Cattolica Insurance ended 2019 with a direct collection of prizes equal to approximately 6,9 billion euros, up 20,0% every year. The company communicates it in a note, specifying that 2,2 billion come from the branch Danni (+2,5%) and 4,8 billion euros in C.V. (+ 30,0%).
The Net income loss for 2019 is expected to decrease compared to the previous year, due to some unplanned extraordinary negative items still being defined, "among which the already communicated loss deriving from the sale of Cattolica Life".
Il operating result 2019 instead, it should settle at around 300 million euros, a value slightly higher than the 292 million of 2018, "despite the unfavorable increase in the cost of claims caused by atmospheric events", specifies the company.
As for projections for 2020, “are slightly lower than previously communicated – continues the note – The operating result is expected to be between 350 and 375 million euros. Compared to the range previously communicated (375-400 million euros), there is therefore a difference of -6% between the two average values”.
The reason is external to the dynamics of the group: "The financial and insurance scenarios that have materialized up to now and those envisaged for the current year are more unfavorable than what was hypothesized in the drafting of the 2018-20 Business Plan - concludes Cattolica - in particular at due to the persistence of a very accentuated competitive dynamic, and lower than expected interest rates which lead to an erosion of financial yields”.
