Intesa Sanpaolo Vita: results as at 31 December 2015 approved

• Life Gross written premiums at 27,524.1 million euro (26,680.9 million euro at December 2014 +3.2%)
• Life claims paid at 15,244.1 million euro(12,365.4 million euro at December 2014 +23.3%)
• Life Net written premiums at 12,280.0 million euro(14,315.5 million euro at December 2014 -14.2%)
• Investments at 134,922.4 million euro(120,834.8 million euro at December 2014 +11.7%)
• Insurance provisions at 85,362.7 million euro(80,433.3 million euro at December 2014 +6.1%)¹
• Financial liabilities (unit and index linked) at 47,165.0 million euro(37,755.8 million euro at December 2014 +24.9%)
• Shareholders’ equity at 5,241.3 million euro(4,971.9 million euro at December 2014 +5.4%)
• Net income at 658.7 million euro(530.6 million euro at December 2014 +24.1%)
• Solvency Ratio at 166.3% (168.1% at December 2014)

 

Milan, 5 February 2016 – The Board of Directors of Intesa Sanpaolo Vita, chaired by Luigi Maranzana, has approved the results of the Intesa Sanpaolo Vita Insurance Group at 31 December 2015 – under the direction of the managing director Nicola Maria Fioravanti, also head of the Insurance Division of Intesa Sanpaolo – and for the Unitary Division², the consolidated aggregates of the Intesa Sanpaolo Vita and Fideuram Vita Insurance Groups, which represent in terms of entity³, the uniform scope of the Insurance Division of the Parent Company Intesa Sanpaolo.

The consolidated income of the Intesa Sanpaolo Vita and Fideuram Vita Insurance Groups for 2015 reported an excellent sales result, with a reinforcement of their position on the domestic insurance market thanks to gross life written premiums exceeding 27.5 billion euro, an important increase in financial results and robust capital situation.

The end of 2015 confirmed a growth in sales performance thanks to the contribution of the Intesa Sanpaolo distribution networks: new life business reported an increase of 3.4% rising from 26,309.6 million euro in 2014 to 27,206.9 million euro at the end of 2015 (Intesa Sanpaolo Vita Insurance Group 20,724.8 million euro at the end of 2015 compared to 20,625.2 million euro at the end of 2014 with a change of +0.5%).

Gross written premiums rose from 26,680.9 million euro at the end of 2014 to 27,524.1 million euro at the end of 2015 showing a positive change of 3.2% (Intesa Sanpaolo Vita Insurance Group 20,924.6 million euro at the end of 2015 compared to 20,849.3 million euro at the end of 2014 with a change of +0.4%).

This growth was possible thanks to:

• an increase of 5,028.2 million euro written premiums on of Unit Linked products⁴ offered, starting in 2015, also as a multi-branch hybrid product: this products reported gross written premiums of 15,331.8 million euro in 2015 compared to 10,303.7 million euro reported in 2014 with a positive change of +48.8% (Intesa Sanpaolo Vita Insurance Group 9,137.5 million euro at the end of 2015 with a 54.6% increase compared to the 5,912.3 million euro at the end of 2014);
• a  containments of the traditional product offering which witnessed a decrease of 27.6% totalling 4,449.0 million euro of traditional product written premiums which dropped from the 16,118.4 million euro reported at the end of 2014 to the 11,669.4 million euro reported in 2015 (Intesa Sanpaolo Vita Insurance Group 11,365.7 million euro at the end of 2015 with a 23.0% decrease compared to the  14,763.1 million euro at the end of 2014);
• an increase of 102.0% in pension fund business written premiums which rose from the 258.8 million euro reported at the end of 2014 522.9 million euro reported at the end of 2015 (Intesa Sanpaolo Vita Insurance Group 421.4 million euro at the end of 2015 compared to 173.9 million euro at the end of 2014 with a positive change equal to 142.3%).

Net written premiums totalling 12,280.0 million euro shows a decrease of 14.2% compared to the 14,315.5 million euro reported at the end of 2014 (Intesa Sanpaolo Vita Insurance Group 8,279.6 million euro at the end of 2015 compared to 11,046.0 million euro at the end of 2014 for a negative change of 25.0%).

This performance contributed to the 12.1% increase in assets under management which rose from 118,189.2 million euro in 2014 to 132,527.8 million euro  at the end of 2015 (Intesa Sanpaolo Vita Insurance Group 105,005.4 million euro at the end of 2015 compared to 94,878.0 thousand euro at the end of 2014 for a growth of 10.7%).

The increase in assets under management was recorded both in the insurance provisions and in the financial liabilities relating to index and unit linked products:

• +6.1% in insurance provisions up from 80,433.3 million euro of 2014 to 85,362.7 million euro at the end of 2015 (in the Intesa Sanpaolo Vita Insurance Group the increase is +6.5% rising from 74,413.9 million euro at the end of 2014 to 79,234.9 million euro at the end of 2015);
• +24.9% in financial liabilities increasing from 37,755.8 million euro in 2014 to 47,165.0 million euro in 2015. The financial liabilities area increased, mainly represented by Unit Linked products, which compared to all of the assets under management rose from 31.6% at the end of 2014 to 35.4% at the end of 2015 (the Intesa Sanpaolo Vita Insurance Group reported an increase of 25.9% up from 20,464.1 million euro in 2014 to 25,770.5 million euro at the end of 2015 with an incidence on financial liabilities compared to all assets under management of 21.6% at the end of 2014 and 24.5% at the end of 2015).

During the run up phase to the introduction of the Solvency II, legislation, important results were achieved in steering premium writing and managed assets towards the Unit Linked component and optionalities and guarantees for traditional product portfolios were decreased.

Investments and cash and cash equivalents rose 123,923.7 thousand euro at the end of December 2014 to 138,345.2 million euro reporting a growth of 14,421.5 million euro totalling 11.6% (Intesa Sanpaolo Vita Insurance Group 99,753.4 million euro at the end of 2014 to 110,079.6 million euro at the end of 2015 for a growth of 10,326.2 million euro equal to 10.4%).

This excellent performance is also reflected in the consolidated net income which rose from the 530.6 million euro in 2014 to 658.7 million euro in 2015 reporting a 24.1% increase (Intesa Sanpaolo Vita Insurance Group 612.5 million euro at the end of 2015 with an increase of 27.5% compared to the 480.4 million euro at the end of 2014).

Shareholders’ equity amounted to 5,241.3 million euro for an increase of 269.4 million euro compared to the end of 2014 which had reported shareholders’ equity totalling 4,971.9 million euro (the Intesa Sanpaolo Vita Insurance Group 4,599.5 million euro for an increase of 220.0 million euro (+5.0%) compared to the 4,379.5 million euro at the end of 2014).

The Group’s solvency ratio (Solvency I ratio), defined as the ratio between available margin and required margin, confirms the capital solidity of the insurance business of the Intesa Sanpaolo Group. The Solvency Ratio at the end of 2015 stood at 166.3% (168.1% at 31 December 2014), with a surplus of 2,329.3 million euro (2,210.7 million euro at the end of 2014). 2014).

Without the contribution of Fideuram Vita, the Group’s solvency ratio (Solvency I ratio) stands at 171.8% at year end (173.9% at 31 December 2014), with a surplus of 2,174.7 million euro (2,051.8 million euro at the end of 2014).

The total amount of subordinate debt totals 1,399.2 million euro compared to the 1,423.2 million euro reported at the end of 2014 (Intesa Sanpaolo Vita Insurance Group 1,313.5 thousand euro at the end of 2015 compared to 1,337.6 thousand euro reported at the end of 2014).