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21/05/2019

Intesa Sanpaolo Vita Results and Capital Requirements as at 31 March 2019

 

  • Assets Under Management at €153,670.2 million (€148,803.2 million at December 2018 +3.3%)

  • Financial liabilities (Unit Linked) at €71,149.2 million (€67,990.2 million at December 2018 +4.6%)

  • Insurance provisions at €82,521.1 million (€80,813.0 million at December 2018 +2.1%)1

  • Life Gross written premiums at €3,806.5 million (€5,551.8 million at March 2018 -31.4%)

  • Life claims paid at €3,958.3 million (€4,252.5 million at March 2018 -6.9%)

  • Investments at €158,000.2 million (€152,501.8 million at December 2018, +3.6%)

  • Shareholders' Equity at €5,523.5 million (€5,336.1 million at December 2018 +3.5%)

  • Net profit at €159.9 million (€204.3 million at March 2018 -21.7%)

  • Solvency capital requirement at 195%

 

Milan, 21 May 2019 – The Board of Directors of Intesa Sanpaolo Vita, 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 at 31 March 2019. These concern 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.

As stated by Mr. Nicola Maria Fioravanti, "The Insurance Division closed the first quarter of the year with profit for the period of €160 million, accounting for about 10% of the result for the period of the Intesa Sanpaolo Group, and with a Solvency Ratio of 195%.

The high profitability and capital strength are matched by the steadfast commitment of both the Division’s more than 800 people and the distribution networks to offer quality products and services to our customers, allowing them to face the current period of uncertainty with greater serenity.

We have further focused the Division’s activity on welfare, in terms of both the pensions and P&C businesses, to meet the growing attention and new needs of retail and corporate clients.

In both businesses, the trend in the first three months of the year was significant, especially in the non-motor sector, where Home and Health products grew overall by about 140% compared to 2018,” concluded Fioravanti.

Assets under management grew by 3.3% from €148,803.2 million at December 2018 to €153,670.2 million at March 2019 (the Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest with AUM increasing by 2.5% from €118,848.0 million at December 2018 to €121,764.6 million at 31 March 2019).

Specifically:

  • +4.6% in financial liabilities related to unit linked products, increasing from €67,990.2 million at December 2018 to €71,149.2 million at March 2019. Financial liabilities, predominantly represented by Unit Linked products, increased, which compared to total assets under management, increased from 45.7% at the end of 2018 to 46.3% at March 2019 (the Intesa Sanpaolo Vita insurance Group referring only to companies subject to a controlling interest increased by 4.0%, from € 44,885.2 million at December 2018 to € 46,670.1 million at 31 March 2019, with an increase in the incidence of financial liabilities compared to total assets under management from 37.8% at the end of 2018 to 38.3% at March 2019);

  • +2.1% in technical reserves, increasing from €80,813.0 million at December 2018 to € 82,521.1 million at March 2019 (in the Intesa Sanpaolo Vita Insurance Group referring only to the companies subject to a controlling interest, there was an increase of 1.5% from €73,962.8 million at the end of 2018 to €75,094.5 million at 31 March 2019).

Net consolidated income went from €204.3 million at 31 March 2018 to €159.9 million at 31 March 2019, highlighting a decrease of 21.7% related mainly to financial components realised in the first quarter of 2018 (the Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest recorded a decrease in net consolidated income from €187.9 million at 31 March 2018 to €148.3 million at 31 March 2019, down by 21.1%).

Life gross written premiums also decreased by 31.4% from €5,551.8 million at 31 March 2018 to €3,806.5 million at 31 March 2019 (the Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest recorded Life Gross written premiums decreasing by 39.3% from €4,626.7 million at 31 March 2018 to €2,810.6 million at 31 March 2019).

This performance was due to:

  • an extension of the offer of traditional products which led to an increase in collection of 43.1%, equal to €668.6 million, increasing from € 1,551.4 million at 31 March 2018 to €2,220.0 million at 31 March 2019 (the Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest increased by 22.0%, equal to €319.5 million, from €1,453.1 million at 31 March 2018 to €1,772.6 million at March 2019);

  • an 8.1% increase in pension business collection from €171.8 million at 31 March 2018 to €185.8 million at 31 March 2019 (the Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest increased by 7.4% from €145.9 million at 31 March 2018 to €156.7 million at 31 March 2019);

  • a decline in premiums on the Unit Linked products4 offered, also in the hybrid multi-sector configuration, whose placement was affected by the uncertainty of financial markets. At 31 March 2019 these products recorded gross collections totaling €1,400.7 million, down by 63.4% (the Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest recorded collections of €881.4 million at 31 March 2019, down by 70.9%).

As regards commercial performance, new Life written premiums decreased by 31.8% from €5,495.9 million at 31 March 2018 to €3,750.2 million at 31 March 2019 (the Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest recorded a 39.6% decrease in new Life written premiums from €4,589.1 million at 31 March 2018 to €2,771.2 million at 31 March 2019).

P&C business premiums amounted to 156.8 million, up 36.0% compared to the previous year. There was significant growth in non-motor products on which the 2018-2021 business plan is focussed. In particular, Home and Health products grew by 141%.

Shareholders’ equity stood at € 5,523.5 million, an increase of € 187.4 million, +3.5% compared to the end of the period 2018, which had a shareholders’ equity of €5,336.1 million (the Intesa Sanpaolo Vita Insurance Group referring only to the companies subject to a controlling interest recorded shareholders’ equity of €4,754.6 million at 31 March 2019, an increase of €167.7 million, +3.7% compared to €4,586.9 million at the end of 2018).

The quarterly regulatory Solvency Ratio at 31 March 2019 was equal to 195%. (For the Intesa Sanpaolo Vita Insurance Group referring only to the companies subject to a controlling interest the Solvency Ratio was 193%).

The total amount of subordinated debt amounted to €1,550.4 million compared to €1,535.5 million at the end of 2018 (for the Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest, debt amounted to €1,404.2 million at 31 March 2019 compared to €1,390.4 million at the end of 2018). 

 

 

 

For more information:


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

 

1  Insurance Provisions include deferred liabilities towards policyholders (shadow reserve) of €3,016.8 million at 31 March 2019 compared to €2,029.5 million at year-end 2018, of which €3,011 million relating to the AFS reserve. Regarding the Intesa Sanpaolo Vita Insurance Group referring only to companies subject to a controlling interest (excluding, therefore, Fideuram Vita), the shadow reserve at 31 March 2019 amounted to €2,802.9 million compared to €1,888.8 million at year-end 2018.

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 collection referring to the Unit Linked component.