Unipol: profit grows by 15.3% in the first quarter, direct deposits +12% to 3.9 billion
The Unipol Group closed the first quarter of 2023 with a consolidated net profit of €284m, up by 15.3% compared to the result of 246 million euros in the corresponding period of the year last reported with the previous accounting principles. The figure for the first quarter of 2022, restated for comparative purposes in application of the new standards, is equal to 161 million euros. In the first three months of 2023, direct insurance premiums, gross of reinsurance ceded, amounted to €3,865m, up 12% compared to the €3,449m recorded as at 31 March 2022.
Direct premiums in the non-life business as at 31 March 2023, equal to €2,137m, recorded significant growth (+5.5%) compared to the 2,025 million euros reached as at 31 March 2022. All the Group’s sales channels and main business lines contributed to the increase. The development of UniSalute (+41.6%) was particularly significant, thanks to the launch of the UniSalute 2.0 project, which provides for the distribution of the health products offered by the company, leader in the reference market, to retail and SME customers through the agency distribution networks and bancassurance of the Group. The performance of the Non-Life bancassurance channel was confirmed as positive, recording an increase of 12.4%.
In general, the group underlines the performance of the Non-Motor segment was very satisfactory, with premiums of 1,182 million euros and growth of 8.8% over the first quarter of 2022, while the Motor segment recorded a more contained, equal to 1.7%. All the business lines of the Ecosystems showed positive funding performances. The Mobility Ecosystem recorded premium income of €1,046m (+2.1%) in the insurance sector and strengthened its positioning along the entire mobility value chain through the continued growth of UnipolRental, the long-term rental company Group. The Welfare Ecosystem reported, as at 31 March 2023, inflows of 488 million euro (+15.4%), with a significant increase in the Health area (+25.2%), while the Property Ecosystem, with premium income of 603 million euro, recorded growth of 4.3%.
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