Reports 2019

Letter from the Chairman

Letter from the Chairman

2019 was a positive year for the Cattolica Assicurazioni Group, characterised by many challenges that we were able to accept and face with courage and determination. In an increasingly competitive environment, results have once again confirmed the growth recorded in recent years.

Our Company has proved to be one of the most important players in the domestic insurance sector, continuing with commitment the work defined in the Business Plan.

The figures on investments made, together with the various indices provided in these Financial Statements, reflect the solidity of the Company, which, over the years, has increased its assets with well-considered choices and far-sighted decisions.

This is a trend and a pathway that Cattolica intends to meticulously pursue in order to continue to respond in a timely and targeted manner to the interests and needs of its customers, shareholders and all stakeholders.

In 2019, the Group also dedicated time and resources to supporting and implementing the transformation project underway, increasing business, growth opportunities and the well-being of the communities in which it operates.

In a context characterised by an increasingly pervasive fluidity and rapidly evolving processes, Cattolica’s identity remains the firm and indispensable element in every possible development for the company. The cooperative business model and the resulting values have once again proven to be more relevant than ever and capable of guaranteeing the future of a company that chooses to stick by the principles that have distinguished it since its inception, the first and foremost being social responsibility towards the territories where it operates.

Thanks to the activities of the distribution network, employees and collaborators, the Group closes another year with its accounts in order and with the possibility of allocating new resources to investments, representing the best pathway to meeting new targets.

Thank you all.

Paolo Bedoni

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Letter from General Manager

Letter from General Manager

At the end of 2019, the Cattolica Assicurazioni Group’s profile is that of a solid Company with a growing business. The financial results, achieved in an increasingly challenging market environment, record positive technical and equity indicators and show a strong increase in production, with premiums written reaching € 7 billion. The operating result amounted to € 302 million, confirming the Group’s managerial and industrial capacity.

These are positive results that we have achieved by continually operating with the business strategy presented to the markets in order to make Cattolica a stronger and more competitive company, with innovation and dynamism as two distinctive features of our Company, ensuring that our business activities are increasingly sustainable. I believe that these efforts have been recognised and appreciated by all our stakeholders, starting with the more than 3.5 million individuals who have relied on the Group’s insurance solutions.

But there’s more to it than that, numbers alone can’t tell the whole story. This is the precious work of all employees, collaborators and agents of the Cattolica Assicurazioni Group, whose commitment is sprinkled between the lines of these Financial Statements.
They deserve my heartfelt thanks.

Carlo Ferraresi


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Video of the General Manager


Group Highlights

As of December 31st, the consolidation area comprised the insurance Parent Company, twelve insurance companies, a reinsurance company, a holding, a real estate services company, seven service companies, two companies in the agricultural-real estate sector and six real estate funds.
Total premiums written
mln € (+19.9%)
Operating result
mln € (+3.1%)
Operating ROE
(+0.4 pp)
Consolidated profit
mln € (-24.6%)
Cattolica net profit
mln € (+116.7 mln)
Solvency II Ratio 1
Our People
726 (+5.7%)
1,052 (+4.7%)
Our Customers 2
1 With reference to the SII ratio for 2019, the Board of Directors reserved the right to formulate its proposal for the allocation of profits at and during the Shareholders’ Meeting that is called to approve the Financial Statements, providing the appropriate information.
2 The number of customers does not include Vera brand companies.
Gross premiums written - direct non-life business
mln € (+2.5%)
Operating result
mln € (-11.8%)
Combined ratio of retained business
(+0.9 pp)
Gross premiums written - direct life business
mln € (+30%)
Operating result
mln € (+23.2%)
Our Distributors
1,887 (-2.2%)
1,395 (-3.4%)
6,075 (+0.3%)
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Data and Graphics

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    2015 2016 2017 2018 2019
Total premiums written   5,611.5 4,758.8 5,008.2 5,793.1 6,944.4
Direct business - non-life   2,028.6 1,972.5 2,015.1 2,103.9 2,156.9
Direct business - life   3,567 2,771.1 2,979.4 3,671.7 4,771.7
Operating result   - - 205.6 292.4 301.5
Consolidated net profit for the period   81.6 93.4 56.1 136.6 103
Group net profit for the period   60.9 76.3 41.1 106.9 75.1
Investment   21,390.9 21,590.9 23,284.5 31,501.7 33,401.5
Technical provisions net of reinsurance amount   18,169.7 18,796.5 19,969.2 28,261.8 30,272.8
Consolidated shareholders’ equity   2,158.7 2,113.7 2,107.5 2,255.3 2,351
Shareholders’ equity pertaining to the Group   1,911.8 1,854.9 1,845.3 1,779.9 1,893.6
Combined ratio for retained business   91.5 93.2 94.7 93.4 94.3
Solvency II Ratio (1)   - 1.86 2.39 1.72 1.75
Operating ROE   - - 6.2 7.5 7.9
Total market share   3.6 3.5 3.8 4.3 5
Life business market share   3 2.7 3 3.6 4.6
Non-life business market share   5.5 6.2 6.2 6.4 6.3
(1) With reference to the SII ratio for 2019, the Board of Directors reserved the right to formulate its proposal for the allocation of profits at and during the Shareholders’ Meeting that is called to approve the Financial Statements, providing the appropriate information.

