During the 4th quarter of 2021, Austrian insurance undertakings posted an increase in premium volume of +5.62% to € 4.55 billion, in comparison with the corresponding period in 2020. For the full-year 2021 premium volume stood at € 19.76 billion, an increase of +3.56% or by € 680 million compared with the preceding year. These findings have emerged from the Report on the Austrian Insurance Sector for the fourth quarter of 2021, which was published today by the Austrian Financial Market Authority (FMA).
The volume of premiums in the 4th Quarter of 2021 consisted of € 2.51 billion in the non-life/accident insurance sector (+7.21% compared to Q4 2020), € 1.39 billion in the life insurance sector (+1.85%) and € 653 million in the health insurance sector (+8.00%). For the full year in 2021, premium volume in life insurance increased by +0.56% to € 5.39 billion. The sectors non-life and accident insurance and health insurance were able to post increases of +4.57% to € 11.83 billion and +4.43% to € 2.54 billion respectively.
In 2021 the technical result compared with 20211 increased by +38.24% or + € 211.9 million to € 766.0 million, with the financial result increasing by +74.08% or € 1,311.2 million to € 3.1 billion. Consequently the result from ordinary activities (EGT) improved by € 1,198.7 million or +161.2% to € 1,942.4 million.
The total of all assets at market value (excluding investments in the area of unit-linked and index-linked life insurance) stood at € 116.68 billion at the end of 2021, an increase of 2.0% or + € 2.28 billion more than the corresponding value at year-end 2020.
Solvency remains good
The hidden net reserves (the balance of undisclosed reserves and losses) stood at € 24.14 billion at the end of 2021, decreasing by € 750 million (-3.01%) compared with year-end 2020.
With regard to the solvency requirements pursuant to the Insurance Supervision Act 2016 (VAG 2016; Versicherungsaufsichtsgesetz 2016), more than two-thirds (69.7%) of all insurance undertakings had an SCR solvency level of over 200%; i.e. holding more than double the amount of own funds as required. The Solvency Capital Requirement (SCR) measures whether the insurance undertaking is able with 99.5% probability within the next twelve months to absorb unexpected losses as well as to be able to meet its obligations towards policyholders. For around half of all insurance undertakings the MCR solvency level was in the range between 568% to 927%. The Minimum Capital Requirement (MCR) is the minimum amount of own funds that the insurance undertaking is required to hold in any case and at all times.
The full quarterly report can be found online (in German only) on the FMA website.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-6006
+43/(0)676 88 249 516