The UnipolSai Group ended the first quarter of 2022 with a consolidated net profit of €203m compared to a profit of €249m for the corresponding period of the previous year, which had been positively affected by the capital gains from the sale of Torre Velasca (€49m, net of the tax effect).
Direct income from the non-life business as at 31 March 2022 amounted to €2,025m, recording a significant increase (+5.5%) over the figure of €1,919m as at 31 March 2021.
The performance recorded in the non-motor business was very positive, with premiums of €1,086m, and a 10% increase over the first quarter of 2021, with all the main divisions of the business and all sales channels of the group having contributed to that result. The development of UniSalute was particularly significant (+17.9%), along with the increase in the active bancassurance business in the non-life business through Incontra and Arca Assicurazioni (+75%).
The MV business also returned to growth (+0.7%) even though still in a strongly competitive context with respect to Motor TPL rates, but where continued development of accessory insurance cover had a positive effect.
The combined ratio of the Group, net of reinsurance, stood at 93.0% compared to 89.1% in the first quarter of 2021, with a loss ratio of 65.0% compared to 62.3% in the first quarter of 2021, which still benefitted from a significant reduction in the Motor TPL claims frequency due to the restrictive measures imposed to tackle the Covid-19 pandemic. The expense ratio stood at 27.9% compared to 26.9% for the same period of 2021, influenced by the higher non-MV premium component with a higher commission rate.
The pre-tax result for the non-life business amounted to €236m compared to €359m in the first three months of 2021, influenced by both the above-mentioned technical performance and the capital gains made in the first quarter of 2021 from the sale of Torre Velasca (€71m).
In the first three months of this year, group direct income in the life business stood at €1,424m, a 12.9% increase linked to the results of the bancassurance business. Production concentrated on multi branch and unit-linked products in order to reduce the average minimum guaranteed rate and optimise capital absorption.