PREMIUMS DEVELOPMENT

Premiums development

The P&C segment premiums amounted to € 20,868 million, up compared to 31 December 2014 (+0.8%).This was due to the 1.1% increase in the non-motor sector which was generally positive in the main Group countries apart from Italy where there was a slight drop.

On the other hand, premiums in the motor sector were stable compared to the previous year; the growth in the main areas of operation was offset by the drop in markets most affected by the current macro-economic situation, and in Italy and France in particular. 

Group written premiums

A geographical focus follows regarding the main indicators mentioned above: 

ItalyGross written premiums in Italy amounted to € 5,947 million, down by 3% with respect to 31 December 2014. This was mainly a result of the motor lines (-7.3%), which was affected by the competitive pressures on the premiums market, refl ected in the signifi cant reductions in average premiums, both in traditional channels and direct channels.
The non-motor line is also slightly down (-0.7%), while the accident and health line is substantially in line with the previous year (-0.5%), with a positive contribution from the retail area (+1.7%); the SME sector is stable (+0.2%), while the corporate business has dropped by -4.2%. The integration of the networks will allow improved growth rates to be achieved in this sector.
FranceGross written premiums in France are substantially stable, at € 2,538 million (-0.3 %). The non-motor lines are going well (+1.4%), thanks especially to the protection & health and commercial sectors.
On the other hand, the motor lines are down (-3.8%), affected by the falls in average premiums and the remaining restructuring to be done in the fl eet and garage sector. However, there has been significant progress in the retail sector in terms of number of contracts.
GermanyThe German gross written premiums performed well, amounting to 3,608 million (€ 3,547 million at 31 December 2014), which increased by 1.7% thanks to both the motor (+2.7%) and non-motor (+1.1%) lines.

More specifically, the market dynamics for the motor line led to further strengthening of the existing portfolio, thanks also to the solid performance of the DVAG distribution network.
Central Eastern EuropeGross written premiums in the Central and Eastern European countries were also up, amounting to € 1,976 million, up by 4.6% with respect to 31 December 2014. This trend is due mostly to the motor line (+6.6%) and, to a more limited extent, the non-motor lines (+2.5%).

All countries showed growth in the premiums apart from Slovenia where the premiums were stable. There was signifi cant growth in Poland (Proama), Slovakia, Romania and Serbia.

EMEAThe gross written premiums in the EMEA regional structure, amounting to € 4,410 million, increased by 1.8% compared to 31 December 2014. 

The gross written premiums in Spain were signifi cantly up, amounting to € 1,358 million, thanks to the positive performance in both segments. More specifi cally, the motor line grew by 14.2% due to the measures introduced in the second half of 2014, as credit scoring instruments and customer segmentation instruments.

Austria was slightly up in terms of income, where the gross written premiums increased from € 1,426 million at 31 December 2014 to € 1,431 million (+0.4%). The non-motor line (+0.9%) increased thanks to the growth of all business lines which benefi ted from tariff adjustments, as did the motor line (+0.9%).

Gross written premiums in Switzerland fell (-1.1% on a like-for-like basis), amounting to € 759 million (€ 675 million at 31 December 2014). The negative performance was due to the motor lines (-5.5%), affected by a reduction in the portfolio retention rates. On the other hand, non-motor lines increased (+2.6%), mainly due to progress in the accident and health line (+5.6%) thanks to the income protection products and the agreement of certain signifi cant contracts.

AMERICASThe gross written premiums from Latin America increased from € 1,057 million at 31 December 2014 to € 1,155 million (+7.3 % on a like-for-like basis). 

This performance refl ected the differing trends in Argentina and Brazil; premiums grew by 36% in Argentina, refl ecting the performance recorded in the motor line. As described above in the life section, the growth in income should be viewed in the context of the infl ationary situation in the country. 

The drop in Brazil (-44.7%) is due to the restructuring actions taken after the results of the previous year. This drop involved both the motor and non-motor lines, where most of the business is represented by the corporate business.

ASIA



Gross written premiums in Asia amounted to € 128 million, increasing from the previous year (+22.5 % on a like-for-like basis), thanks in particular to the business accepted by the Hong Kong branch in the Accident and Health area.

International Operations
The gross written premiums of International Operations amounted to € 1,106 million, down from the fi gure at 31 December 2014 (3,9 % on a like-for-like basis). Specifi cally, the trend is attributable to the foreign activity of the parent company, partially offset by the drop in income related to the care services.