The premium volume of Austrian insurance undertakings increased during the second quarter of 2024 by +6.01% to € 5.68 billion compared with the second quarter of 2023. This increase is broken down as follows for the individual insurances classes: Non-life/accident insurance +7.27% to € 3.63 billion, life insurance +0.21% to € 1.26 billion as well as health insurance +10.19% to € 791 million For the first half of 2024, premium volume increased to € 12.65 billion (+ € 760 million or + 6.39% year-on-year), with non-life and accident insurance increasing by +7.34 % to € 8.42 billion, life insurance increasing by +1.00% to € 2.65 billion, and health insurance increasing by +11.03% to € 1.58 billion. These findings have emerged from the Report on the Austrian Insurance Sector for the second quarter of 2024, which was published today by the Austrian Financial Market Authority (FMA).
Good earnings situation
The technical result decreased compared year-on-year during the first half of the year by € 10.16 million (-2.72%) to € 363.26 million, while in contrast the financial result increased by € 45.47 million (+3.05%) to € 1,536.06 million. The result from ordinary activities (EGT; Ergebnis der gewöhnlichen Geschäftstätigkeit) increased by € 84.50 million (+8.57%) to € 1.07 billion during this period.
The total of all assets at market value (excluding investments in unit-linked and index-linked life insurance) of insurance undertakings stood at around € 106.3 billion at the middle of the year, around approximately € 1.56 billion higher than in the preceding year.
In contrast, the hidden reserves of capital investments (excluding unit-linked and index-linked life insurance) fell by € 674 million or 5.17% to € 12.36 billion compared with the previous quarter. As a result, the reserve ratio therefore stood at 13.30% at the end of the reporting period.
Insurance industry on a very stable footing
The solvency of Austrian insurance undertakings remains very stable. Around nine out of ten insurance undertakings (87.5%) had an SCR solvency level of over 200% at the middle of the year, thereby having twice as higher own funds as necessary. As of 30 June 2024, the average level (median) stood at 259.65% (H1 2023: 257.20%; 2022: 230.56%; 2021: 221%; 2020: 199.29%).
The full quarterly report can be found on the FMA website (in German only) 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