In 2022, the UnipolSai Group achieved results that were in line with the 2022-2024 Strategic Plan targets, with a consolidated net profit of €651m compared to €723m the previous year.
Direct insurance income, including reinsurance ceded, stood at €13,645m as at 31 December 2022, up (+2.4%) on the amount of €13,329m recorded at 31 December 2021.
Direct non-life income of €8,304m recorded significant growth (+4.5%) over the figure of €7,943m as at 31 December 2021. Along with the other Group companies, UnipolSai contributed to this result with non-life premiums of €6,883m (+2.4%). More specifically, UniSalute collected premiums of €574m (+10.6%) and Arca Assicurazioni reported premiums of €245m (+29.1%), confirming the strategic importance of the relationship with the banking partners through which Group products are distributed.
The direct business combined ratio, as at 31 December 2022, amounted to 91.0% (93.8% net of reinsurance) compared to a figure of 92.5% as at 31 December 2021 (95.0% net of reinsurance). The direct business loss ratio stood at 62.2% (compared to 64.0% in 2021), while the direct business expense ratio stood at 28.8% (compared to 28.5% at 31 December 2021), influenced by a production mix geared more towards higher commission rate products along with higher profit margins.
In the life business, the Group reported direct income of €5,341m, substantially in line (-0.8%) with the figure of €5,386m recorded in 2021, in an unfavourable market context marked by high levels of inflation, highly volatile financial markets and increased interest rates.