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UNIQA Group Report 2020

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UNIQA Group Report 2020 Seeding the FUTURE Group Report 2020 / UNIQA Group UNIQA Group at a glance Consolidated key figures In € million 2020 2019 Change Premiums written 5,261.2 5,062.8 +3.9% Savings portions from unit-linked and index-linked life insurance (before reinsurance) 304.1 309.8 –1.8% Premiums written including savings portions from unit-linked and index-linked life insurance 5,565.3 5,372.6 +3.6% of which property and casualty insurance 3,010.3 2,846.8 +5.7% of which health insurance 1,167.6 1,130.8 +3.2% of which life insurance 1,387. 5 1,394.9 –0.5 % of which recurring premiums 1,294.3 1,290.3 +0.3% of which single premiums 93.2 104.6 –10.9% Premiums written including savings portions from unit-linked and index-linked life insurance 5,565.3 5,372.6 +3.6% of which UNIQA Austria 3,837. 5 3,800.8 +1.0% of which UNIQA International 1,705.4 1,561.2 +9.2% of which reinsurance 1,162.7 1,129.2 +3.0% of which consolidation –1,140.3 –1,118.7 +1.9% Premiums earned (net) 5,029.5 4,861.1 +3.5% of which property and casualty insurance 2,809.0 2,678.4 +4.9% of which health insurance 1,163.6 1,123.0 +3.6% of which life insurance 1,057.0 1,059.6 –0.2% Savings portions from unit-linked and index-linked life insurance (after reinsurance) 304.1 309.8 –1.8% Premiums earned including savings portions from unit-linked and index-linked life insurance 5,333.7 5,170.8 +3.1% Insurance benefits1) –3,694.6 –3,666.1 +0.8% of which property and casualty insurance –1,775.1 –1,719.5 +3.2% of which health insurance – 963.1 –969.3 –0.6% of life insurance2) –956.4 –977.3 –2.1% Operating expenses (net)3) –1,566.4 –1,4 07.1 +11.3% of which property and casualty insurance –970.7 –861.2 +12.7% of which health insurance –225.0 –187.8 +19.8% of which life insurance –370.7 –358.1 +3.5% Cost ratio (after reinsurance) 29.4% 27.2% – Combined ratio (net after reinsurance) 97.8% 96.4% – Net investment income 505.4 585.2 –13.6% Earnings before taxes 57.1 232.0 –75.4% Profit/(loss) for the period 24.3 175.1 – 86.1% Consolidated profit/(loss) 19.4 171.0 –88.6% Operating return on equity 0.6% 5.4% – Investments 22,319.2 20,624.8 +8.2% Shareholders’ equity 3,450.1 3,367.7 +2.4% Equity, including non-controlling interests 3,474.8 3,387.1 +2.6% Technical provisions (net)4) 23,796.8 22,083.9 +7.8% Total assets 31,908.0 28,673.8 +11.3% Number of insurance contracts 25,058,554 20,923,632 +19.8% Average number of employees (FTEs) 13,408 13,038 +2.8% 1) Including expenditure for profit participation and premium refunds 2) Including expenditure for (deferred) profit participation 3) Less reinsurance commissions and share of profit from reinsurance ceded 4) Including technical provisions for life insurance policies held on account and at risk of policyholders Premiums written Combined ratio In € million In per cent 5,565 5,293 5,309 5,373 5,048 98.1 97. 5 97.8 96.8 96.4 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 (After reinsurance) (Including savings portions from unit-linked and index-linked life insurance) Earnings before taxes Regulatory solvency capital requirement (SCR) In € million In per cent 295 265 226 232 250 248 221 202 170 57 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Dividend per share Return on equity In € In per cent 0.53 0.51 0.49 7.9 5.4 4.7 5.1 0.6 0.18 0.18 2016 2017 2018 2019 20201) 2016 2017 2018 2019 2020 1) Proposal to the Annual General Meeting Definitions of the essential key figures can be found in the glossary from page 177. The UNIQA Group is one of the leading insurance companies in its core markets of Austria and Central and Eastern Europe (CEE). Around 23,500 employees and exclusive sales partners serve around 15.5 million customers across 18 countries. UNIQA is the second largest insurance group in Austria with a market share of over 21 per cent. In the CEE growth region, UNIQA is present in 15 markets: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Kosovo, Montenegro, North Macedonia, Poland, Romania, Russia, Serbia, Slovakia and Ukraine. In addition, insurance companies in Switzerland and Liechtenstein are also part of the UNIQA Group. Balanced … in the core markets of Austria portfolio … and CEE 25% 69% Life insurance Austria 54% Property and casualty insurance 31% International 21% Health insurance Premium distribution Highlights of 2020 2 Foreword by the CEO 4 Seeding the COMPANY 8 FUTURE Mission 9 Company history 9 Markets 10 New customers: One billion euros in Group Executive Board 12 investments for five million new cus- tomers in CEE, for €800 