Insurance external revenues were up 7.8% to €399m in Q3-24 (€1.2bn in 9M-24, +7.3% y/y). Life Investments & Pension revenues to €353m, up 8.0% (€1.1bn in 9M-24, +4.1% y/y), with CSM release of €354m in Q3-24, +14.9% y/y, and €1.0bn, +9.5% in 9M-24.
In Q3-24 positive Life Investments & Pension net inflows of €0.5bn were recorded (€0.7bn in 9M-24), supported by newly launched products, with a lapse rate of 7.1% (6.6% in 9M-24), outperforming industry levels.
Q3-24 Protection revenues at €46m up 6.2% y/y (€133m in 9M-24, +43.7% y/y), supported by higher volumes and improving combined ratio.
Total Protection gross written premiums were at €224m in Q3-24, +13.3% y/y (€771m in 9M-24, +21.9% y/y).
At the end of September 2024, the Contractual Service Margin amounted to €13.6bn, after the release of €1.0bn in the first nine months, higher vs end of June 2024 and providing strong visibility on the division’s sustainable profitability going forward.
At the end of September 2024, Poste Vita Group’s Solvency II Ratio stood at 322%, well ahead of the managerial ambition of around 200% through the cycle.
Segment Adjusted EBIT at €344m in Q3-24, up 7.0% y/y (€1.1bn in 9M-24, +8.7% y/y).
