Austrian insurer UNIQA reported it’s results for 2011 last week, revealing let losses of €330 million (£274m). The company credited the result to a number of “one-time burdens” including investments in Greek government bonds.
The negative result comes despite reoccuring premiums rising by 4.4 per cent, loss ratios falling to 65.3 per cent and the market share improving.
The result is a far cry from the €153 million (£227m) profit the company made the year before. It is also a much larger loss than expected, with the the company predicting in November that it would finish the year between €250 and 300 million in the red.
Despite the losses, the company said in a statement that they retain a robust core business with underwriting figures and market share improving.
CEO Andreas Brandstetter commented, “We have a robust core operational business.
“The special effects were naturally a burden on the result for 2011, but they take the strain off us for the future. Our strategy of having a clear focus on customers and the core business is the right one.
“We will continue to implement it consistently in 2012: We will make processes faster and more efficient, further strengthen our proximity to customers, and – in Austria and Eastern Europe – expand the company profitably.”
