February 14, 2025 08:27 GMT
FINANCIALS: Unipol - (UNIIM - Baa3/nr/BBB+ Pos) - Prelim 2024 Results
FINANCIALS
Credit neutral - Lots of moving parts. Core operations performing well once consolidations are stripped out. Solvency II remains strong.
- Net profit figure of€1,119m is 5.2% higher YoY after stripping out BP Sondrio consolidation
- Insurance group net profit of €860m - +12% Yoy after deconsolidating BPSO and BPER.
From the consolidated income statement
- Improved net insurance result of €841m - €434m higher than in 2023
- Investment result is €2,363, marginally lower than FY 23. Financial costs of insurance contracts increase sharply - up 22.5% on FY 23 to €1554m. This gives a net financial result that is -€319m weaker than FY 23.
- Opex increases 13% to €638m
- Pretax profit €1,316m - is 16% lower than FY 24.
- SII is 213%for the group - in line with FY 23 - or 263% in the insurance group only
Following the upgrade from fitch on Jan 14th, the Fitch positive outlook is more reflective of the positive outlook on the Italian sovereign than specifically linked to Unipol.
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