Fondiaria Sai reduces losses which drop to 61,9 million

Fondiaria Sai closed the first half of this year with a reduction in losses which fell to 61,9 million compared to the loss of 144,8 million recorded on 30 June 2010. The combined ratio also improved, reaching 101,9%, in growth compared to 105,4% in the first half of last year. Premium income amounted to 6.216 million, marking a decrease of 16,1% compared to the same period last year. The restructuring actions in the Non-Life business and, in the Life business, the dissolution of the bancassurance agreement with Bpm weighed heavily on the accounts. Premiums from direct Life business fell by 31%, with -39,3% suffered by the popular Life group and -4,7% by the parent company. In the motor sector, premiums showed a 1,2% increase in the RC class, while a 6,2% drop was recorded in the CVT class. Consolidated shareholders' equity increased from 2.550 million euros as at 31 December to the current 2.607 million.