Unipolsai: preliminary consolidated results for financial year 2023 approved - Proposed merger launched between UnipolSai - Unipol Gruppo

The board of directors of UnipolSai S.p.A., which met under the chairmanship of Carlo Cimbri, analysed the preliminary results (consolidated and individual) for 2023. The definitive results will be examined by the governing body at its meeting scheduled for 21 March next.

• Consolidated net profit of €766m (€651m at 31 December 2022 as calculated with the accounting standards previously in effect)
• Higher dividend of €0.165 per share (dividend yield 7.0%1) compared to €0.16 in 2022
• Direct insurance income increases to €15.1bn (+10.4% compared to 2022)
  
  • Non-life: €8.7bn (+4.2%)
    Positive performance in all lines of business of the Ecosystems:
    • Mobility: €4.4bn (+3.0%)
    • Welfare: €1.8bn (+7.4%)
    • Property: €2.5bn (+4.0%)
  • Life: €6.4bn (+20.0%)
• Combined ratio 98.2%
• Individual solvency ratio of 283%
• The proposed corporate restructuring of the Gruppo Unipol was approved; this will be achieved through the merger of UnipolSai into Unipol Gruppo in the context of which a voluntary tender offer will be launched by Unipol Gruppo for the ordinary shares of UnipolSai.
• Following the merger, Unipol Gruppo will be known as Unipol Assicurazioni S.p.A.

Direct Insurance Income, including reinsurance ceded, stood at €15,060m as at 31 December 2023, up (+10.4%) on the amount of €13,645m at 31 December 2022.
There was growth of 4.2% in direct Non-Life income to €8,651m, compared to the figure of €8,304m at 31 December 2022. In addition to the other main Group companies, the insurance company UnipolSai Assicurazioni contributed to this result, which recorded non-life premiums of €6,952m (+1.0%).

All the Ecosystem lines of business turned in positive performances. The Mobility Ecosystem recorded insurance income of €4,365m (+3.0%).

In the Life Business, the Group reported direct income of €6,409m, substantially up (+20.0%) on the figure of €5,341m recorded in 2022 despite ongoing market difficulties due to a general increase in interest rates and the uncertainties created by the Eurovita crisis, resolved in part due to the efforts by Gruppo Unipol.

Please read the full Press Release.