Revenues from the insurance sector of Poste Italiane increased, year-on-year, by 13.9% in financial year 2021 and amounted to €1.9 billion (-7.9% compared to the fourth quarter of 2020, equal to €415 million in the fourth quarter of 2021), which was in line with the ambitious goals set.
Life and Non-Life
In 2021, Life Insurance revenues increased, on an annual basis, by 16.0% to €1.7 billion (-7.1% compared to the fourth quarter of 2020, equal to €389 million in the fourth quarter of 2021), driven by the successful commercial focus on multi-branch products which now account for 58% of gross premiums. Non-Life insurance revenues decreased in the 2021 financial year on an annual basis by 8.4% to €130 million (-17.9% compared to the fourth quarter of 2020, equal to €26 million in the fourth quarter of 2021), from the business mix and negative one-offs.
Gross premium revenue and operating profit
Gross premiums written in the Life insurance sector increased by 5.5% year-on-year to €17.6 billion (-17.1% compared to the fourth quarter of 2020, equal to €3.7 billion in the fourth quarter of 2021). Gross premiums of the Non-Life insurance sector increased by 30.1% year-on-year to €309 million in 2021 (+ 33.0% compared to the fourth quarter of 2020, equal to €70 million in the fourth quarter of 2021), supported by the modular offer and health insurance. Operating income (EBIT) increased in 2021 by 13.7%, on an annual basis, to €1.1 billion (-16.2% compared to the fourth quarter of 2020, equal to €230 million in the fourth quarter of 2021) and is in line with the ambitious goals we had set. At the end of December 2021, the Solvency II Ratio of the Poste Vita Insurance Group stood at 261%, with the transitional measures providing an additional buffer of a further 24 p.p. to address potential market volatility in the future.
