Milano Assicurazioni Group: Q1 2010 consolidated results approved

Corporate: Financial
Wednesday, May 12, 2010
  • Growth in premiums written: euro 965.6 million, +3.1% (non-life -1%; life +31%)
  • Improved combined ratio on 2009


Consolidated Financial Statements (IFRS accounting principles)

  • Group net result: loss of Euro 22.4 million (profit of Euro 31.5 million in Q1 2009)

In a meeting chaired by Fausto Marchionni, the Milano Assicurazioni S.p.A. Board of Directors approved the consolidated results for the first quarter of 2010.

We recall that in December 2009, Banca Popolare di Milano S.c.a.r.l. and Milano Assicurazioni S.p.A. signed an agreement for the mutual winding-up of the partnership in the bancassurance sector begun in 2005.
Therefore, in accordance with IFRS 5, Bipiemme Vita is to be considered a discontinued operation and a group held-for-sale. Consequently, the First Quarter 2010 data of this company is not fully consolidated but reclassified in specific accounts in the financial statements (Non-current Assets and Liabilities or groups of discontinued assets held for sale and Profit/loss from discontinued operations). As per the relevant regulations established in order to enable comparability, this classification was applied also in relation to the income statement data of Bipiemme Vita for the same period of the previous year.

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