August 13, 2014 / 8:08 AM / 3 years ago

Fitch: 1H14 Results Supportive of Italian Insurers' Ratings

(The following statement was released by the rating agency) Link to Fitch Ratings' Report: Italian Insurance Dashboard 1H14 here LONDON, August 13 (Fitch) Fitch Ratings says in a new report that Italian insurers' underwriting results in 1H14, in particular in the non-life segment, have been strong and supportive of their ratings. Non-life underwriting performance was strong in 1H14 despite falling premium income as insurers benefited from favourable claims experience. This is likely to continue as further increases in claims costs will be partially offset by what Fitch expects to be generally stable claims frequency in 2H14, due to the recession of the Italian economy - claims frequency for the Italian motor sector is typically lower during a recession. An increase in life premiums, together with falling yields on Italian bonds, boosted net profitability in 1H14. Life sales are volatile, but should achieve a single-digit growth for the whole of 2014, in Fitch's opinion. The 'Italian Insurance Dashboard 1H14' is available at www.fitchratings.com. Contact: Federico Faccio Senior Director +44 20 3530 1394 Fitch Ratings Limited 30 North Colonnade London E14 5GN Clara Hughes Senior Director +44 20 3530 1249 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Additional information is available on www.fitchratings.com. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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