UnipolSai net profit rises 2% in first half on higher premiums

UnipolSai Assicurazioni SpA

11/08/2023 06:48

MILAN, Aug 11 (Reuters) - Italy's second-largest insurer
UnipolSai  US.MI  on Friday said its first-half net profit had
grown 2% from a year earlier, as higher premiums more than
offset cost of claims in motor business and natural disaster.
    In the January-to-June period, net profit rose to 431
million euros ($473.5 million) from 422 million in the same
period of 2022, the company said in a statement. 
    Insurance gross premiums in the Non-Life business, the
group's biggest revenue earner, were up 4.2% to 4.33 billion
euros, while the Life business showed a 26.8% growth.  
    UnipolSai's combined ratio - a measure of profitability for
its property & casualty business - stood at 97.1%, worsening
from 94.1% a year earlier hit by negative impact from the floods
in the Emilia-Romagna region during the second-quarter.
    Readings below 100% indicate profitability.

($1 = 0.9102 euros)

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