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CASS - Societa Cattolica Di Assicurazione SpA News Story

€5.59 -0.1  -2.4%

Last Trade - 24/01/22

Sector
Financials
Size
Mid Cap
Market Cap £960.3m
Enterprise Value £1.60bn
Revenue £4.21bn
Position in Universe 159th / 737

Cattolica beats 2020 operating profit fcast, confirms guidance

MILANO, March 25 (Reuters) - Italian insurer Cattolica
Assicurazioni  CASS.MI  stuck to its guidance for the current
year, after reporting a better-than-expected 2020 operating
profit thanks to lower motor claims after COVID-19 restrictions
cut traffic on the roads.
    Cattolica, in which bigger rival Assicurazioni Generali
 GASI.MI  is the top investor with a 24.4% stake followed by
Warren Buffett's Berkshire Hathaway  BRKa.N , has come under
scrutiny by Italy's insurance supervisors.  urn:newsml:reuters.com:*:nFWN2JJ0IY
    The Verona-based company said its operating profit rose 37%
year-on-year in 2020 to 412 million euros ($487 million), above
a range of between 360-380 million euros it had provided in
January.  urn:newsml:reuters.com:*:nL8N2K37EW
    However net profit last year more than halved to 36 million
euro mainly due to an impairment Cattolica booked on its
insurance joint-ventures with Banco BPM  BAMI.MI , whose terms
the two companies have recently redefined.  urn:newsml:reuters.com:*:nL8N2L62KS
   Earlier this year Cattolica forecast its operating profit
would fall to between 265-290 million euros in 2021 following
the sale of its stake in the Lombarda Vita life insurance
joint-venture to Intesa Sanpaolo  ISP.MI  in December.
($1 = 0.8462 euros)

 (Reporting by Andrea Mandalà; editing by Valentina Za)
 ((andrea.mandala@thomsonreuters.com; +390680307738;))
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