Italy's UnipolSai Q1 net up boosted by life business

MILAN Thu May 15, 2014 12:35pm EDT

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MILAN May 15 (Reuters) - Italian insurer UnipolSai said on Thursday its net profit in the first three months rose 4.5 percent on a pro-forma basis from the previous year, boosted by its life business.

The insurer born from the merger of Unipol and rival Fondiaria-SAI said its combined ratio, a measure of profitability, stood at 94.1 percent, up from 92.7 percent in the same period last year.

A higher ratio signals higher costs and liabilities.

The solvency margin, a measure of financial strength, stood at 1.6 times regulatory requirements.

Non-life premiums in the first quarter fell 6.9 percent to 2.1 billion euros. Unipolsai said they kept dropping in April though at a slower pace.

Unipol said its life business continued to show a high growth rate, after premiums rose 13.7 percent to 2.0 billion euros in the first quarter. (Reporting by Valentina Za, editing by Stephen Jewkes)

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