The operation, explains Unipol, has the objectives of «rationalizing the corporate structure of the Unipol Group, while at the same time simplifying the decision-making processes of unitary management and governance of the group itself. The company resulting from the merger will be one of the main Italian insurance companies, listed on regulated markets, which will also play the role of parent company of the Unipol group, in line with national and international best practices and market expectations”. Furthermore, the operation will contribute to «optimising the cash and funding profile of Unipol Gruppo», to «achieving some cost synergies connected to the optimization of the central structures and related activities» and to «optimising the group’s solid solvency position, also from a prospective perspective.”
Unipol’s accounts
The board of directors of the Unipol group also gave the green light to the 2023 accounts, which closed with a consolidated net result of 1.331 billion euros (from 866 million in the previous year, +53.7%). The result, we read in a note, was positively affected by 267 million euros of the “badwill” recorded as a result of the consolidation of the shareholding in Popolare di Sondrio (following the acquisition of a 10.2% stake in the bank, which brought the group’s overall shareholding to 19.7%). The net result, excluding this extraordinary item, is equal to 1.064 billion.
Direct insurance collection also grew to 15.1 billion euros (+10.4% compared to 2022), with Non-Life at 8.7 billion euros (+4.2%) and Life at 6.4 billion euros ( +20.0%). The combined ratio at the end of 2023 was 98.2% (from 98.6% in September 2023), while the solvency ratio, again at the end of last year, was 200% (in line with the value at 31 December 2022) and takes into account the expected dividends and the consolidation of Banca Popolare di Sondrio. Finally, the dividend rises to 0.38 euros per share (for a “dividend yield” of 6.6%) against 0.37 euro in 2022. As for the future, “an income trend for consolidated management for the current year is estimated in line with the objectives set in the 2022-2024 Strategic Plan”.
Cimbri: «A route closed»
«This operation closes, even physically, a journey that began more than 10 years ago, which began in 2012 with the acquisition of FondiariaSai and all the subsequent operations that have taken place in recent years». Thus the president of the Unipol group, Carlo Cimbri, presenting the takeover bid for UnipolSai. «Those who were there at the time will remember a much more complex and articulated structure» and now we arrive at «the last piece of this project» with «a simplification expected by the market».
«MPS is not in Bper’s plans»
Regarding the banking risk, Cimbri stated that «Mps is not in Bper’s plans». According to the manager «Bper has its own program that is moving forward, we have not had discussions of this type, as far as we are concerned, even Bper has not had discussions of this type with MPS which is also achieving in its stand alone capacity under the guidance of Luigi (Lovaglio, CEO of MPS, ed.) excellent results.”