Austrian insurance undertakings posted a small fall in premium volume in the third quarter of 2016 by -0.85% to € 3.81 billion compared to the corresponding period in the previous year. This was as a result from a fall by -6.45% to € 1.32 billion in premium volume in the life assurance sector.
The sectors non-life and accident insurance (+1.88% to € 1.98 bn.) as well as health insurance (+4.51% to € 509 million) both posted increases. These findings have emerged from the Report on the Austrian Insurance Sector for the third quarter of 2016, which was published today by the Austrian Financial Market Authority (FMA).
For the first three quarters premium volume stood at € 13.03 billion, made up of receipts of € 7.01 bn (+1.41%) in non-life and accident insurance, € 4.48 bn (-10.96%) in life assurance and € 1.54 bn (+4.73%) in health insurance.
The technical result improved in the first nine months of 2016 in comparison with the first nine months of the preceding year by 17.9% to € 549.2 million. An increase of 5.83% was posted for the financial result. Consequently the result from ordinary activities increased by € 154.9 million, or +14.1% to € 1.25 billion.
The total of all assets at market value (excluding investments in the area of unit-linked and index-linked life assurance) stood at € 110.78 billion.
Hidden net reserves (the balance of net reserves and net losses) at the end of September had increased by 2.97% to € 25.28 billion in comparison with the preceding quarter.
The core share ratio (listed shares, share-based investment funds and share risk in mixed funds) increased to 3.69%, compared with 3.61% in the 3rd quarter of 2015. The extended share ratio (i.e. also including unlisted shares, structured debt securities without capital guarantees and loans without capital guarantees) increased marginally from 16.15% to 16.23%.
More than half of all insurance undertakings were able to post a solvency capital level in accordance with the Insurance Supervision Act 2016 of over 200%, i.e. having more than twice as high own funds than required. Every second insurance undertaking even had solvency capital levels of over 219.9%.
The full quarterly report can be found on the FMA website (in German only) at https://www.fma.gv.at/en/insurance/disclosure/quarterly-reports/
Journalists may address further enquiries to:
Mr. Tiemon Kiesenhofer, MBA
+43/(0)1/24959-6010
+43/(0)676/882 49 610