What happens to Unipol accounts
What emerges from the quarterly report of Unipol.
The year is off to a good start for Unipol which in the first quarter sees net profit grow by 15.3% and premium income by 12%. The group led by Carlo Cimbri can also be satisfied with the performance of the accounts of the subsidiary UnipolSai which boasts a consolidated net profit up to 231 million.
IN GROWTH IN PROFIT AND COLLECTION, THE HEALTH SECTOR RUNS
In the first quarter of the year, the group led by Carlo Cimbri Unipol achieved consolidated net profit of €284m, up 15.3% on the year, and direct insurance premiums of almost €3.9bn (+12% ), thanks to a contribution of 2.1 billion from the non-life business (+5.5%) and 1.7 billion from the life business (+21.4%) which benefited from the acquisition of three new pension funds.
In the note accompanying the accounts, Unipol clarifies that the results for the first quarter have been prepared in application of the new accounting standard Ifrs 17 on insurance contracts, which came into force at the beginning of the year, and the accounting standard Ifrs 9 on financial instruments . Therefore, the result for the first quarter of 2022 has been recalculated for comparative purposes and amounts to 161 million.
DETAILS ON THE UNIPOL QUARTERLY REPORT
Going into detail, in the non-life business excellent performance for Unisalute with premium income up +41.6%, thanks to the launch of the UniSalute 2.0 project, which envisages the distribution of health products to retail and SME customers through the agency and bancassurance networks. Bancassurance itself achieved +12.4% in the period. Plus signs for the non-motor sector (+8.8%) at 1,182 million and for the motor sector (+1.7%), for mobility at 1,046 million (+2.1%), for welfare (+15 .4%) to 488 million and for property (+4.3%) to 603 million.
The combined ratio, which indicates the profitability of technical management, rose to 94.4%, from 93% in 2022: the worsening, Unipol points out, is due to a growth in claims, both in terms of frequency and in terms of increase average cost due to inflation. As regards pre-tax results, in the non-life business it rose to 312 million from 247 million in the first quarter of 2022, in the life business instead it fell from 69 to 52 million euro, in the holding and other businesses sector it improved from 10 to 17 million, thanks in particular to the recovery of the hotel sector, where Unipol is active with the Una Group.
In the first three months of 2023, the gross profitability of the group's insurance financial investments was 4.1%, of which 3.2% deriving from coupons and dividends. Finally, the Solvency ratio, which indicates capital solidity, improved from 200 as at 31 December 2022 to 213% as at 31 March 2023.
Total shareholders' equity rose to 9.1 billion and group shareholders' equity to 7.3 billion.
From the presentation slides of the accounts it can be seen that the investment in UnipolSai is 85.21% and the direct one in Bper is 10.53%. And again: net financial assets/liabilities of -869 million euros, net operating costs of 7 million and DTA of 250 million.
INCREASING RESULT ALSO FOR UNIPOLSAI
As we said, an excellent contribution to Unipol also came from the subsidiary UnipolSai which achieved a consolidated net profit of €231m from €118m in the first quarter of 2022, numbers which drop to €218m and €110m respectively if we consider the group net result. Inflows grew by 1.6% – to almost 1.7 billion – which, in the life sector, stood at +72.9%, nearly 1.2 billion. Total shareholders' equity rose to 7.2 billion and group shareholders' equity to 6.9 billion. The Solvency ratio stood at 294%.
LATERZA: EXCELLENT RESULTS IN BANKING DISTRIBUTION
During the conference call with analysts, reports Ansa , the general manager of Unipol, Matteo Laterza, praised the bancassurance channel. The performances of Bper and Banca – i.e. the partner banks in the distribution of group policies – "were excellent", said the general manager, and "especially for health insurance, using the Unisalute brand".
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/che-cosa-succede-ai-conti-di-unipol/ on Fri, 12 May 2023 12:20:41 +0000.