Unipol Gruppo Finanziario’s results for 2009
Thursday, March 25, 2010
Dividend back, equity up
Statement of comprehensive income positive
- UGF S.p.A.’s profit €128.8m (-€2.9m in 2008)
- Motion to distribute total dividends of €100.4m, i.e. €0.0400 per ordinary share and €0.0452 per preference share
- Total direct premium income up to €9,501m (+20.6%)
- UGF Group’s statement of comprehensive income positive to the tune of €218m
- Shareholders’ equity pertaining to the Group €3,585m (+4.4% on 2008)
- Solvency level (Solvency I) 1.4 times the requirements (1.3 at the end of 2008); Solvency II 1.5 (1.4 at the end of 2008)
- Consolidated result negative to the tune of €769m (+€107m in 2008) mainly because of impairments on securities
- Unipol Gruppo Finanziario Ordinary and Extraordinary Shareholders’ Meeting called for 27, 28 and 29 April
- Proposal for an increase in capital of a maximum of €500m, including with warrants
Unipol Gruppo Finanziario S.p.A.’s Board of Directors met today to approve the unconsolidated draft accounts, the consolidated accounts and the sustainability report for 2009. The financial year was particularly affected by the economic crisis and the deterioration in the results in the Non-Life market, especially in MV TPL. Both of these elements had a significant effect on UGF’s performance in Non-Life business, although thanks to the positive results in asset management and the measures taken to streamline sources of finance it ended the year with:
- a) comprehensive consolidated income of €218m compared with a loss of €559m in 2008; and
- b) a solvency level (Solvency I) of 1.4 times the required margin, better than at the end of 2008 (1.3 times the minimum requirements), in line with the change in the Solvency II hedging index, which rose from 1.4 in 2008 to 1.5.
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