Results Center
The financial and asset amounts relating to the first half of 2023 were drawn up in accordance with the new accounting standard IFRS 17 on insurance contracts, which came into force on 1 January 2023, and accounting standard IFRS 9 on financial instruments which now also applies to insurance companies. The new accounting standards were also applied retroactively to the figures reported for 2022 for the sole purpose of facilitating comparison on a standardised basis.
Direct insurance income, including reinsurance ceded, stood at €7,470m in the first six months of 2023, up 12.6% on the figure of €6,632m recorded on 30 June 2022.
Direct income from the Non-Life business at 30 June 2023 amounted to €4,325m, an increase (+4.2%) over the figure of €4,152m as at 30 June 2022, with positive performances by all the ecosystems in which the Group operates.
The MV business was up by 1.6% over the previous period with premiums of €1,999m as it benefitted from the tariff increases made to reduce the effects of the recovery in the frequency of claims and the increase in their average costs due to inflationary pressures. There was a higher increase in non-MV premiums, amounting to €2,327m, of 6.5% over the figure for the first half of 2022 as it benefitted in particular from a push on sales in the health business.
The combined ratio including the reinsurance balance, where the calculation criteria was reviewed in relation to the new income statement presentation provided for under IFRS 17, stood at 97.1% compared to 94.4% recorded in the first quarter of 2023. The combined ratio recorded in the first half of 2022 according to the accounting standards and methods in effect at the time amounted to 94.1%.
The Group reported direct income of €3,144m in the life business, posting a significant increase (26.8%) over the figure of €2,480m recorded in the first six months of 2022 due to the acquisition of three new pension funds and the positive performance of the sales networks.
Consolidated Results at 30 June 2023




