Milano Assicurazioni: Board of Directors approved the First Quarter Consolidated results at at 31 March 2004
1Q04 ordinary result positive by over 110 million Euro
The Board of Directors of Milano Assicurazioni met today under the chairmanship of Fausto Marchionni and approved the First Quarter Consolidated results as at 31 March 2004 which showed an ordinary result of more than 110 million Euro (37.4 million Euro for the corresponding 2003 pro forma figures).
The non-life technical account reached a profit of 42 million Euro, well above the corresponding figure for 2003 (10.1 million Euro); the technical account for life business showed a profit of 9.8 million Euro ( 4 million Euro in 1Q03), thanks both to the increased premiums collected and to the higher profitability
of the new policies sold during the quarter.
Non-life premiums written as at 31 March 2004 totalled 662.4 million Euro (+3.2%, 641.8 million Euro in 1Q03), thus confirming the Company’s commitment to combine growth with profitability through underwriting strategies aimed at maintaining a high portfolio quality.
Premiums written in life were very satisfying and reached 113.7 million Euro (+29.9%, 87.5 million Euro in 1Q03), thanks to the contribution of the Agency network which reacted promptly to the Company’s directives.
These results confirm the positive trend shown during 2003.
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