The SBU’s EBIT for the year was solid, even though down slightly compared with the previous year, reflecting a similar trend in revenue. The Solvency Ratio of 267% at the end of the year confirms the solvency of the insurance Group.
2020 of the sector
RESULTS and KPIs
| INSURANCE SERVICES (€m) | 2019 | 2020 | CHANGES | |
| External revenue | 1,669 | 1,643 | (26) | -1.6% |
| Revenue from other sectors | 1 | 1 | 1 | n.s. |
| Total revenue | 1,670 | 1,644 | (25) | -1.5% |
| Costs | 165 | 133 | (32) | -19.5% |
| Costs vs other sectors | 499 | 523 | +25 | +4.9% |
| Total costs | 664 | 656 | (8) | -1.1% |
| EBIT | 1,006 | 988 | (18) | -1.8% |
| EBIT Margin % | 60.2% | 60.1% | ||
| NET PROFIT | 737 | 784 | +47 | +6.4% |
n.s.: not significant
| Main KPIs | 2019 | 2020 | CHANGES | |
| Net technical provisions Poste Vita Group (€bn) | 140.2 | 153.7 | 13.5 | 9.6% |
| Solvency Ratio | 276% | 267% | ||
| Life business | 2019 | 2020 | CHANGES | |
| Gross premium revenue – Life (€m)* | 17,732 | 16,661 | (1,071) | -6.0% |
| of which: Classes I-IV-V | 15,793 | 14,661 | (1,132) | -7.2% |
| of which: Class III | 1,939 | 2,000 | 61 | 3.1% |
| Incidence of Multi-class premiums on total | 35% | 34% | ||
| Unrealized capital gains/(losses) (€bn) | 11.6 | 17.9 | 6.4 | 55.2% |
| Lapse Rate | 2.8% | 2.5% | ||
| P&C business | 2019 | 2020 | CHANGES | |
| Gross premium revenue – P&C (€m)* | 240.2 | 239.6 | (1) | -0.3% |
| Loss ratio** | 32.7% | 48.0% | ||
| Expenses ratio (ANIA)*** | 28.9% | 28.0% | ||
| Combined ratio (ANIA)**** | 61.6% | 76.0% | ||
* Includes gross premium revenue before the premium reserve, outward reinsurance premiums and intra-group portions.
** Corresponds to the ratio of the expenses from claim liquidation and gross premiums.
*** Corresponds to the ratio of operating costs + commission and gross premium revenue.
**** Equal to the sum of the Loss and Expenses ratio.
EXTERNAL REVENUE (€m)
ROAD TO 2024
“2024 Sustain & Innovate” Strategy
Market-leading insurance company with comprehensive
and sustainable product portfolio
- Life products at the heart of the group’s investment offering
- Profitable growth in the non-life market
- Full integration of ESG principles and reduction of under- insurance in Italy
| SEGMENT | OPERATING REVIEW | PILLAR | |
| Insurance products |  | The Company’s new product, Poste Nuovi Progetti Futuri, has been developed: a multi-class policy that provides access to the opportunities offered by financial markets through a gradual approach |  |
| Implemented the new product Poste Progetti Futuri Dinamica: the multi-class policy to seize the opportunities offered by the markets in a gradual way dedicated to Affluent customers | | ||
| Extended to all subscribers of a health policy the per diem and reimbursement of medical expenses for hospitalisation for Covid-19 |  | ||
| Implemented the new Postefuturo Investimenti product, Poste Italiane’s offer for investing savings online | | ||
| Marketing of the Poste Guidare Sicuri offer, which completes the Group’s P&C insurance offer with the launch of a “Motor” product | | ||
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