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Unipol says 2012 net profit with Fondiaria group 441 mln euros
March 21, 2013 / 5:51 PM / 5 years ago

Unipol says 2012 net profit with Fondiaria group 441 mln euros

MILAN, March 21 (Reuters) - Italian insurer Unipol said on Thursday the 2012 net profit of the new group that will be created from the merger with peer Fondiaria-SAI was 441 million euros ($570.02 million).

Unipol last year agreed to rescue Fondiaria-SAI in a deal that will create Italy’s No. 2 insurer after Assicurazioni Generali.

The merger is expected to take place later this year.

In a statement Unipol said the solvency margin for the new group at the end of 2012 was around 1.6 times regulatory requirements, with an excess capital of 2.6 billion euros.

It said it expected operating results in 2013 to be positive and in line with business targets.

Unipol, which said it will pay a dividend on 2012 results of 0.15 euros per ordinary share, said its net profit on a stand alone basis was 241 million euros. ($1 = 0.7737 euros) (Reporting By Stephen Jewkes; editing by Francesca Landini)

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