UNIQA’s expansion strategy is
paying off, the Austrian composite insurer’s general director
Konstantin Klien emphasised in his comment on results for the first
half of 2010.
“The latest results confirm our
strategy of placing equal emphasis on Eastern and Western Europe in
internationalisation and regional diversification of the UNIQA
Group, while also driving forward our domestic market in Austria,”
said Klien.
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He continued that UNIQA achieved
double-digit increases in premiums in 13 foreign markets in
Eastern, South-Eastern and Western Europe. During the first half of
2010 UNIQA’s total premium income increased by 9.2% compared with
the first half of 2009 to €3.226bn ($4.28bn) while net profit
double to €71m.
Across the group, the strongest
growth in the first half-year was driven by life insurance, with
premiums written increasing by15.5% to €1.312bn. General insurance
premium income increased by 5.7% to €1.419bn while health insurance
premium income increased by 4.2% to €495m.
Particularly robust growth was
recorded in Western Europe where UNIQA recorded a total premium
income increase of 35.8% to €601m.
Life insurance premium income more
than doubled to €275m while premium income from general insurance
was up 3.3% to €236m and health insurance up 11.1% to €90m.
In Western Europe the most
significant increase in life insurance business was in Italy where
premium income increased by 107% to €274m.
Klien attributed this growth
generally strong demand and UNIQA intensified collaboration with
Italian bank Veneto Banca. UNIQA acquired the bank’s life insurance
subsidiary in 2004.
Indicating the wisdom of
geographical diversification, in the first half of 2010 UNIQA
achieved only a modest 2% increase in premium income in Austria to
€1.984bn.
Of the total life insurance represented €810m, up a marginal
0.6% compared with the first half of 2009.
