Cattolica Insurance file the balance sheet for the first semester with a group net result equal to 61 million euros, up by 20,5% on an annual basis. The insurance company communicates it in a note.
With regard to the prize collection, the overall figure (Non-Life and Life) recorded a tendential increase of 10,6%, to 3,268 billion euro. However, the result is down by 2,8% in homogeneous terms.
In detail, Cattolica registers in the branch Danni direct an increase of 3%, while in the Life premium income shows a surge of 14,8%, "accompanied by a product review action with a progressive reduction of the risk profile", specifies the company.
On the side patrimonial, to 30 June the Solvency II index of the group amounted to 165% (against 161% in the first quarter), while the combined ratio at 93,4% (+0,8 pp), "despite the greater weight of claims and atmospheric events", continues the note.
The increase in Non-Life and Life volumes and technical profitability lead to an improvement in the Operating income, which marks an increase of 4,3% to 156 million. The group estimates an improvement in operating and net profit for the full year 2019.
“The results we are presenting today – comments the CEO Alberto Minali – confirm the growth trajectory undertaken with discipline by the Group. We are halfway through the 2018-2020 Business Plan with an operating result that marks an increase for the sixth consecutive quarter, with total funding and profit growing by double digits and with confirmed profitability, demonstrating the Group's technical and underwriting capabilities and the distribution force through its own agency and banking networks. Capital solidity stands at 1,65 times the regulatory requirement, an improvement compared to the previous quarter”.
In the conference call with analysts, Minali also said that Cattolica Assicurazioni presented in June a non-binding offer for the entire Life perimeter of Ubi: "We are very interested in this opportunity: we are in the competition and we will play our cards as best we can".
In general, concluded the manager, “we hope to close 2019 with accounts that satisfy our shareholders. The 2019 is well set up and we aim to close with a better result than last year".
