The payout at 54% and the 2013 profit which, as underlined by the CEO Carlo Cimbri, is "double what was estimated", give wings to UnipolSai, which in Piazza Affari scores the best performance of the whole mid-morning price list gaining 6,51% a 2,652 euro.
Exchanges were also very intense (15 million pieces changed hands), already exceeding the average of 9,9 million in an entire session in the last month. The quotations benefit from the 2013 accounts released yesterday, the first post merger. Net income stood at 694 million and the pre-tax result at 1,17 billion.
The non-life combined ratio is equal to 93,3% (101,9% in 2012) while the solvency margin is equal to 1,5 times the regulatory requirements. The board will propose ordinary and extraordinary dividends for a total of 550 million, corresponding to a coupon of 0,19559 euro for each ordinary share (dividend yield of 7,9%), 19,64133 euro for each category A savings share (dividend 8,2%) and €0,22497 for each category B savings share (dividend yield of 9,3%).
Cimbri also announced the possibility of converting the savings shares into ordinary ones to increase the float of the company: savings shares A earn 4,45% and those 'B' 9,7%. Other changes include the €100m capital increase by Unipol Banca, which together with provisions for loans of €526m and the elimination of the residual goodwill of €170m, aims to strengthen capital and coverage levels of the 'institute. Meanwhile, Unipol Gruppo Finanziario shares were also well bought in Piazza Affari: +4,6% ordinary shares and +2,16% preferred shares.
