FY2017 Consolidated Results
The Board of Directors of Unipol Gruppo S.p.A., which met in 22 March 2018 under the chairmanship of Pierluigi Stefanini, approved the integrated consolidated financial statements and draft financial statements of Unipol Gruppo, confirming the preliminary results reported on 9 February last.
The main consolidated results of the Unipol Group for 2017:
- If the one‐off effects of the banking business restructuring plan are not considered, a consolidated net profit of €655m, a significant increase on the €535m recorded the previous year, mainly due to the increased contribution from financial management. The restructuring plan had a negative financial impact of €824m on the consolidated net result of the Unipol Group which therefore recorded a loss of €169m.
- Direct insurance income, including reinsurance ceded, stood at €12,291m (‐17.0% compared to €14,806m in 2016).
- Non‐Life business: €7,867m (+0.7% compared to 2016)
- Life business: €4,424m (‐36.8% compared to 2016)
- Direct business combined ratio 95.1% (95.0% in 2016)
- Combined ratio after reinsurance 96.4% (95.6% in 2016)
- Banking Business
- CET 1 31.5% at Unipol Banking Group level
- Coverage of non‐performing loans:
- 80.2% for the bad loans
- 71.1% for the entire portfolio of non‐performing loans
- Return on financial investments of 3.7%
- Consolidated shareholders’ equity of €7,453m (€8,134m in 2016), of which €5,486 attributable to the Group
- Consolidated solvency ratio based on economic capital of 169% (161% at 31 December 2016)
- Group solvency ratio, calculated in accordance with Solvency II rules (standard formula using USPs ‐ Undertaking Specific Parameters), of 152% (141% at 31 December 2016)