Balance 2024: Universa’s Growth Across All Divisions
Universa Insurance Group Reports Fifth Consecutive Year of Growth
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NUREMBERG, Germany (AP) — Universa insurance companies announced continued growth in the 2024 financial year, with gross contributions rising 4.4% to 945.4 million euros,according to preliminary figures. This marks the fifth consecutive year of growth across all three sectors: health, life, and general insurance.
CEO Michael Baulig stated, “It is gratifying that for the fifth year in a row, we were able to grow in all three companies and continue our continuous growth course.”
The investment result reached 217.6 million euros,surpassing the previous year’s 215.3 million euros and marking the second-highest value in the company’s history. total benefits, including expenses for insurance claims and provisions, amounted to 1,117.9 million euros, a 3.9% increase.
Health Insurance Sees Boost from Contribution Pressure
Premium income in the health insurance sector increased by 4.1% to 760.2 million euros. The equity ratio remained stable at a high level of 33.8%. Baulig noted strong demand for the new high-performance tariff with premium refunds, especially in the spring of 2024. “More and more voluntarily legally insured persons are currently looking for alternatives for record contributions of just under 1,200 euros per month,” he said.
Life Insurance Experiences Above-Average Growth
Life insurance saw above-average growth with a contribution increase of 6.1%,compared to a market average of 2.6%. Ongoing contributions rose by 5.6%, while the overall market experienced a slight decline. The single-premium business also outperformed the industry average with an 11.3% increase. Fund-linked pension insurance and occupational disability insurance were key growth drivers. The equity ratio increased to 46.5 per thousand. “The again high increase in the ongoing contributions was particularly gratifying,” Baulig said.
Stable Performance in Property and Casualty Insurance
Universa’s general insurance sector also experienced growth. Premium income in the property and casualty division rose by 5% to 30.1 million euros. Motor insurance saw particularly strong demand, while accident insurance remained the largest division, contributing 34.3%. The gross loss ratio was 82.3%, substantially below the industry average of 98%.
The company introduced residential building insurance under the “FlexX” brand.”After liability, household and car insurance, we also positioned ourselves in the market in the area of residential buildings among the top providers in the market,” Baulig said.
Equity Strengthened; Focus on Digitization and Training
The business result before tax was 119.7 million euros, down from 144.9 million euros the previous year. Special effects led to a higher tax burden of 18.3 million euros, compared to 6.2 million euros in 2023. The net result was 101.5 million euros, with 88.5 million euros allocated to the provision for reimbursement of contributions.Equity increased by 3.0% to 366.2 million euros, and investments exceeded eight billion euros for the first time.
as of the balance sheet date, the company employed 830 people, including 763 at its Nuremberg headquarters. Additionally, there were 62 individuals in training or a dual degree program. the number of sales representatives and partners nationwide totaled 6,348.
Digitization and Policy Expectations
Universa continued to invest in digital processes throughout 2024. The customer portal was expanded, and paperless dialog with sales partners was prioritized. E-health, automation, cybersecurity, and AI applications are expected to gain further importance. Baulig emphasized the need for political action, stating, “We demand that politics be implemented that the announced bureaucracy is actually implemented as quickly as possible.”
The full 2024 annual report is scheduled for publication at the end of May, following the member representative assembly.
Universa Insurance Group: 2024 Financial Results – Key Questions Answered
Q: what are the key highlights of Universa Insurance Group’s 2024 financial performance?
A: Universa Insurance Group announced strong financial results for 2024, marking its fifth consecutive year of growth. Gross contributions rose by 4.4% to €945.4 million. The investment result was the second-highest in the company’s history,reaching €217.6 million, surpassing the previous year’s €215.3 million.
Q: how did each insurance sector perform in 2024?
A: universa experienced growth across all three sectors:
Health Insurance: Premium income grew by 4.1% to €760.2 million.
Life Insurance: Experienced above-average growth with a contribution increase of 6.1%, considerably outpacing market average (2.6%).
Property and Casualty Insurance: Premium income increased by 5% to €30.1 million. Motor insurance showed particularly strong demand.
Q: What are the drivers behind life Insurance growth?
A: Fund-linked pension insurance and occupational disability insurance where key drivers of growth in this sector.
Q: Were there any key developments in Property and Casualty Insurance?
A: Yes, there were developments including the introduction of residential building insurance under the “FlexX” brand.
Q: Did Universa’s health insurance performance change ?
A: Yes, it strengthened with a 4.1% increase in income, amounting to €760.2 million.
Q: What was the company’s overall investment result?
A: The investment result reached €217.6 million, surpassing the previous year’s €215.3 million.
Q: What was the impact of the new high-performance tariff?
A: The new high-performance tariff with premium refunds saw strong demand, especially in the spring of 2024.CEO Michael Baulig noted that this appeal was influenced by rising contributions for the target customer group.
Q: How did Universa’s Equity and Overall Financial Position Change?
A: Equity increased by 3.0% to €366.2 million, and investments exceeded eight billion euros for the first time. The business result before tax was €119.7 million. The net result was €101.5 million, with €88.5 million allocated to the provision for reimbursement of contributions.
Q: What about the Gross Loss Ratio?
A: The gross loss ratio was 82.3%,substantially below the industry average of 98%.
Q: How many people does Universa employ?
A: As of the balance sheet date, Universa employed 830 people, including 763 at its Nuremberg headquarters. In addition,62 individuals were in training or a dual degree program.
Q: What are Universa’s focus areas for the future?
A: Universa is continuing to invest in:
digitization: Expanding the customer portal and prioritizing paperless dialog with sales partners.
E-health, automation, cybersecurity, and AI applications.
Training: The company employed 62individuals in training and dual degree program.