In Q4-23 Life net inflows continued to be positive, with a counter-trend performance compared to the market.
In Q4, Insurance segment revenues amounted to €425m, down 16.1% compared to Q4-22 proforma basis, adjusted for compliance with IFRS 17 (€1.6bn in FY-23, down 5.0% compared to Q4-22 proforma basis – IFRS 17 adjusted).
Segment EBIT to €375m in Q4, down 17.7% y/y (€1.4 bn in FY-23, -6.5% y/y) compared to FY-23 proforma basis, adjusted for compliance with IFRS 17.
In Q4 life revenues to €391m down 20.8% compared to Q4-22 proforma basis, adjusted for compliance with IFRS 17 (€1.5bn in FY-23, down 6.7% compared to FY-22 proforma basis – IFRS 17 adjusted), which benefitted from volatile components determined by interest rates’ increase.
Total life gross written premiums were at €3.5bn in Q4-23, -9.6% y/y to (€18.0bn in FY-23, +4.8% y/y).
Q4-23 P&C revenues grew 177% y/y to €33m (€92m in FY-23, +34.7% y/y), supported by higher gross written premiums up 38.6% y/y in all product lines to €126m (€581m, +48.2% y/y) and Net Insurance consolidation.
At the end of 2023 the Contractual Service Margin amounted to €13.7bn (up from €12.9bn at the end of 2022), after the release of €329m in the quarter, predicting the future profitability of our insurance business.
At the end of December 2023, Poste Vita Group’s Solvency II Ratio stood at 305%, above the managerial ambition of around 200% through the cycle.
