Please note that the original press release is in Italian.
In ase of doubt the Italian version prevails.
1st Half 2016 ResultsGroup Consolidated Results
Net Group Profit: € 48.9 million (+20.0%)
Group Shareholders' equity: € 718.7 (+4.0% vs. 31 December 2015)
Written Premium: € 631.9 million (-4.8%)
Results of the parent company Vittoria Assicurazioni S.p.A.
- Net Profit: € 48.8 million (+13.9%)
- Shareholders' equity: € 574.6 (+6.6% vs. 31 December 2015)
Direct Non-Life Premium: € 536.4 million (+0.2%)
Direct Life Premium: € 97.6 million (-25.0%)
Retained Non-Life Combined Ratio1: 89.4% (90.2% in 1st half 2015)
Retained Non-life Loss Ratio2: 64.0% (64.8% in 1st half 2015)
The Board of Directors of Vittoria Assicurazioni, which met today in Milan, has reviewed the results for the 1st half of 2016.
Consolidated Results (IFRS GAAP)
Results for the 1st half of 2016 show a Group Net Profit (i.e. profit attributable to parent company shareholders) of € 48.9 million vs. € 40.8 million for the same period in 2015 (+20.0%).
Group Shareholders' equity amounts to € 718.7 million, with an increase of 4.0% vs. the amount of € 691.2 million reported as at 31 December 2015.
1 (Claims + operating expenses + amortisation of intangible assets + technical accounts) / earn d premiums
2 Claims/earned premiums (retained business)
Total insurance result, gross of taxes and intercompany's
djustments, is € 74.0 million,
increasing by 8.1% with respect to the 1st half of 2015 (€ 68.4 million).
The above result
is mainly
due to the contribution of the
Non-Life
sector, showing a
retained Combined Ratio of 89.4% vs. 90.2% as at 30 June 2015. The impro
ement is
due to the non-motor lines
of business also favored by
the lack of losses related to
extreme
weather
events and to a moderate increase in
the motor lines of
business
combined ratio, caused by a limited upturn in the loss frequency.
Notwithstanding a strong competition
on prices, written premium are in line with same
period of 2015: witten premium as at 30 June 2016 amount to € 536.6 million (€ 535.4 million as at 30 June 2015) with an increase of +0.2%.
Life premium amount to € 95.3 million, down by 25.7% with respect to same period in 2015, due to the ongoing strategy aimed at containing the underwriting of policies linked to segregated funds.
The Real Estate segment result, gross of taxes and intercompany adjustments of € -3.9 million (vs. a loss of € -7.0 million registered in the 1st half 2015).
is a loss
Total investments increase by 4% vs
31 December 31 2015. Of total investments of €
3,354.0
million, €
58.8 million (-1.0%) relate
to inve
tments with risk
borne by
policyholders and € 3,295.2 million (+4.1%) to investments with risk borne by the Group.
Net income from investment
with risk borne by the Group amounted to € 38.0 million as
opposed to € 38.9 million in the 1st half of 2015 (-2.4%).
The Group half year result,
onfirms the strengthening of Vittoria Assicurazioni's capital
position,
in light
of Solvency II regulations which have
become
effective starting 1
January 2016.
Vittoria Assicurazioni S.p.A.Results (as per Italia GAAPs)
Results for the 1st half of 2016 show a net profit of € 48.8 million (vs. € 42.9 million in 2015).
The above result
is mainly
due to the contribution of the
Non-Life
sector, showing a
retained Combined Ratio of
9.4% (90.2% as at 30 June 2015).
Non life premium volumes, as of 30 June 2016, amounting to € 536,6 million, are in line (+0.2%) with those of the corresponding period 2015 (€ 535,4 million).
Life premium amount to € 97.6 million, down by 25.0% with respect to 30 June 2015, due to the reasons indicated above.
In the1st half of 2016 overhead costs3 8.2% (7.7% in 1st half 2015).
as a percentage of written premiums amount to
3 Total amount of labour cost, miscellaneous expenses and amortization before allocation to specific functions.
The Parent Company's net equity amounts to € 574.6 million (€ 539.2 million as at 31 December 2015).
Forecast 2016
In view of the 2016 half-year trends and the projection for the second half, the following forecast for 2016 has been defined:
Forecast 2016 | Previous Targets | ctual 2015 | |
Direct Premium Written-Non-Life (€ ML) | 1,095 | 1,134 | 1,069 |
Direct Premium Written-Life (€ ML) | 180 | 175 | 218 |
Retained Non-Life Combined Ratio4 | 89.4% | 89.8% | 89.1% |
Retained Non-Life Loss Ratio5 | 64.9% | 65.3% | 63.9% |
Group Consolidated Net Profit (€ ML) | 94.3 | 87.5 | 70.6 |
Whilst for the Life premium t
e ongoing strategy is still aimed at limiting the growth of the
segregated funds policies given the persistence of the low interest rates, for the MTPL line of business, owing to a further decrease in the average premium and to a probable
worsening of the segment's technical profitability marketwise, appropriate to revise the underwriting policy in a conservative way.
it was c
nsidered
The Consolidated financial half-yearly report will be available within
the legal deadlines
at the Company's on NIS-Storage.
Headquarter, on the internet site www.vittoriaass icurazioni com and
The Corporate Financial Reporting Manager of Vittoria Assicurazioni SpA, Luca Arensi,
herewith
declares,
pursuant
to paragraph 2, Article 154/2 of the Italian Consolidated
Finance Act (Testo Unico della Finanza), that the accounting disclosure contained in this press release matches documentary evidence, corporate books, and accounting records.
Milan, 28th July 2016
4 (incurred claims + operating expenses + intangible asset amortisation + other technical items) / earned premium - Retained Business
5 Incurred claims / earned premium - Retained business
Contact: Giuseppina Marchetti - Head of Planning and Control Tel: (+ 39) 02 48 219 330
e-mail: IR@vittoriaassicurazioni.it www.vittoriaassicurazioni.com
Attachments:
- Consolidated income statement;reclassified in
ividual income statement
reclassified
individual
income
statement
(as per
ltalian GAAPs). The Audit
company Deloitte & Touche S.p.A. is closing the limited independent audit.
About Vittoria AssicurazioniVittoria Assicurazioni is an independent insurance company, founded in Milan in 1921. The
ompany is
active in
all life and
non-life lines, covering
the whole
of Italy via an extensive commercial network
featuring over 420 agencies. Vittoria's mission is to be the elective insurer of families and small and medium enterprises.
Vittoria Assicurazioni S.p.A. published this content on 28 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 July 2016 16:41:07 UTC.
Original documenthttp://www.vittoriaassicurazioni.com/Allegati/Press/ENG/Press Releases/Year 2016/ENG_2016-07-28 Risultati Primo Semestre 2016_final.pdf
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