• Assets Under Management at €156,961.4 million (€148,803.2 million at December 2018 +5.5%)

• Financial liabilities (Unit Linked) at €72,238.4 million (€67,990.2 million at December 2018 +6.2%)

• Insurance provisions at €84,723.0 million (€80,813.0 million at December 2018 +4.8%)¹

• Life Gross written premiums at € 7,960.5 million (€ 10,332.6 million as at June 2018 -23.0%)

• Life amounts paid at € 7,382.7 million (€ 8,268.4 million as at June 2018 -10.7%)

• Investments at €161,810.9 million (€152,501.8 million at December 2018, +6.1%)

• Shareholders' Equity at €5,888.8 million (€5,336.1 million at December 2018 +10.4%)

• Net profit at € 335.0 million (€ 403.6 million as at June 2018 -17.0%)

• Solvency capital requirement at 205%

Milan, 18 September 2019 – The Board of Directors of Intesa Sanpaolo Vita, meeting chaired by Luigi Maranzana and under the direction of the Chief Executive Officer, Nicola Maria Fioravanti - also responsible for the Insurance Division of Intesa Sanpaolo - approved the results as at 30 June 2019. These concern the Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest (excluding therefore Fideuram Vita) and, for the Unified Management², to the Intesa Sanpaolo Vita Insurance Group including Fideuram Vita which, at the entity level³, is consistent with the Insurance Division of the Parent Company Intesa Sanpaolo.

“The Insurance Division – declares Nicola Maria Fioravanti – closed the first half of 2019 with period profit of €335 million, contributing for about 10% to the gross income of the Intesa Sanpaolo Group.

Despite market uncertainty, the Solvency Ratio stands at 205%, guaranteeing the insurance group solidity on the current growth path for welfare offered to retail customers and companies.

In particular, in the protection world, we can satisfactorily record the growing spread of non-motor damages policies, with the excellent Home and Health products trend, up an overall 124% compared to the first half of 2018.

These are encouraging results, demonstrating the good response from the customers of Intesa Sanpaolo to our new range of products and which reward the synergic work of people in the Division and our networks.”

The assets under management grew by 5.5% from €148,803.2 million at December 2018 to €156,961.4 million at June 2019 (the Intesa Sanpaolo Vita insurance group, referring only to companies subject to a controlling interest, showed AUM up by 4.9% going from €118,848.0 million in December 2018 to €124,624.1 million at 30 June 2019).

In particular:

• +6.2% on the financial liabilities referred to the unit linked products going from € 67,990.2 million at December 2018 to €72,238.4 million at June 2019. The effect of the financial liabilities, mainly represented by the Unit Linked products, increased compared to the total assets under management going from 45.7% at end 2018 to 46.0% at June 2019 (the Intesa Sanpaolo Vita insurance Group, referring only to companies subject to a controlling interest, increased by 5.8% going from €44,885.2 million at December 2018 to € 47,501.1 million at 30 June 2019 with an increase in the financial liabilities effect compared to the total of assets under management from 37.8% at end 2018 to 38.1% in June 2019);

• +4.8% on the insurance provisions going from €80,813.0 million in December 2018 to €84,723.0 million at June 2019 (the Intesa Sanpaolo Vita insurance Group, referring only to companies subject to a controlling interest, increased by 4.3% going from € 73,962.8 million at end 2018 to € 77,122.5 million at 30 June 2019).

The net consolidated income went from €403.6 million at 30 June 2018 to €335.0 million at 30 June 2019, down 17.0% to be attributed mainly to items of a financial nature realised in the first half of last year (the Intesa Sanpaolo Vita insurance Group, referring only to companies subject to a controlling interest, showed a net income going from €379.2 million recorded at 30 June 2018 to €305.5 million at 30 June 2019, down by 19.4%).

Life gross written premiums also dropped 23.0% from €10,332.6 million at 30 June 2018 to €7,960.5 million at 30 June 2019 (the Intesa Sanpaolo Vita insurance Group, referring only to companies subject to a controlling interest, showed a Life gross written premiums down by 27.5% going from € 8,590.1 million at 30 June 2018 to €6,225.0 million at 30 June 2019).

That trend is due to:

• an expansion to the offer of traditional products which meant an increase in collection of 34.0%, amounting to €988.3 million, going from € 2,904.5 million at 30 June 2018 to €3,892.8 million at 30 June 2019 (The Intesa Sanpaolo Vita insurance Group, referring only to companies subject to a controlling interest, increased by 25.1%, amounting to €678.3 million, going from € 2,699.4 million at 30 June 2018 to €3,377.7 million at 30 June 2019);

• an increase of 5.9% in the welfare business collection going from € 338.5 million at 30 June 2018 to €358.3 million at 30 June 2019 (The Intesa Sanpaolo Vita insurance Group, referring only to companies subject to a controlling interest, increased by 4.8% going from € 287.6 million at 30 June 2018 to €301.5 million at 30 June 2019);

• the decline in premiums on the Unit Linked products⁴ offered, also in the hybrid multi-sector configuration, whose placement was affected by the uncertainty of financial markets. At 30 June 2019, those products showed a gross collection for € 3,709.4 million, down 47.7% (the Intesa Sanpaolo Vita insurance Group, referring only to companies subject to a controlling interest, shows a collection of € 2,545.8 million at 30 June 2019 down by 54.6%).

For what concerns the commercial performance, the new Life written premiums dropped 23.3% going from €10,221.7 million at 30 June 2018 to €7,843.6 million at 30 June 2019 (the Intesa Sanpaolo Vita insurance Group, referring only to companies subject to a controlling interest, showed new Life written premiums down by 27.9% from € 8,515.0 million at 30 June 2018 to €6,141.1 million at 30 June 2019).

P&C business premiums amounted to €313.4 million, up 26.2% compared to the previous year. There was significant growth in non-motor products on which the 2018-2021 business plan is focussed. In particular, Home and Health products grew by 124.3%.

The shareholders' equity was €5,888.8 million up by € 552.7 million, +10.4% compared to the end of 2018 which showed equity amounting to € 5,336.1 million (the Intesa Sanpaolo Vita insurance Group, referring only to companies subject to a controlling interest, showed equity of €5,093.9 million at 30 June 2019 up by €507.0 million +11.1% compared to € 4,586.9 million at end June 2018).

The quarterly regulatory Solvency Ratio at 30 June 2019 was 205%. (For the Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest the Solvency Ratio was 201%).

The total amount of subordinated debt was €1,565.8 million compared to €1,535.5 million at end 2018 (for the Intesa Sanpaolo Vita insurance Group, referring only to companies subject to a controlling interest, the debt was €1,418.6 million at 30 June 2019 compared to €1,390.4 million at end 2018). 

For Information:

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