Austrian insurance undertakings posted an increase in premium volume in the third quarter of 2017 by +0.82% to € 3.84 billion compared to the corresponding period in the previous year. This was the result of an increase in premium volume in the sectors non-life and accident insurance of +3.34% to € 7.24 billion as well as health insurance +3.81% to € 1.60 billion. Premium volume fell by -5.67% to € 4.23 billion in the life insurance sector. These findings have emerged from the Report on the Austrian Insurance Sector for the third quarter of 2017, which was published today by the Austrian Financial Market Authority (FMA).
For the first three quarters premium volume stood at € 13.07 billion (+0.30%), made up of receipts of € 7.24 bn (+3.34%) in non-life and accident insurance, € 4.48 bn (-5.67%) in life insurance and € 1.60 bn (+3.81%) in health insurance.
The technical result improved in the first nine months of 2017 in comparison with the first nine months of the preceding year by 33.80% to € 549.2 million. An decrease of -12.36% was posted for the financial result. Consequently the result from ordinary activities fell by € 259.21 million, or 20.68%, to € 994 million.
The total of all assets at market value (excluding investments in the area of unit-linked and index-linked life assurance) stood at € 111.23 billion.
Hidden net reserves (the balance of net reserves and net losses) increased quarter-on-quarter by 2.34% to € 22.11 billion.
The core share ratio (listed shares, share-based investment funds and share risk in mixed funds) decreased to 3.99%, compared with 4.01% in the 2nd quarter of 2017. The extended share ratio (i.e. also including unlisted shares, structured debt securities without capital guarantees and loans without capital guarantees) fell from 16.02% to 15.68% compared with the last cut-off point.
More than half of all insurance undertakings were able to post a solvency capital level (SCR – Solvency Capital Requirement) in accordance with the Insurance Supervision Act 2016 of over 230%, i.e. having more than twice as high own funds than required.
The full 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