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Unipol books higher consolidated net profit YOY in H1

Unipol Gruppo SpA reported first-half consolidated net profit attributable to the owners of the parent of €626.5 million, compared with €481.7 million a year earlier.

The result included positive effects of the first-time application of the consolidation in equity of the investment in BPER Banca SpA of €388 million.

Net premiums jumped year over year to €6.90 billion from €5.71 billion. Gross premiums came in at €7.12 billion, up from the year-ago €5.91 billion.

Fee and commission income declined to €17.5 million from €21.6 million a year earlier.

Unipol Gruppo's insurance business booked first-half consolidated profit of €562 million, a decrease from €709 million in the prior-year quarter. The company's nonlife business contributed €462 million to the result, while the life business contributed €100 million.

First-half net premiums at the nonlife business increased 3.6% year over year to €3.89 billion from €3.75 billion. Net premiums at the life business rose 54.1% to €3.01 billion from €1.96 billion.

The group recorded a direct business combined ratio of 93.2%, slightly better than the 93.0% in the first half of 2018.

BPER Banca recently completed the acquisition of Unipol Banca SpA from Unipol Gruppo and UnipolSai and closed the sale of a soured-debt portfolio with a gross book value of approximately €1.0 billion, as of Sept. 30, 2018, to UnipolReC SpA.