(Image source: Imagoeconomica)
Unipol, despite the current geopolitical scenario, with the conflict in Ukraine, an insurance market is expected to grow by 2024
Opening Ways: the board of directors of the Italian insurance group Unipol gave the green light to the new strategic plan to 2024. The basic objective is to broaden the positioning of the group, continuing to “open new paths” in the Mobility, Welfare and Property ecosystems and in Bancassurance.
The business plan “leverages the distinctive assets of the Unipol Group and is divided into five strategic guidelines”: consolidating technical excellence through the use of data, strengthening leadership in the health sector, strengthening the bancassurance model, accelerating the evolution of the offer with mobility And welfareand to evolve the operating model with the use of new technologies.
THE financial targets in the three-year period 2022-2024 are up compared to those of the previous strategic plan and foresee a cumulative profit equal to 2.3 billion from the previous 2 billion and cumulative dividends of 750 million compared to the previous 600 million.
At an industrial level, Unipol sets itself objectives, which are also in growth compared to the 2019-21 planof a collection in the sector Damage equal to 8.9 billion, an increase of 1.1 billion, of which 1 billion in the sector Health, combined ratio Damage equal to 92.6%, down 2.7% compared to 2021 and a collection in the sector Life to 5.8 billion, an increase of 400 million.
The group’s board also approved i first quarter accounts they see a Net income consolidated amount of 246 million, down 31.7% on 2021, when, however, two significant extraordinary items had affected, one direct insurance deposits to 3.4 billion, up 8.4% with the Damage arrived at 2 billion, up 5.5% and the Life to 1.4 billion up 12.9%. The net reinsurance combined ratio stood at 93% from 89.1% a year ago. Solvency drops from 214% to 209%.
Despite the current geopolitical scenariowith the conflict in Ukraine, an insurance market is expected in growth to 2024. “We have a strong market positioning and distinctive assets that we intend to enhance, in a complex economic and market context, to strengthen our leadership in insurance and expand our presence in ecosystems Mobility, Welfare and Property “, he stated in a statement Matteo Laterza, General Manager of Unipol Gruppo. “With Opening New Ways we set ourselves important financial and industrial targets, combined with a strong focus on shareholder remuneration and a solid level of capital, as is the tradition of the group “.
Among targets that stand out at the level of individual business chains, or ecosystems, stand out a Combined Ratio Car equal to 93.9% e not Auto equal to 85.9%, and a boost on bancassurance “by enhancing the distinctive capabilities of the group in synergy with the banking partners” with 2024 target of a non-life collection of 500 million and life of 2.6 billion. On the front of the Mobility estimated revenues in 2024 at 935 million with 2 million UnipolMove customers, which in fact offers itself as an alternative to Telepass.
As regards the Strategic Asset Allocation, the group will implement its investment strategies in a risk-adjusted logic, in particular through: increase in real assets and real estate, reduction of Italian government bonds, increase in the quality of the fixed income portfolio, strategies aimed at to optimize the generation of capital in the long term and reduce its volatility, requalification and rationalization of the real estate assets. Finally on the front Esg 30% incidence of products with environmental and social value is expected by 2024.