Unipol Q1 Profit Jumps 15% Fueled by Core Insurance Business
Unipol's First-Quarter Financial Performance and Strategic Moves
Strong Q1 Results Driven by Insurance Operations
May 15 (Reuters) - Italian financial group Unipol reported a 15.4% comparable rise in its first-quarter net profit to 329 million euros ($383 million) on Friday, supported by a strong performance in its core insurance business.
Impact of BPER Merger and Sector Consolidation
Including contributions from BPER, the net result stood at 433 million euros, after Italy's fifth-largest bank completed its merger with Banca Popolare di Sondrio in April.
Unipol, BPER's main shareholder, backed the 5.4 billion euro deal last year amid a wave of sector consolidation in Italy, and investors continue to see the bank as a player in future M&A rounds.
Key Financial Highlights
- Unipol's direct insurance income: grew 7.1% to 4.8 billion euros, with non-life income contributing 2.5 billion euros
- Consolidated solvency ratio: a gauge of an insurer's ability to meet claims, stood at 248% at the end of March
- Solvency ratio excluding BPER shareholding: came in at 295%
Exchange Rate Information
($1 = 0.8589 euros)
Reporting Credits
(Reporting by Enrico Sciacovelli, editing by Milla Nissi-Prussak)