Fondiaria-Sai Group: consolidated half-year report at June 30, 2012 approved
- Consolidated profit of euro 24.9 million (significant improvement on loss of euro 61.5 million in h1 2011), although the result was affected by certain extraordinary events including bankruptcy of Imco sinergia and the earthquake of may which had an impact on the pretax result of euro 76 million and euro 42 million respectively
- Continued improvement of the combined ratio, at 98.1% compared to 101.9% in h1 2011. particularly strong performance in the motor segment with the significant drop in claims continuing
Premiums Written
- Non-Life Division: Euro 3,402.9 million (-6.9% compared to H1 2011)
- Life Division: Euro 1,590.9 million (-37.9% compared to H1 2011)
Technical performance
- Motor TPL claims reported decreased by 18.4% as compared to H1 2011
- APE of Euro 137.5 million (-42.5% compared to H1 2011)
Consolidated Result
- Consolidated profit after taxes of Euro 24.9 million (loss of Euro 61.5 million in H1 2011)
- Consolidated profit before taxes of Euro 84.9 million (loss of Euro 39.3 million in H1 2011)
Balance Sheet
- Net equity of Euro 1,850.3 million (Euro 1,556.7 million at December 31, 2011)
- Adjusted solvency margin pre-current capital increase rises to 88.5% compared to 78.2% at December 31, 2011
The Board of Directors of Fondiaria-SAI S.p.A. approved today, the consolidated half-year report at June 30, 2012.
The consolidated result reports a profit of Euro 24.9 million (loss of Euro 61.5 million in H1 2011) driven by the consolidation of the positive operating performance, which managed to absorb the effects of the recent earthquake in Emilia-Romagna and the bankruptcy of Imco S.p.A. and Sinergia Holding di Partecipazioni S.p.A.. The first event had an impact on the current year claims (after reinsurance) of approximately Euro 42 million, while the bankruptcy of the two companies had a pre-tax effect on the result of Euro 76 million, of which Euro 73 million on receivables held by the Group and Euro 3 million on technical accounts due to the enforcement of certain surety policies.
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