Press Center ITA ENG
02/08/2016

Intesa Sanpaolo Vita: board approves results at 30 June 2016

  • Life gross written premiums at €12,794.3 million (€13,809.8 million at June 2015 -7.4%)
  • Life claims paid at €7,281.6 million (€8,194.7 million at June 2015 -11.1%)
  • Life net written premiums at €5,512.7 million (€5,615.1 million at June 2015 -1.8%)
  • Investments at €143,073.1 million (€134,922.4 million at December 2015 +6.0%)
  • Insurance provisions at €87,566.3 million (€85,362.7 million at December 2015 +2.6%)1
  • Financial liabilities (Unit and Index Linked) to €51,510.0 million (€47,165.0 million at December 2015 + 9.2%)
  • Shareholders’ equity at €5,638.0 million (€5,241.3 million at December 2015 +7.6%)
  • Net income at €405.2 million (€411.8 million at June 2015 -1.6%)


Milan, August 2, 2016 - The Board of Directors of Intesa Sanpaolo Vita, chaired by Luigi Maranzana, and under the direction of the CEO, Nicola Maria Fioravanti, also head of the Insurance Division of Intesa Sanpaolo Vita, has approved the results of the Intesa Sanpaolo Vita Insurance Group at 30 June 2016 referring only to subsidiaries and, for the Unitary Division2, the consolidated aggregates of the Intesa Sanpaolo Vita insurance group including Fideuram Vita, which represent, at entity level3, a comparable scope to the Insurance Division of the Parent Company, Intesa Sanpaolo.

The consolidated/aggregate income of the insurance group Intesa Sanpaolo Vita, including Fideuram Vita, in the first half of 2016 recorded an excellent result in terms of net profit for the period despite the market environment not being particularly favourable, with a reinforcement of its position in the domestic insurance market thanks to life gross written premiums of approximately €12.8 billion.

As for the sales performance, new life written premiums marked a slight decrease of -7.3%, going from €13,661.5 million in June 2015 to €12,662.3 million at the end of the first half of 2016 (Intesa Sanpaolo Vita insurance group referring only to subsidiaries was €10,717.9 million in June 2016 compared to €10,446.1 million in June 2015, showing an increase of +2.6%).

Life gross written premiums amounted to €12,794.3 million compared to €13,809.8 million at 30 June 2015 with a negative change of -7.4% (Intesa Sanpaolo Vita insurance group referring only to subsidiaries was €10,799.9 million at June 2016 compared to €10,535.7 million in June 2015 with an increase of +2.5%).

This growth was due to:

  • stability in the written premiums on the unit-linked products4 offered, from 2015, including in the multi-branch hybrid configuration: these products at 30 June 2016 showed gross written premiums of €7,780.9 million, compared to €7,845.4 million recorded in the first half of 2015 with a decrease of -0.8% (Intesa Sanpaolo Vita insurance group referring only to subsidiaries was €6,135.9 million in June 2016, an increase of 30.2% compared to €4,712.3 million at June 2015);
  • a containment of the traditional product offering that underwent a decrease of 17.8% totalling €1,029.3 million in written premiums from €5771.7 million recorded in June 2015 to €4,742.4 million recognised over the first half of 2016 (Intesa Sanpaolo Vita insurance group referring only to subsidiaries was €4,431.7 million in June 2016, a decrease of 21.8% compared to €5,664.0 million in June 2015);
  • an increase of 40.6% in pension fund business written premiums which rose from €192.7 million reported at the end of the first half of 2015 to €271 million recorded in June 2016 (Intesa Sanpaolo Vita insurance group referring only to subsidiaries had €232.3 million in June 2016 compared to €159.3 million in June 2015, showing a positive change of 45.8%).

Net written premiums amounted to €5,512.7 million showing a decrease of 1.8% from the €5,615.1 million reported at 30 June 2015 (Intesa Sanpaolo Vita insurance group referring only to subsidiaries was €5,011.4 million at June 2016 compared to €3,755.9 million in June 2015, undergoing a decrease of 33.4%).
 
This trend has contributed to the increase of 4.9% in assets under management, which rose from €132,527.8 million at December 2015 to €139,076.3 million at June 2016 (Intesa Sanpaolo Vita insurance group referring only to subsidiaries was €111,155.8 million in June 2016 compared to €105,005.4 million in December 2015, showing an increase of 5.9%).

