Unipol Gruppo: consolidated results approved at 31 march 2023

Friday, May 12, 2023 - 06:56

The board of directors of Unipol Gruppo S.p.A., which met yesterday under the chairmanship of Carlo Cimbri, approved the consolidated results as at 31 March 2023.

  • Consolidated net profit of €284m (+15.3% compared to 31 March 2022)
  • Direct insurance income €3.9bn (+12% compared to 31 March 2022)
    • Non-life: €2.1bn (+5.5%)
    • Life: €1.7bn (+21.4%)
  • Positive performance in all Ecosystems:
    • Mobility: €1.0bn (+2.1%)
    • Welfare: €0.5bn (+15.4%)
    • Property: €0.6bn (+4.3%)
  • Combined ratio: 94.4%
  • Solvency ratio 213%

The financial and asset amounts relating to the first quarter of 2023 were drawn up in accordance with the new accounting standard IFRS 17 on insurance contracts which came into force on 1 January 2023, and accounting standard IFRS 9 on financial instruments which now also apply to insurance companies. Regarding the transition to the new accounting standards, on 24 March 2023, the Group informed the financial community in particular about the main methodological choices made and the expected impacts of the transition.

The Unipol Group ended the first quarter of 2023 with a consolidated net profit of €284m, up 15.3% on the figure of €246m for the corresponding period of the previous year recorded using the accounting standards previously in effect. The figure from the first quarter of 2022, recalculated for comparison purposes in application of the new accounting standards, amounted to €161m.

Read the complete Press Release.