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05/05/2023

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

 

  • Life Gross written premiums reach 4.6 billion euro 
  • Assets under management stand at 174.3 billion euro
  • Continued growth in non-motor policies 
  • Net profit rises to 211.6 million euro
  • Solvency capital requirement at 219%

Milan, 5 May 2023 - The Board of Directors’ meeting of Intesa Sanpaolo Vita, held on 5 May 2023 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 – approved the results as at 31 March 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 March 2023 of the Intesa Sanpaolo Vita Insurance Group, including the companies subject to Unified Management, reported strong profitability despite the not particularly favourable market environment, confirming the validity of the Insurance Group's management strategy.

Life gross written premiums stood at € 4,627.8 million, compared to € 3,862.9 million at 31 March 2022, an increase of 19.8%, which was mainly attributable to the +133.9% increase in traditional products partially offset by the -52.3% decrease in the unit-linked segment (the Intesa Sanpaolo Vita insurance group, referring only to companies in which the Group has a controlling interest, reported gross life written premiums of € 3,809.8 million at March 2023 compared to € 3,116.2 million at March 2022, an increase of 22.3%, attributable mainly to figures of +119.7% for traditional products, partially offset by -61.6% for unit-linked products).

Life new business amounted to € 4,534.8 million, compared to € 3,753.9 million at 31 March 2022, an increase of 20.8% (the Intesa Sanpaolo Vita insurance group, referring only to companies in which the Group has a controlling interest, reported life new business of € 3,728.6 million at 31 March 2023, compared to € 3,019.8 million in March 2022, an increase of 23.5%).

P&C business premiums amounted to € 407.3 million, up 3.2% compared to € 394.7 million at 31 March 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 10%.

Consolidated net profit amounted to € 211.6 million, compared to € 188.9 million at 31 March 20223 (the Intesa Sanpaolo Vita insurance group, referring only to companies in which the Group has a controlling interest, reported a net profit of € 194.4 million at 31 March 2023, compared to € 163.2 million in March 2022).

Assets under management4 amounted to € 174,333.4 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 € 138,427.2 million in March 2023, compared to € 137,127.5 million in December 2022). 

Shareholders’ equity stood at € 5,910.2 million, a decrease of € 254.8 million (-4.1%) 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 € 5,229.4 million, down € 280.7 million compared to € 5,510.1 million at the end of 2022). The change is due to the payment of dividends totalling € 504.5 million and to the change in the fair value of the shares.

The Regulatory Solvency Ratio as at 31 March 2023 was 219% (for the Intesa Sanpaolo Vita Insurance Group, referring only to companies in which the Group has a controlling interest, the solvency ratio was 216%).

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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 2022. 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
 

1 The operating companies in which the Group has a controlling interest are: Intesa Sanpaolo Vita, Intesa Sanpaolo Life, Intesa Sanpaolo Assicura, Intesa Sanpaolo RBM Salute and Intesa Sanpaolo Insurance Agency. The balance sheet figures as at 31 December 2022 and the income statement figures as at 31 March 2022 have been restated to ensure consistency of comparison with the application of accounting standards IFRS 17 and IFRS 9 as of 1 January 2023.

2 Under Article 96 of Legislative Decree 209/2005 "Private Insurance Code", the insurance parent company Intesa Sanpaolo Vita is required to prepare consolidated/aggregate financial statements, including the associate Fideuram Vita within its consolidation.

3 The consolidated net profit attributable to the Group as at 31 March 2023 amounted to € 209.8 million, compared to € 187.8 million at 31 December 2022.

4 The value of assets under management corresponds to the fair value of the financial and insurance-policy liabilities.