UnipolSai ended the first nine months of 2020 with a consolidated net profit of €701m, significantly up (+21.6%) on the normalised figure of €576m recorded on 30 September 2019 which was calculated by excluding the effects linked to 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, showing recovery from the first half, but down 3.6% compared to the figure of €5,730m recorded in the first nine months of 2019.
The consolidated combined ratio, 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 direct income of the Group stood at €3,114m, a decrease of 27.2% due to both the effects of the healthcare emergency and the commercial policies employed dthis year in order to reduce risk, and in compraison to the same period of 2019 when there was a high volume of production.