Cattolica Insurance file the first quarter with a total collection at $1,5 billion, up 13% year-on-year. Growth is there both in the branch life (+17,2%) both in damage (+5,4%), with a significant increase in non-car component (+ 17,1%).
Il combined ratio is stable at 93,7% and the Operating income rose 33,2%, to 60 million, with a Net income reached 26 million (+10,5%). The Solvecy Ratio stood at 161%.
"In an insurance market still characterized by a high degree of competition, low interest rates and significant volatility of the spread on Italian securities, except for extraordinary events - reads the company note - we expect an improving operating result and group net profit for 2019 compared to the previous year".
Enrico Mattioli, deputy general manager and chief financial officer of the Cattolica Assicurazioni group, underlined that “the data show a positive trajectory for the Company: the Group's operating result and net income grow in double digits and the technical fundamentals are solid. The quarter, characterized by a complex market situation, reflects confirmed technical excellence and an overall increase in premiums, supported by both Non-Life and Life. A marked increase was recorded in the elementary classes, in line with the provisions of the Business Plan. The solidity of the Group is confirmed by a Solvency II Ratio equal to 1,61 times the regulatory minimum, despite discounting the drop in interest rates”.
