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19/05/2017

Intesa Sanpaolo Vita Results at 31 march 2017 approved:

 

  • Assets under management at 145,908.2 million euros (143,735.3 million euros at December 2016 +1.5%)
  • Financial liabilities (unit and index linked) at 60,738.4 million euro (57,353.2 million euro at December 2016, +5.9%)
  • Insurance provisions at 85,169.8 million euro (86,382.1 million euro at December 2016 -1.4%)1
  • Life Gross written premiums at 6,037.1 million euro (6,279.0 million euro at March 2016 -3.9%)
  • Life claims paid at 3,863.8 million euro (3,638.8 million euro at March 2016 +6.2%)
  • Life Net written premiums at 2,173.3 million euro (2,640.2 million euro at March 2016 -17.7%)
  • Investments at 150,015.4 million euro (147,204.3 million euro at December 2016 +1.9%)
  • Shareholders’ equity at 5,338.9 million euro (5,242.8 million euro at December 2016 +1.8%)
  • Net income at 201.1 million euro (222.7 million euro at March 2016 -9.7%)
  • Solvency capital requirement at 190%

 

Milan, 19 May 2017 – The meeting of the Board of Directors of Intesa Sanpaolo Vita of 5 May 2017, chaired by Luigi Maranzana and under the direction of the managing director Nicola Maria Fioravanti, also head of the Insurance Division of Intesa Sanpaolo, has approved the results only of subsidiaries subject to a controlling interest (excluding therefore Fideuram Vita) of the Intesa Sanpaolo Vita Insurance Group at 31 March 2017 and, for the Unitary Division2, the consolidated/aggregate results of the Intesa Sanpaolo Vita Insurance Group, including Fideuram Vita, which represent, in terms of entity3, the uniform scope of the Insurance Division of the Parent Company Intesa Sanpaolo.

“A quarter of great satisfaction for the Insurance Companies of the Group”said Nicola Maria Fioravanti, Head of the Insurance Division of the Intesa Sanpaolo Group “which continue to contribute and strengthen the Wealth Management Company model that the Intesa Sanpaolo Group has adopted.

The results are the consequence of the strategic choices made over time which have allowed us to further strengthen assets under management that reach approx. 145 billion, shareholders' equity of over 5.3 billion and the solvency requirement equal to 190%.

We continue to maintain leadership in the Life segment thanks to the 23.9 billion of premiums collected in 2016 - corresponding to a market share of 20% - and we are working to achieve significant and sustainable growth also in the non-life segment, in order to position ourselves among the big players in the domestic market.

Over the past two years we have doubled non-life written premiums and the first quarter recorded over 116 million euro, an increase of approx. 24% compared to the same period in 2016.

We expect that on an annual basis the result will further improve, also thanks to the constant commitment of our Banca dei Territori colleagues and to an extension of the product range able to better respond to the diverse needs of our customers.

Maintaining the strong growth already achieved in the supplementary pension segment remains one of our further goals, where our target this year is 100,000 new subscriptions.

The results continue to confirm the effectiveness of our Bankinsurance model and the perfect synergy between the various Group Divisions to the benefit of our customers, of which we are extremely proud”.

Assets under management increased by 1.5%, from 143,735.3 million euros at December 2016 to 145,908.2 million euros at March 2017 (only subsidiaries subject to a controlling interest of the Intesa Sanpaolo Vita Insurance Group totalling 116,062.4 million euros at March 2017 compared to 114,668.8 million euros at December 2016, for a growth of 1.2%), in particular:

  • +5.9% in Unit and Index Linked financial liabilities, up from 57,353.2 million euro in December 2016 to 60,738.4 million euro at 31 March 2017. The financial liabilities area increased, mainly represented by Unit Linked products, which, compared to all of the assets under management, rose from 39.9% at the end of 2016 to 41.6% at the end of the first quarter 2017 (the subsidiaries subject to a controlling interest of the Intesa Sanpaolo Vita Insurance Group reported an increase of 7.5%, up from 34,532.7 million euro in 2016 to 37,108.8 million euro at 31 March 2017 with an incidence on financial liabilities compared to all assets under management of 30.1% at the end of 2016 and 32.0% at March 2017).

  • -1.4% in insurance provisions down from 86,382.1 million euro of December 2016 to 85,169.8 million euro at 31 March 2017 (in the subsidiaries subject to a controlling interest of the Intesa Sanpaolo Vita Insurance Group the decrease is -1.5%, dropping from 80,136.1 million euro at the end of 2016 to 78,953.6 million euro at the end of the first quarter 2017).

