Unipol Gruppo Finanziario SpA (UNI.MI) said late Thursday it is
targeting a 2015 net profit of about EUR970 million ($1.27 billion)
following the integration with Premafin-Fondiaria SAI.
In late January, Unipol reached an agreement with Premafin
Finanziaria Holding di Partecipazioni SpA (PF.MI) aimed at creating
the country's second largest insurer by the end of the year.
Premafin is the holding company of Fondiaria-SAi SpA (FSA.MI), or
FonSai. Unipol has given itself until July 20 to get the necessary
regulatory approval.
In a filing to the Italian stock exchange, the company said it
expects the 2015 life premiums of the combined company to reach
about EUR7.1 billion, while nonlife premiums are seen at EUR10.5
billion.
The solvency ratio--a measure of available capital over risk
capital, which must be at least 100% by regulatory requirement--is
expected to reach 150% in 2015.
Unipol added it expects synergies for EUR335 million in the
medium term from the integration operation with
Premafin-FonSai.
In addition, Unipol said it ended 2011 with a net loss of EUR94
million compared with a net profit of EUR71 million, as a result of
goodwill impairment of EUR300 million on Unipol Banca.
Despite a solvency margin of 1.4 times the regulatory
requirement and a EUR900 million excess capital, Carlo Cimbri, the
company's chief executive officer, said in the statement he advises
against the distribution of a dividend due to the economic
difficulties and financial markets instability.
Exchange website: www.borsaitaliana.it
-By Enza Tedesco, Dow Jones Newswires,
enza.tedesco@dowjones.com
