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First Quarter 2016 results: net profit € 102 million
The Board of Directors of SACE today examined the first quarter 2016 report.
Initiatives in the quarter to support the exports and internationalization of Italian companies totaled € 1.5 billion, 33.5% more than in the first quarter of last year.
The following are the financial highlights:
- profit before taxes € 156.4 million, 4,7% more than at 31 March 2015
- ·net profit € 101.9 million, generally in line with the result of the first quarter of 2015 (€ 100.1 million)
- gross premiums € 38.3 million (- 32%)
- claims € 130.8 million (+ 91%), the increase reflects primarily compensations paid for Italian supplies in the shipping and the metallurgy sector.
- recoveries€ 226 million, significantly higher than the € 35.6 million in credits recovered in Q1 of 2015, due primarily to the agreement to recover Iranian sovereign credits signed last January.
Equity at 31 March was € 4.1 billion.
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