Press Center ITA ENG
03/02/2017

Intesa Sanpaolo Vita: results at 31 december 2016 approved

  • Life Gross written premiums at 23,933.0 million euro (27,524.1 million euro at December 2015 -13.0%)
  • Life claims paid at 14,072.2 million euro (15,244.1 million euro at December 2015 -7.7%)
  • Life Net written premiums at 9,860.7 million euro (12,280.0 million euro at December 2015 -19.7%)
  • Investments at 147,204.3 million euro (134,922.4 million euro at December 2015 +9.1%)
  • Insurance provisions at 86,382.1 million euro (85,362.7 million euro at December 2015 +1.2%)1
  • Financial liabilities (unit and index linked) at 57,353.2 million euro (47,165.0 million euro at December 2015, +21.6%)
  • Shareholders’ equity at 5,242.8 million euro (5,241.3 million euro at December 2015 +0.03%)
  • Net income at 691.1 million euro (658.7 million euro at December 2015 +4.9%)

Milan, 3 February 2017 – 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 owned subsidiaries of the Intesa Sanpaolo Vita Insurance Group at 31 December 2016 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.

The consolidated/aggregate results at 31 December 2016 of the Intesa Sanpaolo Vita Insurance Group, including Fideuram Vita, confirm the very positive economic results reported during the year, achieved thanks to the strong positioning in the domestic insurance market, despite the not particularly favourable market environment, and prove the validity of the insurance group management strategy.

As for the commercial performance, new life business decreased by -13.1%, from 27,206.9 million euro at December 2015 to 23,650.6 million euro at 31 December 2016 (the owned subsidiaries of the Intesa Sanpaolo Vita Insurance Group totalling 19,239.4 million euro at December 2016 compared to 20,724.8 million euro at December 2015, for a change of -7.2%).

Life Gross written premiums totalling 23,933.0 million euro, show a decrease of -13.0% compared to the 27,524.1 million euro figure reported at 31 December 2015 (the owned subsidiaries of the Intesa Sanpaolo Vita Insurance Group totalling 19,422.5 million euro at December 2016 compared to 20,924.6 million euro at December 2015, for a change of -7.2%).

This change is due to:

  • the stable figures of written premiums on Unit Linked products4 offered, starting in 2015, also as a multi-branch hybrid product: these products, at 31 December 2016, reported gross written premiums of 15,754.7 million euro compared to 15,331.9 million euro reported at 31 December 2015 with a positive change of +2.8% (the owned subsidiaries of the Intesa Sanpaolo Vita Insurance Group totalled 11,761.8 million euro at December 2016, with a 28.7% increase compared to the 9,137.5 million euro figure at December 2015);
  • a downsizing of the traditional product offering which witnessed a decrease of 35.5% for a total of 4,137.6 million euro, dropping from 11,669.4 million euro at December 2015 to 7,531.8 million euro at 31 December 2016 (the owned subsidiaries of the Intesa Sanpaolo Vita Insurance Group totalling 7,131.3 million euro at December 2016, with a 37.3% decrease compared to the 11,365.7 million euro figure at December 2015);
  • an increase of 23.6% in pension fund business written premiums, which rose from 522.9 million euro at 31 December 2015 to 646.5 million euro at 31 December 2016 (the owned subsidiaries of the Intesa Sanpaolo Vita Insurance Group totalling 529.4 million euro at December 2016, compared to the 421.4 million euro figure at December 2015, with a change equal to 25.6%).

Net written premiums totalling 9,860.7 million euro show a decrease of 19.7% compared to the 12,280.0 million euro reported at 31 December 2015 (the owned subsidiaries of the Intesa Sanpaolo Vita Insurance Group totalling 8,674.9 million euro at December 2016 compared to 8,279.6 million euro at December 2015, for a change of 4.8%).
 
This performance contributed to the 8.5% increase in assets under management, which rose from 132,527.7 million euro at December 2015 to 143,735.3 million euro at December 2016 (the owned subsidiaries of the Intesa Sanpaolo Vita Insurance Group totalling 114,668.8 million euro at December 2016 compared to 105,005.4 million euro at December 2015, for a growth of 9.2%).

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

  • +1.2% in insurance provisions up from 85,362.7 million euro of December 2015 to 86,382.1 million euro at 31 December 2016 (in the owned subsidiaries of the Intesa Sanpaolo Vita Insurance Group the increase is +1.1%, rising from 79,234.9 million euro at the end of 2015 to 80,136.1 million euro at the end of 2016);
  • +21.6% in Unit and Index Linked financial liabilities, up from 47,165.0 million euro in December 2015 to 57,353.2 million euro at 31 December 2016. The financial liabilities area increased, mainly represented by Unit Linked products, which, compared to all of the assets under management, rose from 35.6% at the end of 2015 to 39.9% at the end of 2016 (the owned subsidiaries of the Intesa Sanpaolo Vita Insurance Group reported an increase of 34.0%, up from 25,770.5 million euro in 2015 to 34,532.7 million euro at 31 December 2016 with an incidence on financial liabilities compared to all assets under management of 24.5% at the end of 2015 and 30.1% at December 2016).

Consolidated net income, despite the trend of the financial markets, also performed well, rising from 658.7 million euro at 31 December 2015 to 691.1 million euro at 31 December 2016 and reporting a 4.9% increase (the owned subsidiaries of the Intesa Sanpaolo Vita Insurance Group reported 638.7 million euro at December 2016 with an increase of 4.3% compared to the 612.5 million euro at December 2015). Excluding the gain on the sale of the investment held by Intesa Sanpaolo Vita in the Chinese life insurance company Union Life carried out during the 1st half of 2015, equal to about 50 million euro after tax, and the gain on the sale of a building owned by Intesa Sanpaolo Vita carried out in the 2nd half of 2016, equivalent to about 19 million euro, net profit was up by 9.7%.

Shareholders’ equity amounted to 5,242.8 million euro for an increase of 1.5 million euro (+0.03%) compared to the end of 2015 which had reported shareholders’ equity totalling 5,241.3 million euro (the owned subsidiaries of the Intesa Sanpaolo Vita Insurance Group totalled 4,565.4 million euro for a slight decrease of 34.1 million euro (-0.7%) compared to the 4,599.5 million euro at the end of 2015).

At 31 December 2016, Solvency II measures show ratios higher than 180% both for the consolidated/aggregate results of the Insurance Division's Companies and the owned subsidiaries of the Intesa Sanpaolo Vita Insurance Group (excluding Fideuram Vita).

The total amount of subordinate debt totals 1,401.9 million euro compared to 1,399.2 million euro reported at the end of 2015 (the owned subsidiaries of the Intesa Sanpaolo Vita Insurance Group totalled 1,316.2 million euro at December 2016 compared to 1,313.5 million euro reported at the end of 2015).

 

1Insurance provisions included deferred liabilities due to insured (shadow accounting) totalling 5,743.4 million euro at 31 December 2016 compared to 6,119.2 million euro at the end of 2015. In terms of the owned subsidiaries of the Intesa Sanpaolo Vita insurance group, without considering the sister company Fideuram Vita, the amount of the shadow accounting at the December 2016 totalled 5,334.60 million euro compared to 5,655.9 million euro at the end of 2015.

2In 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.

3The 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.

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