The Insurance of a New Generation As of February 2006 (Simplified Version) 1 Mission UNIQA Versicherungen AG Group Report 2005
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Imprint Group Report 2005 UNIQA Versicherungen AG UNIQA Versicherungen AG A-1029 Vienna, Untere Donaustraße 21 (UNIQA Tower) Concept and design Kirchhoff Consult AG, Hamburg Printed by Grasl Druck und Neue Medien, Bad Vöslau Translation Interlingua Language Services GmbH, Vienna Information The group report is also available in an interactive online version at our website ar2005.uniqagroup.com. The annual reports of the individual Austrian companies of the UNIQA Group can also be downloaded in PDF format at this address. UNIQA Versicherungen UNIQA AG Versicherungen 2005 www.uniqagroup.com The insurance of www.uniqagroup.com Group Report a new generation Financial Calendar for 2006 Annual General Meeting 15 May 2006 1st quarterly report 2006 31 May 2006 Ex-dividend date 29 May 2006 2nd quarterly report 2006 31 August 2006 3rd quarterly report 2006 30 November 2006 UNIQA Group Organisational Chart Domestic Insurance Companies Service Companies UNIQA UNIQA CALL DIRECT UNIQA UNIQA UNIQA Personen- Sach- UNIQA Versicherung Finanz-Service Immobilien- Software- versicherung versicherung Real Estate AG AG UNIQA GmbH Service GmbH Service GmbH AG AG 100% 100% 100% 100% 100% 63.4% 100% Versicherungen Salzburger FinanceLife UNIQA Raiffeisen UNIQA UNIQA Landes- Lebens- UNIQA Human Versicherung AG HealthService Beteiligungs- Versicherung versicherung Leasing GmbH Resources- AG GmbH Holding GmbH AG AG 100% Service GmbH 100% 100% 100% 100% 100% 100% The UNIQA Group Austria is the largest insurance group in the country. We are the clear market leader in life and health insurance and the third- largest property insurer. Today, UNIQA is Austria’s best-known insurance brand, with an outstanding image. Under the umbrella of the listed company, UNIQA UNIQA International International UNIQA Versicherungen AG, we operate more Versicherungs- Beteiligungs- than 70 group companies and have more than Holding GmbH Verwaltungs GmbH 100% 100% 10,000 employees in Austria and thirteen Central and Eastern European countries—Italy, Germany, Switzerland, Liechtenstein, Poland, Hungary, the Czech Republic, Slovakia, Croatia, Slovenia, and Bosnia and Herzegovina as well as Romania and Bulgaria—in all classes of insurance business and International Insurance Companies Other Holdings all sales channels. This has set us on the road to becoming one of the leading insurance groups in Erste n.oe. UNIQA UNIQA Mannheimer Mannheimer mamax UNIQA Mannheimer AUSTRIA Hotels ÖPAG VBV-Pensions- SK Brandschaden- Central and Eastern Europe. Assicurazioni Assurances Versicherung Krankenver- Lebensver- ÖVK Holding poistovnaˇ a.s., AG Holding, Liegenschafts- Pensionskassen kasse Aktien- Versicherung Versicherungs- S.p.A., S.A., AG, sicherung AG, sicherung AG, GmbH Bratislava (SK) Mannheim (D) besitz AG AG gesellschaft AG aktiengesell- Milan (I) Geneva (CH) Mannheim (D) Mannheim (D) Mannheim (D) 25% 99.8% 85.9% 99.5% 40.1% 5.9% 25% schaft 100% 100% 100% 100% 100% 13.2% Raiffeisen Humanomed PKB- call us Claris Vita UNIQA Raiffeisen UNIQA TU UNIQA TU na Medial evolution UNIQA Re AG, TU FILAR S.A., Medicur – Krankenhaus Privatkliniken Assistance S.p.A., osiguranje d.d., Osiguranje d.d., S.A., Zycie S.A., Beteiligungs- project Zurich (CH) Szczecin (PL) Holding GmbH Management Beteiligungs- International Milan (I) Zagreb (HR) Sarajevo (BiH) Lodz (PL) Lodz (PL) GmbH development 100% 90.3% 25% GmbH GmbH GmbH 80% 80% 96.8% 69.9% 69.6% 29.6% GmbH 44% 50% 61% 20% LEIPNIK-LUN- UNIQA SC Asigurare Assicurazioni UNIQA UNIQA Lebens- UNIQA FIMAG Finanz DENBURGER Oester- Raiffeisen Versicherung Vitosha AD, Reasigurare Bauholding Wiener Börse La Carnica pojištovna a.s., versicherung Biztosító Rt., Industrie INVEST reichische Zentralbank AG, Sofia (BG) ASTRA S.A., Strabag SE AG S.p.A., Udine (I) Prague (CZ) AG, Vaduz (FL) Budapest (H) Management Beteiligungs Nationalbank Österreich AG Vaduz (FL) 20% Bucharest (RO) 10% 2.6% 88.6% 83.3% 100% 85% AG 25% AG 2.7% 2.6% 100% 27% 8.8% The insurance of a new generation As of February 2006 (simplified version) 1 Mission UNIQA Versicherungen AG Group Report 2005 People today have a new approach to life. They view life as an opportunity. And as the world changes, the insur- ance business must change with it. With UNIQA as a partner, people can plan their lives as they see fit with confidence and optimism. 