Consolidated Results as at 30 June 2020
The Board of Directors of Unipol Gruppo S.p.A., which met under the chairmanship of Pierluigi Stefanini, approved the consolidated results as at 30 June 2020.
The consolidated net profit amounted to €617m in the first six months of 2020 compared to €353m1 in June 2019. The profit for the half-year period was influenced by a reduction in claims during the lockdown period.
Direct insurance income, including reinsurance ceded, stood at €6,100m in the first quarter of 2020 (€7,294m as at 30 June 2019, -16.4%).
Direct Non-life income reflects the slowdown in commercial activity due to the healthcare emergency, and amounted to €3,927m at 30 June 2020 (down 4.4% compared to €4,109m recorded at 30 June 2019).
Against this background, at 30 June 2020, the Unipol Group recorded a combined ratio, net of reinsurance, of 82.1% (80.5% direct business), a significant improvement on the figure of 94.6% reported at 30 June 2019 (93.2% direct business).
In the Life business, the Unipol Group reported direct income of €2,173m, a decrease of 31.8% due to the effects of the healthcare emergency and the commercial policies adopted in the period to reduce the risks; this figure is also compared against the first half of 2019 which benefitted from extraordinary income from two new pension funds for a total of €630m.