The general insurance revenue (Uniqa Asigurari) went down by more than 28% to a little over EUR72 million. The life insurance revenue (Uniqa Asigurari de Viata) grew by 25% but remains low, at EUR1 million. The company entered this market segment in 2010.
Uniqa Asigurari generates 9% of the group’s general insurance revenue, and the auto insurance portfolio cleanup made a visible impact on the business, since the process is being conducted on several markets. Premiums in Central and Eastern Europe are down 5%, largely because of the auto insurance portfolio cleanup in Hungary, Poland, Bulgaria and Romania, according to the insurer’s quarterly report.
Uniqa did not publish any information about premiums by insurance categories, but the portfolio cleanup means dropping some of the auto liability insurance business. Uniqa used to be one of the companies with the highest number of auto liability insurance policies issued in the past and was actively promoting the product. The high claims on the segment forced it to revise its policy in this department.
The insurer ended the first nine months with a gross loss of EUR6.6 million, almost one third lower than in the year-ago period. Uniqa posted EUR9.6 million gross loss in the first nine months of last year.
(English version by Loredana Fratila-Cristescu)