SACE's Board of Directors today examined the quarterly report as at 30 September 2013.
The main results for the first nine months of the year are shown below:
- Net income to € 327,1 million, an increase of 52,7% compared to the € 214,2 million recorded at 30 September 2012
- gross premiums to € 207,6 million (+37%), with strong growth compared to the € 114,5 million recorded as at 30 June 2013
- claims to € 203,8 million, a significant increase compared to € 64,7 million in the third quarter of 2012, largely referring to indemnities paid to Italian companies for exports to Iran, where local counterparties are unable to honor their debts due to international sanctions which led to the almost total closure of payment channels
- result of the technical account to €251,2 million, more than doubled from €97,3 million in the third quarter of last year.
In the first nine months of 2013, SACE continued to play an important role in supporting the competitiveness of the industrial system, ensuring €5,2 billion of new investment, export and internationalization operations, with a particular focus on access to credit and liquidity. The action on the territory was focused on supporting the development plans of SMEs, which represent over 70% of new customers acquired since the beginning of the year.
The portfolio of insured transactions rose to €34,4 billion from €33,8 billion as at 30 September 2012, with the growing weight of the European Union, which represents 39,5% of the total, and the American continent (15%). , particularly in Mexico, Peru and the United States. Exposure also increased in sub-Saharan Africa (+77%), although it represents only 2,3% of the portfolio, where an increase in SACE's operations was observed in South Africa, Kenya and Nigeria. L'oil & gas the first industrial sector is confirmed, followed by the infrastructure and construction, banking, cruise and electricity sectors.
The positive trend of the technical account and profitability confirms the solidity of SACE's business, the only one of the Italian insurance and financial institutions to enjoy an A- (Fitch) rating.
