Unipol Gruppo SpA on Aug. 4 reported a first-half consolidated net loss attributable to the owners of the parent of €488.6 million, compared to the year-ago attributable profit of €160.0 million.
The group said the restructuring plan of its banking activities had a negative economic effect of €780 million during the half at unit Unipol Banca, leading to a group consolidated net loss of €390.4 million.
Net premiums for the period amounted to €5.69 billion, down from €7.59 billion a year earlier. Gross premiums declined on a yearly basis to €5.89 billion from €7.81 billion.
Fee and commission income was €83.1 million, compared to €68.3 million a year ago.
Pretax profit from the insurance business was €580 million, up from €461 million in the first half of 2016. The nonlife business contributed €368 million to the total pretax profit in the segment, compared to €268 million a year earlier, while the life business contributed €212 million, up from the year-ago €193 million.
First-half net premiums at the nonlife business decreased 0.8% on a yearly basis to €3.73 billion from €3.76 billion, and 48.8% in the life business to €1.96 billion from €3.83 billion.
The group's Solvency II ratio was 133% at the end of June, compared to 141% at the end of 2016.
Unipol Gruppo recorded a direct business combined ratio of 95.3%, compared to 94.7% in the first half of 2016.
At its UnipolSai Assicurazioni SpA subsidiary, consolidated first-half net profit attributable to the owners of the parent was €264.6 million, down from the year-ago €269.4 million.
UnipolSai's life net premiums dropped year over year to €1.81 billion from €2.53 billion, while nonlife net premiums also declined, to €3.41 billion from €3.45 billion. Its nonlife combined ratio for direct business was 96.1%, compared to 95.3% in the first half of 2016.
Unipol Sai's separate solvency ratio at June 30 stood at 256% of the capital requirement, compared to 243% at the end of 2016.