Q2 2024 Unipol Gruppo SpA Earnings Call Transcript
Key Points
- Unipol Gruppo SpA (STU:UIPN) reported robust top-line growth in the P&C segment, driven primarily by the health business.
- The company achieved a very good result in terms of technical profitability in non-motor lines, thanks to actions like repricing and derisking.
- Life insurance segment showed positive net inflows, particularly driven by bancassurance through BPER Banca.
- The solvency ratio closed at a robust 221%, despite negative financial market performance and the impact of the tender offer on UnipolSai shares.
- Capital generation in the first half of the year supported the increase in the solvency ratio, indicating strong financial health.
- The combined ratio was negatively impacted by the decision to add reserves due to updates from the Court of Milan, affecting big injuries and mortal accidents.
- The company had to add almost EUR100 million in liability incurred claims and an additional EUR50 million in current year best estimates, impacting the combined ratio by 3 percentage points.
- There was a deceleration in life insurance net inflows in the second quarter compared to the first quarter.
- Claim inflation remains sticky, particularly in auto parts prices and labor costs, posing a challenge to cost management.
- The company is still awaiting the final version of the law regarding the portability of black boxes, which could impact future operations and volumes.
Good morning. This is the Chorus Call conference operator. Welcome. And thank you for joining the Unipol Group first half 2024 results conference call. (Operator Instructions)
At this time, I'd like to turn the conference over to Mr. Matteo Laterza, General Manager of Unipol. Please go ahead, sir.
Good morning to everyone. And thank you for participating to this call. As usual, let me make some remarks on the presentation and on the result. And then, we will open the floor to the question.
As you have seen, for the first-half result of '24, we did not represent any more UnipolSai numbers as a consequence of the fact that it is delisted. We represented only Unipol Gruppo with a separate representation of the insurance business and the earnings coming from the consolidated banks. As you know, concerning the consolidated banks, we represent only the first quarter in the reported number, even if we, on a pro forma basis, represent also the contribution of the all first-half
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