VITTORIA ASSICURAZIONI SPA Net Group profit: € 57.9 million (+5.9%)
Group Consolidated Net Equity: € 670.8 million (+9.2%)
Total Non-Life Direct Premiums: € 768.5 million (+4.2%)
Total Life Direct Premiums: € 152.9 million (-20.3%)
Retained Non-Life Combined Ratio: 90.8% (90.3% as at 30 September 2014)
Retained Non-Life Loss Ratio: 65.8% (64.5% as at 30 September 2014)
The Vittoria Assicurazioni Board of Directors, which met today in Milan, has reviewed the 3rd quarter 2015 results and approved the interim management report.
The financial statements at 30 September 2015 show a Net Group profit of € 57.9 million vs. € 54.7 million reported in the same period of 2014 (+ 5.9%).
The Group's Comprehensive Income Statement, which also includes the profits or losses directly recognized in equity, as at 30 September 2015, shows a positive balance of € 70.3 million (€ 112.2 million as at 30 September 2014) which includes the increase in unrealized gains.
The Group Consolidated Net Equity amounts to € 670.8 million, increasing by 9.2% with respect to € 614.5 million as of 31 December 2014.
The Group's Insurance Result, gross of taxes and intercompany adjustments, shows a balance of € 96.5 million (+3.2% vs. € 93.5 million at 30 September 2014).
Direct Life Premiums, which do not include contracts considered to be financial instruments decreased by 20.3% compared to the same period of last year. This reduction is in line with the revised growth strategies aimed at decreasing single premiums linked to segregated funds.
Direct Non-Life Premiums increased by 4.2%, as follows:
motor premiums increased by 4.1%;
non motor premiums increased by 6.2%;
other non-life premiums decreased by 23.9%.
The Non-Life retained Combined ratio1 and retained loss ratio2, as at 30 September 2015, are 90.8% and 65.8% respectively under Italian accounting principles (vs. 90.3% and 64.5% in the corresponding period of 2014).
Overhead costs as a percentage of written premiums are 8.7% (8.0% in the same period of 2014).
Total Investments amounted to € 3,218.8 million (+2.0% vs. 2014 year end), of which
€ 56.0 million (-14.8%) relate to investments with risk borne by the Policyholders and
€ 3,162.8 million relate to investments with risk borne by the Group (+2.4%).
Net income from investments with risk borne by the Group amounted to € 59.2 million vs. € 49.4 million in the previous period (+ 19.8%). The result includes the capital gain of
€ 9.4 million from the sale of fixed rate Italian government bonds.
The real estate segment reports gross losses of € 9.2 million (vs. losses of € 10.2 million as of 30 September 2014).
As at 30 September 2015, the Parent Company shows net profits - according to Italian GAAPs - of € 61.9 million (€ 61.4 million in the same period in 2014), up by 0.8%.
The Group third quarter result, which is in line with the Company's targets, confirms a steady strengthening of Vittoria Assicurazioni's capital position, in the light of Solvency II regulations which will come into force in 2016.
1 claims incurred + overhead costs + amortization + other technical costs/earned premium (retained business)
2 claims incurred / earned premiums (retained business)
The interim management report will be available within the legal deadlines at the Company's Headquarter, on the internet site www.vittoriaassicurazioni.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, 12 November 2015
Contact: Andrea Acutis - Executive Deputy Chairman Tel: + 39 02 48 219 006
e-mail: IR@vittoriaassicurazioni.it www.vittoriaassicurazioni.com
Attachment: Consolidated Income Statement and Comprehensive 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. Vittoria's mission is to be the elective insurer of families and small and medium enterprises.
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