million more in STRATEGY 14 premiums and for plenty of knowledge UNIQA 3.0 15 Ascent into the premier league in CEE 24 and expertise from our new colleagues! Fit for the future 26 New responsibility: Special support for STAKEHOLDERS 28 our private and corporate clients to deal Inspiring coaches – customers 29 with Covid-19 and its consequences as (Most) attractive employer – employees 32 Investment with potential – investors 35 effectively as possible. Despite all the strains placed on them, our employees Corporate Governance 38 have achieved some great things and Corporate Governance Report1) 39 make us proud! Report of the Supervisory Board 50 New strategy: Covid-19 has proven to us Performance 2020 54 Group Management Report2) 56 that we are on the right track. A radical Consolidated Financial Statements2) 76 focus on the customer, simplification, Notes to the Consolidated investment in digitalisation, data, IT and 2) Financial Statements 85 health. And once again attractive, reliable Risk report2) 154 Audit opinion 171 returns for you, as our owners. Are you, just like Albert Einstein, more interested Service 177 in your future than in the past because Glossary 177 you intend to live in the former? Same Overview of key figures 2015–2020 182 here! So we are preparing for it now: Imprint 183 “UNIQA 3.0 – Seeding the Future”! 1) Evaluated externally 2) Audited 1 UNIQA / Highlights of 2020 Highlights of 2020 Two bonds placed successfully: UNIQA provides financing for the AXA acquisi- compelling, innovative tion and the green bond digital services We successfully issued bonds with a value of €800 million UNIQA has been relying heavily on digital tools to support in July 2020 – a senior bond for €600 million and a green its customers for years. One example of this is the myUNIQA bond for €200 million. Investor demand was considerable: app from UNIQA Austria, which has been translating our the senior bond was more than five times oversubscribed, 24/7 service requirements into the mobile online world while the green subordinated bond – the first green bond since 2018. The mobile customer portal already allows issued by an insurance company in Austria – was even 150,000 users to access information, report claims and more than nine times oversubscribed. While the funds submit doctor and medication bills whenever and wher- from the senior bond are being used to finance the AXA ever they wish. This has been particularly helpful during acquisition, the proceeds from the green bond will be the coronavirus pandemic: the app was accessed more used for projects aimed at protecting the environment than 2.1 million times in 2020 alone. The offer in 2020 of and climate, such as wind energy, solar energy, environ- medical consultation by video via smartphone, tablet or mentally friendly transport solutions, as well as waste and computer was also very well received: since right after the water recycling. The sustainable character of this bond start of the first lockdown in March 2020, we have been issue was also highlighted by the award of the Austrian offering all customers who have health insurance including Ecolabel for Sustainable Financial Products. After these the supplementary Akut-Versorgt (acute care) product the two issues, rating agency Standard & Poor’s has confirmed option of remote medical care – regardless of their location its “A–” rating with a stable outlook. and with no long waiting times for appointments. UNIQA acquires AXA subsidiaries in CEE: ascent to the Top 5 Around five million customers, 2,100 employees and perfectly into our long-term growth strategy, began imme- €800 million in premiums – these are the key figures from diately. They complement our Group’s existing business with those companies in the French AXA Group in Poland, the their focus on profitable retail business, a balanced prod- Czech Republic and Slovakia which we acquired in 2020 uct mix and a solid sales network perfectly. This acquisition for around €1 billion. The transaction was formally closed strengthens UNIQA’s position in the highly competitive CEE on 15 October once all necessary approvals had been grant- growth markets and makes it the fifth largest provider in the ed, and integration of the acquired companies, which fit region. 2 New business models on the rise: CHERRISK and SanusX The UNIQA Group made significant progress in 2020 with (sanusx . com) we want to establish ourselves as a holistic two new business models, thereby already implementing an healthcare provider that goes beyond the pure insurance important aspect of its new UNIQA 3.0 strategy.
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