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Uniqa reports surge in 2007 group embedded value by 16%

Uniqa Group has reported that its group embedded value increased in 2007 by 15.7% to E2.52 billion as against E2.18 billion recorded in 2006.

The value of the new life and health insurance business in 2007 was E59.1 million, 23.1% higher from E48 million for the year 2006. With an annual premium equivalent (APE) in 2007 of E265.3 million as against the 2006 APE of E237.3 million, the group recorded a margin of 22.3%, which was 20.2% in 2006.

Uniqa Group has said that in the first quarter of 2008, it recorded premium growth in all regions and segments. Group premiums written improved by 13.4% to E1.63 billion for the quarter from E1.44 billion in the same quarter of 2007, without any significant consolidation effects.

For the quarter, the life insurance class achieved a growth of 29.9% to E623 million when compared with E479 million posted during the corresponding period in 2007.

According to the group, net investment income decreased, in particular, due to lower stock market gains and higher impairments on shares as a result of the weak state of the stock markets in the first quarter and the negative effects of the spread extension to include fixed-interest securities in the first quarter of 2008, by 66.2% to E79 million as compared to E233 million recorded in the corresponding period in 2007.