The key points
- Profit in growth
- Combined ratio in calo
- Solvency al 210%
Strong growth in profit, even without Bper’s contribution. The Unipol group approved the accounts for the first quarter which showed a consolidated net result of 361 million from 134 million a year ago. Net of the bank’s contribution, the profit would still have risen to 242 million. Direct insurance premiums reached 3.2 billion (+ 2%) with Non-Life standing at 1.9 billion (-3%, weighing on the decline in car premiums linked to the free month granted for the 2020 lockdown) while Life grew 10.7% to 1.3 billion. The net reinsurance combined ratio improved to 89.1% (from 92% as at 31 March 2020) while the consolidated Solvency ratio was 210% from 216% at the end of 2020.
The consolidated operating result for the current year, “excluding currently unforeseeable events also linked to a worsening of the reference context, is expected to be positive and in line with the objectives defined in the 2019-2021 strategic plan”.
The net result of the first quarter of 2021 was positively affected by the contribution of 119 million euros, deriving from the pro-rata consolidation of Bper’s result, which reflects, among other things, the extraordinary economic components connected to the badwill recognized for the purchase of former Ubi activity.
The decline in Non-Life premiums is instead attributable to the Motor sector, with premiums of € 932 million, down by 8.8% on the figures for the first quarter of 2020 due, as mentioned, to the initiative called #UnMesePerTe. Non-motor premiums, equal to 987 million, were up by 3.1% thanks to the effective commercial action carried out by the sales networks and the renewed interest of customers in health products.
Loading…
In this context, the subsidiary UnipolSai generated consolidated net income of € 249 million (+ 45.7%) compared to the € 171 million at March 31, 2020. Direct insurance income stood at € 3.2 billion (+ 2%) with Non-Life down 3% to 1.9 billion and Life up 10.7% to 1.3 billion. The net reinsurance combined ratio improved to 89.1% (92.0% at March 31, 2020) while the consolidated Solvency ratio was 277% (from 281% at the end of 2020).