Milano Assicurazioni S.p.A.: consolidated report at june 30, 2009 approved
Tuesday, August 4, 2009
Total premiums written of euro 2,155 million (euro 2,267 million in 1h2008*)
Solid group balance sheet confirmed: solvency margin of 2005
Direct premiums written
- Non-Life division: Euro 1,630.2 million (-2%)
- Life division: Euro 520.5 million (-13.1%)
Technical performance
- Combined operating ratio increased to 95% from 89.1%; Combined ratio to 100.2% from 94.4%
Operating costs
- Management expenses of Euro 339 million - 16.6% of net premiums
Net profit for the period
- Net Profit of the Group Euro 50.7 million (Euro 135.5 million in 1H2008)
Balance Sheet
- Shareholders’ Equity Euro 2,031.3 million (Euro 2,084.6 million at 31/12/2008)
- Solvency Margin approx. 205%, substantially in line with the end of 2008
*Pro-forma data
In a meeting chaired by Fausto Marchionni, the Milano Assicurazioni S.p.A. Board of Directors approved the consolidated results for the first half of 2009.
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