In Q3 Insurance revenues were up 6.5% y/y to €371m (-0.1% y/y to €1.1bn in 9M-23).
In Q3 Life revenues were up 5.3% y/y to €345m (-0.3% y/y to €1.1bn in 9M-23), supported by increasing volumes and margins. Positive Life net inflows in the third quarter of 2023, outperformed a challenging market and supports constant growth in insurance reserves.
Total life gross written premiums were down 2.2% y/y to €3.9bn (+9.0% y/y to €14.5bn in 9M-23).
In Q3 Non-life revenues increased by 26.9% y/y to €26m (+4.4% y/y to €59m in 9M-23), supported by higher gross written premiums up 41.2% y/y in all product lines to €128m (+51.1% y/y to €455m) and Net Insurance consolidation.
The Contractual Service Margin amounted to €12.8 billion as of September 2023, after the release of €308m in the quarter, predicting the future profitability of our insurance business.
In Q3 EBIT was up 7.7% y/y to €322m (-1.4% y/y to €986m in 9M-23) and in line with our targets.
At the end of September 2023, Poste Vita Group’s Solvency II Ratio stood at 252%, above the managerial ambition of around 200% through the cycle.