Consolidated Results as at 31 December 2020
The consolidated net profit book value amounted to €864m (-20.5% compared to 2019).
Direct insurance income, including reinsurance ceded, stood at €12,210m, down by 12.9% from the figure at 31 December 2019 (€14,014m). 2020 was strongly affected by the consequences of the healthcare emergency caused by the Covid-19 pandemic which influenced both commercial activities and claims.
In the Non-Life Business, direct income for the Group amounted to €7,882m, with a 3.5% reduction on the figure of €8,167m recorded in 2019.
As at 31 December 2020, the Unipol Group recorded a combined ratio of 87.0% (85.4% direct business), an improvement on the figure of 94.2% recorded in 2019 (93.7% direct business). The loss ratio stood at 58.8% (66.3% as at 31 December 2019). The expense ratio amounted to 28.2% (27.9% the previous year).
In the Life business, the Unipol Group reported direct income of €4,328m, down 26.0% (€5,847m in 2019) due to both the effects of the healthcare emergency and more especially the commercial policies employed during the period aimed at reducing risk, and compared to 2019 when there was a high volume of production, also following the acquisition of high-value contracts in the pension fund division.
