The UnipolSai Group ended the first nine months of 2022 with a consolidated net profit of €616m, up on the normalised1 result of €577m for the corresponding period of the previous year which benefitted from certain extraordinary items (the book value of the net profit amounted to €704m). Direct insurance income, including reinsurance ceded, stood at €9,834m in the first nine months of 2022, up (+4.0%) on the figure of €9,454m recorded at 30 September 2021.
Direct income from the Non-Life Business at 30 September 2022 amounted to €5,851m, a significant increase (+5.6%) over the figure of €5,539m achieved as at 30 September 2021, with all Group Ecosystems showing positive performance.
The MV business was up by 1.0% over the previous period with premiums of €2,823m. There has been a progressive recovery in the frequency of claims compared to 2021 when people were subject to movement restrictions due to the pandemic, along with an increase in the average cost of claims due to inflation pressures on repair costs and recent regulatory updates on the reference values of damages for minor injuries and loss of family relations.
Performance in the non-MV business went from strength to strength recording premiums of €3,028m, and 10.4% growth over 30 September 2021, with the business divisions and all sales channels of the Group having contributed to that result.
The combined ratio, net of reinsurance, as at 30 September 2022, amounted to 93.2% (91.4% direct business) compared to a figure of 92.8% as at 30 September 2021 (91.7% direct business). The loss ratio, net of reinsurance, stood at 65.9% (compared to 66.2% for the first nine months of 2021), while the expense ratio, net of reinsurance, stood at 27.3% (compared to 26.6% at 30 September 2021).
The pre-tax result for the Non-Life Business amounted to €731m compared to a normalised1 figure of €746m recorded in the first nine months of 2021 (on the other hand, the book value amounted to €769m).
The Group reported direct income of €3,982m in the Life Business, up 1.7% compared to the figure of €3,915m recorded in the first nine months of 2021. The income mix was mainly directed towards hybrid products, in line with a strategy aimed at reducing capital absorption and the minimum guaranteed rate which went from 0.99% as at 31 December 2021 to 0.94% as at 30 September 2022; the rate amounted to zero for about 46% of the reserves as at 30 September 2022.