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Unipol: semester profit rises to 684 million, sells NPLs to Amco

2022-08-05T06:06:37.988Z


The Unipol group closed the first half of the year with a profit of 684 million euros, an increase compared to 652 million in 2021, thanks to the 318 million euros deriving from the accounting of Bper, which benefited from the standard accounting items. . (ANSA)


(ANSA) - MILAN, AUGUST 05 - The Unipol group closed the first half of the year with a profit of 684 million euros, an increase compared to 652 million in 2021, thanks to the 318 million euros deriving from the accounting of Bper, which benefited from the extraordinary accounting related to the acquisition of Carige.

Normalized profit would have been 405 million, an improvement from last year's 386 million.


    Premiums rose by 1.2% to € 6.6 billion while the consolidated solvency ratio stood at 201%, down from 216% in the first half of 2021. Premiums benefited from the 5.8% growth in non-life premiums, rose to 4.2 billion euros, of which 2.2 billion in non-motor vehicles, compared with a 5.7% drop in those in life, which fell to 2.5 billion.


    The combined ratio net of reinsurance, an indicator that measures the profitability of technical operations, worsened from 92.6% to 94.1%, reflecting the "recovery in the frequency of claims in the motor TPL class", which in 2021 "had still benefited from the restrictions imposed on traffic of people "linked to Covid.


    The board of directors of the subsidiary UnipolRec accepted the offer presented by Amco for the sale of the 2.6 billion euro npl portfolio at a price of 307 million, with a negative impact of approximately 21 million, net of tax effects.

Internal management of NPLs, Unipol recalls, allowed the generation of cash flows of 780 million, against payments for the acquisition of receivables of 650 million, with a total cash generation of 130 million.

The sale reflects the non-strategic nature of the business for the group.

(HANDLE).


Source: ansa

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