Fondiaria-Sai S.p.A.: final results for the year 2011 approved

Corporate: Financial
Thursday, March 15, 2012

Results significantly impacted by extraordinary items not relating to current industrial operations - which continue to recover


Capital increase of euro 1,100 million confirmed, pro-forma adjusted solvency margin post-capital increase at 31.12.2011 of 125% and based on prices at march 8, 2012 would be 136.5%



  • Consolidated result: loss of Euro 1,034.6 million (loss of Euro 928.9 million in 2010), after:
    • Revaluation of prior year Motor TPL reserves for Euro 810 million
    • Impairments on AFS financial instruments of Euro 373 million, on property and real estate projects for Euro 284 million and on goodwill of subsidiary companies for Euro 101 million  
  • Group result: loss of Euro 852.7 million (loss of Euro 717.6 million in 2010) 

  • Motor TPL Class: strong current management performance; average premium +8.1%, claims reported – 15.2%, frequency -0.8% 


  • Result for the year: loss of Euro 1,020.4 million (loss of Euro 636.4 million in 2010), after: 
    • Revaluation of prior year Motor TPL reserves for Euro 476 million 
    • Net write downs on financial instruments of Euro 1,031 million
    • Property impairments of Euro 51 million

Combined Con. Operating Ratio 109.5% (2011) 106.7% (2010)
Combined Cons. Ratio 112.1% (2011) 109.4% (2010)
Con. Reserve Ratio 178.6% (2011) 165.0% (2010)

Under the chairmanship of Jonella Ligresti, the Fondiaria-SAI S.p.A. Board of Directors met today and reviewed and approved the financial statements for 2011.

In consideration of the request for information – received yesterday evening - from Consob to disclose in the Notes to the 2011 Annual Accounts specific and detailed notes and information on some important account items (Motor TPL claims reserve, portfolio value of AFS, goodwill, property and shadow accounting), the Board of Directors considered it appropriate only to approve the final financial statement figures for the year 2011. Therefore the approval of the Annual Accounts was postponed to another meeting, currently scheduled for March 26, 2012, in order that all detailed information contained in the draft Notes to the financial statements – prepared internally by the Company for today’s Board meeting – corresponds in full to the information requested by the Supervisory Authority.

Firstly it is highlighted that the 2011 results extend the strong operational and management performance - particularly in terms of the claims to premiums ratio and frequency - with the result impacted by extraordinary items principally relating to the revaluation of the prior year claims reserves and impairments on investments.

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