Austrian insurance undertakings during the third quarter of 2019 – compared to the corresponding period in the previous year – observed a minor increase in premium volume by +4.67% to € 4.07 billion. € 2.24 bn (+6.30%) came from non-life and accident insurance, € 1.24 bn (0.84%) from life insurance and € 590 mn (+7.04 %) from health insurance. For the first three quarters in total, premium volume stood at € 13.56 billion (+2.17%), made up of receipts of € 7.83 bn (+4.51%) in non-life and accident insurance, € 3.98 bn
(-3.19%) in life insurance and € 1.75 bn (+4.87%) in health insurance. These findings have emerged from the Report on the Austrian Insurance Sector for the third quarter of 2019, which was published today by the Austrian Financial Market Authority (FMA).
Revenues increase
The technical result improved in the first nine months of 2019 in comparison with the first nine months of the preceding year by 21.45% to € 522.76 million. A 22.05% in financial result was achieved, increasing from € 1.88 bn to € 2.30 bn. Consequently the result from ordinary activities (EGT) increased by € 387.29 million or 43.38% to € 1.28 billion. 83.87% of EGT is obtained from non-life/accident insurance, 8.83% from life insurance and 7.30% from health insurance. The operating margin, ie. the ratio of EGT to premiums, stood at 9.71% during the first three quarters, 2.81 percentage points more than in the preceding year.
The total of all assets at market value (excluding capital investments in unit-linked and index-linked life insurance) stood at € 111.10 billion at the end of September 2019, 3.25% more than at the corresponding point in the previous year. Hidden net reserves (the balance of net reserves and net losses) stood at € 24.49 billion in the 3rd quarter of 2018, 8.22% more than in the preceding quarter.
Solvency remains good
More than half of all insurance undertakings were able at the end of the third quarter 2019 to post a solvency capital level (SCR – Solvency Capital Requirement) in accordance with the Insurance Supervision Act 2016 VAG 2016 of over 210%, i.e. having more than twice as high own funds than required.
The full quarterly report can be found (in German only) online on the FMA website.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43 / (0) 1 / 24959-6006
+43 / (0) 676 / 88 249 516