Consolidated Results as at 31 March 2020
The Unipol Group ended the first quarter of 2020 with a consolidated net profit of €134m compared to a profit of €171m in the corresponding period of the previous year, reflecting the ongoing healthcare emergency.
Direct insurance income, including reinsurance ceded, stood at €3,119m in the first quarter of 2020 (€3,322m as at 31 March 2019, -6.1%).
Non-life direct income as at 31 March 2020 amounted to €1,980m, reflecting the effects of the healthcare emergency with a drop of 1.5% from the figure of €2,010m as at 31 March 2019. MV premiums amounted to €1,022m, down 2.0% on the figures for the first quarter of 2019, while non-MV premiums amounted to €958m (-1%). UnipolSai S.p.A. recorded non-life premiums of €1,665m, down 1.1% compared to 31 March 2019.
The combined ratio of the Group direct business stood at 90.0% (92.0% net of reinsurance), an improvement on the figure of 93.4% as at 31 March 2019 (94.6% net of reinsurance), with a loss ratio of 63.1% compared to 66.6% in the first quarter of 2019, and an expense ratio of 27.0% (26.8% as at 31 March 2019). The stop put on manufacturing activities and consequent significant reduction in road traffic from the second week of March influenced these figures.
In the first three months of this year, the Unipol Group registered a fall in revenue of 13.2% in the life business, with direct income of €1,139m as at 31 March 2020.
UnipolSai S.p.A. reported €832m in direct income (-3.0%), while in the bancassurance channel, Arca Vita S.p.A., along with its subsidiary Arca Vita International reported direct income of €293m (compared to €430m in the first quarter of 2019).