The Board of Directors of UnipolSai Assicurazioni S.p.A., which met on 22 March 2018 under the chairmanship of Carlo Cimbri, approved the consolidated financial statements and draft financial statements of UnipolSai Assicurazioni, confirming the preliminary results reported on 9 February last.
The main results of UnipolSai for 2017
- Consolidated net profit of €537m, up by 1.8% (€527m for the same period of 2016), despite the effects of the Unipol Group banking business restructuring plan. The plan involved the recognition of significant adjustments in order to increase the coverage of the non‐ performing loans of Unipol Banca, which had a negative impact of €112m on UnipolSai. The consolidated net profit of UnipolSai would have amounted to €649m if those effects were not considered (+23.1% compared to 2016).
- Direct insurance income, including reinsurance ceded, at €11,068m (‐11.4% compared to €12,497m recorded in 2016). Non‐Life business: €7,355m (+1.9% compared to 2016) Life business: €3,713m (‐29.7% compared to 2016)
- Direct business combined ratio 95.9% (95.7% in 2016)
- Combined ratio after reinsurance 97.2% (96.5% in 2016)
- Return on financial investments portfolio of 3.9%
- Consolidated shareholders’ equity of €6,194m (€6,535m at 31 December 2016), of which €5,869m attributable to the Group
- Individual solvency ratio of 241%