Press Center ITA ENG
13/11/2018

Intesa Sanpaolo Vita Results and Capital Requirements as at 30 September 2018

 

  • Assets Under Management at € 151,951.0 million (€ 151,343.5 million as at December 2017, +0.4%)

  • Financial liabilities (Unit and Index Linked) at € 71,489.1 million (€ 68,398.4 million as at December 2017, +4.5%)

  • Insurance provisions at € 80,461.9 million (€ 82,945.1 million as at December 2017, -3%)1

  • Life Gross written premiums at € 15,548.4 million (€ 16,809.9 million Euro as at September 2017, -7.5%)

  • Claims paid at € 11,419.6 million (€ 11,557.5 million as at September 2017, -1.2%)

  • Net Life written premiums at € 4,128.7 million (€ 5,252.4 million at September 2017, -21.4%)

  • Investments at € 156,214.5 million (€ 156,124.0 million at December 2017, 0.1 %)

  • Shareholders’ equity at € 5,614.1 million (€ 5,541.3 million at December 2017, +1.3%)

  • Net income at € 553.4 million (€ 528.8 million at September 2017, +4.7%)

  • Solvency capital requirement at 207%

 

Milan, 13 November 2018 – The Board of Directors meeting of Intesa Sanpaolo Vita of 6 November 2018, under the chairmanship of Luigi Maranzana and under the management of the Chief Executive Officer Nicola Maria Fioravanti, also responsible for the Insurance Division of Intesa Sanpaolo, has approved the results as at 30 September 2018. These refer to the Intesa Sanpaolo Vita insurance group with reference only to companies subject to a controlling interest (excluding therefore Fideuram Vita) and, for the Unitary Division2, to the Intesa Sanpaolo Vita insurance group including Fideuram Vita which, at the entity level3, is consistent with the Insurance Division of the Parent Company Intesa Sanpaolo.

“The Insurance Division closed the first nine months of 2018 confirming a good commercial performance and a significant economic result, despite the greater instability of financial markets.

The contribution to the gross operating result of the Intesa Sanpaolo Group was 11% - said Nicola Maria Fioravanti, Head of the Insurance Division of the Intesa Sanpaolo Group - and is part of the Group's strategy to focus increasingly on a Wealth Management & Protection proposition, thanks to the joint work of the Group Division and Networks.

In particular, the performance of the Division in the non-life segment improved further. After the first nine months, non-motor grew by more than 130% in Health and Accident products and over 45% in Home and Family products”

Assets under management grew by 0.4%, increasing from € 151,343.5 million at December 2017 to € 151,951.0 million at September 2018 (Intesa Sanpaolo Vita insurance Group referring only to companies subject to a controlling interest: from € 119,895.8 million at December 2017 to € 120,665.3 million in September 2018, an increase of 0.6%).

In particular:

  • +4.5% in financial liabilities related to index and unit linked products, increasing from € 68,398.4 million at December 2017 to € 71,489.1 million at September 2018 Financial liabilities, predominantly represented by Unit Linked products, increased, which compared to total assets under management, increased from 45.2% at the end of 2017 to 47.0% at September 2018 (Intesa Sanpaolo Vita insurance Group referring only to companies subject to a controlling interest increased by 7.7%, from € 43,442.9 million at December 2017 to € 46,786.8 million at September 2018, with an increase in the incidence of financial liabilities compared to total assets under management from 36.2% at the end of 2017 to 38.8% at September 2018);

  • -3.0% in insurance provisions decreasing from € 82,945.1 million at December 2017 to € 80,461.9 million at September 2018 (in the Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest, the decrease was 3.4% from € 76,452.9 million at the end of 2017 to € 73,878.5 million at September 2018).

Net consolidated profit went from € 528.8 million at 30 September 2017 to € 553.4 million at September 2018, with an increase of 4.7% (Intesa Sanpaolo Vita insurance group referring only to companies subject to a controlling interest : from € 481.9 million recorded at September 2017 to € 514.5 million at September 2018, an increase of 6.8%).

With regard to commercial performance, new life written premiums recorded a 7.5% decrease from € 16,633.5 million at September 2017 to € 15,383.7 million at September 2018 (Intesa Sanpaolo Vita insurance group referring only to companies subject to a controlling interest: from € 13,318.5 million recorded at September 2017 to € 12,895.0 million at September 2018, a decrease of 3.2%).

