UnipolSai Exceeds Business Plan Target Despite Falling Profits in 2021

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Under the 2019-2021 plan, UnipolSai and its parent holding company Unipol aimed for an overall net profit of 4 billion euros and dividends totaling 1.9 billion euros for the two companies.

In 2021, UnipolSai’s consolidated net profit stood at 723 million euros ($823 million), down 15.2% from the previous year, after benefiting from a significant drop motor claims due to reduced traffic due to coronavirus-related lockdowns.

“Even though 2021 was still influenced by the pandemic, restrictions on the movement of people were less affected, while average car premiums continued to fall, reducing the technical profitability of the business,” the insurer said. based in Bologna in a press release.

UnipolSai’s combined ratio – a measure of the profitability of its P&C division, its main source of revenue – was 92.5%, down from 85.4% a year earlier when it benefited from reduced claims due to lockdown restrictions.

Readings below 100% indicate profitability.

UnipolSai said it plans to pay a dividend of 0.19 euros per share this year, stable compared to the previous year.

Its parent company Unipol announced in a separate press release that it would pay a dividend of 0.30 euros per share, up 7.1% compared to the previous year.

($1 = 0.8785 euros)

(Reporting by Andrea Mandalà, editing by David Evans)

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