we receive e we publish the following press release from Unipol.
The Board of Directors of Unipol Gruppo SpA, which met yesterday under the chairmanship of Carlo Cimbri, approved the consolidated results as of 30 September 2024.
Il Unipol Group closes the first nine months of 2024 with a consolidated net profit of 724 million euros, considering the contribution of the consolidation using the equity method of BPER and BPSO limited to the first half of 2024.
Il outcome for the homogeneous period to 30 September 2024 of the Unipol Group, i.e. including the contribution of the shareholdings in BPER and BPSO at the same date, recalculated on the basis of the financial information recently disclosed by these companies, stands at €834 million2. The consolidated net profit at 30 September 2023, which included the contribution of the consolidation using the equity method of BPER Banca alone for the first nine months of 2023, was €769 million (BPSO was consolidated pro-rata starting from the fourth quarter of 2023).
THENet income of the insurance group7 for the period, determined by considering, for the associated companies BPER and BPSO, exclusively the contribution of the dividends paid by these investee companies in the current financial year, is equal to 662 million euros (587 million euros at 30 September 2023).
It should also be noted that the consolidated result as of September 30, 2024, considers the allocation of a solidarity fund for the early retirement of approximately 500 employees, which will take effect in the next financial years, for an amount equal to 149 million euros gross of taxes (103 million euros net of taxes). This amount may be revised at the end of the financial year on the basis of the actual membership of employees to said fund.
In the first nine months of 2024 the direct insurance income, gross of reinsurance transfers, stood at 11.416 million euros, up 8,0% compared to the 10.570 million euros recorded at 30 September 2023 and 9,1% on a like-for-like basis3.
Direct collection in Non-Life sector at 30 September 2024, equal to 6.488 million euros, is up (+6,8%) compared to 6.074 million euros at 30 September 2023 (+8,7% on a like-for-like basis3), with positive performances in all the ecosystems in which the Group operates. The company UnipolSai, which records Non-Life premiums for 5.118 million euros (+6,2%) and the other main companies of the Group contribute to this amount. UniSalute, in particular, collected premiums for 716 million euros (+27,5%), thanks also to the UniSalute 2.0 model which allowed the agency and bancassurance distribution networks of the Group to offer retail and SME customers the Health products offered by the company; Linear totaled premiums for 187 million euros (+17,4%).
Il Auto sector increased by 10,7% compared to the previous year, with premiums equal to 3.165 million euros. Non-Auto premiums continued to grow strongly, equal to 3.323 million euros (+6,8% compared to the first nine months of 20233), a result that benefited in particular from the commercial push in the Health sector.
Significant progress has also been made in the collection from the bancassurance channel in which Arca Assicurazioni operates (230 million euros, +15,5%).
Il combined ratio4 stands at 93,9%, with widespread improvement across multiple branches, compared to 98,6% in the first nine months of 2023 (99,0% on a like-for-like basis3) which had also been affected by a higher incidence of claims from natural disasters.
The pre-tax result of Non-Life sector is equal to 543 million euros, compared to 514 million euros recorded in the first nine months of the 2023 financial year.
THEMobility Ecosystem recorded collections of €3.447 million (+10,1%) and strengthened its positioning throughout the mobility life cycle. In particular, UnipolMove recorded strong growth in the electronic toll collection segment, which reached approximately 30 million customers as of 2024 September 1,8, for whom the integration of the services offered is continuing.
THEWelfare ecosystem reported a collection of 1.290 million euros (+10,8%3), thanks also to the aforementioned contribution from UniSalute.
Finally, with a collection of 1.751 million euros, theProperty Ecosystem marks a growth of 4,6%3. In Life sector, the Unipol Group achieved direct collections of €4.928 million, up 9,6% compared to the first nine months of 2023. Production focused on revaluable products with a view to optimising net flows from separate management.
In this context, UnipolSai has created a direct collection equal to 2.548 million euros (-2,7% on the first nine months of 2023 which benefited from an extraordinary contribution deriving from some new mandates on closed pension funds), while in the channel Arca Vita Bancassurance recorded direct collections of 2.350 million euros (+27,5% compared to 1.843 million in the first nine months of 2023).
The pre-tax result of Life sector is equal to 225 million euros (compared to 221 million achieved in the first nine months of the 2023 financial year).
Banking Related Sector
The sector's accounting pre-tax result Bank Links for the first nine months of 2024, equal to 196 million euros, shows the pro-rata consolidation of the consolidated results of BPER Banca and Banca Popolare di Sondrio as of 30 June 2024. Based on the financial information updated to 30 September 2024, the contribution of BPER and BPSO to the Group's result is equal to 306 million euros. The result for the first nine months of 2023, equal to 216 million euros, included the contribution of the pro-rata consolidation of BPER Banca only for the first nine months, as BPSO was consolidated pro-rata starting from the fourth quarter of 2023.
Holding and Other Activities Sector
As regards the Holding and Other Activities sector, the positive contribution of Gruppo UNA, active in the hotel sector, continues, recording a growth in revenues and a gross profit of approximately 24 million euros.
The pre-tax result of the sector is negative for 20 million euros (-3 million euros at 30 September 2023), having recorded, among others, the costs related to the merger of Unipol Gruppo with UnipolSai.
Financial management
- financial investments The Group's insurance products produced a gross overall return of 4,2%, of which 3,5% from coupons and dividends, an improvement compared to the profitability of the first nine months of 2023 which stood at 3,9%, of which 3,4% from coupons and dividends.
Solvency
As for thesolvency index of the Group, as of September 30, 2024, the ratio between equity and required capital is equal to 224%5 compared to 215% as of December 31, 2023. The solvency ratio of the insurance group6 is equal to 286% compared to 275% as of December 31, 2023.
Appointment of CEO of Unipol
Following the appointment of four new Directors by the Ordinary Shareholders' Meeting held on 21 October, the Board of Directors also proceeded, inter alia, to:
- appoint – for the remaining duration of the mandate and, therefore, until the Shareholders' Meeting for the approval of the financial statements for the financial year ending on 31 December 2024 – Mr. Matteo Laterza as Chief Executive Officer of the Company;
- verify that all the other newly appointed Directors, Messrs. Stefano Caselli, Giusella Dolores Finocchiaro and Rossella Locatelli, qualify as independent pursuant to the applicable regulatory provisions and the Corporate Governance Code for listed companies.
Foreseeable evolution of management
THEtrend recorded in the first nine months and the information currently available allows the Group to confirm, in the absence of currently unforeseeable events linked to a possible worsening of the economic context with particular reference to the financial markets or extreme weather events, an income trend of the consolidated management for the current year in line with the objectives set in the 2022-2024 Strategic Plan.
