Premiums written by Austrian insurance undertakings for direct business totalled €3.77 billion in Q3 2011. That corresponds to a drop of 0.41% compared with the same period of 2010. The technical account balance and the result from ordinary activities also declined relative to the previous quarter. The news was disclosed in the Report on Q3 2011 Performance of Austrian Insurance Undertakings published today by the Financial Market Authority FMA.
The premiums written in the individual balance sheet groups in Q3 2011 showed the following changes in a year-on-year comparison: Life assurance -7.93%, non-life and accident insurance +6.36% and health insurance +3.61%.
The sharp drop in premiums in the “Life assurance” sector (-7.5%) in the first three quarters of 2011 also led to a slight decline in premiums compared with the same quarter of 2010. Premiums in the sectors of “Damage/accident” and “Health” increased by 4.29% and 3.56% respectively.
The technical account balance for the first nine months of 2011 amounted to €219 million, which corresponds to a drop of 41.4% compared with the same quarter of 2010. The result from ordinary activities increased by €74.6 million (+8.66%) to €935.9 million compared with the previous year.
The total assets managed by Austrian insurance undertakings fell slightly to €93.2 billion in Q3 2011, which corresponds to a decrease of 0.39% compared with the second quarter. Hidden net reserves also rose slightly in the third quarter (+2.7%).
The core share ratio (i.e. listed shares, share-based investment funds, share risk in mixed funds) barely changed in Q3 2011 and registered 3.78%. The same also applied to the extended share ratio, which in addition to the core share ratio also includes non-listed shares, structured debt securities without capital guarantee and structured loans without capital guarantee; it remained at a level of about 16.08%.
You can find the full Quarterly Report (in German) on the FMA website at: https://www.fma.gv.at/versicherungen/offenlegung/quartalsberichte/
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-5106
+43/(0)676/882 49 516