Once the investigations into the 2019 and 2020 shareholders' meetings have been archived, the governance has changed and the transformation into a Spa (and the consequent integration into Generali) has been digested, for Cattolica Assicurazioni 2021 begins with a whole new impetus. And it can also be seen from the mood of investors, that after the publication of first quarter accounts reward the stock in Piazza Affari with a rise of more than 10% shortly after the opening. All economic indicators recorded remarkable growth, even if compared with a quarter, the first of 2020, already marked by Covid worries. The operating result exceeded 100 million, increasing by 82% and bringing the operating Roe to 9,2%; net inflows reached 1,3 billion (+16%), with a slighter increase in Non-Life (+2,8%) than in Life (+27%); the combined ratio improved by almost 5 percentage points to 87,7%.
Even the adjusted profit exploded, by 161% to 48 million, and the group net profit, which increased by 221% to 45 million euro. Investments amount to 24,5 billion, while the data as at 31 March 2021 confirm the capital solidity, with consolidated shareholders' equity of 2,665 billion, up compared to the figure as at 31 December 2020. As regards the guidance for 2020, already in January Cattolica had estimated an operating result of between 265 and 290 million, even if the risk remains that this objective is not achieved, due to two factors: the possible increase in claims due to the increase in traffic following the reopenings; the possible slowdown of the economic recovery compared to expectations, which in this case would penalize premium income.
“In the first quarter of 2021 – he commented the CEO of Cattolica Carlo Ferraresi – we confirmed the positive trend started last year, which ended with the best operating result ever. The data for this quarter are also very solid and clearly increasing, the result not only of contingent reasons, such as the persistence of a favorable trend in claims, but also of continuous improvements with marked growth in the various business lines and a marked improvement of the life mix. The performance indicators are all positive, making concrete the work carried out by the Group and its distribution networks, both agency and banking, the result of the strategic indications of focusing on income quality. THE Cattolica's fundamentals are increasingly solid and allow us to look forward to the rest of the year with confidence and to confirm the guidance given to the market, which sees an operating result of between 265 and 290 million euro”.
