In 2022 Insurance segment revenues were up 15.7% y/y to €2.2bn (+40.5% y/y to €580m in Q4-22). Life revenues were up 15.0% y/y to €2.0bn, benefitting from positive market conditions on the inflation linked portfolio.
Non-life revenues were up 25.1% y/y to €151m (+51.1% y/y to €35m in Q4-22), thanks to increasing contribution from modular and welfare products. Total life gross written premiums down 2.2% y/y to €17.2bn (+6.8% y/y to €3.9bn in Q4-22). P&C gross written premiums up 23.0% y/y to €392m (+26.0% y/y to €91m in Q4-22).
FY-22 EBIT was up 20.7% y/y to €1.4bn (+61.9% y/y to €370m in Q4-22).
At the end of December 2022, Poste Vita Group’s Solvency II Ratio stood at 253%, up from 207% in September 2022, with mass lapse insurance contributing with 30 p.p.
GUIDANCE - 2023 Financial Targets
Insurance Services Net segment revenues are expected to reach €1.6bn under IFRS17, of which:
· Life Net revenues: €1.5bn.
· P&C Net revenues: €0.1bn.
· EBIT: €1.4bn vs. FY-22 EBIT of €1.35bn (including baseline adjustments of €0.17bn).
· Net Profit: €1.0bn vs. FY-22 Net Profit of €0.98bn.