VITTORIA ASSICURAZIONI SPA
- Net Group profit: € 20.5 million (+8.2%)
- Group Consolidated Net Equity: € 665.3 million (+8.3%)
- Total Non-Life Direct Premium: € 253.7 million (+4.5%)
- Total Life Direct Premium: € 63.5 million (+10.6%)
- Retained Non-Life Combined Ratio: 88.9% (90.3% as at 31 March 2014)
- Retained Non-Life Loss Ratio: 63.0% (63.9% as at 31 March 2014)
-The net equity elements of the Non-Life and Life sector have been updated.
Appointments for the Board Committees
-New members appointed in the Risk and Control Committee and in the Finance
Committee
The Vittoria Assicurazioni Board of Directors, which met today in Milan, has reviewed the 1st quarter 2015 results and approved the Consolidated Quarterly Report.
The first quarter 2015 shows a Net Group profit of € 20.5 million versus € 18.9 million reported in the same period of 2014 (+ 8.2%).
The Group's Comprehensive Income Statement, as at 31 March 2015, shows a positive balance of € 50.9 million (€ 67.2 million as at 31 March 2014) thanks to a further increase of value in our portfolio investments.
The Group Consolidated Net Equity amounts to € 665.3 million, increasing by 8.3% with respect to € 614.5 million as of 31 December 2014, due to the profit achieved in the period and to the increase in the Available for Sale Reserve.
The Group's Insurance Result as of 31 March 2015, gross of taxes and intercompany adjustments, shows a balance of € 33.6 million (€ 30.9 million as of 31 March 2014) with a 9.0% increase.
Total volumes, as at 31 March 2015, amount to € 317.3 million (€ 300.3 million in the previous period) with an increase of 10.6% in the Life business and of 4.5% in Non-Life business, as follows:
- motor premium increase by 3.4%;
- non motor premium increase by 8.1%;
- other non-life premium decrease by 8.5%.
The Non-Life retained Combined ratio1 and retained loss ratio2, as at 31 March 2015, are respectively 88.9% and 63.0% under Italian accounting principles (vs. 90.3% and
63.9% in the 2014 previous period).
In the first quarter 2015 overhead costs as a percentage of premium written are 8.2% (7,8% in the first quarter 2014).
Total Investments of € 3,310.6 million (+4.9% vs. 2014 year end), of which € 69.0 million (+5.1%) relate to investments with risk borne by the Policyholders and € 3,241.6 million relate to investments with risk borne by the Group (+4.9%).
Net income from investments with risk borne by the Group is € 15.5 million versus € 16.3 million for the same period in the previous year (-4.6%).
The real estate segment reports gross losses of € 2.7 million (vs losses of € 2.0 million as of 31/03/2014).
As at 31 March 2015, the Parent Company shows net profits - according to Italian
GAAPs - of € 22.0 million (€ 19.9 million in the same period in 2014), up by 10.7%.
The Consolidated Quarterly Financial Report will be available within the legal deadlines at the Company's Headquarter, on the internet site www.vittoriaassicurazioni.comand on NIS-Storage.
As per ISVAP Regulation n.17 the Board of Directors has approved changes in Article 5 of the Company's by-laws (shareholders' equity) requested in order to update the net equity elements belonging to the non -life and life sections and changed due to the 2014
Financial Statement approval. Such changes are subject to IVASS approval.
1 claims incurred + overhead costs + amortization + other technical costs/earned premium (retained business)
2 claims incurred / earned premiums (retained business)
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Appointments for the Board Committees
The Board of Directors, following a request by Mr. Pietro Carlo Marsani to be exonerated for health reasons from his appointment as president of the Risk and Control Committee, has appointed Mr. Giuseppe Spadafora and has, at the same time, appointed Mr. Marsani as Vice President.
Mr. Spadafora, who is a member of the Committee for the valuation of related parties transactions , has been also appointed as a new member in the Finance Committee.
The Corporate Financial Reporting Manager of Vittoria Assicurazioni S.p.A., Mr. 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, 8 May 2015
Contact: Andrea Acutis - Executive Deputy Chairman
Tel: + 39 02 48 219 006
e-mail: IR@vittoriaassicurazioni.it www.vittoriaassicurazioni.com
Attachment: Consolidated Income Statement
Vittoria Assicurazioni is an independent insurance company, founded in Milan in 1921. The company is active in all life and non-life lines, covering the whole of Italy via an extensive commercial network featuring over 400 agencies, 900 sub-agencies. Vittoria's mission is to be the elective insurer of families and small and medium enterprises.
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