VITTORIA ASSICURAZIONI SPA 
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- Net Group profit: € 18.9 million (+20.0%)
- Group Consolidated Net Equity: € 573.7 million (+13.3%)
- Total Non-Life Direct Premium: € 242.8 million (+5.9%)
- Total Life Direct Premium: € 57.5 million (+79.1%)
- Non-Life Retained Combined Ratio: 90.3% (92.1% as at 31 March 2013)
- Non-Life Retained Loss Ratio: 63.9% (65.4% as at 31 March 2013)
The net equity elements of the Non-Life and Life sector have been updated
The Vittoria Assicurazioni Board of Directors, which met today in Milan, has reviewed the 1st quarter 2014 results and approved the Consolidated Quarterly Report.
The first quarter 2014 shows a Net Group profit of € 18.9 million versus € 15.8 million reported in the same period of 2013 (+ 20.0%).
The Group's Comprehensive Income Statement, as at 31 March 2014, shows a positive balance of € 67.2 million with respect to the previous period (€ 14.1 million) which benefitted of a relevant write back on bonds in our portfolio.
The Group Consolidated Net Equity amounts to € 573.7 million, increasing by 13.3% with respect to € 506.4 million as of 31 December 2013, due to the profit achieved in the period and to the increase in the Available for Sale Reserve.
The Group's Insurance Result as of 31 March 2014, gross of taxes and intercompany adjustments, shows a balance of € 30.9 million (€ 27.4 million as of 31 March 2013) with a 12.7% increase.
Total volumes, as at 31 March 2014, amount to € 300.3 million (€ 261.5 million in the previous period) with an increase of 79.1% in the Life business and of 5.9% in Non-Life business, as follows:
- motor premium increase by 4.0%;
- non motor premium increase by 13.4%;
- other non-life premium decrease by 14.1%.
The rate of increase in the Life premium is impacted by the 2013 monthly volumes distribution.
Non-Life Retained Combined ratio1 and retained loss ratio2, as at 31 March 2014, are
respectively 90.3% and 63.9% under Italian accounting principles (vs. 92.1% and 65.4%
in the 2013 previous period).
In the first quarter 2014 overhead costs as a percentage of premium written decrease to
7.8% from 8.3% in the first quarter 2013.
Total Investments of € 2,971.9 million (+6.6% vs. 2013 year end) , of which € 67.5 million (+3.1%) relate to investments with risk borne by the Policyholders and € 2,904.4 million relate to investments with risk borne by the Group (+6.7%).
Net income from investments with risk borne by the Group is € 16.3 million versus € 14.6 million for the same period in the previous year (+11.9%).
The real estate segment reports gross losses of € 2 million (vs losses of € 3 million as of 31/03/2014).
As at 31 March 2014, the Parent Company shows net profits - according to Italian
GAAPs - of € 19.9 million (€ 17.5 million in the same period in 2013), up by 13.7 %.
1 claims incurred + overhead costs + amortization + other technical costs/earned premium (retained business)
2 claims incurred / earned premiums (retained business)
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The Consolidated Quarterly Financial Report will be available at the Company's Headquarter and at the Borsa Italiana S.p.A. within the legal deadlines and will be available to all those who submit a request. The Report will furthermore be available for consultation on the internet site www.vittoriaassicurazioni.com.
As per ISVAP Regulation n.17 the Board of Directors has approved changes in Article 5 of the Company's by-laws (shareholders' equity) requested in order to update the net equity elements belonging to the non -life and life sections and changed due to the
2013 Financial Statement approval. Such changes are subject to IVASS approval.
The Corporate Financial Reporting Manager of Vittoria Assicurazioni S.p.A., Mario Ravasio, herewith declares, pursuant to paragraph 2, Article 154/2 of the Italian Consolidated Finance Act (Testo Unico della Finanza), that the accounting disclosure contained in this press release matches documentary evidence, corporate books, and accounting records.
Milan, 12 May 2014
Contact: Andrea Acutis - Executive Deputy Chairman
Tel: + 39 02 48 219 006
e-mail: IR@vittoriaassicurazioni.it www.vittoriaassicurazioni.com
Attachment: Consolidated Income Statement
Vittoria Assicurazioni is an independent insurance company, founded in Milan in 1921. The company is active in all life and non-life lines, covering the whole of Italy via an extensive commercial network featuring over 400 agencies, 780 sub-agencies. Vittoria's mission is to be the elective insurer of families and small and medium enterprises.
