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16/05/2018

Intesa Sanpaolo Vita: Results and Capital Requirements at 31 March 2018

  • Assets Under Management at € 151,914.9 million (€ 151,343.5 million as at December 2017 +0.4%)

  • Financial liabilities (Unit and Index Linked) at € 69,240.2 million (€ 68,398.4 million as at December 2017 + 1.2%)

  • Insurance provisions at € 82,674.7 million (€ 82,945.1 million as at December 2017 -0.3%)1

  • Life Gross written premiums at € 5,551.8 million (6,037.1 million as at March 2017, -8.0%)

  • Claims paid at € 4,252.5 million (€ 3,863.8 million euro as at March 2017, +10.1%)

  • Life Gross written premiums at € 1,299.4 million (€ 2,173.3 million as at March 2017, -40.2%)

  • Investments at € 156,792.0 million (€ 156,124.0 million at December 2017 +0.4%)

  • Shareholders’ equity at € 5,752.5 million (€ 5,541.3 million at December 2017 +3.8%)

  • Net income at € 204.3 million (€ 201.1 million as at March 2017, +1.6%)

  • Solvency capital requirement at 239%

Milan, 16 May 2018  – The Board of Directors' meeting of Intesa Sanpaolo Vita held on 8 May 2018, chaired by the Deputy Chairman Elio Fontana and guided by the Chief Executive Officer Nicola Maria Fioravanti, also responsible for the Intesa Sanpaolo Insurance Division, has approved the results of the Intesa Sanpaolo Vita Insurance Group as at 31 March 2018, with reference only to companies subject to a controlling interest (excluding, therefore, Fideuram Vita) and, for Unified Management2, the consolidated/aggregated results of the Intesa Sanpaolo Vita Insurance Group including Fideuram Vita, which represent, at the entity level3, a perimeter homogeneous with the Insurance Division of the Parent Company, Intesa Sanpaolo.

“The Insurance Division closed the first quarter of 2018 with a good commercial performance and a significant operating profit, such as to contribute 12% to the gross profit of the Intesa Sanpaolo Group – said Nicola Maria Fioravanti, Head of the Insurance Division of the Intesa Sanpaolo Group.

The Group intends to position itself in the new 2018-2021 plan as a Wealth Management and Protection Company. The performance recorded in the non-life segment in the first quarter was excellent, with an already significant increase for non-motor products on which the plan focuses the most: Health and Accidents grew by almost 100%, and Home and Family by 40%.

This result rewards the work of the people of the Division and of our Networks who, pending the launch in the coming months of specific commercial and product initiatives, were able to immediately interpret the focus envisaged by the new plan on the approach based on the protection needs of our customers”.

Assets under management grew by 0.4%, increasing from € 151,343.5 million at December 2017 to € 151,914.9 million at March 2018 (Intesa Sanpaolo Vita insurance Group referring only to companies subject to a controlling interest € 120,857.0 million at March 2018 compared to € 119,895.8 million at December 2017 with an increase of 0.8%), in particular:

  • +1.2% in financial liabilities related to index and unit linked products, increasing from € 68,398.4 million at December 2017 to € 69,240.2 million at 31 March 2018. The financial liabilities component, predominantly represented by Unit Linked products, increased, which compared to total assets under management, increased from 45.2% at the end of 2017 to 45.6% at 31 March 2018 (the Intesa Sanpaolo Vita insurance Group referring only to companies subject to a controlling interest increased by 2.9%, from € 43,442.9 million at 31 December 2017 to € 44,711.4 million at 31 March 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 37.0% at March 2018);

  • -0.3% in insurance provisions decreasing from € 82,945.1 million at December 2017 to € 82,674.7 million at 31 March 2018 (in the Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest, the decrease was 0.4% from € 76,452.9 million at the end of 2017 to € 76,145.6 million at 31 March 2018).

Consolidated net income grew from € 201.1 million at 31 March 2017 to € 204.3 million at 31 March 2018, an increase of 1.6% (only subsidiaries subject to a controlling interest of the Intesa Sanpaolo Vita Insurance Group reported € 187.9 million at March 2018 with an increase of 2.5% compared to € 183.3 million at March 2017).

As for commercial performance, new life business decreased by -8.0%, from € 5,977.1 million at March 2017 to € 5,495.9 million at 31 March 2018 (only subsidiaries subject to a controlling interest of the Intesa Sanpaolo Vita Insurance Group totalling € 4,589.1 million at March 2018 compared to € 4,577.4 million at March 2017, an increase of 0.3%).

Life Gross written premiums totalling € 5,551.8 million euros show a decrease of -8.0% compared to the € 6,037.1 million reported at 31 March 2017 (only subsidiaries subject to a controlling interest of the Intesa Sanpaolo Vita Insurance Group totalling € 4,626.7 million at March 2018 compared to € 4,616.1 million euros at March 2017, a change of 0.2%).

This trend is due to:

  • a dip in collection of Unit Linked products4 offered, also in the hybrid multi-segment configuration: these products, at 31 March 2018, had a gross collection of € 3,828.6 million compared to € 4,310.0 million at 31 March 2017, a decrease of 11.2% (Intesa Sanpaolo Vita insurance Group referring only to companies subject to a controlling interest € 3,027.7 million at March 2018, a decrease of 1.5% compared to € 3,073.4 million at March 2017);

  • a downsizing of the offer of traditional products which recorded a decrease in collection of 1.3%, equal to € 20.0 million, from € 1,571.4 million at March 2017 to € 1,551.4 million at 31 March 2018 (Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest € 1,453.1 million at March 2018 compared to € 1,409.9 million at March 2017);

  • a 10.3% increase in collection in the pension business from € 155.7 million at 31 March 2017 to € 171.8 million at 31 March 2018 (Intesa Sanpaolo Vita insurance Group referring only to companies subject to a controlling interest € 145.9 million at March 2018 compared to € 132.8 million at March 2017, an increase of 9.8%).

Net life earned premiums amounting to € 1,299.4 million decreased by 40.2% compared to the € 2,173.3 million at 31 March 2017 (Intesa Sanpaolo Vita insurance Group referring only to companies subject to a controlling interest € 1,141.2 million at March 2018 compared to € 1,854.9 million at March 2017, a decrease of -38.5%).

P&C business premiums stand at € 115.3 million compared to € 116.1 million at 31 March 2017, with good growth in non-motor products, on which the 2018-2021 business plan will focus. In particular, Health and Accident products went up by nearly 100%, and Home Insurance Policies by 40%.

Shareholders’ equity stood at € 5,752.5 million, an increase of € 211.2 million (+3.8%) compared to the end of the 2017 financial year, which had a shareholders’ equity of € 5,541.3 million (the Intesa Sanpaolo Vita Insurance Group referring only to the companies subject to a controlling interest € 5.011,7 million, an increase of € 193.5 million, +4.0% compared to € 4.818,2 million at the end of 2017).

The regulatory Solvency Ratio of the Intesa Sanpaolo Vita Insurance Group including Fideuram Vita was 239% (248% not including Fideuram Vita).

The total amount of subordinated debt amounted to € 2,093.8 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 € 1,947.6 million at March 2018 compared to € 1,926.6 million at the end of 2017).

 

 

For information:

Gruppo Intesa Sanpaolo
Media Wealth Management Office
stampa@intesasanpaolo.com
+39 02 87963119

 

1  Insurance provisions included deferred liabilities due to insured (shadow accounting) totalling € 5,036.1 million at 31 March 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 shadow accounting as at March 2018 was € 4,672.4 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, Intesa Sanpaolo Smart Care and Fideuram Vita.

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