Intesa Sanpaolo Vita: consolidated results as at 31 December 2023 approved

• Life gross written premiums up to 15.3 billion euro 
• Assets under management stand at 171.6 billion euro
• Continued growth in non-motor policies 
• Net profit attributable to the Group rises to 942.6 million euro
• Solvency capital requirement at 256%

Milan, 6 February 2024 – The Board of Directors of Intesa Sanpaolo Vita, meeting on 6 February 2024 under the chairmanship of Luigi Maranzana and under the direction of the Managing Director, Nicola Maria Fioravanti – also responsible for the Insurance Division of Intesa Sanpaolo – has approved the results at 31 December 2023. They relate to the Intesa Sanpaolo Vita Insurance Group, which refers only to companies in which the Group has a controlling interest¹ (excluding therefore Fideuram Vita) and, for the Unified Management², the Intesa Sanpaolo Vita Insurance Group including Fideuram Vita. 

The consolidated results as at 31 December 2023 of the Intesa Sanpaolo Vita Insurance Group, including the companies subject to Unified Management, reported good income and commercial performance, confirming the validity of the Insurance Group's management strategy.

Life gross written premiums stood at € 15,303.9 million, which compares with € 16,222.7 million as of 31 December 2022, a decrease of 5.7% mainly attributable to the contraction in inflows for Unit Linked products by 43.7% partially offset by +24.2% of Traditional policies and +20.5% of the Pension sector (the Intesa Sanpaolo Vita insurance group, referring only to companies in which the Group has a controlling interest, reported gross life written premiums of € 11,959.2 million at 31 December 2023, compared to € 12,950.4 million at 31 December 2022, with a decrease of 7.7% mainly attributable to the contraction in inflows for Unit Linked products equal to 54.4%, partially offset from +18.5% of Traditional policies and +24.9% of the Pension sector).

Life new business stood at € 14,929.0 million, which compares with € 15,801.1 million at 31 December 2023, recording a decrease of 5.5% (the Intesa Sanpaolo Vita insurance group, referring only to companies in which the Group has a controlling interest, reported life new business of € 11,630.2 million as of 31 December 2023, which compares with € 12,579.4 million recorded as of 31 December 2022 with a decrease of 7.5%).

P&C business premiums stood at € 1,467.2 million, up 2.2% compared to € 1,435.9 million at 31 December 2022, considering the figures restated for consistency of comparison. Premiums in the non-motor segment, which is also the focus of the new Business Plan, were up 6.9%.

Consolidated net profit attributable to the Group grew to € 942.6 million compared to € 936.9 million at 31 December 2022³ (the Intesa Sanpaolo Vita insurance group, referring only to companies in which the Group has a controlling interest, reported a consolidated net profit attributable to the Group of € 859.8 million at 31 December 2023, compared to the € 851.7 million recorded the previous year).

Assets under management⁴ amounted to € 171,607.5 million compared to € 172,163.2 million in December 2022 (the Intesa Sanpaolo Vita insurance group, referring only to companies in which the Group has a controlling interest, reported AUM of € 133,548.7 million at 31 December 2023, compared to € 137,127.5 million in December 2022). 

Shareholders’ equity stood at € 6,815.9 million, an increase of € 650.9 million (+10.6%) compared to year-end 2022, which had a shareholders’ equity of € 6,165.0 million (the Intesa Sanpaolo Vita Insurance Group referring only to the companies subject to a controlling interest recorded shareholders’ equity of € 6,051.2 million, up € 541.1 million compared to € 5,510.1 million at the end of 2022).

The regulatory solvency ratio as at 31 December 2023 was 256.3% (the Intesa Sanpaolo Vita insurance group, referring only to companies in which the Group has a controlling interest, had a solvency ratio of 256.3%).

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Intesa Sanpaolo Vita Group adopted the accounting standards IFRS 9 with reference to financial instruments and IFRS 17 with reference to insurance liabilities as of 1 January 2023. The recalculation of shareholders' equity and profit for the period ended 31 December 2022 according to the new accounting standards adopted did not lead to significant differences compared to the approved Consolidated Financial Statements of the Intesa Sanpaolo Vita Insurance Group.

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