June 24, 2022 – Wüstenrot Versicherung reports more premium income than in 2020, at the same time more expenses for insurance benefits, but also an advantage in the financial result for 2021. Profit before tax was 44.9 million euros, after 47.9 million euros in the previous year.
- Wüstenrot headquarters in Salzburg (Image: Wüstenrot)
Wüstenrot Versicherungs-AG closed the 2021 financial year with an increase in premiums, as can be seen in the annual report published on Thursday.
In life insurance, growth of 5.2 percent to EUR 254.35 million was achieved in direct business.
This is due to single premiums, the volume of which doubled. Recurring premiums fell 4.2 percent.
Property/casualty business posted growth of 1.1 percent to EUR 197.41 million, while health insurance remained at the previous year’s level at EUR 5.43 million.
|
divisions |
2021 |
+/- vs. 2020 |
|---|---|---|
|
life, direct business |
254,349 |
+5.2% |
|
– of the same single premiums – current bonds of the same |
41,900 212,449 |
+108.5% -4.2% |
|
– of which endowment insurance – of which risk insurance – of which V linked to units and indices. – of which pension insurance |
176,567 13,640 41,549 22,593 |
+6.0% +1.8% -23% +16.5% |
|
life, indirect business |
438 |
-2.4% |
|
life, whole |
254,787 |
+5.2% |
|
Damage-accidents, direct business property-casualty, indirect business |
197,406 226 |
+1.1% -3.0% |
|
Property-loss, total |
197,632 |
+1.1% |
|
sick direct business |
5,427 |
+/-0.0% |
reduced inventory
The life insurance portfolio fell 5.8 percent to 334,631 (single premiums: 39,237, -4.8 percent; ordinary premiums: 295,394, -6.0 percent).
There was also a drop in property/casualty insurance, down 0.9 percent to 937,210, as well as health insurance (35,444, -1.9 percent).
more expenses
Insurance claims expenses (total account including change in actuarial reserve) rose in life insurance by around a third (+32.1 percent) to €322.91 million.
Of this, EUR 183.22 million (+218.4 percent) were attributable to single premiums, EUR 139.69 million to contracts with regular premiums (–25.3 percent).
In Damage/Accidents, expenses for insurance claims increased by 28.1 percent to 139.62 million euros, and in health insurance by 4.0 percent to 2.62 million euros.
Plus in the financial result
“With a return of 3.2 percent, the financial result also exceeded the previous year’s figure of 2.7 percent,” says CEO Gerald Hasler.
In view of the market environment, it is “an essential factor for the economic success of the company”.
44.9 million euros of profit before taxes
The profit before taxes, result of ordinary activities (EGT), amounted to 44.91 million euros. In the previous year it had risen to 47.94 million euros.
“A very good result was achieved despite the pandemic environment,” Hasler said.
|
divisions |
2021 |
2020 |
|---|---|---|
|
Total EGTs – of which life insurance – of the same property/casualty insurance – of which health insurance |
44,908 24,314 18,181 2,414 |
47,939 15,965 29,282 2,692 |
|
net income |
32,819 |
38,843 |
|
annual earnings |
10,232 |
7,732 |
|
retained earnings |
10,232 |
17,732 |
Discharge
The annual report of Wüstenrot Versicherungs-AG can be downloaded from the company website as a PDF document.
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