Intesa Sanpaolo Vita Group approved results as at 30 June 2014. Nicola Maria Fioravanti New Managing Director
INTESA SANPAOLO VITA: RESULTS APPROVED AT 30 SEPTEMBER 2014: GROWING NET PROFIT (+18.8%)
NICOLA MARIA FIORAVANTI NEW MANAGING DIRECTOR
Milan, 30th October 2014 – Meeting today under the chairmanship of Luigi Maranzana, the Board of Directors of Intesa Sanpaolo Vita - the Intesa Sanpaolo Group’s insurance company - appointed Nicola Maria Fioravanti as Managing Director of Intesa Sanpaolo Vita and chairman of Intesa Sanpaolo Assicura. The Board of Directors also approved the Insurance Group’s Business Plan, calling for the consolidation of the life business and significant development of the non-life business, and the quarterly report at 30 September.
The key figures for the quarter, indicating improving results, are shown below:
- Gross life business 15,493.9 million euro (10,052.5 million euro at September in 2013 +54.1%)
- Investments 86,436.2 million euro (76,885.4 million euro at September 2013 +12.42%)
- Insurance Provisions 69,680.2 million euro (58,402.4 million euro at September 2013 +19.3%)
- Financial liabilities (unit and index-linked) 19,016.5 million euro (16,697.0 million euro at September 2013 +13.8%)
- Net profit 403.5 million euro (339.6 million euro at September 2013 +18.8%)
The Intesa Sanpaolo Vita insurance group achieved important and sound results in the third quarter of 2014, showing excellent commercial profit and better performance than the previous period. Consistent with the results of the first two quarters of 2014, the third quarter of 2014 confirmed improvement with respect to the same period of the previous year.
The growth in commercial performance, thanks to the commitment on the part of the Intesa Sanpaolo Group distribution networks, is reflected in new life business of 15,343.7 million euro (9,869.3 million euro in September 2014, +55.5%). Gross collection rose from 10,052.5 million euro in September 2013 to 15,493.9 million euro in September 2014, an increase of 54.1% and contributed to the increase of the insurance group’s Assets Under Management.
The total of insurance provisions, financial liabilities referring to index- and unit-linked products, deferred liabilities to policyholders (AUM) shows a growth of 18.0% equal to 13,598.6 million euro up from the 75,099.1 million euro in September 2013 to the 88,696.7 million euro at the end of the third quarter 2014.
Investments and cash and cash equivalents grew from 79,003.1 million euro in September 2013 to 93,244.0 million euro at the end of the third quarter 2014 marking an increase of 14,241.0 million euro equal to 18.0%.
The excellent performance also reflects in consolidated net profits which rose from 339.6 million euro for the first nine months of 2013 to 403.5 million euro at September 2014 marking an increase of 18.8% on an annual basis.
Shareholders' equity at the end of the third quarter 2014 stood at 4,992.2 million euro increasing 662.8 million euro (+15.3%) compared with the end of 2013 (4,329.3 million euro).
Nicola Maria Fioravanti, born in Rome in 1962, is currently the Managing Director of Italy’s leading Insurance Group in the life-insurance sector and chairman of Intesa Sanpaolo Assicura, active in the non-life business. Fioravanti spent his professional career at Intesa Sanpaolo Group and his appointment confirms Intesa Sanpaolo’s decision to develop highly skilled internal resources.
Furthermore, starting 1 July 2015, Fioravanti will be entrusted with the responsibility for the newly created Insurance Division, implementing the succession plans within the Group.
From this perspective, Fioravanti will oversee the management of the following subsidiaries of Intesa Sanpaolo: Intesa Sanpaolo Vita, Fideuram Vita, Intesa Sanpaolo Previdenza, and Intesa Sanpaolo Assicura, guaranteeing overall coordination, with particular reference to the improving results target.
Overall, in fact, with gross premiums of over 20 billion in Italy (at 31 December 2013) Intesa Sanpaolo is Italy's leading insurance player, a market position it aims to strengthen thanks to the expansion of non-life business and possible partnerships with leading international insurance companies.
Chairman Luigi Maranzana pointed out that: “The Insurance Group’s third quarter consolidates the significance of the first part of the year and confirms the excellent results that characterized 2014 until now. Solidity and sustainability bolster our satisfaction with the performance in the period.
The commitment of Intesa Sanpaolo Group’s distribution networks together with our staff’s distinctive skills are a fundamental strategic asset for this stream of successes and represents clear proof of how the intra-group synergies are effective”.
“It is our pleasure to welcome Nicola Fioravanti”, continued chairman Maranzana, “an esteemed colleague of the Intesa Sanpaolo Group. He is certainly the most qualified professional to continue the Bancassurance project which the Group reinforced today with the creation of a dedicated division”.
“I assume this important assignment at a time of great organisational challenge and I am proud to be a part of it”, stated Nicola Maria Fioravanti, Managing Director of Intesa Sanpaolo Vita and Chairman of Intesa Sanpaolo Assicura. “I am convinced I can collaborate with a managerial team made up of professionals having great capacity that has worked a long time and successfully on the Group’s Bancassurance project. The main objective will be to strengthen the results and their long-term sustainability. Our objectives are those of contributing to the implementation of Intesa Sanpaolo’s Business Plan, promoting merit and excellence that have found and will find home in Intesa Sanpaolo’s Insurance Division".
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