Consolidated Results as at 31 March 2021
The Unipol Group ended the first quarter of 2021 with a consolidated net profit of €361m.
Direct insurance income, including reinsurance ceded, stood at €3,181m as at 31 March 2021, up by 2% compared to the figure of €3,119m as at 31 March 2020.
Direct income from the Non-Life business as at 31 March 2021 amounted to €1,919m, recording a drop of 3.0% compared to the figure of €1,980m as at 31 March 2020.
The combined ratio of the Group, net of reinsurance, stood at 89.1% (89.3% direct business), an improvement on the figure of 92.0% at 31 March 2020 (90% direct business), with a loss ratio of 62.3% compared to 64.7% in the first quarter of 2020, and an expense ratio of 26.9% (27.4% as at 31 March 2020).
In the first three months of this year, the Group registered a 10.7% increase in direct income in the Life business, standing at €1,261m.