In Q2 Insurance segment revenues were down 10.5% y/y to €379m (-3.0% y/y to €772m in H1-23) and in line with expectations.
In Q2 life revenues were down 12.3% y/y to €358m (-2.8% y/y to €739m in H1-23), compared to a particularly strong Q2-22 which benefitted from non-recurring revenues derived from a sudden and material increase in interest rates. In line with the latest two quarters (Q4-22 and Q1-23), life net inflows continued to be positive in the second quarter of 2023, outperforming a negative market and contributing to insurance reserves’ growth. Total life gross written premiums were up 5.3% y/y to €4.5bn (+13.8% y/y to €10.5bn in H1-23).
Non-life revenues increased by 39.8% y/y to €21m (-8.2% y/y to €33m in H1-23), supported by higher gross written premiums up 45.0% y/y in all product lines to €126m (+55.4% y/y to €327m) and Net Insurance acquisition. The Contractual Service Margin amounted to a strong €13.3 billion as of June 2023, after the release of €335m in the quarter. In Q2 EBIT was down 12.3% y/y to €330m (-5.3% y/y to €664m in H1-23), mirroring the revenues trend, and in line with our ambitious targets. At the end of June 2023, Poste Vita Group’s Solvency II Ratio stood at 274%, well above the managerial ambition of c.a. 200% through the cycle, with transitional measures providing an additional buffer to address potential market volatility.
