Insurance Services

Market-leading insurance group with comprehensive Life and Protection product range.

• Resilient and Sustainable Life 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	PILLAR
LIFE	In the context of Class I investment products: in April 2023, the “Poste Domani Insieme” policy was launched with a duration of 10 years and with the main feature of the New Separately Managed Account called “Poste Vita Valore Solidità”86. The policy includes as ancillary cover the free serious illness policy “Poste protezione Mia87”;  in June 2023, a policy called “Orizzonte 5” was launched, with a duration of 5 years with the Separately Managed Account called “Posta ValorePiù” and can only be subscribed to for the potential reinvestment, as part of advisory services, of expired or maturing policies;  November 2023 saw the placement of the new “Poste Prospettiva Valore Gold” policy, a mixed-form life insurance policy with a 10-year term and annual revaluation of the invested capital88. In the context of Multi-class investment products:   from July 2023, “Poste Progetto Integrazione Programmata”, a mixed-form life insurance contract89 (build-up component and unit-linked component) is being placed on the market. It is characterised by the provision for decumulation: the customer has access to a plan of automatic and scheduled periodic redemptions of the Invested Capital90. The contract duration is 15 years; dal mese di novembre 2023, è in collocamento “Poste Progetto Bonus 4in4”, un contratto di assicurativo sulla vita in forma mista, di durata pari a 15 anni, che prevede l’erogazione di due bonus del 2% del premio al primo e al quarto anno. La polizza include come copertura accessoria la polizza	Image
P&C/LIFE	From April 2023, the restyling91 of the “person” coverage policies is available in all post offices, as well as the unique underwriting process with the Poste Protezione Affetti 360 life insurance policy.	Image
P&C	During the first half of the year, the new version of “Posteprotezione Prestito” was made available at all post offices. Compared to the previous version, the policy includes new covers and services, such as legal protection and job replacement92.	Image
	During the fourth quarter of 2023, the new insurance “Check Up” service was released, which allowed for a comprehensive consultation to develop the analysis of the needs and requirements of the individual customer in the household.

⁸⁶ The main feature of the new separately managed account is the presence of the so-called “profit fund”: a fund that is established by setting aside net capital gains realised on the sale of assets under the separately managed account.
⁸⁷ “Poste Domani Insieme” subscribers aged between 18 and 69 are offered “Poste Protezione Mia”, a free serious illness policy provided by Poste Assicura, designed to protect their investment. In the event of the first diagnosis of a serious illness, Poste Assicura shall in fact pay the Policyholder an indemnity equal to 25% of the life premiums paid into the insurance investment product, non-revalued and resulting at the time of the first diagnosis of a serious illness, net of any partial redemptions and releases for other causes.
⁸⁸La polizza prevede una rivalutazione annuale del capitale investito, ad un tasso certo e predeterminato per i primi 5 anni di e, nel corso delle annualità successive ai primi 5 anni, una rivalutazione annuale, positiva o negativa, dell’importo consolidato in base al rendimento della gestione separata Poste Vita Valore Solidità.
⁸⁹ The contract benefits are linked to the Poste Vita’s Separately Managed Account Posta ValorePiù and to the value of the units of one of the three available Internal Insurance Funds: Poste Vita Valore Sostenibilità Equilibrato, Poste Vita Valore Sostenibilità Dinamico and Poste Vita Valore Sostenibilità Sviluppo.
⁹⁰ The product is aimed at customers who have at least €40,000 in investable assets and whose goal is capital appreciation and growth over a long-term time horizon.
⁹¹ This is a simplification of the purchasing process for insurance products covering the risks for the person, death or permanent disability from illness and accidents.

⁹²The job replacement service is aimed at reintegration into the world of work; if a policyholder loses his or her job, a customised training development plan is drawn up for him or her, support is provided in updating his or her CV, and specific motivational learning sessions are organised. At the end of the course, it is assessed which partner companies could represent a valid opportunity for the policyholder to re-enter the labour market and the parties are put in contact, it being understood that in no way, there is a guarantee of eventual employment.