Sace's board of directors delivers a fairly positive half-year, if we think of how many turbulences there have been in the first six months of the current year. It is true that profits and premiums have fallen, but it is also true that the result of the technical account has improved and, above all, the net charges relating to claims have decreased. All in all, we can therefore speak of a fairly positive half-year, in a period in which credit risk has worsened, in each of its three components (sovereign, banking and corporate risk).
The main results for the six months ended June 30, 2011 are as follows:
§ gross premiums at €184,5 million (-29,6% compared to the first half of 2010)
§ net charges relating to claims of € 24,2 million, a sharp decrease compared to the € 87,4 million recorded in the first six months of last year
§ result of the technical account at € 219,4 million (+28,8%)
§ gross profit at €184,9 million (-22% compared to €236,9 million in the same period last year)
§ net profit of €116,5 million (-28,7% compared to €163,5 million in the first half of 2010).
As at 30 June 2011, the portfolio of insured operations amounted to €31,3 billion, essentially unchanged from the same period last year.
Attached is today's press release from Sace.
13.09.11
Attachments: 20110913_CS_-_Results_Sace_Spa_H1_2011.pdf
