Vittoria Assicurazioni closed 2023 with 80.8 million euros of net profit compared to 62.5 million in the previous year. «This result is the result of the actions undertaken since last year, in which the company activated a progressive campaign to increase the average Motor TPL premium, revised the contractual conditions of the Non-Life classes most affected by atmospheric phenomena and introduced criteria in line with the evolution of the phenomena themselves for the signing of new contracts that provide such guarantees”, explains the group in a note.
Premiums on the rise, especially for the non-life business
Overall premiums written at 31 December 2023 recorded an increase of 4.6% compared to 2022 and amounted to 1,756.8 million euros (1,679.4 million euros at 31 December 2022) with an increase in the non-life classes of +10 .0% and a reduction in life insurance of -15.4% which were affected by the particular conditions of the financial markets, which made government bonds more attractive following the surge in government bond yields.
Investments increased by 3.4%
Investments increased by 3.4% compared to 2022 for a total of 4,717.2 million euros, of which 312.3 million (+31.8%) refer to investments with risk borne by the insured and 4,404.8 million euros in investments with risk borne by the company (+1.8% compared to 2022).
Net financial income, connected to investments with risk borne by the Company, amounted to 94.1 million euros compared to 63.8 million euros in the previous year thanks to greater ordinary income deriving from the bond segment.
The dividend is 0.47 euros per share
Shareholders’ equity amounts to 819.0 million euros, +6.6% compared to 2022 (768.6 million euros) and reflects the increase deriving from the result for the period and the distribution of the dividend relating to 2022. Taking into account the 2023 results, the board will propose to the assembly the distribution of a dividend of 0.47 euros per share (payout ratio of 37.7%). The dividend will be paid starting from 2 May 2024 following the ex-dividend date of coupon no. 42 dated 29 April 2024.
