The UnipolSai Group ended the first nine months of 2021 with a consolidated net profit of €704m, up on the profit of the corresponding period of the previous year (€701m). The first nine months of 2020 were strongly influenced by the fall in claims as a result of the complete lockdown decreed by the government in March and April and the slow return to normality in the following summer months, while the limitations on movement by people in the first part of 2021 were less significant.
As at 30 September 2021, direct insurance income of the UnipolSai Group, including reinsurance ceded, stood at €9,454m, +9.5% compared to the figure of €8,635m as at 30 September 2020.
Direct non-life income as at 30 September 2021 amounted to €5,539m, slightly up on the amount of €5,521m for the first nine months of 2020 (+0.3%) thanks to the positive results obtained by the nonMV business which could absorb the reduction in the MV business.
The Group combined ratio, net of reinsurance, stood at 92.8% (91.7%, direct business) compared to the figure of 86.0% recorded at 30 September 2020 (85.5% direct business), which was particularly influenced by the reduction in claims during the most severe months of lockdown. The loss ratio stood at 66.2% (59.2% as at 30 September 2020) and the expense ratio stood at 26.6% (26.8% at 30 September 2020).
The Group registered direct income of €3,915m in the life business, up 25.7% compared to the figure of €3,114m as at 30 September 2020, with a significant increase in multi branch and class III business products.