Preliminary Consolidated Results as at 31 December 2019
The Unipol Group reports a consolidated net profit of €1,087m in 2019 compared to €628m the previous year. The 2019 result also includes the positive impact arising from the first-time consolidation of the BPER Group4 using the equity method (€421m) and the extraordinary charge resulting from the agreements signed with the trade union organisations in the third quarter of 2019 for the solidarity fund and other forms of voluntary redundancy for approximately €66m (€95.5m before tax). On the basis of these agreements, about 800 people will take early retirement from the Group.
On the other hand, the results for 2018 included a capital gain of €309m related to the sale of the stake in Popolare Vita and the effects of the decision to sell the stake held in Unipol Banca for €338m, and were calculated with a different consolidation scope.
The normalised consolidated net profit amounted to €732m, significantly up (+19.5%) on the normalised1 result on a comparable basis of €613m the previous year.
Direct insurance income, including reinsurance ceded, stood at €14,014m, a marked increase (+13.5%) over the figure at 31 December 2018 (€12,245m on a comparable basis).