Well the accounts of Cattolica Insurance in 2020. The Board examined on Thursday i preliminary consolidated results for 2020 and has rolling plan approved relating to the years 2021-2023.
2020 will close, specifies a note from the company, with a direct collection of non-life premiums of approximately €2,1 billion (2,157 billion euros in 2019), one direct collection of life premiums equal to approximately 3,7 billion euros (4,772 billion euros in 2019) and a operating result which will be in a range between 360 and 380 million euros (302 million euros in 2019). It should be remembered that, during 2020, the Company had communicated an operating result forecast of between 350 million and 375 million.
“We are particularly satisfied – is the comment of the CEO Charles Ferrara – for the preliminary data for 2020 which demonstrate our solidity, strength and the Group's ability to respond, also thanks to its commercial partners and the ability to renew itself in the agency network, in a manner ready for the difficult pandemic crisis. The rolling plan that was approved by the Board aims to work in continuity with our industrial strategy and allows us, thanks to the strengthening of our business lines and our commercial dynamism, to respond adequately to market changes. Covid has changed numerous balances and I am convinced that our Plan will allow us to effectively address the new needs that will emerge in the insurance sector".
Il rolling plan 2021-2023 present an strategy based on three principles:
Consolidation through the completion of the initiatives in progress relating to the previous 18-20 plan and a consolidation of the positive technical performance of the Non-Life classes and the agency network. Focus on selected strategic initiatives, acceleration of the efficiency plan and relaunch of the profitability of the Life business. Sustainability through initiatives on the Cattolica Estates, also in order to increase profitability and through the strengthening of the ESG strategy, for a sustainable transformation of the business.
Finally, Cattolica's note recalls that following the agreement with UBI, the company Lombarda Vita, a joint venture with the same bank, is expected to leave the scope of consolidation starting from 1 January 2021. “Cattolica will a consideration ranging from approximately €290 to €300 million based on the IAS/IFRS 2020 result of Lombarda Vita. It is expected that the Cattolica Group, following the completion of the transaction, will benefit from an IAS/IFRS capital gain of between approximately €100 and €110 million in the 2021 consolidated financial statements, while the capital gain on Cattolica's statutory financial statements will be between approximately €50 and €60 million. For the same reason, in 2021 the operating result is expected to decrease, ranging between €265 and €290 million with total premium income of approximately €5,2 billion, of which Non-Life approximately €2,1 billion and Life approximately €3,1 billion”
