The Carige group closed 2012 with a net loss of 63,2 million, against the profit of 169,2 million recorded the previous year. The result, as specified in a note released at the end of the meeting of the Board of Directors, is due to the loss recorded by Carige Assicurazioni (approximately 169 million), a company operating in the non-life business, only partially offset by approximately 18 million in net profit achieved by Carige Vita New in the life business.
The negative result of Carige Assicurazioni is determined, according to the note again, by the substantial extraordinary allocation to the claims reserves that the company has decided to make, also to take into account the requests of the supervisory authority. This provision determined the need for a capital strengthening of 168 million, in addition to a further 48,5 million aimed at the early repayment of existing subordinated loans.
The insurance perimeter therefore closed the year with a loss of 151 million. Thanks to these interventions, the company, reads the note, 'will be adequately strengthened and will be placed in the best conditions also for profitability purposes. The net profit referring to the banking sector of the Group is equal to 87,8 million (which rises to 195,1 million normalized with the exclusion of positive and negative non-recurring items).
Carige's board of directors will ask the shareholders' meeting for the proxy, to be exercised by 31 March 2014, to increase the share capital against payment 'up to a total maximum amount of 800 million to be offered as an option to shareholders'. The bank - indicates the bank's note - trusts 'that this amount will be as contained as possible in relation to the disposal of the assets' envisaged by the strengthening plan.