As for the commercial performance, new life business decreased by -3.8%, from 6,211.2 million euros at March 2016 to 5,977.1 million euros at 31 March 2017 (only subsidiaries subject to a controlling interest of the Intesa Sanpaolo Vita Insurance Group totalling 4,577.4 million euros at March 2017 compared to 5,126.5 million euros at March 2016, with a change of -10.7%).

Life Gross written premiums totalling 6,037.1 million euros, show a decrease of -3.9% compared to the 6,279.0 million euros figure reported at 31 March 2016 (only subsidiaries subject to a controlling interest of the Intesa Sanpaolo Vita Insurance Group totalling 4,616.1 million euros at March 2017 compared to 5,167.9 million euros at March 2016, with a change of -10.7%).

This change is due to:

  • the stable figures of written premiums on Unit Linked products4 offered, also as a multi-branch hybrid product: these products, at 31 March 2017, reported gross written premiums of 4,310.0 million euro compared to 3,243.2 million euro reported at 31 March 2016 with a positive change of +32.9% (the subsidiaries subject to a controlling interest of the Intesa Sanpaolo Vita Insurance Group totalled 3,073.4 million euro at March 2017, with a 27.3% increase compared to the 2,413.9 million euro figure at March 2016);

  • a downsizing of the traditional product offering which witnessed a decrease of 45.8% for a total of 1,327.3 million euro, dropping from 2,898.7 million euro at March 2016 to 1,571.4 million euro at March 2017 (the subsidiaries subject to a controlling interest of the Intesa Sanpaolo Vita Insurance Group totalling 1,409.9 million euro at March 2017, with a 46.5% decrease compared to the 2,637.2 million euro figure at March 2016);

  • an increase of 13.6% in pension fund business written premiums, which rose from 137.1 million euro at 31 March 2016 to 155.7 million euro at 31 march 2017 (the subsidiaries subject to a controlling interest of the Intesa Sanpaolo Vita Insurance Group totalling 132.8 million euro at March 2017, compared to the 116.8 million euro figure at march 2016, with a positive change equal to 13.7%).

Net written premiums totalling 2,173.3 million euro show a decrease of 17.7% compared to the 2,640.2 million euro reported at 31 March 2016 (the subsidiaries subject to a controlling interest of the Intesa Sanpaolo Vita Insurance Group totalling 1,854.9 million euro at March 2017 compared to 2,313.1 million euro at March 2016, for a negative change of 19.8%).

Consolidated net income, despite the trend of the financial markets, also performed well, rising from 222.7 million euros at 31 March 2016 to 201.1 million euros at 31 March 2017 and reporting a 9.7% decrease (only subsidiaries subject to a controlling interest of the Intesa Sanpaolo Vita Insurance Group reported 183.3 million euros at March 2017 with a decrease of 11.0% compared to the 206.0 million euros at March 2016).

Shareholders’ equity amounted to 5,338.9 million euros with an increase of 96.1 million euros (+1.8%) compared to the end of 2016 which had reported shareholders’ equity totalling 5,242.8 million euro (only subsidiaries subject to a controlling interest of the Intesa Sanpaolo Vita Insurance Group totalled 4,657.4 million euros with an increase of 92.0 million euros (+2.0%) compared to the 4,565.4 million euros at the end of 2016).

Gross Life production stands at 116.1 million euros compared to 93.8 million euros at 31 March 2016, with an increase of 23.8%.

The regulatory Solvency Ratio of the Intesa Sanpaolo Vita Insurance Group, including Fideuram Vita, is equal to 190% (189% excluding Fideuram Vita).

The total amount of subordinate debt totals 1,417.0 million euro compared to 1,401.9 million euro reported at the end of 2016 (the subsidiaries subject to a controlling interest of the Intesa Sanpaolo Vita Insurance Group totalled 1,331.3 million euro at March 2017 compared to 1,316.2 million euro reported at the end of 2016).

 

For information:

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

 

 

1 Insurance provisions included deferred liabilities due to insured (shadow accounting) totalling 4,676.1 million euro at 31 March 2017 compared to 5,743.4 million euro at the end of 2016. In terms of the Intesa Sanpaolo Vita insurance group, referring only to subsidiaries (excluding Fideuram Vita therefore), the amount of the shadow accounting at March 2017 totalled 4,350.6 million euro compared to 5,334.6 million euro at the end of 2016.

2 In accordance with article 96 of Italian Legislative Decree 209/2005 the insurance Parent Company Intesa Sanpaolo Vita is required to prepare consolidated financial statements including the sister company Fideuram Vita in the scope of consolidation.

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

4 Hybrid multi branch products only include the premiums for Unit Linked products.