The SBU’s financial results in 2024 were up when compared to the previous year and should be read in an industry context that continues to be challenging. The Solvency Ratio at 31 December 2024 stood at 322%, confirming the insurance group’s high solvency ratio and well above the managerial aspiration (around 200%).
Results and KPIs
| INSURANCE SERVICES (€m) | 2024 | 2023 | Changes | |
|---|---|---|---|---|
| External revenue | 1,640 | 1,567 | +73 | +4.7% |
| Revenue from other sectors | (160) | (148) | (12) | -8.1% |
| Total revenue | 1,480 | 1,419 | +61 | +4.3% |
| Costs* | 78 | 19 | +48 | n.s. |
| Costs vs other sectors | 31 | 28 | +3 | +10,5% |
| Total costs | 109 | 59 | +50 | +85.6% |
| EBIT | 1,371 | 1,360 | +11 | +0.8% |
| Adjusted EBIT** | 1,429 | 1,360 | +69 | +5.0% |
| NET PROFIT | 1,033 | 994 | +40 | +4.0% |
*In 2024, this item includes the contribution to the Life Insurance Guarantee Fund in the amount of €58 million.
** For the reconciliation between EBIT and adjusted EBIT, please refer to the reconciliation table in the paragraph 7.2 Other Information.
| OPERATING KPIs | 31 December 2024 | 31 December 2023 | Changes | |
|---|---|---|---|---|
| Net technical provisions Poste Vita Group (€bn)1 | 166.1 | 161.1 | +5.0 | +3.1% |
| Contractual Service Margin (CSM)2 (€bn) | 13.7 | 13.7 | (0,0) | -0.1% |
| Solvency Ratio | 322% | 307% | - | - |
| Investment and Pension | 2024 | 2023 | Changes | |
|---|---|---|---|---|
| Gross premium revenue - Investment and Pension (€m)3 | 17,966 | 17,768 | +198 | +1.1% |
| of which: Classes I-III-V | 10,337 | 13,842 | (3,505) | -25.3% |
| of which: Multi-class 4 | 7,629 | 3,926 | +3,703 | +94.3% |
| Net inflows (€m) | 1,544 | 3,444 | (1,900) | -55.2% |
| Lapse rate | 6.6% | 4.4% |
| - |
| Poste Vita products with ESG elements 5 | 100% | 75% |
| - |
| Protection | 2024 | 2023 | Changes | |
|---|---|---|---|---|
| Gross premium - Protection (€m)6 | 1,014 | 824 | +190 | +23.0% |
| Combined protection ratio (net reinsurance)7 | 84.9% | 84.2% |
|
|
1 Technical provisions of the insurance business (Investment & Protection and Protection) determined in accordance with the national accounting standards used to prepare the separate financial statements of the Group’s insurance companies.
2 Represents the present value of the expected and not yet realised profit that the Group will recognise on an accrual basis in profit and loss over the life of the contract.
3 Includes written Investment and Pension premiums, gross of reinsurance and intercompany portions of the Poste Italiane Group.
4 Includes gross premiums from Class I and Class III of Multi-class products.
5 All products with sustainability content consistent with the “Guidelines for defining the sustainability characteristics of products” approved by the CEO of Poste Vita in October 2023.
6 Includes Protection gross premium revenue before the change in the premium reserve, outward reinsurance and intra-group portions of the Poste Italiane Group, as well as motor premiums intermediated.
7 Corresponds to the ratio of total costs incurred (claims and settlement expenses + net reinsurance expenses + attributable/non-attributable operating expenses + other technical expenses and income) to gross insurance revenue.
