UnipolSai: consolidated results as at 31 march 2020 approved
- The quarter was marked by the Group’s strong commitment to tackling the Covid-19 emergency.
- Consolidated net profit of €171m (€184m in the first quarter of 2019, -7.2%)
- Direct insurance income of €3.1bn
- Non-life business: €2.0bn (-1.5%)
- Life business: €1.1bn (-13.2%)
- Combined ratio net of reinsurance 92.0%, an improvement on 94.6% recorded as at 31 March 2019
The Board of Directors of UnipolSai Assicurazioni S.p.A., which met yesterday under the chairmanship of Carlo Cimbri, approved the consolidated results as at 31 March 2020. In a quarter marked by the outbreak of the Covid-19 emergency, the Group supported significant projects in favour of the customers, the agency distribution network, the employees and the community.
With regard to its customers, the Group took substantial action: it extended the daily allowance to any insured parties put into quarantine at home after testing positive for Covid-19 at no additional cost; it also established a Coronavirus medical consultation service available 24/7 for its policyholders through the UniSalute Medical Centre, and set up a specialist video consultation service to help people directly in their homes.
UnipolSai created the #AndràTuttoBene healthcare protection product which provides a daily hospitalisation allowance of €100 and €3,000 in compensation for employees of subscriber companies who need intensive care. Ten thousand companies had subscribed to this product by the end of April, providing coverage against Covid-19 to over 600,000 employees.
UniSalute also registered subscription to the new insurance cover by a number of healthcare funds, insuring over 5 million people against the effects of the pandemic.
Following the lockdown and resulting reduction in mobility, the Unipol Group was the first company on the Italian insurance market to decide to pass on the benefits to the community.
In that light, at the beginning of April, the #UnMesePerTe campaign was launched to reimburse each of the 10 million UnipolSai customers with an amount equal to a month’s car insurance through a discount-voucher to be used when renewing their policies already in place. The campaign will last for a full year to enable all the policyholders to use their vouchers when renewing their policies.
With regard to the agency distribution network, significant financial support measures were introduced to cope with the reduction in liquidity generated by the temporary reduction in takings.
Medical services were also implemented for the agents, sub-agents and employees of the agency networks and to contribute financially to the supply of healthcare materials for the agencies, and to make masks and disinfectants available.
These measures involved over 2,500 agencies and 30,000 business partners.
Remote working mechanisms were also introduced for the Group’s employees to safeguard their health, with technological solutions implemented in just a few weeks to enable about 9,000 people to work from home.
In the first quarter of 2020, UnipolSai Assicurazioni donated €20m to the community to help combat the Coronavirus emergency.
In the areas most affected in Italy - Lombardy, Piedmont, Emilia Romagna and Marches - Unipol, in close cooperation with the authorities and the civil protection authority, allocated said resources to increase the number of beds in hospitals, especially in intensive care and semi-intensive care units, and to purchase the necessary healthcare equipment to help stop the epidemic from spreading.
Further donations were also made to the State Police, the Carabinieri, the Finance Police and the Firefighters in order to support their important activities in the territory.
Read the Press Release.