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10/02/2015

Intesa Sanpaolo Vita: the approved results of the insurance group as at 31 December 2014

  • Life Gross written premium at 20,849.3 €/mln (13,946.2 €/mln in December 2013 +49.5%)
  • Life claims paid at 9,803.3 €/mln (9,890.3 €/mln in December 2013 -0.9%)
  • Life net inflow at 11,046.0 €/mln (4,055.9 €/mln in December 2013 +172.3%)
  • Investments at 97,192.8 €/mln (76,861.9 €/mln in December 2013 +26.5%)1
  • Insurance provisions at 74,413.9 €/mln (58,402.4 €/mln in December 2013 +27.4%)2
  • Financial liabilities (unit and index linked) at 20,464.1 €/mln (16,813.7 €/mln in December 2013 +21.7%)
  • Shareholders' equity at 4,379.5 €/mln (4,329.3 €/mln in December 2013 +1.2%)
  • Net Income at 480.4 €/mln (346.7 €/mln in December 20133 +38.6%)
  • Solvency Ratio equal to 173.9% (189.6% in December 2013)

Milan, 10 February 2015 The Board of Directors of Intesa Sanpaolo Vita, in the presence of Chairman Luigi Maranzana, approved the results as at 31 December 2014 of the Intesa Sanpaolo Vita Insurance Group.

The Intesa Sanpaolo Vita insurance group, directed by Managing Director Nicola Maria Fioravanti, achieved a significant increase in earnings and consolidated its position in the domestic insurance market thanks to a final balance of gross inflows above 20.8 billion euro. The 2014 results are characterised by excellent sales results, sound performance, and strong capital adequacy.

The end of 2014 confirmed the growth of the sales performance thanks to the contribution of the Intesa Sanpaolo Group's distribution networks: Life new business recorded an increase by 50.8% from 13,673.0 €/mln in 2013 to 20,625.2 €/mln at the end of 2014. Life gross written premium increased from 13,946.2 €/mln to 20,849.3 €/mln (+49.5%). Such growth was made possible thanks to:

  • an increase by 3,131.4 million in inflows from Unit Linked products, appreciated for their innovative features and their focus on meeting Customers' requirements: in 2014, such products recorded gross inflows equal to 5,943.8 €/mln against 2,812.4 €/mln recorded during 2013;
  • an increase by 34.0% in inflows on traditional products developed with a strong value proposition for Customers and designed to mitigate risk levels for the Company. Gross inflows in the aforesaid category of products went from 11,020.1 €/mln at end of 2013 to 14,763.1 €/mln at the end of 2014 recording an increase by 3,743.0 €/mln;
  • an increase by 25.2% of inflows in Pension products, which went from 113.7 €/mln recorded at the end of 2013 to 142.4 €/mln recorded at the end of 2014.

Net inflow equal to 11,046.0 €/mln, up by 172.3% from the 4,055.9 €/mln recorded in 2013, contributed to an increase by 26.1% in assets under management of the insurance group, which went from 75,216.1 €/mln in 2013 to 94,878.0 €/mln.

The increase in assets under management is recorded both in insurance provisions4 and in financial liabilities referred to index and unit linked products:

  • +27.4% on insurance provisions increasing from 58,402.4 €/mln in 2013 to 74,413.9 €/mln in 2014;
  • +21.7% on financial liabilities increasing from 16,813.7 €/mln in 2013 to 20,464.1 €/mln in 2014.

Investments and cash and cash equivalents went from 76,861.9 €/mln at the end of December 2013 to 97,192.8 €/mln with an increase by 20,330.9 €/mln equal to 26.5%.

The excellent performance is also reflected in net income, which went from 346.7 €/mln in 2013 to 480.4 €/mln in 2014 with an increase equal to 38.6%.
The insurance group's Shareholders' equity stands at 4,379.5 €/mln up by 50.2 €/mln (+1.2%) compared to the end of 2013, which had recorded a Shareholders' equity figure equal to 4,329.3 €/mln. The latent value appreciation relating to Available for Sale investments entered under Shareholders' equity was equal to 590.5 €/mln in 2014, up by 84% from the 321.0 €/mln recorded at the end of 2013.

The group's Solvency I ratio, defined as the ratio between the available margin and the required margin, confirms the capital adequacy of the Intesa Sanpaolo Vita Insurance Group. Said ratio stands at 173.9% at the end of the year (189.6% as at 31 December 2013), with an excess of 2,051.9 €/mln (2,089.1 €/mln at the end of 2013).

The total amount of the Intesa Sanpaolo Vita Insurance Group's subordinated liabilities is equal to 1,337.6 €/mln of which 1,250.0 €/mln are outstanding through the two subordinated bond issues listed on the Grand Duchy of Luxembourg's Stock Exchange.

 

For information:

Intesa Sanpaolo Group

Banca dei Territori and Local Media Office

06 67124992

stampa@intesasanpaolo.com

 

1 The investments for the periods prior to 1 January 2014 were restated following the application of the IFRS 10 standard
2 Insurance provisions include deferred liabilities to policyholders (shadow accounting) equal to 5,749.5 €/mln in 2014 and equal to 1,307.0 €/mln in 2013

3 Net income is impacted by the application of Legislative Decree 133/2013 (additional IRES 8.5%). On a like for like basis, income for 2013 would have recorded a net income equal to 396 €/mln
4 Insurance provisions include deferred liabilities to policyholders (shadow accounting) equal to 5,749.5 €/mln in 2014 and equal to 1,307.0 €/mln in 2013