The SBU’s 2022 operating performance is solid and up on the 2021 results due to revenue growth in both segments: Life and P&C. The Solvency Ratio of 253% at 31 December 2022 confirms the solvency of the insurance Group.

2022 of the sector


(dati in milioni di euro)
External revenue2,1531,861+292+15.7%
Ricavi da altri settori33(0)-9.8%.
Total revenue2,1561,864+292+15.7%
Costs vs other sectors668605+63+10.4%
Total costs805745+60+8.1%
EBIT Margin %62.6%60.0%  
NET PROFIT979824+155+18,8%

n.s.: not significant

Operating KPIs20222021ChangesChanges
Net technical provisions Poste Vita Group (€bn)139.9159.0(19.1)-12.0%
Solvency Ratio253%261%  
Life business20222021VariazioniVariazioni
Gross premium revenue – Life (€m)¹17,17917,574(395)-2.2%
of which: Classes I-IV-V13,95713,749209+1.5%
of which: Class III²3,2223,826(604)-15.8%
Incidence of Multi-class premiums on total7,6118,082(471)-5.8%
Unrealized capital gains/(losses) (€bn)(14.0)13.2(27.2)n.s.
Lapse rate3.5%3.0%  
% of ESG products on investments products³60%50%  
P&C business20222021VariazioniVariazioni
Gross premium revenue – non-life (€m)⁴392319+73+23.0%
Average daily premiums – modular offer (€t)⁵269205+63+30.9%
Intermediated premiums on motor (€t)12,0185,843+6,176+105.7%
Combined ratio (net reinsurance)87.7%91.1%  
Loss ratio59.3%59.5%  

n/a not applicable
n/s not significant
¹ Includes gross premium revenue before outward reinsurance premiums and intra-group portions.
² Gross class III premium revenue includes the target portion of the new multi-class products, with “linked” portion definition.
³ For products being placed, the presence of an ESG component is enhanced. Product campaigns are excluded with gross annual inflows that are less than € 100 million
⁴ Includes gross premium revenue before the premium reserve, outward reinsurance premiums and intra-group portions.
⁵ Calculated on net annual premiums, including Property and Casualty policies
⁶ Corresponds to the ratio between the total amount of costs incurred (commissions for the year + charges relating to claims + balance of business ceded + operating costs + other technical expenses and income) and gross premiums earned.

(€ m)

ROAD TO 2024

“2024 Sustain & Innovate Plus” Strategy

Market-leading insurance company with comprehensive
and sustainable product portfolio

  • Life products at the heart of the group’s investment offering
  • Profitable growth in the non-life market
  • Full integration of ESG principles and reduction of under- insurance in Italy
LifeThe multi-class policy “Poste Progetto Dinamico Bonus” was launched (restyling of the
policy Poste Progetto Dinamico) dedicated to customers who bring in new liquidity and which provides for the possibility of repayment in the form of a bonus, starting from the 18th month from the effective date of the contract, of the cost charged on the initial single premium.

The multi-class “Poste Progetto Capitale” recurring-premium policy with a term of 10 years has been launched, combining the stability of the Separately Managed Account Posta ValorePiù (class I) and the potential of the two available Internal Insurance Funds (one of which ESG).

There is also the possibility of repayment of the cost charged on the initial premium in the form of two bonuses: (i) one from the fifth year; (ii) the other at the end of the ten-year product life.

The multi-branch policy “Poste Progetto Valore 360” has been launched, with the option for subscribers to extend the protection component with the Temporanea Caso Morte (TCM) “Poste Protezione Affetti 360“. The Multiramo product includes three investment lines, all with a 30% Separately Managed Account component and a 70% component tied to one of three Internal Insurance Funds that promote ESG and diversified characteristics according to the customer’s risk/return profile.

P&CThe new collective policy “Poste Welfare Infortuni“, dedicated to covering the risks of occupational and non-occupational accidents of the contracting companies’ employees, was launched in this business segment.
As part of the restyling of the asset line of the modular policy “Poste Vivere Protetti59”, the new “Protezione digitale” cover has been launched, which extends the protection of the household to damages that may be suffered/created by activities that take place on-line.
Creating value
for the country