UnipolSai 2022 profit falls as inflation hits cost of claims

UnipolSai Assicurazioni SpA

10/02/2023 06:39

MILAN, Feb 10 (Reuters) - Italy's second-largest insurer
UnipolSai  US.MI  reported on Friday a year-on-year around 10%
drop in net profits in 2022, weighed down by one-off costs for
staff early exits and higher claims expenses due to inflationary
pressures.
    Consolidated net profit fell to 651 million euros ($698.2
million) last year from 723 million euros in 2021 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 91%, improving from 92.5% a year earlier.
    Readings below 100% indicate profitability.
    UnipolSai said its board would propose a dividend of 16 euro
cents per share on 2022 earnings, down from 19 euro cents for
2021.
($1 = 0.9324 euros)
 (Andrea Mandalà, editing Federico Maccioni)
 ((andrea.mandala@thomsonreuters.com; +390680307738;))