Cumulative consolidated net profit in the three-year period 2016-2018 between 1,4 and 1,6 billion, cumulative dividends of approximately one billion euro and a consolidated Solvency II ratio between 150% and 200%. These are the main objectives of the business plan of UnipolSai approved Thursday by the board of the insurance company. The CEO, Carlo Cimbri, however, said that the company will try to exceed the target for the coupons.
The group also aims for Non-Life premium income from direct business of 7,5 billion in 2018 (+0,8% annual average compared to 7,3 billion in 2015), of which 57% Motor and 43% Non-Motor , with an average combined ratio over the three-year period net of reinsurance, equal to 96%. The Life premium income target is €5,7 billion in 2018.
As for the first quarter results, the UnipolSai group recorded a consolidated net profit of €140m, a sharp drop from the €310m of 12 months earlier. As a note explains, the first quarter of 2015 had benefited from the concentration of most of the capital gains realized last year by the group.
The consolidated pre-tax result of the insurance sector for the quarter amounted to 206 million against 480 million in 2015. The Non-Life sector contributed 112 million to the performance (from 342 million in the same period of 2015) and Life contributed 95 million euro ( from 138 million).
Direct insurance premiums in the first three months amounted to 3,7 billion (-0,6%) and are divided between 1,8 billion in the non-life business (-1,2%) and 1,9 billion in the life business (in line with 2015). The Combined ratio improves to 96% from 97,5% in the first quarter of 2015. The consolidated Solvency II solvency margin is 176%.
Individual Solvency II is instead 198%. The real estate sector recorded a pre-tax loss of 4 million euro, worsening from the loss of 3 million at 31 March 2015. Among other activities, in the hotel sector Atahotels reported a profit of around 2 million euro.
