Net profit more than tripled for Unipol. The group closed the first half earning 57 million euros, while in the same period of 2010 there was a loss of 26 million. This result, which does not include the contribution of Bnl Vita for 8 million, is affected by 19 million due to the increase in the IRAP rates for banks, insurance companies and financial companies envisaged by the government manoeuvre.
Without considering these higher taxes, the result is positive for 76 million. Unipol estimates that the increase in IRAP will have an impact of around €25m on the accounts for both 2011 and 2012, "consequently reducing the consolidated net profit expected by the business plan in 250 from €225m to €2012m", according to reads in a note from the group. As for the industrial management of insurance, “it continues in line with the objectives of the plan. To date, however, it is difficult to predict the evolution of the financial markets in the second half of the year and the related economic and financial effects". Positive results in the Non-Life business: return to a positive technical margin with a combined ratio of 99% (103,5% in the first half of 2010, 102,1% at the end of 2010) and premium income up 6% (+1,9 % on a like-for-like basis).
"We continue with determination in the implementation of the rigorous actions defined in the Business Plan - commented the CEO of Unipol, Carlo Cimbri - the effectiveness of which has made it possible to bring the group back to a positive technical margin in its core insurance business already in this half-year . We carefully monitor the context of strong instability on the financial markets and tensions on sovereign debt and in particular on Italian government bonds, currently subject to dynamics strongly characterized by speculative content and contingent mistrust that we consider not corresponding to the actual potential of the Italian economy" .
The group's shareholders' equity amounted to 30 million euros at June 3.737 (3.648 million euros at December 31, 2010). The solvency margin coverage ratio as at 30 June 2011 was approximately 1,3 times the regulatory requirements, in line with the figure at the end of 2010, a value which rises to approximately 1,4 times considering the effects of the "prospective disposal of the equity investment in Bnl Vita".
