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06/05/2016

Intesa Sanpaolo Vita: results as at 31 March 2016 approved

  • Life Gross written premiums at 6,279.0 million euro (6,648.0 million euro as at March 2015 -5.6%)
  • Claims paid at 3,638.8 million euro (3,827.2 million euro as at March 2015 -4.9%)
  • Life net written premiums at 2,640.2 million euro (2,820.8 million euro as at March 2015 -6.4%)
  • Investments at 137,828.7 million euro (134,922.4 million euro as at December 2015, +2.2%)
  • Insurance provisions at 87,411.4 million euro (85,362.7 million euro as at December 2015, +2.4%)1
  • Financial liabilities (unit and index linked) at 48,171.7 million euro (47,165.0 million euro as at December 2015, +2.1%)
  • Shareholders' equity at 5,449.6 million euro (5,241.3 million euro as at December 2015, +4.0%)
  • Net income at 222.7 million euro (204.2 million euro as at March 2015 +9.1%)
 

Milan, 6 May 2016 – The Board of Directors of Intesa Sanpaolo Vita, chaired by Luigi Maranzana, has approved the results of the Intesa Sanpaolo Vita Insurance Group as at 31 March 2016 - under the direction of the managing director Nicola Maria Fioravanti, also head of the Insurance Division of Intesa Sanpaolo - and for the Unitary Division2, the consolidated aggregates of the Intesa Sanpaolo Vita and Fideuram Vita Insurance Groups, which represent in terms of entity3, the uniform scope of the Insurance Division of the Parent Company Intesa Sanpaolo.

The consolidated income of the Intesa Sanpaolo Vita and Fideuram Vita Insurance Groups in the first quarter of 2016 reported excellent results in terms of net profit for the period despite the context of a not particularly favourable market, with confirmation of their position on the domestic insurance market thanks to gross life written premiums exceeding 6.3 billion euro. 

In terms of sales performance, new life business reported a slight decrease of -5.5% dropping from 6,572.7 million euro in March 2015 to 6,211.2 million euro at the end of the first quarter of 2016 (Intesa Sanpaolo Vita Insurance Group 5,126.5 million euro as at March 2016 compared to 4,984.9 million euro at the end of March 2015 with a change of +2.8%).

Gross written premiums amount to 6,279.0 million euro compared to  6,648.0 million euro as at 31 March 2015 showing a negative change of -5.6% (Intesa Sanpaolo Vita Insurance Group 5,167.9 million euro as at March 2016 compared to 5,029.9 million euro at March 2015 with a change of +2.7%).
 
This performance is due to:
 
  • a decrease of -253.7 million euro written premiums on Unit Linked productsoffered, starting in 2015, also as a multi-branch hybrid product: these products reported gross written premiums of 3,243.2 million euro as at 31 March 2016 compared to 3,496.9 million euro reported in the first quarter of 2015 with a decrease of -7.3%  (Intesa Sanpaolo Vita Insurance Group 2,413.9 million euro at March 2016 with an increase of 26.3% compared to 1,911.1 million euro at March 2015);
  • a  containment of the traditional product offering which witnessed a decrease of 5.1% totalling 155.8 million euro of written premiums which dropped from the 3,054.5 million euro reported in March 2015 to the 2,898.7 million euro reported in the first quarter of 2016 (Intesa Sanpaolo Vita Insurance Group 2,637.2 million euro in March 2016 with a 13.2% decrease compared to the 3,039.2 million euro in March 2015);
  • an increase of 41.8% in pension fund business written premiums which rose from the 96.6 million euro reported in the first quarter of 2015 to 137.1 million euro reported in March 2016 (Intesa Sanpaolo Vita Insurance Group 116.8 million euro in March 2016 compared to 79.6 million euro in March 2015 with a positive change equal to 46.8%).
 
Net written premiums totalling 2,640.2 million euro shows a decrease of 6.4% compared to the 2,820.8 million euro reported at 31 March 2015 (Intesa Sanpaolo Vita Insurance Group 2,313.1 million euro in March 2016 compared to 2,036.5 million euro in March 2015 for a negative change of 13.6%).
 
This performance contributed to the 2.3% increase in assets under management, which rose from 132,527.8 million euro in December 2015 to 135,583.1 million euro in March 2016 (Intesa Sanpaolo Vita Insurance Group 107,969.4 million euro in March 2016 compared to 105,005.4 million euro in December 2015 for a growth of 2.8%).
 
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:
 
  • +2.4% in insurance provisions up from 85,362.7 million euro in December 2015 to 87,411.4 million euro at the end of March 2016 (in the Intesa Sanpaolo Vita Insurance Group the increase is +2.4% rising from 79,234.9 million euro at the end of 2015 to 81,100.7 million euro at the end of the first quarter of 2016);
  • +2.1% in financial liabilities increasing from 47,165.0 million euro in December 2015 to 48,171.7 million euro in the first quarter of 2016. The financial liabilities area increased, mainly represented by Unit Linked products, which compared to all of the assets under management rose from 35.4% at the end of 2015 to 35.5% at the end of the first quarter of 2016 (the Intesa Sanpaolo Vita Insurance Group reported an increase of 4.3% up from 25,770.5 million euro in 2015 to 26,868.7 million euro at the end of the first quarter of 2016 with an incidence on financial liabilities compared to all assets under management of 24.5% at the end of 2015 and 24.8% in March 2016).
 
Investments and cash and cash equivalents rose from 138,345.2 million euro at the end of December 2015 to 141,725.0 million euro reporting a growth of 3,379.8 million euro totalling 2.4% (Intesa Sanpaolo Vita Insurance Group from 110,079.6 million euro at the end of 2015 to 113,420.0 thousand euro in March 2016 for a growth of 3,340.4 million euro equal to 3.0%).
 
The excellent performance is also reflected in the consolidated net income, which rose from 204.2 million euro in March 2015 to 222.7 million euro in March 2016 reporting a 9.1% increase (Intesa Sanpaolo Vita Insurance Group 206.0 million euro in March 2016 with an increase of 13.0% compared to the 182.3 million euro reported in March 2015.
 
Shareholders’ equity amounted to 5,449.6 million euro for an increase of 208.3 million euro (+4.0%) compared to the closing of 2015 which had reported shareholders’ equity of 5,241.3 million euro (the Intesa Sanpaolo Vita Insurance Group 4,783.8 million euro for an increase of 184.3 million euro (+4.0%) compared to 4,599.5 million euro at the end of 2015).
 
Both for the consolidated income for the Insurance Division Companies and the Intesa Sanpaolo Vita Insurance Group (excluding Fideuram Vita), the Solvency Ratio (Solvency II) performance measurements reported a ratio higher than 200% as at 31 March 2016.
 
The total amount of subordinate debt totals 1,415.8 million euro compared to the 1,399.2 million euro reported at the end of 2015 (Intesa Sanpaolo Vita Insurance Group 1,330.1 million euro in March 2016 compared to 1,313.5 million euro reported at the end of 2015). 
 
 
 
 
For information:
 
Intesa Sanpaolo Group 
Banca dei Territori Media Relations and Local Media 
06 67124992
 

1Insurance provisions included deferred liabilities due to insured (shadow accounting) totalling 7,047 million euro as at 31 March  2016 compared to 6,119.2 million euro at the end of 2015.  In terms of the Intesa Sanpaolo Vita insurance group, without considering the sister company Fideuram Vita, the amount of shadow accounting as at March 2016 totalled 6,522.4 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 IntesaSanpaolo 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.

4Multi-branch hybrid products only include written premiums referred to the Unit Linked component.