UnipolSai says lower solvency ratio due to rise in government bond spread

MILAN, Nov 9 (Reuters) - Italy’s second-largest insurer UnipolSai said on Friday its individual solvency ratio fell in the first nine months of this year “mainly due to the increase in the spread on Italian government bonds”.

Individual solvency ratio - a measure of financial strength - decreased to 248 percent of capital requirements at the end of September from 263 percent at the end of last year.

The insurer’s consolidated net profits rose to 862 million euros ($977.85 million) in the first nine months of this year, from 430 million euros in the same period last year, including a capital gain from the sale of its shares in Popolare Vita, a joint venture with Banco BPM.

$1 = 0.8815 euros Reporting by Giulio Piovaccari