The UnipolSai Group ended the first half of 2021 with a consolidated net profit of €542m compared to a profit of €560m in the corresponding period of the previous year, strongly influenced by the reduction in claims following the total lockdown decreed by the government in March and April 2020.
Direct insurance income, including reinsurance ceded, stood at €6,552m in the first half of 2021(+7.4%) up on the amount of €6,100m recorded at 30 June 2020.
Direct non-life income as at 30 June 2021 amounted to €3,923m, in line with the amount of €3,927m for the first half of 2020 (-0.1%) thanks to the good results obtained by the non-MV business which meant that it could absorb the downturn recorded by the MV business.
The UnipolSai Group recorded a combined ratio, net of reinsurance, of 92.6% (91.4% direct business) compared to the figure of 82.1% reported at 30 June 2020 (80.5% direct business), with the period strongly influenced by the restrictions on movement in March and April 2020 and the slow return to normality that followed. The loss ratio, net of reinsurance, stood at 65.0% (compared to 54.6% for the first half of 2020), while the expense ratio, net of reinsurance, stood at 27.5% (compared to 27.4% at 30 June 2020).
The UnipolSai Group registered direct income of €2,629m in the life business in the first six months of this year, up 21% on the figure of €2,173m recorded in the first six months of 2020. The income mix mainly steered towards hybrid and class III business products which grew significantly.