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The Unipol group closes the first quarter of 2024 with strong growth numbers both in terms of collection and profitability.
THE NUMBERS
In particular, the net result for the first part of the year, including the contribution of the investments in Bper and Banca Popolare di Sondrio recalculated on the same date, stood at 363 million. Consolidated net profit, which included Bper’s contribution, in the first quarter of 2023 amounted to 284 million. Net of the economic contribution of banking investments, the Group closed the first quarter of 2024 with a consolidated net profit of 242 million, an improvement (+7%) on a like-for-like basis, compared to the result of the first quarter of 2023, which stood to 226 million.
In this context, direct insurance collections reached 4.2 billion (+9.8% compared to 31 March 20233), driven by both Non-Life and Life. The premiums of the former in particular rose by 8.7% to 2.3 billion while Life increased by 11.1% to 1.9 billion. The performances of all Ecosystems were positive with the Mobility segment jumping by 11.4% to 1.2 billion, Welfare by 9.3% to 0.5 billion euros and Property by 3.7% to 0 .6 billion.
PROFITABILITY AND SOLIDITY
On the profitability front, the combined ratio fell to 91.1% compared to 94.4% in the first quarter of 2023 and 94.8% recalculated on a like-for-like basis. Due to this, the pre-tax result of the Non-Life sector amounted to 298 million compared to 285 million in the first quarter of 2023 excluding the contribution of Bper (312 million reported figure), reflecting on the one hand a better technical insurance contribution and on the another a lower financial result
Finally, the Solvency ratio stood at 217%, with the Solvency ratio of the insurance sector however equal to 269%.