Milano Assicurazioni S.p.A.: 2011 Parent Company and Consolidated Financial Statements approved
The year was strongly impacted by non-recurring extraordinary items not related to the current industrial operations which consolidate a positive trend
Adjusted solvency margin of 133.8% (excluding the “thousand extensions” decree: 108.3%) at March 8, 2012 a significant improvement: 136.5% without the “thousand extensions” decree
PARENT COMPANY FINANCIAL STATEMENTS (Italian GAAP)
- Result for the year: loss of Euro 783.3 million (loss of Euro 512.7 million in 2010) after:
- Revaluation Motor TPL previous years’ reserves of Euro 310 million
- Impairments of Euro 614 million
CONSOLIDATED FINANCIAL STATEMENTS (IFRS)
- Group Consolidated Result: loss of Euro 487.5 million (loss of Euro 668.7 million in 2010) after:
- Revaluation Motor TPL previous years’ reserves of Euro 330 million
- Impairments of Euro 279 million
- Restructuring of the Portfolio: Consolidated Premiums Written of Euro 3,375.9 (-7% Non-Life premiums -4%).
- Non-Life claims reported -14.7% (Motor TPL -17.9%)
- Reserve ratio at 185.6% from 170.5% in 2010.
Combined Con. Operating Ratio 111.2% (2011) 111.8% (2010)
Combined Cons. Ratio 114.1% (2011) 114.8%(2010)
Under the chairmanship of Angelo Casò, the Milano Assicurazioni S.p.A. Board of Directors met today and reviewed and approved the 2011 consolidated and parent company financial statements.
Firstly, we would like to highlight that the results for the year 2011 consolidate the positive operational and management performance, in particular in terms of the claims/premium ratio and frequency, while the net result for the year was impacted by extraordinary items, principally related to the revaluation of the previous years’ claims reserves and impairments on investments.
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