Unipol downgraded by Standard & Poor’s despite strong H1 results
Italian insurer Unipol posted €121m net profits at the end of the first-half of 2012.
Net profits at the end of 2011 H1 were at €57m, and Unipol said the positive data showed higher revenues in the car and health insurance business and lower operational costs and claims.
Net premiums declined to €3.09bn from €4.86bn.
“We are working intensely at core business fundamentals and the positive results – which are in line with annual forecasts – reflect our past 3-year policies,” said Carlo Cimbri, chief executive at the group.
In July, Unipol completed the acquisition of holding company Premafin Finanziaria, underwriting a €400m capital increase.
Despite the positive first-half results, Standard & Poor’s lowered its rating on Unipol to BBB from BBB+.
“The downgrade reflects our view of Unipol’s weakening financial risk profile
following its increased financial and management commitment to the Premafin
group,” the agency said.