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Results as at June 2023 Solid financial position with slightly lower results
Rome, 28 September 2023 – The Board of Directors has approved HDI Assicurazioni's half-year report as at 30 June 2023, which confirms a solid financial position with slightly decreasing results compared to the six month results of 2022.
During the first half of 2023, HDI Italia merged into HDI Assicurazioni, the last formal step in the integration process of HDI Italia (formerly Amissima Assicurazioni) acquired in April 2021. For comparison purposes, the results for the year were compared with the pro-forma figures of the 'One Company' (HDI Assicurazioni and HDI Italia).
HDI Assicurazioni reports in the first half of 2023 a net result equal to €23.2 million, with a decrease of €1.9 million compared to €25.1 million recorded in the same period of 2022.
For the half year closing, in continuity with 2022, the right to amend from the usual valuation criteria for fixed income securities has been adopted, as allowed by the Legislative Decree of the Ministry of Economy and Finance of 14 September 2023.
P&C business registers a result equal to €11.8 million, down compared to €23.0 million in the first half of 2022. Life Business result stands at €11.4 million, up compared to €2.1 million recorded in the previous year.
The pre-tax result is equal to €29.9 million, compared to €33.0 million reported in the first half of 2022, of which €17.1 million attributable to P&C business (-€15.0 million compared to 2022) and €12.8 million to Life Business (+€11.9 million compared to 2022).
Shareholders’ equity amounts to €644.4 million, decreasing of €18.6 million compared to December 2022.
Gross written premium stands at €793.1 million, -10.2% compared to €883.3 million in the previous year. Life Business, with €442.3 million, shows a decrease of -17.0% against 2022. P&C business, with €350.8 million is in line with 2022.
The Investments amount to €7,140 million, decreasing by €982 million compared to December 2022.
P&C Combined Ratio is equal to 96.7%, increasing by 1.5 p.p. compared to 95.2% of 2022. The Loss Ratio worsens by 3.3 percentage points to 67.5% while the Cost Ratio improves by 1.8 percentage points to 29.2%.
Solvency Ratio calculated applying the Standard formula with USP is equal to 203.3%, in line with 31 December 2022.
Roberto Mosca, CEO of HDI Assicurazioni, commented: «Despite the complex economic scenario, in which we find ourselves in an increasingly challenging and competitive insurance market, HDI confirms its growth and solid financial position. In this first half of the year, in fact, we have completed the merger of HDI Italia into HDI Assicurazioni and we can count on more than 600 employees and 800 agencies. This process has been achieved in line with the planned timing and has allowed us to strengthen and enhance our distribution capacity, integrating and widening our product catalog. As a result of this path, we currently record slightly declining results, – continues Roberto Mosca – consequential and structural to the merger of two Companies that from now on will operate as a 'One Company'. As such, HDI's midterm goal is to enter the top-10 non-life insurance companies in Italy. We will therefore continue to do more and better, bringing value to the entire Company and projecting ourselves towards a year-end that we believe will be positive».
During the first half of 2023, HDI Italia merged into HDI Assicurazioni, the last formal step in the integration process of HDI Italia (formerly Amissima Assicurazioni) acquired in April 2021. For comparison purposes, the results for the year were compared with the pro-forma figures of the 'One Company' (HDI Assicurazioni and HDI Italia).
HDI Assicurazioni reports in the first half of 2023 a net result equal to €23.2 million, with a decrease of €1.9 million compared to €25.1 million recorded in the same period of 2022.
For the half year closing, in continuity with 2022, the right to amend from the usual valuation criteria for fixed income securities has been adopted, as allowed by the Legislative Decree of the Ministry of Economy and Finance of 14 September 2023.
P&C business registers a result equal to €11.8 million, down compared to €23.0 million in the first half of 2022. Life Business result stands at €11.4 million, up compared to €2.1 million recorded in the previous year.
The pre-tax result is equal to €29.9 million, compared to €33.0 million reported in the first half of 2022, of which €17.1 million attributable to P&C business (-€15.0 million compared to 2022) and €12.8 million to Life Business (+€11.9 million compared to 2022).
Shareholders’ equity amounts to €644.4 million, decreasing of €18.6 million compared to December 2022.
Gross written premium stands at €793.1 million, -10.2% compared to €883.3 million in the previous year. Life Business, with €442.3 million, shows a decrease of -17.0% against 2022. P&C business, with €350.8 million is in line with 2022.
The Investments amount to €7,140 million, decreasing by €982 million compared to December 2022.
P&C Combined Ratio is equal to 96.7%, increasing by 1.5 p.p. compared to 95.2% of 2022. The Loss Ratio worsens by 3.3 percentage points to 67.5% while the Cost Ratio improves by 1.8 percentage points to 29.2%.
Solvency Ratio calculated applying the Standard formula with USP is equal to 203.3%, in line with 31 December 2022.
Roberto Mosca, CEO of HDI Assicurazioni, commented: «Despite the complex economic scenario, in which we find ourselves in an increasingly challenging and competitive insurance market, HDI confirms its growth and solid financial position. In this first half of the year, in fact, we have completed the merger of HDI Italia into HDI Assicurazioni and we can count on more than 600 employees and 800 agencies. This process has been achieved in line with the planned timing and has allowed us to strengthen and enhance our distribution capacity, integrating and widening our product catalog. As a result of this path, we currently record slightly declining results, – continues Roberto Mosca – consequential and structural to the merger of two Companies that from now on will operate as a 'One Company'. As such, HDI's midterm goal is to enter the top-10 non-life insurance companies in Italy. We will therefore continue to do more and better, bringing value to the entire Company and projecting ourselves towards a year-end that we believe will be positive».