Gross written premiums development
Total written premiums amounted to € 70,430 million, increasing by 7.7% with respect to 31 December 2013. Confirming the trend observed at nine months, this increase is entirely attributable to the life segment where premiums written increased by 11.2% due to the launch of new products and the strength of the distribution network. Premiums written in the property&casualty segment are stable, notwithstanding a continuous challenging macroeconomic environment in many markets where the Group operates. Premiums written trend in the fourth quarter is positive in both segments.
The growth in life segment written premiums, amounting to € 49.813 million, is driven by the excellent performance of Italy (+ 30.7%), France (+ 10.0%) resilient thanks to the actions taken on the portfolio in the prior year, the development of the EMEA area (+ 21.1% ) showing strong growth in single premium products.
All lines of business are improving, particularly the Unit Linked, whose increase of 43% on equivalent terms is in line with the strategy to optimize the performance of the life insurance business, favoring products with low capital absorption.
Net cash inflows further improved compared to the first nine months, increasing to € 12,747 million (+49.7% compared to 31 December 2013).
The new business, in terms of Annual Premium Equivalent (APE), registered a significant growth over the previous year (+14.2% at constant exchange rates and shares attributable to the group), amounting to € 5,163 million. Thanks to higher volumes and improved profitability, the new business value (NBV) amounted to € 1,239 million, increasing by 33.7% on equivalent terms. The profitability of new business (margin on APE) was 24.0%, an increase compared to 2013 (21.0%), due to the further reduction of the level of financial guarantee offered by savings products.
Gross written premiums in the property&casualty segment amounted to € 20,617 million, stable with respect to 31 December 2013. The premiums of the Motor lines of business increase slightly (+0.8% on equivalent terms); the decrease observed in the markets most affected by the current macro-economic environment - in particular Italy, France, Czech Republic and Spain - are more than offset by the development observed in Germany and in emerging markets.
The Non-motor line of business is at the same level of the prior year; the positive trend of the Commercial line (+0.6%), benefited from the strong performance in Germany and in the International Operations area, offset by the decline in Accident/Health and Personal lines.