Cattolica Insurance closes the first semester with a net profit of 107 million euros, which compares with the 10 million recorded in the same period last year (+938%). Total premium income stood at 2,6 billion (+21,7%) with an increase in premiums in both Non-Life (+2,3%) and Life (+40,9%) against a combined ratio which "it is confirmed at an excellent level", at 87,7%, up by 0,6 percentage points compared to 2020, which was however characterized by the lockdown in March and April.
Il Operating income amounted to 155 million, down 13,9%, "mainly due to the provision (13 million) made to meet the possible outlay linked to dormant policies currently under evaluation", reads the note from the society. Solvency improves to 197% from 187% at the end of 2020.
confirmed budget targets for the end of the year, starting with an operating result of between 265 and 290 million, even if "some potential risks should be considered which would lead to a reduction in this result if they materialise, including a greater increase in the frequency of MV claims over the next few months compared to as assumed in the forecast and a deterioration in the trend of economic activity compared to current expectations which entails a reduction in premium income and a further drop in investment returns”, concludes the company.
"The positive trend for the company continues, thanks to the effective actions implemented since the first months of last year", he comments Charles Ferrara, CEO of Cattolica. “In this period, the critical issues related to the pandemic crisis have been mitigated by substantial managerial, organizational and investment interventions. Furthermore, the commercial actions made it possible to increase premium income, significantly improving the mix. Strengthened by the results that we are presenting today, we confirm with conviction the guidance on the operating result foreseen for the end of the year”.