Headcount and sales network

The following data can be consulted by choosing a view option between individual tables or single graphic.
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Total headcount

2015 2016 2017 2018 2019
1,580 1,568 1,579 1,692 1,778

Full time equivalent headcount

2015 2016 2017 2018 2019
1,522 1,508 1,517 1,631 1,717


2015 2016 2017 2018 2019
1,516 1,496 1,494 1,444 1,395

Bank branches

2015 2016 2017 2018 2019
5,744 5,649 5,064 6,054 6,075

Financial advisors

2015 2016 2017 2018 2019
1,039 906 800 733 737

Significant Events


On February 6th, and July 4th, the acquisition by Estinvest S.r.l. of 31% and 49% respectively of All Risks Solutions S.r.l. (“ARS”), a Rome-based insurance brokerage company, was completed, for € 33 thousand and € 43 thousand.


On March 25th, Cattolica and Inter Mutuelles Assistance S.A. announced that they had completed the closing of the transaction, which involves the entry of Cattolica into IMA Italia Assistance S.p.A. with a 35% shareholding, achieved through the subscription of a reserved share capital increase against payment for a total amount of € 8.58 million. Through this partnership, Cattolica and the IMA Group put their industrial competence together, providing momentum to the growth of IMA Italia Assistance S.p.A., which from April 1st onwards has been the new sole provider of the assistance services offered by the Group’s networks.
On April 13th, the ordinary Shareholders’ Meeting of Cattolica Assicurazioni was held and approved all items on the agenda, including the proposal of the Board of Directors concerning the draft 2018 Financial Statements, to distribute a dividend of € 0.40 per share, based on the 2018 Financial Statements. The Shareholders’ Meeting, based on the new Articles of Association approved by the Shareholders’ Meeting of April 28th, 2018, appointed the members of the Board of Directors for the threeyear period 2019-2021. The directors Giovanni Glisenti, Cesare Brena and Federica Bonato were also appointed as members of the Management Control Committee for the threeyear period 2019-2021, with Giovanni Glisenti as chairman. The Meeting also resolved with regard to the determination of the related fees. In accordance with IVASS regulation No. 38 dated July 3rd, 2018, the Shareholders’ Meeting approved the Remuneration Policies for the year 2019 with reference to the Group and to Cattolica relating to the directors and officers, the key personnel and other parties contemplated as recipients of general principles by said Regulation. Following the entry into force of this regulation, the Shareholders’ Meeting approved the revision of the 2018-2020 Performance Share Plan, already approved by the Shareholders’ Meeting of April 28th, 2018.
The Boards of Directors of Cattolica and ICCREA Banca, which met on July 3rd and 5th, 2019 respectively, resolved the renewal of the bancassurance partnership and the terms of the shareholding reorganisation of the joint ventures BCC Vita S.p.A. and BCC Assicurazioni S.p.A., formalising the related contracts on July 12th, 2019. On July 29th, Cattolica closed the purchase, from ICCREA Banca, of 19% of the share capital of the subsidiaries BCC Vita S.p.A. and BCC Assicurazioni S.p.A., thus increasing its own shareholding in both companies from 51% to 70%, for a total price of € 42.5 million. At the same time, a new shareholders’ agreement relating to the governance of the same companies and a new commercial bancassurance agreement were signed for the continuation of activities for the brokerage of insurance products of the joint ventures through the co-operative lending banks belonging to the newly established ICCREA Banca Co-operative Banking Group, with the assumption, by the parent company ICCREA Banca, of specific promotion commitments. Upon expiration, scheduled for December 31st, 2022, the agreements will be automatically renewed for additional periods of 12 months, without prejudice to the possibility of renegotiating its contents and duration or, alternatively, to terminate the partnership through the exercise of symmetrical call and put options.

On October 31st, Cattolica’s Board of Directors revoked the Managing Director Alberto Minali’s operating powers and, after consulting the Appointments Committee, granted all powers to the General Manager, Carlo Ferraresi.



On December 10th, 2019, Cattolica signed a binding agreement for the acquisition of 40% of Cattolica Life DAC from Banca Popolare di Vicenza, in compulsory administrative liquidation. This acquisition follows the binding agreement signed on November 7th between Cattolica and the reinsurance group Monument Re concerning the sale of 100% of Cattolica Life DAC.

The entire transaction is expected to be completed by the first half of 2020 and is subject to the issue of the necessary authorisations by the competent authorities. The sale of Cattolica Life is part of the wider context of rationalisation and simplification of the Cattolica Group.

On December 12th, as part of the corporate reorganisation of Specialty Lines, the following transactions were completed, at market conditions:

  • transfer in favour of the Luxembourg subsidiary CattRe S.A. of the interest held in Estinvest S.r.l., equal to 100% of the share capital;
  • transfer in favour of Estinvest S.r.l. of the shares held in Satec S.r.l. (equal to 15.87%) and All Risk Solutions S.r.l. (equal to 20%).

The transfers are part of the development of the Specialty Lines project, in line with the guidelines of the Business Plan and with the objective of perfecting the layout of the deputy corporate structure, grouping all the MGAs into a single set dedicated to special risks, at the top of which CattRe S.A. is positioned.

On December 18th, Cattolica subscribed 70 Equity Financial Instruments with a nominal value of € 100,000 each, issued by H-FARM S.p.A. on December 14th, paying on the same date a total consideration of € 7 million. Even though the transaction did not affect the quota of ordinary shares held in H-FARM S.p.A., which remained unchanged and equal to 4.49%, Cattolica considered that all the relationships with the investee company, following the subscription of the Equity Financial Instruments, entailed its qualification as a related party.