• Life gross written premiums of 17.1 billion euro
• Group benefits from contribution of Intesa Sanpaolo RBM Salute and BancAssurance Popolari
• Assets Under Management at 174.3 billion euro
• Non-Motor non-life insurance policies continue to grow
• Net profit of 753.5 million euro
• Solvency capital requirement at 221%

Milan, 5 February 2021 – The Board of Directors of Intesa Sanpaolo Vita, under the chairmanship of Luigi Maranzana and under the management of the Chief Executive Officer Nicola Maria Fioravanti – also responsible for the Insurance Division of Intesa Sanpaolo – has approved the results at 31 December 2020. They relate to the Intesa Sanpaolo Vita Insurance Group, which refers only to companies in which the Group has a controlling interest¹ (excluding therefore Fideuram Vita, BancAsssurance Popolari and Intesa Sanpaolo Insurance Agency) and, for the Unified Management², the Intesa Sanpaolo Vita Insurance Group including Fideuram Vita, BancAssurance Popolari and Intesa Sanpaolo Insurance Agency.

The consolidated results at 31 December 2020 of the Intesa Sanpaolo Vita insurance group, including the companies subject to Unified Management, despite a not-particularly-favourable market context, reported a business performance and level of profitability that highlight the validity of the Insurance Group's management strategy.

Life gross written premiums stood at € 17,099.3 million, excluding the € 120.4 million contribution of BancAssurance Popolari it was € 16,979.0 million, compared to € 17,937.4 million at 31 December 2019, a decrease of 5.3%, which was attributable to figures of -6.1% in the Unit linked segment, -5.1% for traditional products and +1.0% for pension products (the Intesa Sanpaolo Vita Insurance Group, referring only to companies in which the Group has a controlling interest, reported gross life written premiums of € 13,269.5 million at December 2020, compared to € 14,087.2 million at December 2019, a decrease of 5.8%, attributable to figures of -15.3% for Unit linked products, +3.3% for traditional products and -1.9% for pension products).

Life new business amounted to € 16,761.1 million, excluding the € 117.6 million contribution of BancAssurance Popolari it was € 16,643.5 million, compared to € 17,660.2 million at December 2019, a reduction of 5.8% (the Intesa Sanpaolo Vita Insurance Group, referring only to companies in which the Group has a controlling interest, reported new life business of € 12,989.8 million at December 2020, compared to € 13,876.0 million at December 2019, a reduction of 6.4%).

P&C business premiums amounted to € 1,196.4 million, down 4.2% compared to € 1,248.6 million at 31 December 2019, considering the figures restated for consistency of comparison. There was growth of 2.6% in non-motor products (excluding CPI), on which the 2018-2021 Business Plan is concentrated. As at 31 December 2020, Intesa Sanpaolo RBM Salute accounted for 41.4%³ of the segment (46.2% as at 31 December 2019).

Consolidated net profit amounted to € 753.5 million, excluding the € 2.2 million contribution of BancAssurance Popolari and the -€0.2 million contribution of Intesa Sanpaolo Insurance Agency it was € 751.5 million, compared to € 730.0 million at 31 December 2019, an increase of 2.9% (the Intesa Sanpaolo Vita Insurance Group, referring only to companies in which the Group has a controlling interest, reported a net profit of € 701.6 million at 31 December 2020, compared to € 671.6 million recorded in December 2019, an increase of +4.5%) and includes profit attributable to minority interests of € 52.4 million as at 31 December 2020 (€ 44.9 million restated at 31 December 2019).

Assets under management increased from € 165,422.0 million at December 2019 to € 174,284.3 million at 31 December 2020, excluding the € 2,659.6 million contribution of BancAssurance Popolari it was € 171,624.7 million, (the Intesa Sanpaolo Vita Insurance Group, referring only to companies in which the Group has a controlling interest, reported AUM of € 135,032.7 million at December 2020, compared to € 131,185.4 million at December 2019).

Shareholders' equity stood at € 7,054.9 million, excluding the € 146.0 million contribution of BancAssurance Popolari it was € 6,908.9 million, an increase of € 181.7 million (+2.7%) compared to the end of the 2019 financial year, when shareholders' equity amounted to € 6,727.2 million (the Intesa Sanpaolo Vita Insurance Group, referring only to companies in which the Group has a controlling interest, reported shareholders' equity of € 5,999.5 million, an increase of € 407.7 million (+7.3%), compared to € 5,591.8 million at the end of 2019).

During December, Intesa Sanpaolo Vita issued a Tier2 subordinated bond for a nominal value of € 600 million with a maturity of 10 years. The bond is listed on the Luxembourg Stock Exchange.

The regulatory solvency ratio as at 31 December 2020 stood 221%, remaining at 221% excluding the contribution of BancAssurance Popolari (for the Intesa Sanpaolo Vita Insurance Group, referring only to companies in which the Group has a controlling interest, the solvency ratio was 208%).

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For information:
Intesa Sanpaolo Group
Wealth Management Media Department
stampa@intesasanpaolo.com
+39 02 87963119