In 2020, UnipolSai made a consolidated net profit of €853m, significantly up (+18.3%) on the figure of €721m achieved in 2019, whose result did not include the one-off charges related to agreements made with trade union organisations for the solidarity fund and other forms of voluntary redundancy (amounting to €66m after taxes).
Direct insurance income, including reinsurance ceded, stood at €12,210m, down by 12.9% from the figure at 31 December 2019 (€14,014m). 2020 was strongly affected by the consequences of the healthcare emergency caused by the Covid-19 pandemic which influenced both commercial activities and claims.
In the Non-Life Business, direct income in 2020 amounted to €7,882m, with a 3.5% reduction on the figure of €8,167m recorded in 2019.
As at 31 December 2020, the UnipolSai Group recorded a combined ratio of 87.0% (85.4% direct business), an improvement on the figure of 94.2% recorded in 2019 (93.7% direct business). The loss ratio stood at 58.8% (66.3% as at 31 December 2019). The expense ratio amounted to 28.2% (27.9% the previous year).
In the Life business, the UnipolSai Group reported direct income of €4,328m in 2020, down 26.0% (€5,847m in 2019) due to both the effects of the healthcare emergency and more especially the commercial policies employed during the period aimed at reducing risk, and compared to 2019 when there was a high volume of production, also following the acquisition of high-value contracts in the pension fund division.