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Consolidated Results as at 30 September 2020
In the first nine months of 2020, the Unipol Group made a consolidated net profit of €759m, significantly up (+31.5%) on the normalised figure of €577m recorded on 30 September 2019 which was calculated by excluding the definitive effects, amounting to €421m, of the first-time consolidation of the stake in BPER Banca recognised in equity, and the one-off charges (€67m after taxes) resulting from agreements signed with the trade union organisations for voluntary redundancy payments. The results for the period were influenced by the healthcare emergency caused by the Covid-19 epidemic which is still ongoing.
As at 30 September 2020, direct insurance income, including reinsurance ceded, stood at €8,635m (€10,008m as at 30 September 2019, -13.7%).
Non-life direct premium income amounted to €5,521m, and up on the figure of the first half, was down 3.6% compared to the figure of €5,730m recorded in the first nine months of 2019. Income reflected the consequences of the slowdown in commercial activities caused by the healthcare emergency in the first half of the current year.
The combined ratio of the Group, net of reinsurance, stood at 86.0% (94.1% as at 30 September 2019), with a loss ratio of 59.2%, compared to 67.2% in the third quarter of 2019, and an expense ratio of 26.8% of the premiums earned (26.9% as at 30 September 2019).
In the life business, the Unipol Group reported direct income of €3,114m, down 27.2% due to both the effects of the healthcare emergency and the commercial policies employed this year aimed at reducing risk, and compared to the same period of 2019 when there was a high volume of production. UnipolSai reported €2,185m in direct income (-28.2%), while in the bancassurance channel, Arca Vita, along with its subsidiary Arca Vita International, reported direct income of €877m (-25.0% compared to the figure of €1,169m in the first nine months of 2019).
9M20 Consolidated Results - Unipol | UnipolSai
Consolidated Results as at 30 September 2020
