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Unipol says 9-month net profit rose 149 pct
November 14, 2012 / 5:03 PM / 5 years ago

Unipol says 9-month net profit rose 149 pct

MILAN, Nov 13 (Reuters) - Italian insurer Unipol said on Wednesday its net profit in the first nine months rose 149 percent as it gets ready to merge with peer Fondiaria-SAI .

In a statement Unipol said its net profit on a standalone basis stood at 181 million euros ($230.39 million).

Unipol, which has already taken control of Fondiaria by taking a controlling stake in holding company Premafin, said that net profits in the period including the Fondiaria group were 146 million euros.

Unipol agreed back in January to rescue Fondiaria, Italy’s biggest motor insurer, in a complex deal brokered by Mediobanca.

Fondiaria is being rescued because its solvency ratio was below regulatory standards.

In its statement on Wednesday Unipol said the solvency margin of the combined group was 1.6 times regulatory requirements.

$1 = 0.7856 euros Reporting By Stephen Jewkes

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