(Alliance News) - The board of directors of UnipolSai Spa on Friday disclosed that it had analyzed preliminary results for fiscal year 2023, a period that closed with a consolidated net profit of EUR766 million, up from EUR651 million a year ago.

The board then proposed the distribution of a slightly increased dividend, rising to EUR0.165 from EUR0.16 in 2022.

As of December 31, 2023, direct insurance premiums, before reinsurance cessions, stood at nearly EUR15.1 billion, up more than 10 percent from EUR13.6 billion as of December 31, 2022.

The combined ratio as of December 31, 2023 was 98.2 percent compared to 98.6 percent achieved as of September 30, 2023.

The loss ratio was 71.5%, compared to 71.9% in the first nine months of 2023, while the expense ratio was 26.7%, the latter in line with 26.7% as of September 30, 2023.

Gross profitability of the group's insurance financial investment portfolio earned a return of 3.8 percent of invested assets, including 3.4 percent from coupons and dividends and 0.4 percent from realizations and valuations.

The individual solvency ratio as of Dec. 31, 2023 was 283 percent, up from 288 percent as of Dec. 31, 2022, net of expected dividends.

By Maurizio Carta, Alliance News reporter

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