UnipolSai 9-month net profit falls as motor business weighs

UnipolSai Assicurazioni SpA

11/11/2022 06:26

MILAN, Nov 11 (Reuters) - Italy's second-largest insurer
UnipolSai  US.MI  reported on Friday a year-on-year 12.6% drop
in net profits in the first nine months of the year, weighed
down by higher costs of claims for its non-life business,
despite higher insurance premiums.
    Consolidated net profit fell to 616 million euros ($629.68
million) from 704 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 93.2%, worsening from 92.8% a year earlier
    Readings below 100% indicate profitability.
($1 = 0.9783 euros)
 (Andrea Mandalà, editing by Alvise Armellini)
 ((andrea.mandala@thomsonreuters.com; +390680307738;))