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CASS - Societa Cattolica Di Assicurazione SpA News Story

€5.59 -0.1  -2.4%

Last Trade - 24/01/22

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

Cattolica CEO says 2020 targets ambitious due to low rates, car sector

Thu 17th October, 2019 8:25am
MILANO, Oct 17 (Reuters) - Cattolica Assicurazioni  CASS.MI 
is sticking for now to is 2020 targets despite a difficult
backdrop, its CEO said on Thursday, adding the Italian insurer
had no plan to reduce its 12.5 billion euro portfolio of
domestic government bonds.
    "Targets for 2020 are confirmed at the moment although
markets are getting more and more difficult due to low interest
rates and a car sector that shows no sign of improvement," CEO
Alberto Minali said on the sidelines of an insurance event.
"Targets are confirmed but remain ambitious."   
    Minali also said there were not appealing alternative
investments available to warrant reducing Cattolica's sovereign
bond holdings.
    Italian insurers are large holders of domestic sovereign
debt and they had come under pressure when the value of Italian
bonds plummeted under an anti-European government coalition
which challenged EU budget rules.

 (Reporting by Gianluca Semeraro, writing by Sabina Suzzi,
editing by Valentina Za)
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