How are Cattolica Assicurazioni’s accounts going

10 November 20204 years ago babelfish

What emerges from the accounts for the first nine months of Cattolica Assicurazioni

THE ACCOUNTS OF CATTOLICA

Cattolica Assicurazioni's board of directors approved the nine-month accounts which show "solid growth in operating profit", which reached 297 million (+ 37.5%) and an improvement in Solvency Ratio (161%) as at 30 September, which is furthermore estimated at 205% at the end of October after the 300 million capital increase subscribed by Generali.

THE PROFIT OF CATTOLICA

Group net profit was halved to 42 million due to write-downs, above all that on goodwill (-61 million); adjusted profit increased by 21% to 116 million.

HOW IS THE COLLECTION OF CATTOLICA ASSICURAZIONI GOING

Total premiums written amounted to 4.1 billion (-17.3%): in the non-life segment it fell by 2.6% to 1.483 billion and in life by 24% to 2.625 billion. The combined ratio improves by 5.1 percentage points to 90%.

THE NOTE OF CATTOLICA

“In light of the solid performance of the operating result, Cattolica's board of directors confirms the guidance that sees a 2020 operating result between 350 and 375 million. – concludes a note – Some potential risks should however be remembered, including the significant emergence of claims related to Covid-19 not known to date, including a strong increase in Life claims (currently not occurring) or a particularly negative trend in the claims in the last period of the year. The net profit at the end of 2020 will also depend on other factors, which are currently unweighted ".

THE COMMENT OF THE CFO OF CATTOLICA

"The results of the first nine months of the year confirm the solidity of the Cattolica Assicurazioni group even in the face of an exceptional market, social and economic context", reads a note by Atanasio Pantarrotas, deputy general manager and chief financial officer, who added: “The solid trend recorded so far allows us to confirm the forecasts for the year, with an expected operating result between 350 and 375 million. At the end of October, the 300 million euro capital increase reserved for Generali was carried out, a fundamental step for the launch of the partnership with the group that will allow us to generate further value for our stakeholders over time ”.

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THE INTEGRAL COMMUNICATION OF CATTOLICA ASSICURAZIONI

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/come-vanno-i-conti-di-cattolica-assicurazioni/ on Tue, 10 Nov 2020 06:20:55 +0000.