Intesa Sanpaolo Vita Group approved results as at 30 June 2014
Intesa Sanpaolo Vita: the approved results of the insurance group as at 30 June 2014
- Gross life business at 10,272.2 million euro (5,989.5 million euro in June 2013 +71.5%)
- Investments at 83,647.2 million euro (68,244.8 million euro in June 2013 +22.6%)1
- Insurance provisions at 66,149.0 million euro (53,114.0 million euro in June 2013 +24.5%)
- Financial liabilities (unit and index linked) at 17,842.0 million euro (16,501.2 million euro in June 2013 +8.1%)
- Net income at 284.5 million euro (240.8 million euro in June 2013 +18.1%)
Milan, 29 July 2014 – The Board of Directors of Intesa Sanpaolo Vita, in the presence of Chairman Luigi Maranzana, approved the results of the Intesa Sanpaolo Vita insurance group as at 30 June 2014.
The Intesa Sanpaolo Vita insurance group, under the management of Managing Director Gianemilio Osculati, achieved important and sound results as a continuation of those recorded in the last two years. The figures of the first half of 2014 are characterised by an outstanding business result, excellent performance, high level of efficiency and sustainable profitability.
In the first half of 2014, the important business results of last year were confirmed, highlighting the new life business for 10,171.2 million euro (5,864.9 million euro in June 2013 + 73.4%). The gross business went from 5,989.5 million euro in the first half of 2013 to 10,272.2 million euro in the first half of 2014 (+71.5%), contributing to the increase in the Assets Under Management of the insurance group. The total of insurance provisions and financial liabilities referring to index and unit linked (AUM) products grew by 22.5%, equal to 14,375.8 million euro, from 69,615.2 million euro at the end of the first half of 2013 to 83,991.0 million euro at the end of the first half of 2014.
Investments and cash and cash equivalents rose from 73,372.3 million euro at the end of June 2013 to 88,309.1 million euro, growing by 14,936.8 million euro (+ 20.4%).
The excellent performance also led the consolidated net income to rise from 240.8 million euro in the first half of 2013 to 284.5 million euro in the first half of 2014, showing an increase equal to 18.1%.
Chairman Luigi Maranzana stated: "The results of Intesa Sanpaolo Vita prove the soundness of the Insurance Group also in this first half of the year, confirming the position of our bancassurance already widely asserted in the last two years: a top level player. I would like to thank the management and my colleagues for their hard work. I am sure that Intesa Sanpaolo Vita will constantly improve its position in a sector where it already is an appreciated and recognised leader".
Managing Director Gianemilio Osculati expresses great satisfaction: "The results of the first half are impressive. Outperforming 2013 seemed rather challenging but we did it thanks to a range of products that are easy to understand, clear, able to gain customer trust and provide a closer synergy with the sales network. The ability of our management to learn and anticipate the requirements of Italian families and the high level of professionalism and expertise of our resources is our company's strength. Today we can say we have made a step forward: we are a European benchmark".
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