we receive e we publish the following press release issued by Unipol.
The Board of Directors of Unipol Gruppo SpA., which met yesterday under the Chairmanship of Carlo Cimbri, approved the consolidated results as of 30 June 2024.
The Unipol Group closes the first half of 2024 with a consolidated net income of 555 million euros, considering the contribution of the consolidation with the equity method of BPER and BPSO limited to the first quarter of 2024.
The result for the same period as at 30 June 2024 of the Unipol Group, i.e. including the contribution of the investments in BPER and BPSO at the same date, recalculated on the basis of the financial information recently released by these companies, stands at €632 million. THE'consolidated net profit at 30 June 2023, which included the contribution of the consolidation with the equity method of BPER in the first half of 2023, was equal to 517 million euros.
In the first six months of 2024 the direct insurance income, before reinsurance ceded, stood at 8.165 million euros, up, on a like-for-like basis, by 10,4% compared to the 7.393 million euros recorded as at 30 June 2023.
Direct collection in Non-Life sector at 30 June 2024, equal to 4.581 million euros, recorded growth (+7,8% on a like-for-like basis3) compared to 4.248 million euros at 30 June 2023, with positive performances in all the ecosystems in which the Group operates. The company UnipolSai contributes to this amount, recording Non-Life premiums of 3.618 million euros (+5,1%) and the other main companies of the Group. UniSalute, in particular, collected premiums of 517 million euros (+27,7%), thanks also to the UniSalute 2.0 model which allowed the Group's agency and bancassurance distribution networks to offer the Health products offered by the Group to retail and SME customers. company; Linear totaled premiums of 124 million euros (+18,3%).
Il Auto sector increased by 10,2% compared to the previous year with premiums amounting to 2.202 million euros.
Growth still sustained press Not Car, equal to 2.379 million euros (+5,7%3 on the first half of 2023), a result that benefited in particular from the commercial push in the Health sector.
Also growing there collection from the bancassurance channel in which Arca Assicurazioni operates (158 million euros, +18,0%).
Il combined ratio4 stands at 93,1%, with an improvement spread across several classes, compared to 97,5%3 recalculated on a homogeneous basis for the first half of 2023.
In the semester there was a improvement in loss ratio linked to the effect of the actions implemented both in the Motor sector, aimed at containing the growth of the average cost of claims also following the revision of the tables for the monetary evaluation of personal damages, and in the Non-Motor sector, where the portfolio reform and tariff remodulation are mainly aimed at containing the effects of climate change on insurance margins.
The pre-tax result of the Non-Life sector amounted to 508 million euros, compared to the 448 million euros recorded in the first six months of financial year 2023.
THEMobility Ecosystem recorded 2.398 million euros in collections (+9,5%) and strengthened its positioning throughout the mobility life cycle. In particular, we highlight the strong development recorded by UnipolMove in the electronic toll segment which as of 30 June 2024 exceeded 1,5 million customers and for which the integration of the services offered is continuing.
THEWelfare ecosystem reported collections of 927 million euros (+10,6%3), with a significant increase in UniSalute (517 million euros, +27,7%).
Finally, with collections of 1.257 million euros, the Property Ecosystem recorded growth of 3,0%3.
In Life sector, the Unipol Group achieved direct collections of €3.584 million, up 14,0% compared to the first half of 2023. Production was concentrated on traditional products with a view to optimizing the net flows of separate management.
In this context, UnipolSai achieved direct collection of 1.779 million euros (-7,2% on the first half of 2023 which benefited from an extraordinary contribution deriving from some new mandates on closed pension funds), while in the bancassurance channel Arca Vita , together with the subsidiary Arca Vita International, recorded direct collections of 1.783 million euros (+48,2% compared to 1.203 million in the first half of 2023).
The pre-tax result of the Life sector is equal to 139 million euros (compared to 143 million achieved in the first six months of financial year 2023).
Banking affiliates sector
The pre-tax result of the Associated Banking sector for the first half of 2024, equal to 121 million euros, shows the pro quota consolidation of the consolidated results of BPER Banca and Banca Popolare di Sondrio as at 31 March 2024. Based on the financial information updated as of 30 June 2024 the contribution of BPER and BPSO to the Group's result becomes equal to 198 million euros. The result for the first half of 2023, equal to 113 million euros, included only the contribution of BPER Banca for the entire half-year.
Holding and Other Activities Sector
As regards the Holding and Other Activities sector, the positive contribution of Gruppo UNA, active in the hotel sector, continues, recording growth in revenues and a gross profit of over 11 million euros.
The sector's pre-tax result is negative for 12 million euros (-7 million euros at 30 June 2023), having absorbed, among others, the costs linked to the integration of Unipol Gruppo with UnipolSai.
Financial management
The gross profitability of the Group's insurance financial investment portfolio achieved an overall return equal to 4,0% of invested assets, of which 3,6% derived from coupons and dividends. Profitability for the first half of 2023 also stood at 4,0%, of which 3,5% for coupons and dividends.
Solvency
As regards the Group solvency index, as of 30 June 2024 the ratio between own funds and required capital is equal to 221%5 compared to 215% as of 31 December 2023. The solvency index of the insurance sector is equal to 276 %6.
Foreseeable evolution of management
The performance recorded in the first half of the year and the information currently available allow the Group to confirm, in the absence of currently unforeseeable events linked to a possible worsening of the reference context, relating in particular to financial markets or extreme climatic events, a trend consolidated management income for the current year in line with the objectives set in the 2022-2024 Strategic Plan.
