Unipol Q1 net flat, life premiums down 64 pct

MILAN, May 8 (Reuters) - Italian insurer Unipol (UNPI.MI: Quote, Profile, Research) reported a largely flat consolidated net profit of 123 million euros ($188.6 million) for the first quarter on Thursday, despite lower costs and charges as gross earned premiums fell 21.4 percent.

It said in a statement net attributable profit jumped 16 percent to 116 million euros.

Unipol said life gross written premiums dropped 64.2 percent to 644 million euros, citing factors including a change in the timing of a sales campaign and closure of a unit.

Italy's leading insurer Assicurazioni Generali (GASI.MI: Quote, Profile, Research) earlier on Thursday reported a 29.6 percent fall in profit from its life business due to poorly performing equities market.

Unipol's main non-life business had gross written premiums of 1.04 billion euros, up 3.8 percent.

It said its combined ratio improved to 94.1 percent from 94.6 percent a year ago.

Shares in Unipol, which competes with Fondiaria-SAI (FOSA.MI: Quote, Profile, Research) for the title of Italy's third-biggest insurer by market value, closed down 0.97 percent at 2.143 euros.

(Reporting by Valentina Za; editing by Rory Channing)