Sace's Board of Directors communicated that it has concluded the analysis of the results as at 30 September 2014. The financial report first of all mentions a drop, compared to the same period of the previous year (to 30 September 2013), of gross premiums which went from 207,6 million euros to 196,1 million euros. Conversely, i claims grow by 36,5%, reaching 278,1 million euros. This variation is mainly due to indemnities paid to Italian companies for exports to Iran. In this country there are growing difficulties in repaying loans due to international sanctions. The result of the technical account of Sace increased by 40,4% reaching 352,8 million euros. This increase is mainly due to the positive effect of the change in recoveries (252,8 million euro). Even the result of ordinary management varies positively (+23,6%) and reaches 555 million euro. Financial management in particular contributed to this improvement. Finally too gross profit e Net income they are positive: 549,9 million euros for the former and 377,5 million euros for the latter; their changes compared to the same period of the previous year are respectively +17,7% and +15,4%.
In the last quarter, Sace introduced new products aimed at supporting the liquidity and investment capacity of companies. These products are Trade Finance e Export Development Fund. The first, Trade finance, allows exporters to protect themselves from insolvency risks and to transform receivables due from foreign customers into liquidity. The second, Fondo Sviluppo Export, is a new fund with a total capacity of 350 million euros created on the initiative of SACE and managed by Amundi SGR, dedicated to the subscription of bonds issued by unlisted Italian companies - especially SMEs - with a vocation for export and internationalisation.
Positive final note is the confirmation of the A- rating by Fitch occurred last September; not only that, the same American agency revises upwards theoutlook taking it from negative to neutral.
