UnipoSAI's H1 profit falls as motor claims pick up (updated)

UnipolSai Assicurazioni SpA

05/08/2022 07:39

(Adds NPL portfolio deal, details)
    MILAN, Aug 5 (Reuters) - Italy's second-largest insurer
UnipolSai  US.MI  reported a 22% drop in first-half net profit
on Friday, weighed down by rising claims in its non-life
business despite higher insurance premiums.
    Consolidated net profit fell to 422 million euros ($432
million) in January-June, from 542 million euros a year earlier
when it had been boosted by some one-off items.
   Insurance premiums rose 1.2% to 6.6 billion euros thanks to a
5.8% growth in the non-life business, which offset a 5.7%
decline in the life business.
    UnipolSAI's combined ratio - a measure of profitability for
its property and casualty division, its biggest revenue earner -
stood at 94.1%, worsening from 92.6% a year earlier
    Readings below 100% indicate profitability.
    "Claims were affected, inter alia, by the recovery in the
frequency of claims made in the motor division, which were still
benefitting from the restrictions imposed on the movement of
people in the first half of 2021," UnipoSAI said.
    Its parent company Unipol  UPI.MI  said in a separate
statement it had accepted a 307 million euro offer by Italy's
state-owned bad loan specialist AMCO for the sale of
non-performing loans with a nominal value of 2.6 billion euros.
    The deal is expected to close by the end of the year.
   ($1 = 0.9775 euros)

 (Reporting by Andrea Mandalà, editing by Agnieszka Flak and
Valentina Za)
 ((andrea.mandala@thomsonreuters.com; +390680307738;))