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FY2018 Preliminary Consolidated Results

The Board of Directors of UnipolSai Assicurazioni S.p.A., which met under the chairmanship of Carlo Cimbri, analysed the preliminary consolidated results for 2018. The definitive results will be examined by the governing body at the meeting scheduled for 14 March next. The Board of Directors has also approved, subject to exercise with respect to Unipol Gruppo, of the put option on 27.49% of the share capital of Unipol Banca S.p.A. and UnipolReC S.p.A., the sale to BPER Banca S.p.A., of its entire shareholding in Unipol Banca, amounting to 14.76% of the share capital.

The three-year 2016-2018 Business Plan was wrapped up in 2018, under which the Group had focused strongly on the following areas:

  • strengthening its leadership in the Non-Life business and new products and services designed to protect Health, Welfare and Investment requirements;
  • finalisation of the insurance business streamlining process with acquisition of UniSalute S.p.A., Linear S.p.A. e Arca Vita S.p.A.;
  • developing a platform of innovative service and technological insurance solutions;
  • construction of sustainable profitability over time.

Profit, profitability, financial strength and shareholder return targets were exceeded in the 2016- 2018 three-year period. The consolidated accumulated ordinary profits of UnipolSai amounted to €1,866m with cumulative dividends of €1,173m.


2018 Preliminary consolidated results

UnipolSai ended 2018 with a consolidated net profit of €948m, including the capital gain of €309m generated from the sale of the shareholding in Popolare Vita S.p.A. and the capital loss of €50m from the decision to sell the shareholding in Unipol Banca to BPER Banca.

UnipolSai had a consolidated profit of €537m in 2017 which included the financial effects of the banking business restructuring plan. Without considering the effects of the above-mentioned nonrecurring components for the two periods in question and re-calculating the consolidated results on a comparable basis, consolidated net profit for 2018 stood at €703m compared to €690m in 2017.

The consolidated pre-tax profit of the insurance business amounted to €1,269m (+61.2% compared to €787m in 2017). This result comprised €676m from the Non-Life business (€501m in 2017), and €593 from the Life business (€286m in 2017).

Direct insurance income, including reinsurance ceded, stood at €11,718m (+5.9% compared to €11,068m in 2017). On a comparable basis, the consolidated income amounted to €12,245m, up 5.7% from the €11,586m recorded in 2017.

FY2018 Preliminary Consolidated Results

948
M €
Net profit
12.2
BN €
Direct insurance income
7,892
BN €
Non-Life business
4,292
BN €
Life business
94.3
%
Combined Ratio

FY2018 Preliminary Consolidated Results

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