UnipolSai 9-month profit hit by higher claim costs, bad weather

UnipolSai Assicurazioni SpA

10/11/2023 06:52

MILAN, Nov 10 (Reuters) - UnipolSai  US.MI , Italy's
second-largest insurer, said on Friday its nine-month net profit
was down 4.9% from a year earlier, as higher claims expenses due
to inflationary pressures and natural disasters more than offset
higher premiums.
    Consolidated net profit in the nine months through September
fell to 586 million euros ($625 million) from 616 million euros
a year earlier.
    Insurance gross premiums in the non-life business, the
group's biggest revenue earner, were up 3.8% at 6.07 billion
euros, while the Life business showed 12.9% growth.
    UnipolSai's combined ratio - a measure of profitability for
its property and casualty division - stood at 98.6%, worsening
from 97.1% in the first half. Readings below 100% indicate
profitability.
    UnipolSai said the decrease in non-life profitability was
due to the impact of wind and hail storms which hit Northern
Italy in July, while in the third quarter the motor business
improved.
 ($1 = 0.9375 euros)

 (Reporting by Andrea Mandalà; Editing by Giulia Segreti and
Edmund Klamann)
 ((andrea.mandala@thomsonreuters.com; +390680307738;))