During Q2 2013 Austria’s insurance undertakings recorded a premium volume of € 4.03 billion, which represents a 2.6% increase over the same quarter of the previous year. Looking at the entire first half of 2013, the premium volume amounted to € 13.70 billion, a rise of 0.4% compared with the same period of 2012. Of these premium revenues, € 9.08 billion (+1.79%) were generated within the country and € 4.62 billion (-2.3%) outside Austria.
When broken down according to individual insurance sectors, premium volume in Q2 2013 increased for non-life and accident insurance by 1.9% to € 1.98 billion, for health insurance by 3.6% to € 448 million and for life assurance by 3.4% to € 1.60 billion.
Compared with the same half-year period of the previous year, the technical account balance grew by nearly 7% (+€ 24 million) and the financial result increased by 1.6% (+€ 28 million), leading to a roughly € 93.4 million or 10.2% increase in the result from ordinary activities to total € 1.0 billion in the first six months.
The total carrying amount of assets (excluding deposits retained, investments in the area of unit-linked and index-linked life assurance, investments relating to state-sponsored retirement provision and pro rata interest) increased to € 83.3 billion, which corresponds to a rise of 0.6% as at the end of June 2013 compared with the previous quarter.
Hidden net reserves (the balance of hidden reserves and unrealised losses) were seen to drop by 6.7% compared with the previous quarter to a level of € 15.6 billion, due to the asymmetric economic developments at the end of the last quarter. Thus the ratio of reserves to investments amounts to 18.3%.
The core share ratio (listed shares, share-based investment funds, share risk in mixed funds) gave way slightly in Q2 2013, dropping from the previous quarter’s level of 3.7% to 3.54%. The extended share ratio (i.e. with the addition of non-listed shares including holdings, structured debt securities without capital guarantee and structured loans without capital guarantee) fell from 15.56% as at the end of March 2013 to 15.34% as at the end of June 2013.
The (aggregated) financial result of foreign subsidiaries owned by Austrian groups decreased to € 337 million during the first six months of 2013 (1.5% down from the same period in 2012). Roughly 77% of all assets (€ 15.8 billion) were held as investments in bonds and cash. The share of investments held as reserves by foreign subsidiaries was 3.2% or roughly € 501 million as at the end of June 2013 (31 March 2013: 3.5%).
The full Quarterly Report can be found (in German) on the FMA website at: https://www.fma.gv.at/versicherungen/offenlegung/quartalsberichte/
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-6006
+43/(0)676/882 49 516