Cattolica Insurance it closed the first nine months of 2021 with a prize collection overall growth of 16,5%, to 3,7 billion. In particular, the non-life business recorded an increase of 29,5%, while the life business recorded an improvement of 2%.
As for the financial data, theadjusted profit for the nine months it is growing strongly, to 175 million (+51,7% from 116 million in 2020), including the capital gain relating to the sale of Lombarda Vita, equal to 104 million. L'Net income group value soared by 178,6%, going from 42 to 116 million, despite discounting 69 million in write-downs.
Il Operating income shows a drop of 20,3%, to 190 million: if in the non-life business there is a slight increase (from 172 to 175 million) in the life business it drops from 69 to 17 million, “mainly due to the provision (11 million) placed in place to deal with the possible disbursement linked to dormant policies and a seasonal effect in the attribution of financial income which, it is estimated, could partially recover in the fourth quarter”.
On the property side, the combined ratio stood at 89,7%, down by 0,3 percentage points compared to the same period of 2020, even if last year - recalls the company in a note - it had benefited "from a sharp drop in the frequency of claims following of the very strict lockdown”.
Guidance confirmed at the end of the year, with an operating result between 265 and 290 million. Finally the solvency is equal to 193%, from 187% at the end of 2020.
“The industrial capabilities of the group and the disciplined management of the business allow us to present today very solid results from a technical and operational point of view – he comments Charles Ferrara, managing director of Cattolica – Premium income is increasing in both business lines, with strong growth in unit-linked and an excellent non-life profitability index. Furthermore, the net profit, strongly growing in these first nine months of the year, confirms the solid technical and commercial performance of the group”.
These results “are the expression of our ability to generate profits – continues the manager – also thanks to a widespread and capillary presence throughout Italy and to the professionalism of our people and the agency and banking networks. There partnership with the Generali Group it has accelerated our performance and the ever greater integration of skills and technologies will allow us, also in the light of the new control structure, to become increasingly appreciated by the market and by the communities in which we operate".
