Good morning, everyone. My name is Adriano Donati, and I am the Head of Investor Relations of the Unipol Group. I'm going to take you through the results of the first quarter of the year. Let's look at the results by sector. Unipol pre-tax profit closed at EUR 322 million, and the consolidated net result at EUR 246 million. That is EUR 200 million after minorities. They are positively impacted by the goodwill effect generated by the increase of the stake of about 1% in BPER, returning to the original stake we had in 2020. Excluding this accounting effect, all these results would be EUR 43 million less. UnipolSai results that aren't impacted by the goodwill effect were EUR 282 million pre-tax, EUR 203 million after tax, and EUR 191 million net of minorities.
Non-life premiums grew by 5.5%, just above EUR 2 billion. While motor premiums showed encouraging signs of recovery and were up by 0.7%, non-motor premiums recorded a growth by 10% with excellent performances of property and welfare lines. The mix between motor and non-motor is more and more in favor of the latter. Worth mentioning is the trend of UniSalute, up by 18%, and of the bancassurance business, where Arca Assicurazioni and Incontra carried out very good results. Moving on to the technical trend, in the first quarter, combined ratio stood at 93% net of reinsurance, with an increase in motor partially offset by brilliant results in all the other lines. The comparison with the analogous quarter of last year is obviously influenced by the limitation of the daily life caused by the pandemic.
The direct business combined ratio was 89.9%, that is 95.5 motor and 84.6 non-motor. Life income increased by around 13% to EUR 1.4 billion. Arca Vita kept on performing very well, benefiting from the extended sales network and showing an increase by almost 60%. The group continued to focus its distribution on hybrid products, thus contributing to the solid growth of 58% of unit-linked products. The average segregated accounts yield was 2.96%, while the minimum guarantee was 96 basis points. The yield retained by the group stood at 93 basis points, slightly increasing year on year. The weight of technical reserves with 0% guarantee kept on rising, reaching 45% of the total amount.
Total investments amounted to EUR 59 billion, with Italian govies settled at 37.9% of the total, down by 1.2% from full year 2021 level. Corporate bonds accounted for 29.2% of the total, while non-Italian govies rose to 15.5%. Equity and alternative investments accounted for 7.6% of the total investments. Moving on to financial yields, the overall return stood at 3.1%, of which 3.8% in non-life and 3% in life. The total running yield made of coupons and dividends remained solid at 3%. The book value of the real estate portfolio was EUR 4.1 billion, of which 58% allocated to the real estate accounting sector, 29% to non-life, and 13% to the other accounting sector. The total yield of the real estate investments portfolio was 3.9%.
Solvency remained at excellent levels, equal to 209% for Unipol consolidated, 278% for UnipolSai consolidated, and 314% for UnipolSai solo. In conclusion, a solid set of results to start the year. I remind you that the senior management will present the group's new strategic plan today at 10:00 A.M. in Milan, and that the presentation can also be followed through our corporate website. That brings me to the end of my presentation. Thank you for listening.