The Board of Directors of UnipolSai Assicurazioni S.p.A., which met yesterday under the chairmanship of Carlo Cimbri, analysed the preliminary consolidated results for 2017. The definitive results will be examined by the Board of Directors at its meeting scheduled for 22 March next.
In 2017, UnipolSai made a 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 nonperforming 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).
The consolidated pre-tax profit of the insurance business amounted to €787m (+9.1% compared to €722m in 2016). This result comprised €501m from the Non-Life business (€365m in 2016), and €286 from the Life business (€357m in 2016). Excluding the effects of the restructuring plan, the consolidated pre-tax profit of the insurance business would have been €900m (€593m from the Non-Life business and €307m from the Life business).
In the period under review, direct insurance income, including reinsurance ceded, amounted to €11,068m (-11.4% compared to €12,497m recorded in 2016). This amount also includes the income recorded in the fourth quarter of 2017 by UniSalute (€96m) and Linear (€46m) which have been directly controlled by UnipolSai Assicurazioni S.p.A. since the fourth quarter of 2017.