MILAN Nov 13 Italian insurer Unipol
said on Wednesday its net profit in the first nine months rose
149 percent as it gets ready to merge with peer Fondiaria-SAI
In a statement Unipol said its net profit on a standalone
basis stood at 181 million euros ($230.39 million).
Unipol, which has already taken control of Fondiaria by
taking a controlling stake in holding company Premafin, said
that net profits in the period including the Fondiaria group
were 146 million euros.
Unipol agreed back in January to rescue Fondiaria, Italy's
biggest motor insurer, in a complex deal brokered by Mediobanca.
Fondiaria is being rescued because its solvency ratio was
below regulatory standards.
In its statement on Wednesday Unipol said the solvency
margin of the combined group was 1.6 times regulatory
($1 = 0.7856 euros)
(Reporting By Stephen Jewkes)