Cattolica Assicurazioni closes the first nine months of the year with total funding of 4,3 billion (+16,7%). Strong growth in the Life segment (+23,5%), good performance in Non-Life (+5,8%). Ebit rose by 45,5%, to 231 million, and the consolidated net result stood at 93 million (in the first part of 2017 there had been non-recurring write-downs for 67 million).
In terms of equity, the Solvency II Ratio stands at 160%. The latter, Cattolica specified, “was calculated according to the Standard Formula with use of the Undertaking Specific Parameters (USP) authorized by the Supervisory Authority” but “did not benefit from the counter-cyclical measure of the country specific volatility adjustment”.
The combined ratio is improving by almost 2 points, to 93%. As regards the foreseeable evolution of management "in an insurance market still characterized by highly competitive, low interest rates and significant volatility of the spread on Italian securities", the company forecasts "an operating result and net profit of 'group improving compared to the previous year'.
The results for the nine months "confirm the positive trend that is characterizing 2018 of the Cattolica group, in line with the objectives of the business plan" while "the leap in the operating result, which grew by 45,5%, attests the effectiveness of the business undertaken during the year”. This is the comment by Enrico Mattioli, deputy general manager and CFO of the Veronese company.
“Total premiums are growing also thanks to the underwriting capacity of the agency network – he added – This quarter's results are supported by a marked improvement in technical performance. The capital solidity of the group is confirmed as robust, despite the increase in the spread on Italian government bonds”.
