In the third quarter of 2023, Austrian insurance undertakings posted an increase in premium volume by +5.76% to € 5.07 billion compared to the corresponding period in the previous year. More than half, some € 3.18 billion (+8.49%), originate from non-life/accident insurance. The volume from health insurance increased by +11.08% to € 717 million. In contrast, the volume of life insurance premiums fell by 3.63% to € 1.17 billion. During the first three quarters of the year premiums written stood at € 16.96 billion in total, an increase of +4.82% compared to the corresponding period last year. These premiums are made up of € 11.02 bn (+8.70%) in non-life/accident insurance, € 3.80 bn (-6.47%) in life insurance and € 2.14 bn (+8.35%) in health insurance. The total of all assets at market value (excluding capital investments in unit-linked and index-linked life insurance) stood at € 103.77 billion at the end of the 3rd quarter, € 710 million higher than in the corresponding value in the previous year. These findings have emerged from the Report on the Austrian Insurance Sector for the third quarter of 2023, which was published today by the Austrian Financial Market Authority (FMA).
Improved technical result, financial result and result from ordinary activities
The technical result increased by 47.19% to € 364.96 million in the first nine months of 2023 in comparison with the previous year, with the financial result increasing by 74.88% to € 1.92 billion. A similar picture was also apparent for the result from ordinary activities (German: Ergebnis der gewöhnlichen Geschäftstätigkeit (EGT)), namely by +78.86% to € 1,087.37 million. The operating margin, ie. the ratio of EGT to premiums, stood at 6.63% during the first three quarters, 275 basis points more than for the comparable period in 2022. Hidden reserves (excluding unit-linked and index-linked life insurance) fell to € 10.65 billion at the end of the 3rd quarter, a decrease by 11.53% compared to the preceding quarter.
Solvency situation stable
Just over 90% of all insurance undertakings were able to post a solvency capital level (SCR – Solvency Capital Requirement) in accordance with the Insurance Supervision Act 2016 (VAG 2016) of over 200% at the end of the third quarter 2023, i.e. having an amount of own funds than was double the required amount. At the end of the 3rd quarter of 2022, this was the case for less than 80% of entities.
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:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-6006
+43/(0)676 88 249 516