Financial Analysis and Currency Deposits
Profitable Non-Life Insurance business – valuable and sustainable contribution to the Group
€ mn
Genikes
Insurance
Insurance income
-
8%
contribution
9%
contribution
to the
Group's
PBT
13%
Market
share2
Plan in place to enhance value further by business growth
supported by digitalisation and lean operating structure
GWP targeted to grow by more than 50% by 2025 (vs FY2021)
1H2022
1H2021
yoy%
36.5
32.2
14%
to non
interest
income
(of which GWP1)
32.1
29.7
8%
Costs and claims
(23.3)
(19.4)
20%
Net insurance income
13.2
12.8
4%
Total operating costs
(4.4)
(4.0)
7%
Revaluation losses on
(2.0)
(0.4)
investments
PBT-contribution to the
6.8
8.4
-19%
Group³
•
GWP¹ up 8% yoy due to increased new and renewal business
•
Cost and claims up 20% yoy due to higher activity in 1H2022
PBT- contribution to the Group³ down 19% yoy mainly due to increased
revaluation losses on investments driven by volatile market conditions
• Solvency ratio of 186% as at 30 June 2022
Drivers:
•
Widen target market leveraging on revamped bancassurance model
•
Exploit synergies with life insurance agency force
•
Focus on profitable business segments (fire and liability)
•
Strengthen profitable penetration into motor sector
72
1)
Gross written premium
3)
2)
As at 31 December 2021 based on market statistics
PBT is adjusted to exclude intercompany transactions between insurance companies
and the Bank
222
22View entire presentation