Milano Assicurazioni S.p.A.: consolidated report at september 30, 2010 approved
Total direct premiums of euro 2,587.2 million (euro 2,561.8 million in 9m 2009, +1%*)
Direct premiums written*
- In the Non-Life division: Euro 2,225 million (-1.2%)
- In the Life division: Euro 362.2 million (+17.2%)
Technical performance*
- Combined Operating Ratio of 101% from 106.1% in FY 2009 (97.9% in 9M 2009); Combined Ratio (including technical charges) of 104.7% from 108.9% in FY 2009 (101.5% in 9M 2009)
Operating costs*
- Management expenses of Euro 484.2 million - 18.6% of net premiums (Euro 481.8 million in 9M 2009, 19.0%)
Result for the period*
- Consolidated net loss of Euro 373.0 million (profit of Euro 26.9 million in 9M 2009)
Balance Sheet Solidity
- Group shareholders’ equity of Euro 1,649.3 million (Euro 1,881.9 million at 31/12/2009)
*IFRS 5 data
In a meeting chaired by Fausto Marchionni, the Milano Assicurazioni S.p.A. Board of Directors approved the consolidated results for the third quarter of 2010.
As already announced to the market, on June 17, 2010 Milano Assicurazioni S.p.A. and Banco Popolare di Milano S.c.r.l., under agreements signed in December 2009 in relation to the mutual winding-up of the partnership in the bancassurance sector and having received the necessary legal authorisations, concluded the transfer to Banco Popolare di Milano of the 51% holding in Bipiemme Vita S.p.A. held by Milano Assicurazioni.
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