MILAN Aug 6 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)