In Q1 Insurance segment revenues were up 5.5% to €393m.
In Q1 Life revenues were up 8.3% to €381m, supported by increasing volumes and margins. In line with Q4-22 trend, life net inflows continued to be positive in the first quarter of 2023, outperforming the market and supporting constant growth in insurance reserves.
In Q1 non-life revenues went down to €12m comparing to a total of €21m in Q1-22 due to a strong increase of welfare business. The change in product mix and the timing of recognition of additional reserves as per IFRS17 standard, resulted in a temporary increase of P&C combined ratio to 94%, whilst confirming 2023 target of about 88%.
The Contractual Service Margin amounted to a strong €13.2 billion as of March 2023, after the release of €313m in the quarter.
Life gross written premiums were up 21% y/y to €6.0bn. P&C gross written premiums were up 63% y/y to €201m, supported by positive contribution from all product lines, with Welfare GWP doubling year-on-year.
EBIT for the first quarter of the year was up 2.8% y/y to €334m.
The tender offer on Net Insurance was completed early in Q2-2023 as expected.
At the end of March 2023, Poste Vita Group’s Solvency II Ratio stood at 267%, well above the managerial ambition.