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04/11/2016

Intesa Sanpaolo Vita: results as at september 30, 2016 approved

 

Life gross written premiums at 17,989.7 million euro (19,800.2 million euro at September 2015, -9.1%)
Life claims paid at 10,433.7 million euro (11,528.5 million euro at September 2015, -9.5%)
• Net inflow at 7,556.0 million euro (8,271.7 million euro at September 2015, ‑8.7%)
Investments at 146,231.2 million euro (134,922.4 million euro at December 2015, 8.4%)
• Insurance provisions at 88,128.9 million euro (85,362.7 million euro at December 2015, 3.2%)1
Financial liabilities (unit and index linked) at 54,547.3 million euro (47,165.0 million euro at December 2015, 15.7%)
Shareholders’ equity at 5,337.2 million euro (5,241.3 million euro at December 2015, 1.8%)
Net income at 578.2 million euro (569.7 million euro at September 2015, 1.5%)

 

Milan, November 4, 2016 – The Board of Directors of Intesa Sanpaolo Vita – 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 of the Intesa Sanpaolo Vita Insurance Group as at September 30, 2016, both as regards the subsidiaries alone and, on unified basis2 , as regards the consolidated/aggregate results of the Intesa Sanpaolo Vita Insurance Group including Fideuram Vita, which at entity level3 reflect the consolidation area of the Insurance Division of the parent company Intesa Sanpaolo.


The consolidated/aggregate results as at September 30, 2016 of the Intesa Sanpaolo Vita Insurance Group, including Fideuram Vita, reported excellent net profit, despite not particularly favourable market conditions. Solid positioning on the Italian insurance market was confirmed, with gross written premiums of about 18.0 billion euro.

In terms of commercial performance, new life business reported a decrease of 9.1% from 19,585.4 million euro in September 2015 to 17,796.3 million euro at the end of the third quarter 2016 (Intesa Sanpaolo Vita Insurance Group, considering subsidiaries only: 14,978.3 million euro at September 2016 compared to 14,848.7 million euro at September 2015, a change of 0.9%).

Life gross written premiums amounted to 17,989.7 million euro, a change of -9.1% compared to 19,800.2 million euro at September 30, 2015 (Intesa Sanpaolo Vita Insurance Group, considering subsidiaries only: 15,100.2 million euro at September 2016 compared to 14,981.2 million euro at September 2015, a change of 0.8%).

This performance was due to:

  • stable written premiums on Unit-Linked productsoffered, starting in 2015, also as a multi-branch hybrid product. These products reported gross written premiums of 11,397.2 million euro at September 30, 2016 compared to 11,250.5 million euro for the third quarter of 2015, with a positive change of 1.3% (Intesa Sanpaolo Vita Insurance Group, considering subsidiaries only: 8,889.2 million euro at September 2016, up 32.4% compared to 6,712.7 million euro at September 2015);
  • a containment of the traditional product offering, which saw a decrease in premiums written of 24.9%. equivalent to 2,054.3 million euro, dropping from 8,238.7 million euro reported at September 2015 to 6,184.4 million euro at the end of the third quarter 2016 (Intesa Sanpaolo Vita Insurance Group, considering subsidiaries only: 5,861.7 million euro at September 2016, equal to a 26.8% decrease compared to 8,008.0 million euro at September 2015);
  • an increase of 31.2% in pension product premiums written, which rose from 311.0 million euro at the end of the third quarter of 2015 to 408.1 million euro at September 2016 (Intesa Sanpaolo Vita Insurance Group, considering subsidiaries only: 349.3 million euro at September 2016 compared to 260.5 million euro at September 2015, an increase of 34.1%).

Net written premiums totalling 7,556.0 million euro showed a decrease of 8.7% compared to 8,271.7 million euro at September 30, 2015 (Intesa Sanpaolo Vita Insurance Group, considering subsidiaries only: 6,804.3 million euro at September 2016 compared to 5,366.4 million euro at September 2015, up 26.8%).

This performance contributed to the 7.7% increase in assets under management, which rose from 132,527.7 million euro in 2015 to 142,676.2 million euro at September 2016 (Intesa Sanpaolo Vita Insurance Group, considering subsidiaries only: 114,089.5 million euro at September 2016 compared to 105,005.4 million euro at December 2015, up 8.7%).

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

  • insurance provisions rose 3.2% from 85,362.7 million euro at December 2015 to 88,128.9 million euro at the end of September 2016 (Intesa Sanpaolo Vita Insurance Group, considering subsidiaries only: up 3.2% from 79,234.9 million euro at the end of 2015 to 81,796.1 million euro at the end of the third quarter 2016);
  • financial liabilities increased 15.7% from 47,165.0 million euro in December 2015 to 54,547.3 million euro in the third quarter 2016. Financial liabilities increased, mainly driven by Unit-Linked products, which as a proportion of all assets under management rose from 35.6% at the end of 2015 to 38.2% at the end of the third quarter 2016 (Intesa Sanpaolo Vita Insurance Group, considering subsidiaries only: increase of 25.3% from 25,770.5 million euro in 2015 to 32,293.4 million euro at the end of the third quarter 2016, with an increase in the ratio of financial liabilities to all assets under management from 24.5% at the end of 2015 to 28.3% at September 2016).

Consolidated net income performed well despite market conditions, rising 1.5% from 569.7 million euro at September 2015 to 578.2 million euro at September 2016 (Intesa Sanpaolo Vita Insurance Group, considering subsidiaries only: 530.8 million euro at September 2016, up 0.9% compared to 526.1 million euro at September 2015). Excluding the gain from the disposal of the equity interest held by Intesa Sanpaolo Vita in the Chinese life insurance company Union Life, realised in the first half of 2015 and equal to about 50 million euro after tax, net profit was up 10.6%.

Shareholders’ equity amounted to 5,337.2 million euro, up 95.9 million euro ( 1.8%) compared to the end of 2015 which had reported shareholders’ equity totalling 5,241.3 million euro (Intesa Sanpaolo Vita Insurance Group, considering subsidiaries only: 4,640.8 million euro, up 41.3 million euro, 0.9% compared to 4,599.5 million euro at the end of 2015).

Both for the consolidated/aggregate Insurance Division companies and for the Intesa Sanpaolo Vita Insurance Group referring solely to subsidiaries (i.e. excluding Fideuram Vita), operational measurements of the Solvency Ratio (Solvency II) showed a ratio in excess of 180% at September 30, 2016.

The total amount of subordinate debt is 1,420.8 million euro compared to 1,399.2 million euro at the end of 2015 (Intesa Sanpaolo Vita Insurance Group, considering subsidiaries only: 1,335.1 million euro at September 2016 compared to 1,313.5 million euro reported at the end of 2015).

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The Ordinary Shareholders’ Meeting of Intesa Sanpaolo Vita held on August 30, 2016, resolved to distribute part of the other equity reserves at a ratio of 0.77 euro for each of the 655,157,496 shares comprising share capital. Payment of the dividend at the agreed terms took place on September 7, 2016.

 

For information:


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

 

1 Insurance provisions include deferred liabilities due to policyholders (shadow accounting) totalling 7,622.5 million euro as at September 30, 2016 compared to 6,119.2 million euro at the end of 2015. Shadow accounting for the Intesa Sanpaolo Vita insurance group – not including the sister company Fideuram Vita – totalled 7,075.6 million euro at September 2016, compared to 5,655.9 million euro at the end of 2015.
2 In accordance with article 96 of Italian Legislative Decree 209/2005, the insurance parent company Intesa Sanpaolo Vita is required to prepare consolidated/aggregate 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 the Unit-Linked component.