Titolo: Ricavi da mercato
(dati in milioni di euro)
Anno Fiscale
| Categoria | 2022 (milioni di euro) | 2023 (milioni di euro) | Variazione (milioni di euro) | Variazione % |
|---|---|---|---|---|
| Danni (Include Poste Insurance Broker) | 68 | 82 | +20,6% | |
| Vita | 1.582 | 1.475 | -6,7% | |
| Totale | 1.650 | 1.587 | -83 | -3,8% |
| Rilascio CSM | 1.515 | 1.285 | -15,2% |
Quarto Quarto dell'Anno
| Categoria | Q4 2022 (milioni di euro) | Q4 2023 (milioni di euro) | Variazione (milioni di euro) | Variazione % |
|---|---|---|---|---|
| Danni (Include Poste Insurance Broker) | 12 | 33 | +175,0% | |
| Vita | 494 | 391 | -20,8% | |
| Totale | 506 | 425 | -81 | -16,1% |
| Rilascio CSM | 468 | 329 | -29,7% |
Market-leading insurance group with comprehensive Life and Protection product range.
- Resilient and Sustainable Life and Investment and Pension business
- Rapid and profitable growth in the Protection business
- Expansion of the distribution network through third-party channels
- Full integration of ESG principles in investment products
- Positive organic capital generation, strong capital ratios and less volatility than in the past
| SEGMENT | OPERATING REVIEW |
|---|---|
| INVESTMENT AND PENSION | In the area of Class I investment products, Poste Prospettiva Valore Gold II was placed in February 2024, a life insurance investment product in mixed form, with a single premium and a duration of 10 years, which provides for the annual revaluation of the invested capital at a certain and predetermined rate for the first year of the contract (obtained on the basis of previously acquired assets - Specific Provision of Assets, and on the basis of the result achieved by the separately managed account (Poste Vita Valore Solidità) over the following years. The product promotes environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088. In May, June and November 2024, new editions of the product were placed, Poste Prospettiva Valore Gold III, Poste Prospettiva Valore Gold IV and Poste Prospettiva Valore Gold V respectively, with the same characteristics as the previous placement. In May 2024, the new Class I Poste Valore Solidità Più policy was placed, a mixed-form life insurance policy with a single recurring premium whose benefits are linked to the performance of the Separately Managed Accounts102 “Posta ValorePiù” and “Poste Vita Valore Solidità” in which the premium is invested, net of costs. The contract duration is 15 years. Placement of the new Multi-class policy Poste Progetto Obbligazionario Bonus began in July 2024, a single-premium insurance investment product with a duration of 15 years that, for the first 6 years, envisages the investment of the premium in a unit-linked fund and, for the following 9 years or so, the annual revaluation of the invested capital based on the result achieved by the two Separately Managed Accounts (Posta ValorePiù and Poste Vita Valore Solidità), with the aim of maximising performance also through the payment of bonuses. In November 2024, the second edition of the Multi-class policy was launched, with the same features as the previous placement. In December 2024, the placement of the “Postafuturo da Grande” policy was completed, in line with the strategic plan’s objective of a 100% ESG IBIPS product range. |
| PROTECTION | During 2024, the marketing of the new Poste protezione Affetti 360 New term life insurance policy was launched, which expands the age requirements for subscription while introducing greater integration with the pure P&C product103. In December 2024, the placement of the new product Poste Lavorare Protetti104 aimed at business customers was launched. |
102 The revaluation of benefits is linked in equal parts to both Separately Managed Accounts: 50% of the amount paid in by the customer, net of costs, will be invested within the Separately Managed Account “Posta ValorePiù”, the other 50% will be invested within the Separately Managed Account “Poste Vita Valore Solidità”. The return will refer to the return realised, in quota, by each Account, giving rise to two simultaneous revaluations. The sum of these two capital amounts will represent the valuation of the client’s capital and the amounts to be paid out, for all benefits under the contract.
103 Although it is a Poste Vita product, it can also be purchased in combination with the Poste Vivere Protetti product as these are covers that complement the P&C covers.
104 The product offers coverage for catastrophic events for all business customers; coverage for natural events and fire exclusively for business customers in the Small Economic Operators (POE) segment; and finally, it offers the guarantees of the Business and Professional Protection Line to cover risks related to the assets and property of the business or professional activity exercised.