Unipol: 2016-2018 Strategic Plan and consolidated results at 31 March 2016 approved
Friday, May 13, 2016
OBJECTIVES OF THE 2016-2018 PLAN
- Total consolidated net profit €1.5 - 1.7bn
- Total overall dividends €400m
- Consolidated Solvency II Ratio 120-160%
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CONSOLIDATED RESULTS AT 31 MARCH 2016
- Direct insurance income of €4.8bn (+5.8% compared to the first quarter of 2015)
- Non-Life: premium income of €1.9bn (-0.7%)
- Life: income of €2.8bn (+10.8%)
- Combined ratio at 95.4%1
- Consolidated net profit of €151m (€312m in the first quarter of 2015, period benefitting significantly from extraordinary capital gains from financial management)
- Consolidated Solvency II margin equal to 143%
The Board of Directors of Unipol Gruppo Finanziario S.p.A., which met yesterday under the chairmanship of Pierluigi Stefanini, approved the Strategic Plan of the Unipol Group for the 2016-2018 period and the consolidated results at 31 March 2016.
The Plan, developed on the basis of the current scope of the Group, has the objective of ensuring sustainable profitability over time through a program of initiatives intended to strengthen the leadership position of the UnipolSai Group on the Italian insurance market.
The cost rationalisation initiatives envisaged by the Plan will result in overall cost savings, for Unipol and UnipolSai, estimated at around €110m in 2018, equal to an approximate 10% reduction compared to the total costs recorded in 2015, which will partially contribute to financing the Strategic Plan initiatives with investments amounting to approximately €300m.