Unipol Bank will throw a capital increase of 100 million euro as soon as it gets the go-ahead from the Bank of Italy, with the aim of strengthening its capital ratios. This was stated by the CEO of Unipol, Carlo Cimbri, during the conference call with analysts after the publication of the data of the Unipol group, specifying that the Bank should close the 2014 accounts in balance. Cimbri also noted that the group " in general we do not expect large contributions from the Bank”.
As for the budget, the Unipolsai group post merger ended 2013 with a consolidated net profit of 694 million euros and a pre-tax result of 1.172 million euros. Direct insurance premiums amounted to 15,4 billion euro, down from 15,7 billion in 2012, with Non-Life premiums at 9,3 billion (-8,1%) and Life premiums at 6,1 billion ( +9,1%). The non-life combined ratio was 93,3% (101,9% in 2012) while the solvency margin stood at 1,5 times the regulatory requirements.
The Board will propose dividends ordinary and extraordinary for a total of around €550m (equal to a payout of 53,5% of the total 2013 profits achieved by the former Fondiaria-Sai, Unipol Assicurazioni and Milano Assicurazioni), corresponding to a total unit dividend of €0,19559 for each ordinary share (dividend yield of 7,9%), €19,64133 for each category A savings share (dividend yield of 8,2%) and €0,22497 for each category B savings share (dividend yield by 9,3%).
The individual net profit of UnipolSai Assicurazioni (formerly Fondiaria-Sai pre-merger scope) was €334m, that of Unipol Assicurazioni €531m, that of Milano Assicurazioni €164m, while Premafin closed the year with a loss of 15 million.
In the compartment Danni, direct premium income amounted to 9,3 million, against 10,1 million on a like-for-like basis in 2012 (-8,1%), with a combined ratio (direct business) of 93,3%, compared to 101,9, 2012% in 68,2. The loss ratio was 78,3%, against 2012% in 25,2, while the expense ratio reached 23,5% (2012% in 772). The pre-tax result of the sector was positive for XNUMX million euros.
In the compartment Life direct deposits grew by 9,1%, to 6,1 billion euro, compared to 5,6 billion in 2012. The increase was also favored by the reduction in market interest rates, which made it more attractive the offer of insurance products with a guaranteed minimum return. In particular, the sector benefited from the growth of the bank-insurance channel.
The pre-tax result of the sector was positive for 514 million euros. The pre-tax result of the real estate sector, including only real estate companies and closed-end real estate funds, was a loss of 49 million euro (-14 million in 2012), after carrying out property write-downs for 21 million and depreciation of investment property and other tangible assets for 35 million.
In the healthcare (clinics) and hotel (Atahotels) sectors, during 2013 the group carried out a rigorous assessment of the assets of the various companies, initiating the necessary actions in order to pursue economic equilibrium. Despite an initial improvement in operating margins, the contribution of these businesses is still negative, with a pre-tax result of -49 million euro. Consolidated shareholders' equity amounts to 5,6 billion euros. The consolidated solvency margin as at 31 December 2013 was 1,5 times the minimum required, with an excess capital of 2 billion euro post dividend distribution.
