Assets under management decreased by 0.6% going from € 151,343.5 million as at December 2017 to € 150,360.3 million as at June 2018 (Intesa Sanpaolo Vita Insurance Group referring only to the companies subject to a controlling interest € 119,339.8 million as at June 2018 compared to € 119,895.8 million as at December 2017, recording a decrease of 0.5%), in particular:

• +3.1% in financial liabilities referring to index and unit-linked products, increasing from € 68,398.4 million as at December 2017 to € 70,504.4 million as at 30 June 2018. Financial liabilities increased, mainly represented by Unit Linked products which, compared to total assets under management, increased from 45.2% at the end of 2017 to 46.9% as at 30 June 2018 (the Intesa Sanpaolo Vita Insurance Group referring only to the companies subject to a controlling interest recorded an increase of 5.7%, going from € 43,442.9 million as at 31 December 2017 to € 45,912.9 million as at 30 June 2018, with an increase in the incidence of financial liabilities compared to assets under management from 36.2% at the end of 2017 to 38.5% as at June 2018);

• -3.7% in insurance provisions, decreasing from € 82,945.1 million as at December 2017 to € 79,855.9 million as at 30 June 2018 (in the Intesa Sanpaolo Vita Insurance Group referring only to the companies subject to a controlling interest, there was a decrease of 4.0% going from € 76,452.9 million at the end of 2017 to € 73,426.9 million as at 30 June 2018).

Consolidated net income increased from € 375.3 million as at June 2017 to € 403.6 million as at 30 June 2018, recording an increase of 7.5% (Intesa Sanpaolo Vita Insurance Group referring only to the companies subject to a controlling interest € 379.2 million as at June 2018, with an increase of 9.8% compared to € 345.4 million as at June 2017).

As regards the commercial performance, new life business recorded a decrease of 10,1% from € 11.369,3 million as at June 2017 to € 10.221,7 million as at 30 June 2018 (Intesa Sanpaolo Vita Insurance Group referring only to the companies subject to a controlling interest € 8.515,0 million as at June 2018 compared to € 8.894,8 million as at June 2017, with a decrease of 4.3%).

Life gross written premiums amounted to € 10.332,6 million compared to € 11.488,6 million as at 30 June 2017, recording a negative change of 10,1% (Intesa Sanpaolo Vita Insurance Group referring only to the companies subject to a controlling interest € 8.590,1 million as at June 2018 compared to € 8.973,3 million as at June 2017, with a decrease of 4.3%).

This performance was due to:

• a decline in premiums on the Unit Linked products⁴ offered, also in the hybrid multi-sector configuration: as at 30 June 2018, these products had gross written premiums of € 7,089.6 million compared to € 8,383.7 million as at 30 June 2017, with a reduction of 15,4% (Intesa Sanpaolo Vita Insurance Group referring only to the companies subject to a controlling interest € 5,603.1 million as at June 2018, with a 9.4% decrease compared to € 6,184.9 million as at June 2017).

• an extension of the offer on traditional products which recorded an increase in premiums of 3.7%, equal to € 104.7 million, from € 2,799.9 million as at June 2017 to € 2,904.5 million as at 30 June 2018 (Intesa Sanpaolo Vita Insurance Group referring only to the companies subject to a controlling interest € 2,699.4 million as at June 2018, an increase of 6.8% compared to € 2,528.2 million as at June 2017);

• a 11.0% increase in collection in the pension business from € 305.0 million as at 30 June 2017 to € 338.5 million as at 30 June 2018 (Intesa Sanpaolo Vita insurance Group referring only to companies subject to a controlling interest € 287.6 million as at June 2018 compared to € 260.3 million as at June 2017, with an increase of 10.5%).

Life net written premiums amounting to € 2,064.2 million recorded a decrease of 43.7% compared to € 3,666.3 million as at 30 June 2017 (Intesa Sanpaolo Vita Insurance Group referring only to the companies subject to a controlling interest € 1,898.4 million as at June 2018 compared to € 2,997.7 million as at June 2017, with a decrease of 36.7%).

P&C business premiums amounted to € 248.3 million, up 7% on the previous year. There was significant growth in non-motor products on which the 2018-2021 business plan will focus. In particular, Health and Accident products grew by over 100% and Home Insurance policies by approx. 40%.

Shareholders’ equity stood at € 5,607.1 million, an increase of € 65.8 million (+1.2%) compared to the end of the 2017 financial year, which had a shareholders’ equity of € 5,541.3 million (the Intesa Sanpaolo Vita Insurance Group referring only to the companies subject to a controlling interest € 4,881.4 million, an increase of € 63.2 million, +1.3% compared to € 4,818.2 million at the end of 2017).

The regulatory Solvency Ratio of the Intesa Sanpaolo Vita Insurance Group, including Fideuram Vita, for the first half of 2018 was equal to 205% (211% excluding Fideuram Vita).

The total amount of subordinated liabilities stood at € 2,115.8 million (€ 2,071.8 million at the end of 2017 (Intesa Sanpaolo Vita Insurance Group referring only to the companies subject to a controlling interest € 1,968.6 million as at June 2018 compared to €1,926.6 million recorded at the end of 2017).

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