All about Unipol accounts
What emerges from the Unipol quarterly report. The article by Emanuela Rossi
Consolidated profit up 5%, to 854 million euros, for Unipol. In the first nine months of the year, there was also an increase in premiums, especially on the non-life front, and for the other sectors in which the group operates, which confirms the income targets for 2022 set in the 2022-2024 strategic plan. Moreover, Unipol continues to adopt “very prudent reserve policies, both at the balance sheet and solvency level. We have decided to be the little pig with the brick house ”, said during the conference call with the analysts, the general manager of Unipol, Matteo Laterza, repeating an expression used a few days ago by the president Carlo Cimbri. Also because inflation is “a variable to be seen from a long-term perspective”.
COLLECTION AND AWARDS OF UNIPOL
As the group informs, in the nine months premium income grew by 4% to 9.8 billion, with a contribution of 5.9 billion from the non-life sector (+ 5.6%) and 4 billion from the life sector (+1, 7%). The solvency ratio fell from 214% to 197% of the regulatory minimum.
In particular, in the non-life class, premiums written in the motor sector increased by 1%, to 2,823 million euros, considering that there is a gradual recovery in the frequency of claims compared to 2021 and an increase in the average cost of the same. In the non-motor segment, premiums increased by 10.4% to 3,028 million euros, a result which was contributed by the business lines and all sales channels of the group. The pre-tax result of the non-life sector amounted to 864 million euros, compared to 843 million in 2021; that of life at 189 million, up from 160 million a year earlier thanks to the improvement in both technical and financial margins, favored by the context of rising interest rates.
THE OTHER SECTORS OF THE GROUP
Looking at what is happening in the other sectors of the group, in the note released by Unipol it is noted that the summer season marked a significant recovery in the hotel sector, which returned to profit after being severely hit by the pandemic. In the real estate sector, it continues, the interventions carried out in the period in question favored prestigious locations and the completion of a new office building in Piazza Gae Aulenti in Milan continued. The pre-tax result of the "holding and other sectors" amounted to 46 million euros (-120 million the normalized pre-tax result), compared to a loss of 29 million in 2021. Up by 2% a, 3.1 billions, “mobility”, “welfare” by 14.2% to 1.1 billion and “property” by 7.2% to 1.6 billion.
DG LATERZA: BANCASSURANCE AGREEMENTS RENEWED BY YEAR END
During the call with the analysts, Ansa reports, Laterza talked about the bancassurance agreement, expiring at the end of 2022, with Bper and Popolare di Sondrio. "We are in the final phase of discussions for the renewal – he said -, the agreement expires within the year but we are confident of being able to renew it within the foreseen time frame".
The CEO then gave some information on Unipolmove, the toll payment system alternative to Telepass which “has exceeded 350,000 devices. This is a very important service component, which creates a flow of customers in the agency that allows us to do more in the insurance sector as well ”. It is, he added, “a very important service component that integrates the services of the mobility ecosystem”.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/tutto-sui-conti-di-unipol/ on Sat, 12 Nov 2022 07:53:54 +0000.