Cattolica Insurance proceeds towards the transformation into a joint stock company and the partnership with Generali. A further step in this direction came at the shareholders' meeting, held in Verona behind closed doors: the shareholders approved the 2019 financial statements closed with the parent company's net profit of 120 million euros, but above all they gave the green light to the statutory changes which herald the turning point (71% of those entitled to each voted in favor) and the expected capital increase of 500 million euro, of which a tranche of 300 million reserved for Generali as part of the announced transaction in recent days, and subject precisely to the transformation into a spa. The meeting also approved the authorization for the purchase in the next 18 months of treasury shares up to 20% of the share capital.
“Cattolica's shareholders – commented the chairman Paolo Bedoni – have demonstrated with their vote that they share the reform process that we have started since the listing and the capital increase necessary to start a new moment of consolidation and development of the company. In more than a century of history, it has never happened that we had to hold a meeting behind closed doors, but the sense of responsibility of those who care about the Company and its future has never wavered and I am sure it will always be like this. In recent days, the Board has been called upon to make important choices for the future of the company, to ensure solidity, security and development for members, shareholders and all our stakeholders. Cattolica is a healthy company, capable of generating value and the important evolutions recently announced will allow us to continue the growth and transformation plan while always keeping our goals and our roots firm".
As regards the capital increase, it has been arranged that it will take place in one or two tranches, by the end of June 2025, so five years from now. The 2019 financial year, despite the corporate vicissitudes, closed well: Non-Life and Life premiums +20% to almost 7 billion, operating profit +3,1% to 302 million, net profit slightly down to 75 million.
For the transformation into a joint stock company and the opening of the capital upon Generali's entry as first shareholder, an extraordinary meeting will probably be required, which will probably be held by July.
