1st Quarter 2016: Consolidated Results

Microsoft Word - 2016-05-11 Risultati Primo Trim 2016 ENGL PRESS RELEASE 1st Quarter 2016: Consolidated Results

• Net Group profit: € 27.9 million (+35.9%)

• Group Consolidated Net Equity: € 717.3 million (+3.8%)

• Total Non-Life Direct Premium: € 255.1 million (+0.6%)

• Total Life Direct Premium: € 43.4 million (-31.7%)

• Retained Non-Life Combined Ratio: 88.2% (88.9% as of 31 March 2015)

• Retained Non-Life Loss Ratio: 63.5% (63.0% as of 31 March 2015)

The Vittoria Assicurazioni Board of Directors, which met today in Milan, has reviewed

the 1st quarter 2016 results

nd approved the Interim Financial Report.

The first

quarter 2016 shows a Net

Group Profit of € 27.9 million

vs. € 20.5 million

reported in the same period of 2015 (+ 35.9%).

The Group's Comprehensive Income, which includes the profits

or losses directly

recognized in the net equity, shows a

balance of € 26.1 million as

of 31 March 2016

with a decrease of 48.7% with respect to € 50.9 million as of 31 March 2015.

The Group Net Equity amounts to € 717.3 million with an increase

of 3.8% vs. € 691.2

million reported as of 31 December 2015, due to the profits made in the period.

The Group's Insurance Result as of 31 March 2016, gross of taxes

and intercompany

adjustments, shows an amount of € 42.3 million, increasing by 25.1% with respect to

€ 33.8 million as of 31 March 2015.

Total volumes, as of 31 March 2016, amount to € 298.5 m llion (€ 317.3 million as of 31 March 2015) with a decrease of 31.7% in the Li e business and an increase of 0.6% in Non-Life business, as follows:

• motor premium increase by 1.1%;

• non motor premium increase by 0.1%;

• other non-life premium decrease by 21.8%.

The persistence of a constant downward pressure on the average

premium in MTPL,

leads the Company to an increasingly

careful portfolio se ection in

order to maintain a

proper balance between premium and claims.

The Non-Life Retained Combined Ratio1 and

Retained

oss Ratio2, as of

1 March

2016, are respectively 88.2% and 63.5% under Italian accounting principles (vs. 88.9%

and 63.0% as of 31 March 2015).

Overhead costs as a percentage of premium written are 8.9% (8.2% in the first quarter 2015).

Total Investments amount to € 3,333.1 million (+3.3% vs

2015 year end), of which €

58.4 million (-1.8%) relate to investments with

risk borne

by the Policyholders and €

3,274.1 million relate to investments with risk borne by the Group (+3.4%).

Net income from investments with risk borne by the Group is € 21.3 million vs. € 16.2

million in the same period

of the previous yea

(+31.8%). The result includes capital

gains of

€ 6.7 million, mai

ly realized from the sale of

debt securities classified as

available for sale.

The real estate segment reports a gross loss of € 1.7 million (vs. losses of € 2.7 million as of 31 March 2015).

As of 31

March 2016, the

Parent Company shows a ne

profit -

according

to Italian

GAAPs - of € 27.9 million (€ 22.0 million in the same period of 2015), up by 27.0 %.

1 claims incurred + overhead costs + amortization + other technical costs/earned premium (reta ned business)

2 claims incurred / earned premiums (retained business)

The Interim Financial Report will be available within

the legal

deadlines at the

Company's Headquarter, on the internet site www.vittoriaassicurazio ni.com and on NIS- Storage.

The Corporate Financial Reporting Manager of

Vittoria Assicurazioni S.p.A., Mr. Luca

Arensi,

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, 11 May 2016

Contact:

Giuseppina Marchetti - Head of Planning and Control

Tel: + 39 02 48 219 330

e-mail: IR@vittoriaassicurazioni.it

www.vittoriaassi

urazioni.com

Attachment: Consolidated Income Statement and Comprehensive Income Statement

About Vittoria Assicurazioni

Vittoria Assicurazioni is an independent insurance company, founded in Milan in 1921.

The company is active in a l life and

non-life lines, covering the whole of Italy via an

extensive commercial network featuring over 400 agencies. Vittoria's mission is to be the elective insurer of families and small and medium enterprises.

(€/000)

Income Statement		31/03/2016	31/03/2015	31/12/15
Net premiums	304,382	310,913	1,238,158
Gross premiums	310,660	317,729	1,266,521
Ceded premiums	6,278	6,816	28,363
Commission income	187	151	580
Gains or losses on remeasurement of financial instruments at fair value through profit or loss	-3	-4	-7
Gains on investments in subsidiaries and associates and interests in joint ventures	199	147	1,639
Gains on other financial instruments and investment property	22,544	17,382	79,786
Interest income	14,370	15,991	63,767
Other income	1,471	1,367	6,541
Realised gains	6,703	24	9,418
Unrealised gains	-	-	60
Other income	9,583	3,680	14,978
TOTAL REVENUE	336,892	332,269	1,335,134
Net charges relating to claims	211,097	223,855	880,033
Amounts paid and change in technical reserves	214,119	236,277	921,996
Reinsurers' share	-3,022	-12,422	-41,963
Commission expense	-	1	-
Losses on investments in subsidiaries and associates and interests in joint ventures	91	91	1,784
Losses on other financial instruments and investment property	2,622	2,834	8,521
Interest expense	656	1,290	2,280
Other expense	1,114	699	2,585
Realised losses	1	10	248
Unrealised losses	851	835	3,408
Operating costs	65,247	63,495	268,183
Commissions and other acquisition costs	52,749	52,764	221,999
Investment management costs	230	408	1,657
Other administrative costs	12,268	10,323	44,527
Other costs	17,398	11,008	58,788
TOTAL COSTS	296,455	301,283	1,217,309
PROFIT FOR THE YEAR BEFORE TAXATION	40,437	30,986	117,825
Income taxes	12,580	10,516	47,230
PROFIT FOR THE YEAR	27,857	20,470	70,595
GAIN (LOSS) ON DISCONTINUED OPERATIONS	-	-	-
CONSOLIDATED PROFIT (LOSS)	27,857	20,470	70,595
of which attributable to the shareholders of the parent	27,856	20,493	70,620
of which attibutable to minority interests	1	-23	-25

Basic EARNINGS per share	0.41	0.30	1.05
Diluted EARNINGS per share	0.41	0.30	1.05