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Vittoria Assicurazioni(€/000)
l ncome Statement | 31/03/2014 | 31/03/2013 | 31/12/13 |
Net premiums | 290,096 | 252,398 | 1,094,745 |
Gross premiums | 297,699 | 259,061 | 1,131,284 |
Ceded premiums | 7.603 | 6,663 | 36,539 |
Commrssion incarne | 322 | 231 | 546 |
Gains or losses on remeasurement of financial instruments at fair value throuah orofit or loss | 8 | 6 | 20 |
Gains on investments in subsrdraries and associates and interests in roint ventures | 544 | 14 | 326 |
Gains on other financral instrurnents and investrnent propertv | 17,853 | 15,709 | 75,588 |
lnterest income | 16,501 | 15,681 | 66441 |
Other income | 858 | o | 448 |
Realised gains | 494 | 28 | 8,699 |
Unrealised qains | o | o | o |
Other incarne | 3,417 | 2,729 | 10,932 |
TOTAL REVENUE | 312 240 | 271 087 | 1 182 157 |
Net charqes relatrnq to clarrns | 207,521 | 175,429 | 779,312 |
Amounts pa1d and chanqe in techmcal reserves | 211,486 | 180,894 | 808,368 |
Reinsurers' share | -3,965 | -5,465 | -29.056 |
Commrssion expense | 8 | 9 | 32 |
Losses on rnvestrnents rn subsidiaries and associates and interests in ioint ventures | 531 | 381 | 2.742 |
Losses on other financial rnstrurnents and investrnent property | 3, 360 | 1 ' 123 | 10.642 |
lnterest expense | 1,733 | 1 ' 123 | 4.655 |
Other expense | 834 | o | 472 |
Realised losses | o | o | 1 |
Unrealised losses | 793 | o | 5.514 |
Operatinq costs | 58, 181 | 53,372 | 229,241 |
Commissions and other acquisition costs | 49,026 | 43, 607 | 188,804 |
lnvestment management costs | 501 | 358 | 1.721 |
Other admmistrative costs | 8, 654 | 9,407 | 38,716 |
Other costs | 12,961 | 15,562 | 52.826 |
TOTAL COSTS | 282 562 | 245 876 | 1 074 795 |
PROFIT FOR THE YEAR BEFORE TAXATION | 29 678 | 25 211 | 107 362 |
Incarne taxes | 10,655 | 9,773 | 53.378 |
PROFIT FOR THE YEAR | 19 023 | 15 438 | 53 984 |
GAIN (LOSS) ON DISCONTINUED OPERATIONS | o | o | o |
CONSOLIDATED PROFIT (LOSS} | 19,023 | 15,438 | 53,984 |
of which attributable to the shareholders of the parent | 18,943 | 15,786 | 53,530 |
of which attibutable to minoritv interests | 80 | -348 | 454 |
Basic EARNINGS per share 0.28 0.23 0.79
Diluted EARNINGS per share 0.28 0.23 0.79
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Vittoria
Assicurazioni
(€ii)()Ql
COMPREHENSIVE INCOME (LOSS) | 31/03/20H | 31/03/2013 | 31/12/2013 |
CONSOI lfJATFfJ PROFIT (l OSSl | 190?3 | 15 438 | 53 984 |
Olher comprehensive income, nel or laxes wilhoul recrassilrcalion lo prolil or loss | - | - | - |
Changes in the equity of investees | |||
Ch nges in intangible assAIr Avilluation r AsArvA | |||
Changcs in tangiblo assot rovaluation r cscrvo | - | ||
Gains or losses on non-current assets or assets of a disoosal orouo classified as held for sale | - | - | |
Ac tuarial çJains and losses and adrustments related to defined benefit plans | - | - | 197 |
Olher ilerns | - | - | |
Other comprehensive income, net of taxes with reclassification to profit or loss | - | ||
Change in translation reserve | - | ||
Gains or losses on available for sale investments | 48.294 | 1,685 | 22,1 i7 |
Gains or losses on hedqinq instruments | - | ||
Gains or losses on hedqinq instruments of net investment in foreiQ n operations | |||
Clmnqes rn the qurtv of rnvestees | |||
Gains or losses on non-current assets or assets of a drsposal qroup classifred as held for sale | |||
Oilrer rlems | |||
TOTAL OTHER COMPREHENSIVE INCOME | 48 294 | - 1 685 | 22 314 |
TOTAL CONSOLIDAlED COMPREHENSIVE INCOME (LOSS) | 67 ]17 | 1:75] | 76 298 |
of which attributablc to tho sharoholdors of tho paront | 67 237 | 14 101 | 75 844 |
of which attibutable to minority interests | 80 | - 3 8 | 5 |
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