The increase in assets under management is recorded both in the insurance provisions and in financial liabilities relating to index and unit-linked products:

  • +2.6% on insurance provisions rising from €85,362.7 million in December 2015 at €87,566.3 million at the end of June 2016 (in the Intesa Sanpaolo Vita insurance group referring only to subsidiaries, the increase was +2.5%, going from €79,234.9 million at the end of 2015 to €81,252.2 million at the end of the first half of 2016);
  • +9.2% on financial liabilities rising from €47,165 million in December 2015 to €51,510 million for the first half of 2016. Increase in the component of financial liabilities, mainly represented by unit-linked products, which, compared with total assets under management, increased from 35.4% at year-end 2015 to 37.0% at the end of the first half of 2016 (the Intesa Sanpaolo Vita insurance group referring only to subsidiaries recorded an increase of 16.0%, rising from €25,770.5 million in 2015 to €29,903.6 million at the end of the first half of 2016 with an increase in the incidence of financial liabilities compared to total assets under management from 24.5% at year-end 2015 to 26.9% in June 2016).

Investments and liquid assets increased from €138,345.2 million at the end of December 2015 to €144,871.6 million showing an increase of €6,526.4 million, amounting to 4.7% (Intesa Sanpaolo Vita insurance group referring only to subsidiaries went from €110,079.6 million at year-end 2015 to €116,422.8 million in June 2016, showing an increase of €6,343.2 million, amounting to 5.8%).

Consolidated net result showed a good performance, despite the market trends, rising from €411.8 million in June 2015 to €405.2 million in June 2016 showing a slight decrease of 1.6% (Intesa Sanpaolo Vita insurance group referring only to subsidiaries was €366.8 million in June 2016, down by 12.1% from the €378.9 million recorded in June 2015). Excluding the gain on the sale of the stake held by Intesa Sanpaolo Vita in the Chinese life insurance company Union Life realised during the 1st half of 2015, amounting to about €50 million after tax, net income reported growth of 11%.

Shareholders’ equity amounted to €5,638 million, an increase of €396.7 million (+7.6%) compared to year-end 2015, when it had recorded net equity of €5,241.3 million (the Intesa Sanpaolo Vita insurance group referring only to subsidiaries was €4,953.5 million, an increase of €354.0, +7.7% compared to €4,599.5 million at year-end 2015).

Whether for the consolidated/aggregate of the Companies from the Insurance Division or for the Intesa Sanpaolo Vita insurance group referring only to subsidiaries (excluding Fideuram Vita), the management measures of the Solvency Ratio (Solvency II) highlighted on June 30, 2016 a ratio of over 180%.

The total amount of subordinated debt amounted to €1,430.9 million compared to €1,399.2 million recorded at the end of 2015 (Intesa Sanpaolo Vita insurance group referring only to subsidiaries was €1,345.3 million in June 2016 compared to €1,313.5 million recorded at year-end 2015).

~~~

Intesa Sanpaolo Vita convened its Ordinary Shareholders’ Meeting for 30 August 2016, with the proposal of distributing part of the other reserves in shareholders' equity to €0.77 for each of the 655,157,496 shares.

 

 

For further information:

Intesa Sanpaolo Group
Ufficio Media Banca dei Territori e Media Locali
06 67124992
stampa@intesasanpaolo.com


  •  

1 The insurance provisions include deferred liabilities to policyholders (shadow accounting) totalling €7,131 million at 30 June 2016 compared to €6,119.2 million at the end of 2015. With regard to the Intesa Sanpaolo Vita insurance group, excluding the subsidiary Fideuram Vita, the size of the shadow accounting at March 2016 amounted to €6,606.1 million compared to €5,655.9 million at the end of 2015.
2 The Parent Insurance Company, Intesa Sanpaolo Vita, in accordance with Article 96 of Legislative Decree 209/2005, the “Private Insurance Code”, is required to prepare consolidated/aggregate financial statements also including the subsidiary Fideuram Vita in the scope of consolidation.
3 The companies included in the Insurance Division of Intesa Sanpaolo are: Intesa Sanpaolo Vita, Intesa Sanpaolo Life, Intesa Sanpaolo Assicura, Intesa Sanpaolo Smart Care and Fideuram Vita.
4 Hybrid multi-branch products, including revenue related only to the unit-linked component.