The devaluations sink the balance sheet of Fondiaria Sai. In fact, the Italian insurance group closed 2012 with a net loss of 799,6 million euro. A figure that is an improvement on the loss of around one billion recorded in 2011, but lower than analysts' expectations. As mentioned, the result was affected by writedowns of 742 million euro, of which 188 million relating to AFS (financial instruments available for sale), 294 million relating to writedowns on investment property and 260 million to the goodwill of subsidiaries.
The write-downs, then, must be added to the strengthening, from 808 million euros, of the provisions for claims for previous years. Net premium income decreased (-5%), above all by virtue of the 9,1% decline in the non-life sector. The solvency margin is rather weak, equal to 109,5% against the 120% required by the authority.
In the coming months, the new top management of FonSai will have to carry on the integration project with Unipol, continuing in the direction of asset rationalization in order to make the most of synergies. In the meantime, however, the stock lost 1,99% on the Stock Exchange in the morning, at 1,283 euros per share. What worries the markets are above all the data on solvency, weaker than expected, and that on the net loss.
