Carige Assicurazioni
The shareholders’ equity of Carige Assicurazioni SpA as at 31 December 2008 (operating in the non-life insurance segment) amounted to € 106.8 million, before the increase in share capital of € 30 million, completed in the first few days of 2009. The technical reserves, net of reinsurance, increased by 3.2% in the twelve month period and investments, amounting to € 819.9 million, increased by 0.7% over December 2007.
In 2008, a loss of € 30.8 million was recorded for the year, due to the negative performance of the financial markets, which are still performingi negatively, which involved adjustments in values of investments with a market alignment of € 21.9 million, of which € 1.7 million relating to the longterm portfolio. The Company deems it possible to substantially recover the values related to financial investments in the short-term portfolio as they mainly involve bonds purchased under par value as part of company strategy, and it will be possible to recover the capital invested when the single positions expire, except in the case of unforeseeable events affecting individual issuers. We therefore expect to substantially recover the valuation losses of the short-term portfolio over time, charged to the 2008 income statement. More specifically, profit from the technical account reflects the fall in premiums for the period, net of reinsurance ( - 4.5% to € 505.2 million), a decrease brought about also by the pursuit of a portfolio selection policy. Net profit from the technical account is also impacted by the additional policy of increasing reserves for the thirdparty motor vehicle insurance branch for previous periods amounting to € 38.6 million, despite the reorganisation of the structure and of claim procedures, operations for which the economic effects could still not be gauged, by the change in management expenses which fell by 4.7% to € 127.6 million, the increase in claims in the period, net of reinsurance (+3.1% to € 421.2 million) and by the increase in the amounts of other revenues and other technical charges from € -6.9 to € 1.5 million.
CARIGE ASSICURAZIONI
| (figures in thousands of €) | Situation as at | Change % | |||||
|---|---|---|---|---|---|---|---|
| 31/12/08 | 30/9/2008 | 31/12/07 | 31/12/06 | 12/08 9/08 | 12/08 12/07 | ||
| Recognised gross premiums | 558,278 | 409,053 | 586,252 | 565,135 | -4.8 | ||
| Premiums excluding reinsurance | 505,214 | 381,875 | 529,185 | 485,983 | -4.5 | ||
| Claims incurred and settled excluding reinsurance | 421,168 | 312,892 | 408,533 | 403,267 | 3.1 | ||
| Operating costs | 127,551 | 101,088 | 133,886 | 127,677 | -4.7 | ||
| Profit/loss from technical account | -33,746 | -30,353 | -12,554 | -39,317 | … | ||
| Net profit | -30,802 | -24,973 | -13,362 | -25,406 | … | ||
| Investments | 819,873 | 821,038 | 814,347 | 763,357 | -0.1 | 0.7 | |
| Technical reserves excluding reinsurance | 858,849 | 859,532 | 831,982 | 760,750 | -0.1 | 3.2 | |
| Shareholders' equity with income | 106,830 | 112,660 | 137,632 | 150,995 | -5.2 | -22.4 | |
| Insurance agencies | 377 | 374 | 375 | 386 | 0.8 | 0.5 | |
| Staff | 303 | 292 | 289 | 286 | 3.8 | 4.8 | |