FY2018 Preliminary Consolidated Results
The Board of Directors of Unipol Gruppo S.p.A., which met under the chairmanship of Pierluigi Stefanini, analysed the preliminary consolidated results for 2018. The definitive results will be examined by the governing body at its meeting scheduled for 14 March next. The Board of Directors also authorised the sale of its entire direct and indirect holding in Unipol Banca S.p.A. to BPER Banca S.p.A..
The three-year 2016-2018 Business Plan was wrapped up in 2018, under which the Unipol Group had focused strongly on the following areas:
- strengthening its leadership in the Non-Life business and new products and services designed to protect Health, Welfare and Investment requirements;
- simplifying the corporate structure and streamlining the banking and insurance businesses;
- developing a platform of innovative service and technological insurance solutions;
- construction of sustainable profitability over time.
Profit, profitability, financial strength and shareholder return targets were achieved in the 2016-2018 three-year period. The consolidated accumulated ordinary profits of the Unipol Group amounted to €1,847m with cumulative dividends of €386m.
2018 Preliminary Consolidated Results
The Unipol Group ended 2018 with a consolidated net profit of €628m, including the capital gain of €309m generated from the sale of the shareholding of UnipolSai Assicurazioni S.p.A. in Popolare Vita S.p.A. and the capital loss of €338m from the decision to sell the shareholding in Unipol Banca to BPER Banca.
The Group had posted a loss of €169m in 2017 due to the financial effects of the banking business restructuring plan that amounted to €824m after taxes. Without considering the effects of the above-mentioned non-recurring components for the two periods in question and re-calculating the consolidated results on a comparable basis5, consolidated net profit for 2018 stood at €645m compared to €598m in 2017.
The consolidated pre-tax profit of the insurance business amounted to €1,351m (+33.1% compared to €1,015m in 2017). This result comprised €730m from the Non-Life business (€687m in 2017), and €621m from the Life business (€328m in 2017).
Direct insurance income, including reinsurance ceded, stood at €12,349m (+0.5% compared to €12,291m in 2017). On a comparable basis5, Group income amounted to €12,245m, up 5.7% compared to €11,586m in 2017.