominal amount of EUR 375 million in the
capital market. The bonds were originally issued in Ju-
ly 2013 with a first termination option for the Company in
July 2023, and in July 2015 with a first termination option
for the Company in July 2026. For the purposes of the
partial buyback of the two bonds, additional refinancing
costs in the form of call premiums were paid in the amount
of EUR 65 million in the financial year and recorded as an
expense in the financial year.
In order to finance the partial buyback, a subordinated
bond (Tier 2) was placed in the capital market at the same
volume of EUR 375 million.
Due to its material impact on the results, we considered
this matter as a key audit matter in our audit.
Audit approach and key observations
We:
obtained the Austrian Financial Market Authority’s ap-
provals for the partial buyback of the two bonds and the
issuing of the subordinated bond as well as the necessary
internal organizational resolutions and approvals,
examined the presentation of the buyback of the two
bonds and the financing costs incurring in this regard in
the notes to the consolidated financial statements, and
examined the presentation of the newly issued bond as
well as the related transaction cost in the notes to the
consolidated financial statements.
The accounting and measurement methods applied are in
accordance with IFRSs. We consider the presentation of
the above stated matter in the consolidated financial
statements to be appropriate.
Reference to related disclosures
Refer to chapter “Use of discretionary decisions and esti-
mates” under General information in the notes as well as
“25. Subordinated liabilities” in the notes to the consoli-
dated financial statements
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-
156
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 im-
pairment test is appropriate and assessed the significant
discretionary 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, as well as
examined whether the respective disclosures in the notes
were complete.
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 “Use of discretionary decisions and esti-
mates” under General information in the notes as well as
“11. Intangible assets” in the notes to the consolidated
financial statements
2. R
efinancing of subordinated liabilities
Description
In December of the financial year, UNIQA Insurance
Group AG bought back two outstanding subordinated
bonds at a total nominal amount of EUR 375 million in the
capital market. The bonds were originally issued in Ju-
ly 2013 with a first termination option for the Company in
July 2023, and in July 2015 with a first termination option
for the Company in July 2026. For the purposes of the
partial buyback of the two bonds, additional refinancing
costs in the form of call premiums were paid in the amount
of EUR 65 million in the financial year and recorded as an
expense in the financial year.
In order to finance the partial buyback, a subordinated
bond (Tier 2) was placed in the capital market at the same
volume of EUR 375 million.
Due to its material impact on the results, we considered
this matter as a key audit matter in our audit.
Audit approach and key observations
We:
obtained the Austrian Financial Market Authority’s ap-
provals for the partial buyback of the two bonds and the
issuing of the subordinated bond as well as the necessary
internal organizational resolutions and approvals,
examined the presentation of the buyback of the two
bonds and the financing costs incurring in this regard in
the notes to the consolidated financial statements, and
examined the presentation of the newly issued bond as
well as the related transaction cost in the notes to the
consolidated financial statements.
The accounting and measurement methods applied are in
accordance with IFRSs. We consider the presentation of
the above stated matter in the consolidated financial
statements to be appropriate.
Reference to related disclosures
Refer to chapter “Use of discretionary decisions and esti-
mates” under General information in the notes as well as
“25. Subordinated liabilities” in the notes to the consoli-
dated financial statements
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-
157
KONZERNABSCHLUSS
CONSOLIDATED FINANCIAL
STATEMENTS
tor’s report, we conclude that there is a material mis-
statement 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 Com-
mittee for the Consolidated Financial Statements
Management is responsible for the preparation of the
consolidated 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.
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,
matters related to going concern and using the going con-
cern basis of accounting unless management either in-
tends to liquidate the Group or to cease operations, or has
no realistic 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 ag-
gregate, 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
professional judgment and maintain professional skepti-
cism 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.
Consolidated Financial
Statements
158
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
unless 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
Austrian 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
report 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.
158
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
unless 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
Austrian 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
report 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.
159
KONZERNABSCHLUSS
CONSOLIDATED FINANCIAL
STATEMENTS
Additional Information in Accordance with Article 10
of the EU Regulation
We were elected as statutory auditor at the ordinary gen-
eral meeting dated 25 May 2020. We were appointed by
the Supervisory Board on 30 November 2020. Besides
that, we were elected as auditor for the following financial
year by the ordinary general meeting on 31 May 2021 and
appointed by the Supervisory Board on 6 December 2021.
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 Mr. Werner Stockreiter, Austrian Certified Public
Accountant.
Vienna
9 March 2022
PwC Wirtschaftsprüfung GmbH
Werner Stockreiter
Austrian Certified Public Accountant
signed
This report is a translation of the original report in German, which is solely valid. Publication and sharing with third par-
ties of the consolidated financial statements together with our auditor’s report is only allowed if the consolidated finan-
cial statements and the management report for the Group are identical with the German audited version. This auditor’s
report is only applicable to the German and complete consolidated financial statements with the management report for
the Group. For deviating versions, the provisions of section 281 para. 2 UGB apply.
Consolidated Financial
Statements
160
Imprint
Owner and publisher
UNIQA Insurance Group AG
Commercial registry no.: 92933t
Concept, advice, editorial work and design
Male Huber Friends GmbH / www.mhfriends.at
Springer & Jacoby Österreich GmbH / sjaustria.com
Translation and linguistic consulting
ASI GmbH / www.asint.at
Editorial deadline
31 March 2022
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
UNIQA’s Group Report is published in German and English
and can be downloaded as a PDF file from the Investor Rela-
tions section on our Group website. The interactive online
version is also available at reports.uniqagroup.com.
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 informa-
tion given.
161IMPRINT
162
www. uniqagroup.com