UnipolSai's first-quarter profits up 14% on higher premiums

UnipolSai Assicurazioni SpA

12/05/2023 06:41

MILANO, May 12 (Reuters) - Italy's second-largest
insurer UnipolSai  US.MI  reported on Friday a year-on-year
13.8% rise in first-quarter net profits lifted by higher
insurance premiums, despite higher claims costs due to
inflation.
    Consolidated net profits in the three months through March
rose to 231 million euros ($254.28 million) from 203 million
euro a year earlier.
    Insurance premiums rose 12% to 3.9 billion euros thanks to a
5.5% growth in the non-life business, and 21.4% growth in the
life business. 
    UnipolSai's combined ratio - a measure of profitability for
its property and casualty division, its biggest revenue earner -
stood at 94.4%, worsening from 93% a year earlier. 
    Readings below 100% indicate profitability.




($1 = 0.9084 euros)

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