Gross life written premiums also recorded a 7.5% decrease from € 16,809.9 million at September 2017 to € 15,548.4 million at September 2018 (Intesa Sanpaolo Vita insurance group referring only to companies subject to a controlling interest: from € 13,436.4 million recorded at September 2017 to € 13,007.3 million at September 2018, a decrease of 3.2%).

This performance was due to:

  • a decrease in written premiums of Unit Linked products4 offered, also in the hybrid multi-segment configuration: at September 2018 these products recorded gross written premiums of € 9,306.9 million, down by 22.3% (Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest): € 7,287.7 million at September 2018, down by 19.3%);

  • an extension of the offer of traditional products which recorded an increase in written premiums of 31.0%, equal to € 1,357.7 million, from € 4,372.9 million at September 2017 to € 5,730.6 million at 30 September 2018 (Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest: from € 4,011.3 million at September 2017 to € 5,286.0 million at September 2018, an increase of 31.8%). In particular, it should be noted that Intesa Sanpaolo Vita completed the marketing of the new "Scelta Sicura" product, dedicated to the Banca dei Territori customers with a cash balance on the current account of at least 40,000 euros.

  • a 10.4% increase in written premiums in the pension business that went from € 462.8 million at 30 September 2017 to € 510.8 million at 30 September 2018 (Intesa Sanpaolo Vita insurance Group referring only to companies subject to a controlling interest: from € 394.9 million at September 2017 to € 433.6 million at September 2018, an increase of 9.8%).

Net life written premiums equal to € 4,128.7 million recorded a 21.4% decrease from € 5,252.4 million at 30 September 2017 (Intesa Sanpaolo Vita insurance group referring only to companies subject to a controlling interest: from € 4,319.3 million at September 2017 to € 3,787.3 million at September 2018, a decrease of 12.3%).

P&C business premiums amounted to 362.1 million, up 10.1% compared to the previous year. There was significant growth in non-motor products on which the 2018-2021 business plan is focussed. In particular, Health and Accident products grew by over 130% and Home and Family products by over 45%.

Shareholders’ equity stood at € 5,614.1 million, an increase of € 72.8 million (+1.3%) compared to the end of the 2017 financial year, which had a shareholders’ equity of € 5,541.3 million (Intesa Sanpaolo Vita Insurance Group referring only to the companies subject to a controlling interest: € 4,877.3 million at September 2018, up € 59.1 million, + 1.2% compared to € 4,818.2 million at the end of 2017).

The regulatory Solvency Ratio at 30 September 2018 of the Intesa Sanpaolo Vita insurance group, including Fideuram Vita, was equal to 207% (excluding Fideuram Vita equal to 211%).

The total amount of subordinated debt amounted to € 1,590.1 million compared to € 2,071.8 million at the end of 2017 (Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest € 1,441.8 million at September 2018 compared to € 1,926.6 million at the end of 2017). On 18 September 2018, the Company repaid a subordinated security for a total amount of 500,000,000 Euros classified as TIER II for Solvency II solvency capital purposes.

 

 

 

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

 

 

1  Insurance provisions included deferred liabilities due to insured (shadow accounting provision) totalling € 1,640.8 million at 30 September 2018 compared to 4,777.8 at the end of 2017. Regarding the Intesa Sanpaolo Vita insurance group referring only to companies subject to a controlling interest (excluding, therefore, Fideuram Vita), the extent of the shadow accounting provision as at 30 September 2018 was € 1,535.8 million compared to € 4,433.2 million at the end of 2017.

2  The insurance Parent Company Intesa Sanpaolo Vita, pursuant to Article 96 of Legislative Decree 209/2005 "Private Insurance Code", is required to prepare the consolidated/aggregate financial statements, also including the subsidiary Fideuram Vita in the scope of consolidation.

3  The companies included in the Intesa Sanpaolo Insurance Division are: Intesa Sanpaolo Vita, Intesa Sanpaolo Life, Intesa Sanpaolo Assicura and Fideuram Vita.

4 The hybrid multi-segment products only include written premiums referring to the Unit Linked component.