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## ITALY 

_ Through the RAS Group and Lloyd Adriatico, we have an excellent position in the Italian life insurance market. 

_ Together, these two companies increased their revenues to 9.0 (7.7) billion euros, making them number two in the Italian market. 

Our total premium income increased 16.8 percent to 9.0 billion euros. Of this amount, 7.5 billion euros was generated by RAS Group and 1.5 billion euros by Lloyd Adriatico. The strongest growth driver was once again bank-based distribution, for which we have 3,700 outlets in Italy. The biggest contributor to this success was the Unicredito Group, the bancassurance partner of RAS, who sold contracts representing 5.3 billion euros across its counters. Antoniana Veneta Popolare Vita, a fully consoli- dated joint venture of Lloyd Adriatico, once again boosted its sales and posted revenues of 1 billion euros. 

In addition to the success of the bank distribution channel, RAS increased its revenues by selling new products via its agents in the field, and through the promising start of its Darta Saving subsidiary, which specializes in the sale of unit-linked insurances with non-recurring premiums. 

The expense ratio fell to 3.5 (5.0) percent. 

Investment income , which had been exceptionally high in the previous year because of the sale of a real estate company, re- turned to normal and fell to 748 (868) million euros. After taxes, we posted net income of 221 (289) million euros in Italy. 

## Italy 

<img src='content_image/131775.jpg'>

*) In relation to total premiums earned (net). 

If the recovery of the financial markets continues, we consider it likely that we will succeed in further increasing our revenues from unit-linked life insurance in the current fiscal year . 

