UnipolSai H1 net profit lifted by life premiums

MILAN Wed Aug 6, 2014 12:33pm EDT

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MILAN Aug 6 (Reuters) - Italian insurer UnipolSai said on Wednesday its net profit in the first half rose 4.5 percent on a proforma basis to take account of a merger with a peer, lifted by a strong performance in life insurance.

Italy's No. 2 insurer, created from the merger of Unipol and the Fondiaria SAI group, said in a statement its net profit in the six months to June was 357 million euros ($478 million).

The Bologna-based insurer said its Solvency I ratio was 1.6 times regulatory requirements.

It said the size of its structured derivatives portfolio had been reduced by about 1.1 billion euros in the period, generating a capital gain of 24 million euros. (1 US dollar = 0.7476 euro) (Reporting by Stephen Jewkes)

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