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2023 Results: A year of growth with solid results
Rome, 25/03/2024 – The Board of Directors has approved the preliminary results of HDI Assicurazioni as of 31 December 2023.
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 2023YE results are compared with the pro-forma figures of the 'One Company' 2022YE (HDI Assicurazioni and HDI Italia).
The Company closed the 2023 financial year with better results compared to the previous financial year, confirming its good capital solidity. The net result is equal to EUR 42.6 million (32.2 million in 2022) and the Pre-tax result amounted to EUR 54.7 million (42.6 million in 2022). The Company has decided to apply IVASS Regulation no. 52 of 30 August 2022, which introduces the right to deviate from the ordinary valuation criteria of bonds recorded as available for sale.
Shareholders' equity amounted to EUR 663.9 million, showing an increase of EUR 0.9 million compared to 2022.
Gross written premium from direct business reached EUR 1,597.2 million (1,734.4 million in 2022). Life business, with EUR 881.5 million, (EUR 1,041.1 million in 2022). Non-Life business stands at EUR 715.7 million, with an increase of +3.2% compared to 2022.
Investments amount to EUR 6.747,4 million, decreasing by EUR 1,129.4 million compared to 2022.
Non-Life Combined Ratio(direct business) is equal to 103.4% an increase from the 97.0% recorded in 2022 mainly due to NatCat events. The Loss Ratio is equal to 73.6% with an increase of 7.1 percentage points, while the cost ratio registered an improvement from 30.5% in 2022 to 29.8% in 2023.
The Solvency Ratio registered a slight decrease at 195.0% compared to 203.6% in 2022.
Roberto Mosca , CEO of HDI Assicurazioni, commented: «We successfully concluded 2023 that saw significant growth in terms of financial results and overall strengthening of the Company. Thanks to the merger completed in 2023, HDI is now larger and more rooted in Italy. Today we can rely on 600 Employees and 800 Agencies that will further drive the achievement of the Company's goals. In addition to an increasingly challenging and competitive market, Roberto Mosca continues, the last twelve months have been characterized by an unstable geopolitical scenario. Nevertheless, we are proud to have reached and exceeded our expectations, demonstrating our determination. With the merger, and a great integration effort successfully finalised that makes us proud, as of today we are writing a new chapter of our business to continue to grow and create value, heading into a new year of challenges and ambitious goals».
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 2023YE results are compared with the pro-forma figures of the 'One Company' 2022YE (HDI Assicurazioni and HDI Italia).
The Company closed the 2023 financial year with better results compared to the previous financial year, confirming its good capital solidity. The net result is equal to EUR 42.6 million (32.2 million in 2022) and the Pre-tax result amounted to EUR 54.7 million (42.6 million in 2022). The Company has decided to apply IVASS Regulation no. 52 of 30 August 2022, which introduces the right to deviate from the ordinary valuation criteria of bonds recorded as available for sale.
Shareholders' equity amounted to EUR 663.9 million, showing an increase of EUR 0.9 million compared to 2022.
Gross written premium from direct business reached EUR 1,597.2 million (1,734.4 million in 2022). Life business, with EUR 881.5 million, (EUR 1,041.1 million in 2022). Non-Life business stands at EUR 715.7 million, with an increase of +3.2% compared to 2022.
Investments amount to EUR 6.747,4 million, decreasing by EUR 1,129.4 million compared to 2022.
Non-Life Combined Ratio(direct business) is equal to 103.4% an increase from the 97.0% recorded in 2022 mainly due to NatCat events. The Loss Ratio is equal to 73.6% with an increase of 7.1 percentage points, while the cost ratio registered an improvement from 30.5% in 2022 to 29.8% in 2023.
The Solvency Ratio registered a slight decrease at 195.0% compared to 203.6% in 2022.
Roberto Mosca , CEO of HDI Assicurazioni, commented: «We successfully concluded 2023 that saw significant growth in terms of financial results and overall strengthening of the Company. Thanks to the merger completed in 2023, HDI is now larger and more rooted in Italy. Today we can rely on 600 Employees and 800 Agencies that will further drive the achievement of the Company's goals. In addition to an increasingly challenging and competitive market, Roberto Mosca continues, the last twelve months have been characterized by an unstable geopolitical scenario. Nevertheless, we are proud to have reached and exceeded our expectations, demonstrating our determination. With the merger, and a great integration effort successfully finalised that makes us proud, as of today we are writing a new chapter of our business to continue to grow and create value, heading into a new year of challenges and ambitious goals».