UnipoSai H1 net profit down 22% as motor business weighs

UnipolSai Assicurazioni SpA

05/08/2022 06:27

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 increased cost of claims of its
non-life business, despite higher insurance premiums.
    Consolidated net profit fell to 422 million euros ($431.71
million) from 542 million euros a year earlier when it had
benefited from some one-off items.
   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.
($1 = 0.9775 euros)

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