The gross written premiums in the Life segment continued the growth in place during the year, standing at € 46,084 million (+5.7%).
With reference to the lines of business, positive trend in savings policies, (+5.7%), specifically in Italy (+8.2%, reflecting the actions undertaken on the existing portfolio of collective policies which offset the reduction of the premiums relating to hybrid products), Asia (+23.8%) and France (+1.3%). Unit-linked premiums also grew by 1.8%, driven in particular by the performance in Germany and France consistent with the Group strategy aimed at the growth of this line. The protection products show a 10.7% increase, confirming the broad growth in countries in which the Group operates.
Gross direct premiums by line of business at 31 December 2018
€ mln
Gross direct premiums by line of business at 31 December 2017
€ mln
The net cash inflows were amongst the highest levels in the market, reaching € 11,369 million. The 5.2% growth, equal to € 492 million, reflected the trend of France (+ € 612 million), which benefited from the rising premiums and lower surrenders compared to 2017, to which were added those of Asia (+ € 487 million), which received a further boost from the drop in surrenders in the quarter, and Germany (+ € 231 million) thanks to both the improvement in premiums and lower surrenders. Italy (- € 934 million) was affected by higher payments deriving from surrenders.
The new business in terms of present value of new business premiums (PVNBP) amounted to € 43,202 million, showing a decline of 1.8%.
With reference to the business lines, the protection business increased by 2.1% in all the Group’s areas of operations, with the exception of Germany. Unit-linked business decreased (-1.5%, due to the decrease in Italy and Germany) as did that of savings products (-3.7%), in line with the Group’s strategy aimed at reducing the guaranteed business.
The profitability of new business (margin on PVNBP) improved by 0.26 pps, to 4.35% (4.01% at 31 December 2017), following the increase in profitability of both protection products (+0.51 pps), mainly thanks to the improvement in France and Spain, and savings products (+0.29 pps), positively influenced by the continued reduction of financial guarantees and the improvement in the economic environment.
As a consequence of the actions described above, the new business value (NBV) increased by 4.3% and stood at € 1,877 million (€ 1,820 million at 31 December 2017).