Insurance segment revenues were up 1.0% to €397m . Life Investments & Pension revenues to €363m down 3.0%, with higher CSM release (€337m in Q1-24 compared to €313m in Q1-23).
Life net inflows continued to be positive, outperforming the market with a low lapse rate in a challenging environment.
Q1-24 Protection revenues grew 77.9% y/y to €35m, supported by higher volumes, improving combined ratio and Net Insurance consolidation.
Total Life Investments & Pension gross written premiums were at €4.7bn in Q1-24, -21.9%.
At the end of March 2024, the Contractual Service Margin amounted to €13.8bn (up from €13.7bn at the end of 2023), after the release of €337m in the quarter, supporting the future profitability of the insurance business.
At the end of March 2024, Poste Vita Group’s Solvency II Ratio stood at 313%, above the managerial ambition of around 200% through the cycle.
Segment EBIT to €349m in Q1-24, up 4.4% y/y compared to Q1-23 level of €334m.
