Here is how much the policies sold in the post office yield

another very profitable line of business for Poste is insurance, with revenues from insurance services amounting to EUR 1,825 million in 2025 (+11% compared to 2024). The group has recorded 5% premium growth in the protection sector and boasts a contractual service margin (Csm) of EUR 13.7 billion: a figure that represents the unrealised (expected) profit that an insurance company expects to make from its portfolio.

But on the client side, how do the policies work? First of all, policyholders can count on the solidity of the company, which among other things intervened in the rescue of Eurovita. The Solvency II ratio at the end of 2025 was 303% (the minimum requirement is 100%). Policyholders can therefore sleep soundly.

With regard to the policies being placed, at the counters the focus is now on class I Poste Valore Solidità Più II (revaluable) and two multi-branch solutions Poste Progetto Dinamico New and Poste Progetto Valore 360 with a structure that combines protection elements with investment components (unit with open risk for the insured). "Although they belong to different segments, they share common dynamics, especially in terms of complexity and cost incidence," explains Federico Pigatto, an analyst at Consultique. The two multi-branches envisage an initial allocation to separate management and a subsequent gradual reallocation to internal funds, following predefined combinations chosen by the customer. The presence of multiple paths allows for customisation, but makes management more complex for the policyholder, who must understand the dynamics of automatic switches, allocation percentages and possible rebalancing'. In contrast, the Branch I product has a more linear structure, based on two separate management schemes with guaranteed capital on maturity.

"In all three cases, there is a significant cost incidence," adds Pigatto. "In particular, the loadings applied to premiums weigh heavily, with levels of between 1.2 and 2.3% for revaluable, and between 0.9 and 2% for multi-branches, to which management fees are added. For internal unit-linked funds, performance fees are also sometimes present. Then the redemption costs must be taken into account: in the revaluable there are exit fees in the first years of up to 2% of the redeemed amount. The guarantee aspect also deserves attention. In the case of class I, in the event of maturity or death, the preservation of the invested premium (net of costs) is envisaged, while in the second case there is no guarantee but there is the possibility of including cover for serious illness or death. With regard to retrocession returns, for the revaluable, rates are slightly improving but net of retention they are between 1 and 2% per annum. For units in multi-branches, the most popular line Poste Obiettivo Crescita (4 billion in assets) has returned 10% over the last five years. The best is Poste Vita Soluzione Italia (+22.2%), while the worst (Strategia Diversificata) is still in the red (-1.8%) at 5 years.