May 15, 2020 / 6:24 AM / 22 days ago

UnipolSai first-quarter net profit down 7% due to virus emergency

MILANO (Reuters) - Italy’s second largest insurer UnipolSai (US.MI) on Friday posted a 7% drop in first-quarter net profit as revenues fell after the outbreak of the coronavirus emergency impacted the number of policies sold.

Consolidated net profit for the three months to end-March came in at 171 million euros ($184.75 million) from 184 million euros a year earlier.

Insurance premiums fell 6.1% to 3.1 billion euros, dragged down by a 13.2% drop in life business revenues and despite a decline in motor claims as a result of the lockdown imposed by the government to contain the spread of the virus.

The consolidated solvency ratio, a key measure of financial strength, stood at 200%, down from 252% at the end of 2019 due to the increase in the spread on Italian government bonds.

UnipolSai said it should be able to meet the targets set out in its strategic plan, adding that “consolidated group results for this financial period are expected to be positive”.

Reporting by Andrea Mandalà; editing by Agnieszka Flak

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