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Financial Statements 2018

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REPORTS 2018

Letter from the Chairman

Letter from the Chairman

The Cattolica  Assicurazioni  Group  ended  2018  with  a  positive result, in line with the objectives of the 2018-2020 Business Plan. In an increasingly competitive and complex scenario, from an economic and financial perspective, our Company has been able  to  carve  out  a  leading  role  in  the  national  insurance sector, making a series of strategic decisions from which we are beginning to reap the benefits.

Significant  investments  have  been  made  in  various  business areas,  in  order  to  respond  in  an  increasingly  prompt  and specific  manner,  to  the  demands  of  our  customers  and  all stakeholders.

The  transformation  project  in  progress  enables  us  to  further develop  our  range  of  action,  by  expanding  growth opportunities  and  creating  well-being  for  the  communities  in which we operate.

Cattolica  has  been  able  to  keep  its  identity  intact,  whilst adapting to the times of a rapidly changing economy: it has maintained  its  cooperative  business  model,  reformed  its governance, by adopting the one-tier model and has opened up capital to Shareholders.

It is the only European cooperative company to have chosen this   management   and   administrative   structure,   always safeguarding its relationship with the reference territory, partly due  to  the  activity  of  its  Foundation,  which  is  committed  to supporting  the  initiatives  in  terms  of  solidarity,  voluntary  work and subsidiarity.

For  Cattolica,  corporate  social  responsibility  is  an  original vocation,  which  accompanies  the  company’s  development process.

Paolo Bedoni

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Letter from the Managing Director

Letter from the Managing Director

At the end of the first year of the Business Plan, the Cattolica Assicurazioni Group is a solid and profitable company, with a total  funding  up  to  almost  €6  billion,  an  operating  profit  that shows  strong  growth  of  42.2%,  a  confirmed  technical excellence  and  Solvency  II  index  equal  to  1.72  times  the regulatory  minimum.  Net  profit  recorded  a  marked  increase, making it the best of the last decade, at €107 million.

These are results that make us proud and that make us look to the future with optimism, given that they demonstrate the good start  of  the  Business  Plan  and,  partly  in  light  of  the  numerous actions undertaken during 2018, they draw up a positive path for the Group. We have worked hard to achieve these results, inspired by the founding principles of our Company and guided by a charter of values that is common to all Group employees: integrity, cohesion, courage to do and learn, results-orientation and meritocracy. 

It  is  on  these  solid  foundations  and  with  the  awareness  of wanting to be an excellence amongst the key market players that  we  renew  our  commitment  to  reach  the  targets  of  the Plan: we will do so by continuing the Company's industrial and cultural transformation, with the aim of generating value in the interest of all members, shareholders and stakeholders.

Alberto Minali

 

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Significant Group data

As at December 31st, the scope of consolidation comprised the insurance Parent Company, twelve insurance companies, of which one reinsurance company, seven service companies, two companies in the agricultural-real estate sector and five real estate investment funds.
Total premiums written
5,793.1
€ mln (+15.7%)
Operating result
292.4
€ mln (+42.2%)
Operating ROE
7.5%
(+1.3 pp)
Solvency II Ratio 1
172%
Consolidated profit
136.6
€ mln (+80.6 mln)
Cattolica net profit
3.5
€ mln (-1.8 mln)
Proposed dividend per share
0.4
€ (+14.3%)
Total dividend proposed
69.7
€ mln (+14.3%)
 
Our People
1,692
(+7.2%)
687 (+8.8%)
WOMEN
1,005 (+6.1%)
MEN
 
Our Customers 2
3,580,000
(-0.6%)
 
1 Net of proposed dividend.
2 The figure on the number of customers does not include the companies of the Vera brand.
NON-LIFE SEGMENT
Gross premium written direc non-life business
2,103.9
€ mln (+4.4%)
Operating result
168.6
€ mln (+20.1%)
Combined ratio for retained business
93.4
(-1.3 pp)
 
LIFE SEGMENT
Gross premium written direct life business
3,671.7
€ mln (+23.2%)
Operating result
127.3
€ mln (+86.2%)
 
Our distributors
1,929 (-1.9%)
AGENTS
1,444 (-3.3%)
AGENCIES
6,054 (+19.5%)
COUNTERS
 
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Data and Graphics

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    2014 2015 2016 2017 2018
KEY ECONOMIC INDICATORS DATA EXPRESSED IN MILLIONS          
Total premiums written   5,676.9 5,611.5 4,758.8 5,008.2 5,793.1
Direct business - non-life   1,853.1 2,028.6 1,972.5 2,015.1 2,103.9
Direct business - life   3,769.1 3,567 2,771.1 2,979.4 3,671.7
Consolidated net profit for the period   107.1 81.6 93.4 56.1 136.6
Group net profit for the period   90.7 60.9 76.3 41.1 106.9
Operating result   - - - 205.6 292.4
KEY EQUITY INDICATORS DATA EXPRESSED IN MILLIONS          
Investment   19,957.7 21,390.9 21,590.9 23,284.5 31,501.7
Technical provisions net of reinsurance amount   17,084.2 18,169.7 18,796.5 19,969.2 28,261.8
Consolidated shareholders' equity   2,188.1 2,158.7 2,113.7 2,107.5 2,255.3
Shareholders’ equity pertaining to the Group   1,962.7 1,911.8 1,854.9 1,845.3 1,779.9
KEY GROUP RATIOS DATA EXPRESSED IN THE PERCENTAGE          
Combined ratio for retained business   91.5 91.5 93.2 94.7 93.4
Solvency II Ratio (1)   - - 1.86 2.39 1.72
Operating ROE   - - - 6.2 7.5
GROUP'S MARKET SHARE DATA EXPRESSED IN THE PERCENTAGE          
Total market share   3.7 3.6 3.5 3.8 4.2
Life business market share   3.3 3 2.7 3 3.5
Non-life business market share   5 5.5 6.2 6.2 6.4
(1) The post-distribution ratio of the proposed Parent Company dividend, calculated according to the Standard Formula with the use of the Undertaking Specific Parameters (USP).
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Headcount and sales network

