(Alliance News) - The board of directors of Unipol Spa has approved the consolidated results as of September 30, closing with a profit with a consolidated net profit of EUR769 million, compared to the consolidated net profit of EUR854 million in the corresponding period last year.

It should be noted that last year, as the company specifies, "reflected extraordinary items of approximately EUR275 million related to the pro-rata consolidation of BPER Banca. The figure for the first nine months 2022, restated for comparative purposes in application of the new principles, would be EUR495 million."

In the first nine months, direct insurance funding, before reinsurance cessions, stood at EUR10.57 billion, up 7.5 percent from the EUR9.83 billion recorded as of September 30, 2022.

The combined ratio - including the reinsurance balance - stood at 98.6 percent compared to 97.1 percent recorded for the first half of the year. The combined ratio for the first nine months of 2022, calculated according to the accounting standards and methodology in force at the time, had been 93.2 percent.

The pre-tax result for the life business was EUR221 million, an improvement over the EUR189 million realized in the first nine months of fiscal 2022 determined on the basis of previous accounting principles.

In terms of the group solvency ratio, the ratio of shareholders' equity to required capital was 218 percent as of Sept. 30, compared to 200 percent as of Dec. 31, 2022.

Unipol closed Thursday's session in the green by 2.2 percent at EUR5.22 per share

By Maurizio Carta, Alliance News reporter

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