2 Key Figures UNIQA Versicherungen AG Group Report 2005 Key Figures in € million Page 2005 2004 5) 2003 2002 2001 Premiums written 149 4,370.2 3,599.6 3,030.5 2,668.4 2,644.6 Share of premiums from unit- and index-linked life insurance saved 360.2 178.2 102.3 18.7 0.0 Premiums written incl. share of premiums from unit- and index-linked life insurance saved 4,730.4 3,777.8 3,132.8 2,687.1 2,644.6 Premiums earned (net) 1) 150 4,000.4 3,301.7 2,778.6 2,405.6 2,434.8 of which property and casualty insurance 1,627.7 1,393.5 1,025.4 774.3 678.5 of which health insurance 849.4 742.1 716.4 688.6 662.7 of which life insurance 1,523.3 1,166.1 1,036.7 942.8 1,093.6 Insurance benefits 155 3,776.9 3,033.4 2,484.1 2,351.9 2,529.3 Operating expenses retained 2) 156,151 927.7 826.2 601.5 472.4 503.8 Cost ratio 65 21.3% 23.7% 20.9% 19.5% 20.7% Net investment income 3) 78 962.9 747.9 420.9 475.9 660.0 Investments 4) 76 19,367.3 16,597.9 13,233.8 11,682.1 11,188.0 Equity 80 930.4 683.1 540.5 509.5 555.7 Profit on ordinary activities 78 190.3 120.8 68.3 35.3 45.3 Net profit for the year 78 133.3 101.8 56.2 18.5 26.3 Profit per share (in €) 132 0.94 0.74 0.42 0.03 0.11 Pre-tax profit per share (in €) 132 1.44 0.92 0.53 0.17 0.27 Dividend per share (in €) 75 0.26 0.22 0.20 0.16 0.16 Stock market price of UNIQA shares as at 31 Dec. (in €) 57 23.40 10.60 7.97 7.99 6.34 Market capitalisation 31 Dec. 56 2,802.8 1,269.6 954.6 957.0 759.4 Average number of employees 158 9,943 9,701 8,335 6,565 6,718 Insurance policies 11,892,828 11,739,085 9,834,256 7,441,574 7,240,498 Number of group companies 122 Fully consolidated 76 68 59 33 30 Equity consolidated 15 15 15 12 14 Because of formatting to € million, there may be rounding differences. 1) Fully consolidated values. 2) Incl. reinsurance provisions and profit shares from reinsurance business ceded. 3) Minus financing costs. 4) Incl. self-used land and buildings, land and buildings held as financial investments, shares in associated companies and investments in unit- and index-linked life insurance policies. 5) The 2004 key figures were adjusted to comply with the adapted IFRSs. 3 Contents UNIQA Versicherungen AG Group Report 2005 Forewords 4 Strategy 8 Customers and Customers trust UNIQA 12 Markets Interview with Andreas Brandstetter On course for success with QualityPartnership Get fit with UNIQA UNIQA ArtCercle Processes and The Internet technology advantage 22 Products Interview with Karl Unger Product innovations 2005 Individual customer management with U.KIS Optimised online service Group and Success strategy “Go East” 34 Profit Future markets in Eastern Europe Interview with Hannes Bogner Exceeding expectations: 2005 international profits Top rating also given to operating companies Staff and Highlight of the Vienna skyline: the UNIQA Tower 44 Partners Interview with Gottfried Wanitschek Efficient training: the Manager Academy 10 years of FinanceLife Social responsibility UNIQA Shares European stock markets going strong 56 UNIQA shares soaring Sustainability as positive factor in competition Information for shareholders optimised Group Management Report 60 Group Report 76 Glossary 164 Contacts 168 4 Forewords UNIQA Versicherungen AG Group Report 2005 Foreword by the Chairman of the Supervisory Board Christian Konrad Chairman of the Supervisory Board The 2005 annual report gives an account of the most successful The first months of the current financial year have revealed a sig- year since the founding of UNIQA. nificant intensification of competition, particularly in the motor in- surance segment. Throughout Europe, the leading insurance groups This positive development was achieved through further significant are focusing intensely on creating lean and cost-efficient structures improvement in the technical results as well as a continuation of the for the increasing competition. The UNIQA Group must also rise to increased earnings programme for creation of efficient cost struc- this challenge by continuing and intensifying the cost reduction and tures and supported by a very positive capital market environment. productivity improvement process begun in recent years. Success in Particularly pleasing is the fact that the improved results were seen this area is essential for numbering among the winners in the in- not only in Austria but in our international activities as well. creasingly competitive environment. With an increase in the consolidated earnings before taxes to €190 The development of UNIQA shares has also been gratifying, with million and a rise in the group equity to over €1.1 million, the group our stock proving to be one of the top performers on the Vienna has proven its earning power and capital resources. Stock Exchange in 2005 with a price increase of over 120%. This has brought the market capitalisation of the UNIQA Group to over In the past business year, the UNIQA Group engaged in additional €3.3 billion. In order to allow shareholders to participate in the expansion steps in Central and Eastern Europe with the entrance group’s healthy development, the Management Board has proposed into the markets in Romania and Bulgaria.