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10/08/2018

Intesa Sanpaolo Vita: Results and Capital Requirements as at 30 June 2018

 

  • Assets Under Management at € 150,360.3 million (€ 151,343.5 million as at December 2017 -0.6%)

  • Financial Liabilities (Unit / Index Linked) at € 70,504.4 million (€ 68,398.4 million as at December 2017 +3.1%)

  • Insurance provisions at € 79,855.9 million (€ 82,945.1 million as at December 2017 -3.7%)1

  • Life gross written premiums at € 10,332.6 million (€ 11,488.6 million as at June 2017
    -10.1%)

  • Life claims paid at € 8,268.4 million (€ 7,822.3 million as at June 2017 +5.7%)

  • Net Life production at € 2,064.2 million (€ 3,666.3 million as at June 2017 -43.7%)

  • Investments at € 155,351.5 million (€ 156,124.0 million as at December 2017 -0.5%)

  • Shareholders' Equity at € 5,607.1 million (€ 5,541.3 million as at December 2017 +1.2%)

  • Net Income at € 403.6 million (€ 375.3 million as at June 2017 +7.5%)

  • Solvency Capital Requirement at 205%

Milan, 10 August 2018 – On 1 August 2018, 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 as at 30 June 2018. The same refer to the Intesa Sanpaolo Vita insurance group referring only to companies subject to a controlling interest (therefore excluding Fideuram Vita) and, for the Unified management2, to the Intesa Sanpaolo Vita insurance Group including Fideuram Vita which, at the entity level3, is homogeneous with the Insurance Division of the Parent Company Intesa Sanpaolo.

“The Insurance Division closed the first half of 2018 with a good commercial performance and a significant operating income despite a challenging scenario, contributing 12% to the gross profit of the Intesa Sanpaolo Group - said Nicola Maria Fioravanti, Head of the Insurance Division of the Intesa Sanpaolo Group.

The objective of increasing the distribution of protection insurance products, in line with the Intesa Sanpaolo Group's strategic choice to focus increasingly on Wealth Management & Protection, characterised the excellent not life performance of Division in the first half of the year, with a significant increase in particular in non-motor products: in fact, Health and Accident products grew by over 100% and House and Home Insurance policies by 40%.

Overall, the results of the first half of the year reward the work of all the people in the Division and the growing commitment of our networks to developing a successful model in protection as well.”

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
 

 

 

 

Insurance provisions include deferred liabilities towards policyholders (shadow reserve) of € 2,628.8 million as at 30 June 2018 compared to € 4,777.8 million as at the end of 2017. Regarding the Intesa Sanpaolo Vita insurance group referring only to companies subject to a controlling interest (excluding, therefore, Fideuram Vita), the extent of the shadow reserve as at 30 June 2018 was € 2,434.9 million compared to € 4,433.2 million at the end of 2017.

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.

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

The hybrid multi-sector products include only premiums referring to the Unit Linked component.