UPDATE 1-Unipol's 9M net profit plunges

Thu Nov 12, 2009 12:42pm EST
 
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* Nine-month net premiums 7.141 bln eur, up 31.5 pct

* Sees overall positive result in full year

* Shares close down 0.39 percent

(Adds further details, share price)

MILAN, Nov 12 (Reuters) - Italian insurance company Unipol's (UNPI.MI) net profit fell sharply in the first nine months of the year, coming in worse than expected and suffering from weakness in the non-life sector as the economic crisis continues.

In a statement on Thursday Unipol said nine-month net profit after minority interests fell to 13 million euros, from 201 million a year earlier. This compared with a range of 29 million to 100 million euros expected by eight analysts.

"The overall result for 2009, while maintaining an adequate solvency, is all the same expected to be positive," it said.

In non-life, the combined ratio of costs and claims to premiums rose to 104.7 percent in the first nine months, worsening from 98.1 percent a year earlier and comparing with an analysts' forecast range of 100.9 to 103.7 percent.

Nine-month net premiums rose 31.5 percent to 7.141 billion euros. Life premiums were up 67 percent to 4.031 billion euros.

Unipol's shares closed down 0.39 percent at 1.027 euros. (Writing by Nigel Tutt; Editing by Greg Mahlich)

 

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