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21/08/2017

Intesa Sanpaolo Vita: Results and Capital Requirements as at 30 June 2017

 

  • Asset Under Management at € 147,351.0 million (€ 143,735.3 million as at December 2016 +2.5%)

  • Financial liabilities (Unit and Index Linked) at € 62,986.5 million (€ 57,353.2 million as at December 2016 + 9.8%)

  • Technical reserves at € 84,364.5 million (€ 86,382.1 million as at December 2016 -2.3%)1

  • Gross Life production at € 11,488.6 million (€ 12,794.3 million as at June 2016 -10.2%)

  • Life amounts paid at € 7,822.3 million (€ 7,281.6 million as at June 2016 +7.4%)

  • Net Life production at € 3,666.3 million (€ 5,512.7 million as at June 2016 -33.5%)

  • Investments at € 151,518.3 million (€ 147,204.3 million as at December 2016 +2.9%)

  • Shareholders’ equity at € 5,520.6 million (€ 5,242.8 million as at December 2016 +5.3%)

  • Net profit at € 375.3 million (€ 405.2 million as at June 2016 -7.4%)

  • Solvency capital requirement at 192%

Milan, 21 August 2017 The Board of Directors' meeting of Intesa Sanpaolo Vita held on 1 August 2017, chaired by Luigi Maranzana and under the direction of the Chief Executive Officer Nicola Maria Fioravanti, also responsible for the Intesa Sanpaolo Insurance Division, has approved the results of the Intesa Sanpaolo Vita Insurance Group as at 30 June 2017, with reference only to companies subject to a controlling interest (excluding, therefore, Fideuram Vita) and, for Unified Management2, the consolidated/aggregated results of the Intesa Sanpaolo Vita Insurance Group including Fideuram Vita, which represent, at the entity level3, a perimeter homogeneous with the Insurance Division of the Parent Company, Intesa Sanpaolo.

Assets under management grew by 2.5%, increasing from € 143,735.3 million as at December 2016 to € 147,351.0 million as at June 2017 (Intesa Sanpaolo Vita insurance Group referring only to companies subject to a controlling interest € 117,290.6 million as at June 2017 compared to € 114,668.8 million as at December 2016 with an increase of 2.3%), in particular:

  • +9.8% in financial liabilities related to index and unit linked products, increasing from € 57,353.2 million as at December 2016 to € 62,986.5 million as at 30 June 2017. The financial liabilities component, predominantly represented by Unit Linked products, increased, which compared to total assets under management, increased from 39.9% at the end of 2016 to 42.7% at the end of the first half of 2017 (the Intesa Sanpaolo Vita insurance Group referring only to companies subject to a controlling interest increased by 13.5%, from € 34,532.7 million in 2016 to € 39,201.9 million as at 30 June 2017, with an increase in the incidence of financial liabilities compared to total assets under management from 30.1% at the end of 2016 to 33.4% as at June 2017);

  • -2.3% in technical reserves decreasing from € 86,382.1 million as at December 2016 to € 84,364.5 million as at 30 June 2017 (in the Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest, the decrease was -2.6% from € 80,136.1 million at the end of 2016 to € 78,088.7 million at the end of the first half of 2017).

Consolidated net income from € 405.2 million as at 30 June 2016 to € 375.3 million as at 30 June 2017, with a decrease of 7.4% (Intesa Insurance Group Sanpaolo Vita referring only to companies subject to a controlling interest € 345.4 million as at June 2017, down 5.8% compared to € 366.8 million as at June 2016).

As regards the commercial performance, new life production decreased by -10.2% from € 12,662.3 million as at June 2016 to € 11,369.3 million as at 30 June 2017 (Intesa Sanpaolo Vita insurance Group referring only to companies subject to a controlling interest € 8,894.8 million as at June 2017 compared to € 10,717.9 million as at June 2016, with a change of -17.0%).

Gross life production amounted to € 11,488.6 million compared to € 12,794.3 million as at 30 June 2016, with a negative change of -10.2% (Intesa Sanpaolo Vita insurance Group referring only to companies subject to a controlling interest € 8,973.4 million as at June 2017 compared to € 10,799.9 million as at June 2016, with a change of -16.9%).

This performance was due to:

  • increase in collection of Unit Linked products4 offered, also in the hybrid multi-segment configuration: these products, as at 30 June 2017, had a gross collection of € 8,383.7 million compared to € 7,780.9 million as at 30 June 2016, with an increase of +7.7% (Intesa Sanpaolo Vita insurance Group referring only to companies subject to a controlling interest € 6,184.9 million as at June 2017 with an increase of 0.8% compared to € 6,135.9 million as at June 2016).

  • a downsizing of the offer of traditional products which recorded a decrease in collection of 41.0%, equal to € 1,942.5 million, from € 4,742.4 million as at June 2016 to € 2,799.9 million at the end of the first half of 2017 (Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest € 2,528.2 million as at June 2017, down 43.0% compared to € 4,431.7 million as at June 2016);

  • a 12.6% increase in collection in the pension business from € 271.0 million as at 30 June 2016 to € 305.0 million as at 30 June 2017 (Intesa Sanpaolo Vita insurance Group referring only to companies subject to a controlling interest € 260.3 million as at June 2017 compared to € 232.3 million as at June 2016, with an increase of 12.0%).

Net life production amounting to € 3,666.3 million decreased by 33.5% compared to € 5,512.7 million as at 30 June 2016 (Intesa Sanpaolo Vita insurance Group referring only to companies subject to a controlling interest € 2,997.8 million as at June 2017 compared to € 5,011.4 million as at June 2016, with a decrease of -40.2%).

Gross non-life production amounted to  € 233.2 million compared to € 200.3 million as at 30 June 2016 with an increase of 16.4%.

Shareholders’ equity stood at € 5,520.6 million, an increase of € 277.8 million (+5.3%) compared to the end of the 2016 financial year, which had a shareholders’ equity of € 5,242.8 million (the Intesa Sanpaolo Vita insurance Group referring only to companies subject to a controlling interest € 4,824.0 million, an increase of € 258.6 million, +5.7%, compared to € 4,565.4 million at the end of 2016).

The regulatory Solvency Ratio of the Intesa Sanpaolo Vita Insurance Group including Fideuram Vita was equal to 192% (excluding Fideuram Vita equal to 193%).

The total amount of subordinated debt amounted to € 1,433.6 million compared to € 1,401.9 million at the end of 2016 (Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest € 1,346.9 million as at June 2017 compared to € 1,316.2 million at the end of 2016).

 

 

For information:


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

 

 

 

1 Technical reserves include deferred liabilities to policyholders (shadow accounting) amounting to € 4,663.1 million as at 30 June 2017 compared to € 5,743.4 million at the end of 2016. Regarding the Intesa Sanpaolo Vita insurance group referring only to companies subject to a controlling interest (excluding, therefore, Fideuram Vita), the extent of shadow accounting as at June 2017 was € 4,327.2 million compared to € 5,334.6 million at the end of 2016.

2 The insurance Parent Company Intesa Sanpaolo Vita, pursuant to Article 96 of Legislative Decree 209/2005 "Private Insurance Code", is required to prepare the consolidated/aggregate financial statements, also including the subsidiary Fideuram Vita in the scope of consolidation.

3 The companies included in the Intesa Sanpaolo Insurance Division are: Intesa Sanpaolo Vita, Intesa Sanpaolo Life, Intesa Sanpaolo Assicura, Intesa Sanpaolo Smart Care and Fideuram Vita.

4 The hybrid multi-segment products only include collection referring to the Unit Linked component.