VITTORIA ASSICURAZIONI SPA Please note that the original press release is in Italian.
In case of doubt the Italian version prevails.
1st Half 2015 ResultsGroup Consolidated Results
- Net Group Profit: € 48.0 million (+9.7%)
- Group Shareholders' equity: € 641.0 (+4.3% vs. 31 December 2014)
- Written Premiums: € 663.6 million (+2.6%)
Results of the parent company Vittoria Assicurazioni S.p.A.
- Net Profit: € 42.9 million (+1.5%)
- Shareholders' equity: € 515.8 (+6.2% vs. 31 December 2014)
- Direct Non-Life Premiums: € 535.3 million (+4.4%)
- Direct Life Premiums: € 130.1 million (-2.8%)
- Retained Non-Life Combined Ratio1: 90.2% (90.2% in 1st half 2014)
- Retained Non-life Loss Ratio2: 64.8% (64.0% in 1st half 2014)
The Board of Directors of Vittoria Assicurazioni, which met today in Milan, has reviewed the results for 1st half of 2015.
Consolidated Results (IFRS GAAP)
Results for the 1st half of 2015 show a Group Net Profit (i.e. profit attributable to parent company shareholders) of € 40.8 million vs. € 37.2 million for the same period in 2014 (+9.7%).
Group Shareholders' equity amounts to € 641.0 million, with an increase of 4.3% vs. the
amount of € 614.5 million reported as at 31 December 2014.
1 (Claims + operating expenses + amortisation of intangible assets + technical accounts) / earned premiums
2 Claims/earned premiums (retained business)
Total insurance result, gross of taxes and intercompany's adjustments, is € 65.7 million, increasing by 2.3% with respect to the 1st half of 2014 (€ 64.2 million).
The above result is mainly due to the contribution of the Non-Life sector, showing a retained Combined Ratio of 90.2%, unchanged from 30 June 2014.
As at 30 June 2015 written premiums amounted to € 663.6 million (€ 646.7 million as at
30 June 2014) with a decrease of -4.0% in the Life business and an increase of 4.3% in the Non-Life, totalling 2.6% increase vs 1st half 2014.
The Real Estate segment contribution to the Group bottom-line is a loss of € -5.4 million
(vs. a loss of € -4.6 million registered in 1st half 2014).
Of total investments of € 3,133.5 million (-0.7% vs. 31 December 2014), € 68.7 million (+4.6%) relate to investments with risk borne by policyholders and € 3,064.8 million (-0.8%) to investments with risk borne by the Group.
Net income from investments with risk borne by the Group amounted to € 38.9 million as
opposed to € 33.8 million in the 1st half of 2014 (+15.2%).
The Group half year result, in line with the targets for the current year, confirms a strengthening trend of Vittoria Assicurazioni's capital position, in light of Solvency II regulations which will come into force in 2016.
Vittoria Assicurazioni S.p.A.Results (as per Italian GAAPs)
Results for the 1st half of 2015 show a net profit of € 42.9 million (vs. € 42.2 million in
2014).
Written premiums amounts to € 665.5 million with a 2.8% increase over the first half
2014. More in detail:
- Life direct premiums (€ 130.1 million) decrease by -2.8%
- Non-Life direct premiums (€535.3 million) increase overall by 4.4%
- Motor premiums (€ 392.2 million) increase by 4.1%
- Non motor premiums (€ 136.8 million) increase by 6.0% while Other premiums decrease by -9.4% (€ 6.3 million).
Non-Life retained loss ratio is 64.8% (vs. 64.0% in 1st half 2014).
Non-Life retained combined ratio is 90.2%, unchanged vs. 1st half 2014.
In the1st half of 2015 overhead costs3 as a percentage of written premiums amount to
7.7% (7.7% in 1st half 2014).
3 Total amount of labour cost, miscellaneous expenses and amortization before allocation to specific functions.
Page 2 of 6
The Parent Company's net equity amounts to € 515.8 million (€ 485.8 million as at 31
December 2014).
The Consolidated financial half-yearly report will be available within the legal deadlines at the Company's Headquarter, on the internet site www.vittoriaassicurazioni.comand on NIS-Storage.
The Corporate Financial Reporting Manager of Vittoria Assicurazioni SpA, 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, 30th July 2015
Contact: Andrea Acutis - Executive Vice President
Tel: (+ 39) 02 48 219 006
e-mail: IR@vittoriaassicurazioni.it www.vittoriaassicurazioni.com
Attachments:
- Consolidated income statement; reclassified individual income statement (as per ltalian GAAPs), the documentation of which has been given to the Board of Statutory Auditors. The audit company Deloitte & Touche S.p.A. is closing the limited independent audit.
About Vittoria AssicurazioniVittoria 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 and 900 sub-agencies. Vittoria's mission is to be the elective insurer of families and small and medium enterprises.
Page 3 of 6
Page 4 of 6
Page 5 of 6
Vittoria Assicurazioni S.p.A. - Italian GAAPs
Reclassified individual profit and loss account
Technical account
Lif e businesses: Direct insurance
Direct insurance result
Result of lif e business technical account
Non-lif e businesses: Direct insurance
Direct insurance result
Total retained direct insurance result
Result of non-lif e business technical account
Result of technical account
Result of ordinary business
Prof it (loss) bef ore taxation
Net prof it (loss)
Page 6 of 6
|
distributed by
|