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Total headcount

2014 2015 2016 2017 2018
1,654 1,580 1,568 1,579 1,692

Full time equivalent headcount

2014 2015 2016 2017 2018
1,595 1,522 1,508 1,517 1,631

Agencies

2014 2015 2016 2017 2018
1,535 1,516 1,496 1,494 1,444

Bank branches

2014 2015 2016 2017 2018
5,985 5,744 5,649 5,064 6,054

Financial advisors

2014 2015 2016 2017 2018
910 1 39 906 800 733

Welfare and pension product advisors

2014 2015 2016 2017 2018
485 362 299 210 159
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Significant Events

January

On January 28th the Cattolica Board of Directors approved the 2018-2020 Business Plan, which was presented the next day to the Milan Stock Exchange in a meeting with analysts and investors. The Plan sets the objective to make Cattolica a more innovative Group, flexible and reactive, ready to take on the challenges and opportunities of an increasingly competitive market, in a macro-economic context that is still challenging.

On January 28th, the Cattolica Board of Director appointed as Executive in charge of preparing the company accounting documents, the Deputy General Director and CFO, Mr. Enrico Mattioli.

 

March

Starting from March 1st, Mr. Massimo di Tria joined the Group as Chief Investment Officer, reporting to the Managing Director.

On March 29th, the closing by Cattolica of 65% of Avipop Assicurazioni and Popolare Vita was completed and a business partnership started in the Life and Non-Life Segments, for a period of 15 years.
Following a rebranding activity, Vera Vita, with the subsidiary Vera Financial, and Vera Assicurazioni, with the subsidiary Vera Protezione were created.

Cattolica assumed management and coordination duties of the insurance companies.
The value paid for the purchase of 65% of the companies by the Parent Company was € 819.7 million, Please note that this value was paid in conformity with the contractual provisions, equal to € 853.4 million, of which € 89.6 million through distribution of available reserves by Popolare Vita, carried out before the closing, to the sole shareholder Banco BPM, and that the ordinary dividends of the insurance companies relative to the 2017 year (€ 89.1 million, equal to the total dividend) pertain entirely to Banco BPM, even if detached after the closing. This value was audited and adjustment between the parties with a decrease of € 1.55 million. Furthermore, the amount was further corrected for the cost component to be paid for outsourcing, migration and integration services for a total of € 4.226 million.

April

On April 10th the Cattolica Board of Directors appointed Mr. Atanasio Pantarrotas as Investor Relations Officer.

On April 26th the Cattolica Board of Directors appointed Mr. Valter Trevisani as General Director, managing the General Technical, Operations and TechnicalInsurance Department for all the segments, including the pricing activities, as well as innovative projects and the management of the service operations. The assignment began on May 2nd.

On April 28th, the Ordinary and Extraordinary Members’ Meeting of Cattolica Assicurazioni was held.

June
On June 14th, the transfer to Credit Agricole – Carparma was completed of the participation held by the Parent Company in Cassa di Risparmio di San Miniato (CARISMI) and the conversion in runoff of the distribution agreements of Cattolica and Cattolica Life DAC existing with CARISMI. We wish to specify that CARISMI will continue to be the intermediary for the portfolio portion in run off. The economic settlement of the agreements took place on that same date.
October

On October 3rd, having obtained the necessary authorization, Cattolica acquired for € 25.4 million, from Groupe des Assurances du Credit Mutuel S.A. 100% of CP-BK Reinsurance S.A., reinsurance company established under Luxembourg law, renamed at the same time “CattRe S.A.”.

On October 17th the Parent Company completed the acquisition of the participations in the following companies:

  • Estinvest S.r.l., 100% held directly and Satec S.r.l., held directly with a quota of 15.87% of the share capital and indirectly for the remaining 84.13% of the share capital through the subsidiary Estinvest S.r.l. for a total of € 7.6 million and
  • Meteotec S.r.l., held indirectly through Satec S.r.l. whoch owns 100% of the share capital.
  •  
November

On November 9th the acquisition of a 51% investment in the share capital of Qubo Insurance Solutions S.r.l., insurance brokerage company based in Milan, was completed.  The additional 49% of the capital is still held by the original single member, Nelson Servizi S.p.A. The investment in the share capital of Qubo was acquired by Estinvest S.r.l., following designation by Cattolica.

On November 20th, following the stipulation of a new framework agreement of cooperation with Coldiretti, the deed of transfer to that company of the participation held by Cattolica in the share capital of Agenzia Generale Agrifides S.r.l., equal to 51%, was completed.

December
In December, Cattolica and the French Group, Inter Mutuelles Assistance signed a framework agreement for the acquisition of 35% of the share capital of IMA Italia Assistance S.p.A. and a 10% quota of IMA Servizi S.c.a.r.l.. The agreement anticipates, among other things, specific mechanisms of call and put options, which may lead to an increase up to 51% of the participation held by Cattolica in IMA Italia. The operation is conditional on obtaining the necessary authorisations.