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Popolare Vita stake sale boosts Unipol's Q1 profit

Unipol Gruppo SpA reported first-quarter consolidated net profit of €472 million, up from €157 million in the same period in 2017.

The Italian group said the figure included a €309 million capital gain from the sale of its stake in Popolare Vita SpA. Excluding this, normalized consolidated net profit amounted to €163 million.

Unipol Gruppo's banking business had a pretax result of €10 million, compared to €4 million a year earlier. Direct insurance income, including reinsurance ceded, increased year over year to €3.29 billion from €3.21 billion.

The group's combined ratio stood at 95.1%, net of reinsurance, as of March 31, compared to 96.5% a year earlier.

At main subsidiary UnipolSai Assicurazioni SpA, consolidated net profit amounted to €474 million in the first quarter, up from the year-ago €147 million. Excluding the capital gain from Popolare Vita, normalized consolidated net profit was €166 million.

Direct insurance income, including reinsurance ceded, at the unit came in at €2.90 billion, compared to €2.83 billion in the first quarter of 2017.

The unit's individual solvency ratio stood at 282% at March 31 based on the partial internal model of calculation, compared to 263% a year earlier.

The group's Solvency II ratio was 181% at March 31, compared to the year-ago 166%.