(Alliance News) - The board of directors of Unipol Gruppo Spa met Thursday and approved the consolidated results as of March 31, reporting a consolidated net profit of EUR363 million, including the contribution of investee companies BPSO and BPER. Excluding the economic contribution of the banking holdings, the group ended the first quarter of 2024 with a consolidated net income of EUR242 million, a 7.0 percent improvement over the first quarter 2023 result of EUR226 million.

Direct insurance premium income was EUR4.2 billion, up 9.8 percent from March 31, 2023.

Non-life premium income rose to EUR2.3 billion, a growth delta of 8.7 percent, while that of life insurance was EUR1.9 billion, up more than 11 percent.

Gross profitability of the Group's insurance financial investment portfolio achieved a total return of 4.0% of invested assets, of which 3.3% came from coupons and dividends, while profitability in the first quarter of 2023 stood at 4.1%, with coupons and dividends accounting for 3.2%.

The consolidated solvency ratio was 217% from 215% as of Dec. 31, 2023, while the insurance sector solvency ratio was 269%.

Unipol closed Thursday's session down 0.9 percent at EUR8.56 per share

By Maurizio Carta, Alliance News reporter

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