In the third quarter of 2022, Austrian insurance undertakings – compared to the corresponding period in the previous year – observed an increase in premium volume by 4.69% to € 4.80 billion. More than half, some € 2.93 billion (+9.03%), originate from non-life/accident insurance. The volume from health insurance of € 646 million increased by 3.32%. In contrast, the volume of life insurance premiums fell by 3.84% to € 1.22 billion. During the first three quarters of the year premiums written stood at € 16.18 billion in total, an increase of 5.93% compared to the corresponding period last year. These premiums are made up of € 10.14 bn (+8.71%) in non-life/accident insurance, € 4.06 bn (+1.53%) in life insurance and € 1.97 bn (+4.51%) in health insurance. The total of all assets at market value (excluding capital investments in unit-linked and index-linked life insurance) stood at € 103.06 billion at the end of the 3rd quarter, 2.76% lower than the previous quarter. These findings have emerged from the Report on the Austrian Insurance Sector for the third quarter of 2022, which was published today by the Austrian Financial Market Authority (FMA).
Technical result, financial result and result from ordinary activities
The technical result fell by 53.18% to € 247.95 million in the first nine months of the year in comparison with the previous year, with the financial result falling by 52.03% to € 1.1 billion. A similar picture was also apparent for the result from ordinary activities (German: Ergebnis der gewöhnlichen Geschäftstätigkeit), namely by 57.61% to € 607.93 million. The operating margin, ie. the ratio of EGT to premiums, stood at 3.88% during the first three quarters, 584 basis points less than for the comparable period in 2021. Hidden reserves (excluding unit-linked and index-linked life insurance) stood at € 10.84 billion at the end of the 3rd quarter, a decrease by 21.96% compared to the preceding quarter.
Solvency remains stable
Almost four-fifths (78.79%) of all insurance undertakings were able at the end of the third quarter 2022 to post a solvency capital level (SCR – Solvency Capital Requirement) in accordance with the Insurance Supervision Act 2016 (VAG 2016) of over 200%, i.e. having more than twice as high own funds than required.
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 / 88 249 516