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Preliminary Consolidated Results at 31 December 2023

The new accounting standards for the insurance industry were applied for the first time in 2023; they made significant changes to the recognition of insurance contracts (IFRS 17) and financial instruments (IFRS 9) replacing IFRS 4 and IAS 39 that had been previously in effect. The new accounting standards took effect from 1 January 2023, and were also applied retroactively to the figures reported for 2022 to facilitate comparison on a like-for-like basis only.

Gruppo UnipolSai ended 2023 with a consolidated net profit of €766m. The Group recorded a consolidated net profit of €651m in 2022, calculated using the accounting standards previously in effect and which reflected extraordinary charges of approximately €137m after taxes (the normalised result amounted to €789m). The definitive figure for 2022 which was recalculated using the new accounting standards would have amounted to €466m (normalised result of €604m).

Direct Insurance Income, including reinsurance ceded, stood at €15,060m as at 31 December 2023, up (+10.4%) on the amount of €13,645m at 31 December 2022.

There was growth of 4.2% in direct Non-Life income to €8,651m, compared to the figure of €8,304m at 31 December 2022. In addition to the other main Group companies, the insurance company UnipolSai Assicurazioni contributed to this result, which recorded non-life premiums of €6,952m (+1.0%).

The MV business was up by 3.0% over the previous financial year, recording premiums of €4,006m. Income was boosted by tariff increases made necessary by the rise in the cost of claims due to significant inflationary increases over the past two years, which had an impact on both vehicle repair costs and new regulations on the reference values of loss for minor injuries and family relations.

The Non-MV business continues to perform well, with premiums of €4,645m, and 5.2% growth over 31 December 2022, with all the main Group business divisions and all the sales channels having contributed to that result.

The combined ratio amounted to 98.2% at 31 December 2023 compared to 98.6% at 30 September 2023. The loss ratio stood at 71.5% (compared to 71.9% for the first nine months of 2023), while the expense ratio stood at 26.7% (in line with the figure of 26.7% at 30 September 2023). Weather events relating to the flooding that occurred in Emilia Romagna in May and the wind and hail storms that hit Northern Italy at the end of July influenced the 2023 loss ratio. These exceptional events demonstrated the risks associated with ongoing climate change which the insurance industry has to deal with on an increasingly frequent basis.

The Pre-Tax Result of the Non-Life Business amounted to €671m compared to €711m recorded in 2022 calculated with the previous accounting standards (the normalised result amounted to €889m) and the 2022 result of €596m restated in accordance with the new accounting standards (the normalised result amounted to €775m).

In the Life Business, the Group reported direct income of €6,409m, substantially up (+20.0%) on the figure of €5,341m recorded in 2022 despite ongoing market difficulties due to a general increase in interest rates and the uncertainties created by the Eurovita crisis, resolved in part due to the efforts by Gruppo Unipol.

Preliminary Consolidated Results at 31 December 2023

766
M €
Consolidated Net Profit
15.1
BN €
Direct insurance income
8.7
BN €
Non-Life business
6.4
BN €
Life business
98.2
%
Combined Ratio

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