The Unipol group closed the first half of the year with a profit of 684 million euros, an increase compared to 652 million in 2021, thanks to the 318 million euros deriving from the accounting of Bper, which benefited from the extraordinary accounting items linked to the acquisition of Carige. Normalized profit would have been 405 million, an improvement from last year’s 386 million.
Premiums rose by 1.2% to € 6.6 billion while the consolidated solvency ratio stood at 201%, down from 216% in the first half of 2021. Premiums benefited from the 5.8% growth in premiums in the damage, which rose to 4.2 billion euros, of which 2.2 billion in non-motor vehicles, compared with a drop of 5.7% in those in life, which fell to 2.5 billion.
The combined ratio net of reinsurance, an indicator that measures the profitability of technical operations, worsened from 92.6% to 94.1%, reflecting the “recovery in the frequency of claims in the motor TPL class”, which in 2021 “still benefited from the restrictions taxes on the movement of people “linked to Covid.
The board of directors of the subsidiary UnipolRec accepted the offer presented by Amco for the sale of the € 2.6 billion npl portfolio at a price of € 307 million, with a negative impact of approximately € 21 million, net of tax effects. The internal management of NPLs, Unipol recalls, made it possible to generate cash flows of 780 million, against disbursements for the acquisition of receivables of 650 million, with a total cash generation of 130 million. The sale reflects the non-strategic nature of the business for the group.
Source: Ansa
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