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
|Revenue from other sectors||1||1||1||n.s.|
|Costs vs other sectors||499||523||+25||+4.9%|
|EBIT Margin %||60.2%||60.1%|
n.s.: not significant
|Net technical provisions Poste Vita Group (€bn)||140.2||153.7||13.5||9.6%|
|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%|
|Gross premium revenue – P&C (€m)*||240.2||239.6||(1)||-0.3%|
|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
|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|