The UnipolSai Group ended the first half of 2020 with a consolidated net profit of €560m, significantly up on the profit of €377m for the corresponding period of the previous year. The profit for the half-year period was influenced by a reduction in claims during the lockdown period.
Direct insurance income, including reinsurance ceded, stood at €6,100m in the first quarter of 2020 (€7,294m as at 30 June 2019, -16.4%).
Direct non-life income reflects the slowdown in commercial activity due to the healthcare emergency, and amounted to €3,927m at 30 June 2020 (down 4.4% compared to €4,109m recorded at 30 June 2019).
Against this background, at 30 June 2020, the UnipolSai Group recorded a combined ratio, net of reinsurance, of 82.1% (80.5% direct business), a significant improvement on the figure of 94.6% reported at 30 June 2019 (93.2% direct business).
In the life business, the UnipolSai Group reported direct income of €2,173m, a decrease of 31.8% due to the effects of the healthcare emergency and the commercial policies adopted in the period to reduce the risks; this figure is also compared against the first half of 2019 which benefitted from extraordinary income from two new pension funds for a total of €630m.