MILAN
The Unipol and UnipolSai group in the first half beat analysts’ estimates. Meanwhile Carlo Cimbri, CEO and president of Unipol UnipolSai confirms their desire to accompany the bank of the insurance company, Unipol Banca, in a project to merge with other banks and lifts the veil on the extent of ” commitment ‘of UnipolSai Atlante 2, the bailout fund for banks to underwrite part of the securitization of loans Mps, where the total investment will amount to 100 million.
Results above expectations
in the first half UnipolSai scored a consolidated net profit to 280 million from 455 million the first year when the financial management had secured significant gains not repeated this year. The profits, despite a decline of 38.5%, were above the consensus. The profit before tax from insurance business amounted to 401 million (733 million in the first half 2015). This result helps the industry damages for 225 million and 176 million for life insurance. Direct deposits from insurance has since amounted to 6.7 billion from 7.2 billion a year earlier (-7.7%). Of this, 3 billion (-13.5%) relate to the life and 3.7 billion (-2.3%) in damages. The effective tax rate of damage was $ 225 million against 482 million in 2015 while the life, despite a contraction in premiums, scored a pre-tax profit of 176 million against 251 million the previous year. In late June, the combined ratio stood at 96.9%, an improvement compared to 97.8% for the first half 2015. In the balance sheet, then, the Solvency II consolidated solvency margin is 173% and the solvency margin individual Solvency II is equal to 194%, down from 215% at end-2015 for mainly the effects of the financial markets.
But, looking at the Unipol Group in the first half net profit was 276 million euro, down by 38.1% and premium income fell by 3.4% to 8.4 billion euro . The solvency margin, a note explains, was reduced in half from 150% to 140% mainly because of ” performance of the financial markets. ” Improves to 30 June 2016, the combined ratio stood at 96.3% compared to 97.2% in the same period of 2015. The banking sector ended with a positive gross result by 2 million (6 million in first half 2015) .
the spread of half-year figures has been reflected in the stock market with the titles that closed in two different directions: Unipol has gained 2% to 2.33 euro while UnipolSai scored a 0.21 filings % to 1.42 euro.
the bank towards aggregations
the approval of the half-yearly accounts was also an opportunity to lift the veil on ‘ commitment of the insurance company in the Atlas 2. in particular, the UnipolSai board of directors has resolved to invest up to 100 million in the fund to underwrite part of the securitized loans Mps and sees pre-accessions also by Generali, Post, CDP and Sga ). It is “an investment in support of the system” in order to contribute to its “stabilization,” said President of UnipolSai, Cimbri. “There is a void to lose – he added – but a contribution entrusted to the capable hands of who manages the fund Atlas with the right balance will weigh in your own interventions to support operations that are not a natural market outlet, or find it in speculative factor. ‘ The investment in Atlas 2, like the 100 million paid in Atlante 1, will end up in management which refer to customers. For Cimbrians Atlas 2 “has the features to be placed in our segregated funds and help to increase the performance.” The limited size of the intervention, when compared to the total investment of Unipol, mitigates the risk, nor will the Atlas yields that “will determine the result of the customers’, reassured Cimbri.
As regards, instead, Unipol Banca, Cimbrians ruled out the need for “extraordinary provisions” to align the levels of coverage of MPS: “I think this is a rather peculiar situation and not attributable to that of the banking system.” In half Unipol Bank it allocated 31 million on loans, compared to 51 million in the same period of 2015. Confirmed then the intention of giving the bank a larger group: “We absolutely do not exclude the possibility of further investment in a project where we see the opportunity for value creation, “said Cimbri. Finally, with regard to investment in Banco Popolare “it is of an industrial nature and is related to the bancassurance relationship. We followed the increase in the share of our expertise, which is 2%, “he recalled Cimbri. The bancassurance agreement, he concluded the number one insurance group, “is giving satisfaction and if there are conditions the will is to be able to extend for the next years.”
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