Virginia Borla: Insurance grows through awareness of new risks
31 March 2025
Virginia Borla, CEO and General Manager of Intesa Sanpaolo Assicurazioni and Head of Intesa Sanpaolo's Insurance Division, outlined the Group's results and strategies in the insurance sector in an interview published by Il Sole 24Ore.
As Wealth management, Protection and Advisory leader, in fact, Intesa Sanpaolo has in the insurance business one of its pillars, which in 2024 also recorded its best year ever (+4% vs 2023).
Looking ahead to 2025, Borla stated that "the company's ambition is to exceed €1.6 billion in non-life premiums, growing by about 9% compared to 2024", thanks to drivers including "increased awareness of new risks, related to health and non-self-sufficiency for individuals, extreme weather events and cyber threats for companies".
Virginia Borla also anticipated that, in light of the complexity of the macroeconomic and geopolitical scenario, the offer will focus on “new revaluable products with diversified characteristics in terms of duration, guarantees and types of investments”, depending on the type of customer they are intended for.
Artificial intelligence, which is used to optimise processes, monitor risks and improve dialogue with customers, will also be the subject of continuous investment in the future.
The following is a summary of the topics discussed in the interview:
Growth and financial results of Intesa Sanpaolo Assicurazioni as at 31 December 2024
- Intesa Sanpaolo Assicurazioni recorded 18.4% growth in the gross life business to €18.1 billion.
- Assets under management amounted to €177.3 billion.
- Net profit reached €1,183.6 million, with a solvency capital requirement of 242%.
- The non-motor non-life segment grew from €670 million in 2019 to €1.5 billion.
Strategy for the protection segment
- Demand for policies is increasing due to new risks: health, non-self-sufficiency, extreme weather events and cyber threats.
- Socio-demographic changes, such as an ageing population and new family structures, also influence the sector.
- "One of the main drivers that is increasing the demand for asset protection policies is the increased awareness of new risks."
2025 target: €1.6 billion in non-life premiums
- The goal for 2025 is to exceed €1.6 billion in non-life premiums, with growth of 9% compared to 2024.
- Non-life business for individuals and companies accounts for 90% of non-life business.
- "The focus of our business remains non-motor, thanks to which we will continue to enjoy excellent profitability."
Need to reduce the protection gap
- It is crucial to spread the insurance culture through mandatory training and incentives.
- Possible development of public-private partnerships (PPPs), as in the case of CatNat policies for natural disasters.
- "To reduce the protection gap, it is crucial to work on the dissemination of the insurance culture at all levels."
Development lines in the Life Segment
- Life premium income reached €18.2 billion (+18% vs €15.3 billion as at 31 December 2023), driven by unit-linked and traditional policies. The offer was redefined to provide more targeted and attractive products, taking into account the macroeconomic and geopolitical context.
- Introduction of new covers such as LTC (Long-Term Care) and accidents.
- "In 2024, the insurance offering was redesigned with the aim of ensuring products tailored to specific customer clusters and more attractive in terms of return."
Technological innovation and artificial intelligence
- Intesa Sanpaolo Assicurazioni is implementing advanced technologies, including AI and Gen AI, to optimise processes and improve the customer experience. Current projects include a digital assistant to speed up the reporting of health claims and intelligent automation for underwriting processes in corporate business.
- Interest in the Insurtech sector, with a selective approach to partnerships.
- "Looking to the future, we will continue to invest in AI solutions, maintaining a human-in-the-loop approach as well as exploring the Insurtech ecosystem with a strategic lens, fostering a selective approach to the market that identifies partnerships that can bring concrete value to our business."
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